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The
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PEG. S. S.
VOL. 134.
SATURDAY,MARCH 121932.
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The Financial Situation.
The new tax bill to provide for deficiencies of
revenue and to balance the ,budget for the new fiscal
year, beginning July 1 1932 was introduced in the
House of Representatives at Washington on Monday and, as was to be expected, satisfies no one.
But this has no bearing upon the merits of the
measure. The bill proposes new tax burdens of
an exceptionally drastic character, and new tax
burdens are never popular, while at the moment
they are viewed with especial displeasure because
of the intense business depression prevailing and
which really makes it a great hardship to be called
upon to assume additional burdens of any kind and
raises the question of ability to bear them. That
is the reason why we say that dissatisfaction with
the provisions of the measure is general and was
to be expected. However, the country is confronted
with an economic situation which makes new tax
levies imperative. The Government is grappling
with a budget deficit of enormous size, running in
excess of $2,000,000,000, and this cannot be allowed
to continue if the country is to maintain its credit
and,in fact, its very solvency. The whole community
is praying for business revival, but there can be no
genuine or enduring revival unless first of all the
budget is balanced. Everything else drops into insignificance alongside of this all-controlling factor. To
do otherwise and let budget deficits continue, year
after year, would mean running perpetually into
debt, and a country that pursues a policy of that
kind is doomed to financial destruction and, in fact,
invites financial chaos. Balancing the budget in the
present instance, because of the magnitude of the
deficiency of revenues, is a hard problem, but must
bronirk
PAT. OFFICE
NO. 3481
be solved. And we must all of us do our part in contributing the means to that end.
As already stated, the tax proposals are of a most
radical kind, certainly in the magnitude of the sums
that the country is obliged to raise; but in this the
task is simply in proportion to the magnitude of the
problem itself. The normalincome tax is raised from
11 2% to 2% on the first $4,000 of net income; from
/
3% to 4% on the second $4,000 or net income, and
from 5% to 6% on the remainder. New surtax rates
are proposed, applicable to all net income above
$10,000, with a graduated scale of rates beginning at
1% on incomes between $10,000 to $12,000, and increasing gradually to 40% on incomes of more than
$100,000, which is twice the present maximum. Exemptions are lowered,and married individuals would
be exempted up to $2,500, and single persons with no
dependents up to $1,000 instead of $3,500 and $1,500,
respectively, as in existing law, and the earned income basis is reduced from $30,000 to $12,000, and
the credit on account of the same reduced from 25%
to 121 2%. A gift tax with a maximum rate
/
of 30% is included to prevent evasion of the inheritance levy. A levy of 10% on all amusement admissions of 25c. and over is provided.
Stock transfer taxes are increased from 2c. to 4c.,
and made applicable to stocks loaned for covering short sales. The capital gains-and-losses sections
of the existing law are changed to avoid an undue
amount of stock and bond losses being charged off
against taxable incomes. The change would restrict
losses deductible from gross income to actual gains
made in similar transactions during the same taxpaying year.
The special excise taxes include one of 4c. a gallon
on lubricating oil; a tax of Sc. on all telephone, telegraph, cable and radio messages (originating in the
United States) costing between 31c. and 49c., and
10c. on messages of 50c. and above; a tax of lc. a
gallon on imported gasoline, gas oil, fuel and crude
oil, and 35c. a gallon on malt syrups; 40c. on grape
concentrates, and Sc. a gallon on wort.
But the really novel tax is a proposal to levy a
manufacturers' sales tax of 24% on the wholesale
1
price of manufactured products. "Your Committee
recommends," says the report, "that as a temporary
measure,to last only during the period of the present
emergency, a manufacturers' excise tax, at a rate of
21
4%,be levied upon all manufactured articles with
a few specified exemptions, including an exemption
of farmers and of staple food products,and an exemption of small manufacturers." This sales tax is meeting with considerable opposition, and is the most
important of all the taxes proposed, not alone because of its nature, but also because out of a total
of $1,121,000,000 of new revenue which it is expected
to provide no less than $595,000,000, is counted upon
1816
FINANCIAL CHRONICLE
[Vora. 134.
as the result of this 21 % sales or excise tax. There Amendment, for raising large amounts of revenue
4
is much to be said in favor of a sales tax where it is through excise taxes of one kind or another. If,
light and when it is of uniform application. The therefore, the beer tax can be made immediately
tax, however,in this instance is above 2% at the very workable, Congress should not hesitate a moment
start, and if it once got on the statute book we may about making it a substitute for the sales tax probe sure it would have the same experience as the vision. If, then, the President should feel it inincome tax, which, when it first went on the statute cumbent to veto the whole tax bill, he should be
book (after the adoption of an amendment to the allowed to take the responsibility and also the conFederal Constitution authorizing such a tax) we sequences.
There appears the more reason for adopting such
were assured would always remain at a low rate, but
which at once started on an upward tour until with a course, since it is becoming plainer with each
American participation in the war it was raised to a succeeding day that for the time being at least no
prodigious figure and is now again to do duty in dependence whatever can be placed upon the yield
the same way, a maximum surtax of 40% being now counted upon from the income taxes, even with the
proposed in addition to the normal tax of 6%, rates so drastically increased as proposed in the bill
making 46% together. In like manner we may under consideration. We notice that the daily
be certain this sales tax would be raised higher papers say that Representative Will R. Wood inand still higher. It unquestionably would be a formed President Hoover that still further taxes
1
burden at 24%, and would become positively might have to be added to the pending bill to suppleonerous at higher rates. It will require a costly ment falling income tax returns. Representative
bureau for its collection, and the administrative Wood's statement to the President, we are told, was
features attending its collection and to guard against based on his belief that the Treasury Department's
evasion are complicated and not easy of execution, estimates of the yield this year and next from the
income tax are altogether too high. "We ought to
at least at the outset.
The whole array of new taxes now proposed—not go slow and see whether the March 15 income tax
only the sales tax but all the other forms of taxes— receipts confirm those estimates. In my opinion we
could be avoided in the way suggested in this article will wake wr) with am, awful jar after those returns
last week by the repeal of the Eighteenth Amendment come in," he is said to have declared. To our mind,
to the Federal Constitution and the levying of high Mr. Wood is not exaggerating in the least in the
excise taxes on all forms of intoxicating beverages. statement he has made. We think there is to be a sad
Indeed,such a course has become, as we pointed out awakening as to the extent of the country's income
in our discussions last week, an absolute necessity during this period of trade prostration. It will be
from an economic standpoint, the social and ethical found literally true that there is to be little or no
features of liquor drinking being 'blotted out of income and that hence the higher tax rates, and
sight by the economic pressure referred to. How- especially the surtax rates, will not yield the revenue
ever, if repeal of the Prohibition Amendment is not counted upon. And the income results for 1932 are
a feasible proposition at this juncture, because of going to be much poorer than those for 1931, which
the delay that would be involved, there would appear further diminishes the chance of the Government
to be considerable merit in the suggestion that is getting much of a yield from that source.
Incidentally it deserves to be pointed out to what
made by quite a number of members of Congress to
/
legalize 234% beer. This is to be offered as an extent these income tax levies are being carried. The
amendment to the bill during the consideration of State government is indulging in the practice, the
the measure in the House. This amendment, which same as the Federal Government. New York State
is to be offered by Representative Cullen of New has recently adopted legislation by which the State
York City, provides that "There shall be levied and income tax payable in 1932,and based on the incomes
collected on all non-intoxicating beer, lager beer, ale, of 1931, is to be increased 50% and the income tax
porter or other similar non-intoxicating fermented payable in 1933 is to be increased by another 50%,
4% so that in the two years together the increase will
lager containing/of 1% and not more than 23
1
2
of alcohol by weight, brewed or manufactured and reach 100%. As the personal income tax in this State
hereafter sold or removed for consumption or sale, is levied on a graduated basis, the rate running from
within the United States, by whatever name such 1% to 3%,the higher rate applying on incomes above
liquor may be called, a tax of $5 per barrel, contain- $50,000, this means that with the levy increased by
ing not more than 31 gallons, and at a like rate for 100% the maximum personal income tax will be 6%.
any other quantity or for the fractional part of a But where the income is derived from the profits of
'barrel; provided that no such articles shall contain •corporations, as it is apt to be, then the corporation
more than 23 % of alcohol by weight; and provided itself must first pay the corporation income tax,
4
/
further that the manufacture of any such article which is 412%, making 1012% altogether, which
/
shall be conducted under permits to be issued in the State exacts. But in addition there are the much
accordance with the National Prohibition Act and larger income taxes of the Federal Government, perunder such regulations as shall be promulgated by sonal and corporate. The Federal income taxes, as we
the Secretary of the Treasury and the Attorney-Gen- have seen, are now to be increased—from a maximum
eral of the United States; and provided further that of 5% to 6% in the case of the normal tax, and from
this provision shall be effective one month after the a maximum of 20% to 40% in the case of the surenactment of this Act."
taxes,the higher figure applying on incomes in excess
It is estimated that this proposal, if enacted into of $100,000. The total of the Federal taxes on
law, would yield a revenue of $300,000,000 a year, amounts above $100,000 will therefore be 40% plus
which is only about one-half the $595,000,000 counted 6%, or 46%. But if the citizen gets his income from
upon as the result of the sales tax, but the rate of the the profits of corporations in the shape of divitax could be raised, and no doubt other means could dends on their shares, then the corporation itself
be found, wholly within the Federal Prohibition must first pay the corporation income tax, which is
lien. 12 1932.]
FINANCIAL CHRONICLE
now to be raised from 12% to 13%. Adding this
13% to the 40% maximum surtax, we get 53% as the
sum that has to be paid on incomes in excess of
$100,000. If now we take into account the 102
/
1
%
which goes to the State government (on amounts
over $50,000 in this case), we get a grand total of
63 % as the toll which State and Federal Govern/
1
2
ments together will exact. Verily we are proceeding
fast to the point of absolute confiscation and making
a record for ourselves which even Soviet Russia
might envy. The fact that there are few individuals
who will be obliged to pay these extreme rates, since
profits and income have fallen away to the vanishing
point, does not change the situation in any way.
1817
000,000 from the Federal Reserve System surplus of
$275,000,000. (3) Assessing member banks $130,000,000 in ratio to their deposits, with the provision
of obtaining an additional $70,000,000 by the same
process after the Board commences to function.
The Steagall measure proposes, it was added, to
create a "Federal bank liquidating board," composed
of the Secretary of the Treasury, Comptroller of the
Currency and three members appointed by the President, which would be authorized to assess member
banks an additional $100,000,000 annually after the
first 12 months, provided such funds are necessary to
strengthen crippled institutions. The Board would
take over any member bank, certified by the Comptroller of the Currency as insolvent, and pay off all
If once we get the Federal budget balanced, and depositors in install
ments, the final payment to be
do so by appropriating the illegitimate profits of the made 20 months after
the bank has collapsed. Fifty
bootleggers instead of further burdening the honest per cent. of
Federal Reserve System net earnings
citizen, then the country will be prepared to enter would be returned
to the member banks. Authority
upon an assured basis of business revival and which to "tax" checks at not
more than 10c. for each $100
then may be expected to be lasting. It seems likely, would be allowed.
too, that in the process of recovery we can depend
"We have come to the situation where, so far as
upon aid from abroad to help the movement along. national banks are concerned,
people will not longer
Certainly things are getting in very much better trust them," Mr. Steagal
l told the House. "Millions
shape on the other side of the ocean. This view are afraid. This did not just
happen. It was brought
would appear justified from this week's develop- about in part by conditi
ons no one could foretell, also
ments and events abroad. All over Europe the cen- by unwise, unfriendly and
unjustified strangling
tral banks have been engaged in reducing their dis- processes that have been
turned on by the law, and
count rates, which is certainly indicative of improved by the Administration, and
by the Federal Reserve
conditions. This, too,follows several reductions last banks. The Federal
Reserve Act did not intend to
week, more particularly the action of the Bank of make money for the Reserv
e banks. But they have
Norway and the Bank of Sweden, in both lowering paid into the Treasury $167,00
0,000 as a franchise
their rates from 5 % to 5% after having in Febru- tax, a tax they
/
1
2
had no business to pay. The Federal
ary reduced them from 6% to 5 %. This week,that Reserve surplu
/
1
2
s now is $275,000,000."
is, on March 8, the Bank of Germany marked its disThis is carrying zeal to extremes. Guaranteeing
count rate down from 7% to 6%. On Thursday the bank
deposits has been tried over and over again in
Bank of England, which on Feb. 18 had lowered its the
different States of this country, and has been a
rate from 6% to 5%, made a further cut to 4%. Fol- failure
wherever attempted. It is wrong in prinlowing this action, the Bank of the Irish Free State ciple.
It puts a premium on bad management and
reduced its rate from 6% to 5%, and the Bank of operate
s to the disadvantage of the strong, conservaDenmark likewise reduced from 6% to 5%. Even the tively
managed banks, which are obliged to pay for
Bank of Japan yesterday lowered its rate from 6.57% the follies
and mistakes, and often the downright disto 5.84%. Obviously, there is reason for great honesty of the
badly managed banks. In periods of
encouragement in all this, since it would seem to
exigency and emergency, such as that through which
justify the conclusion that things are now once more
the country has been passing during the last three
getting back to the normal following the collaps
e years, hosts of banks are apt to be the victim of cirof last summer and autumn.
cumstances by reason of conditions and events which
On the other hand, legislative projects continue to were
entirely beyond their control, though even here
hatch at Washington and furnish occasion for much
the best managed banks are apt to stand up well
anxiety. The process of undertaking to
provide where the poorly managed institutions readily are
measures of relief is certainly being carried
to ex- forced to the wall. What measures of relief should
traordinary lengths—to such extremes,
indeed, as be provided in such a state of things is a matter
of
to create a feeling of solicitude and anxiety rather
judgment, and the Reconstruction Finance Corporathan of assurance and encouragement. On
Tues- tion may be well devised to provide the needed relief
day morning the daily papers contained dispatc
hes on the present occasion. But the Banking and Curfrom Washington, dated the day before, saying
that rency Committee of the House is engaged in
making
the Democratic leaders of the House had taken
permanent changes in our banking laws.
another Administration suggestion on that day
when
In that view and from that standpoint the
inserRepresentative Steagall of Alabama, Chairm
an of tion of a provision for the guarantee of bank
deposits
the Banking and Currency Committee, introduced
a is a grave mistake. We are sure it would do incalbill to create a fund of $517,000,000 with which to
culable harm if it became a part of our banking sysguarantee deposits in Federal Reserve membe
r tem. What is it that it is proposed to do in
the bill
banks. The fund would be known as the "Feder
al introduced by Mr. Steagall, the Chairman of the
Guaranty Fund for Depositors in Member Banks
of Banking and Currency Committee? The bill would
the Federal Reserve System," and would be created create a fund
of $517,000,000, as the above excerpt
in the following manner: (1) By transferring $167,- shows, the fund to
be known as the "Federal Guar000,000 from the United States Treasury. This anty Fund
for Depositors in Member Banks of the
amount, Mr. Steagall said, had been paid by Federal Federal Reserv
e System." How is it to be created?
Reserve banks as a franchise tax when the banks had The first step is
to be the transferring of $167,000,000
no reason to make such payments. (2) Adding $130,- from the United States
Treasury. Here we see a
1818
FINANCIAL CHRONICLE
new manifestation of the belief so commonly entertained that the United States Treasury is an inexhaustible reservoir for supplying funds for any
purpose wished or desired. In the second place,
$130,000,000 is to be taken from the $275,000,000 surplus of the Federal Reserve banks, obviously impairing the condition of the Federal Reserve System to
that extent. In the third place, the member banks
themselves are to be assessed in amount of $130,000,000, "in ratio to their deposits" and "with the
provision of obtaining an additional $70,000,000."
Thus the member banks are to be given the questionable privilege of assessing themselves. Mr. Steagall says: "We have come to the situation where,
so far as National banks are concerned, people
will not longer trust them. Millions are afraid."
Would they be any the less afraid if through a Guarantee Deposit scheme all the weak member banks in
the system were made the burden and the care of the
sound and wisely administered banks? Would the
latter indeed remain in a system where they would
have to tax themselves,year in and year out,in larger
or smaller amount for the delinquencies of others?
Would they not be more apt to desert such a system?
And what shall we say of the proposition of depriving the Federal Reserve banks of a large portion of
their accumulated surplus—and at a time, too, when,
as happened to most of them during 1931, they are
not earning their dividends, but are obliged to draw
upon accumulated surplus in order to maintain their
dividend payments? In such circumstances, how
long could confidence in the stability and integrity
of the Federal Reserve banks be maintained and how
long would it be before doubts and suspicions would
arise as to the soundness and value of the Reserve
notes? Is it not certain that the guarantee deposit
scheme would be more likely to drive member banks
out of the system rather than draw in any banks now
on the outside? In the last analysis would not the
danger be that, instead of fortifying and strengthening the Federal Reserve System, the plan would
work for their destruction?
Great success attended the financing of the United
States Treasury the present week. This financing
consisted of the offering of no less than $900,000,000
(or thereabouts) of Treasury certificates of indebtedness. These certificates consisted of two series,
both dated and bearing interest from March 15 1932,
one series consisting of seven months'certificates due
/
Oct.15 1932 and carrying 318% interest for an aggregate of $300,000,000 (or thereabouts), and the second
series consisting of certificates running for a year
/
and carrying 334% interest for a total of $600,000,000. Subscription books for these certificates
were opened Monday morning and were closed in the
afternoon of the very next day. Subscriptions aggregated no less than $3,402,725,500. The amount subscribed for the seven months' issue of $300,000,000
2
1
/
at 3 % was $952,619,500, while the subscriptions for
4%
/ issue for amount of $600,000,000 aggrethe 33
gated $2,450,106,000. Presumably the subscriptions
came mainly from banks and banking institutions,
and the fact that subscriptions for $3,402,725,500
were secured furnishes testimony to the fact that
there is no lack of banking credit, notwithstanding
that the campaign for combatting so-called hoarding
rests entirely on the idea that the country has been
suffering by reason of such a shortage. The rates
of interest in the two issues of certificates were the
Drot, 134.
same as in the offering in January, when the Secretary offered a six months' issue of certificates bear2
1
/
ing 3 % interest and another series running for a
year and carrying 3%% interest.
The Federal Reserve weekly returns are now being
interpreted in the light of the changes made in the
Reserve Act by the Glass-Steagall measure, in order
to see whether the amendments are working any
change in Reserve policy. No distinct sign of any
change is as yet discernible. All that is apparently
happening is that the member banks are reducing
their borrowings at the Federal Reserve Bank, as
evidenced by the falling off in the holdings of discounted bills, and that the Reserve institutions are
undertaking to make good the void thus created by
adding to their holdings of Government securities
and also their holdings of acceptances purchased in
the open market, the latter to the extent that bills
may be available at the buying rate for acceptances
in force at the Reserve institutions. During the past
week the discount holdings of the 12 Reserve banks,
after having been reduced the previous two weeks
from $845,781,000 to $828,402,000, were further reduced to $747,979,000. On the other hand, increase
in United States Government securities served in
part to offset this decrease; after having risen last
week from $740,556,000 to $759,955,000, the holdings
of United States securities further increased the
present week to $785,123,000. Holdings of other
securities, after having been heavily reduced in previous weeks, this week recorded a moderate- addition,
having increased from $6,073,000 to $9,497,000. The
Reserve institutions have also been able to add to
their acceptance holdings; after a steady reduction
in these holdings extending back for many weeks,
the increase in these holdings this week has been
from $115,640,000 March 2 to $137,584,000 March 9.
The increases, however, in all these different items
were insufficient to counterbalance the shrinkage
in the discount holdings, which latter reflect the borrowings of the member banks. As a result, the total
of the bill and security holdings, which constitute a
measure of the volume of Reserve credit outstanding,
shows a reduction for the week from $1,710,070,000
to $1,680,183,000. The amount of Federal Reserve
notes outstanding also shows a moderate further
reduction, being reported at $2,617,381,000 this week
(March 9) against $2,638,488,000 last week (March
2). With gold exports now on a greatly reduced
scale, the Reserve banks have been able to add substantially to their gold reserves, which this week are
reported at $2,959,420,000 against $2,938,974,000 last
week. As a result, the ratio of total reserves to
deposit and Federal Reserve note liabilities combined is also a little higher at 68.8% against 68.1%.
Foreign bank deposits have been further reduced
and stand at $13,464,000 March 9 against $16,382,000
March 2. Foreign banks, however, were able, like
the Reserve banks themselves,to add to their holdings
of acceptances, the total of which stands at $317,113,000 this week against $311,640,000 last week.
The stock market this week has been a tame affair,
with the fluctuations narrow and with no definite
trend until Friday, when prices turned sharply downward. The market apparently was very little influenced either by favorable events or unfavorable
events. The rise of about 20 points in the rate for
sterling exchange on Tuesday exercised only a mo-
k
MAR. 12 1932.]
"N.
FINANCIAL CHRONICLE
mentary influence on the course of prices on that
day, and the reduction in the Bank of England discount rate on Thursday from 5% to 4% left no discernible impress on prices, even though it was accompanied by reductions in the rates of other European
central banks. Trade accounts regarding the steel
industry were a trifle more optimistic than heretofore, and the "Iron Age" reported the steel mills
working to 27% of capacity against 26% last week.
On the other hand, the U. S. Steel Corp.,in the statement given out on Thursday, showed unfilled orders
on the books of the subsidiary companies even
smaller by 102,521 tons than at the end of January,
when the total of such orders was the smallest in
the entire steel history; for Feb. 29 the backlog was
2,545,629 tons as against 2,648,050 tons at the end
of January; at the end of February 1931 the unfilled
orders aggregated 3,965,194 tons, and at the end of
February 1930 4,479,748 tons.
Some selling of steel stock followed the appearance
of this statement, but with little effect on price. Another unfavorable event on Thursday was the action
of the Midland Steel Products Co. in voting to omit
the quarterly dividend, ordinarily payable about
April 1, on the $2 non-cumul. stock, and also on the
common stock. This, too, was without effect on the
market. The Int. Tel. & Tel. Corp., after the close
of the market on Thursday, announced suspension of
dividends 'on its shares. Another dividend suspension was that of McKesson & Robbins,Inc.,Delaware,
which omitted the quarterly dividend of 87Y a
2c.
share, due March 15, on the $50 par 7% cony. pref.
stock, Series A. The American & Foreign Power Co.,
Inc., on March 9 omitted the regular quarterly divident of $1.75 a share on the $7 cumul. pref. stock and
$1.50 a share on the $6 cumul. pref. stock. The Associated Telephone Utilities Co. also omitted the quarterly dividends of $1.50 a share on its $6 cumul. prior
pref. stock, $1.50 a share on the $6 Series A cony.
pref. stock, and $1.75 a share on the $7 cumul. prior
pref. stock, which become due about this time. The
Central Public Service Corp. deferred its quarterly
dividends, due April 1,on the ArtMetal Construction
Co. on March 11 omitted Its quarterly dividend of
10c. a share on the $10 par common stock. Edison
Bros. Stores, Inc., on March 10 also omitted its quarterly dividend of 13
4% on the 7% cumul. cony. pref.
stock. The International Telephone & Telegraph
Corp. on March 10 failed to take action on the quarterly dividend due about April 15 on the capital
stock. On Jan.15 last a dividend of 15e. a share was
paid on this issue.
The Western Union Telegraph Co., which three
months ago reduced its quarterly dividend from $2 a
share to $1.50 a share on Tuesday, made a further
reduction to $1 a share. The Gold Dust Corp. reduced its quarterly dividend from 621 2c. a share to
/
40c. a share on the no par common stock. The National Steel Corp. decreased the quarterly dividend
on the no par common stock from 50c. a short to 25c.
a share. The Pratt & Lambert Co. reduced its quarterly dividend on common from 75c. a share to 50c. a
share. The Niles-Bement-Pond Co. reduced its quarterly dividend on common from 25c. a share to 15c. a
share. International Carriers,Ltd.,reduced its quar/
terly dividend from 121 2c. a share to 10c. a share.
With the fluctuations narrow most of the week, 255
stocks touched new highs for the year to date and 60
stocks new lows. The call loan rate on the Stock
Exchange again remained unchanged at 2/
12%.
1819
Trading has gradually dwindled as dullness supe.vaned. At the half-day session on Saturday the
sales on the New York Stock Exchange were 1,162,617
shares; on Monday they were 1,583,319 shares; on
Tuesday, 1,637,883 shares; on Wednesday, 1,330,810
shares; on Thursday, 1,048,890 shares, and on Friday
1,258,130 shares. On the New York Curb Market
the sales last Saturday were 133,361 shares; on
Monday, 208,455 shares; on Tuesday, 205,610 shares;
on Wednesday, 225,855 shares; on Thursday, 192,243
shares, and on Friday, 187,520 shares.
As compared with Friday of last week, prices show
narrow and irregular changes, but mostly lower.
General Electric closed yesterday at 203 against
4
203 on Friday of last week; North American at 365
%
against 38; Pacific Gas & Electric at 34% against
35%; Standard Gas & Electric at 313. against 315
%;
Consolidated Gas of New York at 653 against 66,
Columbia Gas & Electric at 143/ against 143 ;
4
2
Brooklyn Union Gas at 86 against 863 ; Electric
4
Power & Light at 133/i against 133/ Public Service
;
2
of New Jersey at 573/i against 583; International
Harvester at 233/a against 23%; J. I. Case Tlueshing
1
Machine at 37% against 363/2; Sears, Roebuck & Co.
%
at 335 against 34%; Montgomery Ward & Co. at
97% against 11; Woolworth at 433g against 441 2
/
;
Safeway Stores at 56 against 56%; Western Union
Telegraph at 427 against 43; American Tel. & Tel. at
%
128% ex-div. against 1323 ; International Tel. &
4
Tel. at 93% against 111 2 American Can at 683%
/
;
against 71%; United States Industrial Alcohol at
283 against 28; Commercial Solvents at 03/i
5
against 9%;Shattuck & Co. at 12%. against 12, and
Corn Products at 443% against 44%.
Allied Chemical & Dye closed yesterday at 803%
against 833. on Friday of last week; E. I. duPont
%
de Nemours at 543 against 563-i; National Cash
Register "A" at 123 against 11%; International
Nickel at 83 against 83%; Timken Roller Bearing at
20 against 20%; Mack Trucks at 163 against
173%;
%
Yellow Truck & Coach at 35 against 33 ; Johns4
Manville at 185 against 193'; Gillette Safety Razor
%
at 213% against 22%; National Dairy Products at
28% against 309; Associated Dry Goods at 5% bid
against 53%; Texas Gulf Sulphur at 243/ against 253.';
Freeport Texas at 183 against 19; Amer. & Foreign
Power at 63' against 73%; General American Tank
3
Car at 333' against 33%; United Gas Improvement
at 203 against 20%; National Biscuit at 443 against
4
444;Coca Cola at 1165 ex-div. against 1173/2; Con3
%
tinental Can at 39 against 39%; Eastman Kodak at
793 against 823/2; Gold Dust Corp. at 185 against
4
%
18; Standard Brands at 135 against 135 ;Paramount
%
%
Publix Corp. at 93/i against 103/; Kreuger & Toll at
2
5% against 732; Westinghouse Elec. & Mfg. at 293
%
against 303%; Drug,Inc. at 533 against 53; Columbian Carbon at 3834 against 3532; Amer. Tobacco at
83 against 84; Liggett & Myers, class B at 581
%
against 58; Reynolds Tobacco class B at 383 against
4
39, and Lorillard at 16 against 153g.
The steel shares are mostly lower. United States
Steel closed yesterday at 463' against 483 on Friday
4
of last week; Bethlehem Steel at 21 against 223 ;
4
Vanadium at 1634 against 173,and Republic Iron &
Steel at 534 against 6. In the auto group, Auburn
Auto closed yesterday at 99% against 91 on Friday
of last week; General Motors at 203 against 22;
%
Chrysler at 113 against 123%; Nash Motors at
4
163
%
against 173%; Packard Motors at 37 against 37/s;
1820
FINANCIAL CHRONICLE
[Vol.. 134.
were firm, but industrial stocks dropped sharply.
Copper mining shares were an exception, these issues
advancing on the prospects of curtailment in production. In Tuesday's dealings British funds were
prominent, these issues advancing as a result of the
quick gain in sterling exchange. After early strength
in other departments of the market, prices drifted
lower and industrial stocks generally closed at recession for the day. Gold mining stocks were especially heavy, as the price of the metal in London
dropped to compensate for the advance in the exchange. British Government funds were again well
supported Wednesday, but industrial securities were
mixed. Price changes were small, as dealings
dwindled. The expected reduction in the Bank rate
Thursday, occasioned some bidding up of shares,
but the best prices of the day were not maintained.
British funds were slightly better, but international
trading favorites were off on discouraging overnight
reports from New York. Prices in all departments
of the market were slightly lower in quiet trading
yesterday.
The Paris Bourse was nervous and uncertain at the
opening, 'Monday, and as the session progressed
prices weakened further. There was little support
and in some instances The declines reached substantial proportions. Tuesday's dealings brought further
recessions, but there were periods of strength during the day and these kept the declines to small
figures. The recovery of sterling was viewed favorably and holders of foreign securities generally preferred to keep their investments, but French Stocks
were in heavy supply at times. A brisk forward
movement developed at the opening Wednesday, and
the favorable tone was maintained through most of
the session. Bank of France shares and Young Plan
bonds were in heaviest demand, but other issues also
advanced sharply. The Paris market again turned
Although financial development in Europe were dull and uncertain Thursday, partly because of a less
encouraging this week, price trends on the stock ex- favorable interpretation of foreign developments.
changes at London,Paris and Berlin were irregular. Price movements were small, and French securities
Trading also was on a smaller scale than in the ex- showed better results than foreign issues. After a
cited and rapidly advancing sessions of last week. weak opening, prices improved on the Boerse, yester.
The London market was stimulated for a time, Tues- day, and most stocks scored net gains.
The Berlin Boerse was dull and irregular Monday.
day, by the precipitate advance in sterling exchange,
Restrictions against the publication of quotations
but most securities declined in the later dealings.
an additional factor making
Reduction of the Bank of England discount rate, remained in force, while
the market a for quiet dealings was the impending Presidential
Thursday, from 5 to 4% again gave
Mining stocks were in favor, but other
fillip, but the upward movement was not sustained election.
largely discounted. In sections of the market declined. Dealings Tuesday
as the reduction had been
were lively and prices advanced at first on the anBerlin some satisfaction was apparent, Tuesday,
nouncement of the Reichsbank discount rate reducwhen the Reichsbank discount rate was lowered from
tion. Little public interest was evoked, however, and
7 to 6%, but in this instance also the step had been
had most of the early gains were lost in the later trading.
anticipated and previous advances in securities
Reichsbank shares were up for the day, but mining
discounted its effects. Sentiment remained cheerful,
European markets, with and brewery stocks declined. The opening Wedneshowever, on all the larger
day was favorable, with gains reported in almost all
the financial improvement in Great Britain the chief
market in London is especially issues. The trend again turned uncertain in later
factor. The new issues
dealings, however, and net changes for the day were
active, and high premiums are reported for all reirregular and small. Business was almost at a
cent flotations. In contrast with the financial imstandstill, Thursday, owing to the approaching elecprovement in Europe, trade and industrial reports
made in tion. There was moderate improvement in quotashow that little, if any, progress is being
tions at the start, but in the absence of any dealings
Britain or on the Continent toward recovery from
of consequence the trend turned downward and
the current depression.
Exchange was uncertain at the changes again were quite unimportant. Modest
The London Stock
liquidation yesterday,in anticipation of the election,
opening, Monday, due partly to less encouraging
forced prices down on the Boerse.
advices from New York over the last week-end.
g,
Reports from the Continent also were disappointin
Although skirmishes are reported almost daily
and profit-taking appeared on a considerable scale,
between the Chinese and Japanese forces in the tern.
forcing prices down. British Government funds
Hudson Motor Car at 63' against 734, and Hupp
4
Motors at 35 against 338. In the rubber group,
4
Goodyear Tire & Rubber closed yesterday at 165
against 163' on Friday of last week; B. F. Goodrich &
Co. at 43 against 4; United States Rubber at 4%
against 43's, and the preferred at 9 against 93.
The railroad shares have been sluggish. Pennsylvania RR. closed yesterday at 18% against 18%
on Friday of last week; Atchison Topeka & Santa Fe
at 80% against 83; Atlantic Coast Line at 293' bid
against 28; Chicago Rock Island & Pacific at 103'
against 113; New York Central at 303' against
31%; Baltimore & Ohio at 17% against 183'; New
2
Haven at 24% against 243/2; Union Pacific at 813/
against 83; Southern Pacific at 26% against 273;
Missouri Pacific at 73/i against 83.; Missouri-KansasTexas at 5% against 538; Southern Ry. at 93/
;
8
against 103/ Chesapeake & Ohio at 223' against
23%; Northern Pacific at 193/i against 20, and Great
Northern at 19% against 20%.
The oil shares have been no exception to the
general dullness. Standard Oil of N. J. closed yesterday at 293/i against 29% on Friday of last week;
Standard Oil of Calif. at 253/i against 253/2; Atlantic
/
Refining at 11% against 1138; Sinclair Oil at 6%
8
against 6; Texas Corp. at 123 against 113/; Phillips
Petroleum at 53/2 against 5%, and Pure Oil at 432
against 41/2.
The copper stocks have likewise fluctuated within narrow limits, Anaconda Copper closed yesterday
%
at 10 against 101 on Friday of last week; Kennecott
Copper at 93/i against 10; Calumet & Hecla at 3
against 23/8 bid; American Smelting & Refining at
14% against 153/s; Phelps Dodge at 63' against
63, and Cerro de Pasco Copper at 113 against
12%.
MAR. 12 1932.]
FINANCIAL CHRONICLE
1821
tory around Shanghai, major hostilities are appar- nationals. The Chinese boycott of Japanese goods
ently at an end, and every effort is now being made remains stringently in force.
to find a formula for the liquidation of the incident.
The first move toward formal peace negotiations
Early negotiations between representatives of the was made by the Japanese Minister to China,
Matwo countries, with this end in view,are already fore- moru Shigemitsu, through the mediation of Sir Miles
shadowed. Japanese officials informed the Chinese Lampson, diplomatic representative of
Great
Government, Thursday, that they are prepared to Britain. Through the good offices of Sir
Miles, a
discuss the problem in a meeting based on the resolu- note was transmitted to Quo Tai-chi, Vice-Foreign
tion adopted by the League of Nations Assembly, Minister of China, early Thursday, in which it
was
March 4, which called upon the two Governments stated that the Japanese civil and military authorito take prompt steps insuring the effectiveness of ties are ready to open direct negotiations in accordthe armistice and further measures for an immediate ance with the League Assembly resolution of March 4.
peace parley, at which civilian authorities of other The note proposed, a dispatch to the New York
Powers having interests at Shanghai are to assist. "Times" said, first, an agreement to cease hostiliti
es,
To this proposal the Chinese are prepared to assent, and second, to discuss the withdrawal of the Japait is indicated. Some questions have been raised, nese forces. Chinese officials promptly conferre
d
however, regarding the withdrawal of Japanese and drew up a reply which, a dispatch
to the New
forces from the Chinese area around Shanghai. York "Herald Tribune" stated, called for
the comWhile China desires complete and unconditional plete cessation of hostilities, the simultan
eous withwithdrawal of the foreign forces, Japan proposes to drawal of the opposing military
forces and the
discuss at a later date arrangements for the evacua- inauguration of a round table conference under
the
tion of the Chinese territory occupied during the auspices of the Western Powers. The conference,
period of hostilities from Jan. 28 to March 4.
the Chinese insist, must be limited to the questions
The continued sporadic firing near Shanghai is of cessation of fighting and withdrawal of troops,
apparently due to the distrust in which each side which must be unconditional.
naturally holds the other at this time. Japanese
With the military situations at Shanghai moving
military officials accused the Chinese of sniping be- toward adjustment, interest centered, this week,
on
hind their lines. The Chinese, in turn, blamed their the proceedings of the League of Nations Assembl
y,
opponents for airplane raids and military movements which was called into special session for
the second
beyond the 12%-mile zone originally stipulated for time in the history of the League in order consider
to
Japanese occupation. There was some danger, early the Sino-Japanese conflict. After unanimo
us adopthis week, of a resumption of hostilities on a large tion of the resolution of March 4, the League
Assemscale as the result of the Japanese incursions, which bly settled down to a more
leisurely consideration
were resisted by the Nineteenth Route, Army of the of further measures
. In the general discussion that
Chinese. In general, however, the orders Issued by began last Saturda
y, it was speedily made apparent
the two high commands on March 3 were observed, that fundamental
issues affecting the League itself
and comparatively peaceful conditions prevailed. were at stake, as well
as the issues 'between China
Japanese reinforcements continued to arrive at and Japan.
Representatives of 15 small Powers
Shanghai all week, and it is estimated that nearly spoke last Saturda
y, and they demanded without
75,000 troops have now been transferred from Sasebo exception that the
League must face unflinchingly
and other Japanese ports. This movement continues the question whether the
Sino-Japanese conflict is
to cause anxiety, and there is also some uncertainty to be settled by war instead
of League law. "They
regarding the positions taken by the Japanese. It agreed that the
League must keep its Covenant rewas indicated by the Japanese commanders that they spected," a Geneva
dispatch to the New York "Times"
would occupy an area 12% miles around the Inter- said. "They agreed
that the League must first exnational Settlement. As against such statements, haust all the
possibilities of conciliation, but, if this
however, the Japanese left wing now rests directly failed, it
must enforce its law. No one welcomed a
on the Settlement, while the territory occupied resort to the sanction
s of Article XVI, but no one
stretches some 20 miles to the west,along the Whang- shied at
that prospect." This determination became
poo and Yangtze Rivers.
more pronounced Monday, when representatives of
There were several incidents involving foreigners three
additional small countries joined the 15 origiat Shanghai, which reflected the tenseness of the nal ones in
demanding action by the League. The
situation. H. D.Robison, United States Trade Comrepresentatives of Britain, France, Italy and Germissioner at Shanghai, was beaten, last Saturday,
many, on the other hand, exerted themselves to
reby armed Japanese civilians who were policing a part strain the
zeal of the smaller nations. The general
of the International Settlement. An American mis- discussion
ended Tuesday, and a committee was apsion teacher, Miss Rose Marlowe,was beaten the same pointed
to draft a resolution on the dispute between
day by two Japanese in civilian clothes, while she China and
Japan.
was visiting a compound in the area recently subGreat difficulties were encountered in framing
the
jected to bombardment. United States Consul-Gen- resolution,
according to a special cable of Thursday,
eral Edwin S. Cunningham protested vigorously to sent by Frank
H.Simonds to the New York "Evening
the Japanese authorities against these incidents. A Post." "The great
Powers, who want to say nothing
series of mob attacks by Chinese on Japanese because they
mean to do nothing, have been brought
civilians was reported early this week, two Japanese by the small
nations face to face with the language
citizens dying from the injuries they sustained. of the Covenant of
the League," the report states.
Japanese Consul-General Mural dispatched notes to "What is written there
is binding and, while it is
the International Settlement's Municipal Council possible to turn a blind eye to the
events in the Far
and to the French Concession Council requesting im- East, it is impossible wholly to ignore
the Covenant
mediate steps toward the arrest of the Chinese in- and not reduce the whole system
at Geneva Ito ruin."
volved and asking adequate protection for Japanese The committee wrestled for two
days with the "old
1822
4
FINANCIAL CHRONICLE
[Vol.. 134.
to the surface the rivalries of France, Germany and
Italy in the Balkans, which have been submerged
during recent months. To the immediate counterproposal of Germany, offering preferential tariff
treatment to Austria, there has been added this week
a series of Italian suggestions, contained in a formal
reply to the French proposal. In this communication, sent by Foreign Minister Dino Grandi on Monday,Italy is said to have expressed dubiety regarding
the plan for a Danubian Union. The proposal appears to be, Signor Grandi is reported to have said,
"not immune from the political and economic difficulties France herself found in previous British
efforts to solve the economic situation of the Danubian countries." It was questioned whether the
action would lead to quicker and better results than
individual commercial agreements. If any conference is held by Danubian statesmen to consider the
plan, the Italian 'Minister added, then Britain,
France, Italy and Germany should also confer, with
a view to a subsequent joint meeting of the four
Powers with the Danubian countries.
In Geneva, where responsible Ministers of all the
countries concerned are at present gathered for the
League Assembly meeting,it is hinted that the representatives of the five countries may possibly confer
in April regarding the French suggestion. There is
t that tariff walls must be lowered,
Henry Pu-yi, former Emperor of China, was general agreemen
a dispatch of Thursday to the New York "Times"
officially installed as Provisional President of the
view of the political situation it is
Republic of Manchuria, Wednesday, in a ceremony states, and in
Manchu tra- also believed that this can be accomplished only by
conducted in accordance with classical
and not by a customs union. Sir
ditien. This newest of the States, formed under preferential tariffs
British Foreign Secretary, was said to
Japanese auspices and protected by Japanese arms, John Simon,
that Britain would be inclined to
will be administered from Changchun, which was have indicated
e any scheme which would be economic in
proclaimed the capital on March 1. The inaugural encourag
political. There was much uneasiceremony was attended by 30 Chinese and 15 Japa- character and not
preparations, ness in Poland, early this week, as the impression
nese. "Despite costly and elaborate
the Union would gravely endanger
little public enthusiasm is being evinced over the prevailed that
in the five countries. In the semianachronism of attempting to elevate to a position Polish interests
Polska," however,comfort was taken
"Gazeta
of power a former 'son of heaven' who is generally official
reflection that "the Union will be
mere puppet of the Japanese," a Muk- Wednesday in the
regarded as a
a barrier to German political extension in the Balden dispatch to the New York "Times" remarked.
kans and Central Europe under cover of economic
Although the Manchurians were lukewarm about
sm was ex- expansion." Czechoslovakian officials were someaccepting the new regime, much enthusia
what distrustful of the plan, a Prague report of
pressed in Tokio, dispatches from that capital indiWednesday to the New York "Times" said. There
cated. In Washington it was remarked, Wedneswould be more likelihood of a workable arrangement
day, that with Henry Pu-yi's inauguration the new
if an agreement were reached without the influence
Government in Manchuria becomes a candidate for
of the great Powers, it was remarked. Austrian
foreign recognition. Other nations,it is thought,are
Member opinion was divided. Former Chancellor Ignatz
likely to act very slowly in this matter.
Seipel, leader of the powerful Christian Socialist
States of the League of Nations will probably delay
an investigating commis- party, issued a statement Wednesday approving the
until the League Manchuri
plan and also the Italian suggestion that it can be
sion has submitted its report, while the two great
brought to fulfillment only under the approval of
non-member States, the United States and Soviet
all the great Powers of Europe. In most other AusRussia, are definitely on record against partition of
has trian circles the French proposal was subjected to
China. The League Commission of five members
a good deal of criticism, the plea being made parstarted its inquiry in Tokio, where conversations are
the Japanese Gov- ticularly that Germany should be included in the
in progress with officials of
Union.
ernment.
familiar task of Geneva," Mr. Simonds remarked.
This task he described as the finding of formulae
which imply the maximum in appearance with the
minimum of reality.
The drafting committee completed its task Thursday,and the resolution formulated was placed before
the full Assembly yesterday. It provides for a Committee of Nineteen, to be composed of the 12 members of the Council, M. Paul Hymens as President
of the Assembly, and six members to be chosen by
secret ballot. This committee is to be charged with
a formal effort to settle the immediate Sino-Japanese
dispute. The resolution further provides in unequivocal language, another report to the "Evening
Post" states, that the League cannot recognize any
treaty or any agreement between the contestants
obtained by means contrary to the provisions of the
League Covenant. This brings the League definitely
into alignment with the attitude of the United States,
expressed by Secretary Stimson in his identical note
to China and Japan, of Jan. 7. All the great Powers
with interests at Shanghai are called upon to collaborate for the maintenance of order in the zone to
be evacuated by the Japanese. The resolution was
adopted by the Assembly yesterday, with Japan and
China abstaining from the voting.
The plan for an economic union of the Danubian
countries, suggested last week by Premier Tardieu
of France, has been debated with fervor throughout
Europe this past week, but there has been little
progress toward realization of the plan. The union
would include Austria, Hungary, Czechoslovakia,
Jugoslavia and Rumania, practical results to be
achieved by a system of preferential tariffs. This
suggestion, which is perhaps more political than
economic in its real significance, promptly brought
The death of Aristide Briand, who labored indefatigably in the cause of peace, occurred at Paris last
Saturday. His passing in his seventieth year followed many months of illness, which finally made
necessary in January his withdrawal from the Cabinet then presided over by Pierre Laval. Almost to
the end, M. Briand retained active control of the
foreign affairs of France, and it is likely that his
influence will prevail for years to come, as he was!
persistent advocate of closer political and economic
MAR. 12 1932.]
FINANCIAL CHRONICLE
ties among the countries of Europe. In recent years
he was also the dominant figure in the varied activities of the League of Nations. His death, accordingly, was noted with sorrow in all countries. In
fitting tribute to his colleague, Sir Austen Chamberlain, former Foreign Secretary in the British
Government,remarked: "He was the greatest European of us all." M. Briand's political career was
remarkable in many ways. Among his international
achievements must be included the leading part he
took in the Kellogg-Briand treaty negotiations and
his contribution to the conclusion of the Locarno
treaty. He was Premier of France 11 times, and on
23 occasions was a member of the Cabinet. Thousands of messages were received at Paris this week
from persons in all walks of life and in all countries, expressing admiration for the rugged French
statesman and sorrow at his passing. France will
pay him her highest honors to-day in a national
funeral.
Balloting for the presidential office in Germany,
to-morrow, will be followed with the keenest interest
in all countries, as the result may well have an intimate bearing on the reparations and debt problems,
on the international efforts for disarmament, and
perhaps also on such delicate questions as the European frontiers. The campaign which ends to-day has
been stormy and bitter, with international questions
in the forefront at all times. President Paul von
Hindenburg is the leading candidate, the 84-year-old
statesman having agreed to run for a second term
as a non-partisan candidate, owing to the admitted
exigencies of German affairs. His chief opponent
is Adolph Hitler, colorful leader of the NationalSocialist (Nazi) party. Behind the President are
grouped most of the Conservative elements in Germany, but Herr Hitler also has a great following in
all walks of life. Other candidates are Theodor
Duesterberg, National People's party and Steel Helmet League; Ernst Thaelmann, Communist party,
and Adolph Winter, People's Revalorization League.
The Federal Election Board in Germany estimates
the number of eligible voters at 44,000,000, and it is
further calculated that approximately 38,000,000
will exercise the franchise to-morrow. The voting
to-morrow may not be final, however, as the German
electoral laws require a second election if no candidate receives a clear majority on the first ballot.
In the latter event a second election will be held
April 10.
1823
ates swore fealty on taking their seats, as is customary. It is anticipated that a test on this matter
will follow soon. The new Government also has
promised to repeal dictatorial laws passed at the
instance of former President Cosgrave, designed to
repress political terrorism. Fianna Fail control of
the Dail can only be maintained with the aid of the
Laborites, and much importance therefore attaches
to a warning by the Labor leaders that they will
oppose the de Valera regime if any attempt is made
to lead Ireland into war, either economic or actual,
with friendly nations. Royal assent to Mr. de Valera's election was given late Wednesday, by Governor-General James McNeill. A new Cabinet was
announced thereafter, as follows:
President of the Executive Council and Minister for External Affairs—
Eamonn De Valera.
Vice-President and Minister for Local Government and Public Health—
Sean T. O'Kelly.
Lands and Fisheries—Patrick J. Ruttledge.
Industry and Commerce—Sean Lemass.
Finance—Sean McEntee.
Agriculture—Dr. James Ryan.
Defense—Frank Aiken.
Education—Thomas Derrig,
Justice—James Geoghegan.
Posts and Telegraphs—Senator Joseph Connolly.
The threat of a Fascist revolt in Finland, which
appeared imminent early this month, was dissipated
last Sunday, when General Martil Wallenius and
Vihttori Kosola, leaders of the movement, were
arrested and brought to Helsingfors for trial. The
Fascists, organized as the Lapuan party, concentrated an "army" of about 4,000 supporters at Mantsala, 40 miles from the capital, on Feb. 29, with the
announced intention of marching on Helsingfors in
order to press their demands for the resignations of
Baron von Born, Minister of the Interior, and General Jalander, Governor of the Province of Nyland.
Antagonism against these officials was aroused by
their repression of the Lapuan extremists, it was
indicated. President Pehr Svinhufvud acted
promptly to meet the threat of a march on the capital, detachments of Government troops being ordered
to disperse the Fascists. The Cabinet also was reorganized, General K. L. Oesch being appointed to
share the Ministry of the Interior with Baron von
Born, in order to place a military man in this important post. A strict censorship was clamped on
all communications. It appears, however, that the
march of Government troops toward Mantsala caused
a hasty reconsideration of their decision by the
Fascists. About 3,000 Lapuans formally surrendered last Saturday, and with the capture of the
leaders on the following day the incident was con• In a brief session of the Dail Eireann in Dublin, sidered closed. It was conceded everywhere
in FinWednesday,Eamonn de Valera,leader of the Fianna land that President Svinhufvud
handled the affair
Fail, or Irish Republican party, was elected Presi- with great skill, as there
was no loss of life.
dent of the Irish Free State to succeed William T.
Cosgrave, who held the post for 10 years. The lower
The Reichsbank on Tuesday (March 8) reduced its
house of the Irish Parliament thus gave effect to discount rate from 7% to 6%
and its collateral rate
the popular will, as expressed in the general election from 8% to 7%. The Bank of England on Thursday
of Feb. 16. Balloting was along party lines, with the (March 10) reduced its discount rate from 5% to
Labor group of seven members joining forces with 4%, and the Bank of Ireland from 6% to 5%.
On
the Fianna Fail. Mr. de Valera was accordingly Friday the Danish National Bank reduced its rate
elected by 81 votes,the Opposition mustering 68 votes from 6% to 5%, and the Bank of Japan reduced its
against him. The change in administration was rate 6.57% to 5.84%, effective Saturday. Rates are
accomplished peaceably, dispatches said, with the 11% in Greece; 8% in Austria and Hungary; 7 %
/
1
2
Republicans in the Parliament showing great in Lithuania;
in Rumania, Finland, Portugal,
enthusiasm, while excited crowds surged in the Italy and Hungary;6 % in Spain;6% in Germany,
/
1
2
streets outside. Although the Fianna Fail is com- Danzig, Czechoslovakia, India and in Colombia;
mitted to abolition of the oath of allegiance to the 5 % in Estonia and in Chile; 5% in Ireland, Den/
1
2
British Crown, Mr. de Valera and his party associ- mark,Sweden and in Norway;4% in England;31/2%
•
FINANCIAL CHRONICLE
1824
2
1
/
in Belgium; 3% in Holland; 2 % in France, and
2% in Switzerland. In the London open market dis/ 3
counts for short bills on Friday were 21 2@24% as
last week, and 2%@
/ /
against 314@412% on Friday of
/
/
2
1
/
3 % for three months' bills as against 31 4@434%
on Friday of last week. Money on call in London on
/
Friday was 134%. At Paris the open market rate
%.
1
/
/
continues at 178%,and in Switzerland at 12
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
Mar. 7 1932. Mar. 7 1931. Mar.7 1930.
for Week.
Reichsmark,. Reichsmark,. Fetchsrnarks, Retchsmarks.
Assets—
Gold and bullion.---Dee. 48,489.000 880.006,000 2,285,393.000 2,462.149,000
79,691.000 207,638,000 149,788,000
Of which depos. abr'd. No change
7,561,000 156,409,000 189,424,000 301,792,000
Res've In for'n curr_ __Inc.
Bills of exch.& checks.Dee. 64,972.000 3,302,496,000 2,043,111,000 1,933,186,000
Silver and other coln_Ino. 12,888,000 133,582,000 166,163,000 138,446,000
12,243,000
21.257,000
6,314,000
Notes on oth.Ger.bks_Ino. 4,202,000
85,573,000
84,608,000
Dec. 84.613,000 218,430,000
Advances
93,246,000
58,000 161.752,000 102,264,000
Dec.
Investments
Dec. 100,516,000 875,814,000 549,633,000 516,814.000
Other assets
The Bank of England has this week lowered the
discount rate from 5% to 4%. The 5% rate had been
in effect only since Feb. 18 last when the Governors
voted to reduce it from 6%. The latter rate was
inaugurated at the time the Gold Standard Act was
suspended. The Bank's statement for the week
ended Mar. 9 shows a gain of 0,681 in bullion but
as this was by for offset by an expansion of 0,689,000
in circulation, reserves decreased 0,686,000. Public
deposits rose £813,000 and other deposits £12,788*,
773. The latter consists of bankers' accounts which
increased £13,082,447 and other accounts which fell
off £293,674. The proportion of reserve to liability
fell off sharply again this week to 31.19%. A week
ago it was 36.92 and two weeks ago it was 43.71%
while a year ago it was 50.64%. Loans on government securities increased £7,135,000 and those on
other securities 0,170,504. The latter consists of
discounts and advances and securities which rose
£188,390 and £8,982,114 respectively. Below we
show a comparison of the different times for five
years:
BANS OF ENGLAND'S COMPARATIVE STATEMENT.
1928.
1929.
1930.
1931.
1932.
March 9. March 11, March 12. March 13. March 14.
a354,474,000
Circulation
7,835,000
Public deposits
126,747,150
Other deposits
Bankers' accounts 93,565,017
Other accounts._ 33,182,133
Government securs_ 54,370,906
Other securities,_ 56,475,363
Dint. & advances 11,545.035
44,930,328
Securities
Reserve notes & coin 41,979,000
Colo and bullion _121,455,416
Proportion of reserve
31.19%
to liabilities
4%
Bank rate
350,326.938
8,751,239
92,743,263
59,274,585
33,468,678
30.434,684
37,947,359
9,238,678
28,708,681
51,402,090
141,729,028
350,457,635
8,987,199
95.744,104
59,001,400
36,742,704
37,331,563
23,530,114
7.959.833
15,570,281
62,175,203
152,622,838
355.004,507
11,933,957
101,015,197
63,384,137
37,631,060
44,836,855
29,326,701
12,517,418
16,809,283
57,064,373
152,068,880
134.402.250
9.770,395
103,632,443
50.64%
3%
59.36%
4%
50.52%
544%
38%
444%
31,506,814
56,982,386
43.250.468
157,852.718
a On Nov. 291928 the fiduciary currency was amalgamated with Bank of England
England
note issues, adding at that time £234,199,000 to the amount of Bank of
notes outstanding.
The Bank of Germany statement for the first week
of March reveals a loss in gold and bullion of 48,489,000 marks. The Bank's total gold is now 880.006,000 marks, which compares with 2,285,393,000
marks a year ago and 2,462,149,000 marks two years
ago. Reserve in foreign currency, silver and other
coin and notes on other German banks record increases of 7,561,000 marks, 12,888,000 marks and
4,202,000 marks, while deposits abroad remain unchanged. Notes in circulation contracted 89,420,000
marks, reducing the total of the item to 4,178,896,000
marks. Last year circulation aggregated 4,144,808,000 marks and the year before 4,480,231,000
marks. Decreases are recorded in bills of exchange
and checks of 64,972,000 marks, in advances of 84,613,000 marks, in investments of 58,000 marks, in
other assets of 100,516,000 marks, in other daily
maturing obligations of 103,867,000 marks and in
other liabilities of 80.710.000 marks. The proportion
of gold and foreign currency to note circulation stands
this week at 24.8%. Last year the item was 59.7%
and the previous year it was 61.7%. A comparison
of the various items for three years is furnished
below:
[VoL. 134.
LtaktIttles—
Notes In circulation—Dec. 89,420,000 4,178,896,000 4,144,808.000 4,480,231,000
Oth.dally matur.oblIg.Deo. 103.867,000 318,872,000 301,308.000 530.288,000
Dec. 80,710,000 750.404,000 338,962,000 148,964,000
Other liabilities
Proper. of gold dr for'n
61.7%
59.7%
24.8%
0.4%
curr.to note cirou'n_Dec.
The statement of the Bank of France for the week
ended Mar. 4, shows an increase in gold holdings of
678.455,409 francs. Total gold holdings are now 75,737,752,636 francs, as compared with 56,082,737,848
francs a year ago and 42,753,011,108 francs two years
ago. Credit balances abroad declined 1,434,000,000
francs while bills bought abroad gained 43,000,000
francs. Notes in circulation rose 264,000,000 francs,
raising the total of notes outstanding to 83,452,578,505 francs. Total circulation a year ago stood at 78,328,213,785, francs and two years ago at 70,373,157,180 francs. French commercial bills discounted
and creditor current accounts declined 45,000,000
francs and 1,972,000,000 francs while advances
against securities gained 96,000,000 francs. The
proportion of gold on hand to sight liabilities is up
to 68.84% from 67.18% a week ago. The item was
55.16% in the same week last year. Below we
furnish a comparison of the various items from three
years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
-----Status as of—
Changes
Mar.4 1932. Mar.6 1931. Mar. 7 1930.
fer Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings- - - _Inc. 678.455,409 75,737.752.636 56,082,737,848 42,753,011,108
6,954,769,800 6,959,689,368
Credit bats. abed.Deo1434,000,000 4,833,147,684
French commercial
5,686,458,034
bills discounted aDeo. 45,000,000 5,499,851,556 6,303,876,728
19,361,161.455 18.732.114,793
Bills bought abedbIno. 43,000,000 8,902,246.837
2.951.522.803 2,634,594,055
Adv, agst. socurs-Ino. 96,000,000 2.803.332,121
78,328.213.785 70,373,157,180
Note circulation—In°. 264.000.000 83,452.578,505
15,576,485,212
Cred. cure. accts_Deo1972.000,000 20.564,175.956 23,337.972,673
Proportion cf gold
on hand to sight
49.74%
55.16%
68.84%
1.66%
Inc.
liabilities
bills discounted abroad.
a Includes bills Purchased In France. b Includes
An easy tone prevailed in the New York money
market this week. Purchases of bankers' acceptances by the Reserve institution reduced the available supply in the market sufficiently to induce a
reduction of yield rates by dealers, yesterday, on bills
of 30 to 90 days' maturity. Bills of longer maturities were unchanged. Call loans on the New York
2
1
/
Stock Exchange were 2 % for all transactions, but
in the unofficial "Street" market trades were reported Monday, Wednesday, Thursday and yester1
day at 24%,or a concession of 1,4% from the official
level. Time loans were unchanged. An indication
of the heavy supply of available funds was afforded
by the Treasury offering of $300,000,000 in seven
/
months 318% certificates, and $600,000,000 in 12
/
months 334% certificates, announced Monday.
Books were closed Tuesday evening, and it was made
known in Washington two days later that subscriptions to the two issues aggregated $3,402,725,500.
Brokers' loans against stock and bond collateral increased $57,000,000 for the week to Wednesday night,
according to the Federal Reserve Bank of New York.
Gold movements for the same period consisted of exports of $15,280,000 and imports of $6,200,000. The
exports were more than offset by a decline of $19,-
1
MAR. 12 1932.]
L
FINANCIAL CHRONICLE
1825
247,000 in the stock of gold held earmarked for for- England reduced its rediscount rate from 5% to 4%.
eign account.
The range this week has been from 3.513/ to
3.733
for bankers' sight bills, compared with 3.481 8 to
/
• Dealing in detail with call loan rates on the Stock 3.50% last week. The range for cable
transfers has
Exchange from day to day,2 % was the rate ruling been from
/
1
2
3.513j to 3.733j, compared with 3.483j
all through the week, both for new loans and re- to 3.50% a week ago. The Bank of
England renewals. The time money market has shown little or duced its rate of rediscountfrom 6% to 5%
on Feb.18.
no improvement this week. Rates were nominally The general expectation in the market was that
the
quoted at 3@3 70 for all dates. The demand for present reduction was to have been
/
1
2
made on Thursprime commercial paper has shown marked improve- day of last week, as the Bank
of England official
ment this week. More paper was obtainable and the rate had for some weeks
been clearly out of line with
volume of sales was greatly increased. Rates are un- the bill market. Even
now that the rate has been
changed. Quotations for choice names of four to so sharply reduced,
it is still discrepant with the
six months' maturity at 3 @3 7 Names less open market
/ /0
1 3 .
2 4
rates, which are around 23/2%. Usually
well known at 4@41 47 On some very high class the Bank
/0
.
of England lowers its rate M% at a time
90-day paper occasional transactions at 3 7 con- in contrast
/0
1
2
with the two full 1% reductions which
tinued to be noted.
have been made within a single month.
The current rate is the lowest since last July, when
Prime bankers' acceptances have been somewhat it
was advanced in consecutive weeks from 23/2%
stronger this week. Rates were unchanged until
to 33/2% and then to 432%. For several weeks sterlFriday morning, when 30-, 60- and 90-day bills were
ing has been in great demand in all centres, and there
reduced /of 17. The quotations of the American is
1
2
0
undoubtedly a complete restoration of confidence
Acceptance Council for bills up to and including in
the British financial position, which has resulted
three months are 2%70 bid, 2 % asked; for four in
/
1
2
a large speculative interest in trading, which was
months,23 0 bid and 2%7 asked; for five and six
47
0
largely responsible for the perpendicular upswing
months, 3% bid and 278% asked. The bill buying
/
in Tuesday's trading. However, there were conrate of the New York Reserve Bank remains untributing factors without which the speculative inchanged at 2%70 on maturities up to 45 days, at
terest could not have forced the rate so dizzily up23 0 on maturities of 46 to 120 days, and at 3% on
47
ward. On Wednesday of last week London banking
maturities of 121 to 180 days. The Federal Reserve
authorities lifted all restrictions on foreign exchange
banks show an increase this week in their holdings
of acceptances, the total having risen from $115,- trading. These restrictions were not of an official
640,000 to $137,584,000. Their holdings of accept- character, but were enforced by the London banks,
ances for foreign correspondents also increased from since September with a view to preventing possible
$311,640,000 to $317,113,000. Open market rates for exports of capital from England. With the clear
evidence of the past four weeks that no export of
acceptances are as follows:
capital would take place, but that on the contrary
SPOT DELIVERY.
foreign investors in nearly all markets were rushing
—180 Dais— —150 Dais— —120 Days
-844. Asked.
eta. Asked.
Bid. diked
funds to London, it was decided to let the pound
Prime eligible
2M
3
2M
234
24
find its own level. The pound was likewise prevented
—90DO'S— —80Days— —80Dais-.Bid. Asked.
from appreciating rapidly by the fact that frit many
BM. Asked.
Bid. Asked
Prima eligible bills
234
234
214
234
234
214
weeks the Bank of England and the British Treasury
FOR DELIVERY WITHIN THIRTY DAYS
had been selling ste -ling exchange and buying dollars
Eligible member banks
3 bid
%
Eligible non-member banks
3% MA and francs for the purpose of liquidating
credits
obtained in New York and Paris during the summer
There have been no changes this week in the redis- in order
to hold the pound to the gold standard.
count rates of the Federal Reserve banks. The folMost of these credits have been retired already and
lowing is the schedule of rates now in effect for the
the necessary funds for retiring the remainder were
various classes of paper at the different Reserve
in hand, according to well-informed banking circles,
banks:
early last week. With the removal of this factor,
DISCOUNT RATES OF FEDERAL RESERVE BANKS
ON ALL ciragn speculative interests were free to run the rate up
AND MATURITIES OF ELIGIBLE PAPER.
as they did on Saturday last, on Monday, and then
Rate Os
to the Tuesday high mark of 3.733, a gain of 2034
Federal Reserve Bank.
Effect on
Date
Precious
Mos. 11.
Established.
Raze.
cents on the day and of 493/i cents from the low of
Boston
334
Oct. 17 1931
24
New York
3.24 on Dec. 7.
II
Feb. 28 1932
am
Philadelphia
Oct. 22 1931
334
8
Cleveland
8,4
As was to be expected, there was a reaction from
Oct. 24 1931
8
Richmond
ISM
Jan. 25 1932
4
Atlanta
384
Nov.14 1931
the high points of Tuesday, and on Wednesday the
a
Chicago
8,4
Oct. 17 1931
2%
Rt. Louis
884
Oct. 22 1931
rate moved down to 3.693/, on Thursday to 3.65/,
2%
2
Minneapolis
Sept. 12 1930
814
4
Kansas City
834
Oct. 23 1931
a
and cable transfers closed yesterday at 3.64.
Dallas
314
Jan. 28 1932
4
San Francisco
814
Oct. 21 1931
214
However, at the lowest rates of the week sterling
must still be considered firm with a distinct tendency
Sterling exchange, continuing the trend which to rise, and in the estimation of many bankers the
began more than three weeks ago, is exceptionally trend is steadily toward 4.00, if not higher. Only
firm. It will be recalled that sterling cable transfers official interference of some sort can prevent the rate
closed on Friday of last week at 3.503/2. On Tuesday from gradually ascending. Of course, as sterling
of this week sterling made a spectacular rise, when advances the premium on gold in London declines.
cable transfers went to 3.733. In London on Last week gold sold in London at from 118s. 5d. to
'
Tuesday at 11 a. m. the New York rate touched 118s. 10d., whereas some time ago the London
3,77. Since then, however, the market has suffered market quoted gold as high as 120s. an ounce. On
4
a sharp reaction, with the range yesterday at 3.613 Saturday last gold sold in the London open market
@3.643/8. On Thursday of this week the Bank of at 117s. 10d., and by Thursday of this week the rate
1826
FINANCIAL CHRONICLE
[VoL. 134.
was down to 110s. 5d. Great Britain has decided moving steadily in favor of Montreal. On Saturday
to remain off the gold standard until the nation last Montreal funds were quoted at 103% discount,
regains its financial strength, which will be when on Monday at 9%%,on Tuesday at 10%,on Wednes4
war debts and reparations questions are clarified day at 103.4%,on Thursday at 101 %,and on Friday
and measures have been taken to overcome the mal- at 10%%.
Referring to day-to-day rates, sterling exchange on
distribution of the world's gold. This decision was
/
in the House of Com- Saturday last was firm. Bankers'sight was 3.511 8@
revealed by the introduction
2
;
this week of the Financial Emergency 3.513/ cable transfers,3.513'@3.51%. On Monday
mons early
Enactments Continuance bill, which will prolong the sterling was in demand and stronger. The range
%
suspension of the gold standard and the anti-profiteer- was 3.5231(4)3.533 for bankers' sight and 3.52%@
ing acts. The gold standard suspension was originally 3.533/ for cable transfers. On Tuesday sterling made
scheduled to expire on March 21. The exact length a spectacular rise cable transfers going to 3.733i.
%
%
of the prolongation has not yet been revealed, but The range was 3.603 @3.731 for bankers' sight and
months or a year. The bill 3.603'@3.733. for cable transfers. On Wednesday
is expected to be six
will be rushed through all stages of reading before there was a reaction but exchange on London was
the Easter recess and will authorize the Treasury still in demand and firm. Bankers' sight was 3.68%
2
.
to continue to adopt foreign exchange measures @3.71%;cable transfers 3.683@3.713/ On Thursnecessary to cope with the difficulties arising from day sterling showed further reaction. The range was
A
3.61%@3.681 for bankers' sight bills and 3.613/@
2
the suspension of the gold standard.
India 3.683 for cable transfers. On Friday sterling sufGold continues to flow to England from
and other Eastern pohits. The movement will fered a further setback, the range was 3.61%@3.64
4
%
doubtless last as long as there is any premium at all for bankers' sight and 3.613 @3.641 for cable trans4
private holders also continue to fers. Closing quotations on Friday were 3.633 for
on gold. English
their gold ornaments and hoarded gold coins demand and 3.64 for cable transfers. Commercial
sell
to the London bullion dealers. This gold finds its sight bills finished at 3.62; 60-day bills at 3.60
-day bills at 3.59; documents for payment(60 days)
way from the London open market to the Continent 90
exchange. at 3.60 and seven-day grain bills at 3.63. Cotton
and is one of the main supports of sterling
This week the Bank of England shows an increase and grain for payment closed at 3.62.
in gold holdings of £2,681, the total standing a
Exchange on the Continental countries has been
£121,455,416, which compares with £141,729,028 a
extremely irregular as a result of the sharp turn in
year ago.
At the Port of New York the gold movement for sterling exchange and of the flow of Continental
the week ended March 9 as reported by the Federal funds to the London market. German marks have
Reserve Bank of New York, consisted of imports of been the least affected by the action of sterling, as
$6,200,000, of which $3,014,000 came from Canada, mark exchange is largely nominal and under severe
$1,416,000 from Argentina, $949,000 from Brazil, governmental t estriction. On Tuesday the long$580,000 from Mexico. and $241,000 chiefly from expected reduction in the Reichsbank rediscount
Latin American countries. Gold exports totalled rate took place. The reduction was 1%, bringing
$15,280,000, of which $12,501,000 was shipped to the rate to 6%. At the same time the Lombard rate
France, $2,750,000 to Belgium, $23,000 to England of the Reichsbank was cut to 7% from 8%. The
and $6,000 to Switzerland. The Reserve Bank re- Reichsbank considers the reduction in its rediscount
ported a decrease of $19,247,000 in gold earmarked rate as an experiment designed to help German trade.
for foreign account during the week ended Wednesday The low foreign exchange reserve made an earlier
night. In tabular form the gold movement at the decrease in the rate impossible, but after the recent
Port of New York for the week ended March 9, as rediscount rate reductions in New York and Lonreported by the Federal Reserve Bank of New York, don it was felt that a lower German rate would have
no unfavorable consequences. If the reduction
was as follows:
-MARCH 9,INCL. should cause repayment of foreign credits, Berlin
GOLD MOVEMENT AT NEW YORK, MARCH 3
bankers say, the Reichsbank might have to increase
Exports.
Imports.
$12,501,000 to France
83,014,000 from Canada
the discount charge again. The Bank will first try
2,750,000 to Belgium
1,416,000 from Argentina
23,000 to England
949,000 from Brazil
to reduce interest rates under the "standstill" agree6,000 to Switzerland
580,000 from Mexico
ment. The Reichsbank statement for the week ended
241,000 chiefly from Latin
American countries
March 7 showa some impairment of the Bank's posi$15,280,000 total
tion. The gold coin and bullion shows a decrease
86.200,000 total
of 48,489,000 marks, only partly offset by an increase
Net Change in Gold Earmarked for Foreign Account.
Decrease 819,247,000.
of 7,561,000 marks in reserves of foreign currency
On Thursday there were no imports or exports of and an increase of 12,888,000 marks in silver and other
gold. Gold earmarked for foreign account decreased coins. The loss in gold was also partly compensated
$6,340,200. Yesterday gold imports were $1,074,300 by a decrease of 89,420,000 marks in circulation.
of which $1,003,000 came from Canada and $71,300 Total gold holdings are now 880,006,000 marks.
came from India. There were no exports. Gold The ratio of reserves held against outstanding notes
earmarked for foreign account decreased $450,500. is down to 24.8%, compared with 25.2% a week
During the week approximately $1,220,000 of gold earlier and with 59.7% on March 7 1931. The
was received at San Francisco from China.
Bank's present gold holdings of 880,006,000 marks
In connection with the reduction of the Bank of compare with 2,285,393,000 marks a year ago.
England rate on Thursday it is of interest to note that Following the reduction in the Reichsbank's official
the Bank of Ireland also reduced its rediscount rate rate of rediscount, bankers' acceptance rates in
%
Berlin moved down to 5 8 from 63/%, and call
by 1% to 5%.
Canadian exchange continues at a severe discount, money is quoted at 63/2%, against 7%. The Reichsbut as during the past few weeks the rate has been bank's gold holdings were reduced through the re
MAR. 12 1932.]
FINANCIAL CHRONICLE
payment of 10% of the $100,000,000 central bank
credit.
French francs in responding to the action of sterling
exchange show the most erratic trend of any of the
Continental currencies. On Friday of last week
New York cable transfers on Paris were quoted at
3.938. The franc was definitely weak in the New
York market on Saturday and Monday, and with
Tuesday's spectacular rise in sterling the franc rate
dropped below par to 3.913 . A recovery took place
4
when sterling declined during the week, and the franc
went as high as 3.94 by Thursday. The irregular
quotations for franc exchange at present are due more
to transactions on the other side than to trading in
this market. The Bank of France continues to dispose of its foreign exchange holdings in all centres
and makes especially heavy drafts on New York gold.
The Bank intends to continue liquidating its foreign
exchange holdings. This is now a question of principle on which the Government and the French
Parliament have agreed. However, there appears
to be no longer a flight of French private banking
and invested capital from either New York or London,
but on the contrary a flow df French private funds
appears to be in progress to both centres. The
current Bank of France statement, as of March 4,
shows another exceptionally heavy increase in gold
holdings of 678,455,409 francs, the total standing at
record high of 75,737,752,636 francs, which compares with 56,082,737,848 francs on March 6 1931,
and with 28,935,000,000 francs in June 1928 upon
stabilization of the unit. The bank's ratio is also
at record high of 68.84%, which compares with
55.16% a year ago and with legal requirements of
35%.
The other leading Continental exchanges present
no new features. Exchange on. Poland is at all
times a minor one in the New York market, but
interest attaches to it at this time owing to the recent
publication of the report of the Bank of Poland.
The annual report of the Bank of Poland shows the
location of the gold which that institution holds
abroad. On Dec. 31, Bank of Poland held a total
of zl. 600,391,115 gold, of which zl. 486,522,150 was
held in its own vaults. The remainder was earmarked abroad. The Bank on that date held
zl. 28,643,490, or $3,213,799 in the New York
Federal Reserve Bank; zl. 24,400,197, or $2,737,702,
in the Bank of England at London; zl. 56,505,244,
or $6,339,388, in the Bank of France, and zl. 4,320,032, or $484,707 in the Bank for International
Settlements.
The London check rate on Paris closed at 92.43
on Friday of this week, against 89.10 on Friday of
last week. In New York sight bills on the French
centre finished on Friday at 3.93 7-16, against
3.933/ on Friday of last week; cable transfers at
/
3.93 9-16, against 3.935 s, and commercial sight bills
at 3.93%, against 3.93 7-16. Antwerp belgas finished at 13.943' for bankers' sight bills and at 13.95
for cable transfers, against 13.94 and 13.94M. Final
quotations for Berlin marks were 23.77 for bankers'
sight bills and 23.79 for cable transfers, in comparison with 23.76 and 23.78. Italian lire closed
at 5.183/2 for bankers' sight bills and at 5.19 for cable
transfers, against 5.183/2 and 5.19. Austrian schillings closed at 14.10, against 14.10; exchange on
Czechoslovakia at 2.963/2, against 2.963/2; on Bucharest at 0.59%, against 0.59%; on Poland at 11.22,
against 11.22, and on Finland at 1.60, against 1.58.
1827
Greek exchange closed at 1.28% for bankers' sight
bills and at 1.28% for cable transfers, against 1.28%
and 1.28%.
Exchange on the countries neutral during the war
presents no important features. On Thursday the
Bank of Denmark followed the lead taken a few
weeks ago by the Banks of Sweden and of Norway
and reduced its rediscount rate by 1% to 5%. The
market, in general, expected that this reduction
would be made, as the three Scandinavian countries
work in close relationship in all fiscal matters.
As a result of the constantly growing difficulties
on the foreign exchange market, the Danish Government has rushed through a law creating a state
monopoly institution through which all foreign exchange transactions must pass. The law gives the
Minister of Commerce dictatorial powers over the
foreign exchange market, but the Minister is delegating his authority to three persons, who with a
special staff of about 60, will have complete control
over all foreign exchange dealings in Denmark and
hence also over all foreign trade. The committee
of three will consist of one of the directors of the
National Bank, a representative of the ministry of
commerce, and Olaf Berntsen, the Danish-American
banker, who recently resigned from the London
branch of an American banking house to become
Government Controller of Foreign Exchange.
The Scandinavian currencies fluctuated rather
widely during the week on account of the sharp
movements in sterling exchange. However, in sympathy with the pound, with which they are closely
allied, these currencies are all firmer. As the pound
appreciates in value the market expects that the
Scandinavians will likewise rise. Swiss francs and
Holland guilders were weak at one time, owing to
the advance in the price of sterling and to the heavily
increased flow of funds from the Swiss and Dutch
centers to the London market. In Saturday's
trading Swiss francs sold down to 19.29 for cable
transfers, a shade.under par, and have hovered only
a trifle above par since, though they moved as hiah
as 19.39 on Thursday. Pa: is 19.30. The guilder
more sharply reflects the movement of funds to
London. Par of the guilder is 40.20. On Saturday
last guilder cable transfers were quoted in New
York as low as 40.18. In the upswing of sterling
on Tuesday, the rate went to 40.12. recovering later
to 40.30. Spanish pesetas continue to be quoted
at record low rates, although at these levels they
have been exceptionally steady for the past few weeks.
Bankers' sight on Amsterdan finished on Friday
at 40.29, against 40.22 on Friday of last week; cable
transfers at 40.30, against 40.23, and commercial
sight bills at 40.15, against 40.10. Swiss francs
closed at 19.383/2 for checks and at 19.39 for cable
transfers, against 19.32 and 19.323/ Copenhagen
2
.
checks finished at 20.05 and cable transfers at 20.10,
against 19.28 and 19.33. Checks on Sweden closed
at 20.10 and cable transfers at 20.15, against 19.28
and 1933; while checks on Norway finished at 19.80
and cable transfers at 19.85, against 19.07 and 19.12.
Spanish pesetas closed at 7.633/ for bankers' sight
bills and at 7.64 for cable transfees, against 7.65
and 7.65•
Exchange on the South American countries presents
no new features. Argentine exchange, despite many
evidences of improvement in home trade, shows
[VOL. 134.
FINANCIAL CHRONICLE
1828
marked weakness, although it is well known that
Argentina is seriously considering the organization
of a central bank and other changes which should
greatly help the currency and financial situation of
the country. A completely revised budget for Argentina, with drastic cuts in most expenditures, will be
immediately presented to the National Congress.
4
Argentine paper pesos closed on Friday at 251 for
bankers' sight bills against 253 on Friday of last
week; cable transfers at 25.70 against 25.70. Brazilian milreis are nominally quoted 5.95 for bankers'
sight bills and 6.00 for cable transfers against 5.95
and 6.00. Chilean exchange is nominally quoted
.
8
,
8
123/ against 123/ Peru is nominally quoted 27.80,
against 27.80.
the measures would support the bond market, while
the lower money rates would tend to restore confidence. Apparently, the stock market believes that
some such steps are certain."
Closing quotations for yen checks yesterday were
4
313 , against 32% on Friday of last week. Hong
Kong closed at 253/s@25 5-16, against 25%@
25 7-16; Shanghai at 33%@34 3-16, against 33%;
Manila at 49%, against 49%; Singapore at 42%,
against 40 8; Bombay at 27.70, against 26.45, and
Calcutta at 27.70, against 26.45.
The following table indicates the amount of bullion in the principal European banks:
March 12 1931.
March 10 1932.
7
Banks of
Exchange on the Far Eastern countries in all main
aspects continues to follow the trends which have
developed since the suspension of gold by England
and the Manchurian affair in September, followed
by the suspension of gold payments by Japan in
December. Japense yen show irregular trends owing
to the complications in the Japanese financial position
as a result of the Shanghai situation. The Bank of
Japan has been compelled to come to the rescue
of a number of the smaller Japanese banks engaged
in financing industries which were largely dependent
upon prosperous trade with China. The gold coverage of the Bank of Japan is now down to 26%. A
recent Tokio dispatch to the "Wall Street Journal"
says: "At the first conference which has been held
between Bank of Japan and Japanese banking leaders
since the induction of the Seiyukai Cabinet, the
current financial problems were tackled and concrete
recommendations were made to Finance Minister
Takahashi. Included among the recommendations
are proposals that the Bank of Japan purchase in
the open market bonds to extent of about 50,000,000
yen; that the Bank of Japan purchase future issues
of Treasury bills, and that the Bank of Japan lower
its rediscount rate. Banking leaders explained that
FOREIGN EXCHANGE DATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MARCH 5 1932 TO MARCH 11 1932. INCLUSIVE.
Gallitry and Monetary
Noon Buying Rate for Calls Transfers in New York.
Value in United States Monett.
Max.S.
EUROPEa
I .139541
Austria. whining
Belgium. belga
I 139163
.007140
Bulgaria. ley
Czechoslovakia, kron .029631
Denmark, krone
I .193164
England. pound
3.513630
sterling
Finland. markka
.015527
France, franc
I .039333
aerIllan7. reichsmark .237515
Greece, drachma
II .012876
Holland. guilder
.401807
I .174300
Hungary, Deng°
Italy. lira
.051872
I 191520
Norway, krone
Poland. zloty
I .111860
Portugal.
_ .032000
.005958
feu
Rumania-escudo-Spain. peseta
I 076457
I 193216
Sweden. krona
Switzerland, franc__ .192966
Yugoslavia. dinar_ , .017796
ASIA-ChinaCbefoo tael
I .345625
Hankow tael
.337093
.332708
Shanghai tael
349375
Tientsin tael
Hong Kong dollar__ .251041
Mexican dollar_ __ .247187
Tientein or
Pelyangi .250000
dollar
.245000
Yuan dollar
rupee
India.
I .264458
.324531
Japan, yen
.401250
Singapore (5.9.) dol
NORTH AMER.
.896360
Canada, dollar
1.000468
Cuba, peso
Mexico, peso (silver). .135400
Newfoundland, dollar .893250
SOUTH AMER.
Argentina, peso (gobid) .583847
.0611468
Brazil, milrele
.120500
Chile, peso
.469833
ErruguaY. Dew
012400
...i....... --....
,
MfJ Mar.8.
Mar.9. Mar. 10.'.Mar.11.
11
.139707
.139119
.007150
.029628
.202083
11
.139707
.139190
.007150
.029628
.200094
3.527631 3.679404 3.696904 3.661071
.015520 .015640 .015600 .015630
.031306 .039184 .039260 .039352
.237510 .237665 .237815 .237635
.012877 .012875 .012866 .012872
.401605 .401220 .401757 .402681
.174300 .174383 .174370 .174391
.051880 .051913 .051869 .051865
.192647 .198717 .201735 .199816
.111800 .111875 .111835 .111875
.031650 .032175 .033250 .033325
.005968 .005953 .005971 .005955
.076447 .076484 .076475 .076360
.194344 .201411 .203529 .202533
.192991 .192986 .193177 .193760
.017801 .017801 .017806 .017806
3.635687
.015720
.039366
.237750
.012870
.402855
.174300
.051844
.197388
.111807
.033050
.005968
.076422
.200733
.193831
.017798
1
.139541
.139076
.007143
.029626
.194462
S
.139700
.131060
.007150
.029631
.200547
a
.139707
.139000
.007143
.029626
.203635
.348125
.335166
.334687
.351250
.251250
.248125
.350625
.339166
.333645
.354375
.251458
.246250
.341875
.334583
.329375
.345625
.249583
.244375
.343125
.336250
.331041
.346875
.250416
.244375
.338750
.331250
.327812
.341250
.246875
.241562
.252500
.247800
.265429
.315312
.403750
.253750
.248750
.274625
.310892
.410000
.250000
.245000
.279000
.311093
418750
.250000
.245000
.276033
.315357
.413750
.244375
.239375
.272916
.314500
.415000
.901448 .902794 .896102 .895000 .804023
1.000468 1.000546 1.000562 1.000562 1.000625
.336133 .338866 .336000 .331450 .328300
.899500 .900000 .893250 .892750 .891000
.583980
.062056
.120500
.468166
.952400
.583610
.061993
.120500
.471666
.952400
.583675
.061993
.120500
.471666
.952400
.583610
.061993
.120500
.471666
.952400
.583608
.061993
.120500
.471666
.952400
Gold.
I
Silver.
Total.
I
Gold.
Silver.
I
Total.
1
4
141,729,028
121,455,416141,729,028
England_ _ 121,455,416
448,661,102
d)
605,902.021 448,661,902
(d)
France a__ 605,902,021
994,600 104,882,350
Germany b 40,015,750 c994,600 41.010.350103.887,750
89,948,000 21,066,000 111,014,000, 96,625,000 28,379,000125,004,000
Spain
I 57,309,000
60,854,000, 57,309,0
60,854.000
Italy
'
Netherl ds 72,310.000 2,200,000 74,510,000 37,170,000 2,607,000 39,777,000
40,462,000
72.777.000 40,462,0
Nat. Belg, 72,777,000
25,718,000
65.436,000 25,718,000
'
Switzer] d 65,436,000
13,350,000
11.439.000 13,350,000
Sweden_ __ 11,439,000
9,547,000
8,160.000 9,547.000
8,160,000
Denmark
8,134,000
8,134,000
6,550,000
Norway __ 6,559,000
.
Total week 1154856187 24,260.600 1179 116787982,593,680. 31.980,600 1014574280
Prey. week 1150 526312 24.074,600 1174600912981,342,962 31,882,600 1013225562
a These- are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £3,984,550. c As of Oct. 7 1924.
Liver Is now reported at only a trifling sum.
The Changing Attitude of Europe Toward Peace
and Union.
The death of Aristide Briand makes possible an
evaluation of his work for peace and European union
such as could not well have been made during his lifetime. Briand was always a unique figure in French
politics, and during the past decade particularly he
enjoyed a personal popularity outside of France, and
wielded a political influence in France, which made
a dispassionate and all-round estimate of his efforts
rather out of the question. A man who had been a
member of twenty-five Cabinets, and had served sixteen times as Foreign Minister, four times as Minister of the Interior, three times as Minister of Justice,
and twice as Minister of Education enjoyed, in the
very nature of the case, an official as well as personal
distinction which in itself constituted a formidable
defense against attack. Moreover, in the years in
which peace and European union were his great interests, he was almost always in a position to speak
for France, and the identification of a great Power
with the causes which he advocated gave weight to
his words. To these conspicuous advantages he added
that of a gift of oratory which rarely failed to charm
his hearers, and more than once enabled him to dissipate a gathering opposition and win at least formal
support for his contention.
It was the more difficult to challenge the statesman of long experience and the orator of the silver
tongue because peace, the interest which bulked largest in his policy, had a moral appeal whose force was
not to be gainsaid. The phrase-makers who coined
the appellations of "Poincare la guerre" and "Briand
la paix" pointed a distinction which the public, both
within and without France, was quick to capitalize.
The long and notable series of memorial addresses
which Poincare, with amazing industry, poured out
during the later years of his active life rarely failed
to emphasize the guilt of Germany, the sufferings of
France, and the imperative need of adhering strictly
to the punitive prescriptions of the Versailles treaty.
Briand said little publicly about punishment or obli.
MAR. 12 1932.]
FINANCIAL CHRONICLE
1829
gation, but pleaded eloquently and adroitly for recon. and the demonstrated weakness of the League of
ciliation and co-operation. Foreign critics did not Nations in the face of either war or disarmament,
fail to note that even his most fervent pleas, when have made the Briand program of moral appeal seem
analyzed, embodied no abatement of French claims, like a counsel of perfection, ill-adapted to the conand that for all his internationalism he remained ditions of a practical world.
quite as much a Frenchman as Poincare, but the
It seems probable, therefore, that while organized
nationalistic foundations of his thought were con- and subsidized peace propaganda will go on, we shall
cealed, if indeed he felt them very deeply, by argu- see appreciably less interest in wholesale change by
ments and enthusiasm whose aim was tolerance, sweeping gestures, and more effort to ameliorate
friendly discussion and adjustment, and ultimate conditions bit by bit. The theoretical and unctuous
peace. It was not to his discredit that he kept al- will yield to what is practical and matter of fact.
ways in mind the primary interests of France; he There is not the slightest reason to expect that the
could hardly have held high office for nearly a whole world, or any considerable part of it, will
quarter of a century of rapid changes of Ministry unanimously agree to disarm, or even to adopt any
if he had neglected them; but it was not with asperity uniform scheme for the reduction and limitation
or legal argument that they were defended.
of armaments, but the needs of finance and business
The outstanding successes of Briand's peace policy and the dictates of common sense may well bring
were, of course, the Locarno pacts and the Paris about irregular but substantial reductions which will
anti-war agreement. It is clearer now than it was at in fact make war less likely. It will be a long time
the time that the Locarno pacts were in fact a re- before the peace treaties as a whole are overhauled,
inforcement of the territorial prescriptions of the but specific defects or injustices are likely to be
Versailles treaty, and that they bound Great Britain, remedied from time to time, and the whole reparaFrance and Italy in a guaranty of the peace settle- tions structure cut down to practicable proportions.
ment in a way which the Treaty of Versailles itself The world has taken the measure of the League of
did not contemplate. But they also insured, to all Nations, and no longer looks to it to accomplish in
intents and purposes, the maintenance by Germany the political field much that is internationally useof a policy of territorial non-aggression at a time ful, but the nations will continue to confer, grievwhen German resentment over French policy was ances will continue to be given publicity, and diploacute. The anti-war pact, on the other hand, was matic pressure will continue to be brought to bear
an attempt to insure peace everywhere and in per- upon nations that seem disposed to resort to war.
petuity by binding all nations in an agreement to In these and similar ways, if not on a grand scale,
abandon war as an instrument of national policy. the cause which Briand eloquently advocated may
The anti-war pact was by no means solely the work be advanced.
of Briand, and the name of former Secretary of State
Much the same thing seems likely to happen to
Kellogg is appropriately linked with his in its formu- the other large project, that of a United States of
lation, but it represented, more than any other agree- Europe, to which Briand labored to give substance
ment to which he set his hand, his idealistic con- and life. In the form in which he proposed
it, the
ception of universal peace as something possible of plan of a European Union seems to have
fallen comattainment if the nations really desired it.
pletely flat, and there is small reason for thinking
As long as Briand lived, these contrasted concep- that any serious effort will be made to set it up
tions dominated pretty much all discussion of the again. The idea of regional unions, on the other
peace problem. Now that his personal influence has hand, with either political or economic objects, was
been removed, there is much reason for thinking in the air long before Briand championed a union
that the discussion will take a different turn; the of the Continent, and in that form has continued to
signs of change, indeed, were multiplying in the be agitated widely in various countries. A substanlast two years before his death. The persistent de- tial contribution to the same general object has also
mand of France for security, a demand which Briand been made in the long list of recent commercial
never ignored but which he rather systematically treaties which have facilitated commercial
interkept in the background, has made it clear that until change by reciprocal lifting of tariff obstacles,
exFrance,and other Powers also, attain something that tension of credit, improvement of
transportation,
they are willing to regard as security, disarmament and similar means. The failure of the proposed
will remain only a pleasing hope, and without dis- Austro-German customs union has not
checked the
armament there can certainly be no assurance of interest in trade unions elsewhere, and
while Gerpeace. The breakdown of the Young Plan under the many and Austria still rest under the
restrictions
pressure of a world-wide business crisis, the tempo- of the peace treaties, the realization
that German
rary suspension of reparations payments under the trade must be allowed to expand if
reparations are
Hoover moratorium, and the announcement of the not to collapse entirely, and
that Austria will die of
Bruening Government that further reparations pay- economic suffocation
if something radical is not
ments are not to be expected because payment is im- done for its relief, appears to
have wrought a decided
possible, have shown that in one important respect change of attitude in western
Europe toward ecothe expectations of the Peace Conference are doomed nomic unions of which those two countries shall
to disappointment; and if the Versailles treaty can form parts.
be breached at one important point, it may be
The most striking recent evidence of the trend tobreached at others—for example, in regard to the ward union has been furnished by the widespread
irrational and impossible Polish Corridor or the interest which M. Tardieu's proposal of a
Danubian
union of Austria and Germany. The almost complete union has aroused. As disclosed by 1ff. Tardieu last
disregard of the obligations of the anti-war pact by week to the Chamber of Deputies in connection with
the signatory Powers as far as preparations for war the grant of a loan to Czechoslovakia, the plan took
are concerned,the recognition that if the pact is to be the form of a suggestion to the representatives of the
implemented there may be only more war to end war, Little Entente (Czechoslovakia, Rumania and
Jugo-
1830
FINANCIAL CHRONICLE
slavia) and of Austria and Hungary at Geneva that
those five countries should agree upon a scheme of
preferential tariffs, the hope being expressed that
Great Britain and Italy would join in approving the
undertaking. The coincidence of the proposal and
the loan seemed to suggest that the loan was intended to further the idea of federation, and speculation was busy with surmises as to the relation of
the federation to the political alliances which France
already has in eastern Europe. The announcement
on March 3 that Germany was ready to grant tariff
concessions to Austria raised the question also as to
whether the proposed federation was not designed as
an offset to a new form of Austro-German customs
agreement, to which the political objections which
were urged against the former customs union would
not apply. Whatever the connection with French
political policy, however, there seems no good reason
to doubt that M. Tardieu was moved by a realization of the dangers of continued economic disorder
and distress in the Balkans, and the need of effective
economic help for Austria.
The Tardieu proposal has been variously received.
The omission of Poland and Germany from the suggested federation was at once noted, and the belief
was expressed that unless Germany, which is one
of the best customers of the Eastern States, approved the scheme it could hardly work successfully.
The Foreign Minister of Czechoslovakia, Dr. Benes,
was reported as lukewarm toward the plan, as was
also the Italian Government, which has been active
in improving its commercial relations with Rumania,
Jugoslavia and Hungary as well as with Austria and
Russia. The fact that the Balkan States, while eager
to find larger markets for their products, could
[VoL. 134.
absorb only small proportions of the products of
Germany and Italy was also emphasized. Some impetus was given to the proposal, however, by the
report on March 6 that the Financial Commission of
the League, which has been sitting at Paris, would
shortly report in favor of joint action by the Danubian countries in putting their financial and exchange
difficulties in order, and that the co-operation of
Greece and Bulgaria would also be favored by the
Commission. A memorandum of the Italian Government to France suggested, as a kind of counterproposition, that Italy, France, Great Britain and
Germany should co-operate with the Danubian States
in working out an economic plan, but the French
suggestion was not actually rejected.
Two ideas, then, may be seen working together at
the moment in Europe. That of disarmament is
obstructed by the French demand for security, the
practical effect of the Sino-Japanese war, and the
insistence of the peace propagandists, taking their
cue from Briand, that whatever is done shall be
general and elaborate. As long as these obstacles
remain, there is little to be expected except failure
of the Disarmament Conference. If the failure should
result in inducing the various countries to undertake some practical reduction or limitation of armaments, either on their own account or in agreement
with others, it would not be a matter of regret. The
other idea is that of regional economic unions, specifically at the moment in the Balkans, but involving
of necessity the co-operation of Germany, France,
Great Britain and Italy. There appears to be in this
idea the possibility of some practical relief for an
economic situation which cannot, without increasing
danger, continue indefinitely as it is.
Gross and Net Earnings of United States Railroads for the
Month of January.
Our compilation of the earnings of United States
railroads this time covers January, the opening
month of the new year, and the results may be
epitomized by saying that this new year has not
opened very auspiciously. On the contrary, the
results are discouraging in the extreme, and highly
disappointing. Not only do our tabulations show
very heavy losses in gross and net earnings alike
as compared with the opening month of the preceding
year, but these losses come after very heavy losses
in the same month of both 1931 and 1930, making a
cumulative record of shrinkage that it is safe to
say has no parallel in railroad history in this country. Of course in saying this we are simply repeating what we were obliged to say month after month
during 1931, and especially in the closing months
of that year. But obviously the matter becomes increasingly serious the longer the story continues, and
for January 1932 the disappointment is the keener
inasmuch as in that month there seemed a genuine
basis for hope that some change for the better might
ensue.
The basis for the hope of better results was the
fact that in that month the roads got the benefit
of the increase in freight rates authorized by the
Inter-State Commerce Commission. The advances
permitted were put definitely into effect on Jan. 4.
To be sure, they were very moderate increases, and
applied to only a limited list of articles and commodities, but such as they were they were a favoring
influence, and it was supposed their presence would
be reflected in some degree at least in improved returns, whereas the opposite is found to have been the
case. Lest, however, undue significance be attached
to this fact, it should be pointed out that the month
of January the present year had one less working
day than the same month last year and than other
recent Januarys, it having contained five Sundays,
whereas in the same month of the years immediately
preceding January had only four Sundays, leaving
therefore one working day more in these other years.
Probably this loss of a day the present year served
completely to offset the advantage derived from the
higher rates authorized by the Commerce Commission, which increase in rates was very moderate,after
all, as already remarked.
However, admitting this, the heavy further losses
this year still remain as a serious fact, coming, as
they do, on top of the heavy antecedent losses in the
two years preceding. In other words, we are cornparing with extremely bad exhibits in 1931 and 1930,
yet now are compelled to record a further big shrinkage. This is a feature beyond all other features that
arrests attention. The magnitude of these previous
losses needs to be recalled in order to realize how
extremely unfavorable is the record for 1932 with
these losses further augmented. For this purpose
it is needful only to remind the reader how we characterized the showing for January of last year. We
then said that nothing could be gained by attempting
to gloss over the character of the showing of earnings for the opening month of the new year (1931).
MAR. 12 1932.]
FINANCIAL CHRONICLE
1831
1931, 273,218 in January 1930, and 401,037 in
January 1929.
The statistics of iron and steel production tell a
similar story. The make of iron in this country in
January 1932 was only 972,784 tons as against
1,714,266 tons in January 1931; 2,827,464 tons in
January 1930, and 3,442,370 tons in January 1929.
The production in 1932, it will be observed, was less
than 30% of that in January 1929. Steel production in the United States in January 1932 was no
more than 1,461,290 tons against 2,458,689 tons in
January 1931; 3,796,090 tons in January 1930, and
4,490,354 tons in 1929, the 1930 figures in this instance being also only a little more than 30% of
those three years ago.
The statistics of coal mining furnish further evidence to the same effect. Only 27,892,000 tons of
bituminous coal were mined in January 1932 against
38,542,000 tons in January 1931; 49,778,000 tons in
January 1930, and 52,140,000 tons in January 1929,
a falling off for the three years combined of over
24,000,000 tons. Anthracite production did not
escape in the general contraction, and the figures
show that the output of Pennsylvania anthracite in
January 1932 was only 3,897,000 tons compared with
6,157,000 tons in January 1931; 7,038,000 tons in
January 1930,and 7,337,000 tons in January 1929.
Of course greatly lessened work marked the course
of the building trades. According to the compilations of the F.W.Dodge Corp.,the contracts awarded
in the 37 States east of the Rocky Mountains for new
Month of Januaril—
1932.
Inc. (+) Or Dec.(—)
1931
.
Mlles of road (168 roads)_..._
244,243
242.365
+1.878
+0.77 buildings represented a money value of only $84,Gross earnings
5274,976,249 8365,522,091 —$90,545,842 2 .77%
4
Operating expenses
229,035,584
293,493,861
—64,463,297 21.96% 798,400 in January 1932 against $227,956,400 in
Ratio of ewe.to earnings
83.30%
80.03%
+3.27%
January 1931; $323,975,200 in January 1930, and
Net earnings
845,940.885
872.023,230 —$28,082.545 38.21%
$409,967,900 in January 1929. S. W. Straus & Co.,
What we said a year ago as to the causes of the in their "Nationa
l Monthly Building Survey," show
tremendous losses may also again be repeated the a similar
shrinkage in the projected new building
present year, on the further augmentation of these work. In
563 comparable cities, the new building
losses, only with greater emphasis. In other words, permits in January
1932 involved outlays of only
there is no mystery as to the reason for the extremely $48,516,351 as against
$108,745,694 in January 1931,
unfavorable results here disclosed. Business depres- $129,088,
299 in January 1930, and $239,074,441
sion of the severest type is the great underlying cause, in January 1929.
The cut of lumber shrank in proand it might almost be said the sole underlying portion to the falling
off in the projected new buildcause, though this would ignore the fact that the rail- ing
work. For the four weeks ending Jan. 30 1932
roads are constantly suffering from the competition the National
Lumber Manufacturers' Association reof other means of transport, such as the motor truck ports the
cut of lumber for 598 identical mills at
and the motor bus, and other similar forms of con- 371,058,0
00 feet in 1932 against 652,932,000 feet in
veyances, this competition extending, not alone to
1931 and approximately 915,000,000 feet in 1930. As
the passenger traffic, where it has been simply work- it
happens, too, Western roads suffered a further
ing havoc with the business of the steam roads, but heavy
contraction in their- receipts of grain, notalso to an increasing degree to the short-haul freight
withstanding that comparison was with very small
traffic. As between 1929 and 1932, however, trade
figures in the previous year. We give the details of
prostration and poor business generally, with the
the Western grain movement further along in this
necessary consequence of a greatly reduced volume of
article, and will only say here that for the five weeks
traffic, has been the potent factor in the general
ending Jan. 30 in 1932 the receipts of wheat, corn,
collapse which has overtaken the railroads everyoats, barley and rye at the Western primary markets
where from one end of the country to the other. This
were only 36,638,000 bushels against 63,377,000
has been the great overhanging cloud from the influbushels in the same period of 1931; 67,203,000 bushence of which no section of the country, nor any class els
in the corresponding weeks of 1930,and 85,677,00
0
of roads, could escape.
bushels in the same weeks of 1929. The
further
We may also again say that the statistics in sup- shrinkage
in 1932 was largely due to the falling off
port of this statement are overwhelming and are of in the
receipts of wheat, and this in turn seems to
the same type and class as those enumerated by us have reflected
mainly the shortage in last season's
in explaining the poor results for all other recent spring wheat crop
in the Northwest on account of
months. The automobile trade, as has been the case the severe
drouth then suffered. This is indicated
all along, has furnished the strongest evidence of the by the huge declines
in the receipts at the spring
depression which has been the common affliction of wheat markets,
Chicago showing receipts of only
the whole country. In January the present year the 477,000 bushels of wheat in
the five weeks of 1932
number of motor vehicles produced in the United against 3,900,000 bushels
in 1931; Minneapolis
States was only 123,100 against 171,903 in January 3,327,000 bushels against
7,223,000 bushels, and
It was dismal in the extreme. There had been other
recent months when the losses in earnings, gross and
net, had been larger in amount, but the 1931 shrinkage carried added significance by reason of the fact
that comparison was with figures in January of the
previous year (1930), which were themselves poor.
We pointed out that our compilations for January 1930 had registered $36,102,247 decrease in gross,
or 7.41% (as compared with January 1929), and
$23,005,176 decrease in net earnings (before the deduction of the taxes), or 19.55%, while for January
1931 it was found that there had been a further
shrinkage of $85,314,308 in gross, or 18.93%, and a
further shrinkage in net earnings of $22,883,171, or
24.13%. Now on top of all this the tables which
we present to-day register a still further contraction
in the large sum of $90,545,842,or 24.77% in the gross
earnings, and a further contraction in the net earnings of $26,082,545, or 36.21%. As a result of this
cumulative record of losses, gross earnings for January 1932 are down to $274,976,249 against $486,201,495 in January 1929, and net earnings for January 1932 stand at only $45,940,685, whereas three
years before, in January 1929, they footed up $117,730,186. It is necessary to go all the way back to
1916 to find a total of the gross as small as that for
January 1932, and back to 1921 to find a total of the
net as small as that now recorded for 1932. No
wonder railroad securities have suffered such frightful depreciation in the interval!
1832
FINANCIAL CHRONICLE
[Vol,. 134.
MONTH OF
CHANGES IN NET EARNINGS FOR THE
against 5,995,000 PRINCIPAL
bushels
JANUARY 1932.
Duluth
307,000
Decrease.
Increase.
bushels.
$407,296
Duluth Missabe & Nor-_ $136,636 Seaboard Air Line
365,538
131,255 Boston & Maine
Yazoo & Miss Valley....
Coming now to the loading of revenue freight, on
344,477
Pennsylvania
338,562
$267.891 Minn St Paul & S S M
the railroads of the United States, which furnishes
319,220
Denver & Rio Gr West
310,212
Decrease. Reading Co
a composite of the freight traffic of all kinds, we Atch Top & S Fe (3 rds)- $1,838,585 Delaware Sr Hudson.... 300,554
289,949
1,722,169 Del Lack & Western....
280,019
find that only 2,269,875 cars were loaded with rev- Chicago Burl az Quincy-- 1,248,477 Central of Georgia
Union Pacific (4 roads).238,422
Chic RI & Pac(2 roads). 1,215,278 Central of New Jersey
221,552
enue freight on the railroads of the United States Missouri Pacific
1,146,625 Maine Central
218,123
Southern Pacific (2 rds)- 1,077.888 Missouri-Kansas-Texas..
212,432
952.370 Elgin Joliet & Eastern _ _ _
in the four weeks ending Jan. 30 as against 2,873,211 Great Northern
205,281
941,199 Chicago Great Western__
Norfolk & Western
181,955
,121.575 Long Island
cars in the corresponding four weeks of 1931 and Louisville & Nashville
171,395
a803,115 Grand Trunk Western...
Central
New York
Erie__
791,524
Chic Mil St P
3,470,797 cars in the same four weeks of 1930. For- Chesapeake & & Pac_ _ 762,270 Pittsburgh & Lake Louis_ 166,875
165,346
N Y Chicago & St
Ohio Lines
164,248
726.576 Virginian
tunately for the railroads, the winter has been mild Chicago & North West
162,391
677,615 Texas & Pacific
St Louis-San Fran (3 rds)
160,465
654.665 Chic St Paul Minn & Om
Wabash
and open,the same as in nearly all other recent years, Atlantic Coast Line
145.889
650,329 Western Maryland
122,794
644.815 Baltimore & Ohio
Lehigh Valley
with very little snow anywhere to obstruct the Opera- Northern Pacific
113,306
640.955 Rich Fred & Potomac...
100,818
of the roads and the running of trains, thus NYNH& Hartford.-- 569,468 Illinois Central
tion
533,144
Erie (3 roads)
$24,637,626
Total(57 roads)
511,865
Southern By
involving no addition to expenses on that account.
a Thesese figures cover the operations of the New York Central and the
In all of the foregoing we have been dealing with leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central.
Cincinnati Northern and Evansville
the railroads of the United States as a whole. So far ing Pittsburgh & Lake Erie and theIndianapolis & Terre Haute. IncludIndiana Harbor Belt, the result is a
decrease of $1,001,234.
as the separate roads and systems are concerned,
When the roads are arranged in groups or geotheir experience, of course, has been a duplicate of
it
that of the roads taken collectively. In brief, the graphical divisions, according to their location,
of course from what has been
separate roads, too, have a cumulative record of follows as a matter
a
losses covering the whole of the last three years. A said above that the results the present year are
repetition of the experience last year, when all the
few conspicuous instances will suffice to indicate
Western,
the general trend. For magnitude of loss, the Penn- different districts, Eastern, Southern and
and all the different regions comprised in these dissylvania RR. and the New York Central stand at
falling off in gross earnings and
the head of the list, as usually happens. The New tricts, recorded a
in net earnings. This was again the case the present
York Central RR.(including the Pittsburgh & Lake
single exception to the rule. Our
Erie and the Indiana Harbor Belt) reports year, with not a
summary by groups is as below. As previously ex$7,775,855 decrease in gross and $1,001,234 in net,
the roads to conform to the classiand this follows $10,080,438 diminution in gross and plained, we group
fication of the Inter-State Commerce Commission.
$3,439,511 in net in January 1931 and $3,969,367
different groups and regions
in gross and $1,579,874 in net in January 1930. The boundaries of the
are indicated in the footnote to the table:
The Pennsylvania RR.for January the present year
SUMMARY BY GROUPS.
reports $8,480,441 shrinkage in gross, but only
--Gross Earnings
District and Region.
1932.
1931.
Month of JanuaryInc.
(±)or Dec.(-)
$344,477 in net; this is after $10,282,720 diminution Eastern District
New England Region (10 roads)... 14,042.936 17,242.204 -3,199,268 18.55
in gross and $3,418,706 in net in January 1931, and Great Lakes region (30 roads)
55,699,959 71,668.860 -15,968,901 22.28
58,754,187 77.169.671 -18,415,484 23.86
after $3,313,396 loss in gross and $1,931,613 loss Central Eastern region (26 roads)._
128,497,082 166,080,735 -37,583,653 22.62
Total(66 roads)
in net in January 1930. In the table below we show, Southern District
35.098.599 47,637.528 -12.538,929 28.32
Southern region (30 roads)
as usual, all changes for ;the separate roads and Pocahontas region(4 roads)
14,985.338 19,394,713 -4,409,375 22.73
-systems for amounts in excess of $100,000, whether Total(34 roads)
50,083,937 67,032,241 -16,948,304 25.28
Western District
increases or decreases, and in both gross and net. It Northwestern region (17 roads).... 27,367,869 38,126.554 -10,758,685 28.21
roads) _ 44.791.045 62,243.877 -17,452,832 28.03
Central Western region
24.236,316 32,038.684 -7,802,368 24.35
will be observed that there are no increases in gross Southwestern region (30(21
roads).
98,395,230 132,409.115 -36,013,885 27.20
for the amount named, and only two in the case of Total(68 roads)
the net, these latter being the result of savings in Total all districts (168 roads)._ -.274,976,249 365,522,091 -90.545,842 24.77
Net Earnings
District and Region.
expenses.
1932.
Month of Jan.- -Mileage1931. Inc.(+) or Dec.(-)
1932. 1931.
Eastern District5
New England region__ 7,294 7,330 3,389,339 4,531,499
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF JANUARY 1932.
Decrease.
DerreaSe.
$415,550
$8.480.441 Long Island
Pennsylvania
411,134
a7.062,251 Grand Trunk Western
New York Central
375,209
4,682,048 Alton RR
Sou Pacific (2 roads)
344,167
Atch Top dc S Fe(3 rds). 4,076.919 Colorado & Sou (2 roads)
329.610
3,952,058 Pere Marquette
Baltimore &Ohio
322.781
Union Pacific(4 roads)._ 3,326.160 Los Angeles & Salt Lake.
307.518
Chicago Burl dr Quincy._ 3.186.090 Virginian
307.087
Louisville & Nashville- 2.644,411 Nashv Chatt & St Louis.
298.945
Chicago North Western_ 2.463,529 St Louis Southwestern
296.985
2,379.781 Chicago Great Western_ _
Chesapeake & Ohio
293,429
2,346,104 Yazoo & Miss Valley...Chic Milw St P & Pac
289.016
Chic R I & Pan (2 rds)._ 2,296,463 Chicago & Eastern Ill_ _ _
274.194
2.272,238 Kansas City Southern
Missouri Pacific
261.633
2,180,212 Mobile & Ohio
Illinois Central
263.177
1.919,540 Chic Ind & Louisville_
Southern Ry
227,329
1,914,526 Florida East Coast
Reading Co
225.992
1,885,741 Wheeling dr Lake Erie._ _
Great Northern
218.511
1,671,035 Detroit & Tol & Ironton
Erie (3 roads)
216.182
1,543,847 Union RR (of Penna)Norfolk & Western
213.332
1,507,332 Western Maryland
Atlantic Coast Line
213.156
1,429.116 N 0 Tex dr Mex (3 rds)
NY NH & Hartford
195.349
1,422,577 Minneapolis & St Louis_
Northern Pacific
189.806
1,349,001 Bessemer& Lake Erie_ _
Lehigh Valley
183,050
St Louis-San Fran (3 rds) 1,264.150 Term RR Assn of St
178.229
Del Lack & Western.... 1,140,989 Richmond Fred & Pot
169.128
965,437 Alabama Great Southern
Wabash
151.634
958.854 Gulf Mobile & Northern.
Boston & Maine
148.795
950,685 Indiana Harbor Belt_ _
Central RR of New Jer
145.651
943.444 Belt Ry of Chicago
Seaboard Air Line
141,798
851.179 N Y Susq & Western_
Delaware & Hudson_
141.270
763.792 Clinchfield
Minn St Paul & 88 M....
138.226
704.000 Bangor & Aroostook.._ _ N Y Chicago & St Louis131.068
651.697 Western Pacific
Texas & Pacific
122.030
Norfolk Southern
Denver & Rio Gr West
641.382
117.024
Elgin Joliet & Eastern.._
636.338 Internatl Great Nortifn
113,900
Missouri-Kansas-Texas
611.308 Central Vermont
111.326
Pittsburgh & Lake Erie.
564.809 Duluth South Sh &
102.200
Central of Georgia
478.359 Lehigh & New England.100.136
Maine Central
439,008 Monongahela
eine New Orl & Tex Pac_
438.732
$88.109,063
Chic St P Minn & Om_ _ _
Total(94 roads)
425,923
-1.142,160 25.20
Great Lakes region__ 29,281 27,202 9,221.568 13,207.242 -3,985,676 30.17
Central Eastern region 25,613 25,561 10.903.762 12,764,294 -1,860,532 14.57
82,088 60,183 23,514.667 30,503,035 -8,988,368 22.91
Total
Southern District
89,988 40,057 4,597,663 7,971,128 -3.373,465 42.32
Southern region
Pocahontas region... 6,137 6,032 4,765,617 6,746,640 -1,981,023 29.36
-46,125 48,089 9,363,280 14,717,768 -5,354,488 36.38
Total
Western District
Northwestern region__ 48,766 48,947 1,378,812 5,381,704 -4,002,892 74.87
Central Western region 51,972 51,841 7,553,288 14,538,3913 -41,985,102 48.04
Southwestern region__ 35,292 35,305 4,130,638 6,882.333 -2,751,695 39.98
136,030 136,093 13,062,738 26,802,427-13,739,689 51.26
Total all districts...244,243 242,365 45,940,685 72,023,230-26,082.545 3621
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:
Total
EASTERN DISTRICT,
New England Realm-This region comprises the New England States.
-This region comprises the 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.
Central Eastern Region.
-This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River. and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas Region.-Thls region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg.
W.Va., and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
Southern Region.
-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region.-Thls region comprises the section adjoining Canada lying
west of the Great Lakes Region, north of a line from Chicago to Omaha and thence
a These figures cover the operations of the New York Central and the to Portland and by the Columbia River to the Pad to.
Central TWestern Region -This region comprises the section south of the Northleased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Includ- western Region, west of a line from Chicago to Peoria and thence to St. Louis. and
ing Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result is a north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
decrease of 37.775,855.
.\ La. 12
1932.]
FINANCIAL CHRONICLE
-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 thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
As already pointed out, the grain traffic over
Western roads in January the present year fell far
below even the small movement in January 1931.
Without exception, all the different cereals, in
greater or less degree, shared in the further falling
off. The receipts of wheat at the Western primary
markets for the five weeks ending Jan. 30 1932 were
only 18,573,000 bushels as against 32,260,000 bushels
in the corresponding five weeks of 1931, the decrease
occurring mainly at the spring wheat markets; the
receipts of corn only 11,080,000 bushels as against
20,941,000 bushels; of oats only 4,689,000 against
6,536,000; of barley 1,872,000 against 2,702,000 bushels, and of rye 424,000 as compared with 938,000
bushels. The receipts for the five cereals combined
for the five weeks of January the present year aggregated only 36,638,000 bushels as compared with
63,377,000 bushels in the corresponding five weeks
of January 1931 and 67,203,000 bushels in the same
five weeks of 1930. In the following table we give
the details of the Western grain movement in our
usual form:
WESTERN FLOUR
5 Wks.Ended Flour.
Wheat.
Jan. 30- (Barrels) (Bushels)
Chicago
1932
734.000
477.000
1931
910,000 3.900,000
Minneapolis
1932
3,327,000
1931
7,223,000
Duluth
1932
307.000
1931
5,995.000
Milwaukee
1932
36,000
64,000
1931
60,000
184,000
Toledo
1932
1,167.000
1931
444,000
Detroit
1932
140,000
1931
129.000
Indianapolis and Omaha
-1932
2,108.000
1931
2,914,000
St. Louis
1932
851.000 2.385,000
1931
647,000 2,170,000
Peoria
1932
234.000
41,000
1931
338,000
95,000
Kansas City
1932
40,000 8,440.000
1931
7,552,000
St, Joseph
1932
132,000
1931
192,000
Wichita
1932
1.732,000
1931
1,424,000
Sioux City
1932
253,000
1931
38.000
Total all
1932
1931
AND GRAIN RECEIPTS.
Corn.
Oats.
Barley.
(Bushels) (Bushels) (Bushels)
4,159,000 1,354,000
4,207,000
840,000
Rye.
(Bushell)
344,000
253,000
50,000
45,000
576,000
387,000
595.000
1,423,000 1.195,000 1.197,000
243,000
247.000
4.000
610.000
12,000
415.000
2,000
74.000
67.000
72.000
499.000
777.000
104.000
176.000
407.000
652,000
16,000
8.000
483,000
87,000
507,000
770,000
11.000
6,000
8,000
29,000
29.000
98,000
48,000
58,000
92,000
85.000
4,000
1.685,000
5.065,000
870.000
674,000
8,000
6.000
1,153,000
673.000
2,090.000 1,546.000
228.000
187,000
5,000
1,251.000
820,000
209.000
258.000
206,000
224.000
555,000
625.000
3,295,000
170,000
254,000
223,000
1,851,000
242,000
148,000
5,000
2,000
18,000
498,000
6,000
26,000
2.000
6,000
390,000
183,000
57,000
186.000
13,000
6.000
1,000
1.695.000 18.573.000 11,080,000 4.689,000 1,872.000
1,953,000 32,260,000 20,941,000 6,538,000 2,702,000
424.000
938.000
The livestock movement over Western roads also
appears to have been much smaller than in January
last year. The receipts at Chicago embraced only
17,362 carloads as compared with 19,968 carloads in
January 1931; at Omaha but 5,825 carloads as
against 6,579 carloads, and at Kansas City only 5,478
carloads against 6,605 cars.
The cotton traffic in the South was, of course,
much larger than in January 1931,last season's crop
of the staple having run much in excess of that of the
previous season, though it has been coming to market
rather slowly owing to the low prices prevailing.
Gross shipments overland, however, were the smallest in many years, having been only 58,185 bales as
against 111,104 bales in January 1931; 74,315 bales
in 1930; 167,997 bales in 1929; 93,929 bales in 1928,
and 154,186 bales in 1927. The receipts of cotton at
the Southern outports aggregated 1,200,877 bales in
January the present year as against only 458,398
bales in 1931; 476,836 bales in 1930; 735,209 bales in
1929; 535,905 bales in 1928, and 1,033,906 bales in
January 1927, as will be seen from the following:
1833
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR MONTH OF
JANUARY FROM 1927 TO 1932 INCLUSIVE.
Month of January.
Ports.
1932.
Total
bales
1930.
1929.
1928.
1927.
353.448
361.669
11,297
3,157
351.445
67,834
6.112
19,641
1,609
5.080
8,494
5,880
2,783
2,428
87,701
161,747
4.811
2,083
97,705
42,538
1,421
32,865
111,410
137.400
5,251
251,115
248.438
3,530
169,568
140,215
8,557
290,205
337,902
127.313
42,575
129
20.506
162,554
23.393
8
20,958
144.493
14.437
3
27,806
241,145
21.910
680
76.585
13,693
3.372
3,760
6,657
44
8.384
1,557
6.058
16.255
9.463
11,538
556
6.659
12,073
25,519
5,283
10,467
1,200,877
Galveston
Houston, &e
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola
Savannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
Jacksonville
1931.
458.398
476,838
735,209
9,011
30,949
535.905 1,033,906
RESULTS FOR EARLIER YEARS.
It has already been noted that speaking of the roads
collectively (though the remark applies also to most of the
separate roads and systems) the heavy losses of January
1932 come after severe losses in January 1931 and January
1930, business depression having been the main underlying
cause in the Whole three years. The falling off for January
1932 is $90,545,842 in gross and $26,082,545 in net; that for
January 1931 was $85,314,308 in gross and $22,883,171 in
net, and for January 1930 $36,102,247 loss in gross and $23,005,176 in net. In 1929, however, our compilation showed an
Increase of $28,853,685 in gross and of $23,578,213 in net,
yet this was subject to the qualification that it followed
decidedly poor results in January 1928, our compilation then
(January 1928) showing $30,161,749 loss in gross and $5,558,796 loss in net. It happens, too, that in January 1927 comparison was with decidedly indifferent results. The increase
in the gross then was no more than $6,119,441, or only 1.27%,
while in the net there was actually a loss of $2,853,250, or
2.79%. As a matter of fact, results were indifferent, too,
in the previous year (January 1926), due to the strike then
prevalent at the anthracite mines, and the losses suffered
by Southwestern roads at that time because of the previous
season's poor winter wheat yield. In the gross our figures
in January 1926 showed a trifling decrease, namely, $3,960,038, or not quite 1%; in the net there was an increase, but
equally diminutive, namely, $946,994, or also less than 1%.
The exhibit for January 1925 was likewise hardly up to the
mark, while in January 1924 there were actual losses in
both gross and net.
As explained by us at the time, the showing made by our
compilations in January 1925 was satisfactory chiefly because of the renewed testimony it afforded of the increased
efficiency and economy with which the roads were being
operated. The gross earnings recorded moderate improvement, namely, $15,866,417, or 3.30%, but the improvement
In the net then reached $17,341,704, or 20.73%, expenses
having been slightly reduced. The gain in gross in January
1925 did not suffice to wipe out the loss in gross earnings
sustained in January 1924. On the other hand, the loss in
net in January 1924 was no more than $9,412,390. The mild
weather in 1924, as compared with the exceptionally severe
weather the previous year, enabled the managers greatly to
reduce expenses at that time, thereby offsetting the greater
part of the loss in gross receipts then sustained, while
in
1925, as just shown, still greater efficiency of operation permitted a further saving in expenses. Moreover, it is to
be
said, with reference to the 1924 losses in both gross and
net,
that these were in comparison with extraordinarily
favorable
results in January 1923. In reviewing the
January statement of the last mentioned year we referred
to it as the most
encouraging monthly exhibit it had been our
privilege to
present in a long time. Revival of trade,
we noted, had
added substantially to the traffic of the roads,
thereby swelling the gross revenues, while at the same
time operating
expenses, though showing continued augmentat
ion, had not
Increased to such an extent as to absorb the
whole of the
gain in gross. As compared with the same month
of 1922,
there was then an improvement of no less than
$105,816,364
in the gross and of $35,012,892 in the net. On
the other hand,
however, the very large gain in gross in 1923
was merely a
recovery of what had been lost in the gross in
the two preceding years, namely, 1922 and 1921, though in
the net the
1923 improvement was additional to an improveme
nt in 1922,
the two successive gains in net reflecting the
transformation
effected as regards expenses with the
relinquishment of
Government control of the properties.
The reason for the loss in gross in
January 1922 was, of
course, that at that time the country
was still suffering
FINANCIAL CHRONICLE
1834
intense depression in business, and the falling off in January 1921, which amounted to $33,226,587, was due to much
the same circumstance. In January 1921 the United States
was in the earlier stages of that intense prostration of trade
from which the country was still suffering at the beginning
of 1922, and as a consequence there was a substantial reduction in the gross receipts in that month, notwithstanding
the much higher rate schedules, both passenger and freight,
put in force the previous August (1920). The shrinkage
in the groks in January 1921 was $33,226,587, and it was
followed by a further shrinkage of $75,303,279 in January
1922, and it should be noted that the January 1923 gain of
$105,816,364, though large, did not entirely wipe out the
antecedent loss. In the net, however, as already stated,
the 1923 improvement followed a substantial improvement
in the net in 1922 also. We have already pointed out that
the gross in 1922 fell off no less than $75,303,279. That
reduction in gross revenues was accompanied by a cut in
the expenses in the prodigious amount of $104,392,928, yielding, hence, a gain in the net of $29,089,649. Contrariwise,
in 1921 the showing was a poor one, both in the gross and
in the net, and particularly in the latter. And it is the
poor results of that year and of the years preceding that
made posible the better net the carriers established in succeeding years. The simple truth of the matter is that owing
to the prodigious expansion in the expenses, the net had got
down to the vanishing point. In brief, our statement for
January 1921 showed $33,226,587 loss in gross, notwithstanding the much higher rates, and this was attended by
an augmentation of $27,124,775 in expenses, the two combined causing a loss in net in the huge sum of $60,351,362.
It is true, on the other hand, that there had been substantial gains in January of the two years immediately preceding,
namely, in January 1920 and January 1919. In January
1920 our compilations showed an increase over January 1919
of $101,778,760 in the gross, and of $49,809,654 in the net,
though a special circumstance accounted for the magnitude
of the gains. In other words, in the January 1920 total
there was included an estimate covering back mail pay for
the years 1918 and 1919, accruing to the Railroad Administration as a result of a decision of the Inter-State Commerce
Commission on Dec. 23 1919. The addition in that way was
roughly $53,000,000, and both gross and net were enlarged
to the extent of this $53,000,000. With that item eliminated
there would have been at that time instead of the $101,000,000 increase in gross an increase of only $48,000,000,
and the net earnings would have recorded an actual loss
of about $3,000,000. Below we furnish a summary of the
January comparisons for each year back to 1906. For 1911,
for 1910 and for 1909 we use the totals of the Inter-State
Commerce Commission, which then were more comprehensive than our own, but for the preceding years we give the
results just as registered by our own tables each year—a
portion of the railroad mileage of the country being always
unrepresented in the totals in these earlier years, owing to
the refusal at that time of some of the roads to give out
monthly figures for publication.
Net Earnings.
Gross Earnings.
Jan
Year ' Year
Preceding
Given.
Increase or
Decrease.
Year
Given.
Year
Preceding.
$
$
$
$
$
1908 128,566,968 108 741.980 +21.824,988 38.673,269 26,996.772
123,681.663 +10.176.033 36.287,044 37.096.918
1907 133,840.696
1908 l3S,I27.093 155.152,717 —20.025,824 29,659,241 41.155.587
1909 182.970.018 173,352.799 49.617:219 50.295.374 41.036.612
1910 211.041034 163.264.063 +27.776.971 57.409.657 50.491,080
1911 215.056,017 210,808.247 +4.246.770 53.890.659 57,373,988
—2.440,307 45.940.705 52,960.420
1912 210,704.771 213.146.078
1013246.663.737206,533.980 +38.128.677 64.277.164 45.495.387
1914 233.073,834 249,958.641 —16,884,807 52,749.869 85.201.441
1915 220,282.196236.660.747 —16.598.551 51.582.992 52.473.974
1916 267.043,635 220.203,595 +46,840.040 78.899,810 51.552,307
1917 307.961,074 267.115.289 +40.845.785 87.74/3.904 79,069.573
1918 282.394.665 294.002.791 — 11.608.126 17.038,704 83,475.278
1919 395.552.020 284.131,201 + 111.420.819 36.222.169 13.881.674
1920 494.706.!25392.927.365 +101.778.760 85.908,709 36.090.055
1921 469,784.502 503.011,129 —33,226.587 28.451.745 88,803,107
1922 393.892.529 469.195 808 —75,303,279 57.421.605 28,331.056
1923 350.816,521 395.000.157 +105.816.364 93.279.686 58.266.794
[924 467.887.013 501,497.837 —33.610.824 83,953.867 93.368.257
925 483.195.642 467,329.225 +15.866.417 101.022.458 83,660.754
926 480.062.657 484,022,695 —3.960,038 102.270.577 101.323.883
927 465,961.345 479.641,904 '$6,119,441 99,428,246 102,281.496
928 156.560.897 486.722.648 —30.161.749 93,990.640 99.549.436
929 486.201.495 457.347.810 +28,853.685 117.730.186 94,151,973
930 450.528.039 486.628.286 —36.102.247 94.759.304117,764.570
94,836.075
931 365,416,905 450.731.213 —85.314.308 171,952,904 79 f199 99(1
—Oil %AS 249 Ac CIAll ARk
599 nal
Increase or
Decrease.
$
+11676.497
—809.874
—11,498.346
+9,258.762
+8.918.577
—3,483.309
—7.019.714
+18.781.777
—12.451.572
--890,982
+27.347.413
+8.679.331
—66,436.574
+22.340.465
+49.809.654
—80.351.362
+29.089.649
+35.012.892
—9,412,390
+17,341,704
+946.994
—2.653.250
—5.585.796
+23.578.213
—23.005,176
—22.883,171
- OR Aft9 sat
[VoL. 134.
Imposed no great hardships on the operation of the roads
or interfered seriously with the running of trains. It has
already been noted that this was the case the present year,
as it had been the case in 1931 and it was also true of
1930, for while west of Chicago in the latter year some
extremely cold weather was experienced, yet there seems
to have been no serious interruptions from extensive or
prolonged snow blockades. In 1929, however, though the
roads between the Atlantic seaboard and Chicago were
comparatively free from weather disturbances, in the Western half of the country some decided drawbacks appear
to have been encountered by reason of the severity of the
weather—low temperatures and extensive snow drifts. The
latter half of the month at that time (1929) newspaper
dispatches from numerous points in Wisconsin, Iowa, Colorado, Utah, Wyoming, Montana, Idaho, all the way west
to the State of Washington, spoke of snow drifts of one
kind or another, making the winter one of unusual severity.
On the other hand, neither in January 1928, nor in that
month of 1927 or 1926, did weather conditions impose much
of an obstacle to railroad operations over any large sections
of the country. Bad weather was somewhat of a drawback
in January 1925 on certain lines here in the East, though
not to any great extent for the country as a whole. There
were repeated snow storms in these parts in the month in
1925, and in New York City the fall of snow was the
heaviest of any January in the history of the local weather
bureau, reaching 26.2 inches. A storm which came toward
the end of the month—that is, Thursday, Jan. 29, and
extending into Friday, Jan. 30—proved particularly mischievous in New York State. The New York Central RR.
reported it as the worst in its history, especially between
Albany and Rochester, causing considerable delay in the
running of trains. The Twentieth Century train from
Chicago was almost 16 hours late in reaching the Grand
Central Terminal in New York City. It was due at
9:40 a. m., but did not arrive until 1:18 and 1:33 the following morning (Saturday), coming in two sections. The area
of disturbance, however, in this way was very much circumscribed, being confined largely to New York and New England, while elsewhere in the northern part of the country
the winter was comparatively mild, and little complaint
was heard of obstruction because of snow and ice or because
of extreme cold. In 1924 mild weather conditions prevailed
nearly everywhere in January in the United States, though
In 1923, on the other hand, the winter during January, and
also a great part of February, was of exceptional severity,
heavy snowfalls having then made it difficult and unusually
expensive to operate the railroads all through New England
and the northern part of New York, as also to some extent
in other parts of the country.
Reconstruction Finance Corporation Has Extended About $46,976,000 to the Railroads.
The latest tabulation of loans reported by the Inter-State
Commerce Commission shows that 33 railways have asked
for advances aggregating $229,750,691. Of these, the Commission has acted on 14 applications involving $168,084,909,
and approved advances of $53,647,175. The remaining applications which are still under consideration, involving requests for $61,665,782, follow below:
TOTAL AMOUNT OF LOAN APPLIED FOR.
Road—
$31,727,750
St. Louis-Southwestern Ry
127.000
Aberdeen & Rockfish
7,000.000
New York Central RR
1,000.000
Georgia & Florida
Ry
250.000
Fort Smith & Western
7.541,032
Pittsburgh & West Virginia
100.000
Bamberg& Electric RR
500,000
Salt Lake & Utah RR
1,250.000
Meridian & Bigbee River Ry
4.000,000
Denver & Rio Grande
315.000
Fonda Johnstown & Gloverville RR
2.500.000
Chicago Indianapolis & Louisville Ry
1,250,0130
Missouri & North Arkansas Ry
2,300,000
Chicago North Shore & Milwaukee RR
75.000
Cairo Truman & Southern RR
200.000
Apalachicola Northern RR
100,000
Mississippi Export RR
600,000
Akron Canton & Youngstown
800,000
Kentucky & Indiana Terminal
30,000
Texas South Eastern RR
Total
$61.665,782
Additional carriers that have requested loans since the
discussion of this subject in our March 7 issue are:
Noie.—In 1906 the returns were based on 157.629 mile.; of road: In 1909. 231.709:
235,607: In 1914,
In 1910, 239.808: In 1911, 242,479; In 1912, 237,888; n 1913, 1918,
The Apalachicola Northern RR. filed an application with
204.046: In
243,732: In 1915, 246.959; In 1916, 247,620: In 1917, 248.477; In
In 1923, 235 678: the Inter-State Commerce Commission on March 2 1932 for a
1919. 232.655: In 1920. 232.511: In 1921, 232,492; In 1922, 235,395:
In 1926, 236,944; In 1927, 237,846: In 1928,
In 1924. 238,698: In 1925. 236.149:
In 1932. 244.243.
loan from the Reconstruction Finance Corporation in the
239,476:In 1929. 240.833: In 1930, 242.350: In 1931. 242.657*
years.
winter month, the part played by weather amount of $200,000 to extend for a period of three
January being a
The carrier stated that the purpose of the loan comprised
conditions must always be taken into consideration. It has
from banks by a Bondholders'
lhappened that in the more recent years the weather has $70,298.90 for over-due loans
non ood °IR OA.] ORR
MAR. 12 1932.]
1835
FINANCIAL CHRONICLE
Protective Committee and other advances which the road has 17,107 miles, valued at $3,143,084,636; the Baltimore &
been called upon to pay and for which no funds are avail- Ohio, 11,979 miles, valued at $1,639,049,254, and the
able; $44,271.91 traffic balances, audited accounts and wages Chesapeake & Ohio, 13,681 miles valued at $1,581,791,290.
The figures represent the commission's primary valuations
overdue; $23,819.62 taxes overdue or accrued, and $61,609.48
working funds to carry through depreciation. The security as of the basic valuation dates ranging between June 30
offered was any necessary portion of the entire issue of 1915 and 1919, brought down to Dee. 31 1930. To the
primary value is added net additions, betterments, and
$2,000,000 first mortgage 5% bonds.
The Akron Canton & Youngstown requested an advance retirements with deductions for accrued depreciation.
The primary valuations of the roads assigned to the New
for $600,000 to extend for a period of three years. It stated
that the money was needed to meet interest charges due on York Central System follow:
NEW YORK CENTRAL SYSTEM.
$750,000 general and refunding mortgage 6% bonds due
charges
April 1 and Oct. 1 1932, totaling $45,000; interest
Miles of Road I. C. C. Primary
Value Brought Down
Operated
Road.
%
1
/
on $2,800,000 general and refunding mortgage 52 bonds
So Dec. 31 1930.
Dee. 31 1930
due April 1 and Oct. 1 1932, aggregating $154,000; interest
51,971.677.863
11,422
April 1 New York Central RR
charges on $2,500,000 first mortgage 5% bonds due
58,095
2
Fulton Chain RR
368.129
24
ake
and Oct. 1 1932, amounting to $125,000; note, Guardian RoquetteRiver & Indiana RR
35,159,724
21
Chicago
4,927.953
3
Trust Co. certificates, due April 1 and May 1 1932, totaling Louisville & Jefferson Bridge RR
45,303
3
Muncie Belt Ry
363,953
16
$225,000; maturing trust certificates, totaling $14,000, due Federal Valley Rys
123,751,351
232
Pittsburgh & Lake Erie RR
June 1 1932; and vouchers for materials and supplies past Lake Eric & Eastern RR
8,302,237
15
306,797.693
998
Delaware Lackawanna
due in the amount of $37,000. The company offered as Harlem 'I ranger Co & Western RR
1,171.372
43,945,298
iii
pledge for security $750,000 general refunding 6% gold bonds, New York Ontario & Western By
6.150.651
129
Ulster & Delaware RR
Series "A" of the Northern Ohio.
32.502.719,622
13.434
Total
The Mississippi Export RR. asked for a loan of $100,000
The primary valuations of the roads comprising the
to be extended by the Reconstruction Finance Corporation
System are:
for a period of three years. It certified that the money was Pennsylvania
PENNSYLVANIA SYSTEM.
needed to pay a note amounting to $750,000, and to liquidate
Miles of Road
I. C. C. Primary
other obligations. The carrier offered security in the form
Value Brought Down
Operated
Road.
of one hundred $1,000 first mortgage 6% bonds.
So Dec. 31 1930.
Dec. 31 1930.
The Texas South-Eastern RR. filed an application with Pennsylvania RE,
82,370,756,836
10,892
139,741,802
404
the Inter-State Commerce Commission on March 5 1932 re- Long Island RR
883,753
138
Baltimore & Eastern RR
1,893.849
questing approval of a loan from the Reconstruction Finance Pennsylvania St Atlantic RR
60
263,603
12
Philadelphia & Beach Haven RR
Corporation in the amount of $30,000. The road indicated Rosslyn Connection RR
407.965
3
737.829
29
Waynesburg & Washington RR
that the money would be used to pay loans now being carried Western Allegheny RR
2,139.169
48
2.605.644
by the Lufkin National Bank of Lufkin, Tex., totaling Philadelphia & Camden Ferry Co
7,568,669
239
Toledo Peoria & Western RR
388.745.086
$17,500; loans from the First National Bank & Trust Co. Norfolk & Western Ry
2.237
191.324,649
2,524
Wabash Ry
of Lufkin, Tex., amounting to $5,000; money due Lufkir, New Jersey Indiana & Illinois RR
1,764.991
11
44.686
1
Hemphill & Gulf Co. of Hemphill, $4,500, and a loan payable Detroit & Western Ry
34.206,105
510
Toledo & Ironton RR
Detroit
to D. L. Landrum of Diboll, Tex., in the sum of $3,000. The
33,143,084.636
17.107
TotaL
security pledged by the company was the first lien on its
The primary valuations of the roads assigned to the
corporate property.
The application of the Kentucky & Indiana Terminal RR., Baltimore & Ohio System are:
BALTIMORE & OHIO SYSTEM.
filed March 7 1932, requested a loan of $800,000 from the
Reconstruction Finance Corporation for a period of three
years. The carrier said it proposed to use the money for
repayment of advances by proprietary lines totaling $442,358;
for the payment of short-term notes aggregating $215,000,
and for the payment of audited vouchers for materials and
supplies in the amount of $142,642. The security offered
2
1
/
was its first mortgage 4 % gold bonds, due 1961, in such
sum as might be required.
Of the 14 loans already approved by the Inter-State Commerce Commission, the Reconstruction Finance Corporation
has extended advances in the following amounts:
Road.
Vacs of Road I. C. C. Primary
Value Brought Down
Operated
to Dee. 311930.
Dec. 31 1930
Baltimore dt Ohio RR
3778,187.007
5.653
32,075.549
Baltimore & Ohio Chicago Terminal
85
Dayton & Union RR
780.154
47
Staten Island Rapid Transit Ay
24
113.671.310
Reading Co
1.454
297,806.300
Atlantic City RR.
164
14.711.557
a
4
Peoples Ry
Central RR. of New Jersey
692
173,372.899
5.0.35,485
Lehigh & 'Hudson Elver By
97
896
96.205.387
Western Maryland Ry
294
17.210.235
Ann Arbor RR
38
674.404
Manistique & Lake Superior RR
602
64.421.479
Buffalo Rochester & Pittsburgh By
254
8.789.227
Buffalo & Susquehanna RR
1.028
88.988,417
Chicago & Alton RR
647
41.088.835
LOANS EXTENDED BY RECONSTRUCTION FINANCE CORP. Chicago Indianapolis & Louisville Ry
Road—
$1.639,049.245
11.979
Total
Alabama Tennessee & Northern
8275.000
Central of Georgia
1.418.700
a Does nut Inc reports.
Chicago & Eastern Illinois
3.629.500
The primary valuations of the roads assigned to the
Erie RR
4.458.000
Chicago & North Western
1.910.500 Chesapeake & Ohio-Nickel Plate System are:
Minneapolis St. Paul & S. S. Marie
1,318.082
CHESAPEAKE & OHIO-N1CKEL PLATE SYSTEM.
Missouri Pacific (asked for two loans)
4,300.000
Mobile & Ohio
785,000
New York Chicago & St. Louis
9.300,000
Mile: of Road
1. C. C. Primary
St. Louis-San Francisco
2
.805.175
Value Brought Down
Operated
Road.
Southern By
7.500.000
to Dn. 31 1930.
Dec. 3111.30.
Wabash Ry
7.173.800
Western Pacific RR
2.102.000 Chesapeake & Ohio Ry
8430.291.896
3,120
Covingtou & Cln. Elevated RR. Transfer &
Total
846.975,757
8,59
8.287
Bridge Co
124.750.736
2:56a
The loans tabulated above were advanced at an interest Pere hi arquette By
1.306.858
Flint Belt RR
158.267.322
1,698
rate of 6%. They were granted without prejudice to the New York Chicago & St Louis RR
2,174
322.735.262
Erie RR •
consideration of additional loans already applied for or Chicago & Erie RR
270
29,376.081
14.289.016
New Yerk Susquehanna & Western RR
132
which might be subsequently requested.
Wilkes-Barre & Eastern RR
87
3,572.438
New Jersey & New York RR
46
1.701.079
Bath & Hammondsport RR
119.516
250.978.439
Lettish Valley RR
1,382
51.456.b.52
Bessemer & Lake i•rie flit
228
61.176.140
948
Chicago & Eastern Illinois
7
1.168.738
Chicago Heights Terminal Transportation Co
50.557.023
512
Wheeling & Lake Erie Ry
At the consolidation hearings now being conducted before Lorain & West Virginia Ry
935.740
25
45.468.744
92
the Inter-State Commerce Commission for the four-party Pittsburgh & West Virginia Ry
10.249.864
103
Pittsburgh & Shawmut RR
198
6,102.917
Shawmut &
plan in the Eastern Trunk Line Territory, the commission Pittsburgh Mackinac RyNorthern RR
242
7,069,303
Detroit &
118
1,610.039
introduced a statistical exhibit setting the total mileage at Manistee & Northeastern Ry
Valuation of Railway Properties Comprising
Four-Party Plan Placed at $9,267,000,000.
59,264, and placed the primary valuation of the properties
as of Dec. 30 1930 at $9,266,547,766.
The four proposed systems include the New York Central,
the Pennsylvania, the Baltimore & Ohio and the Chesapeake
& Ohio.
Excluding certain roads that are jointly assigned to two
or more systems, the mileage of the New York Central
System was reported as 13,434 miles, with a total primary
valuation of $2,502,719,622; the Pennsylvania System,
Total
13,681
81,581.791,290
In addition roads to be jointly owned and operated by the
four systems were valued at $257,986,049. Those to be
owned and operated by the New York Central and the
Pennsylvania were valued at $11,933,967; by the New York
Central and the Chicago & North Western, $15,019,905;
by the Pennsylvania and the Chesapeake & Ohio, $108,643,942; and by the Baltimore & Ohio and the Chesapeake
& Ohio, $6,319,110.
1836
FINANCIAL CHRONICLE
[VOL. 134.
*Note.-Theae prices are computed from average yields on the basis of one "ideal"
bond (4(% coupon, maturing In 31 years), and do not purport to show either the
average level or the average movement of actual price quotations They merely
serve to Illustrate in a more comprehensive way the relative levels and the relative
movement of yield averages, the latter being the truer picture of the bond market.
The Course of the Bond Market.
Another week of steadily rising prices in the bond market
offers evidence of an underlying strength that has been
MOODY'S BOND YIELD AVERAGES.
maintained with few interruptions since the lows of last
(Based on Individual Closing Prices.)
December. The general price level of the 120 domestic
issues now corresponds with that reached in the middle of
AB
120 Domes ids
1932
120
120 Domestics by Ratings.
by Groups.
40
November, before the panic decline which carried many
Daily
DomesForAverages.
tic.
Aaa.
Ac.
A.
Bea,
RR. P. U. Indtu. eigns.
bonds to record lows as 1931 drew to a close.
The market firmness, slightly interrupted Friday, is par- Mar.11... 6.43 4.90 5.74 6.64 8.42 6.78 5.93 6.50 12.31
10._ 6.41
4.89
5.75
6.62
8.37
6.74
5.91
6.57 12.32
ticularly noteworthy despite the announced oversubscription
9-_ 6.43
4.93
5.77
6.64
8.38
6.72
5.94
6.63 12.39
8-_ 6.49
4.95
5.82
5.72
8.46
6.78
5.99
6.70 12.47
of new U. S. Government flotations totaling $900,000,000.
7._ 6.53
4.97
5.86
6.77
8.50
6.82
6.03
6.74 12.57
&_ 6.57
5.00
5.90 8.83
8.56
6.86
6.08
6.77 12.51
All classes of corporate bonds have participated in the
4__ 6.59
5.03
5.92
6.83
8.58
6.87
6.09
6.81 12.55
3__ 6.62
5.05
broad advance, but lower-rated railroad issues have re5.96
6.84
8.63
6.91
6.11
6.85 12.52
2._ 6.67
5.10
6.00
6.87
8.69
6.97
6.17
6.86 12.55
cently exhibited some softness, and failed to attain the high
1._ 6.70
5.11
6.01
6.92
8.74
7.02
6.20
6.87 12.57
29._ 6.69
6.00
6.91
8.73
7.00
6.20
6.88 12.59
points recorded in January. Missouri-Pacific bonds were Feb. 27_ _ 6.71 5.13 6.04 6.93 8.75 7.02 6.22 6.89 12.68
5.11
26._ 6.71
5.12
6.04
6.94
8.74
7.00
especially weak, with declines of as much as four points on
6.24
6.89 12.82
FfreeklYFriday. This deviation from the regular trend undoubtedly Feb. 26._ 6.71 5.12 6.04 6.94 8.74 7.00 6.24 6.89 12.82
19- 6.72
5.16
6.08
6.99
8.63
6.99
6.25
6.92 12.86
reflects poor current and anticipated earnings for most
11._ 6.95
5.30
6.23
7.20
9.05
7.25
6.47
7.11 13.23
5_ 6.90
5.29
6.17
7.11
9.02
7.16
6.44
carriers. Higher grades of rail bonds, however, have con- Jan. 29._ 6.87 5.26 6.12 7.12 8.98 7.10 6.42 7.10 13.00
7.09 13.22
22._ 6.73
5.18
5.96
6.96
tinued to move upward with the market, despite the un8.80
6.96
6.20
7.02 13.12
15._ 6.69
5.16
5.97
6.85
8.78
6.95
0.08
7.05 13.44
favorable business outlook.
8._ 6.94
5.18
8.17
7.12
9.30
7.38
6.12
7.34 13.85
2._ 7.26
5.26
6.32
7.47 10.00
7.93
6.23
7.63 15.68
Government bonds staged a further recovery during the
Yr. Ago
Mar 1131
week. Treasury 3s, 1951-55 rose above 90 as contrasted 2 Yrs.Ago 5.19 4.38 4.65 5.28 6.45 5.14 4.98 5.46 6.60
with the low point under 83 in January and the high point Mar.8 '30 5.13 4.65 4.84 5.19 5.82 4.93 5.15 5.29 6.38
of 100 at the issue price in 1931. The Treasury 434s,
1947-52, advanced to above 103 during the week, compared
with a high point above 114 last year. Thus, although the Outlook for Sterling Favorable, According to J. Henry
Schroder & Co.
-Bases Views on Improvement in
recovery has been of substantial proportions, any contrast
British Finance and Industry and Restoration of
with 1931 highs indicates the degree of injury to Government
Confidence Abroad.
credit in the intervening period.
Discussing the future of the pound, the February "QuarForeign bonds were firm on almost all fronts, although
Japanese issues failed to participate in the gains. Most terly Review" of J. Henry Schroder & Co., released in New
impressive advances were made by Scandinavian and British York, points out that the outlook for sterling is favorable,
Dominion liens, reflecting a notable return of confidence in based on the improved prospects of British finance and
governmental credit structures, as indicated by numerous industry and the possible restoration of confidence abroad.
cuts in rediscount rates within the past seven days, as well Without attempting to forecast the point at which the pound
as by the sharp rise in sterling exchange. This latter per- may be revalued, the banking firm states it is possible that
formance, while engineered before a somewhat speculative the recovery in sterling may be rapid. The report says:
Insofar as
background, nevertheless is founded upon undeniable im- resources andthe exchange value of the pound depends on England's own
efforts, it may confidently be said that the outlook is favorprovement in sentiment.
able. The strength shown by the annual balance sheets of the British
Strength in domestic corporate bonds of lower grades can banks, and the ease with which they wrote off the depreciation shown in
their securities
debts, impressed foreign
only be explained by Government aid, in view of the ob- observers very and made full provision for bad the balance
favorably; the improvement in
of "visible"
viously poor business and earnings prospects. Influence trade, though inevitably slow ,shows that the depreciation of the pound and
which may be expected to exercise some effect on the market the anti-dumping measures are working towards the restoration of the favorpayments that England formerly enjoyed. And
in the next few weeks include the possibility of unexpectedly able balance ofCabinet, to respect the decision of the majority the sensible
decision of the
with regard
poor tax collections on March 15 and the further possibility to the question of low all-round import duties, promises well for the stability
of unusual difficulties in balancing the Government's budget. of the National Governmnet. It also indicates the possibility of substantial
relief
direct taxation, the heavy weight of which has been, in
The price index for the 120 domestic bonds amounted to years,of serious burden on British industry. The truly remarkablyrecent
a
rapid
77.55 at Friday's close, a gain of 1.73 points as compared collection of the income tax, in spite of the general impoverishment of those
classes which have to pay it, is another sign of the ability
to the preceding week. All rating classes showed improve- of the nation to meet and overcome its present difficulties. and readiness
The
ment, as did rails, utilities and industrials. For the week, of many lines of home trade, and the demand for factory sites on theactivity
part of
however, the largest proportional increase occurred among foreign manufacturers, are further indications of the favorable prospects
industrial classification. The average yield on the 40 of British industry, if once a return of confidence abroad, and relief from
the
foreign issues now amounts to 12.31%, contrasting with hampering restrictions on exchange transactions in foreign centres produce
12.55% a week ago and 6.60% on the corresponding date some revival in international business.
Another sign of the pound's strength was the repayment, on Feb. 1
last year.
England
New York and
of £30.000,000 by the
Because of changes in ratings during the week, the fol- any shipment of goldBank ofnecessary.toThis transaction Paris, without
being
lowing substitutions were made in the industrial list, with liquidation of the £50,000,000 borrowed, for the support completed the
of the pound,
the usual adjustments made:
last August, and the success with which the necessary dollars and francs
been provided without seriously affecting the exchange value of the
had
Issue
Rating
Gulf Oil Corp. 5s of 1947 substituted for Baldwin pound was a welcome surprise, both at home and abroad.
Aaa
In the meantime, there is much discussion as to whether, and if so at
Locomotive 5s, 1940.
the pound should
what
again
Aa
Baldwin Locomotive 5s 1940 substituted for Crane speak point certainty as to thebe linkedview of with gold. It is difficult to
general
with
business men on this point,
Co. 5s, 1940.
because Englishmen arc always reluctant to discuss questions that are not of
A
Sun Oil 53is, 1939 substituted for Sun Pipe Line Immediate practical experience, and it is generally recognized that no return
5s, 1940.
to gold is likely in the near future. With this reservation it may be asserted
that business opinion is, on the whole, in favor of going back to gold some
The usual price and yield tables follow:
MOODY'S BOND PRICES.*
(Based on Average Yields.)
1932
Daily.
Mar.11
10
9
8
7
5
4
3
2
1
Feb. 29
27
26
Weekly
Feb. 26
19
11
6
an
120
120 Domestics by IlaWW1.
Domestic.
Ass.
Boa.
As.
A.
120 DOPIeStfee
by Groups
RR.
P. U. bulus.
77.55
77.77
77.55
76.89
78.46
76.03
75.82
75.50
74.98
74.67
74.77
74.57
74.57
97.62
97.78
97.16
96.85
96.54
96.08
95.63
95.33
94.58
94.43
94.14
94.43
94.29
85.74
85.61
85.35
84.72
84.22
84.72
83.48
82.99
82.50
82.38
82.50
82.02
82.02
75.29
75.50
75.29
74.46
73.95
73.35
73.35
73.25
72.95
72.45
72.55
72.36
72.26
59.80
60.16
60.09
59.51
59.22
58.80
58.66
58.32
57.91
57.57
57.64
57.50
57.57
73.85
74.25
74.46
73.85
73.45
73.05
72.95
72.55
71.96
71.48
71.67
71.48
71.67
83.35
83.60
83.23
82.62
82.14
81.54
81.42
81.18
80.49
80.14
80.14
79.91
79.88
76.14
75.03
75.40
74.67
74.25
73.95
73.55
73.15
73.05
72.95
72.85
72.75
72.75
74.57
74.46
72.16
72.65
72.95
74.36
74.77
94.29
93.70
91.67
91.81
92.25
93.40
93.70
82.02
81.54
79.80
80.49
81.07
82.99
82.87
72.26
71.77
69.77
70.62
70.52
72.06
73.15
57.57
58.32
65.55
55.73
55.99
57.17
57.30
71.67
71.77
69.31
70.15
70.71
72.06
72.16
79.68
79.56
77.11
77.44
77.66
80.14
81.64
72.75
72.45
70.62
70.71
70.81
71.48
71.19
Jan. 29
22
15
Year Ago
Mar. 11 193h.-. 93.26 106.25 101.64
Two Years Aga&larch-8,1930.- 94.14 101.64 98.57
91.98
77.33
93.99
96.39
89.45
93.26
84.72
97.16
93.85
91.81
day, if there can be any reasonable certainty that the working of the gold
standard will not thereafter be upset by the influences that have lately
thrown it out of gear. If the violence of economic nationalism can be checked
and a general lowering of tariffs makes it possible for debtors to pay their
debts in goods; and if a restoration of political confidence makes it possible
for the creditor countries to resume lending, then it may be that those
countries which have abandoned the gold
standard may feel inclined to
return to it. But as long as the creditor countries, by refusing to lend or
spend abroad, oblige the debtors to pay in gold, there is no possibility that
the gold standard can work with its old efficiency and benefit.
As to the rate at which England should return to gold, that will depend
on the course of events In the next year or two. Many people in England
would be glad to see her go back to the old parity if possible; but it Is
generally recognized that this cannot be done,unless in the meantime sterling
has shown sufficient recovery to make it certain that the old parity can be
maintained with ease. Any over-valuing of the pound. such as was carried
out in 1925 and imposed such serious difficulties on British industry and
finance, is out of the question. At the same time. it is possible that the
recovery in sterling may be rapid. The possible consequences of inflation •
in America are interesting from this point of view. If it carries out the
apparent intention of the authorities, and causes, on the other side of the
Atlantic, a rise in the prices of materials and metals, which would spread
to other countries, the consequent revival of world trade would have a
beneficial effect on stefling. Any any restoration of political confidence
on the Continent would set free hoarded funds and thaw frozen assets, and
put an end to the uncertainties and doubts that have done so much to
depress the pound.
MAR. 12 1932.]
FINANCIAL CHRONICLE
1837
Canadian Stock Exchange Prices
MONTREAL—TORONTO
A few short days afterwards, a further proposal from the
United States to create a huge financial corporation to
prices upwards. Without a shred of
In common with other Exchanges throughout the world, lessen credit shot
tangible improvement in basic trade, stocks on Canadian
the Toronto Stock Exchange sets apart the year 1931 as a
Exchanges swung upwards, influenced by Wall Street.
financial landmark long to be remembered for the number of
Pressure was removed from securities and on the Toronto
exceptionally difficult problems confronted. The situations
interlisted and agricultural implement
had their roots largely outside the control of the Exchanges Stock Exchange
issues regained immediately previous losses. Under this
concerned, but rather in the international stagnancy of
stimulus the pegged stocks generally advanced higher than
world commerce.
promptly admitted
play such a the minimums and as they did so were
Probably never before did world problems
to the free list, thereby escaping the results of unreasoning
directly important part in our domestic affairs. Ejected
drastic declines.
into our local picture, among other things, were the major liquidation and
The early November advance brought out a most encouragUnited States, in
problems affecting industrial life in the
ing feature. For the first time the local issues shook off the
which the contiguity of both countries forced us to partiand responded to purely
prices and last, painted in bold domination of outside markets
cipate, lower commodity
was not as
by local developments. Realization that Canada
strokes, the temporary renunciation of the gold standard
adversely affected by the depression as most other countries
Great Britain and the consequent discount on Canadian
held sway and the list acted with creditable independence.
currency in New York.
Volume increased and the list had a broadening out of
The Year in Retrospect.
activity.
The year opened on the Exchange inauspiciously enough,
The normal technical reaction brought in its wake a
the big swings of 1929 and 1930 were missing and the market reversal of public sentiment and once again after a brief
preserved an even keel in anticipation of the long awaited freedom international affairs intruded themselves. In the
business revival. Prices worked higher, but volume was United States recurrent bank failures brought about by the
lacking and as the spring wore on without the hopes of the curiously unbalanced position of individual institutions
financial community being realized the market became weary through their decentralized system of unit banking caused
further hoarding of cash. Securities were dumped on Wall
and trading fell off further.
it one of the most critical days Street for what they would bring and among them, sufferJune came, bringing with
since October of 1929. On the second of the month the ing equally, were Canadian issues held by Americans. The
market went down to what was up till then the lowest load was too heavy to carry alone and from then till the end
point in two years on a steady stream of liquidation that was of the year the local list declined steadily, breaking through
all the more ominous because no specific reason could be the October lows.
assigned at that time. The market had not long to wait
Running through all these cross currents was the undertow
for the cause.
of depreciated currency, restricting American selling of
In July the first definite signs appeared of the over- Canadian securities and encouraging Canadian holders of
whelming part international problems were to play on American issues to benefit by the exchange rate by switching
Canadian security markets through the succeeding months. into local stocks. Always, however, the steady stream of
Anxiety over Germany's ability to continue reparation pay- British liquidation of Canadian securities went on unabated
ments and the withdrawal of short-term credits in that for precisely the same causes acting in a reverse manner.
country resulted in the closing of two of their largest banks.
Obviously there could not be such interference of interThe Berlin Boerse suspended trading and the repercussions national problems into our domestic affairs without being
were felt on all Stock Exchanges throughout the world. reflected in trading and the result was that the 1931 turnover
New York and London broke through their June lows was approximately only two-thirds that of 1930.
while on our board trading in the interlisted issues fell to a
No Failures During 1931.
minimum. The situation was fast approaching an impasse
The Toronto Stock Exchange is to be congratulated on
moratorium on war
when President Hoover's proposal for a
come through the past year, one of the most trying
debts changed the whole tenor of the markets and left the having
without having to record
a secondary consideration market- and difficult since its inception,
debt question temporarily
the failure of a single member. While this happy condition
wise. For a short period Canadian markets were left to
was no doubt due to the extreme care exercised by the
their own devices and, as is general during August when
business during the
news, the market lapsed member firms in the conduct of their
there is a paucity of domestic
exceptional period, a great deal of credit must be given to
again into comparative obscurity. By this time previous
audit, which was inaugurated in 1929
events had drained public interest and consequently August the Stock Exchange
as regards and has been carried on continuously since. By this means
passed into history as one of the smallest months
any weakened or possibly dangerous situation which might
volume in a number of years.
discovered and immediate
of September international affairs again have arisen would have been
In the latter part
steps taken to remove the danger. The audit is of a most
thrust themselves on the local perspective. Out of Great
conducted by recognized
Britain's gallant but futile attempt to maintain the gold comprehensive character and
most difficult situations accountants who were appointed by and are under the
standard was born some of the
jurisdiction of an official known as the Stock Exchange
besetting Canada's industrial path of the present time.
of the gold standard by Great Britain Auditor. In these efforts the officials of the Exchange have
The abandonment
of the members and of the
forced the adoption by all Canadian Stock Exchanges of an had the hearty co-operation
emergency measure in the shape of minimum prices. This auditors of the different brokers.
invocation had its precedent during the world war and, as
then, lasted some few months before the majority of the list
The Montreal Curb Market During 1931.
on the Toronto Stock Exchange reverted back to free tradBy. G. P. G. Dunlop, Assistant Secretary Montreal Curb Market.
ing. The policy was adopted in the best interests of the
The year 1931 on the Montreal Curb Market showed a
public at large and proved efficacious in protecting the
investors against the condition of extreme dislocation follow- further large shrinkage in security values below the year 1930,
accentuated by Great Britain going
ing on one of the most momentous events in modern financial this shrinkage being
history. The minimum rule had a two-fold effect on trad- off the Gold Standard on Sept. 21 1931.
There was also a considerable contraction in the volume
ing. It reduced the volume immediately to even less promiscellaneous and public utility stocks, both
portions than those which had prevailed in the slackest days of of sales of
and it stabilized prices in sharp contrast to the listed and unlisted, for the period under review, the total
mid-summer
under sales in these classes of securities being slightly over 1%
severe declines shown by the interlisted stocks, which
/
total of slightly over 21 2 million
influence of New York were inapplicable to the minimum million shares, as against a
the
shares during 1930.
day.
rule after the first
The Toronto Stock Exchange During 1931.
By G. G. Mitchell, President of the Toronto Stock Exchange.
1838
FINANCIAL CHRONICLE
MONTREAL CURB MARKET COMPARISON OF SALES FOR THE YEARS
1930 AND 1931.
Stocks.
Mines.
1930.
January
February
March
April
May
June
July
August
September
October
November
December
1931.
1930.
279.885 196,990 435,295
270.836 196.483 426.573
259.512 228,301 437.744
201,077 167,074 227.343
197.361 177.222 237.234
251.513 103.379 150,665
156.448
72,389
80,651
149.572
68,677 142.105
232,416
95.799 245.642
325.847
91,456 371.896
133.767 113.769 147,376
157,027
50,144 206,456
There was a considerable increase in the activity in the
mining section of the Exchange, the total shares changing
hands being something over 5,350,000, as compared with
Bonds.
1931.
1930.
.W0...10 WWW0,
010.4.
00 .400 , 4.•
;P:0
* O 1.1,CD Gn
C
3
000000020000W..
WODOWNVI.ON..Wa
Month.
approximately 3,100,000 during the year 1930. This increase
was due to greatly increased demand for gold mining stocks.
During the year under review the trading in all classes
of securities (exclusive of bonds) both listed and unlisted, was
as follows:
Miscellaneous stocks
1,561,683 shares
Mining stocks
5,357,380 shares
1931.
3115,400
52.500
94,300
98,100
160,500
130.200
174,800
111,100
259.600
492.700
139,700
210.600
[VOL. 134.
$130.800
226.200
60.600
220.600
297.300
290,000
131,200
87.500
363.900
114.900
73.000
101,400
Total
6,919,060 shares
contrasting with the year 1930 as follows:
Miscellaneous stocks
Mining stocks
2.615.261 1.561.683 3.108.980 5.357.380 32.039.500 $2,102.900
2,615,261 shares
3.108,930 shares
Total
5,724.241 shares
MONTHLY RANGE OF PRICES ON THE TORONTO STOCK EXCHANGE FOR THE YEAR 1931.
For record of years
1929 and 1930
STOCKS
see "Financial Chronicle" of March
respectively.
15 1930,
page
1768, and
March
14 1931,
page
1881,
January February
March
April
May
June
July
August September
Odober
November December
High Low High Low High Low High Low High Low High Low High Low High
Low High Low High Low High Low High Low
$ per share $ per share $ Per share $ per share $ per share $ per share $ per share $ per
share $ per share $ Per share $ per shar es per shar
1214 83 133 10
4
112 1014 812 512 612 312 512 314 5
s
4
33
4 44 312 35
212 57
4
3
312 212
45 4112 50 393 4712 42 40 15
2014 17
20 15
18
1434 15 1214 13
12
12
8
17
9
104 7
6
s
6
e ____
__ _—_
__ i
1 ___ ____ ___
_ _ ____ _
____
__ 3
.14 .. 4 'i
"i
30 30
25 25
25 15
2213 1212 1814 1814 --------18- 11 --------------------------------27
/7
10
84 ----- ---- _.- 812
7 6
6
4
4 --------5
5
412 4 --------3
3 ___ __—
27 13 3414 -2
4 3712 24 31
2234 243 203 21
4
4
21
25 2
23 23 23 22 ____ ____ ____ ___ ____ __—
Abitibi common
Preferred
Preferred
Alberta Pacific Grain corn
Preferred
Associated Quality Canners
Atlantic Sugar common
Preferred
Barcelona
Beatty Bros common
Class A
Preferred
Bell Telephone
Blue Ribbon common
Preferred
Brantford Cordage 1st pref
Brazilian common
Fractions
Brit Columbia Packers cons
Preferred
B C Power A
B
British Empire Steel corn
Second preferred
Building Products corn
Burt Co(F N) common
20
24
17
16
80 75
14712 141
13
12
• 3412 30
2212 1912
25 20 4
3
26
2012
314 2
22 15
36 35
1214 1112
22'z 24 24
16
173 17
4
----------------8132
1-
33g 3
27
s
2412 2212 26
24 - 26 2414
43 40 4414 42 423 4112 42
4
Canada Bread common
A preferred
B preferred
Canada Cement Co corn
Preferred
Canada Life
Canada SS Co Ltd common
Preferred
Canada Wire & Cable A
B
Canadian Bakeries class A
First preferred
Canadian Brewing
Canadian Canners coin
First preferred
Second preferred
7%
100
75
1318
923
4
7
95
62
124
9114
47
4%
18
161
70 653
4
30 29
10 10
73
4 7
712 7
100 97 100 100
80 75
78 78
1841l7 18
16
94 92 96 94
8
27
65
3014
16
"26
37
63
4
9914
71
163
4
96
iorz 17
38 30
12
604 60
141 128
20
1512
36 35
16
15
2318 12
23
12
5
3
4
54 518
4
383 33
104 1012
15
13
il If
l•t- -- - 10r4 -- 1- 1812 -- 16
164
16
6812 6812 70 70 65 6312 --------60 60
14012 137% 138 134 136 121 12112 12
13512 121
20
1738 1712 1612 1612 18
16
16
18
16
3914 36
3712 35
35 33 35 35
35 34
19 19 --------19
1712 1712 1712 1712 17
2412 1714 188 6
164 92 133 8
1414 93
4
24 18
19
17
17
12
18
10
18
13
17
8 13 --------1
8
1
3
1
---------------- 6
6
13
6
3712 /5 3614 3412 3414 26
26
26
29 26
115 1012 1018 10
9
8
8
8
9
73
4
22
1612 33 164 iiii -2
6
3412 2912 354 34 354 34
5
514 314 5
9914 90 90 90
68 --------60
11% 13
83 1212
4
93
9418 91
91 12
22f4 21 . _ _ _ _ _ 221 -_
2 2
6
38 313 313 3
4 0 37 33
ii5F2 -16
65 60
125 119
17
7
33 27
1712 37
1214 10
15
10
112 1
63
4 5
26
28
814 8
iEo
34
ff12
30
43
4 414
88 88
61 61
1112 10
90 813
4
512 412 4
4
4
4
512 34 34 234
97 91
95 95 --------95 95-65 61
63 63 ----------------65
10
9
97
8 512 64 5
912 7
714 513
4
853 83 82 6412 (29 654 83 783 774 654
4
8
8
718 --------434 43i 378 37 -27
20 20 2012 7
1812 1514 1512 13
137 137
,,---8
65
6714 6714 68 653 --------64 60 64 64
4
29
3012 29
3014 243 2512 2
4
2214 2012 23 20
12 -------- --------95
4 93
4
----- -,,
- - -,- --,.'5 8 --3
i
11 -10
94 -,-18 9 --9
2
9
94 -- -_-- --9
62 61
61
61
6114 61
61
61
2112 2014 21
21
20 4 20
3
5 2114 20 4 205 /04
3
134 12
1512 -- 12 115 -16
162 i2
9214 91
9112 8912 92 90 92
14
1312 1334 123 1314 121 13
4
Canadian Car & Fdry corn
Preferred
Canadian Dr & Dock Co com
Preferred
Canadian Gen Electric corn.—
Preferred
Canadian Indus Alcohol A
13
Canadian Locomotive corn
Preferred
Canadian Oil common
Preferred
Canadian Pacific Ry new
13
77 75
75 75
75 75 65 60
1517 14712 149 1465 14712 142 143 127
8
13
123 17
4
20 17
12
17
13
35 30 35 33 38
3612 38 35
22 21
2112 18
19
18
1812 15
275 2214 2812 21
8
2234 18
19
13
28
2234 28
21
18
24
19
12
314 2
218 2
2
2 -------20 17
20 11
8
5
5
5
42 3614 4212 4014 41
3814 383 3314
4
153 123 --------14 10
4
s
1218 10
--8 12
9589
90
107 11
t
33
4
87
55
919
86
-12
e5
- -7- iii4 i
88
.
g2 -13'2 §f2 1
87 88 83 85 82 84 82
934 104 843 1012 10
11
10
19
183s 19
18
1738 181, 1612 1212 14
10
13
25 25
2512 234 23 23
2258 19
22
3112 2512 3612 3012 3512 33 3412 2912 31
2512 30
92 92
_
255 250 555" 250 300 iii" .i36- gi - 24112266- iio"
6012 5912 62 60 623 61
623 61
4
63 61
63
54 212 43
4 44 414 4
414 3
3
112 3
23 23
1712 1012 12
111 22 20 ili 17
25r2 9
120 120 --------115 115 --------101 100
423 384 4514 4114 44 4012
4
3314 35 25
if! - -12 ---- --- - gi. 1 ---- — 8
:
82 81
81
81
80 80
80 80
10.8 94 93
1
4 93
4 93
4 9
9
9
104 1218 11
1138 10
10 g 534 83 6% 104 714 7 s 814
3
4
3
19
20
1814 19
1812 177 143 1712 143 20 17
4
4
17
1512
24
30 29
2912 26
28 25
25 23
27 23
2414 12
216- --------200 266- 515- ill 60 63 6
62 60 4 62 59
3
60 - - 59- 54l; -553 e4 59
4
13
4 3
2
24 212 2
17
8
17
8 114 3
11. 2
14
-
124 Wig ii
100 100
96
294 2414 28
---- ---- ---- ---- ---- ----
1
I
1112 iii2 --- iii2 111
6 .
115
612 15F2 16 103
12
4 914
96 --------951, 9512 IOU 100 100 100 -24% 25 24 20 4 161 1712 1214 20 153 1814 - 5
,
3
1/
4
;
City Dairy new common
60 57 61 60 64 64
60 60
Cockshutt Plow
10
87
4 9
3
i14
64 5
7 8 ils - 4 -g
93 914 912 83
43
4
514 5
512 3
518 312 8
412 6
4
Conduits common
_ 9
8
6
6 --------4
4 --------5
5
4
4
3
3
4
312 34 312
Preferred
94 90 92 90 92 84 90 85
Consolidated Bakeries corn
954 1112 10
1212 8
127 10
1014 8
11 14 /12 lir3
)
io
I
EN 8', i iOit 6
5r8 Ill
Consolidated Food corn
134 17
3
4 13
112 13
4 112 112 1
5
8
32 1
%
3
4
Ai
3 --------2
4
Is 1
12 2
81
A
Consolidated Industries
1712 16
1612 15
1512 15
1514 1412 1412 9
9
814 10
8
814 5
Cons Min 8t Smelrg $25 par
150 137 18312 13 - la- la- iiEl 1- 1- 110 713 115 7114 111
8712 98 90 94 64
6
4
6
65 65
91 65
76 65
Fractions- _-- 54 44 5
44 --------------- 4
3
33
4 3
Consumers Gas 3100
IN 180 4 155- Ai- ii5F2 1141 187 181 - i5512 164 l86 18 14 18414 18314 18412 1827 13412 18
.
6
3
18112 180 180 177 177 163
Cosmos Imperial Mills com
7
9
7
8
5
8
7
714 9
7
8
812 714 812 6
6
8
7
7
7 ---_ 5
3
Preferred
75 75
75 70 65 65
00 80
93 8814 90 88
9112 88
70 65 --------70 - 90 86
7
0
70 65
Crow's Nest Pass Coal Co
ii, ii --,,
8
Dominion Stores I.td corn
Eastern Steel Products com
Preferred
Easy Washing Machine
Famous Players (Can) com
Fanny Farmer common
Preferred
Ford Motor Co
Frost Steel & Wire corn
Preferred
8
23 20
2414 2014 227 17
14
18
22 17
20
__ 20 20
18
- __---- ---9
99 97 100 97
8
9712
97
98- --- 98 --- 98 -12
30
25
20
16
1312 20
16
1714 20
153
8
-934 12 11
1012 1012 1112 1014 103 1012 11
1112 --4
--- ----- 1-311
---- -1014 8
- ---- ---- 31
33 3212 -------- 27 27
32
28 --------34 33 --------3214 31
24 --------31
1412 19
21
183 1612 193 1612 183 113 15
4
15
4
23
4
2914 2614 2712 14 21
4
1014 1812 1114 13 10 4
3
General Steel Wares
718 5
Goodyear Tire preferred
104 101
Great West Saddlery corn
Preferred
Gypsum Lime & Alabastine
1212 1034
Hamilton Cottons preferred
16 15
Hamilton United Thea corn—. __-- -___
Preferred
Hayes-Wheels common
5
4
Wade & Dauche
Hunts Ltd A
20 18
B
International Milling A
First preferred
Int Nickel of Canada corn
International Utilities A
B
Itelvinator common
Preferred
Lake Superior
_ake of Woods milling corn.....
aura Secord common
2212 1614 223 214 2312 21
4
2318 16
------------------------16
16
97 97 --------97 97 98 98
8 3
23
4 34 3
8 44 27
53
4 43
53* 47
3
618 5
212 Vs 112 214 138 4
3
1077 103 107 1033 107 102 104 9914 9912 9414 10314 9912 10412 102 10212 9912 9912 9912 9912 9712 0312 80
8
4
12
11
1114 913 —5,7 —Fill, 5
12 6
8
1
1712 1712 --------19
1612 13
1712 18
312 312 4
3
44 4 --------3
12
6
23
19
10
10
2512 /614
--------613
23
23
6
/
12 9ra -74 ii
1
i; i
i
I
i- -1
Eis
13 ------------------------13 13 ---- ---- 1254
3
3
3 ------------------------214 212 2
1
511
--------19
7
17
if
4
18
18
4
---------------------------------------- ----------------80
103 101 103 101 103 1
1
994 99 9712 98 92 95
168 14
20
137 2014 1718 1818 144 1514 10
1612 912 165 1214 14
8
3712 3314 45 37
45 4278 45 41
4114 36
354 31
3412 32 35
73
4 714 in 712 urs 9
914 634 7
53
4 514 53
4 9
74 7
5
33
4 5
44 5
5
412 4
434 412 44 212 ___
__ 512
79 79
79 79
75 75
7314 7314 80 75 --------90
-___. ____ 1714 174 -------- 12
41 38
48 41
4412 4
43
-1i ii
374 41
--- ili
11
343 35
4
--1
1
(
33
4
i
1812 1812 18
9412
1218
33
6
414
81
- - --------8
18
--------18
-4
i
i
8
1
-241
1712 174 17
95 92
127
9
113
8i8 144 91 103 -4 83*
32 25
20
1412 227 1812 164 5
8
3
13*
3
6
354 3
4 278 4
54 5 ____ ---- 4
4 3 ---- -904 90 --------90 90 -----
___ ..
___ ill il"
__
- - 3814 41 38
42- 31 40 -
7i8 5
38 38
918 812 -------40 36
3958 35
1839
FINANCIAL CHRONICLE
12 1932.]
M.
MONTHLY RANGE OF PRICES ON THE TORONTO STOCK EXCHANGE FOR YEAR 1931 (Concluded).
STOCKS
Loblaw Groceterla A
B
Loewe Theatres common
Preferred
Maple Leaf Milling common
Preferred
November December
October
August September
July
June
May
April
March
January February
High Low
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
$ per share $ per share $ per share 3 per share $ per share $ per share $ Per share $ per share 3 per share $ per share i Per share
$ Per share
11
94
3
1212 1112 123 117 123 1112 1112 10 4 1212 10
4
18
4
1414 1212 133 11
4
123 11
4
4
1312 1112 143 13
1218 11
104 9
1134 10
1112 1012 1012 10
4
1112 113 11
4
4
123 1014 113 1012 12
,
8
1114 1412 125 14 4 12
14
12 10
71
8
37
71
7 --------6
40
3
35
13
Massey-Harris common
Preferred
Moore Corp common
Preferred A
B
Muirheads Ltd common
Preferred
National Grocers preferred
Ont Equit L & A Ins 10% pd
Orange Crush common
A first preferred
B second preferred
Page Hersey common
Preferred
Preferred
Photo Engravers
Porto Rico Ity Co pref
Pressed Metals common
6
1012
914
4
63
812
_ 1012
_
_ _
__ _
.- _
._ _ - "6 - 66 58 "26 55 IS i5 YE""ii" 16 i5 IS 35
32 55 "ii 55 .... 30
3
ii2 .1E2 -- --iF8 -- -- --ii4 -112 614
3 2 I -- 1- 712 --i- -I- --if2 -I- --g- ---1 -
1212
8
5
30 30 20
30 --.,- - _38
34 412 - ,-
------ ---- ---- ---- -4
4
1614 ii If 15 IN 113 11 13 1112 1112 pi
1434 143 11
12 1512 1112 ii
1714 1512 16
4
173 1612 1712 16
4
10812 104 105 101 10512 102 1053 103 103 100 100 08--------10112 100 100 100 --------9612 9612 9714 95
110 112 110 109 103 ____ _--.. 1014 1011A 103 99
126 122 120 115 115 115 118 112 113 108 112 10312
4
11
2
2
3
212 2
2
2
2
2 --------2
2
2
212 2 --------2
314 3
34 2
912 ---------------- 911 94 912 94 ----------------9
6
6
812 812 714 714 812 712 10
109 109
21
19
1
5612 5612 60
21
82
86
73 73
2212 18
20
1
59
924 86
ia
812 6'11
914 914 914 914 8
14
13
15
1614 15
16
17
20 1912 1978 15
2012 20
3
-- -,,- -.-,- ---- ---- -,,1 -------54 -,,4
114 1 ----------------1
40 40
45
g52 50 51 - l --------45 -53 5
60 5112 55 52
60 60 60 51
1
1
214 114
_
3
212 212 3
612 4
3
4
412 412 5
4
4
5
6912 76 6912 70 6912
80 6912 681r2 -82 78 80 79
8212 68
92 79 81 69
9212 90
164
22125
--12
2212 5512 22 55- "26 ii - -2814 ---2 -55" "26- "25- 1612 1512 --211-HI, 55 - 2 -2/ If 54 -
ii2 I
16
115 if) -lo -ti
9
812 -5- -- ____ ___. loft 10
1312 1312 9
14
1412 14
14
11
12
1012 13 10
11
1218 11
1212 1434 13
15
1214 9
9
12
13 12
1212 1512 1412 1512 13
16
Riverside A
35 35
3
4
3
4
4
4
- 773 7734 -------- 751 7312 7312 7012 6912 6912 6812 653 645 613 60 4 60 4 --------59 41
Russell Motor Car common.... -4
----------------723
90 8714 89 88 8714 85 84 82 82 8114 8114 7612 ----------------75 72314
9214 92 91
5
9
.-95- --- 93
Preferred
13
7
12
1 ___ ____ ____ ____
1
4
1
1
_ ____ __ _._ ____
_.
St Lawrence Corp common
11
lOa
3
10 4 10
Preferred
:
s 164 15 143 "i31"2 1211
1612
11
2 1114
----------------10 1
-4
4
3018 2512 233 233 - - - - - - - - - - - -4- - - - - - - - - - - - - - - 10934
St Lawrence Paper pref
38 36 ---- -_-- ---- --- ---- ---_ --- ---40 40
--------------------------------40 4040 40
Simpson's Ltd A
2412
8
8
337 3312 337 3312 29
B
ii
7
7i 75 f
fi ii - - 2 i5"
73
71 §i --38 55 "
T 7418
gas --- 55 86
91 8852 90 8812 55 "- 10
9214 89
Preferred
5
6
5
6
5
5
5
412 5
6
7
4 912
03
8
7
7
7
Standard Chemical corn
211
4 _-_ ____ 412 314 3
412 412 4
,
4 52 4
,
3
54 3 4 4 2 33
7
78 5
4 8
93. -4 i
85. l
712 7
Standard Steel corn
-Preferred
---- ---Stanfords Ltd common
55is - -1 4
4
213
2 -322g 56 2612 ior4 If 251-2 "ii EA --112 ii ---- His is
37 4214 37 4014 3812 40 3012 3i -41
Steel Co of Canada common
29 29
3212 29
2912 29
30 29
2934 34 3112 32 32
31
3214 30
4
3612 3512 363 3512 36 3314 32 31
New preferred
Sterling Coal
7
4 812 -------- --------7
83
8
4 8
4 73
73
8 612
7
8
4
4
123 1212 123 8
12
12
13 12
Tip Top Tailors common
_
82 80 84 82 83 83 ----------------------88 78 80 77
90 89 90 88
8712 87's 90 88
Preferred
1 --------114 1
----------------112 14 1
4 112
13
2
2
4 214 214 214 2
23
3
Traymore common
2
-7
7
4 9 --------7
014 1012 93 10
95
10
4
11
12
1218 111 12
1112 12 11
1212 111 12
Preferred
21:
8 4
612 --------412 412 412 37
8
7
7
74 814 7
9
10
11
1112 1214 10
1212 91 17
Twin City common
43 40 ----------------4035 3535
28 28
35 35
40 35
43 41
45 35 52 40 50 41
Notes
412 318 312 21,
312 4
8
612 414 614 412 57 47 81g 454 5
712 75g 6
4 812
8 ,2 73
8 61
85
Walkers G'ham & Worts
8
8 812 8
7 ---- --- 107
8
8
84 7 --------8
8
4
1712 17 17 1612 164 14 123 12 11
Western Canada Flour
70 70
75 75
75
75 _
91 90 87 87 82 82 85 82 . _ _ _ _ _ _ 75 75
96 88
87 87
95 85
Preferred
45 45
45 45
50 50
Western Grocers preferred
-2
2 66 451 16 --------38 38 ---- ---.
3212 304 45 3212 iii 18 58 "ii iii li 55 If 4i 4
313 30
Weston, Ltd common
86 84 90 84 90 90 90 89 8412 80 80 80 --------85 85 82 79
Preferred
8
512 104 W7- 812 81
1014 618 6
4 --------10 10
4
1438 113 113
154 141 ____ ____ 204 15 --------15
Winnipeg Electric corn
50 ---- ---,
8
4
4
4
8112 75 --------753 723 75 734 7312 7312 543 643 543 53 --------52 52 --------50
Preferred
3
10 4 16
14
aa -52
Zimmerknit preferred
MINES
Coniagas___ ___
Dome Mines ____
Hollinger Congo' Mines
Keeley
Lake Shore
McIntyre
Nipissing Mines
Pioneer
Vipond Consolidated
1.35 1.35
_
_
_
_
6
1.55 12.50 8.35 15755 Koo Has - .io 15760 "65
1.51) i5:681301io W5 if.55 ii-- 6i8 i5:651- 55 ii:601- 55 i576o "6:i8 i51011.55 12:6816
6
8.60 6.25 8.60 7.80 8.70 7.85 8.70 7.95 8.25 6.50 7.15 6.50 6.75 5.70 6.25 5.95 6.05 4.75 6.10 4.70 6.50 5.65 5.95 5.1.
.30 .30
_
_
.
.2612.2612
-.155
8.515
2
602--68 . i7602-- 25.6021- 29.5027.75 i 1526.5
6
.
- 51)
-26.5023.00 38:g025.88 25:So25.. 55:6025.i8 25:602I.25 5i:602- :16 ii:6525.156 55- 6
$5 24.0020.65 23.1522.00 26.5021.25 26.3023.15 25.9020.00 23.7520.75 22.0021.40 21.9021.10 22.2514.50 20.0014.00 21.5017.80 19.0016.6
1.45 1.45 1.75 1.50 1.71 1.15 1.10 1.10 --------1.30 1.19 1.40 .95 1.51 1.49 1.19 1.03 1.50 1.18 1.15 1.1
$5
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
225 229 226 231 225 228
21912 223 222 223 218 223
217 223 221 223 220 223
279 300 288 302 297 294
315 320 318 32514 216 318
272 28712 278 291 28612 287
217 238 229 238 233 235
231
224
225
290
325
280
232
LOAN & TRUST
Canada Perm Mtge Corp-__100 214
Cent Can Loan & Say
50 37
Economic Invest corn
Huron & Erie Mtge Corp.____100 150
20% paid
Landed Bird & Loan
100 National Trust
100 380
Ontario Loan & Deb
50 118
Real Estate Loan
100 105
Toronto General Trusts
100 235
Toronto mortgage
50 108
Union Trust
100 BONDS
Canada Bread
Dom of Can Cone Loan
Porto Rico
Steel of Canada
-- ---- -
.8":f __.:
1.64 -14 -1.15 1.12 1.14 1.04 1.07 1.07 1.09 1.09 1:64 -
BANKS
220 220
221 222
218 219
281 283
316 318
27012 271
233 235
199
208
201
241
284
236
220
215 200
211 208
21112201
268 239
309 284
251 235
22318 219
83i
212 201 2024 20018 203 196
211 207 209 208 2 8 204
208 207 208 205 207 203
4
26812 280 256 241 2423 235
314 309 312 300 298 284
24812 24012 24112 23512 237 231
222 219 221 215 220 213
195 200 197 201
206
211'2l0 216 209 216 213 216 205 208 200 208
37
150
37
37 35 --------37 --_
_
4
37 343 . . ._ 37 37
4
-150 150 150 148 150 14912 14912 14912 148 146 146 146 146 1 - 145
_ ____ ____ 28
_
2812 2812 2812 2812 2812 2812
2914 2914 29 29
335
118
105
227
108
--------340
--------115
110 105 106
235 227 235
112 10812 115
190
196 196 196 196 196
204 204 204 204 ____
--------203 203
235 235 235 235 235
284 284 284 284 284
231 231 --------231
213 213 213 213
191
190
197 191
198
___
215
284
231
194 190
-143 --------144 IA
28
.
"
340 310 300 306 290 286 27612 265 255 --------265 666 --------250 ili- ii iiii
113 --------118 117 118 118 119 117 118 118 120 117
106 105 105 ----------------105 105
-230 230 228 226 215 215 210 221 215 221 221 218 215 215- 215 215 215
112 114 113 114 113 109 108 111 110 110 110 110 110 __-- --__ ---- -___ ____ ---
------------ ------------ 101
101
--------101
101
10112 10112 100 100
____ _--- ---- ---- ---- ---- ---- ---
1958 ----------------------------------------104.20-_-_ ____ ____ -___ ____ ---- ---90 90 ---- ---- ---- --- _ -
DATES OF HIGHEST AND LOWEST PRICES ON TORONTO STOCK EXCHANGE DURING 1931.
STOCKS
STOCKS
Highest
Lowest
$ per share $ per
Abitibi common
134 Feb 234
Preferred
Feb 7
50
Preferred
8034 July 8034
Nov 334
7
Alberta Pacific Grain com
Jan 18
30
Preferred
Jan 3
Associated Quality Canners 10
Atlantic Sugar common
3734 Mar 13
Mar 7934
105
Preferred
Feb 834
24
Barcelona
Jan 12
20
Beatty Bros common
Sept 10
14
Class A
Jan 60
80
Preferred
15134 Feb 119
Bell Telephone
Apr 7
20
Blue Ribbon common
3934 July 27
Preferred
Brantford Cordage 1st pref_ 22% Jan 15
28(4 Mar 8
Brazilian common
Feb 10
28
Fractions
%
Brit Columbia Packers corn. 334 Jan
Jan 5
22
Preferred
Summary
Summary
Summary
STOCKS
share
Oct
Dec
July
Oct
July
Nov
Jan
Jan
June
June
Sept
May
Dec
Dec
Dec
May
Oct
Oct
June
Am
Mallen
$ Per
4234
BC Power A
B
1534
2
British Empire Steel corn_
Second preferred
334
Building Products com
26
4434
Burt Co (F N)common
734
Canada Bread common
A preferred
100
80
B preferred
Canada Cement Co corn..
18(4
96
Preferred
650
Canada Life
Canada SS Co Ltd common_ 8
Preferred
27
70
Canada Wire & Cable A
B
303.4
Canadian Bakeries class A_ 16
35
First preferred
19
Canadian Car & Fdry com
Preferred
2534
Lowest
share $ per
Mar 26
Feb 73
1
Jan
Jan 134
Feb 1534
Feb 2934
Jan 234
Jan 87
Feb 55
Feb 5
Mar 6434
June 630
Feb 334
Feb 9
Jan 60
Mar 20
Feb 934
June 31
Jan 534
Mar 1434
share
Sept
Nov
Feb
June
Dec
June
Dec
June
June
Oct
Sept
Aug
Dec
Oct
June
May
May
Aug
Sept
Sept
Highest
Lowest
S per share $ per
Jan 9
9
Canadian Brewing
1334 Feb 8
com
Canadian Canners
9234 Jan 80
First preferred
14
Jan 834
Second preferred
Canadian Dr Sc Dock corn_ 3634 Feb 12
Jan 92
92
Preferred
Mar 200
Canadian Gen Electric corn 300
63
May 54
Preferred
534 Jan
Canadian Indus Alcohol A_
134
334 Jan 1
B
Dec 1
Canadian Locomotive corn. 1
25
Apr 5
Preferred
2334 Jan 9
Canadian 011 common
120
Preferred
Jan 95%
Canadian Pacific Ry new_ 4534 Feb 123.(
64
City Dairy new common
Mar 57
10
Cockshutt Plow
Jan 3
9
Conduits common
Mar 3
94
Jan 84
Preferred
Consolidated Bakeries coal_ 1234 Feb 634
share
Jan
June
Nov
June
Dec
Jan
May
Dec
Dec
Nov
Dec
Dee
May
Sept
Oct
Jan
Sent
Oct
Mar
Dee
1840
FINANCIAL CHRONICLE
[VOL. 134.
-DATES OF HIGHEST AND LOWEST PRICES ON TORONTO STOCK EXCHANGE DURING
1931-(Concluded).
Summary
Summary
STOCKS
Summary
STOCKS
Htshest
S per
Consolidated Food com---- 3
A
6
Consolidated Industries... 1734
Cons Min & Smelt'g $25 par 187
Fractions
54
Consumers Gas 5100
187
Cosmos Imperial Mills cons_
9
Preferred
93
Crow's Nest Pass Coal Co_ 15
Dominion Stores Ltd com_ 2454
Eastern Steel Products corn 20
Preferred
100
Easy Washing Machine.... 344
Famous Players (Can) cons_ 37
Fanny Farmer common____ 18
Preferred
34
Ford Motor Co A
2944
Frost Steel & Wire coin-- 8
Preferred
9844
General Steel Wares
74
Goodyear Tire preferred._ 10734
Great %Vest Saddlery com__
44
Preferred
8
Gypsum Lime & Alabastine 1234
Hamilton Cottons preferred 19
Hamilton United Thea corn 444
Preferred
83
Hayes Wheels common
12
Hinde & Dauche
4
Hunts Ltd A
234
B
2334
International Milling A__._ 101
First preferred
103
lot Nickel of Canada corn_ 204
International Utilities A.__ 45
B
1034
Kelvinator common
544
Preferred
9044
-ake Superior
7
-eke of Woods Milling corn_ 12
-aura Secord common
46
-oblaw Groceteria A
144
B
1454
-oews Theatres common... 38
Preferred
73
duple Leaf Milling common 1054
Preferred
40
B
30
Lowest
STOCKS
Highest
Lowest
share $ per share
$ per share $ per
Jan
4 Oct Massey Harris common__ 1044 Jan 144
Jan 3
Apr Mexican L & P
42
Apr 42
Dec Monarch Knitting common
May 5
1
Mar 1
Sept
Mar 64
Preferred
38
Apr 38
Nov Moore Corp common
July 3
1744 Jan 84
Apr 163
Dec
Preferred A
10854 Jan 95
Dec
Jan 3
B
126
Jan 99
Aug Muirheads Ltd common_
Jan 85
344 Feb
134
Jan 834 Mar
Preferred
10
May 744
Apr 1354 Oct National Grocers preferred_ 109
Jan 109
may 16
Sept Ont Equit L & A Ins 10% pd 21
Jan 634
Mar Orange Crush common_
May 97
154 Mar
54
Feb 344 Feb
A first preferred
60
Feb 45
Feb 37
B second preferred
Feb
534 Mar 1
Dec Page Hersey common
Mar 8
9234 Feb 68
Nov
Mar 27
Preferred
158
June 158
Mar 104 Oct Penman's Ltd common
35
Aug 35
May
Mar 5
Preferred
73
Jan 73
June Photo Engravers
Mar 85
29
Mar 1644
Jan 134 Oct Porto Rico Ry Co Prof
May 64
70
Dec Pressed Metals common__ 18
Feb 80
Feb 7
44 Jan Riverside A
Feb
16
Jan 9
Mar 6
Feb Russell Motor Car common_ 7734 Feb 35
Preferred
Sept
Jan 5
95
Jan 724
Apr 8
Dec St Lawrence Corp common_
1
May
45
Apr 1
Preferred
Dec
11
!, Feb 10
Apr 55
Mar St Lawrence Paper pref.._ 304 Jan 10
Feb 24 Dec Simpson's Ltd A
40
May 36
Feb 1
Nov
B
3334 Jan 244
Mar 17
June
Preferred
924 Jan 52
Mar 19
Feb Standard Chemical coin__ 15
Jan 444
Nov 80
Aug Standard Steel corn
944 Feb 254
Jan 92
Preferred
July
35
Mar 30
Mar 854
Oct Stanfords Ltd common__
1
Apr 1
Feb 5
Dec Steel Co of Canada common 4234 Feb 214
Feb 114 Dec
New preferred
384 Feb 29
Aug 24 June Sterling Coal
434 Jan 25.4
Sept 734 May Tip Top Tailors common._ 13
Jan 644
Jan 5
Preferred
Jan
90
Feb 77
Apr 5
Sept Traymore common
3
Jan
1
Feb 33
Preferred
June
1254 Jan 7
Mar 94 Dec Twin City common
17
Feb 244
Mar 9
Dec
Notes
52
Feb 28
Jan Walkers G'ham & Worts__ 844 Jan 244
Dec 30
Nov 70
June Western Canada Flour__ 1734 Jan OM
Nov 444 Dec
Preferred
96
Mar 70
Mar 10
Sept Westons Ltd common
45
Mar 30
Preferred
Nov
Nov 30
90
Feb 79
Lowest
Highest
share
$ Per share $ Per share
Oct Western Grocers preferred_ 50
Feb
Jan 45
Apr Winnipeg Electric corn
204 Mar 544 Oct
Mar
Preferred
814 Jan 50
Nov
Apr Mood Alexander & James pf 80
Jan 80
Jan
Dec Zimmerknit preferred
7
Jan 7
Jan
Dee
Dec
Dec
MINES
Mar Coniagas
1.35 Sept 1.35 Sept
Jan Dome Mines Ltd
13.40 June 8.00 Oct
Dec Hollinger Consol Mines.... 8.70 Mar 4.70 Oct
Aug Keeley
.30 Nov
.264.1an
Nov Lake Shore
29.10 Oct 21.00 Oct
Dec McIntyre
$5 26.50 Mar 14.00 Oct
June Nipissing Mines
$5 1.75 Mar
.95 Aug
June Pioneer
.07 Apr
.07 Apr
Aug Vipond Consolidated
1.15 Jan .634Sept
Jan
Dec
BANES
May Commerce
231
Jan 196
Sept
Dec Dominion
224
Jan 204
Sept
May Imperial
225
Jan 201
May
Dec Montreal
302
Mar 235
Sept
Dec Nova Scotia
32554 Mar 284
May
Sept Royal
291
Mar 231
Sept
Jan Toronto
238
Feb 213
Sept
June
LOAN & TRUST
Aug
Mar Canada Perm Mtge Corp.100 216
Mar 190
Sent
Dec Cent Can Loan & Sav_100 301
Feb 290
Jan
Aug Economic Invest com___50 37
Jan 3434 Feb
Dec Huron & Erie Mtge Corp.100 150
Jan 143
Sent
July
20% paid
294 Feb 28
Sent
Apr Landed ilkg & Loan____100 140
July
July 140
Sept National Trust
Jan 250
100 360
Sept
Sept Ontario Loan & Deb
Mar
Sept 113
50 120
Mar Real Estate Loan
100 110
Jan
Feb 105
June Toronto General Trusts.100 235
Jan 210
June
June Toronto Mortgage
50 115
Jan
Mar 108
Sept Union Trust
1001013.4 May 98
Feb
Nov
Dec
BONDS
July Canada Bread
10144 July 100
Aug
Dec Dom of Can Cony Loan_1946 102.10 June 102.10 June
Nov Dom of Can Cony Loan_1949 104.70 June 104.40 June
Dec Dom of Can Cony Loan11958 104.20 June 104.20 June
Jan Porto Rico
90
Oct 90
Oct
Sept Steel of Canada
10644 June 10634 Jane
RANGE OF PRICES ON TORONTO CURB EXCHANGE FOR 1930 AND 1931,
AND VOLUME OF SALES FOR 1931.
1930.
1931.
1931
sates.
17,100
5.700
3,500
34,925
11,700
2,500
10,797
800
6,350
30.075
7,645
92,085
145,500
25:825
21,350
1,500
137,852
2,150
15,200
58,105
9.550
36.100
1170,040
1,000
150
13,950
[88,740
15,600
9,775
I85,016
_
7:322
100
2,160
56,172
13,573
.._
27:358
1,030
39,700
2,220
2,565
825
95
_
22,600
601
470
____
388
42
1,465
fl 115
80
55
406
409
100
25,590
--__
50
16,056
2,049
174
1,389
4,897
40
900
6,899
Stocks.
Par. High. Low, High.
MINES.
Alexandria Gold Mines Ltd
.1
20
Amulet Mines Ltd
*
1.75
.29 384
Barry-Hollinger Gold Mines Ltd
1 23
734 1154
Bidgood Consolidated
•
84
Rig Missouri
* 97
40
474
Central Manitoba Mines Ltd
1
13
13
1154
Coast Copper Co Ltd
$ 24.00
4.00 1044
Falconbridge Nickel Mines Ltd
• 6.20
1.28
1 60
Granada
I1.90
Howey Gold Mines
1
1.37 ii54 45
Hudson BaY Min & Smelt Co Ltd._ • 14.45
3.50 6.15
Lake Gold Min Co Ltd co ns.1 94
Kirkland L
40
93
Macassa Mines Ltd
I
55
Mandy Mines Ltd
__
28
• 28
Mining Corporation of Canada Ltd *
.55
3.50
2.84
Moffatt-Hall
1.50
1
Newbec Mines
lb
• 18
5
Noranda Mines Ltd
• 44.25 11.70 29.65
Pend Oreille common
5.10
1.45
.59
1
Premier Cold Mining Co Ltd
1.52
.75
1
.99
Sherritt-Gordon Mines
1
3.40
.55
1.25
*
Sudbury Basin
5.25
.50
.75
Sylvanite Gold Mines Ltd
.40
1.10
.80
1
Teck-Hughes Gold Mines Ltd
7.25
5.00 8.85
1
Towagmac Exploration Co Ltd
.85
.85
.50
1
Treadwell Yukon
1
6.50
.75
2.50
Ventures Ltd
• 3.45
.85
1.50
1.60
• 2.10
Wright-Hargreaves Mines Ltd
3.25
OILS.
Acme Gas & Oil Co Ltd
•
1
Max Oil & Gas Ltd
•
British American 011
Commonwealth Petroleum Ltd
1
*
Crown Dominion Oil Co Ltd
•
Foothills 011 & Gas Co
•
Home Oil Cu Ltd
•
Imperial Oil Ltd
•
International Petroleum
•
Lowery Petroleum
McColl-Frontenac 011 Co Ltd eons...
100
Preferred
5
Nordon Corroration Ltd
5
North Star Oil Ltd common
5
Preferred
•
Prairie Cities Oil Co Ltd class A
•
Royalite Oil Co Ltd
•
uthwest Petroleum Co I.td
S
Supertest Petroleum Corp ordinary...*
•
Common
100
A preferred
25
B preferred
.
Thayers Ltd 1st preferred
2.90
23
.58
11
1.50
11.50
2934
24
28%
87
2.30
16.00
5.00
14
60
.70
4344
45
102
io
GENERAL.
100 100
Acme Farmers Dairy preferred
* 2244
Beath & Son Ltd (W D) class A
*
1034
Biltmore Hats Ltd common
100 85
Preferred
• 22
Vissell Co Ltd (T E) common
100 97
Preferred
Brewing Corp of Canada common.--* -Preferred
Calgary & Edmonton Land Corp Ltd_* -* 12
Canada Bud Breweries common
6
100
Canada Machinery common
100 30
Preferred
* 2034
Canada Malting Co Ltd
Canada Pay & Supply Corp Ltd corn.* 20
100 91
1st preferred
• 183.4
Canada Power & Paper Corp
• 2634
Canada Vinegars I.td common
• 5644
Canadian Bronze Co Ltd
Canadian Marconi Co
1
841
Canadian Wineries Ltd
•
83.4
wr......,....A 11,..... ...1 rl A * 1R
•T
Low.
1931
Sales.
1930.
Stocks.
GENERAL (Concluded).
Consolidated Press, class A
• 34
Consol Sand & Gravel Ltd pref____100 87
Corrugated Paper Box Co I.td pref__100 90
Cosgrave Export Brewery Co Ltd...AO
134
De Haviland Aircr Co of Can Ltd com• 16
Preferred
100
49 fisher Steel Cons Co Ltd common.* 17
200
Preferred
• 18
35,189 Distillers Corp-Seagrams Ltd
• 1244
4,388 Dominion Bridge Co Ltd
• 82
--__
Dominion Foundries & Steel com_ 100 04 x
00
10
___
Preferred
1,250 Dominion Motors I.td
10 10
2,950 Dominion Power & Transmission stubs 19
869 Dominion Tar & Chem Co Ltd corn...• 2234
240
Preferred
100 97
-- Dominion Textile Co Ltd common_ • 7844
95
Preferred
100
1,114 Dufferin Pay & Crushed Stone corn... 25
406
Preferred
100 99
41 Edmonton City Dairy Ltd common_ _• 19
78
Preferred
100 90
930 English Flee Co of Canada Ltd corn A• 43
379
Common B
• 28
Firstbrook Boxes Ltd pref A
100 834
32 Fraser Co Ltd
• 16
3,364 Goodyear Tire & Rubber Co Ltd com.* 175
11,127 Hamilton Bridge Co Ltd common....• 3834
428
Preferred
100 90
318 Iloney Dew Ltd common
• 13
1.07
1.07
1,002
Preferred
• 84
1.85
.85
1.01
50 Howard Smith Paper Mills Co Ltd com • 12
1254
1844
744
100
Preferred
100 834
.581,261 Humberstone Shoe Co I.td common...* 25
4
-6% -i
13,129 Imperial Tobacco Co ordinary
5 1054
.40
.07
.07
Preferred
Cl
2.00
1.61
.54
___
Loew's London Theatres common_10
Vi
15
834
Preferred
1834
10
4.70
1154 1544
844
Mercury Mills Ltd common
• 25
Preferred
100 89
ii34 22%
37:984 Montreal Light Heat & Power Consol.' 6844
911
744 80
694
1,185 National Breweries Ltd common
• 363.4
.51 .134
.36
Preferred
25
4.00 6.00
2.00
3,530 National Steel Car Corp
• 78
4.90
4.95
10 Ogilvie Flour Mills common
4.00
* 390
3
254
444
Cumulative preferred
100 12434
5
17
180 Ontario Silknit Ltd common
17
• 22
.40
•
3
825 Pelissier's Ltd common
23
3254 1244
410
Preferred
100 6834
24
14
31
____
Port Alfred Pulp & Paper Corp corn. 5
.
94
105
95
Preferred
100 oi
3 . 1:1 Power Corp of Canada common
,1
• 894
28
1st preferred
56
25
ii
100 1004
2nd preferred
50
1,012 Robert Simpson preferred
loo 108
653 Robinson Cons Cone Co Ltd
• 26
6,810 Rogers-MaiestIc Corp Ltd class A.....• -80
964 83
6
12
____
Ruddy & Co Ltd (E L) common
14
•
Preferred
4
80
2
134
loo .
aii
36,944 Service Stations Ltd common A
45
85
65
• 54
14
Preferred
4
2,391
2
100 115
_5,065 Shawinigan Water & Power
88
•
____ Sprucolite Corp of New Jersey corn A.* 8144
ig iL
-14
10,274 Standard Paving &Materials Ltd coin.* 2634
244
7
Preferred
450
58
58
-100 95
____
St Maurice Valley Corp Ltd pref
734
8
1344
100 864
185 Tamblyns I.td (G) common
8
• 85
Preferred
528
ii14
1334
.
30
100 102
4.019 Toronto Elevators Ltd common
IOU
1641
12
• 21
199 United Fuel Investments Ltd corn...* 20
2
6
%
1.342
Preferred
51
65
1034
100 8044
12,649 Union Gas Co of Canada Ltd
.60
434
43.4
• 3254
2,461
14
Waterloo Mfg Co Ltd common A.....• 1644
1834 20
Common B
19
3544
46
•
---____
Western Assurance common
234
4
3
20
2
6
3
• No par value.
13
7
16
744
15
8
554
11
0
234
1.00
1.27
25
2.05
3944
25
_
1.28
.1034
5
11.75
.72
.4544
.49
.40
.53
4.55
.494
1.25
.41
1.94
1,970
145
-_
4,329
15
1931.
Par. High. Low. High, Low,
28
80
82
.75
12
31
7844
-34
1244
8
17
734
4444
7
16
0
9
5
10
10
1244
5
5544 27
--.....
344
8
934
8
834
784
444
13
1334
91
gi 34
8
754
70
80
15
15
78
80
30
40
15
16
75
__
1 374
14
85
119
15
2054
74
78
5
7
55
59
6
43.4
81
55
18
22
9
1034
24
4.70
25
5844
53
2634
__
__
__
__
684
3544
24
50
-134
1234
.
2144
9
5
8844
6534
3
88
15
7834
20
2
144
70
7
64
3
40
454
55
174
834
_
3i4
24
2931 39
1244
275
160
160
12474 .
.
744
i
b
4
o44
4
35
50
25
-..
AU
50
9744
loo
ii'm
iim
98
98
io§
15
--
163
1944 10
1644
9
AZ
Ai
29
384
90
904
48
59
2
__
1354 16
78
80
82
io
41
106
97
10
15
8
7
65
65
18
14
74
6
---
ii
5
46
3234
__
24
55
ii
95
934
644
10
444
2
--
1841
FINANCIAL CHRONICLE
MAR. 12 1932.]
RANGE OF PRICES ON MONTREAL STOCK EXCHANGE FOR YEARS 1931 AND 1930, WITH
VOLUME OF DEALINGS FOR 1931.
For record of years 1929 and 1930 see "Financial Chronicle" of March 15 1930, page 1772,
and March 14 1931, page 1884, respectively.
Sales.
Open. High.
9
40,257 Abitibi
45
13,954 Preferred
106
20 Old preferred
755
159 Agnew-Surpass
88
364 Preferred
551
1,930 Alberta Pac Grain_
16
277 Preferred
3%
405 Amal Electric
*18
366 Preferred
.38
3,845 Asbestos Corp
1.38
2.148 Preferred
190 Assos Telephone_ _ 6554
87
25 Preferred
1251
49,757 Atl Sugar
80
656 Preferred
Low
Net
Last
Sate. Change. High. Low.
1355
50
105
755
88
735
18
4
*18
.50
2.00
*6854
2% -5% 42%
255
655 -314 87
655
110
80
80
755
36 14
755
9555
-3
85
85
2755
+2
7
255
91
-35
15
15
+41 15
3
331
-9
20
10
10
.25
.25 -.25 3.7
.45 2.00 +1.00 15.0
65% *6855
3751
10155
125(
80
22%
+9
+20
92
145
137
145
3454 3645 19
102
*110 *110
455
1834
19
1444
*2454 254
6%
8
8
71
65
71
5
13
1835
9151 96
63
58
58
30
55
52
51
.
8036 81
79
10
10
10
*260 *260
200
6054 5834 60
5,992 Can Hydro-El pref
70
33,872 Can Ind Alcohol...334
.
234
1,940
Can Iron Foundries 67
55
75
116 Preferred
18
25 Can Locomotive_ _
23
105 Preferred
•1555
7.300 Can Nor Power_
39%
244,094 Can Pac Ry
4.50
72,052 Can Pow & Paper_ _
534
2,386 Can Steamship_ _
17%
4,642 Preferred _ _____
3,190 Can Wire & Cable it 66
30
10,475
955
38,199 Cockshutt Plow
.
146
119,304 Con Smelting
51%
138,830 Dom Bridge
40
15 Dom Coal pref
•80
534
3
80
75
18
25
*2554
4544
4.50
9
27
69
3034
10
1884
*55%
137
19
102
754
*1645
6%
65
8
*67
30
55
80
10
200
6154
Eastern Dairies
_
East Kootenay Pow
Enamel Sr Heating..
Famlus Players_ _ _
Voting Trust__ _
For Power Sec
Foundation Co.-Fraser
Frontenac Brew pf
21
16
6%
38
33%
1055
15
2.00
25
2554
655
38
3334
15
1634
3.00
10051
15955
554
134
4555
26%
3%
41
8
28%
2934
81
142
1934
2
32
1036
198
13
1555 57
111%
11
30
8% 33
150
33
110
16
21%
52
•66
14
134
1
51
65
80
75
75
18
18
10
10
15
1934
13
14
.50
1.50
3
3
9
94
5436 61
20
20%
355
5
*86
65
27
27
17
5
16
22
10
84
.90
43 Intercoll Coal prof
844 Int Hyd ro-Elec A.
677,139 lot Nickel
16 lot Paper & Pow pf
1.618 lot Power
3,671 Preferred
25 Jamaica P S
55 Preferred
11,792 Lake of the Woods _
97 Preferred
2,156 Lindsay
307 Preferred
80
26
15
3855
a
70
80
29
80
22
8
38% 20
8
5
73
.57
nos.
5
1954 II%
-24
98
90
-45
75
75
1034 73
65
-3
834 80
20
10
-5
-85
400 285
+151 6454 58
9234
124
10%
70
90
25
73
245
2
60
80
25
+135 2055
5734
26
-3.00 1955
-2% 19
-6% 73
-655 82
941 41
-455 24%
280
-79
-24% 83
70
14
3514
4
5
16
65
24%
9
120
444
50
-53.4
2
-5
-7
-17
+10
-655
-1754
Unch.
-234
-3
141
98
121 114
38
23
52
50
14
454
52
25
87% 61
120 118
2755 11
15
4
5
16
22
10
9
1.25
23
25
31
3
63% 39
23
61% 38%
25
10
Unch. 36
1655 8
+1
-.75 17% 1
5
4
-4
551
2154 7
108 104
41
26
3834
855 7
90
64
-9
120
75
-45
434 -234 22
84
40
-43
80
Unch.
22
945 5%
20
5
-251
*57
12
80
534
4436
83
18
89
40
40
*99% 100
43
110
67
5
85
10
67
-19
47
-264 122
Unch. 27
-11
83
25
95
10
90
20
91
20
+1
10
'2255
45
'
340
105
9355
100
4955
684
52
177
14
.95,6
43
40
105
*8334
98
4954
38
*48
155
40
109
40
109
24
85
10
*70
24
85
•15
*70
5
85
10
150 MacKinnon Steel__
95
125 Preferred
18
10 Maple Leaf pref._._
10
74,919 Massey-Harris
174
153,334 AfcColl-Frontenac
43
60 Mexican Power_ _ _
*40
414 Mitchell, J S
105
125 Preferred
93
1,262 Mont Cottons
100
' 870 Preferred
49%
98 Mont Loan
.
56
865,027 Mont Power
790 Mont Telegraph... 50
*165
1,222 Mont Tramways_
641
64
75
3
30
21
244
355
20
20
16,148 Gen Steel Wares_
14
7
7
274
327 Goodyear
100
100
102% 103
6 Goulds Pumps pref 934
pref"12,912 Curd
21
2034 31
21
51 Preferred
*108
110
110
108
26,318 Gypsum
11
5
1255
5
15,806 Hamilton Bridge._
1654 2035
836 Pre(erred
*80
*80
75 Holt, Renfrew
75
75
18,125 Howard Smith
5
5%
750 Preferred
45
45
17% 451
75
40
5
85
82
110 •126
4,464 Dom Glass
125
121
125
121
274 Preferred
Dom Iron pref
20
12
50
6 Dom Park
2
1
755
84
58,062 Dom Steel & Coal B
24
5 Dom Steel pref._ _ _
6351
63
83
8034 .
19,776 Dom Textile
120
120
122
122
Preferred
38
10
10
12
12
1.33 Donnacona
134
2
5
7
6,88 Dryden
4,58
4
48
20
7
60
1,18
29,81
8
36
103
8
864
5
45
3
19
.25
1.00
1055
-255
3
3
6
5
7,279 Bathurst
64
20
20
20
140 Bawl( Grain pref.- 20
14
10
55
157 Beigo Can Pap pref 55
-23
15155 *119 •119
*142
29,330 Bell Telephone_
-951
21
2855
7% 12
1,077,686 Brazilian
2
134 255
12,911 B C Packers
54
3%
-9
26
424 26
*35
78,339 B C Power A
3%
8
84 18
20,373
12
+34
1%
134
1%
14
279 B E Steel
21
21
18% 183"
20 tat preferred_ _ _ _
-4
154
24
355
354
550 2nd preferred_ _
34
455
436 8
8
4,092 Bruck Silk
23
28
17
2055 --2
4,197 Bldg Products
562 Calgary Power_ _ _ _
9,254 Can Bronze
100 Preferred
101,637 Can Car
45,751 Preferred
1,305 Can Celanese
831 Preferred
195.029 Can Cement
17,447 Preferred
909 Can Converters
_
399 Can Cottons pref_ _
475 Can Fairbanks pfd
145 Can Forgings
236 Can Gen F,lec
1,656 Preferred
1931.
1930.
1931.
Stock.
24
10
15
70
120
4
80
80
23
124
42
7:i
69
Stock.
Open. High. Low.
230,676 Nat Breweries
4,691 Preferred
573 Nat Brick pref
54,651 Nat Steel Car
402 Niagara Wire
1,207 Preferred
10 Nor Alex Power pref
1.871 Ogilvie
292 Preferred
210 Ontario Steel
1,322 Ottawa Power
481 Preferred
10 Ottawa Traction-
285
130
13
98
103
25
285
130
15
110
*103
*5045
2851
120
20
90
444
8955
31
3
*12
20
85
*30
4
40
35
24
11134
10
78
955
1454
47
40
104
95
97
48
5254
45
165
2134 2134
33
33
97
97
10
10
3514 364
25
25
70
*70
49
*42
40.318 Quebec Power
29
27
5945 3234
21
30
115
120
22
15
90
*91
4434 4434
*914 82
32
2234
4
36
236
•12
1636
20
85
85
10
•
30
4
4
21
42
29
37
400 230
130 12434
21% 18
101% 87
105 101
34
30
70
-26
77
-41
-6
9055
-40
--1534 90
84
-17
105
-25
-
22
65
128
4
-2
-10
i-3
--7
9
75
70 Waimea()
14 Western Grocers..
48
Preferred
28 Windsor Hotel__ - 37
Preferred
23,222 Winn Electric
1,688 Preferred
35 Woods Mfg prof....
30
15
50
1031
71
1451
74
40
30
17
50
12
72
2155
75
40
MINE
39,205 Hollinger
6.15
8.60 *4.90 .5.2
28
24
80
75
125 114
3234 955
954 +155
851
*83
+11
75
244
*
85
10
15
40
1034
71
5
50
40
15
6
72
so
35
18
45
17
70
134
80
40
-20
15
23
-1
17
62
42
25
12
5
82%
72
+I
554 -834 54
10455
30
*50
40
+38
-8
-.85
303
326
291
2214
235
235
284 *284
231
231
21854 219
-45
--36
-41
--31
78
100
20
9
91
100
2836
2854
6934
10245
9855
3.00
7334
100
91
9255
85
924
10134
5934
1004
1004
101
93
10734
75
106
9851
78
100
20
9
91
100
2834
2855
6934
105
9834
3.25
7334
10134
9555
9545
85
9554
10134
624
1004
10031
101
93
10734
75
106
0955
33
100
14
9
90
100
5
554
6954
102
98
2.25
7334
9034
7834
7855
84
79
10134
59
100
10051
101
88
10634
45
106
9834
-38
Unch.
-32
-16
+5
+2
-1955
-23
-3254
+251
+34
-.25
-24
-434
1334
-1234
-24
-15
+634
-434
+34
-24
-5
-4
+74
-41
Unch.
+151
175% *16255 *1644 -1
-34
232
196
196
33
100
14
9
90
100
9
7
6951
105
98
2.25
7341
9334
7
854
7855
85
79
1014
59
10034
10034
101
89
10634
45
106
9945
8.50 4.90
175 168
275 223
233 233
325 275
355 314
31436 272
250 250
168%
230
220
280
320%
273
22155
BONDS
$60.500 Abitibi
1.000 Asbestos 5s
16,500 1st mtge
1,000 Gen mtge
19.100 Can Cottons
5,000 Can Forging'
676.700 C P & P debs L S.._
178.800 WS
3,000 Can Rubber
44,600 Cedar Rapids
13,500 Dominion Coal_ _
134.030 111cNish debs
11.000 Mexican Power. _
101,500 Mont Tramways_ _ _
190,100 A
11.600 B
5,200 C
40,000 D
1,000 Nor Electric
28,500 N S Steel
12.000 Ogilvie A
7.000 C
1,000 Ontario Steel
15.000 Porto Rico
32.000 Steel of Canada
16.700 Weptgamack
5,000 West Kootenay
13,000 Winnipeg Electric.
50
50
4154
95
-1734 8254 47
39
-2
26
121 118
-4
44% 15
--3
+234 100 90
54 50
50
95
8954
-41 3754 24
9
14
254
734
-754 2731
Unch. 36
16
844
+3.4 86
-1634 714 27
90
46
50
35
174 49
44
34
-6
16,15 Viau Biscuit
Preferred
22
22
65
65
120
128
4
*1754
47%
53
70% 40
13
22
65
*125
*10
BANK S1,114 Canadienne
7,388 Commerce
Dominion
8.606 Montreal
4.654 Nova Scotia
15,957 Royal
115 Toronto
so
2436
25
15
30
17
35
8134
*33
24
115
17
*91
4454
82
*29
1
4
1634
85
1034
4
214
29
69 Tooke Bros
134 Preferred
764 Tuckett pref
1,19 Twin City
58
3555
32
2855
76
21
45
185 -100
125
104
11631 1164 --5
13
13
+6
104
90
Unch.
103 .103
49
49
425 Paramount Publix_
73
73
1,856 Penmans
100
100
168 Preferred
29
29
142 Port Alfred pref. _
51
634
74,444 Power Corp
4251 424
15.902 Price Bros
98
95
2,085 Preferred
201.694 Shawinigan
4,177 Sherwin-Williams _
405 Preferred
2,935 Simon & Sons
450 Preferred
25 Simpsons A
80 Preferred
5,203 So Canada Power..
12,678 St Lawrence Corp_
6.489 A
220 St Law Flour
220 Preferred
5,156 St Law Paper pref.
207 St Maur V C pref..72,812 Steel of Canada
13,572 Preferred
1930.
Net
Last
Sate. Change. 11655. Lows
3
3534 *2355 24
+2
2955 31
33
14
5
5
15
*1155 •1255 -2255
42
13
1054 1034 -645
-3
32
32
36
26%
2955
15
36
13
36
70
884
105
81
41
85
70
9934
48
25
85
7555 28%
7455 29
10251 102%
102% 99%
9754 95%
3.55 2.50
100%
96%
96
89
9654
96
91.
91
8544
9354
71
100
103
6334
100
100
93
106
98
93
106
86
osu
9851
* Ex-dividend.
DOMINION GOVERNMENT LOANS.
33
108
40
40
9634 8831
455 655 45
9% -855 284
45
80
-2
40
Unch. 4041
105
+1
104
92
130
-3
110
100
4955
+155 50
.38
-184 77
53
51
+1
177
166
9
Saks.
1930.
1931.
Net
Change.
Open.
Sates.
High.
Low.
Last
Sale.
100.65
104.00
103.10
102.95
107.05
101.60
100.10
103.50
100.00
100.45
101.85
102.45
104.60
104.65
98.25
98.63
101.70
108.15
105.25
105.30
112.40
103.10
102.12
106.70
102.25
102.45
102.0'
102.75
104.6
104.70
98.2
96.6
100.10
103.75
100.25
99.35
104.25
09.85
04.75
96.76
92.50
89.00
91.00
92.25
88.37
89.00
98.25
96.63
--.55
100.20
4-.85
105.10
-2.75
100.25 99.35 -3.30
-2.75
104.25 99.90 --1.95
94.75 --5.40
93.00 --5.40
93.00 -6.75
89.00 --10.75
91.00
92.25
88.37
89.00
98.2'
96.63
Stock.
6177.600 Can L'n 1931
255,800
1937
1,432.200 Vic L'n 1933
802,950
• 1934
536,600
1937
191,250 Renewal 1932
109,900 Ref'd'g 1940
1943
303,000
1944
430,550
1946
106.800
104,500 Conv'n 1956
1957
38,600
1958
125,900
1959
273,100
4,300 Nat Serv 1936
1941
9,100
High.
Low.
101.00
105.75
103.65
103.90
109.60
102.15
100.50
104.15
100.50
100.50
99.85
100.90
101.60
101.10
103.90
100.75
95.25
100.15
95.00
95.85
1842
FINANCIAL CHRONICLE
[VOL. 134.
RANGE OF PRICES ON MONTREAL CURB MARKET FOR 1931, AND VOLUME OF SALES.
For record of year 1930 see "Financial Chronicle" of March 14 1931, pages 1881 and 1885.
Sales.
MISCELLANEOUS STOCKS.
795 Anglo-Norwegian Holding Ltd
10,459 Associated Breweries of Canada
267 Preferred
49,015 Associated 011 & Gas
2,302 Bathurst Power & Paper class B
240 Belding-Corticeill
35 Preferred
98,210 British American 011
930 British & Foreign Investing, Ltd
700 Calgary & Edmonton Corp
1.503 Canada Dredge & Dock Co
425 Canada Vinegars, Ltd
•5 Canadian Consolidated Felt Co., Ltd
*5 Preferred
277 Canadian Foreign Investing Corp
105 Preferred
•20 Canadian General Investment Trust, Ltd
323 Canadian Inter'l Investment Trust, Ltd
245 Preferred
•851 Canadian Power 8c Paper Invest., Ltd
4,245 Canadian Vickers. Ltd
765 Preferred
2,230 Canadian Wineries, Ltd
•1 Cateili Macaroni Products B
3,570 Preferred
6.295 b Chemical Research
3,535 Commercial Alcohols. Ltd
16,040 Commonwealth Petroleum Ltd
•470 Cooksville Co., Ltd., preferred
1,662 Corporate Steel Products, Ltd
11,690 Cosgrave Brewery
2,155 e Curtis-Reid Aircraft
•190
ePreferred
High. Low.
33.
9
70
.22
3
91
100
1534
5%
.63
3534
18
Last.
2
5
69
.05
2
85
7%
Sales.
3
2%
70
.06
3
85
9%
2334
1534
PUBLIC UTILITY STOCKS (Concl.)
5,825 Hydro-Electric Securities Corp
13.115 International Utilities common A
12,652 B
.3,365 Manitoba Power Co
187 Montreal Island Power Co
•26 e Municipal Service Corp
•75 /Ottawa River Power
1,957 Power Corp. of Canada cum. preferred
*35 a Public Utility
2,047 Southern Canada Power preferred
64 United Securities, Ltd
25
1734
High. Low.
18%
534
2
2034
734
2
16
14
14
102
95
97
106% 104% 1051
40
MINING STOCKS,
342.230 Abana Mines, Ltd
.21 .0234
13,402 Amulet Mines, Ltd
.38
.16
14.000 Area Mines
.03 .0114
16.800 Baldwin
-3.01
.0234
.25 i:92
3,480 Barry Hollinger
.16 mg
65
.300 Castle Trethewey
65
__
8.700 Central Manitoba Mines
.13 .07%
2
225 Coast Copper Co., Ltd
2
634
4.00 3.00
16
8,025 Dome Mines, Ltd
35
20%
13.52 9.75
53i
2%
2%
60,200 Don Rouyn
.01% .00%
__
_
__
970 Falconbridge Nickel Mines, Ltd
1.65
1.01
122.000Keeley Silver Mines
.30 .21%
1:75 8.685 Lake Shore Mines, Ltd
4.50 2:30
29.25 24.00
9
3
60,522 Macassa Mines
4
.56
.27
.14
.14
4,116 McIntyre-Porcupine Mines, Ltd
.45
26.25 14.50
5,850 Mining Corp
2.75 1.40
2,000 Montreal Rouyn
15
20% 15
2.211.715 Moss Gold Mines, Ltd
3%
3%
1
.63
.25
2,200 Nipissing Mines
.59
.59
.60
1.90 1.14
374,265 Noranda Mines
-29.50 12.00
500 Pawnee-Kirkland Gold Mines
753 David & Frere Ltd., B
1,050 Premier Gold
5
4
4
.83%
__
gm
14,582 Distillers Corp.-Seagrams, Ltd
1,170.190 Siscoe Gold Mines, Ltd
12%
5
.70
.38
138,000 Stadacona
20
14.638 Dominion Engineering Works, Ltd
4934 15
.05 .01%
25,282 Dominion Stores, Ltd
53,700 Sullivan Gold Mines, Ltd
14
24
1734
.19
.07
10,943 Dominion Tar & Chemical Co., Ltd
*10.810 Sunloch Mines, Ltd
14
5%
5%
2,470 Preferred
34,261 Teak-Hughes Gold Mines, Ltd
82
82
93
8.50 4.69
goo Tough-Oakes Burnside
811 d Eastern Dairies
21% 19
19%
1,600 Towagmac
514 English Electric Co.of Canada A
28%
•150 Foothills Oil & Gas Co
10.080 Ventures, Ltd
.70
.41
84,925 Home 011 Co.. Ltd
8,885 Vipond Consolidated Mines
.40
.60
.40
1.20 .5434
861,261 Imperial 011
30,055 Wright Hargreaves
18%
8% 10%
3.15 2.05
122,139 Imperial Tobacco Co. of Canada. Ltd
10%
834
834
135 International Paints (Canada) Ltd. A
BONDS.
5
-123,959 International Petroleum
814,000 Bell Telephone, 5s
15%
1955 106% 102%
8% iem
355 Lowery Petroleum. Ltd
.17
1939 87% -1,000 Brandram Henderson, 6s
1943
*500 Belgo Canadian Paper, 6s
3.598 Mitchell (Robt.) & Co., Ltd
19%
8
8
1934 101% loog
12,500 Canadian Pacific Ry., 5s
805 Montreal Exhibition Co.. Ltd
2
1944 99
334
2%
2.900 Canadian Pacific Ry.,410
__
1,915 National Distilleries, Ltd
.50
1943 101% -.25
.50
20.000 Canadian Steamships, 5s
6,851 Page-Hersey, Ltd
92% 69% 6934
1949 106
101%
10,000 Dominion Textile, 6s
175 Paton Manufacturing Co
30
1966 105% 90%
8,000 Duke Price, 6s
85 Preferred
94
94
82
1942 103
15,700 East Kootenay Power Co.. 7s
89%
4.570 Regent Knitting Mills, Ltd
3
1943 9834 75
1
1
11.500 Price Bros., 6s
3,127 Reliance Grain Co
10
8
1953 99% 9934
634
3,000 Paton Manufacturing, 65
1,708 Sarnia Bridge Co., Ltd.. A
834
7
8
1955 103
102%
4.000 Southern Canada Power. 55
1,300 Service Stations, Ltd., A
7
3534
934
1943 100% 9334
4,000 Windsor Hotel, 61.4s
•90 Standard Paving & Materials
1954 9134 60
6,300 Winnipeg Electric, 6s
45 Supertest Petroleum Corp., Ltd
__
1934
_
75,410 (Hiram) Walker-Gooderham & Worts_
844
i14
234
•Odd lots.
310 Western Steel Products, Ltd., preferred
85
a Taken off the list Feb. 14 1931.
PUBLIC UTILITY STOCKS.
b Taken off the list Oct.9 1931.
78,132 Beauharnois Power Corp. A
3
e Taken off the list Jan. 12 1931.
834
334
1,678 Canadian Northern Power Corp., Ltd., prof__ 107
106
105
d Taken off the list March 3 1931: listed on the Montreal Stock Exchange.
*10 a Central Public Service Co. of Del
e Taken off the list June 9 1931.
•53 East Kootenay preferred
Taken off the list Jan. 7 1931.
1,402 Foreign Power Securities Corp., Ltd
5
g Taken oft the list Feb. 20 1931.
1234
5
__
6
77
8
70
.
Last.
2934
45
11
.04
.25
.01%
.01%
.02%
.0734
3.00
9.75
.01
1.01
.21%
27.00
.40
19.15
1.40
.31
1.14
15.50
.KI%
.01%
.10
4.69
.65
.5434
2.67
1.043,
--
16134
11:ii%
9
034
89%
75
9934
102%
9334
62
I
I
Indications of Business Activity
-COMMERCIAL EPITOME.
THE STATE OF TRADE
Friday Night, March 11 1932.
Colder weather has helped trade to some extent, but violent
storms over a vast area of the country have quite as clearly
not been beneficial to business. In the main, the trade of
the country is stationary. Nowhere is it more than fair
and in general it is only moderate or else poor. On the whole,
It is unsatisfactory. A sharp drop in the temperatures
which penetrated clear to the Gulf of Mexico with minima
of 10 to 16 degrees in the cotton belt has stimulated clearance
sales of heavy goods and also shoos and rubber footwear to a
certain extent. But in the Central West and also in the
South, early spring buying is sluggish. Naturally, the cold
weather has helped the retail coal trade. Spring wear,
owing to the early date of Easter might have been expected
to improve at about this time, but with temperatures far
below zero the results thus far have been disappointing.
In general, retail business has not increased. In fact it is
smaller than it was at this time last year. With retail
trade disappointing, wholesale trade naturally suffers. Iron
and steel have been dull. Unfilled orders for steel have
dropped noticeably. Some reports from the West say that
railroad companies are feeling out the market for rails and
other track materials, but it does not appear that they are
buying freely. Some important automobile companies are
reported as saying that the sales of cars recently have not been
up to expectations. The shoe industry is doing fairly well.
Building has, of course, been quiet, though in the building
trades there are said to be some faint indications of an
awakening demand. They are nothing more. Cotton
goods have been quiet and second hands have cut prices
in some cases 1-16 to %c. In the glass trade, things are still
quiet. It is said that factories making table wear are busier
than they were at one time. In the Pacific Northwest there
is still reported to be a scarcity of logs. Some Oregon lumber
mills, it is further said, are getting ready to resume operations.
One fact noticed during the week is that over much of the
Northwest and northern New York and New England snow
blockades have interfered with business. Salesmen were
snowbound. Travel was difficult over large areas. In
other sections heavy rains put the roads in bad condition
interfering with the movement of grain to market. In
other words, the trade of the country has suffered from
adverse weather conditions as it has more or less for a year
past, far more so, it would appear, than is generally
recognized.
Wheat has declined slightly but in the main, the price
shows resistance even if export trade has been disappointing
and farm reserves are large. It looks as though the increased
quota of foreign wheat allowed to the mills of Italy by the
Italian Government will be followed by increased quotas in
Germany and France. This is only another way of saying
that imports of foreign wheat by Europe will have to be
increased. Exports from surplus countries on the face of it
must naturally increase. Some believe that the United
States .will benefit to a certain extent. Corn has been firm
and for the first time in a long while there has been some
export business, apparently being over 150,000 bushels,
destined for the United Kingdom. Oats have advanced a
fraction with a good cash demand. Rye has really headed
the grain list in point of strength. March rye is 23'c.
higher than a week ago and May 1 Yic. higher with persistent
reports of export business. There has also been some export
MAR. 12 1932.]
FINANCIAL CHRONICLE
1843
trade reported in Canadian oats and also in barley. Europe 1 4-32 points. German bonds, following the reduction of
evidently needs American grain and there are those who be- 1% in the Reichsbank discount rate, advanced 1M to 3
lieve that its purchases later on will noticeably increase. points on an active demand.
On the 9th inst., prices advanced in some cases early but
The world's shipments this week are estimated as up to
17,500,000 bushels of wheat. Provisions have advanced later reacted and in the end showed an average decline of
and lard futures end 5 to 10 points higher than a week ago about 1 point. Recently prices, as a rule, have advanced
with hogs up to 5.100., the highest price in four months. more readily than they declined. Rallies were stronger
Coffee has been irregular, Rio futures being about 10 points than reactions, so that the tendency was towards some net
lower on some months while Santos are unchanged to 14 advance, even though it was nothing marked. Stocks have
points higher in small trading, apparently having no great been in some degrees bolstered by the determined advance
significance. But cost and freight coffee has of late seemed in bonds. Sterling declined 1 cent net in some natural re- to be rather weak. Sugar futures are down 10 points with action after the recent violent rise on the covering of
Cuban and trade interests steady sellers and apparently for stampeded shorts. In bonds many issues reached further
the moment at any rate, less hope of united action by Cuba new highs for the year. This included 9 of the 12 United
and Java in the matter of regulating offerings to the world's States Government bonds. Forty foreign issues also reached
into new high ground. German bonds were among these
markets.
Cotton has declined some 10 to 15 points on small transac- and rose 1M. New York Rapid Transit issues were in sharp
tions. The undertone has not been depressed, even though demand. Railroads advanced 1 to 6 points.
On the 10th inst. stocks showed an irregular decline
outside speculation apparently still avoids cotton as it does
if not the stock market itself. Exports averaging about three-quarters of a point with the trading
other commodities,
make a good showing and so does the consumption of Ameri- down to 1,050,000 shares. Sterling in a natural reaction
can cotton. The chief support of cotton prices is trade declined 73(c. with the Bank of England rate of discount
buying for home and foreign account, Europe and Asia down 1% to 4. Unfilled steel orders in February decreased
both buying American cotton as they did not buy it last 102,521 tons but United States Steel lost only half a point net.
year. Rubber is up 3 to 21 points, March making the best There was some pessimistic talk about the possibility of reshowing, though there is no definite news in regard to duced dividends here and there but the market refused to
restriction, the market apparently acting oversold. Hides become nervous, especially as bonds as a rule advanced
have declined 50 points, with little life in the business. on trading in $12,100,000. The highest prices this year were
Cocoa has risen 12 to 14 points. Silk is down 3 to 6 points. reached on 11 of the 13 active U. S. Government bonds.
Silver declined 80 to 85 points. The Maryland canning Domestic railroad issues got into new high territory. A
industry is reported to be dull, with few orders ahead and brisk demand prevailed for some of the industrials at new
with parts of last year's pack still unsold. There is said to high prices; also public utilities acted well.
To-day stocks declined 1 to 4 points or an average of
be a better feeling in the petroleum industry of the MidContinent field. It appears that some so-called distressed about 184 on trading in only 1,300,000 shares. Many bonds
stocks have been sold out. Also the cold wave has helped declined showing some effect of profit taking though it was
the sale of fuel oils. The Pacific ports report quite a good remarked that the Treasury issues and some others, stood
showing of shipments to Japan and even to China, despite their ground. Liberty Fourth 484s rose to a new high for
the recent troubles at Shanghai. The war in that region is the year. It had of course been a listless trading market in
dying out, apparently owing to the financial strain involved in stocks all the week and some disappointed "longs" plainly
and the dissension and jealousies among the Chinese leaders. let go. And trade reports were not satisfactory. The feeling
Stocks, after acting well enough during the week, wound in the country is better but actual trade, is not. But money
up with a decline. On the 5th inst. stocks advanced in is easing. The ground work is being laid for larger business.
not a few cases 1 to 4 points, with an average rise in repre- Short-term acceptances declined 3 of 1%. Another desentative shares of something over 2 points. The tone was cline in the Reserve bank rate in the near future would not
distinctly better, with bonds active and rising and European surprise anybody. Meanwhile foreign bonds were in not a
finances looking up. Sterling exchange was up to the few cases, firm. Most Argentine issues advanced to new
highest rate of the year, the highest indeed since last Novem- high prices. Firmness was shown in Swedish, Norwegian,
ber. It marked an advance since the closing week of 1931 Danish and some German and South American issues.
of 27o. Bonds had been moving upward for nearly a Bonds in the main acted very well though railroad and utility
month. Men began to think there was really substantial and some other issues were 1 to 3 points lower. It was not a
ground for hoping that the worst was over. On the 7th inst. surprising reaction after the recent brilliant advance. In
stocks declined moderately on sales of 1,583,000 shares. usual swing of markets it had to come. The undertone of
On 50 shares the average decline was 184 points. Pivotal finanace at home and abroad is increasingly confident
stooks in some cases declined M to 2 points. It was con- without being overventuresome. The worst is behind. The
sidered a natural reaction. Sterling exchange advanced future is more promising. In the nature of things, bad
4
13 0. to a new high for the year. Bonds were in some eases times could not last forever. It is not in human nature to
higher, including United States Government issues. South endure pessimism indefinitely.
St. Louis wired that there was more stability in many
American and some German Governments advanced. Railroad bonds were up to new highs. The evidence pointed lines and the opinion prevails that on the whole there is a
clearly enough to a growing demand for bonds, revealing, betterment in business conditions. Retail stores have had
to all appearances, growing confidence in the general business a fair business. Money is said to be less difficult to borrow,
outlook. London cabled that French financial circles are though it is understood that loans for large amounts are
convinced that the British pound will be legally stabilized discouraged. Detroit wired that the major industries in
without undue delay, in order to avert a flood of incoming Detroit and other Michigan cities report a slight increase in
foreign capital. It is declared that capitalists all over the several of the leading concerns. Outstanding in the retail
world are gambling on a rise in the pound, as indicated by business was the increased buying of early spring goods,
the forward sterling market.
the direct result of extremely low prices and with but small
On the 8th inst., stocks advanced an average of a little margin left for the merchants. The word to "go" has not
less than 1M points on leading stocks. An object lesson in yet been given by.Henry Ford, and production to any great
its way was the running jump of 20 cents in sterling exchange, extent has not yet started on the new models announced two
a rise of nearly 40 cents from the low of this year and close. or three weeks ago. This was keeping the army of unemto 50 cents since last December when the price touched its ployed on the waiting list. At Fall River, Mass., the delowest, or $3.2484. It is certainly a far cry from $3.2484 mand was lacking for cloth but production showed very
about three months ago to $3.73 on March 8. Times are little change from the previous week. Many of the mills
evidently changing for the better. Berlin announced that were still engaged on contracts placed early in the year.
the Reichsbank had reduced its discount rate from 7 to 6%. Some were running machinery overtime, more for the purThe Western Union declared a dividend of $1 a share, placing pose of keeping costs down than because of any stressing
it on a $4 annual basis in contrast with $1.50 quarterly or the demand for goods. Interest in semi-fine goods was confined
$6 yearly rate in the previous quarter and $8 annually from to sateens, mostly of the filling-in styles.
Kannapolis, N. C. wired that the Cannon Mills are re1926 to 1931 inclusive. The cut had been discounted and
the stock closed on the 8th inst., 1M points net higher. ported operating on full time with more workers on the
American Telephone ended 2M points higher. The total pay-roll now than at any time in the history of Kannapolis.
transactions in stock approximated 1,640,000 shares. Bonds Charlotte, N. C. wired that the General Motors Corp. uses
advanced sharply. Many issues reached new highs for the 600,000 bales of cotton a year in its manufacturing operayear. United States Government bonds advanced 1-3 to tions. Plans are being perfected for the show to be given
1844
FINANCIAL CHRONICLE
[VOL. 134.
here April 2-9. At Enterprise, Ala. the Enterprise Cotton of New Bedford, Mass., presented to Mr. Hoover a prepared statement
Mills is now operating 114 looms and manufacturing 121,965 outlining their views.
President Urges Study.
yards each week of osnaburg and flat duck. At Fort Mill,
It was stated orally at the White House following the conference that
S. C., plants Nos. 1 and 2 of the Fort Mill Manufacturing after listening to the presentation of their plan to declare a two-year truce
Co., are maintaining a full-time operating schedule with in destructive competition, the President told them be doubted they had
given
both day and night shifts. At Hughesville, Pa. a night their sufficient thought to the subject and suggested that they return to
conference room and give more mature thought to the proposal.
shift has been added to the operatives at work in the HughesThe adoption of their plan. the President was said to have pointed out,
ville Silk Mill, which recently re-opened after idleness of would place upon them responsibility for a two-year abolition of the Sherman
and Clayton anti-trust Acts, would be followed by price fixing, and eventuseveral months.
ally would put business in a strait
-jacket. The group accepted the PresiThe electric output in United States for the week ended dent's suggestion and retired for further discussion.
The statement presented to the President follows in full text:
. March 5 was 1,519,679,000 kwh., against 1,512,158,000 in
Statement to Mr. Hoover.
preceding week and 1,664,125,000 in 1931 week. The deMr. President: This group approaches you in the interest of American
cline is 8.7% from same period last year, according to
industry and those dependent upon It for employment. We constitute a
National Electric Light Association.
cross-section of independent producers and distributors. Collectively, we
On the 5th inst. it was 32 to 55 degrees here, 30 to 48 in are typical of the diversified mass of American industry. We left the
Boston, 36 to 38 in Chicago, 34 to 44 in Cincinnati, 32 to 50 lawyers at home. We proceeded In this manner because we felt the need
viewpoint of the average business
in Cleveland and 12 to 22 in Kansas City. On the 7th inst. of developing the if our standards of living are to beman—the individual
who must survive
maintained and our
New York temperatures were 26 to 38 degrees, with a wind payrolls preserved.
Our struggle for existence has become so serious that destructive comfrom the northwest of 30 to 38 miles an hour. It was much
petition is lowering wages, prices
colder at the West. Chicago had 2 to 14 degrees; Cin- permeates the minds of the people. and the earnings of industry. Fear
cinnati, 8 to 22; Cleveland, 12 to 18; Detroit, 14 to 22;
This condition threatens the welfare of every business and every worker
Helena, 6 below zero to 4 above; Kansas City, 8 to 20 so seriously that a National emergency exists.
Truce on Competition Urged.
above; Milwaukee, zero to 10 above, and St. Paul, 6 below
We, therefore, ask you to assume leadership in establishing a truce in
to 4 above. On the Atlantic Seaboard the cold and the
this destructive competition—a period of time when every line of economic
gale, which seemed at times to be 45 to 50 miles an hour, activity can be brought together in conference under patriotic impulse
accompanied by driving snow paralyzed communications in to restore peace and confidence in the business relationship—between
many sections. On the 8th inst. New York temperatures competitors in industry, between those who do business with each other
and throughout the general relationship of capital, labor and consumption.
were 21 to 32 degrees, with the wind velocity still 30 to 38
To make such a truce effective the impulse must be so widespread and
miles from the northwest. Chicago had 2 to 10 degrees; so deeply imbued with the thoguht of the common good as to impose upon
each individual an obligation comparable to a patriotic call in time ot war.
Cleveland, 8 to 16; Kansas City, 8 to 12; Milwaukee, zero
We therefore propose:
to 8; Minneapolis, 2 below to 8 above; Detroit, 8 to 14
"A two-years' truce in destructive competition during a period of investigation by a non-partisan committee of Congress."
above, and Cincinnati, 10 to 22.
Truce Board Advised.
On the 10th inst., it was down to 14 degrees in New York,
In making
the coldest day of the winter with the wind 21 to 25 miles. experience bythis approach we urge you to consider a return to war-time
bringing into existence a National economic truce board,
Below zero temperatures prevailed in parts of the Northwest, a new force where citizens representative of the most enlightened underboth in Canada and the United States. It was 24 below standing of production, agriculture, finance, distribution, labor and conwill have
zero at Edmonton and 18 below at Calgary. At Helena, sumer interestproducing the responsibility for working understandingly with
and distributing groups and with the agencies of
the different
Mont., and Sheridan, Wyo., it was 18 below, and at Chey- Government. •
The manner of bringing such a board into existence and its relationship
enne, Wyo.,12 below. In northern New York temperatures
ranged from 8 above at Buffalo and Syracuse to 14 above with the law and the state of mind of the public are matters regarding
which you are fully informed, but in the hope of aiding your approach
at Albany. Pittsburgh had its coldest March 9 on record, to this subject we offer our suggestions and assistance.
with the mercury at 5 above. Snowstorms raged in western
Prompt Action Sought.
New York and motorists in Buffalo were compelled to use
In so doing, we have no purpose other than to give emphasis to the
headlights in driving in daytime. For the first time this imperative necessity of prompt and effective action. The American
people are looking anxiously and
season ice formed on Lake Erie and Niagara with the first Industry now is being sustainedhopefully for the restoration of industry.
not through income, but through the
ice bridge of the winter formed below the Falls Tuesday depletion of its capital assets. This is constantly draining the vitality of
night. It disappeared down the river in a swirling torrent Industry and reducing its power of recuperation. This must be stopped.
If it is not stopped, industry will become increasingly unable to
Wednesday morning. Another bridge was forming on employment and to provide dependable sources of public revenue.maintain
Wednesday. Mishaps and rescues at sea were reported. At
We do not urge our particular suggested form or manner of action.
We do urge action as promptly as well-considered judgment will permit.
Chicago it was 8 to 16 degrees.
We, therefore, with the voice of industry throughout the land, express
At New York on the 10th inst., the temperatures were the hope and the urgent appeal that the Government of the United States
13 to 35 degrees, the minimum being the lowest of the winter. and the Congress, in harmony with the leadership of both parties, and In
consultation with
Boston had 18 to 32; Chicago, 8 to 22; Cincinnati, 12 to 26; emergency truce inthe appropriate agencies of industry, shall establish an
destructive competition.
Cleveland, 16 to 22; Detroit, 16 to 24; Kansas City,8 to 26;
Milwaukee,4 to 22; St. Paul, 2 below to 16 above; Montreal,
8 to 14 above; Omaha, 4 to 20; Philadelphia, 16 to 34; San Loading of Railroad Revenue Freight Continues on
the Decline.
Francisco, 50 to 62; Seattle, 40 to 58; Spokane, 22 to 42;
St. Louis, 12 to 30, and Winnipeg, 16 below to 6 above.
Loading of revenue freight for the week ended on Feb, 27
To-day the weather in New York was noticeably warmer, totaled 535,498 cars, the car service division of the American
26 to 40 degrees, with a forecast of cloudy and probably Railway Association announced on March 8. Due to the
snow for Saturday and fair and moderately cold on Sunday. observance of Washington's Birthday holiday, this was a
Chicago was 10 to 18 degrees; Cleveland, 18 to 22; Boston, decrease of 37,108 cars below the preceding week, 145,723
26 to 32; Minneapolis, 2 to 18..
cars below the corresponding week in 1931 and 3e4,000 cars
under the same period two years ago. Details follow:
Miscellaneous freight loading for the week of Feb. 27 totaled 178,128
cars a decrease of 5,730 cars below the preceding week, 71.206 cars under
the corresponding week in 1931 and 182.203 cars under the same week
in 1930.
Loading of merchandise less than carload lot freight totaled 169,733 cars,
a decrease of 18.344 cars below the preceding week, 28.836 cars below the
corresponding week last year and 82 135 cars under the same week two
years ago.
Grain and grain products loading for the week totaled 32.627 cars, 8,300
cats below the preceding week. 8.423 cars below the corrrsponding week last
year and 12,477 cars below the same week in 1930. In the Western districts
alone, grain and grain products loading for th., week ended on Feb. 27
totaled 18.851 cars, a decrease of 8,515 cars below the same week
last year.
Forest products loading totaled 19,640 cars. 230 cars above the preceding
week but 13,573 cars under the same week in 1931 and 42,152 cars below
the corresponding week two years ago.
Ore loading amounted to 2,833 cars, a decrease of 306 cars below the week
before 2.897 cars under the corresponding week last year, and 5,938 cars
under the same week in 1930.
Coal loading amounted to 108,203 cars, a decrease of 3.867 cars under the
preceding week, 17,306 cars below the corresponding week last year and
27,272 cars under the same week in 1930.
Coke loading amounted to 5,959 cars, 232 cars below the preceding week.
A National emergency was said by the industrialists to exist because of 1.823 cars below the same week last year and 4,344 cars below the same week
destructive competition which is lowering the wages, prices and earnings two years ago.
of industry. The proposed "two years' truce" should remain effective
Live stock loading amounted to 18,375 ears, a decrease of 559 cars below
while a non-partisan committee of Congress conducts an investigation, th, preceding week, 1,659 cars below the same week last year and 7,479
they said. The group, headed by Malcolm D. Whitman, a manufacturer cars below the same week two years ago. In the Western districts alone.
Group of Industrialists Urge President Hoover to Call
"Two-Years' Truce in Destructive Competition"—
President Urges That They Further Consider Their
Proposal—Plan Would Involve, According to President, Possible Suspension of Anti-Trust Acts.
A group of 122 industrialists meeting in Washington urged
President Hoover Feb. 11 at the White House to take the
lead in calling a "two years' truce in destructive competition." They requested the creation of a "National
Economic Truce Beard" on which representatives of production, agriculture, finance, distribution, labor and the consuming public "will have the responsibility for working
understandingly with the different producing and distributing
groups and with the agencies of the Government." The
"United States Daily" of Feb. 12, from which the foregoing
is taken, also had the following to say regarding the proposal:
1845
FINANCIAL CHRONICLE
MAR. 12 1932.]
loading of live stock for the week ended Feb. 27 totaled 14,401, a decrease of
1,251 cars compared with the same week last year.
of all commodities
All districts reported reductions in the total loading
compared with the same week in 1931 and 1930.
Loading of revenue freight in 1932 compared with the two previous
years follows:
1930.
1932.
2,873,211
719,053
720,689
713.156
681.221
3,470.797
886.701
893,140
827.560
899,498
4 515 200
Total
1931.
2,269,875
574,756
562,465
572,606
535,498
Four weeks In January
Week ended Feb. 6
Week ended Feb. 13
Week ended Feb. 20
Week ended Feb. 27
5.707.330
6.977.696
The foregoing, as noted, cover total loadings by the railroads of the United States for the week ended Feb. 27. 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 Feb. 20.
During the latter period, a total of 17 roads showed increases
over the corresponding week last year, the most important
of which were the New York Ontario & Western Ry., Ft.
Worth & Denver City Ry., Utah RR., and Virginian Ry.
-WEEK ENDED FEB. 20.
(NUMBER OF CARS)
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
Group C:
Ann Arbor
Chicago Indiana!).& Louisville_
Cleve. CM. Chi. & St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line....
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia....
Wabash
Wheeling & Lake Erie
Total
Grand total Eastern District._
Allegheny DistrictBaltimore de Ohio
Bessemer & Lake Erie
a Buffalo & Susquehanna
Buffalo Creek & Gauley
Central RR.of New Jersey
Cornwall
Cumberland & Pennsylvania
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk &Portsniouth Belt 1.Ine
Virginian
Total
Southern DistrictGroan .4:
Atlantic Coast Line
Clirchfleld
Charleston & Western Carolina
Durham & Southern
Gainesville & Midland
Norfolk Southern
piedmont & Northern
Richmond Frederick.& Potom
Seaboard Alr Line
Southern System
Winston-Salem Southbound
Total
____
7,694
6,423
15,517
2,155
1,384
8,182
111
32,738
2,091
18
306
57,322
72,928
80,463
59,369
76,619
587
1.580
8,812
65
259
234
1.237
2,635
6.053
3.605
4,380
4,105
3.168
1,051
5.416
2.567
543
1,897
9,582
83
335
191
2,119
3,956
7,284
4.963
5.002
5,000
5,187
1,305
6,222
3,057
540
2,109
10,974
54
335
386
2,674
4.720
9,054
6,292
5,752
6,487
7,571
1,241
6,764
3,930
1,036
1,717
10,045
98
73
2,234
1,021
5,645
8,359
177
7,512
3,764
4,203
641
6,567
2,185
1.414
2,448
12,661
102
89
3,243
2.492
8,239
10,898
217
10,779
5,049
6,064
711
9,142
3,138
,
7-iiii
.562
45,754
56,726
68,883
55,277
163.324
184,539
146,922
33,179
1,555
y39,174
2,138
12,287
824
17,996
1,809
141
6,330
55
345
228
1,150
58,215
12.420
4,534
68
2,937
195
8,307
4
376
185
1.326
74,413
16,142
7.621
45
3,319
113.818
146.667
175,754
79,552
107.559
17.333
14.230
1.159
3,299
20,611
17.342
1,463
3,206
22,170
23,067
1,465
3,774
5,027
3,316
1,152
317
7.392
4,679
1,659
446
36,021
42,622
50,476
9.812
14,176
8,809
924
339
156
43
1.317
525
368
7,268
18,303
180
12,253
1,223
544
162
92
1,806
578
438
9,211
23.071
207
4,039
1,102
790
316
79
921
722
3,716
3.103
9,726
851
5.407
1,392
967
382
85
1,420
840
4.210
3.645
13,813
994
38.232
49,585
57.597
25.365
33.155
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
Chic. St. Paul Minn.& Omaha
Duluth Mbssabe & Northern....
Duluth South Shore & Atlantic
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & 5. 8. Marie
Northern Pacific
Spokane Portland &Seattle
192.844
26,535
860
wo
301
873
1,301
2,745
277
709
1,594
363
842
10,003
5,001
386
310
1,388
2,749
817
605
46,749
Total
Grand total Southern District
76,586
132,223
0WW000.0*.
ON000WWW4
000.,40WWW.WWW..N000.W
6
5,369
12.141
1,654
831
6.196
25
24,793
1,713
22
233
,
6- aaa
9,567
4
6
301
13.469
9,298
10.070
499
50
75
15
6
459
27
14
198
4,039
2,913
982
42.961
32,996
86,325
15.990
20,835
18.681
1,915
13,475
860
683
4,411
.
3,5,3a
4.156
II
Total
14.076
178
1.805
9,747
2,222
26,026
1,711
507
489
10,555
15.842
233
2,025
10,298
2,127
28,588
1,690
681
517
4:51/5
8,986
11,309
149
1,502
7,335
1,733
19,237
1,892
401
379
-10
Group B:
x Buff. Rochester & Pittsburgh_
Delaware & Hudson
Delaware Lackawanna & WestErie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western
Pittsburgh & Shawmut
Pittab. Shawmut & Northern
zUlater & Delaware
77,342
20,907
29.764
108,651
134,939
46,272
62,919
Central Western Dist.
Atch. Top.& Santa Fe System.
Alton
Bingham & Garfield
Chicago Burlington & Quincy_
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City
Northwestern Pacific
Peorla & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
Houston & Brazos Valley
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas
Missouri-Kansas-Texas Lines
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis San Francisco
Bt. Louis Southwestern
San Antonio Uvalde & Gulf
Southern Pacific in Texas di Ls.
Texas & Pacific
Terminal RR. Aim,of St. Louis
Weatherford Min. Wells & Nor.
Total
1,420
22,274
3,086
21,641
5,303
1,223
1,234
9,198
378
9,600
623
2.340
6,075
10.544
1.333
66,461
Total
,
Included in Baltimore de Ohio RR. 5 Estimated. z Included in New York Central.
59.066
84,981
88.057
96.272
32,032
41.564
21,638
3.082
147
15,872
13,878
2,687
1,086
2,285
443
1,434
478
88
12,738
256
325
13,263
729
1,081
22,227
3,643
254
20,339
16,201
2,891
1,131
2.767
246
1,207
607
123
17.333
316
280
14.087
412
1.386
27.195
4,128
313
20,044
16.736
3.770
1.426
2,940
345
1,537
1,020
177
18.574
389
422
16,696
395
1.243
3,824
1,871
30
4,855
6,655
1,831
842
1,65.5
9
832
270
56
3,183
222
632
5.086
7
1.198
4.838
2,617
46
6,635
8,738
2,487
1,014
1,940
8
1,117
249
70
3,746
183
779
5,930
11
1,089
91,510
105,450
117.350
33.058
41.497
177
151
208
1,907
177
1,597
167
1.466
924
449
650
50
4,750
14,088
44
109
7,721
2.189
601
5.181
3.271
1,685
30
182
241
240
2,267
254
2,601
284
1.842
1,446
305
697
73
4.816
17.545
54
94
9,112
2,299
900
6.492
4,641
1,974
26
47.592
58.385
1,2 8
7.644
1,947
6,289
2,474
84
311
4,163
145
1,577
360
1,411
1,639
1,873
907
1.673
9.539
2.534
7,392
3.259
135
876
6,541
193
1,933
459
1,622
2,190
2,235
984
2,345
483
98
995
67
2,137
655
1,320
1,397
345
195
393
2.162
6,872
27
90
2,814
1.317
233
2.516
3.288
2,177
30
2,979
185
163
1,347
48
2.530
1.104
1,806
921
766
258
690
2.510
9.251
38
112
3,795
1.946
514
4.060
3,767
2,944
68.230
31.956
41,698
W
39,639
WN
32,276
000
35,193
.284
1,126
687
288
729
17,939
15.478
110
140
1,791
.
2 609
615
449
379
1,009
1,051
5,105
473
1,305
1.143
579
1,402
28.024
26,904
188
387
3,173
4.224
1,306
690
W.
33,670
247
630
582
3,145
0000
2,9147
-
.
10aw00 om10;4
1
0.1.00.00WW.IP
!001N=WOWW0.0
Total
Group B
Alabama Tenn. & Northern__
Atlanta Birmingham & Coast-West RR.of Ala.
Atl. & W.P.
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Centml System
Louisville & Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L
New Orleans-Great Northern...,
Tennessee Central
1931.
..0. W0.0Wkx0.0..MgNW
0.0.
0.'0.
1.013 40
NCWW.000.1..W.T..WW0 0.1 3W000000
,
10=01.01=0-400.4.1 130=4.0-40
407
5,974
11,655
2,681
3,428
14.193
1.301
1932.
1
1.0.0&WO.NOWWW... W 00 N
271
5,009
9,582
2,379
2,398
11,696
941
1930.
I
2,830
3,25.3
10,529
904
3,973
13.096
608
N
2,453
3,785
10,127
769
3,421
12,511
604
0 0
2,033
3,312
8,542
648
2,755
11,298
559
1931. I
WoW
1932.
!
1930.
WNWW
W
MIA.
117/
041.
0.WN0l00001314
0003030W000004000130
000
1.000000W.N...1 .
1931.
Total Loads Received
from Connection,.
Total Revenue
Freight Loaded.
1932.
1931.
1932.
Eastern District
army A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N./I. & Hartford...
Rutland
Railroads.
too
.. w
oo
wo
no
00
o..
moWW00.W . ..
o
,
.10mowowomow....op
. ,
l000m000woo&o,-, ..
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
as
v Previous figures.
the dispatch to the "Times" which went on
Inquiry to Be Held Next Week into Riot at Ford Plant himself said
to say:
Dearborn, Mich.
in
According to a Detroit dispatch Mardh 9 to the New York
"Times" at a conference of county officials held that day,
it was decided to hold a grand jury investigation on Monday
next, March 14, into the cause of rioting on March 7 at the
Ford Motor Company at Dearborn, which resulted in four
men being killed, and fifty others, including several policemen, being injured, some seriously. Harry S. Toy, Prosecuting Attorney, announced that every angle of the case will
be thoroughly investigated, and many witnesses will be
called by both sides. Prosecutor Toy will handle the ease
Forty-eight men and women, arrested after the riot, were denied immediate liberty to-day and will be held until Friday, unless Toy releases
them of his own volition. Several are in hospitals recovering from bullet wounds.
A statement issued to-day, signed "Unemployed Council of Detroit"
and "The Auto Union," says it was the purpose of the marchers in Monday's parade, which developed into a riot at the gates of the Ford plant,
to present to the Ford officials, through a committee of nine of their
members, the following demands:
1. Goods for all laid-off Ford workers.
2. Immediate payment of 50% of full wages to all laid-off Ford workers.
3. A six-hour day without reduction in pay.
4. Slowing down of deadly speed-up.
5. Two fifteen-minute rest periods.
1846
6. Free medical aid in the Ford hospital for employed and unemployed
Ford workers and their families.
7. No discrimination against Negroes as to jobs, relief, medical service,
etc.
8. Five tons of coke or coal for the Winter.
9. Abolition of service men (spies, pollee, etc.).
10. No foreclosures of homes of former Ford workers. Ford to assume
responsibility for all mortgages, land contracts and back taxes on homes
until six months after regular full-time re-employment.
11. Immediate payment of a lump sum of $50 Winter relief.
12. Full wakes for part-time workers.
13. Abolition of graft system in hiring workers.
14. The right to organize.
A conference was held by Police Commissioner Watkins, Superintendent
Smith and Captain Leonard of the State police, following which it was
announced that the circulation of pamphlets will be stopped whenever
possible.
Several hundred men and women were repulsed to-day in an effort to
force their way into the county morgue to obtain the bodies of the
four men willed in the riot. Twenty policemen blocked entrance to the
morgue.
The Communists have been refused a request to hold a mass funeral for
the four dead rioters.
Maurice Sugar, Detroit attorney, has been engaged by the International Labor Defense to defend the prisoners. Mr. Sugar, on his appointment, issued a statement in which he referred to the incident at the
Ford plant as "an example of unrestrained violence and brutality which
ranks with the most vicious attacks ever made by a servile officialdom
upon those who are classed as workers."
Dearborn advices, March 7, to the New York "Herald
Tribune" had the following to say in part regarding the riot:
Four men were killed and at least 85 were injured this afternoon when
8,000 jobless rioters fought a hand-to-hand battle with police and firemen in an attempt to storm the employment offices of the Ford Motor
Company's great River Rouge plant.
A woman led the mob in the first clash with fifty policemen at the
Dearborn city line. Fifteen of the injured were policemen, trampled,
atoned and clubbed by the rioters. Harry H. Bennett, chief of the Ford
service department, the private police, was hit in the head with a rock and
severely hurt.
Pions Attributed to Communists.
The demonstration was said to have been planned yesterday at a meeting
at Communist headquarters in Detroit, addressed by William Z. Foster, Communist national leader, and John Schmies, Communist candidate for
Mayor in the last Detroit election. The mob was to march up to the plant
and send in a committee to demand work from the Ford company for a
group of jobless men. The reported presence of revolvers in the mob VW
taken as an indication that the delegation came prepared for trouble.
Some of the marchers, however, denied their group was armed.
All the dead were members of the mob. One was unidentified. The
other three were Joseph York, twenty-three years old; Coleman Lenz,
twenty-five, and Joe Debruske, twenty-two, known as "Joe the Newsboy."
Threats of the dispersing mob to return at night and wreck the Ford
plant resulted in the assignment of police, troopers and deputy sheriffs to
guard duty at the shops. About 200 men of the First Battalion, 125th
Infantry, Michigan National Guard, were on hand in the armory.
The battle raged for an hour. The jobless throng gathered at 2 p. m. at
Fort Street and Oakwood Boulevard, Detroit. Carrying banners and placards bearing the legends, "Come on, workers; don't be afraid!" "Down
with the men who destroy milk!" "We want jobs I" and "Now is the time
to act I" they marched with reasonable order. The Detroit police said they
saw no cause for interference.
"Come On, Cowards," Woman Screams.
At the end of a six-mile walk they encountered a detail of fifty Dearborn
police posted at the city line, determined not to let the mob through. The
police shouted a demand that the rioters turn back. The mob hesitated a
minute and then a woman shoved to the front.
"Come on, you cowards," she screamed.
The mob rushed forward. The police let fly with tear gas bombs and
brought their nightsticks into play, but were thrown back down Miller
Road under a barrage of bricks, stones and clubs.
Firemen rushed into an overhead crossing of Miller Hoad and turned
high-pressure hose lines upon the mob, but the rioters shoved on screaming
curses, until they were drawn up before the high fence of the plant.
The fifty Dearborn policemen, victims of the first charge of the mob,
were reinforced by the plant police and firemen. An alarm brought 121
Detroit policement to the fight.
The guards at the plant threw open the gate and called to the marchers to
turn back. The mob halted again for a moment and again the woman who
had led them into the first encounter leaped to the front and shouted:
"Come on."
Two volleys in quick succession from the police met the first advance.
Two men in the crowd fell and the mob retreated 200 yards. Most of the
shots were fired into the air. The rioters re-formed their lines with difficulty under two chilling streams of water poured on them by fire
hoses. . .
The Dearborn police said they arrested five men on charges of inciting
a riot, but would not make known the names of their prisoners. They
also announced the arrest of Mary Grossman as the leader who urged
the mob twice to battle with the police. They said she was known as a
labor agitator. . . .
Edsel Ford, son of Henry Ford; former Governor Fred W. Green, Louis
J. Colombo, lawyer for the Ford Motor Company, and Clyde M. Ford,
Mayor of Dearborn, entered the Ford emergency hospital as the riot ended
to question members of the mob being treated there.
William J. Cameron, of the Ford organization said that Ford police did
not take part in the riot and that Bennett had come to the scene only to
investigate the fight. He said that there was no damage to the plant except for a few broken windows.
Associated Press advices from Detroit, March 8, said:
Thirty-one persons were under arrest to-day while State, city and Federal
officers sought the men believed by them to have instigated yesterday's
fatal riot at the gates of the Ford Motor Company's River Rouge factory.
Five known Communist leaders and labor agitators were sought. They
included William Z. Foster, national head of the Communist Party of the
United States; William Reynolds, former Communist candidate for Mayor
of the suburb of Lincoln Park; John Mimics, former Communist candidate for Mayor of Detroit, and Albert Goetz and John Pace, said by police
to be agitators.
Drou 184.
FINANCIAL CHRONICLE
Regarding a disturbance at the Ford building in New York
this week, the New York "Times" of March 10 said:
With swinging clubs, sixty policemen frustrated yesterday afternoon
repeated attempts of more than 300 Communists to stage demonstrations
in front of the Ford Motor Company Building at Broadway and Fiftyfourth Street.
In small groups the radicals began to gather on the east side of Broadway between Fifty-fourth and Fifty-fifth Streets soon after noon. This
was in response to circulars distributed Tuesday to Communists and their
friends, calling upon them to meet in front of the Ford Building "to protest against capitalism and unemployment."
The police had been notified of the proposed demonstration. Under Captain Amander 0. Hayes, thirty-five policemen were on the scene, besides
members of two police emergency squads and a few reserves who had
been on duty at the opening of the upper link of the new west side elevated express highway from Fifty-ninth to Seventy-second Streets.
As soon as the small groups of Communists began to merge and obstruct traffic, the police started to clear the thoroughfare. This resulted
in a clash, and for more than two hours there were intermittent fights.
On the refusal of the demonstrators to move quickly, clubs would swing
freely.
One Communist, more enthusiastic than the others, tried to
climb an electric light pole to make a speech. He got no further than
"fellow comrades," when two policemen hauled him down.
One of the alleged demonstrators, who described himself as Matthew
Bryton of 180 Norfolk Street, was arrested on a charge of disorderly
conduct. Later Magistrate Stern in West Side Court remanded him without bail for investigation.
Several Communists appeared with signs reading, "Henry Ford, the
philanthropist who hires gunmen" and others of a similar nature. These
were chased in the direction of Columbus Circle. The police did not
permit any one to loiter in front of the Ford building, and a guard was
kept there until late in the afternoon.
Trend of Business in Hotels During February According
to Horwath & Horwath.
According to Horwath & Horwath "total hotel sales decreased 22% from February 1931, room sales 20%, and
restaurant sales 25%. Although leap year gave this February one more business day than last February had, the
decreases were not smaller than those of previous months
which had no such advantage over the corresponding period
of last year. This, of course, means that if February had
had 28 days all its decreases would have been several points
larger." Further reviewing the trend of business in hotels,
Horwath & Horwath say:
Room occupancy, which indicated some improvement in January, was
disappointing in February. It fell 13% below February 1931, and the
seasonal decrease from January of this year was larger than it has been
for several years. The average room rate was off 10%-little change from
recent months.
Washington was the only city to show a real improvement and its unusually good comparison with last year
-a sales decrease of only 2%-was
due to convention business and the opening of the hi-Centennial celebration.
Detroit had an exceptional drop of 39% in sales, caused by the lack of
convention business to correspond with that which boosted February
1931, and by pronounced rate cutting. California recorded the largest
decrease ever
-30%. Changes in the other groups were unimportant.
The following table shows how the sales of the last six months have
fallen below 1928 and 1929:
Decreasesfeces Same Months in 1928.
Sept.
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
Other cities
Oct.
Nov.
Dec.
From 1929.
Jan.
Feb.
-32.2% -30.8% -37.0% -41.0% -38.7% -39.4%
29.0 -31.0 33.0 37.8 -36.1 37.7
38.7 -383 -43.1 -42.7 -38.4 42.2
-27.7 -28.6 -30.3 30.9 -32.4 -17.4
38.7 -37.7 -35.3 39.0 41.7 -41.9
23.9 -40.8 -42.5 -33.1 -35.8 -48.4
-33.3 38.9 36.7 33.7 -37.2 -43.7
-24.4 -25.2 -28.8 -28.3 -34.3 35.0
Total
-27.5% -32.1% -33.5% -34.6% -36.5% -37s%
The following analysis was also furnished by Horwath
& Horwath:
Sales.
Analysts by Cities its
Occupancy.
Room Rats
Which Horwath & PerCentofIne.(+)0,Deb.( 1
PerCentof
Horwath Offices
This Same Mo. Inc.(+1
Are Located.
Total. Rooms. Restaurl. Month. Last Year orDee.(-)
New York City
-23
-22
-25
57
64
12
Chicago
-21
21
-22
58
9
67
Philadelphia
19
18
-23
40
44
-8
Washington
-2
3
1
56
57
-2
Cleveland
21
-10
-21
61
68
9
Detroit
-39
-38
40
49
60
-24
California
30
32
-28
44
57
-12
Texas
-22
-21
24
61
70
-10
All other cities report'g -22
-20
25
61
69
9
Total
22
20
25
68
84
10
Federal Reserve Board Reports Decrease of About
Estimated Seasonal Amount in Department Store
Trade During February.
Preliminary figures on the value of department store sales
show a decrease from January to February of about the
estimated seasonal amount. The Federal Reserve Board's
index, which makes allowance both for number of business
days and for usual seasonal changes, was 79 in February
on the basis of the 1923-1925 average as 100, compared with
79 in January and 81 in December. The Board's advices
issued March 10 add:
In comparison with a year ago the value of sales for
February, according to the preliminary figures, was 16%
MAR. 12.1932.]
smaller, and when allowance is made for the fact that there
was one more trading day in February this year than last,
the decrease from last year is about 19%.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
Federal Reserve District.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St:Louis
Minneapolis
Karu3aa City
Dallas
San Francisco
February..
-15
-16
-17
-15
-12
-20
-19
-10
-16
-15
-23
-14
Number of Number of
Jan. 1
Reporting
of
to
Cities.
Stores.
Feb. 29*.
-21
-18
-19
-24
-16
-21
-22
-14
-19
-20
-27
-19
98
56
41
31
51
29
59
16
19
25
13
73
31
29
16
13
22
20
32
9
12
14
4
27
511
229
Total
-19
-16
•February figures preliminary; in most districts the month had one more trading
day this year than last year.
Production of Electricity Declined 8.7% During the
Week Ended March 5 1932, as Compared with the
Corresponding Period Last Year.
The production of electricity by the electric light and
power industry of the United States for the week ended
Saturday, March 5, was 1,519,679,000 kwh., according to
the National Electric Light Association. The Atlantic seabord shows a decrease of 3.9% from the corresponding week
last year, and New England, taken alone, shows a decrease
of 3.2%. The central industrial region, outlined by Buffalo,
Pittsburgh, Cincinnati, St. Louis and Milwaukee, registers
as a whole, a decrease of 13.1%, while the Chicago district,
alone, shows a decrease of 8.9%. The Pacific Coast shows
a decline of 10.5% below last year.
Arranged in tabular form the output in kilowatt hours
of the light and power companies for recent weeks and
for the month of January is as follows:
Weeks
Ended.
1932.
1931.
1930.
1929.
1932
Under
1931.
Jan. 2___
1.523,652.000 1.597.454.000 1,680.289.000 1,542,000.000 4.6%
Jan. 9_. 1,619,265.000 1.713.508.000 1.816.307.000 1,733,810.000 5.5%
Jan. 16-- 1.602,482.000 1.716,822.000 1.833.500.000 1,736.729.000 6.7%
Jan. 23_ _ - 1.598.201.000 1,712.786.000 1.825.969.000 1,717.315.000 6.7%
Jan. 30-- 1.586,967.000 1,687.160.000 1,809.049.000 1.728.203.000 5.8%
Feb. 6-.. 1,588.853.000 1,679.016.000 1,781,583,000 1.726.161,000 5.4%
Feb. 13-- 1,578.817,000 1,683,712.000 1.769.683.000 1,718,304.000 6.2%
Feb. 20-- 1.54.5.459.000 1,680.029.000 1.745.978.000 1.699.250,000 8.0%
Feb. 27_.. 1,5 i 2.158.000 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%
Months
January _ _ - 6.980.000.000 7.430.888.000 8.021.749.000 7.585.334.000 6.2.1,
Note.
-The monthly figures shown above are based on reports covering approximately 92% of the eleetrio light and power industry and the weekly figures are
based on about 70%.
New York State Factory Employment During February
About Even with January.
Factory employment in New York State remained about
even from January to February, according to a statement
issued March 10 by Industrial Commissioner Frances
Perkins. Seasonal activity in the manufacture of clothing
caused a small net increase in the number at work in New
York City factories, but, in the rest of the State, fewer
factory workers were employed. Commissioner Perkins'
survey continues as follows:
The index of factory employment for the entire State remained at 65 in
February, the same as in January, and the index of total payrolls dropped
from 55 to 54. Index numbers are computed with the average for the three
years 1925-1927 as 100. These statements are based upon reports from
about 1,500 representative factories which report each month to the Division of Statistics and Information of the Now York State Department of
Labor. Reporting concerns employ approximately 38% of all the
factory
workers in the State.
February returns showed no change in employment conditions.
number of plants were closed down temporarily because of lack of business,
while most of those which were closed down in January had re-opened.
Closings for Lincoln's Birthday on Feb. 12 were numerous and accounted
for part of the decrease in total payrolls. Some concerns reported reductions
in wage rates.
Seasonal Advance in Clothing.
The net gain in employment in the clothing iridustries was 4%, as compared with a gain of 1% from January to February a year ago, and of
5%
two years ago. The largest increase was in the manufacture of men's
clothing. The men's clothing industry frequently reports its greatest spring
activity in February while the women's clothing factories are usually busier
in March.
Most manufacturers of flue and fur goods reported more employees in
February than in January, but several concerns had laid off large numbers
of workers.
Big Lay-Offs in Textile Mills.
• The textile industries reported the largest decreases in employment from
January to February. These decreases were due to a number of his cuts
rather than a general downward movement. Several knitting mills and
silks mills were closed down and a few others had made big reductions in
the number of workers. Most concerns in those two industries, however,
had made only small changes in employment. One cotton mill which had
taken on workers in January, laid them off again in February. The others
had been reducing employment since before the end of the year and continued to lay off help last month. Increased employment and higher pay-
1847
FINANCIAL CHRONICLE
rolls were reported by many of the woolen mills but the carpet mills were
not busy.
Metal Industries Not Busy.
There were no important changes in employment in the metal Industries.
The tendency was mostly downward and the gains which were reported did
not indicate general improvement. Several automobile and automobile
parts concerns reported more employees than in January but few of them
were employing as many as in February 1931 and payrolls were much lower
than a year ago. The railroad equipment and repair shops which had reported big cuts in January took on a few workers in February.
Further decreases in employment were recorded in the machinery and
electrical apparatus industry. Most of the brass, copper and aluminum
manufacturers also reported fewer workers employed. Employment in
the iron and steel mills dropped 3%. although one firm whose products is
used by the automobile industry, and several which had made big cuts
in January reported some improvement.
A small net gain in employment in the stone, clay and glass industries
resulted from the re-employment of part of the workers laid off in January.
In most plants changes in employment were slight but one cement plant and
one glass factory were closed down. Workers in the miscellaneous stone
and minerals industries lost time on Feb. 12.
Fewer Employed Up-State.
The Syracuse district was the only one of the six industrial centres uptate to report an increase on both employment and payrolls, although
Sactories in the Binghamton district reported higher payrolls. Employment
fand payrolls in the Utica district dropped 3% and in the Rochester district,
2%. Employment in the Binghamton district and in the Buffalo and
Albany-Schenectady-Troy districts remained about even with January.
Percentage Change
Jan. to Feb. 1932.
Industry.
Stone. clay and glass
Miscellaneous stone and minerals
Lime,cement and plaster
Brick, tile and pottery
Glass
Metals and machinery
Silverware and jewelry
Brass, copper and aluminum
Iron and steel
Structural and architectural iron
Sheet metal and hardware
Firearms, tools and cutlery
Cocking, beating and ventilating apparatus
Machinery and electrical apparatus
Automobiles, airplanes,
Railroad equipment and repair shops
Boat and ship building
Instruments and appliances
Wood manufactures
Saw and planing mills
Furniture and cabinet work
Pianos and other musical instruments
Miscellaneous wood,
Furs, leather and rubber goods
Leather
Furs and fur goods
Shoes
Gloves, bags, canvas goods
Rubber and gulls pereha
Pearl, horn, bone, &a
Chemicals. Oils. paints. &ti
Drugs and industrial chemicals
Paints and colors
Oil products
Photographic and miscellaneous chemicals
Pulp and paper
Printing and paper goods
Paper boxes and tubes
Miscellaneous paper goods
Printing and bookmaking
Textiles
Silk and silk goods
Woolens, carpets, felts
Cotton goods
Knit goods, except silk
Other textiles
Clothing and millinery
Men's clothing
Men's furnishings
Women's clothing
Women's underwear
Women's headwear
Miscellaneous sewing
Laundering and cleaning
Food and tobacco
Flour..food and cereals
Canning and preserving
Sugar and other groceries
Meat and dairy products
Bakery products
Candy
Beverages
Tobacco
Water, light and power
Total
Total State.
N. 1. CUy.
+0.3
-0.3
-3.7
+2.2
+13.1
-0.9
-0.1
+5.0
-0.4
-3.2
+2.8
-0.7
-14.2
-4.4
-10.0
-6.6
-0.3
+11.0
-0.1
+4.4
+2.5
+0.4
-1.3
-1.3
+1.4
+0.2
+1.6
+0.3
+6.8
+0.0
+4.3
-0.6
+10.7
-1.6
-0.8
+2.8
-3.4
-1.1
+0.5
-2.0
-1.2
-1.8
-1.9
-5.4
+0.1
-9.1
-4.4
+2.5
+3.9
+9.0
+4.8
+3.9
+5.0
+4.1
-6.8
-1.1
-0.5
-5.3
+0.1
-0.9
-1.3
+0.7
-9.4
+1.8
-0.4
No change
+0.2
-1.3
-0.2
--4.3
-1.0
+0.9
-2.6
+4.8
+5.4
41.11
+7.9
+2.4
+0.8
+1.1
-0.7
-2.8
+2.4
-1.3
+2.7
No change
-2.0
-4.8
-1.7
-1.9
-0.4
-8.0
-5.7
+7.7
+5.6
+26.1
+8.8
+3.4
+6.2
+4.1
-2.2
-7.1
-1.0
No change
-1.0
-1.1
-0.6
-0.6
+2.9
-14.5
+1.4
-1.2
+1:0
A Business Difficulties in February About on Level With
Those for Same Month Last Year Says Lumber
"Blue Book."
Business troubles reported to the Lumbermen's "Blue
Book"of Chicago for the month of February were about on a
par with difficulties reported for the same month in 1931
and do not match the inordinate increases noted in January
comparisons. The National Lumber Manufacturers Association made public on March 5 the following information:
193222 bankruptcies
20 receiverships
2 assignments
6 creditors'committee appointed.
5 extensions
1 composition settlement.
193123 bankruptcies
21 receiverships
2 assignments
7 creditor's committees appointed
2 extensions
There was a drop of 21% in requests for special credit reports, though
it is observed this may have been due to large credit departments delaying
annual revision of credit files.
Claims placed for collection showed an increase of 52% but the average
amount of claims dropped 20% under the average a year ago. In January
the increased claims reached 100% and the average sum exceeded January
1931 by 50%.
1848
[VOL. 134.
FINANCIAL CHRONICLE
Roger W. Babson Reports Improvement in Business
-Low
May Take Two Years to Get Back to Normal
Wages Potent Factor.
According to Associated Press dispatches from Babson
Park,Fla., March 10, Roger W.Babson, business statistician
told the annual Scenic Highlands Business Conference that
business is improving in the United States, "although it
may take about two years to get back to normal." The
Associated Press added:
Among his business comments were:
"Many say if wages are reduced there is less buying power. This is
all nonsense, Henr3 Ford and his friends notwithstanding. Low wages
are a potent factor in getting money again to circulate and credit again
established."
"Excess of debt was the primary cause of the collapse in 1929. . . .
This situation is rapidly being corrected."
He compared the World War reparations issue to "an international
toothache," and said, "German reparations payments will be reduced
about 80%, and although it may be some time before Congress 'cancels'
the Allied debts, these never win be paid in cash."
"The very fact Wall Street and the international bankers are so blue
naturally makes a thinking man optimistic. These financier.> have always
been wrong."
He said the present business "contraction will be carried too far
and . . . when this condition is generally realized, merchants and
manufacturers will stampede to purchase as they stampeded to sell in 1929."
"Annalist" Weekly Index of Wholesale Commodity
Prices.
The "Annalist" weekly index of wholesale commodity
prices rallied from last week's low, and now stands at the
same level as two weeks ago, having risen to 91.8 on March 8,
from 91.3 (revised) last week; it stood at 110.7 a year ago.
Outstanding factors in the recovery, says the "Annalist,"
were advances in hogs, the meats and the metals, which a
sharp drop in anthracite prices was able to cancel only
partially.
-BASED ON 476 COMMODITY
WEEKLY WHOLESALE PRICE INDEX
PRICES (1926-1928=100).
Per Cent
Each Group
Bears to the
Total Index.
23.2
16.0
12.8
10.1
8.5
6.7
6,6
6.2
4.0
3.8
1.0
.4
.4
.3
100.0
Groups.
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House furnishings
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural Implements
All groups combined
Latest
Week
Mar.5
1932.
Pmceding
Week.
Month
Ago.
Year
Ago.
64.3
57.3
47.7
49.9
62.9
89.2
72.7
71.1
81.4
46.4
88.8
69.2
76.9
92.7
65.2
58.6
47.6
49.8
62.9
89.2
72.4
71.8
81.4
48.0
88.8
70.1
76.9
92.7
67.3
58.9
49.1
49.7
62.4
89.1
72.4
72.4
82.2
45.6
88.8
70.2
79.1
92:7
78.3
71.7
68.7
66.6
71.9
88.4
83.2
82.2
92.5
64.3
93.8
84.0
91.9
95.4
ARA
AR I
AR 7
750
No Marked Change Noted in Business in Cleveland
Federal Reserve District-Decreases Reported in
Wholesale and Retail Trade as Compared with December-Conditions in Rubber and Tire Industry.
"General business in the Fourth (Cleveland) Federal Reserve District exhibited no marked change in the latter part
of January or the first three weeks of February," says
the March 1 "Monthly Business Review" of the Federal
Reserve Bank of Cleveland. "Although slight increases,
chiefly seasonal, were reported in a few industries," continues the Bank, "little actual improvement has been made,
though no great tendency to decline was evident." Further
reviewing conditions, the Bank says:
From all sections, however, come reports of better sentiment, Recent
legislation no doubt was responsible for a large part of this betterment and
anxiety concerning financial conditions has lessened. The number of bank
suspensions was much smaller in February than in preceding months, and
there also was a reduction in the rate of deposit withdrawals at member
banks.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
The shoe industry increased operations in January at a greater-thanPRICES.
seasonal rate, output in the month being 6.4% above one year ago. Clothing
(1913=100)
concerns, particularly those engaged in the manufacture of men's wear, also
were operating at fairly satisfactory levels. Makers of china and pottery
Mar.8 1932. Mar. 1 1932. .Nar. 10 1931.
reported an increase in orders and demand for heavy machinery improved
75.3
101.3
76.1
in some sections. Tire production increased seasonally in January as did
Farm products
117.3
93.2
94.3
steel production, but the slowing down of the automobile industry in late
Food products
102.7
*78.6
78.1
Textile products
January and early February caused a reduction in these as well as many
124.4
133.5
121.8
Fuels
other industries in this District.
106.0
95.3
96.2
Metals
108.0
123.2
108.3
Coal production and retail and wholesale trade in January were adversely
materials
Building
100.4
96.1
*96.1
Chemicals
affected by the unseasonably warm weather. Dollar sales at department
84.2
84.1
89.0
Miscellaneous
stores were 22% below one year ago, no allowance being made for the
decline in prices in the period.
91.8
*91.3
110.7
All commodities
Sales of life insurance in Ohio and PennsysIvania in January were 8.7%
•Revised.
ahead of the same month in 1931.
Sales of Fertilizer in Cotton Belt.
The Bank reports, in part, as follows regarding the rubber
Supplementing the item in our issue of March 5, page and tire industry:
Tires, Rubber.
1649, the following announcement has been issued by the
The tire industry appears to have stabilized its operations recently, for
New York Cotton Exchange Service:
only minor changes in employment have been apparent in the past few
Sales of fertilizer in the nine principal cotton-growing States are much
below those in recent years. Total sales, from Dec. 1 to Feb. 29, as represented by fertilizer tag sales, totaled only 372,000 short tons against
732,000 last season. 1,353,000 two seasons ago, and 1.080,000 three seasons
ago. Sales in February were only 252,000 short tons against 460,000 last
year, 913,000 two years ago, and 683.000 three years ago. The States
covered by these figures are North Carolina, South Carolina, Georgia,
Alabama, Mississippi, Tennessee, Louisiana, Arkansas and Texas.
Wholesale Prices According to National Fertilizer
Association Declined Five Fractional Points During
Week Ended March 5.
After a period of apparent steadiness, wholesale prices
again turned decidedly downward during the week ended
March 5. The wholesale price index of the National Fertilizer Association declined five fractional points during that
week. During the preceding week the index number was
unchanged, holding the advance of one fractional point
shown for the week ended Feb. 20. The index number for
the latest week established a new record low, namely, 62.6.
The previous record low point was 63.0, established on
Feb. 13. A month ago the index number was 63.7, while a
year ago it was 75.9. (The index number 100 represents
the average for the three years 1926-1928). Continuing the
Association said March 7:
Of the 14 groups listed in the index, three advanced, five declined and six
showed no change during the latest week. The amount of the advances in
each of the three groups was very small-the largest gain being shown in
building materials, namely 3-10ths of 1%. The five groups which declined
were fats and oils, fuel, foods, fertilizer materials and metals. The largest
lose was shown in the grop of fats and oils. Textiles and grains, feeds and
livestock advanced slightly.
During the latest week the prices for 16 commodities were higher, while
the preceding week 18 commodity
27 commodity prices were lower. During
prices advanced and the same number of commodities showed price declines.
advanced during the latest week were cotton,
Important commodities that
and lumber. Prices were
lard, apples, heavy hogs, sheep, tin, turpentine
beef, wheat, choice cattle, butter,
lower for eggs, pork, potatoes, beans,
wool.
copper, lead, silver, brick, coal, rubber and
of each of the 14 groups are
The index number and comparative weight
shown in the table below:
months at factories in this District, though the index of the Ohio State
Bureau of Business Research in January was only 65% of the 1926 average.
This is eight points lower than a year ago.
Reports from manufacturers indicate that operations in January and early
February were higher than in December, but this WRS entirely seasonal, and
sales of renewal tires were reported about 15% below one year ago. Consumption of crude rubber in January amounted to 27,962 long tons, corn'
pared with 21,409 tons in December, an increase of 30.6%, which was
about seasonal. Consumption in January 1931 was 28,557 tons.
As the spring selling season approaches, the outlook for tire makers is
better than for some time. Prices are very low and with many cars remaining in service that in more normal times would be scrapped, a greater
demand for replacement tires is anticipated, sales of which generally are
more profitable to manufacturers than original equipment sales.
Production of tires in December, the latest period for which figures are
available, was slightly higher than in November, but shipments exceeded
output by 5.2%. Tire production In 1931 WAS only 4.5% below 1930, but
shipments of tires exceeded production by a good margin, for inventories
on Dec. 31 were about 1,000,000 tires less than at the end of 1930, and
were smaller than since 1925. Manufacturers report stocks about in line,
in view of reduced demand and the longer life of the average tire.
The trend of rubber prices in recent years has been just the inverse of
stocks. Prices have been subject to wide fluctuations, but they never before
reached such low levels. In February crude rubber was selling in New
York at less than four cents a pound. The drop in the past 12 months
Was over 50%, and as recently as 1927 rubber brought 40c. a pound. In
1925, under the Stevenson Restriction scheme, it was selling at a dollar a
pound. The recent low level is almost unbelievable in view of the fact
that cost of production averages about 16c. a pound. Because of the low
prices, some of the smaller producers have stopped tapping their trees, but
others, and among them some of the larger estates, evidently feel they
will lose less in the end by producing a maximum crop irregardless of prices,
rather than let their plantations deteriorate. Plans for curtailing production have been proposed, but because of varied nationalities, difficulty
regarding individual co-operation, Arc., nothing definite has resulted.
The sharp decline in prices in the past few years has resulted in drastic
inventory losses to rubber manufacturers, who, because of the great dietance from the source of supply, are forced to carry large stocks of raw
materials. Though declines similar in extent to those occurring in 1929,
1930 and 1931, can hardly take place from present prices, a stabilization
at reasonable levels is much to be desired.
Reviewing retail and wholesale trade the Bank reports
as follows:
Wholesale and Retail Trade.
Retail trade, as reflected by total sales at leading department stores in
this District, was quite depressed in January, total sales, on a daily average
MAR. 12 1932.]
FINANCIAL CHRONICLE
basis, being 22% below the same month of 1931. The decline from December was considerably more than seasonal and the adjusted index, at
69.5% of the 1923-1925 monthly average, was below 70% for the first
time since 1919. In December the adjusted index was 73.0%.
Part of the decline in dollar sales was due to price reductions, for
January pre-inventory sales in many cases were at very much lower prices
than prevailed In December or a year ago. According to "Fairchild's"
retail index, prices in January recorded the largest monthly decrease in
the present deflation. The drop in the month was 2.5% and prices have
receded 19% from January 1931.
Moderate weather in this section was an added handicap, and sales of
seasonable goods were very slow in January or were made at a sizeable
price reduction.
The dollar value of stocks dropped 5.4% in January, slightly less than
the seasonal change at this period of the past years and the adjusted index
rose from 70.5% of the 1923-25 monthly average in December to 71.4%
at the end of January. Compared with a year ago, retail value of inventories is down 13.5%.
The decline in accounts receivable in January from a year ago was 18.5%,
somewhat less than the falling-off in sales, and the percentage of accounts
receivable at the end of December collected in January was 33.7% compared with 36.8% one year ago, a drop of about 8%.
Sales at reporting wearing apparel stores were 35% smaller in January
than last year and stocks were down 22% in value.
Sales of furniture stores were about 35% smaller in January than a year
ago, while the decline in sales in the furniture departments of department
stores was only 27%.
Wholesale trade in past years has declined about 10% from December to
January, but the falling-off in the four reporting lines this year was 16%.
Wholesale drug sales increased 1.4% in January, contrary to seasonal, but
were still 17% below January 1931.
Business Conditions in St. Louis Federal Reserve District According to St. Louis Federal Reserve Bank.
"While trade and industry in the Eighth (St. Louis) District continued at levels considerably below other years,"
says the Federal Reserve Bank of St. Louis, "January and
the first half of February developed moderately, expanding
tendencies in many lines and marked improvement in sentiment among the business community as a whole." The
Bank in its "Monthly Review" released Feb. 29 further reviews conditions as follows:
Following the holiday and inventorying period, wholesale distribution
showed a substantial increase, with lines handling goods for ordinary consumption, such as dry goods, boots and shoes, clothing and some food
products, reporting the volume of unit sales In excess of the corresponding
period a year ago. Steadily increasing replacement demands for a broad
variety of commodities are making themselves felt, and have been reflected
in a considerable volume of reordering by retail merchants, both in the
large urban centres and the country. While purchasing is still almost
exclusively for immediate or reasonably prompt delivery, the average
size of orders is larger than heretofore and there is more of a disposition
to replenish stocks and fill out assortments,.
Production at manufacturing plants as a whole increased slightly during January over the low level of December, and the improvement was
maintained through the first half of February. In the iron and steel industry conditions are still spotted and irregular, with railroads, automobile
manufacturers, the petroleum industry and other important consumers
buying sparingly. Miscellaneous users of ferrous products, however,
have increased their demands sufficiently to warrant the higher operating
schedules at many foundries and mills. A number of manufacturing establishments, which for many months have been producing only enough goods
to apply on actual orders, have started making up stock in anticipation
of demands looked for later in the year. In a large majority of lines investigated by this bank, stocks of both consumer goods and raw materials
on Feb. 1 were substantially smaller than a year earlier, also lass than the
average on that date during the past decade.
As has been the case since early last fall, unusually mild weather hampered
distribution of seasonal merchandise. Heavily reduced consumption of
bituminous coal was reflected in curtailed operations of mines in all fields
of the district. Distribution of coke, oil and other fuels was also in considerably smaller volume than in past seasons. Activities at lead and zinc
mines receded further, reflecting slack demand and low prices for these
metals. Operations at lumber mills, quarries, cement and glass plants, and
railroad shops showed little change from the low levels of the preceding
30 days. Weather conditions were in the main favorable for agriculture,
though excessive rains interfered with preparations for spring crops in many
sections. In parts of the south, notably In Kentucky and northern Mississippi, rivers overflowed their banks, causing serious flood conditions.
Recent rains have aggraveted the situation, and apprehension is felt for
floods of major proportions in the valleys of the Mississippi River and its
tributaries.
The volume of retail trade in January, as reflected by department store
sales in leading cities of the district, was approximately one-half smaller
than In December, and 17% less than in January, 1931. Combined sales of
all wholesaling and jobbing establishments reporting to this bank in January
were about one-fourth less than for the same month last year, but more
than 33% larger than the December, 1931, total. The dollar value of
building permits issued for new construction in the five largest cities of
the district in January showed heavy declines as compared with the preceding month and the same period a year ago. Construction contracts
let during January in the Eighth District declined 87%, and 87% respectively as compared with a month and a year earlier. Charges to individual
checking accounts in January were6% smaller than in December and 23.2%
less than in January, 1931. The amount of savings accounts in selected
banks on Feb. 3 was 3.2% smaller than on Jan. 6, and 8.3% less than on
Feb. 4 1931.
Freight and passenger traffic of railroads operating in this district continued in smaller volume than at the corresponding period a year and two
years earlier. Since the first of the year some improvement has taken place
in the freight movement, seasonal in character and less marked than the
average during the past several years. For the country as a whole, loadings of revenue freight for the first four weeks of the year, or to Jan. 30,
toraled 2,269,875 cars against 2.873,211 cars for the corresponding period
in 1931 and 3,470,797 cars in 1930. The St. Louis Terminal Railway Association, which handles interchanges for 28 connecting lines, interchanged
140,912 loads in January, against 127,313 loads in December, and 173,098
loads in January, 1931. During the first nine days of February the interchange amounted to 42,158 loads, against 40,199 loads during the same
period in JanuarY, and 51,754 loads during the first nine days of February
1849
1931. Passenger traffic of the reporting lines decreased 30% in January
as compared with the same month last year. Estimated tonnage of the
Federal Barge Line between St. Louis and New Orleans in January was
130,400 tons, against 168,021 tons in December, and 75,512 tons in January, 1931.
While considerable irregularity and spottiness continues to exist, collections generally showed moderate improvement as compared with the
preceding 30 days and compared favorably with the corresponding period
a year ago. Wholesaling interests in the principal urban centers reported
Feb. 1 settlements well up to expectations. This was true particularly of
boots and shoes, dry goods and hardware. Backwardness is still complained of by manufacturers and distributors of building materials, iron
and steel, and other of the heavier lines of merchandise. Generally through
the south moderate betterment in payments has taken place, an exception
being in the tobacco areas where low prices and a disposition on the part
of producers to hold for more favorable markets tend to retard liquidation.
City retailers report payments fully equal to a year ago. Ansewrs to
questionnaires addressed to representative interests in the several lines
scattered through the district show the following results:
Poor.
Fair.
Excellent. Good.
January 1932
0.0%
18.2% 61.0% 20.8%
20.4
2.0
21.4
56.2
December 1931
58.8
30.6
0.0
10.6
January 1931
Commercial failures in the Eighth Federal Reserve District in January
numbered 158 involving liabilities of $3,918,464, against 168 failures in
December with liabilities of $4,786,681 and 243 defaults for a total o
$4,836,838 in January 1931.
Distribution of Merchandise at Wholesale During
January in Kansas City Federal Reserve District
Decreased Contrary to Normal Tendency-Sales
at Retail Also Declined.
In its March 1 "Monthly Review" the Federal Reserve
Bank of Kansas City reports that "January weather conditions were unfavorable to the advancement of preparations
for the approaching new crop season and muddy roads were
a contributing factor to a reduction in the valume of merchandise moving into consumption." Continuing the Bank
says:
Dollar sales of 35 department stores declined 55.3% in January as compared to December, against a five-year average decline of 51.5%, and
were 25.9% below January 1931. Contrary to the normal tendency,
sales at wholesale declined 13.1% in January, and were 28.4% below a
year ago. Department stores reduced their stocks slightly during the
month but wholesalers' stocks increased somewhat.
The farmers' purchasing power declined further during the month, due
primarily to sharp declines in the farm price of eggs, milk, and butter fat,
and the failure of other products to show any sustained strength In price.
Production of flour, crude oil, bituminous coal and cement declined as
compared to the preceding month and was somewhat below January 1931.
Zinc ore shipments declined, but lead ore shipments increased sharply and
were more than twice as large as a year ago. Building activity was seasonally dull.
Marketings of wheat were unusually heavy for January, but marketing,,
of all other classes of grain were unusually light. This was particularly
true of corn, the new crop movement of which has so far failed to arrive at
terminal markets in anything like normal volume.
Receipts of cattle and calves and horses and mules at Tenth District
markets in January were the lightest in years, whereas those of sheep and
lambs were the heaviest. Hogs, including direct shipments to packers'
yards, which were the heaviest of record, were in about normal supply.
Packers took a larger proportion of all offerings, except hogs, than in either
the preceding month or the corresponding month last year.
Estimates of the United States Department of Agriculture as to the
numbers and value of livestock on farms Jan. 1 1932 compared to the like
date in preceding years, disclose an increase in numbers, all species combined, for both the United States and this district and sharp declines in
values of all species. The average per head decline in values was even
more pronounced during 1931 than in the preceding year, amounting for
this district to 34.9 for last year and 26.0% for 1930.
Details regarding wholesale and retail trade are given as
follows by the Bank:
Distribution of merchandise at wholesale in this district, as measured
by the dollar sales of five representative lines combined, was 13.1% smaller
than in the preceding month and 28.4% smaller than in the same month
last year. As a rule the January volume slightly exceeds the December
volume, and reports from some !sections attribute the decline this yeara
largely to impassable roads. By individual lines, dry goods was the only
one to report their January sales as larger than their December sales, and
all five lines, dry goods, groceries, hardware, furniture and drugs, reported
their January sales as substantially under a year ago. Wholesalers of dry
goods, hardware and drugs increased their stocks somewhat during the
month, and all lines reported inventories as of Jan. 31 smaller than on the
like date last year.
Retail Trade.
The combined dollar sales of 35 reporting department stores in the district declined 55.3% in January as compared to December and 25.9% as
compared to January 1931. The decline for the month compares with a
five-year average decline of 51.5% and the decline as compared to the corresponding month in the preceding year is the largest reported for any
month of the past two years. Retailers reduced their stocks 5.7% during
the month, and on Jan. 31 inventories were 11.2% smaller than on Jan. 31
1931.
Collections in January amounted to 38% of accounts outstanding at the
end of the previous month as compared to 37.5% in December and 40.2%
in January 1931.
Business and Industry in Dallas Federal Reserve District Effected Adversely by Warm Weather and Frequent Rains During Past Month-Wholesale and
Retail Trade Conditions.
The Federal Reserve Bank of Dallas in its "Monthly
Business Review" dated March 1 and compiled Feb. 15
states that "unseasonably warm weather and frequent rains
have an adverse effect upon business and industry in the
1850
FINANCIAL CHRONICLE
Eleventh (Dallas) Federal Reserve District during the past
month. Much of the outdoor work has been retarded and
consumer buying has been sluggish." Continuing the Bank
further reports as follows:
Department store sales in larger centers reflected a seasonal decline of 59%
as compared with the previous month, and were 29% smaller than in the
opening month of 1931. Distribution of merchandise through wholesale
channels showed less than the usual seasonal expansion, and was materially
smaller than in January last year. Consumer buying in rural sections
has been slow due in part to the difficulty of travel over had roads in some
areas. Retailers are adhering strictly to the policy of maintaining low
inventories and of making replacement orders as consumer demand arises.
Collections were generally slow during the month.
Agricultural conditions continue generally favorable. Small grains and
other winter crops have made good progress and present prospects are encouraging. A deep subsoil season obtains in all sections of the district.
which will be a sustaining factor in the event of dry weather late in the season
On the other hand, land preparation has been retarded and there have not
been sufficient freezes to pulverize the soil and kill insects. Livestock and
their ranges continue in good condition and prospects point toward early
and abundant pasturage in the spring.
Financial operations reflected largely the effect of seasonal factors. Federal Reserve Bank loans to member banks declined from $16,572,000 on
January 15 to $14,168,000 on Feb. 15. There has been a gradual return flow
of Federal Reserve notes, the actual circulation being $41,835,000 on Feb.
15, or a recession of $4,978,000 since the first of the year. The loans and
investments of member banks in reserve cities showed an expansion of $5.390,000 between January 6 and February 10. The daily average of combined net demand and time deposits amounted to $664,954,000 in January,
as compared with $677.029,000 in December, and $798,354,000 in January,
1931. Effective Jan. 28, the Federal Reserve Bank of Dallas reduced its
discount rate from 4% to
%•
The volume of construction activity, as measured by the valuation of
building permits issued at principal centers, was practically the same as in
December, but was only 50% of that January. 1931. For the third consecutive month, the production of petroleum in this district reflected a decline.
Drilling operations, however, continued active and the initial production of
new wells increased.
[VOL. 134.
moderately successful in disposing of their winter merchandise, and are
entering the spring season with a smaller carryover than that of 1931.
Inventories on hand at the close of the month showed a further reduction
of 4.4% from the low volume held on December 31 and were 16.6% less
than those on hand on Jan. 31 1931. The rate of stock turnover during
the month was .19 as compared with .23 in January last year.
Collections reflected a decline during the month. The ratio of January
collections to accounts outstanding on Jan. 1 was 31.3%, as against 33.1%
in December, and 32.7% in the first month of 1931.
National Automobile Chamber of Commerce Places
February Motor Output at 118,559 Units.
Production of cars and trucks in the United States during
February was placed at 118,559 units in an estimate released
on March 8 by the National Automobile Chamber of Commerce. This output was 3.7% under production for the
preceding month.
With one of the largest producers operating at minimum
schedule in preparation for new models, the February production was 48% under the same month last year.
Lumber Orders Exceed Low Production by 44%.
Due to continued low production, lumber orders for the
week ended Mar. 5 again exceed production, the excess approximating 44%, it is indicated in telegraph reports to the
National Lumber Manufacturers Association from regional
associations covering the operations of 709 leading hardwood
and softwood mills. Production of these mills amounted to
101,709,000 feet. Shipments also exceeded production, by
about 39%. A week earlier reports covering 707 mills'gave
orders 45% above and shipments 49% above a cut of 100,Trade conditions were reported by the Bank as follows in 750,000 feet. Comparison by identical mill figures for the
latest week with the equivalent period a year ago shows
its Review:
Wholesale Trade.
for softwoods, 449 mills, production 51% less, shipments
the wholesale channels
There was less than the usual increase in activity in
and orders 37% less than for the week in 1931;
of distribution during January, and the lines of groceries, hardware and 36% less
drugs registered declines. While the sales of farm implements and dry for hardwoods, 188 mills, production 47% less, shipments
the
goods in this district were larger than in December, in the latter case
34% less and orders 46% less than the volume for the week
improvement was appreciably smaller than is usually expected in January.
Distribution was retarded in most sections by the inclement weather and last year.
heavy rains. As compared with January, 1931. there were declines ranging
Lumber orders reported for the week ended March 5 1932,
from 25.3% to 66.8%. Some reports indicate a slight strengthening in
508 softwood mills totaled 132,962,000 feet, or 47%
sentiment recently and that business is showing a better tone in some areas. by
Orders, however, continue to be restricted to immediate demands. In- above the production of the same mills. Shipments as reventories of groceries and dry goods were increased during January, and ported for the same week were 125,484,000 feet, or 39%
those of other reporting lines remained at approximately the same level.
Production was 90,201,000 feet.
Collections during the month reflected general declines from December, above production.
Reports from 222 hardwood mills give new business as
which were to a large extent seasonal in character.
While the business of wholesale dry goods firms during January was 13,668,000 feet, or 19% above production. Shipments as
11.8% better than in the previous month,it was considerably less than usual
15,870,000 feet, or 38%
and showed a decline of 28.3% from a year ago,as against a similar reduction reported for the same week were
of 13.1% in December. The heavy rains since the fisrt of the year have above production. Production was 11,508,000 feet. The
made travel in rural sections difficult with the result that consumer demand Association's statement continues:
has been
in those sections has fallen off. Consequently, buying at wholesale
restricted as retailers are keeping purchases in close alignment with consumer
demand. Mostordersare for small quantities ofgoods and are for immediate
shipment. The month withessed a substantial decrease in collections.
Contrary to the seasonal tendency, sales of drugs at wholesale during
January registered a slight decrease of 0.9% from the previous month.
They showed a reduction of 25.9% as compared with the corresponding
month last year, this being the largest such decline that has been recorded
during the present depression. Retailers are limiting their purchases to
staple merchandise, and they show no inclination to buy until the actual
demand arises. Collections were only 2.7% under the volume of December.
The distribution of farm implements during January by reporting wholesale firms in this district was on a scale 89.4% larger than the low December
volume. While the improvement was for the most part of a seasonal nature
the comparison with the corresponding month a year ago was more favorable
than in either November or December. There was a further material decrease in collections.
A larger than seasonal decrease was reflected in the January business of
wholesale hardware firms in the Eleventh District. Total sales were 21.2%
less than in the previous month, the decline being attributable in part to
the december increase, which was contiary to the usual tendency in that
month. Business was impeded by heavy rains and generally unfavorable
weather. Distribution during January was 28.4% below the volume of a
year ago. The ratio of collections to accounts and notes outstanding at
the close of the previous month decreased from 34.3% in December to 27.2%
In January.
There was a further falling-off in the dollar volume of groceries sold at
wholesale in this district during January. Contrary to the usual upward
movement,sales of reporting firms reflected a decline of 5.7% from December, and were 25.3% smaller than in January a year ago. Business is reported to be improving somewhat in certain localities. Stocks on hand increased 7.4% during January. The volume of collections was 19.1% below
the level of the previous month.
CONDITION OF WHOLESALE TRADE DURING JANUARY, 1932.
Percentage of Increase or decrease In
Ratio of cotta
Stocks
Net Sales
lions during Jan.
January. 1932
January, 1932
to accounts and
with
compared With
compared
January December January December notes outstanding
December 31.
1931.
1931.
1931.
1931.
55.8
+ 7.4
-25.3 - 5.7 -15.1
Groceries
23.7
-28.3
+11.8 -31.5
+26.9
Dry goods
2.1
-66.8 +89.4 -10.9 - .7
Farm Implements
27.2
+ .5
-28.4 -21.2 - 8.0
Hardware
36.1
-25.9 - .9 -17.0 - .4
Drugs
Unfilled Orders.
Reports from 430 softwood mills give unfilled orders of 454,112,000 feet,
on March 5 1932, or the equivalent of 11 days' production. This is based
-day year
-and may be comupon production of latest calendar year-300
pared with unfilled orders of 514 softwood mills on March 7 1931, Of 755,822,000 feet, the equivalent of 16 days' production.
The 400 identical softwood mills report unfilled orders as 446,377,000
feet on March 5 1932, or the equivalent of 12 days' average production
as compared with 681,246.000 feet or the equivalent of 18 days' average
production on similar date a year ago. Last week's production of 449
identical softwood mills was 84,902,000 feet, and a year ago it was 172.488.000 feet; shipments were respectively 118.832.000 feet and 186,904.000; and
orders received 127,455,000 feet and 202,622,000. In the case of hardwoods,
188 Identical mills reported production last week and a year ago 10.230,000
feet and 19,302,000; shipments 14,388.000 feet and 21.765.000; and orders
12,413,000 feet and 23,016,000.
West Coast Movement,
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 214 mills reporting
for the week ended March 5:
UNSHIPPED ORDERS.
NEW BUSINESS.
SHIPMENTS.
Feet.
Feet.
Feet.
Domestic cargo
Domestic cargo
Coastwise and
delivery_ _ _ _101,803.000 intercoastal 21,667,000
delivery_ ___ 19,691,000
10,534,000 Foreign
Export
70,694,000 Export
9,539,000
23,956,000 Bali
Rail
69,402,000 Rail
19,146,000
Local
5,884.000
Local
5,884,000
Total
60,066.000
Total
56,235,000
241.899.0001 Total
Production for the week was 54,261,000 feet.
For the year to Feb. 27 171 identical mills reported orders 20.1% above
production, and shipments were 18.1% above production. The stune
number of mills showed a decrease in inventories of 4.8% on February 27.
as compared with January 1.
Southern Pine,
The Southern Pine Association reported from New Orleans that for
135 mills reporting, shipments were 33% above production, and orders 50%
above production and 12% above shipments. New business taken during
the week amounted to 33,180,000 feet, (previous week 29.274.000 at 125
mills); shipments 29,505.000 feet, (previous week 28.497,000); and production 22.115,000 feet, (previous week 19,951,000). Orders on hand at the
end of the week at 112 mills were 72,219.000 feet. The 117 identical mills
reported a decrease in production of 46%, and in new business a decrease
of 22% as compared with the same week a year ago.
Retail Trade.
Business of department stores located in principal cities of the Eleventh
Western Pine.
District evidenced a larger than seasonal decline during the past month,
The Western Pine Association reported from Portland. Ore., that for
and continued considerably below the corresponding month a year ago.
orders
January sales of merchandise declined 58.8% from those in December, 126 mills reporting, shipments were 198% above production, and
business
and were 29.3% less than those in the initial month of 1931. Although 197% above production and about the same as shipments. New 33,517,week
returns from reduced price sales featured during January and early February taken during the week amounted to 36.296.000 feet,(previous
31.235,000); and
were retarded substantially by the abnormal precipitation, high tempera- 000 at 126 mills); shipments 36,434.000 feet,(previous week
Orders on hand
tures, and curtailed purchasing power of the public, retailers have been production 12,209,000 feet, (previous week 10,431.000).
MAR. 12 1932.]
FINANCIAL CHRONICLE
1851
When we turn to the secondary industries, we find better conditions. A
at the end of the week at 126 mills were 162.796.000 feet. The 103 identical
showed the
mills reported a decrease in production of 68%, and in new business a de- recent survey made by the bank covering 25 Industrial points
following results:
crease of 20%.as compared with the same week a year ago.
RATIO OF OPERATIONS TO NORMAL OAPACTI Y.
Northern Pine.
Rubber
Wearing
The Northern Pine Manufacturers of Minneapolis, Minn.. reported no
Goods.
Machinery.
Sundry.
Apparel.
Furniture.
Textiles.
42%
01%
production from 7 mills, shipments 2,187,000 feet and new business
60%
75%
73%
67%
1,946.000 feet. The same number of mills reported a decrease of 43% in
and factories in this group were operating at capacity,
A number of mills
business compared with the same week last year.
now
and a few over-time.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Court Upholds District Court in
Oshkosh, Wisconsin,reported production from 21 mills as 631,000 feet,ship- Texas Appeals
Finding Cotton Curb Law Unconstitutional.
ments 805,000 and orders 1,071,000. The 20 identical mills reported production 57% less and new business 3% more than for the same week a year
Associated Press accounts from Waco, Tex., March 6,
ago.
stated that only the final word of the Texas Supreme Court
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported remained as a resort for State officials testing the Texas
production from 201 mills as 9,911.000 feet, shipments 14,121,000 and new
cotton acreage reduction law, after the Tenth Court of Civil
business 11.546,000. The 168 identical mills reported production 41%
Appeals on March 5 sustained a district court ruling that
less and new business 50% less than for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of the law was "unconstitutional, null and void." The Waco
Oshkosh. Wis., reported production from 21 mills as 1.597,000 feet, shipcontinued:
ments 1.749,000 and orders 2.122,000. The 20 Identical mills reported a dispatch
District Judge W. C. Davis of Franklin was upheld in his refusal of an
69% decrease in production and a 9% decrease in new business, compared
Injunction the State asked to prevent Fred L. Smith, farmer, of Calvert,
with the same week a year ago.
from planting to cotton this year more than 30% of the land he had in
cultivation in 1931.
Season Favorable for Farming but Markets Continue
County Attorney T.L. Tyson of Robertson County was expected to carry
the appeal from the Court of Civil Appeals to the Supreme Court.
Department of Agriculture
Depressed, According to
Judge Davis, in his opinion filed on Feb. 1, declared that enforcement of
The spring season is opening favorably for farm work the law passed last September at a special session of the Texas Legislature
large supplies and would be "the essence of tyranny and destructive of the fundamental
but the markets are laboring between
and would make the bill of rights a nullity
principles of our
the sharply reduced purchasing power of consumers, says and a farce." Constitution
as a compromise measure after much statewide
Bureau of Agricultural Economics, U. S. Department
the
The law was enacted
low prices.
of Agriculture, in its March 1 report of the agricultural agitation for relief from overproduction of cotton andmeasures for Several
cotton
other cotton-producing States enacted conditional
situation.
curtailment which were allowed to lapse when all of the cotton-growing
points out, farmers were States failed to follow suit. The Texas law, however,carried no conditional
• Until recently, the Bureau
In legisfinding it advantageous to convert their feed crops into clause to make it void in the event the States were not unanimous
lative action.
livestock products. But now most of the important classes
of livestock have taken a drastic slump in prices. Confronted with this situation, the Bureau finds that "farmers
are taking every known means to retrench, to cut expenses,
to avoid long-time commitments, to make an hour's labor
yield more productive return. Meanwhile, they are looking
increasingly to the non-agricultural community to do its
part by reducing costs of distribution, by reducing taxes,
by supporting the credit structure, and by taking all possible steps to stop the ruinous fall in commodity prices."
Under date of March 1 the Bureau added:
An item regarding the findings of District Judge Davis
appeared in our issue of Feb. 6, page 928; the filing of an
appeal was noted in our Feb. 27 issue, page 1458.
Taking of American Cotton by Foreign Spinners as
Compared with That of Indian Cotton.
A measure of the extent to which foreign spinners have
been taking American cotton in place of Indian, because of
the relative cheapness of the American staple, is found in
figures on exports by the United States and India, according
to the New York Cotton Exchange Service. The Exchange
on March 8 stated:
The domestic market movement of corn In January was the smallest
for that month In 12 years, being less than 10.000,000 bushels; the movement in January has ranged from 18,838.000 bushels in 1931 to a high
The United States exported 889,000 bales in January this season compared
of 46.537.000 bushels In January of 1932. The movement of sheep, on
the other hand, was the largest of any January in the last 12 years, reaching with 520,000 last season, and during the six months to the end of January
export movement of tobacco in January 4,894.000 against 4,468,000 in the same period last season. India, on the
a total of 2,363,000 head. The
was the smallest In 12 years. totaling only 24,337,000 pounds of leaf; other hand, exported only 168,000 bales in January compared with 439.000
and exports of meats were less than 10,000,000 pounds, whereas In January in the same month last year, and In the six months to Jan. 31 only 987,000
of 1931 they were 18,044,000 pounds, and in January of 1930 they were bales against 1.784.000 in the same period last season.
This great relative difference in the exports by the United States and
32,014,000 pounds.
India is due chiefly to shipments to the Orient. In the first six months of
this season, as shown by the Exchange Service. the United States shipped
Hog Prices Reach Highest in Month.
2,125.000 bales to the Orient compared with only 876,000 last season,
The following from Chicago March 11 is from the Brook- but India shipped only 684,000 bales this season compared with 1.189,000
last season. In other words, exports to the Orient by the United States
lyn "Daily Eagle":
this season are more than twice as much as last season, while exports to
For the first time in nearly four months the top price here for hogs was the Orient by India this season are oily a little more than half as much
-pound hogs sold
over the $5 a hundredweight mark when the 140 to 200
as last season.
today at $4.85 to $5, with a top of $5.10. The market was generally
active this morning to 10 cents higher on receipts of 8,000 head of which
Smaller Cotton Exports from Peru.
5,000 were direct to packers.
The 210 to 250
-pound hogs sold at $4.60 to $4.65 a hundredweight and
The exports of raw cotton from Peru during January
pigs at $4.50 to 54.75. Lightweights were up the most. The upward
movement of the market during past fortnight has been gradual and con- decreased to 2,500 bales from 5,500 bales in December
sistent, indicating a healthy forward trend with good possibilities of ad- and 3,900 bales in January 1931, according to a report
vances being held in future markets.
received by the Department of Commerce from Commercia
Attache Merwin L. Bohan at Lima. The Department
S. H. Logan of Canadian Bank of Commerce Finds
7 added:
Recent Advance in Price of Wheat a Welcome on March exports for the six months, August to January, Inclusive.
The total
Development During the Past Month.
amounted to 79,000 bales and showed a decrease of 59,000 bake from the
"The recent advance in the price of wheat was a welcome shipments for the corresponding period of last season.
development during the past month, not only for its favorable effect upon our export trade at a time when this is of Larger Takings of American Cotton by British Mills
Maintained.
subnormal volume," states S. H. Logan, General Manager
The deliveries of American cotton to British mills during
of the Canadian Bank of Commerce, "but also because it
has, unlike the rise last autumn when importers did not February averaged about 32,000 bales a week, showing a
share fully in the enthusiasm displayed by speculators, been slight increase over the weekly deliveries during January,
accompanied by an improved demand for wheat." Mr. averaging about 30,000 bales, it is announced in a cablegram
received by the Department of Commerce from Commercial
Logan continues as follows under date of March 7:
Official and other reliable reports show that steel, automobile and Attache William L. Cooper at London. The Department
newsprint production increased In January and preliminary reports indicate on March 7 also said:
expansion In these commodities, except newsprint, during February.
further
Construction contracts awarded have also increased. The slight revival in
these branches of industry, however, may be judged by comparing the
January records with those for the like month of 1931; steel production was
less than half that in January last year, while the decline in automobile
manufacture was 42%, and in construction contracts awarded 37%. One
reason for the slow advance this year is the delayed operation of the largest
automobile plant consequent upon the preparation for the introduction of
new models, which has affected numerous ailled industries, particularly
the steel mills.
The seasonal upturn In manufacturing which commenced in January
somewhat uncertain character, as might be
has been of moderate and
expected In a period of greatly curtailed purchasing power in the agricultural
community and of little new development of natural resources.
The deliveries were about 50% larger than In February 1931. when the
deliveries averaged about 20.000 balm a week. The total deliveries for
the first seven months of the cotton season amounted to 745.00 bales,
showing an Increase of about 200,000 bales, or about 37% over the deliveries for the corresponding seven months of last season.
British Ports Carry Less American Cotton.
The stocks of American cotton at the British ports at the
end of February amounted to 407,000 bales, showing a decrease of 34,000 bales from the stocks at the end of January
and a decrease of 175,000 bales from the stocks at the end
1852
FINANCIAL CHRONICLE
of February 1931, it is stated in a cablegram received by the
Department of Commerce from Commercial Attache William
L. Cooper at London.
World Consumption of American Cotton Increased
622,000 Bales in Six Months Ended January.
Associated Press advices from Manchester, England,
March 8, said:
An increase of 622.000 bales in world consumption of American cotton
In the six months ended In January 1932 is shown In statistics to he published
to-morrow by the International Federation of Master Cotton Spinners and
Manufacturers' Association.
The total was 5.940.000 bales. East Indian cotton declined 289,000
bales. Almost every country, with the exception of France and the United
States, showed an increased use of American. France used 31,000 bales
less and the United States 146.000 bales less.
China and Russia were not included in the compilation.
Lancashire Cotton Weavers' Agreement.
From Manchester, England, advices to the "Wall Street
Journal" of March 8 said:
The Joint Committee of Employers and Workers has reached an agreement on the main points in dispute concerning the question of assigning
more looms to each operator. The agreement was reached after negotiations
lasting three years.
The Central organization of employers will consider the plan to-day,
while the workers will vote on it March 12. Two weeks must elapse before
the proposal can become effective throughout Lancashire. Adoption of
the scheme is considered the most important change in the Lancashire
cotton industry in half a century.
The strike in the Burnley district probably will be settled in a few days.
Rhode Island Silk Mills Reduce Output.
During the past month drastic curtailment has been made
in the Rhode Island silk mill industry. While it has been
difficult to strike an average in the ratio of curtailment,
a large Pawtucket silk mill has dropped from 80% capacity
operations to about 25%.
Mill men say that the Rhode Island mills have gone
through the entire period of normal spring pick-up without
any increase of orders.
(VoL. 134.
The following advisers were appointed by the producers, Auturo Manes,
Ramon J. Martinez, Marcelino Garcia, Octavia Verdejq and Manuel
Balsinde.
Perez Represents Cuba.
At the Paris conference the Cuban institute will be represented by Luis
Marino Perez, who as commercial attache In London has heretofore acted
as agent for the Cuban planters in international conferences abroad. He
left last night on the Bremen.
Discussion at the conference will center primarily about a reduction in
the size of Java's exports for 1932 and restriction of this year's output in
Cuba.
Reports that Mr. Chadbourne would resign from the
Corporation came from Havana a week ago, but were immediately denied by Mr. Chadbourne.
National Association of Sugar Producers In Havana
Fails to Reach Agreement on Sugar Restriction.
Associated Press advices from Havana, Cuba, March 7,
said:
The National Association of Sugar Producers failed to reach an agreement at its meeting to-day for the restriction of Cuba's 1932 crop, with the
result that the more than 100 mills now grinding cane over the Island may
make whatever amount of sugar their owners please.
The Chadbourne plan for regulating the world sugar industry, under
which no action was taken, would have limited Cuba's crop to 2,350,000
tons.
Cuban Sugar Mill Owners Order Restriction Negotiations Continued—Java Firmly Against Cut.
From Havana advices to the "Wall Street Journal" of
March 9 said:
Mill owners in conference agreed to notify the Cuban Sugar Institute
to continue restriction negotiations with various countries signing the
Brussels agreement, provided that negotiations be successfully concluded
at the forthcoming sugar conference in Paris, which opens March 14 and
terminates not later than March 20,
From Amsterdam March 8 the same paper said:
Apparently. the Javanese contingent to the Paris Sugar Conference,
which opens March 14. will persist in its opposition to reduction of its
1932 export quota, which Cuba is demanding as the price of a further reduction in her 1932 crop.
The Javanese have notified the International Sugar Council that Cuba's
demands will not be agreed to.
Petroleum and Its Products—New Injunctions Enforce
Detroit Employment.
Regulations of Texas Railroad Commission—Beaty
The following from Detroit is from the "Wall Street
Sounds Optimistic Note on Industry's Outlook.
Journal" of Mar. 7:
Employment Index of the industrial department of the Detroit Board
Injunctions follow each other in swift and confusing sucof Commerce on February 29 was 68.6 comparing with 69.4 February 15 cession in the East Texas controversy over the regulation
and 69 on January 31 this year. At the end of February last year the
of production, but the latest move returns the general situaIndex was 81.2.
The index of industrial power consumption in February declined to tion to where it was several weeks ago prior to the issuance
127 from 132 In January and compared with 140 in February 1931.
of the first Federal injunction declaring Governor Sterling's
use of the militia and martial law in the field to be illegal.
Price of Sugar Falls to Lowest Level in History—
The latest move, completed Thursday of this week, was
Former Bottom Mark Is Shaded a Point to 0.79 Cent the granting of an injunction by Federal Judge Bryant at
a Pound.
Beaumont enjoining producers from violation of the RailThe downward trend in prices of futures of raw sugar road Commission's per well production ruling. The only
carried the May contract March 10 to the unprecedentedly difference in the situation now as compared with several
low level of 0.79 cent a pound on the New York Coffee and weeks ago is that the Railroad Commission now holds the
Sugar Exchange, 1 point below the low mark established a supervisory authority instead of the military authorities.
However, Gov. Sterling reiterated this week that he has
few weeks ago, according to the New York "Times" of
no intention of withdrawing the State militia from the East
March 11, which adds:
Uncertainty over the plans of producing countries, particularly Cuba, Texas field "as long as it can be of service to the Railroad
for this season's crop continues the most unfavorable factor in the situation.
The day's turnover reached the unusually high figure of 47,750 tons. Commission in enforcing its proration orders."
The strong curb which is being kept on East Texas despite
Heavy Wall Street buying was reported to have absorbed much of the
selling.
all the attempts of disgruntled producers to dislodge supervision over production, is held mainly responsible for the
Thomas L. Chadbourne Returns from Cuba—Says He
more stabilized condition of the entire industry. That the
Will Continue As Head of National Sugar Export industry is on a firmer basis is
unquestioned. There have
Corporation—Resolutions Passed by Producers.
been no major oil fields discovered since the East Texas
Thomas L. Chadbourne on his return from Cuba on March undertaking, and with this held to an equitable
output, pro8, said (according to the New York "Journal of Commerce" ducers and refiners throughout the entire country are better
of March 9) that he will not attend the International Sugar able to plan their future operations.
Conference at Paris on March 14, but that he will continue
A rising demand for crude oil will be experienced during
as Chairman of the National Sugar Export Corporation. the latter part of this month, and this will be
the forerunner
The paper from which we quote went on to say:
of the normal spring and summer consuming periods. It is
While Mr. Chadbourne was en route to New York, the Cuban Sugar
pointed out that much of this greater demand can be covInstitute, the organization in Cuba primarily established to execute the
terms of the agreement, was given the sanction of a majority of sugar ered by Oklahoma City, which is now producing little more
producers, who are opposed to restriction, to carry on the negotiations than 50% of its "safe" output. However, considerable of
with the other signatories.
this increased consumption will be supplied from storage
At the meeting the producers passed the following set of resolutions:
stocks and this situation will bring about a natural strengthTo Negotiate for a Week.
First, authorize the institute to continue negotiations with other countries ening of crude prices.
in the international agreement, provided that an agreement is reached
In regard to East Texas, it is especially notable that total
precisely at the Council's session, which starts March 14. not later than
production there is below the allowable, simply because
March 20.
Second. the producers authorize the institute to take whatever measures many wells are unable to yield the 75 barrels per day each
as are necessary and demand from the Government, in the name of all the is permitted.
producers, the legal approval required, in order to comply with agreements
A more optimistic outlook for the industry than has preand modifications of the international contract that may be adopted, in
case agreements and modifications are reached.
vailed for some time was exhibited Thursday evening, March
Third, the producers approve the attitude of the institute since the meetPetroleum
ing of Feb. 10 to date, of which President Machado has been informed. 10, by Amos L. Beaty, President of the American
(This refers to the institute's stand to make a crop this year of 3,061,000 Institute, speaking before members of the California Oil &
tons, as opposed to 2.350,000 tons suggested by Mr. Chadbourne.)
Gas Association at Los Angeles. He held that it is wrong
MAR. 12 1932.]
FINANCIAL CHRONICLE
1853
to become too panioky about oil in the ground. A pool of
100,000,000 barrels is a "good" one, he declared, and "it
takes nine new discoveries of that kind each year to keep
the American oil industry in operation." He expressed his
belief that large flush pools now "on the rampage" would
soon cease to be a menace, even under curtailment and
proration, in less time than is generally supposed.
Mr. Beaty spoke strongly in favor of unit operation to
prevent waste. He held that the different oil States, in
response to the sentiment of the industry, are slowly moving
to prevent economic waste of oil and gas. Unit operation,
plus the establishment of a better system for the exercise of
property rights, statutory inhibitions against the waste of
reservoir energy and corrective laws eventually "will bring
the industry back to health," he declared.
Speaking on the much-discussed problem of oil inventories,
he said: "The real cause of our headache is crude oil inventories, visible and invisible. In the United States we have
in the ground say 1,000,000,000 barrels of oil that could
quickly be drawn to the surface and turned into channels of
trade. We also have over 400,000,000 barrels of refinable
crude above ground, as against reasonable working stocks of
200,000,000 barrels. And we are in constant panic regarding these stocks.
"Now suppose this industry were a single unit under one
ownership, trying to determine the best way to liquidate
these visible and invisible stocks, trying to determine what
is good business. Would the decision be to throw everything on the market instantly? Certainly not. The industry, by one volition, would do the obvious and sensible thing.
The stocks are going to be taken; they are being drawn upon
now. Other stocks may or may not become available. In
any event, future stocks will cost more than we could now
realize by dumping what we have."
An important point brought out by Mr. Beaty was that
"economic forces now in play" will reduce the number of
new discoveries over the near future.
There have been no changes in posted prices of crude
throughout the large producing fields during the past week.
is still posted at refinery, New York. Diesel oil holds steady
but quiet at $1.30 per barrel, refinery.
Kerosene is moving in a desultory fashion, with 41-43
water white ranging from 5340. to 5 ,
6c. per gallon, bulk,
at refinery.
Export markets were quiet and no business of importance
was reported during the week.
Price changes follow:
Prices of Typical Crudes per Barrel at Wells.
(Ail gravities where A. P. I. degrees are not shown.)
51.40 Eldorado. Ark.. 40
Bradford. Pa
$0.63
.80 Rusk, Texas, 40 and over
Camille, Pa
.6k
.80 Salt Creek, Wyo.. 40 and over
Illinois
.85
.60 Derst Creek
Western Kentucky
.60
Mid-Continent. Okla., 40 and above .8.5 Sunburst. Mont
1.05
.66 Santa Pe Springs, Calif.. 40 and over .75
Hutchinson, Texas. 40 and over
Spinaletup. Texas. 40 and over
.66 liuntington, Calif.. 26
.72
Winkler. Texas
.71 Petrone. Canada
1.75
.55
Smackover, Ark., 24 and over
State Railroad Commission Assumes Regulation of
Texas Oil Field-Displaces Military Control in
Expectation of Court Decree.
The Texas Railroad Commission assumed regulation of
the East Texas oil field on Feb. 25, replacing military rule
invoked by Governor Sterling on Oct. 13. Associated Press
advices from Austin, Texas, to the New York "Times"
indicating this added:
REFINED PRODUCTS-GASOLINE RETAIL MARKETS ACTIVE
BUT BULK SALES CONTINUE ROUTINE-RUMANIAN
SHIPMENT FOR DETROIT DISTRIBUTION-PRICES STEADY
HERE-CALIFORNIA -DUMPING" IN EAST MAY BE RESUMED ON LARGE SCALE.
Although various reports continue to stress the high totals
of retail distribution of gasoline, there has been little activity in the bulk markets to substantiate the story. It
may well be, however, that distributors are drawing heavily
upon their stocks and that when they come into the market
they will become heavy buyers.
A shipment of 3,000,000 gallons of Rumanian gasoline is
&trout° to Detroit, where it is to be distributed through
the "Sunny Service" stations in that territory. This
gasoline was shipped to Baltimore by tanker and from there
to its destination by tank car.
Gasoline factors along the Atlantic Seaboard are watching
the California situation closely. There have been recurring reports that large "distress" offerings of California
gasoline may be expected. That there is some basis for this
feeling is shown in the statement of Amos L.Beaty, President
of the American Petroleum Institute, speaking Thursday
evening at Los Angeles. "Stocks are still large," he declared, "and this is particularly true as to gasoline stocks
here in California."
Chicago reports that concerted action on the part of refiners to curtail runs to stills is apparently having a beneficial influence, and that jobbers are operating more freely
in stocking up for spring business. Gasoline of 57 or below
octane rating is generally held at 3%-3%c. per gallon, a
fractional advance over prices earlier this week. Gasoline
with octane rating of 57 to 65 is firm at 33 -4%c., while
4
65 octane and above is steady and active in a range of from
4 to 4%c. per gallon.
Fuel oil has been rather active this week, inquiries being
made freely. It is felt in some quarters that rising domestic
prices will result from a Federal tax on oil imports. However, prices have as yet shown no change,and 60c. per barrel
March IL-Standard Oil Co. of Ohio lowers retail gasoline 2c. per
gallon in Ashtabula County and the towns of Doylestown and Rittman.
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Gasoline. Service Station, Tan Included.
$.143 Cincinnati
5.15 Kansas City
.195 Cleveland
.16 Minneapolis
.154 Deliver
19 New Orleans
17 Detroit
131 Philadelphia
158 Houston
.12 San Francisco
15 Jacksonville
19 St. Louis
5 149
163
118
11
17
129
Kerosene. 41-43 Water White. Tank Car Lots. F.O.B. Refinery.
5.0214-.0314 I New Orleans. an SO 03 M
N.Y.Olayo'nei$0514-.05 IS I Chicago
North Texas
.03 I Les Ang.,ex. 0414-.06 I Tulsa
0414-.0314
Fuel 011, P.0.11. Refinery or Terminal.
N.Y.(Bayonne)
-California 27 plus 1)
Gull Coast "C"__ _5.55-.65
Bunker "C"
5.60
5.75-1.00 Chicago 18-22 D..4214-.50
Dlettel 28-30 D._ 1.30 New Orleans "C"... .55
Gas Oil. F.O.B. Refinery or Terminal.
N. Y.(Bayonne)I Chicago-Tulsa.-.
28 D plus._ ..$.033(-.04 I 32-36 I/ Ind _ _5.01 14-.02 I 32-361) Ind__$.0114-.03
Gasoline, U. S. Motor, Tank Car Lots. F 0.11. Refinery.
N. Y.(Bayonne)New YorkNew Orleans. ex.5.05-.0514
Stand. Oil. N. J_50.06
Colonial-Beaeon.$0.0614 Arkansas
04-.0414
Stand. Oil. N.Y. .0614
Crew LevIck---- .0614 1 Califonda.05-07
Tide Water011eo .1614
z Texas
: 414 1,0s
06
ex_ 0444-.07
Richfield(di((7a1) .0644
Gulf
Gulf Ports
05-.05M
05-0514
Warner Quin. Co .06 M
Continental
.011
Tulsa
0444-05
Pan-Am.Pet.Co. .06
Republic 011____ •.0544 Penusylvanfli - -.0514
Shell Eastern Pet .0614 Chicago
$ 0344-04)
s "Texaco" Is 07.
• Below 65 octane.
East Texas Oil Producers Enjoined.
Press accounts from Houston, Texas, yesterday (March 11)
said:
East Texas Oil Producers have been enjoined from violation of Texas
Railroad Commission's order by Federal Judge Bryant at Beaumont. The
restraining ord.rrs were issued Thursday against the Peoples Petroleum
Producers' Corp.. North Star Oil Corp.. Bill & Dave Oil Corp. and the
Ude Taykie Oil Co.
The injunctions were granted the Railroad Commission, whose proration orders permit a flow of 75 carrels per well In the East Texas field.
It was deckled to continue the existing allowable production of 75
barrels per well daily Until March 15. when an allowable of 225.000 bareels
daily fot the entire field would become effective.
Calculating 4.200 wells producing in the field. it was estimated the per
well daily allowable after March 15 would he about 77 barrels.
The(lommission's action was taken in anticipation of the filing li Federal
court at Tyler of a decree carrying out the findings of a three-judge tribunal
that Governor Sterling did not have authority to regulate the field through
his military power.
it was expected that National Guardsmen would remain in the field, at
least tempGrarily. in support of the railroad commission's authority under
the State oil conservation laws.
Associated Press accounts from Houston, Feb. 25, said:
Martial law in the East Tams oil field will not be rescinded "u til the
time comes who the presence of troops there is no longer needed," Governor
sterling said.
"Tne people there believe that the troops are necessary," he said. "and
I think they are. The date will come when they will not be necessary. but
they will not be withdrawn at any immediate day.
'
An Injunction restraining the Governor from interfering with oil production on the leases of E. Constantin and 1. D. Wrather, plaintiffs in the suit
resulted in a Federal Court decision against martial law, has been decided
upon and the form agreed to by attorneys for both sides.
An item regarding the Texas Oil Curb appeared in our
issue of Feb. 20, page 1283.
Oklahoma City Oil Curb Eased.
Associated Press accounts from Oklahoma City, Feb. 27
stated:
An 8.000-barrel Increase In the daily average allowable flow of the Oklahoma City oll field was authorized to-day by the State Corporation Commission. Total daily production for the first 15 days of March was fixed
at 102,000 barrels.
Standard Oil Co. of California Wins Oil Decision
Federal Land Office Registrar at Sacramento Rules
Against Government's Elk Hills Claim.
The following from Sacramento is from the "Wall Street
Journal" of Feb. 25:
A decision favoring the Standard Oil Co. of California was handed
down
here by the Federal Land Office in the case involving a $10,000.000
tract
In Elk Hills which the Federal Government sought to recover. The
decision
was reported by Walter Spencer, registrar of the Federal
Land Office.
The disputed tract is described as Section 36, Township 30.
[Vor. 134.
FINANCIAL CHRONICLE
1854
The case was directly begun as a result of the Teapot Dome (Wyo.)
Inquiry of 1924. Interest centered in the case because of the action of exSecretary of the Interior Fall in dismissing the Federal Government's
ownership claim to the property in 1921.
"I have decided that this was a legal sale." Mr. Spencer said. "I upheld
the Standard Oil ownership as legal because the mineral contents and value
of the land in question were known at the time."
The decision has been forwarded to C. C. Moore, United States general
commissioner at Washington, who will review the case. The Federal
Government probably will enter an appeal.
Discussing the decision further, Mr. Spencer said: "This case is one of
the hangovers of the administration of Albert B. Fall. Secretary of the
Interior from 1921 to 1923. Unlike some others, which have been given
more notoriety, there is nothing in this case to which the slightest taint of
fraud has been attached, and no fraud has been charged against the
defendants."
The case had originally been carried to the Supreme Court of the United
States, which sent it back to the Interior Department.
years California gasoline stocks figures have included, and will continue to
include, the total inventory of finished gasoline and engine distillate
held by reporting companies wherever located within Contienta• United
States, that is, at refineries, water terminals and all sales distributing
stations including amounts in transit thereto.
Gasoline at "Bulk Terminals"
Figures End of Week.
District.
Mar. 5
1932.
Feb. 27
1932.
Mar. 7
1931.
Gasoline "in Transit."
Figures End of Week.
Mar. 7
1931.
Feb. 27
1932.
Mar.5
1932.
8.821.000 8,550,000 9.199,000 1.018,000
East Coast
371,000
306,000
287,000
Appalachian
2.108,000 2,463.000 1.136,000
Ind., Ill., Ky
838.000
917,000
Okla., Kans., Mo.
122,000
133,000
134.000
Texas
23.000
589,000
198,000
217,000
-Ark
La.
Rocky Mountain
918,000 1,578.000
Total east of Calif_ 12,484,000 12,477.000 11,428,000 1,041,000
982,000 1,721,000
Texas Gulf
Louisiana Gulf-- -
108,000
195,000
91.000
176,000
107,000
554,000
23,000
29.000
86,000
88,000
84,000
52,000
64.000
62,000
2,958,000
611,000
1,803,000
1,349,000
2,902,000
1,013,000
205,000
2,939,060
66.6
63.5
59.7
44.3
54.2
628
20.4
47.3
8,500.000
1,181,000
4,669.000
8,201.000
9,895,000
4,011,000
676.000
96,042,000
Total week Mar. 5._
Daily average
Total week Feb. 27
Daily average
95.2
13,778,000
1,968,300
14,999,000
2,142,700
53.7
45,429,000
126,175,000
58.5
45,567,000
127,236,000
Total Mar. 7 1931
Daily average
95.7
15.205,000
2,172,100
60.8
a45,180.000
127,428,000
99.8
100.0
2,335,000
693,000
62.8
67.1
7,179,000
1,498,000
7,191,000
3,327,000
PRODUCTION OF NATURAL GASOLINE (THOUSANDS OF GALLONS). East Coast
Stocks End of Mo.
Production
Jan.
1932.
Appalachian
Illinois, Kentucky and Indiana_
Oklahoma
Dec.
1931.
Jan.
1931.
Jan.
1932.
7,400
800
36,000
7,300
1,100
37.400
8,900
1,100
43,100
8,878
247
11,310
Dec.
1931.
2,328
373
8,785
,
Texas
7.700
4,500
10,800
13,000
2,600
31,000
.0
888800
00,....0..,-..iani
..... 02
3,500
7,400
16,300
15,900
2,700
40,800
Panhandle
North Texas
West Central
Rest of State
Louisiana
Arkansas
Rocky Mountain
Dallfornla
15,600
2,200
8,100
5,100
4,700
1,700
5,200
51,200
16,800
2,500
8,700
5,700
4,700
1,700
5,800
51,800
19,700
3,900
11,900
5,300
4,800
2,600
5,700
84.200
Huntington Beach
Kettleman Hills
Long Beach
Santa Fe Springs
Ventura Avenue
1,400
13,500
9,700
9,400
4,400
12,800
1,500
14,100
9,600
9,100
4,400
13,100
2,000
16,300
13,700
12,100
4,800
15.300
140,400
146,000
173,900
33.974
27,070
4,530
3,342
108
4,710
3,476
112
5,610
4.140
134
809
645
Oklahoma City
Osage County
Seminole
Rest of State
Kansas
Rest of State
Total
Daily average
Total (thousands of barrels)_
TIM Iv nvpmact
2,105
2,407
2,993
3,805
513
8,943
1,756
1,692
2,338
2,999
428
8.005
3,240
957
3,665
1,081
1,286
236
649
6,912
1,753
803
2,710
739
1,238
202
655
7,056
:Texas Gulf Coast
:Louisiana Gulf Coast_
95.2
a Stocks at refineries, except in California district. which Includes stocks of
finished gasoline and engine distillate at refineries, water terminals and sales distributing stations and amounts in transit thereto. b Thbi figure is not entirely
comparable with current stocks due to revisions made since original publication of
this figure. from which revisions the basis !nformation is not available by weeks.
If it were possible to have made the revision, the new figure would reflect Somewhat lower stocks. c Included above for the week ended March 5 1932.
Note.
-All figures follow exactly the present Bureau of Mines definitions. Crude
oil runs to stills include both foreign and domestic crudes. In California, stocks of
heavy crude and all grades of fuel oil are included under the heading "Gas and fuel
oil stocks."
--
Bulk Terminal Stocks of Gasoline and Gasoline in
Transit.
The American Petroleum Institute below presents the
amount of gasoline held by refining companies in bulk
terminals and in transit thereto, by Bureau of Mines'
efining districts, East of California. The Institute statement follows:
It should be borne definitely in mind that comparable quantities of
gasoline have always existed at similar locations as an integral part of the
of
system of distribution necessary to deliver gasoline from the points
manufacture to the ultimate consumer. While it might appear to some that
these quantities represent newly found stocks of this product, the industry
of
Itself and those closely connected with it, have always generally known
their existence. The report for the week ending Aug. 22 1931, was the first
time that definite statistics had over been presented covering the amount
line with the
of such stocks. The publication of this information is in
Institute's policy to collect, and publish in the aggregate, statistical inthe petroleum industry.
formation of interest and value to
week, a bulk
For the purpose of these statistics, which are issued each
is to supply other
terminal is any installation, the primary function of which
lines or the longer haul
smaller installations by tank cars, barges, pipe
installations referred to, the stocks of which are
tank trucks. The smaller
primary function is to supply the local
not included, are those whose
retail trade.
covering stocks of gasoline East of CaliUp to Aug. 22 1931, statistics
refineries only, while for the past several
fornia reflected stocks held at
Appalachian
Ind., Illinois, Kentucky
Okla., Kans., Missouri_
Texas
Louislana-Arkansas
Rocky Mountain
California
op....COCO be ...CO
1 -101
0101154 41
100.0
91.8
98.9
89.6
91.3
98.9
89.4
97.1
G.tntEnG
§§§§8§§§
Oil Operators in California Extend Oil Moratorium.
It was stated in press advices March 7 from Los Angeles Weekly Refinery Statistics for the United States.
that agreement made by oil operators of Elwood, Santa
Reports compiled by the American Petroleum Institute
Barbara County field, not to attempt to drill into the deep for the week ended March 5, from companies aggreof Sespe zone, in line with State curtailment plans, has been gating 3,665,600 barrels, or 95.2% of the 3,852,000
extended to April 1.
barrel estimated daily potential refining capacity of the
United States, indicate that 1,968,300 barrels of crude oil
Natural Gasoline Production Again Declined in were run to stills daily, and that these same companies had
January-Inventories Increase.
in storage at refineries at the end of the week, 45,429,000
According to the United States Bureau of Mines, Depart- barrels of gasoline, and 126,175,000 barrels of gas and fuel
ment of Commerce, the output of natural gasoline again oil. Reports received on the production of gasoline by the
declined and in January 1932 amounted to 140,400,000 cracking process indicate that companies owning 95.6% of
gallons, a daily average of 4,530,000 gallons, compared with the potential charging capacity of all cracking units, manua daily average production in December of 4,710,000 gallons. factured 2,877,000 barrels of cracked gasoline during the
Practically all of the major fields showed a decreased output week. The complete report for the week ended March 5
of natural gasoline in January, the decline in the Panhandle 1932, follows:
GASOLINE AND
being the most noteworthy. Several plants are operating CRUDE RUNS TO STILLS,ENDED MARCII GAS AND FUEL OIL STOCKS,
5 1932.
WEEK
In the East Texas field but their output in January was
(Figures In Barrels of 42 Gallons)
comparatively unimportant. Stocks of natural gasoline
Per Cent
Per Cent
held at the plants reflected the decline in motor fuel demand
Gas and
Crude
°per.
Potential
of Total aGasoline
Runs to
Fuel Of
Capacity
District.
and increased from 27,070,000 gallons on Dec. 31 to
Stocks.
Capacity
Stocks.
Stills.
ReportReport.
33,974,000 gallons on Jan. 31.
ing.
World's Production of Crude Petroleum in 1931 Estimated at 1,370,299,000 Barrels, a Decrease of 2.8%
as Compared with the Previous Year-Ratio of
United States Output to the World Production
Declined from 63.3% in 1930 to 62% in 1931.
The world's production of crude petroleum during 1931
reached a total of 1,370,299,000 barrels, a decrease of nearly
40,000,000 barrels, or 2.8% from the total of 1,410,037,000
barrels recorded for 1930, according to preliminary figures
released by the United States Bureau of Mines, Department
of Commerce. United States production dropped from
898,011,000 barrels in 1930 to 850,275,000 barrels in 1931,
a decline of nearly 48,000,000 barrels, or 5.3%. Production in countries other than the United States, however,
increased from 512,026,000 barrels in 1930 to 520,024,000
barrels in 1931, a gain of approximately 8,000,000 barrels,
or 1.5%. United States production, consequently, accounted for 62% of the 1931 world total. In 20 of the past
21 years, United States production has exceeded the 1931
ratio. The report continues:
Production in Russia (U. S. S. R.) increased approximately 20% in 1931
and, as a result, that country displaced Venezuela as the second-ranking
producing nation. Production in Venezuela, duo to the curtailment of
operations, decreased 13%. The only other country showing a material
gain in output in 1931 was Rumania, which rase from sixth position to
fourth, ahead of both Persia and Netherland East Indies. Production
In Mexico continued to decline and the total in 1931, 33.039.000 barrels.
was only 17% of what it was in 1921, the peak year. Of particular interest
were the increases in output in Argentina, Italy and Germany.
FINANCIAL CHRONICLE
MAR. 12 1932.]
WORLD CRUDE OIL PRODUCTION. 1929-1931.
(Figures in thousands of barrels.)
United States
Russia(U.S.S.R.)b_
Venezuela
Rumania
Persia
Netherland E. Indies_
Mexico
Colombia
Argentina
Peru
Trinidad
India, British
Poland
Brit.Borneo(Sarawak)
Sakhalin. Russian
Japan (incl. Taiwan).
Egypt
Ecuador
Germany
Canada
Iraq
France
Czechoslovakia
Italy
Bolivia
Other countries
850.275
161,900
118,770
47.600
44,300
35,500
33,039
18,237
11.608
10.106
9,769
8.190
4,340
3,689
2,240
1,990
1,946
1,751
1,643
1,584
900
517
185
145
25
50
62.1
11.8
8.7
3.5
3.2
2.6
2.4
1.3
.8
.7
.7
.6
.3
3
.2
.2
.1
.1
Quantity.
898,011
125,555
136,669
41.624
45,828
41,729
39,530
20,346
9,002
12,449
9,419
8,292
4,904
4,907
1,805
1,950
1,996
1,553
1,182'
1,522
913
523
157
59
56
56
Per
Per
Cent of Quantity. Cent of
Total.
Total.
63.7
8.9
9.7
3.0
3.3
3.0
2.8
1.4
.6
1.0
.7
.6
.3
.3
.1
.1
.1
.1
0
.WN,N000-4
Quantity.
1929.
1930.
Per
Cent of
Total.
bort.W.A.WC.10D8
..W.04WWWW0O,
,
OW....40.41
0.4.44WW0.W.0.4.q.4WWMw.../.1
40w
0.4.0W0.000010WW...2000,r.0-40.21
W.0W0W-arP.WW0 00, 1WW.0000wts,..ic.
, ,
x1931.
1855
47,306,000 barrels In 1931. Practically all of the fields in California declined
In output in 1931, a notable exception being the Kettleraan Hills field which
produced 17,544,000 barrels, compared with 6,209,000 barrels in 1930.
Several important discoveries were made in Kansas in 1931, but the output
of the State declined to 36,885,000 barrels from 41,638,000 barrels in 1930.
Imports of crude petroleum again declined; the total brought in during
1931 amounted to 47,250,000 barrels, 24% below 1930. The major portion
of this decrease was recorded in receipts of Venezuelan crude.
Refined Products.
Runs to stills of crude petroleum amounted to 894,608,000 barrels, a
decline of 32,839,000 barrels, or 4%,from 1930. Quantitatively. the decline
In runs of domestic crude exceeded the decrease in the amount or foreign
oil processed, but on a percentage basis the latter wat the more important.
Practically the only district that showed a substantial decline in runs of
domestic crude was Caafornia; on the other hand, practically all of the
decline in foreign crud( runs occurred in the East coast area.
The production of motor fuel showed little change for the second SW039.8111) year; the total produced in 1931 amounted to 437,888,000 barrels,
compared with 440,728,000 barrels in 1930 and 439.393.000 barrels In 1929.
The percentage yield of gasoline at refineries continued to increase, the
result largely of increased cracking. Imports of gasoline, which had boon
increasing rapidly, fell off 20%-from 16,927,000 barrels in 1930 to 13.621,000 barrels in 1931. On the other hand, exports of motor fuel suffered
their first decline since 1921: the total exported in 1931 was 45,832 000
.4
.3
barrels, compared with 65,575,000 barrels In 1930. The indicated domestic
demand for motor fuel exceeded the expectation of many in 1931 by showing a gain of 2% over 1930. In five months of 1931 the domestic demand
for motor fuel was below the corresponding periods of 1930, but this deficit
Total
1.370 299 100.0
1.410037 100.0 1.485.867 100.0 was more than compensated by gains in June, July. and August, the three
leading gasoline-consuming months. Stocks of motor fuel increased from
x 1931 figures subject to slight revision. b 1931 figures represent calendar year:
40,098,000 barrels on Jan. 1 to 42,320,000 barrels on Dec 31, an increase
two preceding years on basis fiscal year ended Sept. 30. Calendar year estimates,
of 2,222,000 barrels. This was largely due to material additions to storage
1930, 135,165,000 barrels: 1929, 103,000,000 barrels.
In December. In 1931 the fluctuation between the high point in motor
fuel stockt in the spring and the low point in late summer was much less
Crude Petroleum Output in the United States Declined pronounced than in most former years, indicating a growth in the flexibility of modern refinery practice.
5% in 1931 as Compared With 1930-Stocks of All
The trade in kerosene in 1931 was generally below the standards of 1930.
Oils Continue Downward Trend-Runs to Stills Production and consumption both declined, but stocks decreased-about
the only encouraging feature. The trend of the statistics of lubricating
of Crude Oil Fell Off 4%.
oils and wax in 1931 resembled closely that for kerosene. The output of
According to preliminary figures compiled by the Bureau lubricating oils in 1931 was 22% below 1930, a reflection of declining use.
of Mines, Department of Commerce, the production of crude The output of gas oil and fuel oil again declined and indications point to a
substantial decrease in use by most agencies.
petroleum during 1931 amounted to 850,275,000 barrels.
The final figure of production, which will include certain
revisions yet to be made,will probably amount to 850,000,000
barrels. This represents a decline of approximately 48,000,000 barrels, or 5% below the output in 1930, and is
15% lower than the peak figure of 1,007,323,000 barrels
established in 1929. The Bureau's statement continues:
The output of natural gasoline and benzol, the only other raw materials
utilized by the petroleum industry, also declined in 1930. imports of crude
and refined products fell off, and the total new supply of all oils fell to below
1,000,000,000 barrels for the first time since 1926. The downward trend
In stocks of all oils, which began in the first half of 1930, was continued up
to November 1931. The net withdrawal from stocks of all oils In 1931
amounted to 44.245.000 barrels, the largest annual decrease ever made.
Exports of crude oil Increased in 1931, but exports of refined products
declined from 132.794,000 barrels in 1930 to 98,969,000 barrels in 1931.
The Indicated domestic demand for all oils in 1931 amounted to 900,982.000
barrels, a decline of 25,478,000 barrels from the previous year. This
decrease reflected principally the reduced consumption of fuel oil.
The daily average output of crude petroleum increased steadily during
the first seven months of the year butt fell off drastically in August and
September. due to enforced shut
-downs in Texas and Oklahoma. Upon
the removal of these restrictions, daily average production increased in
October and November but never reached the levels of the period AprilJuly. Drilling activity in 1931 was at the lowest point in more than 30
years. Completions in 1931 totaled 12,432, compared with 21,240 in 1930.
The number of oil wells completed amounted to 6,788. a decrease of 42%
from 1930. The percentage of dry holes fell from 32 in 1930 to 29 in 1931,
a reflection of the drilling of "Inside" wells in the East Texas field.
Only two States, Texas and New Mexico, showed a gain in output in
1931. Production in Texas, the leading State, amounted to 331,544,000
barrels, an increase of 41,087.000 barrels over 1930. Production in both
California and Oklahoma, which rank second and third, respectively, fell
off materially. The output in California in 1931 amounted to 188.830,000
barrels, a decline of about 40,000,000 barrels and the lowest output since
the ascendency of the Los Angeles Basin fields in 1923. The total production in Oklahoma totaled 180,809,000 barrels, or more than 35,000,000
barrels below the total in 1930. This brought the output in Oklahoma
down to the levels of the years just prior to the discovery of the prolific
Seminole pools. The output in New Mexico increased approximately 50%
over 1930 and that State became the sixth-ranking producing State, ahead
of both Arkansas and Wyoming. The upward trend of production in the
Eastern States was intetrupted in 1931. when the total output d cr ased
11%. This decline was particularly noticeable in Pennsylvania as it marked
the first decrease in that State since 1924. Production in the Central States
and in the Rocky Mountain district continued to decline.
The development of the East Texas field overshadowed all other field
activities in 1931. Although discovered as early as October 1930, the field
did not become a substantial producer before 1931. It became evident
early in 1931 that the East Texas field was to be one of exceptional size
the proven acreage as of the close of 1930 aggregated approximately 175
square miles. The size, the easy drilling, and the fact that the leases consisted chiefly of small, irregular-shaped tracts, led to the drilling of many
wells. The total wells drilled in the field during 1931 amounted to about
3,500, of which about 95% were producers. The majority of the weils
were of the gusher type and production rose rapidly after February. The
peak production-about 1.000,000 barrels daily-and the low point in
prices-five to 15 cents per barrel-were reached in August and were
instrumental in causing the field to be shut-in under military order on
Aug. 17. It was reopened Sept. 5, when the wells were restricted to 225
barrels daily. As more wells were completed, the allowable per well was
gradually reduced. The total output for the year amounted to 107,990,000
borrao, which, despite the restrictions imposed during the last five month.:
of the year, constituted one of the very few occasions In which any district
has yielded more than 100,000,000 barrels in a year. No new fields of
Importance were found in Oklahoma in 1931. The Oklahoma City field
was the most active area in the State and despite the fact that it was
almost completely shut in from about Aug.3 to Oct. 10, and was materially
curtailed, showed a gain in output from 34,603,000 barrels in 1930 to
Natural Gasoline.
The output of natural gasoline declined for the second successive year;
the total in 1931 was 1,804,600,000 gallons, compared with 2,210,500,000
mainly
gallons in 1930, a decrease of 18%. This material decline resulted
from the curb placed on drilling. In addition, East Texas, the only area
1931. was unique
which had a material amount of flush crude production in
In not having a gas-oil ratio sufficiently large to invite the construction of
new plants until the year was practically over.
Nearly all of the States and fields reported a decrease in natural gasoline
output in 1931. The largest declines occurred in the Seminole and Santa Fe
Springs districts. The only field which showed a material gain in output
in 1931 was the Kettlernan Hills field, now the leading natural-gasoline
producing area in California. Although the output in the Texas Panhandle
declined, that area became the leading producing district of the country.
The trend in stocks of natural gasoline held at plants in 1931 was quite
similar to that in 1930; the total on hand Dec. 31 1931. amounted to
27,100.000 gallons, compared with 24,300.000 gallons on hand Jan. 1.
The practice of blending natural gasoline to produce finished motor fuel
at the plants continued to decline.
For preliminary statistics for the month and 12 months
ended Dec. 311931, see "Chronicle" of Feb. 13 1932, pages
1102 and 1103.
January Production of Crude Petroleum 9% Lower
Than in Preceding Month, but Is Slightly Higher
Than a Year Ago-Inventories Decline.
According to reports received by the Bureau of Mines,
Department of Commerce,the production of crude petroleum
in the United States during January, 1932, amounted to
66,884,000 barrels, a daily average of 2,158,000 barrels.
This represents a decrease from the previous month of 9%,
but is slightly above the output a year ago. Production in
the East Texas field, the leading producing field in the
country, continued to decline in January, when the daily
average output amounted to 318,000 barrels compared with
358,000 barrels in December. All the other major producing
districts in Texas registered declines in January and the
total output for the State was 9% below December but
21% above a year ago. Daily production in California continued steady at just above the 500,000-barrel mark. All
of the major fields in Oklahoma curtailed their output in
January. This decline was particularly noticeable in the
Oklahoma City field, and as a result that field fell below
Seminole in output.
The curtailment in crude production exceeded the seasonal
decline in demand and stocks decreased. This contrasts
with the experience of November and December, when crude
stocks increased. Total crude stocks, exclusive of heavy
crudes in California, amounted to 369,382,000 barrels on
Jan. 31, compared with 371,230,000 barrels on hand as the
year opened. The Bureau in its statement further reports:
Daily average runs to stills of crude petroleum declined from 2,346.000
barrels in December to 2,217,000 barrels in January. This decline only
affected domestic crude as the daily average runs of foreign crude remained
stationary at 108,000 barrels.
The daily average output of motor fuel continued to decline and amounted
to 1,082,000 barrels, compared with 1.163,000 barrels daily a month ago
and with 1,055,000 barrels daily a year ago. Exports of motor fuel in-
1856
[VOL. 134.
FINANCIAL CHRONICLE
Creased materially over December, but were 30% below a year ago. The
Indicated domestic demand for motor fuel totaled 26,815.000 barrels, a
daily average of 866,000 barrels. This represents a material decline from
December but is 2% above a year ago. Stocks of motor fuel, including
stocks held at bulk terminals, amounted to 57.362.000 barrels at the close
of January, compared with 52,870,000 barrels on hand Jan. 1, a gain of
4,492.000 barrels. At the current rate of total demand, the January
stocks represent 59 days' supply, compared with 49 days' supply on hand
a month ago.
The refinery data of this report were compiled from schedules of 312
refineries, with an aggregate daily recorded crude oil capacity of 3,676,610
barrels, covering, as far as the Bureau is able to determine, all operations
during January 1932. These refineries operated during January at 60%
of their recorded capacity, given above, as compared with 344 refineries
operating at 64% of their capacity in December.
SUPPLY AND DEMAND OF ALL OILS.
(Including wax, coke and asphalt In thousands of barrels of 42 U. S. gallons)
Jan. 1932. Dec. 1931. Jan. 1931.
New Supply—
Domestic production:
Crude petroleum
Daily average
Natural gasoline
Benzol
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply. all oils
Daily average
66,884
2,158
3,342
125
70.351
2,269
65,733
2,120
4.140
184
70.057
2.260
2,047
3,550
75.948
2,450
Increase In stocks, all oils
73.174
2.360
3,476
133
76.783
2.477
4.315
2.903
84.001
2.710
4,353
3.601
78.011_
2.516
8504
3,355
a4,097
76.452
2,466
80.646
2,601
pared with 2,138,050 barrels for the preceding week, an
increase of 2,800 barrels. Compared with the output for
the week ended March 7 1931 of 2,156,700 barrels per day,
the current figure represents a decrease of 15,850 barrels
daily. The daily average production east of California for
the week ended March 5 1932 was 1,638,750 barrels, as
compared with 1,638,850 barrels for the preceding week,
a decrease of 100 barrels. The following are estimates of
daily average gross production by districts for the weeks
ended March 5 1932, Feb. 27 1932 and March 7 1931:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Weeks Ended—
Mar. 5 '32. Feb. 27 '32. Feb. 20 '32. Mar. 7 '31.
418.600
Oklahoma
Kan
501.650
431.900
414,150
101.600
112.450
1070 00
4 :250
6
99,300
Panhandle Tex
50,700
Texas
53.050
49.400
43 60
27 20
. 0
47,300
North Texas
48.350
59.500
West Central Texas
25,200
23,650
23,700
177,550
178,750
175.950
232,750
5t eat Texas_
54,850
East Central Texas
55.250
44.650
54,600
309.900
3 4:250
61 700
0
East Texas
56,050
279,050
-lour h wive Texas
51,000
75.050
52.000
27,900
28,200
North Louisiana
28.500
41.250
34.000
33.850
33,500
47.950
sekansaa
154.000
110.400
Coastal Texas
113.700
109,700
27.100
26.150
27.600
26.550
Coa tai Louisiana
104.630
100.000
Eastern (not inel Michigan)._
101.70
13. 0
70
102 00
14. 5
. 0
d ichigan
14,950
Wyoming
44 050
95 0
:0
33 9 0
6:60
35.850
37.450
7.250
6 200
3:660
8.050
7.700
Montaria
4,200
Colorado
3.550
37,250
37,550
37.600
37.350
New Mexico
523.500
502,100
607.300
499,200
California
82,108
2,649
Total
Demand—
Total demand
Daily average
Exports:
Crude petroleum
Relined products
Domestic demand
Daily avereve
Excess of daily average domestic production
over domestic demand
2.140,850
2,138,050
2,108,050
2,156,700
MN
W..
00'
..
W
.W
0
'WVONWOW..
WW.W.WW._.
The estimated daily average gross production for the Mid-Continent
field, including Oklahoma. Kansas, Panhandle, North, West Central,
West, East Central, East and Southwest Texas, North Louisiana and
1.919
1,633
1.071
6.102
10,091
6.989
Arkansas, for the week ended March 5, was 1,296,900 barrels, as compared
73.473
70.098
67.830
with 1.302.050 barrels for the preceding week, a decrease of 5,150 barrels.
2.261
2.188
2.370
The Mid-Continent production, excluding Smackover (Arkansas) heavy
oil. was 1.273,850 barrels, as compared with 1,279,100 barrels, a decrease of
107
bl
81
5.250 barrels.
Stocks (End of Month)—
—Week Ended—
—Week Ended—
Crude petroleum:
Mar. 5. Feb. 27
Chahoma—
Mar.5. Feb. 27.
Southwest Texas—.
East of California
329,116
365.969_ _
326.951
11.200 11.250 Chapmann-Abbot
Bowlegs
1,500 1.550
California c
42.114
43,153
42.431
11.400 11.350 (Meet Creek
Bri.tow-Slick
,
13.700 15,200
369,382
371,230
Total crude
409.142
11.100 10.950 Luling
Burbank
7,250 7,300
Natural gasoline
2.818
3,252
2,934
Carr City
17.900 17,650 Salt Flat
9,000 7,600
259,714 I 247.9361
Refined products c
249,738
North Louisiana —
13,000 13,300
Earisboro
1d258.4861
East harishoro
850
900
10,950 12.400 Sarenta-Carterville.
South Larlsboro
4,150 4,100 Zwolls
5.700 5.650
Grand total stocks, all oils
662,132
632.030 f 621.9441
Arkansas—
Konawa
4,600 5.350
1(1632.534f
Little River
2.900 2,950
18,600 17,010 Smackover, light
East Little River
23,050 22,950
1,650 2.050 Smackover. heavy
256
Days' supply
239
250
17011AUll Texas—
Maud
2.100 2.050
Mission
19,700 19,600
5,650 6.850 Barbers 11111
3.031
Bunker oil (Incl. above In domestic demand).
3.447
3.544
Oklahoma
93,150 109.350 Raccoon Bend
5,100 4.850
a Decrease. bWiener. c California heavy crude and residual fuel Included Si. I olds City
17,750 17.400 Refuel° County
10,050 10.700
under refined products. d For comparison with 1932.
Searlvht
3,250 3.100 Sugarland
10.200 10,300
Seminole
Coastal toutsiants-PRODUCTION OF CRUDE PETROLEUM BY STATES.
10,400 11,100
East SemInole
3,300 3,250
1,200 1,100 E8.9( Hackberry
(Thousands of barrels of 42 U. P. gallons.)
K awes—
Old Hack berry
600
600
Ritz
If gaming—
13,550 12.900
Sedgwick County
December 1931.
January 1932.
January 1931.
(
15.550 14,850 Salt reek
23.000 22,750
Voshell
Montana—
7,950 8,100
Total. DailyAo. Total. DatAIM, Total. Daily Av.
Panhandle Teras—
Kevin-Sunburst
.
3.200 4.100
Cray County
New Mertco—
31,950 28.800
Arkansas
Hutchinson County..
983
31,400 31.400
32
963
31
12,300 12.300 Hobbs High
1,539
California:
North Terns—
Balance Lea County__ 4,100 4,050
Archer County
Kettleman Hills
California—
1.868
60
1,851
10,350 10.300
60
691
North Young County__
Long Beach
2.415
16,600 16,400
2.365
5,500 5,500 PA wood-Goleta
76
2.877
79
c% Ilbarger County
2.024
21.200 21.700
Santa Fe Springs
65
1.970
9.500 9,500 Huntington Beach
64
2.223
West Central Texas-Inglewood
13,700 14,100
9,225
297
9,375
Rest of State
302
10,695
dm:0 Young County_ 3,200 3,200 Kettleman Hills
61,600 57,000
15,532
Total California
501 15,561
502
16.466
Long Beach
West Texas—
79.300 79,600
114
4
Colorado
4
130
126
Crane and Upton Cos
40.700 48,700
19,700 19,500 Midway-Sunset
431
14
445
14
4091
Illinois
Ertor County
19,g00 20.300
5.350 5.400 Playa Del ReY
Indiana—Southwestern..
69
2
69
2
68
Howard County.
65,000 64,500
23,000 22.250 Santa Fe Springs
3
4
3
Northeastern
Reagan County
13,600 13,300
30.400 32.950 Seal !teach.
72
2
73
2
71
Total Indiana
Winkler County
3,183
30.750 30,400 Ventura Avenue
36,500 39,600
2,954
103
3,102
95
Kansas
Yates
514
55.200 55.300
16
17
546
498
Kentucky
Balance Pecos County._ 2,500 2,400
Perintelranta Grads—
923
30
842
29
Louisiana--Gulf Coast-.
879
end Central Texas—
Allesany
835
27
1,244
7,450 7,250
25
791
Rest of State
Van Zandt Comity
48,800 48.800 Bradford
1,758
57
2,086
27,500 26.750
1,670
64
Total Louisiana
Kane to Butler.
Past Texas—
476
15
261
7,950 6,550
15
Michigan
471
Rusk Co.: Joiner
101,700 100.000 Southeastern Ohio
7
256
212
5,500 4,800
Montana
175
6
Kilgore
97,750 96,650 Southwestern Penna.... 3.100 2,750
42
1,185
1.313
38
New Maxi o
1,170
Gregg Co.: LonialeW. __110,450 108.100 West Virginia__ .
11
285
338
11
New York
12,150 11,100
322
361
11
344
9
Ohio—Central dr Eastern
292
3
105
89
Northwestern
84
3
14
496
433
12
376
Total Ohio
2,588
169
5,245
Report That International Conference on Copper Has
120
Oklahoma—Okla. City3,739
141
5.002
4.359
Seminole
126
3,900
Reached an Agreement on Restriction—Differences
7,320
238
7,383
199
6.160
Rest of State
14,910
548
445 16,987
Total Oklahoma.... 13,799
on Rules Still Unadjusted—Foreign Copper In36
925
1,129
34
Pennsylvania
1.062
1
Tennessee
-terests Sailing for Europe.
4,686
114
3,537
105
Texas—Gulf Coast
3.276
7,887
188
5,819
West Texas
174
6,391
The conferences of world copper producers which have
101
358
318 11,090
East Texas
9,854
8.665
been held in this city for the past two weeks, have,said the
248
7,698
Rest of State
233
7,216
21.339
908
Total Texas
830 28,144
25,737
New York "Sun" of last night (Mar. 11), been concluded
12
379
West Virginia
382
11
333
803
22
686
Wyoming—Salt Creek_
23
727
following the reaching of an accord on the plan to curtail
514
15
Rester State
453
15
457
1,317
37
Total Wyoming
1.139
1,184
production from 26% to 20%. The "Sun" continued:
38
U.S total
66.884
2,158
73,174
2.360
65,733
2,120
NUMBER OF WELLS COMPLETED IN THE UNITED STATES.a
January 1932,
011
Gas
Dry
643
124
197
December 1931.
744
129
240
January 1931.
487
202
441
Total
004
1 112
1.120
a From "OH dr Gas Journal' and California office of the American Petroleum
Institute.
Production of Crude Petroleum Lower Than a Year Ago
but Continues to Show an Increase Over the Preceding Week.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended March 5 was 2,140,850 barrels, as corn-
The copper producers found it impossible to compose their differences
on revision of rules of Copper Exporters, Inc., and decided to continue
operating under the old rules.
Copper Exporters, Inc., this afternoon issued a statement confirming
the foregoing as follows:
"As a result of recent conferences participated in with but few exceptions by
all the world's producers of copper. It Is anticipated that further curtailment contemplated will be brow-lit about, provided that the mining companies not represented at these conferences will show a fair spirit of co-operation.
"In expectation of such co-operation, producers and custom smelters have agreed
to continue to co-operate In the export market through Copper Exporters."
In view of the accord on curtailment, the foreign copper executives
who have been participating in the conference will carry out their plan to
sail for Europe on the liner Majestic tonight. Those who have engaged
passage are F. Pisart, managing director of the Katanga mines, operated
by Belgians in Africa: Sir Auckland Geddes, Chairman of the Rio Tinto
and Rhokana companies. and Arthur D. Storke, managing director of
the Roan Antelope Copper Mining Co., operating in Africa.
While the plan to revise the rules governing sales by the Copper Exporters, Inc., has been dropped, discovery of a provisioi in the old rules
permitting custom smelters to make 'medal offerings of metal abroad at
less than official prices without forfeiting their privileges as members of
the exporting organization, is having the effect of modifying the previous
MAR.
FINA_NCIAL CHRONICLE
12 1932.]
practice under those rules. Until this year custom smelters had made no
special offers of copper at reduced prices for export, although regularly
making them In the domestic market, because Copper Exporters, Inc., Is
not concerned with that market.
Sales of copper for expoet today were 2.500.000 pounds. All were sold
on special offerings by custom smelters under the new interpretation of
the rules of Copper Exporters. These special offers meet objections of
foreign consumers that American producers required them to pay more for
copper, after allowing for cost of shipment, than American consumers paid.
1857
trial of the new regulations. Meetings are still being held In New York
to revamp the rules, but little information is available to the public as
to the particular matters under discussion. The general feeling Is that
the question of further curtailment of copper output has been pretty well
settled-the new rate of operation being 20% of capacity, compared with
26j4%, which went into effect Jan. 1. Because of the complex nature of
the problem, however, new sales regulations may not be so easily agreed
to. In some quarters the hope is expressed that by the time Messrs.
Pisan and Geddes sail Friday evening, an agreement will have been reached.
Canada Fixed Customs Valuations on Specified Brass,
Export Price of Copper at Six Cents a Pound.
Copper, Phosphor Bronze, and Nickel Silver
six cents a pound,
Electrolytic copper price abroad is
Products.
c. i. f., Hamburg, Havre and London on special offering of
The following announcement was issued March 2 by the
a limited tonnage through Copper Exporters, Inc. This
is 34 cent below price prevailing Thursday according to the U. S. Department of Commerce:
Fixed customs valuations for import duty purposes, on specified brass,
"Brooklyn Eagle" of last night (Mar. 11).
copper, phosphor bronze, and nickel silver products, were established on
Copper buying in domestic market is small with price Feb. 18 1932. under authority of Section 43 of the Customs Act, according
six cents delivered. However there is a fair inquiry making to a telegram from Commercial Attache Lynn E. Meekins, Ottawa. The
base prices apply to importations of brass and copper products in quantities
3
the round for copper at 5% cents delivered.
of 1,000 to 5,000 pounds, In one shipment, and on importations of 1.000
pounds, in one shipment, on phosphor bronze and nickel silver products.
Production and Shipments of Slab Zinc Again Fell Off
During February.
According to the American Zinc Institute, Inc., production of slab zinc declined from 22,516 short tons in
January of this year to 21,516 tons in February, while
shipments totaled 21,896 tons in the latter month as compared with 22,472 tons in January 1932. In February 1931
a total of 29,562 tons of slab zinc were produced and 30,249
tons shipped. Inventories at Feb. 29 1932 amounted to
129,506 tons, as against 144 389 tons at Feb. 28 1931 and
129,886 tons at Jan. 31 1932. The Institute's statement
follows:
SLAB ZINC STATISTICS (ALL GRADES), um;1931 AND 1932
(Tons of 2.000 Lbs.)
Produced
During
Month.
Shipped
During
Month.
52,010
44,628
48,119
44.435
44,556
43,458
40.023
41.012
40.470
40.922
32,097
32.733
40,704
41.296
41.820
40.597
38,681
36.448
35,389
31.901
32,470
32,430
30.285
34.254
Total for year 504,463
Monthly aver._ 42.039
yRetorts Unfilled
Stock at xShip- Operarg, Orders. Daily
End of petIfor End of End of Aver.
Month. Export. Month. Month. Prod.
436,275
36,356
Month.
1930.
fanuary
February
%larch
Aprll
May
lune
fuly
Atnruat
September
October
November
December
1931.
January
February
March
AprIl
May
June
July
AuguAt
September
October
November
December
82.522
29,562
32,328
29.137
25.688
23,483
21,365
21.467
21,327
21,548
20,548
21,868
31,064
30,249
35.224
27.418
25,851
27.604
28,460
23,599
20.860
21.181
19,963
23.041
Total for year 300,738
Monthly aver
25,062
314,514
26,210
145,076
144,389
141,493
143,212
143,049
138.928
131.1833
129,701
130.168
130,535
131.015
129.842
20
6
17
26
31
37
31
17
11
0
0
0
59,457
57,929
51.300
50.038
52.072
52,428
46.030
01.004
42.574
36,604
35,092
31.240
39,017
32.962
29,330
29.203
30,515
28,979
34,135
28,972
27.108
29.510
24,4811
26.651
1,678
1,594
1.552
1.481
1,437
1,449
1.291
1,323
1.349
1,321
1,067
1,054
196
16
86,736
90.068
90.367
100.205
106.0140
113,090
117,724
126.835
134,835
143.327
145,139
143.618
47.064
30,072
1,355
2
33.235
33,116
31,821
26,672
20,624
19.022
19.266
19,305
20.417
21,374
19.428
19.875
30.251
33.453
31,216
36,180
31.146
33,066
24.1115
20.503
15.388
18.365
21.355
18,273
1.049
1.056
1,043
971
829
783
689
692
708
695
681
705
41
3
23,680
26,166
822
1
0
0
0
20
1932.
31 22.044 24,232
723
January
22,510
22,472 129.886
0 21,752 23,118
February
21,516
21,898 129.506
742
i Export shipments are Included in total shipments.
Average Reports Reporting1932.
1931.
1930.
Month of January
21,001
32.737
61,612
February
20,629
34,423
58.403
Note.-F17uree for retorts operating have been revised In accordance with corrected data supplied by producers. These ffzures relate to horizontal retorts only.
The total production of zinc as reported Includes also the metal produced by con
tinuously operating vertical retorts and by the electrolytic method.
Copper Price Cut Abroad Announced-Week in Metals
Generally Quiet-Fair Domestic Sales in Copper.
Announcement that a further cut will be made in the
price at which producers are offering copper abroad under
the special sales clause, dramatized the last moments of
trading in the metals market on March 9, "Metal and
Mineral Markets" reports, and then proceeds as follows:
The price, effective to-day, probably will be revised to 631c., c.i.f.
usual European ports. Total foreign sales for March up to last night
were about 9.200 short tons.
The price change announcement closed a week which had been marked
by only fair activity In any of the metals. Lead was in good request,
but prices remained unchanged. Zinc showed resistance to attempts at
further price reductions Tin fluctuated violently abroad on changes In
sterling but the situation here underwent little change.
Fair domestic sales of copper were made last Friday and Saturday, but
business almost ceased when domestic sellers started quoting 6Y4c. a pound
last Monday. The sales total, albeit it marks the second best week of
1932, is about one-third of an average week's business in 1931. Domestic
consumers are, on the whole, still well covered for future requirements.
overhangs the industry, they are not
In the present uncertainty that
likely to commit themselves further. At the close yesterday, business
could have been done in several directions at 6c. a pound.
Sales of copper abroad are still being made under the old 1931 rules of
ooppec Exporters, which were resumed on March 1 after a two-months'
Decline in Steel Production Halted-Operations Now at
27% of Capacity-Price of Finished Steel Advances.
Despite the continued absence of important tonnage from
-the automobile
the three major steel-consuming groups
industry, the railroads and building construction-steel
business is a shade better this week because of slightly expanding releases from miscellaneous consumers, and the
average ingot operating rate for the country has risen one
point to 27% of capacity, reports the "Iron Age" of March
10. in its weekly summary of iron and steel operations. The
"Age" continues:
The Ford Motor Co., whose production plans have claimed the chief
Interest of steel companies in the past few weeks, has not yet placed any
business of consequence, but substantial orders are expected any day.
Meanwhile, other automobile companies have placed a check on their
buying, though the Chevrolet and Chrysler companies have issued inquiries
for some of their second quarter requirements.
Strengthening of the steel price structure has become a definitely constructive influence, which will be more strongly in evidence at the end of
this mouth, when more liveral specifications against expiring first quarter
contracts, taken at the former prices, are expected. The sales tax law,
which will not taje effect until 30 days after it is signed. may operate also
to increase forward buying.
Steel companies, In announcing higher prices, in some cases for immediate
orders and in others for second quarter, are not deterred by the fact that the
business volume is not increasing sufficiently to give adequate support
to such moves. Their determination to check their losses finds sanction
In the wide admission that unless they do so a further wage cut may be
Inevitable.
Sheet manufacturers, who were the first to take a stand for higher prices,
have apparently established them, at least on the common grades. Chicago
mills have taken small orders for bars, plates and shapes at an advance of
82 a ton, but a similar rise at Pittsburgh has not been tested. Makers of
hot-rolled strip have announced second quarter prices, which for the smaller
buyers will be 82 a ton above the current level. A rise of like amount may
become effective on cold-rolled strip. An outright reduction of $10 a ton,
however, has been mace on electrical sheets.
With 2.20c. a lb.. Pittsburgh, now effective on No.24 hot
-rolled annealed
sheets, the "Iron Age" composite price for finished steel is advanced to
gain since June 30 1931, and, with
2.044c. from 2.037c., this being the first
that exception, the first since Jan. 13, last year. The pig iron composite
is unchanged at $14.48 a gross ton,and steel scrap remains at $8.25 a gross
ton.
Such improvement as has occurred In steel business has come partly front
manufacturers of electric refrigerators and steel barrels. Inquiries have
been more numerous from makers of automobile parts and from users of
structural steel and reinforcing bars. There are indications of more buying
by the railroads, but delays are frequent, a case In point being the New
York Central rail Inquiry, which was exoected last week, but which probably
will not appear wail next week. Even the few railroads that have recently
bought rails are slow in giving releases. Tin plate railings have improved
slightly, though some is being produced In advance of specifications. A
shipment of 3.0(10 tons of Welsh tin plate has arrived on the Pacific Coast.
Gains in steel ingot output thave occurred at Pittsburgh. Cleveland.
Wheeling and in the Valleys, being small in all instances and offset to
some extent by losses elsewhere, particularly at Birmingham, where the
stoppage of the Ensley rail mill has caused the shutting down of two blast
furnaces and several open-hearth furnaces. The Ensley mill probably will
resume on April 4.
The slight increase in the average operating rate for the country is the
first check In the decline which started with the first week of February
after a slowly rising trend in January. However, last month's ingot output, on a daily basis, gained almost 4% over that of January, which, in
turn, was 12.2% better than December. February's daily rate was 54.382
gross tons, against 56,202 tons In January. Even with one less working
day In the month, open-hearth output was larger than in January, though
Bessemer ingot production declined.
The "Iron Age" composite prices follow:
Finished Steel.
Mar. 8 1932. 2.044e. a Lb.
Based on steel bars, beams, tank plates,
One week ago
2.037o.
wire. rails, black pipe and sheets.
2.0370. These products make 87% of the
One month 290
One year ago
2 1420. United States output.
Low.
High.
2.0370. Jan. 19
1932
2.0520. Jan. 5
2.0520. Dec. 29
2 1420. Jan. 13
1931
2 362e. Jan. 7
2.1210. Dec. 9
1930
2 4120. Apr. 2
1929
2.3620. Oet. 25
2 391o. Dec. 11
2.3140. Jan, 3
1928
2 4530. Jan. 4
2.2930. Oct. 25
1927
2 4530, Jan. 5
2.4030. May 18
1926
2 5600. Jan. 6
2.396c. Aug. 18
1925
Phi Iron.
Based on average of baste Iron at Valley
Mar.8 1932. $14.48 a Gross Ton.
$14.48 furnace and foundry irons at Chicago.
One week ago
One month ago
14.48 Philadelphia, Buffalo, Valley and Bk15.71
One year ago
mlogham.
1858
[VOL. 134.
FINANCIAL CHRONICLE
Low.
High.
on at least one date, namely Sept. 30 1904, when the orders
$14.48 Feb. 9
$14.81 Jan. 5
15.79 Dec. 15 would only have been 2,434,736 tons. At Feb. 28 1931 the
15.90 Jan. 6
15.90 Dec. 16
18.21 Jan. 7
18.21 Dec. 17 unfilled tonnage aggregated 3,965,194 tons. We furnish
18.71 May 14
17.04 July 24
18.59 Nov. 27
monthly figures since January 1927. We refer
17.54 Nov. 1 below the
19.71 Jan. 4
19.46 July 13 the reader to the "Chronicle" of April 16 1927 for earlier
21.54 Jan. 5
22.50 Jan. 13
18.96 July 7
dates.
Steel Scrap.
Mar.8 1932. $8.25 a Gross Ton.
Based on heavy melting steel quo- UNFILLED ORDERS OF SUBSIDIARIES OF U. B. STEEL CORPORATION.
One week ago
28.23 tattoos at Pittsburgh. Philadelphia
End of
One month ago
8.33 and Chicago.
Month.
1932.
1931.
1030.
1929.
1927.
1928.
One year ago
11.17
Low.
High.
January.._ 2,648,150 4,132,351 4,468,710 4,109,487 4,275,947 3,800,177
1932
$8.25 Feb. 9 February_ 2,545,629
$8.50 Jan. 12
3,965,194 4,479.748 4,144,341 4,398.189 3,597,119
1931
11.33 Jan. 6
8.50 Dec. 29 March......
3,995,330 4,570.653 4,410,718 4,335.206 3,553.140
1930
11.25 Dec. 9 April
15.00 Feb. 18
3,897,729 4,354,220 4,427,763 3,872,133 3,456,132
1929
14.08 Dec. 3 May
17.58 Jan. 29
3,620,452 4.059,227 4,304,167 3.416.822 3.050,941
1928
16.50 Dec. 31
13.08
June
3,479,323 3,968,064 4.256,910 3,637,009 3.053.246
1927
13.25 an. 11
13.08 Nov. 22 July
3,404,816 4,022.055 4,088,177 3,570,927 3,142,104
1926
14.00 June 1 August_
17.25 Jan. 5
3,169,457 3,580,204 3,658,211 3,624,043 3,196.037
1925
20.83 Jan. 13
15.08 May 2 September
3,144.833 3,424,338 3,902,581 3,698,368 3,148,113
3,119,432 3,481,763 4,086,562 3,751,030 3,341.040
While automobile requirements for steel, which were ex- October_
November
2,933.891 3,639.636 4.125,345 3,643.000 3,454,444
pected to supply a noteworthy lift to production early in December_
2,735,353 3,943,596 4,417,193 3,976,712 3,972,874
1032
1931
1930
1929
1928
1927
1926
1925
March, continue a mirage, structural steel inquiry and bookings have expanded to the largest volume of the year and Steel Ingot Production in February Slightly Below
railroad placements of track and repair material are broadJanuary.
ening each week, states "Steel" of Cleveland, March 7,
Production of steel ingots, in February, by all companies,
which further reports as follows:
is estimated at 1,459,547 tons by the American Iron & Steel
Steelmakers are with difficulty maintaining operations at 25% sharp
losses at Birmingham and Buffalo canceling slight gains at Pittsburgh. Institute. This is 1,743 tons below January when the
Youngstown and Cleveland. Sentiment has become somewhat diluted, output was 1,461,290 tons while in February a year ago the
but reasonable hopes still are entertained that Ford releases, expected daily,
and the rolling of some railroad business now being entered will enable output was 2,502,366 tons. The approximate daily output
for the 25 working days in February 1932 was 58,382 tons
March to close better than it opened.
To the end of last week, Ford steel requirements still were restricted to while in January which contained 26 working days, output
pickup lots plus the needs for the 20,000 of the new fours and eights scheduled for March assembly. In northern Ohio pig iron releases were accel- averaged only 56,203 tons per day. During February 1931,
erated by the distribution of some Ford castings orders. Other makers, in which there were but 24 working days, daily production
especially in the low-price field, continue blighted by the uncertainty of averaged 104,265 tons. An encouraging feature is that
Ford and a majority have further reduced their schedules.
Reflecting improvement in the credit situation resulting from federal since the depth of the depression in December, the rate of
legislation, practically all railroads are increasing shop operations, and ex- production has been steadily if slowly increasing. In Decempanding steel pirchases, moderately. Chicago mills expect to book 20,000 ber the output was 50,092 tons per day, in January 56,203
to 25.000 tons of rails, about half the order anticipated shortly from the
New York Oentral. Southern Pacific has placed 25,000 tons of rails. tons per day, and in February 57,271 tons per day. In
The Erie has purchased approximately 6,000 tons of track fastenings and December the mills were working to 23.58% of capacity,
the Nickel Plate about 3.000 tons; Seaboard Air Line is taking bids on in January to 26.54% and in February to 27.57%. For
second quarter requirements of plates and shapes.
Significantly, freight car orders so far this year-150
--are ahead of the January and February combined the per cent of operation
comparable period last year. Though inquiries for 215 freight cars are the present year, however, was 27.05 against 45.79 in the
active, builders do not expect to receive substantial orders until fall. Railsame two months of last year. We show below the monthly
roads are buying considerable air-conditioning equipment.
Seasonal influences are more apparent in structural awards for the week, report as given out by the Institute for months back to
24,000 tons, comprised mainly of public projects such as 3,000 tons for the January 1931:
Steel ingot production for the week ended Monday
(March 7)slightly exceeded 263.% of the present theoretical
capacity, according to the "Wall Street Journal" of March 9.
This showing compares with nearly 26% in the preceding
week and with 25% two weeks ago. The "Journal" adds:
The U. S. Steel Corp. showed an increase of 1% to 27 y,.j %,against 263.5%
in the week before and a shade under 2534% two weeks ago. Leading independents are estimated at a little under 26%, compared with a fraction
over 25% in the previous week and better than 24% two weeks ago.
At this time last year the industry recorded an increase of 1% to 54%.
U. S. Steel showed a drop of 1% to 54%. while independents were up about
2% to 54%. In the corresponding week of 1930 the average was a little
under 76%. with U. S. Steel at 82% and independents better than 70%•
In the corresponding week of 1929, the industry ran at a fraction over
94%, U. S. Steel being at 97%, and independents at around 92%. In the
1928 week the average was slightly under 82%, with U. S. Steel betweem
as% and 89%, and independents at 76%•
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1931 TO
FEBRUARY 1932
-GROSS TONS.
Reported by companies which made 95.21% of the open-hearth and Bessemer steel
Ingot production In 1930.
Months.
OpenHearth.
Calculated No.of Approx. Per
Monthly
Cent.
Monthly Work- Daily
Output
Bessemer. Companies Output All log Output OperaReporting. Companies. Days. AU Co.. fion.s
1931.
Jan
Feb
2,044.298
2.085.529
296.620
296.974
2,340,918
2.382.503
2.458,689
2,502.366
27
24
2 mos
4,129,827
593,594
4,723,421
4,961,055
51
97,276
45.79
lloarch
A prIl
May
June
July
August_._
Sept
Oct
Nov
Dec
2,504.060
2,275,404
2,083,833
1.730,109
1,570.776
1.462.720
1.274,321
1.320,158
1.276,906
1,069,468
346.137
316.668
301,639
246,365
225.030
174.380
199.151
195.943
240.441
170,546
2,850.197
2.592.072
2.385,472
1,976,474
1.795.806
1.637.100
1,473,472
1,516.101
1.517,847
1,240.014
2.993.590
2.722.479
2,505.485
2.075.910
1,8843.153
1,719,462
1,547,602
1.592,376
1.593,684
1,302,399
042cVeeet...Cle.
NC1c*CitiNCINC4C.
Atlanta, Ga., postoffice, and 2,600 tons for grade elimination work at
Buffalo. Pending are 8,000 tons for an addition to the Washington postoffice and 2.000 tons for the capitol building, Bismarck, N. Dak.
American tin plate producers have increased their export price 45 cents
per base box, following a milder advance by foreign sellers. Welsh mills
are forming a pool to stabilize the market. On an accumulation of orders
from can manufacturers, valley operations are up slightly to 50%. As an
Indication of eagerness of heavy finished steel mills for orders, a substantial
tonnage of steel, mainly plates, for a Panama dam project has brought
out bids from 351)companies.
Pig iron statistics for February augur well for March, in view of the net
gain of four in January, which registered the first increase in the number
of active stacks in ten months. February raised the total to 64. Total
production for February was 960,550 gross tons, daily output averaging
33,122 tons, up 5.7%.
Abnormal market conditions In the valley pig iron market have modified
some of the usual differentials between foundry and steelmaking grades.
Scrap Is more active at Pittsburgh, a steelmaker having purchased upward
of 20,000 tons of heavy melting steel.
"Steers" iron and steel composite remains at $29.53; the finished steel
composite holds at $46.82, and the steelworks scrap composite $7.97.
115.138
104,711
96.365
79,843
72.544
66.133
59,523
58.977
63.747
50,092
54.20
49.29
45.38
37.58
34.15
31.13
28.02
27.76
30.01
23.58
20,697,582 3,009.894 23.707,476 24,900,195 311
80,065
37.69
58,203
58,382
20.54
27.57
Total
1932.
Jan
Feb
1.230,881
1,232,568
180,833
157,067
1.391,294
1.389,635
1,481, I.
1,459,547
20
25
91.063
104.265
42.86
49.08
2m.
2463220
317.700 2.780.929 2.920.937 51
57.271 27.03
a The figures of "Per cent of operation" are based on the annual capae ty as of
Dec. 31 1930 of 66.069,570 gross tons for Bessemer and open-hearth steel ingots.
Sheet Tin Plate Mills Reopened by American Sheet
Tin Plate Co. in Pennsylvania.
More than 500 men were returned to part-time work
when 10 idle mills at the Shenango, Pa., plant of the American Sheet Tin Plate Co., a subsidiary of the United States
Steel Corp., resumed operations on March 7. Thirty of
40 mills available at the plant in New Castle, Pa., are now
operating against 20 currently, as 10 mills were reopened
United States Steel Corp. Reports Backlog at New Low. on Monday, March 7.
Unfilled orders on the books of the subsidiaries of United
States Steel Corp. at the end of February totaled only 2,545,Plants in Ohio Resume, Affecting
629 tons, bringing the figure to a new low for the second conHundreds of Workers.
secutive month. The decrease amounts to 102,521 tons since
Increased industrial operations affecting hundreds of
the previous month when the backlog was 2,648,150 tons,
workers are scheduled for this week along the Ohio River
the lowest up to that date. As pointed out in these columns front
in Belmont County, says Associated Press advices
a month ago, however, the figures reported prior to Dec. 31
from Martins Ferry, Ohio, March 6, which add:
1907 are not comparable with those since that date for the
The Wheeling Steel Corp. mill in Martins Ferry will resume operations
reason that the figures during the earlier period included March 7, after a one-week suspension. It is expected that additional
men will be recalled to work at the Laughlin plant of the American Sheet
orders received from sources within the company's own
Tin
here.
organization. As also mentioned last month, had these & The Plate Co.Glass Co. of Bellaire will resume operations March 7,
Imperial
figures been excluded, the tonnage would have been lower after a week's shutdown. Another plant scheduled to resume on the same
FINANCIAL CHRONICLE
MAR. 121932.]
day is the Benwood, W. Va., works of the Wheeling Steel Corp., across
the river from Bellaire.
1
Bituminous Coal and Anthracite Output Increased
During February.
According to the United States Bureau of Mines, Department of Commerce, preliminary estimates show that
production of bituminous coal and anthracite in February
1932 showed an increase over the preceding month, but
continued below the figures for the corresponding period
last year. During February there were produced a total
of 27,985,000 net tons of bituminous coal and 3,990,000
tons of anthracite, as against 27,892,000 tons of bituminous
coal and 3,897,000 tons of anthracite in the month of
January, and 31,408,000 tons of bituminous coal and
5,391,000 tons of anthracite in February of last year.
The average daily rate of production of bituminous coal
during February 1932 amounted to 1,128,000 net tons as
compared with 1,314,000 tons in the same month last year
and 1,102,000 tons in January 1932. The Bureau's statement follows:
Total
for
Month.
(Net Tons).
February 1932 (prellminarY) a
Bituminous coal
Anthracite
Beehive coke
January 1932 (revised):
Bituminous coal
Anthracite
Beehive coke
February 1931:
Bituminous coal
Anthracite
Beehive coke
Cal. Year
Number Average per
to End of
Working
of
February
Day
Working
Days. (Net Tons). (Net Tons).
27,985,000
3,990,000
85,900
24.8
24.5
25.0
1,128.000
162,900
3,436
27,892,000
3,897,000
87,900
25.3
25.0
26.0
1,102,000
155,900
3,381
31,408,000
5,391,000
162,900
23.9
23.5
24.0
1,314,000
229.400
6,788
55,877,000
7,887.000
173,800
69,950,000
11,548,000
325,900
a Slight revisions of these estimates will be Issued In the weekly coal report
about the middle of the month.
Production of Bituminous Coal Shows a Further
Decline, Due in Part to Observance of Washington's Birthday, Feb. 22
-Pennsylvania Anthracite
Output Increases Sharply.
According to the United States Bureau of Mines, Departmetn of Commerce, production of bituminous coal during
the week ended Feb. 27 1932 declined 5.1% as compared
with the preceding week, while output of Pennsylvania
anthracite increased sharply. During the period under
review there were produced 6,295,000 net tons of bituminous
coal and 1,018,000 tons of Pennsylvania anthracite RS against
6,630,000 tons of bituminous coal and 874,000 tons of
anthracite in the week ended Feb. 20 1932 and 7,455,000
tons of bituminous coal and 1,133,000 tons of anthracite
during the week in 1931 corresponding with that of Feb. 27.
During the coal year to Feb.27 1932 production of bituminous coal totaled 328,987,000 tons as compared with 409,262,000 tons during the coal year to Feb. 28 1931. The
Bureau's statement follows:
Feb. 13
Feb.20.a
Feb. 27_to
1859
Estimated Production of Pennsylvania Anthracite (Net,Tons).
1931
1932Daily
Daily
Average.
Week.
Average.
Week.
265.800
866,000
144,300
1,595,000
201,500
874.000
145,700
1,209,000
206,000
1 018,000
185,100
1.133,000
b Feb. 22 weighted as 0.5 of a working day.
BITUMINOUS COAL.
The total production of soft coal during the week ended Feb. 27 1932.
Including lignite and coal coked at the mines, is estimated at 6,295,000 net
tons. Compared with the output in the preceding week, this shows a decrease of 335,000 tons, or 5.1%. Monday, Washington's Birthday, was
observed as a holiday in many fields. For the country as a whole working
time was equivalent to approximately 0.8 of a normal day.
a Revised since last report.
Estimated United Stales Production of Bituminous Coat (Net Tons).
1931-321930-31
Coal Year
Coal Year
Week.
Week Endedto Date.
to Date.a
Week.
393,902,000
Feb. 13
6,626,000
316,062.000
8,215,000
1.469,000
Daily average
1,104,000
1,178,000
1,369.000
6,630,000
401,807,000
Feb. 20
7,905.000
322,692,000
1 105,000
1,466,000
Daily average
1,176.000
1,318,000
6,295,000
409.262.000
Feb. 27_b
328,987,000
7,455,000
1.462.000
Daily average
1 085,000
1,174.000
1,264,000
a Minus one day's production first week In April to equalize number of days In
the two years. b Subject to revision. Feb.22 weighted as 0.8 of a working day.
The total production of soft coal during the present coal year to Feb. 27
(approximately 280 working days) amounts to 328,987.000 net tons.
Figures for corresponding periods in other recent coal years are given below:
1927-28.
1930-31.
1929-30.
1928-29.
409,282,000 net tons 482,641.000 net tons 470,258,000 net tons 434,050,000 net tons
As already indicated by the figures above, the total production of soft
coal for the country as a whole during the week ended Feb. 20. the latest
week for which detailed figures are available, is estimated at 6,630,000 net
tons. Compared with a total of 6,626,000 tons in the preceding week, this
indicates but little change.
The following table shows the source of the tonnage, by States, and gives
comparable figures for other recent years:
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
StateFeb. 20 '32. Feb 13 '32. Feb. 21 '31. Feb.22'30.
343.000
258,000
169,000
Alabama
171,000
32.000
25.00013,000
Arkansas
29,000
132.000
129,000
127,000
Colorado
136,000
923,000 1,016,000 1,113,000
Illinois
993,000
365.000
320,000
270,000
Indiana
265,000
76.000
73,000
Iowa
87,000
90,000
58,000
43,000
42,000
Kansas
48,000
859,000
599,000
493,000
Kentucky-Eastern
370,000
250,000
186,000
146,000
Western
162,000
53.000
42,000
37,000
37,000
Maryland
15.000
17,000
11,000
11,000
Michigan
88,000
61,000
81,000
Missouri
93,000
52,000
41.000
51.000
51,000
Montana
32,000
28,000
New Mexico
27,000
25,000
32,000
34,000
North Dakota
64,000
61,000
438,000
455,000
Ohio
308,000
420.000
52,000
33,000
28.000
Oklahoma
18.000
Penusylvania(bituminous)_1.556,000 1,522,000 2,184,000 2.577,000
106,000
Tennessee
61,000
97.000
61,000
14,000
15,000
Texas
12,000
13,000
61,000
Utah
58,000
82,000
98,000
256,000
Virginia
184.000
166,000
177,000
39,000
Washington
38.000
39,000
41,000
West Virginia-Southernb_1,200,000 1,244.000 1,367,000 1.818,000
Norther=
675,000
423,000
531,000
473,000
Wyoming
96,000
102,000
98.000
83,000
Other States
5,000
9.000
9,000
1.000
Feb. 1923
Average.a
409.000
25,000
231,000
1,993,000
613,000
136,000
95.000
556,000
226,000
61,000
26.000
79.000
80,000
58,000
37.000
694,000
62,000
3,087.000
127,000
23,000
96,000
212,000
77,000
1,127,000
673,000
156.000
7,000
Total bituminous eoal-6,630,000 6,626,000 7,905,000 9,637,000 10,956,000
Penrusylvania anthracite.- 874,000
866,000 1,209,000 1,423,000 1,902,000
Total all coal
7,504,000 7,492,000 9.114,000 11.060,000 12,858,000
a Average weekly rate for the entire month. b Includes operations on the N.&
W.,C.& O., Virginian, K.& M.and B.C.& G. c Rest of State. Incl. Panhandle.
BEEHIVE COKE.
The total production of beehive coke during the week ended Feb. 20 is
estimated at 20,500 net tons. This shows a decrease of 1,700 tons, or
7.7%. from the output in the preceding week, and compares with 43,300
tons produced during the week in 1931 corresponding with that of Feb. 20.
The total production during 1932 to Feb.20 is less by 47.1% than in 1931.
Estimated Weekly Production of Beehive Coke (Net Tons).
PENNSYLVANIA ANTHRACITE.
1931
Week Ended- 1932
to
to
Production of anthracite in the State of Pennsylvania during the week
Feb. 20 Feb. 13 Feb. 21
Date.
Date.
a
1932. 1932. 1931.
Regionended Feb. 27 is estimated at 1,018.000 net tons. This indicates a sharp
17,500 18,500 35,200 125,600 226,900
increase over the preceding week-144,000 tons. or 16.5%-despite the Pennsylvania
8,700 25,900
900 1,700 4,500
West Virginia
fact that time was lost at some mines on Monday, the 22d. In celebration Tennessee and Virginia
9.300 21,400
1.500 1,400 2.600
5.500
9.000
600 1,000
of Washington's Birthday. Daily records show that production was Colorado, Utah and Washington
600
higher on all other days than in the week of Feb. 20. The rate of output
United States
20,500 22,200 43.300 149,100 283,200
during the current year remains well below that for 1931. Production Daily average total
6,436
3,389
3,417 3,700 7,217
during the week in 1931 corresponding with that of Feb. 27 amounted to
a Minus one day's production first week In January to equalize number of days
1,133,000 net tons.
in the two years.
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 March 9, as reported
by the Federal Reserve banks, was $1,728,000,000, unchanged from the preceding week and an increase of $784,000,000 compared with the corresponding week in 1931.
After noting these facts, the Federal Reserve Board proceeds
as follows:
On March 9 total Reserve bank credit amounted to $1.698,000,000, a
decrease of $31,000,000 for the week. This decrease corresponds with
decreases of $39,000.000 in money in circulatioa and $3.000,000 in unexpended capital funds, non-member deposits, Ace., and an increase of
$12,000,000 in monetary gold stock, offset in part by an increase of $8,000,000 in member bank Reserve balances and a decrease of $16,000,000 in
Treasury currency. adjusted.
Holdings of discounted bills declined $25,000,000 at the Federal Reserve
Bank of Now York, $24,000,000 at Philadelphia, 86,000,000 at Chicago,
$5,000,000 each at Atlanta and San Francisco and $80,000,000 at all
Federal Reserve banks. The System's holdings of bills bought in open
market Increased $22,000,000, of Treasury notes, $4,000.000 and of
Treasury certificates and bills $21,000.000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the
different items, was published in the May 31 1930 issue of
the "Chronicle," on page 3797.
The statement in full for the week ended Mar. 9, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 1912 and 1913.
[VoL. 134.
FINANCIAL CHRONICLE
1860
Changes in the amount of Reserve bank credit outstanding Complete Returns of the Member Banks of the Federal
and in related items during the week and the year ended
Reserve System for the Preceding Week.
March 9 1932, were as follows:
As explained above, the statement for the New York and
Increase (+) or Decrease (—)
Chicago member banks are now given out on Thursday,
Since
Mar. 9 1932. Mar. 2 1932. Mar. 11 1931. simultaneously with the figures for the Reserve banks them$
$
$
Bills discounted
748,000,000 —80,000,000 +575.000.000 selves and covering the same week, instead of being held
—13.000,000
Bills bought
138,000,000 +22,000.000
United Statessecurities
785.000,000 +25,000.000 +180,000,000 until the following Monday, before which time the statistics
+14,000,000
+2,000,000
Other Reserve bank credit
27.000,000
covering the entire body of reporting member banks in 101
TOTAL RES'VE BANK CREDIT-1,698,000.000 —31.000,000 +756,000.000 cities cannot be got ready.
—315,000,000
4,382,000,000 +12.000,000
Monetary gold stock
+3,000.000
1 775,000,000 —16,000,000
Treasury currency adjusted
In the following will be found the comments of the Federal
5,544.000,000 —39,000,000 +090,000,000 Reserve Board respecting the returns of the entire body of
Money in circulation
+8,000,000 —526,000,000
1,910,000,000
Member bank reserve balances
reporting member banks of the Federal Reserve System for
Unexpended capital funds, non-mem—19,000,000 the week ended with the close of
—3,000,000
382,000,000
ber deposits, &c
business on March 2.
Returns of Member Banks in New York City and
Chicago—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City as well as those in
Chicago on Thursday, simultaneously with the figures for
the Reserve banks themselves and for the same week, instead
of waiting until the following Monday, before which time
the statistics covering the entire body of reporting member
banks in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks, and that for the Chicago member banks for the current week, as thus issued in advance of the full statement of
the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week records as increase of $57,000,000 the amount of these
loans on March 9 1932 standing at $552,000,000. The present
week's increase of $57,000,000 follows an increase of $6,000,000 last week. The low figure of $486,000,000 on Feb. 10
1932 compares with the record low of $473,438,000 on Jan.
25 1928. Loans "for own account" increased during the
week from $429,000,000 to $464,000,000, and loans "for
account of out-of-town banks" from $61,000,000 to $84,000,000, but loans for "account of others" decreased from
$5,000,000 to $4,000,000. The amount of these loans "for
account of others" has been reduced the past 17 weeks due
to the action of the New York Clearing House Association
on Nov. 5 1931 in restricting member banks on and after
Nov. 16 1931 from placing for corporations and others than
banks loans secured by stocks, bonds and acceptances.
oorrnmosz OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York,
Mar. 9 1932. Mar. 2 1932. Mar. 111931.
Loans and investmenta—total
6,421,000,000 6,540,000,000 7,829,000,000
Loans—total
4,174,000,000 4,269,000,000 5,354,000.000
2,097,000,000 2,101,000.000 3,082,000,000
2,077,000,000 2.160.000.000 2,272,000,000
On securities
Another
2,247.000,000 2,271,000,000 2,475,000,000
Investments—total
1,437,000,000 1,445,600.000 1,348.000.000
810,000.000 826,000,000 1,127,000,000
U.S.Government securities
Other securities
Reserve with Federal Reserve Bank-- 643,000,000
41,000,000
Cash In vault
866.000,000
44,000,000
4 701.000,000 4,727.000,000 5,885,000,000
756,000,000 744,000.000 1.196.000,000
95,000,000 140,000,000
Net demand deposits
Time deposits
Government deposits
77,000,000
836,000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
Total
99,000,000
96,000,000
876,000,000 1,253,000,000
15,000,000
Loans on secur. to brokers & dealers:
464,000.000
For own account
For account of out-of-town banks.... 84,000.000
4,000,000
For account of others
429,000.000 1,236.000,000
61,000,000 293.000.000
5.000,000 290,000,000
552,000,000
495.000,000 1,819,000,000
445.000,110
107,000.
On demand
On time
Loans and investments—total
639.000,000
40,000,000
386,000.000 1,411,000,000
109,000,000 408,000.000
Chicago.
1 440.000.000 1,468,000,000 1,943,000.000
Loans—total
On securities
All other
990,000,000 1,009.000,000 1,308,000,000
571,000,000
419,000,000
577.000.000
432,000.000
763,000.000
545,000,000
450.000.000
459,000,000
635,000,000
239,000.000
211,000,000
245.000,000
214,000,000
329,000,000
306,000,000
Reserve with Federal Reserve Bank.— 155,000,000
15,000,000
Cash in vault
137,000.000
14,000,000
177,000,000
12,000,000
Investments—total
U. El. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
959,000.000
385,000.000
1,000.000
950.000.000 1,204,000,000
391,000,000 634,000,000
2,000,000
Due from banks
Due to banks
95,000,000
242,000,000
104,000.000
239,000.000
168,000,000
362,000,000
2,000,000
1,000,000
1,000,000
Borrowings from Federal Reserve Bank_
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on March 2 shows decreases for the week of
$83,000.000 in loans and investments and $70,000,000 in government
deposits, and an increase of $15,000,000 in time deposits.
Net demand
deposits and borrowings from Federal Reserve banks show little net change
for the week.
Loans on securities increased $11,000,000 at reporting member banks
In the New York district, and declined $7,900,000 in the Boston district
and $5,000,000 in the Chicago district, all reporting banks showing a net
increase of $2,000,000 for the week. "All other" loans declined $7,000,000
in the Boston district, $5,000,000 in the Chicago district and $23,000,000
at all reporting banks.
Holdings of United States Government securities declined $33,000.000
In the New York district, $15,000,000 lathe San Francisco district, $9,000.000 in the Chicago district and $64.000,000 at all reporting banks. Holdings
of other securities increased $8.000,000 in the New York district and
$2.000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $474,000,000 on March 2 as compared with $478,000,000
the week before, the principal changes for the week being a decrease of
85,000,000 at the Federal Reserve Bank of New York and an increase of
$4,000,000 at Richmond.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
March 2 1932. follows:
Increase (+) or Decrease (—)
Since
March 2 1932. Feb. 24 1932. March 4 1931.
$
5
$
Loans and investments—total_ —10,523,000,000
—83,000,000 —3.098.000,000
Loans—total
On securities
All other
Investments—total
12,588,000.000
—21,000,000 —2,853,000,000
5,440,000,000
7,148,000,000
+2,000,000 —1,816,000.000
—23.000,000 —1,037,000,000
6,935,000,000
—62.000,000
—245,000,000
U.S. Government securities-- 3.742,000.000
3,193,000.000
Other securities
—64,000.000
+2,000,000
+298.000.000
—543,000,000
1,431,000.000
206.000,000
+15.000,000
—22,000.000
—342,000.000
—5,000,000
Reserves with F. R. banks
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F.It. banks
11,003,000.000
5,700,000,000
225,000,000
+2.000,000 —2,511,000,000
+15,000,000 —1,589,000,000
—70,000,000 +196,000,000
912,000,000
2,386,000,000
+38.000,000 —943,000,000
+124,000,000 —1,449,000,000
474,000,000
—4,000,000
+427,000.000
Hearing on Depressed Value of Silver Before House
Committee—L. W. Knoke, of Federal Reserve
Bank of New York Favors Discussion of War Debts
as International Conference on Silver—J. P.
Warburg of International Acceptance Bank Would
Confine Conference to Silver—Latter Suggests
25% of 40% Reserve Against Treasury Notes Be
Silver.
On Monday March 7 hearings were begun by a sub-committee of the House Committee on Coinage, Weights and
Measures into the cause and effects of the depressed value
of silver. At the first day's hearing L. W. Knoke, who has
been with the New York Federal Reserve Bank two months,
expressed the opinion that war debts and reparations must
be considered at any international conference called to
discuss world economics and silver. James P. Warburg,
President of the International Acceptance Bank, who was
also heard the same day, disagreed with Mr. Knoke's view
and held that an international gathering to discuss silver
alone would be "possible and fruitful."
Mr. Knoke, according to Associated Press accounts said:
"I, personally, am very much of the opinion that international debts
and reparations are the primary cause of to-day's ills, coupled with other
such highly controversial matters such as tariffs, Sec."
The Associateed Press further reported:
He said that a cancellation of war debts or a scaling down of reparations
"would be simply passing the burden to the people of the United States."
Mr. Warburg also opposed cancellation.
Referring to the 40% reserve required on Treasury notes, Mr. Warburg
suggested that the law be changed to stipulate that 6% of this be silver,
25% gold and the remainder either gold or silver.
"This may be a limited form of bimetallism," he added, "but it doesn't
permanently fix the ratio."
According to the "United States Daily" both Mr. Warburg and Mr. Knoke made it plain that they were expressing
their own personal views, and not those of the institution
with which they are connected. From the "Daily" of Mareh 8
we also quote the following:
MAR. 12 1932.]
FINANCIAL CHRONICLE
-Council on DisarmaPhilip C. Nash, Chairman of the Inter-organization
ment spoke briefly. The committee reserved action.
effort to cure
War debts and reparations must be considered in any
Mr. Warexisting economic difficulties, Mr. Knoke told the Committee.
his belief in the sanctity of a
burg opposes debt cancellation because of
problem is
promise, and stated that, although the international debt
"common
difficult to solve, the nations of the world must arrive at some
before war debts can
denominator" regarding gold and silver standards
be discussed.
by which
"If the purpose of the present investigation is to find a means
world over," Mr. Knoke
an end can be put to the depression prevailing the
understanding with regard to
stated, "anything short of an international
international debts and reparations will be of little avail. I personally
are the
am firmly of the opinion that international debts and reparations
primary cause cf to-day's ills, coupled with highly controversial matters
such as tariffs, etc."
"The predicament of silver can be remedied almost overnight if these
governments which debased silver would restore it to its old position,"
he asserted.
Cost of Stabilizing Silver.
Such a restoration, he continued, could automatically re-establish a
demand for about 40,000,000 ounces of silver, which is all that is needed
to balance consumption. However, he said, before he would advise the
committee to act on such a suggestion he would suggest that it consider
the cost of this restoration to the countries involved.
Most governments which have debased silver say they would not be able
to meet the additional burden, he stated, adding that "personally, I feel
the cost would not be exhorbitant."
Relative to the theory that capital has left India because of debasement
of silver, Mr. Knoke said he had tried to follow such an argument, but
that he "stumbles over the figures." In 13 weeks, he told the Committee,
despite the status of the metal, India has shown her faith in silver by
putting into her own pockets something like 40,000,000 ounces.
No Test of Bimetallism.
He pointed out that the argument has been advanced that a gold shortage
had been largely responsible for the present economic situation. The gold
supply is not any more short now then it was 10 years ago. he asserted.
Many answer the demand for bi-metallism, he said, with the declaration
that bimetallism, has been tried and found wanting. Some say, he added,
that low silver prices brought about the present depression.
"I can not understand that," he said. "I do not feel as black about the
future of silver, however, as many seem to."
Silver production is being vnaterially reduced to-day, he said. He does
not think there will be any more demonitized silver, and that India will
stop selling silver.
Mr. Knoke expressed the view that higher silver prices to-day would do
more harm than good to China. In order to help China, he observed silver
prices should rise gradually and slowly.
Increase in the price of silver, according to Mr. Knoke, would help only
those countries in which the metal is produced. The benefit in dollars
and cents would not be material, but would be merely a commodity price
increase, he said.
He said that the price of silver suffered a reduction partially in relation
to the rise in value of gold.
He recommended against calling an international conference solely for
the purpose of attempting to solve the silver situation, contending that
no conference of any kind should be called unless Its success is 90%
assured, because failure of such a meeting would be likely to result in
more harm than benefit, due to the genera/ international relations existing
to-day.
Hoarding of Precious Metals.
Mr. Knoke stated that the following countries had debased silver:
Great Britain, France, Germany, Italy, The Netherlands, Austria and
Hungary. Ile also stated that according to estimates, $2,500,000,000 in
silver and $3,000,000,000 in gold is being hoarded in India.
England has obtained a "temporary advantage" in world trade by
suspending the gold standard, Mr. Knoke said, but asserted that there is
absolutely no doubt that England will eventually return to the gold standard.
Conceding that the country would be in a better position if commodity
prices were raised and that adoption of bi-metallism would have that
effect, Mr. Knoke suggested that bi-metalliam would result in "watering
the gold stock."
Cancellation of war debts, he agreed, would be simply passing the
burden to the American taxpayers.
Mr. Warburg told the Committee that he believed the depression of to-day
is due to maladjustment of world war settlements.
Beside expressing opposition to debt cancellation, Mr. Warburg said
that he is against bi-metallism or free silver, and that he believes in the
maintenance of the gold standard. He said he believed the depreciation
of the price of silver had the effect in China of destroying the confidence
of the Chinese In the metal.
He said he would be against Congress attempting to do anything in
the way of stabilising the price of silver without the co-operation of foreign
countries.
1861
tive, according to Winston Churchill, member of the British
Parliament, in a letter to the House Committee on Coinage,
Weights and Measures, made public by the Committee Chairman, Representative Somers (Dem.), of Brooklyn, N. Y.,
March 5. The Committee on March 7 began bearings in its
silver investigation, under a recent authorization of the
House. The communications which passed between Mr.
Somers and Mr. Churchill were given as follows in the
"United States Daily" of March 7:
A statement made public by the House subcommittee, entrusted with the
investigation, follows in full text:
The subcommittee of the Committee on Coinage, Weights and Measures,
investigating the fall in the price of silver, makes public the following
communication from the Right Honorable Winston Churchill, which will
be incorporated in the Committee's record.
Letter to Winston Churchill.
Attached also the letter dated Feb. 17, from Chairman Andrew L. Sermers
to Mr. Churchill:
"As Chairman of the House Committee on Coinage, Weights and Measures, which has been charged with the responsibility of developing the
relationship between the fall in the price of silver and that of other commodities, may I presume to respectfully present to you the following
inquiries in the hope that our Committee may be aided in its work by
a reflection of your views which, due to your exceptional qualifications and
knowledge of this subject, will be of tremendous importance in guiding
them to the proper conclusions.
"I want you to feel that if answering these questions would bring any
degree of embarrassment, as Chairman of the Committee, I would not
expose you to any such 'experience. I will treat with entire confidence, if
you so desire, any statements you make. If your answers may, however,
be incorporated in our report, I feel confident that they will carry the
greatest weight with the members of the House of Representatives.
Monetary Stability Emphasized.
"In introducing House Resolution 72, I have stated in part:
'The Committee further believes that the solution of the fundamental problem
of money is at the very root of our present evils, no that its correction necessarily
implies progress In the solving of other important Questions, the discussion of which
In the absence of stable monetary conditions becomes futile and academic. As a
matter of fact, the Committee points out that it may be understood both at home
and abroad that if monetary instability has destroyed trade, and with it capacity
to pay, it has also destroyed in the same degree our ability to cancel. It therefore
follows as naturally as day follows night, that stability of money should rectors
trade, thus recreating capacity to pay and likewise our ability to cancel. Under
such conditions the common burden might possibly be borne by all, because cooperative effort will have made It lighter, whereas, under present conditions, It is
too heavy to be carried alone, so that danger threatens creditor and debtor nation
alike.'
"With reference to the foregoing, do you believe that prompt international co-operation is not only desirable but imperative at this time,
mid that it can be effected only through international conference?
Overproduction Conaidered.
"Du you concur with Sir Orborne A. Smith, Governor of the Imperial
Bank of India, when he states that there is no overproduction with respect
to the requirements but there is overproduction with respect to purchasing
power? If you are in agreement with Sir Osborne, do you share his conviction that the best method of restoring purchasing power is through this
rehabilitation of silver by joint action of the principal Western nations?
"Permit me to express my appreciation of your kindness in giving consideration to these questions and to present my most sincere respects."
Mr. Churchill's Reply.
Mr. Churchilre reply, dated Feb. 20, follows:
Sly dear Si.': I am much honored by the enquiry which you have addressed
to me and gladly comply with your request that I should answer the questions you ask.
I. I believe that prompt International co-operation upon monetary conditions is not only desirable but imperative at this time, and that it can
be effected only through international conference.
2. I concur with the statement that there is overproduction with respect
to purchasing power rather than with respect to requirements.
3. I consider that the question of the rehabilitation of silver through the
Joint action of the principal Western nations should be one of the principal
matters to be considered by international conference.
International Conference to Stabilize Silver Favored
by F. H. Brownell of American Smelting & Refining Co. and H. K. Hochschild of American
Metals Co.
An international conference to stabilize silver was advocated by two witnesses testifying before the House CommitIn indicating the hearings scheduled by the Committee, tee on Coinage, Weights and Measures, March 8. Reporting
a dispatch from Washington, March 5, to the New York this, the "United States Daily" of March 9 continued:
P. II. Brownell, of New York, Chairman of the Board of Directors of
"Times" said:
J. P. Warburg and L. W. Knoke. of the Federal Reserve Bank of New
York, will appear Monday (March 71; Tuesday. H. K. Hocheichild of the
American Metals Co., and F. H. Brownell; Wednesday, G. W. Lehman and
James Ileckscher. officers of the Irving Trust Co., will testify. Thursday
is an open day. The hearings will be concluded Friday with the appearance
of S. R. Bomanji and K. C. Li, a Chinese metal expert.
A letter addressed by the Chairman of the Committee,
Representative Somers, to Winston Churchill, and the latter's reply, are referred to in another item in this issue of
our paper; we also refer elsewhere to the views of F. H.
Brownell of the American Smelting & Refining Co., and those
of Mr. Hochschild of the American Metals Co.
Silver Conference of Nations Urged by Winston
Churchill—Monetary Co-operation Advised by
Member of Parliament in Communication to
House Coinage Committee.
on monetary conditions, parAn international conference
silver, is imperaticularly with respect to rehabilitation of
the American Smelting St Refining Co., who stated he believed such a conference to be the best way of accomplishing such stabilization, said he
would not recommend such a conference until there is Reentrance that the
countries participating would enter with a sympathetic attitude. When
that is assured, he said, the delegates could get around the conference
table and agree upon the best method.
H. K. Hochschild, of the American Metals Co. of New York, concurred
with the opinions of Mr. Brownell for the most part, explaining that if the
value of silver continues to depreciate it is probable that the result will
be more serious to the countries of the Western Hemisphere than to China
and India.
Stabilization Urged for Trade Recovery.
"I am heartily in sympathy with the calling of an international conference on money in general, and silver in particular," he said.
Before normal trade can be renewed, there must be stable money, and
that is substantially impossible to-day, he asserted.
Declaring that he believes in the gold standard, Mr. Brownell said he
would advocate no action that would interfere with a gold basis, although,
he added, he does not think it possible for the entire world to be on a
gold basis to-day. If the Eastern countries were to decide to use a gold
basis, he said, there would not be enough gold to supply the world.
Declaring that he does not believe the depreciation of commodity prices
which occurred in 1929 was due to the appreciation of gold, Mr. Brownell
told the Committee that the height of gold production occurred in 1915,
and that there has been an actual decrease in the production of gold since
1862
[VoL. 134.
FINANCIAL CHRONICLE
that time. There is a grave danger, he said, that the future production
of gold will not be anything like what it has been in the past.
Mr. Leon contends that the disruption of relationship of gold and silver
has contributed greatly to the present depression.
"It is monetary dislocation which has set in motion the vicious vortex of
deflation, which is gaining in velocity as its evil consequences multiply
because they feed upon each other," he says. "We have abundant evidence
of the failure of palliatives everywhere, yet we dismiss the evidence and
persist in treating effects and ignoring the cause.
"It is time to call a halt and to recognize the urgency of re-establishing
a proper relation between the two world yardsticks of value, because this is
indispensable to proper equilibrium in international trade. Any serious
dislocation of a reasonable relation calls for immediate correctives by
co-operative action, because it disturbs the fundamental bases of world
trade, in that readjustment must be effected in all human activities."
Holds Increased Output Depends on Labor Costs.
The only possibility of a larger production of gold in South Africa is
for the Union of South Africa to go on a paper basis, thus lowering labor
and decreasing costa of production, he stated. He pointed out that the
use of airplanes in recent years has been of great help in opening up new
gold fields which previously were inaccesible.
He said, however, that he doubts if there are any fields throughout the
world which are not now known, and that there is little possibility that
any new gold fields of major magnitude will be found.
It also must be considered that it is highly improbable that within the
next 100 years it would be possible to get China or India to stop using
silver, in which case it becomes more necessary that silver be stabilized,
he said. On the whole, the price of silver used to be fairly stable, Mr. Statement of Bank for International Settlements for
Brownell said, but now the price is "wobbling all over," and the tendency
Feb. 29—Total Assets Below Those for Jan. 31.
has been to destroy confidence in silver. This, he said, interferes with
The Feb. 29 statement of the Bank for International
world trade.
Declaring-that China, where there is only 6,000 miles of railroads to-day, Settlements as contained in Associated Press Accounts from
needs 100,000 miles of railroads, would be a place where Great Britain and Basle, Switzerland, March 4 follows:
the United States would have bee falling over each other" to build railFollowing is the balance statement of the Bank for International Settleroads if the price of silver had been stable, he hold the Committee that
ments, giving its condition as of Feb. 29 1931, as made public here to-day.
trade conditions within China have not been materially affected by the
depreciated price of the metal, but that its outside trade value has been Figures are in Swiss gold francs, at par 19.3 cents:
affected.
ASSETS.
War Debts Declared Unrelated to Problem.
Feb. 29 1932.
Jan. 31. 1932.
I Cash on hand and on current account with
If we are going to continue to trade with the large part of the world
6,414,603.13
banks
17;322,718.79
that uses silver," he declared, "we must try to stabilize silver."
II. Funds employed at sight
82,317,735.81 156,988,344.22
In emphasizing the desirability of an international conference on silver, III. Rediscountable bills and acceptances at cost—
(I) Commercial bills dr bankers' acceptances_ 438,281,858.72 406,517,528.70
Mr. Brownell stated that there would be no more reason to bring up
142,540,452.28 100,361.023.28
(2) Treasury bills
the question of war debts and reparations at such.a conference than there
Total
580,822,311.00 506,878.551.98
would be to bring up any other unrelated subject.
He said the calling of such a conference should at least be dependent, IV. Time funds at interest—
(1) Not exceeding three months
221,139,740.83 233,458,295.21
however, on Great Britain's return to a "bard money" basis, because that
()Between three and six months
nation would have to participate and agree to such a conference if it were
Total
221,139,740.83 233,458,295.21
to be beneficial. He said he thought two or three countries could reach
V. Investments at cost—
an agreement on the subject with the United States and Great Britain,
(1) Maturing within six months
109 995,318.61
and added that if France and Japan would agree, it is probable that the rest
(2) Maturing between 6 months and one year
110,179,025.14
(3) Maturing in over one year
828,312.37
832,309.26
of the world almost would have to.
Mr. Brownell, when asked what he thought of the belief that previous
Total
110,823,630.98 111,012,234.40
depressions were relieved by new discoveries of gold, cited several instances VI. Other assets
9,466, 89.90
10,419,992.91
of where that had been the case, lie said in the last half of the last
Total assets
1 010,984,111.65 1,038,060,137.51
century several instances of this kind occurred, and that later more gold
was made available due to new types of processing being discovered.
LIABILITIES.
Views Debt Problems As Effect of Depression.
I. Paid-up capital
108.500,000.00 108,500,000.00
II. Reserves—
That continued until about 1915, he said, but since that time practically
(1) Legal reserve fund
559,328.10
559,328.10
no new mines have been discovered that are materially productive, and
1,094,189.17
(2) Dividend reserve fund
1,094,189.17
that since 1915 production has never increased.
(3) General reserve fund
2,188,378.35
2,188.378.35
The war debt problems were held as effects, rather than a cause of the
Total
3,841.893.62
3,841,893.62
depression by Mr. Brownell.
Long-term deposi
Speaking mostly concerning the silver situation as it affects China, Mr. III. (1) Annuity trust s—
account
I 3,768,617.50 153,788,617.50
decline in the price of silver retards the import
Hochsehild said that the
(2) German Government deposit
76,884,308.75
76,884,308.75
(3) French Government guarantee fund
68,648,520.43
68,648,520.43
trade of China and stimulates that country's export trade.
He stated that there has been an increase in the industries of China
Total
299,301,448.68 299,301,448.68
since the price of silver has depreciated, and that this is due in part to IV. Short-term and sight deposits—
the fact that the gold values of commodities in other countries has declined
(1) Central banks for own account—
(a) Between three and six months
further.
(b) Not exceeding three months
158,376,205.72 159.419,140.80
Although China normally has a visible unfavorable balance of trade,
(e) Sight
321,570,448.71 315.530,035.79
Mr. Hochschild said that the invisible items convert this unfavorable balance
into a favorable balance. The invisible items, he said, are due to remitTotal
479,946,654.43 47 .949.176.59
4
(2) Central banks for account of others—
tances sent back to China by Chinese in foreign countries.
(a) Between three and six months
(b) Not exceeding three months
21,314,916.01
35,515,286.59
Effect of Settlements on Price of Silver.
(c) Sight
61,545,425.49
77,694.202.07
Because of the large percentage of silver produced in the world being
Total
82,860,341.50 113,209,488.66
used in settling trade bills with China and India, it is logical to assume
(3) Other depositors—
that the price of commodities will influence silver prices, rather than vice
(a) Not exceeding three months
versa, in considering the matter from the Far East standpoint, he said.
(b) Sight
5,936,372.33
5,927,574.26
The reason silver prices have declined more than commodity prices since
Total
5,936,372.33
5,927,574.26
1926 is that silver has been demonitized during the last few years, he said,
V. Profits for distribution—
adding that normally silver and commodity price comparisons run about
(1) Dividend
(2) Participation of long-term depositors_
parallel.
Although India and China continued to maintain their confidence in
Total
silver until about two years ago, during the last two years that confidence VI. Miscellaneous items
30,597,403.09
30,330,557.70
has weakened, be said. If the Western countries continue to hammer at
Total liabilities
1,010,984,111.85 1,036,060,137.51
silver long enough, they may be able to break that confidence entirely,
and the result would be serious, not only internally in China but on trade,
he said. He doubted that the United States, acting alone, could do much
Canadian Income Tax Receipts Show Improvement.
towards stabilization.
Restoration of Silver Parity Asked in Memorandum
Prepared by Rene Leon Under Direction of Representative Somers—World Conference Aim.
In a dispatch, Feb. 27, to the New York "Times" from
Washington, it was stated that an appeal for the re-establishment of silver to its former position in the monetary systems
of the world would shortly be presented to the House by tile
Committee on Coinage, Weights and Measures, through its
Chairman, Representative Somers, Democrat, of New York.
The dispatch went on to say:
The appeal will be in the form of a memorandum prepared by Rene
Leon, silver authority of New York, under the direction of Representative
Somers and a subcommittee. Mr. Somers will offer Mr. Leon's study for
the "Congressional Record" as a basis for further consideration of the
silver question, which has been authorized by a resolution of the House.
The immediate goal of the House movement is to force an international
conference on silver.
The conclusion of Mr. Leon, as set out in the memorandum, is that gold
and silver hold the solution of both the monetary and industrial problems
of the world.
"When the question is examined from every angle," the memorandum
states, "the logical conclusion is that 'all roads lead to Rome,' in that
accurate diagnosis of the money problem invariably points to the two
metals which form the basis of the money systems.
"Once this is conceded, it is simple enough to accept the principle that
If the 'quality of money' is destroyed in one metal mankind will desert the
one so debased and reach out for the other, to which value is still attached.
"Hence the universal rush of gold or gold exchange, which explains
rnaldistribution, hoarding and all those attendant evils which make for the
destruction of values through the disruption of trade via the exchanges."
Receipts from income taxes in Canada showed further
improvement during January 1932, it is stated in a report
to the Department of Commerce from Trade Commissioner
Harvey Sweetser, Ottawa. The Department advices,
March 5, said:
At the end of the first ten months of the current fiscal year (April 1 1931
to January 31 1932), the total decline in income to the Government from
this source was only $10,632,472.
At the end of the nine-month period the decline was registered at 813,966,937. The gain for tho month therefore was $3,334,465.
Halifax and Ottawa continued as the only two districts to show increases,
the report stated.
Figures for the fifteen larger districts are noted in the following table:
COMPARA1IVE STATEMENT OF NET COLLECTIONS BY DISTRICTS,
RECEIVED DURING THE TEN MONTHS OF THE FISCAL YEAR
JANUARY 1931 AND JANUARY 1932.
1930-31.
Halifax
Saint John
Quebec
Montreal
Ottawa
Belleville
Toronto
Hamilton
London
Fort William
Winnipeg
Regina
Calgary
Edmonton
Vancouver
1931-32.
$640,380
577,197
1,139,336
21,478,217
2,611,393
509,962
18,667,458
5,602,437
6,412,023
317,042
3,454,451
599,586
1,746,913
483,597
4.954.052
8790,541
515,150
1.027,898
19,004,520
2,664,438
301,290
16,462,100
4,783,173
4,963,288
173,510
2,111,011
187,300
1,266,411
401,848
4.100.791
Increase (-1-1
or
Decrease(— )
•
+5150.160
—62,036
—111,637
—2,473,696
+53,045
—208,671
—2,205.358
—839.263
1.478,736
—144,432
—1,343,440
-412.279
—480.502
—81,949
—853.860
MAR.
12 1932.]
FINANCIAL CHRONICLE
Great Britain Melts £1,650,000 Gold—Ships £3,576,000
in 3 Weeks.
The following from London March 6, is from the New
York "Times":
First authoritative figures showing the extent of the gold-selling rush
which has been drawing thousands of Britons to the offices of bullion
merchants in the past few weeks were published to-night.
Registrations of exports of gold sovereigns to France and Holland in
the past three weeks total £3,576,000 ($17,379,360). of which £2,374,000
went to France and £1,202,000 to Holland. The refiners report they have
been melting down £550.000 to £650,000 worth of gold each week.
Treasury authorities never believed such large sales were possible and
few believed when Britain went off the gold standard in September that
such big gold sources were waiting to be tapped. Bullion merchants
expect the sale of sovereigns will fall off soon. but believe the sale of jewelry
will be maintained for some time, provided the price of gold remains high.
1863
tariffs, Russian credits probably will be used In the future as a bargaining
weapon for the benefit of the whole empire.
Walter Runciman, President of the Board of Trade, told the Foreign
Press Association to-day that he hoped the new British tariff of 10%
might work something like an inoculation, ultimately effecting a cure of
diseased world trade.
"I hope it may be the precursor of freer markets, not only here but
elsewhere." he said.
"It is sometimes necessary in the interests ot good medicine to inoculate
a patient with a disease somewhat similar to that which we aim at curing.
Tariff barriers cannot be regarded as the most healthy way of cultivating
international trade, but they may be the only way whereby we can guide
trade into profitable channels.
"We are bound and determined to make arrangements for our own
dominions during this summer and autumn which will add to our volume
of trade between us and them, but that does not preclude us from making
friendly arrangements with foreign countries."
Isle of Man Votes Tariff.
British Sales of Gold Cause Increase in Bank CirculaAssociated Press accounts from Douglas, Isle of Man,
tion.
March 2 stated:
A cablegram Mlirch 5 from London to the New York
The Isle of Man joined Great Britain as a protectionist country to-day.
The Tynwald Court, its Legislature, imposed a 10% tariff on all goods
"Times" said:
except those on the free list of the United Kingdom's tariff act and with
The public's sales of gold coin and ornaments continue large. The the addition
of sugar, table waters and dried fruits. The population of
expansion of more than £15,250.000 in the Bank's note circulation, during
the island is 50.000.
the week covered by Thursday's statement, was due partly to normal
month-end demands for currency, but it was also influenced by the financing
of the public sales of gold, most of which were paid for by the Bank in Indian Gold Shipments Helpful to India and Great
currency notes.
Britain.
Collection of such private offerings of gold is going on all over the counThe "Wall Street Journal" of March 8 reported the followtry No statistics are procurable or can be compiled of the quantity of
such gold potentially available, or even of that which has already been ing from London:
sold. Published estimates differ immensely, and must be put down as
Indian gold shipments have proved a blessing so far, both to India and
sheer guesswork. From official exports of bullion it would appear that Britain. If, however, they should continue indefinitely they may prove
several million pounds sterling worth of gold has been drawn from such something of an embarrassment, for when they pass the limit of the Indian
sources during recent weeks, but London bullion brokers now report a Government's needs in London, they begin to raise many political and
marked failing off in sales of gold coin.
economic problems for India. The Indians always have resented their
Government holding too large reserves In London, maintaining these
reserves should be kept in local banks in India. The release of rupee
Silas Strawn of United States Chamber of Commerce coinage in India again is likely to raise prices in India above world prices,
Tells American Chamber in London United States and unless this leads to an influx of Imports it would necessitate deflationary
of
action in India and the divorce of the
Chamber of Commerce Will Never Consent to Debt India "producing £500.000.000 gold forrupee from sterling. The talkthe
Britain' which Is current In
Cancellation.
popular press in London, therefore, is something of a chimera.
Silas Strawn, President of the United States Chamber of
Commerce, told American and British business men at a South African Gold Production for 1931 Sets New
luncheon in London on March 8 of the American Chamber of
Record,
Commerce that the United States was never likely to consent
The 1931 gold production of South Africa amounted to
to cancellation of intergovernmental debts. Associated 10,874,145 ounces, setting a new record, the Commerce
Press advices from London added:
Department at Washington is advised. This production,
Americans, he said, contended that war debts and reparations must be it is
stated, compares with 10,719,760 ounces in 1930, the
considered separately, but if Europe reached an agreement regarding
reparations, then the United States would be ready to consider readjust- previous record.
ment of intergovernmental debts.
Report That Van Dam Diamond House Will Leave
Amsterdam.
J. M. KOynes Sees Cheap Money—Says It Is Needed for
The following from Amsterdam Feb. 26 is from the New
Recovery—Great Britain "Most Prosperous CounYork "Times":
try in World."
Announcement that the diamond house of Eduard van Dam is
John Maynard Keynes, Chairman of the National Life Amsterdam for Antwerp is regarded as a serious blow to the to leave
diamond
Assurance Society, said at the annual meeting of shareholders industry in this city. The municipality's refusal to accept van Dam's
that Britain is to-day "decidedly the most prosperous proposals to give financial support to the manufacture of certain sorts of
diamonds is given as
country in the world." He welcomed the measures taken establishment in Nowthe reason for the removal. The firm has a cutting
York.
by the United States to relieve the financial crisis as an indispensable prerequisite to relief of the industrial crisis. South Africa to Keep Diamond-Cutting Factory—
According to a London account to the "Wall Street Journal"
Government Denies Report of a Plan to Turn
of March 3from which the following is also taken:
Plant Over to Private Concern.
"Unless the really desperate situation in Central Europe upsets things,"
The following is from the New York "Times" of Feb. 24:
the Chairman said, "there is legitimate hope that the first steps in this
direction have been taken, but it is unthinkable that we can step straight
from the financial crisis to relief of the Industrial crisis without the
cheap
money phase intervening." It is essential, he said, that when Britain
has recovered sufficiently it should embark on a bold policy of international
lending and expansion of credit and thus regain Its international leadership
In finance.
Opinion in Lombard Street and among the stock brokers regarding the
decision of the Bank of England to maintain its rate of 5% and not redece
It as had been expected, Is that the action probably reflects the desire
of the monetary authorities to watch the effects of removal of the exchange
restrictions before making a further rate cut. It is also thought that
there
may be a desire to see a definite settlement of difference of opinion over
the renewal of the Reichsbank credit.
It is generally believed here that a period of cheap money is probable
for some months to come and that to-day's decision by the Bank of England
Is only a temporary check in the downward movement of the bank rate.
Great Britain to Tighten Export Credits to Soviet
Russia—Will Extend Grants of More Than Year
Only Under More Stringent Conditions.
Tightening of British export credits to Soviet Russia
was indicated in a Government announcement in the House
of Commons on March 3, according to Associated Press
accounts from London to the New York "Times" which
further said:
Hereafter, the announcement said, credits for longer than one year
would not be extended except under more stringent conditions, but the
exact nature of the conditions was not announced because they were still
a matter of negotiation with Moscow.
It was generally assumed In political quarters that Britain was insisting
on greater purchases of British manufactures.
British-Russian trade and credit relations are expected to be one of the
subjects discussed at the coming Imperial Conference at Ottawa. Like
A report in recent cable dispatches from Cape Town that the Government of the Union of South Africa had reached an agreement whereby a
private concern would take over the Government's diamond-cutting
factory at Kimberley was denied yesterday by P. R. Botha, commercial
secretary of the South African Legation in Washington.
"The commercial secretary of the South African Legation in the United
States has been authorized to announce officially that the Government
of the Union of South Africa has not granted, and will under no circumstances whatever entrust, the working of any Government diamond area
to any individual concern." said Mr. Botha.
The same paper in its Feb. 24 issue also said:
In a statement made yesterday, John Drake, executive secretary of
the National Jewelers Publicity Association, pointed out that the South
African Minister of Mines had said in Parliament on Feb. 19 that "there
is no connection between the producing companies closing down and any
arrangement for working the Government cutting factories in South Africa."
Mr. Drake went on:
"The production of the mines is being curtailed until such time as the
supply of rough on hand has been reduced. There is no question of price
cutting, as Government and producers are equally interested in keeping
the diamond trade on a staple and prosperous basis.
"There is some liquidation going on and the price of rough is still maintained by the syndicate, and is only releasing the rough to meet market
requirements. Sound business judgment has prompted the curtailing of
mine production and which course will undoubtedly prevail until an improvement in general business conditions has been brought about."
"The diamond situation abroad has had no disquieting effect on the
diamond market in this country, and it is generally expected that as soon
as liquidation Is complete that higher prices will prevail."
Great Britain Moves to Extend Gold Suspension Act.
Under date of March 7 Associated Press advices from
London said:
The Government moved to-day to extend—probably for another year—
the suspension of the gold standard.
FINANCIAL CHRONICLE
1864
A financial emergency enactment continuance bill, providing for the
extension, was read for the first time in the House of Commons. The
original suspension measure, adopted Sept. 21 1931. will expire March 21.
In addition to giving tho Treasury power to regulate exchange, the now
bill extends the anti-profiteering act, also adopted last September. The
Government hopes to have the bill approved before Easter.
[Vol.. 134.
Repayment by Great Britain of $150,000,000 of $200,000,000 Credit Obtained in United States Last August—
Quota Received by Philadelphia Banks.
The following is from the New York "Times" of March 11:
The effects of the repayment on last Friday by the British Treasury of
$150,000,000 of the $200,000,000 credit extended to it by American bankers
reflected In the weekly report of reporting member banks of
Expiration of Order-in-Council Prohibiting Exportation In August was
the Federal Reserve in New York City. Loans and investments of these
License.
of Gold from Canada Except Under
institutions fell $119,000,000 during the week ended on Wednesday, the
repayment of the British
The following is from the Montreal "Gazette" of March 7: drop in loans amounting to $95,000.000. The bank deposits, amounting
loan also involved a fall in member
the exportation of Treasury's
The order-in-council of last October, prohibiting
to $26,000.000. The bulk of the funds accumulated by the British authorgold from Canada, except under license, expired last Tuesday without ities prior to the payment was probably lodged with J. P. Morgan & Co.,
much comment. Technically. Canada is once more on a free gold basis, but part was no doubt placed by the latter with other banks. The with..
but actually the situation remains unchanged, as the discount of more drawal of thse deposits to make payment accounts for this week's decline
than 10% on the Canadian dollar bears witness. In this market there
Reference to the repayment of part of the credit obtained
was some mystification as to why the order-In-council was over resorted to.
Before it went into effect, Canada had long since given up the free export by Great Britain in this country, and the repayment of part
of gold, effective means being found in one way or another to prevent
of the French credit to Great Britain was made in our issue
advantage being takon of the discount in the exchange. Now that the
order has expired, the finance ministry continues to exercise surveillance of March 5, page 1666.
over gold movements, and no exports may be made except upon express
Philadelphia is from the "Wall Street
The following from
Journal" of March 7:
permission.
$66,943,101 Gold Held by Canada.
Canada press accounts from Ottawa, Ont., March 10,
stated:
Gold held by the Canadian Minister of Finance on Feb. 29 was $66,943,
101. or $2,730,065 in excess of statutory requirements. Of the total
$61.896,198 was held against Dominion notes amounting to $161,986,198.
Financial institutions here have received $9,750,000 as their quota of the
$150.000,000 repayment made by Great Britain on the $200.000,000 credit
extended by American banks last August. Philadelphia participated in
the syndicate to the extent of $13,000,000.
Rand Gold Output Lower.
Press advices from London March 10 stated that the
output of gold at mines of the Rand in February totaled
Comparative Figures of Condition of Canadian Banks. 914,012 fine ounces, against 936,784 in previous month and
In the following we compare the condition of the Canadian 839,937 in same month a year ago..
banks for Jan. 30 1932 with the figures for Dee. 31 1931
Gold Distribution of World Shifting—Bank of France
and Jan. 31 1931:
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION
OF CANADA.
Assets.
Jan. 30 1932. Dec. 31 1931. Jan. 311931.
$
44,676,067
20.235.092
45.961.129
19,855.656
48,049,732
23.182.327
64,911,161
65.816,786
71.231.064
131.097.457
9,636
128.850,465
10.080
110.135,365
31,150
131.107,095
128,860,547
110,166,517
11,069.388
Notes of other banks
13,643,419
United States dr other foreign currencies.
73,194.903
Cheques on other banks
Loans to other banks in Canada,secured,
including bills rediscounted
Deposits made with and balance due
3.727.517
from other banks in Canada
Due from banks and banking correspond5,634,808
ents in the United Kingdom
Due from banks and banking correspondents elsewhere than in Canada and the
02,299.280
United Kingdom
Dominion Government and Provincial
467,558,278
Government securities
Canadian municipal securities and British, foreign and colonial public securi144,874,846
ties other than Canadian
61,285.785
Railway and other bonds, debs. & stocks
Call and short (not exceeding 30 days)
loans in Canada on stocks, debentures.
11.936,403
14,736,182
102,117,849
12,717,777
15,386,369
86,619,745
Current gold and subsidiary NAD—
IR Canada
Elsewhere
Total
Dominion notes—
In Canada
Elsewhere
Total
4,082,630
5,481,201
4,974,482
4,366,043
104,707,001
103,243,966
477,912,303
396.766.008
154,109,577 1132.685,701
62,010,798
63.556,586
bonds and other securities of a sufficient marketable value to cover
131,174.742 134,730.957 1192.015.941
83.124,317 E119,743,618
65,917.084
Elsewhere than in Canada
dWets. In Canada 1,070.718,470 1,082,097.360 1,141.110,017
Other current loans &
189,726,460 188,357,012 214,800,572
Elsewhere
Loans to the Government of Canada__
26.311,619
45.557.589
43,442,461
Loans to Provincial Governments
Loans to cities, towns, municipalities and 132,864,154 125,689,588 105,221,532
school districts
Non-current loans, estimated loss pro7,676.447
10,327.706
10,686,746
vided for
6.018.547
6.567,341
6,580.375
Real estate other than bank premises
6,987,343
6.252,704
6,293.232
Mortgages on real estate sold by bank.Bank premises at not more than cost,
78,679,359
79,785,470
79,913,747
less amounts (if any) written off
Liabilities of customers under letters of
78,422,661
55,473,413
51,353,335
credit as per contra
Deposits with the Minister of Finance for
6,823,976 7 6.797.431
6,822,186
the security of note circulation
22,230.866
25,731,732
21,581,732
Deposit in the central gold reserves.
11,786,221
14.311,291
12,748,323
Sharesof and loans to controlled cos._ _
under the foreOther &wets not Included
1,848,784
1.576.775
1,796,177
going heads
Total assets
2 900,925,794 2,977.672,792 3,021,873.044
Liabilities.
Notes In circulation
Balance due to Dominion Govt. after deducting adv. for credits, pay-lists, &a_
133,873,369
141,013,382
141,438,520
23,979,240
12,500.000
Advances under the Finance Act
23,622,783
Balance due to Provincial Governments_
public, payable on deDeposits by the
508,942,776 566,584,565 556.715,533
mand In Canada
Deposits by the public payable after no1,368,278.419 1,360.042,129 1,428,736,686
tice or on a fixed day in Canada_
296,184,569 310,086,314 347,363.989
Deposits elsewhere than in Canada
Loans from other banks in Canada, secured, Including bills rediscounted_
Deposits made by and balances due to
9,950,161
11,384,920
13,047,256
other banks in Canada
Due to banks and banking correspond3,678.573
4,849,181
4,987,654
in the United Kingdom
ents
Elsewhere than In Canada and the
57.279,856
41,856.537
42.323.072
United Kingdom
3.110.074
4,806,437
3,214,559
Bills payable
51,353,335
55,473,413
78.422,661
Letters of credit outstanding
2,792,413
2,977.466
3,534.972
not Incl. under foregoing heads
Liabilities
1,344.105
1,350,374
782,807
Dividends declared and unpaid
162.000.000 162,000,000 162.225,000
Rest or reserve fund
4,500.000 145,024,560
144,500,000 14
94,650,375
43,000,000
20,577,890
111,008,699
46,500,000
19,787,120
Now Leads in Holdings at Record Total of
$2,942,312,800—Federal Reserve Second But Entire
Monetary Stocks in United States Exceed Those of
Paris by $1,408,000,000.
Interest in the shifting distribution of gold has been intensified by the announcement that the Bank of France's
holdings of the metal now exceed the gold reserves of the
Federal Reserve System by about $3,400,000 said the New
York "Times" of March 7, which went on to say:
The gold status of the three most important central banks of the world,
as revealed in their latest statements. follows: Bank of France, 75,059,000.000 francs, equivalent to $2,942,312,800; Federal Reserve System, 82,938.974,000: Bank of England, £121,452.587, equivalent to $590.260,000, calculated on the basis of the gold parity.
The Bank of France's holdings, made up as of Fob. 26, represent a new
high record and they compare with 55,923.000.000 francs, or $2,292,181,600,
on the comparable date a year before, indicating a net increase of $650,131.200. The gold holdings of the French bank of Issue have been advancing
steadily for some months. Last week's statement was the first, however,
to reveal that these holdings had surpassed the gold reserves of the Federal
Reserve System.
The $2,938,974,000 gold reserves disclosed in last week's statement of the
Federal Reserve banks are smaller by $155,323,000 than the reserves of
$3,094,297,000 reported a year previously. The largest gold reserves of
these banks were held on Sept. 16 of last year, when they aggregated
$3,485,739,000. At the end of 1929 the Reserve banks held $1,202.146,000
more gold than the Bank of Prance: at the end of 1930 the differential in
favor of the Federal Reserve was $844,476,000, and at the end of 1931 our
advantage was $301,907,000.
Last week's statement by the Bank of England, showing gold holdings
of £121,452.587, or about $590,260,000 at the gold parity, compares with
£141,761.881, or $688,960,000, a year before, indicating a decrease of
$98,700,000. The Bank of England suspended free gold payments last
September.
Comparisons of the gold holdings of the Bank of France and the reserves
of the central banking system of the United States do not accurately represent the relative gold positions of the two countries. The more appropriate comparison is between the total monetary gold stocks of this country
and the reserves of the Bank of Prance. If these figures aro contrasted, It
will be found that our total monetary supply, amounting to $4.330.000.000.
is'larger by $1.408,000,000 than the gold holdings of the Bank of France.
Our gold holdings are divided between the Federal Reserve banks and the
United States Treasury, while France's gold resources are to a large extent
in the possession of that country's central bank.
French Mint Keeps Gold Coin Vaulted—Aim to Prevent
Hoarding—Only Bronze-Aluminum and BronzeNickel Pieces Now Being Issued.
From its Paris bureau the "Wall Street Journal" of
March 5 reports the following:
shall
Stabilization Law of 1928 provides that gold coins of 100 francs
as
be turned out by the Mint for the account of the Bank of Franco, but
President
yet only a few coins have been struck, for presentation to the
question of issuing such coins to the public.
of the Republic, and there is no
requisite
In the first place, it would take many months to manufacture the
hoarded.
quantity and, secondly, such coins if issued now would merely be
silver coins
Finally, the Mint has enough work on hand in manufacturing
0
of 5 and 10 francs, coinage of which up to the amoung of 3,000.000.00
francs is also provided in the stabilization law.
francs of
To date the Mint has turned out Just under 1,000,000.000
of France
these coins, but they are being kept in the vaults of the Bank disappear
immediately
because It is almost certain that if issued they would
from circulation, so strong is the propensity for hoarding.
for 5- and 10
The authorities say that the question of issue in exchange
actual quantity is
Capital paid up
franc bank notes will not be considered until double the
-franc notes
2,883,892,638 2,082,617,664 3,005,035,977 available. However, since the law provided that 5- and 10
Total liabilities
silver colnts are
cease to be legal currency after the end of 1932, if
in the o halal reports, the footings in shall
the law or I•sue
cents
Nate.—Owing to the omission of the totals given.
not issued before then, it will be necessary either to amend
the
the above do not exactly agree with
MAR. 12 1932.]
FINANCIAL CHRONICLE
-franc bronze-aluminum coins. The only new
a great many more 1- and 2
-centime
coins appearing at present are 1-franc bronze-aluminum and 50
bronze-nickel pieces to replace the Chamber of Commerce pieces whose
gradual retirement is also provided in the stabilization law.
-franc silver coins of
The Mint last year manufactured 35,500,000 10
354.000,000 franc value.
1865
Pacific. The list also includes Excuser Sc Toll, Wagons Lits, Montecatini
and National Mexican and Ottoman Banks, Young Bonds were admitted
recently.
Action by Stockholders of Banque Nationale de Credit
TowarFI Formation of New Corporation.
The following from Paris is from the "Wall Street Journal'
Bank of France on Gold Policy—Belief in Standard
and Intent to Guarantee Free Movement Re- of Feb. 27:
Stockholders of Banque Nationale de Credit at a special meeting passed a
iterated.
friendly resolution to liquidate, provided a new corporation is formed, to
have new net subscription of 100,000,000 francs capital, of which 50%
From the "Wall Street Journal" of March 4 we take
must be paid in immediately. Holders of present shares would have preferthe following from Paris:
ential rights to buy the new shares.
The Bank of France in its annual report reiterates its belief in the gold
standard and its determination to guarantee gold's free play.
Critics of the bank and the gold standard point out, even as the report
does, that the note issue advanced to 83,500,000.000 francs from 76.000,000,000 during 1931 and private current accounts increased to 23,000,000.000 francs from 11,000,000,000 francs. They point out that herein lies
the menace of inflation, largely disguised for the moment by hoarding.
There are those who foresee, when these notes come out into active
circulation, a huge boom in securities, a sharp rise in commodity prices
and a heavy outward flow of gold.
These critics call to mind that not so many years ago the old gold standard
was abandoned and a new one established at the cost of currency devaluation by four-fifths. The bank itself, however, is not unaware of the dangers of inflation. It is prepared to let gold flow out when the time comes
and is now engaged in executing its new policy of disposing of its foreign
balances by converting them into gold. The bank's losses in sterling afforded a valuable lesson.
Condemns Exceptions' Remedies.
• It was the day after President Hoover signed the Finance Reconstruction
Corporation bill that the Bank of France presented its annual report.
The leading motive is a condemnation of "exceptional remedies" for evils
of proportions almost without precedent, combined with a reaffirmation of
faith in currency convertibility into gold "not as a wornout servitude but
as a necessary discipline."
To infer that the Central Bank authorities sought to criticize Mr.Hoover's
exceptional remedy would be extravagant. They realize that America
is not Europe, that to identify the new corporation with a policy of inflation is idle that it is utterly ridiculous to consider for a moment that the
dollar is threatened thereby. But it can be stated with certainty that
they are skeptical of its efficacy.
The annual report serves to demonstrate that those responsible for French
monetary policy, both in the Ministry of Finance and the national bank,
are convinced now, as they were last spring, that just as technical reasons
are not adequate to explain the world's troubles neither are technical measures adequate to heal them. They appear to believe that the tried remedies
are not only the best, but the only sure ones, and that those consist of reducing production to the level of purchasing power—a process which alMarently they are not quite sure has yet been completed.
A Polite Attack.
The report is unusually strongly and plainly worded. Some people
might call it pharisaical, for it is an attack, though a polite and anonymous
one, both on American and British policies of recent date. It refers more
particularly to the situation of the spring of 1931 when New York and London both reduced their discount rates. At that time, it says, the Bank of
France refused to follow suit, because if production had begun to adapt
Itself to diminished buying power, "this austere and necessary task of purification (assainissement) was far from being achieved." On the world's
markets as a whole the reduction of banking credits was insufficient in the
face of the efforts "to maintain at all costs by an artificial policy of easy
and cheap money the spirit of enterprise and the taste for speculation."
A little later the report returns to the charge, insisting that the lowered
bank rates in New York and London caused too wide a margin between
short and long term money rates and encouraged immobilization of capital
on short term—"particularly dangerous in time of crisis." In the face of
the burdens weighing on the banking system and the need for liquidity
Imposed by the nervousness of depositors the bank refused to let Paris
line up with the other two big centres on a systematic policy of cheap
money, "of which we perceived the grave inconveniences."
Economic Purification.
Finally in its closing passages the theme is taken up again in the declaration that "the progressive liquidation of the artificial monetary regimes,
on the putting into force of which so much effort was spent since the war,
marks a decisive stage on tho road to economic purilfcation." It adds:
"We have always refused to adhere to these facile solutions of which we
perceived the dangers . .
we have made our action conform to the
hard lessons of experience, whereas opinion is often attracted by the mirage
of seductive conceptions whose factitious character and inefficacy reveal
themselves upon contact with realities."
The Bank believes in the gold standard as the only effective guarantee
of the security of contracts and morality of transactions and says that like
the American Government the French is determined to guarantee the free
play of the gold standard.
The report insists that it repeatedly warned the Bank of England of the
danger of letting its gold flow out and the retention of its own sterling
contributed very largely towards the stability of that currency from 1929
to 1931.
Paris Bourse Proposes to List United States Securities.
The following from Paris is from the "Wall Street Journal"
of Feb. 25:
Antioquian Gold Output Increases—Most of It Held
by National Bank.
Under date of March 4 Associated Press accounts from
Bogota (Colombia), stated:
Gold production this year in the Antioquia district will reach 57.000.000.
the operators estimate. That is $2,000,000 more than last year. Most of
It will be held by the National Bank under the decree prohibiting gold
export.
Efforts Made Toward Increased Production of Gold
in Bolivia.
Study is being given the possibility of increasing the
production of gold in the Department of Santa Cruz, Bolivia,
it is stated in a report from Vice-Consul Robert P. Joyce
made public by the Commerce Department. The Department's announcement March 1 said:
It is pointed out that in the past lack of transportation facilities has
been one of the chief deterrents to increased production, but that with
the development of air travel this factor is overcome to a large degree,
Much of the gold in this section is produced by Indians who trade it
to the settlers in the Chiquitas section. Mining methods of the Indians
are considered very crude and laborious. It is pointed out by those interested in the exploitation of the mineral deposits that production might
be greatly increased if modern mining methods; and machinery were
available.
One mine owner and operator states that production in former years had
been as high as 12,500 by natives, but that the exodus of the people to
the rubber districts of Bent caused a reduction in the output.
It Is stated that the existence of great gold wealth has been proved
by findings and studies of several engineers who have visited the district.
The gold is said to run between one and two ounces to the ton, and the
ore body extends over 1,200 square miles. where many veins can be found
In all the rivers that pass through this district.
Arabs Join in World Rush to Sell Gold at Premium.
The following from Bagdad is from the "Wall Street
Journal" of March 3:
The Arabs of Iraq have joined the rush of hoarders giving up their
gold in response to the lure of the premium obtainable now. Gold coin,
rings, bangles and other ornaments are steadily streaming into the bullion
brokers of Bagdad, where they are melted down into crude bars for export.
From here the bars are sent by airplane to London for refining. The
Bagdad broker covers himself by forward sales of francs or other gold
currency while the gold is in transit.
France and Italy Sign Trade Accord—Accord Between
Italy and Austria.
Associated Press advices from Rome, March 4, said:
France and Italy to•day signed an operating agreement for the regulation of commerce pending the completion of a new treaty, and simultaneously
Italy and Austria signed a convention facilitating the transportation of
credits and other phases of their commercial relations.
The Italo-French accord will replace a commercial treaty of 1922 which
was denounced by France on Dec. 17 1931. Representatives of the two
nations will meet at a date still unfixed for the purpose of formulating
a new permanent treaty.
Variation in the exchange rate and the changing economic situation in
both countries were understood to be the reasons for the denunciation of
the old pact.
Foreign Minister Dino Grandi and the Ambassadors of France and Austria
put their signatures to the two accords.
The Austrian convention laid the groundwork for an Italo-Austrian commission to regulate rail shipments and for the creation of a permanent
credit organization of mixed Austro-Italian capital to aid exports. The
organization will maintain administrative offices at Milan and Vienna.
The accord stipulates use by the clearing house of common paper negotiable in both countries and issued to exporters against funds paid to the
organization in the national currency of importers.
The system has been functioning on a trial basis for two months.
French-German Business Accord Reached.
That first-class American shares will be listed on the official market here
Indication of the growing French-German economic accord
as soon as conditions permit was indicated in a statement made to Dow, Is seen in the latest announcement of a business agreement
Jones Ss Co., Inc., by M. Jacob, head of the Agents de Change or official
brokers. The majority of the latter are In favor of broadening the market between French and German electrical equipment manufacIn this way and there is no opposition from the Government. It is not turers, to be known as the Office Franco-Allemand du Mathought, however, that such introductions should be made until world
teriel Electrique, with headquarters in Paris, according to a
economic and political conditions are clearer.
The method to be adopted for dealing in American shares would employ report to the Department of Commerce from Assistant Comcertificates representing the original scrip. Dealing already is effected in mercial Attache Daniel J. Reagan, Paris, The Department
this manner in the case of Canadian Pacific stock for which the Westminster announcement, March 1, further says:
Bank issues certificates. They are subject to the stamp tax of 1% of
The firm is a limited liability company, with an initial capital of 100,000
nominal value and the income tax of 18%.
On the big board of the official market—securities dealt in a terms; or for francs, divided into 1,000 shares of 100 francs each.
present no American share
This company will act as an executive clearing house for the operation
the regular fortnightly settlement—there is at
unless Ford of France can be reckoned as such. British stocks are repre- of the various agreements recently concluded between the French and
Royal Dutch. Central Mining, Rio Tinto, Lautaro and Canadian German electrical equipment manufacturers and their technical associates
sented by
1866
FINANCIAL CHRONICLE
as regards distribution of the French and German markets for the products
of the members of this new group, and will furthermore carry out financial,
commercial and other operations relative to the stabilization and development of the market for these products in the two countries.
French Gold Reserves Exceed Ours.
The following is from the New York "Times" of March 6:
The fact that, for the first time during the past-war period, gold in the
Bank of France should last week have exceeded in amount the gold reported
by our own Federal Reserve, caused the making of many reminiscent comparisons. At the end of 1931, it was found, gold in the Federal Reserve
was greater by $301,907,000 than in the Bank of France. At the end
of 1930 the Reserve bank holdings overtopped the French bank's by $844,476,000, and at the end of 1929 the American holdings were greater than
the French by $1,202,146,000. That particular disparity was due to
heavy drafts on outside markets' gold, under the extravagantly high money
rates of our speculative period. At the time of the armistice, although our
own gold holdings were nearly $1,000,000,000 less than that of to-day, they
were nevertheless $995,149,000 greater than the home and foreign gold
reserve reported by the Bank of France. In the middle of last September
the Federal Reserve's holdings exceeded those of the Bank of France by
$1,201,000,000.
[VOL. 134.
rentes or bank accounts, these foreign hoarders have been stacking away
500-franc and 1,000-franc notes in safes and vaults, often outside of France.
As indicated by currency figures, the outstanding issue of 500-franc and
1,000-franc notes at the end of 1926 corresponded closely with the circulation of bills of 5-franc to 100-franc denomination; but on Dec. 31 1931
the outstanding issue of the larger bills had a combined value 70% In
excess of the smaller denominations, having increased 100% in five years.
Total circulation increased 60% during this period. The following table
shows that this movement has been most marked in 1930 and 1931, with
small bills actually declining in the latter year:
Monetary Circulation
Bills of
Rills of
Fr. 5-100
Fr. 500-1,000
End of—
ft. 52,660,000,000 fr. 30,887,000.000
1931
fr 44,592,000,000 fr. 31,563,000,000
1930
fr. 37,653,000,000 fr. 30,115,000,000
1929
fr 33,780,000,000 fr. 28,401,000,000
1928
fr. 29,307,000,000 fr. 26,993,000,000
1927
fr 26,228,000,000 fr. 26,221,000,000
1926
Francqui Heads Societe Generale,
Belgium's Leading Bank.
According to Associated Press Accounts from Brussels,
Emile Francqui on March 8 accepted Governorship of the
Societe Generale, Belgium's leading bank, in succession to
French Loan to Czechoslovakia.
late Jean Jadot. M. Francqui, a former Finance MinRegarding a French loan to Czechoslovakia, Paris press the
ister of Belgium, it is noted, has often represented his counadvices, March 3, said:
try in international banking negotiations.
The Finance Committee of the Chamber of Deputies has approved grant
by the French Treasury of a five-year 600,000,000-franc loan to Czechoslovakia guaranteed by a lien on profits of the tobacco monopoly subject
to service on British and American loans.
Premier Tardieu denied that the Government or the French banks had
made any advance to Japan.
Associated Press accounts from Paris, March 5, stated
that the Czechoslovakian Government expects to float the
loan on the Erench market. It was added that it was
strongly defended by Premier Andre Tardieu because of
Czechoslovakia's financial position and her fidelity as an
ally of France. From the New York "Times" we take the
following from Paris, March 5:
The Chamber of Deputies, by a vote of 320 to 20, approved to-day an
agreement with Czechoslovakia whereby France will guarantee a loan of
$24,000,000 to be issued by Czechoslovakia.
It is considered significant here that without French Government support
even Czechoslovakia, which is the soundest country financially in Central
Europe, could not raise the money she needs.
It is a question of financial needs of Danubian countries which is the
chief topic of study of the financial commission of the League of Nations
now meeting in Paris.
Nortnan Davis, the American observer, arrived here this morning and
attended the committee sessions to-day. He will return to the Geneva
disarmament conference Sunday night or Monday morning. It is hoped
that the conference here will finish its work by early next week.
Subscription Lists Opened for New Bank Which Is
to Replace Banque Nationale de Credit of Paris.
'The following, from Paris, is from the "Wall Street Journal" of March 8:
Banque Nationale pour le Commerce et l'Industrie, a new institution to
replace the Banque Nationale de Credit, has opened subscription lists for
its 200,000 shares of 500 francs par stock, payable half immediately and
half in three months' time, following the bank's inauguration. Holders of
three shares in the old bank have the right to purchase one share in the
new institution. The new shares probably will be admitted to the Bourse
on a cash trading basis only.
An item regarding the proposed new bank appeared in our
issue of Jan. 16, page 419.
French 10-Franc Coins of Silver Minted—Central Bank
Has 100,000,000 of Them to Be Put in Circulation
at End of Year.
The following Paris cablegram, March 5, is from the New
York "Times":
Although not scheduled to be put into circulation before the end of this
year, 100,000,000 silver 10-franc coins authorized by the law of June 25
1928, and accordingly ordered by the Bank of France, already have been
minted, it was announced to-day by the French Ministry of Finance.
The Paris mint now is engaged in turning out silver 20-franc pieces
authorized by the same law, which directs the withdrawal from circulation
before Dec. 31 1932, of all the Bank of France's paper notes worth five,
ten and twenty francs.
The bank has been retiring the 20-franc notes for several years and very
few remain in circulation.
The new 10-franc coin, having a current exchange value of 40c., will
weigh 10 grams and will be the same size as the pre-war silver two-franc
piece. The 20-franc coin will weigh 20 grams.
The law authorizing the coinage of silver money provoked prolonged
controversial discussion in the press here as to whether it would cause the
cost of living to increase.
Hoarders in France Prefer Large Notes—Circulation
of Big Bills Far Ahead of Small Ones in Five-Year
Period.
Advices from its Paris Bureau to the "Wall Street Journal" of March 7 said:
Detailed note circulation figures indicate that hoarding of Bank of
France paper has been confined chiefly to the well-to-do. Besides this class
in France, wealthy Germans, Britishers and other foreigners, fearful of their
own currencies and investments, have been heavy buyers of French money.
Unwilling to disclose their identities by investing their funds in French
Belgium's Big Bank Nets Less in 1931—Societe Generale
Earns Fr. 163,000,000 in Year, Against Fr. 257,000,000 in 1930—Dividends Cut.
The following, from Brussels, Is from the "Wall Street
Journal" of Feb. 29:
Report for 1931 of Belgium's big banking institution, Societe Generale,
naturally reflects the crisis, which has borne particularly heavily on the
prices of colonial products, but shows a good state of liquidity. The bank
has dissolved numerous syndicates and taken the shares over into its
portfolio so that even at market prices of Dec. 31 the portfolio shows an
increase of 600,000,000 francs. The balance sheet, however, totals 19,228,000,000 francs against 21,968,000,000 francs at the end of 1930, with debit
current accounts down by 1,200,000,000 francs at 2,547,000,000 francs
against creditor accounts at 4,234,000,000 francs.
Capital consists of 800,000 parts de reserve at 1,000,000,000 francs,
reserves total 1,078,000,000 francs, and bonded debt 103,000,000 francs.
Net profits have fallen to 163,000,000 francs from 257,000,000 francs,
mainly owing to lower dividends on share holdings; 112,000,000 franca
thereof is absorbed by dividends (140 francs net against 200 francs), while
2,480,000 francs goes to directors; 73,275,000 francs to reserves, and
5,000,000 francs to carry forward.
The report gives a list of over 120 banks and industrial companies,
Belgian and foreign, in which the Generale holds shares (the number being
stated in each case). These include railways, seal mining, steel and
engineering, zinc, electricity, glass, chemical, textile, shipping and colonial
enterprises.
Speaking of the Congo the report condemns the exaggerated pessimism
which followed the exaggerated optimism. Gold production steadily increases, with new fields promising to double or triple 1928 output.
"The future of the Congo," concludes the report, "looks daily more
promising from a mineral point of view. The colony's economic potentiality
is in marked progression. Despite the crisis the yield on capital remains
on the whole satisfactory. Over 700,000,000 francs was paid in dividends
and interest in 1931."
Union Miniere's copper production in 1931 is given at 120,000 tons.
That of cobalt and radium is regulated according to requirements.
France Increases Import Duties on Certain Cork
Products—Proposed Increase in Duties on Rubber Footwear.
Under date of Mar. 8 an announcement issued by the
Department of Commerce at Washington said:
The French import duties on certain cork products have been increased
by a law published in the French "Journal °Meier for March 2 1932,
according to a cablegram from Commercial Attache Fayette W. Allport,
Paris.
The minimum rates of duty on rundles and stoppers are increased as
follows (rates in francs per 100 kilos net): Rundies for bottle caps, &c.,
of natural cork, from 250 to 350, and of composition cork from 330 to 350:
stoppers of natural cork, under 50 millimeters in length, from 178.50 to
300.00: stoppers of composition cork, under 45 millimeters in length, from
200 to 300. The present duty of 15% ad valorem on cut cork sheets and
on cork manufactures not specified is increased by 20%.
Proposed Revision Increasing Duties on Rubber Footwear.
The French Chamber of Deputies passed on March 4 1932 a measure
increasing the Import duties and changing the dutiable basis on rubber
footwear from a weight basis to a new scale of rates per pair, and establishing about 20 new classifications. The proposed minimum rates of duty
on men's boots are as follows, with the provision that the duty cannot
amount to less than 25% ad valorem: Men's boots under 20 centimeters
in total height 12 francs per pair; from 20 to 42 centimeters in total height.
28 francs per pair; and over 42 centimeters in total height, 36 francs per Pair•
The bill must be passed by the French Senate before the proposed rates
become effective.
German Reichsbank Meeting March 16—Golddiskontbank Meeting Also to Be Held March 16—Increase
in Capital of Latter Proposed.
According to information received by New York and
Hanseatic Corporation the general shareholders' meeting of
the Reichsbank will be held on March 16th. The Corporation also says:
Under present German Government regulations American holders of
Reichsbank shares in order to obtain release of the dividend and exemption from the German capital income tax are required to submit a
MAIL 12 1932.]
FINANCIAL CHRONICLE
special affidavit attesting foreign ownership of the shares. The dividend
Is payable in Germany against coupon No. 7 upon presentation of the
affidavit to the proper authorities. Affidavit blanks are obtainable at
the office of the above company.
The annual meeting of the Deutsche Golddiskontbank which is almost
wholly owned by the Reichsbank is also scheduled for March 16. It
will be proposed to increase the capital which was originally Lstr. 10,000,000 and converted into RM 200,000,000 on Dec. 21 1931 by 200
million Reichamarks to RM. 400,000,000.
German Reichsbank Cuts Discount Rate from 7 to
6%—Comment by President Hans Luther.
Referring to the action of the Reichsbank in reducing its
discount rate from 7 to 6% and its collateral rate from 8
to 7% on March 8, a cablegram from Berlin on that date
to the New York "Times" said:
The reduction had long been urged by the business community so that
general interest rates might be further brought down, but was deferred by
the Reichsbank until it could be effected without endangering its foreign
exchange position.
Commenting on the action, Dr. Hans Luther, President of the Reichsbank,
declared that its position had been substantially eased since the start of
the year, liabilities having declined $200,000,000 between the year's end
and the end of February and note circulation $125,000,000 in the same
period.
The foreign exchange situation, he added, was far less satisfactory, for
after several weeks of decline and temporary cessation of withdrawals the
first week of March brought increased demands, mostly due to 10% repayment on account of the $100,000,000 rediscount credit.
Nevertheless, Dr. Luther concluded, the Reichsbank now regarded it as
practicable to follow the course taken previously by central banks abroad
and reduce the discount rate without imperiling the equilibrium of the exchange market, the more so since by the recent bank reorganization the
German credit apparatus had been put on a sounder basis, creating improved conditions for the production of eligible drafts.
Acceptance Rates Reduced in Berlin—Reichsbank Also
to Rediscount Further 120,000,000 Marks in Russian Trade Bills.
The following from Berlin, March 9, is from the New York
"Evening Post":
1867
German Gold Discount Bank Shows Losses Rising from
Sterling's Fall—Profits in 1931 Dropped to 2,000,000 Marks as Against £552,000 in 1930.
The following from Berlin, March 4, (copyright), is from
the New York "Herald Tribune":
Report of the German Gold Discount Bank—interesting because it is
the key to the functions devolving on it under the terms of the standstill
agreement—shows moderate losses from devaluation of the English pound.
The Gold Discount Bank, the bearer of a 500,000,000 mark collective
guaranty from German industry, acts as trustee, bookkeeper and overseer
in an important connection in the standstill matters and serves to relieve foreign creditor banks from part of the credit risks.
Up to the beginning of this year the report shows a total of 127,680,000
marks obligations taken over as a result of the action of foreign creditor
banks, whereof only 63,470,000 marks pertain to 182 credit accounts or accounts guaranteed by German banks to the value of 67,000,000 when originally taken over during the year, but the latter was partly liquidated. The
remainder of 64,220,000 media obligations arose from guaranties for 263
various credits.
The Gold Discount Bank theoretically is entitled in case of defaults on
agreed payment by German debtors to call on the German industries for a
half milliards mark guaranty in order to protect foreign creditors. The
bank, whose capital was based on the pound sterling until the close of
1931, showed a profit of slightly less than 20,000,000 marks from bills,
checks, securities, etc., against 552,000 pounds sterling in 1930, when a
4% dividend was declared. Of 9,069,142 net profits, 8,500,000 go Into
the Delcredere guaranty.
Loss by Krupp Company of Germany—Concern Reports
It Ran Behind $2,400,000 in 1931.
A cablegram as follows from Berlin, March 4, Is taken
from the New York "Times":
The Friederich Krupp Company reports for the year ended on Sept. 30
1031, a net loss of $2,400,000. The effects of the extremely bad year
were . modified for the Krupp company, it was said, only through the
manufacture of some specialties such as rustproof steel and other highgrade steels. The book values of plants and securities were written down
sharply.
The turn-over dropped from $92,000,000 in 1930 to $63,000,000 last
year. Orders received for the first quarter of the new year are Insufficient to keep working one-third of the men employed normally.
The easier conditions in the Berlin money market were reflected to-day
in a reduction in acceptance rates and an announcement that the Reichsbank
has agreed to rediscount a further 120,000,000 reichsmarks of Russian
trade bills in addition to the 200,000,000 reichsmarks now outstanding.
/
2
Acceptance rates were cut to 57
,
43% from 61 in accordance with reduction in the discount rate. Call money was quoted 61
/ against 7.
2
%
The further rediscount of Russian bills will be only of those against outstanding orders already guaranteed by the Reich and will not be newly
created. The Reich declines to increase the amount of its guarantee, which is
already close to 1,000,000,000 reichsmarks.
The decision of the Reichsbank, therefore, means help for exporters on
orders placed last year, but new exports will be possible only when the
present guarantee and the rediscounts have been reduced by Russian payments. Total Russian payments due to Germany during 1932 amount to
375,000,000 reichsmarks.
Prussian State Bank.
The "Wall Street Journal" of March 3 reported the following from Berlin:
Russia—urged especially by the enginaering trade—beyond the original
$250,000,000 limit, but since the payment of about $50,000,000 from Russia
will fall due between now and April 1 the Reichsbank has agreed to rediscount $30,000,000 in Russian drafts on condition that a bankers' consortium provide additional endorsement.
The index of wholesale prices in Austria has risen to 114 as against 112
In December and 105 in January of 1931. The retail index has risen to
142. One incident, possibly bearing on this movement of prices, is that
the Austrian National Bank, whose reserve ratio amounts to 25%, with a
note circulation of 937 million schillings, now permits "currency clearing"
between exporters and importers, with exporters entitled to a premium of
31%.
It is considered that this recognizes practically, although not officially,
the depreciation of the Austrian schilling.
"Seehandlung," Prussian State bank, records 1931 gross profits at
9,600,000 marks against 12,800,000 marks in 1930, while the net return
declined to 1,300,000 marks from 6,800,000. Heavy security losses
accounted for reduced earnings, and, as further depreciation of this
sort will have to be shown in the 1932 statement, no dividend has been
declared. This bank plays an important role in the Berlin money market.
Austrian Prices Rising—German "Index" Higher—
Vienna Recognizes Depreciation of the Currency
as an Influence on Values.
The following is from a Berlin cablegram, March 8, to the
Under date of March 5, the New York "Times" reported
New York "Times":
The Reichsbank has refused to increase its credit for exports to Soviet the following from Vienna:
Standstill Agreement of German Reichsbank Secure—
Payment of $10,000,000 in New York Has No Effect,
As Creditors Waived Revocation Option.
Austria and Hungary Face Cuts in Budgets—Former
The following Berlin cablegram, March 4, is from the
Must Make a New Reduction of $15,000,000 Because
New York "Times":
of Rise in Jobless Relief Needs.
The standstill agreement for maintenance of foreign short-term credits
to Germany, which went into effect on Tuesday, will not be affected by
Need for some form of economic relief for Central Europe
the payment by the Reichsbank of $10,000,000 on foreign rediscount credit,
became more apparent in Austria and Hungary on March 8,
it was learned to-day, as most of the standstill creditors have already
said a wireless message on that date from Vienna to the
agreed not to take advantage of their option to revoke the agreement.
The amount represents less than 4% of the Reichsbank's reserves of New York "Times," which also stated:
gold and foreign exchange.
On Feb. 29 the coverage of circulation was 25.2%. This probably has
changed little up to to-day.
At any rate, the stability of the mark
will not be affected by the payment, as it is maintained through other
means. Theoretically no marks leave the country without the knowledge
of the Reichsbank, but shrinkage of gold reserves makes it harder for the
Reichsbank to reduce the discount rate, as it has been urged to do. It is
believed that it will wait for all standstill creditors to agree to payment of
the rediscount credit instalment before lowering the rates.
German Debtors' Committee Asks Cut in Debt Interest
—Seeks Reduction on Rates Covered by "Standstill" Pact.
From Berlin, March 9, Associated Press advices published
in the New York "Evening Post" said:
The German Debtors' Committee has written to the Foreign Creditors'
Committee asking a reduction in interest and commission on the "standstill"
credits.
The letter pointed out that reductions in the bank rate in New York
and London has not resulted in a corresponding reduction for these
credits, and it called attention to that part of the creditors' agreement providing that the interest be within reasonable limits.
It was understood that the debtors might appeal to the Council of Arbitration provided by the agreement if the reply to this letter is unsatisfactory.
After explaining to the Cabinet Council that as a result of increased
calls for unemployment relief the Austrian budget must be reduced $15.000.000 more, the Finance Minister. Dr. Kienboeck, left for Paris to attend a meeting of the League of Nations Finance Committee.
Adrian van Rengel, director of the Credit Anstalt, had already left for
the same destination, since the Committee will discuss the financial situation in Austria. in which the Credit Anstalt question is the most important
factor.
Reports that the Austrian Government will arbitrarily repudiate or
restrict the guarantee which it gave to Englii3h, American and other foreign
creditors of its principal bank are without foundation, but it has requested
either lowering of the interest rate on $75.000.000 of indebtedness or reduction of the capital sum.
In Budapest to-day the Hungarian Finance Minister, M. Koranyi. told
the economy conunittee of Parliament that the 1932 budget must be
$12,000,000 less than that of last year.
Johann Telesky. former Finance Minister, stated Hungary's trade balance for the first half of this year apparently would be unfavorable, so
there probably would be no foreign exchange even for payment of service
on those foreign debts which the Government had expected to be able to
transfer.
Dividend by Polish Bank-12% Payment Voted on
First Issue of Shares—New Credit Limit.
The stockholders of the Bank of Poland approved on
Feb. 24 a 12% dividend on the first issue of shares payable
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FINANCIAL CHRONICLE
that clay, according to Associated Press advices from Warsaw on Feb. 24 to the New York "Times," which added:
The second issue, held by the Treasury, participates in the profits to the
extent of 6,000,000 zlotys (about $560,000), and also in 6,900,000 zlotys
net profits.
The meeting voted approval of an amendment to the bank statutes increasing the maximum limit of Treasury credits paying no interest from
60,000,000 zlotys to 100,000,000 zlotys.
Bill Would Reduce Polish Job Insurance—Government
Proposes to Cut the Maximum Daily Allowance
from 84 Cents to 56.
The following Warsaw cablegram, March 7, is from the
New York "Times":
A sweeping change in the Polish unemployment insurance scheme was
proposed in a bill that the Government submitted to the Sejm to-day.
The trade unions have already made a vehement protest against the
measure, and a one-day strike has been proclaimed for March 16.
Under the new plan the maximum daily wages, which form the basis of
all unemployment allowances, would be lowered from 84c. a day to 66c.
The family allowance would be confined to the workers with wives and
children, and parents, brothers and sisters would not be taken into account
as they have been under the present law.
'The "waiting time," or period of unemployment which must elapse before
the workers would be entitled to relief would be raised from 20 to 30 weeks.
If this reform is adopted and is coupled with a number of minor changes
in the administration of the unemployment insurance fund, it is expected to
lessen considerably the burdens the State is bearing in covering the deficit
in the fund. The Government subsidy to cover the deficit, plus the regular
contributions, has amounted to $25,000,000 for the last two years.
Poland now has 320,000 unemployed, nearly 30% of all those gainfully
employed in industries.
Spanish Treasury Issue.
The following (United Press) from Madrid, is from the
"Wall Street Journal" of March 9:
Augusto Barcia, Governor of the Bank of Spain. the Vice Governor and
representatives of five large Madrid banks have arranged details for the
issuance of 500.000.000 paper pesetas ($38,300,000) two-year Treasury
% interest.
notes bearing
Legal authorization for the notes is expected early In April when the
Cortes approves the new budget. Banking authorities predict oversubscription of the issue at that time.
Portugal Raises Tariffs—$4,000,000 Public Works to
Begin in July—Jobless Fund Ordered.
Lisbon cablegram, Feb. 27, appeared as follows in the
A
New York "Times":
Eight new Government decrees were published to-day, raising the import
duties on tobacco, kerosene and newsprint from 6 to 20%.
The Government also announced a six-year plan for public works development which will be begun next July. Schools, hospitals, ports and roads
have an allotment of $4,000,000.
An obligatory unemployment relief fund will be imposed on employers
and employees by the Government beginning March 1. Organized labor and
the unemployed are planning a demonstration Monday. The Government
published a warning that any disorders will be suppressed.
(vol.. 134.
Comptroller of Foreign Exchange, thus replacing the Minister of Commerce
on the board of the National Bank.
The exchange law consists of only two sections, the first of which provides
that the Minister of Commerce may order all Danes resident in Denmark
to repatriate assets, securities, bills checks and cash held abroad, to be
converted into Danish currency through the National Bank. The second
paragraph states that imports of foreign goods can only take place against
a certificate granted by the National Bank to the effect that the currency
required for this importation will not endanger the foreign exchange reserves
of the country. It Is expressly stated in the law that raw materials and all
commodities necessary to keep export industries going are to have prior
claim to such foreign exchange as is available.
Minister Calls Bill Essential.
The law will have far-reaching effects. It will mean, for example, that
an importer who has foreign currency on deposit abroad cannot make use of
it to purchase foreign goods, unless expressly authorized to do so by the
National Bank or its committee.
In submitting his bill to the House, the Minister of Commerce admitted
that it was drastic, but said that it was essential in present circumstances.
"The foreign exchange reserves of the National Bank have been brought
down to a point where our proposals are inescapable," he said. "We have
to do our utmost to keep on an even keel, and I hope our people will understand that our proposals are essential, not only for the well-being of the
country but for its very existence."
Until Jan. 30, the Government had relied upon a foreign exchange decree
which had been operative since Nov. 18 1931, but which had gradually
been discovered to be ineffective. This decree prohibited unofficial dealings in foreign exchange, and provided that the business was to be done
through an agreed number of banks. Despite the fact that there was complete understanding among all concerned as to the importance of getting
the arrangement to work smoothly, difficulties increased. Not the least
of the reasons was that Danish agricultural export products found a constantly glowing number of markets closed to them, with the result that
they made less foreign exchange available to the Danish money market than
originally provided for. At the same time, imports continued on a very
high level.
Provincial Firms Favored.
The complaint was also made that in dividing up available supplies of
foreign exchange, provincial firms were unduly favored at the expense of
Copenhagen firms, the reason being that the greater past of the available
foreign exchange reaching the country came through provincial channels
and not through Copenhagen.
As an illustration of the financial stringency which has prevailed here
for some time, reference may be made to the difficulties encountered by the
City of Copenhagen in obtaining accommodation which was urgently
needed. Repeated applications were made to the National Bank for a loan,
but were turned down. At last, as the result of personal intervention
by the Minister of Commerce and the thorough scaling down of Copenhagen's budget, the National Bank consented to grant the city overdraft
facilities to the extent of kr. 30,000,000 on strict terms. The city bound
itself immediately to issue a loan of kr. 30,000,000 for public subscription,
with a currency of two years, carrying 6% interest, at a price not less than
97 and not more than 98. All the bonds which were not subscribed for
within eight days of the issue of the loan were to be handed over to the
National Bank as security for the overdraft, the latter to retain the right
to liquidate its holdings, if any at any time it thought fit to do so. The
city bound itself not to use the credit beyond the limits of the strictest necessity, and entirely in accordance with the statement submitted to the bank.
Dutch Farmers Suffer—Land Values Decrease 50%
Because of Tariff War.
The following from Amsterdam, March 6, is from the
On March 1 the Department of Commerce at WaAhington New York "Times":
A crisis is confronting Dutch agriculture because of high tariffs and imissued the following relative to the new Portuguese tariffs:
prohibitions abroad on agricultural and cattle
Decrees published preliminarily in Portugal on Feb. 27 1932, to become
effective the day following official promulgation (which was expected
within 48 hours), provide for a general surtax upon existing import duties,
authorization to negotiate provisional commercial agreements employing
minimum rates, denunciation of existing accords, if necessary, and authorization to fix maximum quantities of imports during specified periods,
according to a radiogram received in the Department of Commerce from
Commercial Attache Richard C. Long, Lisbon. It was stated that the
duty changes were due to economic necessity, and not intended as reprisals.
All existing rates of import duty into Portugal and the adjacent islands
are increased by one-fifth, except on the following:
Anthracite, bituminous and lignite coal, coke, coal briquettes weighing
more than one kilo each, and mineral oils, except crude petroleum and those
suitable for illumination, on which the duties are increased by one-twentieth;
sugar of any origin, on which the duties are increased by one-tenth, and
leaf or manufactured tobacco and materials for the tobacco industry, and
newsprint, on which there is no increase.
Upon recommendation of a commission created by this decree, duties
may be increased to double the present rates, or the present duty surtax
may be reduced to one-twentieth with regard to primary materials and
industrial equipment.
It is reported that the customs officials were refusing withdrawals on
Feb. 27, although the decrees were not yet effective.
The Portuguese Government is also authorized to expend the revenues
resulting from increased duties on raw cotton, certain silk articles and
knit goods, and on yarns, fabrics, knit goods and articles of cotton for
stimulation of cotton production in Portuguese Colonies in Africa.
port
produce. Land values
have fallen an average of 50% compared with those of two years ago.
Many farmers who took mortgages on their land are thus in very difficult circumstances.
Unemployment among metal workers is serious in Rotterdam, where the
number of employed has fallen from 10,037 in July 1930, to 4,026 now,
representing a 59% loss. Elsewhere from 45 to 72% of hands have been
discharged, according to union data.
Charles H.Sherrill Named as United States Ambassador
to Turkey.
On March 4 President Hoover sent to the Senate the
nomination of Charles II. Sherrill, of New York City, to
be Ambassador Extraordinary and Plenipotentiary of the
United States to Turkey. Additional information,according
to the "United States Daily" was supplied as follows:
A lawyer, Mr. Sherrill was born on April 13 1867 at Washington, D. C.
He has received degrees from Yale and from New York University. After
practicing law at Now York from 1891 to 1909. he served as the United
States Minister to Argentina from March 25 1909 until July 27 1911. He
resumed the practice of law in September 1912.
Mr. Sherrill has been the recipient of honors for many foreign nations,
among which are the Legion of Honor of France, the Order of Leopold
of Belgium, the Serbian Order of White Eagle, the Order of White Lion of
Czechoslovakia and the Swedish Order of l'olar Star.
lie was a Brigadier-General and Adjutant-General in the State of New
York and had charge of the United States draft in that State from Sept. 1
1917 to Sept. 18, 1918.
State Controls Danish Krone—New Law Puts Foreign
Trade Authority in Hands of Bank Committee.
From the "Wall Street Journal" of March 7, we take the
Incorporation Under Laws of New York State of
following from Copenhagen:
American Council of Foreign Bondholders Inc.—
growing difficulties on the foreign exchange
As a result of the constantly
Activities of Council To Be Directed by Max
market, the Government has rushed through the Chamber a law which
creates a State monopoly institution through which all foreign exchange
Winkler.
transactions must pass.
Announcement was made March 6 of the incorporation
The law gives the Minister of Commerce dictatorial powers over the foreign exchange market, but the Minister is delegating his authority to three under the laws of the State of New York of the American
persons, who, with a special staff of about 60, will have complete control
Council of Foreign Bondholders, Inc., to serve as a clearing
over all foreign exchange dealings in Denmark, and,hence also over all
financial
foreign trade. The committee of three will consist of one of the directors house for information regarding economic and
of the National Bank,a representative of the Ministry of Commerce, and of conditions in foreign countries in whose securities and enterOlaf Berntsen, the Danish-American banker, who recently resigned from
prises American capital has been placed. Particular atthe London branch of an American banking house to become Government
MAR.
12 1932.]
FINANCIAL CHRONICLE
tention it is stated will be paid to countries or political
subdivisions which have either already defaulted on their
contractual obligations, or are on the verge of default.
The formation of the Council, it is added, has been
prompted by the enormous stake which the United States
has abroad, aggregating at the beginning of this year almost
$18,000,000,000, exclusive of so-called political obligations
owing to the United States Government. The activities
of the Council will be directed by Dr. Max Winkler, who
for a number of years has been pointing to the desirability
of creating an organization in the United States along the
lines of similar organizations abroad, which have for many
years functioned with marked success. The announcement
also says:
1869
Debt Payment Soon by Bolivia Unlikely—Institute of
International Finance Notes Effect on Revenues
of Drop in Tin Price.
The possibility that the Republic of Bolivia can soon
resume payment in full on its $62,180,303 of external debt
is remote, according to a special report on the republic's
finances issued March 4 by the Institute of International
Finance through its director, Dean John T. Madden. The
Institute, which is conducted by the Investment Bankers'
Association in co-operation with New York University,
explains that the drop in the world price of tin was chiefly
responsible for Bolivia's failure to settle the $6,132,000 interest and amortization charges on its debt, said the New
York "Times" of March 5, which went on to say:
Increased production of tin in Bolivia and in other countries, and a
There will be associated with Dr. Winkler in the direction of the activities of the Council a number of economists, including, among others: general decrease in world consumption drove the price from an average
Dr. Thomas H. Healy of the Georgetown School of Foreign Service.
of $1,405 a ton in 1927 to $480 in 1932, the report said. Consequently
Chester Lloyd Jones, Dean of the School of 13usiness, University of the Bolivian Government's income dropped from $17,539,000 in 1929 to
Wisconsin.
$13,104.000 in 1930, while the figures for 1931 are expected to show an even
Edmond H. Jones, former Acting President of the Permanent Fiscal greater decline.
Commission of Bolivia.
Arrangement on 1931 Budget.
Professor John M. Chapman.
"The Government arranged its 1931 budget on the basis of expected revDenys P. Myers, Director of Research of the World Peace Foundation.
$10,210,868, with expenditures placed at $11,700.865, without
enues of
J. Res McIntosh, President of Analyst Associates, Inc.
providing for the service on the external debt," the Institute says, "ReveWinthrop C. Swain, economist and statistician.
nues in 1931 declined to such an extent that even with no payment being
Dr. Winkler calls attention to the fact that since the formation of the
made on the external debt the Government was unable to balance the budget
British Council was effected at the time when Great Britain's foreign
from current income and was again forced to borrow to cover the deficit.
holdings barely exceeded 82,000,000,000. the absolute necessity of creating
"Payments for debt service during 1929 required about 36% of total
a similar organization in the United States, in view of our very much larger
revenues, during 1930 approximately 47%, and the 1931 service, if paid,
stake abroad, is so manifest as to require no further explanation. Although
would have consumed more than 85%, of which the external debt service
attempts have from time to time been made in the United States to create
would amount to 76% of the total expected revenues."
instrumentalities designed to look after the interests of American investors
The report points out that although each of the four dollar loans aggrein foreign securities and enterprises, and although certain organizations are gating $61,422,000 outstanding is secured by a lien on specific revenues.
actually believed to have been formed for the purpose of looking after these revenues, pledged in their entirety, represent the major part of the
specific situations, the formation of the American Council of Foreign total income of the Government and must be used internally for the preserBondholders, Inc. is the first step taken to cover the entire foreign invest- vation of law and order and the maintenance of Governmental activities
ment field from the standpoint of the American holder of foreign securities, essential to the life of the nation.
both individuals as well as institutions. The Council is only to a limited
External Debt Arrears 84,349,456.
limited extent patterned after the British Council. which has functioned
Arrears of interest on the external funded debt amounted to $4,349,456
successfully for more than two generations and which has during its existence on Jan. 15 last. The dollar loans in default are: 6s, due on Oct. 1 1940.
been involved in the settlement of claims aggregating well over $5,000,000,- outstanding $1,296,000: 8s, due in 1947, outstanding $22,072,000: 78. due
000.
in 1958, outstanding $13,364.000. and 7s, due in 1969, outstanding $22,690,The Council will not, for the time being at least, undertake to direct
000. Thus, $59,422,000 of dollar loans are in default. The $2,000.000
foreign debt negotiations. It may, however, see fit from time to time to 7% match monoply dollar bonds, due in 1950, are being paid. Other
co-operate with committees especially organized for this purpose by those
external debt includes £155,821, equivalent to $758.303.
identified with the origination and distribution of foreign bonds, and will,
The internal debt of Bolivia consists of 23,874,000 bolivianos of funded
in this way, be in a position to act whenever conflicts of interests may rendebt and 20,134,856 bolivianos of floating debt. The report states that
der such action desirable.
the bankers here are keeping in touch with the situation through the PerThe Council will disseminate information regarding the true economic
manent Fiscal Commission, two of whose three members are nominated
and financial conditions of countries in whose securities or enterprises
American investors have placed their funds. Through the dissemination by the bankers.
of such information, it should be possible in the future to prevent the flotation in the American market of securities of dubious quality. In this manner Fall of Bolivian Cabinet Said to Have Been Due to
the usefulness of the Council will come from prophylactic rather than proInflation Issue—Ex-Minister of Finance Had Protective measures.
posed New Notes Bringing Gold Coverage to 35%.
The Council will also undertake to make careful examinations of the various situations regarding defaults on the part of foreign governments or
Advices March 10 from La Paz to the New York "Times"
subdivisions, with a view to enabling the creditor to intelligently
political
appraise the capacity of the respective debtors, on the ba,is of actual con- said:
The controversy between the Government and the Central Bank of Bolivia
ditions rather than theoretical possibilities as to what those debtors might
over proposals for inflation, which led to the creation of a new Cabinet yesbe in a position to do on behalf of their foreign creditors.
publich bi-monthly reviews and analyses of conditions terday, was explained to-day in the English-language section of the newsThe Council will
abroad as they may affect the American holder of foreign bonds or American paper "La Razon." The editorial follows in part:
"Projects suggested by the Minister of Finance . . . met deterinvestors in foreign enterprises, as well as those engaged in foreign commerce.
It is hoped that through these reports, the American investing public will mined opposition from the Central Bank. The Government suggested
kept informed ofthesituation abroad,which should go a long way towards the issuance of new bills to the value of 10,000,000 bolivianos, thus changbe
arresting the often unreasonably erratic fluctuations in the price of foreign ing the Kemmerer banking law. At present, under this law, OW bills
have a backing of 50% gold, whereas after such a new issue the backing will
securities traded in on the American markets.
The headquarters of the American Council of Foreign Bondholders, Inc., be only 35%.
"It is this suggestion that the Central Bank has been opposing tenaciously,
are at 49 Wall Street, New York City.
and hence there was staged a public debate between the bank and the Government.
New Swedish Government Issue.
"In order to support his theory concerning the necessity of putting more
Press advices from Stockholm March 10 said that the bills into circulation, the Minister of Finance quoted President Hoover's
reference to the pernicious effects of hoarding wealth. The bank reply,
Swedish Government is issuing kr. 50,000,000 4
bonds through the press, is that President Hoover does not recommend inflation
at 97.
by the issue of unbacked bills. . . .
"In order to co-ordinate the different tendencies . . . President Salamanca offered the Finance Department to one of the directors of the CenArgentina Plans Central Bank.
tral Bank and agreed to maintain suspense on said projects. The Liberal
Associated Press advices from Buenos Aires, March 8, party decided to co-operate with the Government, accepting the Ministries
reported that the creation of a central bank for Argentina of Foreign Relations, Worship and Instruction anti Agriculture. . . .
will be one of the matters submitted to the coming extraordi- in "In the meantime the Central Bank has offered to cover the deficit
the budget, which is calculated as follows: Receipts, 29,682,560: disnary session of Congress by the new Government, Finance bursements, 33,096,501.19; deficit, 3,413,914.19 bolivianos. In order to
Minister Hueyo said in an interview with the newspaper arrive at these figures it was necessary to make tremendous reductions,
Nacion." He added
Government does not con- as the original budget showed a deficit of over 10.000,000 bolivianos."
"La
that the
template issuing new paper currency or negotiating a new
Brazil's Third Funding Loan Approved in Presidential
foreign loan.
Decree—Two Bond Issues to Permit Payment on
Foreign Debt.
Argentina Road Asks Moratorium—Cordoba Central
From the New York "Herald Tribune" we take the followReported Unable to Meet Interest Due April 1
ing (United Press)from Rio de Janeiro March 6:
on 4% Debentures—Blames Traffic.
A Presidential decree approving Brazil's third funding loan and authorisThe following from London March 8 is from the New York ing credit operations in order to fulfill payment of interests on external loans
"Evening Post":
and other financial operations, was published in the "The Mario Official"
The Cordoba Central Railway, Ltd., which operates 1,218 miles of road
in Argentina, announced to-day that it is unable to meet interest, due AprU
1, on its 4% first debenture stock, owing to traffic declines and exchange
losses.
The company asks for a three-month moratorium within which to draw up
a comprehensive plan to deal with the situation. A moratorium already exsecond debenture stock.
ists in respect to the interest on the 5%
Westminster Bank, Ltd., London, are bankers for the company. The
issued and outstanding in the amount of £8,000,000
45f debenture stock,
time on six months' notice or in event of
Is redeemable at 105% at any
liquidation of the company.
to-day.
The Federal Government will issue two series of bonds, the first maturing
in 20 years and the second in 40 years, both yielding 5% annually. The
-year issue, in pounds sterling, dollars or francs, will be used to replace
20
coupons of corresponding loans floated in England, France and the United
States, except the 1898 and 1914 funding loans and the 1922 coffee loan.
The 40
-year series will be applied to payment of coupons on the French
and English loans, without a mortgage guarantee.
-year issue will be £2,848,939 ($12,837.The maximum capital for the 20
254) for England, $29,884,545 for the United States and 66,000,000 francs
-year Issue will be L7.881.($2.640,000) for France. The capital for the 40
1870
FINANCIAL CHRONICLE
814 ($38,216.797) for England and 135,000.000 francs ($5,400,000) for
France.
Brazil to Pay Scrip on External Loans.
The New York "Times" of March 6 said:
[VOL. 134.
The 400.000 pesos will be available from a 1,500,000-pesos emerzenci
fund created by the Bank of the Republic's salt monopoly concession
loan to the Government contracted in December, 1931.
The Bank of the Republic is authorized to discount Colombian Credit
Corp.loans up to a maximum of 500,000 pesos.
The peso is worth 95.50 cents at present exchange rates.
Scrip in lieu of interest on certain external bonds of the Brazilian Government held in Europe and the United States, pursuant to a plan announced by Brazil on Oct. 17, last, will be issued in a few days, according Chile Approves Plan to Aid Cosach Group—Govern.to the bankers who have been active in Brazilian financing. Dillon, Read
ment Agrees to Alleviate Burdens for Reorganiza& Co. of New York, N. M. Rothschild & Sons of London and the Banque
tion of Nitrate Industry.
FrancaIse pour le Commerce et l'Industrie of I'aris have taken leading parts
In working out the mechanics of the scrip plan.
Under date of March 8 an Associated Press cablegram
The scrip, on which 5% interest will be paid in cash, will be issued in two
from Santiago, Chile to the New York "Times" said:
series. The first series, due in 20 years, will be put out against the interest
Finance Minister Luis Izquierdo announced to-night that the Governon the following loans: sterling 58 of 1903; French franc 55 of 1909; American
dollar Ss of 1921: American dollar is of 1922; American dollar 63.is of 1926, ment had approved proposals of Medley G. II. Whelpley, president of the
Cosach nitrate group, for reorganization of the Chilean nitrate industry.
and sterling and American dollar 6s of 1927.
"In the present world situation of nitrogen fertilizers, it has been deemed
The second series of scrip, redeemable in 40 years, will be issued in
respect to all other Brazilian Government foreign loans, except the 5% more prudent to maintain the present structure of the Cosach Co.." his
funding issue of 1898, the 5% funding loan of 1914, and the 754% coffee statement said.
Negotiations between the producers and the Government were limited.
security issues of 1922. service on all of which will be continued to be paid
therefore, to efforts to alleviate "the all too heavy burdens of the corain cash.
pany, making indispensable reductions and economies" until it could attain
United Fruit Company to Advance Colombia Loan of a satisfactory position or reach "an equitable agreement with the producers of synthetic nitrates."
$500,000 on Banana Tax Account—Action of
Mr. Whelpley will leave for New York to-morrow to lay his plan before
Cundinamarca Assembly Regarding Payments on creditors and bankers of the Cosach group, a $300,000,000 Governmentproducer organization.
Obligations.
Associated Press advices March 9 from Bogota, Colombia, Chile Aims to Limit
Dealings in Exchange—New
stated:
Central Bank Will Be Allowed to Deal Exclusively
President Olaya Herrera announced to-day that the United Fruit Co.
in Alien Currency Under Plan.
would advance to the Government this week $500,000 in gold as future payments on the banana export tax. The Government will pay 6% interest
The following (United Press) from Santiago, March 11,
and at the normal rate of banana exports, should retire the advance in two
is from the New York "World-Telegram":
Years.
Under a 20
-year contract signed last month the United Fruit Company
pays 3 cents a bunch as the banana tax.
A cablegram from Bogota March 9 to the New York
"Times" had the following to say:
The company will retain the national banana export tax of three cents a
bunch to amortize the loan, with 6% annual interest. On the basis of the
present rate of banana exports,amortization will be complete in four years,it
is estimated. This loan should speed the conclusion of long-pending negotiations for the long-term rental of the Santa Marta Railway,operating through
the bananz zone, by the national Government to United Fruit interests,
with the acquiescence of the State of Magdalena, which holds the rights of
the railway.
It is understood that the amount of the loan will remain for the time
being deposited in the Bank of the Republic to strengthen its reserves.
The Cundinarnarca State Assembly approved yesterday an ordinance prescribing a new order of payments on State obligations, relegating service
on the public debt to practically last place. This appears to be the first
step toward a definite declaration of a moratorium on service of Cundinamarca's $11,500,000 outstanding in foreign bonds, floated by J. and W.
Seligman & Co.. thus discarding the National Government's plan to issue
scrip to cover the deferred payment of maturing interest on these bonds.
Purchase of foreign exchange will be limited exclusively to a new central
bank and the export of gold and withdrawal of foreign money deposited
in Chilean banks prohibited under the terms of a projected law sent to
Congress by the executive power.
The law will provide wide reformation of legislation governing exchange.
It will establish a central bank for free foreign exchange purchase. The
President of the Republic will fix foreign exchange quotations according
to data furnished by a commission of control.
Prohibition of export of gold will be absolute. No foreign money may
be withdrawn without the commission's authorization. Foreign deposit
will be transferred to the central bank.
Chilean Budget for 1932 Approved by Congress—Expenses Lower Incident to Moratorium on Foreign
Loans.
Associated 1'ress advices, March 8, from Santiago, Chile,
Said:
President Montero announced to-day that the Congress had approved the
1932 budget with estimated receipts of $71,743,275 and expenditures of
$71,693,395. Expenditures are considerably lower than last year's, partly
because of the moratorium on foreign loans.
Colombia Decrees Subsidy for Coffee — President
Olaya Authorizes a 10% Export Bonus, Payable in
Bonds—Holds United States Concerns Will Be Ecuador Business Slump Accentuated—American Exporters Advised to Sell on Basis of Cash in Advance.
Real Beneficiaries—Government Aims to Keep ExAn announcement, March 3, by the Department of Comchange Rate.
Three Presidential decrees were issued on March 8 in merce at Washington said:
Following the abandonment
Colombia, concerning foreign exchange and banking, accord- and uncertainty as to future of the gold standard, rise in exchange rate..
developments, the seasonal slackness has been
ing to Bogota advices on that date to the New York "Times" accentuated in Ecuador, and retail sales during February were 40% below
those of January, according to a report from Consul-General Harold D.
further said:
which
Clum, Guayaquil, made public by the Department of Commerce.
Decree 422 announces the firm purpose of the Government and the Bank
The rate of exchange on New York since the suspension of the gold
of the Republic not to increase the present exchange rate of 105 pesos standard bas been six
sucres to the dollar. American exporters should sell
for $100 and to maintain the 35% minimum gold reserve for the Bank only on the basis of
cash in advance. Cacao prospects are still comparaof the Republic's note circulation, but the Government recognizes demands tively favorable,
but the rice crop has been badly damaged by recent floods.
of the coffee interests for a higher exchange by granting the exporters a
bonus of 10% of the value of coffee exports this year,from March 15.
The bonus is payable In the form of 6% National Government bonds.
Ecuador To Get Loan From Central Bank.
the interest to be payable from dividends accruing from the GovernAssociated Press advices from Guayaquil (Ecuador),
ment's stock in the Bank of the Republic and the bonds to be amortized
at par, beginning one year after issuance, upon tender in payment of Na- March 7 said:
tional taxes up to 2%.
The government settled to-day its differences with the Central Bank
On the basis of quantity and value of current coffee exports and the present of Ecuador, which arose last
week over a loan.
National revenues, it is estimated that 4,000:000 pesos of bonds may be
The bank will loan to the Government 12,000,000 sucres ($2.400.000 at
issued in the next 12
-months amortized in the six succeeding years. The par) or ten years and the
State will rescind its recent decree withdrawing
bonds will be permissible for investment up to a maximum of 15% of the Government funds from
the bank.
capital and reserves of the Bank of the Republic and will be an obligatory
Investment of at least 10% of savings banks funds.
The refusal of the Central Bank to grant a loan to Ecuador
The afternoon dailies here doubt the success of the bonus plan, believ- was noted in our issue of
March 5 page 1671.
ing that United States firms purchasing here and exporting the bulk of the
In its issue of March 5 the New York "Times" reported
coffee crop will be the real beneficiaries Instead of Colombian growers.
Foreign Exchange Purchases Limited.
Decree 421 limits the purchases of foreign exchange for the payment of
private debts due prior to Sept. 24 1931. including accounts for Imported
merchandise and advances on coffee, to 20% of the instalments without
stipulating the instalment periods. The control office which licenses the
purchase of foreign exchange is limited weekly to 90% of the amount of gold
and foreign exchange purchased by the Bank of the Republic in the previous
week. Smelters must deliver all smelted gold to the mint or the Bank
of the Republic and owners of gold will receive payment In the national
currency, which at present Is not redeemable in gold on demand.
Decree 420 gives commercial banks mortgage bank status for the conversion of commercial debts to long-term mortgage-secured debts, and
commercial loan extensions no longer are limited to six months. The Bank
of the Republic is authorized to rediscount for a maximum of one year
commercial banks' mortgage-secured loans up to 50% of the book value
of the commercial banks' holdings of stock in the Bank of the Republic. The
Bank of the Republic is authorized to guarantee dividends to its private
stockholders.
The Minister of Finance is authorized to arrange to lend the new Colombian Credit Corp. 400,000 pesos for ten years to facilitate the liquidation of
defaulted long-term mortgage loans the corporation takes over from banks.
the following from Guayaquil, March 4:
The Central Bank has flatly refused to lend the Government the requested
15,000,000 sucres (a sucre is nominally 20 cents) after having consulted
associated banks, whose managers had advised refusal if the Central
Bank was certain this course was best for the country's interests.
Reports from a Cabinet meeting yesterday indicated the Government
was considering the abrogation of its recent decree regarding the gold
standard, as it holds there is no advantage in having unconvertible paper
money without a loan.
The Government's situation is regarded as serious, since reports say
the comptroller's office has more than 2,000,000 sucres in bills pending, with
only 125,000 sucres on hand and all the Government revenues showing a
falling off from the budgeted figures.
The same paper also announced the following from Guayaquil, March 5:
Because of the refusal of the Central Bank to grant a loan, the GOITETD"
ment has decreed that all of the Government's deposits, amounting to
6,000,000 sucres (nominally $1,200,000). be withdrawn and deposited in
other banks,
bakn s
90
.has also decreed a moratorium of all obligations between
for
Man. 12 1932.]
FINANCIAL CHRONICLE
The Government delegates on the board of directors of the Central
Bank are retired until reorganization is achieved, and the decree states this
Is the first of a number of measures made necessary by the attitude of the
directors of the Central Bank.
Great uneasiness is already shown by some exporters, who do not know
what price to set on their goods. Some believe drafts will be embargoed
at five sucres to the dollar, while at the capitol it is rumored that the next
emergency decree will revalue the suer° at 6.50 to the dollar.
Luis Alberto Cacho, President of the Banco Hipotecario, asserts the real
gold value of the dollar has dropped to that level and that consequently
it is logical to revalue the sucre.
Emergency Decree Ratified in Peru—After Wounding
of President, Congress Provides for Court Martial
of Any Disturbers.
A decree giving the President extraordinary power to punish disturbers was ratified by the emergency session of
the Peruvian Congress on March 7 as a result of the wounding of President Luis M. Sanchez Cerro the previous day by
an assassin who was said to belong to the opposition party.
A cablegram from Linaa, March 7, to the New York "Times,"
from which we quote, also said:
The decree, which was issued by the last junta, following a revolt last
year, provides for court martialing of offenders and capital punishment.
Adherents of the two parties gathered in knots in the streets of Port
Callao to-day, and a clash was prevented only when the special police
arrived and fired into the air, dispersing the groups. Lima, however,
was quiet.
The President was believed to-day to be out of danger. The bullet entered
his chest and passed out below a shoulder blade.
Several political prisoners, among whom was Francisco Tamayo, a Minister in the Government of the first military junta of President Sanchez
Cerro, reached Callao to-day from Mollendo.
1871
under the terms of the trust and fiscal agency agreement as
security for such charges, when the bonds were originally
issued. In the case of the Mortgage Bank of Bogota bonds,
only the amount required to pay the interest charges has
been withdrawn from such a reserve fund, the bank having
tendered to the fiscal agents the entire amount of bonds due
to be retired on April 1. The announcement in behalf of
the bankers also says:
It has been necessary to draw upon the reserve funds due to the fact
that under a decree issued by the Republic of Colombia on Oct. 31 last,
both the Department of Cauca Valley and the Mortgage Bank of Bogota
have been denied permission to purchase the dollar exchange required for
the remittance of service charges duo on their external bonds during the
current semester.
Portion of 732% Bonds of Department of Cauca Valley
(Colombia) Drawn for Redemption.
J. & W. Seligman & Co. as fiscal agents are notifying
holders of Department of Cauca Valley, Republic of Colombia, 20-year 7M% secured sinking fund gold bonds that
$66,000 principal amount of these bonds have been drawn
by lot for redemption at 103 and accrued interest on April 1
1932.
Suez Canal Traffic Drops in Volume and Vessels in 1931.
Traffic passing through the Suez Canal during 1931 decreased both in tonnage and in the number of units traversing
the canal as compared with the previous year according to
the annual bulletin of the Compagnie Universelle du Canal
Maritime et de Suez issued from their Paris office, says
report from Vice Consul Davis B. Levis, Paris, made public)
Distribution Announced to Holders of Sao Paulo Water
by the Department of Commerce. The further advices
Works Loan.
of the Department March 3 follow:
Speyer & Co. and J. Henry Schroder Banking Corp., as
The number of vessels passing through the canal during 1931 was 5,366
Fiscal Agents for the State of San Paulo 7% secured external with a net tonnage of 30,028,119 tons, a decline of 395 vessels from 1930
tons, compared with the previous year.
Water Works Loan of 1926, announce that, out of funds and a dimunition of 1,640,640 netunits,asis pointed out,the vessels crossing
it
The loss was entirely from loaded
available, they will make a distribution to the holders of the In ballast increasing in tonnage from 2,629,291 tons in 1930 to 3.169,321
Vessels in ballast also represented 10.6% of the total Wavers
March 1 1932 coupons as a part payment, at the rate of tons last year.
year before.
compared
S29 for each $35 coupon and $14.50 for each $17.50 coupon. tags last year as decrease inwith 8.9% the during the last six months of 1931
The material
traffic noted
Holders should present their coupons for such part payment was probably due the report states to the increasing decline in general
business and maritime activities throughout the world.
at the office of Speyer & Co. or at the office of J. Henry
Schroder Banking Corp. Upon such presentation and payment, the coupons will be stamped to indicate the amount Cut in Officials' Pay Proposed in Hawaii—Governor
paid thereon. The Bankers state that they will continue
Asks 10% Reduction.
their efforts in the interests of the bondholders.
Honolulu (Hawaii) advices, March 7, to the New York
"Times" stated:
New York Stock Exchange Notice Regarding Sao Paulo
The special session of the Hawaiian Legislature reconvened to-day after
Water Works Loan—Bonds Will Continue to Be a month's recess to take up problems of taxation and echool administration
and to deal with a message from Governor Judd outlining proposed econoDealt in Flat.
mies. One of these is a recommendation that the salaries of all Territorial
The following notice was issued March 9 by the New York employees be cut 10%.
Such a proposal, if put into effect, will save $1,500,000 in the coming
Stock Exchange:
two years.
NEW YORK STOCK EXCHANGE.
Committee on Securities.
state of Sao Paulo 7% Secured Sinking Fund Gold Bonds External Water
Works Loan of 1926. Due 1956—Interest,
March 9 1932.
Referring to the ruling of the Committee on Securities dated March 1 1932 (Sec.
-401).
Notice having been received that payment of $29 per $1,000 bond will
be made beginning March 11 1932, on account of the March 1 1932, coupon
on State of Sao Paulo 7% Secured Sinking Fund Gold Bonds External
Water Works Loan of 1926, due 1966:
The Committee on Securities further rules that the bonds be quoted exinterest $29 per $1,000 bond on Friday, March 111932: that the bonds shall
continue to be dealt in "flat" and to be a delivery after Friday. March 11
1932. must carry the March 1 1932, coupon stamped as to payment of $29
per $1,000 bond and subsequent coupons.
ASHBEL GREEN. Secretary.
A previous notice by the Stock Exchange was given in our
Issue of Jan. 5 page 1670.
Uruguayan Minister of Public Works Resigns.
Accoraing to Associated Press advices from Montevideo
(Uruguay), March 4, Victor Benavidez, Minister of Public
Works, resigned that day, and it was announced that the
resignation would be accepted.
Interest Money Received for April 1 Payments of
Cauca Valley and Bogota (Colombia) Mortgage
Bank Bonds.
J. & W. Seligman & Co., as fiscal agents, announce that
sufficient funds are on hand to pay in full the interest and
sinking fund charges due April 1 on Department of Cauca
Valley (Colombia) 73% gold bonds, due Oct. 1 1946, and
.
on Mortgage Bank of Bogota (Colombia) 7% sinking fund
gold bonds, due Oct. 1 1947. In the case of the Department
of Cauca Valley bonds, the entire amount required to pay
both the interest and sinking fund charges has been withdrawn from a reserve fund deposited with the fiscal agents
The message also proposed the creation of a department to consolidate
and control Territorial institutions under a budget bureau, a reduction of
the number of district courts and tax offices, reduction or deferment of
payments to the Territorial retirement system and Territorial insurance
fund and the transfer of several almost inactive funds to the general fund
of the Territory.
prison,
A bill offered to-day appropriates $83,660 for Oahu prison funds to be
alterations
expended in hiring additional guards at the penitentiary and
In the existing plant to obviate the posibility of escape by convicts.
Russia Plans Loan of 50,000,000 Rubles—Internal
Issue Will Be Floated by Offering of 111,000 Cash
Prizes Over 10 Years.
From Moscow, March 5, Associated Press advices to the
New York "Times" stated:
In line with its policy of maintaining the stability of the ruble by issuing
no new currency, the Soviet Government announced to-day the issuance of
a 50,000,000-ruble State loan for 1982.
The loan is to be without interest, but with a lottery feature offering
111,000 cash prizes totaling 64,324,000 rubles over a period of 10 years.
Twelve lottery drawings are to be held annually, and the highest prize is
25,000 rubles (about $12,500).
The new loan bonds, which are issued in 20- and 100-ruble denominations,
will increase Russia's internal indebtedness to about 6,550,000,000 rubles.
Soviet to Issue New Nickel Coins.
Associated Press advices from Moscow, Feb. 27, said:
The Soviet Government has decided to issue new nickel coins in values
of 10, 15 and 20 kopecks (about 5, 71 and 100.) to circulate with the
/
2
silver coins already in use.
Henry Pu Yi Becomes Ruler of New State of Manchuria.
Henry Pu Yi, former "Boy Emperor" of China, who (we
quote from Associated Press accounts) stepped down from
the ancient "dragon throne" and went into exile as a bewildered child 20 years ago, arrived at Changchun, Manchuria March 8 for his inauguration on the following day
as head of the new Manchurian Federated State. Regarding the inauguration ceremonies we quote the following
from Changchun March 9 to the New York "Times":
1872
FINANCIAL CHRONICLE
In an elaborate ceremony, said to have been arranged and paid for by
Japanese agents, Henry Pu Yl, former boy Emperor of China, was inaugurated at 3 o'clock this afternoon as chingchen (dictator) of Manchoukuo,
as the new Manchurian state is to be known.
The Regent himself proclaimed the independence of Manchoukuo and the
severance of all ties with China. He declared that his policy would be to
promote the welfare of all the people of the new State.
Many important Chinese and Japanese leaders were present in Changchun, coming from all parts of Manchuria. The streets were decked with
Japanese flags and the new black, white, red, blue and yellow emblem
of Manshoukuo.
This resurrection of the former Manchu Emperor from the obscurity
which he preferred is believed to have been sponsored by Japanese Army
leaders. Many Japanese diplomats and statesmen have consistently
opposed the anachronism of elevating to the post of a dictator a young
man who has played no part in China's affairs since his dethronement as a
small boy nearly twenty years ago, who has never given any sign of ability
or initiative as a Governor and who until last November, when he fled from
the Japanese cm cession at Tientsin to Japanese protection at Port Arthur.
had never set foot in Manchuria, whence his dynasty emerged more than
250 years ago as conquerors of all China.
Pu Yi will announce the personnel of his Cabinet and various councils
and Ministeries to-morrow.
While the inauguration ceremony was going on here. Chinese forces
opposing Japanese domination of Manchuria, whom the Japanese designate as "bandits," attempted a surprise attack upon the Mukden airdrome.
They were beaten off with heavy losses.
Almost at the moment the new Regent was repeating the oath of office.
Chinese insurgents launched an attack upon four villages along the South
Manchuria Railway, escaping before the arrival of Japanese troops. Other
Chinese recalcitrants raided the town of Haien on the eastern branch of
the Chinese Eastern Railway,stealing carts and horses and escaping without
casualties. Half a score other raids were reported yesterday In the eastern
section of Kirin Province,
[VOL. 134.
China Asks League of Nations to Halt Japanese—
Demands Action in Assembly to Stop Shanghai
Advance, Arrange Truce.
The following (Associated Press) from Geneva March 4
is from the New York "Evening Post":
China's spokesman in the League of Nations Assembly demanded to-day
that the League act immediately to halt the advance of the Japanese Army
in the Shanghai area and to arrange a formal armistice.
America's delegation to the disarmament conference was present in the
crowded committee room when the League Assembly reconvened to consider the conflict in the Far East.
Dr. W. W.Yen, China's spokesman, charged that Japanese troops continued fighting yesterday after the order had been given to stop hostilities. Tsuneo Madsudaira, for Japan, denied it and said that if there
had been any shooting after two o'clock yesterday afternoon it was in irregular skirmishes.
Dr. Yen asked then that the Assembly request neutral representatives at
Shanghai to clear up these contradictory reports. He was informed that
the League's commission of inquiry had been asked to report as quickly as
possible on the true state of affairs.
Japan Asserts China Violates League Plan—Holds
Failure to Negotiate Is Contrary to Resolution—
Charges False Propaganda.
From the New York "Times" we take the following from
•
Tokio March 9:
Naotake Sato, Japanese representative at Geneva, has been instructed
to say that China's refusal to discuss the cessation of hostilities is contrary
to the League Assembly's resolution. At the same time, Mamoru Shigemitsu, Japan's Minister to China, through responsible neutral channels at
In Associated Press accounts from Changchun March 8 Shanghai, will seek to open negotiations for an armistice with a round-table
•
the new head of the Manchurian State was quoted as saying conference to follow.
Japanese officials complain that instead of discussing an armistice the
in his inaugural address:
Chinese are concentrating fresh forces and are circulating false propa"The people of Manchuria have long suffered under tyrannical govern- ganda that Japan is breaking the armistice.
ment. "In these troublesome times I must confess myself poor in talent
Japan is anxious to effect a settlement for she is maintaining large forces
and unable to devise means to relieve the people from their pain and suf- at Shanghai at great expense but it is felt that the Chinese have little to
fering.
gain now by a formal armistice and that It will be difficult to find a Chinese
"However, with a due sense of my unworthiness, I come to assume the statesman willing to represent Nanking in negotiations in which they will
office of dictator, unable to refuse to please the people. Therefore, I am eventually meet an inflexible Japanese demand for the formal denunciadetermined to use my utmost efforts, with the kindly aid and wise advice tion of the anti-Japanese boycott.
of you all, to seek peace and safety for the State and the people."
Reference to the new Manchurian State was made in our Japanese Curb Visitors—Passes Required from Forissue of Feb.20, page 1301, and Feb. 27, page 1468.
eigners Entering Battle Areas.
Associated Press cablegrams from Shanghai March 7
Manchuria a Candidate for Foreign Recognition.
stated:
Friction between Japanese bluejacket patrols and foreign sightseers
Associated Press advices from Washington March 9 said:
the Chapel
-day as dictator, the new government
With Henry Pu Yes inauguration to
in Manchuria becomes a candidate for foreign recognition.
The prospects are Pu Yi will not have any considerable foreign diplomatic
eat at his Changchun capital for some time, even if the new government
manage; to resist the opposition which already has manifested itself in
numerous revolutionary outbreaks.
Soviet Russia already has made clear that its consent to installation of a
president for the Chinese Eastern Railway who is a representative of the new
government must not be taken as recognition of Manchuria's independence
from China.
It seems likely that League member nations will go slow in granting recognition to a State created out of the richest provinces in China. particularly
with the United States and Soviet Russia, the two important non-members
of the League, definitely on record against partition of the country.
and Kiangwan battle areas caused
attempting to flock into
Japanese military authorities to-day to prohibit any one entering those
zones without passes.
The Japanese, in requiring passes to-day from recognized authorities
stating that the holders were entitled to enter the battle zones, said that
the areas were unsafe owing to debris and unexploded shells.
Several Americans seeking to look over the areas attempted to oppose
the Japanese patrols. They were ejected from the veins.
Number of Japanese Killed and Wounded in War.
Shanghai Associated Press accounts March 10 said:
Japanese official sources announced this afternoon that 5.32 Japanese
were killed and 2,072 wounded from the beginning of the hostilities here on
the night of Jan. 28 until March 5.
The report said the dead consisted of 240 soldiers of the army and 145
men of the navy. Seventeen civilians were reported killed. Of the wounded,
1,578 were of the army,450 of the navy and 44 were civilians.
China Forbids Use of New Manchurian Flag.
The following Shanghai cablegram March 9 is from the
New York "Times":
Japanese Bankers Meet—Lower Rediscount Rate and
Chinese Government circles this morning were exercised over cables
Purchase of Bonds by Bank of Japan Proposed.
from Dairen and Mukden to the effect that the new Manchurian GovernFrom the "Wall Street Journal" of March 9 we take the
ment had ordered the Chinese customs houses to hoist the new Manchurian
flag. T. V. Soong, Finance Minister here, instructed the Director General following from Tokio:
of Customs to cable orders to all Manchurian cities, forbidding the lowering
of the Chinese flag and the hoisting of the emblem of the new State.
If force is used to carry out the change to the Manchurian flag. China
will protest against the lawless seizure of customs houses."
China's Government Considers New Regime in Manchuria a Rebel Group.
Under date of March 9 Associated Press advices from
Nanking said:
China's government regards the new regime in Manchuria as a rebel
group, the Foreign Office announced to-day.
"The ridiculous activities of Henry Pu Yi and those associated with him
constitute a serious offense against the Chinese laws," the statement said.
"Such a move as they have made is properly characterized as that of a rebel
group. Manchuria is part of China's territory and is recognized as such
by the nations of the world,"
At the first conference which has been held between Bank of Japan and
Japanese banking leaders since the induction of the Selyukal Cabinet, the
current financial problem was tackled and concrete recommendations were
made to Finance Minister Takahashi.
Included among the recommendations are proposals that the Bank of
Japan purchase in the open market bonds to the extent of about y. 50,000.000; that the Bank of Japan purchase future issues of Treasury bills; and
that the Bank of Japan lower its rediscount rate. Banking leaders explained that the measures would support the bond market while the lower
money rates would tend to restore confidence. Apparently, the stock
market believes that some such steps are certain.
The meeting was attended by heads of the Mitsui, Mitsubishi, Dalichi,
Yasuda, Kawasaki, Yokohama Specie, llypothec, Industrial, Taiwan.
Chosen and Konolke banks.
March 10 advices from Tokio are taken as follows from
the New York "Evening Post":
Following the advice of banking leaders, Japanese Government has
decided to have the Bank of Japan take over y. 172.000,000 of Treasury
bill issues maturing March 16 and 17. It was planned to convert y. 72,
000,000 of these into war bonds, but the Bank of Japan will probably be
forced to take them too. This is the first move in the deliberate inflation
program intended to aid banks to ease money.
Japanese Line Ends Shanghai Cargo Ban—To Give
Preference to Such Shipments.
The following from San Francisco, March 9 is from the
Bankers Said To Have Refused Aid to Japan—Did Not
New York "Times":
Consult Washington.
Seychi Nakase, manager of the Nippon Yusen Kaisha line at San Francisco, announced to-day that the ban of that line on cargo for Shanghai
The following from Washington March 4 is from the New
Saturday, the steamship Tidy° Meru will sail
had been lifted. At noon
for Japanese and Chinese ports. She now is in Los Angeles, but will York "Times":
Prominent banking houses in New York, upon their own initiative, have
return here before sailing for the Orient.
finance military
The Talyo Meru already has a heavy cotton shipment booked for Japan. rejected overtures from Japan for loans with which to
The line's headquarters in Japan, however, ordered that preference be operations in China, administration officials said to-day.
This was done two months ago, since which time there have been no
even to shanghai cargo, so that exporters in the United States who had
new approaches from Japan. The bankers, it was explained. without
been awaiting the lifting of the embargo would not be disappointed.
MAR. 12 1932.]
FINANCIAL CHRONICLE
attempting to evaluate the suggested loans on their financial merits, refused to provide money for Japan to continue her present policies toward
China.
The State Department said it did not learn of what had occurred until
afterward. The department denied reports from Tokio that the United
States Government had approached the J. P. Morgan interests in an
effort to bring pressure to bear on Japan through the New York financial
markets.
With reference to the above the New York "Journal of
Commerce" of March 10 said:
Plans for credit inflation through the purchase of Government obligations by the Bank of Japan were recommended to the Finance Minister of
Japan at a meeting of banking leaders in Tokio yesterday, according to
cable dispatches received in Wall Street.
The meeting was attended by the heads of all of the large banks which
ordinarily would be the chief buyers of the internal loans now planned by
the Treasury and which during the first half are expected to exceed half
a billion yen. While a portion of these issues are for refunding purposes and
will not increase the Government debt, the issues are largely to meet the
operating deficit of the Government and to carry war costs in Manchuria and
in the Shanghai area. Reports from Tokio yesterday said that as a matter
of form the Japanese Government would seek reimbursement on losses to
civilians by China but this was not taken seriously in financial quarters.
It was pointed out that even though there were some payment on this
account by China it would not reduce the bill for hostilities of the Japanese
forces.
The proposal made was that the Bank of Japan purchase approximately
850,000,000 yen bonds in the open market and at the same time reduce the
discount rate, thus facilitating Government security purchases by constituent banks in the system if it should prove necessary. At the same
time the Bank of Japan would be asked to buy a major portion of the
new Government issues. This operation would give the Government a direct new credit with the Bank of Japan and would greatly swell the deposits
of all the banks combined.
The yen advanced moderately yesterday despite reports of contemplated
inflation. It was pointed out in foreign exchange quarters that vigorous
inflation had boon allowed for prier to announcement of the large pending
Government security issues. News that Japan would accept the league
decision was considered favorable.
Approval by Tokio Cabinet of $7,040,000 Appropriation
for War—Would Bring Total Cost of Conflict to
$31,360,000—Opposition by Privy Council.
The following from Tokio Feb. 26 (copyright by the Associated Press) is from the New York "Times":
1873
much of the incident, claiming it was detrimental to the welfare of the
country.
Former Finance Minister Inouye, who was shot and killed March 9, also
was one of Japan's most noted financial leaders.
Baron Dan was educated at the Massachusetts Institute of Technology.
He was vice-president of the Japan-American Society and a close friend of
many leading American financiers. . . .
Baron Dan led a group of Japanese business men to the United States In
1921 on a mission to improve commercial relations between the two countries.
Baron Dan worked his way through school at Boston a half century ago,
becoming a mining engineer. It was through the Mitsui mining interests
that he rose to become managing director of the Mitsui Gomei Kaisha, holding corporation for all the farflung and widely diversified Mitsui enterprises.
Bank Runs in Japan End—Situation in Nagoya District
Calm—Trouble Declared Purely Local.
According to the New York "Times" of March 9 advices
received in Wall Street on March 8from Japan said that the
runs on banks in the Nagoya district, which began on March
4, had subsided and that the money market in that district
was completely calm. The paper from which we quote
added:
Bankers here stated that the banks affected were country institutions,
doing a purely domestic business, and that the difficulties were in no
way related to the Shanghai operations of Japan. The banks in question,
it was stated in cables from Japan, do a purely domestic business and are
not involved in the cotton industry, which is centred about Osaka. The
principal industr v in the Nagoya region is woolen manufacturing.
Bankers here were informed that the runs were the outcome of a situation similar to that which developed over the Bank of United States in
this country in December. 1930. A merger of several banks in Nagoya
had been planned, and when it was announced that the merger plans had
fallen through runs on the banks began.
Tokio advices (March 7) to the "Times" (Associated
Press) said:
The Bank of Japan to-day advanced funds to five banks at Nagoya.
Japan, which were in financial difficulties as a result of the Sino-Japanese
conflict.
The banks, having a total capital of almost $10,000,000 dealt largely
with cotton mills in the Nagoya district, whose principal market is in
China.
The largest of the five is the Mejl Bank, which has a capital of about
84,000.000. Runs also developed at a larger Nagoya bank and at the
Bank, but they were reported to have weathered the storm.
The Cabinet approved an extraordinary appropriation of 22,000,000 yen
(at present 87,040,000) to-day to meet additional military expenses in connection with the Japanese expedition to Shanghai.
The appropriation was divided, with the army receiving 20,000,000 Tokio Loans Increase—Last Week's Excess Over Deposits Greatest Since 1927.
Yen and the navy 2.000,000.
To-day's appropriation requires the consent of the Privy Council, which
The following from Tokio, March 8, is from the New York
was believed to be assured.
The money is expected to be raised by domestic bond issues. The Bank "Evening Post":
of Japan and the government Deposits Bureau are expected to take up the
Owing to loans to aid rural banks. the Bank of Japan's gold coverage
necessary issues, but nevertheless a considerable dislocation of the nation's on March 5stood at 24%,with reserves at 430,000.000 yen, against circulafinancial condition is expected.
tion of 1,247,000,000 yen, public deposits of 412,000,000 you and private
With 34.000.000 yen voted on Feb. 9, the cost of the Shanghai expedi- deposits of 89.000,000 Yen.
tion thus became 66,000,000 yen to the end of the fiscal year. on March
Deposits of Tokio banks last week end were the lowest since 1917. and
31. Added to the 42,000.000 yen voted for the Manchurian campaign prior loans were the highest since January, 1930. The excess of loans over deto the Shanghai conflict, it would bring the total of extraordinary appro- posits was, the greatest since 1927.
priations for the military services voted since Sept. 18 to 98,000.000 yen
($49,000,000 at par 50 cents, or $31,360,000 at the current rate, 32 cents.)
Further appropriations are expected to be submitted to a special session Chinese Will Erect Temple at Chicago World's Fair-of the Diet in April in the form of a supplementary budget.
Reproduction of Lama "Golden Pavilion" Shipped
The eethnated cost of maintaining the Manchurian and Shanghai
to Chicago in 174 Crates.
expeditions indefinitely is at least 10,000,000 yen a month.
Under date of March 2 Associated Press accounts from
Tokio said:
The Japanese Cabinet encountered opposition to-day in its effort to obtain authorization for a bond issue of 22,000,000 yen ($7,040,000) to finance
the campaign at Shanghai.
The investigation committee of the Privy Council did not approve the
plan, recommending instead that only 16,000,000 yen (85,120,000) be expended.
The committee insisted that a special session of the Diet be called if
the Cabinet stuck to its determination to get the 87,040,000. The Government has no desire to face Parliament at this time, Cabinet members
explaining that "unwelcome discussions" might result if the question were
openly debated.
An extraordinary session of the Cabinet was held to consider the difficult political problem involved. The Seiyukal party won an overwhelming
majority in the February elections, but leaders did not care to make their
first appearance before the Diet on the appropriation question.
Cabinet Ministers began a series of conferences with members of the
Privy Council in an attempt to get them to change their minds.
The following is from the New York "Times" of Macrh 9:
Several Chinese expert workmen and at least one Chinese architect
will be needed to erect the reproduction of the Jehol lama temple for the
Chicago World's Fair next year, it was revealed here yesterday by Dr.
Sven Hedin, the Swedish scientist and explorer.
Dr. Hedin, whose expedition has been in Central Asia for nearly six
years, with sections exploring the Gobi Desert, Inner Mongolia, Katutu.
Chinese Turkestan and Tibet, is accompanied by Gosta Montell, ethnographer. They will go to Chicago this week to confer on the disposition of
the 174 blg crates that contain the Buddhist temple and its furnishings of
images, banners, draperies, paintings, embroideries and vessels.
The temple, which bears the name of Patala, like the Dalai lama's
temple at Lhassa, is an exact copy of the one built in 1780 by Emperor
Chien Lung at Jehol, three days northwest of Peiping, outside the Grand
Wall. Dr. Rodin said that it took almost two years to copy the temple,
which is popularly known as the "Golden Pavilion."
Another lama temple has been transported to Stockholm, and both exhibits are being financed by Vincent Bendix of Chicago.
"The Golden Pavilion," said Dr. Hedin,"Is a perfect example of the finest
Chinese art, and will, I am convinced, be an immense attraction at the exposition."
Mitsui Bank Head Slain in Tokio—Baron Takuma Dan,
Whose Firm Bought American Dollars, Shot by Chinese Flood Damage Formally Set at $500,000,000.
Final survey of the Yangtze flood area shows damage
Youth.
From the New York "Evening Post" we take the follow- estimated at $500,000,000, according to a radiogram to
the Department of Commerce from Commercial Attache
ing (Associated Press)from Tokio March 5:
Baron Takuma Dan, managing director of the House of Mitsui which Julean Arnold, Shanghai. In making this known March
Controls one of the world's greatest fortunes and is Japan's leading com- 5 the Department stated:
mercial organization, was shot and killed to-day in the heart of Toldo's
financial district.
The assassin was immediately arrested. He was Goro Hishinuma,twentyone, a farmer boy from the Ibaraki Prefecture, a rural district north of
Tokio from whence also came the slayer of Junnosuke Inouye, former
Minister of Finance, who was shot and killed Feb. 9.
Baron Dan was shot as he alighted from an automobile in front of the
magnificent Mitsui Bank Building at 11:40 a. in. The youth fired one
shot from a revolver which struck the Baron in the right breast. He was
carried to a medical room Inside the building and did 40 minutes later.
Police who questioned the young assassin said his mind apparently had
been inflamed by recent attacks upon Baron Dan in connection with large
purchases of American dollars by the Mitsui interests just before Japan went
sly the gold standard in December. Ultra-patriotic organizations made
Of the 2.000 square miles, 60% of the area was under cultivation, and
out of a population of 25.000,000 people, it has been estimated that 150,000
were drowned, the report stated.
Itemized losses were as follows (Figures are in Chinese dollars):
Flooded crops, 900,000,000: bundings and furniture, 500,000.000: draft
and productive animals, 170,000,000: farm implements, 120.000.000;
stored grain and fodder. 100,000,000: clothing and bedding. 70,000.000:
stored fuel, 60,000,000; other items, 75,000.000. The total loss is two
billions of Chinese dollars (Mex.) at the rate of exchange on March 2, being
about 5500.00,000.
The above figures do not include damages to dykes, roads, or prospective
summer and winter crops.
Of the 450,000 tom of wheat and flour secured from the United States,
all except 25,000 tons of flour and 21.000 tons of wheat have already been
1874
FINANCIAL CHRONICLE
received in China or it is enroute there, the report stated. These imports were the controlling factor in preventing high speculative prices in
.foodstuffs in the afflicted areas.
The most pressing problem at present is the completion of dykes repairs
prior to June in order to safeguard lands from the summer's normal water
level. The water has receded from the flooded areas leaving the land richer
because of the silt deposits, and if reflooding can be prevented the population will recover its economic losses very rapidly.
It is necessary, the report pointed out, to raise 6,000,000 Chinese dollars
in order to complete minimum requirements to dykes in order to insure
against a serious catastrophe during the approaching summer.
More than 250,000 men are now working on the dykes and plans are contemplated which will increase this number to 500,000 this month, but the
Government's allotment of the necessary 10,000,000 Chinese dollars for
work has been cut down to 4,000,000 by emergency demands of the SinoJapanese operations.
The Chinese Flood Relief Commission comprises men of outstanding
ability and reliability. The Flood Corporation for China is incorporated
under the laws of Delaware to conserve the assets of the Commission and to
disburse all contributions for flood relief in accordance with Commission
plans, the report stated. (Chinese dollar at par equal to about 24 cents,
U. S.)
[Vol.. 134.
issued by the mortgage banks. The "United States Daily"
of March 5 said:
His proposal would amend Section 27 of the Federal Farm Loan Act by
adding a new provision, as follows: "Any person having obtained a loan
from a Federal land bank or a joint stock land bank may buy and sell farm
loan bonds issued by the mortgagee bank, and any such bank is authorized
and directed to accept bonds at par value when presented by a mortgagor
In payment of any installment due under a mortgage, or in full satisfaction
of a mortgage after it has been in full force and effect for a period of five
years. Provided, that where a mortgage has been foreclosed and.the
mortgage bank was the purchaser at the foreclosure sale and still has title
to the property, the mortgagor shall have the right to purchase and tender
such bonds in full satisfaction of the mortgage indebtedness and redeem said
lands, the bank being required to execute deed for same."
The Committee took no action on the measure nor on the pending companion bills (S. 2409 and H. R. 8931) to amend the Federal Farm Loan Act
In regard to Federal Intermediate Credit Banks, to aid marketing of the
debentures and other obligations of those banks. The Committee will
Meet again March 5.
Chairman Stone of Federal Farm Board Opposes Move
to Limit $15,000 Salaries Paid By Co-operatives
From $500,000,000 Revolving Fund Set Up Under
Agricultural Marketing Act.
James C. Stone, Chairman of the Federal Farm Board, in
response to a request for his opinion of a bill to limit to
$15,000 the salaries that may be paid by co-operative associations, states in a letter to Representative Ludlow that his
"best judgment is that such legislation would work irreparable harm to the co-operative movement, and," he adds,
"I am therefore opposed to it." Chairman Stone's letter to
Ludlow follows:
Farm Loan Payments with Mortgagee Bank Securities Representative
Feb. 29 1932.
Opposed—Would Throw Joint Stock Land Banks Hon. Louis Ludlow,
House of Representatives.
in Receivership, Commissioner Bestor Informs
Dear Mr. Ludlow:
House Committee.
Due to my absence from Washington and to the press of urgent work
Legislation that would enable payment of Federal farm of the Board when here, I have been compelled to neglect my correspondence
answered
why your letter
loans with bonds of the mortgagee banks was described to some extent, which explainsbe good enough of Feb. 8 was not
to accept my apology for
promptly. I hope you will
March 5 by M. Paul Bestor, Commissioner of the Federal the delay.
You asked my opinion as to whether Congress should take action limiting
Farm Loan Bureau, as certain to throw the Joint Stock Land
associations borsalaries
banks of the country into receiveship, if not "wreck" them to $15,000 the from thethat may be paid by co-operative up by the Agri$500,000,000 revolving fund set
rowing money
completely. The foregoing is from the "United States cultural Marketing Act. While I know your purpose is to do something
Daily" of March 7, from which the following is also taken: you believe will be helpful, my best judgment is that such legislation would
New Issue of $25,000,000 43% Debentures of Intermediate Credit Banks Sold.
The fiscal agent for the Federal Intermediate Credit
offered
Banks reports that the $25,000,000 of debenture 4
last week at par have been sold, relieving the Reconstruction Finance Corporation from its agreement to purchase all
or any portion of the unsold balance on March 15. The new
$25,000,000 issue was referred to in these columns March 5,
page 1673.
Mr. Bestor's views on this type of legislation were given before the
House Committee on Banking and Currency at a hearing on the bill (H. It.
8167) by Representative Hare (Dem.) of Saluda, S. C. He asked the
Committee to give the proposal long and careful thought before acting.
Legality of Proposal Questioned.
The Commissioner, as well as Peyton It. Evans, General Counsel of the
Bureau,questioned the legality of the proposal as well as its practical effects.
Mr. Bestor was of the opinion that it carried with it widespread economic
danger beyond the immediate impairment of some $2,000,000,000 in
securities which he said it would affect directly.
"The banks and the investors are the ones affected by such legislation."
Mr. Bestor explained. "It will do no good, can do no good, for the borrowers who need help. It will enable those able to pay to make unfair
profits, but those who are delinquent in payments on their loans will be
unable to make any use of it.
"The borrower who is delinquent cannot get hold of the bonds, even at
their depreciated quotations, to pay off his mortgage. If he had funds,
he would not be delinquent.
Effect on Banks Described.
"Then, the banks will be in the position of being compelled to take the
bonds at par under any circumstances, bonds which the borrower acquired
at the depreciated prices. As I see the situation, no bank can fortell
what amount of bonds is going to be presented for redemption, and consequenly it can make no plans for retirement unless it maintains an extraordinary reserve. If it kept a reserve sufficient to meet the retirements,
Its funds for loaning would be impaired."
Mr. Evans gave the Committee what he described as the picture of the
legal complications involved,saying he doubted whether any one could
foresee how the proposed change in the law would affect the several States.
He explained that the original Farm Loan Act gave consideration to the
various laws of States, respecting real estate mortgages and contracts.
and he had been unable to ascertain how the new legislation could be made
operative in a satisfactory manner, even assuming its economic soundness.
Profits of Banks Asked.
Representative Strong (Rep.) of Blue Rapids, Kan., suggested that the
Joint stock land banks were buying in their own bonds at the depreciated
levels and thus making a profit on them. Ile said he failed to see why
borrowers should not be accorded the same rights.
This statement was followed by a request from Representative Hancock
(Dem.) of Oxford, N. C., that Mr. Bestor supply the Committee with
statistics showing what profit had been made by the Mint stock land banks
In this manner. The Commissioner hesitated to supply the figures, saying
they constituted matters of private concern, but agreed to provide them
upon assurance of the Committee that they would be received in executive
session and held as confidential.
The Committee was in receipt of a request from the Joint Stock Land
Bankers' Association which includes 42 of the institutions in its membership that the Committee will hear their views before acting on the bill.
The request was that officers of some of the banks, as well as officers of the
association, be allowed to express their views and they will be accorded that
privilege, the Committee decided.
Change Is Advocated in Farm Loan Act—Representative Hare Urges House Group to Act on Proposal.
Representative Hare (Dem.), of Saluda, S. C., testifying
before the House Committee on Banking and Currency,
March 4, advocated favorable action on his bill (H. R.8167)
to authorize payment of farm loan mortgages with bonds
work irreparable harm to the co-operative movement, and I am therefore
against it.
For co-operative marketing to succeed, the thing most needed is competent
and honest management, a management equal to or better than that of the
association's competitors in the private trade. The only was a co-operative
can get such management is by paying salaries comparable to those offered
by private business institutions engaged in the same line and handling a
comparable volume of the product. In business, whether co-operative or
private, brains and ability are sold to the highest bidder, and, in most
instances, I believe you will agree with use, they command pay in proportion to the services rendered. Those who object to farmers marketing
their products in their own interest because it will interfere with huge
private profits they have made in the past would like nothing better than
for Congress to place large-scale co-operatives in a position where they
cannot compete for the caliber of men needed to run their business.
I cannot agree with you that co-operative executives should be regarded
as "public servants," for the function of co-operatives is to merchandise
the products of their members and not to perform a public service. It is,
therefore, hardly fair to compare the salaries of co-operative employees
with those of Government office holders or to try to put the two on the
same basis. Honor and glory are generally regarded as part of the compensation in Government service. It is possible to appeal to patriotism
when an outstanding individual in his line or profession is asked to
accept office at only a small part of what he can earn in private life, but
generally speaking when the directors of a co-operative, especially a large.
scale organization, try to hire men competent to handle the business of
their members, it is hard cash, not sentiment, that talks.
The co-operative themselves, not the Farm Board, elect their officers, hire
their employees, and fix the compensation paid them. They are in fact
farmer-owned and farmer-controlled. In making them loans, the Board
has not felt that it should go beyond the requirement that their management
be capable, honest, and efficient, and their business policies sound.
I do not want to be construed as approving all of the salaries of all
employees of the co-operatives that have borrowed money from the revolving
fund. In the rush of getting started quickly on new enterprises, some of
which involve yearly turnovers of more than $100,000,000, overpayments
may have been made in a number of instances, but for every man overpaid
in co-operative marketing It is safe to say a hundred are underpaid.
Directors of the co-operatives are giving this matter the serious study it
deserves, and I feel sure that steps are being taken promptly to correct
mistakes where it is discovered they have been made.
On the subject of co-operative salaries, I would like to bring to your
attention the views of a prominent Nebraska farmer, a man who has been
in the co-operative movement for years and who is now President of the
Farmers' Westcentral Grain Co., and also Secretary of the Fanners' National
Grain Corp., Mr. Charles B. Steward. Writing to one of your colleagues in
the House recently, Mr. Steward, who, I am sure all agree, has the interest
of the men and women on the farm at heart, told of the dificulties confronted by co-operatives in building efficient marketing machinery. Among
other things, he said:
"I am assuming my share of the responsibility of the salaries paid by
the Farmers National Grain Corp. to its employes. I will state frankly
that as I became conversant with this movement I was somewhat astonished at the salaries paid by competing private grain firms. As a business
co-operative it was necessary that we secure the very highest type of expert
grain men to direct the marketing and distribution of the grain of our cooperative members. I think you will agree that we as individual farmer
producers are not conversant with the technical details essential to a successful marketing program. Naturally we must go to the regulargrain
trade where men have had a life time of experineco in this business. There
are plenty of men who have had this experience and who are honest and
efficient and who will servo a farmers' organization Just as faithfuly and
loyally as they will servo a privately owned corporation but we foun that
s
s s
in our effort to secure such men we had to compete withtt:gvately
had
owned grain companies who because of the profits of their
stablished a high level of salaries to their key men.
MAR. 12
1932.]
FINANCIAL CHRONICLE
"Permit me to suggest that it would be very unfair to handicap the business organization of a nationally organized co-operative association handling
grain, in the salaries which they shall pay to their technical mon uuless
there can be found some way of limiting in an equal manner, the salaries
paid by our competitors. Unless this can be done I think you will agree
that we might have some difficulty in securing the type of men necessary
to successfully market the grain of our co-operative members.
"I am more familiar with conditions on the Omaha market, and with
salaries paid on this market by various members of the Grain Exchange.
"There has been some criticism for instance of the fact that we pay Mr.
Otis Smith. who is the Manager of the Omaha Branch office of the Farmers
National Grain Corp.. a salary of $15,000 per year. The facts are that Mr.
Smith was getting this salary in addition to a bonus from a private grain
corporation operating on this market before we induced him to take the
management of our branch office. He has managed the office and merchandised the grain in such an efficient manner that the profits of the Omaha
Branch office have been of a very substantial nature after paying all expenses.
"Now I happen to be personally acquainted with several other grain
tie
aboum
th s l
a par that occ: o
esf,..itgaies ftrethis
es
o
v
occu whi ni ir
by Mr. fig?th anly Ceeb
uponI
arket on
ear. Smith. While these men did not agree with me as to the Federal Farm
Marketing Act, still they are personal friends of mine and we have frequently discussed these matters. They have told me what their salaries
are. I do not care to specifically give the names of the firms which they
represent but one of those gentlemen was President and General Manager
of the Company and receives a salary- of $32.000 a year besides being a
holder of a substantial amount of the Company's stock, which has also been
a good dividend paying proposition to him.
'Another gentleman who is managing one of our competing privately
owned grain companies on this market receives a salary of $25,000 per year.
I have discussed this matter of salaries with these men and both of them
have expressed to me their opinion that the salaries we pay our expert
grain men are not unreasonable considering the volume of grain and type of
service they render.
"As an Executive Officer of the Farmers Westcentral Grain Co., of
Omaha. Neb., and of the Farmers National Grain Corp. of Chicago. I
would welcome some practical means of keeping those salaries within
what we consider reasonable bounds. But so long as the grain business is
conducted as it is, we would be very seriously handicapped by any legislation definitely limiting the salaries of our employees unlesssuch legislation
would cover the entire field of both co-operative and private grain handing
agencies."
Without expressing an opinion as to whether the salary is justified, I
cite to you the fact that one of the outstanding successful co-operatives has
paid its manager in excess of $50,000 a year since the date of its organization in 1921. This association (I will be glad to furnish you its name
if you desire it) has only about 2,700 members, and handles only about
one-tenth the volume of business handled by one of the large co-operatives
mentioned in your letter. The directors of this association are actual
farmers and are as conservative and hard-headed business men as any who
have come before our Board.
Under the Agricultural Marketing Act farmers have made great strides
organizing their business on a sound and efficient basis. It would be a
most serious mistake for Congress to do anything that would turn back this
progress. In my opinion, that would be the inevitable result of the
legislation you suggest, and that is just what the enemies of co-operative
marketing want to see done.
Certainly such action against agriculture would be thoroughly indefensible unless Congress were prepared to impose similar restrictions on
all other beneficiaries of Federal aid. This would mean putting the same
provision in the Reconstruction Finance Corporation Act so that banks,
railroads, and other borrowers from the $2,000,000,000 fund could not
pay salaries to officers and hnployees in excess of $15,000 (a thing which
Congress already has refused to do); it would mean that ship builders
borrowing Government funds for construction purposes could not pay
salaries to their officers and employees in excess of $16,000; it would
mean that airplane and shipping companies receiving millions in direct
Government subsidies through mail contracts could not pay salaries to
officers and employees in excess of $15,000; it would mean that great
industrial concerns receiving tariff protection could not pay salaries to
officers and employees in excess of $15,000; and it would mean that
newspapers and magazines participating in the ninety odd million dollar
annual subsidy to second-class mail users could not pay salaries to officers
and employees in excess of $15,000.
Even these measures, however, would not place large-scale co-operatives
on a basis- of equality with private distributors of farm products with
whom they must compete in the employment of men qualified to handle
their business. Congress might meet this situation to some extent if it
were to declare that all individual incomes including salaries, commissions,
and bonuses, of more than $15,000 earned by those privately engaged in
the marketing of farm products were unwarranted and should be subject
to an excess profit' tax of at least 80%.
In closing, I wish to emphasize witih all the force at my command
that the proposed discriminatory salary restriction would be a most Berton"
blow to the co-operative marketing program which the Farm Board is
helping farmers to develop under the provisions of the Agricultural Marketing Act, a program that for the first time offers agriculture an opportunity
to gain economic' equality with other industries.
Since yau gave wide publicity to your letter addressed to me, I hope you
will do me the courtesy of giving equally wide publicity to my
reply.
With kind personal regards, I am,
Very truly yours,
James C. Stone, Chairman.
1875
the Agricultural Credit Corporation and the First Bank
Stock Corporation with which it is affiliated. The statement said:
The Agricultural Credit Corporation has been financing the development
of a general agricultural diversification program in the Northwest Grain
States since 1924. Its livestock loans are made direct to farmers and are
repayable on a three-year basis, 30% the first year, 30% the second year,
and 40% the third year, thus enabling the farmer to pay for his stock out
of the income from the animals.
Of the total of 1,888 new loans in 1931, 2393,445.45 was advanced to
947 farmers for the purchase of 92,898 sheep and $368,823.65 was loaned
to 941 others for the purchase of 10,049 head of cattle.
Repayments of loans made in previous years totalled $754,798.50.
According to Mr. Jaffay, the rate of repayment, considering the character
of the year and the general depreciation of farm income, has been very
satisfactory.
Since the Agricultural Credit Corporation commenced business in 1924
it has loaned $7,480,275.33 to 15,817 farmers for the purchase of 448,712
sheep and 46,237 head of cattle. In addition, it has loaned $40;885.96 to
members of boys' and girls' clubs and also $40,926.95 for the purchase
of feeder cattle and lambs. Of the grand total of livestock loans of $7,561,588.24 there has been repaid $5,897,891.61, leaving a balance outstanding on Dec. 81st of 82,163,696.63.
These figures do not represent the total cost of the animals, as the
farmers either made a down payment in cash or pledged additional livestock to margin the loan.
A comparison of operations during the year with 1930 reflects the lowered
initial cost of foundation stock on the present market. The year has also
shown that the policy of diversification and the maintenance of livestock
on the farms, even at the present level of reduced prices, has provided the
living for many families and made it possible for them to remain on the
farm. . . .
North Dakota in 1931 again led the States of the Ninth District in the
value of livestock acquired through the Corporation's facilities. South
Dakota was second; Minnesota third and Montana fourth, with Michigan
and Wisconsin participating, but in less degree.
American National Red Cross Plans Prompt Shipment
of Wheat Holdings of Federal Farm Board—
Initial Distribution of 5,000,0001 Bushels Out of
40,000,000 for Relief Purposes.
Plans for the distribution among needy people of 40,000,000 bushels of Federal Farm Board wheat just made
available for this purpose by the Government, the Red
Cross were announced as under way on March 8 at its
national headquarters at Washington said the "United
States Daily" of March 9, from which we also take the
following:
The initial request of the Red Cross for 5,000,000 bushels of wheat,some
of which will be distributed immediately for livestock feed in crop failure
areas has been approved, it was said. Arrangements were said to be tinder
way at Chicago to grind some of the grain into flour.
The announcement follows in full text:
Chairman John Barton Payne, of the American Red Cross, received
notification to-day(March 8)from the White House, that President Hoover
had approved the initial Red Cross request for 5,000,000 bushels of Government wheat.
Machinery for distribution of the grain was speedily set in motion. It
was announced at Red Cross headquarters that within a few hours 14 car
loads of 1,000 bushels each would leave from Omaha, Nebr., for the crop
failure areas in South Dakota,
Red Cron representatives are in Chicago to-day (March 8), it was stated,
making necessary arrangements for miling the wheat into flour. Chairman
Payne authorized the following statement outling the method of procedure
which will be followed in distributing the grain:
"In order to make this wheat available for feeding the needy, it must
first be turned into flour. Negotiations between the Red Cross and representatives of the millers are now under way in order that this may be
accomplished as speedily as possible.
"The Rea Cross is also consulting with representatives of the Grain
Stabilization Corporation and the railroads in order that in each case the
wheat can be turned into flour at the point nearest the needs. This will
result in speedier distribution.
"Local relief bodies will be told that flour from the Government
-donated
wheat will be made avilable for their use under the following conditions:
"1. Application will be made to the Red Cross chapter upon the requisi
tion forms which will be furnished the chapters.
"2. The application will state the approximate number of families the
agency is now feeding or expects to feed, and the estimated amount of flour
which it will require for its feeding program.
"3. The distributing agency will agree to use the flour in accordance
Red Cross to Distribute Federal Farm Board's Wheat
with the terms of the law under which the wheat has been turned over to
to Ten States.
the Red Cross.
"These requisitions, when approved by our chapters. will be transmitted
Associated Press accounts from Washington, March 10,
to national headquarters in Washington, or to our branch offices at St. Louis
said:
or San Francisco. The flour will be shipped as soon as it is ready to leave
Government wheat will be given to farmers in Utah, Idaho, Wyoming, the mill.
Nebraska, North and South Dakota, Minnesota, Iowa, Montana and
"As to the wheat which will be needed for feeding livestock, this must he
New
Mexico to feed starving livestock.
restricted, under the terms of the bill, to the 1931 crop failure areas. The
The list of the States ravaged by last year's drought was furnished Department of Agriculture
is preparing the list of counties eligible to receive
to the Department of Agriculture to-day by the Red Cross. The Red aid.
Cross is preparing blanks for chapter chairmen in the States to use
"This wheat will be distributed through the present Rod Cross organizain requisitioning the feed from the 40,000,000 bushels donated by Con- tion which is now functioning in
those areas. It will be requesitioned by
gress frail the Farm Board stocks.
Red Cross workers and shipped as needed from the nearest available supply.
Already 14,0000 bushels have been shipped into South Dakota.
It will be furnished to farmers after being cracked or crushed."
The first actual shipments will be two cars each to the following seven
South Dakota cities: Platte, Plankinton, Amour, Yankton, Wessington
Loans of $762,269 Made During 1931 by Agricultural Springs, Rapid City and Mitchell. The wheat will be crushed locally at
the respective destination points. Most of it will be crushed for livestock
Credit Corporation of Minneapolis.
food, but part of it will be milled into flour for family feeding.
These 14 cars are being handled without freight charges by the Chicago
Loans of $792,269.10 were made during 1931 by the Agricultural Credit Corporation of Minneapolis to farmers of & North Western and the Chicago Milawaukee & St. Paul railroads. The
grain wilt be loaded at Omaha from the Farmers National Warehouse
the Northwest to finance the purchase of foundation live- Corporation elevators, where the Grain Stabilization Corporation wheat is
stock, according to a statement of operations made public stored in that area.
Meeting Transporallon Costs.
March 4 by C. T. Jaffrey. Mr. Jeffrey, President of the
Announcement that the American Red Cross will seek to distribute
Soo Line, is Chairman of the Board of Directors of both without coat as much as possible of the Federal Farm Board wheat. recently
FINANCIAL CHRONICLE
1876
voted by Congress for relief purposes, but that the remainder of the cost
would have to "come out of the wheat itself," was made March 8 by John
Barton Payne, Chairman of the Red Cross, in a letter addressed to Senator
McNary (Rep.) of Oregon, Chairman of the Committee on Agriculture.
"It is the purpose of the Red Cross to get as much of the essential work
done without cost as possible," Mr. Payne pointed out in his letter.
"Already two railroads have agreed to transport a certain number of cars
of wheat into South Dakota for the feeding of livestock without cost.
Whether this will be a precedent and to what extent we may be able to get
this done in other cases we do not know.
Wheat to Absorb Expenses.
"But, when it is necessary to pay cost of transportation and cost of
milling, the Red Cross will, by competitive bidding, reduce the milling
charges to the lowest figure, and contract with the miller agreeing to do it
for the lowest sum to deliver so many barrels of flour to the point of destination for so much wheat: the miller to absorb the transportation charges and
the milling charges—in other words, both to come out of the wheat."
the
Mr. Payne explained that he was submitting this information to
Cross
Senate in order that there would be no contention later that the Red
course.
should not have followed this
Resolution Signed by President Hoover Authorizing
Appropriation of $10,000,000 Unexpended Balance
of Drouth Relief Funds for Establishment of
Agricultural Credit Corporations.
On March 3 President Hoover signed the following resolution, passed by Congress, setting aside $10,000,000 (from unexpended balances of drouth relief funds), for the Secretary
of Agriculture to aid in the establishment of agricultural
credit corporations.
(H. J. Res. 292)
JOINT RESOLUTION
[VOL. 131.
have to be borne by the Stabilization Corporation, since Congress made no
appropriation for the purpose.
The Farm Board's corporation has just sold 5,000.000 bushels of wheat
to American millers, following its policy of unloading its vast stocks at this
rate each month, according to George 8. Milner, President. He said a
meeting would be held with the Millers' National Federation in Chicago
Thursday to arrange for converting the Red Cross wheat into flour.
Although about four and one-half bushels of wheat make a barrel of
flour, some plan of paying the millers in wheat or its by-products for their
costs, including bags and transportation, is to be considered so that the
proportion will be reduced somewhat.
Mr. Milner denied reports issued to-day from the grain trade that the
Farm Board was using this means of "getting out of the grain business."
Thirty thousand freight cars will be required to handle the 40,000,000
bushels of Red Cross wheat, it was pointed out.
Senate Accepts House Resolution Calling for Distribution of 40,000,000 Bushels of Federal Farm Board
Wheat Holdings—President Signs Resolution.
The distribution, through the American National Red
Cross, of 40,000,000 bushels of wheat of the Grain Stabilization Corporation for relief purposes, is provided for in a resolution signed by President Hoover on March 7. The wheat
thus made available for distribution is to be used "in providing food for the needy and distressed people of the United
States and Territories, and for feed for livestock in the 1931
crop-failure areas." The proposal to distribute 40,000,000
bushels was contained in a resolution passed on March 3
by the House of Representatives (not March 2 as inadvertently stated in our issue of a week ago) by a vote of 344
2, as was noted in an item in our issue of March 2, page 1674
in which we stated that the House Committee on Agriculture had voted 15 to 6 on March 1 to strike out the
Senate provisions and substitute the provisions proposed
by the House Committee making the amount of wheat to be
distributed 40,000,000 bushels. The Senate on Feb. 24
had approved a resolution to distribute 5,000,000 bushels
of the Federal Farm Poard's wheat holdings to destitute
farmers in the drouth and grasshopper stricken States of
the Northwest for their families and livestock. On March
4 the Senate concurred in the House Amendment, and the
resolution, as passed by the House and concurred in by the
Senate was signed March 7 by President Hoover. As to its
signing we quote the following from a Washington dispatch
March 7 to the New York "Times:"
The joint resolution of Congress under which 40,000m1) bushels of
To authorize the Secretary of Agriculture to aid in the establishment of
agricultural-credit corporations, and for other purposes.
Resolved by the Senate and House of Representatives of the United
States of America in Congress assembled, That the Secretary of Agriculture is hereby authorized to make advances or loans to individuals,
under such regulations as he may prescribe, for the purpose of assisting in forming local agriculaural-credit corporations, livestock-loan companies, or like organizations, or of increasing the capital stock of such
corporations, companies, or organizations qualified to do business with
Federal intermediate credit banks, or to which Both privileges may be
extended.
Sec. 2. (a) No loans shall be made to individual stockholders on
the capital stock of, or to create or increase the capital stock of such
corporation, company, or organization in an amount in excess of 75
per centum of the par value of the capital stock of such corporation,
company, or organization owned by or proposed to be subscribed to by such
individual.
(b) No loan shall be made upon the capital stock of any corporation
until the Secretary of Agriculture shall find that the financial structure wheat now held by the Farm Board will be distributed among the country's
of sudi corporation is sound and unimpaired and by him approved, nor needy reached the White House this morning and was signed by President
shall any loan be made upon the the capital stock of such corporation Hoover late this afternoon following a conference with Attorney General
until the management of such company shall be made known to and Mitchell.
approved by the Secretary, and the Secretary shall have the right at any
Getting this wheat to the deserving unemployed is now the task of the
time to declare the indebtedness to the Government that may be created American Red Cross. In fact, the distribution provisions of the resolution
hereunder due whenever in his judgment the financial structure of the led to the delay of several hours in signing it.
corporation shall become so impaired or the management become so unJohn Barton Payne, Chairman of the Red Cross. after a conference with
satisfactory as to jeopardize the interests of the Government.
the President had announced that the resolution might be referred to the
3. No loan or advance shall be made to any individual upon Attorney General for an opinion on its legality. Arthur M. Hyde. the
Sec.
of any
the capital stock of or to create or increase the capital stock
Secretary of Agriculture, and James C. Stone, the Chairman of the Federal
corporation, unless the paid in capital stock of such corporation shall Farm Board, were also called in by the President.
be at least $10,000.
All Differences Ironed Out.
Sec. 4. To carry out the provisions of this resolution, including all
expenses incurred thereunder, there are authorized to be appropriated,
The subject of their discussion was the La Guardia amendment to the
made to carry out the
out of the unexpended balances of appropriations
resolution, which provided that in cities of 25,000 and over the distributprovisions of Public Resolution Numbered 112, Seventy-first Congress ing organization should bake the wheat flour into bread. The Red Cross
as amended by the Interior Department Appropriation pointed to its lack of facilities to carry out this provision.
(46 Stat. 1032),
Act for the fiscal year ending June SO, 1932, and as amended by Public
Other slight differences in the interpretation of the delivery provisions
from
Resolution Numbered 120 (48 Stat. 1167), and out of the collections
were ironed out or overruled by the President, and the distribution of the
Resolution Numbered 112, as so amended, a sum wheat will begin as soon as the organization machinery ca be set up.
loans made under Public
fund.
not exceeding $10,000,000, which sum shall be paid into a revolving
Chairman Stone has opposed the measure since its introduction in the
of
Not to exceed 2 per centum of such fund may be used for expenses
Senate by Senator Norbeck. Republican. of South Dakota. It then called
time upon the repayment
administration. All moneys received from time to
bushels instead of the 40.000.000 in the House bill. Mr.
the in- for 5,000,000
of any advance or loan made pursuant to this Act, together with
Stone on several occasions characterized the proposal as "unfair" both to
be paid into the revolving fund and shall thereafter be avail- the Farm Board and to the farmer, charging that it would deprive the
terest, shall
able for the purposes and in the manner hereinbefore provided.
Board of about $25.000.000 of its $500,000.000 revolving fund.
Approved. March 8, 1932.
Mr.Stone is believed to have laid these views before the President to-day.
statements to newspaper men, however, he said
ability
The resolution originally passed the House on Feb. 17; In continue Its assistance to farmers through loans that the Board'sassociato
to co-operative
In amended form it was passed by the Senate on Feb. 19; tions would not be affected by the resolution. He said this in denial of a
it subsequently went to conference, the House agreeing to report that the Board, contrary to its p..ondses would now have to ask
Congress fer another appropriation or drastically curtail the Board's former
the Conference report on Feb. 25, and the Senate accepting activities.
the conference report Feb. 26.
The report was based, Mr. Stone said, on the following facts:
"The 40,000,000 bushels of wheat which is to be distributed to the needy
was part of approximately 143.000.000 pledged to a banking syndicate
Chicago Will Need a Million Bushels—Red Cross There headed by the Chase National Bank of New York as collateral security
for a loan of $50,000.000 to the Grain Stabilization Corp.
Says Movement Just Begun is Greatest Aid Ship"The amount of the loan covered by the 40,000,000 bushels was about
ment in Our History.
$14.000.000, the wheat having been pledged on a basis of about 35 cents
Elimination of
which
The following from Chicago, March 8 is from the New a bushel. places on the the 40,000,000 bushels. to pay had been pledged
as security,
Board the requirement
the banking sunYork "Times":
dicate the $14,000,000. This will be paid out of the present free assets of
of the the Board, amounting to about
The largest single movement of relief supplies in the history
$49,000,000."
nation started to day a few hours after President Hoover had authorized
No Need to Curtail Activities,
use of wheat from the Farm Board's bins.
the
Mr. Stone explained that in addition to the $49,000.000 of unobligated
In the emergency offices of the Red Cross here it was said to-day that the
co-opera40.000,000 bushels donated was worth, at present market value, about $10.- assets, the Board had $16,000000 obligated for loans promised to
000,000 more than the amount expended during the great Mississippi tives, but as yet uncalled for.
Asserting that there was not the slightest indication that the New York
Valley flood disaster of 1927. It IS $5,000,000 more than twice the expendiStone
bankers would refuse an extension on the $50.000,000 loan, Mr.
ture for Red Cross drouth relief in 1931.
Cook County, Illinois, needs nearly 1.000.000 bushels of the free wheat, added:
"The credit of the Federal Farm Board is as good to-day as it ever was.
James T. Nicholson, manager of the local Red Cross chapter, declared.
ask Congress for an additional
He said plans were being made to distribute over 200,000 barrels of flour and reports to the effect that we might
foundation."
appropriation or curtail our activities are without the slightest
county, which includes Chicago.
in the
40.000,000
He said that while depletion of the Board's wheat holdings bydistribution
The Farm Board's gain stabilization headquarters were busy arranging
to assist agriculture, further
relestse of wheat supplies. Tho cost of those supplies, it was said, would bushels would not Injure its ability
MAR. 12 1932.]
FINANCIAL CHRONICLE
by Congress might have that effect, because it would reduce the amount
of money available for loans to co-operatives.
The resolution as signed by President Hoover follows:
That the Federal Farm Board is authorized and directed to take such
action as may be necessary to make available, at any time prior to May 1
1933. on application by the American National Red Cross, or any other
organization designated by the American National Red Cross. wheat of
the Grain Stabilization Corp.. for use in providing food for the needy and
distressed people of the United States and Territories, and for feed for
livestock in the 1931 crop-failure areas. Such wheat shall be delivered
upon any such application only upon the approval of the President of
the United States,and in such amounts to each organization as the President
may approve, except that the total amount of wheat delivered as hereinbefore authorized shall not be in excess of 40.000,000 bushels.
Sec. 2. No part of the expenses incident to the delivery, receipt, and
distribution of such wheat shall be borne by the United States or the
Federal Farm Board. Such wheat may be milled or exchanged for four or
feed, but if processed it shall be without profit to any mill, organization.
or other person. In cities of over 25.000 population the American National
Bed Cross or any other organization designated by it may have said flour
obtained in accordance with section 2 baked into bread or processed into
food for distribution: Provided, That no part of the expense incident to
such baking or processing shall be paid out of said wheat Or flour and no
part of said expense shall be borne by the United States or the Federal
Farm Board.
See. 3. The Federal Farm Board shall keep account of all wheat delivered as authorized in Section 1 and shall credit the account of the Grain
Stabilization Corp. with an amount equal to the current market value
thereof at the time of delivery.
Market Value of Bonds Listed on New York Stock
Exchange-Figures for March 1 1932.
On March 9 the New York Stock Exchange issued the
March 1 figures of the total market value and the average
market price of all listed bonds as follows:
As of March 1 1932 there were 1.592 bond Issues aggregating $52,244,839.794 par value listed on the New York Stock Exchange, with a total
market value of $39,347.050.100.
In the following table listed bonds are classified by governmental and
industrial groups, with the aggregate market value and average price
for each,
Arerage
Market Value.
Price.
U. S. Government
$14.808,364.081
$97.69
Foreign government
65 02
10.669.862.850
Railroad industry (U. S.)
7.148.36:1.446
66.05
Utilities (U. El•)
3.093.553.660
82.79
Industrial (U. S.)
2,268,388.836
63.23
Foreign companies
1.358,519.227
53.74
All bonds
$39.347,050,100
$75.31
The February statement (given in our issue of Feb. 13,
page 1122) showed 1,595 bond issues aggregating $52,241,912,994 par value listed on the Exchange on Feb. 1, with a
total market value of $38,371,920,619.
Total Short Interest on New York Stock Exchange
During February.
The New York Stock Exchange on March 5 issued a
compilation indicating the short interest on stocks each
day for the month of February. The figures show that the
short interest, which on Feb. 1 stood at 3,600,265 shares,
dropped to 2,964,016 on Feb. 24, but again rose, and on
March 1 stood at 3,102,876. The announcement issued by
the Stock Exchange follows:
The following statistics, which have been compiled from information
secured by the New York Stock Exchange from its members, show the
total short interest on each business day with the exception of Saturdays
during February 1932:
Feb. 1 1932
*3.600.265 Feb. 16 1932
3.363.727
1877
The ratio of security loans to market value of all listed
stocks on that date was therefore 1.94%.
In the following table listed stocks are classified by leading
industrial groups, with the aggregate market value and
average share price for each:
March 1 1932.
Market
Values.
Autos and accessories
Financial
Chemical
Building
Electrical equipment manufacturing__
Foods
Rubber and tires
Farm machinery
Amusements
Land and realty
Machinery and metals
Mining (excluding Iron)
Petroleum
Paper and publishing
Retail mercbandizing
Railroads and equipments
Steel, iron and coke
Textiles
Gas and electric (operating)
Gas and electric (holding)
Communications (cable, tel. and radio)
MiseglIaneous Utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building
Miscellaneous business
Leather and boots
Tobacco
Garments
U. S. companies operating abroad--- _
Foreign companies (incl. Cuba dc Can.)
All listed companies
Aver.
Prier
$
1,528.343.615
778,001,589
2,254,863.835
186.661,767
752,042.091
1,976,657,339
153.647,647
240.372.685
171,444,406
50,754.741
722.211.667
603.691,218
2,107,703,940
190.299,546
1,611,969,835
2.885,867.416
1,225,683.946
120.268.900
2,511.890,115
1.785.748,772
2,806.191,305
170.749,001
108,906.815
176.074.036
14,725,635
16 056,993
73.350,319
190 440.193
1,256.370.303
12.400,881
380,849,404
512,749,402
$
14.13
13.42
33.44
11.78
18.49
27.67
1248
21.40
8.62
9.85
14.55
10.28
12.05
11.86
22.64
25.12
81 25
10.80
35.95
18.66
74.71
16.82
6 10
16.81
7.05
4 56
12.56
28 39
39 47
6.50
10 90
11.29
February 1 1932.
Market
Aver.
Values
Price.
1,525.628,841
686,348,972
2.145,351.515
171.120.464
721,767,388
1,863,243.712
144,519,004
260.643,747
172,727,272
47.821.245
675,336.722
682.265,689
1,958.126.213
186,816.333
1.554.640.312
3,030.050.019
1,108.916,688
112,723.387
2,376.837.932
1,693,858,263
2,508.557.615
153,414,375
110,813,471
168.199,166
13,812,155
15.159,545
77,752,458
193,958,471
1.168,747.818
11.621,166
358.782.229
478,085,627
$
14.10
11.82
31.82
10.80
17 74
26.14
11.76
23.21
8.77
9.11
13.60
11.62
11.19
11.65
21.87
26.38
28.27
10.12
34.02
17.70
66.79
15.11
6.21
16.06
6.61
4.31
13.31
27.61
36.72
6.09
10.27
10.65
27,585,989,257 20.90 26,377,647,314 19.99
Inquiry into Stock Market Trading Put Off Until Next
Week-Senator Norbeck Holds Glass Bill Has Right
of Way in Committee.
Investigation of stock exchanges under the Senate resolution adopted March 4 has been definitely put over until next
week, said a dispatch March 9 from Washington to the New
York "Herald Tribune," which added:
Senator Peter Norbeck Chairman of the Banking Committee, said
to-day he slid not expect to call a meeting until the sub-committee working
on the Glass banking bill was prepared to report. He did not think such
a report could be made before Monday. He added that he intended to
live up to the agreement of some time ago to give the Glass bill right of way
in the Committee and not thrust the stock market investigation ahead of it.
The sub-committee on the Glass bill held another meeting to-day and
later announced that it was making progress but had not yet completed
revision.
The resolution authorizing an investigation into stock
market trading was referred to in our issue of March 5,
page 1679.
Irving Balzer Suspended from New York Curb
Exchange.
The New York Curb Exchange announced on Mar. 11
the suspension of Irving Balzer for failure to meet his obligations. The New York "Evening Sun" of that day in its
report of the matter went on to say:
Mr. Balzer was an individual trader on the floor of the Exchange and
was not connected with any brokerage firm. He had been a member of
the Exchange since April 9 1919. It was stated that the suspension might
prove to be a temporary one.
Feb. 2 1932
"3;636,435 Feb. 17 11132
3,234.068
Feb. 3 1932
3,688,934 Feb. 18 1932
3,177,712
Feb. 4 1932
3.685,682 Feb. 19 1932
3,192.702
1932
Feb. 5
3,700,119 Feb. 23 1932
2.900.691
Feb. 8 1932
3.754.042 Feb. 24 1932
2.964,016
Feb. 9 1932
3.842,241 Feb. 25 1932
2.983,014
Feb. 10 1932
3,931,885 Feb. 26 1932
3.049.978
Feb. 11 1932
3,965,142 Feb. 291832
3,081,194
Feb. 15 1932
3,437,833 Mar. 1 1932
3,102,876
* Last published figure.
Note -These statistics show the position existing at the opening of business
on each date, and the report for each Monday Includes the transactions of the
Preceding Friday and Saturday.
Gurnett & Co. Failure-Composition Offer of 50 Cents
in Cash and 50 Cents in Notes.
The brokerage firm of Gurnett & Co., the suspension of
which from the New York Stock Exchange on Jan. 5 1932,
for insolvency was noted in our issue of Jan. 9, page 227,
has filed an offer of composition in the United States District Court of Massachusetts, which provides that 50 cents
The figures issued last month by the Stock Exchange in cash and 50 cents notes be paid to the creditors. The
Boston "News Bureau" of Mar. 8, from which the above
were noted in our issue of Feb. 13, page 1122.
information is obtained, continuing said:
These
Market Value of Listed Shares on New York Stock excess ofnotes will be paid from the liquidation of receivables standing In
$500.000 and realization from the unforced liquidation of subExchange March 1 $27,585,989,257, Compared with stantial blocks of securities, fair liquidation of which requires more time
$26,377,647,814 Feb. 1-Classification of Listed than would be available under administration in the usual bankruptcy
channels.
Stocks.
To carry out the composition. the Tenrug Liquidating Corp. has been
to take over the slow assets and liquidate the same.
As of March 1 1932 there were 1,276 stock issues aggre- formed personnel
The
of the corporation will serve without compensation so
gating 1,320,153,047 shares listed on the New York Stock that expenses of the corporation will be reduced to the unavoidable expenses
Exchange, with a total market value of $27,585,989,257. of administration and collection.
With
the plan, it is
This compares with 1,275 stock issues, aggregating 1,319,- fidently co-operation from the creditors, by approving of suspension, conbelieved that the forecast made at the time
that
232,336 shares, listed Feb. 1 on the Exchange, with a total the firm would pay creditors one hundred cents on the dollar, will be
value of $26,377,647,814. In making public the realized.
market
The firm's difficulties arose from the precipitous decline of the stock
March 1 figures on March 5 the Exchange said:
market and absence of market for securities, which necessarily
As of March 1 1932 New York Stock Exchange member borrowings on
security collateral amounted to $524,663,758. The ratio of security
loans to market values of all listed stocks on this date was therefore 1.90%.
As of Feb. 1 1932 the New York Stock Exchange member
borrowings on security collateral amounted to $512,017,942.
rendered
the firm unable to realize on accounts as well as other firm assets, quickly
enough to meet the demands precipitated by the suspension.
The amount of the general debits are calculated at approximately
$650,000.
Gurnett & Co. has filed a bankruptcy schedule which shows liabilities
of $889,329 and assets of $648.673. Secured claims are uncertain. while
1878
FINANCIAL CHRONICLE
[VOL. 134.
In the early part of 1832 Moses Taylor established himself in business
unsecured claims amount to $869.329. Assets consist of $2,000 in the hands
of the receiver, and securities of $417,673. Value of furniture and fixtures in Now York with offices at 44 South St.
The original circular, which is in possession of Lawrence Turnure & Co..
Is $2,000.
bears the date of March 10 1832, and although it is probable that the
business may have been started some short time before, this date hasAnnual Election of Philadelphia Stock Exchange— been taken to fix the 100th anniversary.
On Jan. 1 1849 Mr. Taylor formed a partnership with Percy R. Pine,
Frank L. Newburger Re-Elected President.
his son-in-law, under the name of Moses Taylor & Co., and on Dec. 31 1851
At the annual election of the Philadelphia Stock Exchange, Lawrence Turnure was admitted as partner. These gentlemen agreed to
on March 7, Frank L. Newburger, unopposed candidate for "become partners in the business of buying and selling on partnership
molasses and such other goods
President, was re-elected. The following 11 members of the account and on commission, sugars,in the carrying of merchandise,as may
freight
be consigned to them for sale, and,
Governing Committee were re-elected: For three years, B. and passengers in such ships or vessels as they may employ for such purMatthews, John S. Parke, pose,and also in the purchasing of bills of exchange and promissory notes"'
Frank Townsend Jr., Frank C.
following vessels
firm's ownership
J. Maurice Wynn, Ernest W. ?ranch, Samuel K. Phillips, and specifying theCornelia, Ship R. or interest in theForest King, Brig
R. Milam, Ship
Bark Lyra, Bark
Henry D. Boenning; for two years, James Carstairs and Fornax, Bark Albertina.
Dec. 311865: The partnership was renewed with the addition of William
Alexander C. Yarnall; for one year, Edgar Scott and James
Newton Adams to conduct the same business at the same address. 44
P. Magill. Mr. Newburger is serving his third term as South St., New York.
President of the Exchange. He was elected a member of
Jan. 1 1868: Henry A. C. Taylor, son of Moses Taylor, was admitted
the Exchange on Jan. 25 1907, and elected Vice-President to partnership.
Dec. 31 1872: William Newton Adams retired, the remaining partner*
in 1922, and each year thereafter until his succession to the being: Moses 'Taylor, Percy R. Pyne, Lawrence Turnure and Henry A. 0.
resignation of M. F. Taylor.
Presidency in August 1930, upon the
May 23 1882: Moses Taylor died.
Middleton Jr. Mr. Newburger was one of the founders of
June 1 1882: Percy R. Pyne, Jr., became partner.
Newburger, Loeb & Co., which was established in 1899.
After the death of Moses Taylor the firm continued under the same
He was born in Philadelphia Feb. 18 1873,and was graduated name, Moses Taylor & Co., the partners now being: Percy R. Pine,
from the University of Pennsylvania in the class of 1893. Lawrence Turnure, Henry A. C. Taylor and Percy R. Pyne. Jr.
Dec. 31 1882: Henry A. C. Taylor retired.
Dec. 311888: Percy R. Pyne retired.
Jan. 1 1889: Lawrence Turnure & Co. succeeded to the business of
Bank Stock Levy in Oklahoma Held To Be Repealed—
Moses Taylor & Co.. the partners of the new firm being: Lawrence Turnure,
Adoption of State Income Tax Precludes Collection Percy R. Pyne, Jr., Lawrence Turnure, Jr., and Joseph M. Andreini.
Dec.311894: Percy R.Pyne,Jr., retired. George E.Turnure admitted.
of Impost on Shares, Court Rules.
Dec. 31 1896: Lawrence Turnure, Jr., retired. The remaining partner*
Shares of stock of National banks are no longer subject being: Lawrence Turnure, Joseph 11. Andreini and George E. Turnure.
May 1 1899: Lawrence Turnure died.
to ad valorem taxes in Oklahoma, the Supreme Court of that
partnership was formed, consisting of George E.
Aug. 1 1899:
State has held In a case entitled Board of County Commis- Turnure, Joseph New Andreini and William E. Glyn.
M.
sioners of Oklahoma County v. State Board of Equalization,
Dec. 311909: Joseph M. Andreini retired.
Dec. 31 1910: Edward F. McManus and Orville H. Tobey admitted to
according to Oklahoma City advices, March 4, to the "United
partnership. The firm now consisted of: George E. Turnure, William E.
States Daily," which also had the following to say:
Glyn, Edward F. McManus and Orville H. Tobey.
Jan. 1 1924: Edwin S. McManus admitted to partnership.
The 1931 income tax law applies to such banks, and precludes any ad
valorem levy on the shares, the opinion ruled. The syllabus of the case
Dec. 31 1924: William E. Glyn retired.
prepared by the court follows in full text:
Jan. 1 1925: George K. Livermore and Lawrence Turnure admitted to
1. Under Article 7, Chapter 66, Sae. Laws 1931, banks and banking partnership.
corporations are classified for the purpose of taxation, and a tax laid on the
Dec. 31 1931: Orville H. Tobey retired, leaving the present firm, consisting of: George E. Turnure, Edward F. McManus,Edwin S. McManus,
net income of said banks.
2. The Legislature Is authorized to substitute one form of taxation for George K. Livermore and Lawrence Turnure.
another.
In 1856 Moses Taylor became President of the National City Bank of
B. Classification of property for purposes of taxation is a legislative New York. continuing in that office until his death in 1882, when he was
and when such classification is not based upon an invidious or succeeded by Percy R. Pyne, his eon-in-law and business partner, who
function
unreasonable distinction it will not be interfered with by the courts.
served from 1882 to 1891.
4. Article 7, Chapter 66, Seas. Laws 1931, became effective on April 4
From 1832 to 1880 the firm maintained it* offices at 44 South St. In
an exclusive method of taxing banking corporations the latter year it moved to 52 Wall St., occupying the rear part of the
1931, which provided
on their net income and repealed all laws in conflict therewith; held, that building, while the National City Bank of New York, of which Moses
said Act repealed the provisions of the Oklahoma statutes levying a tax on Taylor was President, occupied the front part.
shares of stock of banking corporations and substituted therefor an
Percy R. Pyne and Lawrence Turnure were directors of the bank, and
income tax.
on the death of Mr. Taylor Mr. Pyno became President of the bank.
5. Under Section 5219, R. S. of the U. S., amended March 4 1923, Chap- During all the years that Mr. Taylor served as President of the National
ter 267, 42 Stat. 1499, amended March 25 1926, Chapter 88, 44 Stat. 223; City Bank of New York he retained his partnership interest in the firm.
Votl. 12, U. S. 0. A., Section 548, providing "The Legislature of each State as did Mr. Pyno until his retirement in 1888.
may determine and direct, subject to the provisions of this section, the
On the retirement of Mr. Pyne as President of the National City Bank
manner and place of taxing all the shares of National Banking Associations of New York in 1891. Mr. Lawrence Turnure, who was the senior director
located within its limits. The several States may (1) tax said therm or of the bank, was asked to assume the Presidency but declined in order
(2) include dividends derived therefrom in the taxable income of an to devote his entire attention to the business of the firm, remaining, howowner or holder thereof, or (3) tax such associations on their net income, ever, a director of the bank until his death in 1899.
In 1896 the firm moved from 52 Wall St. to 50 Wall St., and in 190 to
provided the following conditions are complied with: 1 (a). The imposition
8
by any State of any one of the above four forms of taxation shall be in its present offices at 64 Wall St.
in subdivision (c) of this
While not departing from the fundamental principles of business eslieu of the others, except as hereinafter provided
tablished by the early partnerships, the firm has somewhat changed the
clause."
The imposing of an income tax on the net income of National banks pre- scope of its activities in the course of time and varying conditions. In
cludes the State from levying an additional tax upon the shares of stock of 1925 the senior partner became a member of the New York Stock Exchange
National banks on an ad valorem basis.
and the firm at the present time is engaged in the business of investment
6. Upon the recommendation of the Oklahoma Tax Commission tho State banking and the purchase and sale of securities on a commission basis.
Equalization Board is authorized to strike from the assessment rolls
property assessed on an ad valorem basis which property is not subject
to ad valorem tax.
Bills Creating Central
Co
Dealings in 1931 on Securities Market of the Chicago
Board of Trade.
We have received from the Chicago Board of Trade the
following regarding dealings on its securities market:
-1931
SECURITIES MARKET ON CHICAGO BOARD OF TRADE
SALES AND RANGE OF PRICES.
Stock
Bonds.*
Market Value.
Shares.
Sales by Months—
a
$4.204.883
143,760
January
*
4.480,689
119,381
February
$94,400
5,158,680
159,885
March
74,700
4.730.235
170.657
April
22,100
3.262.440
138.736
May
10,400
3.361,950
153.961
June
19.600
3,457.875
136,760
July
4,600
2,328.217
105,555
August
14,700
2.637.555
144,842
September
6,000
2.197.770
134,666
October
3,000
2,062.375
116,739
November
31.500
1.806.170
142.205
December
Savings Bank and Central
Operative Bank in Massachusetts Signed by Gov.
Ely—Loans to Savings Banks Through Mutual
Savings Central Fund.
In the presence of a number of bankers and members of
the Legislature, Governor Ely on March 2 signed a bill creating a central savings bank, and a bill establishing a central
co-operative bank. The Boston "Herald" of March 3, in
reporting this, went on to say:
Formation of both institutions was recommended by Governor Ely to
the Legislature to give greater liquidity to the assets of mutual savings
banks and co-operative banks in the State.
The signing of the bills was witnessed by President Herbert F. Taylor and
other officers of the Massachusetts Co.operative Bank Association, Dana S.
Sylvester, executive manager of the Savings Banks Association of Massachusette, and a number of legislators who took a prominent part in framing
the bills and securing their enactment. The bills become operative
immediately.
$281.000
$39.688,839
1.887.147
Total 1931
Enactment of the measure creating the central savings bank, to be
53,500
61,863,597
1.448.185
Total 1930
known as the Mutual Savings Central Fund, Inc., was hailed with keen
•Chicago Board of Trade Safe Deposit Co.6% gold bonds,listed March satisfaction yesterday by mutual savings banks officials, for which the new
18 1931.
organization becomes a "State reserve system." Under the terms of the
Act, every one of the 196 mutual savings banks in the State, with deposits
100th Anniversary of Founding of Banking House of of $2,137,003,421, will become a member of the new reserve bank. MassaA statement issued yesterday by the Savings Banks Association of
Lawrence Turnure & Co.
chusetts said the new law "brings the mutual savings banks of Massapartners of one of the oldest banking houses in Wall chusetts into a close.knit organization, affording even greater protection to
The
originally as an emergency measure
Street, Lawrence Turnure & Co., celebrated its 106th their 3,000,000 depositors. Written Act is now regarded by many bankers
to assist in restoring confidence, the
with a dinner on March 10. A sketch of the as a permanent and definite forward step in the history of the savings
anniversary
banks of this State."
history of the firm is furnished as follows:
MAR. 12 1932.]
FINANCIAL CHRONICLE
Gontinuing, the statement said:
A Notable Departure.
"The Act sets up a reserve bank that corresponds in many ways to the
Federal Reserve System. It is a notable departure in banking, as no other
single group of banks in the country has its own reserve bank. In the
opinion of bankers and economists, this plan sets up a workable institution
that will afford full security both to member banks and their depositors,
making it easy to obtain large sums at any time without resort to outside
aid or any semblance of red tape."
The central bank will make loans to me:nber institutions, secured by collateral made up of investments legally permissible to savings banks. The
officers and 15 directors will be savings bankers, and the law specifies that
the central bank may call upon any or all member institutions to subscribe
up to 8% of their individual deposits. It is likely that the immediate
call for subscriptions will not exceed $8,000,000, and that if circumstances
require the additional capital will be raised gradually. Should the full
amount of 8% be asked, the total would reach $65,000,000.
Amendments to National Bank and Federal Reserve
Acts Proposed By Representative Steagall—Guarantes of Deposits in National Banks—Minimum
Capital for Latter Fixed at $50,000—Stockholders
Relieved of Double Liability—Would Restore
Check Collection Charges.
Major changes in the Federal Reserve and National
banking laws including a guarantee of Federal Reserve
member bank deposits and a $50,000 minimum capital
requirement for national banks are proposed in a bill introduced in the House on March 7 by Representative Steagall
of Alabama, Chairman of the House Committee on Banking
and Currency. At the same time, according to the Washington correspondent of the New York "Journal of Commerce," the Glass sub-committee of the Senate Banking
and Currency Committee moved to secure final action at
an early date on the Glass banking bill.
Regarding the Steagall bill, Associated Press dispatches
from Washington, March 7,said:
The Steagall bill included the following fundamental changes:
No charter would be issued for a national bank without a capital of at
least 850,000 and a paid in surplus of 10% of the capital.
Federal Reserve member banks would be permitted to levy a charge for
checking service not to exceed one-tenth of 1%.
Half of the profits of the twelve Federal Reserve banks after fixed requirements were met, would be returned to member banks.
A system of deposit guarantees for Federal Reserve members.
To guarantee deposits, Steagall said his bill would create a board consisting of the Secretary of the Treasury, the Comptroller of the Currency
and three Presidential appointees.
"This board would start with a $517,000,000 fund," he said,"taking over
1167.000.000 now paid in as franchise tax 8150,000.000 of the Federal
Reserve surplus and $200,000,000 to be obtained through a deposit assessment.
"This board would take over an insolvent bank and within 60 days
would be required to make a payment of at least 50% on every deposit of
81,000 or less and 25% on all other deposits, provided that at least every
deposit in this group would get 8500."
Representative Steagall said other payments would be required at the end
of six-month periods until the deposits have been paid in full.
Representative Strong of Kansas expressed a fear that such legislation
might prove detrimental to State banks.
"The State banks will find themselves in a situation where they must
put themselves in the same position," Representative Reagan replied,
"and you will find them applying for admission to the Federal Reserve
System."
According to the "United States Daily" the Steagall bill
would create a Federal commission and setting up a fund of
more than $500,000,000 for the purpose of liquidating insolvent national banks, and to guarantee deposits in member
banks of the Federal Reserve System. From that paper we
quote the following regarding the bill:
1879
hibiting the chartering of any bank with a capital stock Of Ian than $50,000
It would require an additional 10% surplus.
Payments to Depositors.
The Commission would take over any bank certified by the Comptroller
as insolvent. A board composed of a representative of the Commission,
one selected by the stockholders and one by the depositors, then would
have 30 days to appraise the closed institution.
Sixty days would elapse before the first payment is made to the depositors. Six months later another payment would be made and still six months
later, the third. A foul th and final payment would be authorized to be
paid within another six months, making 21 months from the time the bank
closes until all depositors are fully reimbursed.
Statement Submitted by Chairman Steagali.
Mr. Steagall discussed the bill as follows:
"The bill provides that no national bank shall be chartered with a capital
of less than 1.50.000. That is intended to cure what has been regarded by
many well informed persons as an unsound provision of the national banking law, which has allowed the organization of too many banks, not properly
equipped in point of capital to justify them in taking over the deposits
of the community, often many, many times in excess of the amount of
the capital of the banks. In addition to requiring a minimum capital of
$50,000, the bill requires that there shall be set up contemporaneously
with the payment of the capital stock, a surplus fund to the amount of
10% of the capital of the bank. The bill further provides that member
banks of the Federal Reserve System shall be permitted to make a reasonable charge, not exceeding one-tenth of 1% for the service rendered by
them in remitting checks.
"The bill also provides that half of the earnings of the Federal reserve
system, accruing after paying the 6% return on the capital of their member
banks and setting aside the 10% required under the law for creating a
surplus fund, shall be returned to the member banks of the country or
the basis of their capital stock.
This legislation is now favored by many of the Federal Reserve bank
officials and by many men in the banking world who heretofore have been
against the passage of any such legislation. I have Introduced the bill In
Congress for some 10 years, session after session, and I call your attention
to the fact that at the last meeting of the directors the Boston bank, prior
to the death of Governor Harding, endorsed that bill. I think it will now
be welcomed on every hand.
Provision of Measure on Guaranteeing Deposits.
"The main feature of the bill is the provision which is designed to afford
a system of guaranteeing deposits in banks that are members of the Federal
Reserve system. Session after session for years, I have introduced in this
House a bill requiring the Federal Reserve Board, under their own rules
and regulations, to set aside and use the earnings of the Federal Reserve
system for the accumulation of a fund out of which to pay depositors in
member banks that become insolvent or must be liquidated.
"The original Federal Reserve law, as it passed the Senate, embraced a
provision for setting aside a portion of the earnings of the Federal Reserve
banks for the purpose of guaranteeing deposits in member banks. That
provision went out of the bill in conference, on one argument alone—that
the Federal Reserve system was not to become a money making institution
and would not be able to carry the burden imposed by the requirement
of guaranteeing deposits in member banks.
"I do not criticize anybody who held the view that it was not wise to have
the Federal Reserve banks undertake this service, but it turns out that the
opponents of this provision were mistaken in their contention and in their
view of the matter. The records show that the Federal Reserve
system has
made net profits of more than 8500,000,000 since the system was
Inaugurated. They have paid into the Federal Treasury 8167,000,000
as a franchise
tax, which they did not owe. The provision for paying a
franchise tax was
simply put in as an automatic piece of machinery by which
to take over any
side profits that might be accumulated above the
dividends to be paid and
the surplus fund provided for in the Federal Reserve
law. They paid
$167.000,000 into the Federal Treasury as a franchise tax and
they have now
something like 8275,000,000 of surplus.
"This enormous net profit has been made by these banks in
the face of
expenditures in buildings and in personnel and in various activities
with
which the House is familiar and which have been the subject of
discussion
on this floor from time to time since the passage of the Federal
Reserve
Law. The Federal Reserve system of banks has made in one
year, repeatedly, more than 150,000,000 of net earnings.
Extent of Losses from National Banks.
"Could they have carried the burden imposed by the Senate amendment
requiring that the system take care of deposits in insolvent banks.
Could
they? Let us see. The records show that from the enactment of a
national
banking law to 1925—a period of 60 years—the total net losses of depositors
in national banks have been only $45,000,000. Something
like threequarters of a million dollars annually would have paid the losses to deposiMr. /Reagan discussed the measure on the floor of the House prior
to its tors in member banks for the first 60 years of the operation of the national
introduction, explaining its provisions. Many millions of
hoarded funds banking law of this country. The profits of the Federal Reserve system
would be released through its enactment, he declared. He issued
a formal accumulated in one year, repeatedly, amount to more than enough to have
statement explanatory of the bill, which was referred to
the Committee ot paid the net losses to depositors in the national banking system for nearly
which he Is chairman.
three-quarters of a century.
"The figures show the total losses to depositors in national banks and
Three Change: Proposed.
in
all member banks from the foundation of the national system
The measure introduced by Mr. Steagall wouid provide a
down to
minimum 1930 amount to only 882,000,000. Since 1930, we
capitalization of 850,000 for national banks. It would,
have had an unprecemoreover, permit dented wave of bank failures. The deposits,
however, in such member
members of the Federal Reserve System to make a charge for
remitting banks, national banks and State member banks of
proceeds of checks drawn against them. Stockholders of
the Federal Reserve
national banks system since 1930 brought down to date
amount to only $500,000,000 or
would be relieved of the double liability nowattaching to shares of
bank 8600,000,000. It is not possible that the net losses
stock, unless the bank in question maintained and operated
or the final losses to
branches.
depositors in these banks could amount to more than 25%
A minimum capitalization of $50,000, Mr. Steagall said, would
or 50% of the
remedy total
the condition under which an over abundance of banking institutions wo losses. This is putting it in Its furtherest possible construction. If
based it upon the record of60 years, we would say that
grew up, the permission to make exchange charges for remitting proceeds
not more than
of checks would restore an item of profit to many of the smaller banks, and 850.000,000 of additional burden has grown out of the failures of banks,
members of the Federal Reserve system, since these
figures down to 1930,
the creation of a fund out of which to guarantee profits would restore the
over a period of65 years.
confidence of depositors.
"The bill which I have prepared provides for the
creation
Federal Commission Proposed.
consist of the Secretary of the Treasury and the Comptroller of a board to
of the Currency
and three members to be appointed by the President
The bill would create a Federal commission of five members,one of whom
and confirmed by the
would be the Secretary of the Treasury, another the Comptroller of the Cur- Senate, who shall take over the liquidation of banks that are declared inrency, and three other individuals appointed by the President and approved solvent. And I may say in this connection that this money, in good conscience and in good morals and in common honesty, belongs
by the Senate.
now to the
Among other things, it would create a 8517,000,000 fund to relieve dis- banks of this country, out of whom it was made. That 13 where that fund
tressed banks. Of this amount, $167,000,000 would be transferred from honestly and properly belongs."
the Treasury. This amount, Mr. Steagall said, has been paid into the
Influence Foreseen to Stop Hoarding,
Treasury by reserve banks as a franchise tax. The rest is made up of
Representative LaGuardia (Rep.) of New York City, interrupted
to say
8150,000,000 from the surplus of the Federal Reserve System. and 1200, that when the word goes
out that the Chairman of the House Banking and
000,000 assessed against the member banks.
Currency Committee announces he has introduced a bill and that
Committee
would authorize assessment of member banks not to exceed will consider its
The bill also
provisions to guarantee depositors of banks, "it will
do
$100,000,000 annually. This assessment would not be enforced unless more to stop hoarding,
than all of the appeals made to-day by officials,
absolutely necessary, under the terms of the bill. In addition to pro- directly and indirectly, can possibly
do."
FINANCIAL CHRONICLE
1880
"Does the guarantee of deposits (in your bill) go so far as to guarantee
deposits In small State banks?" asked Representative Strong (Rep.) of
Blue Rapids, Kans., a member of the Banking and Currency Committee.
"Oh,no."replied Mr. Steagall.
"Well, will not this kind of a bill destroy some of the small banks?"
asked Mr. Strong. "Will it not put them out of business if their deposits
are not guaranteed'?"
"No," replied Mr. Steagall and Mr. Strong said he would like to have
Mr. Steagall think about that. Mr. Steagall said that if Mr. Strong is
solicitous for a system that will embrace State banks he would join hands
with Mr. Strong if the latter would get such support for it as would enable
them to enact it Into law. "But we can make progress only by degrees."
said Mr. Steagall, "and we have not jurisdiction over State banks. All
we can do is first to set up a common sense system for Federal Reserve
Banks and the National banks and the State banks that are members of
the Federal Reserve System.
"When we do that. It is only a question of time when the State banks
will find themselves in a situation where business prudence and common
sense operation will demand that they put themselves on a basis of
equality with their competitors in the Federal Reserve System and they will
be thronging the Federal Reserve System of this country asking for admission, and the law provides that all shall be admitted who are in a position
to make It advantageous to the Federal Reserve System to have them as
members."
Banks Are Charged With Hoarding Money,
Mr. Stengell said it Is idle to talk to the people about putting their
money in banks where the banks will not trust one another. Any banker
who cops to another bank to obtain funds. even for 30 days. with a vie-rifle
purpose in mind and a specific date on which it is to be returned. be said.
Is confronted with a demand that he put up three, four or five times the
amount he desires to borrow, in securities.
lie referred to a member of the Reconstruction Finance Corporation
urging the people to trust the banks but that the same man "when an
applicant for an enlergency loan comes before that board will he demanding
from three to five times the amount loaned in collateral security that Is
sound and adequate before he will loan a dollar to that bank."
"Yet." Mr. Steagall added, "we talk to the citizenship of the country
about placing their money Into banks to prevent hoarding. The truth of
the matter is the banks of the country are doing the hoarding. They
are in a situation where they cannot be blamed. It Is all that is left for
them to do. They dare not turn their money and liquid assets over to
business purposes at a time like this."
The text of the bill as given in the New York "Times"
follows:
A BILL.
To amend the National Banking Act and the Federal Reserve Act and to
provide a guaranty fund for depositors In National banks.
TITLE I.
Section I. The first sentences of Section 5138 of the Revised Statutes,
as amended (U. S. C., Sup. V., Title 12. Par. 51), is amended by strIkinc
out the comma after the word "inhabitants" and adding the following:
than 25 (inn
"and excent that finch associations with a canital of not less
may. with the sanction of the Secretary of the Treasury, be organized
In any place the population of which does not exceed 3.000 inhabitants"
Section 2. (a) Section 5138 of the Revised Statutes, as amended (U.
S. O., Sup. V. Title 12, Par. 51). is amended by adding the following
new sentence:
"No associations shall be organized unless with a surplus (hereinafter
called 'initial surplus') of not less than an amount equal to ten per centum
of its capital stock."
(b) Section 5618 of the Revised Statutes (U. S. C., Title 12. Par. 26).
Is amended to read as follows:
Surplus Must Be Paid In.
"Section 5618. Whenever a certificate is transmitted to the Comptroller
transmitting
of the Currency, as provided in this title, and the association
centum of its capital
the same notifies the Comptroller that at least 50 per
centum of its Initial surplus has been duly
stock and that at least 50 per
all the provisions of
paid in, and that such association has complied with
before an association shall be authorthis title required to be complied with
the Comptroller shall examine
ized to commence the business of banking,
the amount of
Into the conditions of such association, ascertain especially
of its initial surplus.
money paid loon account of its capital, and on account
and the amount of
the name and place of residence of each of its directors,
in good faith, and generally
the capital stock of which each is the owner
provisions of this title
whether such association has complied with all the
and shall cause to
required to entitle it to engage in the business of banking:
the directors, and by
be made and attested by the oaths of a majority of
of all the facts
the president or cashier of the association, a statement
the association
necessary to enable the Comptroller to determine whether
Is lawfully entitled to commence the business of banking."
[VoL. 134.
Sell Out Defaulting Shareholders.
(g) The first two sentences of Section 5141 of the Revised Statutes (U.
S. C., Title 12. Par. 54), are amended to read as follows:
"Whenever any shareholder, or his assignee, falls to pay any instalment
on the stock or on the initial surplus where the same Is required by the
preceding section to be paid, the directors of such association may sell
the stock of such delinquent shareholder at public auction, having given
three weeks' previous notice thereof in a newspaper published and of general
circulation in the city or county where the association is located, or, if no
newspaper is published in said city or county, then in a newspaper published
nearest thereto, to any person who will pay the highest price therefor,
to be not less than the amount then due thereon (including amounts due
from such shareholder with respect to initial surplus) with the expense of
advertisement and sale: and the excess, if any.shall be paid to the delinquent
shareholder. If no bidder can be found who will pay for such stock the
amount due thereon (including amounts due from such shareholder with
respect to initial surplus) to the association, and the cost of advertisement
and sale, the amount previously paid shall be forfeited to the association,
and such stock shall be sold as the directors may order, within six months
from the time of such forfeiture, and if not sold it shall be canceled and
deducted from the capital stock of the association."
Assessments Provided for Losses.
(h) The first two sentences of Section 5295 of the Revised Statutes, as
amended (U. S. O., Title 12, l'ar. 55), are amended to read as follows:
Every association which shall have failed to pay up its capital stock or
initial surplus, as required by law, and every association whose capital
stock shall have become impaired by losses or otherwise, shall, within three
months after receiving notice thereof from the Comptroller of the Currency,
pay the deficiency In the capital stock and the initial surplus by assessment
upon the sharehulders pro rata for the amount of capital stock held by
each; and the Treasurer of the United States shall withhold the interest
upon all ponds held by him In trust for any such association, upon notification from the Comptroller of Currency, until otherwise notified by
If any such association shell fall to pay up its capital Mock and capital
surplus, and shall refuse to go into liquidation, as provided by law, for
three months after receiving notice from the Comptroller, a receiver may
be appointed to close up the business of the association, according to
the provisions of Section 5234."
(I) That part of Section 5143 of the Revised Statutes, as amended (II. S.
C.. Title 12, Par. 59), before the semicolon is amended to read as follows:
"Any association formed under this title may, by the vote of shareholders
owning two-thirds of its capital stock, reduce its capital and surplus to any
sum not below the amount required by existing law to authorize the formation of associations."
Shareholders Liability Amended,
Section 3 (a). Section 5151 of the Revised Statutes and Section 23 of
the Federal Reserve Act (relating to liability of shareholders of national
banking associations) (U. S. C.. Title 12, Pars. 63. 64) are amended by
striking out the words"In addition to the amount invested In such shares"
wherever they appear.
(b) This section shall not apply to the shareholders of any national banking association which operates or establishes a branch.
Section 4. The provisions of Section 1, 2 and 3 of this act shall apply
only to national banking associations and organized after the date of enactment of this act.
Section 5 (a). The second sentence of the first paragraph of Section 7
of the Federal Reserve Act (U. S. C., Title 12, Par. 289), is amended to
read as follows:
"After the aforesaid dividend claims have been fully met, 10 per centum
of the net earnings of such bank shall be paid into the surplus. One-half
of the remainder of the net earnings shall be paid into the Federal Guaranty
Fund for the Depositors in member banks of the Federal Reserve System,
and the remaining one-half shall he paid to the member banks of the Federal
Reserve System, of which amount each bank shall be paid an amount which
bears the same ratio to the amount of such remaining one-half as the paid-in
capital stock owned by such stockholders In such member bank bears to
the total paid-in capital stock owned by all stockholders in all member
banks of such Federal Reserve Bank."
Disposal of Surplus in Liquidations.
(b) The first sentence of the second paragraph of Section 7 of the Federal
Reserve Act is repealed.
CC) The second sentence of the second paragraph of Section 7 of the Federal Reserve Act is amended to read as follows:
"Should a Federal Reserve Bank be dissolved or go into liquidation,
any surplus remaining, after the payment of all debts, dividend requirements as hereinbefore provided, and the par value of the stock, shall, In
the discretion of the Secretary, be used to supplement the gold reserve
held against outstanding United States notes, or shall be applied to the
reduction of the outstanding bonded indebtedness of the United States
under regulations to be prescribed by the Secretary of the Treasury."
Section 6. The second proviso of the first paragraph of Section 13, as
amended, of the Federal Reserve Act (U. S. O., Title 12, Par. 342) is
amended to read as follows:
Requirement for Consolidations.
"Provided further, that nothing in this or any other section of this act
proviso of Section 1 of the Act entitled "An Act to provide for shall be construed as prohibiting a member or non-member bank from
(c) The first
1918
the consolidation of National banking associations," approved Nov. 7.
but in no case to exceed ten cents per $100 or
follows: "Provided, making reasonable charges,
(U. S. C., Title 12, Par. 33). Is amended to read as
fraction thereof, based on the total of checks and drafts presented at
initial surplus of such consolidated association
that the capital stock and
any one time, for collection or payment of checks and drafts and remisshall be not less than required under existing law for the organization of a sion therefor by exchange or otherwise."
national bank In the place in which It is iocated.'l
Section 7. The first paragraph of Section 13. as amended, of the Fed(d) That portion of the second sentence of Section 3 of such Act of Nov. eral Reserve Act (U. S. C., Title 12, Par. 342) is amended by adding at
71918. as amended (U. S. C., Sup. V. Title 12. Par. 34-A), before the semi- the end thereof the following paragraph:
colon In such sentence, is amended to read as follows:
"Upon application of a sending bank, a Federal Reserve Bank shall
"The capital stock and initial surplus of such consolidated association give immediate credit on the checks and drafts received from such a bank
shall not be less than that required under existing law for the organization for collection. but the Federal Reserve Bank may charge on such credit
such consolidated
of a National banking association in the place In which
an amount of interest calculated, at the current rediscount rate, from
association is located."
with
Title the time of receipt of such item to the time of collection thereof, or
Section 5154 of the Revised Statutes, as amended (U. 11 C.,
(e)
a time schedule
after the first proviso the following: the approval of the Federal Reserve Board may establish
12, Par. 35), is amended by adding
association shall not be less for the calculation of such period."
"Provided. That the initial surplus of such
for the organization of a National
TITLE H.
than that required under existing law
association Is located."
banking association in the place in which such
Provides Liquidating Board.
8.0., Title 12, Par. 53), is
(1) Section 5140 of the Revised Statutes (U.
Section 201. There is hereby established a board to be known as the
amended to read as followa:
"Federal Bank Liquidating Board" (hereinafter called the "board")
least 50 per centum of the capital atock and at least
"Section 5140. At
Comptroller of the
every association shall be paid in which shall consist of the Secretary of the Treasury, the
the Presi50 per centum of the initial surplus of
business and the remainder of Currency and three citizens of the United States appointed by more than
before it shall be authorized to commence
Not
shall be paid in instalments of at least dent, by and with the advice and consent of the Senate. same political
the capital stock and initial surplus
of the capital and initial surplus one of the appointive members of the board shall be of the
shall hold
10 per centum each on the whole amount
succeeding month from party as the l'resident. The appointive members of the board appointed
as one instalment at the end of each
as frequently
member
of the Currency to com- their offices for a term of four years, except that a
the term of the
the time it shall be authorized by the Comptroller
shall be certified to to fill a vacancy shall serve only for the unexpired portion of
mence business, and the payment of each instalment
member shall receive a
cashier of the association." member whom he succeeds. Each appointive
the comptroller, under oath, by the president or
MAR. 12 1932.]
FINANCIAL CHRONICLE
1881
a salary of $10,000 per annum, payable monthly. The appointive members
of the board shall be ineligible , during the time they are in office and for Two Issues of Treasury Certificates Aggregating $900,one year thereafter, to hold any office, position or employment in any
000,000 Offered in March Financing of Treasury
member bank of the Federal Reserve System or in or on the Federal ReDepartment—$300,000,000 Maturing in Seven
serve Board. The board shall elect its own chairman and other officers,
Months Bear 3A%—$600,000,000 Maturing in One
and Is authorized to employ and fix the compensation of such officers and
employees of the board as it deems necessary, but the compensation of no
Year Carries 3%%—Books Closed—Issues Overofficer or employee of the board shall exceed $10,000 per annum. The
subscribed.
Secretary of the Treasury and the Comptroller of the Ourreincy shall receive
no compensation for services as members of the board.
The March financing of the Treasury Department, anFederal Guaranty Fund.
nounced March 6 by Secretary Mills, took the form of
Section 202. (a) There is hereby established a fund to be known as the
Treasury Certificates of Indebtedness, totaling $900,000,000,
"Federal Guaranty Fund for Depositors in Member Banks of the Federal
Reserve System" (hereinafter called the "fund"). There shall be paid or thereabouts, which were heavily over subscribed. The
into such fund an amount equal to the entire sums heretofore paid to the certificates were offered in two series;
one, to the amount of
United States as franchise tax by the Federal Reserve Banks. The board
shall, as soon as practicable after the enactment of this act, require each $300,000,000, or thereabouts, designated Series TO-1932,
Federal Reserve Bank to pay into the fund an amount which bears the will bear interest at 3
and will mature in seven months
same ratio to $150.000.000 as the surplus of such bank on Dec. 31 1931, (Oct. 15 1932),
while the other, Series TM-1933, carrying
bears to the total surplus of all Federal Reserve Banks on Dec. 31 1931.
4
The board shall also require the payment into the fund, by the member 33 %, was offered to the amount of $600,000,000, or therebanks of the Federal Reserve System, of such amount (not to exceed abouts; this issue will mature March 15 1933.
Both issues
$139,000,000) as may be fixed by the board, of which each such bank shall
will be dated and bear interest from March 15 1932. The
pay an amount which bears the same ratio to the sum fixed by the board
as
the average deposits of such bank (other than time deposits) during the subscription books to the $900,000,000 offering were opened
preceding calendar year bear to the average deposits (other than time de- on Monday, March 7, and on March
8 Secretary Mills
posits) of all member banks during the preceding calendar year, and such
amount (not to exceed $70.000.000) as may be fixed by the board, of which announced the closing of the books at the close of business
each bank shall pay an amount which bears the same ratio to the amount that day—March 8. It was added that subscriptions refixed by the board as the average time deposits of such bank, during the ceived through the mail by
the Federal Reserve banks up
preceding calendar year, bear to the average time deposits of all member
to 10 a. m. March 9, would be considered as having been
banks during the preceding calendar year.
received before the close of the books.
Board May Call for $100.000.000.
Both series of the $900,000,000 certificate offering will be
(b) At any time after twelve months after the payment of sums required
to be paid under subsection (a) if, in the judgment of the board, the sums bearer certificates in
denominations of $500, $1,000, $5,000,
In the fund are Inadequate to carry out the provisions of this title, the
board Is authorized to require the member banks of the Federal Reserve $10,000 and $100,000. The certificates of Series TO-1932
will have one interest coupon attached, payable Oct. 15
System to pay annually into the fund the whole or any part of $100.000.00
0.
Each bank shall pay an amount which bears the same ratio to $100.000.00
0 1932, and the certificates of Series TM-1933, two interest
(or such part thereof as may be fixed by the board) as the net earnings
of such bank during the preceding calendar year bear to the net earnings of coupons attached, payable Sept. 15 1932, and March 15
all member banks during the preceding calendar year.
1933, respectively. These certificates will be exempt, both
(c) SUM payable by a Federal Reserve Bank or by a member bank under as to principal
and interest, from all taxation, except estate
this section sha'l b subject to call. In whole or In part, by the board at
and inheritance taxes. Certificates of indebtedness of Series
such times as may be fixed by the board.
(d) If at any time, In the judgment of the board, there are in the fund TM-1932, maturing March 15 1932, will
be accepted at
sums In excess of an amount adequate to carry out the provisions of this
par in payment for the certificates in the present offering.
title, the board shall refund to each Federal Reserve Bank and each National
bank an amount which bears the same ratio to such excess as the amount Subscriptions for which payment is tendered in Treasury
which such Federal Reserve Bank or National bank contributed to the certificates of indebtedness of
Series TM-1932, it was anfund.
nounced, would be given preferred allotment..
(e) Sums in the fund shall be invested only In such Interest-bea
ring
The results of the offering were made known on March
direct obligations of the Government of the United States as the board
determines, or non-Interest bearing deposits in member banks
of the Fed- 10 by Secretary Mills, who stated that the total subscripera Reserve System,
tions for the combined issues amounted to $3,402,725,500;
To Pay Depositors In Full.
for the 31fa seven months' issue of $300,000,000, the subSection 203. Whenever a National bank is insolvent, the Comptroller
of
the Currency shall so certify to the board, which shall proceed to
wind up scriptions amounted to $952,619,500, while for the
such bank in the manner provided by existing law except as modified
VA%
by issue, offered to the amount
this title. Within 30 days after receipt of such certificate of Insolvency
of $600,000,000, subscriptions
by the board a committee consisting of one person appointed by the board, were $2,450,106,000. Secretary Mills
announced that of the
one appointed by the owners of a majority of the stock of such bank,
and one subscriptions for the $300,000,000 issue,
$82,593,000 repreappointed by the depositors of more than 50 per centum of the amount
of sent exchange subscript
ions in payment for which Treasury
outstanding deposits In such bank, shall make an estimate of the value
of
the assets of such bank, and the amount ot liabilities of such bank and
a certificates of indebtedness maturing March 15 1932, were
statement of the amount of the outstanding deposit of each depositor
in tendered. Such exchange subscriptions were
allotted in full.
such bank.
4
Section 204. Upon approval by the board of the estimate and report of For the 33 % certificates of $600,000,000, $414,089,500
the committee, on the basis of such estimate, or. if modified by the board, represent exchange subscriptions. Such
exchange subscripand on the basis of such modified estimate (but not later than 60 days tions were
allotted in full. Secretary Mills'further announceafter the certification of insolvency), the board shall pay to each depositor
ment of the subscriptions follows:
whose outstanding deposit is $1.000 or less, not less than 50 per
centum
of such deposit, and to each depositor whose outstanding deposit
Allotments on cash subscriptions for 3 % certificates of
exceeds
series TO-1932
$1.000, not less than 25 per centum of such depositor's
outstanding de- were, made as follows: Subscriptions in amounts not exceeding 21,000
posit, or $500. whichever is the greater. Within six months
were allotted in full; subscriptions in amounts over
thereafter
$1,000 but not exthe board shall pay to each depositor whose outstanding deposit is
ceeding $10,000 were allotted 80%. but not less than
$1.000
$1,000 on any one
or less the difference between the amount of his deposit and
the amount subscription; subscriptions in amounts over $10.000 but not exceeding
paid under the next preceding sentence. Within six months after
the pay- $100,000 were allotted 60%, but not less than $8.000 on any one subscripment has been made under the preceding sentence, all
tion; subscriptions in amounts over $100,000 but not exceeding
$1,000,000
amount of whose deposits are still unpaid, shall be paid depositors, the were allotted 40%, but not less
than $60,000 on any one subscription;
not less than 25
centum of such deposits, and within six months thereafter
per
the amounts subscriptions over $1,000,000 but not exceeding $10,000,000 were allotted
of all depositors' deposits shall be paid in full.
25%. but not loss than 1400,000 on any one subscription, and
subscriptions
Section 205. The board or the liquidating agent appointed
by the board, In amounts over $1,000.000 were allotted 15%, but not less than 22,500,000
if expressly granted such an authority by the board, shall have
on any one subscription.
power to
borrow money secured by the assets of any insolvent
For the offering of 3%% Treasury certificates.
National bank for the
8414.089,500 lot the
purpose of making payments to depositors or other
creditors. Funds total subscriptions) represent exchange subscriptions in payment for
borrowed under the preceding sentence shall be used only
which Treasury Certificates of indebtedness maturing
for the purpose
March 15 1932 were
or paying depositors and creditors of the bank
against the assets of which tendered. Such exchange subscriptions were allotted In full.
the funds are borrowed.
Allotments on cash subscriptions for 3(% Treasury
certificates of
Section 206. In the case of insolvency of a member bank of
the Federal Indebtedness of Series TM-1933 were made as follows: Subscriptions
Reserve System which is not a National bank the board shall
request the In amounts not exceeding $10,000 were allotted 50%, but not less than
receiver or liquidating agent of such bank to submit
to the board a report $500 on any one subscription; subscriptions in amounts over
$10.000
and estimate containing the same matter as that required In the case
of a but not exceeding $100.000 were allotted 30%. but not less than $5,000
report and estimate of the committee provided for in Section
203. Upon on any one subscription; subscriptions In amounts over $100,000 but
approval of such report and estimate the board shall proceed
to pay to the not exceeding $1,000,000 were allotted 15%. but not less than $30.000
on
receiver or liquidating agent amounts equal to the amounts which
would any one subscription; subscriptions in amounts over $1,000,000 but not
have been paid to depositors under Section 204 in the case of a National exceeding $25.000,000 were allotted
10%, but not less than $150,000 on
bank.
any one subscription, and subscriptions in
amounts over $25,000,000 were
The sums paid by the board under this section shall be paid at the times allotted 5%, but not less than
$2,500,000 on any one subscription.
and in the amounts provided by Section 204, but such sums shall be paid
In announcing on March 8 the closing of subscription
to the receiver or liquidating agent in trust for the depositors.
Section 207. If any member bank of the Federal Reserve System fails to books, Secretary Mills said:
comply with the provisions of this title, or any regulation made by the
Secretary Mills to-day announced that the
subscription books for the
board under this title, the Federal Reserve Board shall, after hearing, current offering of 7
-month
require such bank to surrender its stock In the Federal Reserve Bank of Series TO-1932, maturing 33 % Treasury certificates of Indebtedness
Oct. 15 1932, and 12
-month 33j% Treasury
forfeit all rights and privileges of membership. In any case of certificates of
and to
indebtedness of Series TM-1933, maturing March
15 1933,
the failure of a National bank to comply with the provisions of this title. closed at the close of business to-day,
Tuesday. March 8 1932.
such bank shall, in addition, forfeit all the rights. privileges and franSubscriptions received through the mail by Federal
Reserve banks or
chises granted to it under the National bank act, and the Federal Reserve the Treasury up to 10 a. m., Wednesday, March
9, will be considered as
having been received before the close of the
Act.
subscription books.
Section 208. The board is authorized and directed to make such reguSecretary Mills called attention to tho fact that
this notice of closing
lations as may be necessary to carry out the provisions of this title.
relates to the 3%% and 3%% Treasury certificates
of indebtedness, and
section 209. There are authorized to be appropriated such sums as may does not apply to the 2% Treasury
certificates, first series, offered in
connection with the campaign of the Citizens'
be necessary to carry out the provisions of this act.
Reconstruction Organization.
1882
FINANCIAL CHRONICLE
[Vol.. 134.
they include many banks, among them some of the most
powerful in the country. The dispatch from which we
The January financing of the Treasury Department quote also said:
AdThis is known to be the opinion of an important element in the
(referred to in these columsn Jan. 30, page 776 and Feb. 6,
was current in the cloak rooms
ministration personnel. The same
00 or thereabouts of and office buildings of Congress. report
page 957), aggregating $350,000,0
and
That the banks generally are not taking advantage of the credit
Treasury certificates, was likewise in two issues; one (series
by the ReGlasa-Steagall
months (Aug. 1 1932), bearing other relief measures provided in the the opinion oflaw, and the highest
A-1932), maturing in six
some of
construction Finance Corporation, is
interest at the rate of 33'%;the other series A-1933,running officials in the Government. It is known that the President himself finds
a time
for one year to Feb. 1 1933, with interest at 2.3%. Besides it rather difficult to understand the attitude of any bank which, infails or
as the Nation is no passing through
representing the March of economic distress suchthe credit and safeguarding provisions of the
the $900,000,000 of certificates
refuses to avail itself of
financing, offered the present week, the Treasury Depart- Glass-Steagall and Reconstruction Finance Corporation Acts.
The names of particular institutions on which the Administration places
week offered an issue of 2% Treasury certifiment also this
the stigma of hoarding are confidentially mentioned daily by Government
cates (so called "baby bonds") to which reference is made officials. It can be said on the highest authority that a New York bank
in another item in this issue of our paper. In announcing —one of the most powerful in the country—is mentioned as the worst
assets of this bank are to-day estimated at 85%.
the $900,000,000 offering, Secretary Mills on March 6 stated offender. The liquid at its peak, these liquid assets were 85%, according
When prosperity was
that about $624,000,000 of Treasury certificates and about to one official, and at that time this bank "boasted" that such was the
$35,000,000 in interest payments on the public debt become fact, it was declared.
President Works on Speech.
due and payable on March 15 1932. From the "United
One Government spokesman went so far as to declare that the "worst
States Daily" of March 7 we take the following:
"the banks and not the ordinary
The subscription books for the 2% Treasury certificates will remain open
until further notice.
offenders" in the hoarding of money were
The certificates, which embody the Government quarterly financing citizen."
in
program, will provide the Treasury with approximately 8276.000.000
unobligated money which will be added to tax receipts to enable the Government to meet expenses until the close of the fiscal year on June 30 accord- Scrap Iron and Steel Institute in
ing to additional information made available at the Treasury. The public
dent Hoover Says Industry
debt will be increased by that amount and will total approximately $18,400,000.000.
Expenditures to Be Met.
From its new funds, its tax receipts and its balance on hand, which will
amount to about $250,000,000 on March 15, the Treasury will have to
pay the Government's running expenses and meet at least three special
obligations, according to the information furnished. Additional information made available follows:
The Treasury has yet to turn over 864,000,000 to the Reconstruction
Finance Corporation and $62,000.000 to the Federal Land banks under the
allotment of $150.000,000 to the former and 8125.000,000 to the latter.
of
Moreover, the Treasury is pledged to purchase $250,000,000 worth
Reconstruction Finance Corporation debentures in the near future. These
and of the balance
expenditures, absorbing $374,000,000 of the new funds
with
on hand, will leave the Treasury $44,000,000 and its tax collections
which to meet running expenses.
Secretary Mills' announcement March 6 of the $900,000,000 offering follows:
accrued
The Treasury is to-day offering for subscription, at par and
thereabouts,
interest, through the Federal Reserve banks, $900,000,000 or
series, both dated and bearing
Treasury certificates of indebtedness in two
months,
interest from March 15 1932: one series, TO-1932, being for seven
1932, and the
with interest at the rate of 3%. and maturing Oct. 15
the rate of
at
other series, TM-1933. being for 12 months, with interest
of
3g %,and maturing March 15 1933. The amount of the offering 35i%
is $300,000.000, or thereabouts, and the amount
seven months' certificates
or thereof the offering of 3 % 12 months' certificates is $600,000,000,
abouts.
Federal Reserve banks. The
Applications will be received at the
Treasury will accept in payment for the new certificates of either or both
series, at par, Treasury certificates of indebtedness of series TM-1932.
maturing March 15 1932, and subscriptions in payment of which such
Treasury certificates of indebtedness are tendered will be given preferred
allotment.
Bearer certificates will be issued in denominations of $500.$1,000,$5,000.
will have one
$10,000 and 8100,000. The certificates of series TO-1932
certificates of
interest coupon attached, payable Oct. 15 1932, and the
Sept. 15 1932
series TM-1933, two interest coupons attached, payable
and March 15 1933, respectively.
interest, from
These certificates will be exempt, both as to principal and
all taxation, except estate and inheritance taxes.
indebtedness and about
About $624,000,000 of Treasury certificates of
become due and payable
835.000,000 in interest payments on the public debt
on March 15 1932.
Banks
President Hoover Reported as Seeking Names of
Money—New York Bank Said to Be One
Hoarding
of Principal Offenders.
9
Elsewhere we refer to a statement presented on March
Directorto President Hoover by Benjamin Schwartz,
in which
General of the Institute of Scrap Iron and Steel,
scrap iron industry has been "parit is alleged that the
ticularly affected by the restrictive credit policies of the
of
banks of the country." From the New York "Journal
following from Washington March 9:
Commerce" we take the
Statement to PresiIs Affected by Restrictive Credit Policies of Banks.
Through its General Director, Benjamin Schwartz, a
statement was presented on March 19 to President Hoover
in behalf of the Institute of Scrap Iron and Steel in which
it was asserted that the scrap iron industry "has been
particularly affected by the restrictive credit policies of the
banks of the country." The statement handed to President
Hoover by Mr. Schwartz was given as follows in a Washington dispatch March 9 to the New York "Times":
To the President of the United States:
We greet you as representatives of the Institute of Scrap Iron and Steel,
assembled in annual convention at Washington, We come here as reproaentatives of an industry which is composed essentially of independent
units of comparatively small business men.
We come here to convey,from the scrap iron dealers assembled in annual
convention from every principal steel centre of the United States, an
expression of their approval and appreciation of the statesmanship and
thoroughness of the reconstruction program which your Administration
has sponsored. We feel that the program was intended to serve and
preserve the small business of the United States, which constitutes the
backbone of our economic structure, and we express the hope that your
program will quickly accomplish its purpose.
The scrap iron industry, which supplies a basic raw material for the
steel industry, has been particularly affected by the restrictive credit
policies of the banks of the country. The continuation of this banking
policy, which we sincerely hope will be corrected as the result of your
reconstruction program, has prevented the collection of valuable raw
materials which constitute an excellent investment do-day because of the
of the industry.
fact that they are at the lowest prices in the history
This restrictive credit policy, if continued, will prevent the mainteof hundreds of thousands of men who might
nance of the employment
profitably be employed in the machinery and organization of the scrap
iron industry for the collection, preparation and distribution of these
by-products of American industry.
This restrictive policy, if continued, will create a drain on the iron
ore reserves of our country, while valuable raw materials are permitted
to be dumped or to rot away, and will constitute a disservice to the national
policy of conservation.
The chief service of the scrap iron industry lies in the field of the conservation of natural reserves. For every ton of scrap iron and steel that
is collected, properly prepared and re-melted in the steel furnaces of the
country, approximately five tons of iron ore, coal and other natural resources are conserved for future generations.
The use of approximately 40,000,000 tons of scrap in the manufacture
of steel in 1929, valued at over $500,000,000 ,conserved approximately
200,000,000 tons of natural resources in one year.
The significance of this fact to the National welfare 18 confirmed when
one considers that iron ore cannot be replaced when once used and that
the iron ore reserves of the United States are limited. Reliable authorities
state that the available ore in the Lake Superior district would be exhausted
In 1960 were it not for the increasing use of scrap.
750,000,000 Tons in Use.
It is encouraging to note that there are in use to-day approximately
750.000,000 tons of iron and steel in the various forms demanded by our
civilization for our convenience and utility, in the form of automobiles.
bridges, ships, railroads, sky-scrapers, and a thousand and one uses em.
Hoover, Mr. Schwartz said ployed for iron and steel.
Following the conference with President
This tonnage, to which is added every year an increment of from 40 to
had been extremely interested in the portion
that the Chief Executive
by banks.
60 million tons of new steel, constitutes a reserve for the operations of the
of the statement dealing with money hoarding
scrap-iron industry and a backlog of raw materials for the steel manufacturer.
President's Views Given.
The problem of the future is to study the economic life of each imthat "the Government had provided portant commodiey of iron and steel, to systematically plan the efficient
Mr. Hoover, it was said, declared
included the creation of the Recon- return to the scrap heap of each commodity as it has outlived its usefulness
ample funds by relief measures which
permit the banks to extend credit to to perfect the marketing organization and machinery of the scrap iron
struction Finance Corporation to
Industry, so that there will be a continuous flow of economic raw materials
small business interest."
in carrying forward the purpose at all times from the concentration scrap yards to the ultimate consumer—
"If the banks were not co-operating
advocated the President wanted to obtain the the steel mills and foundries of the country.
for which the program WU
sought specific instances were banks
We pledge you the continuance of our service to the conservation of
details." Mr. Schwartz said. "He
natural resources. We furthermore pledge that we will undertake a
to give this aid.
had failed
the President. Mr. Hoover indicated program to provide employment for the 200,000 people normally employed
"I intend to send a list of banks to
in the scrap iron and steel industry.
and determine the situation."
that he would study the matter
According to the "Times," after he left the President's
Incidentally it was noted in a Washington account March 5
that a report was persistent in room Mr. Schwartz said:
to the New York "Times"
about
ng the
The President was most Interested in that part of my statement
Washington that President Hoover, in broadcasti
the Government had provided ample
boarding by banks. He said
Reconstruction
bond" campaign [on March 61 or funds by relief measures which that
opening of the "baby
included the creation of the
the Finance Corporation to permit the banks to extend credit to small business
possibly at some later time, would make it clear to
but that Interests
country that not all the hoarders are plain citizens,
1
MAR.
12 1932.]
FINANCIAL CHRONICLE
1883
ness authorized by Section 5 of the Act of Congress approved Sept. 24 1917,
as amended.
Description of Certificates.
The certificates of this series will be dated March 15 1932, and will
following:
From the same paper we take the
bear interest from that date at the rate of 2% per annum, payable semiannually. The certificates will be payable on March 15 1933, and will be
Liquid Assets Increased.
redeemable before maturity, at the option of the holders, at par and accrued
Cor- interest, on 60 days' advance notice by the holders. The principal and
In addition to available loans from the Reconstruction Finance
poration, the banks have the advantage of the liberalized provisions of interest of the certificates will be payable in United States gold coin
of
of the present standard of value.
the Federal Reserve law permitting them to rediscount a wide range
acceptable assets at the Reserve banks.
Bearer certificates will be issued in denominations of $50, $100 and $500,
The liquid assets of many banks have been greatly increased since with two interest coupons attached payable Sept. 15 1932 and March 15
many banks kept 1933, respectively. Provision may be made for the interchange of certhe end of the prosperity period in 1929. At that time
-day commercial tificates of different denominations, without charge by the United States,
less than 5%, with the bulk of their assets in 60 and 90
paper.
under rules and regulations prescribed by the Secretary of the Treasury.
In the liquidation period a new position has been created. The banks. The certificates will not be issued in registered form.
of one New York
are maintaining a large volume of vault cash, the assets
The certificates of this series shall be exempt, both as to principal and
bank having been reported as 85% liquid. While all of this was not interest, from all taxation (except estate and inheritance taxes) now or
actual cash, it was in assets which could be converted into cash on short hereafter imposed by the United States, any State, or any of the possessions
notice
of the United States, or by any local taxing authority.
The result has been, it is said, that while there is plenty of credit in the
The certificates of this series will be accepted at par, during such time
is not being made available to meet the needs of and under such rules and regulations as shall be prescribed or approved
country, it apparently
commerce and industry. At this time, with low prices In raw materials, by the Secretary of the Treasury, in payment of income and profits taxes
experts hold that an easy availability of credit might be expected to create payable at the maturity of the certificates. The certificates will be accepta buyers' market, in which large consumers would replensih depleted able to secure deposits of public moneys, but will not bear the circulation
stocks, and through their purchasing bring about a return of more nearly privilege.
Application and Allotment.
normal times.
k As long as the banks continue the restrictive policies, it is contended. . Applications will be received at the Federal Reserve banks, as fiscal agents
starting the revival.
considerable difficulty will exist in
of the United States. Banking institutions generally will handle applicaIs It has even been suggested that the Reconstruction Corporation may not tions for subscribers, but only the Federal Reserve banks are authorized
grant loans to banks unless it is shown that the advances are to be used to act as official agencies.
for constructive purposes.
The right is reserved to reject any subscription, in whole or in part,
and to allot less than the amount of certificates applied for and to close
Institute Pledges Co-Operation.
without notice; the Secretary of the Treasury
In the institute's statement It was declared that the banks' policies the subscriptions at any time
to make allotment in full upon applications for
would prevent the conversion of large amounts of scrap iron into steel; also reserves the right
to make reduced allotments upon, or to reject, applicawould possibly affect the fobs of 200,000 and would lead to inroads on the smaller amounts,
tions for larger amounts, and to make classified allotments and allotments
Nation's natural resources.
graduated scale; and his action in these respects will be final.
The institute praised the President's reconstruction program and pledged upon a
Allotment notices will be sent out promptly upon allotment, and the basis
co-operation
of allotment will be publicly announced.
Payment.
Certificates in Denominations
Offering of 2% Treasury
Payment at par and accrued interest for certificates allotted must be
of $50 to $500 Designed to Attract Hoarded Money made on or before March 15 1932, or on later allotment. If payment is
made after March 16 1932 it must include accrued interest from that date.
—So-Called "Baby Bonds."
allotment and upon payment Federal Reserve banks may issue interim
of the offering of an issue of 2% United After
Announcement
receipts pending delivery of the definitive certificates. Any qualified
with a view to depositary will be permitted to make payment by credit for certificates
States certificates (first series), put out
its customers up to any amount for which it
attracting hoarded money, was made by Secretary of the allotted to it for itself and of existing deposits, when so notified by the
qualified in
announcing this offering shall be Reserve bank excess district.
Treasury Mills on March 5. In
of its
Federal
for
If the banks were not co-operating in carrying forward the purpose
all the
which his program was advocated the President wanted to have
details. Be asked for specific instances where banks had failed to give aid."
Secretary Mills pointed out that it is not part of the March
financing program of the Treasury Department, details of
which were made available on March 6, and reference to
which appears in another item in this issue of our paper.
The new 2% Treasury certificates are to be issued only in
bearer form and in denominations of $50, $100 and $500,
with two interest coupons attached, payable September 15
1932 and March 15 1933. The certificates will be dated
and bear interest from March 15 1932; they will mature
March 15 1933, but will be redeemable before maturity, at
the option of the holders, at par and accrued interest on 60
days' notice. The certificates will be exempt both as to
principle and interest, from all taxation, except estate and
inheritance taxes. The proposed issuance of these so-called
"baby bonds" was noted in these columns Feb. 27, pages
1491-1493. The initial offering of these certificates this
week was featured by radio messages broadcast by President Hoover, Secretary Mills and others bearing on the
anti-hoarding campaign. These messages are referred to
elsewhere in this issue of our paper. Herewith we give the
statement of Secretary Mills on March 5 announcing the
offering:
Redemption Before Maturity.
In order to secure redemption before maturity of certificates issued hereunder, a demand therefor in writing, describing the certificates by denomination, serial number and aggregate amount, must be made by the holder;
and the certificates, with unmatured coupons attached, accompanied by
such demand, must be forwarded or delivered to a Federal Reserve bank,
at the holder's risk and expense. Sixty days after receipt of the certificates
and demand at a Federal Reserve bank, payment, at par and accrued interest,
will be made.
General Provisions.
As fiscal agents of the United States, Federal Reserve banks are
authorized and requested to receive subscriptions and to make allotments
on the basis and up to the amounts indicated by the Secretary of the
Treasury to the Federal Reserve banks of the respective districts.
OGDEN L. MILLS, Secretary of the Treasury.
Treasury Department,
Office of the Secretary, March 6 1932.
Important.—This circular relates only to the 2% Treasury Certificates,
and should not be confused with the Treasury's regular March financing,
announcement of which will be made on or about March 7.
Department Circular No. 458 (Public Debt).
To the Investor:
Almost any banking institution in the United States will handle your
subscription for you, or you may make subscription direct to the Federal
Reserve bank of your district. Your special attention is invited to the
terms of subscription, allotment, and redemption as stated above.
Mills Relative to
The Secretary of the Treasury yesterday announced that the Treasury Statement by Secretary of Treasury
offers for subscription, at par and accrued interest, through the Federal
Issuance of 2% Treasury Certificates Incident to
Reserve banks, United States Treasury certificates, First Series, dated
-Hoarding Campaign.
Anti
March 15 1932, with interest from that date at the rate of 2% per annum,
maturing March 15 1933, and redeemable before maturity at the option of
The following statement by Secretary of the Treasury
the holders at par and accrued interest, on 60 days' notice.
Ogden L. Mills, on Treasury financing, issued incident to
Almost any banking institution will handle subscriptions for these certificates or subscriptions may be made through the Federal Reserve banks. the anti-boarding campaign, is published in the March issue
The Secretary of the Treasury reserves the right to close the offering of the American Bankers' Association "Journal":
without prior notice.
I am pleased to have this opportunity, through the official organ of the
The certificates will be issued only in bearer form and in denominations
American Bankers' Association, to send a message to the members of that
of $50. $100 and $500, with two Interest coupons attached payable Sept. 15
Association with respect to the special Treasury certificates which are being
1932 and March 15 1933, respectively.
on or about Monday, March 7.
The principal and interest of the certificates will be payable in United offered for sale to the public
In connection with the movement initiated by President Hoover for putting
States gold coin of the present standard of value.
funds to work, the Citizens' Reconstruction Organization, headed by
These certificates will be exempt, both as to principal and interest, idle
Colonel Frank Knox of Chicago, is conducting, during the week of March 7,
from all taxation, except estate and inheritance taxes.
The offering of these special certificates is not part of the Treasury's a campaign of education.
Local committees of the Citizens' Reconstruction Organization, in coon.
March financing program, which will be separately announced, but is
ties, cities and towns throughout the country, are endeavoring to bring
being made In connection with the campaign to put idle money to work,
about a full realization of community and individual responsibility and of
which campaign was initiated by the President and is now being conducted
the necessity for co-operation as a matter of enlightened self-interest in
by the Citizens' Reconstruction Organization under the direction of Colonel
contrast with individual yielding to blind fear. It is confidently believed
Frank Knox.
that, once the unfortunate consequences of the diversion of currency from
The Treasury Department's circular detailing the offering the normal channels of trade and industry are realized, the response will
be immediate. An appeal la being made to all those who may be holders
follows:
of idle funds to re-deposit them in banks or to invest them in some good
UNITED STATES OF AMERICA
security.
In order to make available a Government obligation with short maturity
Two per cent. United States Treasury Certificates, First Series, dated and
bearing interest from March 15 1932, due March 15 1933, redeemable and In small denominations, the Treasury, on or about March 7 is offering
to maturity, at the option of the bolder, on 60 days' advance a special Treasury certificate, bearing interest at the rate of 2% per annum.
prior
The new certificates have a maturity of one year, and are redeemable at
notice.
The Secretary of the Treasury offers for subscription, at par and accrued face value upon 60 days' notice by the holder. They are issued only In
Reserve banks, 2% one-year United States coupon form, in denominations of $60, $100 and $500, and have two interest
interest, through the Federal
Treasury Certificates, First Series, of an issue of certificates of indebted- coupons attached.
1884
FINANCIAL CHRONICLE
The sale of the new certificates is an incidental feature of the campaign
to put idle funds to work, and is not to be understood as being a major
part of Government financing. That will be handled in the usual course.
There are no quotas being established for the sale of these certificates.
From time to time the Treasury has offered securities especially adapted
to meet the needs of small investors; and making available at this time
an offering of these special Treasury certificates is in line with this policy.
Any form of investment or expenditure of funds which have been withdrawn
from circulation meets the objective of the campaign being conducted by
the Citizens' Reconstruction Organization; and the success of that campaign is not to be measured by the volume of sales of the new certificates.
The work of the Citizens' Reconstruction Organization in its campaign
will be facilitated if persons who desire to invest in this form of security
are able to obtain the new certificates in their own community and without
delay. To this end the attention of banks has been called to the opportunity
offered to obtain the certificates for subscribers through the so-called "War
Loan Deposit Account" with the Federal Reserve banks. Under the wellestablished War Loan Deposit System, banks may subscribe for Government obligations and pay for them by means of a deposit to the credit of
the Federal Reserve banks as fiscal agents of the United States. Inasmuch
as payment by this method is in the form of credit, should funds for the
purchase of certificates be withdrawn by depositors of the subscribing
banks, they will automatically be replaced by a Government deposit,
which will remain with the bank until called for by the Treasury.
Should the certificates be purchased with currency held outside of banks,
the banks receiving the subscriptions will gain the cash deposited by the
subscriber, while they may pay for the certificates delivered to the
subscriber by means of a deposit credit for the account of the Government.
[VOL. 134.
the budget and who have counseled Speaker Garner and Chairman Byrns
of the House Appropriations Committee to this end.
One eminent Eastern Democrat was particularly wroth at what he considered the implications of Mr. Hoover's statement and called on the
party leaders here to restate and support their claims to having initiated
Governmental economies.
"Co-operation in Words Only."
Mr. Byrns thereupon prepared and issued a statement on the subject.
and other Democrats supplemented this with tart comment of their own.
The President began by saying that "the whole of the administrative
officials are co-operating with the special economy committee appointed
by the House of Representatives in the drive to bring about further drastic
economies in Federal expenditures."
That was met by a retort from Mr. Byrns to the effcet that the co-operation thus far had been in words only, except on the part of General Hines
of the Veterans' Bureau.
The President asserted that the executive budget had been reduced
3365.000.000 for the next fiscal year over the current one and that, since
the House's further reduction of this budget by $112.000.000 included "between 60 and 70 millions" in mere deferements of bills until next December, the actual House cut was that much less.
Mr. I3yrns's answer was that an analysis of the executive budget reduction of $365.000.000 revealed that over $340.000.000 of it "Is due to nonrecurring items." He said the actual further saving which the House had
made would, if the Senate sustained it, be nearer $115,000,000 than the
$40.000,000 or $50,000,000 estimated by the President.
But Mr. Hoover made some definite suggestions for further savings
.which the Democratic leaders questioned on the ground that he should
his message instead of "seeming to approve
President Hoover Asks for Further Cuts in Federal have recommended these in are." . . .
without stating what they
Expenditures—Reply by Chairman Byrns of House
Byrns's Reply to President.
Ways and Means Committee.
Chairman Byrns's statement was as follows:
"The statement of the President relative to his budget estimates and
In a statement issued March 8 President Hoover declared co-operation
of administrative officials with the special economy comthat further economies by Federal bureaus "must be brought mittee in its effort to effect economies is most surprising. It seems to
about by authorization of Congress, either by reorganiza- be an effort to assume credit in advance for any economies that the committee may
tion of the Federal machinery or change in the legal require- making, be able to bring about as a result of the investigation it Ls now
ments as to expenditures by the various services." The
"It is in line with the message of the President requesting authority to
President noted that the House appropriations Committee make consolidations. This was sent to Congress after the House had
to
has reduced the amounts of bills so far reported out by about started its plansthe work out consolidations and abolish duplications which
have existed in
departments during all these years and which spokes$112,000,000. "In order" he said "to meet the requirements men for the President have stated that he knew had existed for ten years.
Yet for the past three years of his Administration no steps have been taken
of the Ways and Means Committee that expenditures must by him to bring about
their elimination.
be reduced by $125,000,000 in order to balance the budget, "He states that the administrative officials are co-operating with the
it is necessary that further cuts be made." The President's committee. It should be said that none of them volunteered their services until they were asked by the committee to file suggestions relative
statement follows:
to economies that might be effected in their respective departments.
The whole of the administrative officials are co-operating with the
"Replies have been received from nearly all of them, saying they were
special Economy Committee appointed by the House of Representatives in willing
to co-operate, but no suggestions have been forwarded up to this
the drive to bring about further drastic economies in Federal expenditures. time. The
statement of the President is encouraging In that it gives assurYou will recollect that the budget sent to Congress represented reduc- ance
that these suggestions will come forward.
tions in expenditures for the next fiscal year of about 3365,000.000 below
Hoover Figures Challenged.
the present fiscal year. The House Appropriations Committee has reduced
"It Is a matter of considerable surprise that the President himself has
the amounts of bills so far reported cut by about 3112.000.000. Of this,
however, between $60.000.000 and 370.000.000 is a deferment until Con- not given the Committee up to this time the benefit of the information he
gress meets next December, when they will be compelled to meet positive was supposed to have had when he forwarded his message to Congress
obligations by deficiency bills. To this extent, therefore, the reductions nor has he volunteered any assistance to the committee.
"He refers to suggestions of the Director of Veterans' Affairs, who is
do not help next year's expenditures.
"In order to meet the requirements of the Ways and Means Committee the only official who volunteered assistance, which he states would save
that expenditures must be reduced by $125.000,000 in order to balance 50 or 60 millions of dollars. This involves certain reductions in payments
the bureau is now making to certain classes of disabled veterans.
the budget, it is necessary that further cuts be made.
There Is very little room left for reductions by administrative action
"Surely the President has had this information for some time and the
and the House Appropriations Committee has passed upon the major question naturally arises why he did not take the responsibility in his
message last December of recommending this legislation which he would
supply bills except the Army and Navy.
Further economies must be brought about by authorization of Congress, now have the country understand he approves without stating just what it is.
reorganization of the Federal machinery or change in the legal
"He refers, with what appears to be evident pride, to the fact that his
either by
budget estimates are $365,000.000 below the estimated expenditures for
requirements as to expenditure by the various services.
The Director of Veterans' Affairs has proposed to the special House the present year. It is to be regretted that he did not analyze this reducCommittee on Economy some changes In the laws relating to pensions tion, for if he had done so it would have appeared that over $340.000.000
and other allowances which would produce economies of between 350.000,000 of that amount Is due to non-recurring Items in the way of construction
and other items of work which are being carried on this year but which
and $60.000,000 per annum.
The Postmaster-General is placing before the Committee changes in will not be necessary next year.
"Neither did he say that the budget failed to submit an estimate for tax
the legal requirements of Post Office expenditures. The Secretary of Agriculture has suggested changes in the law requiring expenditures in the refunds and that this, according to the Treasury Department, will entail
Department of Agriculture, and the other departments are engaged in a deficit of more than $32.000.000.
preparation of similar drastic recommendations.
"It is apparent why his estimates did not include this sum. If they had
"I believe the Committee on Economy, through administrative reorganization and such methods as I have mentioned, will be able to find a done so, then the estimates would have carried an Increase over present
expenditures when non-recurring items are taken Into consideration.
large area of economy.
"Nothing is more important than balancing the budget with the least
"He speaks of the House reductions in his estimates as being $112.Increases In taxes. The Federal Government should be in such position 000.000. As a matter of fact they amount to nearly
$115.000.000 with
that it will need issue no securities which increase the public debt after several bills not yet reported. If the Senate does not add to these items,
the beginning of the next fiscal year. July 1.
this represents an actual saving for the year 1933 under what the PresiThat Is vital to the still further promotion of employment and agri- dent asked Congress to appropriate.
culture. It gives positive assurance to business and industry that the
Message to Committee Invited.
Government will keep out of the money market and allow Industry and
"The President seeks to avoid the effect of this by saying that between
agriculture to borrow the moneys required for the conduct of business.
I cannot over-emphasize the importance of the able non-partisan effort 60 and 70 millions of this amount represents a deferment until the next
being made by the Ways and Means Committee and the Economy Com- Congress. He is in error as to this. If he had consulted those who appeared
before the Appropriations Committee, he would have been told that these
mittee of the House, whose work are complementary to each other,
immense reductions were made on the statement
Speaker Garner and Representative Byrns held a con- would be able to get through the year 1933 on thethat they believed they
amount allowed by the
ference before Mr. Byrns issued a reply, said a Washington Appropriations Committee.
dispatch March 8 to the New York "Times" from which we "The President has his opportunity If he wishes to help the Economy
Committee in its effort to reduce expenditures, and that is by sending to
take the following:
it his recommendations as to what economies can be effected and saying
that the head of the Appropriations Committee had fully what he had in mind when he sent his message to
The Speaker said
Congress.
defined the party's position. Mr. Byrne gave out detailed figures to
"Ills failure In this respect is significant when it is compared with the
support his analysis of the non-recurring items in the Executive budget. action of President Harding, who voluntarily sent
to the Reorganization
The President made a statement about Government economy at the Commission under his administration a carefully
prepared plan showing
White House this morning which the Democratic leaders in Congress imme- where, in his opinion, consolidations could be
effected with resultant
diately attacked as an "effort to assume credit in advance" for any reduc- sayings to the government. The committee invites
his co-operation. Up
tion in Federal expenditures which the Garner-Byrns committee on economy to this time it has received no word or communication
from him that he
may be able to effect." . . .
proposes to extend it except through the public press."
They were annoyed at what Mr. Hoover said and at his way of saying
Non-Recurring Items Listed.
It. There have been many public arguments this session over the DemoThe non-recurring items, amounting to about
$340,000,000, were schedcratic charges that the Administration Is not co-operating in cutting down
uled by Mr. Byrns as follows:
Government costs.
Farm Board revolving fund_8100.000.000 Reads
W19,000,000
But to-day's rejoinders from the Capitol were sharper than usual. When Park
lands, D.C
4,000.000 Legislative bill
5.375.000
newspaper men handed to the Democratic leaders in Congress the text National Park lands
1.375.000
1,000,000 U.S. Supreme Court bids—
of the President's statement they were surprised and aggrieved. The U. S. Shipping Board tconNavy construction
19.000.000
etructIon loan)
more they examined its terms the more their choler rose. Their Irritation
35,000,000 Censtruction Interior Dept_ 10,000,000
Dec.
was augmented by the contents of telegrams received from Democrats War In post office deficiency 40.000,000 Census Bureau it Commerce
Dept. construction
49,000,000
30.000,000 Dept. construction
elsewhere who have been applying themselves to the problem of balancing Drouth relief
22,000,000
P
MAR. 12 1932.]
FINANCIAL CHRONICLE
House cuts in the Executive budget were listed by Mr. Byrns as follows:
Dept. of Agriculture—
Treasury and Post Office—
$1.104,588.890
Artoraprtatton. 1932
5235,664.694 Appropriation. 1932
1,082,575,905
Estimate. 1933
186,243,405 Estimate, 1933
522,010,985
Decrease
$49,421,289
Decx"se
Independent °file-e.g.—
Ayprcpristian, 1932
51,308,198,777
1,041,395,041
Estimate, 1933
Interior Dept.—
Apororrtatioa, 1932
09,342.806
Decrease
$284,801,738
Estimate, 1933
56.708,352 TeL reduct'as In 1933 estimates under 1932 approDecrease
$12,837,254
priations
$358,088,831
Tot. reduct'n bills (incl.
first deficiency) under
State, Justice & Corn., Labor—
budget estimates
114,579,052
Appropriation. 1932
5130.001,704 Tot. reduct'n carried M.
Estimate, 1933
129,784,136
bills under approp'ns for
1932, excl. of first defiDecrease
59,217.567
ciency bill
458,498,784
Answering Representative Byrns'statement that the President had communicated with the Economy Committee
only through the press and had submitted no definite proposals, a White House statement on March 9 said that the
President had instructed "all officials of the Government
to co-operate in full with the committee" immediately
after its appointment. The White House statement follows:
18E45
Adoption of the Committee's report by the Senate would not seat Heflin;
but would leave the seat vacant to be filled by appointment.
New Federal Tax Bill Completed in Committee and
Introduced in House—Provides for Additional
Revenue of $1,096,000,000—Sales Impost of 23%—
Higher Income, Corporation and Estate Taxes
Carried in Bill.
The drafting of the new Federal taxation bill was completed on March 5 by the House Ways and Means Committee, and on Monday March 7 the bill was introduced in
the House by Representative Crisp, Acting Chairman of the
Committee. In the Washington account March 7 to the
New York "Herald Tribune" it was stated that the bill was
referred immediately back to the Committee, which met
promptly and agreed unanimously to report it back to the
House with a recommendation for its passage without delay.
The Committee's report was formally presented to the House
on March 9, and consideration of the bill in the House was
brought under way on March 10.
A balanced budget with a surplus of $5,000,000 in the
Treasury by the end of the fiscal year 1933 would be made
possible by the enactment of the new bill, Representative
Crisp was reported as stating orally, according to the "United
States Daily" of March 5, from which we also quote the
following:
Congressman Byrns seems to be under some misimpression. The President, in view of the 20 years of failure of every effort by Congress to eliminate overlapping and useless functions in the Federal Government for
purposes of economy, asked, in a message on February 17, that authority
should be given to him to execute definite projects of reorganization and
economy, subject to the opportunity of the Congress to express its views
upon each action. 'He stated that such reorganization and reduction by
the Executive should be undertaken gradually as the result of study and
experience gained as the process proceeded.
The bill itself will provide for the raising of an additional $1.090.000.000
The House recognized the importance of the matter, but felt that it of revenue during the next fiscal year, and with $125,000.000
which Is
should be again undertaken directly by the Congress instead of by the expected to be saved in Federal expenditures and $25.000,000
to be saved
President. They set up the Economy Committee for this purpose. The by proposed increases to be made in postal rates, the Treasury's estimated
President has been glad that this Committee should undertake this great deficit of $1,241.000,000 will be more than covered, he explained.
task. He at once instructed ail officials of the Government to co-operate
The 51.096,000,000 additional revenue is expected to be raised by the
In full with the Committee, freely submitting their individual views adn
'lowing new and increased rates of the bill:
every possible suggestion to the Committee for its consideration, just as
(1) A manufacturers' sales tax at a 2.25% rate
$595,000.000
they would have been called upon by the President to do had his proposal
(2) Increased income and surtax rates
112.000.000
been accepted by the House.
(3) Increased corporation tax rate
21,000.000
Some of the-e reports or suggestions by departmental heads have already
(4) Doubling of estate tax and imposition of a gift tax
35.000.000
been completed and laid before the Committee. Others are in progress.
(5) Lowering the price on which an admission tax is to be
Each administrative officer has nia own personal views in these matters.
charged
90.000.000
The President has confidence that every avenue of saving will be laid
(6) Increase in stock transfer tax
28.000.000
before the Committee and that the Committee will exhaustively examine
(7) Excise tax
75.000.000
the advisability of any such suggestion.
(8) Telephone, telegraph and radio message tax
35.000.000
The President's desire is for action at this session of Congress, and he will
Tax on imported oil of 1 cent per gallon
(9)
5.000.000
give most sympathetic consideration to any legislation which Is sent to him
(10) Changes in administrative features to "plug up" loopwhich brings abour real economy and is consonant with the preservation of
holes in the present revenue statute
100.000.000
the efficiency and necessary functions of the Government. What the
Mr. Crisp asserted that the estimated yield which the Committee has
country wants and needs is real results.
placed on each of these items is "very, very conservative," and that It
is probable that in nearly each instance the actual yield will be greater than
Prohibition Repeal Urged in Senate Resolution Offered figures given.
Approved by Treasury.
by Senator Lewis Ordered to Lie on Table.
In a statement issued on
A resolution (S. Res. 183) to place the Senate on record on the bill, the Secretary March 5, following the Committee's agreement
of the Treasury, Ogden L. Mills, anticipates
for repeal of the Eighteenth Amendment or modification to that "the Committee proposes to cover the deficit by raising approximately
$1.120.000,000 of new revenue and by reducing expenditures by $125.000permit control of liquor by States was introduced in the 000.- Although
the bill differs in many
Senate, March 8, by Senator Lewis (Dem.), of Illinois. submitted by the Department, he stated. It ways from the recommendations
has the approval of the Treasury.
"The budget of the fiscal year 1033 can now be balanced in the
resolution, was ordered to lie on the table said the
The
sense
that there will be no further increases in the public debt after June
"United States Daily" of March 9 which gives its text as next," Mr. Mills asserted.
30.
follows:
Although Mr. Crisp stated that he would introduce the bill on March
7,
Resolved, that it is the sense of the Senate that:
he explained that it would be a few days later before the measure
would
1. The amendment to the Constitution of the United States, designated be reported, as he desires to write a report that will "explain in
every
as the Eighteenth Amendment, be repeaiedor modified to the extent neces- detail" each section, and make clear the reason for the action of the
Comsary to allow complete control by the State; of the manufacture, distribu- mittee regarding each item. Just when the House will begin consideration
tion and transportation of spirituous beverages, and authorize the States of the measure has not been definitely decided.
by proper legislation to provide the content and qualifications of the beverMr. Crisp said that he thought it "only fair" to state that Representative
ages and any limitations of sale and distribution as will make and establish Cullen (Dem.), of New York City, had offered an amendment to
the bill
such form of temperance of commerce in connection with spirituous liquors shortly before the Committee agreed upon the measure which
would have
in beverages containing alcohol as each State shall decide and elect to adopt legalized beer and have placed a tax on the beverage of $5 a
barrel, exas the policy of that State;
plaining that such a tax would have yielded approximately $300.000.000.
2. The repeal, qualification or limitation of the Eighteenth Amendment The proposal was rejected, however, by a large majority,
the Acting
shall provide for the States the privilege of transmitting to each local Chairman explained.
government of the State, to-wit: cities or counties, such apthority of police
Although the excise, manufacturers' sales and special excise tax procontrol or privilege of levying and collecting revenue from the disposition- visions of the new bill will expire on June
30 1934, Mr. Crisp explained
commerce of spirituous liquors in such manner as the State shall provide that the new income, corporation,
in
estate and gift rates will remain in
by law through its Leglislature.
effect until repealed or otherwise changed. None of the new or additional
3. It is hereby reserved that the State shall have the right by State tax rates of the bill will be retroactive, the Committee
agreed.
referendum or public vote in each local government within the State to
Sales Tar on Wholesale Price.
authorize the disposition of the spirituous liquor by the local governments
The manufacturers' sales tax, under which practically all manufactured
within the State, such as city or county, as the law of the State shall provide,
together with privilege of the local governments to license and collect articles except the necessities of life would be taxed at a 225% rate, would
go into effect 30 days after the enactment of the bill. The tax would be
revenue from such licensing as the State may provide.
collected from the manufacturer at the wholesale price, and under the provisions of the bill the manufacturers would have 30 days arter the effective
Senate Sub-Committee Holds Erection of Senator Bank- date of the tax to pay their first month's tax.
Where a special excise tax is being paid on any commodity under existing
head of Alabama Void—Election Contested by J. T.
law, It was expiained. the manufacturers' sales tax will not apply.
Heflin.
Broad authority is given to the Treasury Department to work out a
The contest against the election of Senator John H. Bank- method of administering this tax, but a licensing system has been provided
In the bill under
head, Alabama Democrat,culminated on March 4 in a recom- more a year shall which all manufacturers doing a business of $20,000 or
be licensed and bonded. Approximately 140.000 manumendation from a Senate Elections Subcommittee that his facturers throughout the country are to be licensed under this provision, it
The
seat be vacated. Associated Press accounts from Washing- is estimated.the Treasury, in administering the manufacturers' sales
tax, must let
manufacturer know in advance what the tax on a specific
ton on March 4 added:
article is to be, so that the manufacturer will have that information
before
voting along strictly party lines, the contest subcommittee adopted a him. The bill provides that where contracts have been made
before March 1
report drafted by Chairman Daniel 0. 'listings, Republican, of Delaware, 1932, by manufacturers to deliver goods in the future, the
purchaser is
that widespread violation of election laws made the election fraudulent, required to pay the tax.
The manufacturers' sales tax will affect imports to the extent that
and that Bankhead's nomination was invalid because of an illegal primary.
a duty
The subcommittee's action completed a year's investigation of the of 2.25% above the regular tariff Is to be required on all finished
goods
brought against Banichead's election by his predecessor, J. Thomas which are imported.
contest
Hein. Heflin ran against Bankhead as a "Jeffersonian Democrat" and
Exemptions from Sales Tax.
Mr. Crisp said that items selected for exemption from
was defeated by about 50,000 votes. Re had been barred from the Demothe manufacturers'
crat primary because of his opposition in 1928 to the Democratic Presidential sales tax take up lees than two pages of the bill. The
exemptions include.
Smith.
candidate, Alfred E.
Farm products and garden products produced
in the United States; fer-
Is
1886
[Vol.. 134.
FINANCIAL CHRONICLE
Misers and Ingredients of fertilizers; garden and field seed; meat, fish,
shelled fish and poultry *esti, dried, salted or In brine); bacon and ham,
not cooked or sealed In air-tight containers: salt, butter, oleomargerine and
other butter substitutes: cheese, milk or cream in any form; eggs in the
shell; bread, flour or meal, made of grain or semolina; sugar, tea, coffee;
tobacco and tobacco products already taxed; water not conserved in transportable containers: newspapers, magazines and other periodicals; books for
the blind; textbooks for public and private schools; bibles, rosaries, chaplets, and practically all other articles of religious devotion or used exclusively in connection with churches.
With the increasing of income and surtax rates, under the new bill, the
exemptions are lowered. A single person will be required to pay a tax on
all income over $1,000 instead of $1,500 as at present, while the exemption
In the new bill for a martied person will be $2,500 instead of $3,500 as at
present.
New Income Tax Rates.
The rate on the first $4,000 will be increased from 134 to 2%;from 84,000
to $8.000, increased from 3 to 4%, and from $S.000 to $10.000. Increased
from 5 to 6%. The surtax rates begin with Incomes of $10.000 or over, a
I% surtax applicable to incomes of 810.000 to 812,000; 2% on incomes from
$12.000 to $14.000; 3% on incomes from $14.000 to $16,000. graduating
Up to 40% on incomes of $100.000 or over. The surtax is! additio to the
Individual income tax. The earned income base would be lowered from
$20.000 to $12.000.
The credit for earned income would be deductible from gross income at
the rate of 12 % instead of 25% from the net tax as now computed.
The corporation tax rate is increased from 12 to 13%. Under the present
law a corporation with a net income up to 825.000 is exempted to the extent
of $3.000. Under the new bill no corporation with a net income of over
$10.000 will be allowed an exemption, but those with a net income of less
than $10,000 will be allowed an exemption of 82.000.
Main Features of New Federal Tax Bill Introduced in
House.
The outstanding features of the new Federal tax bill
introduced in the House on March 8 were indicated as follows
in the New York "Journal of Commerce" of March 7:
1. A 214% sales tax on all manufactured products other than basic
foods, school text books and religious articles, and upon all imports. Exports, purchases by municipal Governments and articles subject to independent excise taxes are also exempt.
Manufacturers doing a $20,000
gross are exempt.
2. Normal taxes are increased from 1%%, 8% and 5% to 2%, 4%
and 6% respectively, and exemptions reduced from $3,500 and $1,500
to $2,500 and $1,000 for married and single taxpayers, respectively.
3. Individual earned ineeme allowance reduced from $30.000 to a $12,000
maximum and method of accounting changed.
4. A maximum surtax of 40% has been provided affecting Incomes In
excess of $100,000.
5. The corporation tax Is made 13%. with an exemption of $2,000 in
the case of those doing a business of $10.000 or less.
6. Estate tax rates are doubled with the addition of a "supertax."
7. A gift tax is provided with a maximum rate of 30%.
8. Special excise taxes on telegraph, telephone, cable and radio messages.
9. Special excise tax on lubricating oils of 4c. a gallon.
10. Tax of lc. a gallon on imported gasoline, gas, oil, fuel and crude oil.
11. Stock transfer fees increased from 2c. to 4c. a share. This also,
applies to stocks loaned for covering short sales.
12. Amusement taxes increased to 10% on admissions over 25c.
13. Excise taxes on malt syrups of 35c. a gallon. on grape concentrates
of 40% and on "wort" of Sc. a gallon.
Estate Tax to Be Doubted.
The estate tax Is to be doubled under the new bill. Mr.Crisp stated that Comparison of Old and New Federal Income Tax
the increase is to be classified as a "super-tax," and all of the increased
Rates.
revenue derived under this title will go to the Federal Treasury
Under
existing law, 80% of the estate tax collected goes to the States. Under the
A Washington dispatch March 5 to the New York
new bill the States will continue to get their proportionate share of this tax
as if no change had been made, but the States will receive no benefit from "Times" contained the following:
The following tables shows the normal tax paid by a married person
the doubling of this rate.
The bill would make the maximum estate tax 40% on estates in excess with one dependent under the present law and what he will pay under the
new bill, according to estimates by Treasury experts:
of 810.000,000. The new bill, however, allows for shrinkage in the vain
of estates during periods of depression by allowing them to be valued 18
New
Net
Present
Net
Present
New
IncomeIncomeRates.
Rates.
so.
BM.
months after death.
115.000
8335.00
8486.00
In order to prevent evasion of the estate tax, as is done under the present 81.000
20.00
,
585. 00
2,000
786.00
law, according to Mr. Crisp, a gift tax has been incorporated in the bill
200 25.000
835.00
3.000
1,086.00
so as to provide that all property or money inherited, exceeding $50,000,
4,000
1.00
22.00 50.000
2.085.00
2.586 00
42 00 100.000
4,585.00
5.000
16.50
3.586.00
whether given in contemplation of death or not, is subject to a tax gradu24.585.00
123.00
204.00 500,000
29,586.00
ated from 134% on $50.000 to 30% on 810.000,000 or above. The gift 10.000
The following table shows the normal tax against a single individual
tax is described as a "mother tax" to the estate tax by Mr. Crisp.
with no dependents under the present law and what he would pay under
Admissions Tax Broadened.
the new bill:
An admissions tax of 10% on all admission charges of 25 cents and over
Net
Present
Net
Present
New
New
is to be assessed. The admissions tax under existing law is only applicable
Bid.
IncomeRate.
IncomeRate.
BO.
to admission charges of $3 or above.
$15.000
$455.00
$600.00
for increasing the tax on the transfer of stocks from the $1,000
Provision is made
2,000
$7.50
$20.00 20.000
705.00
900.00
present 2 cents a share rate to 4 cents a share. This tax will not apply
4000 25.000
955.00
3.000
22.50
1,200.00
4.000
60.00 50.000
2.205.00
37.50
2,700.00
to bonds, but will be invoked in the case of loans of stock used for short
4,705.00
5,000
52.00
80 00 100.000
5.700.00
selling, which transaction is not taxable under the existing statutes.
100.00 500.000
24,705.00
10,000
205.00
29.700.0
Under the special excise provisions placed In the new bill, a tax of 4 cents
a gallon is to be placed on lubricating oil, which is not taxed now. This
is estimated to yield a revenue of $25,000,000. Other special excise levies
to become effective under the new bill are a tax of 35 cents per gallon on
malt syrup, a 40% ad valorem tax on grape concentrates, and a tax of 5
cents a gallon on wort, which is used in the making of "home brew." These
latter three items are estimated to yield $50.000.000. Excise taxes will
become effective 15 days after enactment of the bill.
Telephone, telegraph and radio messages costing from 31 to 49 cents
will be taxed at the rate of 5 cents, while messages costing more than 50
cents will be taxed 10 cents. Wires used by newspapers would be exempted from this title.
A duty of 1 cent Is to be placed on all imported gasoline, gasoline oil, fuel
oil and crude oil. The Treasury estimates a yield of $5.000,000 from this
source, according to Mr. Crisp, who said that during the hearings witnesses
representing domestic oil interests claimed that such a tax would provide
additional revenue to the extent of $40,000,000.
Estimates of Increased Revenue.
The changes in the administrative features of the existing statutes which
are to be incorporated in the new bill include provisions to restrict amounts
deductible from corporations on account of taxes paid to foreign governments on investments abroad, and to restrict stock and bond losses deductible from gross income to actual gains made in similar transactions in the
same taxable year.
Although an "ultra-conservative" estimate of the additional revenue
which these changes will produce is 8100.000.000. it has been estimated
reasonably by others that they will produce about $180,000,000, Mr.
Crisp stated.
Regarding the Committee's consideration of the amount which will be
saved by reductions in Federal expenditures, Mr. Crisp said that appropriation bills which already have passed the House have cut those expenditures
by $114,000.000, and that It is expected that with those yet to come. a total
saving of $125,000.000 Is reasonable to expect. What the Senate may do
to these appropriation bills In the way of amending them could not be taken
in consideration by the Ways and Means Committee in making its estimates
regarding the balancing of the budget, he said.
The Committee figured on a reduction of the postal deficit of $25.000,000.
Mr. Crisp said, on the basis of statements of the Chairman of the House
Committee on Post Offices and Post Roads. Representative Mead (Dem.)
of Buffalo, N. Y., to the effect that the latter's Committee has approved
measures designed to increase certain postal rates which should reduce the
postal deficit by that amount.
Emphasizing the fact that the estimates of additional yield of the various
new and increased tax rates will bring, Mr. Crisp stated that the Committee is of the opinion that there will be at least somewhat of a pick-up
In general business and more normal economic conditions, and that if
conditions change for the better during the coming months the bill will be
even more productive of revenue.
Arthur A. Ballantine. Under-Secretary of the Treasury, stated orally
that the estimates which his Department had submitted to the Committee
on the Items of the new bill and which the Committee used are"based on a
reasonable view of what business may be expected to be during the period.
as the Treasury sees It."
Agreement by the House Committee on the 2%% sales
tax was noted in our issue of March 5, page 1694.
No income tax increase will apply to income received In the calendar
year 1931. Individuals or corporations making up their tax returns to
be filed on March 15, therefore, need pay no attention to the rates proposed in the bill. They will be applicable only to incomes received in
the calendar year 1932 and thereafter.
The following table shows the normal rates on incomes of individuals
under the present law and under the new bill:
Present
New
Bid.
Law.
134%
2%
First 34,000
3%
4%
Second 84,000
5%
Remainder
8%
Under the present law the exemptions for individuals are 81,500 for
single persons and $3,500 for married persons. Under the new bill the
exemptions would be 81.000 and 82.500 respectively. Both the present
law and the new bill provide for an additional exemption of $400 for
dependents.
Income surtax rates under the new bill are:
Net Income10.000 to 12,000
12.000 to 14,000
14,000 to 16.000
16,000 o 18,000
18.000 to 20.000
0,000 to 12 000
22.000 to :4.000
24.000 to 16.000
26.000 to 28.000
28.00010 30.000
30.000 to 32.000
32.000 to 34,000
34,000 to 36.000
36.000 to 38.000
38.000 to 40.000
40,000 to 42.000
42.000 to 44.000
44.000 to 46,000
46.000 10 48.000
48,000 to 50.000
Rate.
1%
2%
3%
4%
5%
6%
7%
8%
9%
d%
11%
12%
13%
14%
15%
16%
17%
18%
19%
20%
Net Income
50 000 to 52,000
52.000 to 54,000
54.0010 to 56,000
56.000 to 58.000
68.00010 60.010
60.000 to 62,000
62 000 to 54.000
64.000 o 66.000
66 0.10 to 6 .000
8
68.000 to 70.000
70.01)010 72.000
72.000 to 71 000
74.000 to 76.000
76 000 to 78.000
78.000 to 80,000
80,000 to 85,000
85.000 to 90.000
90.000 to 95.000
95.000 to 100,000
Above 100,000
Rate,
21%
22%
23%
24%
25%
26%
27%
28%
20%
30%
31%
32%
33%
34%
35%
36%
37%
38%
39%
40%
Secretary of Treasury Mills Says New Tax Measure
of House Committee Will Have Treasury Department's Support.
A statement as follows regarding the new tax measure
from the House Ways and Means Committee was issued as
follows on March 5 by Secretary of the Treasury Mills:
The proposals for raising additional revenue adopted by the Ways and
Means Committee should assure the attainment of the Treasury's main
objective. The budget of the fiscal year 1933 can now be balanced in
the sense that there will be no further increase in the public debt after
June 30 next.
According to our latest estimates, the indicated deficit in the fiscal
year 1933, exclusive of statutory debt retirement, amounts to approximately $1.240.000.000. The Committee proposes to cover the deficit
by raising approximately $1,120,000,000 of new revenue and by reducing
expenditures by $125,000,000.
MAR. 12 1932.]
FINANCIAL CHRONICLE
1887
(4) the article is specifically hereinafter exempted.
Although differing in many respects from the recommendations sub(c) The tax imposed under subsection (b) shall be levied, assessed,
mitted by us. the Committee's program has the approval of the Treasury
collected, and paid in the same manner as a duty imposed by the Tariff
Department and will receive its hearty support.
I desire to emphasize, however, that even after the Committee's coura- Act of 1930. and shall be treated for the purposes of all provisions of law
geous and determined action in providing additional revenue, a balanced relating to the customs revenue as a duty imposed by such Act,except that
(1) the value on which such tax shall be based shall be the dutiable value
budget is still dependent, not only on successful resistance to all increases
(under section 503 of such Act) of the article, plus the customs duties. If
in expenditures, but in an actual reduction of 8125.000,000, which the
Committee indicates in its opinion is possible of attainment. I agree with any, Imposed thereon under any provision of law;
(2) for the purposes of section 489 of such Act (relating to additional
the judgment of the Committee.
duties in certain cases of undervaluation) such tax shall not be considered
an ad valorem rate of duty or a duty based upon or regulated in any manner
Income Taxes Payable by Residents of New York by the value of the article;
(3) such tax shall not be imposed upon any article imported prior to the
State for 1931, 1932 and 1933 Under New State
date on which this title takes effect;
•
and Federal Bills.
(4) no drawback of such tax (except tax paid upon the importation of
The following is taken from the New York "Times" of
an article described In subsection (d) (4)) shall be allowed under secMarch 8:
tion 313(a). (b). or (f) of the Tariff Act of 1930 or any provision of law
Federal.
-The new revenue bill introduced yesterday in the House of allowing a drawback of customs duties on articles manufactured or produced
Representatives proposes to increase from 1 Yi to 2% the tax on the first with the use of duty-paid materials;
(5) such tax shall be imposed in full notwithstanding any provision of
$4.000 of net income; from 3 to 4% the tax on the second $4,000. and
law or treaty granting exemption from or reduction of duties to products
from 5 to 6% othe tax on the remainder.
Exemptions are lowered to the levels recommended in the original of any possession of the United States or of any country: and
(61 when he deems such action to be in the interest of the revenue, the
Treasury program. Married men would be exempted up to 82,500 and
single persons with no dependents up to 81.000. instead of $3.500 and Secretary may direct that such tax with respect to any class of articles
designated by him shall be levied, assessed, collected, and paid in the same
$1,500 respectively as in existing law.
New surtaxes are proposed which would be applicable to all net incomes manner and subject to the same provisions of law as the tax imposed by
above $10,000. with a graduated rate begeinning at 1% on incomes between subsection (a).
(d) In the case of the following articles, the tax imposed by this title shall
810.000 and $12.000 and increasing gradually to 40% on in comes of more
be at the following rates:
than $100.000.
(1) Lubricating oils, of the grades designated (at the time of the enactThe new taxes would not be retroactive hut would apply to income
ment of this Act) by Society of Automotive Engineers viscosity numbers
earned during the present calendar year and would be paid in 1933.
Side -The New York State Legislature has approved and Govenor 20 to 70, inclusive, 4 cents a gallon;
(2) brewer's wort, liquid malt, malt syrup, and malt extract, fluid, solid
Roosevelt has signed measures increasing from 1 to 2% the tax on the
first 810,000 of net income; from 2 to 4% the tax on the next $40.000. or condensed, if containing less than 15% of solids by weight. 5 cents a
gallon: if containing 15% or more of solids by weight, 35 cents a gallon;
and from 3 to 6% the tax on the remainder.
(3) grape syrup, grape concentrate. and evaporated grape juice, if conExemptions remain unchanged. A single person may claim an exemption
taining more than 35% of sugars by weight. 40% of the basis on which
of $2.500 and heads of family an exemption of $4.000.
the tax is computed under subsection (a) or (b) of this section or section
Unlike the proposed Federal laws, the new State laws are retroactive.
Increased rates must be paid this year on income earned in 1931. It it 603, as the case may be;
(4) crude petroleum, fuel oil derived from petroleum, gas oil derived
also provided that the higher rates will apply to income earned this year
from petroleum, and gasoline, imported into the United States, 1 cent a
on which taxes will be paid in 1933.
The following table shows the Federal and State taxes paid last year gallon: hut no article described in this paragraph shall be exempted upon
by a married person with one dependent and the taxes to be paid this year importation from tax under this title as an article for further manufacture,
and next, provided the new Federal measure is adopted In its present and no credit or refund of tax Imposed upon the importation of any article
described in this paragraph shall be allowed under section 605 (a).
form:
(e) Exemption under this section of sales or Importations shall be allowed
or granted only upon compliance with the regulations.
To 13, Paid In 1932.
Paid In 1931.
Net Income,
-Exempt Articles.
Sec. 602
State.
Total.
Fefteral.
State.
Total.
Federal.
No tax under this title shall be imposed on the sale or importation of
$1.000
the following articles:
2,000
(1) Farm or garden products produced in the United States;
3,000
(2) fertilizers and such grades of articles as are used chiefly for fertilizers.
4,000
$1.13
$1.13
$1.13
$1.13
24.38 or chiefly as Ingredients in the manufacture of fertilizers;
5.000
12.38
18.38
12.38 $12.00
$8.00
10.000
92.25
148.25
92.25
240.25
56.00
112.00
(3) garden or field seeds;
15.000
560.2.5
336.25
448.25
336.25
224.00
112.00
(4) bran and shorts and feeds for animals or fowls;
20.000
706.25
918.25
706.25
424.00 1.130.25
212.00
25.000
624.00 1.822.75
1,198.75
1.198.75
312.00 1,510.75
(5) meat, fish (including shellfish), and poultry, fresh, dried, frozen,
50.000
4.573.75
4.573.75 1.624 00(1.197.75 chilled, salted, or in brine;
101.0 0
15.753.75 2,269.00 18.021.75 15.753.75 4.538.00 20.289.75
(6) bacon. hams, pig shoulders, and pig jowls, not cooked or packed in
500.000
115,753.75 14,268.00 130.021.75 115.753.75 28.538.00 144.289.75
air-tight containers:
(7) butter, oleomargarine, and other substitutes for butter;
To Re Paid in 1933.
(8) cheese:
Net Income.
(9) milk and cream, in any form;
Total.
Federal. I State.
(10) eggs in the shell;
$1,000
(11) bread;
2.000
(12) flour and meal made of grain, and semolina:
$1.50
3,000
$1.50
(13) sugar;
16.
4.000
16.50
31.50
43.50
5,000
$12.00
(14) tea;
112.00
265.00
10.000
153.00
(15) coffee;
15.000
455.75
224.00
679.75
(16) salt;
869.51
20.000
424.20 1,293.50
(17) any article with respect to which an internal-revenue tax is imposed
25.000
1.405.75
624'.0 2,209.75
50.000
5.549 50 1.624.00 7.173,51) under existing law;
22.209.50 4,538.00 26.
50
(18) water not in closed containers;
100
199,029.50 28,536 00 227,56
(19) newspapers, magazines, and other periodicals:
(20) books, pamphlets, and music, in raised print, used exclusively by
ovisions of New Tax Bill Governing Manufacturers
for the blind;
i21) textbooks for use in private or public schools or other institutions of
Excise (or Sales) Tax of 2%.
learning;
Because of the importance of the new sales tax of 21i%
(22) Bibles, comprising the books of the Old or New Testament, or both;
imposed in the tax bill introduced in the House on March 7,
(23) rosaries, chaplets, medals, and similar articles of religious devotion:
hymn books, prayer books, and manuals of religious devotion; books of
we are giving herewith the provisions in the bill governing
religious reading, thought, or action; books of religious statistics; and
the imposition of this tax:
(24) altars, pulpits, communion tables, baptismal fonts, and shrines;
parts thereof: religious statuary and pictures; collection envelopes, plates,
TITLE IV-MANUFACTURERS' EXCISE TAX.
and baskets; stationery and record books; cassocks, banners, and articles
Sec. 601-Imposition of Tax.
of regalia worn on the person or carried in the hand; tapers, lights, and
(a) In addition to any other tax or duty imposed by law, there shall be candles; sanctuary oil; all the foregoing when manufactured exclusively
imposed a tax of 23.1% of the sale price (except as provided In subsection (d) for use in houses of worship.
on the sale of every article sold in the United States by the manufacturer or
-Tax on Sales by Registered Dealers.
Sec. 603
producer thereof, if licensed or required to be licensed under this title.
except in the case of
(a) There shall be imposed on the sale or other disposition by a regis(1) sales by a licensed manufacturer to another licensed manufacturer tered dealer of any article sold to or imported by him free of tax by virtue
of his registration, if not sold to a licensed manufacturer as an article for
of articles for further manufacture;
(2) sales by a licensed manufacturer to a registered dealer of articles further manufacture, a tax of 23/i % of the price (subject to the provisions
of section 604 (a) at which such article was sold to such registered dealer,
for further manufacture to be resold to a licensed manufacturer;
(3) sales by a licensed manufacturer to any person of articles for further plus, in the case of an imported article, the amount of customs duties
manufacture to be resold to a licensed manufacturer, but only if such imposed thereon under any provision of law, if not included in such price
articles are delivered by the first licensed manufacturer to the second licensed (except that in the case of an article specified in section 601 (d) the tax shall
be at the rate therein provided). If the Commissioner determines that the
manufacturer;
records with respect to any article are inadequate, such article shall be held
(4) sales for exportation:
(5) sales to a State or political subdivision thereof, or any agency thereof, to be sold otherwise than to a licensed manufacturer as an article for further
manufacture.
of articles for use solely in the exercise of a governmental function; or
(b) If the Commissioner determines that it is not necessary In the in(6) sales of articles hereinafter specifically exempted.
(b) In addition to any other tax or duty imposed by law, there shall be terests of the revenue to trace the identity of articles of any class in the
hands of registered dealers, the regulations may provide a method of deterImposed a tax of 2 ki% ad valorem (except as provided In subsection (d)
mining the proper tax liability of registered dealers with respect to articles
on every article imported Into the United States, unless
(1) the consignee (within the meaning of the Tariff Act of 1930) is a of that class without regard to the identity of the individual articles.
licensed manufacturer (or his agent) and the article is an article for further
-Sale Price.
Sec. 604
manufacture. or
(a) Generally.
consignee (within the meaning of such Act) is a registered dealer
(2) the
In determining the sale price of an article there shall be included any
(or his agent) and the article is an article for further manufacture to be
charge for coverings and containers of whatever nature, and any charge
resold to a licensed manufacturer;
(3) the article is imported by a State or political subdivision thereof, incident to placing the article in condition packed ready for shipment,
or any agency thereof, for use solely in the exercise of a governmental but there shall be excluded the amount c..f tax Imposed by this title. A
transportation, delivery, insurance, instatiation, or other charge (not refunction; or
1888
FINANCIAL CHRONICLE
quired by the foregoing sentence to be included) shall be excluded from the
sale price only if the amount thereof is established to the satisfaction of
the Commissioner, in accordance with the regulations.
[VOL. 134.
manufactured or produced by such manufacturer or producer during such
Year will not be less than $20,000, or if the total sale price of all articles
(other than exempt articles) manufactured or produced and sold by such
manufacturer or producer during such year reaches $20.000, such manu(b) Sales on Consignment.
facturer or producer shall thereupon be required to be licensed.
In the case of an article sold by a consignee, the sale price shall be the
(c) Dealers and Importers.
fair manufacturer's price for the article.
A dealer in or importer of articles for further manufacture to be sold to
(c) Retail Sales by Licensed Manufacturer.
licensed manufacturers may be granted an annual registration by the
In the case of an article sold by the manufacturer or producer thereof at
Commissioner, upon application in accordance with regulations and—
retail (or directly to the consumer or user), the tax shall be imposed upon
(1) Payment of a fee of $2 and giving bond with sureties approved by the
the price at which so sold, except that in the case of any such article ordi- Commissioner
and in such form and in such amount (not less than $2.000
narily sold at wholesale by manufacturers or producers, the tax shall be
nor more than $15,000) as the Commissioner shall prescribe, as liquidated
imposed upon the fair manufacturer's price for the article.
damages, conditioned that he will keep adequate books, records, and
accounts in accordance with this title and regulations, will render true
(d) Installment Sales.
In the case of a contract for the sale by a licensed manufacturer of an statements of all sales by him, taxable or non-taxable, of articles sold to
article, wherein it is provided that the sale price shad be paid to the manu- him free of tax by virtue of his registration, and will pay any tax imposed
facturer by installments, and the title to the article sold does not pass to by this title; or
(2) payment of a fee of $100.
the purchaser thereof until a future date notwithstanding partial payment
by installments, or in the case of a conditional sale, each partial payment Registrations under this subscription shall expire upon the expiration of
shall be regarded as a sale and the tax shall be paid on the portion of the one year after the date on which this title becomes effective, and annually
thereafter.
sale price represented by the installment.
(d) Revocation or Cancellation of Dealer's Registration.
(e) Leases and Royalties.
If the Commissioner finds that a registered dealer has violated any proIf a licensed manufacturer leases an article or transfers the right of using vision of law
applicable to the tax imposed by this title, he may revoke his
the article but not the title thereto, or imposes a royalty on the use of an
registration. If the registration of any registered dealer is revoked, he shall
article, each payment with respect to the article shall be treated as a sale
not be entitled to registration within a period of one year after such revocaand the tax shall be paid on the amount of such payment. Any such
tion. The registration of any registered dealer may be canceled upon
lease, transfer, or imposition of royalty on the use of any article by a regisapplication by him.
tered dealer shall be treated as a sale.
(e) Tax on Revocation, Cancellation, or Expiration of Registration.
(f) Manufacture Under Contract.
If a registered dealer's registration is revoked or canceled under sub• For the purposes of this title, a person who manufactures or produces
an article for another person (other than a licensed manufacturer) who fur- section (41). or if a registered dealer's registration expires and is not renishes materials and retains title thereto, shall be regarded as the manu- newed, he shall pay the tax Imposed by this title (as if on a taxable sale
at the time of revocation, cancellation, or expiration) on all articles purfacturer or producer of the article, and the tax shall be imposed upon
chased or Imported by him free of tax by virtue of his registration and not
the payment, or, if there is more than one payment, the tax shall be imresold by him.prior to such revocation, cancellation, or expiration.
posed upon each payment.
(f) Tax on Registered Dealer on Date Title Ceases to Be in Effect.
(0) Use or Transfer of Article in Special Cases.
Every dealer or Importer registered on the day on which the tax imposed
If a licensed manufacturer—
by this title ceases to be In effect, shall pay the tax imposed by this title
(1) uses olhcrwise than as an article for further manufacture (including (as if
on a taxable sale on such (late) on all articles purchased or imported
use as mate lal in repair work) an article manufactured or produced by by him free of tax
by virtue of his registration and not resold by him on
him,or sold to or imported by him free of tax by virtue of his license:
or before such date.
(2) transfers the title to an article by gift;
(g) Tax on Expiration of Manufacturer's or Producer's License.
(3) tra eters the title to,or the right louse,an article to any person (otherwise than through an arm's-length transaction) at less than the fair mar
If a manufacturer or producer ceases to be licensed before the date on
ket price;
which the tax imposed by this title ceases to be in effect. he shall pay the
such use or transfer shall be considered a sale for the purposes of this title, tax which would be imposed on a sale to him, as of the date on which he
and the sale price shall be the fair manufacturer's price for such article. ceases to he licensed, of all articles purchased or imported by him free of
with allowance for any tax previously paid with respect to any materials tax by virtue of such license and not used as articles for further manufacture
used in manufacturing or producing the article.
In the manufacture or production of articles on the sale of which tax has
(h) For the purposes of this section, the fair manufacturer's price for an been imposed under this title prior to such date.
article shall be the sale price for such articles, in the ordinary course of trade.
of manufacturers or producers thereof, as determined by the Commissioner. Sec. 601—Returns, Records, and Payment and Collection of Tax.
(a) Every licensed manufacturer or registered dealer and every person
Sec. 605—Overpayments, Credits, and Refunds.
liable for any tax under this title (other than tax under section 601 (b))
(a) A credit against tax under a later return, or a refund, may be allowed shall make monthly returns under oath and pay the taxes imposed by this
or made—
title to the collector for the district in which is located his principal place
(1) to a licensed manufacturer, in the amount of any tax under this title of business, or if he has no principal place of business In the United States,
which has been paid with respect to an article for further manufacture to the collector at Baltimore, Maryland. Such returns shall be made on
purchased by him;
or before the last day of each month for the preceding month, and shall
(2) to a manufacturer or producer when he becomes licensed, in the contain such Information and be made in such manner as the regulations
amount of any tax paid under this title with respect to articles for further prescribe.
manufacture on hand when the license is granted:
(b) The tax shall, without assessment by the Commissioner or notice
(3) to the exporter, In the case of an article sold for exportation or ex- from the collector, be duo and payable to the collector at the time for filing
ported for sale, in the amount of any tax paid under this title with respect the return. If the tax is not paid when due, there shall be added as part
to the article: and
of the tax interest at the rate of 1% a month from the time when the tax
(9) to a licensed manufacturer or registered dealer who has paid tax became due until paid.
under this title with respect to an article, when the sale price on which the
(c) Every licensed manufacturer and registered dealer, and every person
tax was based Is readjusted by reason of return or repossession of the article liable for any tax Imposed by this title, shall keep such records, render
or a covering or container, or by a bona fide discount, rebate, or allowance: under oath such statements, and comply with such regulations, as the
In the amount of that part of the tax proportionate to the part of the sale Commissioner with the approval of the Secretary may from time to time
prescribe. Whenever in the judgment of the Commissioner necessary, he
price which is refunded or credited.
(b) Credit or refund under subsection (a) shall be allowed or made only may require any person, by notice served upon him, to make a return,
render under oath such statements, or keep such records, as the Commisupon compliance with regulations.
(c) In no case shall Interest be allowed with respect to any amount of sioner deems sufficient te show whether or not such person is liable for tax
under this title, and the amount of any such liability. All records required
tax under this title credited or refunded.
(d) In no case shall both credit or refund under subsection (a) and re- under authority of this section with respect to any sale shall he kept in
mission cr drawback under the customs laws of the tax imposed by this such manner as to be readily accessible to the Commissioner or his agents
for a pried of four years from the date the tax with respect to such sale
title be allowed on account of the exportation of an article.
(e) No overpayment of tax under this title shall be credited or refunded became due, unless the Commissioner authorizes the destruction of such
(otherwise than under subsection (a). In pursuance of a court decision or records at an earlier date, or unless an agreement under section 611 deterotherwise, unless the person who paid the tax establishes, in accordance mining the amount of liability under this title with respect to such sale is
with regulations, (1) that he has not incl clod the tax in the price of approved by the Secretary or Undersecretary.
(d) In case any person other than a licensed manufacturer or registered
the article with respect to which it was imposed, or collected the amount
of tax from the vendee. or (2) that he has repaid the amount of the tax to dealer acquires from or against a licensed manufacturer or registered
the ultimate purchaser of the article, or mikes he files with the Commis- dealer, by operation of law or as a result of any transaction not taxable
sioner written consent of such ultimate purchaser to the allowance of the under this title, the right to sell any article, the sale of such article by such
person shall be taxable as if made by such licensed manufacturer or regiscredit or refui d.
tered dealer, and such person shall be liable for the tax.
Sec. 606—Licensed Manufacturers and Registered Dealers.
(e) If the Commissioner finds that a person liable for tax under this title
designs quickly to depart from the United States or to remove his property
(a) Manufacturers and Producers.
therefrom, or to conceal himself or his property therein, or to do any other
Every manufacturer or producer (except as hereinafter provided) Is
hereby required to take out an annual license, in accordance with regula- act tending to prejudice or to render wholly or partly ineffectual proceedings
tions, and shall pay a fee of $2 therefor. Licenses under this section shall to collect taxes accrued under this title unless such proceedings be brought
expire upon the expiration of one year after the date on which this title without delay., the Coramissioner shall cause notice of such findings to be
given such person, together with a demand for an immediate return and
becomes effective, and annually thereafter.
immediate payment of swab taxes, and such taxes shall thereupon become
(b) Exemptions.
immediately due and payable. The provisions of section 146 (b) and (c)
No license shall be required (but a license may be granted upon applica- of Title I (relating to security for payment and exemption of taxpayer)
tion) in the case of a manufacturer or producer—.
shall be applicable with respect to this subsection,
(I) if a farmer, with respect to his farm or garden products; or
Sec. 608—Evasion of Tax.
(2) if for the preceding year the total sale price of all articles (other than
exempt articles) manufactured or produced by him was IM than $20,000; or
(s) Diversion of Articles Sold for Exportation.
of a manufacturer or producer not engaged in manu(3) if, in the case
No article the sale of which has been exempted from tax under section
facture or production of articles (other than exempt articles) during the 601
(a)(4) (relating to sales for exportation) shall thereafter be sold for use.
whole of the preceding year, such manufacturer or producer files with the or used, in
the United States, unless the person so selling or using it Pays
Commissioner a statement under oath that to the best of his belief the prob- the
tax which 'would have been imposed on such sale if it had not been
able total sale price of all articles (other than exempt articles) to be manu- so exempted.
factured or produced by him during the year for which the exemption is
(b) Tax on Sales to or Importations by Licensed Manufacturers or Registered
claimed will be less than $20,000;
Dealers.
but In the case of any manufacturer or producer exempted under clause (2)
If the Cmnmissioner finds that payment of tax under this title is being
or (3) of this subiection, if the Commissioner determines, on the basis of
year for which the exemption was granted, evaded or Is likely to be evaded by a licensed manufacturer or registered
stales for any period during the
that the probable total sale price of all articles (other than exempt articles) dealer, or a class of licensed manufacturers or registered dealers, ho may
MAR. 121932.]
FINANCIAL CHRONICLE
require that the tax shall be imposed on the sale of any class of articles
(even though articles for further manufacture or for resale to licensed
manufacturers as articles for further manufacture) to. or the Importation
thereof by, such licensed manufacturer or registered dealer, or class of
licensed manufacturers or registered dealers. Credit or refund of tax so
imposed may be allowed on proof by a licensed manufacturer that such
articles have been used as articles for further manufacture in the manufacture or production of articles on the sale of which tax has been paid, or
by a registered dealer that such articles have been resold to licensed manufacturers as articles for further manufacture.
(c) Sale of Article Purchased as Article for Further Manufacture.
If a licensed manufacturer sells an article purchased or imported free of
tax by virtue of his license he shall be liable for tax under this title in the
same manner as if such article were an article manufactured or produced
by him.
Sec. 609—Tax on Manufacturer or Producer Not Licensed.
Any manufacturer or producer not licensed or required to be licensed
under this title, who sells an article and adds to the price any amount as
tax under this title, shall be liable for tax under this title equal to such
amount; and any such person who sells an article at a price represented to
Include tax under this title shall be liable for tax under this title on such sale.
1889
process of manufacturing or producing such an article; but does not include
plant equipment, machinery, and tools.
(g) The term "United States" when used in a geographical sense Includes
only the States, the Territories of Alaska and Hawaii, and the District of
Columbia,
(11) The terms"imported" and "importation" mean,respectively,brought
and bringing into the United States from any port or place outside thereof.
(i) The terms "exported" and "exportation" mean, respectively, shipped
and shipment to any place outside of the United States or laden and lading
as bunker coal, other fuel supplies, ships' stores, sea stores, or legitimate
equipment on vessels of war of any foreign nation, vessels employed in the
fisheries or in the whaling business, or actually engaged in foreign trade
or trade between the Atlantic and Pacific ports of the United States or
between the United States and any of its possessions.
(J) The term "farm products" means agricultural (other than forestry)
products in the broadest sense, not processed (otherwise than by cleaning
and ginning or cleaning and threshing) by any person other than the original
producer thereof, or an association of such producers, organized and operated on a co-operative basis.
(k) The term "farmer" means a producer of farm or garden products.
(I) The term "exempt article" means an article the sale or importation of
which Is exempt from tax under section 602.
(m) The term "regulations" means regulations prescribed under this title
by the Commissioner and approved by the Secretary.
Sec. 610—Contracts for Sale Entered into Before March 1 1939.
If a manufacturer or producer required to be licensed under this title
Sec. 618—Personnel.
has, prior to March 1 1932, made a contract with any other person for the
The Secretary Is authorized to appoint, in the office of the Assistant
gale, on or after the effective date of this title, of an article, which sate is Secretary in Charge of Fiscal Offices, two officers at salaries of $9,000 per
taxable under this title, and such contract does not permit the adding, to annum, and in the Bureau of Internal Revenue, one Deputy Commissioner
the amount to be paid thereunder, of the whole of the tax Imposed by this at a salary of $9,000 per annum, and, subject to the Classification Act of
title, then the vendee shall be liable for so much of the tax imposed by this 1923, as amended, such other officers and employees as are necessary to
title as Is not added to the contract price, and the vendor shall collect such administer the provisions of this title.
amount from the vendee and account therefor to the United States, or in
Sec. 619—Effective Date—Date of Expiration.
case of failure or refusal by the vendee to pay such amount to the vendor,
the vendor shall report the facts to the Commissioner, who shall cause
This title shall take effect on the thirtieth day after the date of the enactcollection of such amount to be made from the vendee.
ment of this Act, except that sections 000. 611. 616. and 618 shall take
effect on the date of the enactment of this Act. No sale or Importation
Sec. 611—Final Agreements.
after June 30 1934 shall be taxable under this title.
The Commissioner (or any officer or employee of the Bureau of Internal
Revenue, including the field service, authorized in writing by the Commissioner) Is authorized to enter into an agreement in writing with any Secretary of Treasury Mills Finds Improved Sentiment
person relating to the liability of such person (or of the person for whom
in Banking Circles—Finds Decreased Hoarding—
he acts) in respect of the tax imposed by this title (Including the basis or
Only One National Bank Failure Reported.
method upon which such liability shall be determined or computed) for
any period (past or future) specified In such agreement. If such agreement
With a record before him on March 10 of another week
Is approved by the Secretary or the Undersecretary, within such time as
may be stated In such agreement, or later agreed to, such agreement shall during which only one National bank failure occurred and
be final and conclusive, and,except upon a showing of fraud or malfeasance, hoarding decreased by $39,000,000 under the pressure of
or misrepresentation of a material fact, (1) the case shall not be reopened
the country-wide "citizens' reconstruction campaign," Ogden
as to the matter agreed upon, or the agreement modified, by any officer,
employee, or agent of the United States, and (2) In any suit, action, or pro- L. Mills, Secretary of the Treasury, informally expressed
ceeding,such agreement or any determination, assessment, collection, pay- his pleasure, said a Washington
dispatch March 10 to the
ment. abatement, refund, or credit made in accordance therewith, shall
not be annulled, modified, set aside, or disregarded; except that in its New York "Herald Tribune" from which the following is
application to sales made after the date on which it Is approved or agreed also taken:
to, such agreement shall be held to be modified to the extent necessary to
At his press conference the Secretary made clear that he did not want
conform to any change In the law after such date.
to pose as a prophet of economic recovery, but he pointed out that sentiment in the banking world had improved through the last month.
Sec. 618—Effect of Changes in Administrative Decisions.
"With the Reconstruction Finance Corporation getting to work and with
No amendment or revocation of any regulation, ruling, or decision of the enactment of the Glasa-Steagall bell, a distinctly
better fueling has been
the Conunissioner or Secretary (or any official authorized in writing by created throughout the country, and those nteasures have
been doing a
either of them to make rulings or decisions which shall be subject to this sweat deal of good,'" Mr. Mills commented.
section), In force at the time of the sale of an article, shall have the effect
Only Two Bank Failures Since Feb. 17.
of increasing the liability of any person with respect to such sale beyond
At the same time, Charles F. Abbott of New York, Executive Director
his liability determined in accordance with such regulation, ruling, or
of the American Institute of Steel Construction, was renewing at the
decision in force at the time of such sale.
White House the criticisms already brought to President Hoover against
Sec. 613—Applicability of Administrative Provisions.
restrictive credit policies of banks in the face of Government liberality
All provisions of law (except criminal penalties) applicable in respect of which they are the beneficiaries. Mr. Abbott, hailing the President's
of the taxes imposed by section 600 of the Revenue Act of 1926, shall, in leadership in the reconstruction program, declared the next problem was
so far as applicable and not inconsistent with this Act, be applicable in to make ample banking provision for home mortgages.
Records made public to-day show that for the 22 days since Feb. 17 there
respect of the tax imposed by this title.
have been only two National bank failums. This compares with a record
Sec. 614—Penalties.
of 74 National bank failures in January and 23 In February prior to Feb. 17.
Any person willfully violating any provision of this title or any provision No figures for all the banks In the country. including State institutions,
of law, in respect of the tax imposed by this title, shall (in lieu of any other are available for this month, but the trend toward stability which was
criminal penalty provided for therein) be fined an amount equal to one-half noted in the last half of February is reported to be continuing.
the amount of tax evaded or not paid or collected and accounted for (or if
$61,800.000 Len/ to 255 Banks.
such amount can no:. be determined to the satisfaction of the court, or If
The one National bank which closed last week was a small Idaho inno tax was evaded or not paid or collected and accounted for, then not more
than $1,000). or Imprisoned not more than six months, or both, together stitution which originally failed last year and was reopened, only to be
compelled to close again. That the Reconstruction Finance Corporation
with the cost of prosecution.
has contributed materially to the new solidity of the banking system has
Sec. 615—Exclusion of Tax from Gross Income.
been indicated by the official announcement two days ago that It has lent
If a licensed manufacturer or registered dealer includes in his gross in- $61,800.000 to 255 banks, many of them in country districts, since it began
come for Income tax purposes, any portion of his gross receipts paid to the functioning on Feb. 2.
United States as tax under this title, lie shall be allowed such amount as a
The $30.000.000 drop In hoarding, the largest decline for a single week
deduction from gross income for income tax purposes; but no deduction In in several months, conies simultaneously with the beginning of the antirespect of such tax shall be otherwise allowed under section 23
hoarding campaign instituted by President Hoover and Colonel Prank
(c) or (d)
of Title I (Income Tax).
Knox of Chicago, campaign Chairman, last. Sunday night. Administration
officials now claim that more than s150.000.000 has come hack into use
Sec. 616—Regulations.
from safe-deposit boxes, mattresses and socks since the high mark for
The Commissioner, with the approval of the Secretary, shall prescribe hoarding near the end of January. Total money in circulation. which
and publish such regulations as he may deem necessary for the enforcement Includes hidden currency, is still $990,000.000 above the total outstanding
of this title.
a year ago, however. With the issue of "baby bonds" next month further
heavy declines In hoarding are expected.
Sec. 614—Definitions.
When used in this title—
(a) The term "article" includes commodities of every description, including gases and electricity, and also including any commodity used for pro- Anti-Hoarding Campaign Opened in New York City
ducing power, heat, or light; but does not include real property.
By Major-General James G. Harbord, State Chair(b) The term "licensed manufacturer" means a manufacturer or proman of Citizens Reconstruction Organization—
ducer licensed or required to be licensed under this title.
Former Governor Miller, F. J. Kent and Bernard
(e) The term "registered dealer" means a dealer or importer registered
H. Ridder Among Speakers.
under this title.
(d) The term "manufacturer" includes a printer, publisher, lithographer,
Putting dollars back to work is the first step in liberation
engraver, photographer, and producer of motion picture films.
(e) The term "manufacture or produce" includes fabricate, cure, tan, of credit, Major-General games G. Harbord, State Chairman
dress, dye, bleach, blend, can, mix, spin, weave, refine, and process or of the Citizens' Reconstruction Organization, said
on Feb. 29
manipulate In any manner, but does not include regalr, nor the cleaning
as he mobilized 200 representatives of civic and business
or ginning of cotton nor the cleaning and threshing of grain, nor the preparation of food or beverages for consumption on the premises where prepared. organizations at the State Chamber of Commerce,65 Liberty
(f) The term "article for further manufacture" means only an article Street, for service in the anti-hoarding
campaign. The meet(1) which is to be used In, wrought into, attached to, or used as a covering
ing was an organization session in the interest of the
or container for, an article to be manufactured or produced for sale which
sale
will be subject to tax under this title, or (2) which is consumed In the of the "baby bonds," or 2% Treasury certificates. The New
1890
FINANCIAL CHRONICLE
(VOL. 134.
York "Herald Tribune" of March 1, from which we quote, this past ten months." The President stated that there are
evidences that "the hoarding of money has stopped" and
further said:
Stressing that the movement "in no sense is an attempt by the Govern- that "some of these idle dollars are finding their way back
ment to refinance itself," General Harbord pictured the campaign as an into the channels of trade." "But we must continue,"
attempt to discourage hoarding "which for the first time In our history
appears to be alarming or on a scale to do harm." The drive he suggested he added, "until we have won all along the line." "To
was in fact directed against unemployment.
join in this effort, and to respond to the appeal," said the
"You have heard much of unemployment of men but little of another
a measure of your faith in your counthe unemploy- President, "becomes
type of unemployment," General Elarbord added. "I mean
try." "The American people," said the President, "have
ment of dollars."
Would Open Employment.
at this moment one of the greatest opportunities in their
Terming the campaign one virtually "opening an employment agency for history to show an assured confidence and an active faith in
lazy dollars," General Harbord noted that withdrawal of cash from banks
their own destiny which is the destiny of the United States
and the placing it in "safe deposit boxes, mattresses, Dutch ovens" and
such places had tetarded credit. He called "a dollar bill in a silk stocking —and by that faith we shall win this battle." The President
about the most unattractive thing that could be put in it," and hoarded spoke as follows:
funds "as useless as a radio announcer without a microphone." In picturing
It has been the spirit of its people that has made America great. Other
the certain results that would follow freeing of money he said "every dollar
. .
liberated will put in circulation $fi to $10."
General Harbord told the workers that appl'cation blanks for the bonds
of $50, $100 and $500 denomination would be delivered soon and that the
preliminary campaign would get under way next Monday "so people will be
ready to go to the counter and buy by March 15."
lie concluded that it is the hope of the Government that no money now
In banks or otherwise invested would be used to buy the 2% "baby bonds"
but that they would simply attract sums now boarded.
Former Governor Nathan L. Miller, Bernard H. Ridder, publisher, and
Fred I. Kent, director of the Bankers' Trust Co., spoke at the meeting.
1,607 Cities Start Drive on Money Hoarding—Headquarters in Chicago Reports 152,500 Men and
Women Workers Enlisted.
The national drive of the Citizens' Reconstruction Organization to put unemployed money to work started on March 7,
said a Chicago dispatch to the New York "Times," from
which the following is also taken:
In 1,607 cities and communities, representatives of the organization opened
the campaign. In Chicago, James Keeley, who is assisting Frank Knox,
General Director, said 82.500 men workers and 70,000 women were making
appeals to the public to end hoarding.
Mr. Keeley said reports from the country generally have been satisfactory. Ile quoted from a number of telegrams received at the general
headquarters here.
Walter Ross, in charge of the drive in the Chicago area, told of one
woman who went into a Michigan Avenue bank to-day with $45,000 in
twenty, fifty and hundred dollar bills. She bought $30,000 worth of
United States Treasury certificates.
Mr. Ross said Chicago banks and workers of the Citizens' Organization
are reporting a constantly increasing number of the old, large-sized bills
are making their appearance. Treasury officials estimate there are $573,000.000 of these bi:Is still in circulation, and it has been estimated that
the total of hoarded cash Is about $1,500,000,000.
Five million slips urging people to put their idle money to use have
been distributed throughout the Chicago district. They are being inserted
In bills and packages so they will reach every home and office.
Members of the Chicago organization will make house-to-house calls
during the next 10 days to explain the purpose of the campaign. In cases
whew. holders of hidden money are hesitant about depositing it in banks
or in purchasing good securities, they will be advised to invest in United
States Treasury baby bonds.
regions and other people have enjoyed as great national resources as those
that we possess but it was the spirit of America that made this the richest
and most powerful nation on earth. For more than two years our people
have paid the penalty of overspeculation. but far greater than that, they
have suffered from economic forces from abroad that fundamentally are
the reflexes of the Great War, a situation for which our people bad no
blame. They have stood their ground with grim courage and resolution.
But this is no occasion to discuss the origins or the character of the economic forces that have developed over the past two years. Fighting a great
depression is a war with destructive forces in a hundred battles on a hundred fronts. We must needs fight as in a great war; we must meet these
destructive forces by mobilizing our resources and our people against them.
A thoroughly non-partisan patriotic program of reconstruction is in
progress. The Government has exerted itself to the utmost to give a
sound. stable basis to the treasury, to banking, to industry and to agriculture.
The Government alone cannot produce prosperity, but it can liberate
the inherent resources and strength of the American people. 'The people
themselves must apply those resources and exert that strength.
Battle Against Hoarding of Money.
The time has now arrived for a new offensive rally in the spirit that has
made America great. The battlefront to day is against the hoarding of
currency, which began about ten months ago. and with it. growing intensity became a national danger during the last four months. It. has sprung
from fears and apprehensions largely the reflex of foreign and domestic
causes which now no longer maintain. But it had grown to enormous
dimensions and had contributed greatly to restrict the credit facilities of
our country, and thus directly to increase unemployment and depreciate
prices to our farmers.
I believe that the individual American has not realized the harm he has
done when he hoards even a single dollar away from circulation. He has
not realized that his dollar compels the bank to withdraw many time, that
amount of credit from the use of borrowers. These borrowers are the local
merchants, the local manufacturers, the local farmers, and their borrowings
are the money they use to buy goods, to pay wages and the cost of keeping
their business going.
One hoarded dollar deprives some wage earner of at least some part of
his pay. Multiply this simple example by nearly a billion and a half of
dollars of idle money now bidden in the country and you may get somewhere
near a true picture of the enemy of our national security that we vaguely
call "hoarding."
It strangles our daily life. Increases unemployment and sorely afflicta
our farmers. No one will deny that if the vast sums of money hoarded in
the country to-day could be brought into active circulation, there would
be a great lift to the whole of our economic progress.
Citizens' Reconstruction Organization.
The Citizens' Reconstruction Organization, which has been formed at
my request, under the leadership of Colonel Knox, is seeking the support
of every voluntary organization and every individual in the country to
bring out of hoarding these great sums of money which have been withdrawn
from the active channels of trade during this past ten months. They have
summoned the leadership of thousands of public-spirited men and women.
Already we have evidences of the progress of these efforts and that the
hoarding of money has stopped. The tide has turned and some of these
Idle dollars are finding their way back into the channels of trade. But we
mast continue until we have won all along the line.
This movement affords an opportunity for all our people to participate
to do so within the traditions of our country, which are traditions of in"The campaign of tho Citizens Reconstruction Organization under the dividual effort, of courage, of energy,idealism and public spirit.
chairmanship of Col. Frank Knox has now been extended by the organizaColonel Knox is this evening sounding a call to the mighty power of the
tion of 2.395 communities.
American people, a call to service for the common good of our country,
"Additional communities are being organized each day under the leader- a call to protect the individual home by means of assuring the safety of
ship of eminent men and women. The press of the country has patriotically the nation as a whole.
contributed literally millions of dollars in advertising and reading space,
I gladly add my voice to this call to voluntary duty. I do It with more
materially aiding the effort.
confidence because I have witnessed the most heartening exhibition of its
"'The campaign has already produced positive and useful results, as patriotic power here in the national capital.
reflected in the increase of currency returned to circulation, the increase
I am proud to bear witness to the capacity of the people's representatives
of bank deposits and the purchase of Government certificates from money In the presence of emergency, to their co-operation, to their loyalty, to
which has hitherto been in hoarding.
their single-minded and effective action in this joint effort to restore econ"In fact, hoarded money is being returned to circulation in all sections of omic stability and prosperity.
the country. Our people are realizing the moral responsibility involved and
Appeal to Join In Movement.
the patriotic service which they may render. The whole effort is definitely
To join in this effort and to respond to this appeal becomes a measure
contributing to the dissipation of fear and apprehension and to the restoraof your faith in our country; it will be the touchstone of your loyalty and of
tion of confidence.
"The campaign is only beginning. I hope that the committees already your sense of Individual responsibility for the welfare of the whole comset up will continue until the last dollar that has been hoarded in their munity; it is your opportunity to prove again that the private citizen
respective communities is returned to work and that Col. Knox and his of the United States in the exercise of his own independent judgment and his
organization will be supported by the extension of their work into every own free will, coerced by no authority save his conscience and moved only
by his own patriotic pride, can be counted upon to meet every emergency
community not organized at present where hoarding has taken place.
"Their work has just one final objective—that is, the restoration of em- In the nation's economy and to rout every foe of the nation's security.
The word "depression" is an accurate but obnoxious one. It Is intensified
ployment and aid to agriculture."
by fear and apprehension and by the loss of faith and courago. The true
basis of wealth and the creator of prosperity are the industry and resourcePresident Hoover Opens Anti-Hoarding Campaign To fulness of the people when inspired by vision and sustained by faith.
-Hoarding Campaign Has
President Hoover Says Anti
Already Brought Results.
President Hoover announced yesterday (March 11),
according to the Associated Press that the anti-hoarding
campaign is now active in 2,395 communities and has shown
positive and useful results in bringing money back into circulation, increasing bank deposits and swelling the sales of
Government bonds. The President's statement said:
Attract Money Through "Baby Bonds"—Says
Safest Risk in World Is Share in Future of American People.
In a nation-wide radio message on Sunday night, March
6, President Hoover opened the anti-hoarding campiagn
incident to the offering of 2% Treasury Certificates, in
denominations of $50, $100 and $500, designed to attract
moneys withdrawn "from the active channels of trade during
Summons a Coil to Faith of People.
The summons to-night is a call to the faith of a people. Not to faith
in some rosy panacea or pretentious theory but to their Intelligent faith
In themselves and in their individual resourcefulness and enterprise, and
to the sense of responsibility of every man to his neighbor. The safest risk
In the world is a share in the future of the American people.
The American people have at this moment one of the greatest opportunities in their history to show an assured confidence and an active faith
In their own destiny, which is the destiny of the United States—and by that
faith we shall win this battle.
MAR. 12
1932.]
FINANCIAL CHRONICLE
Radio Message of Secretary of Treasury Mills With
-Hoarding Campaign Incident to
Opening of Anti
Issuance of "Baby Bonds."
In the campaign to divert idle dollars from their hiding
places to channels through which they can be brought back
Into circulation, Secretary of the Treasury Mills drew attention, in a radio message, Sunday night, March 6, to the
Treasury Department's action in making available a new
Issue of 2% Treasury certificates. Through these certificates Secretary Mills stated "the holder of currency can
substitute for an obligation of the Government which bears
no Interest an obligation of the Government which pays
him 2% interest." The details of this offering of 2% Treasury certificates (issued in denominations of $50, $100 and
$500) are given in another item in this issue of our paper.
Secretary Mills's radio message of March 6 was made along
with one by President Hoover, Brigadier-General Dawes,
President of the Reconstruction Finance Corporation, and
Colonel Frank Knox, Chairman of the Citizens' Reconstruction Finance Corporation. The address of Secretary Mills
follows:
The Treasury Department wholeheartedly endorses the campaign undertaken by the Citizens' Reconstruction Organization to put our idle dollars
to work. Through the co-operative action of the Chief Executive and of
the Congress, characterized by a fine spirit of non-partisanship, great
progress has been achieved in carrying out the Government's reconstruction
program. The mobilizing of available resources has enormously strengthened our credit structure and counteracted the causes that have given rise
to all manner of fears and apprehensions. By balancing the budget, the
Government is putting its own financial house in order. But after all, the
most the Government can do is to aid in the creation of conditions favorable
to recovery. The real task of reconstruction must be undertaken by the
people themselves.
The time has come when we can appeal to them to take such steps to
help themselves as are definitely within their power; and in the conduct
of their own affairs constantly to keep in mind the welfare of the community and of the country. A very real responsibility rests on every
individual citizen.
The measure of self-help which we are discussing this evening is simple
and, if understood, obvious. It consists in restoring to active use the
dollars that have been withdrawn from circulation. The need for calling
the existing situation to your attention has arisen because many of our
citizens have taken the dollars which they command and placed them on the
retired list. They have made of them idle dollars, which are of no
service to the community and bring no return to their owners. As a result
we have suffered a vast credit contraction, which in turn has adversely
affected business and employment.
When I talk of dollars being placed on the retired list I do not want
anyone to understand that I am referring to savings. What I have in mind
is the withdrawal of currency from the ordinary channels of circulation,
not the deposit of funds in a savings or checking account in a sound bank
or investment in sound securities. These are forms of using currency
in a normal way.
Secreting of Money.
What I am referring to is the secreting of money in safe deposit boxes,
or in socks, or under mattresses, or in a tin can, where it lies idle and
ceases to work for its owner or anybody else. Money saved in the banking
institutions or otherwise invested represents purchasing power placed at
the disposal of those engaged in business, benefiting both the borrower and
the lender. Buried money, on the other hand, is so much paper or metal.
It is inactive. It brings in no return. It does not grow.
But these negative evils are not the only one to which such action gives
rise. From years of experience banks have learned how much cash they
customarily require in their tills to meet the ordinary demands of their
depositors. Since under normal circumstances a bank ill receiving deposits
as well as cash and checks which have been drawn upon it by its
depositors, it can operate with a relatively small amount of cash and can
employ a large amount of its resources to make loans and investments,
which at the same time earn a return for the bank and interest for the
depositors, and place funds at the disposal of borrowers who need them to
finance Industrial or commercial operations.
In our credit systems baks have for years done business on just this basis
and have performed a most important service in providing for the credit
needs of their communities. When depositors suddenly call for unusual
amounts of cash far in excess of ordinary requirements this system receives
a severe shock. The banks must obtain additional cash and in order to
do that must borrow from their Federal Reserve banks. But debts are apt
to worry bankers as they worry individuals. Being in debt to the Reserve
banks makes them reluctant to lend to their customers and even inclines
them to call in some of their customers' loans or to sell their investments. This is the process of liquidation and it is liable to be cumulative,
once it begins.
Banks Hampered by Withdrawal of Cash.
The withdrawal of cash from banks for hoarding has greatly hampered
the banks of the country in the performance of their important functions.
A responsible banker faced with the lurking possibility that he may be
subject to the insistent demand to provide his depositors on a large scale
with cash to be locked up in private hoards is reluctant to extend credit
freely even for legitimate business uses. Hoarding has undoubtedly been
a major factor in the inability of our banking system to function fully in
this emergency and has in fact been one of the primary causes of the
later phases of the business depression.
The program of financial reconstruction has done much to re-establish
confidence, and in recent weeks there has been evidence of a return
flow of currency back into the hands of banks. When this occurs the
process described above is reversed. The banks receive cash for which
they have no immediate need and deposit it with Reserve banks. There
it is credited to the depositing bank's account and can be used to pay off
the bank's indebtedness, if it is in debt, ot to increase its reserves.
On the basis of these reserves the banks can lend several times the
amount involved and serve the needs of many customers, who can then
proceed with their business plans, increasing employment and helping
toward the return of prosperity.
Currency dollars when returned through the banks of the country to the
Federal Reserve banks become reserve dollars, and reserve dollars are highpowered dollars which in the right place can accomplish a great deal
1891
toward increasing business activity; but these same dollars buried in
the ground can do a great deal of harm to the country's economic life.
As a matter of enlightened self-interest, every one who holds these idle
dollars should put them back to work, through the placing of deposits
with sound banking institutions or through the purchase of sound investments. I cannot assume to advise as to which method should be selected.
New 2% Treasury Certificates.
But the Treasury Department is making available for purchase by the
holder of idle dollars a special obligation of the United States Government
Re or she may turn over the currency to the Treasury Department through
the Federal Reserve banks and receive in return a promise of the Government to repay the funds on 60 days' notice, with interest at 2%. Thus the
holder of currency can substitute for an obligation of the Government which
bears no interest an obligation of the Government which pays him 2%
interest.
True, he has to wait 60 days should he desire to have the certificate
he
redeemed, but in the meanwhile there should be a ready market should
desire to sell. These obligations are being offered for the special accommocurrency. It is to
dation of those who have withdrawn and are holding
them that the Treasury makes this appeal.
from
These certificates will be dated March 15 1932, will bear interest
1933, and
that date at the rate of 2% per annum, will mature on March 15
of the holder at par, plus
will be redeemable before maturity at the option
In
accrued interest, upon 60 days' notice. The certificates will be issued
denominations of $50, $100 and $500, will be payable in United States
as to
gold coin of the present standard of value, and will be exempt, both
principal and interest, from all taxes, except estate and inheritance taxes.
Any bank in your community, I am confident, will gladly accept your
subscription, or you may forward it directly to the Federal Reserve bank
of your district, which is the fiscal agent of the United States Government
The circular describing the certificate may be obtained from your local
branch of the Citizens' Reconstruction Organization or from the banks.
This offering should not be confused with the Treasury's regular March
program of financing, which will be announced to-morrow morning. The
Treasury's obligations offered in that connection are intended to provide
for the current needs of the Government, as distinguished from the specified
demand which the special 2% certificates are intended to meet. They
will bear a higher rate of interest, but will not be subject to redemption
on 60 days' notice by the holder.
In closing, may I congratulate Colonel Knox and the Citizens' Reconstruction Organization on the fine public service they are rendering? I urge
you all to give them your active support and co-operation. They are
fighting your battle and mine on one sector of a very broad front.
We have it within our power to strengthen the whole battle line against
the forces of depression. They can and will be overcome if each and every
one of us will but recognize a high sense of responsibility to his community
and his country and meet his or her own daily problem with characteristic
American resourcefulness and courage.
Senator, Robinson of Arkansas With Inauguration of
-Hoarding Campaign Says If Every Unemployed
Anti
Dollar Were Put to Work Unemployment Would
Diminish and Business Would Begin to Revive.
Speaking at the inauguration of the anti-hoarding campaign, on Sunday March 6, when addresses were broadcast
from Washington by President Hoover and others, Senator
Robinson of Arkansas stated that "if every unemployed
dollar in the United States should be put to work to-morrow
. . . unemployment would be diminished, business would
commence to revive, and confidence would take the place
of fear." "Just as money was necessary to victory in
1918," said Senator Robinson, "so it is essential in the
present economic war." "All that is desired" said the
Senator, "all that can be asked, is that money now hoarded
shall be made useful by its employment for sound and essential purpose." His speech follows:
The mere enactment of new laws, however applicable they may be to
the particular conditions sought to be remedied, cannot alone reverse
the currents of adversity which flow in the deep waters of disordered
public morale.
national, inThe notably increased cost of government, both local and
regcident to the expansion of welfare work, public improvements, the
with shrinkage
ulation of industry, and other less justifiable causes, coupled
in property
in private incomes and public revenues attending the decline
the beginvalues and commodity prices, which have been manifest from
to produce timidity and fear
ning of the present depression has contributed
fear has nullified in part the decisive
This
in the minds of investors. '
enactment by
efforts to revitalize business and enterprise through the
liberalizing the
the Congress of emergency measures broadening and
basis of credit.
are
Quite naturally and unavoidably, marked differences of opinion
asserted as to causes and proper remedies, and it is too much to expect or
hope that these differences may be quickly and entirely made to disappear.
There is, however, one vital principly concerning which general if not
universal concurrence may be had. It is that recovery cannot be accomplished until the enormous volume of money that has been withdrawn
from use and hoarded has been restored to circulation.
The purpose of this statement is to emphasize the fact that ample opportunity for the reasonably safe use of every dollar in existence that is
lying idle is easily to be found if those who possess such funds will only
look about them.
There have been many bank failures. In consequence, depositors have
become confused and frightened. Still there are many banks which have
successfully withstood the shock and strain of the economic upheaval.
Sound loans on existing values abundant to absorb bank funds in excess
of required reserves may be readily obtained once the threat and dread
of withdrawals by depositors have been dissipated. Unless and until this
fact is recognized full advantage cannot result from advances made by
the Reconstruction Finance Corporation, and frozen assets; will continue
to obstruct the flow of life blood through the veins and arteries of trade
and commerce.
Real estate values now, compared with two years ago, are exceedingly
low and in fact constitute a field in which billions may be invested with
comparatively trivial risks. When one considers that the total area of
land, both urban and rural, available for occupancy is definitely known
and can never be greatly increased; that population and demand for land
are constantly growing; and that economic loans will tend to cause whole-
1892
FINANCIAL CHRONICLE
For... 134.
some distribution of population, it is readily seen that real estate values
On March 5, the eve of the drive to end hoarding, Col.
are not fairly calculated to continue as at present, and that they are
logically calculated to take an upward tendency during any prolonged Knox predicted that millions would be drawn into circulation
period.
by the offering of the 2% United States Treasury certificates.
For some time, ending about two and a half years ago, the prices of The
sales campaign, with a force of a million or more citizens
stocks advanced with little regard to even prospective earning powers.
Speculation became general and was indulged in by many whose means pledged to aid started on March 6. The statement of Col.
were limited.
Knox,issued at Chicago March 6, said:
Funds were withdrawn from bonds and other securities to acquire
"It cannot be emphasized too often that the measure of success of the
shares at unreasonably high prices. The collapse which resulted was Citizens' Reconstruction
Organization is not the number of reconstruction
Inevitable. Granting the return of general prosperity will be slow and that
bonds that are sold but rather the extent to which we will be able to rea measure of fluctuation in stock prices may be expected, nevertheless establish
the confidence of the people, rekindle their faith in the future of
every circumstance indicates that the market now Is measurably and per- the country
and restore their normal habits in the conduct of their financial
manently stabilized.
affairs.
"A true measure of the success of the entire campaign will be found In
Numerous Bonds Available For Those Baring Idle Funds.
the increase in bank deposits, because every dollar of this increase will
Numerous bonds are available for purchase on terms that are secure, represent a dollar taken out of
hiding. Therefore it is gratifying to know
even though the revival of business activity may prove slow and uncertain. that, whereas
more than $300,000,000 were withdrawn in January by
To finance advances of credit and deficits in the treasury, the United depositors for hoarding
purposes, In the first three weeks in February the
States Go% ermnent from time to time will offer treasury notes and certifi- tide was completely
turned, withdrawals for hoarding purposes ceased
cates and bonds. Those who have idle funds which they have feared to and a flow of currency
back into the banks was accomplished to the extent
use may promote their own interests and the public welfare by purchasing of more than
$100.000.000.
these government securities. Reference already has been made to the
"I should not be surprised if, when the report for the final week in Febshrinkage of Federal revenues due to decline of commodity prices and the ruary is in,
we will by the activity of this organization have brought back
consequent falling off in production, transportation and incomes.
into active use fully half of all the money withdrawn for hoarding during
The national budget will be balanced and the public credit maintained January.
This remarkable accomplishment was brought about wholly
even though increased taxes are required and additional sources of revenue
during a period of organization of the campaign with its attendant publicity. •
must be found.
The actual organized effort to get hidden money back into circulation does
Government bonds, Treasury notes and certificates can be acquired at not
begin until Monday, March 7.
just and reasonable prices. They rest upon the honor and the wealth of
"I would like to take this opportunity to express on behalf of the executive
the nation. They will be paid. Why should any one keep his money in
committee a deep appreciation of the co-operation we have received from
lock boxes or in other places where it is worse than useless?
During the World War our people gave to mankind an inspiring example all classes of people in almost every community in the United States.
The inspiring thing to me about this campaign has been the eagerness
of unity of purpose and of patriotism unparalleled in history. Industries
were disarranged. Production was quickened and augmented. Danger of the people to help.
"Apparently every one was just waiting to go, and all that was neceswas encountered and sorrow endured. Faith triumphed over fear, and
sary was to provide a tangible objective, and when the American people
courage was exemplified by sacrifices and suffering.
We are now at war with subtle forces more cunning and destructive are in that mood there is only one answer—victory."
than foes armed with the deadly instruments of modern war.
Charles G. Dawes, President Reconstruction Finance
Corporation, at Opening of Anti-Hoarding Campaign, Says Those Using Hoarded Money to Buy
Government Bonds Are Contributing to Return
of Prosperous Conditions.
Among the speakers in the nation-wide radio program
which brought under way, on Sunday, March 6, the antihoarding campaign, was Brigadier-General Charles G.
Dawes, President of the Reconstruction Finance Corporation. Speaking directly to those "who have withdrawn
money from a bank and now bold it in the shape of currency," General Dawes said: "With this one billion dollars
hoarded money back in the sound banks of our country as a
basis of credit and increased purchasing power the country
should be assured of a return to prosperity in a reasonable
time." He added that "the man or woman who is in a
position to put back a sum of hoarded money in a sound
bank or buy a Government bond with it is directly contribCo!. Frank Knox, Chairman of Citizens'Reconstruction uting to a return of prosperous conditions." General Dawes
Organization, on Campaign to Put Hoarded spoke as follows:
I am speaking directly to you who have withdrawn money from a bank
Money to Work.
and now hold it in the shape of currency. So far as this campaign is conCol. Frank Knox, Chairman of the Citizens' Reconstruc- cerned it is you whose action will count—no one else. The money is
tion Organization, created with a view to bringing hoarded yours. You had the right to draw it and you have the right and power to
circumstances what you
Under
it in any
money into circulation, said in an address at the Nation- keep done wouldforma you please.your own ordinary only and the business of
matter of
concern
be
have
wide radio program inaugurating on March 6 the anti- nobody else, but, because so many other people at the same time have done
hoarding campaign, "we have organized a National em- the same thing, you now occupy a new relationship to the existing business
depression and unemployment in the United States and have incurred a new
ployment agency to find jobs for idle dollars." We do not and individual responsibility.
Now, no matter whether you have in your possession ten dollars or ten
care what the job is," said Col. Knox,"so long as the dollar
coin
goes back to work." In the previous day (March 6) Col. thousand dollars Inbillion or currency, you, and others like you, combined,
dollars of hoarded money and belong to a most
possess about one
Knox issued a statement in Chicago bearing on the return powerful financial group upon whose actions, in response to the President's
call, largely depends the return of prosperity to the United States.
of hoarded money to the banks. The following is the address
If you decide to keep this money in some other safe form rather than
of Col. Knox on March 6:
in currency itself, you will render an Inestimable service to
Money Essential In Economic War.
Just as money was necessary to victory in 1918, se it is essential in
the present economic war. There is perhaps an abundance of money if the
funds now out of use and hidden could be restored to circulation.
The responsibility of public officials in times like these is indeed immeasurable. Many mistakes have been made, others will come in spite
of every effort to avoid them; but when all has been said in criticism that
la it possible, ours is still the best land in all the world. We must do
our utmost to keep it so—to maintain those institutions which underly
happiness, peace and comfort.
Millions of our citizens are discouraged and impoverished. They are
groping in darkness. They are entitled to receive the sympathy and aid
which can only be derived from the exercise of good faith and the performance of duty on the part of their more fortunate fellow-country-men.
If every unemployed dollar in the United States should be put to work
to-morrow--made to perform the purpose for which it is intended—unem•
ployment would be diminished, business would commence to revive and
confidence would take the place of fear.
No one is asked to perform an imprudent act or to sacrifice his resources
in foolish enterprise. All that is desired, all that can be asked, is that
money now hoarded shall be made useful by its employment for sound
and essential purposes.
The Citizens' Reconstruction Organization was born at a conference
called by President Hoover at the White House on Saturday, Feb. 8.
According to statistics supplied by the Federal Reserve Ranks, between
Jan. 1 and Feb. 6 there had been withdrawn from the banks and hence
from circulation a total of 8305,000,000. all of which had gone Into hiding
and become non-productive. This huge sum should be added to 1931s
hoarding, which totaled a billion dollars.
The necessity of halting this withdrawal of the working capital of the
country was obvious. It was equally obvious there was only one influence
sufficiently powerful to check this tendency which, if persisted in, would
strangle all business, and that influence was the power and might of an
aroused public opinion.
The task, therefore, assigned to the Citizens' Reconstruction Organization by the White House conference was to awaken America from the
Atlantic to the Pacific, and from the Lakes to the Gulf, to the necessity of
saving itself.
Salvation could not come from the Government, nor from the bankers,
nor from any special group. It could only come from the co-operation of
all groups which Included the total citizenship of the country. Not only
was the task continental in scope, but the urge of time was Important.
It must be swiftly done and the ramifications of the organization must
reach out to every community. To-night, after three weeks intensive
effort, more than 1,300 communities comprising nearly the entire urban
population of the United States await the starting gun. Their quest is to
find the hidden dollar and to urge re-employment as part of the working
capital of the country.
Most emphatically the drive to be launched to-morrow is not a drive
to sell government bonds. It is, however, broadly speaking, a nation-wide
campaign to put money back to work. We have organized a National
employment agency to find Jobs for idle dollars. We do not care what the
Job Is so long as the dollar goes back to work.
our country
and to the welfare of all our people, including yourself and yours. With
this one billion dollars hoarded money back in the sound banks of our
country as a basis of credit and increased purchasing power, the country
should be assured of a return to prosperity in a reasonable time.
As long as this currency is out of circulation we must remain Its a people
for an indefinite time under the terrible hardships of an unprecedented
business, industrial and commercial stagnation, with all its
consequent
human misery.
Primary Purpose of Cantipctiyn to Sell Government Bonds.
The primary purpose of this campaign is not to sell
Government bonds
of small denominations to raise money for the Government,
but to get
hoarded money into circulation in order to revive business and
employment
and bring hack normal conditions of living.
Where the bonds can be sold for currency which has been
hoarded the
sale puts the money into circulation and at work again. But
where money
is already in the banks and is therefore circulating and at
work, when you
pay for the bonds by checks on a bank and not in currency,
the money in
circulation is not increased and the real purpose of this campaign
is not
subserved. If, therefore, you buy Government bonds to
carry out the
purposes of this national effort, pay for them in currency.
Remember that the man or woman who is in a position to put
back a sum
of hoarded money In a sound bank, or buy a Government
bond with it, Is
directly contributing to a return of prosperous conditions.
You are all
suffering from this business depression and all will benefit if it can be
checked. You are now asked only to do a common sense thing. But it is
more than this, it is a duty to your country and your countrymen.
The President of the United States this evening has called upon you for
action. He has spoken to you in terms of your duty to the United States,
our own country which has given to all of us our opportunities in life and
whose protecting flag is the symbol of the pride and reverence of a great
people, our own country which we so love and honor and for which in time
MAR. 12 1932.J
FINANCIAL CHRONICLE
of war we have ever been ready to give even life itself. To you as an
American citizen in this time of great distress it is your country which now
directly appeals. No appeal thus made has ever failed or will ever fail.
Closed Ohio State Banks Permitted to Use Federal
Funds—Provided Through Reconstruction Finance
Corporation, State Attorney General Holds.
Closed banks in Ohio which are hoping to reorganize and
reopen were given substantial help by an opinion rendered
March 5 by Attorney-General Gilbert Bettman to the Superintendent of Banks, Ira J. Fulton, in which it is held that,
with the approval and assistance of the Superintendent of
Banks, the officers of these closed institutions may negotiate
and consummate loans upon the assets of the bank from the
Reconstruction Finance Corporation contingent upon the
reopening of the bank. Columbus (Ohio) advices, March 7,
to the "United States Daily," from which we quote, added:
The availability of these funds for reorganization purposes was the object
of the inquiry of the Superintendent of Banks, and the Attorney-General
• points out that, while the Superintendent himself has no authority by Ohio
law to negotiate the loan, he may participate in the negotiations for and on
behalf of the bank so that, upon reopening, the loan will immediately
be extended.
Banks Expected to Reopen.
It is expected that the funds made available by the Federal Government
to Ohio for these purposes will afford the opportunity of reopening a great
many banks now closed, which banks were perfectly sound, Mr. Fulton said,
except that they were unable to realize quickly upon good assets.
Mr. Bettman's opinion follows in full text:
Dear Sir: This will acknowledge receipt of your recent communication,
which reads as follows:
"A recent enactment by Congress known as the Reconstruction Bill, to
provide emergency financing facilities for financial institutions, to aid in
financing agriculture, commerce and industry, and for other purposes,
provides, among other things, that the Reconstruction Finance Corporation
may make loans for the following purposes set forth in Section 5 of said
Act, a part of which reads as follows:
"
'To aid in financing agriculture, commerce, and industry, including
facilitating the exportation of agricultural and other products the Corporation is authorized and empowered to make loans, upon such terms and conditions not inconsistent with this Act as it may determine, to any bank,
savings bank, trust company, building and loan association, Insurance COMpany, mortgage loan company, credit union, Federal Land Bank, Joint
Stock Land Bank, Federal Intermediate Credit Bank, agricultural credit
corporation, livestock credit corporation, organized under the laws of
any State or of the United States, including loans secured by the assets
of any bank that is closed, or in process of liquidation to aid in the
reorganization rr liquidation of such banks, upon application of the
receiver or liquidating agent of such bank and any receiver of any
National bank is hereby authorized to contract for such loans and to pledge
any assets of the bank for securing the same; Provided, That not more than
$200,000,000 shall be used for the relief of banks that are closed or in
the process of liquidation.'
1893
Although I am impelled to the conclusion, before stated, that the Superintendent of Banks has no power, either by negotiating a loan, pledging
as a security part of the assets of the bank, or by a sale by discounting
obligations for the payment of money as part of such assets of a defunct
bank, to obtain money for the reopening of a closed bank, the officers,
directors or persons interested in its reorganization may apply for such loan
and obtain the same contingent upon the reopening of the closed batik and
the pledging of its assets turned over by the Superintendent of Banks upon
its reopening, the entire transaction being subject, of course, to the approval
of the Superintendent of Banks, as provided by law.
In reaching my conclusions upon your inquiry, I have felt fortified by
the fact that Congress, in the enactment of the Reconstruction Bill, deemed
it essential specifically to grant to the receivers of National banks the
authority to contract for loans and to pledge assets of the bank as security
therefor. This is clear from part of the bill quoted in your communication. It is well known that the powers of a receiver of a National bank
and of the Superintendent of Banks in the liquidation of a State bank are
closely analogous, and that both have many of the characteristics of a.
receiver in equity for liquidation purpose. Legislation being deemed mem
tie to authorize a Federal bank receiver to contract indebtedness of this
character, it would seem necessary, in order to extend similar authority to
the Superintendent of Banks of Ohio, either to find already existing specific
statutory authority, which as I have pointed out does not exist, or to enact
legislation for that purpose along the lines already adopted by Congress.
In specific answer to your questions, I am accordingly of the opinion:
/. The Superintendent of Banks is without authority to borrow money
on the security of assets of a defunct bank in order to pay a dividend he
depositors and general creditors of said bank.
2. The Superintendent of Banks has no authority to negotiate a loan
pledging the assets of a closed bank to aid in the reorganization or reopening
of said bank, but this may be done by the duly authorized directors and
officers of the banking corporation, subject to the approval of the Superintendent of Banks, contingent upon the reopening of said bank and the
returning of its assets to the banking corporation.
Loans of Reconstruction Finance Corporation Total
$183,800,000—Commitments in First Month Include
Loans and Credits.
Total commitments of 8183,800,000 to all interests, including financial institutions and railways, have been made
by the Reconstruction Finance Corporation under the act
which created it about a month ago, according to information made available at the White House on March 8. From
the "United States Daily" of March 9 we quote the following:
The Corporation had actually drawn $87,246,000 from the Treasury
Department up through March 5., according to statistic% made available
at the Treasury. but Ogden L. Mills Secretary of the Treasury, has explained orally that the Corporation is making many guarantees which do
not now and may never call for cash advances. Moreover, busintssos or
banks which have secured loans from the Corporation do not take all of the
money Immediately.
Country banks, it was said at the White House. have been particularly
aided by the credit operations of the Corporation, there small financial
Institutions being a majority of the 255 banks which have been aided under
the act. Additional Information made available follows:
The amount so far undertaken to banks, trust companies, building and
loan associations and other financial Insticutions amounts to $61 800 000.
This includes 255 different institutions, the great majority of them being
country banks.
The loans made to railroads a*ount to $47,000.000. A considerable
part of this $47,000,000 will be repaid by the Railway Credit Association
as fast as its reirenues come In. This railway credit pool formed under
direction of the Inter-State Commerce Commission. is absorbing the extra
freight charges recently permitted by the Commission and will lend the
funds to the weaker lines, once sufficient cash has been accumulated.
The money placed at the disposal of agriculture through the Secretary
of Agriculture, Arthur M.Hyde and the intermediate credit banks amounts
to $75,000,000, thus bringing the total tip to $183.800.000
Right to Borrow Money.
"Almost daily inquiries have been made of me as to whether or not the
Superintendent of Banks, having possession of the business and property
of a bank as provided in Section 710-89 of the General Code of Ohio, has
power to borrow money and as security pledge a part of the assets of
said bank.
"The question arises in instances where, first, it is desired to make
available early dividends for depositors, and, second, such loans, if permissible, may enable the closed bank to reopen and resume business.
"I would appreciate your opinion as to whether or not I have power to
so borrow tot either of the purposes aforementioned."
Your inquiry requires the construction of Section 710-95, General Code,
relating to the powers of the Superintendent of Banks in the liquidation
of banks. I find no express power therein contained authorizing the
borrowing of money for the purposes set forth in your inquiry.
It is provided in Section 710-95, General Code, supra, inter ails, that the Loans to Railroads by Reconstruction Finance CorSuperintendent of Banks may do such acts as are necessary to preserve the
poration Placed at $47,075,257—Pennsylvania RR.
assets and business of the defunct bank pending liquidation thereof. It
Seeks $55,000,000 Loan—Other Roads Apply for Aid.
may be here noted that the State official succeeding to the rights of
the closed banks is generally held to occupy the position of receiver appointed
Loans by the Reconstruction Finance Corporation to
in equity and to have the same powers and duties, so far as consonant
railroads, according to press dispatches from Washington,
with those powers specifically conferred by statute. 3 Michie on Banks and
Banking (Per.
-nanent Edition, 1931), Section 30. Accordingly, the Super- March 8, have been placed at $47,075,257, of which $20,intendent of Banks is undoubtedly authorized to borrow money to conserve 679,800 had been previously announced. All loans are made
and protect the assets of the closed bank. 63 C. J., 163, Section 205. It
is, however, no part of the function of liquidation, express or necessarily at 6% and without prejudice to the granting of additional
implied, that leans be negotiated, secured by a pledge of assets, for the loans to the same applicants upon further investigation by
purpose of making a distribution of dividends to the depositors and general the Corporation and the Inter-State Commerce Commission.
creditors of the defunct bank. It might be otherwise if the statutes
The loans previously announced were $7,173,800 to the
required the termination of the liquidation within a fixed period. In such
case, in order not to sacrifice the value of the assets by forced sale, the Wabash, $7,500,000 to the Southern, $3,629,500 to the
Incidental and implied power to borrow money to pay dividends might arise.
Chicago & Eastern Illinois, $2,102,000 to the Western Pacific:
However, I find no such restriction on the powers of the Superintendent
of Banks and I have no doubt that in his sound discretion he may extend and $275,000 to the Alabama, Tennessee & Northern.
the period of the liquidation over such reasonable time as will insure the
Other railroad loans made by the Corporation are:
realization of the maximum amount of money on the bank's assets. It
St. Louis
-San Francisco
82,805,175
follows that the Superintendent of Banks has no power to negotiate a loan New York Chicago & St. Louis
9.300,000
of money on the strength of the assets of a defunct bank for the purpose Mobile & Ohio
475.000
Missouri Pacific
of declaring a dividend to the bank's depositors and creditors.
4,300,000
Erie
4,558.000
Chicago & North Western
1,910.500
Powers of Bank Superintendent.
Central of Georgia
1,418,700
It is fundamental that the Superintendent of Banks, with powers and Minneapolis St. Paul & Sault Ste. Marie
1,318,032
duties analogous to that of a receiver in chancery, has no power to reorWith final action by the Corporation on the eight roads last mentioned.
ganize a defunct bank. Touching this proposition as to the power of it has now before it no applications on which recommendations have been
corporate receivers, it was held in Bank Company v. Realty Company, 29 made by the Inter-State Commerce Commission. The Commission has
A. 0. 447, as disclosed by the first branch of the headnotee:
still before it, however, a number of applications on which it has made
"It Is the duty of the receivers in whose hands a business has been placed to settle no formal announcement.
and adjust the affairs of the concern, but not to reorganize it for the purpose of
In addition to the applications pending before the ComcarrYing It on, and a contract made with the receivers of a real estate company to
reorganize the concern is Invalid."
mission DA noted in last week's "Chronicle" pave 1699, the
I am forced to conclude, however reluctantly, that it is beyond the powers following roads have applied to the Commission
this week
of the Superintendent of Banks, in the exercise of his function analogue
for authority to borrow from the Reconstruction Finance
to that of a receiver, to negotiate a loan to aid in the reopening of a
Corporation:
closed bank.
1894
Pennsylvania RR
Kentucky & Indiana
Akron canton & Youngstown
Texas Southeastern
Mississippi Export RR
Gulf Mobile & Northern
FINANCIAL CHRONICLE
$55,000.000
800.000
600.000
30.000
100,000
770,000
[VoL. 134.
Washington and New York are placed at $110.443,251,of which $81,650,351
Is for roadway structures and $28,792,900 for rolling equipment. Amounts
already expended are said to total $26,257,327, all for roadway structures.
"Equipment on order" accounted for $34,478,860, and the balance, "not
yet engaged," $49,707,064.
Estimated carrying charges are put at $2,845,000 in 1932 and $3.570,000
for 1933, but if the work were to be discontinued these wouldpelincreased
to $3,205,000 for 1932 and $3,930,000 for 1933.
Pennsylvania RR.
The application of the Pennsylvania RR,states that unless the proposed
loan should be granted, or promised, in the immediate future, practically
all work on the electrification of its New York-to-Washington lines would
Kentucky & Indiana RR.
be discountinued.
The purposes outlined in the application of the Kentucky & Indiana are:
"The effect of discontinuing this Improvement work," it added, "would To repay temporary advances by proprietary lines, $442,358; to pay off
be far-reaching among numerous electrical manufacturing, material and short-term notes, $215,000; to pay audited vouchers for materials and
supply companies and labor, and would be a serious factor in accentuating supplies, $142,642. It offers as security first mortgage 4J. % gold bonds.
the present unsatisfactory business conditions."
Texas & Southeastern.
Expenditures on the project contemplated for 1932 are given as follows:
The Texas Southeastern offers a first lien on its corporate property as
New York to Washington electrification
$47,000,000
Newark Improvements
2,000.000 security. It proposes to use the loan for the following purposes: To pay
Philadelphia improvements
9,822.000 loans carried by the Lufkin Bank of Lufkin. Tex., $17,500; the First State
Baltimore
1,500,000 Bank & Trust Co. of Lufkin, $5,000; the Lufkin Hemphill & Gulf By. Co.
7,854,044
Miscellaneous
of Hemphill, $4,500; D. L. Landrum of Diboll, Tex., $3,000.
Total
$68,176,044
Akron Canton & Youngstown.
The application requests that the loan be made available to the company
The Akron Canton & Youngstown By. states that it wishes to pay
as follows:
interest on bonds already outstanding and to take care of a note for $100,000
May 1____ $7,000,000
Dec. 1____$16,500,000 with the Guardian Trust Co. of Cleveland. the obligation maturing on
Aug. 1____ $6.500,000
June L.__ 1,000,000
Oct.
3,000,000
July 1---- 5,000.000
Total__ -$55.000.000 May 1. Another note, maturing on the same date, for $125,000, is due
Nov. 1____ 16.000.000
the Cleveland Trust Co. The Akron offers as security $750,000 in general
The company advises the Commission that it would provide the balance mortgage 6% bonds of the Northern, a line leased by the applicant.
of the funds required for completion, $13,176,944, as well as for maturing
Gulf Mobile & Northern.
Issues of securities and other corporate requirements of its system companies.
As security for the loan the Pennsylvania offered to pledge an estimated
The road offers as security $490,000 of New Orleans Great Northern
value of $68,270,000 of common stock in two subsidiary companies, com- equipment trust obligations and $500,000 of Gulf Mobile & Northern RR.
prising 300,000 shares of the Pittsburgh Fort Wayne & Chicago, at $125 of Louisiana first mortgage bonds. The purpose of the loan Is to meet
each, totaling $37.500,000, and 362,000 shares of the Pittsburgh Cin- interest obligations, complete terminal facilities at New Orleans and for
cinnati Chicago & St. Louis, at $85 each, totaling $30,770,000. The stock additions and betterments.
has a par value of $100 and the full value of the security was estimated
as about 124% of the proposed loan.
The application declares that neither the Pennsylvania nor any of its Men Returned to Work by Missouri Pacific Railroad.
subsidiaries has applied to the Railroad Credit Corporation for loans with
Sixty-fivo men have been returned to work by the Miswhich to meet fixed charges.
Speaking for itself, the company says it has no intention of applying to souri Pacific RR. at its North Little Rock (Ark.) shops
the Credit Corporation for a loan, although it Is estimated an increase of for this month.
$12.211,000 in its revenues betweeen January 1932 and April 1933 as a
result of the recent increase in freight rates authorized by the Inter-State
Commerce Commission.
St. Louis Southwestern Ry. Re-employs Workers in
The amounts expected to be collected from the increased rates, by
Its Shops.
months, in the period covered by the estimate were:
The St. Louis Southwestern Ry._ has returned 225 men
1932.
....!$691,000 to its shops in Pine Bluff, Ark. Of these, 60 are employees
January__$570,000 May ____$893,000 Septemb'r$920.000 January193 .
February 698,000 June--- - 878,000 October__ 976,000 February __ 696,000
172605;000000 who were laid off in June.
19307—About 175 of the men are
March___ 807,000 July
November 809,000 March
925,000
April__ 826,000 August __ 909,000 December 728,000 April
employed in the locomotive department and have been workThe estimated amount for April 1933 is based on one-sixth of March
ing alternate months for some time. The coach shop now
1933 as lapovers.
If the electrification were discontinued, the application states that losses has one-third of its normal force with 58 workers.lEmployees
would apply particularly to cities with which co-operative construction were returned according to seniority.
agreements have been made. For example, Newark, with $8,526,000 outlay up to January, was committed to further expenditures of $14,653,000,
or a total of $23,179,000.
Besides losses through lapses in contractual commitments, it is said that Pennsylvania Mine to Reopen, Re-employing About
a discontinuance would result in great economic loss and inability to take
560 Workers.
advantage of the expenditures already made, with no return on the InvestThe reopening of the Harrnarville (Pa.) Mine of the Conment and increased taxes on the people.
Stating that it had attempted as far back as Juno 1931 to raise funds sumers Coal Co., operated by a subsidiary of the Wheeling
necessary for the completion of the electrification by issuance and sale of
securities, the company adds that the low price of its shares, as well as the Steel Co., will be effected March 14, giving work to approxThas been idle sinei7beceiaber last.
legal requirement that they cannot be sold for less than their par value of ma tely 550 men. The
$50 Per share, "precluded an allotment or Issue of stock."
It is set forth that inquiries among bankers confirmed the fact that there
was at no time a market, at reasonable prices, for all or a substantial part Transamerica Corporation's and Bank of America's
of $60.000,000 of bonds or notes.
Present and Future Policies Announced by A. P.
Similar inquiries among insurance companies, it is stated, brought the
Giannini.
reply that they were without funds with which to invest In railroad bonds.
As an illustration, the application states that 29 insurance companies,
A. P. Giannini, new Chairman of the Boards of Directors
with security purchases between Jan. 1 1932 and Feb. 20 1932 totaling
Bank of America National
$125.856,000, bought rail bonds aggregating only $2,077,000, or 1.7%. as of the Transamerica Corp. and
compared with purchases of public utilities securities totaling $13,000,000, Trust & Savings Association, in his first official statement
or 10.5%.
Issued since his return to California, announced last week
The same attitude has been found among several representative mutual
shaped
savings banks, which are said to have sold seven times as many railroad that the future policies of the institutions would be
securities as they bought.
to "anticipate and meet" the rapidly growing demands of
Inquiries among banks regarding loans disclosed that they were lending California. An official communication in the matter says:
only in limited aunts and for periods of 60 to 90 days, for use only In current
"Our object now and for the future likewise will be to furnish progressive
business, and in no case for permanent improvements. and payment on
methods and superior financial facilities and services that will open up
maturity demanded.
"Applicant could not give such assurance," the company states, "but greater opportunities and attract and stimulate worthy business entereven if such assurance could have been given, such short-term loans from prises and anticipate and meet the substantial demands of this fastest
a number of banks would have added materially to the serious difficulties growing State," Giannini declared.
These policies, be added, will advocate in the future, as in the past, the
of the banking situation, as deposits are not expanding and funds have been
and still are required by the banks for current banking business and most direct, simple, practical and economical system of running the
business of the great Banks of America in California as well as other
necessities."
The company adds that it has been unable to obtain financial assistance affiliated institutions, to the end that depositors and clients and the comfrom other sources "at prices approaching fair or real values" to complete munities in which they live will be properly served, insuring profitable
results for all concerned.
the improvement program.
"For more than a quarter of a century our institutions have been creative
While the Pennsylvania sought the full amount of the loan for the maximum statutory period of three years, it said that with a "return of more community forces," he asserted. "They have contributed to home-building,
normal business and the ability to finance its requirements in the customary agricultural advancement, and the development of every industry and the
manner at reasonable cost," it would desire to "anticipate payment of the encouragement of every movement for the bettrenent of California.
"California is the place, and now is the propitious time to start the
loan within the three-year period."
It is pointed out that the loan is made necessary by present business wheels of progress and prosperity moving forward again. We worked together
conditions bringing a reduction in the railway operating income of the to bring the Transamerica institutions back harm and secure their control
Pennsylvania, which was $65,166,731 in 1931 as compared with $107.- by Californians. Standing and working together, we have good reason to
believe that our combined efforts will again place and maintain our
473,167 in 1930 and $148,945,017 in 1929.
The company estimates its railway operating income for 1932 at $73,- institutions in the forefront of profit-making and profit-sharing financial
340.000, reflecting the additional revenues from increased freight rates. A institutions."
Discussing conditions generally, Giannini said that it is not reasonable
further saving of $4,618,000 is expected from economies incident to electrification of Eastern lines during the first year of the improved operation. to expect that the economic depression, through which the world is now
depression," says the passing, will disappear everywhere at once, inasmuch as it did not visit
"With the recovery from the present business
application, "and a consequent increase in traffic and a restoration of the all places simultaneously, or with equal severity. The start of prosperity
security market to more normal conditions, applicant will be able to sell Is slow and it has not yet proceeded far, he stated.
"So far as I can judge," he continued, "we are approaching a new era of
its securities, either bonds or stocks, at fair prices, and the proceeds thereof,
in addlton to net income not used for moderate dividends, will be sufficient prosperity, and California, with its enlightened and enterprising people,
to repay the loan nom the Reconstruction Finance Corporation and pro- made up of splendid citizens of every State of the Union and of every
vide for the then current capital and other requirements of the applicant." leading country, knows how to lead the way courageously and constructively
The total expenditures involved in improvements planned between and utilize unequaled opportunities and develop unrivaled resources.
MAR. 12 1932.]
FINANCIAL CHRONTCLE
"As California's material prosperity advances and its population increases
and our communities become more highly developed in a productive and
economical sense, the opportunities and the returns from our institutions
will tend to grow larger and larger.
"From the point of view of the public service, everyone engaged in business in California, whether workman, farmer, executive, capitalist, salesman,
professional man, or anything else, is interested and may be benefited
by the homecoming of Transamerica."
1895
Following a meeting of the Board of Directors of the New
York Title & Mortgage Co. on March 10 it was announced
that James P. Warburg, President of the International
Acceptance Bank, Inc. had been elected a member of its
Board of Directors.
Usher B. Howell, President of the Riverhead Savings Bank
of Riverhead, L. I., N. Y., since 1918, died at his home in
Riverhead on March 2. Mr. Howell, who was 73 years of
age, had been in ill health for a long time, and on Feb. 27
suffered a heart attack at the bank. He was born in Riverhead, and as a young man taught at the Franklinville
A National Metal Exchange membership was reported Academy, at Conklinville, now Laurel, near Riverhead. The
sold this week for $1,000, unchanged from the last preceding deceased banker was a past Master of the Riverhead Lodge
sale.
of Masons and a former member of the Grand Lodge of
Masons of New York State.
John S. Daly, Trustee of the Emigrant Industrial Savings
Bank, New York, died on March 2 at Palm Beach Florida.
The Montour National Bank of Montour Falls, N. Y., capiOn last June 1 Mr. Daly completed his 48th year with the talized at $25,000, went into voluntary liquidation on Feb. 9
Emigrant Bank. He became Comptroller in 1916, Vice- last. The institution was succeeded by the Montour National
President in 1923 and Trustee in 1929. His resignation Bank in Montour Falls.
—4
-and retirement as Vice-President and Comptroller was anThomas Hillhouse Chew, for nearly 20 years President of
nounced last summer, but he retained his place on the Board
of Trustees. At a special meeting of the Trustees of the the Geneva Trust Co., Geneva, N. Y., died suddenly at the
Geneva General Hospital on March 3. Mr. Chew, who was
Bank March 2, a minute was adopted which said in part:
Mr. Daly entered the employ of the Bank in 1883 and had served it 74 years of age, was an alumnus of Hobart College, of which
for nearly 50 years, a longer time than any one now on Its rolls. He had he was a trustee. He was also a trustee of William Smith
filled almost every office in the gift of the bank. He became Deputy
Comptroller in 1905, Comptroller in 1916 and a Vice-President of the College.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Arrangements have been made for the sale of a Stock
Exchange seat at $155,000, an increase of $29,000 over the
last preceding sale.
bank in 1923. In 1929 be was elected to the Board of Trustees. His
entire business life was given to the service of this institution, and its
growth and position are largely due to his unremitting zeal and devotion.
A new application dated Feb. 29 was filed by the Hellenic
Bank & Trust Co., 51 Maiden Lane, with the New York
State Banking Department, for permission to change the
location of its place of business to No. 534 Eighth Avenue,
New York. This application replaces the one withdrawn
on Feb. 19 by the Bank which asked for permission to
move to Nos. 497-499 Seventh Avenue. A reference to the
filing of this latter application was noted in our issue of
Feb. 13, page 1147.
The application filed -the New York State Banking
with
Department by the National Bank of Greece Agency, 51
Maiden Lane, on Jan. 25 for permission to change the
location of its business to Nos. 497499 Seventh Avenue,
New York, was withdrawn by the Bank on Feb. 19. The
filing of the application was noted in our issue of Feb. 13
page 1147. The institution filed a new application under
date of Feb. 29 asking instead for permission to move its
offices to No. 534 Eighth Avenue.
The New York State Ban- king Department on Feb. 27
issued licenses to Thomas Cook & Son (Bankers), Ltd., of
London England, to maintain agencies in New York State
at 253 Broadway and 587 Fifth Ave., New York.
Permission was granted by the New York State Banking
Department on Feb. 19 to the Bank of Manhattan Trust
Co., 40 Wall Street, to open a branch office at the southwest corner of Madison Avenue and 64th Street in New
York City.
According to the weekly b- ulletin March 4 of the New
York State Banking Department the certified copy of the
order granted at a special term, Part I of the Supreme
Court, held on Feb. 23, declaring the First Bohemian Slavonic Co-operative Savings and Loan Association dissolved
and its corporate existence terminated, was filed with the
State Banking Department on Feb. 27.
Associated Press advices from Concord, N. H., on March 1,
stated that on that day Arthur H. Hale, former Treasurer
of the closed Merrimack River Savings Bank of Manchester,
N. H., convicted of misapplying the bank's funds, lost his
appeal to the New Hampshire Supreme Court for a new
trial and faced sentence on the 49 counts of which he was
found "guilty," involving transactions covering approximately $3,000,000. The indictment of the former bank
official was noted in our issue of Sept. 27 1930, page 2005.
Lieutenant-Colonel Terrell M. Ragan, former President of
the closed Boston-Continental National Bank of Boston,
Mass., and a member of the military staff of Governor Ely
of Massachusetts, was found dead of carbon monoxide poisoning in the garage of his Brookline home on March 1, while
a Federal Grand Jury was investigating the affairs of the
Boston-Continental National Bank. Acts of President Ragan
in the conduct of the bank were included in the investigation of the Grand Jury, and transactions involving $100,000
were being scrutinized. The Boston "Herald" of March 2,
from which the foregoing is learned, went on to say in part:
Medical Examiner Benjamin W. Rudman said that death was "probably
accidental," but Assistant United States Attorney John J. Walsh, Jr., in
charge of the inquiry into the bank's affairs, said he received the report
from Ragan's office that he had committed suicide. . . .
Although only in New England since the war, Mr. Ragan bad made rapid
strides, and two years ago was named President of the Continental National
Bank, the youngest bank President in the city. . . .
He was born at Dawson, Terrell County, Ga., Oct. 20 1894. .
Mr. Ragan began practicing law in this State in 1922. He was identified
with many important cases and associated with prominent Boston lawyers
In his legal practice, which he continued in part after his election to the
bank Presidency.
H. Everett Crane, President of the Quincy Savings Bank,
Quincy, Mass., died suddenly on March 3 in the office of a
hay and grain company of Quincy, which he headed. Mr.
Crane was born in Quincy in 1870 and received his education at the Kimball Union Academy at Keene, N. H., and
Amherst College, graduating in 1892. With his father and
brother he founded the firm of F. H. Crane & Sons, which
was incorporated after the death of his father.
At the regular meeting of the directors of the Boston Safe
Deposit & Trust Co., Boston, Mass. on March 1, James
Dean was elected Chairman of the Board, filling the vacancy
caused by the recent death of Charles E. Rogerson.
—4_
At the annual meeting of the stockholders of the Kidder
Peabody Trust Co. of Boston held this week the following
directors were elected, according to the Boston 'Transcript"
Directors of the Manhattan Company voted on March 10 of March 9: Roger
Amory; Chandler Hovey; 0. Kelley
to have the annual dividend basis on the company's shares, Anderson; James H. Orr; William Endicott; John C.
Rice;
said the New York "Evening Post" from which we take the Vincent
Farnsworth; Roscoe R. Storer; William Holway Hill
following:
and Edwin S. Webster. Subsequently the directors apA quarterly dividend of 50 cents was ordered, equal to $2 a year, compared with $1 quarterly. or $4 annually, heretofore. The dividend is pay- pointed William H. Hill, President of the institution, and
gave William N. Oedel, the Treasurer, the additional office
able April 1 to share owners of record March 15.
Reduction in Manhattan Co.'s dividend is the third to be made by a of Vice-President.
The Seamen's Bank for Sa- vings of New York City has
declared a regular quarterly dividend, payable April 1, at
the annual rate of 4%. This bank has paid dividends continuously for more than a hundred years at 4% or more.
Rates have varied during the last century, but from 1869
to 1874 the annual rate averaged 9%.
prominent New York City banking institution in the last fortnight. National City and Chase National have already authorized lower dividend
payments for the current quarter.
Regarding the affairs of the City Bank & Trust Co. of
Hartford, Conn., which on Jan. 2 of this year was closed
1896
FINANCIAL CHRONICLE
by George J. Bassett, State Bank Commissioner for Connecticut at the request of its directors (as noted in our
Jan.'9 issue, page 248), a dispatch from Hartford, March 1,
printed in the New Haven "Register," contained the
following:
Work of completing the appraisal of assets of the City Bank & Trust Co.
Is nearing an end and present indications are that they will exceed
$20,000,000. This is more than sufficient to cover deposits of the savings
and commercial departments. When the City Bank St Trust Co. closed,
Jan. 2, deposits were approximately $20,000,000.
The appraisal has been done by specialists in securities. The stocks
and bonds were valued by bankers and the mortgage loans were surveyed
by men experienced in realty values.
The figures as to the appraisal and condition of assets are unofficial
but were obtained from sources which are believed to be well informed.
Mortgage loans of the bank will total approximately $9,000,000, and it
has been stated that these are of usual bank quality and compare favorably
or loans of this class.
Iirrpro‘ ement in the bond market in recent weeks has contributed to the
worth of the securities held. The advance in bank stock shares has also
been a factor.
The reports of the appraisers will be assembled during the present week
and submitted to Attorney Thomas Hewes, receiver for the bank. The
report will be ?resented in court as soon as possible.
Ultimate plans are under consideration. Discussions in reference to these
are held from time to time.
Since he was placed in charge of the affairs of the City Bank Mr. Hewes
bas collected more than $2,000,000, it is said.
William A. Nelson, President of the Ansonia Savings
Bank, Ansonia, Conn, and Vice-President of the Ansonia
National Bank, died of heart disease on Mar. 8. The
deceased banker, who was 62 years of age, was born in
Ansonia and received his education in the Derby School
and at the Gunner School, Washington, Conn. He was
a former President of the Connecticut Savings Bank
Association and from 1909 to 1911 was a member of the
State Legislature.
[VOL. 134.
Lewis is employed at a garage about two blocks from the closed bank.
Called to the stand by Mr. Teal, he testified that on Jan. 13 1930 his
employer, Ernest Schmidt, had asked him to sign an application for a
loan of $4,500 from the Suburban Title k Trust Co., and that a moment
later Mr. Schmidt had given him another paper to sign which transferred
to him the ownership of a piece of property in Springfield Township.
The loan was granted, Lewis said, and when the check came through he
was asked by Schmidt to indorse it and hand it back to him. This he
did, he said, and added that Schmidt then had turned the check over
to Wilcox.
Lewis declared that he had taken part in half a dozen similar transactions, which, 'it was brought out by the prosecutor, involved property
valued at $18,000. For his part, Lewis said Schmidt had give him "a
couple of bucks" each time. Ile said he hadn't the "slightest idea" what
he was signing when he affixed his name to the various papers.
Assistant District Attorney Toal produced a surprise witness when he
called Philip C. Herr, Philadelphia attorney and special investigator for
the State Banking Department, to the stand.
Mr. Herr testified that he had conducted a thorough investigation of
the closed bank's real estate transaction and expressed the belief that most
of the money alleged to have been misappropriated "went to George Wilcox,
fugitive former President." The witness said Dr. Hardeastle had worked
with him and co-operated in every way in the investigation.
Questioned by attorneys for the defendants as to whether the Board of
Directors knew of the alleged fraudulent real estate transactions, Mr. Herr
produced the minutes of the directors' meeting which, he said, showed
that transactions had been approved by them in a blanket resolution.
Mr. Herr brought out that on Oct. 10 1925 Wilcox had transferred his
entire personal property holdings to the Suburban Title & Trust Co., and
that shortly afterward these holdings were transferred to Lewis & Sadler,
who in turn transferred them to the Delaware County Development Co.,
in which Wilcox was said to have had a controlling interest.
Other witnesses included Gerald II. Ming, Special Deputy of the State
Banking Department, in charge of the bank's affairs and who swore out
the warrants for the arrest of the defendants Saturday night; Ralph E.
Cilley, of Media, former Assistant Title Officer, and Robert Y. Garrett, Jr.,
Beverly Hills, 'former loan clerk of the bank, and troth of whom are now
employed by the State Banking Department, and S. Herman Hull, Treasurer
of the Media-Sixty-Ninth Street Title & Trust Co.
Cilley ennui Garrett exhibited cheeks and papers relating to five mortgage
settlements in Upper Darby aggregating $23,500. They testified that rifle
Trust Co. to
of these checks for $20,000 was paid by the Suburban Title
Uardcastle, deposited in his personal account with the Media Title & Trust
Co., and that Ilardcastle had issued checks for this money to Stanley E.
Sadler and Earl H. Lewis, alleged "straw men" for the Suburban Title St
Trust Co.
Mr. Herr testified that Ilardcastle had told him daring his investigation
about these transactions, declaring that he had deposited the money in
the Media Title St Trust Co. at the direction of Wilcox, and that it had
been checked -out also at the direction of Wilcox.
Mr. 11011 showed records of Hardeastle's accounts and traced the movements of the checks.
William R. Bricker and A. Raymond Bishop, appraisers for the State
Banking Department, said real estate mortgages held by the closed bank
had dwindled in value from $300,000 to $40,000.
Further referring to the affairs of the National Bank
of North Hudson and the Union City National Bank, affiliated institutions, both of Union City, N. J., which were
closed by the United States Treasury Department on Aug.6
last, the "Jersey Observer" of March 8 stated that the application for an extension of time in which to sign up depositors
of the institutions for a proposed reorganization plan which
would have merged the two banks had been rejected by
Our last reference to the affairs a the Suburban Title &
the Comptroller of the Currency and the institutions would
Trust Co. appeared in our July 18 issue, page 292.
liquidated. The "Observer" continuing said in part:
be
Word to that effect was received by B. C. Schram and R. L. Jones
federal receivers of the North Hudson and Union Hill banks, respectively,
Olds morning, from C. E. Fouts, chief of staff in charge of insolvent
national banks.
The committees of depositors of the two banks had secured signatures
of 12,90e of the 14,000 depositors in favor of the plan, but it is understood that the number of signatures would have been considered sufficient,
but extension of time to carry out the plans was refused because the
Comptroller was not satisfied that the sponsors had sufficient moneys
to carry out the project.
It is expected that dividends will be paid -to the depositors within
three weeks, but just how much will be available for distribution could
not be obtained from the Federal receivers. It Is known, however, that
at both banks s staff of clerks are now working on the dividend payments,
and the receivers will await word from Washington as to when payment
will be made.
H. S. Zimmerman, Vice-President of the Mellon National
Bank of Pittsburgh, Pa., died suddenly on March 10 in a
hotel in Los Angeles, Calif. Mr. Zimmerman, who was
64 years of age, had gono to the Coast on business and
apparently had been in good health except for occasional
difficulties in the last two years due to an enlarged heart.
He was born in Stoycstown, Pa. In 1901 he became Cashier
for T. Mellon "gt Sons, predecessor of the Mellon National
Bank, and was made a Vice-President of the institution in
1927, the position he held at his death.
Referring to the affairs of the defunct Mellon Title & Trust
The closing of these banks together with the Jackson
Trust Co. of Jersey City and the Bergenline Trust Co. (all Co. of Ardmore, Pa., which on Oct. 27 last was taken over
members of the Henry chain of banks) was noted in our by the Pennsylvania State Banking Department, the Philadelphia "Ledger" of March 11 stated that a shrinkage of
August 8 Issue, page 898.
more than $6,000,000 in the assets of the institution is
As an aftermath to the closing,last May 9, of the Suburban shown in an inventory filed with the Prothonotary in NorrisTitle & Trust Co. of Upper Darby (Philadelphia), Pa., three town, Pa., on March 19 by Aaron S. Swartz, Deputy
former officials of the institution, George W. Statzell, Jr., Attorney-General, representing 'Dr. William D. Gordon,
President; John M. Hartcastle, Vice-President and Title Secretary of Barking. The paper mentioned said in part:
There were deposits of $7.286,425.54 in the bank and its two branches
Officer. and Nicholas A. Dalton, Secretary and Treasurer,
when it closed its doors, and the total book value of its assets was listed
were held in $20,000 bail each by Justice of the Peace at $10.751,843.
Mathues at a hearing in Media, Pa.. on the night of Feb. 29.
The inventory shows these assets to have shrunk to $4.677,999. Big
A warrant was also issued for the arrest of a fourth de- losses in depreciation, and in some cases total losses in notes and loans are
set forth in the report.
fendant, George Wilcox, who resigned as President of the
Ordinarily this would mean that depositors would receive in excess of
by the State 30 cents on the dollar, but there first must be deducted expenses incurred
bank two months before its doors were closed
liquidation.
Banking Department. Mr. Wilcox is said to have disap- In appraisement and R. J. Hamilton. President of
the bank, secured by
A demand loan of
resignation. The three former collateral of $77,500, is written off as worthless, while another note of M.
peared the day after his
officials held Feb. 29 all furnished bail. The Philadelphia P. Clancy, Vice-President, for 312,326.36, is appraised at only $2,000.
Other big loans on which heavy losses have been sustained include
"Ledger" of March 1. from which the above information Is John J. Dougherty, $115,000, secured by collateral appraised
at 835.000:
obtained, after stating that Mr. Statzell has accepted the Henry Silvert, $65.900. secured by collateral declared to be worthiess,and
Presidency of the hank when Mr. Wilcox resigned, and many the Suburban Realty Co., $13,500 security, appraised at $1,000.
In the list of time loans and discounts unsecured there are listed loans to
expressed the belief he had done so in an effort to save Winfield W. Crawford of 860,200. appraised at 82.550; R. I. Hamilton,
the institution, continuing, said, in part:
$19,000. appraised at nothing: H. T. Hamilton, $5.800, worthless; John S.
When the institution turned its affairs over to the State Banking Department on May 9 its deposits totaled $2,800,000. In addition to the main
office, a branch office was maintained at Llanerch. Officials of the Banking
Department estimate the alleged fraud will cause a loss of approximately
$350,000 to depositors.
At the hearing last night (Feb. 29) Assistant District Attorney William
R. Toal brought out that Earl H. Lewis. Ellsworth Street near 23rd, this
city, a Negro earwasher, was used as a "straw man" in some of the alleged
fraudulent transactions of the accused officials.
Hemphill Jr., $36,650 worthless; P. J. Lawler $41.000. appraised at $5.000:
Wynnewood Realty Co. on a note indorsed by Richard A. Kearns Jr..
$62.060. appraised at nothing, and H. S. Stillwagon, $19,235, appraised •
at $121.07.
The report lists preferred claims of $2,624.171. and the Inventory indicates that after allowing for setoffs and the payment of preferred claims,
there will remain $2.053.828 with which to pay liabilities of $5.902.468.
Preferred claims represent loans due to other banks, secured deposits and
other liabilities of the closed institution.
MAR. 12 1932.]
FINANCIAL CHRONICLE
Offsets are listed at $1.158,889, while the preferred liabilities were
listed as follows:
Deposits, secured by pledged securities, $242,087; bills payable, secured
by pledged securities, loans, discounts and mortgages, $1,208.196.
The inventory lists cash on hand at $17,148. This represents the amount
of cash available the day the bank closed. There was due from other banks,
1541.233.
Accounts receivable were given as $11,595, with an appraised value of
$2,899. The checks and cash items were given as $20.768 (book value),
with an appraised value of 820.426.
Demand loans secured shows a large loss, the book value being listed
at 11.653.181, with an Inventory value of $729,078.
The administration account of the Ardmore Title & Trust Co. which
merged with the Merlon Title & Trust on Jan. 1 1931, shows a depreciation
of more than 11,000,000. On the books of the bank this account is listed
at $1.562,675. The appraised value is $444,385.
Under investments other large shrinkages are shown. Bonds with a
book value of $1,051.141 are now valued at 1683.143. and stocks with a
book value of $492,913 are appraised at $86.749. Mortgages originally
valued at $1,264.501 are listed as worth $698,752.
The three offices of the institution, originally, valued at 3504.525, were
appraised at $227,500.
Walter R. Fairies, representing a depositors' committee, issued a statement after the inventory and appraisal was filed in which it was recommended that plans for reorganization of the bank be abandoned and that
steps be taken to organize another banking institution to serve the Ardmore
district. Mr. Fairies' statement listed public funds on deposit in the Merlon
Institution as follows:
Commonwealth of Pennsylvania.$175.000: Lower Merlon School District,
1190.000; Lower Merlon School Savings Fund. $67.087; Montgomery
County. $200,000.
1897
Mr. Fraser asked a delay in the dividend payment until April 10. After
the decision was announced, hewn er, Mr. Fraser said that the reorganization
committee would increase its efforts and try to get the bank in operation
by March 28.
Signiond Sanger, representing the State Banking Department, and Major
C. W. Miller, Deputy Banking Superintendent, urged that the entry be so
worded as to permit the payment of a dividend of 7, 8 or 10% if enough
money is on hand by March 28. Legal restrictions would prevent payment
in less than 15 days.
The Fayette Bank at Fayette, Brown County, Ohio, a private institution and the only bank in the village, was closed
March 4, according to Associated Press advices from Georgetown, Ohio, on that date, which added:
The bank, unincorporated, was founded about 20 years ago.
A report issued Jan. 14 1932 showed the closed institution had resources
of $114,169.67 and deposits of $54,781.67. It was capitalized at $25,000.
Two Ohio bankers were indicted by the Federal Grand
Jury on March 2 and placed under arrest, according to the
Toledo "Blade" of March 2, from which we quote as follows:
Henry W. Ilene, former Cashier of the Marion, Ohio, National Bank,
is indicted on 11 counts of embezzlement and misapplication of funds totaling
approximately $90,000.
Herntan Frank, former Cashier of the First National Bank of Upper
Sandusky, is charged in four counts with embezzling $6,500.
The Marion bank was closed within a week after Bane disappeared,
Dec. 15. A warrant was issued after his father, Henry B. Bane, President
of the bank, accused his son of being responsible.
Effective March 2 1932, the First National Bank of Mount
As of Feb. 27 1932 the Delaware County National Bank
Pleasant, Pa., and the Peoples National Bank of that place,
of Delaware, Ohio, changed its name to the Delaware County
capitalized at $100,000 and $50,000, respectively, were
National Bank of Delaware.
placed in voluntary liquidation. Both these institutions
were absorbed by the Citizens Savings & Trust Co. of
Youngstown, Ohio, advices on Mar. 3 to the "Wall Street
Mount Pleasant.
Journal" stated that a 10% liquidating dividend, amounting
$400.000, would be distributed early in April to the deAs of Feb. 26 1932, the Citizens' National Bank of to
Central Savings & Loan Co. of Youngstown,
Boliver, Pa., was placed in voluntary liquidation. The positors of the
closed in 1930. The dispatch went on to say:
institution, which was capitalized at $50,000, was absorbed which was
The dividend, the first since the institution was closed, will be paid
by the Boliver National Bank of the same place.
a majority
to 12,000 depositors,
receiver in charge of liquidation.
of which have filed claims with the
A shrinkage of more than $1,000,000 in assets of the closed
Our last reference to the affairs of the institution appeared
Glenside Bank & Trust Co.. of Glenside, Pa., is shown in the
"Chronicle" of June 20, page 4530.
3 at Norristown. by the In the
appraisal and inventory, filed March
Pennsylvania State Banking Department. The Philadelphia
From its Clevelind bureau the "Wall Street Journal" of
"Ledger" of March 4, which we have quoted above, further- yesterday(March 11) reported the following:
more said:
With the next dividends on
Assets are fixed at $1,633,477 compared with book values of $2,887,409
Oct. 3 1931, when the institution closed. There is available for distribution
to depositors and other creditors, after the deduction of preferred claims,
$759,366, to cover claims of $1,484.214.
Cash assets are listed at $21,995 and there is due from other banks
$77,395. Loans and discounts are listed at $1,499,453 on the books of
the banks, but the appraised value is placed at $879.522. Shrinkage in
securities is shown by $212,523 appraised value, compared with $327,338
book values.
Mortgages were listed at $405,524, but the appraised value Is given as
$291,780. Bank officials valued their building and vault at $336,391. The
appraisal places the figures at $80,000. Other real estate held by the
bank, valued on the books at $175,496, is appraised at $57,200.
The closing of the Glenside Bank & Trust Co. was reported
in the "Chronicle" of Oct. 10 1931, page 2380.
capital stock, four leading Cleveland banks
are reducing their annual dividend rates to an 8% basis.
The Central United National Bank has declared a quarterly dividend of
40 cents, payable April 1 to stock of record March 24. Placing the stock on a
$1.60 annual basis, against $2.60 previously.
The Cleveland Trust Co. has declared a quarterly dividend of $2, payable
April 1 to stock of record March 15, placing it on an $8 annual basis,
Compared with $12 previously.
The Guardian Trust Co. bas declared a quarterly dividend of $2 payable
April 1 to stock of record March 19. placing the stock on an IS basis,
against $12 previously.
The Union Trust Co. has declared a quarterly dividend of 50 cents,
payable April 1 to stock of record Mardh 18, placing the stock on a 62
basis, compared with 11.3 Previously.
The First National Bank of Jeffersonville, Ind., which
has been absorbed by the Clark County State Bank of JefferIt is learned from the Richmond "Dispatch" of March 1 sonville, went into voluntary liquidation on March 1 1932.
that Holt Page, now completely recovered from a severe The institution was capitalized at $150,000.
Injury sustained April 1 1929. will reassume his office as
Effective Feb. 15 last, the First National Bank of Whiting,
Vice-President and Cashier of the Central National Bank of
Richmond, Va., according to an announcement on Feb. 29 by Ind., capitalized at $100,000, was placed in voluntary
William H. Schwarzschild, President. Mr. Page, it was liquidation. The institution was succeeded by the State
stated, was hurt when a tree, uprooted in a storm, fell across Bank of Whiting.
his automobile on the Petersburg Pike, near Dutch Gap. He
Abner T. Bowen, head of the private banking concern of
has'been identified with the Central National Bank for a
A. T. Bowen & Co. at Delphi, Ind.. died of pneumonia on
number of years.
March 4 at the home of his brother in that place at the
Guardian Trust Co. of Cleveland, Ohio, has acquired the age of 80 years. Mr. Bowen organized the A. T. Bowen
Ohio State Bank, also of Cleveland, with deposits of approxi- Bank in 1880 and also organized a bank under that name
mately $370).000. according to Cleveland advices on March 4 In New York in 1893, which he operated until six years
ago. In 1912 be organized tile A. T. Bowen Bank of Logansto the "Wall Street Journal."
port, Ind., which later became the Farmers' & Merchants'
The payment of a dividend of not less than 6% to de- Bank of that city. Subsequently he organized a second bank
positors of the Commercial Savings Bank & Trust Co. of in Logansport, which later was sold to the Citizens' Loan
Toledo. Ohio (one of the four Toledo banks which closed & Trust Co.
Aug. 17 last), by March 28 was ordered by Judge James
Concerning the affairs of the defunct Farmers' Trust Co.
Martin of the Court of Common Pleas on March 2, subject
approval of the other judges of that court, who met of Indianapolis, Ind., the Indianapolis "News" of March 3
to the
contained the following:
later and concurred. Judge Martin's action was taken on
Unliquidated
the
application of Eugene Itheinfrank, President of the Toledo $596,300.76 as assets of the Farmers' Trust Co. have an appraised value of
against
value of $1,425,184.07 at which they
Association, who demanded immediate payment carried on the company's books when it closed its doors May 4 1931. were
Depositors'
This
announcement was made in the report of Boyd M.
of a dividend. Tile .Toledo "Blade" of March 2, in reporting Judge Clarence E. Weir, in Superior Court, Room 4, Ralston, receiver, to
Thursday (March 3).
furthermore said:
the above,
Liquidation of the remaining assets, which are nearly all
Payment of a 6% dividend will amount to approximately $700,000.
Attorney Harold Fraser, counsel for the proposal Commercial Trust Co.,
organization of which is under way, protested that payment of a dividend
within too short a time might hamper plans for the new bank, which hopes
similar to that of the new Commerce-Guardian Bank.
to operate on a plan
real estate
or securities involving real estate, depends on the general condition of
the
real estate market, the receiver reported, and under present market
conditions, conversion of the assets into money must necessarily be slow.
Ralston reported that mortgage loans and real estate owned by
the
company were widely scattered through Indiana, Illinois and Missouri, and
1898
FINANCIAL CHRONICLE
would require an unusual amount of work and time for liquidation, because
of the scattered condition.
The receiver reported that claims for preference in payment have been
filed in the total amount of $407,206.82 and that the court held that
$317,798.39 of these claims were not entitled to preference.
The remainder of the claims for preference will be tried before Judge
Weir, March 21, 22 and 23. Attorneys for the receiver are H. Nathan Swaim
and Charles W. Richards.
The closing of this bank was noted in our issue of May 16
1931, page 3654, and its affairs referred to in the "Chronicle"
of May 30 of that year, page 3993.
With reference to the affairs of the Waukegan State Bank,
at Waukegan, Ill., the probable reopening of the institution
in a short time was indicated in a dispatch by the Associated
Press from Waukegan on Feb. 19 last, which said in part:
The Waukegan State Bank, whose closing was followed by 10 indictments
against State Auditor Oscar Nelson and five bankers of Waukegan and
Chicago, will be reopened within a month in consolidation with the
insolvent NVaukegan National Bank, it was announced Friday (Feb. 19).
State's Attorney A. V. Smith of Lake County said he would nolle prosse
the charges against Auditor Nelson and the bankers—conspiracy to defraud
depositors of the State bank—if and when the proposed bank opens and it
appears able to discharge the obligations to depositors.
[VOL. 134.
Mueller was specifically charged with embezzlement of $8,000 and falsifications totaling $15,000. Sentence was imposed on four counts, the terms
to run concurrently.
A 10-day stay of execution was granted when Mueller's counsel announced intention to file an appeal. The trial was held in Green Lake
County, but Mueller was brought here for sentence on an agreement between State and defense attorneys.
Fred Krueger, former Cashier of the Princeton bank, pleaded "guilty"
to charges of misappropriating nearly $100,000 of bank funds, and Is
now serving sentence of from five to 15 years in State prison.
Following the closing of the National Bank of De Pere,
Wis. (noted in our issue of last week, page 1509), the Milwaukee "Sentinel" of Feb. 19 stated that a Federal warrant
charging alleged misapplication of more than $100,000 of
the bank's funds was expected to be served that day on
Omer D. Kiley, former Cashier of the institution and Mayor
of De Pere. We quote in part from the paper mentioned,
as follows:
Authoritative information was that the total of the defalcations may run
as high as $300,000. The bank was closed Tuesday (Feb. 16).
Information as to the shortages has been in the hands of Levi H. Bancroft,
Federal District Attorney here, for several days, it was learned, while
investigation of the bank's affairs proceeded. . . .
Kiley is said to have admitted defalcations totaling nearly $200,000, but
Dr. William D. Gordon, Secretary of Banking for Penn- many of the transactions took place so long ago as to be outlawed for
criminal prosecution by the three-year statute of limitations.
sylvania, announced on Mar.4 that initial dividend payments
The warrant lists in the aggregate more than $100,000 in defalcations as
to depositors of four State banks, aggregating $796,071 admitted by Kiley and not outlawed.
42, has been
would be paid, according to the Philadelphia "Ledger" of BeKiley, for six years; Cashier of the bank for 15 years and Mayor of
Pere
he is a past President of the De Pere Rotary Club
Mar. 5, which continuing said:
and considered a leading citizen.
Fourteen years ago the defalcations began when Kiley made a $20,000
The list of institutions to make payments is headed by the Olney Bank
& Trust Co. of Philadelphia, on which the first disbursement of 10% loan to a new manufacturing concern without knowledge of the bank
directors, covering up the loan when the concern went bankrupt.
will be made Mar. 17 and will total $367,546. The payment will be
"I tried to recover after getting into something when I was young and
made by checks sent through the mails to 26,000 depositors. The checks
will be drawn by John A. McCarthy, as a private banker, on the Union new in the banking business," he said. "Realizing my mistake now, I have
no one to blame but myself."
Trust Co. of Pittsburgh. The Olney Bank & Trust Co. closed Oct. 2 1931.
Numerous forgeries of notes were discovered by bank examiners after
It has total deposit liabilities of $3,675,452.
their suspicion was directed to paper held by the bank.
A 10% dividend, amounting to $61,137, will be paid to depositors of
L. J. Bosworth, Green Bay, was appointed receiver by the Comptroller
the Willow Grove Trust Co. Mar. 15. Checks also drawn by John A.
of the Currency when the mounting shortages became apparent. About
McCarthy, private banker, on the Union Trust Co. of Pittsburgh will be
$20,000 in school and city money is on deposit in the bank. Other Be Pere
mailed to 3,900 depositors. The Willow Grove Trust Co. closed its doors
banks are not affected, authorities said.
Oct. 5 1931. It has total deposit liabilities of $611,369.
Depositors of the Merchants Savings & Trust Co. of Pittsburgh will
George M. Wyatt, Cashier for the past 20 years, of the
receive a 20% payment on Mar. 10. It will total $136,617. The number
of accounts is 4,000. The checks will be drawn by Charles L. McCune, First Wisconsin Bank at Fond du Lac, was recently adprivate banker, OD the Girard Trust Co. of Philadelphia. The institu- vanced to
Vice-President, and T. H. Normile, Assistant
tion, which closed Sept. 24 1931, has total deposit liabilities of $682,626.
An advance payment of 10% totaling $240,872, will be made to de- for the same period, was promoted to the Cashiership, it
positors of the McKean County Trust Co. of Bradford, Mar. 14. It will is learned from the "Commercial West" of Feb. 20, S. D.
be made to 8,200 depositors. The checks will be drawn by Charles L.
McCune, private banker, on the Girard Trust Co. of Philadelphia. The Wyatt is President of the institution.
McKean County Trust Co. closed its doors Oct. 23 1931. It has total
It is learned from the "Commercial West" of Feb. 27
deposit liabilities of $2,408,682.
Directors of the Continental Illinois Bank & Trust Co. of
Chicago, Ill., on March 8 declared a quarterly dividend of
83 a share on the capital stock of the institution, thereby
establishing an annual rate of $12 a share against $16 paid
annually since the present bank was formed. The Chicago
"Journal of Commerce" of March 9, in reporting this,
furthermore said:
"The change in rate was made in pursuance of a conservative policy of
building up contingent reserves," an official announcement stated.
"Earnings for January and February exceeded those for the same period
last year and were in excess of monthly dividend requirements at old rate of
payment to stockholders
$4 a quarter. The (new) dividend rate will call for
of $9,000.000 a year.
"Net earnings of the bank last year, after setting aside reserves for taxes
and interest, but before charge-offs, were $14,876,275."
calls
In reference to the dividend reduction, the bank's announcement
attention to the fact that at the current market price, the issue yields
more than 9%•
That the Romulus State Bank at Romulus, Mich., which
had been closed since Sept. 18 1931, would re-open on
March 5 under a five-year moratorium on old deposits, was
indicated in the Detroit "Free Press" of March 3, from
which we quote in part as follows:
Re-opening was expedited by a depositors' committee, selected by
Charles II. Schutz,receiver, which secured signatures to 97% of the deposits
in 10 days.
A 100% assessment had been levied on the stock and had been collected
by the receiver. The confidence of the community in the reorganized bank
is indicated by the fact that an additional $5,000 was subscribed to increase
the capital stock to $25,000 on the reopening. Under the plan adopted,
this bank will undoubtedly be one of the soundest institutions in the State.
The receivership cost the depositors nothing. It showed an operating
profit over and above the expense of administration and payment of all
previous labor claims due at time of suspension. The operating profit was
$11,914.27 and the actual fees paid the receiver and his attorney were
$4.900. All of the remaining expenses were paid, leaving a net profit to the
depositors of $3.170.26.
The administration of the receivership was conducted under the Hon.
Dewitt H. Merriam, Circuit Judge for the County of Wayne.
Frank R. Mueller Jr., former Assistant Cashier of the
defunct Princeton State Bank at Princeton, Wis., convicted
of embezzlement of the bank funds, was sentenced by
Circuit Judge Byron B. Park at Stevens Point, Wis., on
Mar. 1 to serve from three to five years in the State Prison,
according to advices by the Associated Press from Stevens
Point on the date named. The dispatch continuing said:
that depositors of the closed People's State Bank of Glencoe,
Minn., are being paid an initial dividend of 30%. The
closing of this bank on June 26 last year was noted in the
"Chronicle" of July 4, page 63.
R. J. Lewis. President, and E. M. Peterson, Cashier of
the First National Bank, Moose Lake, Minn., have sold
their interests in the bank to V. J. Michaelson, W. I.
Karpela, 0. A. Schultz, and others according to the "Commercial West" of Feb. 27. New officers of the institution
are Mr. Michaelson, President; F. A. Schvveiger and W. I.
Karpela, Vice-Presidents; and 0. A. Schultz, Cashier. The
bank has combined capital, surplus and undivided profits
of $42,000, and deposits of more than $400,000, the paper
mentioned said.
Northwest Bancorporation (headquarters Minneapolis)
with its 138 affiliates ranks 16th in size in aggregate deposits
among financial institutions in the United States, according
to the annual report just recently received, while deposits of
the Northwest Bancorporation Group make it the seventh
in size outside of New York City. For the year ended
Dec. 311931, the corporation made gross earnings of $24-,
191,509.39 compared with $26,306,864.74. Reduction in
expenses from $19,532,857.15 to $18,177,340.91 left operating earnings $6,014,168.48 compared with $6,774,007.59
for the previous year. The operating statement is as follows:
Interest earned
Other earnings
1931.
1930.
$19.486.779.05 $21,752,016.96
4.704,730.34 4,554,847.78
Gross earnings
Interest paid
Salaries
Other expense;
Taxes
824.191.509.39 826.306,864.74
7.218,773.18 8,242.268.25
5,993.685.03
6.147 691.98
3,984,949.32
3.671,843.74
979.933.38
1.471,053.18
Total expenses
$19.177.340.91 $19,532,857 15
Operating earnings
6,014,168.48 6.774,007.59
Amount applicable to Northwest Bancorporation after eliminating earned minority
interests In affiliates
6,478,039.44
5,741,625.70
The report goes on to say:
It has been the continued policy of the corporation to maintain the
highest standards of banking operation and to face facts as they appear.
charging off determined losses and setting up adequate reserves to meet
possible contingencies.
In line with this policy the assets other than stocks of affiliated institutions have been written down to market, wherever prices were available. and, in other cases, to estimated realizable values of Dec. 31 1931.
MAR. 12 1932.]
FINANCIAL CHRONICLE
This resulted in setting up reserves of $3,152,005, which amount has been
deducted from the corporation's surplus. In addition, the corporation's
investments In stocks of affiliated institutions, which has been carried
at cost, has been adjusted by the net reduction in the book value of the net
tangible assets of the respective companies between the dates of acquisition
and Dec. 311031.
The directors have charged off $6,100,759.90 in the year on loans and
investments, substantially in excess of the amount set up by the National
and State authorities who examined the banks.
After making these charge-offs and setting up reserves, eliminating nonledger assets and all good-will value. the Bancorporation and its affiliated
institutions have capital, surplus and undivided profits of $52.465,657.29.
Of this amount $2,611,293.58 represents the interest of minority stockholders, and $49,854,363.71 represents the corporation's interest in these
institutions and its investments in other assets.
It is equal to $29.81 a share—or 60% more than the current market price
of Bancorporation stock.
The corporation had at the close of the year 17,605 stockholders, compared with 12,757 on the corresponding date In 1930, who held 1,679,501
shares, compared with 1.673,912 a year ago. Of these 11,039 were Minnesota stockholders, holding 998.875 shares. Ninety-five per cent of all the
stockholders live In the States where Northwest Bancorporation banks are
located. Every officer and employee is a stockholder.
Operating earnings applicable to stock, the report said, were $3.43 a
share as compared with $3.87 a share in 1930. Dividends amounting to
$1.80 a share were paid in the year, amounting to $3,004,936.20. The
earnings were equal to 6.86% on the par value of the capital stock.
The First State Bank of Regent, N. D., closed since last
September, reopened for business on Feb. 16. Officers of the
bank, as named in the "Commercial West" of Feb. 27, are
as follows: S. W. Hill, President; J. P. Jungers, VicePresident; H. C. Bowers, Cashier, and H. R. Holmstrom,
Assistant Cashier.
According to the "Commercial West" of Mar. 5, Mrs.
Harold Van Patter will succeed B. A. Pettit as Cashier of
the State Bank of Buckeye, Iowa, who recently resigned
to take a position in the farm loan department of the Valley
National Bank of Des Moines, Iowa.
The Comptroller of the Currency on March 4 issued a
charter for the First National Bank in Alma, Alma, Kansas,
with capital of $50,000. Otto J. Hess is President of the
new bank and A. E. Stuewe, Cashier.
A new bank, the Security Bank, to replace the former
Security State Bank of Blackwell, Okla., which closed in
January of the present year has been authorized by the
Oklahoma State Bank Commissioner, according to advices
on Mar. 5 to the "Wall Street Journal", which also said:
It hag capital of $50,000 and surplus of $25,000, and opened under an
agreement to pay all secured claims of the old bank in full at once and
to make a payment of 50c. on the dollar to other depositors.
The Round Prairie State Bank of Fillmore, Mo., was
closed on Feb. 29, according to Associated Press advices
from Fillmore on that date, which went on to say:
E. W. Davis, President, said the action is temporary "for adjustments
to be made..
The Parish Trust & Savings Bank of Opelousas, La.,
newly organized banking institution, opened its doors for
business on March 1. It replaces the Parish Bank & Trust
Co., which closed Jan. 23. Advices from Opelousas to the
New Orleans "Times-Picayune," from which the foregoing
is learned went on to say:
• Statements by bank officials declared that depositors in the Parish Bank
& Trust Co. would receive 100 cents on the dollar as a result of the reorganization effected to-day. The payment plan is extended over a period
of five years, in which patrons of the former bank were issued certificates of
deposit. Accounts up to $25 were released.
Officers for the newly organized bank were selected as follows: R. D.
Christman, President; S. D. Kurtz, Vice-President; L. M.Lafleur, Cashier;
Bryan ',Men, Assistant Cashier. The newly organized bank also maintains
a branch in Arnaudville, La., as did the former institution, with B. D.
Champagne as Manager.
The First National Bank of Stamford, Tex., went into
voluntary liquidation as of Feb. 25 last. This bank, which
had a capital of $100,000, was succeeded by the First
National Bank in Stamford.
The City National Bank of Colorado, Tex., capitalized
at $60,000, and the Colorado National Bank in Colorado,
with capital of $100,000, were consolidated on Feb. 27 under
the title of the City National Bank of Colorado. The new
organization is capitalized at $100,000 with surplus of $75,000.
Two Oroville, Calif., banks, the First National Bank and
the Bank of Oroville, capitalized at $50,000 and $100,000,
respectively, were consolidated on Feb. 11 under the title
of the First National Bank of Oroville. The enlarged institutiion is capitalized at $127,500 with surplus of $72,500.
On Mar. 3 the fifth liquidating payments was made to the
stockholders of the Central National Bank of Los Angeles,
1899
Cal., by David C. Moore, liquidating agent, who announced
that he had several thousand dollars in reserve for future
refunds, which he is withholding at present for contingencies
which may arise in protecting properties still held. The Los
Angeles "Times" of March 4, from which the above information is obtained, went on to say:
The bank's stockholders, at a meeting Mar. 11 1931, decided to discontinue voluntarily the business of the bank. Depositors had been asked
to call for funds deposited with the bank several days before the meeting.
All depositors were paid in full and interest on savings deposits was paid
up until ten days before, or Mar. 1. Substantial net assets remained in
loans and securities to meet deposit liabilities.
All creditors have been paid in full, Moore reported, including a satisfactory settlement of the lease liability for the bank quarters for the
unexpired portion of the lease, a liability which had totaled approximately
$276,000.
Moore's report indicated he has several thousand dallars in face value
of notes, securities and real estate to be liquidated, and that he plans
to take advantage of improving conditions which are expected to yield
better returns in the future.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Trading on the New York Stock Exchange has been
extremely dull during the present week and with the exception of a brisk upward movement on Tuesday, the
market has been reactionary with alternate periods of
advance and decline. Some of the more active of the
speculative favorites reached new highs, but were unable to
hold their advances for any very lengthy period. Railroad
stocks had a brief period of buoyancy on Tuesday but soon
lost their gains, and early in the week merchandising and
chemical stocks had a short burst of strength but failed to
maintain their improvement. Motor shares were sluggish
due to the uncertainty regarding future production,while steel
stocks sold off following the publication of United States
Steel Corp.'s statement for February showing a decline of
102,521 tons in unfilled orders, to a new record low of
2,545,629 tons. Among the interesting events of the week
were the advance in pound sterling to 3.53%, the highest
since last November, the Government offering of $300,000,000 in 3 % Treasury certificates of seven months' ma%
turity and $600,000,000 in 3%% Treasury certificates
of
12 months' maturity, which were 33' times oversubscribed.
The Bank of England made a further reduction on Thursday
in its discount rate from 5% to 4%, making the second
cut
within three weeks. Call money renewed at 2%% on
Monday, and remained unchanged at that rate during the
rest of the week.
The market moved irregularly upward during the brief
period of trading on Saturday and while the advances were
not particularly large, the forward movement was fairly
steady. There were isolated exceptions where a prominent
issue failed to move with the market, but these were largely
in the minority. • The best showing was made in the early
trading by the chemical stocks and the merchandising
groups, while the public utilities were stronger in the last
half-hour. Shortly before the close large blocks of railroad
shares were offered at advancing prices and a number of the
more popular issues closed with substantial gains. In the
specialties groups Air Reduction and Columbian Carbon
were the strong stocks, the former reaching a new top for
the year. United States Steel was fairly strong and closed
above 50 with a gain of 2 points. Amer. Tel.& Tel. moved
up 33% points to 1343 . Rubber stocks were stronger as a
%
result of the more optimistic outlook for restricting production, and copper shares showed moderate improvement due
to the increased demand from foreign buyers. Other gains
included Atchison, 4 points to 87; Auburn Auto, 1 k points
to 92k; International Business Machines, 3% points to
1137 ; Safeway Stores, 2% points to 59; Union Carbide &
%
Carbon, 2% points to 363'i; Union Pacific, 4 points to 87;
Eastman Kodak, 1 point to 83%; Interborough Rapid
Transit, 13' points to 143 , and Drug, Inc., 23's points to
%
55%.
Prices were fractionally higher as the market opened on
Monday, but turned slightly reactionary as the day progressed. Pivotal shares showed net losses ranging from 1 to 2
or more points and the main body of stocks followed along
in the downward drift until late in the day when some of the
popular issues rallied for a brief period and closed somewhat
higher. Prominent among the shares closing on the side of
the decline were many preferred stocks, while the common
issues were represented on the side of the decline by suchshares as Amer. Tel. & Tel. 33. points to 131k, Atchison
2 points to 85, Auburn Auto 2% points to 90, Rock Island
2% points to 17, Reading 28% points to 30%, Eastman
Kodak 1 point to 823, Lambert Company 1% points to 54,
3
Safeway Stores 34 points to 55%, Canadian Pacific
points to 18%, Delaware & Hudson 11% points to 82% and
Union Pacific 2 points to 85. Trading continued quiet and at
the close prices were near the lows for the day.
On Tuesday, the trend of prices turned upward and while
the transactions were small, numerous advances ranging
from 2 to 4 or more points were registered at the close. Oil
shares were especially strong and moved briskly ahead for
a brief period, but slowed down later in the day and closed
only fractionally higher. Industrial shares like United
States Steel, American Can, General Electric and Amer.
Tel.& Tel. were strong and recorded gains ranging from 1 to 3
or more points at their tops for the day. Railroad issues
were in the foregound a goad part of the session and most of
the specialties registered substantial advances. The prin%
cipal changes on the up side were Amer. Tel. & Tel., 23
points to 133%; Auburn Auto, 2 points to 92; Homestake
Mining Co., 3 points to 125; Peoples Gas (Chicago), 4 points
to 99; Standard Gas & Electric,2% points to 34%,and International Silver, 4 points to 23.
Prices advances during the early trading on Wednesday,
but the upward swing was checked after the first hour as
selling appeared in some of the popular speculative issues.
Reactionary tendencies became more pronounced as the
day progressed, though trading was not particularly heavy
at any time during the session. Auburn Auto was the
feature of the session as it moved upward to 96% at is
/
peak for the day, and closing at 941 8, with a net gain of 4%
points. The final changes on the side of the decline included, among others, Air Reduction, 1% points to 60;
Allied Chemical & Dye, 1% points to 84%; American Can,
1
1% points to 71 %;American Water Works, 1% points to 33;
4
Detroit Edison, 13 points to 110%; Eastman Kodak, 1%
points to 82%, and Union Carbide & Carbon, 1% points to
341/8. At the close the market was fairly steady, with
prices slightly above the bottom for the day.
Irregularity was the chief feature in the dull trading on
Thursday and while the market developed a steadier tone
after its early sag, the changes for the day were small though
there was some liquidation apparent and occasionally a
moderate amount of speculative selling. Most of the final
changes particularly among such stocks as United States
Steel, General Motors, Westinghouse and General Electric
moved within a narrow range and closed with fractional
losses. The principal changes were on the downside and
included among others, Amer. Can, 1% points to 70%;
Delaware, Lackawanna & Western, 1% points to 20%;
Norfolk & Western, 3 points to 123; Hershey Chocolate, 3
points to 80, and International Shoe, 1% points to 3732.
The market reacted downward on Friday and many of the
popular speculative favoetes fell off from 2 to 3 or more
points. Trading was unusually quiet and the decline extended to all parts of the list. The opening hour was noteworthy for the uprush in Auburn Auto, which surged forward
35%
7
to above 101 and then sank to 99%, with a net gain of
points on the day. Railroad shares were fairly strong in
the early trading, but were unable to resist the downward
movement and slipped lower with the rest of the list. The
changes on the side of the decline included among others,
4
Allied Chemical & Dye, 31% points to 803 ; American Can,
2 points to 68%; American Tobacco,3 points to 83; Atchison,
4
2% points to 803 ; Brooklyn Union Gas, 2 points to 86;
United States Steel, 2% points to 461%; Union Pacific, 3
points to 81%; Peoples Gas (Chicago), 2 points to 98;
Homestake Mining Co., 2 points to 124; Pacific Telephone
& Telegraph, 21/4 points to 99; Norfolk & Western, 3 points
4
to 120, and Eastman Kodak. 2% points to 793 . The
market was fairly steady at the close, but most of the active
issues were down to their lowest levels of the day.
EXCHANGE
TRANSACTIONS AT THE NEW YORK STOCK
DAILY, WEEKLY AND YEARLY.
Week Routed
Mar. II 1932.
[Vol,. 134.
FINANCIAL CHRONICLE
1900
1
State.
Stocks, 1 Railroad
Alionlrer of and Miscell. MuniriPat ck
For'n Bonds.
Bonds.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
1.162.617
1,583,31t
1.637.883
1.330.810
1.044.800
1.258,130
33,895.000
5.536 000
6.362 000
6.734.000
5.886.000
5.946,000
$1,843.000
3.664.000
3,978.000
3.664.000
2.495.000
2.346.000
United
Stales
Bonds.
2814.000
1,457.700
3.166.000
2.931.000
3,720 000
938.000
Total
Bond
Satin.
$6,552,000
10.6.57.700
13.506.000
1.3.325.000
12.101.000
9.230.000
S85,375,700
8,021,649 534,3.59.000 317,990,000 313,026,700
Sates at
New Yost Stock
Exchange.
Week Ended Mar 11.
1932.
Jan. 1 to Mar 11.
1932.
1931.
14.821.142
79.822.719
137,440.228
31.324.000
181,001.000
36.539.500
$146.331.950
154.903.500
324.141.000
341.623.550
154.408.500
356.728.000
365.375.700 355.864.500
3625,376,450
3552,960,050
8.021.6491
-No of shares_
Stocks
Bonds.
Government bonds_ __ 313.026.700
17.990.000
State & foreign bonds_
Railroad & misc. bonds 34.359.000
Total
1931.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Baltimore.
Philadelphia.
Boston.
Week Ended
Mar. 111932.
Shares. Bond Sales. Share,. Bond Sales. Shares. iBond Sales.
14.812
23.463
22.437
22.871
19.201
5.805
36.000
3,000
5.000
19,000
1,000
a21,976
a29,983
a25,399
a18,261
14.882
1.670
212.000
18,000
15.000
27.000
20,000
780
1,255
996
732
1,0481
(3551
$1,000
2.000
2.000
2.000
$7.000
5,466'
292,000
334.000 112.171
108,589
-55,100
3.653
599.272 108.377 2104.100
124,041
Prey, week revised
a In addition, sales of warrants were: Saturday, 10; Monday, 10 Tuesday, 10
Wednesday, 10. Also,sales of rights were: Tuesday. 50.
Total
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Mar. 5 Mar. 7 Mar. 8 Mar. 9 Mar.10 Mar.11
1932.
1932.
1932.
1932.
1932.
1932.
Francs. Francs. Francs. Francs. Francs. Francs.
13,800 13.500 14.000 14.000 13,700
Bank of France
Bank Nationale de Credit
Banque de Paris et Pays Bas____
Balm ue Se Union Parisienne____
Canadian Pacific
Canal de Sties
(Ic Deer d'ElertrIcitie
ie General d'Electricttle
Citroen B
Comptoir Nationale crEscompte
Coty (roe
Coorrieres
Credit Commerciale de France
Credit Fourier de France
Credit Lyonnais......
Distribution d Electricttle la Par
Faux Lyonnais
Energie ElectrIque 110 Nord____
Etienne Fiectrique du UttoraL.
Freud) Line
HOLIGales Lafayette
DAY
Gas I.e Bon
Kuhlmann
L'Air Liquid()
Lyon (P L M1.)
Mines de Courrieres
Mines des Lens
Nord Ry
Paris. France
Pane Capital
PechineY
Rentes 3%
Rentes 5% 1920
Reines 4% 1917
Reines 5% 1915
Ftentes 6% 1920
Royal Dutch
Saint CoMn. C. & C
Schneider & Cle
Societe Andre Citroen
Societe General Ponders
Societe Francalse Ford
So.1ete Lyonnais
Societe Marsellialse
Sues
Tubise Artificial Silk Mg
Union d Electrirtie
Union des Mines
Wagon-Lits
,7145
1- 1,6134
515
570
608
585
14,800 15,240
2.3.50 2,475
2.720
2,590
572
558
1,310
1,270
350
370
499
570
845
810
5.120 5,300
2.250
2.110
2.470
2,350
2,290 2.400
717
729
1,045
1.080
127
120
104
105
ROO
500
840
920
1.291
1,290
500
470
580
560
1,820
1.800
1,440
1,420
155
158
1,560
1,450
79.10
79.10
124.00 124.00
94.70 94.50
100.90 100.80
104.20 104.20
1,630
1,720
2,3430 2,020
1.355
1.375
540
570
283
262
155
146
2.290 2,420
635
540
14,900 15.200
231
243
940
950
300
300
140
126
139
1.660
505
512
15,000
2,325
2,560
562
1,260
360
481
826
5,150
2.160
2.370
2.300
716
1.071
130
105
830
480
870
1,295
480
560
1,830
1,510
168
1,460
79.10
124.10
94.20
100.90
104.20
1.680
2.400
1,425
560
276
155
2,305
645
15,000
240
950
1.730
540
592
15.005
2.440
2.680
55.5
1.310
370
320
835
5.250
2,200
2.440
2.400
740
1.080
150
103
860
500
940
1,290
520
670
1,850
1,500
168
1,500
79.20
123.90
94.00
101.00
104.24
1,650
2.525
1.500
550
277
150
2.400
630
15.000
228
910
310
132
1,720
687
2.730
,
1- 565
360
6.180
2.160
2.460
2,400
"HO
102
860
490
930
"ioo
570
1.850
1,460
14
1.1
79.20
123.70
94.10
100.80
104.10
1,640
550
266
139
15.000
950
320
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, March 12), bank exchanges for all the cities of
the United States from which it is possible to obtain weekly
returns will be 39.6% below those for the corresponding
week last year. Our preliminary total stands at $5,060,749,328, against $8,382,040,406 for the same week in 1930.
At this center there is a loss for the five days ended Friday
of 42.7%. Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
IFeek Ending March 12.
1932.
1931.
Per
Cent.
New York
Chictru
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
1)etr.,It
Cleveland
Baltimore
New Orleans
32.657.801,419 $4,641.041,862
328.534.143
184,232.357
227.000.000
312.000.000
181.000,000
331,000.000
51.230.440
73.216.109
46,100.000
74.000.000
86.047,000
114.144.000
No longer will report clearings
59.647,768
111.332.151
46,220.594
103.709,319
48.281.416
77,590.205
40.658,976
58,282,359
26,664.062
38,543,472
-42.7
-43.9
-27.2
-45.3
-30.0
-37.7
-24.6
Twelve cities. 5 days
Other cities, 5 clays
33.654.884.072
562.407,035
36,263,393,620
717,190.245
-41.6
-21.6
Total all cities, 5 days
All cities. I day
$4,217,291,107
843,4511.221
36.980,583,865
1,401,456.541
-39.6
-39.8
-46.4
-55.4
-37.8
-47.6
-30.8
25.060,749.328 :8.3412.040A06 -39.6
Complete and exact details for the week covered by the
foegoing 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 March 5.
For that week there is a decrease of 36.0%, the aggregate
Total all cities for week
FINANCIAL CHRONICLE
MAR. 12 1932.]
of clearings for the whole country being $6,336,898,399,
against $9,901,277,049 in the same week of 1931. Outside
of this city there is a decrease of 34.4%. the bank clearings
at this center recording a loss of 36.8%. 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, there is a
loss of 31.5%, in the Boston Reserve District of 41.1% and
in the Philadelphia Reserve District 33.7%. In the Cleveland Reserve District the totals have been diminished by
38.9%, in the Richmond Reserve District by 26.8%, and in
the Atlanta R3;erve District by 28.8%. The Chicago Reserve District suffers a contraction of 41.9%, in the St. Louis
Reserve District. of 23.0%, and in the Minneapolis Reserve
District of 27.7%. In the Kansas City Reserve District
the decrease is 31.0%, in the Dallas Reserve District 25.6%
and in the San Francisco Reserve District of 29.0%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ender Mar.5 1932.
1932.
1931.
1700.07
Dec.
1930.
1929.
$
$
%
278,662,688
472,770.179 -41.1
4,368,447,999 6.881.075,379 -36.5
479,215,927 -33.7
317,602.203
210.836.105
344.786.854 -38.9
125,559,751
171.669.500 -26.8
99.128,724
139,260.265 -28.8
410.133.369
706.021.710 -41.9
99.232.965
137.791.918 -28.0
73.688.905
101.918.148 -27 7
163,605,425 -34.0
107.899.511
39.281.361
52,804,631 -25.6
290.457.113 -29.0
206,364.818
129 cities
Total
Outside N. Y. City
401.277.049 -36.0 11,209,949,843 13,639.834,558
6.336.896,399 9,
2.078.877,815 3.167.249,681 -34.4 2,953.847,245 4,265.769.984
29 nirlaa
041 700 014
701 000 nag --./3 ft
$
3
527.607.370
556.285.936
7,427.015.25 9,510,4E9.082
643,310.056
612.261.857
395,970,686
416,567.201
184.499.633
179,691,054
165,723.622
193,644,349
881,547.781 1,090.131,935
187.924.849
204,142,960
119.108.197
131,398,413
220,187.441
225.189.640
62,560.832
97,193,791
394,294.122
392,633,140
icn 170833
499 409 702
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended March 5.
Clearings a/
1932.
1931.
First Federal Reserve Dist rict--Boaten
Maine-Bangor_ _
479.975
651,019
Portland
2,189.555
3,155,811
Mass.
-Boston _ _ 241.703.432 422.853,452
Fall R1ver _ _
713,304
818.9.69
Lowe!I
367.578
462.001
New Bedford _
707.405
938,128
Springfield _
3.747.976
5,155,785
Woreester
2.448,895
3,243,961
-Hartford
Conn.
9.920.171
14,660,115
7.446.929
New Haven.
8.310.689
8,196,500
K.
R.1.-Providenoe
11,978,100
722.278
N.11.-Mancti'r_
642.1.29
-Total(12 cttlem
278.662.1488
Inc. or
Dec.
--26.3
--30.7
--42.8
--12.9
--16.1
--24.6
--27.3
-24.5
--31.9
--10.4
1930.
1929.
+12.5
674.309
4.018.930
470.000.000
1,085,325
949.649
1,119.473
5.619,974
3,493.400
17.050.134
9.128,849
13.806.500
830,7110
.61/8.973
4.219.2.59
492.000.000
1,214.602
1.344.951
1.194 630
5.648.713
3,854 243
20.334.720
8.269.601
16.803.500
70:4,554
472,770.179 -41.1
527.807,370
556.285,936
Second Feder al Reserve 13 istrict-New
5,309.910
7,212.427
N. .-Albany _ _
'954,527
Binghamton._ _
1.235.474
27.076,568
Buffalo
39.001,727
809,844
Elmira
1.093,302
Jamestown _ _ _
699.532
1.021.644
Nea York _ _ _ 4,258,020.584 6,734.027.368
Rochester_
1,726.207
13,128,301
Syracuse
5,905.096
6.101,523
-Stamford
3,317.358
Conn.
3,787.195
-Montclair
739.550
N. J.
860.445
Newark.
27,701.282
35.466,658
Northern N. J.
28.205,541
38.141,317
York
-26.3
6.142.449
5.719.672
-22.7
1.352.628
1.329,785
-30 6
54.440.809
60.837.437
-26.0
874 449
1.134.039
-36.4
1;264.464
1,267.558
-86.8 7,256.102,5911 9.374,064,574
-25.9
13.147.084
15.088,498
-3.2
5.962.325
6,767,874
-11.6
4.177,815
3,822,880
-14.1
750.926
968,397
-21.9
33.729.838
27,111,348
-26.0
49.063.46
42.398.020
Total(12 cities) 4.368,447.999 6,881,075.379 -36.5 7.427,015,254 9,540.489,082
Third Federal Reserve Dist act-Philad elphla
-Altoona._
486.638
Pa.
505.675 -3.8
Bethlehem _ _
2.649.247
3.658.969 -27.6
Chester
567.577
921.641 -39.4
Lancaster
1.106.646
2.602.787 --57.5
Pi,lisdeIphla._ _ 302.000 000 455,000.000 -33.6
Reading.
2.365.497
3.035,664 -22.1
Scranton
3.046.046
4.932,242 -38.2
Wink -Barre..
1.715.725
3,367,245 -49.0
York
1.192.825
1.865,701 -36.1
2.472,000
N.J.- Trenton_ _
3,326.000 - 25.7
Total(10016188) 317,602.203
Fourth Feder al
Oblo-Akron _ _
Canton
Cincinnati_ _
Cleveland
Columbus
Mansfield
Youngstown _
-Pittsburgh _
Pa.
479.215.927 -33.7
Reserve 0/strict
-Clew eland
d425,000
3.431.000 -87.6
46,051 021
58.943. 25
0.930.000
et 14,355
59.148.212
112.505.562
14.810.700
1,576,416
-22.1
-47.6
-37.7
-42.0
1,411,246
4.983.466
1.121.653
2.497 831
615.000 000
3.582.327
4,941.807
3,405.613
2,064.029
4,302.000
1,489,271
4.277.616
1.099.073
2.011.338
583.000.000
3,769.600
6.456,109
3,593.296
2.040.694
4.487.960
643.310.056 812,264,857
3.957,000
6.356,000
66.223.000
130.064,705
17.189.600
1,951.788
71.543,906
137,773 092
17.546.700
2.201,293
95.272,204
153.314,964 -37.9
176,584,593
181.146,210
210.836,105
1144,786.854 -33.9
395,970.686
416,567,201
Fifth Federal Reserve Dist rict-Richm ond420.022
634.1109 -33.8
2.859.910
-27.3
26.972.247
37.052.500 -27.2
-Charleston
895,767
2.100,308 -57.4
S. C.
Md.-Baltimore.
72,036.782
98.358.656 -26.7
-%v ashlen
D. c.
22.355.003
29.489,211 -24.2
1.356.771
4.750.010
42,477.000
2,382.487
104,877.613
28.655.752
1,179.123
4,237.212
41.920.000
2,311.015
102.606.099
27,633.705
171,569,500 -26.8
184,499,633
179.891,054
Sixth Federal Reserve Dist rict-Atlant 23,135.761
2.000.000 +56.8
Teun.- Knoxville
11.156.017
16,265.757 --31.4
Nashville
29,700,000
41,646.840 -28.7
- Atla nta _
Ga.
880.955
1,586.018 -44.5
A ligasta
998.197 -49.2
506,630
Macon
10.906.572
15.807.000 -31.0
Jacksonville
Fla9,329.133
14,761,643 -36.8
Ala.- Birming'In
1.229,247
1,847.707 -34.9
Mol'lle-- _
1973.913 -50.4
980 000
Was.-J:tckson_
174.332 -26.0
128.833
V leksburg
32.464.809
42,158.858 -23.0
La.-New Orleans
2.642.261
23.640.012
46.099.728
1,721,526
1.770.943
13.221.000
21.414.118
2.011.840
2.199.121
234.980
50.768.093
3,344.415
25.497.635
57.288.691
2.530 879
1,738,589
17.166.481
24.791.888
1.892.801
2.029.000
428.369
56,935.601
Total(6 cities).
Va.-Norfolk _
Total(6 cities) _
Total(11 cities)
125,559,751
99.188.724
139.360.265 -28.8
165,723,622
Week Ended March 5.
Clearings at
1932.
193,644,349
1931.
Inc.or
Dec.
1930.
Seventh Feder al Reserve D Istrict-Chi cago-Adrian_ _
Mich.
255,953 -28.1
184.005
289,8(4
Ann Arbor....
771,811
1.100,692 -29.9
982,964
Detroit
77.031.647 144.299,210 -46.6 164,158.085
Grand Rapids_
8,486,029
4,988.048 -30.1
5,756.815
Lansing
1.274.400
3.868.127 -47.0
3.822.400
1041.
-Ft. Wayne
1,260,921
2,780.484 -54.7
3,770.506
Indianapolis_ _
19,699.000
19,488,000 +1.1
27.879.000
South Bend _ - 1,460.851
2.166,864 -32.6
2,769,666
Terre Balite5.179,515 -28.0
3,729,228
6,161.722
Wim.-Milwaukee
18.251.832
27,917,266 -34.6
32,853,501
1a.-Ced. Rapids
845.030
3,455.168 -75.5
4.089.101
Des Mollies_ _ _
5.442,030
9,216,622 - 41.0
13.748.67
Sioux City _ _
2,638,801
7,206,435
4,382,654 -39.8
aterloo 284,889
1,089,688 -73.9
2,003.046
Ill.
-Bloomington
1,377.888
1,926,839 -28.5
2,194.257
Chicago
265,745.487 463.905,646 -42.7 560370.181
Decatur.
1.054,126 -47.6
552.075
1.300,761
Peoria
3,738,50 -13.
3,231,455
5,208.533
Rockford_
998,919
2.599,910 -61.6
3,874.867
Springfield_ _
1,871,071
2.603.394 -28.
3,107,419
Total(20 citle4)
Federal Reserve I)Ists
,
1st Bu ton. _ -.12 cities
2nd New York.11 "
3rd Philarielpla 10 "
4th Cleveland__ 8 "
5th Richmond _ 6 "
5th Atiants_ _ _13 "
7th Chicago __ -20 "
8th St. Louis_ 8 "
0th Minneapolis 7 "
10th Kan.sa3City 12 "
11th Dallas
5 "
12th San Fran 17 "
1901
410,133.369
706,021,710 -41.9
Eighth Federa I Reserve DU trict-St. Le ulsInd.
-Evansville.
M --St. Louis _
97.600.000 -29.6
69.700.000
Ky.- Louisville_
18,174,440
24,465,507
Owensboro _ _ _
61
61
Tenn.-Nlemphis
11.667.94)3
14.694.784 -20.6
Ill.- Jacksonville
148.634
223,901 -33.6
541,898
Quincy
807.726 -32.9
1929.
315,574
990,339
201,452,124
7,609.440
3.264.707
4,709,439
27.497.000
3.358,756
5.699.819
36,564.727
3,931.143
11,685,889
8.288.170
1.767,411
2.941.074
754,706.483
1.237.914
6.173.853
4.022.726
3.583.348
881,547,781 1,090,133,935
120.400.000
44,3913.056
61
20,974.490
356.920
1.803.383
138.500.000
40,764.643
to
20.621.229
453.239
1.903,849
137.791.918 -28.0
187.924,849
204,142,940
Ninth Federal Reserve DU tact-Minn capons
Minn.
-D uluth _ _
2.727.069
5,091.297 -46.3
Minneapolis_
49,2511.193
67,196.914 -26.7
St. Paul
17.261,078
22.985.525 -24.0
No. Dak.-Fargo
1,946.428
2.208,669 -11.0
S. D.
-Aberdeen_
425.907
896.315 -30.1
Mont -Billings
684.837 -48.5
353,030
Helena
1.864,591 -47.1
1,516,000
6.345.906
81,978.879
23.637.272
2,200,833
901,307
677,250
3,346,750
8.179.200
82.694,683
33,163.346
2.334.545
1,067.797
663.842
3.2515.000
101,918,148 -27.7
119,108,197
131,398,413
Teeth Federal Reserve Dis bict Kans as City
Neb.-Fremont_ _
2/49,4153
488 294 -40.7
Hastings
187,399
529,966 -64.6
Lincoln
2,877.546
4.546.067 -41.1
Omaha
24.397.664
43.961.448 -45.0
Kan.
-Topeka 2.157.992
3.231.887 --33.2
Ichita
4.643.748
5.796,197 -19.9
Mo.-Kan. City.
68.842,675
97,633.406 -29.5
St. Joseph,
2.976.097
4,885.070 -39.1
Coln. Coln. 89461.106.619 -22.9
Denver
a
a
a
Pueblo
878,
1.426,391 -38.7
568.513
724,764
5,675,9.18
56.279,108
3,994,871
7.760.067
134,30(1.5.34
7.614,971
1.28.5,332
a
1,077,233
604,235
860.144
6.063.576
55.711,979
4,115.670
8.158.252
137.841,169
8.729.314
1.2511,908
a
1.848.593
220,187.441
225,189,840
1.723,152
40,790.21
10.276,249
3,558.000
6.203317
66,631i.418
13.925,494
3003.000
6,966.382
62,560,832
97.193.791
Franci Imo-26.2
39.214.051
-311.1
10,716.000
-50.0
1.173.059
-31 9
34.669,041
--111.0
17,225.492
-49.1
7,971,664
51,185.636
12.733.000
1.628.519
40.506,279
16,866 817
0.333.773
Total (5 cities)
Total(7 cities) _
Total(10 cities)
99,232,965
73.688.705
107.899,511
163,605.425 -34.0
Eleventh Fede ral Reserve District
-Da
Textut--AustIn_ _
890,174
1,741,229
Dallas _ _ _ _ _ _
28.488,740
35,254.478
Fort s orth. _
4.847.140
8,164,847
Galveston
2.270.000
3,623.0110
La.-Sbreveport_
2.785.807
4,021,4177
Total (5610188).
39,281.361
tat-48.
--IR.
--40.
--37.
-30.
62.804,631 -25.6
Twelfth Feder al Reserve D(strict-San
Wash.
-Seattle_.
25,001.483
33.1933.520
Spokane
6,178.000
10.157.000
Yakima_
538,348
1,076,281
Ore.
-Portland _ _
19.213.716
29,519.346
Utah-S. L. City
9.904.949
14.347,625
CaII f.-1.. Beach
3.349,143
6.581,840
I es Angeles_ _ _ No tonsil. will report dead
Pasadena
4.253.711
6.228.561
Sacramento _
8,167,941
8,612,069
Sun Diego- - - 3,188.691
4,742,390
San Francisco
121.232,800 166.692,711
San Joae
1,797.530
2,736,807
Santa liarbara
1,184,288
2,187.413
Santa Monica_
1,096.020
1.843.427
Stockton
1,266,219
1.1,20.700
-32.0
-5.2
-32.8
-34.3
--45.9
-40.9
-30.4
6.382.792
8.658,763
6.025.142
252,555.591
2.966.400
2,023.449
2.203.648
2.51,9.000
2„saq.sos
7.325.950
12.824.431
6.460.863
222,122.684
3,432.860
2,016.045
2,378,183
2.775.300
Total(14 titles) 206.364,818 290,457,113 -29.0 894.294.122 392,633.140
Grand total (1/8
cities)
6.336,898,399 9,901,277,049 -36.011200949843 13639834 558
Outside N.
.078.877,815 3.167.249.681 --34.4 3.953.847.245 .245.769.984
Week Ended March 3.
Clearings at
1932.
CanadaMontreal
Toronto
1.% innipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort 3% illiam_
New %t estrninster
Medicine Hat_ _ _
Peterborough....
Sherbrot ke
Kitchener
1%. indsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
$
86,699,559
83,596,105
36,917.208
14,892,535
5.346.624
4,257,573
2,379.406
3,994,314
4.964.916
1,61)2,691
1,544.335
3,095,505
3.1401.263
3,354,552
361,301
326,150
i,54,168
514,852
793,233
672,843
502.198
187.704
539,030
022.238
840.173
2,1754.34
338.598
811.022
568,780
463.646
365.889
581.464
Tota,
(32 cities)
268.729.815
1931.
.1 tic. Of
Dec.
$
123,028,793
125.698,788
35,233,177
16,874,808
6,458,026
6,481.435
3.166,78
5.289,12'
5,398,21
2.087.659
2.945,27
3,252,688
5,162,06
3,752,38
421,23
457.44
1,863,953
855.91
880.02
750.27
726.09
265.067
799.392
952.354
1,333,980
3,543,575
424,359
894.935
657.664
654,722
574.264
603,510
%
-29.5
33.5
+4.8
-11.7
-172
-34.3
-24.9
-24.5
-80
-34.6
-47.6
-4.8
-24.4
-10.6
-14.2
-28.7
-18.2
-39.8
-9.9
-23.4
-30.8
-29.2
-32.6
-34.7
-37.0
-38.6
-20 2
-9.4
-13.5
-29.2
- 36 3
-3.1
$
161.477.515
138,838,098
51,475,945
23,4 ill,113
8.501,664
6,063,168
3,577.906
6.888.245
10.130.411
2,715.620
2,504,494
3,732.434
5.935.265
8.872.177
459.098
651,059
2.335.887
1,070.745
1,701.398
870,751
946.262
4(13.161
916.915
1,057.812
1,619.406
4,793,121
507.593
952.413
900.419
582.420
788.354
1.1 72.257
2
156.233
.910
147.204.514
56.444.021
26.062,516
9,185.978
7,381.070
4.099.797
6,834096
18.701,912
3.325.893
2,577,3I I
4.102.385
6.740.376
4,267,262
643.935
697,2113
2.473.025
1.576.752
1,674.822
977,879
922.989
468,016
1,370,954
1,260,269
1,682.1107
6,881,701
575.879
1,00:1,894
997,465
1.056.662
967.119
361.988,085 -25.8
450.170,838
499.408.702
1930.
1929.
a No longer relent; weekly cleatiugs. b Clearing house not
unctit Mug at
present. c Clear( ig house reopened In February. d Figures smaller
due to merger
of two largest banks.
THE CURB EXCHANGE.
Curb stocks in the beginning of the week moved upward
on an increased volume of business but later reacted and
losses were general throughout the list. Public utility
issues were under pressure. Electric Bond & Share, old
corn. after an advance from 10 to 10%, breaking on heavy
selling to 8. The close to-day was at 83/8. The new stock
improved at first from 31 to 329/i then dropped to 243.j with
4
the final transaction to-day at 243 . The 86 preferred lost
over 5 points to 55 and the $5 preferred over 4 points to 46.
The Insull issues were active, Commonwealth-Edison leading
with an advance from 81 to 973.' and a final reaction to 933/2
with the close to-day at 94. Middle West Utilities opened
%
the week at 1%,eased off to 13' and sold up to 25 with the
to-day at 2%. Public Service of Nor. Illinois, corn.
close
gained 5 points to 95. Amer. & Foreign Power warrants
were up at first from 43 to 5 but reacted to 3% with the
4
final figure to-day 33 . Amer. Gas & Elec., corn. rose from
5
35% to 373/8, dropped to 333/2 and closed to-day at 33i.
Oils attracted considerable attention and held fairly firm.
Buckeye Pipe Line advanced from 303/i to 32. Humble Oil
Refg. improved from 463/i to 49 and reacted finally to
4
473 . National Transit was up a point to 103' and South
Penn Oil 2 points to 143'. The latter closed to-day at 14.
Standard Oil (Ind.) on a good volume of business moved up
from 163/s to 173 and reacted finally to 16%. Gulf Oil
from 293 reached 323 but dropped back to 293'. In%
dustrials and miscellaneous issues were irregular with few
changes of importance. Aluminum Co., corn. after early
advance from 513' to 533/i dropped to 48%. Babcock &
Wilcox was off from 45 to 41. Deere & Co., corn. sold down
from 10 to 83/s. Glen Alden Coal sold off at first from 13%4'
to 12%, then up to 15, closing to-day at 14%.
A complete record of Curb Exchange transactions for the
week will be found on page 1931.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Mar. 111932.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Curb
Exchange.
[VOL. 134.
FINANCIAL CHRONICLE
1902
Stocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
Total.
133.361 $2,186.000
208,455 2.774.000
205.610 3,451.000
225,855 3.306.000
192,243 3,101,000
187,520 3,207.000
936,000
77.000
151,000
103,000
111.000
106,000
989,000 82,311,000
125.000 2,976.000
181.000 3.783.000
222.000 3.631.000
134.000 3.346,000
160.000 3.473.000
1,153,044 $18,025,000
$584,000
$911,000 919 520 000
Week Ended Mar. 11.
1932.
1931.
Jan. 1 to Afar. 11.
-Complete Returns
Public Debt of the United States
Showing Net Debt as of Dec. 31 1931.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued Dec. 31 1931,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparisons with the same date in 1930:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Dee. 31 1931. Dec. 311930.
-11,358,399
464,433,639
295.444.021
32.355,068
82,555.299
4,677,585
3,887,109
30,051.366
74,624.220
4,966.420
1,022,311
-110,864.317
Deduct outstanding obligations:
Matured Interest obligations
Disbursing officers checks
Discount secured on War Savings Cettificates
Settlement on warrant checks
Total
123,375.061
Balance, deficit(-) or surplus(+)
4
+341,058,578 +184,780,60
INTEREST
-BEARING DEBT OUTSTANDING.
Interest Dec. 311931.
Title of LoanPayable.
2s Consols of 1930
Q---J• 599.724,050
2s of 1916-1936
-F.
Q.
48,954,180
2s of 1918-1138
-F.
Q.
25,947.400
3s of 1961
Q.
-M.
49,800,000
3s conversion bonds of 1948-1947
-J.
Q.
28,894.500
Certificates of indebtedness
3.-S. 1,859.674,500
33.48 First Liberty Loan, 1932-1947
1,392,236,850
4s First Liberty Loan converted 1932-1917-J.D.
5.002.450
44-is First Liberty Loan, converted 1932-1947 j-D. 532,493,650
43.4s First Liberty Loan, 2d cony.. 1932-1917_ -J.-D.
3,492,150
A -0. 6,268.113,450
4S-is Fourth Liberty Loan of 1933-1938
434s Treasury bonds of 1947-1952
758.983,300
1 6,
45 'treasury bonds of 1144-1954
1,834,500
, 9,087,100
334s Treasury bonds of 1946-1956
394s Treasury bonds of 1943-1947
476,412,750
344s Treasury bonds of 1940-1943
355,358,450
354s Treasury bonds of 1941-1943
577,539.060
821.406.000
Vie Treasury bonds of 1946-1949
3s Treasury bonds of 1951-1955
800,423.000
27.207,900
234s Postal Savings bonds
794,519.200
5345 to 544s Treasury bonds
e51.641,000
Treasury bills, series maturing Jan. 13 1932
c51,338,000
Treasury bills, series maturing Jan. 25 1932
[60,921,000
Treasury bills, series maturing Feb. 1 1932
e75,173.000
bills, series maturing Feb. 8 1932
Treasury
e75.410,000
Treasury bills, series maturing Feb. 15 1932
[80.082,000
Treasury bills, series maturing Feb. 24 1932
c100,490.000
Treasury bills, series maturing Mar. 2 1932
e101.332,000
Treasury hills, series maturing Mar.30 1932
Treasury bills, series maturing Feb. 16 1931
Dee. 31 1930.
$
599,724.050
48.954.180
25.947.400
49,300.000
28.894.500
1,191.906,000
1,392,246.350
5,003.950
532,794.900
3,492.150
8.268.232.550
758,984.300
1,036,834,500
489.087.100
493,037,750
359.042,950
20,491,820
2 1,781,000
,34
127,455,000
17,528.489,430 15,773,710,250
244,465.548
230.081,415
52,663,965
22.291,990
Aggregate of interest-bearing debt
Bearing no interest
Matured, Interest ceased
017.825,618,943 16.026.086.655
Total debt
4
Deduct Treasury surplus or add Treasury deficit ____ +341.058.578 +18 .780.6N
1932.
1931.
10.933.898
37,479,845
017.484.560.365 15,841,306,051
Net debt
2,882,500
1,153,044
-No. of shares _
Stocks
Bonds.
$18,025,000 817,691,000
Domestic
2,097.000
584.000
Foreign Government
1,365,000
911,000
Foreign corporate
$147.896,100
5.379,000
7,298.000
$167.729.000
10.735.000
8.861.000
919,520,000 821,153,000
9160,573,000
9187,325,000
Total
306,803.320
Balance end of month by daily statements,&c
474,689,559
Add or Deduct-Excess of deficiency of receipts over
or under disbursements on belated Items
-10,255,920
a Total gross debt Dec. 31 1931 on the basis of dally Treasury statements was
917,825,449,753 00, and the net amount of public debt redemption and receipts
In transit. &c., was $169.190.00
S No reduction Is made on account of obligations Of foreign Governments Or
other Investments.
c Maturity value.
Government Receipts and Expenditures.
THE BERLIN STOCK EXCHANGE.
After having been closed since Sept. 18 1931, the Berlin
Through the courtesy of the Secretary of the Treasury
Stock Exchange was reopened on Thursday, 14'eb. 25, for we are enabled to place before our readers to-day the details
two hours of trading. The Commissioner of Exchanges has of Government receipts and
disbursements for February
not as yet authorized the publication of quotations.
1932 and 1931 and the eight months of the fiscal years 1931New York quotations for German and other foreign un- 1932 and 1930-1931:
-Month of February-- -- 1-3 . Months---193 1 lit
,
-:y
listed dollar bonds as of March 11:
Asked,
Bid.
General FundAnhalt 78 to 1945
Bavaria 6.14s to 1945
Bavarian Palatinate Cons. Cit. 7%. 1945
Brandenburg Electric 6%, 1953
British Hungarian Bk. 7345. 1962
Brown Coal Ind. Corp. 634, 1953
Dortniund Municipal CUL 654%• 1918
Duisberg 7%, 1945
East Prussian Power 6%. 1953
European Mortgage & Investment 7348, 1966
French Government 5148. 19
37
French National Malt S. S. Line 6%, 1952
German Atlantic Cable 7%, 1945
German Building & Landbank 614%. 1948
Hamburg-American Line 6448. 1940
Dousing & Realty Imp. 75, 1946
Hungarian Central Mutual 75. 1937
Hungarian Discount & Exchange Bank 78, 1963
Hungarian Italian Bank 754%. 1932
Koholyt 63.48, 1943
Leipzig Overland Power 644%. 1946
Leipzig Trade Fair 78, 1953
Marmhein & Palatinate 75, 1941
Munich 79 to 1945
Municipal Bank H1388(112 7% to 1945
Nassau Landbank S4%. 19
38
Oberpfalz Electric 7%. 1946
Oldenburg-Free State 7%• 1945
Pomerania Electric 8%. I903
Protestant Church (Germany) 7348. 1946
Provincial Bank of Westphalia 6%. 1933
Rhine Westphalia Electric 7%. 1936
Roman Catholic Church 614%. 1948
Roman Catholic Church Welfare 7% 1948
Saarbruecken Mortgage Bank 68, 1947
Saxon State Mortgage 6%, 1947
Siemens & Halske debentures 6%. 2930
Stettin Public Utilities 7%, 1948
Tucuman City 78. 1951
United Industrial 6%, 1945
Wurtemberg 78 to 1945
I Flat price.
26
30
25
34
32
29
22
25
23
30
1001-6
91
45;4
30
32
33
28
21
165
30
32
22
32
39
25
32
36
25
31
29
32
42
53
42
54
29
810
3
3
27
85
81
32
33
28
36
34
32
24
28
30
31
102
93
47%
31
38
36
30
22%
f69
34
84
25
36
so
29
35
41
30
85
32
36
46
58
46
83
840
88
30
39
88
Receipt,Internal revenue
.
is,l
income t
a
internal revenue
Total
1932.
$
1931.
$
22,303,434
35,568,90_0
57.872,334
23,191,334
34,058.756
11..._,651,23_7
Alisce ma
Cuatollaneous receiptsProceeds of (iovt.-owned
securities-Principal-for. obliga'ns
Interest - for. oblIga'ns_
Railroad securities
3.404
All Others.
2.647.454
Panama Canal tolls, &c
1.466,775
Other miscellaneous
2,455.747
Total
1930s-31.
$
658.121.342 1,171.431.024
345.954,516 379.564.227
75,709,993 1.004.075,858 1,550.995.251
28,105,063 247,781,280 258,291.313
2,346
207,180
1,533,151
2.727,091
1,194.170
17,890,388
15.190.749
30.311,169
2.146,491
92.370.598
1.619..95
5.383.351
17,865.374
39.973.248
87.637.048 108.285,424 1.316.423.614 1.968.645.521
ExpendtturesGeneral
4 492
187,745,524 170,126.039 1,755.301.674 1.465,27 .
Public debt
Interest
4,397.086
3,115,072 308,211.427 328.687,302
65,000.000
Sinking fund
355.299.200
Refunds of receipts
14,264,863
Customs
1,501,763
12.163.761
1,484,7&3
45.908,304
Internal revenue
7.096.872 4,619,138
53.974.425
70.018.090
Postal deficiency
125.000.000
20.000.000 5,011.508
6,878.409
Panama Canal
7,090.936
731.730
482.390
Reconstruction Finance Corp. 67.095.653
137.095.863
Sub to stk. of Fed Land bits_ 63,243.740
63.243,740
92.239.173 142,758.507
Agricultural mktg. fund (net) 2,252,771 12.210.572
200.000.000 112.000.000
Adjusted service cm tif fund.
20.850.000
20.850.0110
Civil service retirem't fund216.000
215.000
Foreign service retirem't fund
9,500.000
9.500.000
Dist. of Col. (see note 1)__..,
2,281.353.967
Total354.065.139 197.049.502 3,070,184.989
Excess of receipts
Excess of expendituns
,
N- 078 1,753.761.375
286.428.091 88.7
312.708.448
Eight Months- — —
— Manlh of February---1930-31.
1931.
1931-32.
1932.
Special Funds—
$
$
$
$
Receipts—
Applicable to public debt retirements—
29,265,118
Principal —for. obliga'ns_
Interest—for. obliga'ns.
Flora estate taxes
From franchise tax receipts
(F. R. banks and Fed'I
90,912
Intermed. Cred. banks).
21,294
59,150
From forfeitures, gifts, &c..
4.000
a149
30,000
16.114,947
18,088,189
1.559.825
2,973,025
Other
-- --45.530,127
18,139,463
Total
1,563,825
2,972,867
•
Expenditures—
Public debt retirements
Other
4,000
3,616,702
6149
4,853,133
30,000
45,365,585
29,294,150
37.015,303
3,620,702
4,852,984
45,395,585
66,309,454
2.056,877
Total
Excess of receipts
Excess of expenditures
1.880,108
27,256,122
20,779,327
Summary of General
and Special Funds.
Total general fund leceipta_ 87.637.048 108,285,425 1,316,423,614 1,968.645,521
Total special fund receipts..._ 1,563,825
18,139,463
45,530,126
2,972,876
Total
89,200.873 111,258,301 1,334,563,077 2,014.175,647
Total gen. fund expendltures_354.065.139 197,049,502 3.070.184.989 2,281.353,967
Total special fund expend's_ 3,620,701
45,395,585
66,309,453
4.852,985
Total
357,685,841 201,902.487 3,115.580.574 2,347,663.420
Excess of receipts
Excess of expenditures- _ —268,484,968 90,644,186 1,781,017,497
Trust Funds.
Receipts—
District, of Columbia
Govt. life Insurance fund
Other
333,487.773
1,631,769
5,326,950
980,613
1,728,849
5,112,982
513.701
21,387,661
49,609,053
5,190,172
21,779,308
56,106,927
6,364,308
7,939,332
Total
7.355.532
76,186.886
84,250,543
22,580,739
21,560,254
14,446,440
37.254,886
63.347,306
12,535.747
38,441,230
613,896,574
70,934.759
58,640,657
Expenditures—
Dist. of Col. (see note 1)....3,637,679 3,512,573
Govt. life Insurance fund—
Policy losses, 'Ac
1,722,126
6487.176
Investments
5,349,897
5,399,885
Other
2,590,724 618,903,025
Total
1903
FINANCIAL CHRONICLE
MAR. 12 1932.]
13,300,427 610,477,743
Excess otiecelpts or credits_
17,833,275
5,252,127
25.6097886
Excess of expenditures
5,361,095
a Counter entry (deduct). b Excess of credits (deduct).
Receipts and expenditures for June reaching the Treasury in July are included.
Note 1.—Expenditures for the District of Columbia representing the share of the
United States are charged against the amount to be advanced from the general fund
until the authorized amount is expended. After that they are charged against the
revenues of the District under trust funds. For total expenditures the items for
District of Columbia under general fund and under trust funds should be added.
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the
Treasury at the beginning of business on the first of December, 1931, and January, February and March, 1932:
Holdings in U. S. Treasury Dec. 1 1931..Tan. 1 1932. Feb. 1 1932, Mar. 1 1932.
GENERAL FUND.
Assets—
88,156.482.29 Treasurer's checks outGold (see above)
standing
Silver dollars (see above)
6,515.859.00
371,035.45
United States notes
3,313,218.00 Dopes. of Govt. officers:
Post Office Dept
Federal Reserve notes
1,633,785.00
22,852.933.10
Board of Trustees.
Fed. Res. bank notes___
20,680 00
Postal Savings SpoNational bank notes____
16,031,482.50
8.509,642.63
tlit:ri—
Subsidiary silver coin___
b% reserve, lawMinor coin
4.506,207.38
ful money
Silver bullion
14.900,073.88
16.175.556.88
Other deposits...
7,271.427.11
Unclasstfied—CoIleoPostmasters, clerks of
1,030,688.15
Mons, &c
courts, disbursing
Deposits in F. It. banks_ 45,954,154.43
officers, do
37,375.243.81
Deposits in special deDeposits for:
positaries account of
Redemption of F. It.
sales of Treas. bonds,
notes(5% fd., gold) 55.743,035.73
Treas. notes and ctfs,
Redemption of Nat'l
of indebtedness
327,471,000.00
bank notes (5% fd..
Deposits In foreign dep.:
lawful money)
30.401.210.22
To credit Treas. U.S.
729,616.66
Retirement of addl
To cred. of other Govcirculating notes,
ernment officers_
1,901,099.93
Act May 30 1908
1,350.00
Deposits In Nat. banks:
To cred. Treas. U.S..,
7,504,430.77 Uncollected items, ex3,594.150.73
To cred. of other Govchanges, 'Ac
ernment officers__ 20,466,666.29
173,785.943.01
Deposits in Philippine
375,859,438.65
Net balance
Treasury:
To cred. Treas. U.B.
1,000,292.75
Total
549,645,379.66
Total
549,6451579.66
Note.—The amount to the credit of disbursing officers and agencies to-day was
$411.172,979.22.
Under the Acts of July 14 1890 and Dec. 23 1913. deposits of lawful money for
the retirement of outstanding Netional bank and Federal Reserve bank notes are
paid Into the Treasury as miscellaneous reeelpta, and these obligations are made,
under the Acts mentioned, a part of the public debt. The amount of such obligations to-day was $69.286,275.50.
$1,083.0851n Federal Reserve notes and $15,978,315 in National bank notes are
In the Treasury in process of redemption and are charges against the deposits for
the respective 5% redemption funds.
Preliminary Debt Statement of the United States
February 29 1932.
The preliminary statement of the public debt of the United
States Feb. 29 1932 as made upon the basis of the daily
Treasury statement is as follows:
Bonds
2% Consols of 1930
2% Panama's of 1918-36
2% Panama's of 1918-38
3% Panama's 01 1961
3% Conversion bonds
234% Postal Savings bonds
$599,724.050.00
48,954,180.00
25,947,400.00
49,800,000.00
28,894,500.00
36,247,260.00
3789.567,390.00
First Liberty Loan of 1932-47334% bonds
$1,392,234.350.00
4% bonds
5.002.450.00
434% bonds
535,983,800.00
434% Fourth Liberty Loan of 1933-38
31,933.220,600.00
6,268,110.450.00
8,201 331050.00
434% Treasury bonds 01 1947-52
4% Treasury bonds of 1944-54
3M % Treasury bonds of 1946-56
354% Treasury bonds 01 1943-47
334% Treasury bonds of 194043
334% Treasury bonds 01 1941 43
% Treasury bonds of 1946-49
3% Treasury bonds of 1951-55
758 983,300.00
1,036.834,500.00
489,087,100.00
476,412.250.00
355,356.450.00
577,537,050.00
821,404,500.00
800,424,000.00
5,316.039,150.00
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes__
Net National bank notes_
Net Federal Reserve notes
Net Fed'I Ties bank notes
Net subsidiary silver
Miner coin. &a
3
254,122.475
19,390.526
3.191,408
18,746,310
1,246,245
11,049
7,524,628
5.502,032
$
$
240,968.554 237.741,913
17.233,872
23,287,667
3,553.483
2,952,555
17,079.880
16,634,765
974.960
1,263.475
25,121
10.325
7,391,929
8,653.701
5.207,724
7.575.805
Total cash In Treasury_
.
Less gold reserve fund._ _
309,734,673
156,039,088
292.435,523
158,039,088
298,120,208 .300,657.207
158.039.088 156.039.088
Cash balance in Treas'y 153,695.585
Dep. In tweet depositories,
account Treaa'y bonds.
Treasury notes and certificates of Indebtedness 109,858,000
Dep. in Fed'i Res. bank
37,671,274
Dep. In National banks:
To credit Treas. U. S._
7,601.249
To credit dials. officers_
19,888,131
Cash in Philippine islands
995.502
Deposits in foreign depts.
5A21,006
Dep.in Fed'I Land banks _
136,396.435
142,081,118
144,618,119
436,376.000
53,005.279
302,211.000
42.843,293
327,471,000
45,954,154
7,800,565
21,943,385
788,832
2,459.909
7,545.034
21,892,225
957,017
2,283,502
7,504.431
20,466.666
1,000,293
2,630.717
$
244,195,570
21,415,933
3,313,218
16,031.483
1,633,785
20,680
8,509.642
5,536,896
Net cash In Treasury &
In banks
Deduct current liabilities_
334,730,747
184,985,871
858,830,405
184.140.848
519,613,189
179.683.688
549,645,380
173.785,943
Available cash balance_
149.744.876
474.689.559
339.929.501
Total bonds
Treasury Notes
334% Series 1932. maturing Dec. 15 1932_ _ _
4% Civil Service retirement fund. Series 1932
to 1936
4% Foreign Service retirement fund, Series
1932 o 1936
4% Canal Zone retirement fund. Series 1936..
Treasury Cecil!
leases
2% Series TM-1932, maturing March 1619)2.
2h % Series TJ-1932, maturing June 15 1932_
334% Series A 1932, maturing Aug. 1 1932
134% Series T5-1932, maturing Sept. 15 1932_
3% Series TS2-1932. maturing Sept. 15 1932_ _
3M % Series A-1933, maturing Feb. 1 1933
$14,306,937,590.00
$600,446,200.00
191,400,000.00
1.591.000.00
1.909,000.00
795.346.200.00
623.891,500.00
324.578.500.00
227,631,000.00
314.279,500.00
398,225,000.00
144,372,000.00
52.032,977,500.00
4% Adjusted Serv ce certificate Fund Series.
maturing Jan. 1 1933
Treasury Bills (Maturity
Maturing march 2 1932
Maturing March 30 1932
Maturing April 13 1932
Maturing April 27 1932
Maturing May 11 1932
Maturing May 18 1932
Maturing May 25 1932
167,200,000.00
2,200,177.600.00
Value)—
$100,490,000.00
101.332,000.00
50,175,000.00
50,937,000.00
76,399,000.00
75,689,000.00
62.851.000.00
375_RM) 447
• Includes March 1, 514,900,074 silver bullion and $4,506,207 minor, &c., coin
not Included in statement "Stock of Money."
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Feb. 29 1932 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of Feb. 29 1932.
Asset,—
Gold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilities—
992,659,853.27 Gold certificates mating-1.613,574.019.00
2 448,753,008.04 Gold fund, Fed. Ree've
Board (Act of Dec. 23
1913, as amended
June 21 1917)
1,583,643,271.99
Gold reserve
156,039,088.03
Gold in general fund___. 88,156,482.29
3 441,412.861.31
Total
3.441,412.861.31
Total
Nom___Reserve against $346,681.016 o U. S. notes and $1,227,550 of Treasury
notes of 1490 outstanding. Treasury notes of 1890 are aLsosecureil by silver dollars
In the Treasury.
SILVER DOLLARS.
Liabilities
ASS6i3—
499,309,956.00 Silver etfs. outstanding_ 491,566,577.00
Silver dollars
Treasury notes of 1890
outstanding
1,227,550.00
Silver dolls. In gen. fund
6.515,859.00
Total
499,309,986.00
Total
499.309.986.00
617,873.000.00
Total Interest-bearing debt
Matured Debt on Which Interest Has Ceased—
Old debt matured—Issued prior to April 1 1917
Second Liberty Loan bonds of 1927-42
Third Liberty Loan bonds 01 1928
334% Victory notes 01 1922-23
434% Victory notes 01 1923-23
Treasury notes
Certificates of indebtedness
Treasury bills
Treasury savings certificates
Debt Bearing No Interest—
United States notes
I..ess gold reserve
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency. _ _
Thrift and Treasury savings stamps. unclassified sales. eze
317,820,334.290.00
$1,646,410.26
3,283,150.00
5,513.100.00
20,200.00
1,131.550.00
18,320,800.00
6,348,700.00
2,827,000.00
861,650.00
39.952,560.28
1346.681.016.00
156,039,088.03
$190,641,927.97
69,286,275.50
2.041.300.44
3,376,760.97
265,346,264.88
Total gross debt
$18,125,633,115.14
COMPARATIVE PUBLIC DEBT STATEMENT.
[on the basis of daily Treasury statements.]
Aug. 31 1919
ll'hen War Debt
Feb. 28 1931
Was at Its Peak.
A Year Ago.
Gross debt
$26,596,701,648.01 816,230084,080.22
Net balance in general fund
1,118,109,534.76
150,397,679.90
Gross debt less net balance in general fund _325,478,592,113.25 $16,080.286,400.32
COMPARATIVE PUBLIC DEBT
STATEMENT-Concluded.
Jan. 31 1932
Feb. 29 1f32.
Last Month.
517,815,861.117.25 518,125.633.115.14
375,859,436.65
339,929,501.02
Gross debt
Net balance in general fund
Gross debt Im net balance In general fund 517.475,931.616.23 517,749,773,678.49
°Mattel:insBvius
gominercialand Ms
-All
Breadstuffs figures brought from page 1999.
the statements below regarding the movement of grain
receipts, exports, visible supply, &e., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Oats.
Corn.
Wheat.
Flour.
Receipts at-
Barley.
Rye.
bbls 196Ibs. ush.60 lbs. bush.56 lbs bush. 32 lbs. bush.talbs.bush.56Ibs.
422,000
85,000
2.000
455,000 2,161.000
168,0001
Chicago
101,000
213,000
73,000
131,0 1 0
MianeapoUs..
633.000
I
32,000
4,000
Duluth
105.000
34,000
136,000
273.001
Milwaukee_ _ _
21.OtJ0
12,000
1.000
4,000
403.000
103,000
Toledo
599.000
12,000
56.00$
22,001
13.000
Detroit
52,000$
254.00
Indianapolis.,.
336,000
105.0001
29,009
115.000
St. Louts_...._
174.000
452,000$
140000l
60.011
69,000
Peoria
309.011
s8.000
31,000$
Kansas City
52.000
256.000
10,000 1.975.0001
18,000
Omaha
101.000
153,11001
St. Joseph_
151.001
44.000
46,000
Wichita
11.000
232,000
1,000
24,000
Sioux City...
91,000
9.000
afloat
Milwaukee
Duluth
Minneapolis
Sioux city
St. Louis
Kansas City
Wichita
Hutchinson
St. Joseph, Mo
Peoria
Indianapolis
Omaha
Total Mar. 5 1932_211,422,000 20.041,000 17,102,000 9.217.000 3,444,000
Total Feb. 27 1932_203.440.000 17.470,000 16,926.000 9,238.000 3.527.000
Total Mar. 7 1931_197,878,000 20.285,000 20.332,000 13,292,000 9.241,000
Note.
-Bonded grain not included above: Oats
-New York. 2.000 bushels: total,
2,000 bushels, against 16,000 bushels In 1931. Barley-New York. 36,000 bushels:
New York afloat. 63.000: Buffalo, 496,000: Duluth, 3.000: total, 598,000 bushels,
against 1.127.000 bushels In 1931. Wheat
-New York, 1,884,000 bushels; New
York afloat, 836,000: Baltimore, 135.000: Buffalo, 3.096.000: Buffalo afloat.
7,451,000; total, 13,403,000 bushels, against 13.565.000 bushels in 1931.
Barley,
Corn,
Oats,
Wheat,
Rye,
bush.
bush,
bush,
bush,
bush.
Canadian
3.266,000
1,496,000 1,136.000 1,064.000
Montreal
2,685,000 7,525.000 2,982,000
Ft. William & Pt. Arthur 52,123.000
afloat
71,000
114,000
"
504.000
107.000
0,684,000
1,058,000
Other Canadian
• Total Mar. 5 1932... 62,144.000
Total Feb. 27 1932_ 61.569,000
Total Mar. 7 1931- 64,498.000
SUMMIIry211,422,000 20,041,000
American
Canadian
62.144,000
17.102,000 9,217,000 3,444.000
5,353,000 8,768,000 4,550..000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, farch 4, and since July 1 1931 and 1930:
4.050.000
5,865,000
5,148,00.
1,564,000
1,647.011
1.562.000
,
•
13.799.000290.674,000 175.134.000 96.250,00053.615.000 20.535.000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, March 5 1932, fo low:
60ls.19615e
13.9.000
New York....
Portland, Me_
Philadelphia__
40.000
Baltimore_ _ _ _
14.000
4.000
New port Ne
1,000
Norfolk
New Orleans '
63.000
0
Galveston...19.000
Boston
6.000
Halifax
49.00
W.St. John
Oats.
Corn.
Wheat.
Receipts at
-
Barley.
h. GO lbs. bush.56 lbs. bush. 32lbs. ush.481.bs.bush.561bs.
10,000
42,000
21,000
1,244.00
160,000
1,000
16,000
5.000
210,000
145,000
9,000
10,000
695,000
6.000
20.000
33.000
21,0001
97.000
233.00
10.000
1,000
138.000
1.000
56,000
248,000
82,000
672,000
167.000
1,140,000
376.000
157,000
975.000
425,000 2,300,000
Week 1931_
Since Jan.111 3.994,000 16.39.5.0001
107,000
762,000
79,000
809.000
36.009
300,000
The exports from the several seaboard ports for the week
ending Saturday Mareh 5 1932 are shown in the annexed
statement:
Exports from-
Wheat.
Corn.
Oats.
Flour.
Rye.
Barley.
Bushels. Bushels. Barrles. Bushels. Bushels. Bushels.
5.000
8.000
7.410
1,090.000
160.000
1,000
1.000
81,1)(10
1.000
20,000
4.000
5,000
2,000
2,000
2,000
558.000
56.000
49,000
248,000
6,000
New York
Portland. Me
Boston
Baltimore
Norfolk
Newport News
New Orleans
Galveston
St. John. N.B
Hallfar
Total week 1932-- 2.137.000
game. 13.....t.. loll
1 Oda nnn
27.000
17.000
71,410
137.162
66.000
1.000
5.000
48.000
The destination of these exports for the week and since
July 1 1931 is as below:
Flour.
Exportsfor Week
Since
Week
and since
Mar. 5 July 1
July 1 to1931.
1932.
Wheat.
Weal
Mar. 5
1932
Since
lulu 1
1935.
Corn.
Week
Mar. 5
1932.
Since
Jag/ 1
1931.
Bushels. Bushels.
Bushels.
Bushels.
Barrels Barrels.
26,000
220.000 28,587.000
United Kingdom_ 55.155 2313,091
126,000
25.000
Continent
14.255 1.397,183 1,845.000 70.681.000
10.000
2,000
195,453
62.000 9,224.000
So..3r Cent. Amer. 1,000
35.000
131,000
307,914
1.000
West Indies
1,962
-___
Brit. No. Am. Col.
10.000 2.301,000
181,732
---Other countries...
71.410 4,197,335 2,137,000 110.924.000
137.162 8.293.480 1.943.000 137.791,000
27,000
17.000
197,000
210.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, March 5, were as follows:
United States
New York
Boston
Philadelphia
Baltimore
Newport News_
New Orleans
Galveston
Fort Worth
Buffalo
afloat
GRAIN STOCKS.
Oats,
Corn,
Wheat,
bush.
bush.
bush.
18.000
1,000
3,420,000
6,000
2,000
1.894.000
50,000
65,000
3,742.000
43,000
79,000
7,385,000
516,000
86,000
245,000
2.279,000
-- 2,887,000
481,000
287.000
6.602.000
13,953,000 3,298,000 1,001.000
406.000
3.001.000
Rye,
bush.
2,000
1.000
6,000
30.000
Barley,
bush.
7,000
4,000
2.000
1,000
3.000
300,000
57.000
23,000
337,000
Since
July 1
1931.
Since
July 1
1930.
Week
March 4
1932.
Since
Jul', 1
1931.
Since
July 1
1930.
Bushels.
Bushels.
Bushels. I Bushels.
Bushels. I Bushels.
42,000 1,768,000 1.228.000
North Amer_ 4.455,000 222.963,000262,414,000
304.000 105.736,000 90,398,000 807,000 19.853,000 27,284,000
Black Sea_
Argentina_ 6,333,000 76,713.000 54.493,000 4,162,000282,590,000 168,956.000
Australia _ _ 4,878,000 99,764.000 75,840,000
India
I 600,000 9,008,000 161.000 15.708,000 34.794.000
0th. countr's
416,000 24.406,000 31.984,000
16,386.000530,182,000 524.137,000 5,I72,000319.919.000 232.262.000
Total
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, March 5 to March
11. both inclusive, compiled from official sales lists:
83,000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
Corn.
Wheat.
Week
March 4
1932.
Exports.
Rya.
331.001 3.025.000
Total wk.193
Since Jan.1'32 3,056,000 13.957.000
Total 1932
Tidal 1031
5.353.000 8.7613.000 4.550.000
5.467.000 8,757,000 4,531.000
5,534,000 10.581,000 21,614,000
13,294.000237.141.000 86.279.111 48,584.001 23.934,000 4.733.000
4,872.000
9.376.000
5,276.000
„
1929
afloat
Detroit
Chicago
Total Mar. 5 1932...273.566.000 20,044,000 22.455.000 17,985,000 7,994.000
Total Feb. 27 1932_264,509,000 17,470.000 22,393,000 17.095.000 8,058,000
Total Mar. 7 1931_262.378.000 20.285,000 25,866,000 23,873.000 30,855,000
397.000
431,0
430,000
555,000
640,000
585.0001
Rye,
Barley;
Wheat,
Corn,
Oats,
hush,
bush,
bush.
bush.
bush.
7.000
5.000
4,448,000
206,000
402.000
190.000
554.000
39.000
35.000
315,000
14.000
27.000
283,000
21.525,000 10.935.000 3.695.000 1.965.000
1,139.000
1,331.000
256.000
353.000
188.000
6,134.000
441,000
454.000
348.000
17.998.000
110.000 2.082.000 1,754.000
29.016.000
53.000 3,651.000 3.695.000 1.804.000
15.000
1,666,000
90,000
149.000
3.000
6,839,000 1,270,000
5,000
693,000
125.000
65,000
37.684.000
287,000
82,000
1,907.000
5,689,000
57.000
5,872.000
197.000
066.000
66,000
26.000
791,000
1,567.000 1.582.000
593,000
23.000
19.549.000
22.000
207.000
547,000
Toledo
151.000
174,000
121.000
Total wk.1932
Same wk.1931
Same wk.1931
Since Aug.I
1931
....
[voL. 134.
FINANCIAL CHRONICLE
1904
Sales
Friday
Last IVeek's Range for
Week.
of Prices.
Sale
Par, Price, Low, High. Shares.
Stocks-
Alaska Juneau
Assoc Insurance Fund
2
Atlas Imp Diesel Eng A_ ______
Bond & Share Ltd
Byron Jackson
Calamba Sugar 7% pref.__
1234
Calaveras Cement 7% pref 65
Calif Copper
Calif Ore Power 7% pref
California Packing
____
Calif Water Service pref.__
__ 1034
Caterpillar
Crocker First Natl
Crown Zellerbach v t c
______
Preferred A
Preferred B
Fageol Motors
4755
Firemans Fund Ins
First Natl Corp of Portland
Golden State Ltd
Haiku Pine Co Ltd corn
___
iii
Preferred
Hawaiian C St. 5 Ltd
Hawaiian Pineapple
Home F & M Ins Co
Honolulu 011 Corp Ltd_ ______
Langendorf United Bak A_
Leslie Calif Salt
La Gas & Elec Corp pref.. ______
Lyons Magnus Inc A
Magnavex Co Ltd
134
Mere Amer Realty 6% pf.
_
North Amer Oil cons
434
Paellie Gas
3455
6% ist preferred
25
555% preferred
2234
Pacific Lighting Corp
40
8% preferred
92
Pacific Pub Serv non-yot_.
255
Preferred
Pacific Telephone
10035
6% preferred
106
Paraffine Co
Ry Equip& Realty let pref 1034
6
Series 2
Richfield 011 corn
34
7% preferred
54
Roos Bros
St Jos L & P 6% pr pref._ _
io13- ;
5
7% rrlor preferred
Shell Union
Preferred
Sherman Clay prior pref.
Socony Vacuum
Southern Pacific
27
So Pacific Gclden Gate A._
B
Stand 011 Calif
2534
Tide Water Asso Oil
oi
6% preferred
Transama
Union Oil Assoc
1235
Union Oil of Calif
196
Wells Fargo Bk .40 U T
-- a
eta....
...I..
In
Range Since Jan. 1.
Low.
315 1234
1334 1534
134
2
2
700
134
134
1%
100
255
650
255 234
134
135
200
155
1234 1234
27
9
65
27 46
46
34
35
55 2,250
10 88
90
90
420
835
1034 1034
5 61
61
61
1034 1234 4,925 1034
30 240
232 232
155
876
1% 134
662
9
13
1334
150
9
13
13
100
%
35
%
125 40
4735 4855
12
5 12
12
735 835 1,030
535
35
55
55
55
134
135 155
10
3235 3234
100 3235
855 855
232
734
21
21
375 21
9% 934
375
955
734
9
934
395
855 835
270
635
ani 9734
8 9334
234 234
110
234
55
134 135 4.577
59
59
16 59
454 435
980
334
3434 3694 4,704 3255
2434 25
2,561) 2435
837 2234
2234 2234
40
4134 1,730 3655
93
92
201 9134
235 3
2,182
2
1234 1434 3,094 1034
9935 104
469 93
105 110
460 10234
21
21
215 1934
1054 11
430 10
6
6
100
6
yi
34 1.511
55
878
35
55
ii
534 555
335
334
96
96
25 8935
10555 iessi
74 10255
335 4
1,290
3
30
30
130 21
40 41
50
50
1035 1055
125
934
2,171 2534
2634 29
446 10
1034 1034
164
855
10
10
8,735 2234
2534 27
254
1,400
235 3
0x
274
2
2 35 213L5 30,617 22
43i 6
1134 12
1234 1335
198 196
III
1am
Jan
Jan
Mar
Jan
Jan
Fe.
3,. ar
Jan
Feb
Jan
Feb
Mar
Feb
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Feb
Mar
Mar
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Mar
Jan
High.
1635
234
3
334
234
1234
65
55
101
1134
65
15
245
234
1634
15
%
4834
1555
834
35
5
36
955
21
1034
934
855
100
3
134
59
534
3655
2634
2434
4134
95
335
1434
104
112
2534
1155
654
Jan
Feb
Jan
Feb
Mar
Mar
Mar
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Feb
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Feb
Mar
Feb
Feb
Jan
Jan
Feb
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Jan
34 Feb
Jan
34
Jan
534
Jan 96
Jan 107
4
Jan
Jan 30
Feb 50
Jan 1034
Jan 3735
Jan 1034
Feb 10
Feb 2734
334
Jan
6
jan
FebFeb 27
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Met
Max
Feb
Jan
Feb
Feb 1234 Jan
2,047 10
Jan
Feb 14
2.945 11
Mar
Feb 196
5 175
Feb
1 ran •a 01‘ Jan 20
MAR. 12 1932.]
FINANCIAL CHRONICLE
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, March 5 to March 11,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Barnsdall Oil A
25
Bohm Chica Oil A
10
Byron Jackson
•
Citizens Nat Bank
20
Claude Neon El Prod
*
Chrysler
*
Douglas Aircraft Inc
•
Goodyear T & R pref-100
Hancock Oil common A_25
Intermit Reinsurance__ _10
Los Ang Gal dc El pref_100
Los Angeles lovestment_10
MacMillan Petroleum_ _25
Monolith Port Gem pf_10
Pacific Clay Prod Co__ •
Pacific Finance Corp com10
Paclile Gas& El com_ _25
1st preferred
25
Pat
-tile Lighting oom
"
Pacific Mutual Life Ins_10
PacIfie Western Oil
•
Republic Petroleum Co_10
Richfield Oil Co com
•
Preferred
25
Rio Grande 011 com_-__25
Seaboard Nat Bank
_25
Security First N B of LA25
--Shell Union Oil com_ -_25
SO Calif Edison com_---25
7% preferred
25
6% preferred
25
634% preferred
25
So Calif GM 6% pref- -25
So Counties Gas6% pf_ _25
Sou Pacific Co
100
Standard 011 of Calif
*
Taylor Milling Corp
*
Title Ins & Trust Co---25
Transamerica Corp
•
Union 01 Associates__-_25
Union Oil of Calif
25
Woathrn Mr Rannnan
in
• No par value.
5
5
254
254 3
134
134 154
5434 54
5434
1034 1034
12
12
1234
11
1034 11
5754 5734
654
654 634
20
20
974 9754
534 534
54
54
3
3
7
7
7
7
35
35
247% 25
397% 3934
3934
3854 3834 39
434
434 454
154 134
li
14
4
X
334
254 234
38
38
6334 6354 65
4
4
3134 3134 3234
2734 2754
2434 25
2254 2234
24
24
9034 9034
27
27
2834
257% 2534 27
651 634
634
4734 4734 4734
454
434 5
1134 1134 1134
1234 1354
7
7
100
400
100
300
100
200
200
10
100
100
377
1,100
200
100
100
3,500
100
200
100
250
500
1,200
200
100
2,700
30
1.000
100
3,700
500
1,600
1,400
100
50
700
11,100
100
20
5,500
7,400
3,500
100
Range Since Jan. 1.
Low.
High.
434 Feb
2
Feb
134 Feb
5334 Feb
8
Jan
1054 Jan
934 Jan
52
Jan
6
Jan
18
Jan
9354 Jan
554 Jan
34 Jan
3
Mar
7
Mar
634 Jan
3234 Jan
2434 Feb
3634 Feb
3234 Jan
4
Jan
4 Jan
% Jan
% Jan
2
Jan
31
Feb
57
Jan
3
Jan
2934 Jan
2634 Feb
2334 reb
2154 Feb
2334 Feb
88
Feb
2634 Feb
2234 Jan
6
Feb
4754 Mar
254 Jan
94 Feb
1034 Feb
6
Jan
554 Jan
4
Jan
2
Mar
55
Jan
1034 Mar
1534 Jan
1334 Feb
5734 Mar
7
Jan
2234 Jan
100
Jan
7
Feb
54 Jan
334 Mar
8
Feb
734 Jan
37
Feb
26
Jan
4034 Feb
39
Mar
654 Jan
134 Feb
X Jan
X Mar
214 Jan
3734 Jan
65
Mar
4
Mar
3234 Feb
2734 Jan
25
Mar
23
Jan
2454 Jan
92
Feb
37
Jan
27
Feb
8
Jan
55
Jan
6
Feb
124 Jan
1334 Jan
7
Mal
1905
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
It per Rh,
20 Wm. Whitman Co., Inc., pre_ 31
1 Newmarket Mfg. Co
10
100 No. Best. Ltg. Properties. com 35
10 Towle Mfg. Co
6054
50 Atlantic Sugar Refineries, Ltd.,
C0031900
15
Shares. Stocks.
per Rh.
30 units First Peoples Trust
9
5 Hathaway Bakeries, Inc., class B
voting trust certificates
134
2 units First Peoples Trust
9
9 special units First Peoples Trust
2
By R. L. Day & Co., Boston:
Shares Stocks
$ per SA
3 Nat. Grand Bank, Marblehead_152
26 Naumkeag Steam Cotton Co__ 48
30 Amoakeag Mfg. Co., pref
44
25 Naumkeag Steam Cotton Co___ 48
5 Dennison Mfg. Co., pref
2534
Shares Stocks
S Per Rh.
5 Dennison Mfg. Co., pref
2554
20 units First Peoples Trust
9
10 Barton Wharf Co
70
3 Massachusetts investors Trust.- 1754
5 Central Maine Pow. Co., $6 pref_ 70
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
per Rh.
20 Phila. Nat Bank. par $20
7734
55 Central-Penn Nat. Bk., par $10_ 39
53 Corn Exchange National Bank &
Trust Co., par $20
5054
50 National Bank of Germantown
& Trust Co-, par 510
43
80 Penna. Co. for Ins. on Lives, &
Granting Annuities, par CO
4754
35 Integrity Trust Co.. par 310
20
13 Real Estate-Land Title & Trust
Co., par $10
1754
Shares. Stocks.
$ per Rh.
40 Girard Trust Co., par $10
100
3 Provident Trust Co
484
30 Pennroad Corp., rem. V. t. c
254
7 2d & 3d Sts. Passenger Ry
70
200 Hunts Theatres. Inc.. common_ I
500 Lyman W. Cleveland, corn,
.8165 lot.
1,040 Tr -Utilities Corp., corn_ _ _$312 lot
Bonds.
Per Cent.
$5,000 Strawbridge & Clothier Co.,
1st mtge. 5s, 1948
7434
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
10 International Mistime Iron
1,000 Area Mines
i per Sh.iShares. Stocks.
120 15 Thermlodyne Radio
lc
$ Per Rh.
25C. lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced
current week. Then we follow with a second table,the
in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
alit.
When
Payable.
Rooks Closed.
Days Inclusive.
Railroads (Steam).
Alabama
National Banks.
-The following information regarding Belt P.R.& Vicksburg
3
Apr. 1 Holders of rec. Mar. lie
& Stock Yards(Indianapolis)
National banks is from the office of the Comptroller of the
Common and preferred (quar.)
"75e. Apr. 1 *Holders of rec. Mar. 20
Currency, Treasury Department:
Dayton & Michizan, corn
'8734e Apr. 1 'Holders of rec. Mar. 15
Preferred (quar.)
•81 . Apr. 5 *Holders of rec. Mar. 15
CHARTERS ISSUED.
Capital. Georgia RR.& Banking (quar.)
.2.54 Apr. 15 "Holders of rec. Apr. 1
Feb. 29
-The First National Bank at Pontiac, Mich
Mahoning Coal RR., corn. (guar.).President. Joseph E. Horak; Cashier, Arthur W. Ladd.$500,000 Meadville Conneaut Lake & 1-Inewille * $12.50 May 2 *Holders of rec. Apr. 13
Apr. 1 *Holders of rec. Mar. 15
- '$1
Mar. 4
-First National Bank in Alma, Kan
50,000 N. Y., N.H.& Hartford, pref.(guar.).- •154 Apr. 1 'Holders of rec. Mar. 18
President, Otto J. Hess: Cashier, A. E.Sinew°.
Noi wich & Worcester, pref. (quar.)- - - "2
Apr. 1 'Holders of rec. Mar. 10
Oahua Ry. & Land (monthly)
•150. Mar. 15 "Holders of rec. Mar. 12
VOLUNTARY LIQUIDATIONS.
Peterborough RR
•1% Apr. 1 'Holders of rec.
Feb. 29
-The First National Bank of Whiting, Ind
Mar. 25
"254 Mar. 31 *Holders of rec. Mar. 9
Effective Feb. 15 1932. Liquidating Commission, Fred$100,000 Providence & Worcester (quar.)
Southern Hy.. M.& 0. stk. tr. ctfs
.2 Apr. 1 *Holders of rec. Mar. 15
J. Smith. Gallus J. Bader and George Hornett, care
of
Vermont & Massachusetts
*3
Apr. 7'Holders of rec. Mar. 8
the liquidating bank. Succeeded by State Bank
of
Vicksburg, Shreveport & Pacific, coin
Whiting, Ind.
234 Apr. 1 Holders of rec. Mar. 114
Preferred
Feb. 29
-The Citizens National Bank of Boliver, Pa
234 Apr. 1 Holders of rec. Mar.
50,000 Virginian Ry (quar.)
ejt.6 Apr. 1 *Holders of rec. Mar. 1 la
Effective Feb. 26 1932. Liquidating Agents.
12
W.
Hammond and F. J. Sutton. both of Boliver, B.
Public Utilities.
Absorbed by the Bollver National Bank, Boliver, Pa.
Pa..
Alabama Water Service. $6 pf. (guar.). *$1.50 Mar.
Pa. 6135.
1 'Holders of roe. Feb. 19
Amer. Dist. Teleg., corn. (quar.)
-The First National Bank of Jeffersonville. Ind
Mar. 2
Apr. 15'Holders of rec. Mar. 15
150,000
Preferred (quar.)
Effective March 1 1932. Liquidating Agent, John
B.
American Public Service, 7% pf.(qu.). •154 Apr. 15'Holders of rec. Mar. 15
Funk, Jeffersonville, Ind. Absorbed by the
134 Apr. 1 Holders of rec. Mar. 15
Clark
American & Foreign Power $6 pref.
County State Bank of Jeffersonville, Ind.
and $7 pre 1.
-Div idend omitted.
Arkansas Natural Gas Corp.. pf.
-The First National Bank of Stamford, Texas
Mar. 2
150. Apr. 1 Holders of roe. Mar. I5a
100,000 Associated Telephone Utilities (qua?.)
Effective Feb. 25 1932. Liquidating Agent. T.
A. Up$7 prior pref $S prior pref. and $6 pref .A--D
shaw. Stamford. Texas. Succeeded by the First
vidends omitted.
NaBangor Hydro-Elec. Co.. com.(quar.).. *50e. May
tional Bank in Stamford, Texas, No. 13598.
Binghamton L., H.& Power.$6 pf.(qu.) '$1.50 Apr. 2'Holders of roe. Apr. 11
-The First National Bank of Rio. Wis
Mar. 3
1 'Holders of rec. Feb. 29
Effective Feb. 18 1932. Liquidating Agent, Andrew 25.000 Calgary Power (quar.)
134 Apr. 1 Holders of rec. Mar. 15
Capital Trac., Wash., D.C.(guar.)
Amondson, Rio. Wis. Succeeded by First State
50c. Apr. 1
Carolina Power & Light,$7 pref.(qu.).. $1.75 Apr. 1 Holders of rec. Mar. 14
Bank of Rio, Wis.
Holders of roe. Mar. 12
$6 preferred (guar.)
-The First National Bank of Blair, Wis
Mar. 4
$1.50
25.000 Centre Ohio Lt.& Power.56, Id.(quar.) *$1.50 Apr. 1 Holders.of rec. Mar. 12
Effective Feb. 29 1932. Liquidating Agent.
Mar. 1 *Holders of rec. Feb. 16
Robert H.
Central Public Service. $7 pref.. $6 pref. and 3 4 pf.Glifillan, Blair. Wis. Absorbed by the Home
Dividends
Central States Edison Company pf. (qu.) •13,4 Apr. 1 *Holders omitted.
of Blair, :which has changed its title to "Union Bank
Bank
Chin & Suburban Bell Teleph. (quar.).. *51.13 Apr. 1 'Holders of rec. Mar. 16
of Blair.'
of lee. Mar. 18
Citizen Gas (Indianapolis) (quar.)
-The Peoples National Bank of Mount Pleasatr
Mar 5
"62540 Mar.31 *Holders of roe. Mar.
.
EffectiveNlarch 2 1932. Liquidating As-nt. the, Pa_ - -- 50.000 Clinton Water Works, 7% pref. (quar.)_ '154 Apr. 15'Holders of rec. Apr. 19
1
Citizens
Commonwealth Water & Light. pf.(qu.)
Savnvs & Trust Co.of Mount Pleasant. Pa.
Apr. 1 'Holders of rec. Mar. 19
Absorbed
Consumers Gas (Toronto) (guar.)
by the Citizens Savings & Trust
254 Apr. 1 Holders of
Co. of Mount
Continental Teleph., 7% pref. (guar.).- •154 Apr. 1 *Holders of rec. Mar. 15
Pleasant, Pa.
roe. Mar. 15
654% preferred (guar.)
-The First Nat'oaal Rcnk of Mount Pleasant.
Mar. 5
Apr. 1 *Holders of rec. Mar. 15
100,000 Cuban Telephone, common.Effective March 2 1932. Liquidating Agent, Pa
Diddend action defer? d.
the Citizens
Preferred (quar.)
Savings & Trust Co.of Mount Pleasant, Pa.
*15( Mar. 31 *Holders of roe. Mar. 15
Absorbed
Duke Power. corn. (quar.)
by the Citizens Savings & Trust
15( Apr.
Holders of rec. Mar. 15
Co. of Mount
Preferred (guar.)
Pleasant, Pa.
134 Apr. 1 Holders of rec. Mar. 15
Elizabeth & Trenton RR_
.$1.25 Apr. 1 *Holders of rec. Mar. 21
CONSOLIDATION OMITTED FROM
Gas& Electric Securs.„ corn.
BULLETIN NO. 2026.
(=WO_50c. Apr. 1 Holders of rec. Mar. 154
Feb. 11-The First National Bank of Oroville, Calif
Corn.(payable in corn.stock.)
(mthly.
f3.4 Apr. 1 Holders of rec. Mar. 15a
$50,000
Bank of Oroville, °revile, Calif
Preferred (monthly)
5 8 1-3e. Apr. 1 Holders of rec. Mar. lba
100,000 Gas Securities Co.,corn.
Consolidated to-day under the Act of Nov.
(mt.)
554 Apr. 1 Holders of rec. Mar. I6a
amended Feb. 25 1927 under the charter 7 1918, as
Preferred (monthly)
50c. Apr. 1 Holders of rec. Mar. 154
Gold & Stock Tele traph (guar.)
"The First National hank of Oroville,"and title of
*134 Apr. 1 "Holders of rec. Mar. 31
No. 6919,
Green Mountain Pow..$6 pref.(qu.)with capital stock of T.127,500.
-- .E1.50 Mar. I. "Holders of rec. Feb. 15
Surplus, $72.500.
Greenwich Water de Gas Sys., pf.
Feb. -The City National Bank of
Apr. I *Holders of
(qu.)-Colorado, Texas
60.000 Havana Elec.& Utilities. 1st. pf. Ice.)., 134 May 1 Holders of rec. Mar. 21
Colorado National Bank in Colorado.
rec. Apr. 16
Preference (quar.)
100,000
Consolidated to-day under the Act of Texas
134 May 16 Holders of rec. Apr. 16
Illinois Power & Lt.,6% pf,(1U.)
Nov. 7
134 Apr. 1 Holders of rec. Mar. 10
amended Feb. 25 1927, under the charter 1918, as
$6 preferred (guar.)
and cor$1.50 May 2
porate title of"The City National Bank
International Telephone& Telegraph-I)Ividen d omitt Holders of rec. Apr. 9
of Colorado,"
No. 5276. with capital stock of
ed.
Inter-State Power, $7 pref.
$100,000. Surplus.
*S1.75 Apr. 1 *Holders of rec. Mar. 15
(qtiar-)
$75.660.
$6 preferred (quar.)
*31.50 Apr. 1 *Holders of rec. Mar. 15
Iowa Power & Light, 7% pref. (quar.)..
.134 Apr. 1 *IIolders of rec. Mar. 15
6%
Auction Sales.
*134 Apr. 1 *Holders of rec. Mar. 15
-Among other securities, the following, Joplin preferred (quar.)
0114 Apr.
actually dealt in at the Stack Exchange, were sold at auction KansasWater Works,6% pref. (quar.) _ •1y, Apr. 15 *Holders of rec. Apr. 1
not
Electric Power,7% pref.(qu.)
'Holders of rec. Mar. 15
6% Preferred (quar.)
in New York, Boston, Philadelphia, and Buffalo on Wed- Kansas Pow.& Lt.7%
*Ix Apr. *Holders of rec. Mar. 15
• ‘ Apr. 'Holders of rec. Mar. 19
13,
pref.(quer.).
nesday of this week:
6% preferred (quar.)
•
13i Apr. *Holders of rec. Mar. 19
Manchester Gas, common (guar.)
By Adrian H. Muller & Son, New York:
*2
Apr.
*Solders of rec. Mar. 19
Preferred (guar.)
•15.4 Apr.
"Holders of rec. Mar. 19
Shares. Stocks.
$ per Sh. Shares. Stocks.
Per Rh. Mackay Cos., preferred (quar.)
Apr.
Holders of rec. Mar. 18
462 Autoplano CO., par S15_35,000 lot 348 Standard Pneumatic Action
Manhattan RY.,guar. stock (guar.)
al% Apr.
*Holders of rec. Mar. 18
$800 lot
376 Kohler & Campbell. Inc
Co., par $30
$3.000 lot Maritime Tel.& Tel., common (quar.)
"20c. Apr.
*Holders of rec. Mar. 15
$4,800 lot 200 Underwriters Trust Co., par 520 5
47 Brambach Piano Co
7% preferred (quar.)
•17%c
$2 lot $1,000 S. A. Ryan Motor Co., let
285 Milton Piano Co
Metropolitan Edison Co.$6 pref.(qu.).. "51.50 Apr. 2'Holders of rec. Mar. 15
Mar.31 'Holders of rec. Feb. 29
112 Auto Pneumatic Action Co_3500 lot
mtge. 8s. April 1 1930
h Apr. 1
$15 lot Middle States Telep., pref. (quar,)
*Holders of rec. Mar.
90 F. M. Malany Co.. Inc., par $50 33 lot 165 Third Nat Bank of New York_ 1.40 Minnesota Power & Light,7% pf.(111.)
yi Apr. 1 *Holders of rec. Mar.20
15
Pintard Apartments. Inc: 10
6% preferred (quar.)
125 Amer. Manganese Mfg Co.,
20
.1% Apr. 1
Building & Realty News. Ine_525 lot
pref., par $50; 250 Amer. ManMississippi River Power. pref.(guar.)... _ s134 Apr. 1 *Holders of rec. Mar. 15
*Holders of rec. Mar. 15
Miss.Val.Pub.Serv.6% of.(dust.).
ganese Mfg., cm., par $50:
7 Epicure Foods Stores Corp.. no
"134 Apr. 1 *Holders
Subscription warrant of the GenPar; 100 Gold Coin Mining Co.,
Monongahela Valley Water,7% of. (qu.) •114: Apr. 15 *Holders of rec. Mar.22
of rec. Apr. 1
eral Cable Corp. to purchase 100
Montana Cities Gas, pref.-Div. passed.
Par $1: 5,000 Arizona Western
shares, class A, void July 11932;
Mining & Milling Co.. Par 25c.:
Mutual Tel.(Hawaii) (monthly)
•80.
"Holders of rec. Mar.18
New Brunswick Pow..1st pref.-Div.def erred. Apr.
10 Women's Downtown Luncheon
1 Army & Navy Go-operative Co.,
Club. Inc., pref.: $500 Green
N.Y.Pow.& Lt. Corp-.$6 Pf.(qu.)
par $10; 25 the Lito-fone Corp.
*$1.50 Apr.
*Holders of rec. Mar. 16
Meadow Country Club, Inc.,
7% preferred (quar.)
of Amer., no par; 1 U. S. Beer
'1 34 Apr.
'Holders of rec. Mar. 16
income debentures
Syphon Co.: 1) 96-100 National
$19 lot N.Y.& Richmond Gas.6% of.(qui
*154 Apr.
*Holders of rec. Mar. 15
$22 lot
Northern N. Y. Utilities. pref.(quar.)
Cash Credit Association
15( May 1 Holders of rec. Apr. 11
27
Name of Company.
[VOL. 134.
FINANCIAL CHRONICLE
1906
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
Books Closed
Days Inclusive.
Per
When
Cent. Payable.
Miscellaneous (Continued).
"400. Apr. 1 *Holders of rec. Mar.15
Cohen (Dan) Co.(quar.)
Colt's Patent Fire Arms Mfg.(quar.).... "25c. Mar. 31 *Holders of rea. Mar.12
Common Stock Trust Shares ser. A reg.*2 0.85c. Apr. 1 *Holders of rec. Mar. 1
*170. Apr. 1 *Holders of rec. Mar. 1
Series A-1 reg
250. Apr. 1 Holders of rec. Mar. 16
Consol Bakeries of Canada (attar.)
*400. Apr. 1 *Holders of rec. Mar. 20
Continental Casualty (quar.)
"51.50 Apr. 1 *Holders of rec. Mar. 15
Courler Post Co.,COM (guar.)
Apr. 1 *Holders of rec. Mar. 15
7% Preferred (quay.)
500. Apr. 1 Holders of rec. Mar. 21
Cream of Wheat Corp.(quar.)
"15.1 Apr. 1 *Holders of rec. Mar. 20
Davidson Co., pref. (quar.)
"250. Mar. 15 *Holders of rec. Mar. 10
Delsel-Wemmer-Gilbert Co. (quer.). _
*11c. Apr. 1 *Holders of rec. Feb. 29
Deposited Bk. Shares N.Y.nor. A &
*60e. Mar. 31 *Holders of rec. Mar. 21
Detroit Bankers, corn. (quar.)
Apr. 1 *Holders of rec. Mar.20
Driver-Harris Co.,7% pref.(quer.)- - Apr. 1 *Holders of rec. Mar. 21
"2
Duplan Silk. pref. (quar.)
Eastern Steamship Lines, corn.(quar.)-- "250. Apr. 1 *Holders of rec. Mar. 18
Apr. 1 *Holders Of rec. Mar. 18
First preferred (quar.)
*87340 Apr. 1 *Holde s of rec. Mar. 18
Preferred (no par) (quar.)
20. Apr. 1 Holders of rec. Mar. 9
Ecuadorian Corp., common (guar.)._ _
Edison Bros. Stores, Inc., pref.-Divide nd acti on defer red.
Emerson's Bromo-Seltzer,comA&B (qu.) *50c. Apr. 1 *Holders of rec. Mar. 15
8% preferred (quar.)
*50c. Apr. 1 *Holders of rec. Star. 15
214 Mar.30 Holders of rec. Mar. 230
Empire Safe Deposit (quar.)
75c. Apr. 1 Holders of rec. Mar. 18
Endicott-Johnson Corp., corn. (quar.)
134 Apr. 1 Holders of rec. Mar. 18
Preferred (quar.)
Fanny Farmer Candy Shops, com.(qu.)- *25c. Apr. 1 'Holders of rec. Mar. 15
*60c. Apr. 1 *Holders of rec. Mar. 15
Preferred (quar.)
Mar.15 Holders of ree. Mar. 5
Fear (Fred) & Co. (quar.)
Fidelity & Deposit (Bait.)
-Dividend de fer5rgile:
*1
Mar. 1 "Holders of roe. Feb. 25
Fidelity Invest. Assn.(quar.)
First Bank Stock Corp.(Minneap.)
(qu.) 12 Mc Apr. 1 Holders of rec. Mar. 19
Fisher Flour Mills, 7% pref. (guar.)._
*134 Apr. 1 *Holders of rec. Mar. 15
Flatbush Invest. Corp.
-Dividend deferr ed.
l
Food Machinery Corp.,634% pf.(mthlY) *50c. Mar. 15 *Ho ders of rec. Mar. 10
Freiman (A. J.), Ltd., pref. (quar.)---134 Apr. 1 Holders of rec. Mar. 15
'Holder, of rec. Mar. 20
Freuhauf Trailer, pref.(quar.)
:8714cA p
8 Xc Apr.
'Holde of rec. Mar. 19
'Holder,
7% pref. A (quar.)
Gardner-Denver Co., pref. (quar.)
'134 May 1 *Holders of rec. Apr. 20
Gary (Theo.)& Co.,$1.60 prof.(quar.). "400. Apr. 1 *Holders of rec. Mar. 16
50c. Apr. 1 Holders of rec. Mar. 19
General Baking Co., tom.(quar.)
clders of rec. Mar. 19
H
Apr. 1
$2
Preferred (quar.)
General Electric (Germany)
Amer. dep. refs. ord. reg.-Dividend o milted
General Tire & Rubber, pref. (guar.).-- "IX Mar.31 'Holders of rec. Mar. 21
*200. May 2 *Holders of rec. Apr. 15
Globe Underwriters Exchange
Godchaux Sugars, Inc., cl. A & pref.- Divid ends om itted
"400. May 2 "Holders of rec. Apr. 9
Gold Dust Corp. ((Mar.)
Goodyear Textile Mills, pref. (guar.)._ _ *1X Apr. 1 *Holders of roc. Mar. 21
'134 Apr. 1 "Holders of rec. Mar. 21
Goodyear Tire & Rub. of Calif., pf
Goodyear Tire & Rub.
(qu)- 51.25 Apr. 1 Holders of rec. Mar. 15
(Can.). corn.
134 Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
*50c. Mar.31 'Holders of rec. Mar. 21
Granite City Steel (quar.)
"250. Apr. 1 *Holders of rec. Mar. 15
Graymur Corp. (quar.)
Gray Telephone Pay Station (quar..-- *500. Apr. 1 *Holders of rec. Mar. 19
*25o. Apr. 1 'Holders of rec. Mar. 19
Extra
Greif (L.) Sy Bros., Inc., cl. A (quar.)_ _ _ *871.0 Apr. I "Holders of rec. Mar. 21
'134 Apr. 1 *Holders of rec. Mar. 21
7% preferred (quar.)
Gard (Chas.) & Co., Ltd., corn.(quer.). 400. Apr. 1 Holders of roe. Mar. 15
134 Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
•8754c Apr. 1 *Holders of rec. Mar. 14
Hall Baking, 7% prof. lunar.)
Apr. 1 *Holders of rec. Mar. 21
Hanes(P. 11.) Knitting, pref.(quar.)....
Trust Companies.
Heath (D.C.)az Co.,7% pref.(quar.)_ _ '134 Mar. 31 *Holders of rec. Mar. 28
'
Bank of New York & Trust Co.(quar.)_ _ 434 Apr. 1 *Holders of rec. Mar. 18
Apr. 1 *Holders of rec. Mar. 20
*2
Hewitt Bros. Soap, pref. (quer.)
Bronx County-Dividend deferred
July 1 *Holders of rec. June 20
"2
Preferred (quar.)
500 Apr. 1 Holders of rec. Mar. 15a
Manhattan (The) Co. (quar.)
*2
Oct. 1 *Holders of net. Sept. 20
Preferred (quar.)
•50c Apr. 1 *Holders of rec. Mar. 17
Manufacturers (quar.)
Jan 1'33 "Holders of rec. Dec. 20
*2
Preferred (quar.)
"500 Mar. 23 "Holders of rec. Mar. 19
Marine Midland (quar.)
150. Mar. 24 Holders of rec. Mar. 10
Hollinger Consol. Gold Mines, Ltd
•23ic Apr. 15 *Holders of rec. Mar. 31
Holly Development (guar.)
Fire Insurance.
41:1
Holt, Renfrew & Co., Ltd., pref. (quar.) 1% Apr. 1 Holders of rec. Mar. 26
40c Apr. 1 Mar.19, to ,a Mar. 31
Hanover Fire (quar.)
*250. Mar. 10 *Holders of rec. Feb. 29
Honolulu Plantation (monthly)
hat
Horluk.s, Inc., pref.-Dividend omitted
Miscellaneous.
Mar.31 "Holders of rec. Mar.21
Howes Bros. Co., 7% pref. (quar.)
Administrative Sy Research, cl. A (quar.) *250 Apr. 1 *Holders of rec. Mar. 15
"
'1341.3,5 Mar. 31 *Holders of rec. Mar. 21
6% preferred (quar.)
"400 Apr. 1 *Holders of rec. Mar. 9
Aetna Casualty & Surety (guar.)
*1X Mar. 31 *Holders of rec. Star. 21
7% first preferred
"75c. Apr. 15 *Holders of rec. Mar. 31
Air Reduction Co.(quar.)
*500. Mar.31 *Holders of rec. Mar. 15
Humphrey'a Mfg.,8% pref. (quar.)
Allied Laboratories,Inc., pref. (quar.) "87X c Apr. 1 *Holders of rec. Mar. 15
Hungarian Disc. & Exch. Bank
Apr. 1 *Holders of rec. Mar. 19
American Optical Co.. lot pref.(quar.)
4 pens's Mar. 15
American shares
Amer. Thermos Bottle, 7% p ef.(quar.) 8734o Apr. 1 *Holders of rec. Mar. 19
She. Apr. 1 Holders of rec. Mar. 15
Hunts, Ltd., class A & B (guar.)
'
American Wringer (quar.)
3134c Apr. 1 *Holders of rec. Mar. 15
Ideal Financing Assn., class A (guar.).- *12340 Apr. 1 *Holders of rec. Mar. 7
"1X Apr. 1 *Holders of rec. Mar. 5
Andover Realty,6% pref. (quar.)
"500. Apr. 1 *Holders of rec. Mar. 7
Convertible preferred (quar.)
Anglo-National Corp.. class A (quar.)-- *50c. Apr. 15 *Holders of rec. Apr. 4
Apr, 1 *Holders of rec. Star. 7
*S2
Preferred (quar.)
*50c. Apr. 1 *Holders of rec. Mar. 15
Apponaug
corn.(quar.)
Apr. 1 *Holders of rec. Mar.22
*SI
Industrial Rayon (quar.)
'1X Apr. 1 "Holders of rec. Mar. 15
Preferred (guar.)
Internat. Amesite Co., pref. (quar.)--- - "51.75 Mar. 1
Art Metal Coastruction-Dividend omit ted.
International Carriers. Ltd. (quar.)--- - *10c. Apr. 1 *Holders of rec. Mar. 21
Mar. 15 *Holders of rec. Feb. 29
Atlantic Buildin; Trust (Boston)
Internat. Mtge.& Invest., 7% pref.-DI vidend omitted
Apr. 1 Holders of rec. Mar. 21
$1
Auburn Automobile (quar.)
Internat. Nickel of Canada, 7% pf.(qu.) 134 NW 2 Holders of rec. Apr. 2
e2
Apr. 1 Holders of rec. Mar. 21
Stock dividend
'8340 May 2 *Holders of ree. Apr. 2
7% preferred ($5 par) (quar.)
Bence Commerciale Italians of Milan
Interstate Department Stores, com.-DI vidend action it eferred
rec. Mar. 15
$2.07 Mar. 22 Holders of
American shares
Kalamazoo Vegetable Parchment (qu.), •15c. Mar. 31 "Holders of rec. Mar.21
Bancroft Hotel, corn. az pref.-Dividend s passe
*150. June 30 *Holders of rec. June 20
Quarterly
Bankers Inv. Tr. of Am., deb. stk. (qtr.) .150. Mar. 31 *Holders of rec. Mar. 15
.
*15c. Sept.30 *Holders of rec. Sept 20
Quarterly
Bank Stock Trust Shares,ser. C, 1 re'14.67c. Apr. 1 *Holders of rec. Mar. 1
"15c. Dec. 3 *Holders of rec. Dec. 21
Quarterly
14.620. Apr. 1 *Holders of rec. Mar. 1
Series C. 2 ref
"51.25 Apr.
'Holders of rec. Star. 20
Keystone Cold Storage
'134 Apr. 1 *Holders of rec. Mar. 14
Barker Bros., pref.(quar.)
*$1.25 Oct.
*Holders of rec. Sept.20
Keystone Cold Storage
"250. Apr. 1 "Holders of rec. Mar. 25
Bird & Son (quar.)
2
Mar.3 Holders of rec. Mar. 15
King Royalty A. pref. (quar.)
Blaney-Murphy Co., pref.-Dividend pa ssed
"450. Apr.
Kirsch Co., pref. (quar.)
"Holders of rec. Mar. 16
*$2.11 Mar. 1
Bonded Trustee Shares, series A
Klein (D. Emil) Co., Inc., corn. (quar.) "25c. Apr.
*Holders of rec. Mar.21
"100. Mar. 1
Series B
2
Apr.
Lambert Company. corn. (quar.)
Holders of rec. Mar. 17
Boots Pure Drug
"62Sic Mar.3 *Holders of rec. Mar. 21
Landers, Frary & Clark (quar.)
of rec. Mar. 9
"w6 Apr. 6 'Holders
Am.dep. rets. for ord. reg.shs
"62Sic June 30
Quarterly
"250. Mar. 30 *Holders of rec. Mar. 15
Boston Personal Property Trust(qu.)*623-ic Sept. 30
Quarterly
Mar. 15 Holders of ree. Mar. 10
2
Boyd-Richardson Co.. 1st pref.(qu.)'62340 Dec. 3
Quarterly
-Bradley Knitting. 1st pref.-Div. omItte
*2
Apr.
Larus & Bros. Co.,pref.(quar.)
*Holders of rec. Mar. 23
250. Apr.
Holders of rec. Mar. 21
Broad Street Investing Co
2
Apr.
Lawyers Title & Guaranty (quar)
Holders of rec. Mar. 210
Brooklyn Mtge. Guar. & Title (quar.)-- '134 Mar.30 *Ilolders of rec. Mar. 21
Leader Mercantile Co., 7% pf. (qu.) _ _ '134 Mar.
*Holders of rec. Feb. 20
50c. Apr. 1 Holders of rec. Mar. 17
Building Prod.. Ltd.. cl. A & B (quar.)....
Leggett (T. H.)& Co., pref.(quar.)_
'134 Apr.
*75c. Apr. 1 *Holders of rec. Mar. 21
Bunco,Inc., pref.(quar.)
Loomis-Sayies Mutual Fund (qu.)
*60c. Apr.
•5750. Apr. 1 'Holders of rec. Mar. 21
Preferred (acct.accum.dividends)Lunkenheimer Co. corn. (quar.)
"12 qc Mar. 1 *Holders of rec. Mar. 5
Mar.
Cambridge Invest. Corp.,Cl. A & B (au.) "25c. Apr. 1 *Holders of rec. Mar. 21
15
Mabbett & Son, 1st & 2nd pref. (quar.) *I% Apr.
4 X Apr. 1 *Holders of rec.
)1
'Holders of rec. Mar. 20
Canada Packers, Ltd., pref.(guar.)
Mack Trucks, Inc., corn. (quar.)
25c. Mar.3 Holders of rec. Mar. 18
60. Apr. 1 Holders of rec. Mar. 15
Canadian Canners, Ltd., corn. (quar.)._
Madison Mtge.,8% pf., 8% 1st pf. and 7% sec ond pr. -Div.action deferred.
17c. Apr. 1 Holders of rec. Mar. 15
Convertible putts.. pref.(guar.)
Majestic Royalty
*20. Apr. 1 *Holders of rec. Mar. 25
134 Apr. 1 Holders of rec. Mar. 15
First preferred (guar.)
Margay 011 Corp.,(quar.)
"25c. Apr. 11 *Holders of rec. Mar. 21
Mar. 31 Holders of rec. Mar. 15
Canadian Celanese, Ltd.,7% Pt.(qu.)
McAleer Manufacturing(quar.)
Apr. 30 *Holders of rec. Mar. 31
*62
•371-40 Apr. 1 *Holders of rec. Mar. 18
Canadian Industries, corn. (quar.)
McKesson & Robbins, pref.-Dividend omitte d.
*250 Apr. 30 'Holders of rec. Mar. 31
Common (extra)
McQuay-Norrls Mfg.(quar.)
*75c. Apr, 1 *Holders of rec. Mar.21
*I% Apr. 15 'Holders of rec. Mar. 31
Preferred (quar.)
Merchants & Miners Trans. Co.(quer.). *37 Xe Mar. 31 *Holders of rec. Mar. 9
"400 Apr. 1 *Holders of rec. Mar. 18
Cannon Mills lunar.)
750 Apr. 1 Holders of rec. Mar. 18
Metropolitan Ice, pref. (quar.)
'134 Apr. 1 *Holders of rec. Mar. 15
Capital Administration, pref. (quar.)_
"1.54 Mar. 15 *Holders of rec. Mar. 10
Preferred (extra)
"30c. Apr. 1 *Holders of rec. Mar. 15
Carey (Philip) Mfg.,corn.(quar.)
Mar.31 *Holders of rec. Mar. 21
Mexican Petroleum, pref. (quar.)
•1
Arr. 20 *Holders of rec. Mar. 31
•32
Preferred (quar.)
Midland Counties Electric Supply Ltd.
*134 Apr. 1 'Holders of rec. Mar. 21
Carnation Co.,7% pref.(quar.)
31340.Apr. 1 Holders of rec. Mar. 22
Amer. dep. rats, for ord. reg
•te434 Mar. 22 'holders of rec. Mar. 2
ra
Central Aguirre Associates (guar.)
Apr. 1 Holders of rec. Mar. 15
Midland Steel Products, corn. & $2 pref. -Divi dends o
Central Canada Loan & Savings (quar.)_ 3
8% preferred (quar.)
"2
Apr. 1
olders of rec. Mar. 22
Chartered Trust & Executor Co.(ILL)--. •134 Apr. 1 *Holders of rec. Mar. 26
"134 Apr. 1 *Holders of rec. Mar. 20
Mitchum Tully Participations 2 pref.-D I viden d passe
Chatham Mfg.,7% pref.(quar.)
"1
Apr. 1 *Holders of rec. Mar. 20
Mock Judson dc Voerhinger, pf. (quar.)_ '134 Apr. 1 *Holders of rec. Mar. 15
6% preferred (guar.)
"134 Mar. 1 *Holders of rec. Feb. 27
Montgomery Ward & Co., class A (qu.) *$1.75 Apr. 1 *Holders of rec. Mar. 21
Chicago Dock & Canal (quar.)
Morris Finance Co.,cl. A (quar.)
* 51.375 Mar. 31 *Holders of rec. Mar. 21
(qu.) '234 Apr. 1 *Holders of rec. Mar. 15
Chic. Jct. Rys.& Un.Stk.Yds.,com.
21
'134 Apr. 1 *Holders of rec. Mar. 15
Class B (guar.)
*2714c Mar. 31 *Holders of rec. Mar. 21
Preferred (attar.)
*4334 Mar. 31 *Holders of rec. Mar. 19
Preferred (quar.)
'134 Mar. 31 *Holders of rec. Mar. 21
Chicago Ry. Equip., pref. (quar.)
*$1
Apr. 1 *Holders of rec. Mar. 21
Morris Plan Bank (Hartford) (qu.) _ _ *2
Mar. 31 'Holders of rec. Mar.
Chicago Towel,corn.(quar.)
22
)
0$1.70 Apr. 1 *Holders of rec. Mar. 21
Murphy (G. C.) Co., pref. (quar.)
Apr. 2 Holders of rec. Mar. 20
2
Preferred (qu sr.)
*2
Apr. 1 *Holders of rec. Mar. 25
Apr. 1 *Holders of rec. Mar. 150
Murray (J. W.) Mfg.,pref.(quar,)
Circle Theatre Corp.(quar.)
Holders of rec. Mar.
Myers(F. E.)& Bro. Co.,corn.(quar.) _
34 Mar. 31 Holders of rec. Mar. 150
Cities Service, bankers shares (quar.)...* 10.940. Apr. 1 'Holders of rec. Mar. 15
"250. Apr. 1 *Holders of rec. Mar. 15
Preferred (quar.)
11-4 Mar,31
Clark (D.L.)& Co.(quar.)
Mar. 24
Nashua Gummed & Ctd.Pap. pr.(qu.)
"134 Apr. 1 'Holders of roc. Mar. 170
Claude Neon Gen. Adver., Ltd. pf.-Div . actio n deferr ed.
200. Apr. 1 Holders of rec. Mar. 19
550. Apr. 1 Holders of rec. Mar. 12
National Battery Co., pref.(quar.)
& Mtge. Guar.. Newark
Clinton Title
Holders of rec.
10c. Apr. 1 Holders of rec. Mar. 19
National Candy. 1st & 2d pref.(guar.)._
134 Apr. 1
Extra
Nat.Container, pref.-Div.deferred.
Cluett,Peabody az Co..7% Pref.(quar.) I% Apr. 1 Holders of rec. Mar. 21
rec. Mar. 18
IX Apr. 1 Holders of rec. Mar. 120 National Licorice. pref.(quar.)
'13-4 Mar.31 "Holders of rec. Mar. 19
Coca-Cola Co.(quar.)
*50c. Apr. 1 *Holders of
Apr. 1 Holders of rec. Mar. 120 National Screen Service (quar.)
Extra
Public Utilities (Concluded).
North Continent Utilities, Cl. A.,6% pref .and 7 % pref. -Dividends omitted.
Northwestern Public Serv.,6% p1. (qu.) *134 Mar. 1 *Holders of rec. Feb. 20
•Ur Mar. 1 *Holders of rec. Feb. 20
7% Preferred (guar.)._
Ohio Telephone Service, pref.(quar.)
'134 Apr. 1 *Holders of rec. Mar. 24
Orange & Rockland El.00.7% pf.(qu.) '134 Apr. 1 *Holders of rec. Mar. 25
*134 Apr. 1 *Holders of rec. Mar. 25
% Preferred (quar.)
Ottawa Light, Heat & Power,com.(qu.)- *134 Mar.31 *Holders of rec. Mar. 15
Apr. 1 *Holders of rec. Mar. 15
Preferred (quar.)
•
$1.50 Apr. 1 *Holders of rec. Mar. 15
Otter Tall Power (Del.)56 pf.(qu.)
$1.375 Apr. 1 'Holders of rec. Mar. 15
$5.50 preferred (guar.)
*j54 Apr. 1 *Holders of rec. Mar. 21
Penn. Gas & Elee. Corp.7% pf.
*51.75 Apr. 1 *Holders of rec. Mar. 21
$7 preferred (quar.)
NILO.Gas & Elec. Co.7% pref.(qu.)---- *134 Apr. 1 *Holders of rec. Mar. 20
Penn.Power & Light $7 pref.(quer.).
- $1.75 Apr. 1 Holders of rec. Mar. 15
$1.50 Apr. 1 Holders of rec. Mar. 15
$6 preferred (quar.)
$1.25 Apr. 1 Holders of rec. Mar. 15
$5 preferred (quar.)
*134 Apr. 1 *Holders of rec. Mar. 15
Pennsylvania Telephone, pref. (quar.)-Phila.Suburban Water Co.,pref.(qu.)_. 134 June 1 Holders of rec. May 120
Apr. 1 "Holders of rec. Mar. 10
"32
Philadelphia Traction
*51.25 Apr. 1 'Holders of rec. Apr. 1
Plainfield Union Water (quar.)
IX Apr. 1 Holders of rec. Mar. 15
Porto Rico Power, pref.(quar.)
*30e. Apr. 1 *Holders of rec. Mar. 15
Providence Gas (quar.)
Richmond Water Works,6% p1.(quar.)_ *534 Apr. 1 *Holders of rec. Mar. 19
•134 Apr. 1 *Holders of rec. Mar. 19
Rochester Telephone,634% P ef.(qu.)
'
Rockville ‘Villamantio Ltg.7% p1. (411.) 134 Apr. 1 *Holders of rec. Mar. 15
*134 Apr. 1 "Holders of rec. Mar. 15
6% preferred (quar.)
South Pittsburgh Water,7% pref.(qu.). "1.54 Apr. 15 *Holders of rec. Apr. 1
6% preferred (guar.)
.134 Apr. 15 *Holders of rec. Apr. 1
134 Apr. 1 Holders of rec. Mar. 19
Southwestern Bell Telep., pref.(qu.). -Southwestern Lt.& Pow.,pref.(quar.)-- "31.50 Apr. 1 *Holders of rec. Mar. 15
Springfield Gas& El. pref. A (quar.)---- $1.75 Apr. 1 Holders of rec. Mar. 15
Standard Gas & Elec.. corn.(quar.)
87X c. Apr. 25 Holders of rec. Mar. 31
$1.50 Apr. 25 Holders of rec. Mar.31
$6 prior preferred (quar.)
$7 prior preferred (quar.)
$1.75 Apr. 25 Holders of rec. Mar. 31
500. June 1 Holders of rec. May 11
Standard Pow.& Lt.com.&com.B (qu.)$1.75 May 2 Holders of rec. Apr. 16
Preferred (guar.)
Texas Electric Bevy.,S6 p1.(quar.)
"31.50 Apr. 1 *Holders of rec. Mar. 15
Toledo Light & Power,pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 150
Tri-State Tel.& Tel.(quar.)
*51.50 Apr. 1 'Holders of rec. Mar. 15
Union El. Lt.& Pow.
(III.)6% pf.((BO - '134 Apr. 1 *Holders of rec. Mar. 15
Union El.Lt.& Pow (Whi.)7% Of.(qu))- "134 Apr. 1 *Holders of rec. Mar. 15
' Apr. 1 "Holders of rec. Mar. 15
134
% preferred (guar.)
Union Pub. Serv.(Minn.) corn.(qu.) - 134 Apr. 1 *Holders of rec. Mar. 19
'
7% preferred A & B (quar.)
'11-4 Apr. 1 *Holders of rec. Mar. 19
$6 preferred C & D (quar.)
•
$1.50 Apr. 1 *Holders of rec. Mar. 19
$1.50 Apr. 1 Holders of rec. Mar. 15
United Gas Public Serv., pf. (quax.)United Light & Pow.$6 first pt.(quar.) *51.50 Apr. 1 *Holders of rec. Mar. 15
United Light az Rys.(Del.)
8 1-3c. Apr. 1 *Holders of rec. Mar. 15
7% Prior preferred (month y)
"530. Apr. 1 *Holders of rec. Mar. 15
6.36% prior preferred (monthly)
*50c. Apr. 1 *Holders of Tee. Mar. 15
6% prior preferred (monthly)
•$1.60 Apr. 1 'Holders of rec. Mar. 15
West Texas Utilities. 56 pt.(quar.)
*1
Apr. 15 *Holders of rec. Mar. 18
Western Union Teleg. (quar.)
Western United Gas & El.634% Pf.(clu.) •1% Apr. 1 "Holders of rec. Mar. 16
' Apr. 1 'Holders of rec. Mar. 16
134
6% preferred (quar.)
"1% Apr. 15 *Holders of rec. Apr. 1
Wichita Water,7% pref.(quar.)
Banks.
"25
Apr. 1 *Holders of rec. Mar. 25
First National (quar.)
Jamaica National-Dividend omitted.
*134
'134
*134
'134
'134
al
134
Ac
H
"134
X
MAR. 12 1932.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
*50e. Mar. 15 'Holders of rec. Feb. 29
National Sewer Pipe.corn.(quar.)
•60e. Mar. 15 "Holders of rec. Feb. 2P
Preferred A (guar.)
National Steel (guar.)
•25e. Mar.30 "Holders of rec. Mar. 21
Newberry (J. J.) Realty. pref. A (gear.) "14 May 1 *Holders of rec. Apr. 15
Preferred B (quar.)
•134 May 1 *Holders of rec. Apr. 15
Newcastle-on-Tyne Elms Supply",m.dep. rots. for ord. roe.
'w334 Apr. 6 *Holders of rec. Mar. 9
Apr. 1 *Holders of rec. Mar. 15
*2
New England Equity, pref. (quar.)
•15c. Mar. 31 *Holders of rec. Mar. 21
Niles-Bement-Pond Co.(guar.)
Northwest Bancorporatfon (Quer.)
•25e. Apr. 1 'Holders of rec. Mar. 19
Northwestern Yeast (guar./
Mar. 15 'Holders of rec. Mar. 12
"3
Norwalk Tire & Rubber
*874c Apr. 1 *Holders of rec. Mar. 22
New preferred (guar.)(No. 1)
Novadel A gene Corp.,corn.(guar.)
Apr. 1 Holders of rec. Mar. 18
51
Preferred (guar.)
134 Apr. 1 Holders of ref. Mar. 18
•100. Mar. 15 *Holders of rec. Mar. 5
Oahu Sugar. Ltd.(monthly)
•50c. Apr. 1 "Holders of ree. Mar. 10
Ohio Finance corn.(quar.)
8% preferred (guar.)
*2
Apr. 1 *Holders of ref. Mar. 10
Old Colony Trust Associates (quar.)._ *25e. Apr. 1 'Holders of roe. Mar. 15
Ontario Loan & Debenture (guar.)
51.50 Apr. 1 Holders of rec. Mar. 15
0220. Apr. 1 *Holders ef rec. Mar. 15
Pacific Finance Corp.. corn. (quar.)
Pacific Southwest Discount. A & B (qu.) "10e. Mar. 15 *Holders of ree. Mar. 7
8% preferred (qmar.)
*2
Mar. 4 *Holders of rec. Mar. 1
Package Machinery Corp., let pf.
May 2'Holders of rec. Apr. 20
Packer Corporation (quar.)
"250. Apr. 1 *Holders of roe. Mar. 21
Pan American Petroleum dr Transp.Common and common B (guar.)
•40c. Apr. 20 *Holders of rec. Mar. 31
.$2
Preferred (guar.)
Apr. 20 *Holders of rec. Mar. 31
Parker Trading. el B-Div. omitted
Paton Mfg.. pref. (guar.)
"114 Mar. 15 'Holders of rec. Feb. 29
Penman,. Ltd.. con/.(guar.)
750. May 16 Holders of ree. May 5
Preferred (guar.)
1(4 May 2 Holders of ref. Apr. 30
Perfect Circle (guar.)
"500. Apr. I 'Holders of rect. Mar. 18
Pie Bakers. Inc.. cont.-Div. action defe rred.
Pie Bakeries 7% pt. dr $3 2d pt.
-Div.act on der erred.
Pitney Bowes Postage Meter (stk. dn.). •e2 Apr. 1 *Holders of ree. Mar. 15
Pittsburgh-Erie Saw Corp.(guar.)
'373.40 Apr. 1 "Ifolden of rec. Mar. 19
•144 Mar. 1 'Holders of roe. Feb. 23
Plimpton Mfg. Co.(guar.)
•50c. Apr. I 'Holders of roe Mar. 16
Pratt & Latubert Co.. corn.(guar.)
ode. Apr. 4 Holders of rec. Mar. 14
Premier Gold Mining (guar.)
Apr.15 Holden of rec Mar. 250
Procter & Gamble.8;4 pref.(guar.)... _ 2
Prudential Investors, Inc.. pref. (guar.)- •$1.50 Apr. 15 'Holders of ree. Mar. 31
'1)4 May 31 *Holders of ref. May 2
Quaker Oats.6% pref. (quar.)
Ranio Mfg.,-DivIdend omitted
•50e. Apr. 1 'Holders of ree. Mar. 20
Rath Packing (quar.)
Remington Arms Corp.. let pref.(guar.) "144 Apr. 1 *Holders of rec. Mar. 19
•75e. Apr. 1 *Holders of rec Mar 18
Richman Bros., corn (guar.)
like Kumler Co., corn. (quar.)
'3734o Apr. 1 *Holders of rec. Mar. 17
Preferred (quar.)
"134 Apr. 1 'Holders of rec. Mar. 24
Apr. 1 *Holders of rec. May 21
*2
Rockwood & Co.. pref.(qua?.)
Rosa Gear & Tool (ltiar•)
"30e. Apr. 1 *Holders of rec. Mar. 20
St. Loots Rocky Mt. & Pacific Co.
Common (guar.)
123.4c Mar. 31 Holders of rec. Mar. 151
13.4 Mar. 31 Holders of rec. Mar. 150
Preferred (guar.)
•1% Apr. 1 *Holders of rec. Mar. 15
St. Regis Paper, pref. (guar.)
•25e. Apr. 11 *Holders of rec. Mar. 21
Shattuck (Frank (1.) Co.(guar.)
•200. Apr. I *Holders of rec. Mar. 17
Shawn/et Association (guar.)
•160. Mar. 15 "Holders of ree. Feb. 29
Short Term Shares. ser. U.reg
Siemens dr Halske A. 0.
$13.43 Mar. 7 "Holders of rec. Mar. 1
Am. dep. recs, for corn. bearer
Mar. 31 'Holders of rec. Mar. 10
Singer Mfg. Co.(quar.)
"2
Sloan & Zook Prod., cons.(guar.)
*50o. Mar. 29 *Holders of rec. Mar. 19
Preferred (quar.)
'134 Mar. 20 'Holders of rec. Mar. 19
Spang, Chalfant & Co.. Prof. (quar.)_..,. •134 Apr. 1 *Holders of rec. Mar. 21
Sparta Foundry Bluer.)
*25e. Mar. 31 'Holders of rec. Mar. 15
Spencer Trask Fund (guar.)
250. Mar. 30 Holders of roe. Mar. 15
Stanley Works. corn. (lean)
*Holders of ree. Mar. 16
'3734c Apr.
*37 he May 1 *Holders of ref. Apr. 30
Preferred (guar.)
State Theatre Co., pref. (Boston) (qu.)_ "2
Apr.
*Holders of rec. Mar. 19
'Holders of rec. Mar. 23
Superior Portland Cement. el. A(mthly.) "27540 Apr.
Taggart Corp., pref. (quar.)
'134 Apr.
*Holders of rec. Mar. 15
•500. Mar.3 *Holders of rec. Mar. 15
Taylor-Colquitt Co.. corn.(quar.)
Preferred (guar.)
"1St Apr.
•15e. Apr.
"Holders of rec. Mar. 10
Taylor Milling Corp. (quar.)
•200. Apr.
Telep. Invest.(monthly)
*Holders of ref. Mar. 19
•250. Apr.
'Holders of rec. Mar. 23
Thompson (John R.) Co.(guar.)
Thompson's Spa, Inc..$6 Pref.(guar.) "$1.50 Apr.
'Holders of rec. Mar. 10
Thomson Elec. Welding (guar.)
•50c. Mar. 'Holders of rec. Feb. 29
*Holders of rec. Mar. 19
Tide Water Associated Oil, pref. (guar.) "14 Apr.
Tide Water Oil, common
*25e. Mar. 3 *Holders of ref. Mar. 19
Tobacco Products Export Corp
10e. Mar,2 Holders of rec. Mar. 17
Torrington Co. (quar.)
"75c. Apr.
*Holders of rec. Mar. 17
Traders Oil Mill.7% pref.(guar.)
*144 Mar.
*Holders of rec. Feb. 20
Trumbull-Cliffs Furnace, pref. (quar.),. *14 Apr.
"Holders of rec. Mar. 18
Trust Fund Shares, coupon
•150. Apr.
Registered
*15e. Apr.
*Holders of rec. Mar. 31
20th Century Depositor Corp
300. Mar.
Holders of coupon No.4
Underwriters & Panto.,el A-Div.omitt ed.
United Amusement Corp., Ltd.
Class A & B (quar.)
*5()e. Mar. 15 "Holders of reel. Feb. 9
United Loan Corp.. Bklyn. eom.(quar.)_
14 Apr. 1 Holders of roe. Mar. 7
United Publishers,7% pref.-Div.action deferr ed.
United Shoe Mach.,corn.(Qua?.)
624c Apr. 5 Holders of rec. Mar. 15
Preferred (guar.)
374c Apr. 5 Holders of rec. Mar. 15
U. S. Shares Corp. (bank stk. tr. shit.)
Series C. 1 roe
14.67c Apr. 1 *Holders of rec. Mar. 1
Series C,2 reg
• 14.62c Apr. 1 *Holders of rec. Mar. 1
Common stock trust shares, ser. A•520 .085e Apr. 1 "Holders of rec. Mar. 1
Common stk. tr. shs., ser. A, 1 reg
•I7c Apr. 1 *Holders of rec. Mar. I
Universal Crane, pref. (guar.)
*144 Apr. 1 'Holders of rec. Mar. 15
Universal Pictures, pref.(quar.)
"2
Apr. 1 'Holders of roe. Mar. 25
Upressit Metal Cap Corp.. pref.(qu.)_. •1
Apr. 1 "Holders of ree. Mar. 17
Waukesha Motor Co.(guar.)
•50e. Apr. 1 *Holders of ree. Mar.15
Western Exploration (guar.)
'2340.Mar.21 *Iloiders of rec. Mar. 15
Western Grocers, Ltd., pref. (quar.)
13.4 Apr. 15 Holders of ree. Mar. 20
West Point Mfg.
-Dividend omitted
50e. Apr. 1 Holders of rec. Mar. 21
Winn & Lovett Grocery, class A (guar.)
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 21
Wisconsin Bankshares Corp (quar.)
*40. Mar. 31 *Holders of rec. Mar. 22
Wiser 011 (guar.)
•25c. Apr. 1 'Holders of reo. Mar. 11
Woodruff & Edwards. Inc., class A-Div Mende milted
25c. Apr. 1 Holders of ree. Mar. 15
Young (L. S.) Spring & Wire Corp.(qu.)
Youngstown Sheet & Tube. pref. (guar.) "14 Apr. 1 *Holders of rec. Mar. 22
(ou.) '141
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.
Per
Name of Company.
Railroad (Steam).
Augusta & Savannah
Extra
Semi-annual
Extra
Bangor & Aroostook, corn. (qua?.)
Preferred (quar.)
Beech Creek (guar.)
Boston & Albany (guar.)
Boston & Providence (guar.)
Canadian Pacific, ordinary
Preference
Cnesapeake Corporation (quar.)
Chesapeake & Ohio, corn. (guar.)
Preferred
Cincinnati Union Terminal, pref. (guar.)
Consolidated RR,.of Cuba. pref.(qu.) _
Cuba RR.. pref.(guar.)
Celli.
When
Payable
Books Closed.
Days Inclusive.
•
244 July 5
•
25e. July 5
'234 Jan5'33
"25o Jan5'33
50c. Apr. 1 Holders of rec. Feb. 290
134 Apr. 1 Holders of rec. Feb. 290
50c. Apr. 1 Holders of ree Mar. 160
Mar. 31 'folders of rec. Feb. 29
2
244 Apr. 1 Holders of rec. Max, 19
x314c Apr. 1 Holders of rec. Mar. la
2 Apr. 1 Holders of rec. Mar. la
750. Apr. 1 Holders of refs Mar. 80
6234c Apr, 1 Holders of ree. Mar. Sa
"341 July 1 *Holders of rec. June 8
"11
Apr. 1 'Holders of rec. Mar. 21
50c. Apr. 1 Holders of rec. Mar. 10a
14 May 2 Holders of rec. Apr. 15a
4
Name of Company.
1907
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam) (Concluded).
2% Mar. 21 Holders of ree. Feb 266
Delaware & Hudson Co.(guar.)
N. Y. Lackawanna de Western (quar.)... 14 Apr. 1 Holders of rec Mar. 146
234 Mar. 19 Holders of roe. Feb. 290
Norfolk Ov Western, oom. (qua?.)
•14 Apr. 1 "Holders of rec. Mar. 12
Old Colony (guar.)
750. Apr. 1 Holders of rec. Mar. 15
Pittsburgh Bessemer & Lake Erie, corn....
1% Apr, 1 Holders of ree. Mar. 100
Plash. Ft. Wayne & CM°. corn.(qu.)"14 July 1 'Holders of rec. June 1
Common (guar.)
Common (guar.)
'134 Oct. 1 *Holders of rec. Sept 10
Common 'quar.)
'134 Jan 233'Holders of rec Dec I()
14 Apr. 5 Holders of roe. Mar. 100
Preferred (guar.)
'134 July
6 •Holders of ree. June 10
Preferred (quar.)
• 04 Oct.
1
4 Holders of rec. Sept 10
Preferred (quar.)
' Jan 3'33 •Ithldera of rec. Dec. 10
1 34
Preferred (guar.)
pr. 14 Holders of rec. Mar 246
50e
Reading Co , second prof. (guar-)
75e. Mar, 15 Mar. II to Mar 14
St. Joseph, South Bend dr Southern, corn
Mar. 14
Preferred
2% Mar. 15 Mar. 11 to
Mar. 31 *Holders of ree Mar. 15
Texas le Pacific Ry.. Pref. Mara
234 Apr. 1 Holders of ree. Mar. 16
Union Pacific, common (guar.)
Apr. 1 Holders of refs Mar. la
2
Preferred
24 Apr, 1 Mar. 22 to Mar.81
United N. J. RR. & Canal(quar.)
Public Utilities.
$1.75 Apr. 1 Holders of ree. Mar. 15
Alabama Power, $7 pref. guar.)
$1.50 Apr. I Holders of ree. Mar. 15
$e preferred guar.)
$1.25 May 2 Holders of rec. Apr. 15
$fi preferred (guar.)
Amer. Cities Power & Light, el. A ((lei- t/75e• May 1 Holders of ree. Apr. 5
Amer. Electric Power, $7 pref (quar.)
SI 75 Mar. 15 Holders of rec. Feb. 29
Amer. Power & Light. $O pref. (guar.)._ 51.51) Apr. 1 Holders of ree. Mar 12a
$1.25 Apr. 1 Holders of rec. Mar. I26
$5 preferred (guar.)
Amer Superpower Corp., 1st pref. (au.) $1.50 Apr. 1 Holders of rec. Mar 10
$1.50 Apr. 1 Holders of rec Mar. 10
$6 preference (guar.)
2% Apr. 15 Holders of rec. Mar 126
Amer. Telephone & Telegraph (quar.)_
75c. May 2 Holden' of rec. Apr. 86
Amer. Water Wks.& El Co.,corn, Mu.)
$1.50 Apr. I Holders of rec. Mar. 110
$6 first preferred (quar.)
'$1.75 Apr. 1 'holder, of rec. Mar. 4
Appalachian Klee Pow..$7 pf.(qu.)
•$1.50 Apr. 1 *Holders of ree Mar. 4
$6 preferred (guar.)
$1.25 Mar. I
Hoiden of roe. Feb 15
Associated Gas dr Stec.$5 pref. (qu.)
Holders of ree Feb 15
51.375 Mar.
$5.50 preferred (qual.)
•Hoblers of ref.Ma?. 10
Bangor Hydro-Electric. 7% pref. (qu.). •(41 Apr.
.01
'Holders of ree. Mar. 10
Apr.
6% preferred (guar.)
HOilierS of rec. Mar. 23
Apr 1
2
Bell Telephone of Canada (guar.)
Mar. 3 *Holders of rec. Mar. 31
.2
Bell 'Telep of Pa., corn. (guar.)
.15.‘ Ayr. I, *Holders of rec. Mar. 19
634% preferred (guar.)
., Mar. 1 •Hoiden ol ree Mar. 1
Birmingham Water Works, pref. (guar.) •1 5
Holders of rec. Mar. 10
14 Apr
ilrotOD Elevated Ry.. corn. (guar.). _ _
Holders of rec. Mar. 15
Brazilian Tr. Light & Pow.. pref.(qu.). fl 4 Apr.
•60c. Mar.3 *Holders of rec. Mar. 17
Bridgeport Gat Light (guar.)
"400. A pr. 1 •Holtiers of rec. Mar. 31
Bridgeport Hydraulic Co. (guar.)
Holders of ree. Mar.31
Apr. 1
British Cumbla Power. (Ou.).__Acl. 015 Oc,
Holders of roe Apr Le
Brooklyn-Manhattan Tr pref. A .qu )_ $1.50 Apr. 1
Holders of rec. Mar. 156
Bklyu. & Queens Tratudt. $6 pref.(qu.). 51.5 Apr.
0
Holders or rec. Mar. 10
$1.25 Apr.
Brooklyn Union Gas(quar.)
Buffalo Niagara & Eastern Power
'Holders of rec. Apr. 15
•51.25 May
:5 preferred (guar.).
'Holders of ree. Mar. 15
"400 Apr.
Preferred (guar.)($25 par)
Holders of ree Mar. I
•1% Mar. 1
Butler Water. 7% pref. (guar.)
"Holders of rec. Mar. 5
Elee. Generating.6% prof.(guar.) "14 Apr.
200. Apr. 2 Holders 01 rec. Mar. 31
Canada Northern Power. mon.(quar.)_
Holders of rec. Mar. 31
I% Apr 1
7% preferred (guar.)
Holders of rec. Mar. 15
Central illinols Light, 6% pref. (guar./- 1% Apr.
Holders of rec. Star. 15
534 Apr.
7% preferred (qua?.)
Central Ill. Pub. Serv., pref. (quar.)__ .$1.50 Apr. 1 *Holders of ree. Mar. 31
'Holders of rec. Mar. 10
Central Maine Power. 7% Prof.(quar.)- •
134 Apr.
'Holders of rec. Mar. 10
"14 Apr.
6% preferred (gear.)
*Holders of rec. Mar. 10
.51.50 Apr.
$8 preferred (guar.)
Holden of ree. Mar. 16
Cities Serv. Pow.& Lt. $7 pf.((mthly.). 68 1-3e Mar. I
Holders of rec. Mar. la
50c. Mar.
(monthly)
$6 preferred
Holders of rec. Mar. la
41 2-3e Mar. I
$5 preferred (monthly)
Holders of rec. Apr. la
5 8 I-30. Apr. I
Preferred (mnothiy)
Holders of rec. Apr. la
50e Apr. 1
$6 preferred (monthly)
Holders of rec. Apr. la
4 1 2-3e. Apr. I
$5 preferred (monthly)
'Holders of rec. Mar. 21
Citizens Wat.Co.(Wash'g'n.Pa.)Pf.(qL) •144 Apr.
144 Apr.
Cleveland Ry.,common (quar.)
Holders of rec. Mar. 260
1
Coast Counties Gas dr El., 1st pt. (Mi.)- • 34 Mar. 1 *Holders of rec. Feb. 25
Commonwealth-Edison Co.(guar.)
.2
May
"Holden of rec. Apr. 15
Commonwealth & Southern,$6 pref.(qu) $1.50 Apr.
Holders of rec. Mar. 46
Commonwealth Utilities. $645 Pt.(qu,) 51.625 June
Holders of rec. May 14
Connecticut Electric Service (quar.)....... •75c. Apr.
'Holders of rec. Mar. 15
Consolidated Oas(N. Y.). corn. (guar.) 51
Mar. 1
Holders of rec. Feb 60
$1.25 May
Holders of rec. Mar.316
Preferred Mari
90o. Apr.
Holders of roe. Mar. 15
COM301. Gas El. L. dr P.,Balt.. com.(qu.)
Holders of ree. mar. 15
5% preferred, sertes A (guar.)
14 Apr.
14 Apr.
Holders of reo. Mar. 15
6% preferred, series 13 (guar.)
14 Apr.
Holders of rec. Mar. 15
544% preferred. series E (guar.)
Holden of rec. Mar. 15
$1.25 Apr.
Consumers Power. $6 prat.(qear.)
14 Apr.
Holders of roe. Mar. 15
8% preferred (guar.)
Holders of rec. Mar. 15
1.65 Apr.
6.6% preferred (quar.)
Holders of tee. Mar. 15
14 Apr.
7% Preferred (guar.)
Holders of rec. Mar. 15
500. Apr.
6% preferred (monthly)
Holders of roe. Mar. 15
550 Apr.
0.6% preferred (monthly)
Holders of rec. Mar. 150
Continental Gas & El. Corp., corn.(qu.) $1.10 Apr.
Holders of rec. Mar. 12a
144 Apr.
7% Prior preference (guar.)
*Holders of rec. Mar. 19
Dayton Power & Light, pref. (mthly.). *50c. Apr.
Holders of rec. Mar. 216
Apr. 1
2
Detroit Edison Co.(mar.)
Mar.3 *Holders of rec. Mar. 31
*2
Diamond State Telephone. corn.
*14 Apr. 1 *Holders of rec. Mar. 19
8)4% preferred (guar.)
Holders of rec. Mar. lba
14 Apr. 1
Duquesne Light, let pref.(guar.)
Holders of rec. Feb 29
1% Mar. 1
East Kootenay Power Co.. rd. (flu.)
Holders of ree. Mar. 15
Eastern Gas & Fuel /knoll.. Pr. pf.(111.)- 14 Apr.
Holders of ree. Mar. 15
14 Apr.
6% Preferred (guar.)
Holders of rec. Mar. 50
Elec. Power & Light. 57 pref.(quar.).... 81.75 Apr.
Holders of rec. Mar. 54
134 Apr.
$6 preferred (guar.)
Holders of rec. Mar. 66
$1.75 Apr.
Allotment ctfs. full paid (guar.)
i3
Holders of rec. Mar. 56
j ,
Allotment ells. 90% paid (quar.)_ _ -. $1.575 Apr.
u,
*Holders of rec. May 22
El Paso Natural Gas,7% pref. (quar.)... •1
Holders of ree. mar 150
Empire District El. Co.,6% pf.(mthly.
,
Holders of ref. Mar. 154
.
Empire Gas & Fuel. 8% pref. (month'' 66Apr.
, rie Ar.
Holders of ree. Mar. 164
7% preferred monthly)
58 1-3c Apr.
Holders of rec. Mar. 166
83.4% preferred (monthly)
54 1-6c Apr.
6% preferred (monthly)
500. Apr.
Holders of rec. mar. ma
Empire Power Corp.. $6 pref.(qua?.)... $1.50 Apr.
Holders of rec. Mar. 15
Participating stock
56e Apr.
Holders of rec. Mar. 15
35e Apr.
Engineers Public Service, corn.(guar.).Holders of rec. Mar. 176
56 preferred (guar.)
$1.50 Apr.
Holders of rec. Mar. 176
$5.50 preferred (guar.)
$1.375 Apr.
Holders of rec. Mar. 176
$5 preferred (guar.)
$1.25 Apr.
Holders of no Mar. 170
Federal Light & Tr com.(attar.)
37.4c Apr.
Holden of rec. Mar. 14a
Common (payable in common stk.) _
fl
Apr.
Holders of rec. Mar 140
Frankford & Southwark Phila. Pass Ry. •54.50 Apr.
*Holders of rec.. Mar. 1
General Gas & Eee., corn. A (qu.)
(s) Apr.
Holders of rec. Feb. 296
$6 eons' pref., eerle8 A dr B (quar.)
Holders of roe. Feb. 156
$1.50 Mat. 1
Holders of reo. Feb. 29a
$7 preferred (guar.)
$1.75 Apr.
$8 preferred (guar.)
Apr.
Holders of ref. Feb. 296
$2
Georgia Power $6 prof.(quar-)
Holder, of rec. Mar. 15
$1.50 Apr.
Holders of rec. Mar. 15
$5 preferred (guar.)
$1.25 Apr.
'Holders of rec Mar 16
Germantown Passenger Ry (qu.)....*$ 1.31
Apr
"Holders of rec. Mar. 5
Great West Power, Calif.,7% pref.(qu.) •14 Apr.
*Holders of rec. Mar. 5
69 preferred (guar.)
"14 Apr.
Gulf States Utilities. $6 pref.(qu.)_... •51.50 Mar. 1 'Holders of rec. Mar. I
• $1 .37S Mar. 1 "Holders of rec. Mar I
85 50 preferred (guar.)
Hackensack Water, pref. A (guar.)
43%e Mar. 3 Holders of rec. Mar. 166
Mar.3 "Holders of rec. Mar. 30
"2
Illinois Bell TeleP.(guar.)
14 Apr.
Holders or reo. Mar. 15
Illinois Power Co.,6% pref.
14 Apr.
Holders of rec. Mar 15
7% preferred (guar.)
'13.4 Apr.
'Holders of rec. Mar. 4
Indiana General Serv.,6% pref.(qu.)_
Holders of rec. Feb. 29
Indiana Hydro-Elec. Pow., pref. (guar.) 1% Mar. 1
'Holders of rec. Mar. 4
Indiana & Mich. Elec., 7% pref. (qu.)-- *1% Apr.
•14 Apr.
*Holders of rec. Mar. 4
6% preferred (guar.)
Indianapolis Power & Lt..64% Pf.(gu.) *14 Apr.
'Holders of rec. Mar. 5
"14 Apr.
*Holders of ree. Mar. 5
6% Preferred (guar.)
14 Apr.
Indianapolis Water Co.. pref. (quar.)
Holden of rec. Mar. 12a
1908
N6111.1 of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable
Hooka Closed.
Days Inclusive.
Public Utilities (Continued).
Inland Power & Lt.. 7% pf.(guar.).Apr. I Holders of rec. Mar.15
Internat. Hydro-Elec. System
Class A (guar.)
(n) Apr. 15 Holdera of rec. Mar.25a
$3.50 preferred (guar.)
8754c Apr. 15 Holders of rec. Mar.25
Jersey Cent. Pow.& Lt.. 7% pf.(qu.).. 14 Apr. 1 Holders of rec. Mar.10
6% preferred (quay.)
114 Apr. 1 Holders of rec. Mar.10
54% preferred (guar.)
14 Apr. 1 Holders of ree. Mar.10
Kane. City Pow.& Lt. 1st pt. B (quar.)•
154 Apr. 1 Holders of ree. Mar 140
Keystone Public Service. pref. (quar.)_ _ .70c Apr. 1 'Holders of rec. Mar.15
Kings County Ltg.. corn.(guar.)
.51.50 Apr. 1 *Holders of rec. Mar. 18
7% preferred (guar.)
'134 Apr. 1 *Holders of rec. Mar. 18
5% preferred (guar.)
Apr. 1 'Holders of ree. Mar. 18
Laclede Gas Light, corn.(guar.)
154 Mar. 15 Holders of rec. Mar. la
Lehigh Power Securities (guar.)
.25c. Mar. 1 "Holders of rec. Feb. 15
Lexington Utilities. 65.4% pref.(quar.)_ •144 Mar. 15 *Holders of rec. Mar. 1
Lone Star Gas, common (guar.)
*15c Mar. 31 'Holders of rec. Mar.15
Long Island Ltg.. 7% pref.(quar.)
14 Apr. 1 Holders of rec. Mar. 15
6% preferred series B (guar.)
154 Apr. 1 Holders of rec. Mar. 15
Louisville Use & Elec.. el. A dr B (guar.) 434c Mar. 25 Holders of ree. Feb 29a
Marion Water Co., pref. (guar.)
*134 Apr. I *Holders of rec. Mar. 21
Memphis Power & Light,$7 pref.(qu.)_ _ $1.75 Apr. 1 Holders of rec. Mar. 12
$6 preferred (quar.)
$1.50 Apr. 1 Holders of rec. Mar. 12
Michigan Elec. Power.6% pt. (qu.)___
154 Apr. 1 Holders of rec. Mar.15
7% preferred (guar.)
15f Apr. I Holders of rec. Mar. 15
Middle Western Telep.. el. A (guar.).- _ •4354c Mar. 15 *Holders of rec. Mar. 5
Midland United Co., pref. A (guar.)..._ •p75e. Mar. 24 *Holders of ree. Mar. I.
Midland Utilities. 7% pr. Pen (guar.)._ _
154 Apr. 6 Holders of rec. Mar.22
6% prior lien stocks(guar.)
14 Apr. 6 Holders of rec. Mar.22
7% preferred A (guar.)
154 Apr. 6 Holders of rec. Mar.22
6% preferred A (quay.)
154 Apr. 6 Holders of rec. Mnr.22
Mohawk & Hudson Pow.. 2d pref.(qu.). "51.75 Apr. I 'Holders of rec. Mar. 15
Monongahela wed Penn Public Service.
Preferred (guar
4314 Apr. I Holders of ree. Mar. 15
Montana Power(guar.)
•25c Apr. 1 'Holders of ree. Mar.14
Mountain States Power. 7% pref. (qu.). 154 Apr. 20 (folders of rec. Mar. 31
Muncie Water Works. pref. (quar.)
.2
Mar. 15 'Holders of ree. Mar. 1
Nassau & Suffolk Ltg.,7% pref.(quar.)_
134 Apr. 1 Holders of rec. Mar. 15
National Elec., Power, corn. B (quar.)_. 45c Mar. 31 Holders of rec. Mar. 10
7% preferred (guar.)
154 Apr. 1 Holders of rec. Mar. 10
6% preferred (guar.)
154 Apr. 1 Holders of rec. Mar.10
Nat Pub Qerv Corp.. com. A (quar.)_.
40e Mar. 15 Holders of rec. Feb 26
Preferred A (guar.)
134 Apr. 1 Holders of rec. Mar. 10
Newark (O.) Telep. Co..6% pref. (qu.) .14 Apr. 9'Holder, of rec. Mar. 31
New England G &E. Assn..$554 pf.(qu.) $1 375 Apr. 1 Hriders Of rec. Feb. 29
$7 second preferred (guar.)
.51.75 Apr. 1 *Holders of rec. Feb. 29
New England Power Assn. corn.(quar.)_
500 Apr. 11 Holders of rec. Mar. 31a
$2 preferred (guar.)
50e Apr. 1 Holders of rec. Mar. 10a
6% preferred (guar.)
134 Apr. 1 Holden of rec. Mar. 100.
New England Pub.Sow.57 pt.(qu.)--$1.75 Mar. 15 Holders of rec. Feb. 29
56 prior lien pref (guar.)
$1.50 Mar. 15 Holders of rec. Feb. 29
New Enciand Tel.& Tel (guar.)
2
Mar. 31 Holders of rec. Mar. 10
New Jersey Power dr Light $6 Pref.(an.) .511.50 Apr. 1 'Holders of rec. Feb. 29
55 preferred (guar.)
"51.25 Apr. 1 'Holders OT rec. Feb. 29
New Jersey A% Ater. pref.(quay)
.14 Apr. 1 'Holders of ree Mar.21
N. Y.Cent. Site. Coro.. 7% Pref.(qu.). •154 Apr. 1 *Holders of rec. Mar.29
N. Y. dr Queens El. Lt. & Pr.. corn (qu.) '$1.50 Mar. 14 *Holders of rec. Mar. 4
New York steam $7 pref. (guar.)
$1.75 Apr. I Holders of rec. Mar. 150
$6 preferred (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 15a
N. Y. Telephone 634% pref. (quar.)
154 Apr. 15 holders of rec. Mar. 19
Niagara Hudson Power (guar.)
10g. Mar. Si Holders of ree. Mar. 3a
North American Co.. coin (in corn.stk.)
Apr. 1 Holders of rec. Mar. 56
Preferred (guar.)
75e. Apr. 1 Holders of rec. Mar. fsa
North A reerIcen light & Power
$01 preferred (guar.)
$1.50 Apr. 1 Holden of tee. Mar 19
•14.‘ Apr. 1 *Holder& of rec. Mar. 10
North Shore Gas pref. Muer./
Preferred (guar.)
'134 July 1 "Holders of rec. Inns 10
•rai Oct. 1 'Holders of rec. Sept. 10
prolerred (oliar.)
Northern liberties Gas
Mar 14 *Holders of rec. Feb
'Si
1
Northern Ontario Power, coin. (guar.). 50c. Apr. 25 Holders of rec. Mar.31
6% preferred (quar.)
154 Apr. 25 Holders of rec. Mar. 31
Nor. States l'ow.(Del.). coin. A (qu.)
2
May 2 Holders of rec. Mar.31
7% preferred (guar.)
14 Apr. 20 Holders of rec. Mar.31
6% preferred (guar.)
13-4 Apr. 20 Holders of rec. Mar. 31
Northport Water Works. pred. (guar.). 154 Apr.
Holders of rec. Mar. 15
Nova Scotia Light & Power (guar.)
.51
'Holders of rec. Mar. 19
Apr.
Ohio Cities Water, $6 pref.(em.)
*SI.. Apr.
*Holders of rec. Mar.21
Ohio Edison Co.. 55 pref.(qu.)
$1.25 Apr.
Holders of rec. Mar. 15
$6 preferred (quar.)
Holders of rec. Mar. 16
$1.50 Apr.
56 60 preferred (guar.)
51.85 Apr.
Holders of rec. Mar. 15
$7 preferred (quar.)
Holders of rec. Mar. 15
$1.7. Apr.
57 20 preferred (guar.)
Holders of rec. Mar. 15
51.8 Apr.
Ohio Electi le Power, 7% pref.(quar.)._ "14 Apr.
'Holders of rec. Mar. 15
6% preferred (guar.)
.154 Apr.
'Holders of rec. Mar. 15
Ohio Pub. Serv. Co 7% Pref.(mthly.). 581-Se Apr.
Holders or rec. Mar 15a
6% preferred (monthly)
Holders of rec. Mar. 150
50c. Apr.
5% preferred (monthly)
Holders of rec. liar. 150
41 2-3c A pr.
Oklahoma Gam & Elec..6% pref.(guar.) 134 Mar.! Holders of rec. Feb. 29
7% preferred 'guar.)
Holder, of rec. Feb. 29
14 Mar. 1
Pacific Telep.&'Pelee.. corn.(guar.).-- •I4 Mar.3 *Holders of rec. Mar. 19
.14 Apr. I 'Holders of rec. Mar. 31
Preferred (guar.)
Penn Central Light & Pow., $5 pref (au) $1.25 A pr.
Holders of rec. Mar. 10a
$2.S11 preferred (quar.)
Holden of rec. Mar 10
70e. Apr.
Pennsylvania Water dr Power (quar.)
75c. Apr.
Holders of ree. Mar. 15
Peoples Gas Light dc Coke (guar.)
Apr.! Holders of rec. Apr. 44
2
•154 Apr.
Peoria Water Works(quar.)
"Holders of ree. Mar. 21
Phila. Elec. Power. 8% pref. (guar.)...
50c. Apr.
Holders of rec. Mar.110
Holders of rec. Mar. la
Philadelphia Co. $6 pref.(guar.)
31.50 Apr.
$1.25 Apr.
Holders of rec. Mar. 1
$5 preferred (guar.)
•114 Apr.
'Holders of rea. Mar 15
Ponce Eleeirte Co., pref. (qual.)
Power Corp. of Can..6% cum. pf.(qu.). 1154 Apr. 1 Holders of rec. Mar.31
75c. Apr. 1 Holders of rec. Mar.31
6% non-cum. pref. (guar.)
Holders of rec. Mar. 150
Public Sere. Co.of Colo.7% Pfd.
(=MY)58 1-3e Apr.
50c. Apr.
Holders of rec. Mar. I5a
6% preferred (monthly)
41 2-3e Apr.
Holders of rec. Mat. 15a
5% preferred (monthly)
Public Service of N. H., corn.(quay.),., $1.50 Mar.3 Holders of rec. Mar. SI
$1.50 Mar. 15 Holders of ree Feb. 29
$6 preferred (guar.)
$1.25 Mar. 15 Holders of ree. Feb. 29
$5 preferred (quar.)
Pubne Sere Corp of N.J.. com.(qu.)
85c. Mar. 31 Holders of rec. Mar. la
8% preferred (guar.)
Mar. 31 Holders of reg. Mar. to
2
7% preferred (gear.)
154 Mar. 31 Holders of rec. Mar. is
$5 preferred (qm.)
$1.25 Mar.31 Hoideers of reg. Mar. to
6% preferred (monthly)
Me Mar. 31 Rollers of rec. Mar Rs
Pub.Serv. of No. Ill. corn.$100 Par (1111.)
May 2'Holders of rec. Apr. 15
Corn. (no par value) ((Mar.)
May 2'Holders of rec. Apr. 15
•52
7% preferred ((Mar.)
*154 May 2 *Holders of rec. Apr. 15
6% preferred MM.)
*154 May 5 *Holders of rec. Apr. 15
Public Serv. of Oklahoma, corn. (qmar.) 2
Apr. 1 Mar.22 to Apr. 1
154 Apr. 1 Mar.22 to Apr. 1
7% Prior lien (guar.)
6% prior lien (guar.)
134 Apr. 1 Mar. 22 to APT. 1
Public Serv. Elec.& Gas.$5 pf.
$1.25 Mar.$1 Holders of rec. Mar. la
7% preferred (guar.)
14 Mar.31 holders Of rec. ?,tar. 1
Puget Sound Pow.& Lt.,36 pref. (qu.)_ "51.50 Apr. 15 *Holders of rec. Mar.21
55 preferred (quar.)
"31.25 Apr. 15 *Holders of rec. Mar.21
Queensborough Gas & Elec..6% P(d.(111) '1)4 Apr. 1 •Holdera of rec. Mar.15
Ridge Ave Pass Ry wow.)
.$3
Apr. I
Rochester Cent. Power,6% Pref.(guar.) •154 Apr. 1 *Holders of rec. Feb. 29
San Joaquin Light & Pow.7% Pr. rif.(Qt0 '1 34 Mar.15 'Holders of rec. Feb. 29
6% prior pref. (quay.)
.134 Mar. 15 *Holders of rec. Feb. 29
7% pref. A (guar.)
Mar.15 'Holders of rec. Feb. 29
6% pref. A (guar.)
*14 Mar. 15 *Holders of rec. Feb. 29
esvannah Eke. & Power, deb. A (guar.) •2
Apr. 1 *Holders of rec. Mar. 10
•1% Apr. 1 *Holders of tee. Mar. 10
Debenture stock, series B (quar.)
•I•ti Apr. 1 *Holders of rec. Mar. 10
Debenture stock, series C (guar.)
Debenture stock, series 1)(oust.).,.. s144 Apr. 1 'Holders of rag. Mar. 10
Apr. 1 *Holders of refl. Mar. 10
8% preferred Maar.)
Scranton Electric Co.$6 pref.(quar.)--- •11.50 Apr. 1 'Holders of rec. Mar. 4
Apr. 1 Holders of rec. Mar. la
Second & 3d Sta.(Phila.) Pass. Rr.(qU.) $3
•53
July 1 'Holders of ree. June 1
Quarterly
.53
Oot. 1 'Holders Of reg. Sept. 1
Quarterly
•6254e Apr. 1
Southern & Atlantic Teleg
154 Mar. 15 Holders of reo. Feb. 29
Southern Colo. Power. pref.(guar.)-
134
•134
Name of Company.
[VOL. 134.
Per
Cent
When
Pelmets.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
SOU. Call!. Edisoll. 7% ma A (003.-- 4354e Mar. 15 Holders of rec. Feb. 20
6% pref series 11 fnuar __
874e Mar 15 Holdera of rec. Feb 20
514% preferred series C (guar.)
3454e Apr. 15 Holders of rec. Mar. 21)
Original pref.(au.)
hOe. Apr. 15 Holders of rec. Mar. 20
Southern Canada Power. partle. pf.(qu.) 154 Apr, 1
Holders of rec. Mar. 19
South Carolina Power Co., $6 pref.(qu.) $1.50 Apr.
Holders of rec. Mar.15
Southwestern Gas & 51. 8% pf.(qu.)._ _ "2
Apr.
'Holders of rec. Mar. 15
7% preferred (guar.)
•I14 Apr.
'Holders of rec. Mar. 15
Standard Gas lk Elec.. 54 pref.(guar.)._ $1
Mar,1 Holders of rec. Feb. 290
Tacony Palmyra Bridge
Common and preferred A (quar.)
*75e. Mar.3 *Holders of rec. Mar. 10
Tampa Gas co. Ooinffion WOW.)
'$1
Mar.3 *Holders of ree. Mar.=
Tennessee Electric Power Co.
5% tarot preferred (guar.)
13-1 Apr.
Holders of rec. MST. 15
4% first foeferred (dual.)
14 Apr.
Holders of rec. Mar. 15
7% Om preferred Near.)
14 Apr.
Holders of ree. May 15
7.2% rim; preferred (gm.)
1.80 Apr.
Holders of rec. Mar 15
5% first preferred (monthly)
60e Apr.
Holders of rec. Mar 15
7.2% first preferred (nienthlY)
60c. Apr.
Holders of roc Mat 15
Toledo Edison Co., 7% pf.(mthly.) 5 1-3c. Apr.
Holders of rec. Mar. 150
6% preferred (monthly)
50e. Apr.
Holders of rec. Mar. 154
5% preferred (monthly)
5 1 2-3c. Apr.
Holders of rec. Mar. 150
Underground Elec. Rya. of London
Am dep. refs. for ord. registered
eic4
Mar. I *Holders of rec. Feb. 16
United Corporation, common (guar.)._ _ 10o. Apr.
Holden. of rec. Mar. 40
$3 preference (guar)
75c. Apr.
Holders of rec. Mar. 40
United Gas & Elec. Corp.. pref.(quar.).
154 Apr.
Holders of rec. Mar. 16
finned
I re movement. tom. tquar .1
30c lIar. 3 Holders of ree Feb 290
Preform' ovum
SI 25 Mar 3 Holders of ree Feb 395
United Light & Power, lot pref (gear.)- $1.50 Apr.
Holders of rec. Mar. 1511
United Public Utilities. $6 pref. (guar.). 51.50 Apr.
Holders of rec. Mar. 15
$5.75 preferred (guar.)
Holders of rec. Mar. 15
5 1.434 Apr.
Utah Power & Light, $7 pref.(quar.).__ $1.75 Apr.
Holders of rec. Mar. 5
St preferred (guar.)
Holders of rec. Mar. 5
$1.50 Apr.
Utilities Pow. At Lt.. pref. (guar.)
154 Apr.
Holders of rec. Mar. 15
Vireinia Site. & Pow..$6 pref. (quar.)._ $1.50 Mar.2 Holders of rec. Feb. 29a
Virginia Public Service. 6% pref. 0111.)
154 Apr.
Holders of rec. Mar.10
7% preferred(
guar.)
154 Apr.
Holders of rec. Mar. 10
Washington Water Power,$6 pref.(qu.)..
51.50 Mar. 15 'Holders of rec. Feb. 25
Westmoreland Water. $6 pref. (guar.)... .51.50 Apr. 1 'Holders of rec. Mar. 21
West Penn Elec. Co., class A (quar.)
$1.75 Mar. 30 Holders of rec. Mar. 170
West Penn Power Co.. 7% pref. (qu.).- 154 May 2 Holders of rec. Apr. 50
6% preferred (guar.)
154 May 2 Holders of rec. Apr. 50
Wisconsin Flee Power 614% pref (qu.) •14 Apt. 1 'Holders of rec Mar IS
6% Droterred ,ritisr I
'14 Apr
1 ...Holders of ree Mar 15
Wisconstn-allchigan Power.6% pf.(mi.) •1
Mar. 15 *Holders of rec. Feb 29
Wisconsin Power & Lt.,ft% pref.(guar.) •154 Mar. 15 *Heldere of rec. Feb. 29
7% preferred (guar.)
•I84 Mar. 15'Holders of rec. Feb. 29
Wleconata Public Serrate, 7% Pref. (rm.) 154 Mat. Its Holders of ree Feb. 59
6)4% preferred ,
Ituar.)
154 Mar 19 Holders of rect. Feb. 29
Sag erotorood teem I
Ill Mar. 19 Hoiden of res. Feb. 29
York Railways corn.(guar.)
51.50 Apr. 16'Holders of rec. Apr. 5
•
Banks.
Chase National (quar.)
75o. Apr. 1 Holders of rec. Mar. ha
Commercial Nat. Bank dc Trust (guar.). *2 Apr. 1 'Holders of rec. Mar. 15
National City (quar.)
•75c. Apr. 1 'Holders of rec. Mar. 5
Trust Companies.
Banes Commerciale Italians Tr.(qu.) .51.25 Apr. I 'Holders of rec. Mar. 15
Bankers (Misr.)
750. Apr. I Holders of rec. Mar. 11
Continental Bank A Tenn (quar.)
30e, Mar. 15 Holders of rec. Mar. 4
Guaranty (guar.)
5
Mar.31 Holders of rec. Mar. 4
Irving (quar.)
40e. Apr. 1 Holders of rec. Mar. 4
Public Nati. Bank &Trust Co.(quar.).. •50o. Apr. 1 *Holders of rec. Mar.19
U. S. Trust (guar.)
.15
Apr. 1 'Holders of ree. Mar.21
bilscetioneous.
Abbott Laboratories (guar.)
6254c Are.
Holders of rec. Mar.18
Abraham & Straus. Inc., corn.(guar.)... 3734e Mar.3 Holders of rec. Mar.21
A dame Express, preferred (guar.)
154 Mar.3 Holders of rec. Mar. 160
14 Apr.
Aetna Rubber. nref. (guar.)
Holders of rec. Mar.154
Affiliated Products (guar.)
40e. Apr.
Holders of rec. Mar. 18a
Agnew-Surpass Shoe stores. prof.(flu.)
134 Ally.
Holders of ree. lIar. 15
Allieworth Mfg common (special)
.50e. Mar. 1 *Holders of rec. Mar. 1
Allied Chem. & Dye Corp.. prof.
14 Apr.
Holders of rec. Mar. 5a
Alpha Portland Cement, pref. (guar.)._ *14 Mar. 1 •Hoklers of rec. Mar. 1
Aluminum Co. of Amer., pref. (guar.).- .758. Apr.
'Holders of rec. Met. 15
Aluminuni Goods Mfg.. common (gear.).
'Holders of ree. Mar 21
15e. Apr.
25e Mar. I *Holders of ree Fab 29
Aluminum Industries. Inc (quer.) --- •
Amer Asphalt Roofing. 8% pref.(qua-- *2
Apr. 80'Holders to rec Mar 30
Amer. Bank Note. preferred (solar.),..,
Holders of rec. Mar. 10a
750. Apr.
American Can pref. (01102.)
Holders of rec. Mar. 16a
13-4 Apr.
Arrser. Car Af Foundry, pref (guar.).- 14 Apr.
Holders of rec.
1125:
Amerlean Chicle. corn.(guar.)
Holders of rec. Mar. 12a
50e. Apr.
Common (extra)
25c. Apr.
Holders of rec. Mar.
American Envelope, 7% Pref. (guar.).- •154 June
•flolderti of ree. May 25
7% preferred (guar.)
*14 Sept. 'Holders of reo. Aug. 25
7% preferred (guar.)
"154 Deo.
*Holders of ree. Nov 25
American Express (guar.)
154 Apr.
Holders of rec. Mar. 18a
"2
Amer. Hard Rubber. pref.(guar.)
Apr.
*Holders of rec. Mar. 16
American Hawaiian Steamship
25c. Apr.
Holders of rise. Mar. 156
Amor. Home Products(mthly.)
350. Apr.
Hoklets of rec. Mar. 144
Amerlean lee. pref. (guar.)
$1.50 Apr. 2 Holdere of rec. Apr 4a
Preferred (guar.)
$1.50 July 2 Holders of rec. July 8a
Preierred Mum%)
51.50 (let. 2 Holders of roc (let
7a
Amer. Locomotive. pref.(guar.)
114 Mar.3 Holders of rec. Mar. lb
American Manufacturing. pref. (guar.).
154 A.ar. 8 Holders of ree. Mar. 15
American News(hi-monthly)
50e. Mar. 1
Holders of ree. Mar. 5a
Amer. Paper Goods,7% pref.(guar.)
Mar. 1 *Holders of rec. Mar. 5
Amer Radiator h Stand. Sanit'y Corp.
Common ((Tow
10e Mar. 8 Holders of ree. Mar. Ila
Amer. Rolling MIII.6% pref.(quar.)--.. "154 Apr. 1 *Holders of rec.
Mar. 31
Preferred B (guar.)
•Ili AK.
'Holders of rec. afar. 16
American Safety Razor (guar.)
75c. Mar.a Mar. 8 to Mar. 17
Amer. Snuff, common (guar.)
75e. Apr.
Holders of rec. Mar.110
Preferred (guar.)
134 Apr.
Holders of rec. Mar. lla
Amer. Steel Foundries. pre/.
14 May.3 Holders of ree. Mar. 150
stores. 00TOMOD (guar.)
50e. Apr.
Holders of ree, liar. 150
Amer. Surto Reg.. earn. ((Mar.)
1
Apr.
Holders of ree. Mar. 54
Preferred (guar.)
14 Apr.
Holdere of ree. Mar. 50
American Tobacco, pref.(quay.)
154 Apr.
Holders of rec. Mar. 10a
Arner. Yvette, pref.(guar.)
*60e. Apr.
*Holders of rec. Mar. 15
Anchor Cap Corp..common (quar.).,,.. 60c Apr.
IIolders of rec. Mar. 190
Prelerred (guar.)
51.825 Apr.
Holders of rec. Mar. 196
Armour & Co. of Delaware, pref.(qu.)_ _
134 Apr.
Holders of ree. Mar. 100
Associated Breweries of Can..corn.
(MO il5c. Mar.3 Holders of rec. Mar. 15
Preferred (guar.)
14 Apr.
Holders of rec. Mar. 15
Assoelatee Investment corn.(guar.)..._ *51
Mar.3 *Holders of rec. Mar. 21
Preferred (guar )
•154 Mar.3 *Holders of rec. Mar. 21
Atlantic Rennin's (guar.)
25c. Mar, 15 Holders of rec. Feb. 230
Atlas Stores Corp.. $3 pref.(HL)
*75c Apr. 1 *Holders of rec. Mar. 15
Atlas
Corp., $3 pt. A (qu.)_
75e. June 1 Holders of tee. May 20
Axton-Fisher Tobacco, el. A (quar.)
- .80c. Apr. I *Holders of rec. Mar. 15
58 preferred (guar.)
51.50 Apr. 1 *Holders of rec. Mar. 15
•
Babes/et dr Wilcox co.(guar.)
•1
Apr. 1 'Holders of rec. Mar.19
Balaban & Eats, corn. (guar.)
*750. Apr. 2 "Holder, of ree. Mar.19
7% preferred (guar.)
.14 Apr. 2 *Holders of reo. Mar.19
Baldwin Co. prat. A (gnu.)
*14 afar. 15 "Holders of rec. Feb. 28
Banditti Petroleum (monthly)
•5e Mar. 20 "Holders of rec. Feb. 29
Beaton A Caldwell Mfg fmthly.)
•132154c
1 "Holders of ree. Mar. 81
Beatrice Creamery,common(guar.) 751ou. Apr. 1I Holders of ree. Mar.140
Preferred (guar.)
0l
f
0 .
HH0ioders 0 reoffo..
Apr. 15 H0ldersefo 0ff rec Mar.14a
mar.
Beech-Nut Packing, common (quar)_.
Belding-Cortirelll Ltd.. pref. (guar.). _
:
Feb. 2 2
Mar. 19
m 2
154 Mar,
Bendix Aviation Corp., common (guar.) 15zo 5moraf 16 Holders of rec. Mar.10a
A pr... 1
Best & Co.,corn. (guar.)
Holders of rec. Feb. 25a
Bethlehem Steel 7% preferred (ouar.)
Holdere of roe. M •
Biltmore Hats, Ltd., 7% pref. (a11.)
.
"2% Mar 15 "Holders of rec. Feb 15
:154 Apr. 1
1 50.
Borg-Warner Corp., corn. (guar.)
Apr. 1 'Holdersof rec. Mar.15
Preferred (guar.)
'Holders of rec. Mar. 15
'134
MAR. 12 1932.]
Name of Corn('0501
FINANCIAL CHRONICLE
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Block Bros. Tobacco, Corn. (guar.)_.,_ .37}ac May 15 *Holders of rec. May 10
Common (guar.)
*3714c Aug. 15 *Holders of recs. Aug. 10
Common (guar.)
'37)4c Nov. 15 *Holders of roe. Nov. 10
Preferred (guar.)
•1 34 Mar 31 *Holders of roe. Mar.24
Preferred (gear.)
1)4 June 30 *Holders of rec. June 24
Preferred (guar.)
'134 Sept.30 *Holders of rec. Seta 24
Preferred (guar.)
'11.4 flea. 31 *Holders of roe. Dec 24
Blumenthal (Sidney) Ar Co.. pref. (guar.) 134' Apr. 1 Holders of rec. Mar. 100
Boston Woven Hose& Rubber, com.(gu)
50c. Mar. 15 Holders of rec. Mar. 1
Bovril,Ltd.Amer dep. refs for ord. reg. abs
1ev354, Mar. 22 *Holders of rec. Feb. 18
Am. dep. rots, for def. reg
•w5
Mar. 22 `Holders of rec. Feb. IS
Bower Hoerr itearing (Soar )
.25c. Apr. 1 Ma/piers of rec. Mar. 15
Brandram-Henderson, Ltd.. pf.
51
Apr. 1 *Holders of rec. Mar. 1
Briars & Stratton Corp.(guar.)
25e. Afar. 31 Holders of rec. Mar. 19a
Beam Mfg., common &class A (quari - 15c. Apr, 1 Holders of roc. Mar. 150
British American Oil. reg. (guar.)
1200. Apr. 1 afar. 13 to
afar. 31
Coupon stork
/20c. Apr. 1 Holders of coupon No.8
British American Tobacco OracrInv__10 pence Max.31 Hold. of coup. No. 1440
British South Africa Co.. Ltd.
Amer. dep. rcts. (Interim)
*wed. Mar. 14 *Holders of rec. Feb. 11
Buckeye Pipe Line ((juar.)
$1
Mar. 15 Holders of rec. Feb. 19
Bucyrua-arle Co.. prof (guar.)
14 Apr. 1 Holder. of roe M ex 5a
Bucyrus-NI onighan Corp.. el .A (qua
*45c. Apr. 1 *Hoidens of rec. Mar. 2
Budd Wheel. 7% pref. (guar.)
14 Mar. 31 Holders of rec. Mar. 10a
Bush Terminal Balta., pref. (guar.)
154 Apr. 1 fielders of rec. Mar. 160
Bush Terminal Co..deb. stock (Suer.).... •1
Apr. 11 *Holders of rec. AM. 1
(A Si.) Co.. pref. (utiar.)
Byers
14 May 2 Holders of rec. Apr. 15o
Calambs Sugar Nantes. corn.(guar.)
•40c Apr.
•Holders of roc Mar 15
7% pre/erred (guar.)
•35c Apr.
• laldere of rec Mar 15
California Ink, class A and B (guar.)._ "50c Apr.
*Holders of rec. Mar. 21
Cambria Iron
Apr.
$t
Healers of rec. Mar. I50
Canada Bread. 1st pref.(guar.)
114 Apr,
Mar. 16 to
Mar. 31
Canada ('meta, Prof. (guar.)
04 Mar. 3 Holders of rec. Feb. 29
Canada Iron Foundries,common
154 Mar. IS Holders of rec. Feb. 29
Preference
3 Mar. IS Holders of roc. Feb. 29
Canada Malting (guar.)
374c Mar. 15 Mar. 1
to
Mar. 14
Share warrants
374c. Mar. 15 Hold. of coupon No. 17
Canada Permanent Mtge.(guar.)
3
Apr. 1 Holders of rec. Mar. 15
Canada a Ire dr Cable, class A (Suer.)-. 551
Mar. 15 Haidere of ter Feb 29
Preferred (guar.)
14 Mar 15 Hollers of roe. Feb 29
Cansins, Carle Frly pref (guar 1
44c Apr
ii Hollers of roe Mar 24;
Canadian Cottons. Ltd., pref.(g uar.) _
14 Apr. 4 Holders of rec. Mar. 19
Canadian General Electric, corn.(gu.)
51
Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
874c Apr. 1 Holders of roe. Mar. 15
Canadian Oil Coll- Prof. (goat.)
2
Apr, 1 Holders of rec. brat iii
Canadian Westinghouse, Ltd.(guar.) - .50c. Apr. 1 *Holders of rec. Mar. 19
Canfield 011, common (qOW%)
Alan 31 Mar. 21 to
$1
Mar. 24
Cnininon Wow%)
June 31 *fielders of rec. June 20
*$1
Preferred (guar.)
14 Mar. 31 Mar.-1 to
Mar. 24
7% Preferred (guar.)
'1 34 June 31 *Holders of rec. June '20
7% preierred (Sitar.)
1)4 Sept. 31 'Holders of rec. Sept. 2()
7% preferred (guar.)
5154 Dec. 81 •Holderfs of rec. Dee 2.0
Carter la liatual Co.. pref. ((war.)
4 Mar. 15 Holders of rec. Mar. 10
Case (.1 1.) Co.. pref. (gum.)
14 Apr. 1 Holders of rec. Mar. 12a
Centrifuge' Pipe (guar.)
150. May lb Holders of rec May 5
Quarterly
15c. Aug. 15 Holders of rec. Aug. 5
Quarterly.
15c. Nov. V' Holders of rec. Nov. 5
Chain pain Coated Paper
Preferred and special pref. (guar.)._ _
"14 Apr.
*Holders of rec. Mar. 19
Chase Brass* Copper, pref. A (gu.)
14 Mar. 3 Holders of rec. Mar. 21a
Cheeehrough Mfg. Consol.(Suer )
Mar, 3
SI
Holders of rec. Mar. liar
Extra
500. Mar, 3 Holders of rec. Mar. 10
,1
Chrysler Corp.. common (guar.)
250. Mar.3 fielders of rec. Mar. la
Cities Hervioe Co., earn (mentbly)
24c. Apr.
.
Healers of rec. Mar. 15a
Commou (pay. In corn. Stock)(mthly
f)4 Apr.
Holders of rec. Mar. 15a
Preferred 11 (monthly)
5c. Apr.
Hollers of rec. Mar. 15a
]'ref and ereferenee BB (monthly)
50c. Apr.
Holders of rec. Star. 15a
Clark Equipment, preferred (guar.)*51 75 Mar. 15 *Holders of rec. Feb. 29
Claude Neon Elec. Products, corn.(qua _ •40c. Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
•35e. Apr. 1 *Holders of rec. Mar. 20
Clorox Chemical (guar.)
.50c Apr. 1 *Holders of rec. Mar. 19
Coats (J & P I, Ltd Am. dep. rata for ord. reg.shares..._ _
Md. Apr. 7 *fielders of rec. Feb. 19
Coca Con, Bottling Co. of St. L.(suer.). •40e. Apr. 15 *fielders of rec. Apr. 5
Quarterly
•40e. July 15 *Holders of rec. July 5
Quarterly
•405'. /et. 1-5
iere or rec. Oct. 5
Coca Cola Internat. Corp.. corn. (qua_ $3.50 Apr. 11 Holders of rec. Mar. 120
Corn won (e tra)
,
50c. Apr. 1 Holders of roe. Mar. 12a
Colante Palmolive-Peet Co.. D'
134 Apr. 1, Holders of rec Mar Pao
Commercial Credit, corn.(guar.)
25c. Mar. 31 Holders of rec. afar. I In
654% first preferred (guar.)
14 Mar. 31 Holders of rec. Mar. I In
7% first preferred (guar.)
4354e Mar, 31 Holders of rec. Mar. lb
8% preferred B (guar.)
50c. Mar. 31 Holders of roe. Mar. lia
$3 convertible A stock (guar.)
75e. Mar. 31 Hollers of rec. afar.((a
COmmerrh(l Invest. Trust Corp.
Common (eller.)
, 50r. Apr. 1 Holders of rec. Mar. 50
7% era preferred (Sum.)
14 Apt. 1 Iloldcre of Tee Mar Si,
61r a firsi preferred (gear.)
14 Apr. 1 Holders of ree Mar. 50
Cony pref. opt. ger. 1929(guar.) _
_ _ (m1 S pr
I Holders of rec. Mar 5n
Commercial Solvents Corp., corn. (au.).
15c. Mar. 31 Holders of rec. Mar. 5:1
Compressed Industrial Gusset (quota_ _ *50c Mar. 15 *Holden+
of rec Feb. 29
Congoleum Nairn. Inc.. man (guar.) _ _
250 Mar IS Holden. 01 rec Feb Ifs,
Congress Cigar (guar.)
250. Mar. 30 Holders of roc. Mar. 146
Conselidated Film Industries. pref.(gni
50r. Apr. 1 Holders of tee. Mar. 10a
Consolidated Laundries. coin. (guar.) _
25c A pr. I Heelers of rec. Mar 18a
Preferred (guar.)
• 51.875 May 2 *Holders of rec. Apr. 15
Continental Baking Corp., pref. (guar.)52 Apr. 1 Holders of rec. Mar. 14a
Continental Gin,6% Prof.(guar.)
'13.4 Apr. 1 *Holders of rec. Mar. 15
Coon (IA B.) Co.. Prof.(guar.)
.1)4 May 2 *Holders of rec. Apr. 12
Courtaulds. lad.
Am.dep. sate. for ord. reg. shares
53
Mar. 24 *Holders of rec. Feb. 24
Crane Company. preferred (Oiler.)
•154 Mar. IS *Holders of rec. Mar. 1
Crowell Publishing Co. (guar.)
*75c. alma 24 *Holders of rec. Mar. 14
Crown Cork & seal. rem "wawa
30e .her IS Holders o/ roe
eb 2tla
preferred (otter.)
67e Mar 15 Holders of rer Feb Yen
Crown-Willamette Paper, tat pref.(qua $I
Apr. 1 Holders of rec. afar. 12a
Crucible Steel, pref. (guar.)
154 Mar 31 Holders of rec. Slat. 15a
Crum h Foreleg ',referred (guar.)
•2
Mar Si Madders of roc. Mar 21
Cuero Press preterred wear.)
'1% Mar 15 *Hoidere of rex: Saar
1
Curtis Mfg. (guar.)
25c. Apr.
Holders of tee. Mar. 16
Gurus Ptiblatone Prof. (guar.)
$1 75 Apr.
Holdem or roe Mar 19a
De Lone Hook & Eye (guar.)
*50e. Apr.
'Holders of rec. Mar. 26
Devoe & Reynolds, Inc.. cl. A & B(aL)
15e. Apr,
Holders of rec. Mar. 21a
7% first and second pref.(guar.)
1
.1. pr
'Holders of rec. afar. 21a
Distributors Group Ille. (Uttar.)
250 Ita.
Holders of ree. Mar 19
Dr. Pepper Co.(guar.)
•30e June
Holders of rec. May 15
Quarterly
.30c Sept.
•Holders of rec. Aug. 18
Quarterly
•30c, Dec.
*Holders of rec. Nov 18
Dome Mines. Ltd. (guar.)
2.5e Apr 20 Holders of roe. Mar 31a
Dominion Bridge roust 1
162%r May 16 Holders of rec. Apr
Dominion Glass. Ltd., common (guar.)_ 114 Apr. 1 Holders of rec. afar. 30
15
Preferred (guar.)
154 Apr. 1 Holders of rec. afar. 15
Dominion Stores (roar.)
u30c. Sot. 1 Holders of ree. Mar. 15a
Dominion Tar & Chemical. Prof. (guar.) 114 Slay 1 Holders of rec. Apr. 6
Dominion Textile, corn.(guar.)
/S1.25 Air. 1 Holders of rec. Max. 15
Preferred (qUar.)
/154 Apr. 15 Holders of rec. afar. 31
50e, Mar. 21 Holders of rec. Mar. la
Douglas Aircraft
Draper Corp.(guar.)
50e. Apr. 1 Holders of rec. Feb. 27
Nerra& Coacomagua $1
Mar. 15 Holders of roc. Feb. 26a
Du Ponta:. I I de
1
Debenture Stock (quar )
Apr. 28 Holders of rec. Apr. 90
(guar..)
•50e Mar. 31 *Holders of rec. Mar 19
Early & Daniel Co. cool.
•151 Mar.31 *Holders of rec. Mar. 19
Preferred (rtlar.)
75e. Apr. 1
Eastern Food Corp.. oleos A (guar.)__..
750 July 1
(lass A (ollar•)
Eastern Utilities Invest., prior pre!.(gu.)•$1.25 Apr. 1 *Holders otter, Feb. 29
51.25 Apr. I Holders of fee. Mar. 5a
Eastman Kodak . corn.(guar.)
14 Apr. 1 Holders of roe. Mar. In
Preferred (guar 1
•371.4c Mar. 15 *Holders of rec. Feb. 29
El Dorado Oil Works (guar.)
Apr. 1 *Holders of rec. Mar. 15
"SI
Electric Auto-Lite. corn. (guar.)
*14 Apr. 1 *Holders of rec. afar. 15
Preferred (alma)
Name of Company.
1909
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (cont(nued).
Electric Controller & Mfg., cum.(guar.)
75e. Apr. 1 Holders of rec. Mar. 19a
Elec. Star. Batt., corn. & pref.(quar.)_ _
750. Apr. 1 Holders of rec. Mar. 9a
anuaoyers Group Antedates. com.(so.)
200. Mar. 15 Healers of rec. lilac 1
1.ppeus, Smith & Co
*2
Aug. 1 •Holders of roe July 25
Equitable Office Bldg., corn.(guar.)____ 62140 Apr. 1 Holders of rec. Mar. ISO
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 15
Ewa Plantation (guar.)
.600. May 15 *Holders of rec. May 5
Famous Players Canadian Corp. (guar.)
50e. Mar.26 Holders of res. Mar. 4
Faultless Rubber. corn.
_ 50e. Apr. 1
at ar la
Federated Department Stores
20c. Apr. 1 Holders of rec. Mar. 210
('(tilt Avenue Bus SeeurItteet (Moira-Pie Star, 29 Hetet,. of ree. Mar 150
Filene's (wi)l)am) Sons,corn.(guara
25c. St at. 31 Holder); of rec. Mar 19a
Preferred (gear.)
14 Apr. 1 Holders of rec. Mar. di Oa
Firestone Tire At Rubber,corn.(g uar.) _ _
25e. Apr. 20 Heelers of rec. Apr. 50
Fast National Stores, Inc., corn. (guar.) 6254e Apr. 1 Holders of roe. fanr. 160
7% first preferred (guar.)
.154 Apr. 1 *Holders of rec. Mar. 16
8% preferred (guar.)
*20c. Apr. 1 *Holders of roe. Mar. 16
First State Pawners Society 'Chic.) (gu.) *14 alan 31 *Holders of rec. Mar. 21
Floc h man(NI.114rtSomiCo.,C0111.D10. 1) *20c. Slur. 15 *Holders of rec. Feb. 29
Florabetru Shoe. pre( (guar.)
1', Air. 1 floaters of ree Mar. ISO
Follanabre Bros . pref (0 ear.)
$1.50 Mar. lb Holden+ ot ere. Feb. 29
Permian Insulation (guar.)
•121.,e Apr. 1 •Ifelders of tee Mar 15
Foster Wheeler Corp.. Pref.(guar.)
$1.75 Apr. 1 Holders of rec. Mar. 12a
Fuller ((leo. A.) Co., panic. Pr. uhf. (on.) $1.50 Apr. 1 Holders or rec. Star. 100
Porde 2d pref. (guar.)
51.50 A pr. 1 Holders of rec. Mar. 100
Gantewell Co.. corn (guar.)
25e Star, 15 'Holders of ree. Mar. ba
Preferred (guar )
MI 50 Mar, 15 •Holdera of rec. Mar. 5
Gena Amer. Invest., 6% pref. (Suer.),.
114 Apr. 1 Holders of rec. Mar. 180
General :Vsthalt. torn (guar.)
25e Mar 15 IloldPro of rec. Mar. la
General Electric(guar.)
25e. Apr. 25 Holders of rec. St at, ISa
Special stork (guar.)
15c. Apr. 25 Holders of ree. Mar. 18a
General Mills, Inc., pref. (guar.)
14 Apr. 1 Holders of rec. Mar. 14a
General Motors. corn (guar.)
60e. Star 12 Holders of rec. Feb 13a
$5 preferred (guar.)
SI '25 May 2 hl older of rec. A er 20
General Printing Ink, corn. (quara
25e. Apr. 1 Holders of rec. afar. 15a
Preferred (guar.)
51.50 Apr. 1 Holders of rer. Mar. I5a
General Railway Signal, corn.(gu.)
75c. Apr. 1 Holders of roe. Mar. 10a
Preferred (guar.)
13.4 Apr. 1 Holders of rec. Mar. 100
alibert (A C )Cu.. 535(1 pref. (guar.). '8734.' A pr. 1 *Holders of rec. Slur. 19
Gillette Safety Razor, common
25e. Itt ar. 31 I I 01(lent of rec. Star, la
Preference (gnarl
$1.25 Slay 2 I I elders of rec. Apt. 1
Glidden Co., prior pref. (guar.)
14 Apr. 1 Holders of rec. Mar. 18a
Globe Disc. & Finance. pref. (guar.)
•874e NI:tr. 15 *Holders of rec. Felt. '29
(bold Dust Corp., prof. (guar.)
$1.50 Mar. 31 Holders of rec. Star. 170
Goldblatt Bros.. Inc.(guar.)
•37.4e Apr. 1 *Holders of rec. Mar. 10
Goodman al fg., corn.(guar.)
*62Se Star. 31 *Holders of rec, Slat. 31
rara,dyear Tire
MTh., It pref.(gis 1.
la
r. 1 Holden of rec. Star, la
Gottfried BakIne Co. Inc., pref. Bluer.).
1% Apr. 1 Holders of rec. afar. 19
Preferred (guar.)
14 July 1 Holders of ree. June 20
I'referred (guar.)
Oct. 1 holders of rec. Sept. 20
Preferred (guar.)
Jan 233 Holders of rec. Dee. 20
Grand Rapids Varanh fritter 1 (No I) _ _ •10e Mar 31 *Golder, of rye Star 21
Grant (W. T.) Co., Corn. (guar.)
25e Apr, 1 Holders of rec. Mar. 1 la
Great Western Suear. pref. (guar.)
Apr. 2 Holders of rec. Mar. I5a
Greif Bros. Cooperage, corn. A (Supra
40€ Apr, 1 Holders of ree. alma 15a
Guilford Realty (Baltimore), COM. (gu.) "35e. afar. 31 *Holders of rec. Mar.'20
7% preferred (guar.)
afar. Si •liolaers of rec. afar. 20
6% preferred A (guar.)
•l34 afar. 31 *Holders of rec. Mar. 20
lialnirl Co., common (guar.)
25e. Mar. 31 *Holders of rec. Mar. 15
Common (extra)
*25.c. Mar. 31 *Holders of rem filer. 16
Preferred (near 1
514 Mar. 31 *Holders of ree. Mar. 15
Hamilton United Theatres. Prof.(au),.
Mar, 31 Madera of rec. Feb. 29
Liarnmermill Paper, pref.(guar.)
•114 Apr. 1 *Ffolders of rec. Mar. 15
Baena (Si. A ) pn I (guar.:
51 75 Mar. 20 Holders of roe. Mar 511
Hurbioon Walker Refract.. pref. fnu.)....
114 Apr, 211 Holders of roe Apr. 90
ardesty (11-) M fa . 7`a pref.(quar.)-- •14 June I *Holders of ree. Stay 15
7% preferred (gear.)
Sept. 1 •Floldera of roe Aug 15
•14, Dec. 1 *Holders of ree. Nov. 15
7% Preferred (Saar.)
Ffarrods. Ltd.\ trier deo receipts for ord. reg she -• w1234 Mar. 23 *Holders of ree. Feb. 15
Hazel-Atlas Glass (guar.)
*75c Apr. 1 *Holders of rec. afar. 10
Extra
•25c. Apr. 1 *Holders of rec. Mar. 19
Hazeltine Corn. (quer.)
•124e Mar. 15 *Hidden* of tee. Mar IL
11 eela Mining (guar.)
•10c. afar. 16 *Holden,
Hoene (George W., Co., corn. (guar.)._ $1.25 Apr. 1 Holders of rec. Feb 15
of rec. Mar. 12a
Preferred (guar.)
14 'Apr. 1 Holders of roe, Mar. 12a
Hercules Motor Corp. (guar.)
.20c. Apr. 1 *Holders of rer. Mar. 21
Hercules Powder. corn. (guar.)
750. Mar. 25 Holders of ree. Mar. 140
Hibbard, Spencer Bartlett Co.
15e. Star 25 Holder's of roe Mar 18
/
ifsekok 011, elass A
.50e. Star. 15 *Holders of roe Mar 14
Holland Furnace (guar.)
25e. Apr. 1 Holden]of rec. Mar. lba
Holephane Co.,ram
•25e. Apr. 1 *Holders of ree. Mar. 1
Preferred
'$1.05 Apr. 1 *Holders of ree. Mar. 1
Freme Credit (Brartmere) prof
•a7 tAe Apr. 1 `Holden, or per. Mar.21
Homestake Mining (monthly)
*65e. Mar.25'Holder, of rec. Mar. 20
Horn & Ilardart Baking (Phila.)(Quer.). $1.75 Apr. 1 Holders of rec. Mar 210
Hoskins Mfg. ((luar.)
*75e, Mar. 26 *Holders of rec. Mar. 11
lienthev (to. clans A (otter 1_ _ •62 ye Apr
1 •13 olden, of roe. Mar. 18
Household Fin. Corp., corn. A tic 13 (gu.) •00e Apr. 15 *Hoidens of rec. Mar. 1
Participating preference (guar.)
$1.05 Apr. 15 Holders of rec. Mar. 31a
Humble Oil & Rena (guar.)
*50e. Apr. 1 Holders of rec. afar. 2
Huron & Erie af tge.(guar.)
Apr. 1 Holders of rec. Mar. 15
2
Hygrude Sylvania Corp., corn. (guar.)._ *50e. Apr. 1 *Holders of roe, Mar. 10
86.50 preferred (guar.)
51.625 Apr. 1 *Holders otter. Mar. 10
Imperial Tobacco of Can., ord.(final) g. 174e. Mar.31 Holders of rec. Mar. 2
Ordinary (interim)
84e. Mar. 31 Holders of tee. Mar. 2
Preferred
15c Mar. 31 Holders of reC. Mar. 2
Imperial Tnist of Can.,series 13 (extra),_ .20e. Mar. 15 *Holders of 'es'. Mar. 10
Incorporated Investors(guar.)
25e. Apr, 15 Holders of rec. afar. 22
Stock divIdend
e254 Apr. 15 Holders of rec. Slat. 22
Independence Trust Shares
9c, Apr. 1 Holders of rec. Mar. 1
ludustrall d- Power Securities aluhr.)
250.1.1006 1 Holders of rec. May x
Quarterly
350. Sept. 1 Holders of tee. Aug. 1
Qteaterl v
25o. Dee 1 Borders of roe. Nov 1
Irearranshares Ctrs. inc. (guar.)
7c. Mar. 15 Holders of rec. afar. 70
Inter-Island Steam Navigation(mthly _ •10e Mar. 31 *Holders of rec. Mar. 24
Monthly
*10e. Apr. 30 *Holders of rec. Apr. 24
Mortally
*10c. May 31 *Holders of rec. Slay 24
Monthly
•10c. June 30 *Hoiden; of rec. June 24
Stoutlily
*10c. July 31,•11olders of rec. July 24
Monthly
•10c. Aug. 31 *Holders of rec. Aug. 24
Monthly
•10c. Sept.30 *Holders of roe. Sept.24
Monthly
*100. Oct. 31 *Holders of rec. Oct. 24
Monthly
*10e. Nov. 30 *Holders of rec. Nov. 24
Month I y
•10e. Dec. 31,•Ifolderis of rec. Dec. 24
Internat. Business Machines (nuar.)...- $1.51) Apr. Ili Fielders of rem Mar 226
International Cement, corn. (gnat.)....
50e. Mar,31; Healers of rec. Mar. 110
International Harvester. corn. ((Juar.)...
45c. Apr. 15 Holders of rec. Mar. 190
International Petroleum (guar.)
0s25e. Mar. 15 Mar 1
to
Mar. 15
Bearer share warrants (guar.)
I/25c. SIar, 15 Holders or coupon No.32
Internat. Proprietaries Ltd., el. A
(01.1.)- *05c. Afar. 15 *Holders of rec. Feb. 25
Internal Moat Salt (guar.)
50e. Apr, 1 Holders of rec. Mar. ISO
International Shoe. corn,(guar.)
75e. Apr. 1 Holders of rec. Mar. 150
Preferred anorahlY)
60e. Apr, 1 Holders of rec. Mer 15
Preferred (monthly)
•60e. May 2'Molders of ree. Apr. 15
Preferred (monthly)
*50e. June 1 Holders of rec. May 14
International Silver, pref.(guar.)
1
Apr, 1 Holders of rec. Mar. 140
Intertype Corp., 1st pref. (oust.)
*2
Apr. 1 *Holders of rec. Mar. 15
Investment Corp.of Philmlelphla,
com
50e. Mar,15 Holders of rec. Mar. 1
Investors Corp. of Rhode Island
$6 fast preferred (guar.)
.51.50 Apr. 1 *Holders of rec. afar. 19
$6 second preferred
(guar.)
*$1.50 Apr. 1 'Holders of rec. afar. 19
56 corn, convertible prof. (guar.) _ _ _ .51.50
Apr. 1 *Holders of rec. Mar. 19
Investors Royalty Co.. pref.(guar.)
"50e. Mar. 30 *Holders of rec. Mar. 20
Ivanhoe Foods. Prof.(guar.)
•874c Apr. 1 *Holders of rec. Slat. 10
Jewel Tes Inc.. nom.(Slue 1
a
Apr 16, Holder,. of toe Apt
la
Johns-afanville Corp., preferred (guar.) SI
Apr, 1 Holders of rec. mar. lba
alma & Laughiln Steel, Prof.
tquara___
144 Apr, 1 Holder* of rem mar Ila
Katz Drug, corn.(guar.)
500, Mar, 15 Holders of rec. Feb. 29
Preferred (guar.)
51.625 Apr, 1 Holders of rec. Mar. 15
Kaufmann Dept. Stores. pref.
(guar.).Apr, 1 Holders of rec. Mar. 10
134
14
14
•154
14
'134
13.4
134
1910
Name of Company.
Whets
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)
.1234c Apr. 1 'Holders of res. Mar. 20
Kemper-Thomas Co.. coin.(guar.)
•1234c July 1 'Holders of rec. June 20
Common (guar.)
•1234c Oct. 1 'Holders of rec. Sept. 20
Common (guar.)
*12340 Jan 1'33 'Holder, of rec. Dec. 20
Common (guar.)
Preferred (guar.)
•
154 June 1 *Holders of rec. May 20
"134 Sept. 1 "Holders of rec. Aug 20
Preferred (guar.)
"1 34 Dec. 1 *Holders of rec. Nov. 20
Preferred (guar.)
3134c Apr. 1 Holders of rec. Mar. 12a
Kimberly Clark Corp..00m.
(qua
•134 Apr. 1 'Holders of rec. Mar. 12
Preferred (quar.)
•134 Apr. 1 "Holders of rec. Mar. 11
Koppers Gas & Coke. pref.(quar.)
411c Mar. 31 Holders of rec. Mar. ila
Kresge (S. S.) Co.. corn (guar.)
1% Mar 31 Holders of rec. Max. ha
Preferred (guar.)
Kroger Grocery & Baking.6% of.(qua- '134 Apr. t "Holden of rec. Mar.21
"I % May 2 "Holders at fee. Apr. 20
7% preferred (guar.)
1500. Mar. 15 Holders of reg. Mar. 1
Lake Shore Mines. Ltd- (guar.)
2 Apr. 1 Holders of rec. Mar. 15
Landed flanking dr Loan (guar.)
•134 Mar. 15 'Holders of rec. Mar. 5
Landis Machine, pref. ((puar.)
Lazarus(F. & R.) Co.. common (quar.)- *1234c NI sr. 31 *Holders of rec. Mar. 21
134 Apr. 1 Holders of roe. Mar. 140
Lehigh Portland Cement, pref. (goal'.)..
60c. Apr. 5 Holders of reo. Mar.22a
Lehman Corp.(guar.)
•20c. Mar 15 'Holders of rec. Mar.
Lesile-Callforida Salt (quar.)
35c. Mar. 31 Holders of rec. Mar. 11
Leaning's, Inc.(guar.)
Liggett & Myers'admire°. prof.(gust.). I% Apr. 1 Holders of rec. Mar. 10a
3734c Mar. 15 Holders of roe. Mar. la
Lily-Tulip Cup Corp.(quar.)
•62 e Apr. 1 •Holders of rec. Mar 15
Limeetone Products. 7% pref.(guar.)
*17340 Mar. 14 "Holders of rec. Mar. 5
Lindsay Light, pref. (guar.)
•154 Apr. i •Holders of roe Mar. 15
Link Belt Co.. pref. lQual.)
•66e. Mar. 31 'Holders of rec. Mar. 31
Joint Pipe (monthly)
Look
Apr. 1 "Holders of rec. Apr. 1
.2
Preferred (guar.)
75c Mar. 31 Holders of roe. Mar. 15a
Loew's. Inc., corn. (quar.)
21.4 Apr. 1 Holders of rec. Mar. I70
Taylor. corn. (quar.)
Lord &
30c. Apr. 1 Holders of rec. Mar. 15a
Lorillard (P., Co., corn.(quar.)
154 Apr. 1 Holders of reo. Mar. 15a
Preferred (guar.)
"750. Apr. 1 "Holders of rec. Mar. 15
Loudon Packing (boar.)
Lucky Tiger Combination Gold Mm.
•30. Apr. 20 "Holders of roe. Apr. 9
Quarterly
Lurikeunetmer CO.. Preferred (guar.)... "134 Apr. 1 'Holders of roe Mar. 21
•lbi July 1 'Holders of rec. June 20
Preferred (guar.)
.134 Oct. 1 "Holders of rec. Sept 20
Preferred (guar.)
•154 Jan 2'33 *Holders o rec. Dee 22
Preferred (guar.)
•134 May 15 "lioldeN of roe. May 5
Magian (I.) ken..9% pref. (q11.)
'13.4 Aug. 15 "IL Iders of roe. Aug. 5
6% preferred (guar.)
'154 Nov. 15 "Holders of rec Nov. 5
6% preferred (quar.)
Manischewits (B )& CO, pref.(Cu.)... •I 34 Apr. 1 'Holders of reo. Mar 21
.75c. Apr. 1 "Holders of rec. Mar. 15
Mama'Consol. Mtg.(guar.)
•25e. Apr. 1 'Holders of rec. Mar. 15
Extra.
20c. Mar. 31 Holders of rec. Mar la
Marine Midland Corp.(guar.)
50c. Apr. 1 Holders of rec. Mar. I4a
Mathieson Alkali Works. corn,(quar.)
154 Apr. 1 Holder. of reo. Mar. 140
Preferred (guar.)
"50a. Mar. 15 'Holders of roe. Mar. 1
Mayflower Assoelatea, Ina. (guar.)
6234c May 2 Holders of rec. Apr. 20e
McCall Corp.(guar.)
Me. mar. 15 Holders of roe. Fel 15
McColl.FrIntenae Oil, Ltd.(au)
(134 Apr. 15 Holders of rec. Mar. 31
Preferred (guar.)
Holders of rec. Mar 20
McKee (Art our C1.)& Co..corn. B(qua. 8754c Apr.
Holders of rec. Mar. 100
Apr.
El
1t4cKeesnort Tin Plate,corn.(quar.)
134 Apr.
Holders of roe. Mar. 210
McLellan Stores.6% pref. A Omani
'Holders of roe. Mar. 15
*75e. Apr.
Mead Johnson dr Co.. common (quar.)
'holders of reo. Mar. 15
•25e. Apr.
Extra
.
Merchants Refining Co. of N.Y ((ILO - - *50c. Mar. 3 'Holders of rec. Mar. 23
75c. Mar. 3 Holders of rec. Mar. 2a
Mergenthaler Linotype (guar.)
Holders of rec. Mar. Ifia
50c. Apr.
Mesta Machine. corn.(quar.)
'Holders of rec. Mar. 16
•134 Apr.
l'referred Pillar.)
"Holders of rec. Mar. 20
Metal & Therinld Corp., pref. (quar.) •$1.75 Apr.
c
Metro Goldwyn Pictures, prof. (quar.)-- 4712 Mar. 1 Holders of roe. Feb. 26a
Mar. 16 to Mar. 31
154 Apr.
Metropolitan Paving Brick. Pf. 1111.-)
(
11lickelberry's Food Products
"8734e Apr.
'Holders of reo Mar. 21
Preferred (guar-)
SI
Holders of rec. Mar. 15
Apr.
Midvale Company (guar.)
'Holders of roe. Mar. 15
•400. Apr.
Miller & Hart pref. (guar.)
Minneapolis-Honeywell Regulator
750. May 1 Holders of roe. Mayd4a
Common (guar.)
'Holders of tee Mar 19
"134 Apr.
Preferred (guar.)
Holders of rec. Mar. 16
Mitchell (J. S.) & CO., pref. (quar.)_._.. 134 Apr.
.8734/3 Apr.
'Holders of rec. Mar, 12
Monroe Chemical. prof. (qual.)
Holders of rec. Mar. 100
313o Apr.
Monsanto Chemical Works(au.)
154 Mar, 1 Holders of rec. Feb. 29
Montreal Cottons, corn.(quar.)
Holders of rec. Feb. 29
134 Mar, 1
Preferred (guar.)
Mar. 1 to Mar. 15
The. Mar. 1
Montreal Loan & Mortgage (qual.).,..
Mar. 1 to Mar. 15
25e. Mar. 1
Bonus
25c. Apr. 1 Holders of rec. Mar.21
Corp
Morgan 011
Holders of rec. Feb. 27a
75c. Mar. 1
Morrell(John)& Co., Inc.. corn.(Cu.)-.
Holders of rec. Mar. 15
Morris (Philip) Consol., claw A (guar.). 4334c Apr.
Holders of rec. Mar.25
- 134 Apr.
Morris Plan Corp. of Amer.. pref.(MI.)
Holders of roe. Mar. 21
50c. Apr.
Motor Products Corp. (guar.)
Holders of rec. Mar. 15a
20c. Apr.
Mountain Producers Corp.(guar.)
Holdera of tee. Mar. 18a
70e. Apr. I
Natrona) Biscuit. coin (guar.)
Holders of rec. Mar. 1
25e, Mar. 1
National Bond & Share
Holders of rec. Mar. 15
1400, Apr.
National Breweries.corn.(guar.)
Holders of rec. Mar. 15
(44c. Apr.
Preferred (guar.)
Holders of rec. Mar. 12
25c. Apr.
National Candy,COM•
*30o. Mar. 1 'Holders of rec. Feb. 29
National Casualty (Detroit) (quar.)
Holders of rec. Mar 15.
65e. Apr.
National Dairy Products. corn. (1111.)
Holders of roe. Mar. 15
I% Apr.
Preferred A & B (quar.)
Holders of rec. Mar. 220
62340 Apr.
National Distillers. prof.(qn.)(No.1.)
'Holders of rec. Mar. 10
"150. Apr.
NatIona! Finance Corp. of Am.,com.*Holders of rec. Mar. 10
"150. Apr.
Preferred (guar.)
*Holders of rec. Mar. 10
•15c. Apr.
Preferred (extra)
Holders of rec. Mar. 19
154 Apr.
National Gypsum, pref.(guar.)
134 Mar.3 Holders of rec. Mar. 180
National Lead, corn. (guar
Holders of rec Feb 26o
154 Mar. I
Preferred A (guar.)
Holders of reo. Apr 220
134 May
Preferred B (qual.)
Holders of rec. Mar. 15a
Apr.
2
National Refining, pref.(guar.)
*Holders of rec. Mar.18
*50c. Apr.
National Standard Co.(quar.)
Holders of ma Mar I
50a. Apr.
National Sugar Refining (guar.)
Holders of rec. Mar. 14
15e. Apr.
National Tea. common (guar)
•25o. Mar. 1 "Holders of roe. Feb. 21)
National Transit (quar.)
Holders of rec. Mar. 21
334 Apr.
National Trust Co.(Toronto). quar.)
Holders of rec. May 1
May 1
2
Neptune Meter. prof. (guar.)
Holders of roe. Aug. 1
Aug. I
2
Preferred (guar.)
Holders of roe. Nov. 1
Nov. 1
2
Preferred (guar.)
'Holders of roe. Mar 16
•27140 Apr.
Newberry (J..1.) Co.. corn. (guar.)
*Holders of rec. Mar. 15
•134 Apr.
Newport Elec. Corp., pref. (guar.)
Holders of rec. Mar 190
154 Apr.
New York Shipbuilding. Prof. (quar.)-Holders of rec. Mar. 31
Apr.
4
New York Sun. Inc., 1st pref
Holders of rec. Mar 25
10c. Apr. 1
New York Transit
Mae. Mar.28 *Holders of roe. Mar. 15
New York Transportation (quar.)
"Holders of rec. Mar. 16
North American Creameries, el. A (mi.). •35c. Apr.
Holders of rec. Mar. 10
I% Apr.
North Central Texas 011 (quar.)
Nunn, Bush & Weldon Shoe. 1st pt.(qua •134 Mar.3 *Holders of rec. Mar. 15
•114 Mar.3 *Holders of rec. Mar. 15
Second preferred (guar.)
"Holders of rec. Mar. 10
*50c. Apr.
Ohio Finance. corn.(guar.)
'Holders of rec. Mar. 10
Apr.
"2
8% preferred (guar.)
•134 Mar. 1 'Holders of roe. Feb. 24
Ohio Oil. preferred (guar.)
Holders of tee. Mar. 150
Apr.
2
Omnibus Corp.. pref. (guar.)
"4334c Mar. 1 'Holders of rec. Feb. 29
Oneida Community. pref. (guar.)
•200 Mar 2 *Holders of rec. Mar. 10
Onomea Sugar (monthly)
Holders of rec. Mar 19
1230 Apr.
Ontario Mfg.. Common (qual.)
'Holders of MO. Mar 19
•134 Apr.
Preferred ((puar.)
Holders of ree. Mar. 16
134 Apr.
Owens-Illinois (lions. prof. (gnat.)
'Holders of rec. Mar. 15
*35e. Apr.
Pacific Indemnity (guar.)
"Holden) of res. May 20
0$1.50 June
Package Machinery (Cue!.)
•134 May
1st preferred (guar.)
Holders of roe. Mar. 19
ill 25 Apr.
Page-Hersey Tubes. Ltd.. ann.(011.)
Holders of tee. Mar 19
41 76 Apr.
Preferred (Qua!)
*50c. Mar.2 "Holders of rec. Mar 17
Parafflne Cos.. coin (qual.)
.250. Mar. 3 'Holders of rec. Mar. 19
Parke Davis & CO.(quar.)
•10c. Mar.3 'Holders of rec. Mar. 19
Extra
•134 Mar. 1 *Holders of rec. Feb 29
Bldg. Corp
Pavonla
Holders or roe Feb 290
25c. Mar I
Penick & Ford. Ltd. (quar.)
60e. Mar. 3 Holders of rec. Mar. 19a
Penney (.3.C.) Co., corn.(guar.)
134 Mar.3 Holders of rec. Mar. 190
Preferred (guar.)
[voL. 134.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days hulastat.
Miscellaneous (Continued).
Pennsylvania Glass Sand,$7 pf.(qu.)__ *31.75 Apr. 1 'Holders of rec. Mar. 15
25e. Apr. 1 Holders of rec. Mar. 84
Peoples Dnig Stores. Inc., corn.(quar.)_
14.4 Mar, 15 Holders of rec. Mar. la
Preferred (guar.)
•15c. Mar. 15 'Holders of rec. Mar. 1
Personal Banking Service. el. A (qu.)
134 Apr. I Holders of rec Mar. 11
Pet Milk, preferred (guar.)
*25e. Mar. 15 •'Holders of rec. Mar. 2
Petroleum Exploration (guar.)
13e. Apr. 1 Holders of rec. Mar. 15
Pioneer Gold Mines
•
250. Apr. 1 *Holders of reo. Mar 10
Pittsburgh Plate Glass (guar.)
'50o. Apr. 1 *Holders of rec. Mar 25
Plume a atwood Mfg.(guar.)
•60o. July I 'Holders of roe. June 25
Quarterly.
•
50o. Oct. 1 *Holders of ree Sept 25
Quarterly
•
250. Apr. 1 'Holders of rec. Mar. 18
Plymouth 011 (guar.)
Powdrell & Alexander. fret.(111112.)
'131 Apr
1 •Flthders of rec. mar 16
134 Mar. 15 Holders of roe Feb 254
Procter & Gamble, pref. (guar.)
*20c. Mar. 15 'Holders of rec. Feb. 25
Public Investing. common (guar.)
Publication Corp., corn.(guar.)
•80e. Apr. 1 "Holder, of rec. Mar. 15
.154 Apr. 1 *Holders of rec. Mar. 15
Original preferred (quar.)
•15.4 Mar. 15 "Holders of rec. Mar 15
7% preferred (quar.)
Pure 011, 554% preferred (guar.)
134 Apr. 1 Holders of roe. Mar 10
134 Apr. 1 Holders of roe. Mar 10
6% preferred (gean)
5% preferred (guar.)
2
Apr. 1 Holders of ree. Mar. 101
Puritan Ire, common
'8
Mar. 81 "Holders of rec. Dec. 31
Preterrea
Mar. 31 'Holden* of rec. Dec. 81
*4
•
31
Quaker Oats, common (guar.)
Apr. 15 'Holders of rec. Apr. 1
Common (extra)
•$3 Apr. 15 'Holders of rec. Apr. 1
Rapid V'iectrotrIle (quar.)
•
500 Mar 15 'Holders of rec Mar 1
Raybostro-Manhattan. Inc. (quar.)
25e. Mar. 15 Holders of rec. Feb. 290
Reeves (Daniel'', Inc. (guar.)
•3734c Mar. 15 "Holdem of rec. Feb. 29
634% preferred 'QUAL
•134 Mar. 15 'holders of rec. Feb. 29
Reliance Grain, pref. (guar.)
*134 Mar. 15 'Holders of rec. Feb. 29
Reliance Mtg. (111.) pref (quota_ ..... •134
Apr 1 *Holden' of roe Mar. 22
75c Apr. I Holders of rec. Mar 180
Reynold:4(Ra.) Tob.com. & com.B an.)
it
816
Bleb's. Inc ,64% pref. (quar.)
:4 Mar.. 3°Zde .
t50e.
1
Royalite (ill, Ltd
r. 16
lders o
i "
e Mar.
e:
Royal Baking Powder, corn. (quar.)
250. Apr. 1 Holders of rec. Mar 74
134 Apr. 1 Holders of ree Mar. 70
Preferred (quar.)
Ruberold Co.(quar.)
El
Mar. 15 Holders of rec. Mar. 1
Safeway Storm Inc.. common ((Mara
•S1.25 Apr. 1 "Holders of rec. Mar. 18
7% preferred (guar.)
Apr. 1 'Holders of rec. Mar. 18
6% preferred (quar.)
'13.4 Apr. 1 *Holders of rec. Mar. 18
St Joseph Lead Co tquar.)
15o Mar. 21 Mar 11 Co Mar. 21
St. Louis Nat. Stock Yards (guar.)
"2
afar. 29 "Holders of rec. Mar. 8
San Carlos Milling (monthly)
•20e. Mar. 15 *Holders of ree Mar. 7
San Francisco Rem loan Awn- (guar.). 'S7",e Mar. 31 "Holders of rec Mar 15
50a. Mar. 15 Holders of rec. Feb. 29
Schiff co., common (guar.)
134 Mar. 15 Holders of rec. Feb. 29
7% preferred (guar.)
35e, Mar.3 lloldelN of rec. Mar. 170
Scott Paper Co common (quar.)
Scoville Mfg. (guar.)
.
50c. Apr.
'Holder, of rec. Mar. 16
10c. Apr.
Second Intern secur. Corp.. com.A(qua
Holders of rev. Mar. 15
750 Apr.
6% first preferred (guar.)
Holders of reo. Mar. 15
75c Apr,
holder, of rec. M ar. 15
67, second preferred (quar.)
Holders of rec. Mar. 16
Selected Industries. Inc., $5.50 Pt. (11.1.) 31.375 Apr.
•S1.75 May 2 "Holders of roe. Apr. 20
Bervel. Ina.. preferred (quit.)
.$1.75 Aug. 1 *Holders of me July 20
Preferred (gust.)
"11.75 Nov. 1 •1f°Mem of roe Oct 20
Preferred (utter.)
Sherw Io- Williams Co.of Can.. pref.(qu.) 134 Mar. 31 Holders of rec. Mar. 15
Shuron Optical Co., prior pref. (guar.).- •1}.4 Apr. 1 "Holders of ree. Mar. 31
4o Mar. 31 Mai 22 to Mar. 30
Shave Gold Mines, I.td. (interim)
25c. Mar. 18 Holders of roe. Feb MI
florrony Vacuum Corp
Southero Acid & Sulphur, pref.(qual.).. •14.4 Apr. I *Holders of rec. Mar. 15
'25c. afar. 31 "Holders of rec. M ar. 15
South Penn 011 (guar.)
Apr. 1 Holders of rec. Mar. 12a
South Porto Rico Sugar,[wet (quar.)_._ 2
$1
Apr. 1 Holders of rec. Mar. 16
South West Pa. Pipe Lines (quar.)
25e. Apr. 15 Holders of roc Mar. 3141
Spalding(A 0.)& Bros.. corn.(Coal'.)..
Sparks. Wallington Co.. pref. (qual.).. •134 Mar. 15 "Holders of roe Mar 8
June 15 "Holders of roe June 8
Preferred (Qum.)
•1150. Mar. 31 "Holders of rec. Mar. 15
Spencer Kellogg dr Sons (guar.)
•150. June 30 "Holder, of rec. June 15
Quarterly
30c. Apr. 1 Holders of rec. Mar. 70
Standard Brands, Inc., corn
I% Apr, I Holders of rec. Mar. 70
Preferred A (guar.)
Standard Coosa Thatcher corn.(guar.). •25e. Apr. ('Holders of roe Mar. 20
*134 Apr. 15 'Holders of roe. Apr. 15
Preferred (quar.)
50e. Mar. 15 Holders of rec Feb 1511
Standard 01) of California (guar.)
•25c. Mar. 15 'Holders of roe Feb 15
Standard 011 (Indiana).(guar.)
"400. Mar. 31 "Holders of reo. Mar. 15
Standard 011 of Ky.(quar.)
500. Mar.21 Feb 28 to Mar 21
Standard Oil(Nebraska)(quar.)
Mar. 15 Holders of roe. Feb 15a
1
Standard 011(N J.). $100 Par (111111.r.)
1
Mar. 15 Holders of tea. Feb 1511
3100 par value (extra)
25e. Mar. 15 Holders of roe Feb. 15a
$25 par value (guar.)
250. Mar. 15 Holders of rec. Feb 154
$25 par value (extra)
Standard 011 (Ohio), common (quar.)... 6234c. Apr. 1 Holders of reo. Mar. 15
134 Apr. 15 Holders of rec. Mar. 310
Preferred (guar.)
75e. Apr. 1 Holder, of rec. Mar. 15
Standard Steel Constr.. cl. A (qual.)..
•1
Mar. 15'Holders of rec. Mar. 1
State Street Exchange (quar.)
14334c May 2 Holders of rec. Apr. 7
Steel Co. of Canada. coin.(guar.)
t4354c May 2 Holders of rec. Apr. 7
Preferred (guar.)
134 Apr. 1 Holders of roe. Mar. 15
Stein (A.) & Co., pref. (quar.)
•43134o Mar.31 "Holden) of roe. Mar. 15
Mix Baer & Fuller, 7% pref.(quar.)
•4334e June 30 'Holders of roe. June 15
7% preferred (guar.)
•
4334c Sept. 30 'Holders of ree. Sept. 15
7% preferred (gear.)
7% preferred (guar.)
'4334c Dee, 31 'Holders of reo. Doe. 15
25e. Mar. 15 Holders of roe. Feb. 25a
Sun 011 Co.. common (guar.)
*3734c Mar, 15 'ttolders of rec. Mar. 4
Sunset McKee Salesbook cl A (quar.)
•
250. Mar. 15 *Holders of rec. Mar. 4
Class 13 (quar.)
25c. Apr. I Holder, of rer Mar. 18
Supertest Petroleum, corn.(guar.)
25c. Apr. 1 Holders of tea Mar. 18
Ordinary (guar.)
I% Apr. I Holders of rec Mar. 18
Preferred class A (qua?.)
374c Apr. 1 Holders of reo. Mar. 18
Preferred class B (quar.)
Swift & Co. (guar.)
500. Apr. 1 Holders of tee Mar 10
134 Apr. 1 Holders of rec. Mar. 19
Tamblyn (G.), Ltd., pref. (guar.)
Telephone Bond & Share. Dart. pref. q(11) "S1
Apr. 15 *Holders of roe. Mar. 21
Participating pref. (extra)
•
500. Apr. 15 'Holders of rec. Mar. 21
Class A (50c.cash or 1-50 oh,cl. A stk.)
Apr. 15 'Holders of rec. Mar. 21
7% preferred (guar.)
151 Apr. 15 Holders of rec. Mar. 21
Texas Corporation (guar.)
25e. Apr. 1 Holders of ree. Mar 40
Texas Gulf Sulphur (guar.)
500. Mar. 15 Holders of reo. Mar la
Teton 011 & Land (guar.)
•
25e. Mar. 31 *Holders of reo. Mar. 10
°154 Mar. 15 'Holders of reo. Mar. 10
Thew Shovel, pref. (guar.)
Todd Shipyards Corp. (guar.)
'50c. Mar. 21 *Holders of rec. Mar. 5
Toronto Mortgage Co
$1.50 Apr, 1 Holders of rec. Mar. 15
Traung Label & Lithog. cl A (guar.).- *37 %c Mar. 15 'Holders of rec. Mar. 1
Tri-Cont1nental Corp., $6 Prof. (guar.) $1.50 Apr. 1 Holders of rec. Mar. 160
Tile° Products Corp., corn. (quar.)
6234c Apr, 1 Holders of rec. Mar. 140
Underwood Elliott Fisher Co.,comagu.) 500. Mar. 31 Holders of rea. Mar. 128
Preferred (guar.)
154 Mar. 31 Holders of rec. Mar. 124
Union Carbide & Carbon Marl
50c. Apr. I Holders of rec. Mar. 40
Union Storage (guar.)
.
62340 May 10 *Holders of rec. May 1
Quarterly
'62340 Aug. 10 'Holders of roe. Aug. 1
Quarterly
.62340 Nov. 10 'Holders of rec Nov. 1
Union Twist Drill, Com. (Qua?.)
•
25e. Mar.31 "Holders of rec. Mar. 20
Preferred (gnat.)
*I% Mar. 31 'Holders of roe. Mar. 20
1
United Aircraft dr Transport , pref. km.) 154.1
Mar.Ar. 15 ..11o10efs o eco Mar. 100
1 11 0 doro f o Mat,Mft
United Artists Theatre Circuit. pt.(au).
United Biscuit of Amer., COM.(quar.)
50c. June 1 Holders of rec. May I•e"
Preferred (guar.)
1 34 M ay 24 Holders of rec. Apr. 166
25e. N4m 1
.
United Dyewood, pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 150
11001
United Elastic Corp. (guar.)
roe. Mal. 10
United Fruit. cum. (guar.)
75c. Apr. 1 Holders of
Ern
United Piece Dye Wks.. pref.(go.).... 1% Apr, 1 Holders of rec. Mar.
204
Preferred (quar,)
154 July 1 Holders of rec. June 200
Preferred (guar.)
E%
l
1 Holders of rec. Sept.
Preferred (guar.)
n 53 Holders of rec. Dec. 200
2'3
1% Jaar 1
Holders of reo. Feb. 25
United Shares Corp.. pref. (guar.)
Mar,
314
U. S Pipe & Fdy., corn.(qual.)
50c Apr 20 (folders of res Mar 300
30
0
lders
Common (guar.)
50c July 20 Holdero of roe Septune
850co, OActpr. 2020 Holder,
Common (guar-)
ot rec Dec 310
Common (quar.).
50o Ja.20'33 Holders
30c July 20
Holders of rec. Mar. 8101
First preferred (guar.)
Flilders of reo June 300
First preferred (quar.)
Sept 304
First preferred (liter.)
30c Oct. 20 Holders of rec. Dec. 8I4
300 Ja.20'33 Holders of roe.
First preferred (quar.)
MAR. 12 1932.]
FINANCIAL CHRONICLE
Name of Coin pang.
Per
Cent
When
Payable.
Book' Closed.
Days Inclusive.
Miscellaneous (Concluded).
H.S. Gypsum, corn.(guar.)
•406. Mar.31 *Holders of rec. Mar. 15
*14 Mar 31 "Holders of res. Mar. 15
Preferred (guar.)
U.S. Leather. prior pref.(guar.)
1)4 Apr. 1 Holders of rec: Mar. 100
Foil common A & B (guar.)
U.S.
750 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
153 Apr. 1 Holders of rec. Mar. 15
U. S. Playing Card, corn. (qual.)
•5013 Apr. 1 *Holders of rec. Mar. 21
U. S. Steel Corp., common (guar.)
50e Mar 80 Holders of rec. Feb 296
U. S Stores. 1st pre (guar.)
III
Mar. 15 Holders of rel3 Feb 256
U. S. Tobacco, corn. (Quer.)
51.10 Apr. 1 Holders of rec. Mar. 14a
Preferred (guar.)
134 Apr. 1 Holders of roe. Mar. 14a
Victor-Monaghan Co.. met.((max.)._ •134 Apr. 1 "Holders of rec. Max. 19
Quay.)
Viking Pump, pref (
•60c Mar. 15 *Holders of rec. Mar 1
Vogt Mfg (guar.)
lbc Apr. 1 Holders of roe. Mar. 10
Vortex Cup. common (guar.)
•3734c Am. 1 ...Holders of rec. Mar. 15
Detinning. common
Vulcan
50e Apr. 20 Holders of roe. Apr. 76
Preferred (quer.)
144 Apr. 20 Holders of roe Apr. 75
Wagner Electric, pref. (qua?.)
134 Apr. 1 Holders of rec. Mar. 19
Waltt & Bond, class B (quer.)
.20c Mar. 30'Holders of rec. Mar. 15
Waldorf System nem.(guar.)
37 kse Apr
I Holders of rec Mar 19a
Walgreen Co.. pref (quer)
'134 Apr. 1 "Holders of rec. Mar. 21
Walker(111ramMooderham&Warte ((M.) f634c Mar. 15 Holden; of rec Feb. 22
Ward Baking Co., pref (guar.)
134 Apr. 1 Holders of me Mar. 17
Warner Co., let pref. (qua?.)
Holders of rec. Mar. 15
51.75 Apr.
Wellington Oil
ne. Mar. 15 'Holders of rec. Feb. 29
Wesson Oil & Snowdrift, Inc., corn.(qu.) 25e. Apr. 1 Holders of rec. Mar. 150
West Coast Oil, pref. (guar.)
'Holders of rec. Mar 26
*51.50 Apr.
West Canada Flour Mills.634% pf.(1n.) 134 Mar. 15 Hoidens of rec. Feb 29
Westmoreland Inc (guar.)
30c. Apr.
Holders of rec. Mar. 15
Weston Electrical instrument. el. A (qu) *50c. Apr.
'Holders of rec. Mar 18
Westvaco Chlorine Products. pref.(0u.) *81.76 Apr.
"Holden; of rec. Mar. 15
.14 Mar.
Weyenberg Shoe Mfg.. pref ((par.).
1 sylolders of rec Mar 5
White Motor Securities pref. (guar.)._
134 Mar.3 Holder" of rec. Mar. I4a
White Rock Mineral Springs, corn.(qU.) 1
Apr.
Holders of rec. Mar. 15a
(guar.)
First preferred
Holders of rec. Mar. If.
134 Apr.
Second preferred (quay.)
Holders of rec. Mar. 15
5
Apr.
Whitaker Paper Pref. (qua?,)
•1 113 Apr.
'Holders of rec. Mar. 19
Wilcox-Rich Corp.. class A (guar.)
6234c Mar.8 Holders of rec. Mar. 190
Will & Hemmer Candle Co.. Prof.(ln.)
Holders of rec. Mat. 15
2
AM.
WInsted Hosiery (guar.)
0
.3
'Holders of rec. Apr 15
May
Quarterly
*2
'Holders of me July 15
Aug
Quarterly
"Holder of rec. Oct 15
*2
Nov
Wiser Oil (qua?.)
'Holders of rec. Mar. 11
•25(3. Apr.
Wright-Hargreaves Mines (guar.)
2)40. Apr.
Holders of re*. Mar. 10
Jr (monthly)
Wrigley (Wm
Holders of roe. Mar. 196
250. Apr.
Wuriltser (Rudolph) Co.. 7% DI.
"Holders of roe Mar 19
'134 Apr.
7% preferred (quar.)
•lyi July
*Holders of tee Jan 19
Yale & Towne Mfg (guar.)
25c. Apr.
Holders of rec. Mar. 156
•Prom unofficial sources f The New York Stook Exchange has ruled that
glOck will not be quoted ex-dividend on this date and not until further notice.
3 The New York Curb Exchange Association has ruled that stock will not be quoted
8g-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. s Payable in stock
fPayable In common stook 0 Payable In scrip. h On account of accumulated
dividends. .1 Payable In preferred stock.
in Commercial Invest Trust cony pref dividend will be pad ti stock at rate of
1-526 share corn eitork animal holder notifies company on or before Mar. 16 Or
kb desire to take reel). Si 60 per ahare.
Internet Hydro-Elee. System class A dividend is optional either 50o. caah
Or 1-50th share class A stock.
o All ['wagers received In order at London on or before March 3 will be In time
for payment of dividend to transferees
zi Midland United pref. A. dividend is optional either cash or 1-40th share corn.stk.
e Imperial Tobacco of Canada ordinary final dividend to be ratified at stockholders meeting on march 14.
r Goiciblatt Bros dividend payable in cash or common stock. Holders desiring
cash must notify company.
8 General Gas & Elec. corn. class A dividend le payable in class A nook at rate
of 3-200che of a share.
Payable In Canadian funds.
•Payable in United States funds.
o Amer. Cities Power & light class A dividend Is optional either 75c, each or
1-32d share class Ii.
to Lees deduction for expenses of depositary.
z Dividends on Canadian Pacific ordinary stook will be payable In Canadian
funds and WIII hereafter be declared hall yearly
Weekly Return of New York City Clearing House.
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. MARCH 5 1932.
Clearing House
Members.
*Capital.
*Surplus a
Unairided
Profits.
Na Demand
Deposits.
Average.
Time
Deposits.
Average.
3
Bank of N. Y.& Tr. Co_
6.000.000
9.730.700
73,275,000
10.853.000
Bank of Manhattan Tr.0
22.250.000 44.436.700 223,291,000 38,125.000
National City Bank
124,000.000 101.347.500 a942,772.000 171,250.000
Chem.Bank dr Trust Co
21.000.000
44.758,800 200.729.000 23.342.000
GuarantyTrust Co
90,000.000 194,959.000 6716.066.000 84,540.000
Manufacturers Trust Co
e32.935,000 e27,I88.400 248.721.000 86,610.000
Cent Hanover Bk & Tr
21.000.00
79.103.200 394.891.000 40.413.000
15.000.000 22.549,500 187,928.000 25,336.000
Corn Exch Bank Trust CO
10.000.000 112.537.200 253.407.000 25.587.000
First National Bank
50.000,000 75.506,700 295,754.000 39,591.000
Irving Trust Co
Continental Bank & Tr Co
4.000.000
6.750.200
24.885.000
3.708.000
148,000.000 143.075,000 c956,193.000 98,494.0(10
Chase National Bank
500010
3.405.800
30.839.000
2.220.000
Fifth Avenue Bank
25.000.000
75.020.400 d332.251.000 37.265.000
Bankers Trust Co
10.000.000 21.20..100
33.862.000
889,000
Title Guarantee dr Tr Co_
10.000.000
36.018.000
7.019.000
5.624.000
Marine Midland Tr Co.._
3.000.000
13,340.000
2.400.000
1,160.000
Lawyers Trust Co
12.500.000 26.559.200
157.495.000
20.839.000
New York Trust Co
7,000.000
9,235,800
43.198,000
2,128.000
Com'i Nat Elk de Trust CO_
2,863.200
2,000.000
24,926.000
4,601.000
Harriman Nat Ilk & Tr C
8.250.000
33.786.000 28.191.000
7.876.400
Public Nat Bk & Trust Co
Totals
822,415.000 1.017.530.600 5.206.603.000 728.329.000
• As per official reports: National. Deo 311931; State, Dee. 31 1931; Trust Companies. Dec. 31 1931. e As of Feb. 91932.
Includes deposits In foreign branches as follows: (a) $226,420,000:(b)$60,358.0001
(c) 543.560.000; (d) $18,097,000.
1911
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending March 4:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING OF
BUSINESS FOR THE WEEK ENDED FRIDAY. MARCH 4 1932.
NATIONAL BANKS
-AVERAGE FIGURES.
Loans.
Disc. and
Investments.
Other Cash Res. Dep., Dep. Other
Including N, Y. and Banks and
Oross
Bank Notes Elsewhere. Trust Cos. Deposits.
Gold.
$
$
Manhattan
Grace National_ 17,326.782
1.500
Brooklyn
Peoples Nat'l-
5,000
8,480,000
$
$
$
83,561 1.559,588
100,000
394,000
$
709,714 14,258.199
20,000
5,670.006
TRUST COMPANIES
-AVERAGE FIGURES.
Loans, Insounts and
Investments.
ManhattanEmpire
Fulton
United States
Brooklyn
Brooklyn
Kings County
Cash.
Res. Dep.. Dep. Other
N. Y. anti Banks and
Gross
Elsewhere. Trust Co.. Deposits.
11
$
3
59.819.500 '3.487,000 8,280.600
18,014,000 '2.134.900
636,700
66,852.031 4,800.000 12.628,661
102.885.000
26.338.210
2,279,000 20,383.000
1,678,406 3.665.819
$
5
2,025.700 59.347,200
458,000 16.638.200
56,705,131
402,000 102,475.000
25,035.168
• Includes amount with Federal Reserve as follows: Empire, 82,172,900; Fulton,
81,998.500.
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
March 9
1932.
Capital
Surplus and profits
Loans. disela & invest'ts
individual deposits
Due to banks
Time deposits
United Staten depcalta
Exehangee for Clg House
Due from other banks_ _ _
Ree've In legal deposItles
Cash in bank
Rea. In excess In F.R.Bk_
Changesfrom
Previous
Week.
$
91,775.000 Unchanged
82.328.000 Unchanged
907.571.000 -7.096.000
519.405 000 -9.171.000
122.925.000
+803.000
207.275.000 -1,370 000
19 496.000 -7,598.000
12.545.000 -1.263.000
49.108.000 -10.439.000
69.554.000 +1.076.000
7.284.000
-240.000
3,484.000
+744.000
Week Ended
March 2
1932.
$
91.775.000
82.328.000
914.667 000
528.576.000
122.122 000
208 645 000
24.094.000
13.808 000
59.547.000
68.478.000
7.524.000
2.720.000
Week Ended
Feb. 24
1932.
91.775,000
82.328.000
925.049.000
534.054.000
117.941.000
208.978 000
28.705.000
10.772.000
52.229,000
69.877.000
8,022.000
3.375,000
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
March 5
1932.
Changesfrom
Previous
Week.
Week Ended
Feb. 27
1932.
Week Ended
Feb. 20
1932.
$
"
3
$
$
.
77,052,000 Unchanged
Capital
77.052.000
77.052.000
205.718.000 Unchanged
Surplus and profits
205.718.000 205.718.000
Loans. Marts and Invest 1.191.458.000 -13.986,000 1.205.454.000 1.209.791.000
20.1(71.000-72.000
E'en for Clearing House
20 943.000
20.528.000
Due from banks
83 388 000 +3.386.000
80.002 000
79.870.000
133.484.000 +4,655.000128.829.000 130.361.000
Bank deposits
Individual deposits
604.834.000 --8,560.000 613.394.000 612.761.000
258,608.000
-533.000 259.1331.000 258.938.000
Time detaxilta
996,924.000 -4.438,000 1.001.362 000 1,002.060.000
Total deposit',
87.174,000
Reeve with F. R.Bank_
-690,0001 87,864,000
87.551,000
[VOL. 134.
FINANCIAL CHRONICLE
1912
Weekly Return of the Federal Reserve Board.
Thefollowing is the return issued by the Federal Reserve Board Thursday afternoon, March 10,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 1859, 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 MARCH 9 1932
Mar. 9 1932.IMar. 2 1932. Feb. 24 1932. Feb. 17 1932. Peb. 10 1932 Feb. S 1932. Jan. 27 1932 Jam. 20 1932 Mar. 9 1931.
RESOURCES.
Gold with Federal Reserve agents
Gold redemption fund with U. S. Tress
2,092.347.000 2.058.147.000 2.037.032.000 2,053 930.000 2,071.979.000 2.078,7714000 2.063.870.000 2.056.234.000 1,715.384.000
58.962,000
56.462,000
59,493,000
33.118.000
56.494.000
59.493,000
55.745.000
54.744.000
53.834.030
2,123.372.000 2.115.727,000 1,748.501.000
Gold held exclusively agst. F. R. notes. 2,146.181.030 2.110.891.000 2.092.777.000 2.110.424.000 2,128.941,000 2.135.241.
Gold settlement fund wlth F R Board._ 322.321.0001 278.531.000 285.549.000 270.787 000 317.192,000 320.005.0110 333,756.000 363,410.000 500.222.000
0061and gold certificates held by beats_ 490.918.030; 549.552.000 559.222.000 562.375.000 521.085,000 514.036.000 529.858.000 526,777.000 847,650.000
2.959.420.000'2.938.974.000 2.937.548.000 2.943.586.000 2.967.218.000 2.970 182.0002.986,988.0017 3.005.914.000 3.096.374.000
207.859.000 206.381.000 2(12.214.0(10 201.958.000 196.277,000 197.321.000 198,520,000 189.717.1100 184.172.000
Total gold reserves
Reserves other than gold
3.185.506.000 3.193.631.000 3,280.546.000
Total reserves.
3,167.289.000 3,145.355.000 3.139.762.000 3.145.544.000 3.163 495.000 3.167.503.
78,878.000
76.387.000
77.067.000
75,666 000
74,197.000
77,315.000
73.548.000
75.5415.000
Non-reserve cash_
76,144.030
Bills discounted:
49.628.000
Secured by U S. Govt. obligations__ 397.340.000 462.142.000 471.180.000 473.165.000 450.326,000 476.002.000 451.664.000 438.545.000
122,922,000
385.975.000 380.441.00
Other bills discounted
350.639.030 386.260.000 364.083.000 372.616.000 369.109,000 379.108.00
Total Dille discounted
Bills bought In open market
U. 8. Government securities:
Bonds
Treasury WWI
Special Treasury certificates
Certificates and bills
747,979.000
137.584.000
828.402.000
115.640.000
835.243.000
133,382.000
845.781.000
146.382.000
819,435,000
169,391.000
855,168.000
156.100.000
837,639.000 818.986.000
1.62,261.000 188.041,000
172,550,000
151.402,000
318,717,000
83,797.000
318.688.000
79.501.000
319.241,000
73,497:000
319.978.000
75.504.000
320.110,000
69.530,000
320 207.000
63.020,000
320.383.000
51.070.000
320.213,000
33,357.000
76,025,000
178,195.000
382.609.000
361.768.000
347.818.000
345.860.000
351.794.000
365.768,000
380.263.000
397.698.000
350.484.000
Total U. S. Government securIttes„
Other securities
Foreign loans on gold
785.123.000
9,497,000
759.955.000
6.073,000
740.556.000
14.681.000
741,342.000
29,995.000
741.434,1100
33.451,000
748.995.000
35.952.000
751.716.000
36.296.000
751.488.000
36,848.000
604,704,000
1,680.183,000 1,710.070,m 1,723.862 000 1.763%500,000 1.763,711.000 1,796,255,000 1.787.912.000 1.795.341.000
Total bills and securities
8.595.1100
8,613,000
8.605.000
Due from foreign batiks
8.608,000
8,595.000
8.611.00
8 597.000
8.608.000
13,658 000
19,137.000
-13.810.000
14,880,000
12,802,000
15.215.000
14,600000
Federal Reserve notes of other banks
15.748.000
356.634.000 384.984.000 398.332.000 421.531.000 845 .151.004) 376.009.000 353.251.00(1 431.387.060
Uncollected items
57,824,000
57.820.000
57.821.000
57.821.000
57.821.000
57.820.000
57.819.000 57.813.000
Bank premises
39,035,000
39,917.000
39.335.000
39.730.000
38.436.000
39.793.000
36.371.000
37,351.000
All other resources
928.656,000
698.000
14,664.000
461.472.000
58.243.000
19.850,000
5.399.380,000 5.434.994.000 5.458.928.000 5.527.784.000 0.486.989.000 5,533.391,000 5.523.510.000 5.620.664.000 4,843.007,000
Total resourees
F. R. notes In actual circulation
Deposits:
Member banks-reserve amount
Government.
Foreign banks
Other denuelts
2,617,381,000 .638.488.000 2.642.827,000 2.656.941,000 2,681,959.000 2.664.003.000 2.627,298.000 2,042.140,000 1.445,855,000
Total deposits
Deterred availability Items
Capital paid In
Surulus
All other liabilities
1,989.158.000 1,977.101,00() 1.973.496.000 2.013.121.000 2.021.083.000 2.054.001.0041 5,090492.000 2.105.025000 2,490.771.000
347.504.000 375.058.000 396.426.000 412.877.000 339.168.000 371.161.600 352.001.000 428.687.0041 448,988,0(10
158.386.030 156.665.000 157.857.000 157.915.000 158,362.000 158.500.000 150.233.000 159.459.000 169,024.000
259.421.000 259.421.000 259.421.000 259,421.000 259.421.000 259,421.000 359.421.000 259 421.00(1 274.636.000
27.509.000
26.997,000
26.305.000
26.067.000
25.032.000
13.733.000
29,471,000
28.261.000
28.899.000
1,909,586.000 1.902.138.000 1.877,793.000 1.904,246.000 1,1104,914.000 1.937.231.000 1.915,217.000 1.971.684.000 2.435.520,000
27.214.000
31 1375.000
48,331.000
26.146.000
33,124,000
36.873.000
49.302.000
47.107.000
38,555,000
38.848.000
46,582.000
61.671.000
81.830.000
5,183,000
16.392.000
79.937,000
16,399.000
13.461.000
42.813.000
21.255.000
26,385,000
16,944,000
23.424.000
35.783.000
21.696.000
30.002.000
19,001.000
5,399,380,000 .434,994.000 5.458,926.000 5.527,784.000 5,466,989,000 .533,391,000 5,523,5/0,000 5.020,664,000 4.843.007,000
Total liabilfttee
Ratio of gold reserve to deposits and
82.9%
83.3%
78.6%
63.6%
63.0%
63.1%
62.84
64.2%
63.6%
F. R. note liabilities combtned
Ratio of total reserves to deposits and
83.3%
87.4%
67.1%
67.4%
67.3%
68.1%
67.0%
68.8%
68-0%
F It note liabilities combined
Contingent liability on bills purchased
317,113,000 311.640.000 313,281.000 315.348.000 319.294,000 317.681.000 304,777,000 285.299.000 460,945.000
for foreign correspondents
$
Maturfte CUPS/tundra of Eldis and
-Term &curates
Must
1-15 days bills discounted
16-30 days bills diecounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted-
570.718.000
49,994,000
65.815,000
42.407.000
18,985.000
649.004,000
47.283.000
66,090.00
46.217.00
19.808.000
651.541.000 655.759.000 628,139.000
49.542.000
48.995.0110
9,000
73.587.000
74,971,000
72.387.000
46.620.000
47.503.000
45,350.000
20.273.000
19.827,000
19.348.00
Total bills discounted......
1-15 days bills bought In open market__
,
16-30 days bill bought in open market__
81-60 days Mlle bought in open market_
61-90 days bills bought m open market__
Over 90 days bills bought In open market
747,979,000
64,075,000
27,862.000
11.409,000
33,987.000
251.000
828.402.000
48.008.000
37,132.000
12,211.000
17,788.000
21.000
835.243.000
50.110.000
26,554.000
21,129.000
35.564.000
25.000
845.781.000
515.296.000
22.255.000
32.782.000
31.992.000
57.000
Total bills bought in open market
1-IS days U S. certificatee and bills
16-30 days U S. certificates and bills
81-60 days U.S. cent Orates and bills......
614/0 days U. A certificates and bills__...
Over 90 days certificates and MIA
137,584,000
56,045.000
4,250,000
6.300,000
106.066.000
209,348,000
115.640.000
67.546.000
4,250,000
6.300.000
54.814.000
228.856.000
113.382. 14
22.338.000
61.295.000
7.050.000
38,136.000
218.999,000
Total U B. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
81-60 days municipal warrants
61-00 days municipal warrants
Over 1)0 days municipal warrants
382,609',000j 361.768.000
8,065,000
4,390,000
130,000
130.000
1.000
20,000
32,000
52,000
347,818,000
3.702,000
229.000
130.000
I
8.247,000
Total munle pal warrants
4.573,000
686.432 000 648.606.
48 143 000
45,472.000
74.142 000
73,685.000
48.819.000
48.664.000
21,212.0
19.632.000
632.804.000
44,002,000
72.553.000
48.751,000
20.1173.000
100,829,000
18,725.000
23,377.000
15,742,000
11,877,000
819,435.000
60.296.000
34.527.000
39,416010
34,717.000
435,000
855 168.)).
49 823.000
37 230.000
45 675 000
22.918 00
454.000
818.986.000
79.62(1.000
24.205.000
50.946.0011
82,697,000
567.000
172.550,000
78.336,000
49,372,000
21,695.000
1.740,000
239,000
146.382.000
41,818.000
81.295.000
7.050.000
20.025.000
215,672.000
189.391.000
37,591.000
26.338,000
66.338,000
4.8211,000
216.727,000
156.100.000 162.261.000 188,041.000
52.836 000
44.225.001)
28.450.000
38.818.000
37.591.000
54.836.000
66.345.000 82.634.000 103,613,000
3.500.000
8.050.000
8.050.000
204.269.000 207.763.000 202,749 000
151,402,000
345.880.000
3,438.000
241.000
131.000
365.768 000
3,168 000
107 000
376,000
1,000
380.263,000
3.082.000
103.000
211.000
80,000
397.698.000
2,542.000
100,01
212.000
82.000
3.652.000
3,476.000
2,936,000
20.000
20.000
351.794.000
3.375 (100
167.0(10
208.000
1,000
20.000
4,081.000
3,830.000
3.771,000
837.6314000
53.133.000
24.324.000
50.766.000
33,570.000
468,000
2.000.000
30.000.000
318,434.000
350,484,000
Federal deserve Notes
Issued to F 11 Bank by F. R. Agent__ 2.876,745,000 2,887,961,000 2,908.345.000 2.923.836.000 2.924.588.000 2.920.870.000 2,901,167,000 2,919.978,000 1,861,648.000
259,364,000 249.473,000 265.518.000 266,895,000 262,629.000 256.867.000 273.871.000 277.838.000 413,793,000
Held by Federal Reserve Bank
_
2,617.381.000 2.638.488.000 2,642,827,000 2.656.941.000 2,661,959,000 2.684.003.0002,627.296,000 2,642,140,000 1,445.855.000
In actual circulation
Collateral Held by ducal as SeetirtAl
Notes Issued to BonkBy gold and gold certificates
()old fund-Federal Reserve Board
BY eligible paver
825.567,000 748.967.000 737,952.000 752.250.000 817,709,000 817,199.000 821.990.000 829.854.000 618,654.000
1,266,780.000 1,307.180.000 1.299.080 000 1.301580.000 1,254.180,000 1.2111 580 000 1,241,880.000 1,226,380,000 1.096,730.000
847.479,000 902.580.000 921.023,000 948,930.000 948.829.000 970.389.000 954.716.000 962.085,000 288,207.000
2 939,826.0002,958.707,000 2,958,055.000 3,000.860.000 3,020.808,000 3.049.168.000 3.018,595,000 3,018,819.000 2,003.591.000
Total
...Revised figures
WEEKL% STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MARCH 9 1932
Two Cldhers( 0)9 91044
0 .
.
Federal &sere. Bata of-
Raton. New Fort.1 MM. Cleselaast. Rtetnnond Atlanta, Chicago. Si. Loafs. Mtnneap. Kalt.CUp, Dallas. Sas Fecal.
Total.
$ •
$
a
8
$
$
$
RESOURCHS.
1
$
Gold with Federal Reserve Agents 2,092.347,0164,627,0 448.217,0176,900,0 207.470.0 74,170,0 01,275,0 549.020.0
11.030,0 6,930,0 6,285,0 2.094,0 2,703,01 5,460,0
53,834,0 4.593.0
Gold torn fund with U.S.Tress..
,
Gold held excl. &est. F. R. notes 2,146,181,0169.220, 459,247,0 183.830,0 213,755.0 76,264,0 93,978,0!555,380 0
Gold eettle't fund with P.R.Board 322.321.0 17,585.0 120,225,0 13,193,0 32,972,0 9,174,0 8,445,01 71.169,0
Gold and gold ctfit held by banks_ 490.918,0 19,424,0; 321.743,0 23,084,0 24,618,0 6,595,0 9,233,0 29,933,0
Total gold reserves
Reserves other than gold
2.959.420.0208,209,0
207,869.0, 20,011,0
3,167,289.0227.120
Total reserves_
76,144.0, 7,555,0
Non-reserve cash
Bills discounted:
Sec by U. S. GOV& Obligation.. 397,340,0 19,675,0
350.639,0 14,396.0
Other bll.a discounted
1
Total 0116 discounted
RBIs bought In open market
1
747,979.0 31.071,0
137.584.0 6.491.0
$
S
S
$
77,420,0 58,745,0 61,080,0 30,760,0 151,763,0
2.340,0
881,0 3,103.0 1,093,0 7,322,0
---79,760,0 59,626,0 64.183,0 31,853.0 159.095,0
8,367,0 6,394,0 8,227.0 6,730,0 19,860,0
11,631,0 2,408,0 12,658,0 3,527,0 26.064,0
0
901,215,0220.107,0 271.345,0 92.033,0111.696,0 656,482.0 99,758.0 68,428,0 85,068.0 42,110,0 205,009,
53,880,0 25,560,0 16,425,0 11,291,0 5,367,0 26,3260 10,934,0 7,469,0 7,466,0 9,997,0 12,243,0
955.015,0245,667.0 287,770.0 103,324,0 117,023,0 682,808,0 110,692,0 75,897,0 92,534,0 52,107,0 217,252,0
'
4.312,0 3,592,0 4,406,0 4.802,0 12,068,0 3,550,0 2,032,0 2,256,0 3,716,0 6,811,0
21044.01
1
92,875.0 46,701,0 65,445,0 11,776,0 10.602,0 41,011,0 11,275.0 1,487,0 8,266,0 2,813,0 85,414,0
900 0
44,601,0, 55,328,0 52.135,0 24,278,0 32.044,0 24,500,0 7,089,0 9,143,0 29.941,0 12,284,0 44. .
314 0
15.097,0130, .
137,476,0 102,029,0 117,580,0 36,054,0 42.648,0 65.511,0 18,364,0 10.630,0 38,207,0
13,307,0
58.363.0 6.014.0 6.830.0 0.2120 R R87 01 15882.0 4.773.0 3.673,01 5,211,0 3,941,01
MAR. 12 1932.]
FINANCIAL CHRONICLE
Two ciphers (00) Omitted.
---RBSOLMCES(Concluded)I. B. Government securities:
Bo._.,.
Treason DOttsi
,
Certificated and Mlle
318.717,0 23,399,0
83,797.0 5,792,0
382,609,0 26,965.0
Total U S. Govt. securities_
giber securities)
'prawn loans and gold
1913
785,123,0 56,156.0
9,497,0
100,0
Total.
$
Boston. New York. Phila.
$
Ckveland. Richmond Atlanta. Chicago. St.
Louts. Minneap. Kan.Olty. Dallas.
San Fran.
$
$
$
$
$
$
i
$
$
$
$
114,444,0 23,164.0 26,161.0 5,731,0
5,252.0
39,416,0 6,240.0 7,515.0 1,061,0 1,289,0 54,219,0 11.760,0 15,805,0 7.685,0 16,991,0 14.106,0
165,644,0 32.747,0 37.216,0 7,289,0 6.082,0 9,340.0 2,841,0 2.118,0 2,290.0 1,752.0 4.143,0
44,087,0 13,396,1
9,860,0 11,208,0 8,623.0
19.492,0
319.504,0 62,151,0 70,892,0 14,081.0 12.623,0
107,646,0 27,997,0 27.783,0 20.183.0
8.153,0
27,366. 37,741.0
158,1
1,000.0
86,0
Total bills and securittea
1,680,183,0 96,818,0 523,496.0 170,352,0 195,302.
0 56,347,0 62,156,0 190,039,0 51,134.0 42,172,0
Me from foreign banks
8.613,0
64,601.0 48,404.0 181,362,0
696.0
3,070.0
943,0
878.0
348,0
' R noted of other banks
322,0 1,227,0
21,0
13,0
13,658,0
252.0
250,0
3,824,0
243.0
391,0
822,0 1.104,0
600,0
Incoliected items
911.0 1.510,0
966.0
356.634.0 37.870.0 108,926,0 30.930,0 29.934,0 24,824.0
533.0 1,075,0
241,
2,031.0
10,738,0 40.727,0 15,334,0 6,256,0 17,589,0
lank premised
57.824,0 3,336,0
12,754.0 20.752,0
14,817.0 2,626.0 7,962,0 3.605.0 2,489,0
AI other reeourem
7,827,0 3.461,0 1,834,0 3,649,0 1,785,0
39,035,0 1,069,0
15,012,0 1,726,0
1,899,0 4,994,0 3.880,0 3.882,0 1.741,0
4,433,0
1,433.0
1,038.0
1,361,0
970.0
Total resiources
5,399,380,0 374,714,01,645,314,0 456,947.0 528,159.0 1£8,952,
0 202,321,0 940,088,0 186,899.0 130.170,0 182,994,
LIABILITIES.
0 118,611,0 434,211,0
'. It notes in actual circulation_ 2,617,381.0
178,001.0 564.538,0 259,622,0 307,388,0 102.089,0 121,087.
/invoice.
0 562,764.0 93.013,0 69,200,0 84,013,0 41,713,0
233,955,0
Member bask reserve amount 1,909.586 119,044,
.0
0 804.502,0 119,539,0 139.678,0 51.420,0 49,367,0
Government
47,107,0 6,025.0
17,302,0 2,258,0 3,022,0 2,508,0 2,266,0 270.617.0 58,914,0 42,053,0 66,919.0 47,840,0 139.693,0
Foreign bank
5,161.0 1,199,0 1,651,0 2,034,0 1,336,
13.464,0 1,254,0
2,341,0 1,700.0 1,667.0
2,345,0
660,0
Other demobs
611,0 2,211,0
578.0
363,0
19.001,0
478,0
69,0
8,261,0
462 0 1,139,0
423,0 2,994,0
78,0
151,0
809.0
617,0
329,0
69.0
40,0 5,161,0
Total deposits,
1,989,158,0 126,392,0 832.406,0 123.920,0 147,361,
0
leferred availability Items
347,564,0 37.780,0 101,308,0 28,812.0 29,001,0 54,666,0 52,395.0 278,798,0 61,308,0 44,396,0 69.500.0 49.678,0 148 338 0
24.336.0 10.870,0
ktpital veld In
158,385,0 11,550.0
59,471,0 16,362,0 14,331,0 5,313.0 4,977,0 38,724,0 16,734,0 5.788,1 16,461.0 13.450, 21,302,0
undue
259,421,0 20.039.0
75.077,0 26.486.0 27,640,0 11.483,0 10.449,0 17,634,0 4.499,0 2.941,0 4,110,0 4,030, 11,167.0
di other liabilities
29,471,0
952,0
9.518,0 1,745,0 2,438.0 1.065,0 2,543.0 38.411.0 10,025,0 6.356,0 8,124,0 7,624,0 17,707.0
3,757,0 1.320,0
1,489,0
786,0 2,116,0 1.742,0
Total liabilitiee
5,399.380,0 374,714,0 1,645.314,0 456,947,0 528,159,0
198,952,0 202,321,0 940,088,0 186,899,0 130,170.
dionewanda.
0 182,994,0 118.611.0 434,211,0
Useerve ratio (per omit)
68.8
74.6
68.4
64.1
63.3
65.9
)0ntingeut liability on bills pur67.5
81.1
71.7
66.8
60.3
57.0
56.8
chased for foreign correeponcl ta 317,113,0 24,043,0 103,891,
0 32,584,0 31,952,0 12,654,0 11,705,0
42,391,0 11,073,0 6,960,0 9,174,0 8,858,0
21,828,0
FEDERAL RESERVE NOTE STATEMENT.
I
Federal Reserve Agent atTotal.
Boston. New York. Phtla. Cleveland. Rkhmond
Atlanta, Chicago, St. Louis Meineap.
Kan.City
Two Ciphers (OW Omitted.
$
,
$
$
$
$
Federal Reserve noted:
$
8
$
$
$
issued to F.R lik. by F.R.Ag1. 2,876,745,0 197.672,
0 617,855,0 278,062.0 324,698,0 111.510,0 138,302,
0 614,013,0 98,036,0 71.477,01 93,443,0
Held by Federal Reserve Bank_ 259,384,0 19,671,0
53,320,0 18.440,01 17,310,0 9,421,0
17,215,0 51,249,0 5,023,0
2.277,01 9,430,0
In actual circulation
2,617,381,0 178,001,01 564,538,0 256.822,0
307,388,0 102,089,0 121,087,0562,764,0 93,013.01
Collateral 11016) by Agt an smolt!
84,013,0
,
for lanes Issued to bank:
Cold and gold certificates
825,567, 47,010.0 373,217,0 61,400,0 64,470.0 11,570.0
12,775,0 121,920,
Gold fund -F R. Board
1,266,780,0 117.617,0
9,280,0
75.000,0 115,500.0 143,000.0 62.600.0 78,500,0428,000,0 15,520, 13,145,
Eligible Lauer
0 61,960.0 45,600,0 51,800,0
847
0
0 185.549,j 1 4.843.0,121.280. 1 40.530.0 47.614,0,
76,735.0 20.6711 12,946.0 40.771,0
479" I 38.196. '
TotalonnatarAI
(120 6911 fl 2m) 5122 0 1122 MR n 2R1 742 n 13251 Mb
all 14 7011 0 lag R119 01112R f155 fl flgnill ft 71 (Minim
515111
is
Dallas. IRassFrass
.
$
$
47,438,0 284,238,0
5,725,0 50,283,0
41,713,0233,955.0
12,260.0 83,000.0
18,500,0 68,763.0
17,534,0 140,810.0
414 7Q4 11 909 1172 it
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
behind those for the Reserve banks themselves. Definit weekly returns are obtained. These figures are always a week
ions of the different items in the statement were
ment of Dec. 14 1917, published in the "Chronicle"
given in the stateof
the figures for the latest week appears in our department Dec. 29 1917. page 2523. The comment of the Reserve Board upon
of -Current Events and Discussions," an page
ceding which we also give the figures of New
1960, immediately preYork and Chicago reporting member banks
Beginning with tile statement of Jan I) 1929,
for a week later.
the loan
figures exclude "Acceptances of other banks
.
all tea relate mortgages and mortgage loans held by the
and
bank Previously acceptanoee of other banks sad Dille of exchange or drafts sold with endorsement, and include
of the books included mortgages In lovestine
bills sold with eudorseineut
uta
being given Purtherinuro. borrowing a. the FederalLoans secured by U S UovermtleUt obligations are no looser shown separately were Included with bane, and some
Reserve la not any more subdivided to Show
only the total of loan!, OD DeCtIntlei
Payer, only a lump total being given File nuluner of reporting
the amount secured by U 8 obilgations
banks I.
and those secure.] by CopitUiffaill
ning Oct 9 1929 ever. Una nai been omitted roe figures have also been now omitted In Its place the number or cities locluded (theta 101),
revised to exclude, batik tu the
Jan.2 1929, women had 1
on
,tan Francisco district with loans wan for a time given but begin.11.41 recently merged with a non-member bank The figures
and inveetmenta of $135.009.000
are now given In round m11110161 Instead
of In thousand,.
PRINCIPAL Bitsoultogsi AND LiAssiLiTiEs
OF ALL "capon TING 616611111112 BANKS
IN EACH PEDERAL RESERV
E DISTRICT AS AT CLOSE OF
BUSINESS MARCH 2 1932 (In millions
of dollars),
Federal Reset" Dildilla-•
Loans and Invostmente--total
-total
Loans
On securities
AU other
Investmenta-total
II B. Government securities
Other securities
Reserve with F. It. Bank
Cash In vault
Net demand deposite
Time deposit.
Government deposit.
Due froin banks
Due to banks.
Borrowings from F. R. Bank
Total.
S
19,523
12,538
Boston. New York
$
1.297
860
$
7,638
4,961
Phila.
S
1,161
703
Cleveland. Richmond Atlanta. Chicago.
St. Louts. Affnneap. Kan.Cag,
$
1,979
1,244
3
$
599
520
i
2,633
385
347
1,875
363
$
570
$
3
Dallas. San Fran,
11
572
416
5
1,793
216
306
270
1,078
300
778
345
5,440
7,148
322
538
2,404
2,557
357
346
557
687
147
218
108
239
875
1.600
145
218
58
158
6.935
87
219
437
2.677
80
190
458
735
234
173
758
207
129
3,742
3,193
266
225
212
146
1,591
1,086
184
274
715
384
351
115
119
88
85
408
352
88
119
54
75
1,431
206
11,003
5,700
225
912
2,386
474
78
15
724
421
25
52
120
8
138
128
86
6
693
52
5,200
1,200
144
129
932
70
883
332
71
12
636
261
16
63
145
62
107
26
839
841
12
65
181
99
35
14
291
223
5
53
82
20
32
7
241
198
6
54
80
27
198
34
1,404
999
2
170
342
37
39
6
303
208
1
48
88
22
5
178
151
1
38
58
4
42
11
362
182
1
83
138
91
28
6
244
129
6
61
79
A
86
18
576
887
6
96
141
Ill
n1
Condition of the Federal Reserve Bank of
New York.
The following shows the condition of the Federal
Reserve
Bank of New York at the close of busine
comparison with the previous week and the corres
ss March 9 1932,In
ponding date last year.
Mar. 9 1932. Mar. 2 1932. Mar. 111931.
Mar. 9 1932. Mar. 2 1932. Mar. 111931.
$
3
Resources (Concluded)448,217.000 473.217.000 366.919,000
$
S
Due from foreign bank*
$
11,030,000
(see nets)
11,192.000
3.070.000
13,398,000
3.062.000
Federal Reserve notes of other banks.-229.000
3.824.000
4.160.000
Uncollected Items
Gold held exclusively asst. F. It notes 459.247.000 484.409.
3,717.00
108.926.000 111.897.000 117,712. 0
000 380.317,000
dettlement fund with F. R. Board_ 120.225,
Bank promisee
Gold
000
000 110.124.000 181.933,000
14.817,000
14.817,000
All other resources
15,240,000
Gold and gold infs, held by bank
321,743,000 355.076.000 547,638,000
15,042.000
15,375.000
7.694,000
reserves
Total gold
Total resources.
901,215,000 949,609.0001,108381,00
1.645,314,000 1.666.831,000 1407,360,000
Reserves other (Ilan gold
53,880,000
53,582.000
56,314,000
Total reserves
955.095.000 1.003,191.000 1,166,202,000
XAabdtltlesNon- exerve cash
,
21,044,000
19,266,000
20,834,001) Fed. Reserve notes
Bills discounted:
in actual theulation- 584,536,
000 573,881,000
Depocits-Member bank reserve
Secured by U 8. Coll. ObligatIOns92,875,000 117.044.000
sooll-- 804,502.000 810.402.000 255,965,000
15,055.000
Government
1,067483,000
Other bilk diecounted
44,601,000
44.588.000
23,027,000
17,302,000
16.548.000
11.323,000
Foreign bank (see note)
2,342,000
5,269,000
Other deposite
1,698,000
Total bills discounted
137,476,000 161.632,000
38,082,000
8,260,000
10.243.000
8,145,000
Bills bought In open market
58,363,000
37,750,000
49,392,000
Total deposits
U. S. Government eecuritles:
832.406,000 842,467.000 1.088,849.000
Deferred avallabWty Item,
Bonds
114.444,000 110,706.000
104.306.000 106.529.000 113.112.000
30,178,000
Capital pald In
Treasury notes
39,416.000
36,712.000
59.471,000
50,717,000
59.567.000
Surplus
65.680.000
Special Treasury Certificates
75.077.000
75.077.000
All other liabilities
80.575,000
Certificates and bills
165,644,000 143,547,000 107.363,000
9,518.000
9.330.000
3,179,000
Total liabtattes
Total U.S. Government securities__ 319.504,000 290,985.000 188,258,000
1.845,314,000 1,888,831,000 1,607,360,000
8,153.000
Other wicuritlee (we note)
4,716.000
RatIo of total reserve, to deposit
Foreign loans 000914
and
Fed. Reserve note liabilities combined
68.4%
70.8%
Contingent liability on blab purchase_
86.7%
d
Total bills and securities (see note)... 523,496,000 495,063,000 275,732.000
for foreign correspondents
NOTE.--Bakinuink with the 8tatement of
103.891,000 101.440.000 149,940,
000
Oct.t.17 1925 two riew i"we r e added In order to Snow separatel
We
y the
nts la
torein, morresponde()notion.addition the caption .All 9,Der ear111D11/1
nbee..
.1
preciously made up of Federal Intermedamount of balances held abroad and amounts due to
total earohnts assets to Total Mlle and securities."
sad secur
aeoorancesand .he ities apqatred under
g cce m
The latter term was adooted as a iate ()mutt Bank debentures waschanged to other
awre accurate detonation o' the
the pronedons of &salons 13 and 14 of the
total of the
Faders, Reserve Act, which it was stated
aro the only Items Included therein. discount
ResourcesGold With Federal Reserve Agent
Gold redeusp. fund with U.S. Treasury-
1914
FINANCIAL CHRONICLE
[VOL. 134.
Treasury
United States Liberty Loan Bonds and
ates on the New York Stock Exchange.—
Certific
Wall Street, Friday Night, March 11 1932.
of the
Railroad and Miscellaneous Stocks.—The review
is given this week on page 1899.
Stock Market
Exchange this
The following are sales made at the Stock
list on the
week of shares not represented in our detailed
pages which follow:
,
9 Mar.10 Natal
Daily Record of U. S. Rona Prices. Mar. 5 Mar. 7 Mar. 8 Mar.
992,,
991o,
9933,
99
., 9893
Blgh 980
First Liberty Loan
"
9803, 98103, 98"3, 94108, 98 111
354% bonds of 1932-47._ Low. 981"
,
98" , 99
9
, 98 , 9830,, 991,,
Close 9810
(First 3)4s)(
85
31
596
413
195
41
Total sales in $1,000 units..
____ ego.,
____
____
Converted 4% bonds ofI High
----____ 9910,1
-___
--__
1932-47 (First 40)-- Low.
__-_40
--_---_
Total sales in 81,000 units."ii
0iiis 100
.
10
Converted 414% bondergi 1001,1 158',, 100',, 10013, 1004st 100
%
100in 1002st 100stt
of 1932-47 (First 431e) Low_ 100
,
Close 100'il 100'33 100'32 100 :, 100°32 100"82
41
63
97
235
24
16
Range Since Jan. 1.
Total sate* in $1,000 units...
Range for Week.
Sales
STOCKS.
---------------Second converted 4%Thal
--____
for
____
„__
____
Week Ended Mar. 11.
Highest.
____
Lowest.
bonds of 1932-47(First) Low_
Highest.
Lowest.
Week.
(Second 44in
_--- ,-- _-_-_:-___
---...-per share.$ per share.
Total sales in $1.000 units. _ _
Par. Shares. $ per share. $ per share. 3
100",s
Railroads-Jan Irounh Liberty Loan
{High 10013, III",, 100", 10030,1 100".. haw's'
Mar 78
55
100wsi
700 55 Mar 7 60 Mar 0 1
s, 100r,, 100',, 10013,,
Central RR of N .1..100
Jan 11.1, Jan
10020,
1% Mar 7
th % bonds of 1933-38— Low 100,
100 I% Mar 7
,
Feb
Chic & East 111____100
close 100',, 100 3, 100w,, 1001., 100"If 192
Jan 2
114
(Fourth 4%1)
100 1% Mar 7 1% Mar 7 20% Mar 2634 Jan
596
100
422
398
175
Preferred
358
Total sales in $1,000 units
Mar 8 22% Mar 5
'u
800 20%
,
103 ,, 103.., 103w, 103,o,, 1031
III Cent preferred_ _100
Jan
Jan 36
23
1111gb 103
reasury
20 30% Mar 9 30% Mar
103.st 103482 102ust
Leased line etts 100
., 102M,, 103
Low 10211
1234 Mar 12% Mar
434e. 1947-52
100 1214 Mar 5 12% Mar 5 7
, 103.:2 102"st
10313
10234, 103
Int Rap Trap Ws _100
Close 103
Feb 10% Jan
122
10 9 Mar 9 9 Mar 9
116
148
114
68
39
lot Rys Cent Am pi 100
Jan 46% Mar
Total sales in $1,000 units__
440 41 Mar 5 46% Mar 11 26
., 101 13, 101'11
93, 10030
Manhat Elev guar_ .100
High 1000,, 100s,, 100
Mar 23.4 Jan
1 Mar 0 1 Mar 0 1
30
,
Market St fly
1005,3 1000,, 1001, 100"Ss 100"12
Low 100
4e. 1944-1954
93,
3,
,
MinnstP&SSM
Mar
(Close 10003, 10003, 100303, 100 s, 1009 100
Jan 13
30 12 Mar 5 12% Mar 11 7
39
239
100
78
199
Leased Line
34
Mar
-88
Jan 69
Total sales is $1,000 units..
20 69 Mar 5 69 Mar 5 68
98.3, 98 32
'
Northern Central___ 50
Feb
,, 9710,2 97'032 97303
97 9
illig
Jan 25
Mar 10 16
"
100 22 Marl' 22
, 97,8
,, 97123, 979
Sou fly M & 0 Ws_ I
979
96"o 97',1
Low_
334s, 1946-1956
"
9718
98
971,si 97"s
Close 95,7st 97'n
68
506
Indus. & Miscall.—
219
155
84
6
units_
1234 Jan 1634 Mar
Total sales in $1,000
Mar 7
. 95",, 95". 953.,
Affiliated Products...* 9,500 15 Mar 11 1634 Mar 8
9417
94"),
(High 94
11 Mar
% Mar
%
% Mar 8
,
700
, 94",, 95 81
*
Amaig Leather
94"st 941st
Jan
Low_ 93113, 941st
Mar 26
83.4,. 1943-1947
200 1734 Mar 7 1734 Mar 7 1734 Jan 68
95", 95%
.100
Amer Chain prat..
94"st 95ast
Mar
Close 93"st 941st
50
59
231
100 2,200 66 Mar 8 68 Mar 8 70
77
Amer Ice pref
366
262
Mar
48
Feb 74
Total sales in $1.000 units..
110 7234 Mar 8 74 Mar 10
90"st
Anchor Cap Corp p1100
90", 90"s
,
Mar
Jan 10
1111g1; 89"st 89"st 90 st
1 10 Mar 7 10 Mar 7 9
90"ts
90%
Barnet I.eather pref 100
Jan
89"st 89",, 90
89"st
Jan 65
Low
35, 1951-1955
20 65 Mar 10 65 Mar 10 59
9014n
" 90161
Blumenthal & Cop! 100
9011
Jan
Jan 14
Close 89"32 89un 90
163
10 12 Mar 10 12 Mar 10 10
800
492
Budd (E 0) pref-100
454
360
Jan
85
30
Total ewes in $1.000 units..
300 534 Mar 11 20 Mar 5 534 Mar 134 Jan
100
984, 96033
Burns Bros pref
93ris, 96
950,,
Jan
High 95
1
{
.300 I% Mar II I% Mar 11 234 Mar 234 Mar
9534, 95", 95"st
Class A ctfs
,, 9503,
950
95
Low
Mar 11
11%s, 1940-1943
"
100 234 Mar 11 234
,,
95 , 9528
Class B ctts
" 98
941." 951,
Mar
Close 95
71
2,420 5634 Mar 11 5614 Mar 11 5634 Mar 5634 Mar
370
51
Christie Brown
164
108
3
_
Feb 9834
Total sales in $1.000 units _.
9521,1
60 96 Mar 11 9834 Mar 7 93
,
06 ,,
Corn Inv Tr pf (7)_ .100
., 962r,
Feb
9503, 9530
High 95
Jan 72
{
Mar 5 59
10 70 Mar 5 70
”
95", 95", 95"
Consol Cigar pf (7).100
,
95 :t
Jan
Low_ 94"at 95.st
Fe 24
8341,1941-43
400 22 Mar11 2234 Mar 7 2034 Jan 33
9
9
95 , 95 3s
Crown Cork & Seal pf.*
Mar
9
Close 94 ,2 95.3, 95113, 96'1,
30 33 Mar 7 33 Mar 7 2334 Jan 76
63
369
72
198
Crown W'mette tat pf•
107
31
Mar
Mar 7 67
Total sates in $1,000 units_ _
20 76 Mar 7 76
92", 92"tt
.,
, 921
,
Cushm Sons pf (8%)...5
Feb
Ja 23
{High 91I SI 9111,, 9111
921,,
e1",
200 22 Mar 8 22 Mar 8 1934 Jan 1234 Jan
921131
91.,,
910
Dresser Mfg class A..*
,,
Low. 91 131
3145, 1948-1949
100 1114 Max 8 1134 Mar 8 1034 Jan
, 92.0n
929
91, 92.st
Ciasall
91.as
% Jan
Close
11
34 Mar 5
34 Mar 5
540
Elk Horn Coal prat...50
911'''
4234 Jan 6134 Mar
100 6134 Mar 5 6134 Mar 5
Eng Pub Ser pf(6)*
Mar 734 Jan
180 4 Mar 5 434 Mar 7 4
Mar
Fash Park Assoc p1.100
Mar 25
Note.—The above table includes only sales of coupon
200 21 Mar 5 25 Mar 9 21
Jan
Fed Min & Smelt__100
Mar 16
30 9 M 11 10 Mar 10 9
Gen Steel Cast pref..*
Mar bonds. Transactions in registered bonds were:
Jan 130
40 12954 Mar 10130 Mar 10124% Mar, 55
100
to 10093,
Jan 8 4th 4348
}Jaime(0 W) pref..100
034
10 4034 Mar 10 4034 Mar 10 4
102113, to 102 1,
9
Inter Dept fits pf_.100
Mar 7 Treasury 4345
Janl 5
180 434 Mar 8 5 Mar 8 2
to 100
100
Kresge Dept Stores..•
Mar 1 Treasury 4s
110 Mar 710134 Feb110
10 110 Mar
Kresge (8 81 Co et...100
Feb11534 Jan
10 112 Mar 10 110
80 112 Mar
Loose-WileaBisistpl 100
2
834 Jao 3234 Jan
10 3134 Mar 8 3134 Mar
McLellan Stores pf_100
Feb 19% Jan
States Treasury Certificates of
800 1334 Mar 11 1434 Mar 10 12
5
Mesta Machine
Mar 3214 Feb Quotations for United
Mar 8 30
400 30 Mar 11 3134
Nat Distillers Prod p140
Jan 214 Mar
Indebtedness, &c.
1 4,100 234 Mai 8 23.4 Mar 7 2
Newport Industries
Jan 634 Feb
4
800 434 Mar 8 514 Mar
Int
N Y Shipbuilding— •
Mar
Jan 57
Int.
170 51 Mar 11 53 Mar 7 49
100
,
Asked.
Bid
Rale
Preferred
Jan
Maturity
Md. Asked
Feb109
Rate.
Maturity
40 08 Mar • 109 Marl 101
„100
Pao Tel & Tel pref
7, 100111 1000u
Panhandle Prod & Ref
Jan Sept. 15 1932._ 14% 991s,
9911, AIM 1 1932.... 3144
8
120 6 Mar 7 834 Mar 10 33.4 FebI
100
Preferred
____ Oct. 10 1932.... 314% 100's, 1002rs
Jan
100
Mali 41
Mar 18 1932._ 2%
400 35 Mar 11 37 Mar 7 35
,3, !Orion
Pierce-Arrow Co p1_100
33.4 . 100
Jan June 15 1932... 2% 7, 10011, 100's, Feb 1 1933___
Jan 103
'
490 9514 Mar 9 9834 Mar 11 95
Proctor & Gam pf 100
10003, Mar.1 5 1932... 334% 100's 100931
Feb Sept Id 1932.... 3%
42
1001u
Jan
40 40% Mar 7 4034 Mar 7I 36
•
Paper
Scutt
Jan M. id ,ass
a ti n Mug. IOW"
40 16% Mar 5 1654 Mar Si 1614 Mar 30
Spear & Co pref.......100
2% Jan 4% Jan
• 2,600 4% Mar 5 4% Mar
Tobacco Prod ctfs
Jan 9% Mar
CURRENT NOTICES.
200 9% Mar 7 934 Mar 7 634
Clam A etre
Underwood-Elliott
Jan 10034 Feb
30100 Mar 5100 Mar 5l00
100
Fisher pref
Jan
Co. has been formed, to conduct a
Jan 1
—The firm of Talcott. Potter &
10 1 Mar 9 1 Mar 9 1
100
United Dyewood
Feb 3311 Jan
by Harry P. Talcott, E. N. Potter, Jr., Earl
100 26 Mar 9 26 Mar 9 24
100
Mar general brokerage business,
Preferred
130
Jan
Mar9
and Merrill W. Tilden.
20127 Mar 10 130 Mar 111119% Feb 59
Feb S. Potter. Richard Atterbury, Sydney Gardiner
U 8 Tobacco pref_._100
Mar
100, 40 Mar II 4134 M 11 38
10
Utah Copper
34 Jan George G. Bourne will be a special partner. The firm will hold seats on
14 Jan
%
% Mar
1001
Fargo &
Wells
the New York Curb Exchange. Offices
the New York Stock Exchange and
& Potter. who have arranged to
•No par value.
will be maintained with Munds, Winslow
firm, at 25 Broad Street and 230
clear business for customers of the new
CABLE.
Park Avenue, New York. and the Board of Trade Building. Chicago.
ENGLISH FINANCIAL MARKET—PER
—Rollin C. Bortle. well known In the Investment banking field and
ns for securities, &c.,at London, during the past year as an investment consultant, has established offices
The daily closing quotatio
the past week:
at 149 Broadway, New York, to act in a confidential capacity for banks,
as reported by cable, have been as follows Thurs.,
PM.
trustees of estates, corporations and individuals in analyzing investments,
Wed.,
Tues.,
Mon.,
Sat.,
Mar. 11.
counselling corporations in regard to their fiscal policies and other related
Mar.8. Mar.9. Mar. 10.
Mar.7.
Mar.5.
18 1-16d.
17%cl.
lines of investment advisory activities.
1714d.
Silver, per on... 18 9-16d. 19 1-16d. 183,4d.
112s. 3d. 113s. 8d.
—Holman. Rapp & Co., Philadelphia, announce the election of Stuart
1154. 8d. 1108.
1178.
Gold. p.fine oz. ____
59%
59%
593.4
Johnstone as President of their firm, succeeding Val B. Holman who has
5954
5934
Consols.2%%_ 5934
101%
101%
10134
been in ill health. Mr. Johnstone was formerly Vice-President and director
10134
10134
British. 5%--- -101%
102
10134
of William A. Gray &(Io., New York. general Insurance agents and brokers,
10114
10134
...British, 414%and as Vice-President of Industrial Banking Corp. of America.
French Renters
—Cullen, Plats & Walter have removed their offices to 101 Cedar Street,
(In Paris)3%
79.20
79.20
79.30
79.10
New York.
79.10
francs ______
—Marston & Co.. members of the New York Stock Exchange, announce
French War L'n
that William B. Cross and William A. Hoeland are now associated with the
(In Parts) 5%
100.80
101.00
100.80
100.90
100.90
firm.
francs-----same days has been:
—Fred Mason Jr. has become associated with McClure, Jones & Co..
The price of silver in New York on the
115 Broadway, N. Y., as Manager of their Bond Department.
Silver In N. Y.,
293.4
2934
2934
—John T. Stephenson Jr. has become associated with Hardy & Co.'s
3034
3054
Duos.(Us.). 3034
Bond Department.
— Ward. Gruver & Co., 20 Broad St., N. Y., have prepared an analysis
—
Foreign Exchange.
J. Reynolds Tobacco Co.
sterling exchange were 3.6134@ of the R.
for
Commercial on banks,
To-day's (Friday's) actual rate
—Paul L. Robbins Is now associated with Rackliff. Whittaker & Loomis.
3.611.4@3.64% for cables.
days. 3.59@
3.64 for checks and
days, 3.6043.6134; ninety
as their New England wholesale representative.
,
sight. 3.6134 6 3.63%; sixtypayment, 3.59 L., 64.60%. Cotton for pay- Inc.,
Blackinton
for
—James Talcott, Inc., has been appointed factor for the
.
3 60%; and documents 3.63.
were 3.93 7-16
ment. 3.63. and grain.
Co. of Blackinton. Mass., manufacturers of woolens.
rates for Paris bankers' francs
To-day's (Friday's) actual
guilders were 40.28(440.30.
Chathanl
Amsterdam bankers'
high
—Leonard F. O'Brien and Phillip J.Weiman.formerly with the
63.93 13-16 for short.
92.43; week's range, 94.62 francs
Exchange for Paris on London.
Phenix Corp.. are now associated with Bond & Goodwin. Inc.
89.31 francs low.
and
Exchange,
rates follows:
— Wachaman & Wassail, members of the New York Stock
The week's range for exchange
Cables.
under the
Checks. •
announce the establishment of a municipal bond department
Si
Sterling, Actual—
week3.73
3.51g
management of Michael F. Rockel Jr.
High for the
3:514
a special
Low for the week
—Holt. Rose & Troster. 74 Trinity Pl., N. Y., have prepared
3.94%
various fire, casParis Bankers' Francs—
review of the operations and financial statements of the
3.91%
High for the week
reports.
ualty and life insurance companies, based upon their 1931
Low for the week
& Co. In their
23.85
—Franklin S. Keller has become associated with Burley
Germany Bankers' Marks—
23.83
23.74
nigh for the week
23.71
Bond Department
Low for the week
& Co., has become
—Clarence J. Walsh. formerly with Hunter, Dunn
40.33
Amsterdam Bankers' Guilders—
40.32
Angeles.
associated with Douglas L. Skelly Co., Inc., Los
40.14
High for the week
40.10
Low for the week
3.814
Report of Stock Sales-New York Stock Exchan
ge
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages - Page
One
ar FOR SALES DURING THE WEEK
OF STOCKS NOT RECORDED
IN THIS LIST, SEE PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER
SHARE, NOT PER CENT.
PER SHARE
Safes
PER SHARE
sTocKs
Ranye for Year 1032
Range for Previous
for
NEW YORK STOCK
Ifonday
Tuesday
Wednesday
Thursday
On basis of 100-s4are tots
Friday
the
Year 1931
Mar.7.
EXCHANGE.
Mar. 8.
Mar.9.
Mar. 10.
Mar. 11.
Week.
Lowest
Highest
Lowest
Highest
Per share $ per share $ per share 5 Per share
$ per share I$ per share Shares
85
Railroads
8373 88
873
4 85
Par 3 per share $ per share
8752 8314 873
4
4
*82
8412 8212 8212 *8112 8212 8112 8112 8312 844 803 828 14,000 Atoll Topeka & Santa Fe__100 71 Feb 10 94 Jan 14 S per share $ Per Mare
7914 Dec 2033 Feb
8112 8112 81
2
81
28
600
29
Preferred
293 30
4
30
100 7612 Jan 4 86 Jan 18
30,
4 30
2
18
2,300 Atlantic Coast Line RR 100 2514 Jan 4 4112 Jan 14 :75 Dec 10814 Apr
195
8 1873 1953 18% 1912 185 30 4 2918 2914 '2914 30
193
25 Dec 120 Jan
4 1813 188 1712 183 56,800 Baltimore &
3012 3112 3112 32
4
Ohio
307 3113 30
100 123 Jan 5 2132 Jan 21
3
4
31
14 Dec
28
29
87e Feb
27
.21
Preterred
284 3,500
2312 *21
100 27 Mar 11 4112 Jan!
2312 .21
2312 "21
2312 *2112 2312 *2112 2312
25 Dec
804 Feb
Bangor dr Aroostook
*7314 80 '7314 80
50 1814 Jan 7 2412 Jan 1
*7314 80
*7314 80
18 Dec
*7314 80
663 Feb
4
*7314 80
.9
Preferred
1212
1212 *9
100 6712 Jan 7 7912 Jan!
1212 *9
1212 "9
80 Dec 11312 Mar
1212 *9
Boston & Maine
1212
93
4 93
4
9 4 10
3
10
100 10 Mar 3 1413 Jan
10 4 .953 97
,
8
10 Dec
912 912 *8
136 Feb
93
4 1,500 Brooklyn & Queens Tr_No par
58
58 .55
6112 *55
74 Feb 8 1014 Mar
60% *55
6073 *55
612 Oct
607 *55
0une
133
3
100
483 497
Preferred
3
8
8 481 4912 487 50,
Na par 4614 Jan 7 58 Mar
2
4
4 483 5014 4818 493g 4712 604 43,000 Bklyn-M
46 Dec
6414June
4814
anh Tran v t c No par 3012 Jan 5 5014 Mar
7712 783
78
8 77
77
77 2 757 757
,
3
3 73
3113 Oct
7414 7314 74
893 Mar
8
5,200
Preferred v t 0
•13
8
1 12
112 112 .13
No par 68 Jan 13 7833 Mar
8
112
13
8 13
3 *132 112
63 Dec
9414 Feb
8 112
200 Brunswick TerdrRy Sec No Dar
1914 2018 185 193
8
4 1814 193
13 Jan 5
8
8 1814 194 1814 1852 "13 1818
2 Jan!
138 Dec
912 Feb
1718
65,700 Canedian PacIfle
no
85
*70 85
25 1072 Jan 2 2052 Mor
*70
85
85
*70
103 Doc
4
85
45% Feb
*70
85
g 243 247 z2312 2414 '70
Caro Clinch & Ohio stpd._100 70 Feb 6 70 Feb 5
237 347
3
8
8
2312 243
6
8 233 233
72 Dec 102 API'
8
4 225 233 38,500 Chesapeake & Ohio
8
.314 318
4
25 2118 Feb 10 3112 Jan 14
33
4 334 *314 3 4 *314 312 *314
3
233 Dec
8
4612 Feb
312
314 314
300 Chicago Great Western__ _100
123 133
2 12,4 133 "1212 13
2
2
3 Feb 23
*12
43 Jan 11
3
13
12
212 Dee
12
772 Feb
*1134 12
1,900
Preferred
213 23
93, Jan 5 1512 Jan 22
3 *213 23
100
212 212
4
23
8 212 *233 212
712 Dec
2712Juiy
24 23
2 1,000 Chicago Milw St Paul & Pao__
414 414
414
438
13 Jan 5
4
4
414
414 43
314 Jan 14
112 Dec
4
4
87 Jan
4
4
1.50
Preferred
83 10
97, 104
4
8
23 Jan 4
4
93 10
8
514 Jan 13
94 97
8
213 Dee
94 912
153 Feb
8
873 918 15,70 Chicago & North Western_100
20
2012 2013 21
6 Jan 2 1253 Jan 15
20
20 "18
21
5 Dec
"18
193 '19
4513 Feb
4
600
Preferred
4
111 4 117
100 17 Jan 2 31 Jan 22
4
3 113 123
8 117 1212 1112 1233 1112 1152 1012 193
3
1312 Dec 116 Mar
103
4 5,500 Chicago Rook Isl & Pacific_100
1713 1712 1812 20
812 Jan 5 163 Jan 22
19
8
19
19
20
19
7
6512 Jan
7 3 Dec
19
10
19
1,000
7% preferred
133 147
4
8 1512 17
100 147 Feb 10 2712 Jan 14
3
*153 17
4
16
14 Dec 101 Mar
1614 16
16
*16
18
2,600
6% Preferred
100 1112 Jan 2 2412 Jan 14
101 Dec
,
90 Jan
17
17
•11
167 •13
8
16
*1313 22
*1334 16
*133 16
4
10 Colorado & Southern
*9
100
101
934 Jan 11 17 Mar 5
10
"9
1012 '9
74 Dec
10
48 Jan
"812 10
.812 10
Consul RR of Cuba pref _100 10 Jan 11
83
84
8212 8212 827 82% 82
1113 Jan 2
3
10 Dec
821 '81
4212 Feb
82
80
811
1,100 Delaware & Hudson
2113 223
.
100 6512 Jan 6 8912 Feb 13
21
23
21
213
64 Dec 15714 Feb
4 2114 2114 20
2053 193 20
3,300 Delaware Lack & Weatern__50 173 Feb 10 283 Jan 13
4
.554 8
*5
8
4
*514 8
174 Doc 102 Jan
*5
7
'514 7
*554 7
915 9,4
Deny & Rio Gr West pref _100
412 Jan 4
9 4 93
,
8
9 Jan 15
914 934
312 Dec
454 Feb
94 914
84 9
83
4 83
4 2,000 Erie
514 Jan 5 10 Jan 22
103 103
100
4
4 10
10
1014 1014 1014 11
5 Dec
3974 Feb
*10
1012 10
10
1,200
First preferred
.6
100
812 .6
734 Jan 2 1312 Jan 28
9
*712
*712 9
63 Dec
4513 Feb
*6
9
9
*6
Second preferred
2014 2113 20
812 Jan 6
10
211
912 Jan 11
20
5 Dec
20% 208 2114 203* 205s 194 2018 8,900 Great Northern
4012 Jan
preferred.._100 1618 Jan 5 25 Jan 14
.4
8 4 *4
,
81
"4
81 i *4
155 Dec
8
89 Feb
3
814 "4
612 *4
62
Gulf Mobile & Northern
,
•10
100
15
*10
7 Jan 12
15
*10
8 Jan 14
15
*10
3h Dec2714 Feb
15
*10
15 '10
15
Preferred
*28
2912 .28
100
291 *2814 2912 *28
8 Jan 13 1413 Jan 21
13 Dec
291s *2813 2918 2812 2812
75 Jan
100 Hudson & Manhattan
14
147
8 137 14% 1414 15% 145 157
10
8
2678 Feb 10 304 Jan 18
8
2614 Dec
4412 Feb
3
14
1412 27,000 Illinois Central
.812 912 *812 913 .813 94 *812 954 1424 15
10
912 Jan 4 1814 Jan 22
918 Dee
89 F b
,
812 812
4 912
10
RR Sec stook certificates_ __
14
1412 14
14% 1312 1432 133 1413 133 1414 *83
813 Mar 10 1412 Jan 28
8
7 Dec
61 Jan
8
13
1312 15,300 Interboro Rapid Tress v t e_100
913 918
9 4 93
3
518 Jan 4 143
4 *9
8Mar 7
93
4 *83
458 Dec
3 953 *85* 93
34 Mar
4 *853 93
4
200 Kansas City Southern_ 100
•183 2312 •183 2312 •183 2312 193 193 *183
4
4
1313 Jan 6 1314 Jan 22
4
4
4
Vs Dec
4 193 *183 2312
45 Feb
4
4
100
14
Preferred
15
14
14
1414 15
100 17 Feb 27 233 Jan 18
*1114 1413 '10
15 Dee
14
84 Feb
*12
14
900 Lehigh Valley
23
4 23
243
2414 24
50 10 Jan 5 18 Jan 12
2412 2313 243
8 23
8 Dec
61 Jan
2312 231 2318 1,600 Louisville & Nash
,
187 2013 193 203
8
8
ville____100 21 Feb 5 3238 Jan 14
8 1912 203
4 1913 203
8 1914 20
2014 Dec 111 Feb
1712 1913 29,600 Manhat Elev modified guar 100
*713 25
*712 25
*713 25
7 Jan 5 203 Mar 8
*712 25
4
*712 25
618 Dec
39 Feb
*712 25
14
14
Market St RY prior pref_100
.54
3
8
.18
*14
3
8
3
8
8 Jan 23
.18
2
9 Jan 26
8
*18
/14
512 Dec
22 Feb
•11,
*It2 3
300 Minneapolis & St Louis__ _100
3
"112 3
.112 3
18 Jan 12
.113 3
3 Mar 2
8
12 Dec
.112 3
34 Jan
Minn St Paul & 88 Marle_100
112 Jan 7
67
314 Jan 16
8 614
57
g 614
1 Dec
1112 Feb
614 63
3
618 63
8
6
6
534 531 2,900 Mo-Kan-Texas RR_ --Na par
1713 17% 18
18
173 173 '17
8
418 JAI, 4
4
1712 17
734 Jan 22
1712 17
37 Dec
2
2634 Jan
1714
Preferred
800
812 9
83
8 0
100 1134 Jae 4 217 Jan 22
85
8 9
8% 918
3
8% 83
1012 Dec
8
773 812 8,300 Missouri Pacific
85 Jan
194 204 20
100
21
1912 2012 1913 2012 19
534 ..h.n 5 11 Jan 22
19
6,Dec
17, 1853 17,905
4234 Feb
4
.14
3
8
Preferred
100 12 Jan 4 26 Jan 26
*14
3
8
*14
3
3 '
1 14
14
3
8
*14
1
Dec 107 Feb
3
8
100 Nat Rye of Mexico 2d pref_100
313 33
4
31, 33
4
18 Feb 9
3213 3314 313 3313 3114 32
8
h Jan 12
18 Oct
30
12 Jan
3134 148,568 New York Central
7
7
100 2412 Feb 9 3653 Jan 15
714 71
.6
712
7
7
7
2478 Dec 13214 Feb
7
6
6
1,100 N Y Chic dr St Louis Co 100
.912 111
11
11
•11
4 Jan 2
12
11% 117
912 Jan 12
3 1112 1112 1014 1014
24 Dec
88 Feb
400
Preferred
118 120
4
1153 119
100
64 Jan 5 153 Jan 22
115 117 *11518 120
8
115 115 '11214 120
5 Dec
04
140 NY & Harlem
25, 26% 2512 265
50 105 Feb 3 125 Jan 15 x101 Dee 227 Mar
4
8 252 2638 251z 263
4 2515 2573 2412 253 36,900 NY N H&
Feb
4
8 55
Hartford
5453 543
57
100 1753 Jan 5 3153 Jan 21
5714 62
6212 64
.62
17 Dec
64
947 Feb
62
8
6212 2,300
Preferred
7 4 8%
,
7 2 81%
,
54 Mar 2 783 Jan 14
8
8
4
*712 8
62 Dec 11953 Pet
712 712
73
4 8
4,100 N Y Ontario & Western__100
7
8
7
8
3
4
3
4
618 Jan 5
3
4
3
4
•12 1
84 Jan 22
5:8
4Oet
*3
3 1
130ae
2
7
*38
1
*112 212 *112 212 *112 213 *112
400 N Y Railways pref____No par
3 Feb 9
3
1 Feb 28
214 *112 214 *1,
Dec
Feb
2 214
12412 12612 125 128
114 Jan 5
125 12612 126 126
212 Jan 14
14 Dec
123 126
814 Jan
120 123
1,900 Norfolk & Western
.7312 76
•7313 76
100 111 Jan 4 135 Feb 17 1055* Dec 217 Feb
.7312 76
76
7612 "76
78
*76
78
60
Preferred
8
203 2114 2012 213
3 203 2113 214 2173 21
100 671 Jan 2 78 Jan 22
4
6511 Dec
93 Mar
213
4 19% 203 17.800 Northern Pacific
4
.1
212 •1
212 .1
100 145 Jan 4 2314 Jan 22
8
212 "1
212 .1
1412 Dec
6073 Jan
212 •1
Pacific Coast
19
1912 187 19% 19
2
DI Feb 18
100
112 Feb 18
1912 194 193
1l,June
4 184 19
7 Mar
1832 19
21,600 Pennsylvania
.212 43
4 "213 43
50 1718 Jan 4 233 Jan 21
4 *212 43 '213 43
4
2
1614 Deo
4 *212 43
64 Feb
4 *212 43
4
Peoria dr Eastern
•103 11% .103 11,
4
8
4 105 105 •10
100
111 Jan 4
8
8
3 Jan 14
111 Dec
11
*10
912 Jan
113 *10
4
113
4
100 Pere Marquette
14
14
1412 15
100
*1312 1414 133 1512 143 1434 15
1512 Jan 2 13 Jan 14
4
4 Dec85 Feb
4
16
290
117 117
Prior preferred
3
3 1114 113 •1112 123
3
100
812 Jan 4 19 Jan 14
4 115 115
8
812 Dec9214 Feb
8 1112 1112 •1134 13
170
Preferred
10
6 Jan 5 1714 Jan 14
*7
5511 Dee
12
80 Jan
'613 12
117 1178 "8
3
12
*912
*9
12
100 Pittsburgh & West Virginia 100 10 Jan 7 15 Jan 11
8
327 324 304 3012 3014 31
*3012 323 '3033] 3213 "30
11 Dec
4
86 Jan
303
4
500 Reading
*2512 30
*26
30 '26
50 29h Feb 10 42 Jan 14
3012 *26
30 Dec
30
25
9712 Feb
26 .24
30
400
let preferred
28
*25
25
25
50 25 Mar 10 33 Jan 29
"25
28
"25
28 Dec
30
46 Jan
25
25
25
25
1.700
2d preferred
44 43
43
8 412
2
453 47
50 25 Mar 7 30 Jan 22
3
412 412
2753 Dec
47 Jan
414 413
414 41
2,300 St Louis-San Francisco__ _100
6
614 612
6,
612 612
3 Jan 4
3 Dec
653 Jan 14
6
6 12
6234 Jan
6
6
57
3 57
2.400
*818 10
let preferred
9
'83
3 914
924
41 Jan 2
9
100
9
*812 9'2
9 4 Jan 22
3
414 Dec
76 Jan
312 81
1,400 St Louts Southwestern__ --100
*13
.10
19
18
•16
18
7 Feb 23 1112 Jan 26
*14
41148 DecDec
20
*14
3315812
21
*14
21
13
f2
Preferred
as
12
as
:
2
100 16 Jan 29 2013 Jan 28
12
3
2
614 Dec
1
60 Feb
*3
8
1 11,500 Seaboard Air Line
*5
8
53
7
*5
8
8
3
7
3
No par
12
2
18 Jan 2
8
*12
78 Jan 28
7
4.12
7
Jan
600
273 287
8
2714 287
Preferred
3 273 2853 2712 287
14 Jan 4
8
100
is Dec
78 Feb 2
8 2718 277
21 Jan
2634 271 29,030 Southern Pacific Co
973 103
2 10
107
8 10
100 2518 Jan 4 3753 Jan 21
1012 1014 103
2611 Dec 10911 Feb
4
953 10
912 91
1314 14
3,300 Southern Railway
14
14
1334 133
712 Jan 2 13 Jan 14
100
4 1312 1312 13
1312 12
63* Dee
6573 Feb
127
2.200
*20
Preferred
20% .20
373
4 20
2012 *20
100 11 Jan 2 2012 Jan 22
25 "20
10 Dec
25
83 Feb
*20
25
900 To's/3 & Pacific
1212 1312 13
1312 1312 14
100 20 Mar 8 33 Feb 2
137 14
8
22 Doc 100 Jan
13
13
1212 123
.3
4,100 Third Avenue
4
.2% 314 "253 314 *253 314 .25
100
83* Jan 7 14 Mar 8
512 Apr
8 31
1524 July
*23
3 31
14
Twin City Rapid Transit 100
14
14
14
"13
14
214 Jan 2
13
4 Jan 25
14 .13
2 Dec
15 .13
1778 Fel
15
60
Preferred
87% 85
84
871
833 87
4
100 13 Jan 2 2412 Jan 26
8412 8714 8414 85
1112 Dec
62 Feb
8112 841 15.500 Union Pacific
.957 69% .6612 693 *6612 693
8
100 65 Jan 5 9412 Feb 13
4 67
67 .66
704 Dec20518 Feb
67
*66
67
100
23
4 23
Preferred
*27
2 3
"278 3
100 62 Jan 29 68 Jan 18
252 3 4
,
23
4 23
51 Dec
4
87 May
23
4 23
4 1.000 Wabash
4
4
*33
4 41
*4
414
100
1 Jan 4
414 454
4 Feb 2
4
4
h Dec26 Jan
.35
8 414
700
Preferred A
62s 7
63
2 7
.65
8 611
100
Ds Jan 2
612 612 *612 612
6 Jan 28
Di Dec
51 Jan
6
6
2.200 Western Maryland
.6
0
4 83
*53
4
*6
9
100
47 Jan 4
*6
s
812 '6
4
73 Jan 22
5 Dec
9
195 Fe
.57
3
8 9
2d preferred
100
8 Jan 7
818 Jan 22
5 Dec
*218 33
20 Fe
8 *253 31
•25
8 334 *25s 33
4 .273 7.74 33
4 *25
8 33
4
Western Pacific
13
*4
43
5
4
43
100
4 43
214 Jan 6
4 *4
43
4
4 Jan 14
134 Dec
43
4 43
147 Fe
8
4 *413 43
4
600
Preferred_
100
33 Jan 5
4
65 Jan 22
8
3 Dec
315 Fe
8
Industrial & Mlscelleneou
.214 2% *214 238
23
8 27
8
23
4 23
4
212 212
23
3 23
3 2,300 Abitibi Power & Paper _No pa
8
712 712
8
812 914
2 Jan 2
814 914
3 Feb 13
2 Dec
8
814 '8
1414 Feb
812 1.300
Preferred
.18
247 •18
248 .19
3
2412 •19
100
247 '18
5 Jan 29
2
914
47s Dec
2478 .19
62 Feb
2473
Abraham & Straus____No par 2013 Jan 6 24 Jan 15
.90 100 .90 100 .90 100 .90 100 "90 100 '90
Jan 13
18 Dec
100
39 Aug
Preferred
514 53
514 53
4
100 85 Feb 2 98 Mar 1
524 573
03
8
4
96 Des 10613145Y
4 514
3
43
4 518 11,800 Adams Express
*67
.67
No pa
75
75 .67
53 Jan 11
75 '67
67 67
70
33 Jan 4
4
3h Dec
65
2312 Feb
65
140
Preferred
29
28
293
4 2924 303
29
10
55 Jan 4 70 Mar 3
4 30
303 .2912 30
3
5012 Dec
2812 291
92 Apr
5,300 Adams Millis
1214 1214 .12
No pa
1214 12
24 Feb 5 3038 Mar 8
1214 121
12
12
2212 Jan
12
*1112 12
3312 Aug
800 Addressograph Int CorpNo pa
4314 313
1038 Jan 8 13 Feb 11
3 2 312
,
8
,
3 2 312 .
312 31
10 Oct
312 37
3 •373 37
2313 Feb
1,300 Advance Rumely new_No Far
8 593 6212 5912 612
617
4
213 Jan 9
61% 60
312 Mar 7
60
5914 6012 58
2 Sept
591 28,000 AR Reduction Ino
115* Mar
•112 2
No pa
*112 2
46 Feb 10 6212 Mar 8
.112 2
13
4
13
2
2
2
4753 Dec 109 3 Feb
2
3
400 Air-way Elea Appliance No Da
4
3
133 1414 137 1414 137 141
153 Feb 16
2 Mar 3
2
1414 1524 143 15
1412 14%
114 Dec
8
10 8 Feb
3
73.400 Alaska Juneau Gold Min ___1
117 Jan 4 165 Jan 21
8
*273 47
8 *273 47
8
*27
•27
8 47
a 4% .278 47
7 Jan
*27
8 47
2018June
A P NV Paper Co
No pa
25 Jan 5
8
214 25
2
24 212
3 Jan 4
23
3 21
214 273
21 4 253
23 Dec
214 23
4
8 6,000 Allegnany Corp
9 Aug
11, Jan 5
No par
4
414
412 413
418 41
*413 453
318 Jan 14
418 413
418 41
lh Dec
124 Feb
2,200
Fret A with $30 warr_100
21 Jan 4
73 Jan 22
4 41
*33
33
4 42
4 4
*4
,
4
413 *33
4
2 Dec
*3h 41
591s Feb
300
Fret A with 340 warr----100
413 *3
253 Jan 2
412 *3
.334 434 .3
612 Jan 22
41
48 45* •312 41
18 Dec
4
59 Feb
200
Fret A without warr_100
214 Jan 2
4
123 *10
13
•10
614
13 •10
124 •10
*10
123 *10
4
11 Dee
4
123
5512 Feb
4
Allegheny Steel Co....-No par 10 Jan 20 13 Jan 15
Jan 7
10 Deo
4614 Feb
•Bld and asked Orions: no sale on thin day. a Et-dividend and ex-rights •
60% stock dividend paid s Dr-dividend. p Er-rlghta
.
Saturday
Mar.5.
New York Stock Record-Continued-Page 2
1916
tarroR
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Mar.5.
Monday
Mar. 7.
Tuesday
Mar.8.
Wednesday
Mar.9.
Thursday
Afar. 10.
Friday
Mar. 11,
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
-share lots
On basis of 100
Lowest
Highest
PER SHARE
Range for Previous
Year 1931
Lowest
Highest
per share
$ per share $ per share 3 Per share 3 per share $ per share $ per share Shares Indus. & Misce11. (Con.) Par $ per share $ per share $ per share 3 1823 Feb
4
64 Dec
4 8418 8612 837 8712 84
4
833 863
8
8
8714 8312 844 804 833 86.000 Allied Chemical dr Dye_No par 624 Jan 5 8712Mar 8
100 108 Jan 4 119 Mar 11 100 Dec 126 Apr
Preferred
119 119
300
11712 11712 .115 119 .115 119 '115 119 •115 119
4
423 Feb
1013 Dec
5
1112 1112 107 117
8
8 11
1114
8 3,500 Allis-Chalmers Mfg _ _ _ _No par 1018 Jan 4 13 8 Jan 18
11
8
105 107
11 12 107 11
8
184 Feb
713 Feb 16 10 Jan 11
8
75 Dec
912 *85
9
8 93
4
914 914 *812 93
4 2.000 Alpha Portland Cement No par
4 "812 9
4 *84 93
23 Mar
1114 Dec
No oar 12 Jan 25 1434 Mar 8
4 143 143
.1312 14
4 1412 1412 1413 1412 2,000 Amerada Corp
1412 143
4
1414
14
2934 Feb
54 Feb 10
712 Jan 16
54 Oct
600 Amer AgrM Chem (Del) No par
614 614
614
.6
614 64 '63
3
8 7
*614 714 *614 7 8
6234 Feb
1214 Dec
10 1213 Feb 10 1812 Jan 14
4,900 American Bank Note
1512 163
4 1688 1612 1614 1614 1514 16
1512 163
4 1614 17
6614 Feb
35 Dec
50 40 Jan 7 47 Feb 15
Preferred
50
8
*4318 4612 '4318 467 04318 464
43 43
43
.424 467
8 43
404 Jan
12 Feb 19
34 Jan 9
14 Dec
American Beet Sugar__No par
4
3
*12
4
3
*12
*12
4
3
4
3
*12
4
3
•12
*12
4
3
174 Jan
312 Jan 12
113 Dec
12
2 Jan 19
100
7% preferred
10
3
3
.2
3
*2
3
.2
•2
3
212 *2
212
38 Feb
134 Dec
par 12 Feb 10 1512 Jan 15
1.050 Am Brake Shoe & Fdy_No
4 1312 1312 '13
1312 14
1313 133
13
15
.14
1312 13
71 Doc 12438 Mar
100 7513 Jan 5 90 Feb 18
Preferred
10
98
98 .85
98 '85
•85 112 .85
85
85
.85 112
4
8
5818 Dec 1293 Mar
25 5418 Jan 5 733 Mar 8
8
8 7014 7214 684 705 160,400 American Can
8 7112 733
4
4
703 7314 713 7312 713 737
8
4
100 1173 Jan 2 12814 Mar 10 115 Dec 16212 Apr
Preferred
500
12612 1284 •12612 130
•124 12612 .12412 12612 *12412 12612 126 126
4
614 Jan 6
834 Mar 8
383 Feb
413 Dec
2,000 American Car & Fdy_ _ No par
712 8
8
8
,
814 8 4
84
8
4 814
8
73
8
86 Mar
8
203 Dec
100 25 Jan 7 397 Mar 9
8
Preferred
930
38
8 3812 3858 37
4 374 3912 3814 397
3612 373
3418 36
412 Feb 29
434 Feb
5 Dec
No par
6 Jan 13
200 American Chain
8
47
512 •4
*4
5
.4
4 5
4 412
512 .33
*33
5
No par 29 Jan 5 373
3014 Dec
8Mar 8
484 Mar
x354 353
3714 3612 3612 37
37
3
373 •3618 37
8 1,300 American Chicle
3738 37
5 Jan 22
21 14 Feb
No par
6 Jan 13
5 Oct
600 Amer Colortype Co
612
612
5 18 '5
5
518 ..5
513 *5
54 *5
'5
612 Jan 29
1412 Feb
No par
912 Feb 19
5 Oct
18,600 Am Comml Alcohol
9
9
4 9
83
8
878 93
912
9
8 912
87
g 914
87
3 Jan 6
16 Mar
5 Jan 9
238 Dec
412
Amer Encaustic Tiling_No par
412 *4
4 *4
43
4 *4
43
4 *4
43
4 *4
43
•4
714 Feb 8 1012 Jan 16
3318 Feb
8
75 Dec
988 101
Amer European See's....No par
*912 97
400
8
014
8
10 ' 1014 •
•1018 1013 *97 1038 10
614 Jan 5
4
513 Feb
No par
914 Jan 14
618 Dec
4
65
64 63 77.200 Amer & For'n Power
4
614 78
8 63
,
7 2 84
4
83
8
8 14
8
20 De' 100 Mar
No par 1714 Mar 9 3812 Jan 21
Preferred
4 1912 2012 8.800
174 1834 1913 203
22
19
24
2214 2338 22
7912 Feb
10 De
No par 10 Mar 0 1714 Jan 14
2d preferred
1012 1114 105 1114 7,800
8
11
10
1118 13
1314 1314 13 ' 15
90 Feb
18 De
No par 1511 l'..lar 9 33 Jan 18
56 preferred
1634 1512 153
4 4,000
,
15 4 1688 16
1712 19
20 20
21
•19
8
103 Jan
4
514
514
10
434 Jan 28
6 Feb 17
4 D-.
4 454 53, *514 53
*5
4 4514 53
512
•51, 53
100 Am Hawaiian S S Co
8 Mar
8
15 Jan 4
212 Jan 7
1 Sept
212 21
212
*212 23
212 212
218
4
800 Amer hide & Leather__No par
214
212 *2
*2
30 Apr
9 Jan 4 12 Jan 6
74 Dec
100
Preferred
4 1118 1118 81012 13
300
4
4 1114 1114 113 113
4
113 *1012 113
*10
64 Mar
8
37 Oct
8 6012 5114 4512 493
513
51
4 6.000 Amer Home Products__No par 417 Jan 5 51.38 Mar 9
8
8 495 5012 5012 51
4812 497
314 Feb
8
1012 Oct
No par 12 Jan 6 215 Mar 8
4 1912 201s 24,100 American Ice
4
203
8 203 2113 20
4
194 2014 193 2014 1934 215
26 Feb
5 Jan 4
812 Feb 19
5 Dec
8 758
75
4 8
73
714 738 16,300 Amer Internal Corp_ No par
4 8
73
74 814
4 84
73
112 Jan
8
3 Jan 12
14 Jan 8
14 Dec
L France&Foamite_No par
200 Am
*14
12
12
12
3
*14
12
8
*3
*3
12
"3
13
4
15 July
118 Dec
2 Jan 4
4 Feb 3
100
Preferred
.21, 312 *214 312 *214 312 *218 312 *218 312 *218 311
5 Dec
4
303 Feb
918 Jan 18
4
53 Jan 2
718 4,000 American Locomotive_No par
7
8
718 73
74 74 •
4
714 7
712
714 712
714
4
843 Mar
2913 Dec
100 3014 Jan 6 4458 Mar 7
4
4
4
Preferred
433 433 2423 4234
4
600
4
4
433 1458 433 433 *4312 45
45
*43
4
438 Mar
16 Oct
21 11 2012 203
2114 21
4 193 203
8 3,300 Amer Mach & Fdy new _No par 1718 Jan 5 2214 Jan 14
4
8 21
213
21
2012 21
7 Mar
2 Jan 7
334 Mar 0
114 Oct
312 312
14
8 34
33
312 312
3
8 2,400 Amer Mach & Metals_ _No par
312
338 33
8
33
314 3
4
233 Feb
,
4114 Feb 10
8
47 Dec
8
65 Jan 11
514
518 518 1.000 Amer Metal Co Ltd____No par
538 518
5'8 54 *44 588 *5
5
5
8913 Feb
14 Dec
100 15 Feb 10 1912 Jan 14
110
.1718 21
19
6% preferred
1718 1718 19
*1712 1913 *174 21
*1718 21
8
1 Jan 4
8
17 Jan 11
1 Oct 397 Jan
Amer Nat Gas pref __No par
8
647 Feb
8
1152 Dec
4
1612 154 1614 15
14,900 Am Power & Light__No par 13 Jan 29 167 Jan 13
16
4
4 153 1618 153 1612 16
,
15 2 153
4412 Dec 102 Mar
No yew 48 Feb 9 58 Jan 14
Preferred
56
57
53
56
4
*543 57
x5118 5112 1,900
53
53
52
52
No par 3814 Feb 10 4934 Jan 14
$5 Preferred
8 433 447 x425 4314 3,100
8
4214 423 447
4
8
8
4012 41
40
8
4
393 397
85 Apr
35 Dec
8 Feb 6
812 Jan 8
2112 Mar
5 Dec
7- 26:666 Am Rad & Stand Ban'y _No par
78
iIs - -3
7
i18 - -58
23
ils xais 68 -Ult - -12
ii 4 -- 8
7
7
13 Jan 8
1238 Feb
4
4 Feb 19
114 Dec
No par
4
234 23
4 284
23
8 1,000 American Republics
27
212 212 .2
212 212
212
.2
3738 Feb
8
75 Jan 4 13 Mar 3
8
73 Dec
25
4
8
8
4 107 1188 11,150 American Roiling MIll
4 1131 1214 113 1218 113 113
8 1218 123
1214 123
66 Feb
1914 Dec
8
2714 *2612 2712 1.600 American Safety Razor_No Dar 213 Jan 5 42914 Mar 7
2814 27
28
28
2914 28
x28
28
28
212 Jan 21
9 Feb
2 Jan 13
8
15 Dec
No par
Amer Seating v to
*218 4
*218 4
.218 4
4
.2
4
*2
4
*2
12 Jae 6
14 Jan 27
18 Dec
8
15 Feb
100 Amer Ship & COMM- _No par
8
3
*14
2
1
*14
3
1
*14
8
0
•14
8
3
*14
14
14
42 Jan
20 Oct
50 Amer Shipbuilding now_No par 21 Feb 10 2518 Jan 14
2112
22 .20
2112 '20
*20
22
22 •20
*20
22
21
1712 Dec
8
5812 Feb
1478 153 13,600 Amer Smelting & Refg_No par 124 Feb 8 185 Jan 2
8
8
4 155 16
1618 163
8
8
4
8 153 1614 157 163
1618 163
75 Dec 13813 Mar
100 6814 Mar 7 86 Jan 29
Preferred
1,300
69 •68
70
8 69
8
697 697
4
6814 693 *6812 70
70
70
45 Dec 1023 Mar
4
100 41 Jan 5 56 Feb 19
2d preferred 6% cum
49 .16
4912
*47
800
50
4 4914 4914 *49
4813 503
49
•48
4214 Mar
28 Oct
26 3014 Jan 4 344 Mar 3
300 American Snuff
8
3414 3414 .3414 3412 *337 3412
8 34 34
,
*3313 34 4 *3312 337
100 Mar 5
9772 Dec 1107 July
s
100 90 Jan 11
Preferred
60
4
100 100 '9812 10013 *9812 10314 *9914 10314 10014 10014 .10018 1023
14
13 Jae
18 Feb 15
412 Feb
Ii NOV
0I8
18
14
1,300 Amer Solvents & Chem_No par
14
14
14
114 Jan 20
14 Feb 18
1112 Feb
13 Dec
No par
1
Preferred
1,700
8
3
88
33
4
*4
0
8
3
12
12
4
4
538 Jan 5
814 Jan 21
3114 Feb
5 Dec
7
712
7
1,900 Amer Steel Foundries_ _No par
8 *7
718 75
8
712 75
714 713
712 712
68 Dee 113 Feb
100 69 Jan 5 80 Feb 18
Preferred
*7212 82
*7212 82
*7212 82 .7212 82
*7212 90
90
•72
4
33 Dec
484 Mar
No par 3314 Jan 5 363 Mar 3
100 American Stores
3514 3514 "3518 3612
*3512 37
8
*355 37
8
3612 *353 37
•36
60 Mar
3412 Oct
100 211$ Feb 10 3914 Jan 13
600 Amer Sugar Refining
2514
8
8
2512 2512 253 253 *25
25
25
26
2512
27
•25
8413 Dec 10813 Mar
100 6758 Feb 13 8818 Jan 13
l'referred
400
79
*72
76
*72
7118 72
74
7014 7014 *71
*704 74
6 Jan 7
12
3 Dec
1118 Feb
3
3 8 Feb 8
413 *4
412
300 Am Sumatra Tobacco_ _No par
412 *4
8 *4
2 43
43
s
43
3
*3 4
8
43
..4
4
100 1074 Jan 5 13738 Feb 19 11218 Dec 2018 Feb
13112 13414 13158 13318 128 13014 173,853 Amer Telep & Teleg
13118 13412 132 135
1324 13514
9
4
863
6013 Dec 1283 Apr
4
2.000 American Tobacco new w I_ _25 65 Jan 5 893 Mar 8
83
4
863 •83
86
86
85
8512 83
84
84
85
84
.1 Mar
64 Dec 13234 Apr
,
new w I__25 661 Jan 4
Common clam B
8
8714 8412 857 27,300
4 86
8 8712 894 8612 893
885
8614 8814 87
98 Dec 132 May
100 105 Feb 9 1104 Jan 21
Preferred
400
108 108 *10812 11012 109 110
108
•10713 108 "10712 108 .10712
19 Dec 105 Jan
.100 1934 Feb 15 25 Jan 25
American Type Founder*.
23
*17
23
*17
8
*217 23 .2014 23
23
23 '17
•17
72 Dec11012 Feb
100 42 Jan 19 70 Jan 8
Preferred
72
72 .45
*45
50
*45
50
*40
50
*40
50
•40
2318 Dec
4
803 Feb
10 3412 Mar 8
8
12,400 Am Water Wks cic Eleo_No par 245 Feb 4 31 Mar 8
4
8 3318 3 '2 3278 3438 313 3214 3018 3114
337
4
8 33
4
803 Feb
4
323 333
4
213 Dec
No par 2113 Jan
Com vot In etts
500
29
29
31
*2912 333 *29
4
31
30
33
*29
6412 Dee 107 Mar
29
29
70 Jan 5 76 Jan 15
1st preferred
100
'69
4 7114 7114 *6112 82
71,
711
*69
80
8
25 Dec
069
114 Jan
8
65 Feb 25
80
3 Jan 4
*69
100
1.500 American Woolen
414
4
414 414
414 414
413 47
8
8 47
47
4
1514 Dec
40 July
4 43
43
100 1512 Jan 4 3078 Mar 7
Preferred
4
2812 2918 263 2812 13.600
8 2918 30
4
8 293 303
307
34 Jan 11
2938 29
4 Jan
12 Jan 27
29
4 Dec
100 Am Writing Paper otts_No par
4
3
8
*5
4
3
'50
*4
4
3
53
'
3
31
214 Dec
18 Feb
4
•53
8
7
Preferred certificates_ _ _100
*212 9
'212 0
*212 9
*212 9
8
33 Jan 9
213 Dec
*212 9
*213 9
2 Mar 4
4
83 Feb
700 Am Zinc Lead it Smelt_No par
8
238 23
8 •214 258
*214 25
258 .214 25
238
8
1912 Dec
238 212
25 197 Feb 23 23 Jan 18
4512 Aug
Preferred
200
23
*20
20
20
22
.20
21
21
914 Dec
.1712 21
21
4314 Feb
4
83 Feb 10 1238 Jan 14
*15
Copper Mlning 50
39.154 Anaconda
8
95 10
8
97 1014
8
103
lO3a 10
9 Feb 11
4 10
6 Jan 6
1018 103
1014 1013
8 Dec
2614 Mar
200 Anaconda Wire & Cable No par
8
8 67
67
8
*67 17
3
8
4 8
.63
4 8
*63
13 Sept38 Feb
4 8
*63
No par 13 Jan 5 1713 Mar 2
1,300 Anchor Cap
17
8 17
173
17
17
17
17
4
43 Jan 8
8 17
Vs Feb 9
173
4 Dec
1912 Feb
1714 1714 17
Copper Mining No par
300 Andes
4 5
*33
8 51
412 412 *43
913 Jan 27 12 Feb 16
414 414 *438 5
8 May
18 Feb
8
3
4 8 43
800 Archer Daniels MidI'd_No par
4
4
4 llIz 103 103
8
72 Jan
20 OCt
4
*103 1112 1114 1114 104 107 *103 433 *40
11
11
300 Armour dc Co (1341) pref___100 32 Jan 4 44 Mar 9
433
*41
44
44
41
40
42
1 Jan 2
2 Mar 9
•38
41
412 Jan
•39
14 Dec
14 14 30,400 Armour of Illinois class A.__25
134 2
112 2
112
2
13
118 Mar 10
13 Jan 7
8 112
13
25
114 138
7
12 Oct23 Jan
Class B
19,700
1
118
1
1
1
8
7
2
7
8
7
2
7
4
.1
4
3
4
8
63 Jan 2 1414 Mar 9
100
518 Dec
67 Jan
Preferred
1 4,300
4 1212 123
4
8
4 107 1414 123 133
4
4
13 Jan 18
3 Feb 1
93 103
9 July
8
8
958 97
15 Dee
*912 958
Arnold Constable Corp_Ne par
*218 212
No par
8 •218 212 .218 212 .24 21
4 Oct1012 Feb
•218 27s *218 27
Artloom Corp
514
514 *3
514 *3
514 .3
4
13 Jan 6
253 Jan i
514 *3
28714 Feb
114 Dec
514 *3
•3
600 Associated Apparel Ind_Na par
214 214 *214 212 *214 21
214 214
:
• 4 23
51 Jan 6
84 Jan 15
No par
214 214
8
3
5 4 Dec
8Mar
295
21
1,400 Assoc Dry Goods
8 6
618 *57
6
8
63
614
812
714 Mar 1
934 Jan 2
26
612
612 612
834 De
81 Feb
6
6
220 Associated 011
11
•8
11
4 *8
4 83
83
812
8
4
10 Dec
39 Jan
All 0& WI SS Line_ __No par 10 Jan 19 1018 Jan 22
4 834 *778 83
•73
1312 *10
1312
1312 .10
1312 .10
*10
100 HS Feb 29 1513 Jan 27
1312
15 Dec
Preferred
1312 010
5312 Jan
•10
155g
8
155 •15
.15
8
84 Feb 9 127 Mar 9
8
25
2358 Feb
*1458 1512 .1458 1512 •155 16
852 Dec
8
.145 16
8
4
113 123 35,900 Atlantic Refining
12
8 12
4 1212 127
1212 1218 123
54 Feb
No par 1713 Jan 5 2512 Feb 2
18 Dec
8
113 1158 12
100 Atlas Powder
21
2114 211' *20
22
*21
22
*21
100 7212 Mar 3 7913 Jan 13
22
*21
21
Preferred
*20
,
77 4 De
160
3
907 Jan
73
4 73
733
73
8
737 74
No par
41: Jan 9
514 Feb 18
1313 Feb
*7212 74 .7312 74 .7213 74
24 De
100 Atlas Stores Corp
8 7
,
514 5 4 .47
8 7
*47
8 7
*47
4
No par 833 Feb 29 1513 Jan 14
4
•478 7
844 Oct2951s AD
194,200 Auburn Automoblie
.44 7
2
,
8912 9412 9112 96 4 95, 9934 9614 10112
13 Feb 19
4
3 Jan 12
214 Mar
No par
92
34
9412 89
90
.12
IsSeP
200 Austin Nichols
13
.
..
.
:.
4
1
•12
52
12 Jan 7
12
212July
No par
8
7 Jan 8
Es
Autosales Corp
12 Dec
8
3
*12
*12
.4
4
.
'2
4
3
*12
56
31
112 jail 28
*12
5 Feb
2 Jan 11
4
3
1 Dcc
Preferred
*12
4
3
*12
8 14
8 "15
8 *14 17
8 17
•15
8
17
4 0158
313 Jan 2
212 Feb 23
No par
8 13
2 De
Vs *15
64 Ma
•138
4
4 23 12,100 Aviation Corp
23
4 24
23
8 3
27
278 318
478 Jan 4
234 278
818 Jan 14
7
4 234
23
453 Dec27 8 Ma
618 613 2,500 Baldwin Loco Works. No par
8 7
65
,
100 Ms Jan 2 2813 Jan IS
15 Dec 10411 Mae
Preferred
620
21
71..
7
7'1 *2114 2312 2114 2114 21
7
714 2118 22
7
714 2112 23
7
23
21
Bamberger (L) & Co pref_ _100 85 Jan 8 99 Feb 25
85 Dec 107 Feb
99
*89
99
99 '89
*89
99
*89
N.
A. ,pAr : Jan .
h o
8
10 Jan
n ,
99
', 14 Jan 4
ilr&trensl
arkeLl
4
9
13 Oct
* 6
99
7
12
89
"
212 "158 18 13.Mg Lia
24 *2
2
1412 Fe
8
7 Jan 14
4 Dec
•214 213 *214 212 *214 212
55
33 Jan
12 Mar 3 13 Feb 1
No pa
8 533
14 Dec
47
8
5
412 47
4 5
43
514 12
534 *1214 123 ,
Sayuk CigarspInc
4
4
123 *12
*1214 13 .1214 1234 *1214
*1214 13
IOU 55 Mar 10 69 Jan 7
90 i Mar
1st preferred
Dec
70
60
59
55 '55
55
56
56
50
*56
59
50 344 Mar 2 434 Jan 11
81 .,Mar
*56
59
•56
37 Oct
8
4 377 3814 8,300 Beatrice Creamery
383
fO41
-- 3 3914 38
3612 3638 3658 3612 38
36
100 83 Feb 3 95 Jan 18
Preferred
90 Dec 111 ,,Mar
300
4
89 4 9a
91 . 3- .803 95
91
90
89
11 43 Jan 19
95
3912 Feb
62 1 AP
95
*90
.90
3712 oat
200 Beecb-Nut Packing Co_ __2
*4314 45
45
*43
45
*43
43
43
618 Au
434 Feb 25
43
43
24 Jan
114June
*41
*41
500 Belding Hem'way Co__N; pa
*334 44 .34 418
4
4
8
43
8 .4
414 43
4 01
803 20
59 Feb 25 623 Jan 18
*438 412
Belgian Nat Rye part prof__
8
5474 Dec
8
4 *6014 6114 .6038 6114 .605 6114 25,900 Sandia Aviation
4
2513 Feb
No par 1318 Mar 1 1884 Jan 14
8
125 Oct
4
4
*593 6114 .593 603
8
133 133
141g x1358 14
*3934 63
8
8
464 Mar
8
4
.
137 1414 1378 1418 137 24
247 Feb 19
193 Dec
No pa
1912 Feb
2318 5,100 fleet & CO
,
4
133 14
2314 22
2314
2
2314 2312 2312
708 Feb
3
4
1714 Dee
233 2418 233 24
1518 Jan 29 243 Feb 19
8
2112 42,800 Bethlehem Steel Corp-.No pa
21
4 2178 2353 2153 2230 5812 59'2 4,100
214 23
8 2231 2313 2
80 Dec 1237s Mar
237
23
100 581238ar11 74 Jan 9
7% preferred
4
593
59
4
6012 593 60
29 Feb
6 Dec
7 Feb 5
4
3
83 Jan 14
300 flaw-Knox Co
No pa
8
6038
8
8
603 611, 60 4 604
812
812 "8
84 '8
15 Oct21 ' Nov
14 Feb 15 14 Feb 16
812 813 *8
Bloomingdale Brothers_No pa
813
8
'
16 "-- -- 16
._,,... 16 *---95 1) Jan
75 Dec
61 Jan 6
10
Preferred
60 Jan
10
•-:,- 16 .__,_ 16 ._„_ la
*60 ____ .80 ____
43 , Aug
70 .80 ____
_ *60
60 .60
6,400 Bohn Aluminum & Br_ _No par 1538 Mar 4 2214 Jan 14 21512 Dec
nu
1558 16
4
4 153 16
163
168 1618 1612 16
49 Oct26614 Apr
1612 1618 - 5
16
5112
400 Bon And class A
No par 48 Feb 6 5114 Mar 9
5112 "50
4
5114 51, '50
50
50
34
3 Feb
50
.58
14 Dec
50
3, „I
50
.1,54 3
•49
Bs Feb 1
Booth Flaberles
No pa
13 Ja,n1
3
1 .
3
1714 Feb
*4
4
112 Dec
*12
4
3
114 Jan 5
*12
114 Jan 5
101
38
let preferred
*12
•1
3
*1
7612 Mar
3
*1
3
*1
3518 Dec
3
8
•1
25 3434 Jan 5 434 Mar 9
4 4118 417 43.600 Borden Co
8
417 423
4318
42
3
30 4 Feb
.8
g 413 4212 4150 43
9 Dec
8
8
407 417
8
115 11,600 Borg Warner Corp
9 Jan 4 123 Mar 5
11
*
10
1112 12
4July
38
4
li l)er
8 1214 125s 12 2 1212 113 1212 •1
14 Mar 9
1218 125 .
100 Botany Cons M1112 class A_ _50
4
3 Jan 11
112
1
112
2 112
1,
113
2
1,
41,
112
1
7I2 Dec22 4 Mar
*118
138
4
778 Feb 10 112 Mar 5
s
4 103 1012 13,800 Briggs Manufacturing_No par
103
113s 1012
4 1114 1152 1132 1132 11
1114 113
-dividend
•Bin sag &stud 1121026; no sales on Ms nay. 4 143x
ir Ex-rights:
New York Stock Record-Continued-Page 3
1917
1:39' FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD
PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Mar.5.
Monday
Mar. 7.
Tuesday
Mar.8.
1Vednes4ay
Mar. 9.
$ per share $ Per share
•912 9
/ *91, '92
1
4
4
3
8
8
4
*3
4
*3
4
87
8812 8712 8814
3512 *34
*34
3512
.212 314
212 21
412 43
4
47
8 478
73
4 73
4
8
818
.75
85 '75
85
.218 2
/
1
4
218 21
318 3
/ *314 312
1
4
.23
4 3
27
8 27
612 712
7
71
/
4
1134 1212 1214 13
1712 2012 20
21
58
58
5712 61
'77
96
*77
96
*5
8
7
8
*5
8
7
1
1
1
/ 11
1
4
33
4 3
37
8
/
8 45
1
4
184 183
/
1
4 18
1812
.56
70
*56
70
10 4 104
,
/
1
91 9
/
4
/
1
4
*1
/
4
/ .
1
4
/
1
4
/
1
4
$ per share
*912 92
4
3
4
3
4
.3
4
8712 8912
*34
35
*212 27
8
*43
8 434
*73
4 81
/
4
75
75
*218 23
8
33
8 33
8
*23
4 3
61 612
/
4
1214 1212
2112 2112
6214 64
"77
90
78
7
8
.1
11
/
4
414
*4
18
18
/
1
4
.60
70
93 1018
4
*14
/
1
4
$ per share
*912 92
4
h
h
*3
4
89
89
*34
3512
.2
212
45
8 43
4
77
8 77
8
*65
75
.218 23
8
*314 312
.23
4 3
.614 7
1214 123
4
2114 213
4
65 65
.77
90
*5
8
7
8
.1
11
/
4
*4
45
8
17
/ 1814
1
4
.60
70
95 1014
8
' /
/
1
4
1
4
3
.65
8
12
.18
*514
.24
37
.6514
12
•2
.18
414
*212
•112
*5
*12
.512
3
*7
1212
.183
8
.5
*2312
3712
66
12
"2
.18
45
8
*212
•114
*5
"12
*54
/
1
3
3
318
78
3
/
1
4
612 6
12
12
1212
19 .18
19
51
.41 512
/
4
25
24
24
3714 39
381
66
66
66
1218 1258
121
21
2
2
20 .18
1912
5
43
8 4
/
1
4
3
.212 3
212 .114 21
14 7
.5
7
1218 *111 121
/
4
53
4
51/4 55*
*6814 713 *6814 713
4
127 13
8
123 131
4
.2
/ 318 .23
1
4
4 3
•11
1812 *11
1812
27
27
2714 2712
.62
65
65 65
6h 64
63
8 63
4
17
/ 187
1
4
8 1812 19
43
4
4 43
412 4
/
1
4
93
8 938
83
8 83
8
•104 11
/
1
11
12
'712 81
'712 812
6
*50
61
4 6
1258 13
125 1318
8
.1
118 1 18
11
.8
8
/ '8
1
4
8
83
21
22
22 22
.9514 100 .951 100
/
4
118 118
11814 1193
8
.4818 4858 54812 4858
30
/ 31
1
4
307 31
8
•92 101
.92
9418
10
1038 1014 107
8
943 .78
94
/
1
4
.78
*9
101
1014 105*
9
812 93
8
0'A
36
301
39
407
8
/
141 154 143 153
1
4
/
4
4
4 71
71
7334 733
3 18
3
/ 318
1
4
78
3
/
1
4
6
/ 6
1
4
1212 127
13
19
183 183
4
512 *514 515
247
8 25
25
384 367 38
/
8
1
6618 .6612 687
1218 1112 117
212
2
2
1912 .1812 191
41
/
4
47
8 4
/
1
4
3
*212 3
•114 2
2
.5
7
7
1212 .113 12
4
512 *514 54
/
1
*6814 713
4
1214 13
.23
4 3
*11
181
275
27
8
65
65
63
4
4 63
1814
218
/
1
4
43
4 4
*7
9
*12
14
5713 84
/
1
'53
4 6
1258 12
/
1
4
.1
Ds
*8
84
/
1
2112 211
/
4
.9514 100
4
1183 120
484 485
/
1
8
303 304
8
/
1
.9214 100
10
1012
*78
943
4
1012 1012
*812 93
8
3912 4112
15
16
.7114 75
•6814 713
4
125 133
8
8
2
/ 3
1
4
/
1
4
*12
1812
27
271
6513
65
.61 612
/
4
1814 181
458 434
83
8 83
12
12
*713 813
*53
4 5
/
1
4
124 12
/
1
/
1
4
1
1
.8
83
8
*21
22
*9514 100
11818 11912
49
49
304 31,
2
/
1
'93 100
10
101
/
4
.78
943
4
1012 1012
812 83
8
40
417
8
1512 1618
.7314 75
1012
.2614
19
/
1
4
65
25
74
.91
9
/
1
4
4
6714
105
8
27
20
6514
25
74
933
4
1014
418
6714
«813 13
103 104
8
/
1
9
93
8
2112 2112
.5618 58
'35
8 414
.1114 111
/
4
664 683
/
1
4
9312 9412
9
934
3
3
3
8
212 212
*3
4
7
8
6
/ 6
1
4
/
1
4
7
8
5*
4714 4714
4012 41
414 44
/
1
243 2514
8
1 14 114
612 7
5
8
5
8
4612 47
/
1
4
125 125
4
41
/
4
22
22
1712 184
/
1
3
/ 3
1
4
/
1
4
.15
157
8
.11 13
/
4
4
1812 1812
40 40
11 11
/
4
/
4
*14
3
8
118 118
7
7 12
1014 1012
2614 2614
.18
20
67
•60
25 12 2512
74
74
98
.91
912 10
4
41
6778 67
/
1
4
*812 13
1014 104
/
1
"812 93
8
21
2112
.5618 58
*37
8 4
1112 1112
661 683
/
4
8
94
94
9
95
8
12
12
212 212
.1
/
4
/
1
4
614
6
7
8
7
8
464 47
/
1
3912 404
/
1
*418 414
2412 25
114
114
612 67
8
5
8
5
8
46
47
126 126
3
/ 414
1
4
223 23
4
18: 1812
/
1
4
53
/ 35*
1
4
1512 1512
*11 11
/
4
/
4
19
19
40
40
11
.114
0
4
3
118
l's
7
7
33
0312 3312 3312 3312 33
.
8
243 2412 2412 2412 2418 243
8
80 80
80
80 .79
80
8
4 17
15
8 1S4
13
8
Ps 17
*214 2
/
1
4
212 *214 212
238
11
9
.9
9
.84 11
/
1
4
8 *414 43
/ 45
1
4
4
/
1
4
412 4
*13
4 5
/
4
*11 5
•13
4 5
8
10, 1012 103 1012 *1018 1014
8
4
112 11312 *110 1133
113 113
17 "12
/
1
4
173
4
/
1
4
17 .12
.12
1512 15
/ 153 154 1512 1512
1
4
/
1
3
25
2118 .24
24
*2414 25
34
3512
24
2418
80 80
13
8 13
4
214 214
.83 11
4
418 41
/
4
*13
4 5
10
1018
11014 11012
.1212 173
4
154 153
/
1
4
•24
25
Thursday
Mar. 10.
Friday
Mar. 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1932
On basis of 100
-share lots
Lowest
Highest
Lowest
Highest
$ per share Shares Indus.& Miscall.(Con.) Par 5 Per share $ Per share $ per share $ per share
912 912
100 Briggs & Stratton
No par
8 Feb 10 1012 Jan 14
8 Sept
2412 Mar
400 Brockway Mot Truck No par
%Mar 11
28
1 Jan 23
/
1
4
38 Dee
514 Mar
*3
7% preferred
4
100
5 Jan 9
57 Jan 9
8
2 Oct
/
1
4
26 Feb
3.400 Brooklyn Union Gas___No par 7212 Jan 5 8912 Mar 8
86
87
7238 Dec 1298 Mar
3
3512
.34
Brown Shoe Co
3314 Jan 8 36 Feb 15
No par
3234 Jan
45l July
*218 212
100 Bruns-Balke-Collender_No par
178 Feb 3 3 Mar 2
24 Dec
/
1
15 Feb
414 414 1,800 Bucyrus
-Erie Co
10
5 Jan 9
41 Feb 10
/
4
314 Dec
207 Feb
8
7
Preferred
7
1.000
10
818 Mar 7
512 Jan 5
438 1/er
3478 Feb
"65
75
10
7% preferred
100 75 Feb 4 75 Feb 4
75 Dec 114 Apr
.2
218
200 Budd (E G) Mfg
13 Feb 9
par
4
No
2 4 Jan 14
3
11 Dec
/
4
55 Feb
8
3
/ 3
1
4
600 Budd Wheel
/
1
4
No par
25 Jan 6
8
/
1
4
4 Jan 14
25 Dec
8
13 Feb
'23
4 24
/
1
200 Buiova Watch
No par
2 Mar 7
/
1
4
312 Jan 25
3 Dec
/
1
4
15 4 Jan
3
614 614 2.200 Bullard Co
No par
738 Mar 7
33 Jan 4
4
3 Dec
/
1
4
23 Feb
111 113 19,520 Burroughs Add Mach No par
/
4
4
97 Feb 9 13 Mar 7
8
10 Oct
3214 Feb
1812 1912 3,900 Bush Terminal
15 4 Jan 4 2134 Mar 9
3
No par
153 Dec
8
31 Feb
*5912 63
Debenture
300
100 50 Feb 8 65 Mar 9
49 Der 104 Jan
*77
90
Bush Term Bldg° pref
100 72 Jan 29 85 Jan 7
85 Dec 113 Ma
100 Butte & Superior Mining_ __10
*53
/
1
4
Jan 8
/ Mar 8
1
4
's
/
1
4MaY
11 Feb
/
4
1
1
300 Butte Copper & Zinc
5
1 Jan 4
114 Jan 14
20* July
1 Dec
•4
45
8
700 Butterick Co
318 Jan 28
No par
41 Mat 7
/
4
3 Dec
8
205 Feb
1614 1714 14,300 Byers & Co (A M)
No Par 1012 Jan 6 19 Feb 19
107 Dec
8
693 Feb
4
•60
70
Preferred
100 50 Jan 26 55 Feb 9
68 Oct 1067 Fel
8
1018 101 1,000 California Packing____No par
/
4
818 Jan 2 111 Feb 13
/
4
8 Dec
53 Feb
Callahan Zinc-Lead
*14
12
14 Feb 9
10
12 Jan 15
14 Oct
11 Ma.
/
4
Calumet & Arizona Mining_20
x21 Oct
433 Mar
8
3
3
3
3
2,200 Calumet & Hecia
25
3 Jan 5
4 Jan 13
3 Dec
1128 Feb
*612 61 .612 67
/
4
300 Campbell W & C Fdy__No par
3
16
712 Jan 7
5 Feb
/
1
4
/
4
5 4 Dec
3
161 Mar
*1212 121 1214 1214 6,000 Canada Dry Ginger Ale No par 10 Jan 5 1312 Jan 14
/
4
104 Dee
/
1
145 June
.183 19 .184 187
8
/
1
8
100 Cannon Mills
No par 17 Jan 4 183 Mar 9
4
17 Jan
25 Mar
5
/ 53
1
4
8 .514 534
100 Capital Admirals al A No par
44 Feb 5
/
1
618 Feb 19
4 Dec
/
1
4
16 Feb
25
25
25
25
Preferred A
500
50 2212 Feb 20 2718 Jan 15
24 Dee
363 Feb
8
363 37
4
8
/
1
4
/ 363 37 158,200 Case (3 1) Co
1
4
100 28 x Feb 10 43 Jan 18
/
1
4
3314 Oct 13112 Feb
.661 68 .6612 68
/
4
Preferred certificates
100
100 4912 Feb 8 75 Jan 12
53 Sept 116 Mar
1118 1114 103 1118 7.600 Caterpillar Tractor____No par 1054 Mar 11
4
15 Jan 18
1014 Dec
5212 Feb
*2
212 .2
212
60 Cavanagh-Dobbs 1no__No par
112 Jan 7
4 Feb 11
12 Dec
4 Feb
*18
1912 *18
1912
Preferred
100
75 Jan 12 224 Feb 11
8
/
1
5 Dec
/
1
4
26 Mar
412 412 .4
412 2,700 Celanese Corp of Am__No par
3 Feb 26
5 Jan 14
25 Dec
8
16 Feb
212 212 .212 312
100 Celotex Corp
No par
214 Jan 6
3 Jan 18
/
1
4
21 Dec
/
4
1438 Mar
.11 2
/
4
112 11
/
4
100
Certificates
No pa
12 Nlar 11
214 Feb 29
15 Dec
8
1334 Mar
*512 7
*512 7
Preferred
No par
6 Feb 3
73 Jan 25
3
7 Dec
/
1
4
4Mar
373
.113 1212 . 4 1212
4
Central Aguirre Asso__No par
113
1114 Fob 10 1212 Jan 4
11 Dec
253
4July
*54 512 *514 512
/
1
100 Century Ribbon 51111s_No par
5 Jan 8
61 Jan 9
/
4
2 Jan
/
1
4
814SeD
.6814 711 .6814 711
/
4
/
4
Preferred
100 7134 Mar 2 85 Jan 23
50 May
90 Sept
121 124 1112 1218 12,7001 Cerro de Pasco Copper_No par
/
4
/
1
93 Feb 9 z15 Jail 14
4
97
8Sept
3018 Feb
314 i,000l Cortain-Teed Products_No par
314 53
212 Jan 2
338 Feb 17
24 Jan
/
1
74 Ma
/
1
'12
22 .12
22
7% preferred
100 111 Jan 30 1512 Feb 23
/
4
11 Jan
35 Aug
*2612 27
2612 27
1,800 City Ice & Fuel
No par 257 Jan 4 2812 Feb 19
8
251 Dec
/
4
3738 Feb
65
6514 '65
6514
Preferred
230
100 63 Mar 4 68 Jan 5
6312 Dec
90 AP
61 610
/
4
6
/ 612 1.100 Checker Cab
1
4
No par
4 Jan 6
/
1
4
7 Jan 14
3i Sept23 Feb
/
1
4
1712 171
163 17
4
5,000 Chesapeake Corn
No pa
:3 Feb 6 20 Jan 14
/
1
4
13 Dec
/
1
4
5418 Fe
414 45
45
8 4
/ 1,100 Chicago Pneuinat Tool..No var
1
4
3 Jan 6
/
1
4
63 Jan 22
4
318 Oct
1518 Fe
*7
8
8
"7
Preferred
300
No par
7 Feb 10 1178 Jan 22
638 Dec
35 Fe
*1118 14
.11114 14
320 Chicago Yellow Cab
No par 10 Jan 20 12 Mar 7
23 Jan
8 Sept
*712 81
. '712 8'2
Chickasha Cotton 011
10
8 Feb 2
812 Jan 9
8 Dec
123 Ma
4
"53
4 6
5
/ 53
1
4
300 Childs Co
71/4 Jan 13
No par
5 Feb 9
333 Feb
4
518 Dec
1214 121 113 1214 33,200 Chrysler Corp
/
4
4
No par 1012 Feb 9 1534 Jan 14
2534 Mar
113 Oct
4
1
1
*1
118 1,200 City Stores new
No par
/ Jan 6
1
4
218 Jan 14
14 Dec
4 Fe
/
1
4
•8
83
8 "8
Clark Equipment
8
/
1
4
No par
8 Jan 25
4
83 Jan 7
/
4
8 Dec
/
1
4
221 Mar
21
21
2012 2012
800 Cluett Peabody & Co No var 1512 Jan 7 22 Mar 5
15 Dec
3418 Feb
'954 100
/
1
•9.514 100
Preferred
100 95 Jan 5 96 Feb 15
92 Dee 105 July
1185 11918 x11578 1165 11,700 Coca Cola Co
8
8
No par 9712 Jan 5 120 Mar 8
9712 Oct 170 Feb
*4812 4914 .49
494
/
1
Class A
300
No par 454 Jan 6 49 Mar 9
/
1
453 Dec
8
5312June ,
3018 3012 30
3018 3.300 Colgate-Palmolive-Peet No par 2618 Jan 5 3112 Mar 9
50122%tar
24 Dec
.9212 97
9412 95
200 6% preferred
100 87 Feb 6 95 Mar 11
794 Dec 10418Sept
/
1
9 4 93
5
4
9
/ 953 6,200 Coffins & Alkman
1
4
No par
7 Feb 10 107 Mar 7
8
612 Dec
1712June
.78
943 '78
4
913
Non-voting preferred___100 711 Jan 19 75 Feb 1
4
/
4
68 Dec
95 Aug
.9
11
"9
1012 1.400 Colonial Beacon OR Co_No par
9 Jan 11 1012 Ivfar 8
712June
1012 Nov
8
8
*712 814
700 Colorado Fuel & lr new_No par
7 Jan 7 12 Jan 14
/
1
4
/
1
4
6 Dec
/
1
4
1012June
3912 405
8 373 3914 42,200 Columbian Carbon v t o No par 28 Feb
4
/
4
32 Dec 11158 Feb
143 155
4
8 1412 1518 94.000 Columbia Gas & Elec__No par 1178 Jan 10 411 Mar 9
5 1618 Mar 9
115 Dec
8
45 8 Mar
5
7314 7314 "7314 75
Preferred
300
100 64 Jan 5 79 Jan 16
721 Dec 10912 Mar
/
4
Columbia Graphophone
312Sept
1614 Mar
Certificatee of deposit
6 June
I 118July
93 10
4
x9
9
34 7.800 Commercial Creclit____No par
818 Jan 5 11 Mar 5
8 Sept
2314 Feb
.26
27
x2512 2512
Class A
300
50 1912 Jan 5 2614 Mar 7
1918 Dec
354 Feb
/
1
18
18
*1712 1912
Preferred B
60
25 1818 Jan 13 203 Jan 22
4
15 Oct
24's July
*65
67 "65
67
220
6)4% lot preferred
100 56 Jan 6 68 Jan 27
52 Dec
92 Sept
25
2518 235 243
8
4 3,800 Comm Invest TrustNo par 1512 Jan 2 271 Mar 3
/
4
1511Sept
34 Mar
*74
7512 74
800
74
Cony preferred
No par 58 Jan 4 77 Mar 2
60 Deo
90 Jan
'95
98
95
80
95
fiyi% lot preferred
100 89 Mar 2 95 Mar 11
94 Dec 106 Aug
93
8 95
8
88 9
7
/ 38,300 Commercial Solvents__No par
1
4
71 Jan 29 1014 Mar 8
/
4
6 Dec
/
1
4
2112 Feb
4
414
4
418 46,200 Commonwlth & Sou ___No par
312 Jan 2
4 Jan 14
/
1
4
3 Dec
12 Feb
68
68
6712 6812 1.100
56 preferred series___No par 59 Feb 9 6812 Mar 11
46 Dec 1001
8Ma
*812 13
"812 13
Conde Nast Public/02/LN° par
9 Feb 25 10 Jan 6
10 Dec
3414 Feb
1014 1014
1018 1014 5,300 Congoleum-Nairn InoNo par
8 Jan 2 11 Feb 13
67 Jan
8
14 Au
/
1
4
.812 93 '812 9
8
/
1
4
500 Congress Cigar
No par
712 Jan 6
93 Mar 8
8
63 Dec
4
30 Mar
/
1
4
*2012 23
*20
23
500 Consolklated Clgar
No par 21 Jan 7 244 Jan 8
/
1
20 Sept
373
4Jun
*5618 58 '5618 58
60
Prior preferred
100 52 Jan 6 60 Mar 7
42 Dec
73 Ma
3
/ 3
1
4
/ *3
1
4
/ 4
1
4
300 Consul Film Indus____No par
358 Feb 10
5 Jan 11
/
1
4
334June
15 Feb
all
11
*11
1112
700
No par
Preferred
85 Jan 5 1134 Mar 7
8
7 Oct
/
1
4
184 Feb
/
1
65
/ 673
1
4
4 651 6612 77,350 Congo! Gas N Y)
/
4
No par 541 Feb 10 6834 Mar 8
/
4
57 Dec 1095
/
1
4
8Mar
9412 9478 *94
9412 2,200
Preferred
No par 8834 Feb 10 95 Mar 3
88 Dec 2107 Jul
912 912
93
8 93
8 2,300 Consul Laund Corp__ No par
9 Jan 4 107 Jan 13
812 Dec
8
154 Mar
/
1
38
3
8
3
8
3
8 1,100 Consolidated Textile__ _A'o par
88 Jan 4
/ Jan 20
1
4
14 Jan
13 Mar
4
"218 212 *218 212
400 Container Corp A vot No par
178 Feb 5
212 Feb 19
/ Dec
1
4
812 Jan
53
4
7
8
/
1
4
/
1
4
200
Class B voting
No par
68 Feb 9
118 Jan 18
14 Dec
3 Jan
6
6
534 5
/ 1,500 Continental Bak cl A No par
1
4
Vs Jan 29
7 Jan 14
4 Dec
/
1
4
30 Feb
7
8
7
8
7
8
Class B
7
8 2.100
NO par
58 Jan 5
1 Jan 8
/ Dec
1
4
33 Feb
8
464 47
/
1
4512 46
1.200
Preferred
100 40 Jan 29 4734 Mar 5
40 Sept
771 Feb
/
4
30
/ 40 4 39
1
4
,
39
/ 11.000 Continental Can lne___No par 3134 Jan 5 41 Mar 8
1
4
3014 Dec
62
/
1
4Mar
414 414 *4
41
/
4
400 Contl Diamond Flbre_No par
312 Jan 4
43 Feb 17
4
312 Dec
161 Feb
/
4
24
2413 24
24
3,100 Continental Ins
10 195* Jan 5 2514 Mar 8
1818 Dec
511 Feb
/
4
*114
11
/
4
13
8 13
8
900 Continental Motore___No par
1 Jan 5
134 Jan 14
1 Dec
412 Feb
612 61
/
4
61 1 65 41.200 Continental 011
8
558 Feb 10
No par
7 Mar 8
5 June
12 Feb
5
8
5
8
12
5
8 6.100 Continental Shares
38 Jan 2
No par
11 Jan 13
/
4
/ Dec
1
4
12 Feb
46
4614 444 46
/
1
14,600 Corn Products Refining____25 z37 Jan 5 474 Mar 8
/
1
3614 Oct86 8 Feb
3
125 126
127 127
340
Preferred
100 125 Mar 3 12912 Jan 11
118 Dec 15212 AD
352 334
312 3
/ 8,000 Coty Inc
1
4
VS par
2 Jan 5
/
1
4
4 Jan 16
/
1
4
2 Dec
/
1
4
18 Feb
23
23
22
2218 1,200 Cream of Wheat
No par 20 Feb 8 23 Mar 9
20 Sept34
/
1
4Ma
184 183
/
1
4 183 184 3,200 Crex Carpet
8
/
1
100 1014 Jan 5 183 Mar 10
4
1014 Nov
19 8 Apr
5
5314 31
/
4
3
/ 314
1
4
600 Crosley Radio Corn---_No par
3 Jan 5
412 Jan 7
2 Dec
/
1
4
8 Feb
/
1
4
15
1514 *1412 153
4 1.400 Crown Cork & Seal____No par 12 Feb 16 154 Mar 5
/
1
13 Dec
/
1
4
3814 Feb
13
4 13
4 '15
8 11
/
4
200 Crown Zellerbach
No par
112 Jan 2
2 14 Feb 15
11 l)ec
/
4
678 Jan
*1812 19
18
184
/
1
600 Crucible Steel of Amerlen__100 15 Feb 6 2314 Jan 14
20 Dec
63 Feb
40
40
395 40
8
180
Preferred
101
3712 Feb 27 49 Jan 14
/
1
4
384 Dec 106 Jan
/
1
*118 112 511 11
/
4
/
4
200 Cuba Co
No par
11 Mar 8
/
4
13 Jan 14
4
/ Dec
1
4
5 Jan
/
1
4
*14
3
3
•14
3
8
100 Cuba Cane Producta
No par
14 Jan 5
12 Jan 15
14 Dee
1
25 Jan
8
1
*118 114
500 Cuban-American Sisgar____i0
1 Jan 4
11 Jan 11
/
4
5* Mar
1 Dec
7
7
7
7
830
Preferred
100
7 Feb Ii
812 Jan 18
6 Dec
35 Jan
la JOY
111 Jan
354 35
/ 3412 3412
1
4
/
1
5E6 Cudahy Packing
50 30 Feb
8
24
24
231 2312 2,100 Curtis Publishing Co___No par 22 Feb 8 3512 Mar 9 z29 Oct487 Max
/
4
9 31 Jan 15
20 Dec 100 Fe
7912 7912 79
/ 80
1
4
1,000
Preferred
Ns par 75 Jan 4 86 Jan 14
70 Dec 118 Ma
/
1
4
11 11
/
4
/
4
11 13
/
4
4 6,400 Curtlas-Wrigbt
No par
114 Jan 2
21 Feb 2
/
4
1 Dec
5 Fe
/
1
4
2
/ 2
1
4
/
1
4
25* 214
800
Class A
100
11 Jan 2
/
4
338 Feb 1
13 Dec
8
812 Mar
'814 918 '814 918
100 Cutler-Hammer Mfg_ __No par
712 Jan 2 10 Jan 21
7 Dec
al Jan
.4
412
4l8 418 1.100 Davison Chemical
No par
3 Jan 4
/
1
4
5 Jan 15
/
1
4
314 Dec
U Fe
•131 5
'13
4 5
Debenham Securities _5 Sch
158Elept
121 J'sis
/
4
10
1012 1018 10 8 2,200 Deere & Co pre/
3
20 10 Feb 9 1514 Jan 15
133 Dee
8
22 Jan
11038 1104 1093 110
/
1
4
1,200 Detroit Edison
100 107 Feb 10 122 Jan le. 11014 Dec 195 Feb
*1212 17
/ *1212 173
1
4
Devoe de Reynolds; A__No par 10 Jan 2 1314 Feb 24
4
/
1
4
812 Dec
1918 Feb
155 154 1514 155
8
/
1
8 2,700 Diamond Match
No par 1212 Jan 4 154 Mar 10
/
1
10 Dec
/
1
4
23 Mar
2414 2414 2418 2418
Preferred
400
25 215 Jan 13 2414 Mar 10
8
19 Dec
/
1
4
2812 Aug
a Kt-divIdend. r 1,c-dividend a ni ex-mantis.
5 per share
*912 93
4
*5
8
3
4
*3
4
88
8812
*34
3512
.21 212
/
4
8
414 43
74 754
/
1
"65
75
218 218
314 314
.23
4 2
/
1
4
6
618
111 123
/
4
8
20
20
63
63
.77
90
•8
5
7
8
118
'1
.4
45
8
173 173
8
4
*60
70
*93 1014
4
*14
13
-_
__
19
/ 107
1
4
8
1018 11
.2412 2614 2614 2614
*1812 21
.1812 20
*6514 67
70
.65
26
264 26
/
1
263
8
74
74
74
74
•90
91
91
91
9
/ 10
1
4
9
/ 1018
1
4
4
418
414
4
6712 67
/ 6612 6612
1
4
.812 13
*812 13
1012 1012 1012 107
8
'75
8 814
812 812
.211 25 .21
/
4
25
18 60
561 56
/
4
60
*35
8 412
414 414
115 115
8 1112 113
8
4
6612 08
66
68 4
,
95
.94
943 943
4
4
93
4 93
4
912 034
*3
8
12
/
1
4
3
/3
*2Is 25
218 218
1
1
554 1
618 6u
814 65*
7
8
7
8
7
3
5*
471 4754 *461 48
/
4
/
4
4018 407
8 4012 40
/
1
4
414 41
/
4
414 414
25
24
2412 25
.11 112
/
4
114
114
65* 64
/
1
6
/ 61
1
4
/
4
13
/
1
4
5
8
5
8
445 454 4512 4714
8
/
1
.120 125 .120 125
4
/ 412
1
4
418 43
4
•20
21
21
21
1612 1714 1718 1712
*33
8 312
312 35*
15
154 154 153
/
1
/
1
4
13
4 13
4 .15
8 2
183 183
4
4 1812 1812
40
413
4
.39 2 40
,
•12
8 112 •13
8 112
•
/
1
4
14
/
1
4
14
15*
*1
/
4
11 118
714 714
713 714
• Old and asked Prices: 'so eales 00 8181* day.
PER SHARE
Range Jo Previous
Year 1031
New York Stock Record-Continued-Page 4
1918
..- FOR SALES DURING THE WEEK OF STOCKS
NOT RECORDED IN THIS LIST. SEE FOURTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
111011 AND LOW SALE PRICES
Saturday
Mar.5.
MenzAay
Afar 7.
.
Tuesday
Mar.8.
Wednesday
Mar.9.
Thursday
Mar. 10.
Friday
Mar. 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share S per share $ per share $ per share S per share $ per share Shares Indus.& Miscell.(Con.) Par
No par
/
1
1138 _1034 1118 1012 107
8
107 1118 104 107 22,400 Dome Mines Ltd
8
8
8 107 1118
11
No par
18
4 18
177 177
8
8 1714 1714 2,900 Dominion Stores
8
17
177
8 173 173
17
18
500 Douglas Aircraft Co Inc No par
105 107
8
8
107 107 *107 11
8
8
4
103 103 8103 11
4
4
8
*1012 11
No par
5234 533 53,400 Drug Inc
5314 543
8
4
4 535 54
8 535 5511 534 55
534 555
0114
178
114
114 *14
17
8 .114 2
200 Dunhill International No par
*04
11
/
4
•I14 2
*10
12
12
*10
*10
12 .10
Duplan Silk
No par
*10
12
12
12
.10
*95
97
95
95
965 963
8
8
953 96
4
05
70 Duquesne Light 1s1 pref___100
*93
*9113 95
100 Eastern Rolling Mill__ _No par
*312 5
514 514 *311 512 *312 412 *312 44 *312 5
8 8218 8412 813 8212 7013 8114 11,800 Eastman Kodak Co_-No par
4
4 813 843
4
8212 8312 8212 843
6% cum preferred
100
.._ *10614 - - *1061 *1065s
-- - _ /
4
__ *106
.106
*106
813 -612 -.67
8
612 1,100 Eaton Axle & Spring___No par
*63
4 -7
063 _4 7
7 _7
*7
74
553 54,200 E I du Pont de Nemours___20
575
8 6518 5612 54
4 56
/
1
8 664 573
8 6612 583
5681 577
100
104 10414 1,100 6% non-voting deb
103 103 4 10314 104
,
10213 10212 103 103 *10212 103
400 Eltingon Send
No par
5
8
*12
12
12
12
12
N
•12
12
4
•12
N
614% preferred
100
8 *618 67
4 *618 612 *618 67
8
618 83
4 *
.114 714 *618 63
3114 32,000 Electric Autolite
No par
8 3012 3114 30
8
3234 817 3258 3012 323
32
3212 32
Preferred
100
220
9614 993
8
99
997
8 99
8 90
997 997
3
*99 100
98 100
No par
2
218 7,700 Electric Boat
2
2 14
2
214
4 21 1
13
4
11 13
/
4
•112 2
3 8.500 Eleo & Mus Ind Am shares_
38 33
33
8 312
3
33
8 33
358 33
4
3 s 358
3
338 312
4
4
3 133 1412 1318 133 84,800 Electric Power & Light_No par
1458 1512 1412 1514 144 153
133 14
4
Preferred
No par
800
4
4
8 573 573
*573 577
4
8
58 583
4 677 58
68
68
57
57
No par
800 56 preferred
84712 49
50
5312 50
5312 *50
4812 4812 4912 *50
48
4 1,200 Mee Storage•Battery No par
303 313
4
*304 32
3314 3314 31 13 3212 *3014 32
33
33
No par
100 Elk horn Coal Corp
18
18 *-- - 18 8--- 18 *---18 *---le
le *---Emerson-Brant cl A
No par
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----Johnson Corp____50
400 Endicott
36
-----*354 36
36
*35
343 3412 3412 35
8
100
Preferred
200
*107 114 *107 114 .107 114 *107 111 *107 114 *107 114
100 Engineers Public Serv__No par
22
*21
213 .18
4
22
22
*22
30
25
021
25
*21
No par
55 preferred
100
547
8
547 *51
8
4
•503 547 *503 544 *51
8
8
61
6312 61
51
No par
5514 preferred
400
5518 5518 5518 5612 5612 5612 5612
55N *63
573 *53
4
*53
200 Equitable Office Bidg No par
1812
018
183 *18
4
4
1812 *1812 183 818
1818 018
183
4 18
100 Eureka Vacuum Clean_No par
4
4
5
412 *4
*4
412 *4
412
*4
458 *4
5
300 Evans Auto Loading
*134 218
2
2
218
218 218 *2
238
21* 214 *2
100 Exchange Buffet Corp_No par
1012 1012 1012
1012 *10
1012 1012 01014 1012 1014 1014 *10
25
Fairbanks Co
*14 2
2
*14
014 2
*14 3
*14 2
*14 2
No 10
0
Preferred
*218 6
*218 6
*218 6
.24 6
*218 6
*218 (1
par
100 Fairbanks Morse
412
8 04
45
8 45
*43
8 5
•41 5
/
4
543
8 5
045
8 5
100
l'referred
50
47 0_ _ _ _ 47
4731 473 .....__ 47 *
4
.--__ 48 .._ _ _ 48
700 Fashion Park Assoc____No par
112
112 *1 18
118 114 *118 114 *118
112 112
.114
113
15
Federal Light & 'Frac
24
*20
24
*20
21
020
24
020
21
020
*20
24
No par
Preferred
20
64
64
66
*64
*64
66
*64
66
*63
66
.63 66
Federal Motor Truck No par
8 314 *24 31s *24 314
3
8 314 .2 3 314 *23
.23
8 314 *23
300 Federal Screw Works No par
8 134
13
4 *13
112 0158
112
134
13
4 .114
11 134 .158
/
4
8 814 10,200 Federal Water Say A No par
8
618 75 ? 73
618 64
54 6
/
1
4
514 53
5 3 54
'
600 Federated Dept.Stores_No par
1218 1218
12
133
3 12
1314 *12
*12
12
12
*1112 12
4,300 Fidel Men Fire Ins N Y___10
257 2612 3, 2512 26
8
2612 2658 2612 2614 27
2512 2618 26
No par
250 Fifth Ave Bus
*714 812
74 8
8
8
812 812
812
.7
0
632 10
No par
Filene's Sons
20 •____ 22 *__ 22
•____ 22 •__ 20 *____ 20 *__
100
Preferred
40
*92 100
092 100
092 100
*92 100
94
9312
*92
94
3,400 Firestone Tire A Rubber___10
1312 12s 13
13
15
8 15
1412 153
14
14
14
14
100
Preferred
600
57
57
*57
59
59 59
59
69
59
59
59
59
3,100 First National StoresNo par
51
5112 5112 50
53
62
5213 51
4 621n 53
5212 523
No par
12,200 Fisk Rubber
4
Is
4
18
18
18
18
14
15
4
18
18
100
1st preferred
940
12
*N
N
N
12
12
3
8
3
8
8
3
8
3
3
8
.14
100
let pre( convertible
10
7
8
*3
8
*3
8
7
8
7
3
*3
8
*N
/
1
4
/
1
4
*3
8
12
12
Florsholm Shoe clam A_No par
11
*9
11
*9
15
*9
15
*9
.9
15
15
*9
100
6% preferred
080
95
95
*80
95
080
*80
95
*80
95
95
*80
No par
6
612 4,100 Follansbee Bros
613 612
4 7
63
4 74
63
712
7
714
7
No par
1014 1118 13,500 Foster-Wheeler
8
8 105 12
8
4 1012 105
103 103
101 10
8
/ 1014 11
1
4
No par
100 Foundation Co
37
8
8 *3
4 37
8 *23
37
8 37
8 37
8
/ .33
1
4
0338 3
3 4
035
1
2012 2058 3,500 Fourth Nat Invest w w
8
4
/
1
21
214 204 2118 203 2112 *203 21
2012 21
No par
6,900 Fox Film class A
33
4 4
8
33
4 37
37
8 378
312 4
338 358
312 34
No par
4 3,800 Freeport Texas Co
8
1914 187 1914 187 194 1812 183
8
1914 19
19
19
19
300 Gabriel Co (The) cl A No par
1
1
1
1
118
118 *I
114 .1
114 •1
•1
No par
227 Gamswell Co
1218 1212 12] 12
1212 13
12
12
12
4 12
113 113
4
5
Gardner Motor
_ _.. --_
_ _
_
_
_ __
800 Gen Amer Investors___No par
318 1
312
31
12 ;
5
- -12 *
3
8 - -12
3
53
12
i3 1
8
-,
iz
*5
100
Preferred
80
060
80
*60
6518 *GO
80
*60
80
*60
80
.60
334 3414 26,700 Gen Amer Tank Car___No par
353
4 3412 35
353
4 35
4 34
3414 3312 343
33
No par
1214 123
4 6,100 General Asphalt
13
1312 134 13
1314 1314 14
13
123 13
4
5
183
3 6,100 General Baking
4 1818 1812 18
8 1812 183
1811 187
184 19
/
1
187 141
8
No par
58 preferred
40
1053 1054
4
/
1
103 104 *105 106
102 102
102
.10012 125 *101
No par
200 General Bronze
4
214 24 .218 23
4
4 *24 23
/ *214 23
1
4
0218 212 0212 2
No par
General Cable
218
218 *2
l's *2
2N *2
24 *2
*17
8 214 .2
No par
Clam A
200
412 412
8
113 412 *412 558 *412 47
8
478 *412 47
*41
100
7% cum preferred
110
16
1514 *1312 1514 *1312 1514 154 1514 1514 154 16
013
No par
400 General Cigar Ins
8 1,
s
3 377 377
8
37
/ 37
1
4
/ 383 383
1
4
377 38
8
*3712 38
3712 38
No par
8
8
213
3 205 207 161.600 General Electric
8
4 2112 2218 2118 2218 205
4
205 211 21, 223
8
/
4
10
Special
4,400
11
1118 11
11 18 1118 1118 Ills 1118 11
1118 11
•11
No par
8
8 385 394 38,700 General Foods
3958 4012 3914 397
4
8 383 40
8
3714 3812 385 397
No par
5,300 Gen'l Gas & Elee A
17
8 2
11 2
/
4
17
8 218
2
2
178
178
17
8 2
No par
Cony pref sec A
200
1913
1912 *18
4
193 .18
/
1
194 *18
184 1812 018
19
19
200 Gen Rai Edison Eleo Corp__ _ _
25
25
__ *2414 ____
*25
4
4 ___ *243
4____ *243
•243
No par
General Mills
200
/
1
8
8
8
3
612 363 363 *354 363
3612 *3614 -361, *3614 «355 3612 361, 8
100
Preferred
100
8712 8712
*8712 89
08712 89
*8712 89
*8712 89
*8712 88
10
2112 2014 207e 171,700 General Motors Corp
8 2012
8
8
217 2212 213 2212 213 2218 2114 217
8
No par
55 preferred
900
86
/
1
4
4 8518 8514 853 854 86
8
/ 847 .8518 853
1
4
8 84
841 843
/
4
No par
,
300 Gen Outdoor Ads A
*7
81s
7
714 .,.7
714
712 .74 712
.7
712 *7
No par
Common
900
*35s 4
35s 4
*312 4
*312 4
*312 4
33
4 4
140 General Printing Ink_No par
11
1114 11
*11
11
11
*1114 12
11
1238 11
*11
No par
$6 preferred
GO
*56
60
056
GO
*56
60
056
60
60 .66
*56
No par
414 2,200 Gen Public Service
4
412 412
8
44 45
8
418 43
438 458
414 438
No par
4 2,900 Gen Ry Signal
253
4
273 22618 Ms *25
27
/ 27
1
4
8 28
267
254 2612 26
/
1
100
6% preferred
85
85 .75
075
85
*75
85
*75
*75
85
85
.75
/
4
11 1,000 Gen Realty A Utillties_No par
118
3 14 *14 114
1,
1,
4
118 114 *118
114
1
NO par
88 preferred
700
8
3
,
1618 1618 516 4 173 *1614 173
16
154
/
1
*153 18
4
*1512 18
General Refractories._No par
*1012 12
*101,2 12 .1012 12
01018 12
*1018 12
*104 12
3
8 3,400 Gen Theatres Equip v icNo par
3
8
12
3
8
12
12
Ss
12
3
2
12
12
32
Gillette Safety Razor__No par
8
2212 2114 2218 213 2214 83,100
22
225
2238 2312 2138 2314 22
100
Cony preferred
/
1
/
1
4 6712 6712 664 664 664 6614 2,500 Gimbel Bros
4
663 673
6538 6614 0513 67
No par
800
2
2
/
4
11 11
/
4
*178 2
2
2
214
24 24 *2
Preferred
100
830
21
21
23
021
23
*21
22
22
020
23
*21
23
No par
/
4
63
4 61 4,200 Glidden Co
7
7
61 7
/
4
/
4
612 61
6
64 63
8
ti
Prtor preferred
100
40
62
62 .50
50 .50
50
50
.43
50 50
.50
62
No par
1,700 Go el (Adolf)
6
0
614
6
8 618
6,
614 614 .54 64 .54 618
No par
4
1981 1812 1912 1814 183 23,900 0‘)Id Dust Corps't e
174 183
/
1
8 1818 184 1818 1918 19
No par
$6 cony preferred_
96
*92
96
8
955 *92
*92
953 *95
8
*92 100
*92 100
No par
44 414 5,200 Goodrich Co (B F)
/ 412
1
4
4
4
44 43
413 4
/
1
4
43
8 45
8
43
8 45
8
100
Preferred
700
16
015
16
*15
15
15
15
15
15
15
15
15
/
4
/ 161 1714 13,800 Goodyear Tire A Rub_No par
1
4
17
/
1
/ 184 17
1
4
1778 1838 1734 1814 17
1714 18
No par
lst preferred
1,100
60
59
61
6014 61
60
5912 60
60
5913 5912 *58
Ns par
1,600 Gotham Silk Hose
11
1112 11
8
113 114 114 1112 *11
11
1114 11
11
Preferred
100
*6512 69
69
*65
.6512 74
*6512 69 .6512 69 .6512 69
NO par
Gould Coupler A
Ds
l's *1
118 *1
118 *1
lls *1
118 *1
*1
8,900 Graham-Paige Motors_No par
3
3
318
3
8 318
27
318
3
27
8 3
3
3
1,100 Granby Cons M Sm & Pr_ _100
6
6
8
614 65
618 618
61 *64 7
/
4
6
«6
65
8
No par
4
112 15s 4,000 Grand Sliver Stores
13
8 13
4
13
4 13
8
17
134
13
4 2
11 134
/
4
No par
WS 918 1,400 Grand Union Co
,8 *94 95
9
/ 05
1
4
8
/
1
918 918
8
912 95
912 912
Preferred
No par
200
35
35 .33
*33
03214 37
033
3514 3412 3514 *324 37
Granite City Steel
No par
•135 18
8
*133 18
8
013N 18
*131 18
•1318 18 *2
1318 18
No par
8 2,100 Grant (W T)
30 4 304 2294 293
,
30
29
/ 3014 30
1
4
2912 2912 2912 30
/
4
121 121 1,300 CR Nor Iron Ore Prop No par
/
4
*121 13
/
4
13
13
13
13
•1214 13
1212 13
3,200 Great Western Sugar No par
*44 5
/
1
47
8 5
5
5
513
434
8
434 47
*43
4 5
Preferred
100
330
70
*69
89
69
70
*69
70
/ 68
1
4
/
1
683 684 6612 69
4
No par
114 4,800 Grigsby-Grunow
118
14
4 *118
1,
118
118 114
118 114
118 114
Ne par
500 Guantanamo Sugar
14
518
14
.18
*18
14
.1,
14
14
1,
*is
1,
No par
300 Gulf States Steel
612 612
612 612 0612 8
*612 8
*64 8
.64 8
100
50
Preferr 2
20 *____ 25 *__ 25 *____ 25
20
25
.20
25 .20
25
400 Hackensack Water
.2018 234
8
2312 *2114 2312 2014 203
8
*203 2312 0203 2312 021
8
25
7% preferred class A
10
27
026
27
026
27
27
27
.26
27 .26
026
27
No par
/
4
11 2,600 Hahn Dept Stores
IN
15
8
IN
8 11
/
4
113 158 •13
/
4
11 11
/
4
*135 178
100
Preferred
600
15
*14
15
•14
1418 15
14
15
14
14
•1413 15
10
700 Hall Panting
1012
1012 010
1012 *10
1014 10
1012 *10
10
103 •10
8
• Big] and asked mice= no sales on this day
z Ex-dividend.
y Ex-rights. 14 Ex-dividends.
PER SHARE
Range for Year 1932
-share tots
On basis of 00
Highest
Lowest
$ per share
712 Jan 4
13 Jan 5
73 Jan 5
4
475 Jan 5
114 Mar 3
93 Feb 5
4
89 Feb 10
3 Jan 2
6812 Fkb 10
99 Jan 22
454 Jan 4
4618 Feb 10
98 Jan 6
11 Feb 9
512 Feb 15
2334 Feb 10
9614 Mar 11
114 Jan 6
2 4 Jan 4
3
1018 Jan 5
461 Feb 26
/
4
3912 Jan 6
2512 Jan 5
18 Jan 13
2513
10012
18
4418
46
1712
312
113
93
4
Jan 4
Jan 9
Jan 5
Jan 12
Jan 8
Jan 27
Jan 6
Jan 29
Jan 30
2 Jan 6
414 Jan 8
473 Mar 8
4
14 Jan 20
17 Jan 6
53 Jan 7
3 Jan 25
114 Feb 10
318 Jan 4
11 Jan 2
20 Feb 8
61 Feb 18
/
4
00 Jan 14
12 Feb 9
503 Jan 4
4
4112 Jan 5
ts Feb 1
14 Feb 2
4 Feb 3
8 Jan 6
65 Feb 5
4 Jan 9
8 Jan 4
3 Jan 4
1512 Feb 10
2 4 Jan 2
3
154 Jan 4
4
3 Feb 5
11 Feb 11
258 Feb 13
49 Feb 8
28 Jan 4
11 Jan 5
11 Jan 5
97 Jan 27
2 Feb 4
13 Jan 6
4
4 Jan 4
114 Feb 9
8
285 Jan 2
1712 Feb 10
107 Jan 2
8
31511 Jan 5
15 Jan 6
8
17 Mar 1
214 Jan 8
317 Jan 6
8
86 Jan 18
1012 Jan 5
18012 Jan 4
6 Feb 10
3 Feb 9
12
11 Mar 4
44 Jan 4
3 Feb 9
194 Feb 10
/
1
7514 Feb 26
34 Jan 4
1214 Jan 29
11 Mar 4
28 Mar 2
103 Jan 5
8
150 Jan 6
11 Feb 6
/
4
21 Feb 24
4 Jan 5
/
1
4
42 Jan 13
54 Jan 4
16 Jan 29
80 Jan 8
37 Jan 4
8
12 Jan 5
12 Jan 5
/
1
4
43 Jan 6
74 Jan 5
5014 Jan 11
1 Jan 11
2 Jan 5
/
1
4
54 Jan 2
1 Feb 11
63 Jan 5
8
2314 Jan 5
124 Feb 1
2518 Jan 23
1112 Jan 4
43 Feb 25
4
6612 Mar 7
1 Jan 30
18 Mar 7
54 Feb 2
20 Mar 8
2018 Feb 6
25 Feb 27
13 Jan 6
8
14 Feb 10
10 Feb 9
PER SHARE
Range for Prerioue
Year 1931
Lowest
Highest
$ per share $ per share $ per share
858 Oct 21312Mar
8
113 Mar 5
24 Apr
11 Oct
18 Mar 5
2114June
778 Dec
134 Feb 1
/
1
4
783 Mar
4234 Oct
57 Feb 13
814 Mar
112 Deo
112 Feb 4
4
143 Feb
10 Sept
10'3 Jan 23
9234 Dec 10712 Aug
8
963 Mar 11
1314 Mar
212 Dec
514 Mar 5
4
77 Dec 1853 Feb
873 Jan 14
4
Feb 18 103 Dec 135 Sept
11913
2
217 Mar
6344 Dec
8 Feb 19
50 Dec 107 Mar
4
593 Feb 19
4
94 Dec 1243 Aug
10114 Mar 11
1118 Feb
12 Dec
114 Jan 6
69 Feb
712 Dec
1212 Jan 6
74N Mar
20 Oct
323 Mar 7
4
94 Dec 110 Jan
10014 Feb 18
413 July
3 Dec
4
212 Jan 6
97 July
2128ept
4 Jan 8
603 Feb
4
9 Dec
153 Mar 9
8
64 Jan 14
41 Dec 1034 Mar
5512 Jan 14
984 Mar
32 Dec
3314 Mar 7
68 Mar
23 Dec
114 Feb
14 Jan 13
4 Dec
23 Mar
4
14 Dec
3618 Feb 1L
453
8Sept
2313 Dec
105 Feb 13 2983 Dec 115 Aug
8
25 Feb 16
49 Mar
16 Dec
51 Feb 23
42 Dec
87 Jan
5612 Mar 10
42 Dec
91 Mar
19 Jan 4
1818 Oct
353 Jan
8
5 Feb 15
31* Dec
123 Mar
4
85 Feb
214Mar 5
1 Dec
1134 Jan 11
10 Dec
25 Jan
3 Mar
la Sept
3 Jan 4
6 jani9
3 Dec
2
13 June
293 Mar
8
12 Dec
4734 Mar 8
40 Dec 1097 Feb
8
134 Jan 25
1 Dec
64 Feb
22 Jan 25 11512 Dec
497 Feb
8
64 Mar 11
48 Dec
92 Mar
338 Feb 6
213 Dec
73 Feb
8
2 Jan 14
118 Dec1512 Feb
814Mar 11
3 Dec
30 Jan
14 Jan 7
1012 Dec
274 Aug
2734 Jan 15
20 Dec
6614 Feb
812 Mar 8
618 Oct
9 Feb
1514 Oct
21 Aug
94 Jan 18
8514 Feb 104 May
15N Mar 8
127 Dec
8
20 June
495 Dec
5912 Jan 26
8
6818June
41 Jan
53 Mar 7
63 Aug
N Jan 11
7 Feb
8
14 Sept
7 Jan 9
8
3 Feb
128
121114
118 Jan 18
312 Mar
12Sept
7 8 Dec
7
3512 Jan
10 Feb 20
80 Dec 10212 Mar
80 Jan 11
4 Dec
712 Mar 7
193 Feb
4
8 Dec
12 Mar 10
644 Feb
24 Dec
1812 Mar
412 Jan 14
8
3213 Feb
2112 Mar 9 4155 Dec
212 Dec
38N Feb
53 Jan 14
8
1314 Oct
4314 Mar
1912 Jan 15
1 Dec
8
63 Feb
3
17 Jan 4
15 Dec
60 Feb
17 Jan 11
/ Oct
1
4
238 Mar
218 Dec
77 Mar
3
311 Jan 14
/
4
45 Dec
61 Feb 16
88 Mar
28 Dec
:3534 Mar 8
734 Feb
47 Mar
93 Sept
3
1512 Jan 15
94 Dec
/
4
193 Mar 4
8
251 Apr
10534 Mar 11
95 Dec 114 Mar
11 Dec
/
4
338 Jan 8
913 Feb
113 Dec
234 Feb 1
13 Feb
513 Jan 13
212 Dec
2512 Feb
1612 Jan 4
1112 Dec
65 Jan
3838 Mar 10
25 Oct
4812 Feb
2618 Jan 14 2227 Dee
8
644 Feb
/
1
1114 Jan 14
107 Dee
8
1218 Jan
4012 Mar 9
2814 Dec
58 Apr
2 4 Feb 17
3
114 Dec
812 Feb
243 Jan 14
4
143 Dec
4
763 Mar
4
25 Mar 11
2033 Dec
353 Mar
4
37 Feb 15
2918 Dec
60 Mar
88 Jan 29
85 Dec 10014Sept
245 Jan 14
8
2158 Dec
48 Mar
867 Jan 21
8
793 Dec 1033 July
4
8
9 Feb 13
514 Oct
28 Jan
4 Jan 5
314 Oct
1014 Feb
14 Jan 28
1014 Oct
31 Mar
60 Feb 18
4312Sept
76 Jan
5 Jan 13
258 Dec
23 Feb
283 Jan 14
8
21 Dec
8118 Mar
90 Jan 13
81 Dec 114 Mar
114 Mar 5
912 Mar
1 s Dec
'
1612 Feb 19
1358 Dee
7418 Mar
143 Jan 9
4
12 Dec
5738 Feb
118 Jan 11
1511 Feb
4 Dec
2414 Mar 3
914 Oct
383
4MaY
6812 Mar 3
45 Dec
7678May
24 Jan 14
7 Feb
/
1
4
11 Dec
4
31 Jan 13
52 July
264 Dec
7 Mar 9
Ms Feb
412 Oct
64 Feb 13
40 Dec
82 Aug
612 Jan 21
9 Mar
/
1
4
33 Oct
8
192 liar 0
144 Dec
4218 Mar
95 Feb 6
85 Dec 117121411Y
5 Jan 14
/
1
4
2078 Feb
3 Dec
/
1
4
17 Jan 8
10 Dec
68 Feb
1834 liar 9
134 Dec
/
1
624 Feb
GI Mar 10
91 Feb
35 Dec
1112 Mar 8
133 Apr
4
33
4Sept
6512 Mar 1
72 Apr
50 Jan
1 Jan 11
658 Feb
/ Dee
1
4
45 Jan 12
8
612hlay
11Sept
/
4
7 Jan 14
/
1
4
2258 Feb
514 Dee
3 Jan 22
14 Dec
254 Mar
9 Mar 4
/
1
4
/
1
184 Mar
7 Oct
3514 Mar 7
21 Dec
46 May
4
1312 Feb 23
293 Feb
111 Dec
/
4
42 Ault
3014 Mar 8
2411 Deo
134 Jan 14
2313 Apr
10 Dee
111 Jan
/
4
5 Oct
/
1
4
612 Jan 8
964 Jan
73 Dec
8114 Jan 5
4
63 Mar
1 Dec
14 Jan 11
/
1
l's Jan
14 Jan 12
/ Dec
1
4
3712 Feb
4 Dec
8 Feb 16
80 Mar
15 Dee
20 Mar 8
3012 Mar
22 Dec
23 Jan 12
Sept 30 Apr
2814
2714 Jan 2
/
1
4
9 Mar
114 Dec
214 Jan 14
4
637 Mar
14 Dec
19 Jan 16
19 Mar
/
1
4
11 IMPS
111 Jan 7
/
4
New York Stock Record-Continued--Page 5
__
1919
r_4•7 FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
-
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Mar.5.
Monday
Mar. 7.
3 per share
.30
50
.65
68
*1014 11
0112 11
/
4
*13
4 312
*7
11
1 14 114
73
73
.81 10
/
4
ns 26
*9212 100
*79 4 803
,
4
*783 8014
4
*1
2
1114 1112
814 9
*11814 120
3
/ 4
1
4
*56
565
8
207 2214
8
414 432
1212 1312
714 7
/
1
4
4
4
1 14
114
1 14
13
8
373 3812
8
37
375
2
02212 233
4
*31 3
/
4
/
1
4
*3
33
4
73
8 7
/
1
4
*1
/
4
4
*3
/ 4
1
4
1
*3
4
*5
712
1113 113
4
/
1
4
*33
4 4
1612
*16
114
114
*1612 1712
233 24
4
3 per share
30
30
.66
68
1014 1014
13
4
15
4
*2
32
,
*814 11
1 14
114
7312 7312
*812 10
25
26
*93
97
80
808
4
.80
82
1 18 118
1112
*10
9
93
8
118 125
3
/ 4
1
4
565
8
*56
2214 233
4
43
2 434
127 1312
8
6
714
37
2 4
*1 12
114
*112 15
8
3714 384
/
1
3612 3712
233 232
4
4
3
3
/
1
4
*23
4 33
4
7
7
3
4
/
1
4
4
4
73
78
*5
7
11212 114
*3
/ 4
1
4
163 163
3
8
11 11
/
4
/
4
.16
1612
2418 247
8
Tuesday
Mar. 8.
Wednesday
Mar.9.
$ per share $ per share
.30
50 .30
50
*66
68 .66
68
*1014 103 121014 11
4
13
4 *112 181
13
4
4
4
.2
4
*7
978 *8
1012
/
4
*114 11 .114
its
7412 7412 75
78
*818 10
*812 10
26 18 2618 2612 2612
*93
96
*93
97
83
80
/ 8212 83
1
4
81
83
8012 8112
214
*118 214 *1
*1012 1112 *1012 11
9
91
/
4
912 9
/
1
4
12213 125 •123 12514
33
4 4
.33
4 4
8
565
563 *56
4i
*56
Thursday
Mar. 10.
S per share
*30
50
68
68
.1014 11
*DI 154
*2
4
11
*8
114
114
*7218 85
*818 10
*2412 2512
*93
07
80
80
81
*80
214
*1
1012 1012
95 104
8
/
1
125 12612
33
4 33
4
5682
*55
Friday
Mar. 11.
Sales
for
the
Week.
STOCKS
alEW YORK STOCK
EXCHANGE
PER SHARI?
Range for Year 1932
On basis of 100
-share iota
Lowest
Iltyheat
PER SHARE
Range for Preetont
Year 1931
Lowest
Mahal
3 per share Shares Indus. & MIscell. (Cons.) Par $ Per share $ per share $ per share I per share
10 Hamilton Watch pre(
100 30 Mar 7 30 Mar 7
.30
94 June 103 Jan
50
70 Jan 14
No par 65 Jan 21
10 Hanna pre! new
.66
68
87 Dec
94 Feb
984 Jan 29 15 Jan 6
1130 Harbison-Walk Refrite_Ne par
"1014 11
1113 Dec
444 Feb
/
1
78 Jan 6
17 Jan 15
2
.112 154
600 Hartman Corp alma B_No par
Is Dee
72 Feb
3
112 Mar 2
4 Mar 8
No par
Class A
100
11 Dec
*2
/
4
4
104 Feb
/
1
Hawaiian Pineapple Co Ltd_20
74 Feb 18 10 Jan 12
/
1
814 Nov
*8
11
4212 Jan
112 Jan 12
118 Jan 19
400 Hayes Body Corp
No par
I Doc
114
8 Mar
112
25 70 Mar 2 78 Mar 9
60 Oct 100 Feb
500 Helme (0 W)
*75
8212
5 Doe
/
1
No par
Hercules Motors
6 Jan 5
/
1
4
*812 10
18 Mar
84 Jan 15
No par 25 Jan b 2818 Feb 18
*2412 2512
700 Hercules Powder
23 Dec 258 Mar
95 Doe 11913 Mar
Hercules Powder $7 cum p1100 92 Jan 13 95 Jan 12
*93
97
68 Dee 103 Mar
/
1
4
80, 8014 1,800 Hershey Chocolate____No par 7312 Feb 10 83 Mar 9
4
Preferred
7012 Dec 104 Mar
80
80
700
No par 7312 Feb 8 83 Mar 8
112 112
14 Jan 12
/
1
11 Mar 7
/
4
13 Dec
3
200 Hoe(R)& Co
ho par
812 Mar
1014 Doc
400 Holland Furnace
10 Feb 10 1172 Jan 11
*103 107
3
2
37 Feb
No par
8
514 Dec
812 Jan 4 193 mar 10
10
10
1918 Apr
5,600 Hollander & Sons (A) No par
81 Jan 138 Dec
124 124
2,500 Homestake MInmg
100 110 Feb 15 13014 Jan 7
4 Mar 5
211 Jan 4
212 Dec
914 Mar
35 ,,
8 .1 334 2,700 Houdallle-Hershey el B No par
562,
*56
5212Elept
/
1
4
Household Finance part o1_50 5514 Feb 11 57 Jan 5
65 Mar
8 2314 24
2
2318 243
1514 Dec
0110!Tex tern etfs100 1618 Feb 9 243 Mar 8
681a Feb
18.900 Houston
2214 23
2112 22
412 51
/
4
3 Doe
518 Mar 8
478 5
141 Feb
/
4
Voting trust Ws new____25
318 Jan 5
*414
41
/
4
414 45 11.700
8
1212 1212 12
1113 Dec
13
1212 3,100 Howe Sound
2012 Feb
No par 1014 Feb 29 1612 Jan 12
1112 1112 *11
638 612
6 Mar 7 113 Jan 8
714 Oct
65
25 Jan
4
ho par
8 658
/ 9,200 Hudson Motor Car
1
4
613 65
8
612 6
378 37
8
82 Oct
4
1318 Feb
53 Jan 11
8
10
334 Mar 1
3
/ 37
1
4
8
37
8 3
3
/ 33
1
4
4 2,300 Hupp Motor Car Corp
/
1
4
*113
114
7 Feb 9
4
/ Dec
1
4
114 114 *118
42 Feb
13 Jan 9
4
8
200 Indian Motooycle
No par
114 *118
114
*112 11 *112 11
/
4
10
114 Jan 4
118 Deo
/
4
45 Feb
15 Jan 21
8
8
112 113 *114
112 8,700 Indian Refining
No par 231 Jan 4 381 Mar 7
/
4
11,000 Industrial Rayon
/
1
4
37
373
21 Oct
4 3612 3634 3514 363
36
80 Feb
4 34
3612 383
4 371 1 3914 363 3814 3612 3612 7,600 Ingersoll Rand
No par 2712 Jan 5 3912 Feb 19
4
252 Dec 182 Jan
4
223 2312 02212 23
4
No par 20 Jan 8 24 Feb 13
19 Dec
*207 23
/
1
4
8
71 Feb
*201 23
500 Inland Steel
/
4
3
/ 311 *3
1
4
314 *312 314
2 Feb 23
/
1
4
414 Jan 14
3 Dec
1133 Feb
700 Inspiration Cons Copper___20
318 312
*23
4 312
213 Jan 19
37 Jan 7
8
100 Insuransharce Otto Inci_No par
214 Dee
3
3
93 Feb
8
34
,
*3
33
4 *3
7
7
412 Jan 2
7 12 712
8 Jan 12
414 Doe
4July
714
123
752
713 714 1,400 Insuraushares Corp of Del___1
/ Jan 7
1
4
No par
*
/
1
4
/ Jan 10
1
4
100 Intercont'l Rubber
7
3
*1
/
4
7
2
/
1
4
413 Feb
*1
/
4
7
8
14 SePt
*1
/
4
4
4
*4
412 *4
414
313 Jan 7
278 Dec
4
4
414 Jan 22
600 Interlake Iron
No par
15 Jan
24 Feb 5
111 Jan 9
No par
1 Dec
721 2,700 Internat Agrloul
514 Feb
7
8
*84
*84
.54
7
8
7
8
7
8
*5
7
*5
7
7 Jan 18
/
1
4
*5
Prlor preferred
7
/
1
4
•5
7
100
4 Jan 5
413 Doe
51 4 Feb
,
4
11412 115
1123 11518 114 117
/
1
4
02 Oct 1793 Feb
111 11212 6,500 lot Business Machlnee_No par 90 Feb 10 117 Mar 9
4
4
4
*334 4
*33
4 4
512 Jan 13
100 Internat Carriers Ltd__No par
*33
4 4
352 Jan 4
3 Dec
123 Feb
3
1614 163
4 17
4 1612 163
2147 1512 2.800 International Cement__No par 143 Jan 5 183 Jan 14
8
4 163
4
6213 Feb
4
16 Dec
114
114
114
114
114
114
11
/
4
ss Jan 7
11
/
4
11 Jan 15
/
2,500 Inter Comb E'ng Corp_ _No par
4
/ Oct
1
4
4 Feb
*144 167 *1518 165
/
1
3
100
*1518 16
100
Preferred
2 15
4 Jan 6 21 Jan 15
/
1
4
313 Doc
15
393 Feb
4
/
4
/
1
4
2418 25
221 Dec
8
2412 247
2312 23% 10.800 Internal Harvester__-_No par 211 Feb 9 29 Jan 18
2 234 24
/
1
601s Mar
*95
994 *95
/
1
100 99 Mar 8 108 Jan 8 105 Dee 1431s Mar
Preferred
99
100 100
994 99
/
1
10014 10114 10012 10012
900
8
1012 1012 1014 101 1012 107
82 Feb 28 115 Mar 9
8
/
4
94 Dec
/
1
12,20(1 lot ilYdr0-El Spa 01 A__No par
2 103 111 11
4
/
31 Feb
4
8
1114 103 11
1012 191 193 20
/
4
4
11 Dec
181 1 191 1818 1812 1712 1814 17
/
4
7314 Mar
1752 13,500 International Match pref___25 1584 Jan 5 215* Feb 19
*3
4 Jan 7
213 Dec
31_ *3
312 *3
100 lot Mercantile Marine 0110_100
3 Jan 27
161 Jan
/
4
314
3
314 *3
312
3
3
914 Mar 7
718 Jan 6
7 Dec
2018 Feb
/ 72,600 Int Nickel of Canada...No par
1
4
814 8
8
/ 0
1
4
83
4 91
/
4
812 8
87
2 91
87
/
1
4
8
/
4
918
*82
100 79 Feb 2" SO Mar 7
Preferred
80 Doc 123 Mar
85
400
85
86
86
*86
89
*8613 89 •86
86
89
7 Dec
42 Mar
*812 8s
7 Feb 10 1012 Jan 15
812 812
30 Internat. Paper 7% pref. RH)
812 812 *8
8
/ *8
1
4
812 *8
812
*2
21
11 Jan 2 2 12 Jan 21
/
4
11 Oct
/
4
*218 213 *212 250 *212 212 *214
1014 Feb
Inter Pap & Pow Cl A_ _No par
2
212 *214
/
1
4
01 1
/
4
114 Jan 21
81
Class B
24 Jan 16
1
6 Jan
No par
i'z
12 Dec
1
200
IN
*114
13
4
*114
*1
/ 1
4
12 Feb 5
44 Jan 4
No par
is Oct
412 Feb
Claris C
*1
/
4
3
*1
/
4
81
*5
8
8
4
*5
8
8
4
*5
8
81
*5
8
/
1
4
4312 Mar
*73
4 8
61 Dec
/
4
100
Preferred
71 Jan 5 11 Jan 15
/
4
712 712
500
8
8
8
8
*8
81 *73
/
4
4 8
4 Dec
/
1
4
834 Mar 10
*5
414 Jan 14
9
*5
1614 Feb
912 *43
4 912 *48
200 Int Printing Ink Corp_h'o par
8
54 *5
4 012
78
8 8
*32
25 Doe
43
*32
42
*32
IOU 3244 Jan IS 37 Mar 2
41
/
1
*32
40 .3614 43 .3614 43
Preferred
69 sMaY
,
9 2214 223
2214 220
42 Feb
4 2218 2318 227 22
18 Dec
8
/ 22
1
4
100 195* Jan 2 2312 Feb 17
22
2012 2112 5,300 Intern.'Mona' Salt
387 387 .39
8
$4 lime
391 30
/
1
1,100 International Shoe____No par 3612 Jan 4 444 Jan 15
/
4
39 .3812 39
37 Dec
*37
39
3712 38
17
20
19
3
2014 193 2314 21 14 23 2 2112 247
4
2414 15,700 International Silver
51 Mar
100 15 Feb 11 2478 Mar 10
2 23
1534 Dec
.51
61
5014 5014 .515 72
0
*5218 60
9018 Mar
7% preferrred
50 Dec
*53
10
/ 61
1
4
100 50 Mar 1 65 Feb 13
.524 85
/
1
1114 2112
91 1112
/
4
07 103
8
8 1018 103
8 10
/
1
334 Feb
10 8
,
713 Dec
014 10 129.212 Inter Teleo & Teleg____No par
712 Jan 4 1214 ..eb 19
8
8
/
1
4
9
912
9
9
(1
81s 812
211 Feb
/
4
4.800 Interstate Dept Eitoree_No par
514
7
8 Dec
6
514 Mar 10 11 Jan 0
5.51, *43
*43
6412 *43
6412 *43
5412 4014 43
20
5212 Dec
*3612 5412
6713 Mar
Preferred cc-warrants...100 4014 Mar 10 5213 Jan R
*512 7
*514 7
.512 63
4 *51 6
/
4
/ *512 63
1
4
1812 Feb
Intertype Corp
4 *512 63
453 Dec
4
No par
413 Jan 23
5 4 Mar 3
3
2
2
2
2
*2
214 *2
4 218
21
/
4
17
8 2
"13
700 Investors Equity
914 Feb
No par
111 Jan 5
114 Dec
25* Jan 14
.15
1514 15 4 1514 151 1514 *15
,
/
4
1514 "15
1514 *15
1514
200 Island Creek Coal
31 Jan
141 Dec
4
I 1414 Jan 4 18 Jan 14
4 35
35
347 34
345 343
8
4
/ 3' 3'
1
4
*34
700 Jewel Tea me
35
24 Oct
341 345
/
4
8
5712 Feb
No par 30 Jan 4 35 Feb 13
197 20 4 20
8
3
4
203
4 191 204 193 2012 1914 2018 185 1014 17,900 .1ohns-Manville
4
/
1
8
No par 154 Jan 4 2512 Feb i9
154 Dec
/
1
/
1
80 4 Mar
,
90 90
40
*90 100
*89
Preferred
90
00 100
*90 100
*90 100 .
100 88 Feb 3 903 Jun 22
4
8314 Dec 126 Apr
77
77
783
4 78
77
80 Jones & Laugh Steel prof_ _ 100 75 Feb 29 84 Jan 5
7852 785 *75
77
78
*731 77
8
/
4
63 Dec 12312 Mar
K C P& Lt lot pt ser 11_No var 11214 Jan 5 11334 Jan 23 11114 Oct 11513 Apr
*1001 1 112 *10014 112 *10014 112 *10014 112 *10112 112 .10112 112
Karstadt (Rudolph)
11 Jan 6
/
4
5
8
*12
•12
5
8
5
8
5
*15
8
•12
*12
5
8
5
8
*15
/ Jan 5
1
4
7 Jan
14 Dec
812 9
8 8 914
8
8
824
8
8
/ 3.400 Kaufmann Dept Storm $12.50
1
4
812 9
5 Jan 4
91 Mar 7
/
4
4 9
5 Dec
12
18 Feb
8
8
..No par
700 Kayser (J) Co v IS_ __
1274 8
/
1
9
/
7 Feb 10
1
4
9
*734 8
*814 812
94 Fob 19
/
1
814 8
714 Dec
2438 Mar
234 27
8
2
212 278
218 47,800 Kelly-Springfleld Tire_No par
23
4
2
21 258
214
/
4
1 Jan 4
2
278 Mar 7
34 Oct
313May
100
193 204 203 227
2212 203 2252 193 2014 2,260
4
8
177 20
8
62 Jan 5 227 Mar 8
4
4
/
1
4
8% preferred
8 20
8
518 Oct
26 Mar
43
43
100 20 Jan 2 45 Mar 9
04012 47
138
*3812 15
6% preferred
*4012 47
41
45
*3812 43
10 sent
15 Mar
31,
*3
3
/
1
4
/
1
4
31 31
/
4
3
3
/ 3
1
4
/
4
/
1
4
31 31 1,400 Kelsey Hayes Wheel___No par
31 3
/
4
/
4
/
4
3 Jan 4 4 14 Jan 14
8 Dec
205 Feb
4
No par
10
7 Jan 4 1038 Feb 19
101 10
/
4
10 8 10
3
/
1
4
6 Sept
07 10
8
95* 9
1014
9
/ 93 16,400 KelvInator Corp
1
4
4
1512Mar
03314 3412 *3312 3413 *3312 3412 *33
No par 2614 Jan 15 38 Feb 23
325 35
8
30 Kendall Co prof
3412 3412 3412
20 Jan
60 Apr
9
8 104 11 12 1012 103
/ 1018 49.000 Kennecott Copper
1
4
/
1
3111 Feb
8 1018 103
No Par
i
1012 107
4
87 Feb 24 13 Jan 14
4 1012 107
95 Dec
8
8
I *15
19
No par 1612 Feb 6 1912 Jan 9
Kimberley-Clark
19
137 Dec
*15
2
*15
19
19
19
*15
41 Jan
*15
19 "15
*15
8
13
4
112 11
218 Jan 22
/
4
No par
Di Jan 5
113 Dec
13
4
400 Kinney Co
112
13
4 *114
112
112 112 *114
2013 Jan ,
10
*10
13
5 Dec
11 12 *10
10
100 10 Feb 3 1318 Jan 23
1018 *10
Preferred
*1014 13
13
40
13
70 Jan
1618 165
2 1613 165
15 Dec
10 151 Jan 4 19 Jan 14
/
4
29 Aug
53
8 1613 1612 1614 1658 1612 1612 x1534 1614 15,500 Kresge (E3 S) Co
*343 37
4
*343 37
4
2014 Dec
*343 37
No par 30 Jan 15 37 Jan 21
4
3434 343
*343 37
4
5.5 Feb
100 Krems Co
*343 37
4
4
018 Jan 26
7
/ 7
1
4
43 Jan 5
4 Dec
4
/
1
4
/
1
4
6
/
1
4
514 6 274,800 Kreuger & Toll
71 712
/
4
2734Mar
6
653 7
6
/ 714
1
4
185* 184 18
1213 Dec 31511May
/
1
4
1852 18
/
4
/
1
187
4 164 1718 26.500 Kroger Groe & Bak___No par 12 Jan 5 181 Mar 8
8 175 1812 1712 173
/
1
8
6114 52
40 Oct
/
/ 525* 543
1
1
4
4
87 Mar
/
1
4
4
No par 4234 Feb 27 553 Jan 14
4
8
4 533 6412 533 5412 5312 5412 523 5414 36,300 Lambert Co
4
*4
5
*4
5
Jan 28
3 Doc
/
1
4
Jan 28
313
*4
5
31
/
4
*4
5
171s Jan
No par
*4
Lane Bryant
5
*4
5
.2
214 *2
214 *2
178 Oct
43 Mar
214 *2
2 Jan 5
214 *2
24 Jan 8
/
1
4
Lee Rubber & Tire_ __.No par
214 *2
214
5 Dec
188 Feb
612 Jan 28
4
Lehigh Portland Carnet:3_60
61 *6
/
4
5 Jan 6
/
1
4
612
61 *6
/
4
61 *6
/
4
612 *6
*6
812 *6
068
70
68
68
72 Dec 1011 Feb
/
4
67
100 67 Mar 8 75 Jan 12
90
07 .67
*67
90
90
*67
7% preferred
100
*2
218
2
2
134 Dee
312 Jan 8
2
2
11 Jan 6
/
4
*11 2
/
4
833 Jan
*17
8 2
*11 2
/
4
500 Lehigh Valley Coal-No par
*55
8 9
.528 8
*54 9
/
1
6 Dec
30 Jul,
9 Jan 9
*552 9
*55
8 9
50
Preferred
5 Feb 6
*5
/ 9
1
4
4313 45
45
465
8 45
35 Oct
46
69 Feb
/
1
4
/
1
453 46
4
451 45
/
4
4418 45
9,200 Lehman Corp (The)_ __No par 35 Jan 5 464 Mar 7
223 24
4
2312 24,
4 2314 233
1813 Oct
4 2318 2314 *2212 2314 2218 2212 7,700 Lehn & Fink
341 Feb
4
No par 1052 Jan 4 2414 Mar 7
712 71
/
4
7
6
/ 6
1
4
/
1
4
734
7
204 Apr
/
1
5 Dec
/
1
4
714 *64 714 *61 712 1,600 Libby Owens Glans__ No par
8 Jan 20
518 Feb 10
/
1
/
4
*56
5712 5812 594 5912 593 *5713 5914 *58
/
1
59
39 Oct
58
5812 2,60(1 Liggett & Myers Tobaeco__25 4514 Jan 5 5978 Mar 7
91 Feb
4
583 583
8
4 59 4 60 4 60
,
613
4 59
3
60
611 59
/
4
40 Oct
5818 591 18.000
913 Feb
4
25 4538 Jan 4 6134 Mar 8
Series B
/
4
11812 1181 .117 120 *117 120 *118 125 *118 123
.1164 118
/
1
200
100 11012 Jan 6 11812 Mar 7 110 Dee 146 May
Preferred
*2018 204 .20
/
1
201
2012 21
*1912 2012 *19
20
/ 21
1
4
16 Sept
20
2511June
1,100 Lily Tulip Cup Corp___No par 1612 Jan 4 21 Mar 8
•123 1412 .13
4
14
1212 10
1212 1212 12
117
8 1034 1034 1,20( Lima Locomot Worka__No par 10 Mar 10 1634 Jan 14
313 Feb
4
1234 Dec
•13
15
*13
15 .123 15
4
14
14
.13
15
14 Dec
*13
15
33 Feb
100 Link Belt Co
No par 12 Jan 22 14 Mar 9
19
1912 1912 20
1912 22
2114 213
4 2012 2112 193 2014 9.300 Liquid Carbonic
4
1312 Dec
5518 Feb ,
Vs par 1412 Jan 41 22 Mar 8
321 333
/
4
3314 34
4 3212 33
/
4
/ 321 321 311 3212 3012 317 17,000 Loewe IneorPorated
1
4
/
4
/
4
8
'
6312 Feb
237 Dec
8
No par 2314 Jan 5 34 Mar 5
70
70
*7012 74
*7010 73
*7012 74
*7013 74
99 b,44,r
66 Dec
7012 707
8
300
No par 57 Jan 6 72 Feb 19
Preferred
312 4
37
8 4
33
4 34
/
1
12,900 Loft Incorporated
4 Mar 5
/
4
3
/ 33
1
4
4
3
/ 33
1
4
4
21 Jan 2
33
4 4
No par
23 Oct
3
612 Apr
*1
11 "I
/
4
110
*1 11
/
4
/
4
*3
4
114
*3
4
Lang BO Lumber A...No par
1 14
11 Jan 20
/
4
11 Jan 20
/
4
*84
114
4 Jan
114July
36
36
354 357
/
1
8 354 357
/
1
2 3512 351 341 341 341 3512 1,400 Locee-Wllea Biscuit
/
4
/
4
/
4
/
4
/
4
26 2972 Jan 4 361 Feb 17
544 Mar
/
1
297 Dec
3
153 155
8
8 1518 157
2 154 163
/
1
2 153 1614 153 161 16
4
163 113,600 Lorillard
4
4
/
4
25 12 Jan 4 167 Max 10
8
10 Oct
211Juli
/
4
*9014 93
*3317 92
93
93
93
03
93
*9312 9978
93
300
/
1
4
100 73 Jan 5 93 Mar 8
7% preferred
7434 Dec 10212 Aug
11 118 "1 14 11
/
4
/
4
11 11 "118 rs
/
4
/
4
13
8
04 114 2,100 Louisiana 011
15*
1 Jan 7
4 Feb
/
1
4
No par
1 Dec
158 Mar 8
•14
24
*14
24
*14
24
*15
24
*15
24
*15
24
55 Jan 0
100 12 Feb 3 18 Jan 2
Preferred
20 Dec
2212 22
23
.22
2212 23
/ 2318 2318 .2212 23
1
4
2112 2212 2.600 Louisville G & El A____No par 191s Jan 5 2338 Mar 8
3538 Feb 11
4
177 Dee
•44 5
/
1
43
8 438
412 412 *41 412 *414 5
/
4
414 414
300 Ludlum Steel
t
19 Marl'
No par
Ili Jan 5
4 Dee
5 Jan 21
0167 2012 *1612 2018 *1612 201 *16
8
2018 *1613 2018 194 197
/
4
/
1
8
100
Preferred
61 Jan 5 20 Mar 3
/
4
No par
10 Dec
524 Feb $i
/
1
/
1
4
*1412 144 *1412 143 *1412 143 *1412 143 *1412 1434 .
4
4
1412 1454
MaoAndrow3 & Forbee_No par I37 Mar 11 1514 Feb 17
4
13 Dec
25 Feb
*61
80
80
*61
*61
60 60
80
80 .61
60
6112
207
8% preferred
100 60 Jan 6 624 Jan 6
60 Sept 10012 Apr I
/
1
4
8 163 171
2 163 1714
1612 174 104 177
8
1712 177
1614 1652 7,300 Mack Trucks Ins
/
1
No par 1214 Jan 6 1818 Mar 4
12 Dec
43 Feb
/
1
4
563 57
4
57
554 4,000 Macy Co
8
5512 53
2 57
/
1
5712 55
6734 573 577
No par 47 Feb 10 6012 Jan 14
60 Dee 10614 Feb 1
.3i., 4
.312 4
*312 33
4
312 312 1,100 MadL•ou Sn Oarden
352 33
4
4 *312 33
No par
218 Jan 8
4
33 Mar 9
2 Sent
712 Mar
14
/
4
618 61 1,100 Magma Copper
/
4
12 71
*612 712 NB, 712 *61 712
7
7
7
0 Mar 1
718 Oct
No par
273 Feb i
82 Jan 14
8
4
*7,
1
*3
4 112
1 18
*7
8
*84
81 118
1
/
4
118
*84
MaIllson al R)& Co__No par
12 Jan 6
lz Doe
118 Jan 18
43 Mar,
4
*14
/
1
4
*14
/
1
4
3
8
01
/
4
Manati Sugar
/
1
4
12 Mar 2
•1
/
4
"1 1
38
1 Jan 11
100
814
/
1
4
5 Mar
Is Nov
*12 13
12
12
*12 13
8
8
*12 18
*12 112
•
12
100
Preferred
1.34
2 Jan 25
100
12 Feb 27
34 Dec
127 Jan
2
*2
3
*2
3
3
*2
3
*2
3
*2
No par
2 Jan 22
3
Mandel Bret
.2
72
3 Jan 5
3 Sept
8 June
/
4
*512 612 *512. 612 051 614 *514 614
512 51
51
4
./ 6
100 Manhattan Shirt
25
434 Jan 27
7 Jan 15
412 Dec
12 Feb
.5
8
1
*58
1
*1 1
/
4
•N
1
100 Maracaibo 011 Explor_ _No par
*1 1
/
4
5 Mar 1
8
/
1
4
/ Jan 12
1
4
/
1
4
/
1
4Sent
3 Feb
/
1
4
104 1114 *1011 1114 1052 1118 103 103
/
1
/
4
4
4 11
11
103 11
4
1.300 Marine Midland Corp
10
912 Jan 5 121 Jan 14
/
4
914 Dee
241 Feb
/
4
11
*103 1114 *1012 11
4
4,100 Marlin-Rockwell
No par
104 1112 11
/
1
101 11 14 104 11
/
4
/
1
9 8 Jan 6 1112 Mar 8
5
9 Dec
/
1
4
3252 Feb
118
118
118
1 12
114
400 Marmon Motor Car
•I is
114
114
No par
114 .112
11 Feb 18
/
4
114 *1 18
2 Jan 9
114 Dec
10 Feb
/ *718 714 2,000 Marshall Field & Co
1
4
714 Feb 10 1313 Jan 14
No par
71 7
/
4
/
4
71 71
/
4
4
758 73
912 Dec
8
8
7 2 71
,
/
4
3211 Fat,
/
4
11
/
4
•1/4
1,
2
"a
Martin-Parry Corp
12 Feb 8
*5
8 112
*5
8 11
No par
*5
8 112
.58
112
12 Feb 3
13 Dec
31 Jab
/
4
_____
N Er-Nteht,
1 Ex-dividend
• Bul and asked prima: no *Mee on thlii day
_
New York Stock Record-Continued--Page 6
1920
rir 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
Mar.5.
Monday
Mar.7.
Tuesday
Mar.8.
Wednesday
Mar.9.
Thursday
Mar. 10.
Friday
Mar. 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
$ per share 8 per share $ per share $ per share 8 per share Shares Indus. & Miscell. (Con.) Par
1812 2012 20
19
19
2012 1912 20 8 1912 1912 5,700 Mathieson Alkali WorksNo par
7
100
Preferred
8
*995 120 *995 120 '998 120
8
*9953 120
*9932 120
25
8
8 1814 1812 1814 1812 1,100 May Dept Stores
*183 1914 1914 1914 187 187
4
Maytag Co
No Dar
4 *212 2 4 *212 2 4 *212 23
3
4
3
3
*212 2 4 *212 23
Preferred
No par
600
7
7
6 8 65
5
8
7I
718 *612 7
612 612
No par
Prlor preferred
*35
45
*35
45
45
*35
45
*35
*36
45
No par
183 183 *19
4
4
19
1812 1912 19
1913 1,100 McCall Corp
193 *19
4
McCrory Stores class A No par
*15
22
*15
22
22
*15
22
*15
*15
22
Class B
No par
*15
20
*15
20
20
*15
20 "15
.15
20
Preferred
100
50
50 50
*5014 55 ,,e5014 55
*50
55
*50
55
714 712
714 714
714 712
714 733
714 712 9,200 McGraw-Hill Publica's No par
*1518 157 *1518 157 *1514 157
8
8 1,300 McIntyre Porcupine Mines__5
8
157 157
2
8 1512 16
8
563
4 535 561 30,100 McKeeeport Tin Plate_No par
8
8
5712 5912 5712 5812 573 583 z56
8 33
4 2,600 McKesson &Robbins__No par
38 38
5
7
4
4
312 35.2 *35
312 353
Preferred
50
1114 2,600
1138 115, 1118 1114 1114 11
117 125
8
8 11
No par
2,800 McLellan Stores
3
3
314 314
33
4 32
7
3 8 37
7
3
8 *3 4 4
No par
145 1512 1512 1512 *1518 1512 *1518 151 *1518 1512 1,100 Melville Shoe
4
No par
100 Mengel Co (The)
214 214
5
*214 25* *214 258 *214 25
8 *214 2 8
100 Metro-Goldwyn Plot pref--27
*1913 21
*1912 21
*1912 21
*1912 21
21
21
5
550 Miami Copper
,
r314 4
312 312 *314 312 *314 4
3 8 312
3
3
3
No par
*65
8 54
8
628 612
8
53
4 57 :6,800 Mid-Cont Petrol
g
57
8 61
83
8
5 8 614
7
No par
618 67
718 7 8
7
7 4 74
3
3
55* 6 .i 5,200 Midland Steel Prod
618 612 *614 684
8
*4814 5014 5014 5014 5012 503
100
700 8% cum let pref
5114 5114
55
4 5114 5114 *52
*1914 2112 *1812 2018 2018 2018 *18
2112 7 100 Minn-Honeywell Regu_No par
. 8
v
2112 *18 i 213 *18
13
4 134 *178 2
17
8 17
8 1,400 Minn-Moline Pow Imp!No par
2
8
*13
4 17
*13
4 2
2
*818 912 .818 912
Preferred
No par
913 93 11 300
*818 912 *818 912
9
9
4
9
918 *9
1,600 Mohawk Carpet Milbi_No par
9
9
918 914
914 912
93
4 94
8
9's
2614 2653 27
8,200 Monsanto Chem Wke No par
2813 2712 30 4 2812 303 r2812 2918 273 29
4
4
3
978 1038 86,300 Mont Ward Co Ill Corp No par
1018 1012
1014 11
1012 11
107 1114 1014 11
2
.3418 38
No par
*34
Morrel (J) & Co
*34
38
*35
38
38
38
*35
*3418 38
.14
3
2
*14
3
2
*14
3
2
14
14
100 Mother Lode Coalitlon_No par
*14
*14
3
8
3
8
5
8
*5
8
84
5
8
400 MotoMeter Gauge&Eg No par
5
8
*5
8
8
4
12
5
8
5
8
*5
8
3
4
2512 2512 0237 263
8
8 25
25
200 Motor Products CorD No par
8
4
4
*237 25 ;*233 E247 *237 243
8
*514 52
4 4 53, 53
,
4
514 53
2 *512 514 *518 .6 51
512 514
400 Motor Wheel
No par
1134 1178 12
1214 1 s 12
.113
900 Mullins Mfg Co
11
113
8 1012 1012 1014 1012
No par
24
2434 243 243
4
8
8
4 247 247 *2212 243 4+2212 24
Preferred
170
2114 2212
No par
4 1
5147 16
8
*147 16
8
100 Munsingwear Ins)
147 147 •143 62 ..147 62
8
*1478 62
8
8
No par
8
No par
918 93
4
918 912
813 83
8% 9%
813 812 15,200 Murray Body
813 8
7
4
1714 1714 *1612 19
7
*1614 193 *1614 193 *1614 i 193 *1614 193
No par
100 Myers 1 & E Bros
4
4
4
173 1818 17 4 1818 173 177
4
No par
3
173 1734 1612 173
8
8
4
8 177 18
4 8,400 Nash Motors Co
300 National Acme stamped___ _10
314 314 *315 312 "314 312 *313 312 *35* 313
33
8 33
8
*6
6
6
*6
7
7
No par
40 Nat Alr Transport
*514 7
6
6
.53
8 67
8
5
8
12
5
8
12
12
5
8
12
58
No par
5s 6,000 Nat Belles Hess
12
13
52
*313 6
*313 6
100
*3
6
Preferred
*3
*3
6
*3
6
6
45
46
10
4518 4678 453* 4618 4514 463
'
4 4514 46
443 457 10,800 National Biscuit new
4
8
100
*11714 131 *124 131 *12412 131 *12412 128
7% cum pref
12712 12712 k, 200
127 127
117 137
8
8 1338 1438 135 1414
8
1212 1314 117 1212 31,200 Nat Cash Register A w INo par
8
4 14
No par
8
3038 313
8 297 3053 287 30 159,300 Nat Dairy Prod
30% 313
30 8 307
3
8 3012 31
8
*78 1
500 Nat Department Stores No par
*7
8 1
*8
4 1 ,
84
8
4
"4 1
7
8
7
8
100
*518 6
6
Preferred
*518 6 41 70
*51
5
5
5
"5% 6
5
2214 2253 1 6,000 Nat Distil Prod ette___No par
,
2318 2433 ': 225 237
7
2314 23 3 2353 24% 23 8 24
7
Nat Enam & Stamping___ _100
87
8 *612 87
8 *612 87
*6
87
*613 83 *612 873 "61
100
National Lead
*87
98
98
*87
9314 1.'87
*87
98
*87 100
*87 100
100
Preferred A
20
125 125
*122 130 *122 130 *125 130 *125 130 *125 130
100
Preferred B
•101 116 *101 116 *101 116 *101 116 *101 116 *101 116
2
8
No par
8
8 145 1512 25,200 National Pr & Lt
8
155 1614 157 1638 153 1614 053 155
8
1414 18
$ per share
182 197
4
8
*995 120
8
1812 1914
*212 3
6
6
*34
45
*1914 2012
015
22
*15
20
*50
55
7 8 712
3
16
16
5712 5812
38 4
7
127 1312
8
3
4
15
15
*214 2 8
5
*20
21
_
i
521. 235, 22
2
2278 ii
812
9
9
9
914
*31
*3112 35
34
34
4
4
*1314 133
4 133 133 *13
914
4 914
83
4 9 8 *85
5
4
5
*412 518 *4
4%
438 418
Cy 43
4
.. 4 211* ii .2018 11
2
14
8
812 812
8
9
3112 3112
*3112 35
35
14
15
14
1412 147
s
9
9
IA 93
8
10
*33
4 412 *312 412
4
412
418 414
433 45*
ia
_
1,000
70
1,900
2,500
200
6,100
;A .. ls
i
5 4 14 ;ais 444
1
ii4 134 .-,,, iiia
;53* 1
87
712 *7
7 4 7 4 *712 10
3
3
*7
10 ;1,100
7
7
712
.812 12 • *612 1012 *813 1012 *612 1012 *613 1012 *612 12
*20
45
*20
45 *20
*20
4.5
*20 , 40 "20
45
40 '
134 178
.134 2
13
4 2
13
4 13
1,200
4 2
4 *13
*13
4 2
4.9313 95 .9312 95
*95
9514 9518 9514 1 130
95 95
*93l2 95
10518 107 *106 10712 10713 10712 107 10712 *10612 110 "a 150
*10512 110
143 155
4
8 1512 1818 153 157
-43.900
8
8 16
8
163
4 163 1738 1612 17%!
383 395
8
3 3814 393
8 38
38
3912 375* 3814 36% 378 40,600
395
100
.4534 463 *45
8
4
4
4
4 463 463 *457 48
4
463 *4512 463 *4512 463
4
4,500
3
3
3
3% 31g
3
3 1, 3
318 314
3
318
1,100
83
83
*82
8212 8212 8212 8212 8212 *8212 83
83
83
*512 612 *512 6
*512 8
6
*512 8
*6
8 '4 200
6
20
.02611 28 28 28 *2612 2912 *27 2912 *27 2912 *27 2912
8 1,600
112 15
*13
8 112
4 13
4
112 15 t,, 13
8
118 112
112
112
63
2 63 118.400
4
8 7
57
8 578
85
3
6
04 7 8
13,
8 67
8
63
8
800
118 118
114 114 *118 114 *118 114
118 PS
1
118
45,
200
4% 414 *37
412 412 *4
618 *414 618
618 *4
35
33
4 414 *312 414 14,200
414 Cy
4% 43
4
4
313 313
9
*7
9
*7
*7
*7
9
*612 9
*612 9
9
250
11
11
8
.10
1114 107 11
13
11
13
1114 113 *12
4
1912 19,100
1914 2014 19
173 1712 18
8
1912 1914 21
1858 18
190
103 103 *103 105 *10312 105
10312 10312 *103 115 *103 115
*312 37
400
33
*334 4
3
33
4 33
4
4 33
4
3 8 3 8 *312 4
7
7
160
914 914
1078 11
11
11
10
1014 1014 1014 *913 1014
1,000
2578 2578 26
8 2512 2512 2512 251
26
2518 253
4 25% 257
3,900
8 355s 357
38
36% 357 363
348 351y 347 35
8
s 3512 363
3
4
413
4 403 40 4 3912 4018 2.700
4112 41
4134 41
*4012 413
4 41
*912 11
*912 11
11
*10
11
*10
11
*10
*10
11
200
101 10114 99 10012
100 100
104 1043 102 102
4
100 100
37, 4
16,100
38 4
7
37, 4
33
4 4
37
8 4
37
8 4
*16
30
30
30 .16
30 .16
*16
.16
30
187 *16
8
200
1714 1714 1714 1714
*17
19
19
*16
*16
30
*16
30
200
*318 4
312 313 *318 413 *318 412 *318 4
3
3
200
112 112 *118 138 *118 112 *118 112 *118 112 *118 112
300
*7
8 114
*7
8 114
114
*1
I
I
7
2 1
*5
8
7
8
918 912 81,300
92 10
8
93 10 8
8
3
8 10
I012 107
8 1018 105
10 3
3
112 118 1,000
114
114
13
8
112 *114
1,
8 114 *1
118 1'8
5
8
5
8 1,900
8
4
*5
8
3
4
8
4
3
4
84
4
3
4
8
3
4
8
4
1,800
4
4
414 438
412 412
428 432
4
*43
8 45
8 *414 42
*712 9
300
*712 818
712 812
818 813 *712 818 *712 81s
600
352 33
4 *313 4
3
8 34
5
312 3 8 *35
2 312
*33
8 312 *33
293
3 3,500
3012 3038 323
4 30% 3114 3014 3012 29
*30
292 30
4
8 3313 34
12,000
3
3412 33 4 343
3312 3412 34
8
8 327 34
337 343
8
91
•1
*518
"18
•883
$
88
*II
412
63
8
_
-55
43
8
9
712
*31
53
8
*312
*5
,
e
511
*7
2
1
.21
903
3
90
91
Ilg
1%
llg
*518 63a
6
4
233 *1612 233
4
*883 95
8
95
91
9614
91
11
4 11
113
412 424
412
7
63
4 7
_ _ _
_
ii
31 *55 47
a
43
4
45
8
912 912
912
713 712
712
597
*31
55
533 653
512
*313 6
6
*212 7
7
72
8
*3
3
8
84 614
812
1
1
78
2218 2214
22
90
90
1
1
*518 638
*16
233
4
95
*90
96 101
1112
*11
412 47
8
2
62
4 67
;45
411
953
*713
*31
618
"312
*5
12
63
4
1
217
t
3
*8812 90 8
114 114
*518 6
4
*16
233
*8838 05
99 101
*11
113
4
4
453 43
614 63
4
90o2
*88
*1
114
*518 6
*16
233
4
*8833 95
96 100
*11
113
4
412 434
614 612
_
_
*8812
*1
*518
*16
*883
2
97
*11
43
61g
_
ii 11 *aii,
ii .ia li
4
414 414
412 412
412
*918
912 97
10
10
10
4 *712
8% *713 8% *712 83
*31
*31
55
*31
55
55
512
55
6
6% 612
612
*312
.312 6
*313 6
6
*2
*3
6
*2
6
8
8
8
72
72
8
8
72
72
612
65
8 63
4
7
7
714
78
1
1
1
1
11*
s 2113 2112 211g
213 217
4
217
No pa
Preferred
No Dar
50
National Supply
100
Preferred
50
National Surety
No par
National Tea Co
No par
Neisner Bros
Nevada Consol Copper No par
2014 7;555 Nat steel Corp
*712 812
3034 3114
1412 1412
*83
4 914
312 312
41s 414
400
903
3
500
114
6
233
4
95
97
13,100
113
4
100
412 18,100
618 6,100
_ ___
li
300
418 6,500
9 8 3,100
7
200
83
4
55
512 22,900
6
6
3
8 1,500
65
8 3.000
1
5,800
2118
900
Highest
PER SHARE
Range for Previous
Year 1931
Lowest
Highest
$ per share $ per share $ per share $ per share
3111 Jan
12 Dec
13114 Jan 5 2078 Mar 10
8
10018 Feb 25 105 Jan 13 104 Oct 1253 Mar
39 Mar
16 Jan 4 20 Jan 13
155 Dec
8
878 Feb
113 Dec
2 Jan 5
3 Jan 14
814 Jan 13
2438 Mar
IS Sept
538 Mar 4
7112 Mar
35 Jan 26 3514 Jan 7
35 Dec
38 Jan
1512 Dec
17 Jan 4 21 Jan 14
4
15 Dec
15 Jan 4 1513 Feb 4
512 Feb
5158 Feb
1411 Dec
15 Jan 27 19 Jan 14
50 Mar 1 62 Feb 18
54 Dec
9312 Mar
29 Feb
6 Dec
712 Jan 7
6 Feb 10
1438 Jan 5 1814 Jan 9
12 Oct
2812Mar
43 Jan 5 6214 Feb 19
3812 Oct 10312 Apr
312 Mar 9
17 Jan
338 Dec
512 Feb 15
3738 Feb
1014 Mar 3 23 Feb 13
15 Dec
233 Jan 6
1012 Mar
4 Mar 5
112 Dec
1412 Feb 17 18 Jan 9
1413 Dec
34 Mar
218 Jan 4
812 Feb
2 Sept
2 4 Jan 8
3
1911 Feb II 2214 Jan 14
15 Dec
27 Apr
11
8
414 Jan 13
278 Jan 6
105 Feb
234Bep
514 Feb 9
5 Oct1644 Jan
612 Mar 8
552 Mar 11 10 Jan 14
7 Oct3112 Feb
4218 Feb 10 51% Mar 9
3514 Oct94 Feb
5813 Feb
19 Jan 5 2312 Jan 18
15 Dec
25 Jan 18
8
112 Jan 2
712 Feb
114 Dec
48 Mar
818 Dec
7 4 Jan 5 11 Jan 25
3
8 Jan 4 10 4 Jan 20
3
7 4 Dec
3
215 Mar
8
2
4
203 Jan 7 303 Mar 8
4
1614 Oct28 4 Aug
2914 Feb
658 Dec
87 Jan 4 1114 Mar 5
8
58 Fen
2938 Jan 6 33 Feb 6
28 Dec
14801)1
28 Jan 4
14 Jan 2
4
8 Feb
412 Mar
5 Dec
8
1 Jan 9
13 mar 11
8
15 Oct475 Apr
22 Jan 29 2613 Mar 2
7
5 Dec19 8 Feb
611 Jan 14
5 Jan 9
367 Mar
8
81.1 Dec
734 Jan 6 1338 Jan 13
7212 Mar
19 Feb 5 27 Jan 13
20 Dec
3114 Jan
11 Dec
10 8 Jan 18 15 Feb 25
7
3
5 Oct18 4 Mar
978 Mar 2
53 Jan 5
8
20 Oct4512Mar
1614 Jan 8 19 Feb 13
407 Mar
8
15 Dec
15 Feb 9 1918 Jan 14
3
25, Dec10 4 Mar
2% Jan 4
37 Jan 14
8
4 Sept13 Mar
7 Jan 21
12
518 Jan 5
118 Jan 5
2 Jan 29
8
7 Dec10 Feb
8
32 Feb
378 Dec
5 Feb 17
258 Jan 29
371 Jan 5 4678 Mar 7
3638 Dec
834 Feb
12513 Jan 16 130 Mar 15 11912 Dec 15314May
3934 Feb
718 Dec
714 Jan 5 1438Mar 7
8
20 Dec50 4 Mar
21 Jan 5 313 Mar 8
3
712 Feb
% Dec
1 Feb 19
34 Mar 10
31 Feb 9
60 Jan
478 Dec
8 Jan 2
36% Feb
16 Dec
1714 Jan 4 2412 Mar 3
277 Feb
8
514 Dec
8 Jan 21
5 Jan 5
86 Jan 19 92 Jan 8 27812 Dec 132 Jan
113 Jan 4 125 Mar 11 111 Dec 143 June
4July
100 Jan 5 105 Jan 13 100 Dec 1203
4414 Feb
1014 Dec
1214 Jan 5 1638 Mar 8
Ps Feb
18Msy
%sot
218 Jan
581g Feb
1813 Oct
1912 Feb 10 2312 Jan 8
914 Mar 4
7014 Feb
5 Dec
6 Jan 4
22 Feb 10 34 Mar 5
20 Dec 111 Feb
7812Mar
11 Jan 4 173g Jan 14 z10 Dec
2478 Mar
814 Dec
63 Jan 5 10 Mar 8
4
512 Jan 14
2514 Feb
3 Dec
3 Feb 24
6% Jan 14
424 Dec
418 Feb 29
143 Feb
4
1012June
No Dor
41 June
Class A
50
473 Jan 18
214 Dec
2 8 Jan 5
7
Newton Steel
No par
413 Dec
8 Feb 28
6 Feb II
NY Air Brake
No par
714 Dec
714 Jan 2
618 Feb 2
New York Dock
100
20 Sept
Preferred
100
118 Dec
2 Jan 14
NY Investors Inc
No Dar
11 Jan
8
8013 Dec
98 Feb 5
N y Steam 18 pref.-No par 90 Jan
94 Dec
10712 Mar 9
57 1st preferred
No par 102 Jan
1738 Mar 10
10 Oct
123 Jan
8
Noranda Minns Ltd
26 Oct
40 Feb 19
North American Co-No par 29 Jan
4012 Dec
473 Mar 3
4
Preferred
50 41 Jan 2
2 8 Dec
3
414 Feb 1
224 Jan
North Amer AviatIonNo par
79 Dec
8812 Jan 18
No Amer Edison pref__No par 79 Jan
4 Dec
8 Jan 21
5 4 Jan
8
North German Lloyd
28 Jan 29
21 Dec
Northwestern Telegraph_ 50 25 Jan
124 Mar 10
12 Jan
34 Feb
Norwalk Tire & Rubber_ _10
738Mar 9
5 Jan
518 Dec
No par
Ohio 011 Co
2 Jan 15
Oliver Farm Equ p new No Par
Isa Dec
1 Jan 1
613 Jan 16
3 Jan
218 Dec
Preferred A
No par
43 Mar 8
4
112 Jan
No par
158 Oct
Omnibus Corp
978 Jan 21
7 Mar
Oppenheim Coll & Co No par
818 Dec
6 Jan
1414 Jan 13
Orpheum Circuit Inc pref-100
438 Dec
No pas 1618 Feb 8 2212 Jan 8
Otis Elevator
1618 Dec
Preferred
100 100 Jan 5 105 Jan 15
97 Dec
414 Jan 7
312 Feb 10
No par
Ott, Steel
313 Dec
Prior preferred
100
912 Jan 5 14 Jan 16
8 Dec
Owens-Illinois Glyn 0o.-25 20 Jan 4 27 Feb 19
20 Dec
25 3218 Feb 8 37 Feb 13
Pacific Gas dr Electric
2958 Oct
No oar 3813 Feb 6 413 Mar 7
4
Feeble Ltg Corp
35 Oct
7 Jan 4 1014 Jan 11
Pacifist Mills
100
7 4 Dec
3
Pacific Telep & Teleg
100 9318 Feb 10 1043 Mar 5 39314 Dec
4
312 Feb 9
Packard Motor Car____No par
514 Jan II
37 Dec
8
Pan-Amer Pete & Trans_ _60
20 Oct
-Class B
50 16 Feb 6 19 Jan 8
18 Dec
Park-Tilford Inc
No par
413 Jan 13
3 Feb 10
3 Sept
1 Mar 3
Parmelee Transporta'n No par
2 Jan 8
1 Dec
Panhandle Prod & Ref_No par
12 Jan 23
114 Jan 15
53 Dec
812 Jan 5 1112 Jan 14
Paramount Public
No par
513 Dec
Park Utah CM
I
1 Feb 18
114 Jan 4
7 Sept
8
Pathe Exchange
No par
2 Jan 2
8
1 Feb 17
14 Dec
Class A
134 Jan 11
No par
5 4 Feb 17
3
118 Dec
Patina Mines & Enterpr___20
Ms Jan 5
9 Feb 13
418Bept
Peerless Motor Car
212 Mar 2
50
4 Jan 26
2 Oct
Penick & Ford
No par 23 Jan 5 323 Mar 8
4
22 Oct
No par 261A Jan 5 3412 Mar 8
Penney (.7 C)
2824 Dec
Preferred
100 80 Feb 3 91 Mar 5
7934 Dec
Penn-Dixie Cement
12 Jan 2
7 Jan 7
8
-No Par
8
3 Dec
4
Preferred
100
3 4 Feb 13
3
514 Jan 12
VI Dec
People's Drug Store- No par
15 Dec
634% cony preferred--100 75 Jan 7 95 Feb 2
.
5
78 Dec
People's0 L 430(Chic) __100 88 Mar 6 121 Jan 15 107 Dec
.
Pet Milk
No par 11 Feb 4 1212 Jan 7
9 Dec
Petroleum Corp of Am_No par
3 Jan 4
47 Jan 7
8
28 Dec
7
Phelps-Dodge Corp
5% Mar 2
25
813 Jan 8
5 8 Dec
7
Philadelphia Co (Pittsb)- _50
150 May
8% preferred
50 3518 Jan 5 41 Mar 10
30 Dec
Phila dr Read 0& I_
No par
3 Jan 4
513 Feb 20
23 Dec
4
Phillip Morris & Co Ltd.
812 Feb 2 10 Mar 8
-10
8 Dec
Phillips Jones CorD---No par
714 Feb 1
914 Jan 5
9 Dec
1*
Phillips Jones pier
100 2912 Feb 27 32 Feb 10
36 Dec
Phillips Petroleum- _ __No par
4 Dec
4 Jan 5
612 Mar 8
Phoenix Hosiery
DeC
5312
Pierce-Arrow Maus A-No par
51 Oct
8 Jan 29
9 Jan 13
Pierce Oil Corn
14 Dec
25
Is Jan 8
14 Jan 2
Preferred
312 Dec
7% Mar 8
312 Jan 5
100
Pierce Petroleum
13 Dec
118 Jan 7
8 Jan 2
8
No par
Pillsbury Flour M11121....No par 2014 Jan 4 2212 Jan 9
12 Dec
84
•Bid and asked prices: no sales on thls 11117. ti Ex-dividend and ex-rights. s Ex-dividend. y Ex-rights.
p
PER SHARE
Range for Year 1932
On basis of 100
-share lots
207 Mar
*
5514 Oct
24 Feb
25 Jan.
3734 Jan
80 Jan
121g Jan
1073
4Mar
118 Apr,
29131v1aY
9014 Feb
57 Mar
11 Apr
10712 Aug
353 Apr
8
4712MaY
2 Nov
1913 Jan
53 Feb
8
26 Jan
812 Mar
2813 Feb
72 Mar
5818 Jan
12912Mar
1638 Feb
6913 Feb
3934 Jan
5478 Mar
6912 Mar
2614 Mar
13134 Mar
1178 Feb
3518 Jan
3812 Jan
11 Mar
4 8 Jan
7
414 Feb
5014 Feb
214 Mar
278 Feb
83
3July
1512 Feb
458 Feb
4612 Feb
4434 Aug
10014 Sept
512 Feb
29 Jan
3512 Mar
10414 Aug
250 Feb
1713 Jan
7
10 8 Feb
8
255 Feb
155 June
5612Mar
1214 Mar
125 Aug
8
8
147 Nov
52 Jan
16% Jan
1014 Apr
2714 Feb
DI Feb
4
332 Feb
338 Feb
37 Mar
New York Stock Record-Continued--Page 7
tar
1921
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SEVENTH PAGE PRECEDING.
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Mar.5.
Monday
Mar.7.
Tuesday
Mar.8.
Wednesday
Mar.9.
Thursday
Mar. 10.
Friday
Mar, 11.
.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1932
-share tots
On basis of 100
Lowest
Highest
PER SHARE
Range for Precious
Year 1931
Highest
Lowest
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscell. (Con.) Par $ per share $ ye- share $ per share $ per share
*5
2812 Jan
4 Dec
712 Jan 14
6 Jan 7
100
Pittsburgh Coal of Pa
71
6
*5
6
*5
7
7
.5
712 *5
*5
80 Jan
3
100 29 4 Jan 7 40 Jan 28
27114 Dec
Preferred
*30
*30
37 "30
37
*30
37
37
3212
3212 *30
•30
4 Feb 18
314 Jan 2
3 Dec
1514 Feb
5
Pittsb Screw & I3olt___N0 par
*35
8 4
*3 4 4
3
*35s 4
4
*35
*38 4
*3
5
217 Doe
87 Jan
2
Pitts Steel 7% cum pref __AGO 22 Feb 17 24 Jan 18
"23
26
28
*23
26
*23
26
*23
26
•23
26
*23
212 Mar 8
1 Dec
1 Jan 4
25
15 Feb
213 212 *214 2 4 *214 212 *214 23
100 Pittsburgh United
3
4
*214 212 *218 212
99% Feb
40 Dec
100 30 Jan 11 40 Jan 21
3718
Preferred
3718 "35
40
*3512 3712 3612 3812 *35
37
3612 *35
•35
53 Dec
8
1814 Jan
NO par
Pittston Co
12
*12 4 ' 4
*12 4
12
*12 4 ' 4
*12 4
41 Jan 14
13 Jan
5
3 Oct
32* Jan 28
No par
37
37
100 Poor & Co class B
*3
33
4 *3
3
33 '3
4
3 4 3 4 *3
3
*3
33
4
35 Jan 4
27 Feb
2 Sept
514 Jan 15
300 Porto Rican-Am Tob el A.._100
5% 518 "43
514 514
514 *43
4 514 *5
4 5
*5
514
8 Feb
%Sept
17 Jan 14
8
11 Jan 28
NO par
Class B
100
8 133
15
8 '13
8 15
8 *13
8
'112 133 *13
112 Ps
•112 15
3912 Jan
4 Dec
9 Jan 14
412 Jan 4
7
*612 712
7
*812 67
100 Postal Tel & Cable 7% pref 100
*612 63
4 *614 63
4 "512 614
71 Mar 8
20 Feb
5
418 Dec
412 Feb 9
25
612 634 27,900 Prairie 011 & Gas
612 67
67
7
718
(38
68 65
6
6
57 Dec
2612 Feb
4
93 Mar 8
614 Jan 4
25
98
812 87 32,500 Prairie Pipe Line
8
914
85
8 9
8%
83
4
958
8% 93
4
858
71s Feb
114 Dec
25 Jan 14
8
No par
158 Jan 6
900 Pressed Steel Car
214 214 '2 4 212 *214 288
214 258
218 218
214 214
,
471 Feb
512 Dec
83 Jan 5 11 Jan 14
4
100
Preferred
712 712 '8
*8
9
300
12% '8
123 '8
4
*8
9
123
4
71% Mar
3688 Dec
No par 3778 Jan 5 42% Jan 14
4 403 4134 4012 4188 3933 4012 3912 40
14,800 Procter & Gamble
393 40% 4014 413
4
6 Feb
1 Dec
1% Mar 9
1 Jan 23
112 112
114
114
112 112 1,800 Producers & Refiners Corp_ _ 60
112
112
112 133
*114 112
16 Feb
3 Dec
84 Mar 11
50
358 Jan 8
Preferred
100
84 83
*7
9
*7
9
*7
9
*7
9
4
*63
4 9
9612 Mar
49% Dec
585 5912 577 60
8
577 16,700 Pub Ser Corp of NJ___No par 4814 Feb 10 60 Mar 7
58 2 5958 577 59% 5712 5858 57
,
78 Dee 10212May
No par 78 Jan 7 87 Mar 7
55 preferred
85
85 "*85521 86s 8514 8533 1,200
853 86
4
*86% 864 87 87
92 Dec 120% A us
100 95 Jan 5 1 Mg Mar 11
8
8% Preferred
4
10018 10012 997 1001z 10014 10012 *993 10088 -*997 1005 1005 10052 1,200
8
8
8
4
100 108 Feb 10 114 Mar 10 112% Oct 13P 3 Aug
Preferred
1163 '112 116% *113 1163 114 114 "114 1185
8
7%
100
8
*114 11658 *112
8
100 12012 Feb 2 13014 Mar 5 118 Dec 16018 Aug
___ *127
8% preferred
*127
•12712 ___ *12712
100
13014 13014
87% Dec 10714 Aug
300 Pub Ser El & Gas pf 55_No par 86 Jan 5 98 Mar 9
96 *9212 96
*93
96
*9314 98 .128*96 98
96 96
96
584 Feb
1514 Dec
8
No par 155 Jan 5 25 Jan 14
21
22% 9,000 Pullman Inc
22
4 22
4
7
2314 2412 223 23 s 2212 2314 21% 223
2 Jan
14 Aug
18
*18
14
*18
14
*18
14
418
14
38 Jan 2
*18
14
1
18 Feb 17
60
100 Punta Alegre Sugar
1178 Jan
37 Jan 4
518 Jan 16
43
314 Dec
51
43
25
434 5
458 48
412
412 9,600 Pure Oil (The)
412 47
48
8
5312 Dec 1017 Jan
100 50 Jan 5 6012 Jan 14
160 8% preferred
60 60
*5912 60
*60
62
*60
62
60 60
5512 60
5514 Mar
10/4 Dec
8
No par 105 Jan 6 157 Mar 7
8 1488 1518 1414 144 14% 143
8 1312 1418 29,200 Purity Bakeries
153 153
8
4 1518 157
2713 Feb
518 Dec
514 Jan 5 1058 Feb 19
95
97
914
95 1088
8
912 10
No par
Radio Corp of Amer
83
4 93
4
4
83
4
814 83 115,900
5518 Mar
20 Dec
50 22 Mar 9 327 Jan 12
Preferred
22
24
26
1,100
24
24
*2314 24
*2212 24
2612 2612 *24
60 Mar
9% Dec
8
9 2 Jan 4 187 Jan 14
7
Preferred B
NO par
8 8,500
4
14
153
4 133 14l4 1312 135
16
1614 1614 158 1658 15
4 Dec
23 Dec
57
*533 512
7 Jan 14
258 Jan 4
Radio-Keith-0mb
No par
538 512
512 55
8
614
512 614
558 512 12,500
97 Jan 5 1158 Feb 15
2912 Mar
812 Dec
10
*93 11
4
11
10
10
4
300 Raybestos Manhattan_No par
103
4
*93 1012 *93 11 '10
4
17 Dec
8
307 Feb
4 Feb 4
214 Jan 4
384
10
312 312 *33
8
312 312
314 314
358 33
324 312 1,300 Real Silk Hosiery
90 Feb
5 Dec
100 10 Mar 9 14 Feb 4
Preferred
140
10
10
10
*7
10
10
10
10
*614 10
*614 12
s
17 Jan
12 Jan 12
14 Jan 2
la Dec
No par
Reis (Robt) & Co
•18
*18
%
*8
,
3
8
*18
3
8
3
3
8
*is
*ls
3
8
6 Sept13 Apr
4 Feb 4
3 Jan 8
100
*312 414
*312 514 *312 514 *312 514 *312 41
*312 51
1st preferred
1934 Feb
17 Dec
8
2 Jan 6
NO par
358 Jan 14
27
23
4 27
8 7,000 Remington Rand
23
4 27
8
3%
27
8 3
3
3
358
3
88 Jan
6% Dec
100 10 Feb 9 1112 Feb 5
1st preferred
141 *12
4
1412
all
1412 *1112 14l3 *1112 1412 *113 1412 '12
98 Jan
10 Dec
100 11 Jan 22 12 Jan 21
2d preferred
12
12
20
10
*12
20
*II
20 "11
20
20 '11
*11
1018 Feb
27 Dec
8
23 Mar 1
8
10
35* Jan 8
212 21
212 258
8
212 212 2.700 Reo Motor Car
8
258 25
212 25
212 213
81 Jan 14
414 Jan 5
58
57
61
2558 Pet:
4% Dee
57
57
57
6
618
514 512 5,100 Republic Steel CorD___No par
512 534
812 Jan 4 1518 Mar 5
100
818 Dec54 Feb
6% cony preferred
1,600
14
14
151s 1518 1518 1518 1414 141
15
153
8 15% 151
13 Jan
2% Dec
314 Jan 29
3 Jan 14
100 Revere Copper & Brasa_No par
4
*23
*23
4 4
3
3
*3
4
*3
4
*3
4
30 Jan
6 Jan 30
5 Jan 5
6 Dec
No par
Class A
*5
7
*5
7
*5
7
*5
7
*5
7
7
55
77 Jan 4 10 Mar 3
8
7 Sept223 Mar
24 93
No par
400 Reynolds Metal Co
93
4
95* 9 *
912 912 '9
93
4 93
4
5
*9
4 *912 934
212 Oct1814 Mar
55 Jan 14
8
3 Feb 23
*314 4
Reynolds Spring new No par
*314 4
*314 4
*314 4
*314 4
*314 4
5412June
32% Dec
5
1 3912 38% 3912 27,800 Reynolds(R J) Tob class B_10 32 Ian 4 4014 Jan 14
3 40
39
3914 40
39
3912 39
39'2 39
7512 Feb
69 June
8
10 657 Feb 9 69 Jan 2
Class A
*657 68
8
*657 68
8
*657 68 '65% 68
8
*657 68
8
*657 68
8
6% Jan
*59
le Dec
34 Jan 11
74
12 Jan 4
3
4 3.100 Richfield 011 of Calif___No par
3
4
3
4
*53
3
4
3
4
*7
8
34
% %
1014 Feb
/
4
11 Nov
2% Jan 12
2 Jan 2
No par
214 23
2
214 23
8
214 214 2,900 Rio Grande 011
23
8 25*
218 214
*21
214
4134 Mar
53 Dec
4
8 Jan 9
65s Mar 8
No par
65
100 Ritter Dental Mfg
*65
8 712 *612 714 *612 714
65
*612 714
'612 7
81j Jan 14
26 Fob
334 Feb 5
314 Dec
10
5
512 1,300 Roasts Insurance Co
512 51
6
6
*512 57
6
6
514 6
425 Feb
13 Dec
8
8 20% 2118 2012 2012 7,700 Royal Dutch Co (N Y shares) 133 Jan 4 23 Mar 4
2112 2158 215
2112 21
21
2214 23
75 Jan 2 1012 Feb 15
30 8 Feb
3
7 Dec
10
7,400 St Joseph Lead
1018 *97 10
*9
10
8
101 *10
912 1018
*9
9%
98
6913 Aug
385 Jan
8
39 Jan 2 5914 Mar 5
NO par
5512 5714 5555 563 40,000 Safeway Stores
555 571
4
8 5612 581
574 554 554 587
9818 Sept
6314 Dec
100 72 Jan 6 84 Jan 8
6% preferred
350
83
83
82
84
80
84
84
84
*75
85
'8014 85
71 Dec 10812 Aug
100 75 Jan 4 94 Jan 15
1
92
93
7% preferred
370
92
9312 92
90's 90
8912 9014 90, 90% 90
2014 Feb
31 Jan 5
3 8 Dec
5
758 Feb 1
612 612
612 612 1,000 Savage Arms Corp____No par
64
612 612 "6
6
6
6% 714
1118 Mar
25
3 Dec
2 8 Mar 9
,
4 Jan 13
25
23
4 23
'27
8 3
*25
8 3
2 4 27
3
900 Schulte Retail Stores_No par
4 *212 258
85 Mar
30 Dee
100 2012 Mar 10 30 Jan 5
Preferred
"2012 23
2014 21
23
23
*23
30
2012 2012 *2018 23
80
8
20 Apr
9
912 97
4
513 Oct
978 Mar 8
97
8
918 93
6 4 Jan 28
,
814 87 55,600 Seaboard 011 Goof Del_No pa
8% 918
8% 918
11 Feb
212 Feb 10
214 Dec
2 4 Jan 21
3
No par
*23
8 3
*23
8 3
"23
8 3
212 21
*212 3
*212 3
100 Seagrave Corp
83% Feb
3412 343
4
3014 Dec
4 3318 3414 23,000 Sears. Roebuck & Co_No par 2714 Feb 10 373 Jan 18
4 348 3614 343 36
348 3538 345* 353
13
612 Feb
54 Dec
*114
1
112 *14 112 *114 13
138 Jan 12
114 Jan 28
Second Nat Investors
*114
•114
15* •114
158
*34
*34
40
*3412 40
6818 Feb
1 3013 Feb 11 32 Jan 2
*34
40
40
40 '34
27 Dec
Preferred
*3358 40
*14
3
2
14
14
*14
%
*14
3
8
*14
3
2
•14
3
2
14 Sept134 Feb
14 Jan 12
No par
200 Seneca Copper
12 Jan 4
47
47
51 Jan 13
115 Apr
43
4 47
43
4 5
5
4 Jan 5
No par
45
8 43 12,400 Servel Inc
4
518
478 5
*
3% Dec
1214 1218 123
1214 1218 1212 8,200 Shattuck (F G)
4 12
4 1218 123
12
2912 Feb
712 Feb 11 1234 Mar 8
No par
12
814 Dec
12
4 Feb 26
213 Dec
No par
100 Sharon Steel Hoop
*312 412 *312 412 *312 412 *312 418 *312 418
137 Feb
8
5 Jan 14
4
4
7
333 Feb 23
No par
*334 4
4
4
*3
4
*37
8 4
21 Mar
55 Jan 13
1,500 Sharp & Dohme
4
4
3% Oct
4
4
4
No par 2514 Feb 5 3014 Jan 18
Preferred
200
*25
27
*25
28
27
61's Mar
*25
28
2614 2614 .25
28 Dec
27
27
No par
4 8 Mar 9
28 Jan 4
37
8 37
8 7,570 Shell Union 011
37
8 4
101* Jan
212 Dec
358 418
33
4 4
33
4 4
4
4
100 19 Jan 2 31 Mar 7
Preferred
/
1
31
31
78 Feb
15 Dec
*28
2912 254 28
30
293 293
4
4 29
31
1,000
*30
*14
152
*14
52
3
2
3
2
*3
2
12
14
14
*3
2
62
14 Jan 4
18 Dec
54 Jan 14
200 Shubert Theatre Corp_No par
958 Mar
97 1012 10
7 Jan 2 1012 Mar 5
No par
235 Feb
67 Dec
8
8
9
12 912 10.400 Simmons Co
933 95
10
1012
10
95* 10
31 Dec
47
6 Feb 19
10
11 Feb
12,100 Simms Petroleum
5
5
518 5%
458 Jan 5
512 57
8
6
5
5
512
5
4 Jan 4
/
1
4
157 Feb
41g Dec
7% Jan 7
614 65 128,900 Sinclair Cons Oil Corp_No pm
63
8 63
618 64
0
618
64 718
612 718
100 79 Feb 6 89 Jan 15
94 Dec 103 Mar
Preferred
87
87 '85
*81
88 '85
*83
87 •85
87
88
*81
412 Mar 8
212 Feb 8
25
2 Dee
127 Jan
8
4
4
4
414
4
412
37
312 37
8 37s 3,600 Skelly 011 Co
314 37
10 May
8
100 12 Jan 4 177 Mar 11
62 Jan
Preferred
177 178
8
4
*17
19 '18
19
200
173 174 *173 19
19
*17
45 Feb
1 J.01 11
14 Mar 5
No par
h Sept
600 Snider Packing
*14
3
8
*14
3
8
3
8
%
*14
3
8
*14
%
4
14
15 3 Feb
3
2 Oct
4 Jan 11
/
1
4
1% Mar 8
No par
Preferred
*118 2
*118 2
118
112 *118 2
200
*112 2
*112 2
97 10
21 Aug
83 Dec
8
8% Feb 5 1034 Feb 16
25
10
1012 1014 105
105* 170,200 Secony Vacuum Corp
8 1014 1012 10
8 1088 105
95 Mar
40 Dec
500 Solvay Am Inv Trust pref_100 4012 Jan 4 63 Jan 19
*53
577
58
58
59 59
58
58
57
5812 5812 57
6% Dec
1712 Jan
838 Feb 10
858 Jan 14
1,100 So Porto Rico Sugar__No par
7
83
4 63
4
7
712 *7
7
7 24
7% 7%
7
714
87 Oct 11212July
100 88 Jan S 93 Jan 5
Preferred
40
z9012 9012
*92
95
95
92
95 .92
*9112 95 '911 95
5412 Feb
28% Oct
4
25 2914 Jan 8 323 Feb 19
8 4,100 Southern Calif Edison
3218 3214 3214 325* 3218 3212 3214 323
4
4 313 3214 3112 317
213 Jan 14
5 Mar
2I:Sept
3 Feb 26
*25* 5
5212 5
Southern Dairies el B__No par
•212 5
*212 5
*25
8 5
*25
8 5
*105* 12
36 Jan
8 Dec
*1058 12
9 Feb 3 12 Jan 12
No par
8
117 117
8
115 1155 •1178 12
105 12
200 Spalding Bros
94 Dec 11512Ma7
100 65 Feb 24 95 Jan 9
let preferred
*6714 79 '6714 75
72
67
6714 '6514 75
.68
30
*6714 75
9% Dec
2712 Feb
934 Mar 3
83
83 Mar 7
4
*4
9
4 83
4
*4
9
*4
9
9
87
8 87
8 *4
300 SpangChalfant&CoIne_NO par
921 Jan
4812 Oct
100 40 Mar 9 4812 Jan 2
60
•40
60 '40
Preferred
25
40
40 *____ 45
40 40
*40
55
2 Dec
* 27
312 Jan 14
25 Feb 24
8
1355 Mar
8 27
234 23
4 *25
*252 272
27
s 27
'27
8 3
*21
300 Sparks WIthington____No par
91 Feb 13 10 Jan 16
912 91
*912 1012
161 Mar
9 Sept
*9% 1018 *912 1018 *912 10% *912 1018
100 Spencer Kellogg & Sons No par
173 Feb
6 Sept
638 Feb 19
6 Jan 4
No par
*5
63
63
*6
63
Spicer Mfg Co
64 *6
*6
6% *6
6% "6
331 Feb
:
1114 Dec
No par 1452 Jan 30 1452 Jan 30
*11
18
18
*11
18
•11
18
Preferred A
"11
18
*11
*11
18
33
1712 Mar
3 Dec
3 8 Jan 14
5
2 Jan 26
/
1
4
*3
3
*212 33
4 *212 23
3
3
*3
3
200 Spiegel
-May-Stern Co No par
'212 284
2012 Feb
1012 Dec
1134 Feb 10 14 Mar 5
z133 137
4
No par
133 14
4
135 14
1312 1373 26,900 Standard Brands
1333 14
135* 137
4
:
4
No par 1143 Feb 15 1191 Jan 22 1148 Dec 124 July
Preferred
118 118
4
11712 11712 '1173 118
*117 1181 *11612 117
400
11712 11713
4 Feb
11 Dec
4
2 Jan 4
218
2 Jan 4
218 *2
"2
218 "2
2
2
*2
2
2
200 Stand Comm Tobaeco_No par
258
317 323
8838 Mar
2518 Dec
327
317 325* 32
54 3
314 3414 32
3114 32l4 28,000 Standard Gas& El Co_No par 25% Jan 5 3414 Mar 8
4
297 Dec
64% Mar
37
4
37
37
Preferred
No par 313 Feb 9 41% Jan 14
3612 37
381
367 37
8
37
1,600
378* 3812 38
40 Dec 101 Mar
*5814 60 '5814 60
56
56
69
59
593
*55
60 *55
56 cum prior pref........No par 52 Jan 28 6112 Jan 11
200
4
55 Dec 1093 Mar
*67
70
57 cum prior pret __ No par 62 Jan 4 75 Jan 15
200
*6718 71
*67
71
68
68
68 68
*67
70
7 Jan 13
8
4 Feb
/
1
4
3 Dec
8
11 Jan 20
55
8
3
300 Stand Investing Corp_No par
3
4
3
4
3
8
5
8
3
8
5
*5
8
3
4
*5
8
3
87% Dec 106 Sept
8914 8912 8912 8912 1.000 Standard Oil Export pref__100 8484 Feb 11 9112 Jan 9
90
8812 88% "89
88 88
8712 88
2613 2578 26ls 33,100 Standard 011 of Calif
26
263
4 2614 2718 2618 2724 26
25 4 26
3
513 Feb"
4
2313 Dec
No par 2212 Feb 6 2714 Mar 9
19 Jan
"9
10
*9
10
7% Dec
128* Jan 21
812 Mar 11
81 10
9% 1014 '10
700 Standard 011 of Kans____25
103
103 .10
5213 Feb
28 Dec
291 30's 3018 304 3014 3158 3058 311
4
3018 305* 29% 303 91,000 Stanaard 01106 New Jersey_25 251 Jan 29 3112 Mar 9
__- ---•IS
61
1
11
24 3
3
*203 22
4
518 51
125 13
8
10% 1084
101 101
331
*30
*8214 87
*1212 131
*3
8
1
*8
558
*1012 12
.
44
8
8
*114 11
13
•12
*214 212
1155 12
2514 254
2
2
---- --_ ____ _ _ _ ____ _ _
_ _ _ ____ _ _
53
'53
4 6% *53 8
5i
•53 81
4
*5% 81
1
1
1
*1
1
1
1
7
8
7
l's
214 258 4
.2
218
•238 2s
214 21
258 25*
21
*203 2112 '203 213 *2012 213 *2012 2114 21
4
4
4
518 514
5
51
51
518 558
5's
51
S's
8
1412 1558 137 1413
14
151
13
1353 1314 141
1012 11
912 101a
10
1012 1018 lOSs
9
/ 05*
1
4
101 101 "101 120 *102 120 *102 120 '102 120
*31
32
'30
3312 32
*32
331
32
'83
87
863 864 *8014 87
4
85
85
85 85
*1212 1312 '1212 1312 *121s 131 *1212 1312 *1212 1312
12
%
12
12
*3
8
*3
8
5
8
33
12
'2
6% 612
"6
6%
6
6
812 622
612 612
1012 1012 *10
*1012 12
*1012 13
*1012 12
1012
*14
58
*14
52
*14
52
*14
52
*14
62
112 *114
112 *114 2
'114 2
*114 112 *114
*1212 13
*1212 13
1214 1214 '121 13 "1212 13
218 218 "218 213
2
/ 2%
1
4
*2
/ 212 *24 212
1
4
12% 128 125* 1312 1214 1312 1233 13% 1218 1233
2534 25
2414 2422
25
2512 2818 2518 2512 25
21s 28*
8
,
2% 258 '2 8 23 '218 288
21s 2%
___
100
1,900
1,200
100
1,100
36,400
13,400
170
100
260
900
700
200
200
800
40,600
14.200
1,100
• Bid and &Sited Priem: no sales on this day. a Ex-dividend. s Ex-rights.
Standard 01106 New York__25
Starrett Co (The) L 8__No par
Sterling Securities el A_No par
Preferred
No par
Convertible preferred-.50
Stewart
-Warner Speed Corp 10
Stone & Webster
No par
Studebaker Corp (The) No par
Preferred
100
Sun 011
No par
Preferred
100
Superheater Co (The)__No par
Superior 011
No par
Superior Steel
100
Sweets Co of America
50
Symington
No par
Class A
No pm
Telautograph Corp
No par
No par
Tennessee Corn
25
Texas Corporation
_ __No par
Texas Gulf
SulphurTexas Pacific Coal &011._-10
72 Jan 22
5 4 Mar 11
3
11 Jan 9
re Jan 4
/
4
3 Mar 5
133 Feb 10
20 Jan 5 2312 Jan 2
65 Jan 14
5 Jan 4
914 Jan 5 155 Mar 10
1314 Jan 14
918 Mar 11
95 Jan 7 102 Feb 29
2733 Jan 29 32 Mar 1
4
73 Jan 7 863 Mar 10
11 Jan 6 1312 Jan 18
% Jan 18
14 Jan 5
712 Feb 13
44 Jan 4
10% Jan 30 11 Jan 4
5 Jan 21
8
12 Jan 2
2 Jan 19
118 Jan 6
1154 Feb 24 1312 Jan 8
2 Jan 18
53
17a Jan 2
10 Feb 9 13% Jan 14
2012 Jan 4 2834 Feb 17
17 Feb 16
2 Jan 15
311
26 Feb
1378June
3414 Feb
6 Dec
57 Feb
12 Dec
95 Feb
13 Dec
8
40 Mar
1818 Dec
217 Mar
4 4Sept
3
97 Dec
54% Mar
26 Mar
9 Oct
75 Dec 11814 Apr
4514 Feb
263 Oct
4
75 Dec 10412 Feb
4052 Feb
11 Dec
1% Feb
14 Dec
1878 Mar
27 Dec
157 Aug
s
1012 Dee
218 Feb
Is Dec
8% Jan
1 Oct
2113 Mar
Ills Dec
013 Jan
2 Dec
k
97 Dec
357 Jan
1912 Dec
5554 Feb
612 Jan
17 Dec
2
1922
New York Stock Record-Concluded-Page 8
329- FOR SALESDURING THE WEEK OF STOCKS
•
NOT RECORDED IN THIS LIST, SEE EIGHTH
PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
PER SHARE
PER SHARE
Sales
STOCKS
Range for Year 1932
for
Range for Previous
NEW YORK STOCK
Saturday
Monday
Tuesday
On basis ef 100
Wednesday
-share lots
Thursday
Friday
Year 1931
EXCHANGE
the
Mar.5.
Mar. 7.
Mar. 8.
Mar.9.
Afar, 10.
Mar. 11.
Week.
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share 5 per share $ per share
$ per share Shares Indus.& Miscell.(Cond.) Par $ per
share $ per share $ per share $ per share
53
4 54
6
7
6 14
614 612
6
612
553 54
11.700
533 53 11,700 Texas Pacific Land Trust-al
.34 412 *33
412 Jan 4
612 Mar 8
4 412 *4
413 *4
414 Dec
174 Feb
412 .4
412 *4
412
Thatcher Mfg
No par
34 Feb 1
*2618 30
*2618 30
413 Jan 16
*2618 30 .2618 29
34 Dec
22 Feb
*2618 29
*2618 29
Preferred
No par 2614 Jan 18 29 Jan 21
*614 612 *6,
4 612
613 7
2458 Dec
*614 7
41 Mar
*614
7
300 The Fair
*614 7
No par
*2
5 Jan 9
214 *218 214
7 Jan 12
218 21s *2
588 Dec
23 Jan
214 *2
214 *2
214
100 Thermold Co
No pat
*1512 157 •147 157
2 Jan 7
8
8
3 Jan 12
8 15
15
*1513 16
14 Dec
9 Feb
*1511 16
*147 16
8
400 Third Nat Investors
1 13 Jan 6 1812Mar 3
164 164 *153 163
4
4 16
16
1114 Dec
153 16
4
27 Feb
*141 1 16
13
1412 1,000 Thompson (J R) Co
25
834 Feb 9 1634 Mar 5
*814 914
812 914 *812 914
12 Dec
7
9
35 Afar
63
4 73
4
612 63
4 1,000 Thompson Products Inc No par
612 Mar 11
*1
13
8 •1
10 Feb 29
13
8 *1
13
8 *1
13
8
63 Oct
118
3
18 Feb
118 *1
13
8
100 Thompson-Starrett Co_No par
*1312 18
7 Jan 23
3
*134 18
113 Jan 9
*1313 18
*1312 18
7 Dec
8
*1311 18
83 Mar
3
*1312 18
83.50 cum prof
No par 1312 Feb 23 1412 Jan 30
234 23
4
23
4 34
23
4 318
23
4 3
144 Dec
3414 Mar
24 27
8
212 27 31,600 Tidewater Assoc 011
8
No par
*22
238 Jan 5
23
23 23
2434 2434 26
312 Feb 13
24 Dec
2712 2714 28
9 Jan
275* 27 8 1,400
,
l'referred
100 20 Feb 3 28 Mar 10
*3
10
*3
10
*3
10
*3
10
2012 Oct
8
9
5 Jan
8
8
8
200 Tide Water Oil
100
8 Mar 10
*32
35
8 Mar 10
*33
37
35
35
36
36
9 8 Nov
7
18 Mar
38
38
40
41
500
Preferred
100 30 Feb 9 41 afar 11
43
8 43
8
414 43
4
4
4 18 *4
30 Dec
412 *4
83 Feb
414
4
4
1,200 Timken Detroit Axle
10
21
4 Jan 5
2112 204 213
8 20
5 Jan 6
21
20
204 20
312 Dec
12 Feb
205
8 194 203 45,500 Timken
8
618 63
8
6
6 14
53
4 64
64 63 ----------------7,600 TobaccoRoller Bearing.No par 1634 Jan 4 23 Jan 9
164 Dec
8
59 Feb
Products Corp No par
814 814
24 Jan 5
63
3 84
628 alar 5
73
3 73
8
412 Nov
152June
63
4 7
----------------1,800
Class A
No par
47
64 Jan 4
8 5
47
8 918
9 Mar 3
43
4 47
8
6 Dec
47
8 47
8
14 Apr
45
8 43
4
412 45 14,400 Transamerica Corp
8
25
218 Jan 2
6 Feb 17
2 Dec
18 Feb
*5
67
8 *43
4 54 *47
8 512 .434 7
434 43
4 *412 7
200 Transue & Williams St'l No par
358 Jan 8
5 Mar 4
34 4
33
4 4
33
4 4
278 Dec
34 4
334 4
174 Mar
312 33 12,100 Tri-Continental Corp__No par
4
212 Jan 4
553 55 4 5614 5612 563 563 *55
4
414 Jan 14
3
4
4
2 Dec
5812 *56
114 Feb
62
*55
58
400
6% preferred
100 42 Jan 2 5631 Mar 8
304 3114 31
31,
8 3104 3114 3114 31, *314 31 12 31
364 Dec
9414June
2
31
2,000 Trio Products Corp_No par 26 Jan 8 3112 Mar
*1
114
I
*1
1
114 *1
9
24 Dec
114 *1
4553 Feb
114 *1
III
300 Truax Traer Coal
No par
1 Mar 3
54 53
8 *5
34 Jan 14
54 *5
53* *5
1 Dec
10 Jan
514 *5
514
514 514
200 Truscon Steel
10
514 afar 11
2
2
65 Jan 12
.24 204 •2
8
214
678 Dec
214 212 *2
24 Feb
214 *2
214
500 Ulen & Co
No par
2 Feb 4
217 227
8
8 23 2312 224 2312 23
3 Jan 13
2 Dec
23
213 Mar
4
2112 22
220
203
4 7,400 Under Elliott Fisher Co No par 144 Jan 5 2312 Mar
9
9
.9
10
*9
10
7
753 Feb
1338 Dec
*8
4
9
8
9
*73
4 94
300 Union Bag&Paper Corp No par
3414 364 354 363
712
8 353 3614 341s 357
8
6 Dec
14 Aug
8 333 343
4
4 334 3414 62,800 Union Carbide & Carb_No par 2714 Jan 7 1014 Jan 20
1214 1212 125 133
Feb 8 3618Mta 7
8
8 127 133
8
4 13
2718 Dec
72 Feb
133
4 13
13
13
13
6,400 Unlou 011 California
25 1034 Feb 11 137 Jan 7
1714 1712 173 18
4
8
177 1812 183 1914 183 19
8
11 Dec
8
4
265 Feb
4
1812 1914
No par
15 Jan 27 1914 Jan 2
1512 157
3 15
154 1518 1512 1514 1533 154 1558 1458 1518 15,800 Union Tank Car
16 Dec
254 Jan
35,800 United Aircraft & Tran_No par
9.34 Jan 5 167 Feb 17
.45
46
46
46
8
*4412 4612 *44
9 2 Dec
7
3872 Mar
4612 *4214 46
*4314 45
500
Preferred
50 4114 Jan 5 46 Feb 16
2814 28
28
28
28
40 Oct
2812 28
284 2718 28
6114 Aug
2712 3,100 United Biscuit
27
No par 204 Feb 9 2812 Mar 4
*993 102
4
1017 1017 101 10112 *1013 102
8
8
18 Dec
4
413 Mar
4
102 102 *102 105
180
Preferred
100 00 Jan 5 102 Mar 4
1214 1314 1212 1314 1212 14
90 Dee 122 Mar
13
1314 13
1314 1214 13
7,700 United Carbon
No par
918 Jan 2 14 Mar 8
118
118
108
1
618 Oct
1
283 Feb
14
4
118 118
1
1
14 14 2,000 United Cigar Stores.__ _No par
1 Jan 30
•I5
18
134 Jan 11
15
15
118 Dee
*15
712 Apr
193 .1514 193 *17
4
4
19
*17
193
4
200
Preferred
100 15 Mar 7 20 Jan 11
9 8 10
5
20 Dec 676 Apr
912 1018
93 1018
4
93 10,
4
8
93
4 97
934I 76,400 United Corp
914
8
No par
8 Jan 4 1012 Jan 15
38
3812 3814 383
3114 Mar
4 38
712 Dec
3814 3812 3812 38
3812 37
3712 4,100
Preferred
No par 317 Jan 4 3838 Mar 7
4
414 414
2618 Dec
418 414 *4
5218 Mar
414 *44 43
8
43
8 47
8
44 5
3,500 United Electrie Coal
No par
3 Jan 4
2614 2614 27, 287
5 Mar 11
3 Jan
12 Feb
4
3 2812 297
8 2912 3012 29
294 29
2912 9,300 United Fruit
No par 20 Feb 8 3012 Mar 9
1712 Dec
GM Feb
204 21
203 214 21
4
214 2118 214 21
2138 2012 2118 37,400 United Gas Improve
No par 1714 Jan 5 213 Mar 8
4
*913 93 .913 927
154 Dec
4
3713 Mar
4
8 027 927
8
8 917 9214 93
8
94
*93
94
800
Preferred
No par 8614 Feb 6 94 Mar 10
.12 112
83 Dec 1063 Aug
4
*12 112
*12 112
.12 112 .
12 112
United Paperboard
*12 112
100
*914 94
2 Sept
314 Jan
97
8 97
8 *912 10
*912 10
*912 10
*912 10
200 United Piece Dye Wke_No par
812 Feb 25 11 Jan 6
914 Dec
3134 Feb
214 23
212 212
8
214 24 .214 24
212 212
214 23
8 2,400 United Stores class A__No par
14 Jan 4
3 Jan 28
138 Dec
94 Apr
4612 4612 .4634 4712 48
48
4814 4814 484 481s *4712 484
Preferred clam ANo par 27 Jan 4 4814Mar 9
800
21 Oct
52 Apr
*193 2112 .194 2112 *20
4
2112 .20
2112 *1934 2112 193 193
4
100 Universal Leal Tobacco No par 18 Feb 9 20 Jan 7
4
4112 Apr
157 Oct
8
*463 4812 463 47
4
46
8
46
*45
46
45
45
•38
45
90 Universal Pictures bit pfd_ 100 37 Jan 4 50 Jan 27
4.7
8
1
24 May
5712 Aug
7
g
1
7
8
1
•7
g
*7
1
8 1
.78
1
200 Universal Pipe & Rad_ _No par
4 Jan 23
1 Feb 2
12 Oct
4 Feb
14, 1412 1412 145
8
8 1412 14 8 1412 143
,
4 1414 144 1418 1418 4,400 US Pipe & Foundry
20 1012 Jan 4 154 Jan 21
10 Dec
3718 Mar
1414 1414 .1412 15
1412 1412 *1412 1512 15
15 .1412 1512
400
let preferred
No par 1414 Mar 5 1512 Feb 3
12 Dee
84
2014 Mar
*2
5
*2
5
.2
5
.2
5
02
5
*2
5
U 8 Distrib Corp
No pa
312 Jan 27
3 4 Jan 27
3
4 Dec
*4
4
10 Mar
*is
12
.13
12
*is
*is
12
4
*18
12
U S Express
100
4 Jan 15
34 Jan 23
3 Dec
8
14 Jan
4
*612 10
.612 10
10
*6
10
*6
*612 10
*612 10
U 13 Freight
512 Jan 30
No par
8 Jan 14
44 Dec
3012 Mar
312 313 *35* 37
8
3
33*
31 1
,
4 32
3
*23
31
4 3
1,200 U Et& Foreign Secur
No par
218 Jan 5
312 Feb lb
14 Oct
1212 Feb
*4714 60
4834 483
4 50
50 .51
60
*52
70
5114 5112
400
Preferred
No par 44 Jan 4 5112 Mar 11
40 Dec
90 Feb
2312 2514 244 244 25
25
243 243 *2414 243
4
4
4 24
24
3,000 U H Gypsum
20 184 Jan 5 2514 Mar 5
1412 Dec
50 Mar
.314 33
33
4 *3
4 *3
34
33
4 33
4 *314 4
*314 4
100 U S Hoff Mach Corp_ _No par
312 Jan 20
4 Feb
1238 Apr
213 Dee
8 293 31
8
2812 2912 2812 303
2912 3118 2914 297
8 2812 2012 51,700 US IndwitrIal Alcolaol.No par 214 Feb 10 3118 Mar 19
9
204 Oct
*27
774 Feb
8 3
3
3
34 33*
33
8 312
Vs 33
8 •
212 312 1,200 U 8 Leather
No par
15 Jan 5
8
312 Mar 9
104 Mar
512 614
133 Dec
53
714
6
8 512
712 712
7
7
612 612 6,100
Class A
4 Jan 2
No par
712 Mar 9
314 Dec
154 Mar
*58
*58
62
62
62
62
623 624 *62
4
6712 *62
6712
200
Prior preferred
5714 Dec
8612July
77
8 818
84 *818 84
8
8
8
818 84
84 84 4,600 U El Realty & Impt.......No 100 5514 Jan 28 624 Mar 9
par
552 Jan 5
812 Feb 13
54 Dec
364 Feb
5
514
54
47
5
,
8
5
5
54
47
8 5
43
4 54 8,000 U 13 Rubber
No par
34 Jan 5
54 Jan 19
34 Dec
107
9
11
8 1014 107
8 1012 11
203 Mar
1112 *1012 11
8
9
1018 4,800
tat preferred
100
714 Feb 10 1112 Mar 9
3618Mar
8
618 Dec
163 1718 1714 173* 173 1878 1812 194 18
4
183
4
173 18
12,400 US Smelting Rd .& Min____60 1438 Jan 6 1978 Mar 9
.384 39
*38
39
253 Nov
1253Sept
4
39
39
*38
40 .38
40
*38
40
200
Preferred
50 3618 Jan 25 39 Mar 8
5114 49
8 49
4914 507
35 Sept
47 Apr
503
4 487 503
s
8 4818 494 4638 488 258,100 (IS Steel Corp
100 354 Jan 4 625 Feb 19
8
104 10514 10412 105; 104 104
36 Dec 1623 Feb
8
10414 10412 104 1044 102 10312 4.900
Preferred
100 x0838 Jan 29 113 Feb 19
*6214 6212 6212 63
94 Dec 150 Mar
634 634 65
6512 *63
67
*63
67
700 U S Tobacco
No par 59 Jan 6 6512 Mar 9
612 7
587 Dec
717 Mar
612 64
8
8
65
8 64
612 64
612 64
63
8 653 8,800 Utilitlee Pow & Lt A__ _No par
6 Feb 26 10 8 Jan 14
3
74 Dec
31 Feb
4
4
*14
3
8
3
8
3
8
4
14
•14
3
3
*14
4
500 Vadsco Sales
No par
Is Mar 3
4 Jan 4
•17
2512 *17
2512 *17
2 Feb
3 Dec
2
2512 *17
2512 *17
2512 .17
Preferred
2512
100 17 Jan 28 20 Jan 9
174 18,
14 May
4 173 184 173 181 1 1712 1814 1718 1712 1614 1718 16,900 Vanadium
4
4
28 Feb
Corp
No par 1114 Jan 5 1878 Feb 19
764 Afar
11 Dec
*3
3
*5
3
*3
3
4
4
8
8
3
4
*53
4
*53
3
4
Virginia-Carolina Chem No par
ON
3
4
4 Jan 20
78 Jan 15
*31, 412 *312 412
12 Oct
34 Feb
34 35
8
353 33
4 *312 412 *334 412
300
6% preferred
100
34 Feb 26
412 Jan 1,5
23 Dee
4
17 Feb
.231; 25
*2312 25
2358 2312 *2312 25
233 233 *24
4
4
28
200
7% preferred
100 2312 Mar 2 3912 Jan 14
•8333 87
34 Dec
7134 Jan
*84
*835 86
86
8
*845 86
8
*845 86
8
*845 86
8
Virginia El & Pow $6 Id No par 8318 Jan 2 887 Jan 22
8
81 Dec 109 May
2612 2612 27
27
264 273 *26
3
2712 26
27
26
26
220 Vulcan Detinniug
100 19 8 Jan 29 294 Jan 12
3
2014 Dec
7138 Feb
17
17
1714 163 163 *164 1631 1614 1612 *1618 1614 1,200 Waldorf System
17
4
4
No par 114 Jan 5 19 Jan 2
173 Oct
3
2778 Feb
214 214
214
2
2
2
17
8 14
15
8 13
4
14
17
8 1,400 Walworth Co
No par
153 Feb 27
3 Jan 14
112 Dec
15 Feb
9
9
*7
*7
9
9
*7
0
*74 9
*74 9
100 Ward Bakeries class A_No par
758 Jan 4 1014 Jan 13
64 Apr
274 Mar
2 3 23
3
8
215 21s *20s 24
218 2 3
3
218 218 *218 214
900
Class B
No par
134 Jan 5
253 Jan 14
112 Dec
84 Jan
40 40
*37
39
*37
40
39
4012 .37
4012 *38
4012
300
Preferred
100 35 Jan 3 40 Feb 10
24 Apr
574 Jan
34 34
34 314
3
3 14
314
3
3
318
278
3
13,700 Warner Bras Pleturee__No par
214 Jan 4
438 Jan 13
218 Dec
20 8 Feb
3
*12
*12
18
18 .12
*12
18
18
*12
18
*12
18
Preferred
No par
9 Jan 6 20 Feb 1
812 DeC
4012 Jan
*1
11 1
113 14
13
8 112
112 112 *13
1 12 *13
8
700 Warner Quinlan
112
8
.._No par
Jan 4
1
112 Jan 11
78 Dec
733 Feb
512 6
64
6
6
6
53
4 6
512 512
514 5 2 2,300 Warren Bros new
,
No par
34 Jan 5
7 Feb 19
334 Dec
8
403 Feb
•1312 147 *1313 147 *1312 143 *1313 144 *1312 14
8
4
8
1312 1312
Convertible pref
10
No par 104 Feb 5 1712 Jan 14
1214 Dec
494 Feb
*11
12 .1112 12
113 1212 *12
1312 12
4
12
500 Warren Fdy & Pipe
*12
1312
No par 1012 Mar 3 14 Feb 3
1314 Dec
32 Feb
*1
2
*1
.1
2
*1
2
2
.1
*I
2
2
Webster Elsenlonr
7 Feb 19
No par
8
2 Jan la
6 Feb
14 Dec
123 123
4
4
123 123
4
8
*125 13
4 13
8
1314 *125 13
123 123
4
500 Wesson Oil & Snowdrift No par 11 Feb 25 151: Jan 19
4
12 Dec
264 Mar
*4714 4812 .4714 4812 4714 4714 *4718 4814 •4718 48
*4718 48
300
Preferred_
No par 4714 Feb 25 50 Jan 6
444 Oct
5718 Feb
4334 4412 4318 444 4318 47
443 453
4
423 44
4 444 45
4
33.100 Western Union Telegraph,100 33 Jan 4 50 Feb 19
3812 Dec 1503 Feb
4
1513 157
3 153 154 1512 154 *1514 153
8
4 15
1514 1412 15
3,800 Weetingrase Alt Brake_No par
12 Jan 4 174 Feb 13
11 Dec
364 Feb
3058 3214 314 323
8 3114 324 3033 314 294 304 2918 303 103,100 Westinghouse El dr Mfg____60 194 Jan 4 354 Feb 19
8
2211 1)ec 1073 Feb
4
*71
7112 71
8
71
717
71
71
8 704 707 *70
70
70
170
1st preferred
50 6112 Jan 4 7234 Jan 20
604 Dee 11912 Feb
*74 8
*734 8
4 8
4 8
Wagon Elee Inatruml_No par
*73
*712 77
8 *73
4 8
*73
6 Feb 9
94 Feb 19
6 Des
28 Feb
*12
28
*14
*14
28
*14
28
*14
28
*14
28
Class A
28
No par 19 Jan 19 19 Jan 19 z19 Dec
3614 Jan
*70
80
*70
80
West Penn Elm class A_No par 5912 Jan 2 65 Feb 2
*70
*70
80
*70
80
*70
95
95
5018 Dec 10514 Apr
75
75 .7212 75
724 725
3 724 723
*723 75
74
4 74
4
Preferred
90
100 6112 Jan 6 76 Jan 11
55 Dec 112 Mar
6212 6212 .62
65
6112 6112 61
62
62
61
62
61
180
6% Preferred
100 63 Jan 5 70 Jan 12
494 Dec 103 Mar
1063 1064 10514 10514 1063 107
4
10712 109 *10712 109 *10712 109
4
60 Weet Penn Power pref
100 08 Jan 8 10814 Feb 2
9314 Dee 120 Feb
953 953 096
8
8
99 .90
97
9812 *0614 09
*97
97
09
130
6% preferred
100 83 Jan 8 97 Mar 10
88 Dec 11312July
*1508 16,
4 154 1518 1438 144 *1412 1612 *1412 1612 1412 1412
400 West Dairy Prod el A__No par 1013 Feb 11 1612 Mar 3
814 Dec
4413 Feb
*34 4
4
.334 4
4
33
4 4
37
312 35* 1,300
8
8 37
Clam 13
No par
23 Jan 5
8
43 Mar 4
8
24 Dec
127 Mar
8
*11
12
113 114 113 1218 1218 1258 113 113 *1112 1212 1,900 Weetvaeo Chlorine ProdNo pa4
4
4
4
9 Jan 12 12 8 Mar 9
,
74 Dec
40 Mar
*6
11
.6
11
*6
11
.6
11
11
*0
Wheeling Steel Corp___No par
11
*6
9 Dec
2014 July
113 12
117 12
4
8
1112 1112 1112 1112 113 12
113
11
4
8 2,700 White Motor
No par
812 Jan 4 12 Mar 5
738 Oct
264 Jan
.28
2812 2812 2812 2812 2812 *2714 29
2712 28 .27
29
600 White Rock Min Spring etf_50 217 Jan 4 2812 Mar 7
8
20 Dec
4734 Mar
*3
4
7
8
*4
7
8
100 White Sewing Machine_No par
*3
74
4
"4
4
4
•3
7
8
7
8
4
12 Jan 7
1 Jan '2
7s Dec
6 Apr
*138 2
*12
8 2
.13
8 2
118
13
8 *1
2
No par
1
1
300
Preferred
1 Jan 23
172 Feb 3
1 Dec
1014 Apr
5
53*
518 53
8
514 5;
5IL 53
47
43
4
8 518
8 47
8 7,700 1Vilcox On dr Gas
No par
34 Jan 12
53 Mar 8
4
23 Dec
4
93 Mar
8
*20
2312 *20
2312 *20
2312 *20
Wilcox-Rich at A conv_No par 20 Feb 13 20 Feb 13
2312 *21
2312 .21
2312
17 4 Dec
,
30 Mar
218 218
218 24
24 24
2
24
2
2
17
8 2
6,700 Willy* Overland (The)
178 Mar 11
6
3 Jan 13
14 Oct
8 Mar
•17
4
233 *17
4 *17
233
233 .17
4
20 .17
233 *17
4
Preferred
233
4
100 17 Jun 7 25 Jan 28
144 Oct
56145113F
*I
14
1
1
*7
1
8
13
114
8
1
112
14
14 4,500 Wilson & Co Inc
No par
84 Jan 11
1 3 NIar 11
,
4 Feb
14 Oct
*3
312 .3
312
312 312
333 43
412 43
4
Class A
414 45* 6.200
4
No par
24 Jau 12
44 Mar 9
134 Oct
104 Feb
.23
*2:33 25
25
25
4
254 27
28
29
31
283 283
4
4 1,800
Preferred
100 18 Jan 7 31 Mar 10
15 Oct
613 Jan
8 4414 45,
4
4412 453
4 4412 455
8 4414 455
8 433 4412 4318 433 60.800 Woolworth (F W) CO
4
4
10 3 4 Jan 5 455 Mar 8
83
8
36 Dec
7234 Aug
4
103 207
8 2014 2012 193 193
2014 201 1
4
4 193 194 185 187
4
8
8 2,800 Worthington PA M
100 1511 Jan 5 2338 Feb 19
1514 Dec 1064 Fee
*3014 39
30
30
35
35
*30
*3014 39
35
*3014 39
400
Preferred A
100 30 Mar 7 41 Jan 15
3814 Dec
95 Mar
*20
*20
30
*20
30
*243 30
30
4
*2514 30
*2514 30
Preferred B
100 244 Feb 26 3012 Jan 11
23 Dec
835 Mar
8
.678
712 .67
8 712 *67
8 712 *67
4 712 *7
702 *7
712
Wright Aeronautical_ _No par
5 Jan 25
81: Jan 14
718 Dec
27 Feb
5114 5038 503
8 4.100 Wrigley(Wm)Jr (Deli_No par
4 51
50 2 51
,
51'4 5012 6111 504 503
51
453 Feb 9 57 Jan 18
4
8033 Mar
46 Dec
93
4
4 93
93
4
4 94 *912 10
912 *914 93
9
11 912 1,100 Yale & Towne
9
25
814 Feb 10 104 Jan 18
814 Dec
30 Jan
*33
4 4
3
4 4
3
4
4 3
4 33
34 34 1,900 Yellow Truck & Coach at 13_10
4 *34 33
4
3
314 Jan 2
5 Jan 14
15114Mar
3 Dec
0153 24
4
*153 29
24
24
*154 2712 *153 29 .153 29
4
4
4
30
Preferred
100 204 Jan 6 24 Jan 12
76 Star
1512 Dec
914 914 *831 94
94 *83
9
8 94 *83
,
8 9 2 *83
600 Young Spring & WIreNo Par
8 9
7 8 Jan 20
7
912 Afar 8
29 Feb
8 Dec
1512 1512 15
15
144 15
1512 1512 1512 16
15
15
1,900 Touncatown Sheet & T_No par 12 3 Jan 2 174 Feb 17
78 Feb
,
12 Der
*a, 1
*78
.78
1
1
1
1
7
8
7
8
*3
7
200 Zenith Radio Corp__ __No par
8
4
84 Jan 2
53* Feb
2 Jan 22
3 Der
8
83
4 911
9
912,
97
ON
912 978
8
914 93
3
9
94 28,600 Zonite Products Corp
634 Jan 4
1
97
8Mar 8
64 Der
1 4 June
• BM and mired prima on sales on this day. s El-dividend
v Er-rIghts
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909 the Exchange method of quolino bonds was chanoee and Deices are
BONDS.
N. Y. STOCK EXCHANGE
Week Ended March 11.
t
Price
Friday
Mar. 11.
Week's
Range or
Last Sale.
.3 •
U. S. Government.
High No,
Bid
Ask Low
Mat Liberty Loan
JD 99
Sale 98144 99744 1421
334% of 1932-47
JD 991.44100144 991144 99.
Cony 4% of 1932-47
144 40
JD 1001144 Sale 100
Cony 454% 011932-47
1002144 476
JD
2d cony 454% of 1932-47
101 1.34Sep'31
Fourth Liberty Loan
AO 1001144 Sale 100438 100548 2251
454% of 1933-38
J J
Conversion 3a coupon
100 Scpt'30
Treasury 4118
1947-1952 AO 1021138 Sale,10211421031548 517
Treasury 45
1944-1954 Jo 10020 Sale 100
:8
101184 677
Treasury 3 tie
1946-1956 M
9721u Sale 96.
1
98184 010
Treasury 334,
1943-1947 JD 95144 Sale 93.144 951184 043
3
Treasury 3a___Sept 15 1951-1955 MS 901
., Sale 89. 44 90.
10 342
Treasury 33.4a June 15 1940-1943 JD 9 1644 Sale 95
96144 767
Treasury 3545
1941-1943 M
9529t2 Sale 941144 96144 821
Treasury 314a_June 15 1946-1949 JD 9215.. Sale 91144 92.
144 561
Panama Canal 313
1961 QM
9834 Sept'30
Stale and City SeeurItle..
N Y C 331s Corp stk-Nov 1954 MN
1955 MN
8%8
4. registered
1936 MN
ga registered
1955 MN
4% corporate stook
1957 MN
N
04% corporate stock
1957
434% corporate stock _
1957 MN
6% corporate stock
1958 MN
corporate stock
1959 MN
454% corporate stock ....._ _1960 M
414% corporate neck
_1983 MS
434% corporate stock _
1965 JD
New York State 434s
1963 MS
Foreign Govt. & Municipals.
Agrie Mtge Bank a f 6a_ _ 1947 PA
Sinking fund tis A_ _Apr 15 1948 AO
Akershus (Dept)60 58
1963 MN
Antloeula (Dept) col in A
1945 J J
External el 76 ser B
1945 J J
External B 1 is nor C
1945Ii
External s 1 7(4 nor D
1945 J
External a I 7s let oar. __ _1957 A0
External sec a I 7. 2(1 eer_1957 AO
External sec a f 7a 3d ser _ _1957 40
Antwerp (City) external 5a 195) Jo
,
Argentine Govt Pub Wks 65_1960 A0
Argentine Nation (Govt of)Shak funds 61101 June 1925-1959 JD
Extl B 1 6e of Oct 1925_1959 40
1957 MS
Extl a 1 (is series A.
External Os series B_Deo 1951. Jo
Exti s f Cs 01 May 1926_ _ _196(J MN
External e t Os (State Ry)_1960 MS
Extl 6s Sanitary Worre-196I FA
Extl On pub wka May'27)_196 I MN
Public Works exti 5546_1962 PA
Argentine Treasury 5s C.__ _1945 MS
Australia 30-37 6s _July 15 1955 J J
External S. of 1927_ _Sept 1957 M 5
External g 414s of 1928_1956 MN
Austrian (Govt) s 1 in
1943 JD
Internal s I 78
1957'3.1
92 Nov'30
924 A pr'31
10012 Apr'31
9912 July'31
102 May'31
9812 Dec'31
109 May'31
10012 Apr'31
10012 Sept'31
9912 Oct'31
10614 Dec'30
1105 10512 Dec'30
,
112
Jan'31
2712
27
60
11
103
4
1012
10
10
97
8
9
73
67
Sale
31
Sale
1112
Sale
1112
1012
1012
97
8
10
Sale
Sale
6612 Sale
67 Sale
8712 sale
6614 Sale
665 Sale
8
663 Sale
665 Sale
8
67 Sale
5812 Sale
67
843
4
60 Sale
61 Sale
55 Sale
93 Sale
5012 Sale
Range
Since
Jan. 1.
6718
67
68
67
67
67
67
67
593
4
68
8112
611
553
4
935k
5012
BONDS
N. Y. STOcK EXCHANGE
Week Ended March 11.
Price
Friday
Mar. 11.
Week's
Range or
Last Sale.
Bid
Ask Low
High
High
Cundinamarea (Dept) Colombia
94844 90,,
12 Sale 12
External a f 630
1312
1959 MN
96.8, 99.
99
9912
184 Czechoslovakia (Rep of) 8,3_1951 AO 98 100
9912 98
97118410121n
Sinking fund 8. nor B
99
1952 AO 98
Denmark 20-year extl On..,_1942.1, 8518 Sale 83%
86%
8412
External gold 5148
1955 P A 84 Sale 7912
98.411001.44
70%
External g 410_ _Apr 15 1962 AO 7018 Sale 67
MS 663 Sale 66
6958
4
-- Deutsche Elk Am part ctf 60_1932
983144103.10 Dominican Rep Cust Ad 514s *42 MS 4912 Sale 4912
51
94
42
42
45
101.14
lat nor 5148 of 1926
1940 A0 42
89118498.84
2d series sink fund 514s_ _ _1940 A0 4014 -- a39% 0393
4
4112 Feb'32
871184 941244 Dresden (City) external 721_1945 MN 4312
.1 90% Sale 897
82.44 91
8
9114
Dutch East Indies extl 6a.._ _1947
873.8496.o
40
-year external (is
1962 M
88%
8814 Sale 8712
8 a87
88144 96184
,
30-y,ear ext 51413_ _ _ _Mar 1953 MS 83 8 Sale 833
N 8414 8712 8712
8712
83 92.44
30-year ext 5 Sie____Nov 1953
41
El Salvador (Republic) 8a_ _ _1948 2.1 41 Sale 38
37
37 Bale 35
Estonia (Republic of) 7s._.._1987 J
51
52
Finland (Republic) ext1 89_1945 MS
543
4
56
59
62
External sinking fund 78_ _1950 M
53
External sink fund 6345..1956 MS 5214 Sale 50%
5112
External sink hind 510_1958 FA 5112 Sale 4812
493
4
493
4
Finnish Mun Loan 6148 A._1954 A0 50% 55
4934
493
External 614s series B.._ _1954 A0 5012 55
4
25% Sale 25
Frankfort (City of) at 630_1953 MN
2914
11612
French Republic en' 7148_1941 ii) 118% Sale 116
4
External 7s 01 1924
1949 J O 11514 115% 60.143 r11712
181
50
85
116
35
91
177
25
146
17
373
135
130
74
51
Bavaria (Free State)630_1945 PA 3612 Sale 3412
r41
28
Belgium 25-yr ext.,614s
1949 50 S 935, Sale 93
94
98
J 8912 Sale 8712
External s1 (te
1955
8912 107
External 30-year e I 75__ _1955 JD 1007 Sale 9918
8
101
110
Stabilization loan 7.
1956 MN 10038 Sale 100
101
165
Bergen (Norway)sink funds 58_ _Oct 15 1949 A0 60
Exti
65
56 Feb'32 --__
External sink fund Es _ _1960 MS 5912 78
55 Feb'32
Berlin (Germany)816 3.48-,1950 AO 3018 Sale 2812
3018 29
External s f fla_ __Jun 15 1958 Jo 2814 Sale 24
285, 94
1412
Bogota (City) exti sI 8s_ _ A945 A0 11
15
1412
2
Bolivia (Republic of) extl 83_1947 MN
812 Sale
734
812 11
External secured 716 (flat)_1958 J J
6
6% 6
614 10
Externals 178(fiat)
1969 MS
57 Sale
8
558
6
12
Bordeaux (City of) 15-yr 621_1934 N1 N 10158 Sale 10112 10218
14
D 3118 Sale 30
Brazil (II 1)01) external 88_ _ _1941
3118 58
External a f 814s of 1938.1957 A0 2514 Sale 24
2514 91
External t 654e 01 1927 _1957 A0 25 Sale 24
253
8 35
78 (Central RY)
1952 J'D 25 Sale 19
25
25
73.4,(coffee secur) (flat)
.1952 A0 71
80
70
745
9
Bremen (Elate of) extl Ta
1935 MS 3714 Sale 37
39
48
Brisbane (City) s f 58
1957 M
47 Sale 4518
485
8 30
Sinking fund gold 55
PA 47 Salo 45
1958
4812 28
20
-year I 13a
1950 JD 52
60
49
5712 56
Budapest (City) eat! II 65.1962
D 2118 213 2014
4
2212 72
Aire('(City)6).4s 2 B 1955ii 6812 Sale 54
Buenos
5812 14
External sf50 ser C-2_
1960 AG 4234 ____ 43 Feb'32 ____
External a f On ser C-3_ _1960 AC 51% Sale 4712
55
11
Buenos Aires (Prov) ext.! 68_1061 M
37 Sale 337g
3714 95
ExtIaf 6345
1961 FA 37 Sale 3312
37
54
Bulgaria (Kingdom)8I is._ _1967 ii 20 Sale 1978
20
21
Stabl'n
734s-.Nov 15 1968 MN 3612 Sale 35%
3812 14
Calais Dept of
'3 15 Sale 15
(CoMmbla)714re46
16
4
Canada(Dom'n of) 30-yr 423.1980 A0 803 Sale 79
4
81
222
1952 MN 9512 Sale 95
5
3
9614 77
4348
1936 FA 93% Sale 93
9414 65
Carlsbad (City) s 1 8a
1954.13 90 Sale 90
90
1
Cauca Val (Dept) Cobra 71046 A0 15
153 16
4
17
43
Central Agile Bank (Germany)
Farm Loan s f 78_ _Sept 15 1950 M 13 41% Sale 4078
4234 88
Farm Loan f 85_ _July 15 1960 J J 37 Sale 35
3814 112
Farm Loan 81 65_ Met 15 1980 A 0 36 Sale 3512
3912 100
FarmLoanOsserAAprlSl93S A 0 4018 Sale 3712
4038 96
Chile(Rep)-Ext.1 7s
1942 M N
1912 38
1812 Sale 16
External sinking fund (le_.1960 A 0 1358 Sale 1312
14
82
External sinking fund 613_1961 F A
1434 Sale 1314
14
31
Ry ref extl a f 8s
1961 J J 1418 143 1318
4
15
30
Exti sinking fund 6a
1961 M S 1318 133 14
1414 11
4
Eat! sinking fund Os
1962 M 8 1418 14
123
4
1318
5
Ext1 sinking fund eia
1963 M N
1378 Sale 1234
137
8 16
Chile Mtge Ilk 634s June 30 1957 J D 14 Sale 1312
1412 37
6Ste of 1928__Jtuae 30 1961 J D 27 Sale 25
27
38
Guar a f (113
Apr 80 1961 A 0 1318 Salo 1318
14
39
Guar s f 88
1962 M N
1514 Sale 14
15% 47
Chilean Cons Munlo 7s
1960 M S 1118 123 11%
11% 15
Chinese(Ilukuang Ry)6e..1951 .1 D
818 11
Jan'32 ___
7
Christiania (Oslo) 20-yr f Os '54 M
75 Feb'32
Cologne(City)Germany 634s 1950 M
3618 Sale84
34%
3613 35
Colombia (Republic) 6a
1961 J .1 2412 Sale 244
2512
External s f 6a of 1928_
1961 A 0 2512 Sale 2312
2514 63
Colombia Mtge Bank 6 Sis of 1947 A 0 20 Sale 20
2112 22
19
Sinking fund 7801 1926 _ _1946 M N
2212
2212 2112
9
1947 F A 22
Sinking fund 75 of 1927
2312 22
22
6
7118 12
Copenhagen (City) be
1952 J D 71 Sale 67
1953 M N 67% 77
64
67
25-yr g 4 14e
7
31 Sale 27
31
Cordoba (City) ext.] 81 is._1057
15
External a f 713___ _Nov 15 1937 MN 46 Sale 4134
46
4
41
12
Cordoba (Prov) Argentlna 7a '42 J J 41 Sale 38
37% 36
Costa Rica (Repub)extl 71_ _1951 M N 34 Sale 3214
89
8714
91
27
Cuba (Republic) 55 of 1904_1944 M S 87
92
89
89
10
External 5e of 1914 nor A..1949 F A 88
68
14
External loan 414s sec C 1949 F A 65 Sale 65
8
751
8 46
Sinking fund 51413 Jan 15 1053J J 755 Sale 7312
120
38
Public wks 5145 June 31) 11)45 J D 38 Sale 3413
r Cash sale. • At the exchange rate of $4.8665 to the £ sterling.
1923
-ass interest---excert for Income and defaulted bond,
Low
27
29
13
28
2912 15
6212 13
58
11
13
14
12
1018
10
1112 Feb'32
1112
12
6
10 Feb'32
918
5
93
8
9%
2
9%
72
7312 111
81
66
20
61
81
613
4
62
61
6112
8112
6112
56
63
571
58
5314
91
49
8,1
tr
22
23
4978
10
10
11
1112
912
93
8
938
a65
45
33
33
6212
161,
1578
15
15
1212
143
4
14
74
66
46
45
4412
45
44%
45
44
455
4
4078
8412
48%
4612
41
8318
37
67%
67
88
67
67
67
67
67
593
4
go
617
8
615,
56
9358
5012
27 r41
83
95
80
8912
913
4a101
913 10114
4
56
80
553
46
4
2218 3178
203, 287
8
1412 a22
712 10
514 818
514 812
9834 103
18
3118
16
2514
153 253
4
8
1218 25
6512 7458
2978 4312
3318 485,
32
4812
37
6712
18
261.
4014 5812
40
43
40
55
a24
3714
245, 37
/812 34
30
4112
14
71
87
86
7112
12
German Government International 35-yr 5148 of 1930.1965 ID
German Republic exti 711_ .._1940 AO
German Prov & Communal Bk.
(Cons Aerie Loan) 6348___1958 J D
Gras (Municipality 188
1954 MN
CA Brit & Ire(U K of) 5348_1937 FA
FA
Registered
.4% fund loan E opt 1960_1990 M N
.5% War Loan Lopt 1929_1947 J D
Greater Prague (City1 7548_1952 M N
Greek Government s f ser 76_1964 MN
1988 F A
Sinking fund sec 6s
A0
Haiti (Republic) sf 613
A0
Hamburg (State) 6s
Heidelberg(Germany)extl 7%8 562 J J
119 0
94
Helsingfors (City) ext 6 As_ _1980 AO
Hungarian Music Loan 7345 1945 Ii
External a 1 75. _ _ _Sept 1 1946 .1 .1
Hungarian Land M inst 7145 '61 MN
N
Sinking fund 714,nor R,..1961
Hungary (Kingd of) a 17)0_1944 P A
Irish Free State extl 81 5a_ 1960 M N
Italy (Kingdom of) extl 78....1951 J
Italian Cred Consortium In A '37 MS
External sec f 7s ser B
1947 MS
J
Italian Public Utility exti 75_1952
Japanese Gov 30-yr a f 810_1954 FA
Extl sinking fund 514s_ _ .. _1965 MN
Jugoslavia (State Mtge Bank)
Secured 8 f g 7e
1957 AO
57
Leipzig (Germany) e 7s
1947 FA
Lower Austria (Prov) 714s_ _1950 J o
Lyme (City of) 15
-year 6a-1934 MN
40% Sale
613 Sale
8
3714
603
4
4•
El
8
3.1
Range
Since
Jan. 1.
No
Low
21
7
4
203
87
240
162
20
1
1
17
76
8
4
8
8
2
6
27
14
2
1
36
112
64
12
17
88 100
8514 10012
70% 86%
62
8412
57
70 4
3
57% 7512
4912 5512
30
45
33
42%
24% 4112
81,8 9114
79
89
76 087
75
8712
38
61
3212 393
4
42% 52
43% 5612
4212 53
3518 52
44
5012
41
491
4
22
30
110% 11812
al087
8r11712
44% 2178
640
65
3734 4458
57
6514
High
2612
293
4 54
19% 3312
4
54
2818 54
50
97
99% 1154 a89% 10018
9434 Sept'31
_ •a,56 506514
56812 69 *06414 Feb'32
43a7538
(174
a755
8
8 •a653
*723 73% 5
4
9912 94
94
1
94
94
79
63%
4618 50 50
44
54% 13
373
4
41
34
48
10
3712 38
4
6612
6518 Sale 6518
62
6612
36
40
2641 36
38 Sale 29
32% 363 35 Feb'32
274 36
51
51
17
34
51 Sale a44l2
15
2411 13
247 2318
43
254
23
14
25
8
25
9
225 Sale 225
8
20
80
25
2
25 Sale 2414
a2514 13
24
81
2514 Sale 24
4824 25
40
48
55
4812 50
7284 21 a69
7412
8
727 743 72
90
8412 91
160
90 Sale 8712
7
82 100
90
8714 95 89
78
32
7012 78
78 Sale 7418
25
72
60% 75
72 Sale 70
4
71
268 0663 84
7012 Sale 69
57
734
Cl3 150
i
61 Sale 60
28
54
98
Sale
Sale
Sale
4238
34
41
1013
4
42%
4238
45
341
Sale 32
40 Feb'32
85
Sale 10112 102
3
19
20
81
26
33
983
4
42 8
,
35
4012
10313
Marseilles(City of) 15-yr 613_1934 MN 1018 Sale 10111 10218 36
4
983 103
4
Medellin (Colombia)6148._ _1954 J o 1112 1312 1112
12
4
10
1812
Mexican Irrig Asstrug 434,1943 MN
218 314
218 Feb 32 ____
Mexico (US) exti 5s of 1899£ '45 Q
26
A pr'30
_
Assenting 5s of 1899
-_
1945
3 Dec'31
Assenting 5s large
4
5
5
5
10
5
5
Assenting 411 of 1904
114 212
4
43
4 212 Feb'32
Assenting 4e 01 1910
4 Feb'32
412 15
2% 44
Assenting 48 of 1910 large
4
5
414
414! 5
Assenting 4s 01 1910 small__
3
4 Feb'32
4
Tress 6s of'13 assent(large)'83
3 Dec'31
Small
5 Feb'32
_
34
3
5
Milan (City, Italy) exti 614s 1952 AO
62
66
67% 42
70%
Minas Geraes (State) Brazil
11% 13
External e f 630
1958 M
1212
13
1014 1612
Dui sec 8SO seriee A
13
1959 NI S 12
1118 17
41
125s 1214
Montevideo (City of) 75.......1952 ID 2512 2812 25
25
3
2112 26
22
22
External s I 813 series A_ „1959 MN 22
25
20
1
25
B 101 10112 10014 1003
Netherlands 6s (flat prices). _1972
4 22 100 4 10514
,
New So Wales(State) extl 60 1957 P A 5512 Sale 52
3012 5512
55'z 161
179
4
55
External 8 1 58
Apr 1958 AO 55 Sale 503
297 55
2
Norway 20-year eat! 65
1943 FA 833 Sale 8012
32
4
70
84
833
20
-year external Os
1944 FA 84 Sale 8112
8412 29
71% 8412
84
36
30
-year external (ls
70
84
1952 A0 8312 Sale 7834
40-year sr 51418
8
78% 14
1965 JD 77 Sale 755
644 79
7814 22
External a 1 55_ _Mar 15 1963 MS 7412 Sale 73
6314 7614
7018 Feb'32
75
Municipal Bank exti s f 58_1967 J O 70
597 704
8
80 843 Jan'32
4
Municipal Bank (301 s f 56_1970 J D 70
643 6484
4
4
8
4
Nuremburg (City) eat! 68_1952 FA 283 Sale 27
20% 8112
283
M
5712 Sale 565
8
58% 39
Oriental Devel guar 613
62
72
1953
4834 6814
573
4 36
Extl deb 510
1958 ret N 64 Sale 5314
7412
Oslo(City) 30-year s It 6s_ _ _1955 MN 7018 8412 70
4
70
80
Sinking fund 534s
-__ 10018 Jan'32
997 10012
8
1946 FA -
2014
81
Panama (Rep) extl 5 As__ _1953 J D 933 95 a913
4
4
9614
Esti s f 5s nor A_ -May 15 1963 MN 595 6212 .595,
8
95
Pernambuco (State of) extl 78'47 M
8's 914
90
Peru (Rep of) external 7s_ _1959 MS 1212 Sale 12
53
4
618 Sale
1912
Nat Loan eat]s f 8s 1st nor 1960 J o
Nat loan exti s f 6s 2d ser_1961 A0
612 Sale
518
364 477 Poland (Rep of) gold 68_-__1940 AO 58
8
5812 56
2812 411*
Stabilization loan s 1 711-1947 A0 5814 Sale 56
2812 4214
External sink fund g 8s_-_1950'.1 64 Sale 59
2714 r43
Porto Alegre(City of) 8,.._.1981 J O 16
1612 125,
1434 19
Extl guar sink fund 7)48_1966 .1 .1 1012 1112 10
1034 15
Prussia (Free State) exti 6145 '51 MS 32 Sale 29
1034 143
4
External e t 6s
1952 A0 30 Sale 283
4
1118 15
Queensland (State) extl a f7s 1941 AO 7912 Sale 75
1018 1514
25
-year external 68
1947 P A 64 Sale 63
1112 1412 Rlatne-Maln-Danube 7s A _ 1950 50 S 45% Sale 43
11
1412 Rio Grande do Sul eat! 5188_1946 A0 16 Sale 15
123 20
8
External sinking fund 60_1968 ID
9 Sale
9
25 r32
External, f 7s 91 1926_ _ _1986 MN
1218 Sale 113
4
1112 1512
External 81 78 music loan _1967 J D 1012 12
103
4
4
1114 153 Rio de Janeiro 25-year 51 88_1946 A0 15
163 1712
4
7
13
External 816 14s
1953 P A
1114 Sale 11
7
758 Rome (City) extl 61413
1952 AG 695 Salo 6714
8
75
75
Rotterdam (City) exti Se_-_1961 MN 93
97
94
2114 3013 Roumania (Monopolles) 78-1959 FA 60 Sale a483
22
38
4
Saarbruecken (City) 65
1953"3 4518 Sale 4518
21
30
Sao Paulo(City)s f Eis_ _Mar 1952 MN 17
22
227
1934 2712
N 16 Sale 1512
External a f 6lis of 1927.1957
20
27
San Paulo (State) extl 81 85_1936 J J 47 Sale 47
20
2812
External sec a I 8s
1950 J J 22 Sale 1934
5512 71%
External a f 7s Water L'n_1956 M
175, Sale 154
50
67
External a f (Is
J J
14 Sale 1112
2
018 34
Secured a 1 75
19 0 A0 62 Sale 60
98
6
4
32
46
Santa Fe (Pray Arg Rep) 78_1942 M S 4514 Sale 41
3014 42
Saxon Pub Wks(Germany) 7e '45 F A 327 Sale 297
2
255 r45
8
Gen ref guar 614e
28 Sale 261
783 92
8
Saxon State Mtge hurt 7a-461 JD 4013 4611 4612
19 5 r41 N
9
84
89
Sinking fund g 614s_ _Deo 1946.3 D 40
4212 4114
52
7314 Seine Dept of (France) ext 711 '42 J J 45
46 1047
8
7312 78
Serbs Croats & Slovenes 88_1962 M N 45 Sale ; 4312
33
39
External 88C is ser B
1962 M N 403 Sale ' 3914
4
a Deferred delivery.
9418
6012
1212
612
33
15
2
2
41
138
12
146
75
2
_
55
95
20
21
59
12
22
12
612
5814
5
814
64
16
Feb'32
323
3214
7912
65
4512
18
11
14
Feb'32
1
1712
115, 21
82
70
1
94
4 38
501
2
4518
Feb'32
7
16
4812
6
22
7
18
13
15
13
63
263
4512 25
337
50
29
33
48
3
4212
4
Dec'31
47
33
41
32
85
45
7
all
5%
518
50
48
48
11
8
2214
21%
601
4
47
35
13
8
11
10
12
10
9712
6012
93
4
145,
73
4
712
58 4
,
5814
64
16
WI
35
333
4
7912
85
55
21
1114
1414
13
18
1234
6412
7414
8434 94
41
58
40
80
13% 23
1012 r17
33
50
16
25
13% 18
8% 17
46
84%
3184 44t2
2218 848
4
19
33
3454 48
2112 4212
85
83
16"
47
New York Bond Record-Continued-Page 2
1924
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 11.
.1
3.
Price
Friday
Mar. 11.
Week's
Range or
Last Sale.
4
3.
Ranoo
Since
Jan. I.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended March 11.
Price
Friday
Mar, 11.
Week's
Range or
Last Sale.
Runge
Since
Jan. 1.
High
Bid
Ask Low
High
High No. Low
Foreign Govt. &Municipals.
High No. Low
Ask Low
Bid
84
79
6
84
314 47
Chic Burl & Q-Ill Div 3;0_1949 J J 84 Sale 8318
Sileela (Prov of) exti 7s
19
47
1958 in 4458 Sale 43
J 1
28
18
Registered
9312 91
Jan'31
Silesian Landowners Assn 68_1947 FA 25
28
25 Feb'32
1949.5 J 89 Sale 885/
Illinois Division 40
3 -66- 994
97 1023
3
4
893
4
SoLasons (City of) extles
4 11
3 1023
1936 MN 101 10212 1023
8212 8818
1958 M 8 873 90 86
General 40
9
30
4
88
8
283 42
4
343
3612
1946 FA 3738 40
StYea(Prey) external 78
1977 F A 83
let & ref 454s sec 13
_ 853
7914 92
4
259
92
8714 15
Sweden external loan 540_1954 MN 9018 Sale 8
614
AO 103 Sale 1015
1971 F A 9912 iii;1- 97
8
93
e
99 4
87182
1st & ref 58 series A
80 101 103
9912 11
103
8
Switserland Govt act'5148-.1946
1934 A 0 _
75
7012
65
7012 Feb'32
Chicago & East Ill let 68
34
50
3
4812 30
Sydney (City) e f 540
4
1955 PA 483 Sale 423
1515 Sale 1512 17 70 12 17
C & E III Ry (new co) gen ba_1951 M N
87
1982 MN 84% 897 87
80
1
8
4912 673 Chic & Erie let gold 58
4
30
87
58
Taiwan Flee Pow s f 50_1971 J
55 Sale 55
47
5634
3514 4512 Chicago Great West let 48_1950 /A S 5212 Sale 5212
_
5412 83
Tokyo City be loan of 1912_1952 M $ 41% 493 40 Feb'32
4
50
2
1947 J J 60 Sale 60
50
4712 60
4914 70
Chic Ind & Louley ref 6e
60
16
58
1961 AO 5512 Sale 5512
External of 55s guar
19.17.5 1 50
2
58
18
9
Refunding gold 58
50
50
1412 9
1014 14
Tolima (Dept of) exti 7e_
10
1947 MN
.1 31
1947 .1
91
Apr'31
4114 58
Refunding 48 series C.
60
58 Feb'32
Trondhjern (City) let 5448_1957 MN 56
s
1966 MN 37 Sale 35
9 -2ii 42
2814 3812
let & gen bs series A
3612
5
3812
Upper Austria (Prey) 7s_ _ 1945 .11) 3812 Sale 37
40
28
2
9 2634 3812 let & gen 6s ser 13___May 1966 J J 37 40 37
38
,
35 8
External e t 0 hs_June lb 1957 in 35 Sale 2912
3
1956 J J
80 80
2 a315 49
8
SO
Chic Ind & Sou 50-yr 4s
80
49
Uruguay (Republic) exti 83_1946 PA 4612 - - -- 40
3514 48
95
1969 J D So
93 Dec'31
2312 3514 Chic L 8& East 1st 4 he_
External f to
1960 MN 35 Sale 32
8014 47 -Lira - - -14
8
347 Ch el & St P gen 48 A_May 1989.3 J 653 Sale 6412
66 4
24
34% 30
8
Extigt6e
May 1 1964 MN 347 Sale 3112
57
1
51
Gen g 3448 set 13___May 1989J J 57 Sale 67
57
8012 9112
90 90 Feb'32
Venetian Proy Mtge Bank 78 '52 AO 85
71
71
5
71
62
4
643
Gen 4348 series C___May 1989J J 71 .74
61
47
Vienna (City of) mai of Gs __1952 MN 6218 Sale 6014
63
5812 71
11
73 693
4514
71
4
Gen 440 series E __May 19895 -I 71
4514 49
32
Warsaw (City) external 78_1958 FA 45 Sale 43
73
2
JD 5812 Sale 5712
59
72
75
72
Gen 4501 series F__May 1989.5 J 6912 76
6212 77
55
Yokohama (city) exti 88___1961
240
39
3012 42
Chic Milw SIP & Pao 5s__ _ _1975 F A 3614 Sale 36
1114
7
913 Sale
9
233
10
Jan 1 2000 A 0
Cony adj 5s
Railroad
6478 583
61
56
4
8
60
Chic & No West gen g 334s-1987 MN 61
105 Sept'31
Ala Gt Sou let cons A 5s____1943 JO
Q F
834
78
7912 Mar'31
let cons 45 sir B
Registered
3
85 4 8012 Feb'32
1943 JO 78
70
6712 7014
Alb & Susq let guar 3448_1946 AO 7512
,
1987 M N 6714 Sale 6714
67 4 10 -iso
General 48
7014 Feb'32
6812 69
70
69
71
Jan'32
71
Feb'32
Stpd 4s non-p Fed Inc tax '87 MN 65
Alleg & West lot if gu 4s_ __ A998 AO
71
Oct'31
751z 85
a85
Alleg Val gen guar if 4s. _.1942 M
89
Gm 41.1s stpd Fed Inc tax_1987 MN 72
89 Feb'32
4
843 90
2514
6/ 83
20 80
1914 28
7
Ann Arbor lot g 45_ __July 1995 Q J 25 Sale 25
Gen be stpd Fed Inc tax...1987 M N 7812 Sale 78
85
85
63
27
Atch Top & 8 Fe
146
1933 M N 84 Sale 82
91
8414 91
Sinking fund deb 511
-Gen g 48_1995 AO 9014 Sale 89
75
60
M N 70
AO
80
72 Feb'32
2
4
813 86 2
,
8612
Registered
Registered
8612
87
8412 69
75
8412
75
15-year secured g 6344 _ ..1936 M E3 8412 Sale 81
84
1
84
Adjustment gold 4s .July 1995 Nov
4
433 67
15
50
May 2037J D 4713 5112 4712
let ref g bs
Stamped
28 a7453 85
85
July 1995 MN 85 Sale 82
3614 46
MN 72
433
4 39
4
80
May 2037.5 D 4112 Sale 4112
81
let & ref 4 hs
80
80
Registered
46
37
43 Sale 43
81
4312 31
Cony gold Is of 1909____195.5 J D 8112 90
4
73
lot & ref 43.130 eer C May 2037
81
81
2512 39
81
Cony 48 of 1905
4
3414 725
81
74
1949 MN 3212 Sale 31%
Cony 45(o series A
95% 80
1955 J D 80
74 7412
Cony g 4s Issue of 1910_ _1960 JD
Jan'32
74
6518 80
6
75
90 a94
Cony deb 4148
Chic RI & P Railway gen 40 1988 J J 75 Sale 73
49
a94
1948 J D 9212 Sale 92
J J
81% 82
71 Nov'31
Registered
Rocky Mtn Div let 4s__ _1965 J J 7414 82
82 Feb'32
513 73
304
A 0 67 Sale 6634
J J 80
1934
69
-Con Short L let 48_1958
Trans
1 a8214 89
83 a8214
8214
Rebinding geld 40
9614 Apr'31
A 0
861a 9214
Registered
Cal-Aria let & ref 4 he A_1963 M 8 913 Sale 91%
,
8
92 4 28
( -14
46 -33 45
57
1952 M S 5612 Sale 5512
Secured 4 hs series A
10312 Feb'31
All Knoxy & Nor let g Se_ 1946 J 0
3012 50
4
443 198
1960 M N 41 Sale 40
Cony g 444a
Atl & Cheri A L let 4 ha A_ _1944 ii 8418 Sale 80
7612 85
85
85'2
81
48
8
6518
6518
90
79
Ch St L & N 0 be__June 15 1951 J D 70
90
let 30
90
5
1944 ii 90 100
-year Sc series B
J D 55
95% 98 Sept'31
Registered
_
89 Mar'31
Atlantic! City let cons 4s
1951 I J
75
8512 hlay'31
8515
Gold 3 he_ ___ .__June 15 1931 1 D 47
8
76
85% 45
Atl Coast Line let cons 4s July'52 *s.1 8 845 Sale 83
4513 59
65
59 Feb'32
82
Memphis Div 1st it 4e- ---1951 J 0 50
75
82
9
General unified 434s
1964 in 81 Bale 80
9914 Ho,
1
,
65
58
Ch St I.& P let cone g 5e____1932 A 0 10014 Sale 10014 100 4
6412 64 Feb'32
L & N coil gold 4s__ __Oct 1952 MN 60
A 0 90
___- 101 Feb'31
35
23
Registered
34
40
35
5
Atl & Dan let g 48
1948 ii 34
28 -ai" 16'46
Chic T II & So East lat 58_ __1980 J D 43% Sale 4012
1514 30
2512 30
29 Feb'32
2d 4s
1948
37
26
20
34
Dee 1 1960 M S 34 Sale 32
Inc gu 68
60 64 Sept'31
1949 AO 31
All & Yad let guar 48
8612 94
9112 15
9114
Chic Un Stan let go 434o A_1963 .1 J 8912 91
Austin & N W let gu it 58_1941 J J ____ 100 104 Mar'31
974 10011
12
4 100
1963.5 J 100 Sale 993
let 58 series B
944 9814
9814 31
1944 J D 9814 Sale 9712
77
8612
Guaranteed g 58
,
86 2 91
Bait & Ohio 1st g 4a_ __July 1948 AG 8512 Sale 8312
4 108 110
4 110
81
1963.5 .1 10912 11612 1083
80
let guar 8 hs series C
4
81
80
July 1948 Q J 8118
Ileglatered
834 79
,
73 4 61
1952.5 .1 73 Sale 69%
87
87
71
Chic & West Ind con 4s
328
4
843 Sale 8312
1933 M
-year cony 4 ha
20
874
8512 39
88
1962 M S 85 Sale 83
7112
59
let ref She serles A
7112 29
Refund & gen bs aeries A.1995 Jo 7112 Sale 69
80 Dec'31
JO
Oct'31
Choc Okla & Gulf cone 58.....1952 M N 6012 80
80
Registered
-66" -998
__ 90 Feb'32
965
8812 96% Ci0 11 & D 2d gold 4 hs____ _1937 J J
8 83
let gold be
July 1948 A 0 95 Sale 037
95
Feb'32
91
9812 91
93
793 C I St L & C lat g4s__Aug 2 1936 Q F 90-65
4
77 Sale 7612
7914 64
Ref & gen to series C___1995 J
85
Jan'32
85
85
80
69
79%
8
8
Aug 2 1936 Q F
Registered
P I. E W Va Sys ref 48_11)41 MN 793 Sale 79
75
Jan'32
75
8212 153
-- 75
8212 CM Leh & Nor 1st con gu 40_1942 NI N 7618
70
Southw Div let 58
1950 J 1 8078 Sale 7912
95
85
62
50
95 Feb'32
60
59 Sale 5714
Cin Union Term let 43'13a____2020 J .11 9018 95
40
Tol & Cin Div let ref 48 A _1959 j
99
279
4
99
95
70
70
59
2020J 1 983 Sale 97%
1st m bs series 13
20
2000 MS 70 Sale 6838
Ref & gen Sc aeries D
4212 59
9814 Apr'31
57
356
Clearfield & efah lot gu 58_1943 .1 J
1960 PA 55 Sale 5412
Cony 4446
"
85
Jan'32
88
81
-63- W.
75 Feb'32
Cleve Cln Ch & St L gen 4s 1993 J D 73
Bangor & Aroostook lot 58..1943 J J 78 10112 88
97 Nov'31
80
1951.5, 65 Sale 62
6512 27
80
Con ref 4s
,
1993 J D
65 2
General be series B
-98
-66- 99
Feb'31
95 Feb'32
61
Battle Crk & Stur let gu 38_1989 JO
1941.1 J 95
Ref & impt fle eer C
84
4
84
68
Beech Creek let gu a 4s___ _1930 ii 91
9614 9212
,
1963J J 8012 85 81
92 2
9 91 Wil2 Ref & impt 5e ser D
7112
7112
62
7
2d guar g 511
- 69
4
_- 100 Jan'30
1936 j
Ref & impt 4313e set E
I977 J J 713
76%
75
8711 75 Feb'32
Beech Crk ext let it 3346_1951 AG 5512 ---- 88 Mar'31
Cairo Div let gold 40
1939 J J 80
70
65
Jan'32
70
Belvidere Del cons gu 3448_1943 .1 J
Cin W & el Div 1st g 4s_ _1991 J J Oils 75
72
72
65
10
Big Sandy 1st 4e guar
1944 J D 85
8.54 8811
4
St L Div let coil tr g 4s
853 Jan'32
1990 MN 72 Sale 72
Boston & Maine let bs A C.1967 MS 7614 Sale 743
-- 75 Dec'31
7814 15
6712 7814
89r Ar Col Div let g 48._ _1940 M S 71%
4
let M So series 2
973 July'30
6912 77
1940J J 6014 96
77
W W Val Div let g 48
2
1955 MN 77 Sale 77
8518 74
let g 4118 eer JJ
74
18
1981 AO 74 Sale 72
94 100
100
1934 .1 J 95 100 100
5112 69
8
C C C Al gen cons ifs 00
Boston dr N Y Air Line let 4s 1955 PA 69 Sale 62
69
97
98
Jan'32
97
97
J 7714 -- - - 88
_
Clay Lor & W eon lst g 68_1933 A 0 94
Oct'31
Brune & West let gu g 4e_1938
6(1- Clevel & Mahon Val g Ss__ _ _1938 J J 7814 93 101 Sept'31
93 8712
6 -87- Buff Roch & Pitts gen g 58_ _1937 58 S 89
90
- 9912 Oct'31
1935 M N
61
40
Ci & Mar let gu g 4 hs
5612 41
Consul 43.4g
1957 MN 56 Sale 553
98 Dec'30
83 83
8312 21
7978 8312 Cleve & P gen gu 434s ser 13_1942 A 0 90
Burl C It & Nor let & coil 58_1934 AO 80
97 Mar 29
1912 A 0 81
Series Il 3 he
10114 Nov 30
_--1942.1 J
4
893
77
Series A 43.130
4
893
1
Canada Sou cons gu So A _ _1962 AO 89 Sale 8934
%
1948 M N 7618 -- 8014 Dec 31
---72% 8312
Series C 3338
8312 12
Canadian Nat 4 he_Sept 15 1954 MS 8212 Sale 8212
8618 Apr 30
8
1550A F 747
8312 55
73% 8312
Series D 3 he
30
-year gold 4348
1957 ii 8118 Sale 8118
10112 Aug 31
1977 F A 85
Gen 4 he ser A
4
723 8214
8214 107
80% Sale 8014
Gold 43.4o
1968
85
2 'WI ill;
8312
871s
90
80
Cleve Shot Line let RU 4148_1981 A 0 75 85
90
Guaranteed g 5a__ __July 1969 Si 88 Sale 87
93 10312
95
9712 14
8
80, 90
Cleve Union Term let 540_1972 A 0 9614 99
90
55
Oct 1969 AO 8814 Sale 8614
Guaranteed g be
91
8514
92
93
28
8.5
1973 A 0 91
,
833 8714
87 4
81
lets f 58 aeries II
3
FA 88
8714
1970
Guaranteed g be
8412
4
853
80
85
75
let s 1 guar 444e series C 1977 A 0 82
4
9
4
85
Guar gold 4 hs___June 15 1965 in 843 Sale 843
8812 Jan 32 ___ _
8812 88%
1945 J D
73
8314 Coal River Ry let Cu is
8314 110
Guar g 4 ha
1956 PA 8114 Sale 8114
5
2, 9118
93
84% 93
92
0912 Colo & South ref & ext 4;46_1935 M N 9118
9912 142
JO 9812 Sale 9.514
Canadian North deb a f 78_1940
16
70
62
8
8
70
1980 M N 6914 697 677
9152 102
4
Gen' m 4%seer A
65
102
102 Sale 993
25
-year a f deb 6 ha
1946 j
85
75 Feb 32 __
75
76
1948 A 0 75
4
933 Col & II V let ext g 48
83
4 10
933
10-yr gold 4448_ __Feb 15 1935 PA 92 Sale 9212
90% June 31
1955 F A
6758 6914 Col & Toilet ext 48
6931 261
Canadian Pao Ry 4% deb stock _ _ iJ 67 Sale 66
_ 90 Dec'30
65
80% Conn & Paaeum Riv let 4/1 _1943 A 0 60
80% 20
80% Sale a79
1946 58
Coil tr 4548
- 50
_ -86
873
Jan'32
7714 88
4
50
88
Consollty non-cony deb 4e._1954 J J 5212 99
13
87% 90
1944 J
58 equip tr ctfa
53 Feb'32
5714
1955 .1 J 5212 60
8314 46
3
70 4 8314
Non-cony deb 4s
8
50
Dec 1 1954 JO 8212 827 a8114
Coll tr g be
44 Dec'31
1955 A 0 5212
80
64
Non-cone deb 4e
2
80
79 Sale 78
1960 J
Collateral trust 444e
933 Oct'30
_
Non-cony deb 48
1956 J J 5212 9614 45 Dec'31
Carbondale & Shaw let g 4o_1932 M
_ "20" If' Cuba Nor Ry let 530
1942 .1 D 25 Sale 2412
2512 30
21 Feb'32
39
30
18
J 20
1949
Caro Cent lot cons if 48..
90
86
2
Cuba RR lot 50-year Sc g._1952 J .1 37 Sale 3012
2 22
90
9712 89
37,
3012 45
Caro Clinch & Olet 30-yr 58_1938 in 89
42
40 Feb'32
94
let ref 734e series A
6
1936.3 D 41
91
85
8
351 40
let & con if to stir A_Dec 15'52 JO 90 Sale 89
Oct'31
36
1036.5 D 3714 39
36
let Hen & ref 63 ser 13
80
4
38
36
1981 JO
Cart & Ad let gu g 4s
4i40
2
45
46
87 45
Cent Branch U P let a 48.. _1948
_
6814 72
Del & Hudson let & ref 4s 1943 M N 8612 Sale 86
98
87
4
763 87
Central of Ge let g 58.._Nov 1945 FA 0812 -- -- 70 Feb'32
55
44
30-year cony be
1935 A 0 8834 9912 91 Feb'32
8213 91
5312 27
Consol gold 5/3
1945 MN 53 Sale 50
97
2512 41
lb-year 53.130
9314
1937 M N 95
95
36 Feb'32
14
95
89
Ref & gen 5348 series B
1959 AO 2914 36
30'
4
_ _ 90
32
D RR & Bridge 151 KU g 43--UM F A
2511 38
Oct'31
32
32
Ref & gen be serles C
1959 AO 31
89%-Den & R.0 let cons g 48
1936 J J 6512 67 0412
60
75 Sept'31
14 "Li" - /
1
2
75
61
Chatt Div put money g 46_1951 ID 35
1
791. 9314 June'31
0218 663 65
4
1936 .1 J
Como! gold 454o
4
663
3
70
56
Mac & Nor Div let g 50_1946 .1 J
Den & R G West gen Es Aug 1955 P A 3112 Sale 3112
10212 Nov'30
35
60
38
2.5
Mid Oa & Atl Div put m 58'47 .1.5
4
Ref & impt 53 ger 6.__Apr 1978 A 0 403 Sale 4034
95 Sept'31
4312 20
75
36
494
J 50
Mobile Dly let g Sc
1916
8
2
Des M & Ft D let gu 4s
1935i J
71
8 Feb'32
71
130 -62
8
8
J 71 Sale 67
Cent New Eng let gu 4a
1961
2212 4 Feb'32
2
J J
Certificates of depordt
50
45
4612
5
4612
5
60
4
Cent RR & Bkg of Ga coil As 1937 MN 40
89%
Des Plaines Val 1st gen 4348_1947 M f3 25
98
99 Nov'30
93
89%
94
47
Central of NJ gen gold 68
1987 J 1 93
8712 794
Get & Mac let lien g 4e
1955 J D 30 - 4
35 Apr'31
8712
90
16
1987 Q J 8814 92
Registered
76
Gold 48
76
1995 .1 D 25 Sale 25
9712 76 Feb'32 _
25
2
2,
25
General 4s
1987 J J 78
84
85
Detroit River Tunnel 4348_1961 M N 78
35
76
84
25
85 2 83%
84
go 89
,
Cent Pao let ref gu g 4s_
1949 PA 84
Du! Missabe & Nor gen 58 1911 .1 J 9812 100
9614 July'31
PA 7118
9812 Feb'32
98 9812
Registered
-12 Dul & Iron Range let 6s
7
7712 Feb'32
-7.f3 /7
1937 A 0 97% 98
97 Feb'32
,
984 98 2
Through Short L let gu 48 1954 AO
Dui Sou Shore & AB g Is._ _1937 .1 J - - 37
79
4
743
80
79
68
13
3212
2
3212
Guaranteed g
1960 PA 78
,
32 2 32,
111 June'31
_
East Ity Minn Nor Div let 4s '48 A 0 67
_ 973 July'31
Charleston & Sav'13 let 70_1936 J J
4
4 103
N 10114 Sale 1003
East T Vit & Ga Div let 5s 1956 MN 8318 26 -56 103
91 8678
2 -RI
Chee & Ohio let con g So.....J039
87
- 87
10314 Nov'31
Elgin Joliet & East let g 58_1941 M N 90% 10312 91
MN
Registered
2
91
844 91
9318 El Paso & S W lst 51
91
90 Sale 88%
85
48
General gold 434c
1992 M
93
1905 A 0 80
98 Sept'31
83 Feb'32
83
2
83
M
80%
Erie let cony g /:13 prior
Registered
4
64 'ff148
1996 1 J 723 Sale 72%
75
85
6612 6612
77
15
85
Ref & impt 434e
1993 AO 8312 Sale 8312
Registered
1996 .1 J 6613 70
6612 Feb'32
8614 49
7512 8614
let cense'gen lien g 48
Ref & impt 4348 set B
3
6 's
1995 J J 85 Sale 83
47
62
4 30
1996 1 J 61
623
61
_
4
4
9913 993 Feb'32
9914 992
Craig Valley 1st 5s. May 1910 J J 70
4
4812 58
Registered
57
1996 J J
57
9912 9912
9453 Aug'31
Penn coil trust gold 4e
Potts Creek Branch lot 4s_1946 j j
9912
,
1951 F A
99 2 20
,
9 2 100
j 80
Feb'32
81
075
87 81
5111
38
50
7
1989
R & A Div lat eon g 4s
-year cony 48 serial A
4812
1953 A 0 47 Sale 47
80 Nov'31
37
'19's
9
1989 J J 5112
Series 13
20 consol gold 48
49
51
4918
1953 A 0 46
4
4
993 043 Mar'31
Gen cony 4e /series D
52 6712 Aug'31
Warm Spring V let if be_ _1941 MS 85
1953 A 0 41
55- ;6 4
-7Ref &'mut 58
4414 243
Chesap Corp5s-See under Indus tr' is
1987M N 42 Sale 4112
49
48
35
40
5
48
4412 232
Chic & Alton RR ref if 32-1949 AO 48 Sale 48
1975 A 0 4218 Sale 4153
Ref & ImPt 5s of 1930
42
so 93
473
48
40
4
2
4 10
473
86
4
473
Erie & Jersey let of Os
9014 86
1955 J ./ 88
Cl! den stpd Apr 1 1931 Int_ _
4
753 86
4
793 Dec'31
Genassee River 1st a f 68_1957 J J 87% 9514 85 Feb'32
Ratheati first lien 3 he_ _ _1950 JJ
r Cash sale. a Deferred delivery
New York Bond Record-Continued-Page 3
BONDS
'i
t
N. Y. STOCK EXCHANGE. n t
.o;
Week Ended March 11.
'
,
Prim
Friday
Mar. 11.
Week's
Range or
Last Sale.
4 .Range
0
re
High No.
Ask Low
BM
Jan'32 ___Erie & Pitts gag 3315 ser B.1940 J J 8512 ____ 83
Series C 330
1940J J 851 _--_ 9518 July'31 ____
Fla Cent & Pen 1st cons g 58 '43 1 .1 3518 55
37 Feb'32 ____
Florida East Coast let 434s_1959.9 D 55 Sale 5214
28
55
57
1
1st & ret 55 series A
58 6
7
1974 M 5
578
Certificates of deposit
5
712 5 Feb'32 _
Fonda Johns & Gloy 1st 43151952 MN
11
14
10
1312 12
Oct'31 ____
Fort St U D Co let g 4315_ _1941 1 J --------96
Ft W & Den C 1st g 534s....1961 1 D 88
9612 82 Mar'32 ____
Frem Elk & Mo Val 1st 68_1933 A 0 9114 97
8
96
90
1
65
Galv Hous & Hend 1st 5s___1933 A 0 50
65
70
Ga & Ala Ry 1st cons 5s Oct 19451 J 1414 40
1
14
14
Ga Caro & Nor 1st gu g 55 '29Extended at6% to July 1_1934 J J 2714 9812 45 Nov'31 ____
Georgia Midland 1st 38
1946 A 0
73 Jan'31 _
61
Gouv & Oswegatchie 1st 55-1942 1 D 6018 ____ 00 jan.31 ____
Or R & I ext 1st gu g 430_1941 J .1 90 ____ 90
5
a90
117
99
Grand Trunk of Can deb 75-1940 A 0 9812 Bale 98
15
39
97
1936 111 5 9612 Sale 955
-years 168
30
Grays Point Term 1st 58
_1947 J D 40 ____ 96 Nov. ____
Great Northern gen 75 set A_1936 I J 96 Sale 9512
9612 111
Registered
J .1 --------9712 Oct'31 ____
1st & ref 430 series A_-__1961 J J 841 85 843
22
85
4
11
83
General 530 series B----1952 1 J 827 Sale 82
8
General 58 series C
1973.9 J 7512 7714 7714 Mar'32 _
737
General 430 series D
15
19761 J 711 Sale 7112
General 430 series E_..19771 J 722 Sale 71
7412 45
Since
Jan. 1.
Low
83
High
83
_ _
____- 4212
30
44% 55
4
712
5
612
14
10
___
_
82 _-82
90
96
65
65
11
18
____
____
___
__
a90 090
_9238 99
871s 09714
____
_
8912 _- 983
4
___
79
____85
73
85
715 7812
6514 737
8
64
7412
BONDS
i
i
.,1
N. Y. STOCK EXCHANGE.
Week Ended March 11.
4a.
Price
Friday
Mar. 11.
laid
Ask
Mex Intenutt 1st 45 asstd
1977 M S ____ ____
Mich Cent
--Mich Air L 45_1940 1 J 703 ---Jack Laos & Sag 330--1951 M 5 5512
1952 M N 75 1st gold 330
82
Ref & impt 430 ser C
1979 J J _ __ 898
Mid of N J let ext bs
1940 A 0 42
677
Mil& Nor 18t ext4Hs(1880)1934 1 D
__ 90
Cons ext 4315 (1884)-1934 1 D ____ 80
Mil Spar & NW 18t gu 45-1947 M S 65
6912
Milw & State Line lot 330_1941 J J ____ 9114
Minn & St Louis 1st cons 55_1934 MN
5
74
3
1934 MN
5
Ctrs of deposit
8
134 2
151 & refunding gold 45_1949 M S
Ref & ext 50-yr baser A
7s 78
1962 Q F
Q F14
Certificates of deposit
---M St P & 88 M con g 48 int gu '38 J J 45
4712
1st cons 58
19381 J 3014 3618
1st cons 5s gu as to int
5114
1938 J J 49
1st & ref (is series A
1946.9 J 241 29
25
-year 530
1949 M S 2518 30
let ref 530 ser B
1978 J J 6518 Sale
lst Chicago Term s f 48-1941 MN 7812 ___
Mississippi Central lot 58-1949 I J
Mo-Ill RR 1st 58 ser A
1959.9 J
MO Kan & Tex 1st gold 48_1990 1 D
Mo-K-T RR pr lies 6s see A_1962 J J
40-year 45 series B
1962.9 J
Prior lien 4315 ser D
1978.9 I
Cum adjust 55 ser A_Jan 1967 A 0
Mo Pao 1st & ref 5s ser A-1965 F A
General 48
1975 M S
1977 M S
1st & ret 55 series F
1st & ref g 58 sex CI
1978 M N
Cony gold 530
1949 M N
1st ref g So series H
1980 A 0
1st & ref 58 ser I
1981 F A
6712 Apr'31 ____ ____
85
__
Green Bay & West deb ens A-- Feb 20
51
Jan'32 ____
712 5
Feb
5 _5
Debentures ctfs B
8
___
Greenbrier Ry 1st gu 40_ _ _1940 MN 711 ____ 953 mar.31 ___ _ __
10
50
i
3 50
Gulf Mob & Nor 1st 630_1950 A 0 50 Sale 4912
4978 Mar'32
52
39
50
1st M 55 series C
1950 A 0 49
38 Feb'32 ____
55
25
38
Gulf &8 I 1st ref & ter 5e_Feb '52 J J 36
80
8612
4
Hocking Val lot cons g 430_1999 J J 8614 100 853 Feb'32 ____
10012 Apr'31
Registered
1999 1 J
8012 Jan'32 ____
1937 M N 8018 89
79
8012
Housatonic Ry cons if 5s
II & T C 1st g Slut guar_ 1937 J .1 82% 100 82 Mar'32 ____ a8012 82
4
Houston Belt & Term 1st 5s..19371 J 86 100 873 Mar'32 ____
87 4 871 MoPac 3d 75 ext at 4% July 1938 MN
3
9434 9434 Mob &Bir prior lien a en__ _ _1945
Houston E & W Tex 1st g 58_1933 M N --------9434 Jan'32 __
.1
I J
973 a96 Mar'32 ____ 096 a96
8
1st guar 55 redeemable
Small
1933 MI N 96
Hud & Manhat 1st 58 ser A_1957 F A 8714 Sale 85 4
3
89
1st M gold 48
1945 1 J
54
80
89
J J
Small
631z 45
Adjustment income 55 Feb 1957 A 0 6312 Sale 62
53
8312
Mobile & Ohio gen gold 45-1938 M 5
Montgomery Div lot g 55_1947 F A
813 088
Illinois Central lstgold 48_1951 1 J 81__ - 8212 Feb'32 ____
1977 M 5
Ref & impt 430
70 Dec'31
80
1st gold 330
1951 J .1 54
861 June'31
Sec 5% notes
1938 M 5
J J
Registered
Extended let gold-3318_1951 A 0 54 ---- 8584 July'31 ____ ___ ____ Mob & Mal let gu gold 45-.1991 M 5
1937.9 1
73 May'30 ------------Mont C 1st gu 6s
1st gold 38 sterling
1951 M S
1st guar gold So
1937.9 J
451 87
39
55
Collateral trust gold 45-1952 A 0 54 Sale 53
Morris & Essex 1st gu 330-2000 J D
42
56
543
4 29
527
1955 M N 5018 54
1st refunding 48
1955 MN
Constr 51 bs ser A
8412 July'31.
Purchased lines 330
1952.9 J 41
1955 MN
39
54
48
Constr M 430 set B
5218
Collateral trust gold 0_1953 MN 4714 Sale a47
5812 13
48
1955 M N 581s Sale 52
5812
Refunding 58
5912 82% Nash Chan &St L 4s ser A 1978 F A
30
71
15
-year secured 630 g__.1936 J J 72% 7812 65
1937 F A
4312 109
N. Fla & S 1 4 gu g lits
,
34
52
Aug1 1966 F A 41 Sale 41
40-year 4115
Cairo Bridge gold 45
1950 1 D 5512 ____ 79 Sept'31 ____ ____ ___ Nat Ry of Mex pr lien 430-1957 J J
J J
July 1914 coupon on
___
Litchfield Div lot gold 35_1951 J J 4112-___ 70 Sept'31 -___
Assent cash war ret No. 4 on
55
55
55 Mar'32 ____ ____70
Louis Div & Term g 3318 19531 .1 55
'
,
Guar 45 Apr'14 coupon--_1977 A -0
Oct'31____ ____ ____
Omaha Div lot gold 3s1951 F A 4112 ---- 65
_
7218 Sept'31 ____
Assent cash war ret No.5 on ---St Louts Div & Term g 88.19511 J 7112
57
80
Jan'32 ____ ____- 7
Gold 330
57
E- Nat RR Mex pr lien 430 Oct '26 J J
1951 1 J 4112 Springfield Div 1st g 330-1951 1 J 50
80 85 Sept'31 ____ ___ ___-Assent cash war ret No.4 on
60 Dec'31 -----------85
Western Lines 1st g 48181 consol 4s
A0
1951 -1951 F A 41
F A ____ 81) 9012 July'31 ____ ____
Registered
Assent cash war ret No.4 on -- Ill Cent and Chic St L & N 0__-- Naugatuck RR 1st g 0-1954 M N
4712 41
Joint 1st ref 55 series A__1963 J D 467 Sale 46
New England RR cons 55_ _1945 J .1
40
54
35
52
14
46
lot & ref 4348 series C._1963 J D 451 Sale 4412
Corm' guar 45
1945 1 J
9814 80 Dec'31 ____ ___ ____ N J June RH guar 1st 45_ -1986 F A
Ind Bloom & West 1st ext0_1940 A 0 75
8312 9114 Sept'31 ____ __
1959 1 J 75
_ NO & NElstret &Mgt4 Ho A'52 J J
Ind III& Iowa 1st g 4o
45
45
2
45
New Orleans Term lot 0_1953 J .1
Ind & LoulavIlle 1st gu 48__.19661 J ____ 7212 45
4ng union Ry gen 58 Bez A 19651 J 85
98 Nov'31 ____ ___ ____ N 0 Tex & Mex n-c lie 513_1935 A 0
95
10318 Oct'31
1st 55 series B
Gen & ref 55 series B
1954 A 0
1965 1 J
431 60
49
50
23
lot 55 series C
In!,& Ort Nor let 65 ser A--1952 J J 4812 50
1956 F A
16
151 4345 series D
3
15
30
Adjustment (Is ser A_July 1952 A 0 15 Sale 15
1956 F A
7
47
43
1st 530 series A
1954 A 0
32
50
19661 1 41 Sale 41
lot 58 series LI
3612 4813 N & C Bdge gen guar 430..1945 J .1
6
4312
19661 1 41 Sale 41
lot g 55 series C
4
6
41
N Y B & MB 1st con g 59._1935 A 0
38
31H 64
In!, Rys Cent Amer lot 58-1972 NI N 361 40
41
43
5
4112
3812 5014
let coil tr 6% notes
1941 M N 41
26 Feb'32 ____
30
N Y Cent RR cony deb 65.__1935 MN
2114 28
lot lien & ref 6315
1947 F A 26
318 538 514 Feb'32 ____
Consol 45 series A
1998 F A
3
514
Iowa Central 1st gold 55
1938 1 D
312 312
1 D
Ref & impt 4515 seem A 2013 A 0
3H Feb'32 ____
Certificates of deposit
284 7
12 178 11 Dec'31 _
lot & ref g 45
When Issued
1951 M 8
Ref & inapt bs series C__ _ _2013 A 0
lames Frank dr Clear 1st 45-1959 J D 7814 8014 79
4
80
NY Cent & Bud Riv M 330 1997 J .1
75
80
Hal A & G R 1st gu g 58_1938 J .1 --------103 MaY'31 --_- ____
Registered
1997 1 1
Kan & M let gu g0
___1934 MN
9214 83 Sept'31
Debenture gold 48
1990 A 0 51
KG Ft S & M Ry ref g 48_1936 A 0 6212 Sale 61
6312 32
30-year debenture 45
1942 J .1
563 70
4
65
Kan City Sou 1st gold 35_1950 A 0 64 Bale a62
Lake Shore coll gold 3318_1998 F A
23
5612 70
Ref & impt 58
1998 F A
6812 41 a61% 7118
Apr 1950 1 .1 6818 Sale 6712
Registered
Kansas City Term lot 45_ _1960 .1 J 8512 Sale 8412
80
8714
Mich Cent coil gold 330_ _1998 F A
857
8 89
Kentucky Central gold 0_1987 J 1 6014 827 8278 Nov'31 ____ ____
8
Registered
1998 F A
Kentucky di Ind Term 4315_1961 1 .3 ____ 90
84° Aug'31 ____ ____ _--- N Y Chic & St L Iota 45-1937 A 0
____
Stamped
92
8914 July'31 ------------Registered
1937 A 0
1961 1 I 30
Plain
89 Apr'30
1932 A 0
1961 1 1
6% gold mace
Refunding 530 series A 1974 A 0
Lake Erie & West lot g 58_ _1937 1 J 8312 Bale 8312
65
8312
2
8312
Ref 4315 series C
1978 M S
2d gold bs
6
62
60
60
75
N Y Connect let gu 430 A_1953 F A
62
1941 J J 69
Lake Sh & Mich So g 810_1997 J D 7514 8214 7514
76
6
1st guar 55 series B
1953 F A
701z 76
Registered
72 Nov'31 ____ ____
__ N Y & Erie jot eat gold 45_1947 MN
1997.9 D 6918 75
Leh Val Harbor Term gu 55_1954 F A 84
90
Jan'32 ___
95
ad ext gold 4315
8712 -90
1933M 8
Leh Val NY 1st gu g 430_1940 J J 7312 7912 7312
7912
2
70
7912
Lehigh Val (Pa) cons g 45_2003 M N 53
N Y & Greenw L0g 55-1948 M N
464 59
/
1
12
56
547 55
8
Registered
M N
92
64 Nov'31 ____ __
_ N Y & Harlem gold 3318_2000 M N
General cons 430
2003M N 5612 Sale 56
5612
48 - - N Y Lack & W ref 430 B
a
2
1973 M N
Gen cons 58
74 63 Mar'32
2003 M N 64
61
6414 N Y & Jersey 1st 55
1932 F A
Leh V Term Ry 1st gu g 58..1941 A 0 86 100
1
90
90
N Y & Long Branch gen 0._1941 M 5
90 90
Lehigh & NY 1st gu g 48_ _1945 M S ____ 8612 9514 Aug'31 ____ ____
_ N Y & NE B
Bost Term 451939 A 0
_
Lox & East 1st 50-yr 531 gu 1965 A 0 751 90
7912 7112 NY NH & H n-c deb0
7912 Feb'32 ____
1947 M 8
Little Miami gen 48 series A.1962 MN 66 -.- 5112 May'31 ____
_ _
- -Non-conv debenture 330_1947 M 5
Lon Dock consul g 65
98
-8
1935 A 0 96 1057 100 Mar'32 ____ ___- 101
Non-cony debenture 331s-1954 A 0
Long IslandNon-cony debenture 45......1955 J .3
General gold 45
8214 85
1938 J D 86
85
Jan'32 ____
90
Non-cony debenture 45
1956 M N
Gold 48
1932 J /3 9818 ____ 98 Feb'32 ____
98
98
Cony debenture 330
1956 J J
Unified gold 48
1949 M S 80
Cony debenture 65
7014 7514
7014 Feb'32
'8
1948.3 J
Debenture gold 55
1934 J D 95 Sale 95
90
8
95
95
.1 J
Registered
20-year p m deb 55
1
78
1937 M N 7814 85
7512 80
78
Collateral trust 68
1940 A 0
Guar ref gold 48
1949 M S 82
80
8112 23
85
73
811
Debenture 48
1957 M N
Nor SI3 B 1st con gu 55 Oct'32 Q 1 9914 10014 100
1
99 100
100
let & ref 430 ser of 1927 1967 J D
L0111818[13 & Ark lot 555er A _1969 J J 48 Sale 4678
487 130
8
3884 50
Harlem R& Pt Ches 1st 411954 MN
Louis &Jeff Bdge Co gd g 48_1945 M S ___ 85
75 Feb'32 ____
73
75
4
Louisville & Nashville 58.-1937 M N 041 973 90 Dec'31 __ _ ____
N Y 0 & W ref g 48 June
1992 M S
UnIlled gold 48
883
4 ;18
1940 J 1 88 Sale 8778
7812 - __88
3
4
General 48
1955 J D
J J --------8212 Jan'32 ____
Registered
81
82H NY Providence & Boston 48 1942 A 0
1st refund 530 aortal A_ __2003 A 0 84 Sale 8114
84
73 4 84
3
9
N Y & Putnam 1st con gu 45_1933 A 0
78
17
2003 A 0 78 Sale 74
7134 78
1st & ref 5s series B
NY SIM 5[ West 1st ref 58_1937 J J
84
3
74
75
1st & ref 430 0105 C___ _2003 A 0 7418 78
75
25 gold 4315
1937 F A
95 Dec'31
95
1941 A 0
58 interim rots w 1
General gold 58
1940 F A
,
Paducah & Mem Div 45_1946 F A 80 2 ___ 8014
70
12 8014
3
8014
Terminal let gold 55
1943 M N
4
5512 12
45
5512 NY W Ches az B 1st ser 1430'46 J J
St Louis Div 2d gold 35.-1980 M B 55 Sale 543
1
81
81 Feb'32 --,-Nord Hy ext'l sink fund 6315 1950 A 0
81
Mob & Monte lot g 448..1945 5 8 81
_ 14
8
7 827 Nov'31 ____ ___
_ Norfolk South 1st & ref A 55_1961 F A
South Ri joint Monon 48.19521 J
81
12
7438 --- Norfolk & South 1st gold 58_1941 M N
81
9784 79
All Knoxv & Cin Div 48-1955 M N 79
Norf & West RR impt&ext (is '34 F A
_ 100 Sept'31 ____ ____
19341 1 ____
_
New River let gold Gs- _ _1932 A 0
Mahon Coal RR lot 55
51
_-64
N & W fly let cons g 48
6312
1996 A 0
Manila RR(South Lines)45-1939 M N 5212 --- 64 Feb'32 ____
52 Feb'32
52
52
60
Registered
1959 M N
1996 A 0
lot ext 45
Div.' 1st lien & gen e 45.1944 J J
Manitoba SW Coloniza'n 5a 19343 D ____ 10112 96 Dec'31 ____ ____ ____
Focal/ C & C joint 45
1941 1 D
W 1st 330-1941 J J --------8711 Aug'31 ____ ____ ____
Man CI B az N
r Cash sale. a Deferred delivery
1925
72
85
30
38
6512 70
7712 Sale
65H Sale
67
70
56 Sale
5112 Sale
30 Bale
4814 Sale
48 Sale
3312 Sale
4714 Bale
4812 Sale
Week's
Range or
Last Sate.
.1
4
ta4 cl
Range
Since
Jan, 1,
Low
High No. Low
High
212 Deo'30 ____ ____ ____
98 Aug'31 ____ ___ __
79 May'26 ____
_
75 Feb'32 _-__ ___- - 757i
95
Oct'31___ ___
72 Sept'31 ___ ____ _--75
Jan'32 ___
75 - iii
7112
7112
6
7112 7112
28 Nov'31 ____ ____ __
:
90 Apr'28
23 Feb'32 ___
23
238
i
5
5
5
6
112 212
154 Feb'32 ____
8 Jan'32 ___8
8
8 Dec'31
463
4
4714 33
as au)
32
34 Feb'32 ____
39
50
5114 16
4312 5114
21
2212
Jan'32 ____
21
25
20
25
38
23
603
4
6518 11
45
8518
951 Dec'30 .._ ____ ____
Jan'32
76
.
2
r3612
35
3
74
7412
7418
7712 15
6512
6612 45
6
6712
67
64
56
59
44
50
53
33
380
2
914
407
4612
52
225
4712
52
3212
3812 536
4714
513
4 95
4612
497
52
9312 Aug'31 ____
51
79
95 95 Aug'31 ____
60
____ 95 97 Sept'31 ____
30
80 69 Nov'31 ____
--------81 July'31 ____
24
52 80 MaY'3I ---_ 74% 9512 Sept'31
1712 gale 1612
18
17
36
2212 Sale 207e
23
7018 75 4 72 Feb'32 ____
3
85
963 10114 Nov'31
4
Jan'32 ____
8014 95 90
9
7384
73 8
3
72
76
____ 94 86 Feb'32 ____
78 Feb'32 ____
80
90
76
33
7114
62
5211
011
3914
0
2914
46
3
45
30
46
0
____
____
____
____
__
----
80
42
80
79 '
68
68
60
6312
4112
60
60
46,
8
60
60
____
__
__
____
____
--
1012 - 311
2
15
28
72
75 4
3
-90
90
3
89
73
86 86
70
79
7012 70
1z
2
7012
7012 Bale 7012
9212 9512 99 Dec'31
--------18 July'28 __ -- ____
--------183 July'28
4
2
2
118 ____ 2 Jan'32 ____
----------123 July 31
4
184 184
112 ____
184 Jan'32 ____
____ __ 3512 July'28
1
212
7
13
4
134
5
134 --------22 Apr'28
1
Jan'32 ____
118
7
8 1
66 Dec'31
6084 75
70%__ 100 Sept'31 ___ ____ - 90 Sept'31
61% -7
5
-------- 92 Nov30_
.
567 56;
40
8
-7
8
57
567 Jan'32 ____
60
66
5
66
65 Bale 65
397 Jan'32 ____
35
397
8
35
50
3618 12
3512 Sale 347
2812 41
34 Sale 34
33
397
8
5
36
3414 Sale 3414
29
6411
11
35
36 Sale 36
3914 47
3012 65
8212 Feb'32 ____
81
89
80
8213
94
1s 94
9412 Jan'32 ____
72
96
12
9112 Sale 9084
013
4 48
7812 Sale 7812
8084 31
67
6834
72
7012 71
72
194
7012 Bale 6834
783 100
4
7612 Sale 7478
75
41
7484 Sale 7438
--------6812 Mar'32 _ zr
917 Sale 907
9213 52
8114 85 81 Mar'32 ___
2
69
68
70 69
72 Nov'31 ___
59
69
70
2
6914 70 69
_ __ 8412 8212 Mar'31 ___
11
82
82 Sale 82
--------9314 Mar'30 ____
747 651
7214 Sale 6412
4612 58
4514 Sale 41
40
315
39 Sale 37
1
88
8812
__ 88
9018
3
91 15 9018
85 ____ 81 Dec'31 ____
____ 100 Sept'31 ____
72
83
6212
6484
6412
69 4
3
70 8
3
681z
8484
78
6512
____
87
_ _
ii
____
8
22
241s
19
797k
9018
____
___
7512 8834 Nov'31 ____
72
77 Mar'32._
7284 77
72 -_-- 75 Feb'32.,___
____ ____ 100 Dec'31 ____
55 ____ 8412 Dec'31 ____
____ ____ 9512 July'29 ____
69
6614
_ 69
4
Jan'32 ____
61 61 53
g 5614 Feb'32 ____
59
61
663
4
3
663 Sale 66
4
24
68
6612 Sale 6612
Jan'32 ___
55
5518 81
67
95
94 Sale 9134
--------10012 Nov'31 ___
8
7
94
92 100 92
2
59
50 Sale 57
110
75
74 Bale 72
5
83
83
8114 84
___
72
75
____
____
___
56
53
55
60
58
515
4
871s
_
flaT
48
6612
81
5314 Sale 53
43
443 44
4
7818 ____ 96
7018 _ _ 7718
43
39 - - 45
75
____ 70
38
38
40
9212
60
98
59 Sale 59
10114 Sale 10012
1812 Bale 16
40
50 50
10212 1033 10212
4
4
993 10014 993
4
91 Sale 9012
88's---- 8018
9112 921z 91
87
923 91
4
92
805
8
72
72
78 4
8
75
6
812
9212
82
727
8
__
70
_
81
- _-747
3
4612
40
88
91
____
____
-77
75
____
_ ___
.
_-69
53
5614
863
4
68
55
95
a
59
77
83
38% 54
12
54
40 0
17
44
.
___
Mar 31 ____ ____
774 Jan'32 ---7718
35
54
5
45
Mar'30 ____
3018 8954
6 -__38
9212
92
Feb'32 ____
52
62
11
62
963 103
4
96
102
1112 2011
7
1812
Feb'32 ____
50 50
Mar'32 ____ 101 10213
Feb'32 ____
993 99 4
4
3
9112 28 az% 9112
Feb'32 ____
8018 81
Mar'32 ____
87
92
Mar'32 ____
8584 92
New York Bond Record -Continued-Page 4
1926
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 11.
••••
Price
Friday
Mar. 11.
Weeks
Range or
Last Sate.
1
113
Range
Since
Jan. 1.
Bid
Ask Low
NW Ns Low
High
North Cent gen & ref Ile A 1974 M S
105 107 Nov'30
Gen dr ref 4348 ser A
1974 M 8
100 104 Sept'31
North Ohio let guar e 58___1915 A 0
85
78% Oct'31
North Pacific prior lien 48_1997 Q 1 81 Bale 80
8214
8214 112 "5
Registered
73% 75%
Q 3 7518 7934 7518 Mar'32
Can lien ry & Id g 38_Jan 2047 Q F 60
46
83
6112
63
5114 63
Registered
54% 5412
-Jan 2047 Q 1. 5518 60
5412 Feb'32
Ref & impt 434s series A__2047 J .1 76 Sale 7112
85% 76
15
78
Ref. & impt 85 series B___2047 J 3 8912 Sale 89
9012
78
/
1
4
9012 130
Ref & impt 5e ;wiles C___2047 J 3 78
3
74
89
78
78
78
Ref d;!met 59 with D___2047 3 J 771 Sale 78
16
70
78
78
Nor Pao Term Co 1st g 86-1933 J J 100 _--- 10012 10012
3 1'012 10012
Nor Ry of Calif gnat g 5s.1938 A 0 9614 ____ 9514 Oct'31
11 'in
41
45
0 53 L Cham lst gn g 48-1948 J J 41 Sale 40
8
Ohio Connecting Sty 18t 48-1043 NI S 7812 ___- 97 May'31
Jan'32
Ohio River RR let g Is
19363 D
90 1690
General gold 56
1937 A
90 89 Nov'31
Oregon RR is Nav coin g 48_1946 J I
85
85
87
3
851 964 85
/
4
1
Ore Short Line 1st COM g 58-1946 J 3 90
96
971 96
/
4
95
99
48
Guar sled cons 58
1946 J 3 9712 100 9712
943 100
4
997
64
Oregon-Wash let & ref 411_1961 J .1 80 Sale 78
80
72
80
Pacific Coast Co let g 58-1946 1 1
Pee RR of Mo lat ext g 4s 1938 2' A
1938 J 3
2d extended gold Is
Paducah & Ills lets t g 4%8_11165 J .1
Paris-Lyons-Med RR ext 65_1968 F A
Sinking fund external 78._1958 M S
Paris-Orleans RR ext 5348-1968 M
Paullsta Ry 1st & ref a f 7s_ _19421111
.
Pa Ohio& Det lst& ref 4 Ms A'77 A 0
Pennsylvania RR cons g 46_1943 M N
Conn! gold 4s
1948 81 N
ef sterl eptd dollar May 1 1948 M N
Conaol sinking fund 4%8_1980 F A
General 4%s series A
1965 J D
General 56 series B
1988 3 D
15
-year secured 830
1938 F A
Registered
PA
40-year secured gold 58___1964 M N
Deb g 434e
General 4448 eer D
1981 A 0
Pa Co gu 3%a coil tr A reg-1937 M S
Guar 3346 cell net ser 13_1911 F A
Guar his trust ctis C
1042 J D
Guar 3%a trust Ws D
1944 J D
Guar es ser E trust etts
1952 MN
1., Secured gold 4348
1963 MN
f4 Peoria & Eastern 1st cons 48_1940 A 0
Income es
April 1990 Apr
Peoria & Pekin Un let 530-1974 F A
Pere Marquette lst ser A 58_1956 J
let 48 series B
1956 3
let g 4%6 aeries C
1980M
Pails Bait & Wash lot g 4.1-1943 M N
General 58 series 73
1974 F A
Gen'l g 4Sie see C
19773
Pbillppine Ry lat 30-Yr 6 1 4s '37 J 3
Pine Creek reg 1st fis
10323 D
PCC&StLgu4348A
1940A 0
&dee B 4348 guar
1942 A 0
Series C 434s guar
1942 M N
Series D 48 guar
1945 M N
Series E 4341; guar gold_1949 F A
Series F 4s guar gold
19533 D
Series 046 guar
1957 M N
Serie/ H cons guar 48
IMO F A
Series I eons guar 4348-1963 F A
Series J cons guar 45ft_1984 MN
General M 5s series A__1970 J D
Gen mtge guar 58 set B._1975 A 0
Gen 4 348 series 0
19771 J
Pitts McK & Y ist gu fis-1932 J J
2d guar 86
1934 3 J
Pitts Sh & L E 1st g 51
1940 A 0
let conaol gold Is
19433 J
Pitts Va & Char let 46
1943 M N
Pitts & W Va 1st 4%s ser A..1058 J D
1st M 434s series B
1958 A 0
15t M 4)43 series C
1960A 0
Pitts Y & Asb 1st 48 ser A1948 J D
1st gen 56 series B
1962 F A
1st gen 53 series C
Providence Secur deb 46....1r/77 3 g
5 13
1
Providence Term let 4s
1956 M 16
.1
Reading Co Jersey Cen coil 48'51 AO
Gen & ref 434s series A _ __1597 J J
Can Jr ref 434s series 13_1997 is
Rensselaer Jr Saratoga 88___1941
N
Rich Jr Mech let g 48
1948 MN
Aldan Term Ry 1st ell 58_1052 33
Rio Grande June let gu 511_1939 3D
Rio Grande Son let gold 4s.1949Ii
Guar 48 (Jan 1922 coupon)'40 Si
Rio Grande West lot gold 48_1939 33
15t con & coil trust 48 A 1949 AO
RI Ark & Louis let 43411._1934 rots
Rut-Canada 15t gu g 48
1949 33
Rutland let con 4348
1911 J
St Joe & Grand Tel 1st 48___1947 J J
St Lawr & Adr 1st g 59
19963 P
2d gold fis
1998 A 0
St Louis Iron Mt & SouthernRlv&O Dly lstgds
1933 MN
St L-Sen Fran pr lien 4s A_ _1950 J .1
Con M 434s series A
1978 Al
Registered
J
Prior lien 5.; series B
19501 J
St L Peer & N W lst gu 68-1948 J J
L SW let g 48 bond ctfe_1989 MN
2d g 48 the bond this Nov 19893 J
Como! gold 48
1932 J D
1st terminal & unifying 53_1952 J J
St Paul & C Sh L 1st 41941 F A
St P & Duluth 1st con g 43..1968 J D
St Paul E Or Trk 1st 4346.1947 J J
St Paul Mlnn dx Man con 48_1933 J .1
1st cense!g 86
1933 3 J
Os reduced to gold 434s
1933 J J
J D
Registered
Mont en. 1st gold 49
1937 J D
Pacific ext gu 4s(aterling)-1940 3 5
St Paul tin Dep let dr ref 58.19723 J
SA & Ar Path lingua 4s
1943 J
Santa Fe Pres de Phen let 56..1942 M S
Sac Fla & West 1st g 66-1934 A 0
let gold 5s
1934 A 0
Scioto V & N E lst
g 4s 1989 M N
Seaboard Air Line lst g 4s 1950 A 0
1950 A 0
Gold 48 stamped
A0
Certificates of deposit
Oct 1949 F A
Adjustment 58
1959 A 0
Refunding 48_
Certificates of deposit
--1945MS
let & cons 6s series A
Certificates of deposit
109
AU & Blrm SO yr let g 4s-d-- 9
-
16
1918 1918
1918
2
1918 1918
8513 90
2
90 Sale 90
90
Feb'32
85
85
91
993 85
4
803 95
8
9518 Jan'32
95 9518
993 100
4
81
9914 100
91 100
100 Sale 100
103
42
98 103
9814 983 95
4
88% 9612
9612 47
51
63 63 Feb'32
41
63
76
80
75 Feb'32
70
78%
895 9314 88 Feb'32
8
92
88
87% 9314
2
90
/
1
90 Sale 884
4
9134
888 893 883
4
9018 14
87
96% 99 93%
90
9512 15
0512
83% Sale 813
7818 8711
4
837
8 48
8412 92%
903 Sale 89
91
68
s
10034 Sale 10038 101
115
977 10218
s
10914 Feb'31
86 Sale 833
88
4
864 26 "5
651, 7434
73 Sale 71
73
64
76 Sale 754
77
70
79
26
/
1
---- 87 Nov'31
81 iff"
- 81 Feb'32
85% 85 4
3
8
853 Jan'32
78
807 8078 Feb'32
8
807 804
8
7618 78
1
78
78
82
82
23
817 Sale 79
8
70
40
2
55 Sale 55
55
66
23
4 63
8 73 Dec'31
77
65
79
1
79
79
79
69
45 8 89
7
72
66 Bale 64
8312 sale 5112
4111 55
35
55
58
42% 58
47
57 Sale 54
88
9112
8812 917 88 Mar'32
8
89
0812 10812 Sept'31
Jan'32
77
8014
_
7812 ---- 77
1772 2113
2
20 Sale 20
20
100 100
100 Feb'32
4
09212 96
9312 933 93 Feb'32
/
1
4
92
92 8 9612 95
3
95
95
2
974
97 Dec'31
8614 _-_- 8718 Mar'32
8614 90
7612 __-- 95 Mar'30
8014 __-- 98 Sept'31
8314 Mar'32
-iir4 11
14
81
7714 _-_ 9712 Sept'31
881 90
90
90
90
90
87
89 Mar'32
90 Sale 89
84
9212
14
90
873 9212
4
9
9012 Sale 8834
9012
81
87 81%
82
7418 8518
7
1007 103 0018
8
1 100 1001a
10018
9912 100 100 Nov'31
Oct'31
90
99
0014 Aug'28
988s June'31
- 58
-83
55
56
47
5314
55 Feb'32
45
56%
7
563 Sale 55
4
563
4
sit2 ____ 9514 Sept'31
9912 Oct'31
89
88
5018 ___- 714 July'31
7412 Mar'32
763 85
4
h
Seaboard All Fla let gu 85 A-1935 F A
Certificates of deposit
Series B
1935 F A
Certificates of deposit..........
Seaboard Jr Roan let 56 este) 1931
21 & N Ala cons gu 59
1936 F A
Gen cons guar 50-yr 58.- A963 A 0
So Pac coil 46(Cent Pac coll) k'49 J D
let 4418(Oregon Lines).4_1977 IS 13
20 year cony 58
19343
Gold 4318
1988 IS S
Gold 4148 with war
1969 PA N
Gold 41411
1981 M N
San Fran Term 1st 48...._ _1950 A 0
So Pac of Cal 1st con gu g 58.1937 MN
So Pac Coast let gu g 48_.1937 J J
SO PBC RR tst ref 46
10653 J
Registered
J J
Stamped (Federal tax)..1955 .1 J
Southern Ry 1st cons g 56_1994 J J
Registered
J ./
De
4s series A__ _ 1958 A 0
Devel Jr gen Os
1956 A 0
Devel Jr gen 8148
1958 A 0
Mem Div let g 56
1996 3 J
St Louis Div 1st g 48
19513 J
East Tenn reorg lien g 58 1938 M S
Mob & Ohio coil tr 46_ _ 1938 M S
Spokane Internet lot g 58-1955 J J
Staten Island Ry 1st 4;48_1943 J D
Sunbury & Lewiston let 48_1936 J J
8le
8113 Sa3
81
8112
8112
Oct'30
13
7912 Sept'30
_ 72
Jan'32
90
9812 93
'31
03
85
214 June'31
712 Ap7V5
75 Elite- 73
52
55
541
/
4
55
6812
6612 Sale 64
Jan'32
20
49
39
411 6414 47 Feb'32
21
9
182
7
54
79
75
95 Apr'31
"iii
" WI; 89% Feb'32
76
80
7814 Sale
30 Bale
2318 Sale
4
774
7
9
79
2912
317 417
8
2318
2514 301
4212 Aug'31
3612 Sale 3612
3713 26
7118 97 105 Aug'31
66
70 66
86
46
48
4414
48
11
87% 173
8713 Sale 86
50
20
48 Bale 48
57
15
57 Sale 53
9312 Oct'31
63
85 99% Aug'30
_
4
953 973 96 Mar'32
9912 997 997
997
8
97 Sale 97
97% 10
--__ 00 Apr'31
90
96
887
8
86%
81 Mar'32
7513 82
9714 100
97
97
8
80 Sale 7912
8012 11
10214 95. Dec'31
_
r10718 SeP' ---31
101
Oct'31 _
84 Sale 8318
84
7
18
23
16 Mar'32
1414 Sale 123
1414
7
14
1912 10 Dec'31
1
Feb'32
152 1
5 Feb'32
314 7
314 612 3 Feb'32
412 5
I 412 Mar'32 _
4 Sale
4
434
9
1712 18
20 Mar'32
Price
Friday
Mar.11.
Bid
234
2
renn Cent 1st 88 A or B
1947 A 0
Term Assn of St L 1st g 4;0_1939 A 0
lot cons gold 56
95
4F A
1943jj
Gen refund 6 f g 4s
Texarkana & Ft 13 let 5%8 A 1950 F A
Tex & N 0 Con gold 59._.1943 J J
Texas Jr Pao let gold 56
2000 J D
2d Inc 513(Mar'28 cpon)Dec2000 Mar
Gen & ref 59 scrim B
1977A 0
Gen & ref 56 series C
1979 A 0
Gen & ref 58 series D
19801 D
Tex Pac-Mo hie Ter 511s_ _1964 M S
Tol Jr Ohio Cent let gu 8e..1935 J J
Western Div 1st g 56
1935 A 0
Gen gold Is
1935 J D
Tol St L& W 50-yr g 4s
1950 A 0
Tol W V & 0gu 4 Hs ser B_ _1933 J J
lst guar 4s series C
Toronto Ham Jr Buff 1st g 48 9941 3 D
1
M S
Ulster Jr Del let cons g 6s..1928 J D
Stpd as to payt Dec 1930 list......
1st con 5s etre of deposit ______ -CDs of deo stpd Dee '30 Int.
1st refunding g 4a
A
1952 --11
Union Pac let RR & id gr 4;3_1947 J J
Registered
J J
1st lien Jr ref 48
June 2008 M S
Gold 464*
let Hen & ref 56
June 2 1 3 3
1008 MS
96
40
-year gold 46
1968 J D
U N S RR Jr Can gen 45_1044 M S
Utah Jr Nor let ext 48
Vandalia cone 48 series A 1953 3 A
95F 3
3
Cone f 4a series B
1957 M N
Vera ('rue Jr P asst 4348
1933 J J
Virginia Midland gen fe_ _ 1936 M N
Va Jr Southw'n let gu 5s__ .2003 J J
1st cone 50
MO
A N
-year
Virginia Ry let 55Is9
series A..1196528
let M 414s series B
Week's
Range or
Last Sale.
Ask Low
Nigh
3
25
4
23
4
213 2
2
24 Feb'32
1% 212 212 Feb'32
35
85
9012 Aug'31
102
Oct'30
8212 90 100 Nov'31
70 Sale 70
74
8212 Sale 81
82 4
5
75
92 90 Feb'32
68 Sale 67
70
683 Sale 674
8
70
66 Sale 654
6811
8018 82 a7918
82
Jan'32
953 ---- 99
4
96 Jan'30
8612
844 Sale 81
95% Nov'31
9212 May'30
85 Sale 84
8614
104 July'31
443 Sale 4412
4
47
68
57 Sale 57
63
5812 Sale 58%
95 93 Nov'31
7 634 Feb'32
/
1
77
83 101 Sept'31
344 4114 411
/
4
44
29 Sale 29
31
87
Oct'30
9714 Nov'31
•Z •
61.1
rP,
A '4
Range
Since
Jan, 1.
No. Low
11(04
2
5
lls 412
2% 2%
212
212
120
45
20
42
199
15
.
81 'W
73
84 4
3
90
97
5911 73
12
81
74
59% 7212
74
84
99
99
62
70
11
12
42
"5
8611
110
28
24
-5134 54
48
67
61
72
"60" Wig
7
3
35
37
36
1
36
92
9613 92 Mar'32
93
96
95
95
3
76 Sale 7414
76
15
744 80 70 Mar'32
/
1
6512 90 10012 Nov'31
r91
io
90% 93, 8912
8
-__ 95 Mar'29
12
70 Sale 70
70
70 Sale 6912
70
7
6912 7012 70
7018 11
85
9912 85
8912
3
7512 92 9234 Jan'32 --98
96 Mar'32
94
95 Sept'31
513 70
4
74 Nov'31 - ---- Iowa yaw)
-i5- ____ 9618 Apr'31
63
90 Dec'31
818
- 8
4412 57
---Jan'32
--- 77
......
7412 Feb'32
41
48 Feb'32
9234 Sale 92
937
8 81
_88_ 6414_ 80
. 9178
81
9
4
15
35
8712 Sale 8314
8712 28
98 102
9712
98
2
7914 84
783
4
80
20
9018 ---- 90 Feb'32
100 July'31
8014 --- 9538 June'31
8014 ---- 9312 Sept'31
114 Feb'32
112 212
1-- 9018 Jan'32
88
95 80 Feb'32
41 Sale 373
4
45
15
91 Sale 90
91
33
91
93
70 Jan'32
Wabash RR let gold 55......10 9 IS N 73% 7912 73
N
7512 30
1932
8
2d gold 55
59 Bale 55
59
18
Ref & gen s 534e ger A 19
1213 13
1212
123
4 13
111
)
93% May'29
Deb tie series 11 registered_ 19393 .1
let lien 50
87 July'31
-year g term 43.1954 3 3
Del & Chic ext 1st 5e_..A941 J J 7012 lo
73 Feb'32
Des Moines Div 1st g 46_1939 3 3 32
60 32 Feb'32
59
Omaha Div let g 330-1941 A 0 30
79 Aug'31
Tol Chic Div g 48
70 50 Feb'32
1941 Al S 55
143 1212
4
Wabash Ry ref Jr gen Is B 1976 F A 12
13
8
12
Ref & gen 4 As series 0 1978 A 0 11 Sale 1012
16
1138
Ref Jr gen 5e series D
1
I980 A 0 1018 11% 1138
Warren 1st ref gu g 3148_2000 F A
78 July'31
86
56
56
788 79
4
Washington Cent 1st gold 48_1948 @ M 56
1
85
82 Feb'32
70
8112 Wash Term let VI 330-1945 F A 78
82
1st 40-year guar 4s
1945 F A 83% 87
83% Mar'32
76
Western Maryland let 4s_ _1952 A 0 59 Sale 59
6012 113
8214 Sale 6112
19t Jr ref 534s series A_ _1977 J
7
6214
West N Y & Pa 1st g 56
97 10014 09514
93
93
98
2
1937 J
Gen gold 48
1943 A 0 794 8014 77
78
3
Western Pao let 56 ser A
49
68
1948 IS S 4712 Sale 4412
West Shore let 46 guar
2381 .1 J 78% Bale 7518
78
15
66' 75
Registered
74
2381 3 3 7014 7312 71%
2
44
56
Wheel & L E ref 41.46 ger A_ 1968 M S 80
80 6014
r6114
2
1966 M S
46% 70
Refunding Is series B
9812 Aug'31
RR let consol 48
89
39
8518 70
70 Feb'32
Wilk & East 1st gu g 58_12
47
47
26
29
26
28
4
Will & S F 1st gold 58
9138 Oct'31
1938 3 13
61
Winston-Salem 13 B 151 48_1980 J J 70
80
85
96 June'31
Wis Cent 50-yr 1st gen 4s._1949 3
38% Sale 3812
4018 50
Sup Jr Dui dly Jr term let 48 '36 MN 3312 35
Iii
;
7
3312
34
15
Wor Jr Conn East lot 434e_ _1943 3 3
8814 Sept'31
65
8312
2314 34
INDUSTRIALS
15
2814 Abitibi Pow Jr Pap let 58_1953 3 D 40% Sale 39
41
143'
Abraham Jr Straus deb 5348-1943
With warrants
"iefa 12A 0 834 833 8013
/
1
4
8314 12
Adams Express coil tr g 40_1948191 S 67
70
66
68
3
-fei- Ili- Adriatic Elea Co esti 7s_ _ _1952 A 0
75
75
435 497 Ajax Rubber let 15-yr at 58.19363 D
8
112 10
5 Jan'32 _
42
89
Alaska Gold M deb Os A.-1925 M S 1212 1414 1313
14
12
27
1s 55
Cony deb 68 series B
1926 M El 1213 20
1212
14
16
42% 80
Albany Perfor Wrap Pap 651948 A 0 4018 45
45
45
1
...... __ Allegany Corp coil tr 58-1944 F A 311 Sale 3113
3412 120
Coll Jr cony
5629 Bale 2814
31
74
-eiT8 Iicoil Jr cony 5s 11
9 3 i
)g A i; 2814 Sale 2714
3012 130
98 100
Allis-Chalmers Mfg deb 58_1937 M N 83 Sale 877
8 6
97
94
97% Aipine-Montan Steel let 78 1955 M S 49 Sale 48 8
49
33
Amer Beet Sag cony deb 813_1935 F A
1912 20
1912
191
4 10
-g- IC American Chain deb 8 t 88.1933 A 0 8214 Sale 8214
84
39
70
81
Am Cyanamid deb5s79 85
78
80
10:
91
99
Am Jr Foreign Pow deb 58_ g_g
41% Sale 4112
4412 191 8718 8012 Amer lee s f deb 56
1993 J D 74
78
7312
74
20
Amer I 0 Chem cony 5348_1949 fiff N 69 Sale 6814
7013 81
--- __ Am Internal Corp cony 514s 1949 J J 7014 Sale 70
7114 69
Am Mach Jr Fdy at Os
1939 A 0 1031s -- 103
1
103
-788 .. 4
8 8
Amer Metal 514% notes..,1934 A 0 877 Sale 87
8
74
68
18 r25
Am Nat Gas 8Ila(with war) 1942 A 0
2 Sale
9
2
23
4
8
12
19 4 Am Sm Jr R 1st 30-yr 53; set A '47 A 0 9112 Sale 91
93 4 112
3
------- Amer Sugar Ref 5-yr 64.-1937J J 10014 Sale 100
10012 26
1
III Am Telep Jr Teleg cony 48_1936161 S 973 984 964
18
4
97
2% 5 4
3
30
-year coil tr 58
1948 .1 D 102% Sale 10114
10212 143
27
7
35
-year of deb 68
1980 3 J 10012 Sale 99
1007 338
8
3 4 614
8
20
-year s f 534s
1331
105
1943 M N 104% Sale 104
3
7
Cony deb 414s
52
J 105 Bale .414 106
193
6
5
9
1512 20
35-year deb 56
100 4 264
3
100 Sale 985
-741;
7 3 Jan'32
78 4
8 2
r Cash sale. 4 Due May. 8 Due August. a Deterred delivery.
•
BONDS
N. 'Y. STOCK EXCHANGE
Week Ended March 11.
247
8
8854
95
71
63
12
88
92
95
79
74
87 j 92
5
6211
011s
6212
80
923
4
96
-7
6"
7012
7012
8912
9284
96
...-
"iii"
"5
49
867
8
8912
74
78
96
71
90
77
7713
48%
9378
91
84
8712
984
80
9312
-114 "WI
90
80
8S
81
70
904
8045
91
76
65
43
10
79
69
19
7222 73
30
46
5050
9
14 19
/ 1611
1
4
9
9
1811
-88- 58
82
8212
8334 8358
48
62
46
63
9113 98
77
9111
28
49
68
78
6313 74
60 r6114
14
5
-
204 29
8114 r6014
24
10 8
1 -1
34
2813 41
75% 88
85
70
72
78
5
8
147
s
9
14
4014 4
818
28
4112
21
40
15
33
91
79
40
5112
1813 22
8214 87 1
1
80
89
39
47
65
748
4
7012
55
7211
88
10214 103
481s 88
2
4
a88 s 96
7
98 105
9414 9913
97% 10212
9514 10)%
10012 105
100% 107
9514 100 4
8
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 11.
4z.
Prise
Fr'WY
Mar. 11.
Bid
8518
94
8218
28
1218
5
Ask
87
Sale
Sale
41
Sale
10
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
1927
•
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 11.
.1.
,
a.
Price
Friday
Mar. 11,
Weeg's
Range or
Last Sale.
High No. Low
Low
High
Biel
All Low
High No
87
87
87
973 Federal Light & Tr 1st 5s___1942
4
1
755 94
8
76
70
1
42
95
9314
83 4 95
,
7314 78
lot lien a f be stamped_ ___1942 M
74
7612
4
8218 28
8418
7912
68
let lien 6s stamped
80
1942 M
83
76%
82
4
3
30
22
30
30
JO 66 101
30
-year deb 63 aeries B
_1954
65 Mar'32
12i1 23
7
12
1212 Federated Metals a f 78
75
75
1939 ID
77
6
75
_
10 Sept'31
Fiat deb 8 f g 76.
80% Sale 80
1946 J
80 8 124
3
Jan'32 _
1
Fisk Rubber lot sf58
2312
1941 MS 2114 25
26
31
7814 78
75
78
Jan'32
80
Framerican Ind Dev 20-yr 7,4E4'42 J
8312 843 83%
8412 12
4
7612 Sale 7412
687 7718 Francisco Sue let s f 7 sig._.1942 MN
2
77
131
10% 29% 18
18
12
6714 Sale 64
238
60
68
68
Gannett Co deb tls
72 Sale 72
3
1943 FA
72
58 Sale 59%
63
21
55
70
Gas & El of Berg Co eons g581949 Jo 95
10314 Sept'31
1013 Sale 1005
4
8
98 101% Gelsenkirchen Mining Os_
1013
4
5
MS 3512 idis 35
1934
3612 22
95
_ 9514
__
95
9514 Gen Amer Investors deb 521_ _1952 FA
82 Sale 78
17
82
404 44
405 42
8
41
42
4
Gen Baking deb of 5its
95 2 12
1940 A0 95 Sale 9412
,
92 Sale a903
4
85% 93
92
45
Can Cable 1st 5 15 ye A
8
553 Sale 545
4
56
8
1947 J J
9912 10014 9912 Mar'32
9914 10112 Gen Electric deb g 3 ss
93
9312 97
Feb'32
1942 PA
.
,
5
15
7
712 Jan'32
71 Gen Elee(Germany) 7s Jan 1545 ii 50 Sale 48
66
50
81 Sale 7918
18
71% 8212
8212
S f deb 6
4812 83
19411 JO 45 Sale 45
88
a90
85% 90
Feb'32
20
-year s f deb 6s.
56
41 Sale 3812
1948 MN
1035 Sale 102
8
104
34
983 104
4r
Gen Mot Accept deb 85
10'214 120
1937 FA 102 Sale 102
10312 Sale 102
9834 10312 Gaul Petrol let s f 68
10312 64
99 Sale 98%
1040 FA
33
99
7812 Sale 77
7012 80
60
80
Gen Pub Serv deb 5,
75% 78
10
7512
77
1930 .1 .1
.,s
3912 Sale 3818
4112 64
3014 4712 Gen Steel Cast 5-',e with warr '49 .1 .1
5.914 Sale 5914
17
60
3412 Sale 3412
30
38
42
11
Gen Theatres Equip deb es. _1940 A0
212 228
1 12 Sale
112
2914 Sale 2712
31
37
105
(tool Hope Stee'& Ir see 79..1945 A0 28% 33% 2812
2812
7
3312 Sale 2934
34
51
2414 3512 Goodrich(B F)Col st8 se..l947 J J
7312 Sale 7312
19
75
033 95
4
933
4
9518
97
13
86
Cons deb 6s
......1945 Jo 4412 Sale 45
46% 172
98 Sale 9512
98
21
9234 98
Goodyear Tire & Stub lot 55 1957 MN 81% Sale 8214
8214 94
25
30
22 Mar'32
_
20
27
Gotham Silk Hoolery deb 68.1936 J
79
88
79
79
2
14 Sale 14
1614
14
15
173 Gould Coupler 1st s f 65
4
23% 30
24
24
I940 FA
1
____ 44
4112
4112
2
40
50
CR Con. El Pow (Japan) 7s. _1944 FA
56 Sale 56
6
58
212 312 312 Feb'32
_
3
4%
1st & gen s f13 1-•,s
4712 Sale 47
1950 I J
4712
_ _
27
5 278 Dec'31
(lug States Steel deb 5.5s._1942
D 3012 39% 34%
3612 21
78
55
665
8
66 8
,
1
65% 66%
10312 Sale 1003
4
9714r105
10312 45
Haekeneaek Water 1st Is...1952 .3-3 85
9012 7914 Feb'32
9014 Sale 897
8
9114 362
80% 9114 ilansa SS Lines 6a with warr. 193)) AO 21 Sale 10
21
25
5518 73
5514 Feb'32
Miriam Mining do with elk parch
6 4 58
5,
58
60
9012 June'31 _
war for corn stock of Am she '49 J J
42 Sale 40
42
14
9212 June'29 _ _ _ _
FA
Havana Flee condo! g 5,4
20
1952
25
25
Feb'32
857612 78
75
15
70
77
78
S
Deb 5
series of 1926. .. _1951
Feb'32 _
6
912 7
103 Sale 10214
103% 30 100 103% floe (It) & Co let 6, set A.1934 AO
11
15
1018
1s
18
8
1073
4
Feb'32
107 111
- 107
Holland-Amer Line 58 (flat) _1947 MN
1512 273i 1712 Mar'32
165
_ _ _ _ 147
Feb'32
__
147 147
Houston 01 sink fund 5¼e_ _1940 MN 65 Sale 6112
65% 29
973 Sale 97
4
981
33
92
9814 Hudson Coal let s f 5.9 ger A_1962 JO 35 Sale 3434
371
39
-- 96 Nov'31
1949 SIN 10012 106 100
100
4
.1 Hudson Co Gas 1st g 5s
9514 Sale 935
9514 45 -91" 95 4 Humble Oil & Refining 5,'s.1932 J J 10012 Sale 10012
100% 34
765
8
77 Mar'32 _
76
80
Deb gold 6e
4
1937 AO 983 Sale 98
98% 25
63 Sale 53
63
32
68
71
Illinois Bell Telephone Ss. 1954)
D 101% Sale 100%
1013
4 84
8214 Sale 82
83
7
81
90
Illinois Steel deb 41-s ._
1940 AO 9712 Sale 96
9712 65
55
78
Jan'32
60
60
60
Ilseder Steel Corp mtge 68. _19411 FA
2312 2512 20%
2412 15
Indiana Limestone 151 sf68.1941 MN
Feb'32
1214 18
13
Cal0& E Corp unit & ref 512_1037 M N 101
_ 10014
9914 101% Ind Nat Gas & ()II ref Is....1936 MN
101
6
92
Feb'32
- 91
Cal Pack cons deb 52_
1940 J .1 67 Sale 653
4
6212 71
6712 29
Inland Steel let 44s.
1974 A 0 84 Sale 81
84
8
Cal Petroleum cons deb s t 581939 F A
7512 Sale 73
7512 43
lot N ml 44s ser B
6112 75%
82 Bale 7912
1991 FA
6
82
Cons deb 818 514s
1938 M N
75 Sale 75
75
7
64
75
Interboro Metrop 4-4s
1018 Sept'31 _ _ _ _
1956 A0
912 12
Camaguey Hug 1st s f 7s _ _ _1942 A 0
5
6
5
5
2
AO
5
5,
4
Certificates of deposit
3 Mar'32 _ _ _ _
s
Canada SS L let & gen 6s_ lei' A 0 313 40
4
32 Mar'32
'23
32
Interboro Rap 'Fran 1st 5s 1966 J
6612 bale 6612
120
59
Cent Dist Tel 1st 30-yr 514_ _1943 J D 10012 106 10014 Mar'32
99% 102
J J
Stamped
5612 Sale 5618
53
324
Cent Foundry let elIte May 1931 F A
9112
- 93
Feb'32
89% 93
10
-year 6s
1932 A0 43 Sale 4112
443 506
4
Cent Nucleon G & E 5e Jan 1957 M
100
_- -- 9914
100
36
96% 100
10
-year cony 7% notes
79
1932 M S 77% Sale 753
204
4
Cent III Else & Gas lot 5a
1951 F A
7512 Sale 7518
77
15
7012 77
Interlake Iron 1st 5411 _._.195i MN
52 Sale 5118
55
10
Central Steel lot g s f 8s
1911 M N
8912 92
88 Mar'32
85
90
lot Agile Corp lot 20-yr 56..1932 MN
9814 100 r10114 Feb'32
Certain teed Prod 54s A_ _1948 M El 4218 Sale 40
3114 443
42%
22
4
Stamped extended to 1942_ _ _ _ MN
35
34
3414
50
5
Ceeperiee Sugar Co IsIs f 745'39 M S
5
7
5 Mar'32
5
8
let Cement cony deb be.
66
1948 MN 6312 Sale 13312
51
Cheese Corp eons 58 May 15 '47 M N
65 Sale 65
68
66
64
76
Internet Hydro El deb fts_ _1944 *0 5012 Sale 4612
53
159
Chic City & Conn Rye f4s Jan 1927 A 0
- 2718 July'31
Internet Match s f deb 5e
49% Sale 4934
53
1947 MN
296
Ch G L & coke 1st 401 g 5s 1937.3 .1 98
993 9912 Mar'32
4
97 IVO!.
Cons deb Is
3 53% Sale 5212
1941
15714 165
Chicago Rye 15( 58 nix! ride 15%
Inter Mere Marine St 6s,.,..11441 A0 50
60
4912
5212 44
principal and Aug 1931 Ink.
F A
50 Sale 4814
50
4
4512 50
Intermit Paper loser A & B_1947 .1 .1
5512 Sale
55%
11
Childs Co deb be
1943 A 0 44 Sale 44
45
11
407, 48
Ref fes series A .
34% Sale 3018
1955 M
3612 28
Chile copper Co deb be
1947.3 .1 60 Sale 5412
60
47
58
60
Int Telep & Teleg deb g 44e 1952 J
42 Sale 42
44% 70
CI° 0 & E let NI 4e A
19418A 0 9113 Sale 87%
921
. 30
82 4 92 2
3
,
Cony deb 448
.1
51 Sale 5012
1939
55
Clearfield Bit Coal 1st 4s
157
1941 J
_
77 Dee'30
Bob Es4
46 Sale 45
1955 FA
50
Colon 011 cony deb 118
149
1938 J
40
41 383
4
38%
1 -32i - - 4 Investors Equity deb Se A1947 JO 55
. 3
8 83
70
_
Jan'32
60
Cob Fuel & Ir Co gen f 59_1943 F A
61 Sale 60
61
6
60
87
Deb Is 8er B with warr..1948 A0 55
60
Jan'32
60
__
Col Indus let di ooll be au_ _1934 F A 60
6112 GO Mar'32
5.813 85
Without warrants
1948 *0 55
05
00
Dec'31
Columbia G & E deb 58 May 1952 M N
8512 Sale 84
8512 44
71% 8512
Debentures be_ _ _Apr 15 1952 A 0 85 Sale 84
85
32
74
85
KCPow &Lt 1st 44sserBA957 J J
96
93 Mar'32
Debenture bir
Jan 15 1961 1 J
83 Sale 82
83% 96
71a4 8412
let NI 440
1901 FA
96 Sale 9512
NI
19
Columbus Gas let gold 58._ _1932 J J
92
95
90 Mar'32
91)
90
Kan.sas Gas & Electric 4'01_1980 3D 84% Sale 83
85
Columbus Ity P & L lot 4 3s 1957 J J
30
92 Sale 86
92
19
8112 92
Karstadt (Rudolph) lot (15 1943 MN
22 Sale 2014
22
Commercial Credit sf6. _ _ .1934 N N
31
933 98
4
93
93
1
91
93
Keith (B F) Corp lot 68..._1946 MS 46 Sale 46
50
15
Coll tr et 4% notes
1935
J
87 Sale 87
87
9
8415 87
Kendall Co 51 with warr 1948 M S 6018 63
0
5912
65
8
Comml Invest Tr deb 548_1949 F A
9112 Sale 88%
92
136
92
79
Keystone Telep Co 1st be_ _1935 J J
68
Jan'32
7212 70
Computing-Tab-Ree sf68. _1941 J
10514 106 105 Mar'32
105 10612 Kings County El L & P 58_1937 AO 10112 Sale 101
10112
4
Conn RY & L 1st & ref g 41481951 J
82
_ 1015 July'31
8
_
Purchase money (is
1997 AO 120% 125 1203 Jaa'32
4
Stamped guar 448
1951 .1 J 89
-9
i 9312 Dec'31
Kluge County Elev 1st g4s 1949 PA 10812 112
76
70
12
Consol Aerie Loan-See German Pro V & Comm Banks,
Kings Co Lighting 1st So.__ 1954 J
98 100
9312 Fsb'32
Consolidated Hydro-Elee Works
First and ref 6.4s
1954 J J 10812 112 106 Mar'32 _
of Upper Wuertemberg 76.1954)
3318 37
J
3318
3412
5
31
3518 Kinney(OR)& Co 7+4% notes'36 JO 4714 56
4612 Mar'32
Cons Coal of 51d let & ref 58_1950
D 2112 Sale 2014
2112 77
21% Kresge Found'n coil tr 65._1936 J D 9112 Salo 89
19
90
12
C011801088(NY)deb 5%e .l945 F A 10412 Sale 10418
105
49 a10034 105
Kreuger & Toll sees I 5s
49% Sale 497
1959 M
8
5612 302
Debenture 434s
1951.3 D 9513 Sale 94
96
160
89
96
Consumers Gas of Chic gu be 1936 J D 9814 100 100
100
51
98 101
Lackawanna Steel Ist 54 A 1950 M
84 Sale 84
841
2
Consumers Power let 88
3
11152 M N 10012 Sale 9918
10012 Si
97 100
34 Laclede G-L ref At ext 5s
1934 A 0 94% Sale 94
95
Container Corp let 68
62
1946
D
323 Sale I 3234
4
34
10
32
3712
Coll & ref 5'is series C
1953 F A
72 Sale 70
7212 41
15-year deb 55 with Warr. _1943 J D
15 Sale 14
1612
19
14
24
Coll & ref bqs series D
1960 F A
7214 Sale 69%
7214
Copenhawn Telep 5a Feb 15 1954 F A
8
71
75
7214 Mar'32
82
7214 Lautaro Nitrate Co cony 68_1954
Corn ProCI Refg let 25-yr sf 58'34 M N 10114 10214 1013
10134
8 1005 103
8
Without warrants
J
11 Sale 10
11
Crown Cork S, Seal f 68_ __ _1947 J D
101
82 Sale 82
82
1
82
76
Lehigh C & Nav s f 4 4s A _ _1954'.3 86
88
8714
89
Crown Willamette Paper 68_1951 J J
5
75 Sale 75
75
5
67
75
Cons sink fund 4 o ser C_1954 J
86
Feb'32
89
90
Crown Zellerbeeh deb Sow w 1940 M S .5812 Sale 5512
a5812 18
48 a$812 Lehigh Valley Coal 1st g re_ _1953'.3 90
9212 90
93
Cuban Cane Prod deb Ca . 1950 J J
23
234 Sale
212
27
8
8
10
112 27
lot 40-yr go Int red to 4%_1933,J
99% 94 Dec'31
Cuban Dom Sugar lot 71-45.1944 SIN
5 Dec'31
_
1st & ref s I bs
1934 FA 160T4
10014
Stpd with pure') warr attached
10014 10
15 ---- 2
8
2
2
1
212
1st & ret f 58
1944 FA
Feb'32
('(foot dep stpd and 'united_ _
40
1%
5
118 Jan'32
1%
118
1st & ref s f 5s
FA
35
Feb'32
Curnb T & T Int & gen 53_ _ _1937
101 Sale 10018
14
101
34
9712 10114
1st & ref s 53
Jan'32
1054 FA
964
3912 43
Cuyamel Fruit lot 8155 A I940 A 0 1043 1043 1047
8
4
104%
1
97 104%
Ist & ref f bs
1974 FA
393 41
4
Jan'32
Liggett & Myers Tobacco 70_1944 AO
Del Power & Light let 41-4e.1971.3
Sale 11712
118
/ 15
1
4
8914 93 4 85
,
85
1
83
93
56
1951 PA 100% Salo 9914
1st & ref 448
1003
4 33
1969
90
J
Loew's Inc deb s f 6s
4
AO 893 95
883
4
9014 29
92
89
90
Feb'32
92 - Lombard Elec 78 without war. 4 J
60
'52
68 Bale 68
Den Choi& 10 L let & ref s t bs '51 M N
6814
18
91 Sale 9012
91
36
F")
9211
With warrants
stamped an to Penne tax.1951 MN
JO
69 Nov'31
91 Sale 903
4
9112 25
00
9212 Lorillard (P) Co deb 7s
8
Dery (I) CI) Corp 1st s f 78 1942 M S
A0 1067 Sale 10412
108
70
61
Oct'29
So
Deb
1944 ICA
951
9214 Sale 88
24) 78 stud Sept 1930 coupon . M 8
9214 40
1
Dec'31
Detroit Edison 1st coil tr 58.1933.3 .1 10114 Sale 1003
1937 J J
101% Dec'31
4
101 14
40 io545;
Louisville Bask El(Ky) 58_1952 MN
Gen dr ref 5s rierte8 A_ „....1949 A 0 10112 Sale 993
9714 Sale 9014
9714 43
4
10112 52
9512 101 12 Lower Austria Hydro El Pow
& ref ba twries 11
Gee
1955J D 9712
9712 Mar'32
94 1001s
lets( 1146
1944 PA
40
Gen & ref 58 aeries C
58
40
4012
1962 F A
98% 100 4 100
,
100
2
96 10012
Gen A re( 4 tis series D.._ _1961 F A
94 Sale 9112
9414
37
90
95
McCrory Stores Corp deb 6-1e'41 JO
7824
7914 83
Detroit United let C.M1 g4 tis 1932 J
2
783
4
9812 Dec'31
McKesson & RobbIns deb 548'50 MN
5912 87
5912 Sale 5712
Dodge Bros cone deb ea_ _ _ _1940 M N
8412 Sale 8312
86
105
78
80
Marian Sugar let St 748_ 1942 A0
4
3%
712 3
3
Bold (Jacob) Pack let 68_ .,1942 M N
5318 55
52%
52%
2
5048 531
,
Stamped Oct 1931 coupon 1942 A0
3
5
5
Dominion Iron & Steel
5
5
_1939 M S
100 Nov'31
Mantua By(N Y) eons 845.1990 A0 40 Sale 40
4312 114
Donner Steel let ret 78 ..._ _1942 .7 J 82
83
82
82
1
75
82
2d 4s
2013 JD
30
351 32 Dec'31
ser A.1966 M N 79 Sale 77
Duke-Price Pow let
8012 37
8818 8112 Manila Cleo RR & Lt s f 5a_ A953 M
55 1011 98 Sept'31
.
Duquesae Light hit 4 4s A 1967 A 0 95% Sale 94%
95% 101
931 1 97
Mfrs Tr Co ctfs of panic In
East Cubs Hug 15 yr nig 7412'37 M S
5
33
5
52
,
4%
2
512
A I Namm & Son lot 6s...1943.30 81
_ 79 Mar'32
StamPed as to t guar
412 Dec'31
Marion Steam Shovels f 6s. _1947 A 0 3312 - - -34 30
33
37
5
Ed El III Bklyn lot con 46..1939 .1-.7 96% Sale 9612
965
8 13
04
96% Market St By 7.ser A _April 1940 0
86 Salo 86
80
4
Ed Elec.(N Y) lot cons ff 58_1995 J J 10312 10212 10712
10712
2 10712 110
Mead Corp tat 68 with warr.1945
N
Si Salo 48
51
16
38
El Pow Corp (Germany)6%e .50 pa 8 37 Sale 3412
44
26% 38
Menthol-isle Mee let 75 A _I957 A0 793 Sale 79%
4
7934
9
1953 A 0 34
38
3312
38
let sinking fund 6(48
21
28
38
Metr Ed let At ref be ear C 1953
94
90
93
93
2
21 Sale 21
21
Elk Dorn Coal let & ref 64s 1931 J D
4
20
213
4
Ist g 4¼e series D
8412 20
1968 MS 8412 Salo 8212
15 Aug'31
Deb 7% notes (with warr) 1931 J D
Metrop Wat Sew & Dr 510_1950 A0 4712 50
45
47% 24
100 Dec'31
Equit Gas Light 1st eon bs. _1932 M S
Met West Side El(Chic) 48_ _1938 PA
3814 481 38% Feb'32
Ernesto Breda co lot In 70 _1954
Stlag Mill Mach )st st is. _1956 JD 21
28 01012
25
2
4912 Sale 49
With stock purchase warrants_ F A
4912
4
40
50
Midvale St & 0 con tr s f 56_1936 M
97 Salo 9473
97
58
a Deferred de 'veil
I' I ;NMI ode
Am Type Found deb 6e.___1940 A 0
Am Wat Wks & El coil tr So 1934 A 0
Deb g So series A--------1975 MN
Am Writing Paper let g es. _1947
J
Anglo-Chilean St deb 7s..__1945 M N
Anthla (('omp Azuc) 7(.4e-- 1939 J
Certificates of Jewett
Ark & Meru Bridge & Ter 56.1964 M S
Armour & Co (111) let 4 lks 1939 .1 D
Armour & Cool Del 54e. 1943.3 .1
Armstrong Cork cons deb Is 1940.3 D
Aesoelated 0118% gold notes 1935 M S
Atlanta Gan L 1st 58_
I947
D
Atl Gulf & W I SS Leon tr bs 1959 J J
Atlantic Refining deb 55 . _1937 J .1
Baldwin Loeo Works 1st 56 1940 M N
!lantana (('omp Azini) 7(0_1937 J .1
Batavian Peir guar deb 4 )4to 1942 .1 J
Belding-Hemingway es
1936 J .1
Bell Teiep of Pa be serlea B 1948 J J
let & ref be 8erlea C
1960 A 0
Beneficial Indus Loan deb 6/41946 M S
Berlin City Elec Co deb 8 481951 J 13
Deb sinking fund 6 421_.._ _1959 F A
Debenture (Is
.... .1955 A 0
Berlin Else El & Underst 8 481958 A 0
Beth Steel lot & ref 6a guar A '42 M N
50-year p m & Inuit s 58.1936 J J
Bing & Bing deb 6 4s
1950 M S
Botany cons Mills 644s_ _ _ _1934 A 0
Bowman- BIB Hotels lot 78 _1934 M S
B'way & 7th Ave let eons 50_1943 J D
Certificates of depoelt
J 0
Brooklyn city Fill 181 56 _ _1941 J .1
Bklyn Edison Inc gen 6e A..1949
J
Bklyn-Manb It T sec ea .. .1968.3 J
Bklyn Qu ('OS, Sub eon gtd 55'41 MN
1st 50 stamped
1941 J
Brooklyr R Tr 1st cony g 48 2002 ./ .1
Bklyu Union El bit g58 ...1950 F A
Lklyn Un Gas lot eons g 58_1945 M N
let lien & ref 62(series A...1947 M N
Cony deb g 5 48
.1
1936
Cons deb 52
1950 J 13
But & Buse Iron let s f 15e_ _1932 J D
Buff Gen El 4 iis series 13
1981 F A
Bush Terminal let 45
1952 A 0
Consol Is
1955 J
Bush Term Ridge be go tax ex 60 A 0
By-Prod Coke let 5414 A_ 1945 M N
Range
Since
Jan, 1.
Low
66
70
76
62
75
7712
20
82%
15
69
High
76
76%
82
64
80
8114
28
913
4
18
72
-55" 1175
82
891, 9512
351 5612
,
93
98
39
501
,
34
49
2814 43
973 10214
4
953 100
4
743 80
4
58
6112
112
73
,
2814 40
60
75
361, 404
70
82,4
724 SO
23
2512
50% 89
4.5
60
25
37
78% 8212
18
27
a2611 r4314
25
2/5
5
8
10 8 211
,
1712 1712
60
7014
34
44
98 100
34
99% 1003
4
94
99%
9611 1013
4
9312 9712
2012 30
13
18
91
96
74
84
7312 82
_:18
40
69
59
40
274 44%
79
57
5118 60
r10110101 14
32
38
60
7014
54
38
44% 621:
4314 64
45
543
4
45
55%
27
3812
41
51
4412 59
42
5412
60
60
59
60
91% 94%
9
012 9612
7412 86
1914 25%
43
63
49
65
70
70
100 102
4
1203 1203
4
62
76
93
97
106 107
45
56
a85
9111
40
5912
80
93
70
68
92%
98
78
75 2
3
07 132
8
4
88
90
89
90
80
93
16611
3974
35
43
41
115%
9612
7514
E7
8114
64
3934
43
41
119
1013
4
90 4
,
7018
108
921'
54
12
7012
51
3
2
2812
91
00
10
8
4312
78
83
21
86
83
8724
44
51
76
82
93 100
79
85
33% 6.0
88
383
4
01912 50
88% 97
New York Bond Record—Concluded—Page 6
1928
BONDS
N. Y.STOCK EXCHANGE
Week Ended March 11.
•
4z.
Price
Friday
Mar. 11.
Week's
Range or
Last Sale.
4•
44
Range
Since
Jan. 1.
High
High No. Low
Ask Low
Bid
8712 9412
4
/
911 73
4
/
aillw El Ry & Lt 1st 5813_1961 in 911 Sale 8912
95
31
87
91
1971 J J 00 Sale 8914
let mtge bs
4
1
/ 9512
64
87
95
,
1943.9.9 95 Sale 91 8
Montana Power let 58 A
4
1
/
3
6 073 4 82
81
• D 81 Sale 81
A
1962
Deb Se series
eiontecatini Min& Agrle—
77
88
77 Feb'32
4
1
/ 78
Deb 78 with warrante__ _ -1937• J 75
78
67
51
78
8
.1 J 78 Sale 757
Without warrants
2
5
757 8412
8412
,
,
1
/
Montreal Tram let& ref Ls__1941'.9 83 4 854 82 4
60 Dec'31
4
/
Gen & ref 81 58 series A __ _1955 AO 711 75
94 May'31
,
1955 AO 71 4
Gen & ref 515s ser B
60
60
60 Feb'32
68
Gen & ref ef434seer C_ _ _1955 AO 62
,
1955 AO 71 4 0112 9312 May'31
Gen&refetbseerD
1
/
694 77
761z 22
J 75 Sale 73
Morris & Co lots f 4 He.. _ _1939
70 Sept'31
Mortgage-Bond Co 4s ser 21966 AO 4014 60
99 Dec'31
1932 .9.9
10-25 year be series 3
9512
85
9512 54
,
1934 J o ____ 94 4 93
Murray Body 1st 6 As
93 100
94 Feb'32
Mutual Fuel Gas let gu g 5s..1947 MN 95 100
4
/
991 Nov'31
4
/
s
Mut Un Tel gtd 68 ext at 5% 1941 MN 801 997
Namm (At)& Son. _See Nitre Tr
Nassau Elec guar gold is_ _1951 1 J
1942.9 D
Nat Acme let Sf 6s
Nat Dairy Prod deb 51‘s-1948 F A
1947 F A
Nat Radiator deb 614a
1956 A 0
Nat Steel let coll 55
Newark Cense' Gas cons 54_1948 J D
Ni Pow & Light 1st 4;2a_1960 A 0
Newberry 0.1) Co 65% notes'40 A 0
New Rug Tel & Tells A.._.1952.1 D
N
1961
let g 434s series LI
New Orl Pub Sere 1st Es A _ _1952 A 0
Flret & ref fis series IL _ _1955 .1 D
-year 1st g sts 1951 le A
N Y Dock 60
1938 A 0
Serial 5% notes
N Y Edison 1st & ref 6 Hs A_1941 A 0
let Ilen A ref &series 13......1944 A 0
N Y Gas El Lt H & Pow g 58 1948 J D
Purchase money gold 4s_ _1949 F A
NYLEAW Coal & RR 5)45'42 M N
NY LE&W Dock dr Imp bs'43 J .1
.1
N Y Rys let RE & ref 48_ _1942
Certificates of deposit
80
-year ad) Inn bs_ _ __Jan 1942 A 0
A 0
Certificates of deposit
N Y Rye Corp Inc 68_Jan 1985 Apr
1965.9 J
Prior Hen fle series A
N Y & Mehra Gas lst 6s A _1951 MN
NY State 13.7e let Cone 4348_1962 M N
MN
Certificates of deposit
50-yr lot eons 614s ser B__1962 MN
NY Steam let 25-yr 136 ser A 1947 MN
1961 M N
1st mortgage Is
NY Telep let 6. gene 1430_1939 St N
1946.9 D
N Y Trap Rock 1st tis
Niagara Falls Power let 58_1932 J .1
Jan 1932 A 0
Ref & gen 68
Niag Lock &0Pow 1st bs A..1955 A 0
1950 M N
Niagara Share deb 5)s
NorddeutscheLloyd 20-yr 516'2'47 M N
Amer Com deb 634e A _ _1940 MS
Nor
1961 F A
North Amer Co deb Es
No Am Edleon deb 5s ser A_ _1967 M S
—Aug 15 19635' A
Deb 5348 ser 13_
Deb 65 series C_ Nov 15 1960 MN
Nor Ohio'Frac & Light 68__ _1947 M 13
Nor States Pow 25-yr 5e A _ _1941 A 0
1st & ref 6-yr 6s ser 13_ _ _1941 A 0
North W '1' lot fd g 4%sgtd..1934 .1 .1
Norweg Hydro-El Nit 5 Hs_ _1957 M N
Ohio Public Service 734s A.._1946 A 0
1947 F A
let & ref 7s 'series B
1944 F A
Old Ben Coal let 13.3
Ontario Power N F let bs _ _ _1943 F A
Ontario Power Serv let 530_1950 J .1
Ontario Transmission 1st 58_1945 M N
Oriental Development—See Fordl go G
Oslo Gas & El Wks ext15e_ _ _1963 M S
Otis Steel lst M 6s ser A_ __ _1941 M
Pacific Gas & El gen & ref 55_1942 J J
1936 M 8
P80 Pub Sere 6% notes
1937 .1 .1
Pacific Tel & Tel 151 58
1952 M N
Ref mtge be series A
& T cones f 65_1934 M N
Pan-Amer P
Pan-Am PetCo(ofeal)cone 65 '40.9 D
Certificates of deposit
Paramount-B'way let 5Hs_1951 .1
-Lasky 61..1947 I D
-Fames
Paramount
Paramount Publie Corp 530 1950 F A
Park-Lea let leasehold 630_1953 J
1944 A 0
Parmelee Trans deb (is
Pat & Passaic0& El cons bs 1949 M S
Pathe Each deb 7e with warr 1937 M N
Penn-Dlxie Cement 151 6s A.1941 SI S
Penneylvania P & L let 4)48_1981 A 0
Peep Gas & C 1st cons 65_ _1943 A 0
1047 M S
Refunding gold Es
M$
Registered
1967.9 D
Mils Co see 58 serial A
Phila Elec Co let er ref 4tie.1967 NI N
1971 F A
let & ref 4e
PhIla & Reading C & I ref 6a_1973 .1 J
1919 M S
Cone deb 1313
1939.1 D
Phillips Petrol deb 5Sis
613_1943 A 0
-ST
Pillsbury F1'r Mille 20
1952 M N
Pirelli Co(Italy) cony 75
Pocah Con Collieries let 5 15€ '57 J J
Port Arthur Can & Dl 65 A_1953 F A
1953 F A
1st M (is series B
Port Oen Elec 1st 434s ser C_1960 SI S
Portland Gen Blee let 5s.... J035.9 J
Porto Rican Am Tob cony 681912 .1 J
J
Postal Teleg & Cable coil 15s_1953
Pressed Steel Car cone g 5s_ A933 J J
Pub Serv El h G let & ref 434e '67.9 D
1970 F A
let & ref 434s
1971 A 0
let & ref 4s
Alegre Sugar deb 7s. A937 J J
Punta
1937 F A
Pure Olis f 634% note',
Imo m S
13 f 534% notes
1948 J J
of deb 5e
Purity Bakeries
48
5012 4712 Mar'32
60 Feb'32 _ _ _
5812 60
9512 286
94 Sale 9218
14 Feb'32 _
e
97 17
41
80
4
1
/
,
79 4 Sale 77
,
96 102 4 98 Feb'32
1
88
88 Sale 88
4
7912
78 Sale 78
36
4
1
/
102 104 10212 104
28
98
1
/
98 Sale 954
35
82
80 Sale 80
30
80
7914 Sale 78
7
58
58 Sale 57
43
18
42 Sale 3612
4 41
1093
10914 Sale 1081e
8 68
103 Sale 0012 1037
4
1
/ 10
0318 103
10312 106
15
94
935s 9112 93
02 Sept'30 -- _ _
95 100 June'31
90
_
1
/
434 Sept'30
40 Dec'31
43
50
4
1
/ 118 212 Dee'30
214 July'31
4
1
/ 41
2
212
8
17
48
48
,
46 4 50
1
95
95
4
/
4
/
11 11 2 Feb'32
1
14
2 ma 3
312 Nol 32
13
1
4 71
13
5
105
105
1
/
964 26
96 Sale 98
4
1
/ 10012 137
,
99 4 Sale 97
3
70
• 70 Sale 69
100 Dec'31
4914 Dec'31 -__
4
1
/ 99 4 9512 Mar'32
,
97
16
70
69 Sale 6812
3512 82
34 4 3512 3118
,
,
6
26 4
,
26 4 Sale 24
4
/
871 77
8714 Sale 86
24
91
4
/
871
8714 89
,
16
94
4
1
/
92 Sale 92 4
89
45
8812 Sale 86
9914 10014 35
100 101
,
98 4 23
,
98 4 Sale 98
1
/
1054 24
,
105 4 Sale 103
91 Mar'32
4
913 94
,
65
57
6414 Sale 62 4
103
10214
16
95
64
95
106 10314
Sale 101
1512
19
Sale 92
Sale 61
Sale 95
3
9
2
32
11
_
52 212
3212 50
98
95
4 212
3
2 12
2
10312 106
98
94
9518 10012
1
/
654 70
8618 97
7012
58
2412 3512
17
1
/
264
8
80
877
91
82
94
85
89
713
1
/
904 10014
94
9914
4
1
/
100 105
80
9712
49
65
9812
99
15
83
50
80
10614
10414
20
95
64
95
2
69
67
5014 69
6
45
43 Sale 43
4012 50
9414 10014
9912 Sale 9912 10014 106
88
87
8712 Mar'32 -8612 90
30 a97 r103
2 102
10134 Sale 1007
5
4
/
961 102
101 Sale 10012 10118
4
10114 10112 10112 10112 19 100 a1013
2
4
1
/ 21
1812
18
12
21
18
1312 ____ 13 Dec'31
7112 12 -ii" 82
8
7112 717 70
4
/
601 32
4412 605s
4
563 Sale 56
180
3712 55
55
4
1
/
53 Sale 52
2
26
16
22
22 Sale 21
2
1312 2312
15
1412
1514 20
1
/
994 9914
_ _ 9914 Jan'32
9712
43
8012
50
80
78 Sale a7612
4
/
12
401 4312
43
4212 Sale 4212
89,1
81
8914 179
88 Sale 8718
4
2 103 1073
106
8
1063 112 106
15
2
897 9714
96
95
96 102
__
8912 00 10912 July'31
06
54 -ii- -- 90
4
8
897 Sale 883
9212 9712
9712 99 9614 Mar'32
9212
83
9212 23
Sale 90
92
6512
6
59
6512
64
65
64
53
37
1
/
504 145
4812 Sale 494
62
96
45
62
4
1
/
59 Sale 57
10
94 100
100 Sale 9812 105
92
87
8
____ 867 88 Mar'32 - 89
82
Jan'32 _ -82
85
80
80
80
80 Feb'32
80
80 104 Mar'31
2
657
6458 162 "iiiii - 6312 Sale 6338
4
983
16
89
95
95 Sale 9212
6
3718 4212
4212
4412 a3978
40
39
28
4
/
301 157
28 Sale 28
65
5
56
a63
70 a63
63
21
,
9114 96 4
96
9914 9114
97
98
23
91
98
98 Sale 95
9212
83
9212 15
89
9112 Sale
8 475
47
472 Jan'32 -28
6712 76
76
74'2 Sale 75
72
64
65
72
71 Sale 70
19
79
68
79
79 Sale 75
Radio-Keith-Orpheum Part Paid
otfs for deb Be & corn elk...1937 Ii N 96 Sale
Remington Arms islet68_1937 M N 74 Sale
3 Sale
Rem Rand deb 5345 with war '47 M N 527 83
Repub I & El 10-30-yr As s f _ _1940 A 0 82
54
Ref & gen 534e series A..1953 .11 J 5318 60
Revere Cop & Braes lle_July 1948 NI 13 55 Sale
1946.1 J 33
Rheinelbe Union s 17e
Rhine-Main-Danube—See Foreig n Go vernment.8
Rhine-Ruhr Water series 65_1953 .1 J 2612 Sale
Rhine-Weetphalla El Pr 78_1950 SI N 47 Sale
1952 M N 39 Sale
Direct mtge Cs
1953 F A 3512 Sale
Cons M 6s of 1928
Sale
M tle of 1930 with war 1955 A 0 3614 Sale
Con
1944 M N 1414
Richfield Oil of Calif 6s
M N 1312 1412
Certificates of deposit
r Cub sales
10312
10214
1512
95
64
05
1
/
41.4 4712
5812 60
9512
85
14
8
4
1
/ 80
69
98
96
88
953
4
1
/
774 8114
4
1
/
97 104
98
91
6814 82
80
70
58
51
43
32
3
10612 109 4
8
9712 1037
10014 10412
8718 94
96
7312
5014
80
5318
56
2914
25
47
1
/
364
3514
36
,
13 4
1312
33
10
29
11
6
1
31
96
07
37
70
39
8
49 4
2714
2712 16
4714 25
3912 46
3714 247
44
37
1412 26
5
4
/
131
20
4618
30
2912
2812
1012
1112
101
74
5414
81
55
56
33
1
/
1044
8514
5414
85
55
56
41
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 11.
1955 F A
Rime Steel lst a f 75
Roch °AEI gen mtge 5He stet C'48 M S
Gen mtge 4355 series D_ _ _1977 M $
Roch & Pitts C &Ipm be_ _1946 M N
Royal Dutch 45 with war.._1945 A 0
1948 A 0
Ruhr Chemicals f (le
Bid
35
97
74
25
Range
Since
Jan, 1.
Week's
Range or
Lan Sale.
Ask Low
40
32
100
974
9212 9212
70 85
Sale 73 e
,
Sale 2312
High No. Low
26's
Mar'32
96
Mar'32
9212
Mar'32
Dec'30
7712 83
2112
10
26
82
81
St Joseph Lead deb 534s_1941 MN
St Jos Ry Lt lit & Pr 1st 55_1937 MN 84 Sale 84
85
J 3814 40 40 Mar'32
St L Rocky Mt & P be stPd-1955
2012 Dec'31
92
St Paul City Cable cons 58_ _1937 J I 39
.1 40
1937
40 Feb'32
69
Guaranteed Is
86
San Antonio Pub Sere Ines 1952 J J 8112 90 83
Saxon Public Works—See under For °reign Govt S.
J 48
1940
48
50
48
Schulco Co guar 634e
6712 65 Feb'32
Guar a f 630 series B _1946 A 0 63
38
Sharon Steel Hoop s f 534o1948 F A 38 Sale 37
7512 Sale 7512
7714
Shell Pipe Lines 1 deb 15e. _1952 M N
8
707
Shell Union 011 St deb 55.._1947 M N 7012 Sale 70
4
1
/
,
70 4
Deb be with warrants__ _ _1949 A 0 70 Sale 7018
4514 Sale 4412
4712
Shinyeteu El Pow let 6 Hs_ _1952 J
,
14
,
1 4 Sale
134
Shubert Theatre 6s_June 15 1942.1 D
70
......1935i J
70
Siemens dr Halske 5 I
1951 M S 55 Sale 55
5812
Debenture s 1 6348
9314
99
95
Sierra & San Fran Power 154_1949 F A 95
2412
2334
28
Silesia Elec Corp s f 6 Hs_ _ _1940 F A 24
4
/
1
/
37
Corp coil tr 7s_ _1941 F A 361 364 3678
Silesian-Am
,
92 4 Sale 8812
9312
Sinclair Cons 011 I5-yr is., _1937 M
89
1938.9 D 89 Sale 85
let lien 63-(e series B
97
9712 9534
Sinclair Crude 0116 Hs ser A.1938 J J 07
95 94
94
1942 A 0 94
Sinclair Pipe Lines f be
60
1939M S 58 Sale 55 4
,
Skelly 011 deb 534e
10112
Smith (A 0) Corp 1st 630-A933 M N 10112 Sale 01
,
86
1942 M S 85 4 Sale 85
Solvay Am invest Es
J 1004 Sale 99
1
/
4
1
/ 100 4
,
South 13ell Tel & Tel 1st is f 6'3'41
4
/
,
101 4
S'weet Bell Tel let & ref 15s_ _1954 F A 1011 Sale 00
8918
Southern Colo Power lie A_ A947 J .1 8858 Sale 88
4
1
/ 102
Stand Oil of NJ deb be Dec 15'48 F A 10112 Sale 00
,
4
1
/
93 Sale 91 4
93
Stand 011 of NY deb 4)4s_.1951 J
8
2214
Stevens Hotel let 6s series A 1945.9 .1 2112 247 21
2 Sale
2
214
Sugar Estates (Oriente) 7s_ A942 M S
M S
Feb'32
Certificates of deposit
Syracuse Ltis. Co. let g 5s_ - _1951 J D 98 10614 100 Jan'32
2
3
UJIgawa Elea Power a f 78_ _1945 M
Union Flee Lt & Pr(Mo) be 1932 M S
1933 M N
Ref & ext bs
Un ELAP (III) let g 5341 A 1954.9 J
Union Elev Ry (Chic) 5s_ _ _1945 A 0
Union 011 30-yr 6e A_ May 1942 F A
1st Ilen s f 5s ser C___Feb 1935 A 0
Deb 5s with warr_ _Apr 1945.9 D
United Biscuit of Am deb (is 1942 M N
Uulted Drug 25-year 5s_......1953 M S
United Rye St L let g 48_ _ _ _1934 J J
US Rubber 1st & ref be sec A 1947.1 .1
-year 15s.. _ _ _1937 M N
United SS Co 15
Un Steel Works Corp OHS A 1951.1 D
1951 .1 D
Sec of 834s series C
Sinking fund deb 634s serA1947 J J
United Steel Wks of BurbachEseh-Uudelange s f 7s_ _....1951 A 0
Universal Pipe & Had deb (is 1936 J
Unterelbe Power A Light 68_1953 A 0
Utah Lt & Trac let & ref 55_1944 A 0
Utah Power & Light let 58_ _1944 F A
Utica Elec L & P 1st s f g 56_1950 J J
Utica Gas & Elec ref & ext 551057 J .1
D
Util Power & Light 5 Hs_....1947
Deb be with warrants__ _1959 F A
F A
Without warrants
Vanadium Corp of Am cone 65'41 A
Vertlentes Sugar let ref 7s_ _1942 J
1953.9
Victor Fuel let s f 51
Va iron Coal & Coke 1st g bs 1949 M
Va By & Pow let A ref 5s__.1934.9
0
D
.1
S
.1
Walworth deb 83.55 with ware 1935 A 0
A 0
Without warrants
1st'linking fund (is series A 1945 A 0
Warner Bros Pict debt.._ _ _1939 61 S
Warner Co let Os with warr_1944 A 0
A 0
Without warrants
Warner-Quinlan Co deb 69_ _1939 M S
Warner Sugar Rein let 7s__1941 J D
Warner Sugar Corp let 7e_ _1939 J J
Stamped July 1931 coup on '39.1 J
1941 M S
Warren Bros Co deb 69
Wash Water Power s f 55._1939 J .1
Westchester Ltg 53 stpd gtd 1950.9 D
West Penn Power tier A 5e_1946 IN S
1963 M el
let be series B
1956 J D
1st sec Is series 0
Western Electric deb be__ 1944 A 0
Western Union cell trust 6s_1938 J .1
Funding & real cot g 4 Hs_195- M N
1936 F A
15-year 634
1051.9 D
-year gold 58
25
19330 IN 13
-year Es
30
Westphalia tin El Power 65_1953 .1 .1
Wheeling Steel Corp let 5318 1948 J .1
let ar ref 4 Hs series TS_ _ _ _1953 A 0
White Eagle Oil & Ref deb 53.5537
With stock purch warranta____ M 13
White Sew Mach 66 with ware '36 J J
J J
Without warrants
1940 M N
4
1
/
Panic s f deb(
Wickwire Spencer St'l let 73 1935.9 J
Ct/ dep Chase Nat Bank__ _7s(Nov 1927 coup on) Jan 1935 MN
Ctf dep Chase Nat Bank__ M N
1933 M S
WIllye-Overland 5 f 6He
Wilson & Co 1st 25-yr s f 0_1941 A 0
Winchester Repeat Arms 734e '41 A 0
A 0
Certificates of deposit
High
39
98
,
92 4
530
91
80
8012 85
42
40
16- 168
8
815 93
7
48
5012
1
/
634 82
35
44
,
66 4 78
71
58
7114
58
3812 5934
313
134
70
78
42
5914
87
95
22
28
s
367 4118
723 9312
8
08
89
4
/
911 97
8918 94
43
60
9812 10112
89
80
973 1003
4
4
4
902 1013
9312
85
9912r102
87
937
8
21
28
8
2
1,
12
100 100
6
62
105
130
10
2
85
2
2
3
89
41
20
9
21
12
42
139
91
15
354
59
2
3
Taiwan Rice Power—See under For ign Govts
97
97
7
Tenn Coal Iron & RR gen bs 1951 J .1
5614 -- 53 Feb'32
Tenn Copp A Chem deb 6s B 1944 M
102
,
108
1947.9 D 101 4 Sale 101
Tenn Flee Power let 68
,
83 342
78
Texas Corp cone deb Es_ —1944 A 0 8012 Sale 48 4
5012 129
Third Ave Ry let ref 4s_ _1960 J J 48 Sale
4
1
/ 288
39
1
/
bs tax-ex NY Jan 1960 A 0 3712 Sale 364
Ad)Inc
91
7
.1 91 Sale 90
1937
Third Ave RR let g Es
5512 20
55 Sale 5412
Toho Electric Power let 78_ _1955 M
983s 21
1932J J 9814 Sale 9314
notes
6% gold
Tokyo Elec Light Co, Ltd—
54
447
1953 . D 5212 Sale 5212
1
let 65 dollar series
9914 10014 99 Feb'32
-1949 M
Trenton & El 1st g Es
23
23
1
26
Truax-Tmer Coal cony 634s 1943 SIN 23
62
4
7
,
Trumbull Steel 1st s f 6s_ _.1940 14 N 6218 743 58
10 Feb'32 - _
68
Twenty-third St Ry ref 6 _1962 J J 10
,
49 4
8
,
Tyrol Hydro-Elec Pow 7315 1955 M N 49 4 Sale 47
4412
4
1952 F A 4312 Sale 43
7s
Guar sec f
97 1011s
60
63
9311 102
7112 83
4
1
/ 5012
42
,
2912 89 4
91
84
68
54
,
9418 98 4
45
09
19
s
60,
10
40
4012
62
99
26
62
10
60
51
63
71
56
61 Sale 60
20
8
9912 1005
1004 Sale 0014 10012 19
1
/
4
/
1004 10112 001 10114
99 10114
1
/
9
100 4 25
,
10012 Sale 00
99 101
46 Mar'32
4512 48
,
44 4 48
9912 100 100 Feb'32
96 101
96
9712 11 192
9712
96
98
7712
7712
9
77
69
784 80
99
99
9
9614
88
9814 100
93
109
8411 93
03 Sale 89
3712 Mar'32
3712 40
3712 38
48
40
5912
119
4512 Sale 41
825
8
1
/
4
1
/
83
1
79
1
/
824 Sale 824
32
25
21
,
24 4 Sale 2138
79
2412 28
304,
1
/1
22
24 Sale 23
8 44 a20
235
23 Sale 020
,
30 4
8918 93
3912
20
33
79
8618
8
867 88
92 10612 97
100 105 100
4112 Sale 3912
1
/
394 Sale 38
43
3118 37
61
7
10
56
9912
4
1
/
62
8
22
74
Sale
,
994 99 4
-,
10 4
4
103 18
1
/
104 12
312
218 10
4
/
21 6
218 3
4
1
/
90 Salo
85
8512
Mar'32
Dec'31
,
35 4 18
80
17
1
/
864 10
Jan'32
Feb'32 -4312 60
41
181
62
a6318
7
7
1418 Dec'31
55 Feb'32
99
993
4
20
22
2012 2112 17
31 Sale 3114
66
70 66
6012 _ _ _ _ 60
3018 Sale 3018
103 Sale 100
4
1
/ 72
9
,
_ _ 10
43 Sale 43
8
995 _ _ _ _ 00
1
/
1024 10514 02
101 Sale 00
10112 Sale 00
10012 Sale 994
10012 Sale 9812
86 Sale 85
73
74
75
94 Sale 9212
68 Sale 673
4
6612 Sale 66
26 Sale 247s
69 Sale 68
59
59
Cl
30
6812
45
-- 4
/
411
401e
17
Youngstown Sheet 4, Tube bs '78 J 1 71 Sale
1970 A 0 70 Sale
let mtge s 1 Is Sec B
4
1
/
14
at 73 "deferred delivery."
a Deferred delivery. d Union 011 58 series 0 1935 sold on Dee b. 81.000
Price
Friday
Mar, 11,
t •••
,
99 2
10
912
11
312
2
,
14
3
88
,
81 4
62
4
1
/
62
8
695
09
18
9
72
72
927
2
26 07t
7214 80
7614 9112
97
97
100 10314
4
1
/ 49
33
32
1
47 s
45
b
75
10
-Li" WA
15
Feb'32 _
Feb'32 -21
16
3312 44
1
66
__
Mar'32
11
31
7
103
Dec'31
_
Feb'32 _ _
45
39
Mar'32
Mar'32
_10114 13
4
10112
101
88
10012 87
8614
7
4
74
95
20
68
70
8
683 115
2614 32
13
69
15
63
,
99 4
Jan'32
Feb'32
1112
Feb'32
Jan'31
Dec'31
3
,
91 4
8518
Jan'32
Jan'32
85
10
6
1
/
,
904 99 1
1978 22
22
20
17
28
25
40
65
66
CO
60
28
32
4
/
971 103
6
6
60
40
951 100
4
/
100 104
4
/
9(31 1027
2
9712 102
96 10114
91 10212
8614
78
80
68
1)7
83
6412 76
4
1
/
72
81
20
27
4
/
661 77
4812 05
9612 9934
812 10
958
8
4
1
/ 1112
8
312 312
338
4
/
911
8518
1
/
624
2
627
1
11
33
2'
87
75
61
6112
38
32
2
431s 7
72
04
•710
1929
FINANCIAL CHRONICLE
MAR. 12 1932.]
Outside Stock Exchanges
Exchange.
-Record of transactions at
the Boston Stock Exchange, March 5 to March 11, both inclusive, compiled from official sales lists:
Boston Stock
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Week.
Sale
Par. Price. Low. High. Shares.
Railroads
12234 125
100 123
Roston & Albany
72% 75
100
Boston Elevated
Boston & Maine
15
1535
1st preferred class A stpd
let preferred class B stpd 1935 194 1935
4535
Prior preferred etamDed. 4435 41
Chi Jet Ry & Un Stkyds894 8935
Preferred
Eastern Mass St Ry corn 10
500 50c
90c
900
534
lot preferred
25% 2635
NYNH& Hartford _100
9234 95
100
Old Colony
Pennsylvania RR
50 18% 18% 1934
Miscellaneous
Amer Continental Corp__ -----4
535
American Founders Corp..*
if
1
Amer Pneumatic Serv corn.
31
31
2
2
Preferred
100 12834 128 135
Amer Tel & Tel
335 335
Amoskeag Mfg Co
•
Bigelow Sanford Carpet* 16
16
20
11
Boston Personal corn
11
11
Brown Co pref
6
634
Crown Cork&Int Seal Corp
134 134
East Gas & Fuel Assn
•
g
831 935
Common
435% prior preferred 100 6131 8134 62%
60
62
6% cum preferred-100
Eastern SS Linea
•
84
831 831
Common
100 19431 192 200
Edison Elea Illum
731 934
Empl Group Assoc T 0._.•
934
General Capital Corp_-• 2035 20
2034
Gillette Safety Razor- •
2134 2334
Hathaways Bakeries el B__
435 434
2131 24
Hygrade Sylvania Lamp Co
Preferred
72
81
81
835 84
Loew's Theatres
25
Mass Utilities Assoc v t e_•
235 2%
234
Mergenthaler Linotype_100
43
43
National Service Co
500
34
New England Equity Co..
15
16
New England Public Secy.
4
5
New Engl Pub Serv pr pref
2134 2134
New Eng Tel & Tel__100 109
109 114
Pacific Mills
100 1034 10
1034
Shawmut Assn TO
•
734 735
731
Stone & Webster
issi 1534
•
Swift & Co new
18
• 18
1831
Torrington Co
• 31
3034 3135
Tower Mfg Co
160 160
United Found Corp corn_•
1%
1% 235
United Shoe Mach Corp_25 40
39
4034
Preferred
25
31
31
U 8Elea Power Corp
131
131
135
Warren Bros Co new
534 631
•
54
Westfield Mfg
• 1435 14
15
Mining
Calumet & Heels
Copper Range
Isle Royale Copper
La Salle Copper Co
Mohawk
North Butte
Quincy Mining
Utah Apex Mining
Utah metal & Tunnel
25
25
25
25
25
25
5
I
400
BondsAmoskeag Mfg Co 694_1948
Chicago Junction Ry & Un
Stockyards 4s
1940
5e
1940 9334
E Mass St Ry ger A 435s'48
Series B 5s
1948
Indianapolis Pow & Lt_'57
New Eng Tel & Tel 581932
Swift & Co 5s
1944
• No par value. z Ex-dividend.
Range Since Jan. 1.
Low.
High.
194 10815 Jan 130
Feb 76%
437 73
158
24
215
12
7
190
848
32
2,323
26
24
62
Jan
Jae
Jan
Jan
Jan
12
13
35
Jan
Mar
Mar
85
500
900
174
87
174
Jan
Feb 90
1
Feb
Jan
Mar
Jan
Jan 31% Jan
Jan 100
Jan
Jan 23% Jan
190 75c
Jan
6% Mar
158 75e
14 Jan
Jan
Feb
34 Feb
25
131 Jan
3
40
Jan
3,827 10734 Jan 13534 Feb
334 Jan
44 Feb
120
Jan 22
Mar
170 14
Jan
50
8
1234 Feb
Mar
123
6
931 Jan
14 Jan
100
14 Feb
55
115
168
Jan
Jan
Jan
7
58
60
39
7
695 178
2,45
7
15
35
1014
1,77
4
5
18
5
10 72
74
15
3,395
131
10 42
680 500
35 15
4
221
60 2135
1,342 102
74
95
390
634
1,918
934
891 17
13
30
lea
10
134
627
3335
1,67
3
31
110
131
34
39
170 14
24
235
134
350
17
370
2
500
400
354
234
1%
35a
17
40e
2
500
400
10
15
7
10
3
65
40
27
1,20
2%
1%
134
350
1134
35o.
135
500
3'
65
654
4,000
51
Feb
Jan
Jan
Jan 10
Feb
Jan 205
Mar
Jan 11
Jan
Jan 2035 Mar
Jan 2434 Mar
Jan
Feb
6
Feb 2431 Jan
Mar
Mar 81
Jan
834 Mar
Jan
24 Jan
53
Ma
Jan
Jan
1
Jo
Jan
18
Jo
Ma
9
Jan
21% Mar
Ma
Jan 116
Jan
Jan
11
Jo
7% Mar
Jan
Jan 1534 Mar
Feb 19
Jan
Jan 32
Jan
Mar 200 Feb
Jan
234 Jan
Jan 40% Mar
Jan 32
Feb
Jan
14 Jan
Jan
7
Feb
Mar 1835 Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Mar
Jan
Jan
8434 84% 1,000 84
9334 9334 1,000 90
294 3134 7.000 1734
30
31% 13,000 20
94 9% 1.000:: 934
10034 10035 2,000 994
100 100
5,000 99
10
64
70
334
334
234
400
183(
60e
23(
600
450
Jan
Jan
an
Feb
Jan
Jan
Feb
Feb
654 Mar
Jan 85
Feb
Feb 95
Jan
Jan 3134 Mar
Mar
Jan
30
Ma
Jan 10034 Jan
Jan 100
Mar
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, March 5 to March 11, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
Abbott Laboratories corn...
Acme Steel Co
25
Adams Mig
D) corn..*
All-Amer Mohawk Corp AS
Allied Motor Ind com__•
Amer Equities Co corn_ __•
Amer Pub Serv Co pref 100
Am Rad Jr Tel Stores caP-•
Appalachian Gas Corn.___•
Art Metal Wks Inc cam_ •
Associates Invest Co com •
Assoc Tel & Tel
Class A
•
$6 preferred
•
7% preferred
100
Aseoa Tel Util Co corn__•
$7 eumul prat
•
$6 cony pref A
*
Backstay Welt Co corn_ *
•
Benda Aviation com_
sinks mu Co cons prelA .•
Blume Inc cony pref
•
Borg-Warner Corp corn_ 10
7% preferred
100
Brown Fence Jr Wire
*
Class B
Bruce Co(EL)common_ •
i0
Butler Brothers
10
Castle & CO (A al)
Cent Illinois see Co
Convertible preferred_ •
•
Central III P S prat
Cent Pub Set Corp A__ •
Cent 13 W Utll earn new •
•
Preferred
Prior lien cumul pref_ •
*
Chicago Flee Mfg A
Range Since Jan. 1.
Low.
High.
28
15%
1154
34
35
24
25
35
34
2
53
4%
10
134
235
1134
11
131
63
3
4
28
1634
11%
31
34
235
27
35
35
24
53
100
250
10
50
2,500
60
70
450
850
150
50
27
15
ll
31
34
2
25
35
31
2
53
Jan
Jan
Feb
Mar
Feb
Jan
Mar
Jan
Jan
Mar
Mar
314
1735
12
34
54
231
50
%
35
24
64
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4631
66
76
331
25
10
3
1334
2%
4
11
75
49
66
76
4%
2534
10
331
14%
3
4
1231
75
50
10
10
1,600
100
50
260
7,350
700
10
9,550
50
464
61
72
331
25.
10
3
1335
131
4
9
75
Mar
Feb
Feb
Mar
Feb
Mar
Feb
Mar
Jan
Jan
Jan
Mar
5411
66
76
124
43
35
331
1834
534
434
1254
80
Jan
Mar
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Feb
Mar
Jan
234
11
2
9
131
1234
63
131
1%
20
3531
4
24
50
12
550
235 1.550
9
50
200
131
650
13
6534
470
134
900
64,900
4
2534
500
300
3731
4
50
2
Feb
254
9
Jan 14
5
Feb234
831 Jan 10
51
Jan
1294
59
14
1%
20
35
2
Mar
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Feb
134 Jan
15
Jan
8934 Jan
34 Jan
654 Feb
44
Jan
55
Jan
4
Mar
Friday
Sales
Last Week's Range for
ofPrices.
Week.
Sale
Stocks (Continued) Far. Price. Low. High. Shares.
Ohio Investors Corp
•
Common
•
Convertible pref
Chic-Yellow Cab Co Inc_ •
Cities Service Co corn_ ___•
Club Alum Uten Co corn-•
Coleman Lamp & S com._*
Commonwealth Ecilson_100
Consumers Co common _5
Conti Chicago Corp
Common
•
•
Preferred
Cord Corp
5
Corp Sec of Chic allot etf_•
Common
•
Crane Co
Common
25
100
Preferred
Elee Household UtU Corp10
Empire G & Fuel
7% preferred
100
Foote Bros Ci & M Co_ ___6
Gardner-Denver Co com.•
Can Candy Corp A
5
Gen Parts Corp cony pf *
Goldblatt Bros Inc com •
Great Lakes Aircraft A •
5
Great Lakes D & D
Grigsby Grunow Co ooro_•
Hall Printing Co com___10
Hart-Carter cony prat•
Hormel & Co(Geo) corn A•
Houdaille-Hershey Corp
Clans A
•
Class B
•
Illinois Brick Co
25
Illinois Nor Util prei___100
Insull Uti;Invest Inc____*
Prior pref(w o
24 preferred
•
Iron Firem Mfg corn v t e_•
Jefferson Elea Co com___•
Kalamazoo Stove cons_ •
Katz Drug Co common_ __I
Kellogg Sw'bd & Sup
Common
10
Ken-Rad Tube& L corn it•
Ky UtU Jr cum pref_ _50
La Salle Ext Un com _ 10
Leath & Co cumul prat_ •
Libby McNeill & Libby_1(
Lincoln Printing corn---•
7% preferred
50
Lion 011 Ref Co Com_
•
Lynch Corp corn
•
McGraw Electric Co oom.•
McWilliams Dredging Co'
Marshall Field & Co oom•
Material Service com_ _10
Mer & Mfrs Sec Cl A com.•
Met Ind Co allot etre__ *
Mickelberry's Food Prod
Common
1
Middle West Bill new_
•
•
$6 corer pref A
Warrants B
Midland United Co com•
Midland Utilities Co
7% Pref claas A
100
7% prior lien
100
Miller & Hart Inc cony pi•
Miss Valley Util $7 pref- •
Prior lien preferred_
•
M-Kan Pipe Linecom.
Madill° Mfg cemmon_
*
Monroe Chemical pref__ •
Nachman-Spring Corp coma
Nat Elea Pow A conv___•
Nat Leather Co com_ _10
Nat Pub Set $334 cony pf_•
Nat Repub Invest Trion
Cum cony preferred_ •
Nat Secur Inv Co com-•
6% Preferred
100
Nat
-Standard corn
•
NobUtt-Sparks Ind com„
,
North Amer Car Corp com•
Nor Amer Lt & Pow com.•
No & So Am Corp A eom_•
Nortlawest Bancorp com_50
Penn Gas & Elea A com_ *
Perfect Circle (The) Co....•
Pins, Winterfront com•
Polymet Mfg Corp com_ *
Process Corp common
•
Pub Serv of Nor Ill
•
Common
Common
100
100
7% Preferred
100
6% Preferred
Q R 8 De Vry Corp com_.•
Quaker Oats CoCommon
•
Preferred
100
Railroad Stu Corp com_•
Rath Packing Co com-I0
Reliance Mfg Co
Common
10
Ryan Car Co (The) com__•
Ryerson Jr Sons Inc com_•
Seaboard Pub Ser Co $8 Pi
•
Seaboard Utll Shares Corp*
Signode Steel StrafiPreferred
30
So Cole Pow El A com__25
Southern Union Gas com •
So'west Gas& E17% pi 100
Standard Dredge
Convertible preferred__•
SuperOfaid Corp com_
•
Swift International
15
Swift Jr Co
26
Thompson Co J
com_25
12th St Store pref A____•
20 Wacker Drive $8
•
United Am Util Inc com__•
Unit Corp of Am prei_
•
United Gas Corp com____•
135 Gypsum
20
U S Radio & Telev crom.-•
Utah RacUo Prod com____•
UtU Jr Ind Corp com_ •
Convertible preferred•
Utilities Pow Jr Lt coma v•
Vortex Cup Co corn
•
Class A
•
Walgreen Co common.'
Range Since /an. 1.
Low.
High.
831
943-4
1634
4%
1
1035
135
434
431
94
134
351
1054
1431
5
7
2
34
434
%
35
15
534
135
16
35'
92
34
1
450
1%
16
600
16
400
10% 1135
6
6% 10,400
300
34
5
50
5
8054 9735 35,000
250
34
35
1
1434
10
53(
35
5
80%
35
Jan
2%
Feb 1734
Jan 1134
Jan
64
Jan
1
Jan
531
Mar 122
Jan
31
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Jan
135
135
1535 17%
435 5
34
34
34
34
3,600
2,900
7,000
7,500
9,350
14
1535
4%
A
35
Feb
Jan
Mar
Mar
Feb
2%
21
831
4
2
Jan
Jan
Jan
Jan
Jan
734 8
5434 5435
44 5
1
16
220
60
200
735 Jan
474 Feb
434 Mar
13
84
8
Jan
Jan
Jan
4235
34
12
134
1
17
14
10
1
10
434
12
42%
54
12
2
2
1734
135
11
134
1035
434
12
100
150
20
350
600
100
250
2.850
2,350
200
350
850
4231
31
11
131
1
17
1
10
1
10
44
12
Feb
Feb
Feb
Mar
Mar
Mar
Jan
Mar
Fe
Fe
Fe
Feb
45%
16
2
2
19
235
134
14
1134
535
15
Jan
Feb
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10%
34
43-4
94
1
2
234
435
8
9
20
11%
500
400
4
4%
250
94
270
134 82,200
150
2%
34 5,200
200
4%
8
100
100
9
550
2235
8%
2%
4
04
1
2
154
334
8
7
1794
Fe
Jan
Jan
Jan
Mar
Ma
Feb
Feb
Jan
Feb
Feb
1135
4
53(
95
635
15
17
5
12
1034
22;5
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
2
131
38
34
5
3%
10
30
235
12
434
5%
7
1234
454
14
Jan
Jan
Jan
Feb
Jan
Jan
Fe
Jan
Fe
Jan
Jan
Jan
Mar
Mar
Feb
Jan
3
154
48
1
735
434
14
35
25-4
184
5%
104
15
1434
6
16
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Mar
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
5
14 Mar
Mar
35 Feb
I
Mar
64
7
54
44
6%
Mar
Jan
Jan
Jan
Jan
2
2%
14 131
36
3034
74
'A
73-4. 734
3% 3%
11
10
3334 35
231
231
14
1434
5
531
634 84
7
8
1234 13
435 435
14
14
5% 6%
200
134 234 204,300
6
12% 11,450
10
34
34
I
234 81,30
20
28
1034
25
25
%
934
30
531
235
35
154
20
30
30
80
1034
100
25
10
25
10
450
34
93-4
150
30
60
531
100
531 81,800
100
34
20
1534
20
28
7
25
25
34
9
27
5
254
31
1535
Mar
Mar
Jan
Mar
Mar
Mar
Feb
Jan
Jan
Mar
Jan
Mar
48%
50
1035
50
5031
2
12
3234
531
12
35
24
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Mar
Jan
3
34
35
1834
11
5
10
13(
154
6%
264
3
34
34
3
31
35
18%
15%
534
1134
134
1831
731
2635
351
34
3%
50
750
450
50
1,600
1,100
1,650
200
1,200
200
50
4,350
200
200
3
35
35
18
1034
44
10
131
1531
535
22%
3
34
334
Feb
Jan
Jan
Mar
Feb
Feb
Mar
Jan
Mar
Jan
Jan
Ma
Jan
Ma
4
2
45
20%
1531
6
24
134
2134
731
26%
616
I
435
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
78
78
91
81
34
95% 7.725
94
650
30
94
80
88
34 13,550
78
78
91
81
35
Mar
Ma
Mar
Ma
Feb
101 103
10415 105
34
1
17
17
834
14
24
2254
12
431
1034
12
55
350
400
160
210
1,050
600
100
100
500
550
100
550
55
100
5
250 77
1 11) 103
1
'
Mar
50 100
Feb 105
Jan
600
135 Jan
74 Mar
200 1531 Jan 1735 Feb
831 8%
35
35
84 915
20
20
1
1
5
150
250
20
1,800
734 735
14
14
2
234
68
66
100
50
600
10
231
2
22%
1834
12
234
4%
134
31
2
2334
934
31
231
10%
2%
12
2034
10%
235
2
24
19
15%
431
4%
2
35
2
25
1231
1
2%
11
231
1331
21
11
125
Jan
115
Feb
114
Jan
104
Jan
35 Jan
570
100
4,750
4,650
550
310
20
400
300
250
2,050
2,200
850
1,150
900
15
40
100
300
754 Feb
Mar
854 Mar
Mar
20
1
Jan
75-4
1234
135
63
Feb
Feb
Jan
Fob
94
4
1034
44
135
Jan
afar
Jan
Jan
Jan
Jan
8
Jan
18
234 Mar
89
Jan
231 Mar
334
Jan
2
3
18
Feb2554
1634 Feb19
854 Feb
1554
44
234 Mar
34 Feb5
2
31 Jan
3jMar
31
2
Jan
23-4
184 Jan 25
87.4 Jan 1251
35 Jan
135
2
Jan
3
8
Jan 11
131 Feb
24
12
Jan 1434
2094 Mar 2335
Jan 1134
Jan
Jan
Mar
Mar
Mar
Mar
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Jun
Jan
az,
4
1930
Ward (Monte) & Co A__•
Western Grocer Co com_25
Western Pow Lt & Tel el A•
Wisconsin Bank Rha corn 10
Yates
-Amer Mach part pf•
Zenith Radio Corp com__*
71
34
BondsAllied Owners 6s
1945 46
Chic City Rys 58
1927
Certificates of deposit_
Chicago Rye
let mtge
.__1927
Se writs of deposit_1927 4934
1927
Con mtge 5313
1927
Adjustment 48
Commonw Ed
58
B
1954
1st mtge 450 C____1956
insult Util fn• as
1949 12
208 So La Salle St Bldg
1st mtge 554s
1958
United Pub CHI 68 A_1947
• No par value. s Ex-dividend
Ranee Since Jan. I.
Low.
High.
Friday
Sales
Last Week's Range for
Sate
of Prices.
Week.
Stocks (Concluded) Par. Prize. Low. High. Shares.
Jan
60
Mar
3
4
Mar
Feb
3
Mar
1
31 Jan
73
Jan
Feb
4
Jan
7
Jan
4
134 Jan
1% Jan
Imperial Oil Ltd
• _1054
1151
Internat'l Petroleum....
McColl Frontenac Oil com•
1.75
North Star 011 common.
.5
Supertest Petroleum ord.*
Preferred A
100
334
Union Natural Gas Co...
46% $10,000
46
44% 4454 5,000
43% 49
11,000
46
42
42
Mar
Feb
Feb
46% Mar
45
Jan
49
Mar
48% 49% 15,000
48% 4934 16,000
5
1,000
5
334 3% 9,000
47%
46%
4%
334
Feb
Feb
Mar
Mar
99
Unlisted
Coast Copper
Mining Corp
Noranda
Sherritt Gordon
Teck Hughes
Wright Hargreaves
9534 97% 7,000
1,000
90
90
931 14% 477,000
95% Mar
Mar
90
931 Mar
08% Jan
Mar
90
38% Jan
4231 42% 38,500
4554 45% 2,000
y Ex-rights
42% Mar
4594 Mar
42% Mar
4534 Mar
7254
68
3
3
454 4%
354 331
1
1
31
%
1,410
200
110
550
150
600
Jan
Jan
731 Jan
354 Mar
50
Friday
Sates
Last Week's Range for
Sale
Week.
ofPrices.
Par. Price. Low. High. Shares.
Abitibi Pr & Paper com__•
2% 3%
6% preferred
100
7% 10
4% 4%
Alberta Pacific Grain A_ •
Bell Telephone
100 110% 109% 11034
Brantford Cordage 1st p125
17% 17%
Brazilian T L & Pr com....• 14
14
14%
B C Power A
•
2334 24
7
7
Building Products A
1951' 19%
Burt(F N) Co common_25 2934 28
2934
Canada Bread common_ •
3
3
Canada Cement common.*
6% 7
6%
Preferred
100 61% 61% 6151
Canada EIS Lines pref_100
7
7
Can tdian Canners cony pt*
9
9
Canadian Car dr Fdry corn •
7g 7%
Preferred
25 1554
mg 15%
Canadian Dr & Dock corn • 17
17
14
Canadian Gen Elec pref_50
5654 56%
1
1
Can Indus Alcohol
1154 13
Canadian 011 corn
• 13
Canadian Pacific Icy..__25 19% 19% 2231
Cockshutt Plow corn
•
534 534
5%
Consolidated Bakeries •
6
734
734
4
3
4
Consolidated Industries •
1
1
1
Cons Food Products corn..
Cons Mining dr Smelting_ 25 71
70% 75
154 166
Consumers Gas
100 156
12
12
Crow's Nest Pass Coal.100
Dome Mines Ltd
• 11.65 11.65 12.45
19
* 1934
20
Dominion Stores com
9
9
Fanny Farmer common *
1534 16%
Ford Co of Canada A____• 15%
154
1%
General Steel Wares corn.*
9034 93%
Goodyear T & R pref..100
454
4
454
Gypsum Lime & Alabast.•
154 1%
154
Hinde & Murtha Paper__ _•
Hollinger Cons Gold M___5 5.10 5.05 5.25
17
17
•
Hunts Ltd A
96
96
Internat Mil 1st pref...100
931 10%
International Nickel corn....
93-4
International Utilities A. •
7
7
Kelvinator of Canada corn •
334 3%
1
28.75 29.25
Lake Shore Mines
39
39
Laura Secord Candy corn.•
931 10
Lobiaw Groceterlas A____• 10
9
9%
•
5
5
5
Maple Leaf Milling com__*
15
15
100 15
Preferred
4
351 454
Massey-Harris common..•
McIntyre Porcupine M_-5 17.30 17.00 17.30
9
9
•
Moore Corp common_
81% 81%
100
A
90
90
100
9
9
Mulrheads Cafeterias pf_10
754
735 754
Ont Erna Life 10% pd_100
60
59
Page-Hersey Tubes corn..." 60
7% 10
Pressed Metals corn
•
Simpson's Ltd pret____100 3834 38% 42
3
3
Stand Steel Cons corn_
•
2351
Steel Coot Canada corn..' 23% 22
2554 25.%
Preferred
25
Tip Top Tailors corn
7
7
•
454 551
Walkers new
5%
10% 1031
New preferred
20 log
354 4
3,i
Walkers
-Wham Worts__•
1,045
84
5
520
10
3,292
96
500
20
200
5
48
15
5
10
10
130
210
20
25
160
3,707
365
796
35
5
457
15
25
2,570
462
4
1,314
32
32
75
250
550
5
5
5,977
20
5
255
5
570
30
20
45
592
325
15
12
5
15
10
61
51
36
20
175
10
5
1,681
1,748
7,150
Range Since Jan. 1.
Low.
234
6%
Feb
Jan
Feb
Feb
Jan
Jan
Mar
Feb
Jan
Mar
Mar
Feb
Jan
Feb
Mar
Feb
Feb
Feb
Feb
Mar
Feb
Jan
Jan
Mar
Mar
Feb
Feb
Mar
Mar
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Feb
Mar
Mar
Mar
Feb
Feb
Mar
Mar
Feb
Mar
Mar
Feb
Feb
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Feb
Mar
Mar
Jan
Feb
Mar
Mar
Feb
Mar
Jan
High.
5
5
•
1
1
•
10
11
9%
1.75
16%
95
331
1.75
1.15
16-75
.50
4.70
4.40
2.73 2.60
1,344
861
355
85
128
2
160
Range Since Jan. 1.
Low.
High.
954 Feb
log Feb
954 Feb
1.75 Mar
1534 Feb
95
Mar
3
Mar
10%
1154
10%
2.50
185i
98
5
Mar
Jan
Jan
Jan
Jan
Feb
Jan
2.00
320
1.75 Mar
1.16
200
1.00 Feb
19.15 14,687 15-10 Jan
.50
100 .4954 Feb
4.75 1.500
4.12 Feb
2.75 1,100
2.55 Feb
3
1.16
19.15
.64
5.25
3.03
Jan
Mar
Mar
Feb
Jan
Jan
1034
11%
951
1.75
18
95
334
* No par value.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, March 5 to March 11, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
*
American Stores
3531 36
Bankers Securities pre_ _ _ _ ......
954 954
Bell Tel Co of Pa prat _100
112 11294
Budd (E G) Mfg Co
•
234
254
Budd Wheel Co
331 354
Cambria Iron
50
36
3
694
Camden Fire Insur
133i
135-4 1351
Central Airport
151 2
Elec Storage Battery _ _ _100
3134 33%
Fire Association
10
7
6% 7
(I) Fishman dr Sons
54
54
Horn dr Hard (Phila) corn •
112 112
Horn & Hard (NY)cm.* 27
2634 2751
Insur Co of N A
10 3794 3734 40
Lehigh Coal & Navigation_
1154 113-4
Mitten Bank Sec Corp____
134
154
Preferred
251
234
Pennroad Corp
3
251 334
Pennsylvania RR
1834 1994
50
Phila Dairy Prod pre__ 25
72
65
Phila Elea of Pa $5 pret____
96
9854
97
25
30
PhIla Elec Pow pref
3094
454
Mita Rapid Transit____50
434 43.4
50
7% preferred
1534 1534
434 454
Phil& Rd Coal & Iron _ __ _
2754
.50
27
Philadelphia Traction..
134
1%
Railroad Shares Corp
Reading RR let pref
3054 3294
100 101
Scott Paper 7% A
134
13.4
Seaboard Utilities Corp.__
154 2
Shreve El Dorado Pipe L 25
134
3654 363i
Tacony-Palmyra Bridge__•
16% 17
Union Traction
50 1654
United Gas Impr corn new*
203-4 2134
Preferred new
•
9251 94
Warner Co
5
5%
•
8S8888888=088888882g882;SW.:?8c1888
OW
M M.VM
.
-Record of transactions at
Toronto Stock Exchange.
the Toronto Stock Exchange, March 5 to March 11, both inclusive, compiled from official sales lists:
Stocks-
(VOL. 134.
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
of Prices.
Weal.
Sate
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
3331
934
10034
134
254
36
12
1
26
6%
31
105
2534
2894
931
154
231
2
1751
65
915-4
2834
354
13
3
24
1
30
91
%
134
3294
1454
1 734
8734
494
High.
Jan 3654 Feb
Jan 105i Jan
Feb 11294 Mar
Feb
2% Jan
454 Jan
Feb
Jan 38
Feb
Jan 1451 Jan
Jan
2
Jan
Jan 33% Mar
Mar
934 Jan
% Mar
Feb
Jan
Jan 120
Mar 30
Jan
Jan 40
Mar
Feb 1431 Jan
Mar
354 Feb
Mar
354 Feb
334 Jan
Jan
Jan 22% Jan
Jan
Jan 74
Jan 9854 Mar
Jan 3854 Feb
Jan
6% Jan
Jan
18
Jan
Jan
534 Feb
Jan 2854 Jan
Jan
594 Jan
Feb 35
Feb
Jan 101
Mar
Feb
1% Jan
Afar
3
Jan
Jan 3634 Mar
Feb 1734 Jan
Jan 2134 Mar
Feb 94
Mar
Jan
53.4 Mar
eiej
8PWS-P'i
Ov0,..v0vOy
•••
331 Mar
10
Mar
4
4% Mar
107%
119
Feb
17%
Feb
20
10%
14% Mar
21%
24
Mar
7
Mar
6
17
20
Mar
28
32
Jan
2
3
Mar
7
Mar
6
Jan
61
66
Mar
554
7
9
Mar
9
734 Jan
6%
14%
15% Mar
Mar
12
17
Feb
55
58
1
1% Jan
10
13
Mar
22% Mar
13%
Feb
6
8
Jan
5
Jan
3
5
1
Mar
34
64
75
Mar
151
166
Jan
12
13
Jan
Bonds12.45 Mar
9.35
2634 2734
1634
20
Mar Elec& Peoples tr ctfs4s_'45
24
Feb 29
Feb
Ctfs of deposit
10
Mar
243-4 Jan 2854 Jan
2654 2654
8831 90
11
16% Mar Ga Pow & Lt 5%s____1967
60
Feb 90
Feb
1935
2% Feb Keystone Tel 53
6834 Mar 70
Jan
6834 6834
80
3094 3054
23
Jan 3051 Mar
9334 Mar Lehigh Val Trans ref 55.6
334
91
88
5
Feb Philo El(Pa) 1st s f 48_1966
87
Jan 91
Feb
1st 5s
1
131 Mar
10154 10254
1966
100
Feb 103
Jan
4.90
10354 10354
5.60 Jan Phila. El Pow Co 5548_1972
100
Feb
Jan 104
17
1 734 Mar Southeastern Pr & Lt 68_
83
83
Jan
71
Feb 103
Strawb'ge & Cloth'rs 58 '48
96
97
Mar
73
75
Mar
73
Mar 75
'
11
8%
Jan York allways let 58.1987
86
86
Jan
86
Mar 90
6%
8
Jan
• No par value.
4
334
Feb
27.20
29.25 Mar
Baltimore Stock Exchange.
-Record of transactions at
Mar
36
39
954
10% Jan Baltimore Stock Exchange, March 5 to March 11 , both in1054 Jan clusive, compiled from official sales lists:
9
2
5
Mar
12
20% Jan
Frittau
Sales
3%
451 Mar
Last 1Veek's Range for
Range Since Jan. 1.
17.00
19.25 Jan
Sale
of Prices.
Week.
9
10
Jan
StocksPar. Price. Low. High. Shares.
Low,
High.
80
93
Jan
90
•
Jan Arundel Corporation
97
23
23
50 23
Feb 26% Jan
8
9
Mar Black & Decker corn
•
2% 3
652
2% Mar
4% Jan
9
Feb Chas & Po Tel of Bait pf100
7
10 11534 Jan 11631 Feb
11534 11534
4934
66
Jan Consol Gas, EL & Power • 6631 65
6854
68 60
Jan 6854 Mar
10
Mar
634
534% pret w I ser E__100
102 103
35 100
Jan 107
Jan
3894
5% preferred
55% Jan
100 97
96% 9751
354 96
Mar 100
Jan
3
Mar Consolidation Coal_
2
400
100
40c
500 250 Feb 750 Feb
2331 Mar Eastern Rolling Mill
20
•
4% 451
20
351 Feb
4% Feb
Jan Em Bromo Seltzer A w
24%
29
2934 29%
60 24
Jan 29% Feb
Mar Fidel dc Guar Fire Corp_10
7
7
1234 12%
37 12
Feb
15
Jan
551 Mar Fidelity ,k Deposit
234
50 6951 6954 7C34
104 66
Feb 8554 Jan
12
Feb Finance Service prat
1051
50
6
6
6
Mar
6
Mar
4
Mar First National Bank w I... 3051 30
234
3031
253 30
Feb 30% Mar
Mfrs Finance corn v t___25
3
334
160
2
Mar
334 Mar
15t preferred
25
45
931 9%
Loan and Trust
8
Mar
9% Mar
Jan
Mar 255
2d preferred
10 245
245 245
6
6
25
40
100
National Trust
554 Feb
6% Feb
Maryland Cm Co
7
7
68
6%
6
Jan
834 Jan
*No par value.
Merch &
, Transp_ •
20
!rs
20
64 20
Jan 21
Feb
Monon W Pa
19
20
12 18
Jan 20
Mar
-Record of transactions at the Toronto New Amsterd. mS pref. 25 20
Toronto Curb.
Cas Ins__
1034
137 19
1934 19
Feb 2134 Jan
52
Curb, March 5 to March 11, both inclusive, compiled from Penna Water & Power_
5134 53
285 48
Jan 5354 Jan
Roland Pk Honeland 6%pf
90
14 90
90
Mar 90
Mar
official sales lists:
United Rys & Electric. 50
151
1
460
1
Jan
154 Mar
US Fidelity & Guar new 10
534 6% 1,946
654
Sales
551 Feb
Friday
834 Jan
Range Since Jan. 1.
Last Week's Range for
BondsWeek.
ofPrices.
Sale
Consol G E I, & P 454s '35
9854 983-4 $1.000 9731 Feb 08% Mar
StocksHigh.
Low.
Par. Price. Low. High. Shares.
15
Danville Traction 5% 1941
15
3,000 15
Feb
15
Feb
99
99
1.1100 99
Jan Stand Gas Equip 654% '32
9
7
Can Bud Breweries corn_ _•
Jan
Mar 99
105
Mar
• 1454 13% 14%
Canada Malting Co
115 11% Jan 14% Mar
•No par value.
16
Mar
Jan
40 14
Canada Vinegars com__ •
15% 15%
Mar
754 Jan
6
Can Wire Bd Boxes A_ •
60
6
Cleveland Stock Exchange.
-Record of transactions at
Mar 30
Mar
Cons Sand & Gray pref_ 100
35 30
30
30
331 Feb Cleveland Stock Exchange, March 5 to March 11, both in2% Feb
10
Cosgrave Exp Brewery__10
3
3
6% Jan clusive, compiled from official sales lists:
135
3% Mar
Distillers Corp Seagram.*
331 3%
Dom Pow stubs
534 6% 1,415 4 Mar 754 Jan
•
634
Friday
Jan
Jan
sales
5
3
Dom Motors of Canada.10
5
3% 334
Last Week's Range for
Feb
454 Feb
7
20
Hamilton Bridge corn....5
Range Since Jan. 1.
531 531
Sale
Jan
of Prices.
Week.
Imterial Tobacco ord
35
731 Jan
734 7%
5
StocksPar. Price. Low. High Shares.
14 36
Jan
Mar 38
Montreal L H & P Cons •
Low.
36
36
High.
Nat Steel Car Corp
110
8% Feb 1151 Mar
11%
• 11% 11
4
•
Mar Aetna Rubber corn
4
234 254
Mar
5
Rogers Majestic
100
4
4
Jan
•
3
Jan
7
Jan Central United Nat
Service Stations corn A
Mar
20
455
30
5
30
15 24
5% 551
Jan 3314 Feb
•
Stand Pay ,k Malls corn_*
Jan City Ice dr Fuel
2% Feb
• 26% 2654 27
3
15
190 26
Feb
234 234
Jan 28
Clark, Fred 0 corn
Mar
Southern Can Power
10
Mar 20
100
50 20
20
Jan
20
2
34
A
• 20
54 Feb
102% 102%
Tamblyns Ltd G pref._ 100
Feb 100% Jan Cleve Elee 111 8% prat_ _100
42 100
5 95
98
98
Feb 10334 Jan
Jan
Thayers Ltd pref
Mar Cleve Railway etfs dep.100
41
Mar 18
41%
50 17
428 40
17
17
•
Jan 43
Jan
Toronto Elevators corn...*
Cleve Union Stkyds corn.
• 13%
14
1354 1334
35
40 1334 Feb
13
13
United Fuel Invest corn_ •
Mar Cleve Worsted Mills com.•
431 Jan
4% 454
Feb 12
20 11
12
3% Feb
12
30
Mar
Waterloo Mfg A
4
45
334 4
Mar
351 Jan Cleve & Sandusky Hr..100
20
2
254 Jan
•
2
2
Cliffs Corp vot tr ars_
951 Jan
•
38
754 7%
7% Jan
Feb
Oils
Dow Chemical eom
35%
• 3554 35
155 29% Jan 38
British-Amer Oil
45 20% Jan 23% Mar
23% 2334
954 Jan 1154 Mar Fed Knitting Mills com_ •
1034 11% 4,098
• 11
Feb
Crown Dominion 011 Co._'
13
100 1254 Feb
13
13
50
Jan Firestone T & R corn. _ _10 13
2
Feb
3
294 234
MAR. 12 1932.]
FINANCIAL CHRONICLE
Friday
owes
Las! Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
834
*
Foote-Burt eom
•
Goodyear T & R com
Drell Bros Coop*ge Cl A_ •
100 49%
Halle Bros pref
Interlake Steamship corn_• 20
Kelley Isl L & Tr com. •
Lamson Sessions
McKee A G & CO cl B. •
Mohawk Rubber COM- - --•
234
Myers F E & Bro pref..100
National Tile corn
•
"1900" Corp el A
• 2434
• 1134
Ohio Brass B
Packer Corp corn
Patterson Sargent
Richman Bros cern
274
SeiberlIng Rubber corn._ •
Preferred
100 20
Sherwin-Williams com...25 3234
100 100
AA preferred
Thompson Products. Inc.*
Union Metal Mfg cam_ •
Union Trust
25 2534
Van Dorn Iron Wks,corn.*
Bonds
Cleveland R)55
,
1£33
94
834 834
18
1834
1234 1234
4931 4934
20
22
14
14
6
6
30
30
231 234
95
95
3
334
244 244
114 1134
6
6
17
1735
2634 2734
33.4
334
20
20
32
3234
99 100
7% 7%
534 54
2234 26
234 234
94
95
290
325
50
19
138
186
200
40
150
20
70
210
75
250
30
194
35
25
185
414
50
20
414
100
$5,000
Range Since Jan. 1.
High.
Low.
534
13
114
4934
20
13
4
2934
1
95
231
23
11
6
16
26
334
20
3131
99
734
5
20
2
94
Jan
834 Mar
Jan 1834 Mar
1334 Jan
Feb
Mar 50
Jan
Feb 26
Jan
Jan
15
Jan
Jan
7
Jan
Feb 3034 Feb
234 Jan
Jan
Mar 95
Mar
334 Feb
Feb
Feb 2434 Jan
Jan
Jan 13
64 Feb
Feb
Jan 1734 Jan
Feb
Feb 31
434 Jan
Feb
Jan 22
Jan
Feb 35
Jan
Mar 10034 Jan
94 Feb
Mar
Feb
6
Feb
Jan 26
Mar
Jan
334 Jan
Mar
95
Mar
1931
Friday
Sales
Lass Week's Range for
of Prices.
Sate
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Miscellaneous
Amer Credit Indemnity_25
Brown Shoe common.
.100
Ccca-Cola Bottling Co._ 1
Corno Mills Co
•
Ely & Walker D G 2d pf100
Globe-Democrat pref__100
Hamilton-Brown Shoe.
.25
Hydraulic Pr Brick corn 100
Internat Shoe corn
•
Laclede Steel Co
20
McQuay-Norris
•
Marathon Shoe com
25
Mo Portland Cement___25
Nat Candy common
•
Rice-Stix D 0 2d pref__100
Common
•
S'western Bell Tel pfd_100
St L Cotton Compress.100
Wagner Electric com__100
Preferred
15
15
15
35
35
17% 18
16% 1634 1631
55
55
106 106
3
3
50e 500
38% 384
154 1534
34%
34
6
6
10
10
10
84 9
84
60
60
331 334
11234 114
4
4
9
954
10034 10034
Street Railway Bonds.
E St L & Sub Co 55...1932
United Rys 4s
1934
3734
Range Since Jan. 1.
Low.
5 15
60 3334
255 1634
440 15
74 55
10 100
2
50
100 50c
142 3631
25 13
150 30
534
37
50 10
310
734
15 60
334
100
145 11034
4
100
634
550
5 100
9934 9934 $1,000
22,000
374 331
High.
Mar 15
Jan 36%
Mar 1834
Feb
1634
Mar 56
Jan 106
Feb
3
Mar
1
Jan 4334
Feb 154
Jan 35
Feb
6
Mar 15
Jan
9
Mar 60
Jan
4
Feb 114
4
Mar
Jan
9%
Mar 10034
9634 Jan
3754 Mar
Mar
Feb
Feb
Mar
Feb
Mar
Mar
Feb
Jan
Mar
Feb
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Feb
Mar
99% Mar
40
Jan
• No par value.
Milwaukee Grain & Stock Exchange.
-Following is
Cincinnati Stock Exchange.
-Record of transactions the record of transactions at the Milwaukee Grain & Stock
at Cincinnati Stock Exchange, March 5 to March 11, both Exchange, March 5 to March 11, both inclusive, compiled
from official sales lists:
inclusive, compiled from official sales lists:
* No par value.
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Amer Laund Mach com.20
Amer Rolling Mill corn_ _25
Cbamp Ctd 1st pref._ _100
Special pref
100
Mx Gas & Elec pref.__ _100
50
CM Street Rv
50
Cin & Sub Tel
City Ice & Fuel
•
Eagle-Picher Lead com_ _20
Early & Daniel corn
•
Formica Insulation
•
Hobart Mfg
•
Kroger corn
•
Lazarus pref
100
Procter & Gamble new... _*
P & G 5% pref
100
Pure Oil 6% pref
100
US Playing Card
10
U S Print & Litho corn...*
Preferred
50
Waco Aircraft
•
Magnavox
15
11
90%
90
8334
17
64
28
434
19
10
1754
1634
85
3931
95%
4434
18
4
8
2%
1%
1534
11
85
17
64
19
18
16%
39%
4
15%
12%
93
90
86
1734
6434
28
4%
19
1034
18
1834
85
4134
97
45%
18%
4
8
234
134
251
250
20
3
218
250
144
10
145
255
95
85
639
100
1,225
39
45
170
19
104
20
30
Range Since Jan. 1.
Low.
15
8
904
9
75
16
61%
264
4%
18
10
1734
13
85
38
95%
444
18
3
8
234
34
High.
Mar 17
Jan
Jan 1234 Mar
Jan 93
Mar
Jan 90
Jan
Jan 0031 Jan
Jan 1734 Jan
Feb 69
Jan
Jan 28
Mar
534 Feb
Feb
Mar
Jan 19
Feb 12
Jan
Jan
Mar 24
Jan 1834 Mar
Mar 86
Feb
Jan 42% Jan
Mar 102% Jan
Jan
50
Ma
Jan
Feb 24
Feb
5
Fe
10
Ma
Jan
234 Jan
Jan
Jan
Jan
2
Stocks-
Briggs & Stratton
•
Bucyrus-Erie
10
Firemen's Ins
10
Hecla Mining
25
Insurance Securities_ _10
Johnson Service
Milwauke Gas Lt 7% pf 100
Old Line Life Ins
Outboard Motors pref A_ _•
Common B
•
Unit Corp pref
•
United Inv A
Waukesha Motor
•
Wisconsin Bankshares_ _10
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Allegheny Steel
•
Arkansas Nat Gas Corp. •
Preferred
10
Armstrong Cork Co
•
.
Blaw-Knox Company
25
Calorizing pref
10
Carnegie Metals
Clark ( D L) Candy
•
Columbia Gas & Eleo..._•
Crandall McK &
Devonian 011
10
Hachmeister Lind Corp_ _•
Independent Brewing_ 50
Preferred
50
Jones&LaughlinSteel p1100
Koppers Gas & Coke pf 100
Lone Star Gas
•
Mesta Machine
5
Phoenix Oil corn
25c
Pittsburgh Brewing pref _50
Pittsburgh Plate Glass..21
Pittsbgh Scr & Bolt Corp_•
Plymouth Oil Co
Shamrock Oil Sc Gas
•
United Engine & Fdy_
•
Westinghouse Air Brake •
8
1434
13
3
6;4
14
70
834
19%
3%
134
2134
Unlisted
West Pub Service v t o_ _ •
434
* No par value. z Ex-dividend.
12
2
5
64
8
3
1
8
1434
5
4
1234
3
3
78
55
6%
14
70
834
519
3%
6%
134
20%
15
434
12
10
100
2
248
534
392
734
8%
610
3
51
850
134
8
135
2,401
16
5
550
100
4
13
200
3
100
3
25
78
20
40
5634
734 10,231
144
410
1,50
7c
834
125
20
230
555
331
734 1,620
70
1%
21%
140
164
72
431
1,173
Range Since Jan. 1.
Low.
Jan
Feb
Jan
Mar
Feb
Jan
Jan
Jan
Feb
Feb
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Feb
Feb
Feb
Jan
Jan
Feb
Feb
18
Feb
13% Jan
10
2
434
631
734
3
1
8
124
5
4
10
2
2
77
55
6%
12%
6c
6
174
334
634
Jan
33.4
High.
13
234
534
10
8%
3
2
834
16
534
5
14
3
3
80
61
9%
1934
70
834
20
434
734
134
23
16%
Jan
Mar
Feb
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Feb
Jan
Jan
Jan
Feb
5
Feb
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, March 5 to March 11, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Banks & Trust Cos.
First National Bank__ _20
Mere-Corn B & T Co__100 107
Miss Valley Trust Co..100
St L Union Trust new
61
444
107
144
60
4434
107
144
62
Range Since Jan. 1.
Low.
73 42
21 103
15 144
295 60
High.
Feb 4414 Mar
Jar 110
Jan
Mar 145
Mar
Mar 67
Feb
asi
11
24
4
1.09
334
934 934
434
434
11
11
331 3%
2
2
18
18
108 108
19
19
234
234
4 1
%
%
1.09 1.14
25
30
334 334
Range Since Jan. 1.
Low.
High.
100
834 Feb
1054
220
434 Feb
434
20
734 Jan
1134
500
3% Mar
5
25
2
Jan
234
100 18
Mar 19
5 106
Jan 108
16 17
Jan 20
300
234 Jan
234
500
34 Feb
1
150
54 Mar
3
4
1.05 Feb1.38
825
16 25
Mar 35
510
331 Feb4
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Feb
Jan
Jan
• No par value.
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, March 5 to March 11,
both inclusive, compiled from sales lists:
• No par value.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, March 5 to March 11, both
inclusive, compiled from official sales lists:
e/taay
came
Last Week's Range for
Week,
of Prices.
Sale
Par. Price. Low. High. Shares.
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Admiralty Alaska Gold...!
Allied General prat
•
Amer CHI Gen A
20
Assoe'd Dye vot tr ctfs_
Bancamerica Blair
10
Basin Montana A
2.75
Columbia Baking
•
34
Como Mines
.19
1
Corporate Trust Shares_
2.35
Eagle Bird Mines
1
Flag 011
Fuel Oil Motors
10
2%
Globe Television
•
214
Granada Gold
1
Group No. 2 Oil
1
H Rubenstein prat
•
Hendrick Ranch
•
Huron Hold C-D
1
Inter Rustless Iron
1
Jenkins Television
•
Keystone Consolidated...!
Kildun Mining
• 2.15
Macassa Mines
.29
1
Macfadden Public pref.....•
Metal Textile
•
Mid-Cont Pub Serv A_ -5
934
Moss Gold
1
Nat Pinetree Prod
•
Petroleum Derivatives
•
Railways
714
•
Reliance Inter prat
•
Sanabria Television
Seaboard Fire Sc Marine.10
Seaboard URI warrants__ _ _
1-16
Shortwave & Television...!
154
Siscoe Gold
1
Tobacco Products
Tobe Deutschmann
134
1
Tom Reed Gold
1
Treadwell Yukon
2.50
1
Trustee Standard 011B____
Western Television
--- -Wisconsin Holding A_ _10
Yosemite Holding
•
Zeuda Gold
1
Bonds
La Geo Explor 7s
1935
• No par value.
Range Since Jan. 1.
Low.
High.
.14
8
34
34
134
2.65
34
.15
2.35
3.40
.10
234
2%
1.00
1
1034
34
134
.35
34
.10
2.10
.27
29%
4
8
.34
1%
3
7
123(
234
3
1-16
1
.70
6%
3.4
.25
2.50
3.62
31
7
54
.14
.16 11,000
200
8
100
34
100
34
2
700
2.75
700
500
35
.19 5,000
2.35
200
3.40
100
.30 6.500
334 12,200
214 5.700
1.00
100
1
100
10%
100
134
300
1%
300
.37 2,500
200
54
.14 2,000
2.25 1,100
.30 7,000
29%
20
100
4
10
2,100
.34
500
200
5
200
2,000
8
123(
100
100
231
200
3
1-1
900
134 5,500
.70 1.000
100
6%
134 25,200
.25
500
2.50
200
.362
200
1
3,500
150
7
100
34
.14
500
.11
8
34
34
134
1.50
34
.10
1.95
3
.10
14
134
1.00
Jan
Mar
Mar
Mar
Jan
Feb
Mar
Jan
Feb
Feb
Mar
Feb
Jan
Mar
.23
8
31
54
2%
2.90
34
.19
2.36
yf
.30
4
214
1.03
5%
34
74
.19
34
.09
1.55
.25
20
3%
734
.34
1%
3
4
1234
1%
3
1-16
1
.54
634
%
.22
2.50
3.62
31
7
34
.05
Jan
Jan
Feb
Jan
Mar
Feb
Feb
Feb
Jan
Feb
Feb
Mar
Feb
Mar
Jan
Mar
Feb
Mar
Ma
Feb
Feb
Ma
Fe
Fe
Mar
Mar
Fe
Mar
Jan
Fe
1034 Mar
70
70
70
Mar
85.000
Feb
Mar
Mar
Mar
Mar
Feb
Mar
Mar
Feb
Jan
Ma
Jan
Mar
Feb
1
.42 Man
jeb
Far
121 .1aa
J n
2.75 Feb
3.3 Fj bn
0% Janae
45
1331 Tr
2
.
Jan
5
Mar
Mar
8
1254 Mar
334 Jan
434 1 r
Jan
34 Feb
2
Jan
6% Mar
10
1
.41 Man
J ar
2.50 Mar
3.62 Mar
2
Mar
4
1034 m arn
.14
70
Jan
Mar
San Francisco Stock Exchange.
-See page 1904.
Los Angeles Stock Exchange.
-See page 1905.
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 (Mar.5 1932) and ending the present Friday (Mar. 11 1932). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bonds, in
which any dealings occurred during the week covered.
Friday
Sales
Last Week's Range for
of Prices.
Sale
1Veek.
Par. Price. Low. High. Shares.
Week Bnded March 11.
Stocks
-
Indus. & Miscellaneous.
•
Acetol Prod cony A
Agfa casco Corp corn....
Alliance Investment Corp
254
8
234
234
6
234
234
100
100
200
Range Since Jan. 1.
Low.
6
Feb
2
Jan
234 Mar
High.
634 Jan
334 Jan
34 Jan
Friday
Sales
Last Weeks. Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Aluminum Co common__ •
100
8% Prerereure
Aluminum Ltd corn
•
Warrants series C
Warrants series D
48%
20
4831 5354
58
60
20
203(
6
6
5
6
3,525
400
300
9
60
Range Since Jan. 1.
Low.
45
5234
15
3
2%
Feb
Mar
F
Fe
Feb
High.
61,4
67
22
0
10
JAG
Jan
Feb
Mar
Jan
1932
Friday
Bales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Amer Austin Car cora
*
34
34
Amer Bakeries Corp cl A_*
1134 1134
Amer Capital Corp corn B *
51
14
$5.50 prior preferred_ _.,°
5134 5134
$3 preferred
•
5
5
5
Amer Corporation com_ •
34
54
534 6
Amer Cyanamid corn A..*
534
434 5%
Common 13
•
434
Amer Dept Stores nom_ •
34
56
,
Amer Elea Sec partic pf_20
20
20
American Equities corn234 3
5
234
'34
1
Amer Founders Cern- •
Am Investors corn B
2% 2%
231
•
Warrants
34
5i
34
Am Laundry Mach corn 20 15% 1534 1531
13
13
Amer Maize Prod com__-• 13
10
Amer Mfg corn
10
100 10
45
45
Preferred
100
Amer Transformer corn__*
3
3
3
31 5-16
Amer Util & Gen d13 to•
•
American Yvette Co nom.*
34 15-16
34
Anchor Post Fence com_ *
134 134
Anglo Chilean ConsolNitrate Corp corn
•
34
14
334 334
Animal Trap Co of Amer_*
Arcturus Radio Tube_
314
2
•
Armstrong Cork corn.
*
7
6
Associated Else Industries
Amer dep rots ord atts_ £1
374 4
334
Atlantic Coast Fish Corn_ _5
154 1%
Atlas Plywood Corp
231
23-4 234
Atlas Utilities Corp com •
634 7%
6%
$3 preferred
• 3434 34
35
Warrants
1% 2
Aviation Secur Corp
8% 9
Aviation Secur of N E. •
134 2
Babcock & Wilcox Co__100
41
45
Beneficial Indust Loan_ _*
934
9% 9%
Bliss (E W) Co corn
2% 2%
•
Blue Ridge Corp com
1% 2%
•
8% opt. cony. pref___50 2514 24% 27
Brit
-Am Tobacco
Am dep rota for ord b'r£1
14% 15
British Celanese Ltd
Am dep rcts for ord reg__ -----134 134
Burma Corp
Am dep rata reg
134 13-4
Butler Bros
20
2
Caine Radio & Tube an_•
•
54 1%
13% 1314
Camden Fire Insur Ass'n.5
•
7
Carrier Corp corn
8
Celanese Corp of Amer
16
18%
1st preferred
100
32
30
7% prior preferred- A00
2% 3
Celluloid Corp corn
•
25
25
First preferred
3% 334
•
Centrifugal Pipe
6
6
Chain Stores Stocks Ina- •
3
3
Chicago Rivet Mach
631
634 6%
Cities Service common_ •
5114 55%
Preferred
• 53
131 1%
Claude Neon Lights com 1
Is.
lii
Colombia Syndicate
634 634
Columbia Pictures corn_ *
634 7
7
Common vol tr ells__ __•
1% 1%
•
Coned Aircraft ccm
234
1%
Cont'l Shares cony pref 100
2% 234
Preferred B
100
2% 254
Cooper-Bessem Corp corn •
734 731
731
$3 pref A with warr_100
12% 1334
Copeland Products
4% 534
Cord Corp
434
234 2%
Corroon de Reynolds com •
1634 1634 18
$0 preferred A
4
4
Crocker Wheeler corn_ •
19% 19%
Cuneo Press corn
Curtis Mfg (Del) cl A__ 5 13
13
10
11*
Curtis Wright Corp warr__
Ins
116
Dayton Airplane Eng corn•
86
34
Deere & Co common
•
834 10
834
De Forest Radio common.•
34
3.4
34
Detroit Aircraft Corti2%
Doehler Die-Casting
35% 35%
Dow Chemical nom_
•
134 134
Dubiller Condenser corp.'
Durant Motors Inc
54
•
54
54
Duval Texas Sulphur34
*
1
1
Eastern Utli Invest corn A *
214
2
Eisler klsectric common'
736 834
7%
Elea Power Associates
5
734 851
751
Claas A
•
434 411
Else Shareholdings ocm •
134 134
Fairchild Aviation com_ *
534 534
Federated Metals Corp_ *
Ford Motor Co Ltd
5
534
5
Amer dep rcts ord reg_fl
135 14%
%
Ford Motor of Can cl A.-• 14
• 24% 2434 24%
Class B
34
34
Foremost Fabrics corn_-.•
Foundation Co
234 2%
2%
Foreign shares class A_
34
36
Fox Theatres corn A
•
731 7%
Franklin(II II)Mfg corn 100
1% 134
•
General Alloys Co
3% 3%
General Aviation Corp--•
Gen Elea Co (Gt Britain)
711 8%
Am dep rots ord reg__£1
834 835
General Empire Corp_
•
Ill
III
718
Gen Theatre Equip pref •
1
1
*
Gerrard (S A) Co com
• 14% 12% 15
Glen Alden Coal
4% 4%
Globe Underwriters Ezell •
2% 3
234
Goldman-Sachis Trading_'
Ill
III
Gold Seal Electrical Co *
Gorham, Inc
-834 834
836
$3 pref with warrants__
12%
5 1234 12
Gorham Mfg corn•t c._.
1
1
Gotham Knitbao Mach_ _•
16
17
Graymur Corp
Tea
Gt Atl & Pao
144 150
Non vat corn stock...' 144
116 116%
7% first preferred..„100
9
9
9
*
Greif (L) & Bros com
Grocery Stores Prod
1
1
•
c
Common •t
34
34
Happiness Candy Stores.*
7% 7%
Heyden Chemical Corp__10
21
21
Hires(Chas C) Co coin A.*
•
2634 2734
Horn & Hardart corn
11 ' 113-4
Hydro-Eleo Secur cam_ _•
•
331 331
Hygmde Food Prod
6% 6%
Imperial Tob of Canada_ _5
Imp Tob of G B & Ire
14
14
Am dep rcts for ord sh _ £1
18% 1814
Indus Finance pref.._ _100
34 1%
154
Inaull UtilIty Investment.'
234 2%
$6 prat with warr
•
3634 40
Insurance Co of No Am_10 39
1% 134
134
Ineurance Securities_ ___10
54
51
Interstate Equities corn •
,
$3 cony pref
• 1131 1131 1134
334 3%
Irving Air Chute corn---•
1#14=-
[VOL. 134.
FINANCIAL CHRONICLE
Range Sines Jan. I.
Low.
High.
20
134
54
234
34
15
11
534
42%
14
36
51
1
Jan
Mar
Jan
Feb
Mar
Mar
Mar
Feb
Jan
Mar
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Feb
%
6
514
14
20
3
1%
3%
44
17
13
10
45
3
34
134
1.4
Jan
Mar
Feb
Feb
Mar
Jan
Mar
Mar
Mar
kar
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Feb
Feb
Jan
%
3%
134
6
Jan
Mar
Jan
Mar
%
334
354
9
Jan
Mar
Mar
Jan
1,300
234 Jan
1
Feb
100
2
Jan
100
434 Jan
60,100
1,700 z334 Feb
2.200
154 Jan
8% Mar
600
134 Mar
600
300 39
Jan
900
834 Feb
2% Mar
500
2,600
1% Jan
4,500 1734 Jan
4
114
214
734
36
2
9
2
45
1134
4%
234
27
Mar
Mar
Feb
Mar
Mar
Jan
Mar
Mar
Mar
Jan
Feb
Mar
Mar
15
Mar
100
100
200
100
100
500
200
12,100
200
100
900
900
1,100
900
75
100
100
25
50
2,600
400
200
300
100
500
600
11 34
34
47
34
1,900
12% Jan
1,500
1% Feb
5-16
1134
%
5134
1% Feb
1%
2
34
13%
7
Jan
Feb
Jan
Mar
Mar
134
234
131
134
10
Mar
Jan
Mar
Mar
Jan
75 16
1,925 22
214
500
100 20
3%
200
200
5%
3
100
50,200
531
1,200 4434
1
700
300 1-16
100
5
3
600
1%
100
114
350
25
2
2%
200
100
7
400 10%
434
8,200
134
700
300
734
100
854
1
15
200 10
100 1-16
1-16
400
2,800
734
%
2,300
34
400
100
2%
500 29
%
100
%
5,500
31
200
34
100
1
1,200
611
1,200
611
1,600
8
200
1
100
534
100
Mar
Jan
Feb
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Mar
Mar
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Mar
Jan
Jan
Feb
Feb
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
2411
42
3
25
434
631
3
634
53%
1%
34
631
754
2%
8,4
254
3%
9%
1334
834
234
18
5%
19%
13
34
34
14%
154
%
3%
3511
1%
%
%
1%
2%
811
94
411
1%
6
Jan
Jan
Mar
Jan
Feb
Jan
Mar
Feb
Mar
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
8,503
1,900
100
100
4% Feb
8% Jan
16% Jan
ki Jan
6%
15
25
34
Jan
Mar
Mar
Jan
400
1,000
25
100
800
Feb
2
34 Mar
1
Jan
31 Jan
Jan
3
1
7%
134
834
Jan
Jan
Mar
Feb
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Feb
Feb
831
16
154
2
2234
431
3%
5-16
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
200
400
5,400
100
200
1,000
100
500
100
1,300
400
4,745
100
100
400
300
200
654
834
14
1
10
.45(
231
34
834 Jan
11
Feb
51 Jan
1434 Jan
330 135
120 s115
100
9
100
1,200
100
100
200
4,400
200
100
100
50
10,500
100
300
2,800
200
300
200
Jan
9
Jan
12% Mar
134 Feb
17
Mar
Jan 150
Feb s118
Mar
Jan
Feb
Jan
Jan
Jan
634 Jan
21
Jan
Mar
26
834 Jan
Feb
651 Mar
1%
36
834
21
29
11%
4
651
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Jan
Jan
Feb
14
19%
6
15
40
234
134
12
454
Mar
Feb
Jan
Jan
Mar
Jan
Feb
Feb
Feb
a
1234
1734
34
234
29
134
7-16
10
334
Friday
Sales
Las: Weeks Range for
Sale
ofPrices.
Week.
Stooks (Continued) Par Price. Low. High. Shares.
Kolster-Brandes Ltd
£1
American shares
Kress (S H)& Co
100
Special prof
Lackawanna Securities..'
Lakey Fdy & Mach corn •
Lefcourt Realty corn_
*
•
Preferred
Lehigh Coal & Nay
•
Libby MeN & Libby tom.*
Louisiana Land & Explor_•
Ludlow Mfg Associates_ •
Maryland Casualty Co_ _10
Mavis Bottling corn A__..5
Mead Johnson & Co corn.
,.t
Met 5 to 500 Sts corn B.
Midland United Co corn...'
*
Midvale Co
Minneapolis-Honeywell
Regulator pref
100
Miss River Fuel warrants__
Montg'y Ward & Co cl A.*
National Aviation
•
Nat Bancservice Corp.
..t
Nat Bond & Share Corp- •
Nat Dairy Prod prof A.100
Nat Investors coin
•
Warrants
Nat Rubber Machry corn *
Nat Screen Service prat 100
Nat Service Cos corn
•
Nat Short Term See A....'
•
Nat Sugar Refining
Nat Union Radio com
•
Nehl Corp corn
Neptune Meter class A__
New Hamburg Corp
New Mexico Jr Ariz Land_l
New York Auction cam...*
N Y Slzlpbldg fdrs' sha_ •
Niagara Share of Md__ _ _5
Nitrate Corp Chile(Conch)
Certificates for B ord shs
Noma Electric Corp corn.'
5
Nordon Corp corn
Northam Warren Corp pf•
Novadel Agana Corp corn •
Outboard motors corn B.*
Pan American Airways..
Paramount Motors Corp.'
•
Parke, Davis & Co
•
Parker Rust-Proof Co_
Pennroad Corp corn•t o_•
Pepperell Mfg Co
100
100
Pet 13111k pref
Philip Morris Consol corn_.
Philip Morris Cons new_10
Phoenix Secur Corp corn.*
Cony pref class A
•
Pierce Governor Co corn.*
Pilot Radio & Tube el A_ •
Pitney Bowes Postage
Meter Co
Pittsb & L E RR corn_ _50
Prudential Investors pf _ *
Public Utility Holding Corp
Corn without warrants.'
$3 cum pref
Warrants
Radio Products corn
•
Raytheon Mfg corn•t c_•
Reeves (Dan'l) Inc corn...
Reliance Internat corn .A.•
Reliance Management corn'
•
Republic Gas
Reybarn Co Inc
10
Roosevelt Field Inc
•
Rossia International
•
•
Ruberold Co
St Regis Paper Co com10
Seaboard Util Shares corn *
Securities Allied Corp,...'
•
Seeman Bros corn
Segal Lock & Hard ware...'
*
Selby Shoe common
Selected Industries cora •
Allot ctfs full pd unstpd_
Sentry Safety Control.. •
Shenandoah Corp corn_ •
50
6% cony pref
Sherwin-Wms Co corn.. 25
Silica Gel Coin corn•I e_•
100
Singer Mfg
Singer Mfg Ltd
Am dap rots for ord reg£1
•
Southern Corp corn
Spiegel May Stern pref_100
Stand Invest $534 prat-.
Stand Motor Constr.. •
Stein Cosmetics Inc corn.*
Stinnes (Hugo) Corp.....'
Stromberg-Carlson Tel
•
Mfg
•
Stutz Motor Car
25
Swift dc Co
15
Swift International
•
Taggart Corp corn
•
Tastyeast Inc class A
•
Technicolor Inc corn
Tobacco & Allied Stocks...*
Tobacco Prod (Del) new w
Tobacco Prod Exports_ •
Transcont Air Trans,- •
Trans Lux Daylight
Pict Screen common,...'
Tri-Cont'l Corp warrants_
Triplex Safety Glass
-Am dep rota ord shs--£1
Tublve Chatillon Corp
Common B vet tr certifs.
Tune Sol Lamp Wks com_•
33 cum cony pref
Ungerleider Firma Corp_ •
Union Tobacco common *
United Amer UM corn
*
United Chemicals pref_ •
United Founders com •
United Molasses Ltd
Am dep rcts ord reg_ _£1
United Shoe Mach'y com25
Un Stores Corp corn•t
United Wall Paper Facts..'
U S Dairy Prod class A...'
•
U S Foil class B
U S & Internat See com •
First preferred with &IT
•
U S Lines pre!
U S Playing Card com__10
Utility Equities com_
•
Utility & Indust Corp corn*
•
Preferred
Van Camp Packing corn _ _•
13,4
1134
334
315
14
59
31
6
7131
2%
134
3%
1%
2234
7
74
2%
13,4
13,4
800
10
23%
1%
5
1634
11
334
'as
5234
635
54
5834
34
1
31
10
2435
1%
5%
16%
1134
334
54
5234
6%
11
5934
34
134
31
100
600
200
200
200
600
100
2,700
10
100
5,000
300
200
300
100
70
71
6
6
70 .72
334 334
1% 1%
22
22%
98 100
234 274
34
231 3%
17
17
54
54
134 134
20% 22%
1
134
214 214
7
7
734 73,4
%
36
234 3
331 3%
2% 3
Range Since Jan. 1.
Low.
1
Feb
10
22
1
434
14%
934
334
9-16
60
634
34
4334
34
1
31
Jan
Mar
Feb
Jan
Jan
Feb
Mar
Jan
Feb
Mar
Jan
Jan
Mar
Mar
Mar
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Mar
Mar
Mar
20 62
Jan 71
100
Jan
6
5
200 70
Mar 72
2,400
34
2% Jan
100
14 Feb
3%
500 19
Jan 2314
75 95
Jan 100
1,700
3%
234 Jan
1,100 11-16 Jan
1%
2,000
354
2
Feb
100 1531 Jan
18
100
34 Jan 13-16
4,500
211
134 Jan
300 20
Jan 2334
SOO
134
3-4 Jan
100
211
2
Feb
100
7
Mar 11
100
731
6% Feb
100
34
34 Mar
3
134 Jan
178
5%
2
400
Jan
3,500
334
234 Jan
Mar
Mar
Mar
Feb
Feb
Feb
Feb
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Mar
Jan
Mar
Feb
Jan
34
8%
%
37%
36
34
16%
631
19
55
351
36%
90
2%
4%
14
10%
1%
83,4
Jan
Jan
Jan
Mar
Jan
Feb
Mar
Feb
Jan
Mar
Jan
Mar
Feb
Mar
Mar
Mar
Mar
Jan
Jan
37%
35
31
1634
6
18
55
334
3
631
85
2%
43
,
4
54
10%
15-4
2%
34
8
1-16
27%
31
/1
12%
354
17%
34%
234
31,34
85
154
434
1-16
10
1336
251
2% 334
44% 46
6534 6534
2,100
250
100
2
Jan
33
Jan
5955 Jan
3is
3
373(
34%
34
16
6
18
4934
234
3634
85
2
434
%
10
134
234
Ill
234
2
4%
54
3
34
134
134
1%
74
434
634
114
10
4334
11%
1034
1831
2235
34
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
400
400
100
50
1,000
100
100
1%
134
21
534
4
1%
54
Mar
Jan
Jan
Jan
Jan
Mar
Jan
2
1%
30
951
%
1%
1
Jan
Mar
Mar
Mar
Feb
Mar
Jan
7
100
7
1034 12% 1,300
18 s1834 3,200
2234 2334 3,600
100
334 3%
34
34 2,700
234 2%
200
2334 2334
200
755
34 15,900
500
54
234 234
500
7
1034
16%
18
234
34
1%
19
54
34
2%
Feb
Mar
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
9
13%
18%
26
4
14
3%
24
54
11
3%
Feb
Jan
Jan
Mar
Feb
Feb
Jan
Mar
Jan
Mar
Jan
134
34
2
34
2134
34
131
24
134
1,100
900
6%
334
334 Mar
4734 Jan
65% Mar
Jan
if
Mar
6
Jan
54
Jan
3
1%
Jan
Jan 1831
1%
Jan
Feb
1%
Jan
1%
Jan
Jan
1%
Jan
34
Jan 38
Jan
514
Jan
1%
Jan
7%
Jan 29
Feb
2
Feb 10
Jan
1%
Jan 4514
Jan
1
Feb
2
Jan 12%
Feb 3434
Mar
14
Feb 134
2
1%
2
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Star
Feb
3,300
14
600
2%
1,300
1-16
1
300
134
400
200 15%
2,600
h
2,000
14
600
if
800
54
1%
100
1,800
34
100 3334
334
9,200
200
1
4,300 x64
200 25
1%
700
9
600
3,100
54
1,200 28%
800
54
200
154
2,300
8
100 32
500
%
30 11531
%
34
24 234
he
34
1% 1%
1;i 154
18
1831
1%
1
y134
1
%
54
134 154
13,4 134
%
%
37
37
454 5
13,4
13,4
6% 734
2734 2734
1% 134
954 10
131, I%
4214 4531
'is
14
134 134
11% 1234
32% 32%
%
%
130 132
1;6 1%
131 1%
30
30
914 9%
31
31
1% 134
56
14
30
13' Mar
10
29%
1%
6
1834
1254
4
34
5234
6%
34
61
34
134
31
400
1,500
2,200
100
400
200
400
100
100
800
5,600
20
60
6,200
400
500
300
100
200
3-4
3
3
High.
634
300
ss
1% Jan
13-10 Jan
2% Jan
134 Feb
434
Jan
6% Mar
334 55-4 7,900
134
700
6
634
3%
18
400 16
18
21
21
100 19
Si
he 1,700
,
14
100
1
134 1;4
1434 1631
300 s1134
131 2
20,200
134
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
5% Mar
634 Mar
22
Mar
Jan
24
Jan
1% Mar
1636 Mar
2si .an
134
3934
54
2
59
3
34
2134
54
18
2
254
1014
%
Jan
Jan
Jan
Fe
Mar
Jan
Jan
Jan
Jan
Ma
Jan
Jan
Jan
Feb
134 Mar
3914 Mar
Jan
Mar
2
Jan
60
Jan
4
80% Jan
Jan
Mar
Jan
23
234 Jan
334 Feb
1134 Feb
1.34
3974
35
2
59
3
34
22
74
18%
234
2%
1034
131
200
200
700
100
200
300
300
2,300
300
200
300
100
100
3,500
114
35%
34
1
59
2%
34
20
54
18
154
1%
8%
2
Jan
Friday
Sales
Last Week's Range for
Week.
Sate
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.
5
Vick Financial Corp
Wagner flee Co com_15
Waitt & Bond class A__ *
Class B
•
Walgreen Co corn
walker(Hiram)Gooderham
•
& Worts common
Wayne Pump Co
Welch Grape Juice corn_
Western Air Express__ 10
Western Auto Supp COM A*
prof
Western Cartridge
West Md Sty 1st pref__100
Westfield Mfg common...
*
William (R C) & Co
Woolworth (F W) Ltd
Amer dep rats for ord shs
Amer dep rcts for prof._
3%
1054
5256
10%
934
Public Utilities
Alabama Pow $6 pref-• x78
$7 preferred
• 90%
Amer Cities P & L corn A 50
2%
Common B
•
Am Com'w'th Pow nom A•
3%
Amer az Foreign Pow wan.
Amer Gas & Eleo corn... • 3351
Amer L & Tr oom
8
5 19
6% preferred
25
Am Superpower Corp coin•
334
First preferred
•
56 corn pref
• 35
Ice
•
Appalachian Gas com
Assoc Gas & Elea oom • x3%
x354
Class A
$8 lot-bear allot certifs.. z39%
$1.60 lot bear allot ctts
Warrants
Associated Telep Litil____•
100
Bell Telep of can
Brazilian Tr Lt & Pr ord.. 12%
Buff Mar & East Pr pf__25
1st preferred
•
Cables & Wireleas Ltd
Am dep rota A ord sits El
Am dep rats); ord shs El
Canadian Marconi
-Bee M arconl
Cent Pub Service class A.
5
Cent & Sou'west CHI corn.*
114
Cent States Elea com
•
Warrants
Cities Serv P & L 86 pt..'
Cleve El 1116% prat_ _ _100
Columbia0& E 5% prat_
88
Commonwealth Edison 100 94
Com'w'Ith & Sou Caen
Warrants
34
Community Water Sens_•
Congo'0E L&P Ball corn' 65
Cont'l G 6c El pr pref__100 66
Duquesne Gas nom
55
East Gas & Fuel6% pf_100 6034
East States Pow corn B •
$7 prof series A
• 19
$6 pref series B
• 1855
East Uttl cony stock
•
Edison El Ill of 13ost_ _100
Elea Bond & Share com •
854
New common stock.---5 24%
$8 cum preferred
• 55
• 46
$5 cum met
38
Elea Pow & Lt 2nd pid
Warrants
4.54
European Elea class A--I0
Option warrants
34
Gen Pub Serv $6 pref_
•
Georgia Power $6 pref._ _• 80
Ill Nor Utll 6% pref___100
Illinois P & L 116 prof
•
Int Hydro-El $3.50 p1....'
Internal Super Power____* 10
Internal Mil class A____•
8
Class 13
23.4
B warrants
35
Interstate Pow 117 wet •
.
Italian SuDerpow ISOM 21.•
Warrants
34
Jer Cent P L 7% pt_ _100
Long laid Ltg corn
•
7% prat A
100 101
6% pref B
100 86
Mareoni Wing T of Can_l
1%
Mass Utll ASSOC corn vtc •
5% Preferred
50
Memplus Natural Glas___•
4%
Middle West Util corn...*
23.4
$6 cony prof ser A
.• 10%
Class A warrants
Class B warrants
Mohawk & Bud Pr tat Pf • 9354
Nat El Power class A_
•
National P & L $6 met.... 6934
Nat Pub Serv nom A
•
7% preferred
100
New flog Pow Assn
6% preferred
._100 52
New Engl Tel & Tel_100 110
N Y Steam Corp com___ •
NY Telep 654% Prof-100 114
Niagara Stud Pow corn..10
634
Class A opt warrants_
Class B opt warrants
Nor Ind Pub Serv 7% p1100
Nor States Pow nom A_100 78
7% preferred
100 9155
6% preferred
100 81
Pacific U & E 6% let p1-25 25
Pa Water & Power
• 52
Philadelphia Co Me
Philadelphia Elea Co 55 pt•
Pub Barr of Nor Ill cora •
Puget Sound P&L $6 pr..* 6215
fly & Light Secur corn...'
Rockland Light & Pow-_10 10%
Sou Calif Edison pi A_.25 27
Preferred B
25 2454
25 22
534% prof class C
Original preferred
25
Southern Nat Gas nom_ •
So'west Bell Tel 7% pf 100
prf_100
So'west 0 & E
Southwest Gas CHI nom_ •
Stand P & L com B
3
Stand Pub Serv panic A_*
Swiss Amer Elea pref
Union El Lt & P7% pf_100
354
Union Nat Gas of Can....*
234
United Corp warrants
United El Serv Am Shares_
2
United Gas Corp com---•
• 42%
Pret non-voting
Warrants
1933
FINANCIAL CHRONICLE
MAR. 12 1932.]
4
4
93-4 93.4
11
11%
3% 3%
10% 10%
334
1
35%
7
15
52%
30
15
h
355
1
35%
7
15
63
30
15
1034
9% 10%
4
4
78
78
90%
90
28
2855
255 3
X
55
33.4 5
3355 3755
19
19%
20
20%
354 434
s61
6135
35
3634
34
ic
x354 x5
x3
x3%
x393-4 4054
955 x10
54
55
4
4
98 100
1255 13%
2255 22%
83
84
300
200
300
100
300
2200,
100
200
100
10
300
1
100
700
3,40
200
Range Since Jan. 1.
High.
Low.
354 Jan
9)4 Mar
1054 Jan
255 Jan
Feb
10
$
%
35
5%
15
52%
20
15
7
454
1034
11%
3%
11;4
3% Mar
Jan
Jan
1
Feb
Feb e36% Jan
Mar
7
Feb
Mar
Mar 15
Mar 5335 Mar
Mar
Feb 30
hi ar
Mar 16
Feb 10% Mar
755 Jan
4
Mar
1054 Mar
4
Mar
30 78
Mar 85
50 87
Jan 93
Jan 2835
300 x21
3
4,600
15( Jan
1
% Jan
1,200
5
14,100
3% Feb
15,800 31% Feb 8934
1,500 17% Jan 24
Mar 26
300 20
354 Jan
9,000
Jan 61%
800 52
42
300 34
Fe
7,900
51 Jan
1,000
7
334 Mar
18,300 x3
Mar
431
375 37
Mar 46
400
934 Feb 1054
21,300
31
54 Jan
100
4
Mar 1134
325 95
Jan 100
12,100
8% Jan 1314
500 2055 Jan 225(
1,400 79
Jan 84
400
55
35
54
54
200
34
54
Wireless Tele g of Ca nada
13-4
155 3,500
134
500
2
2
335
155
13.4 3,20
17-4
116
116
100
1%
4434 45
200 4454
10 9834
10254 10234
86
90
900 77
9735 19,450 81
81
16,600
54
200
1
134
1
65
6955 1,400 59
25 55
66
60
500
35
34
16
75 60%
6054 6034
3
3%
500
2)4
19
20
50 1734
50 1734
1855 18%
454
4
400
3
195 195
10 184
8
1054 106,400
8
24% 32% 20,300 2434
54% 6055 2,800 52%
46
5054 2,100 44
38
45
200 38
454 4% 2,200
4
2
2
134
300
400
55
'is
34
50
50
80 45
80
80
200 7835
93% 9354
25 9334
50 45
6334 6335
18% 18%
25 17
400
10
1055
9
400
754 8
5
2
114
234 5,500
100
54
55
150 40
45% 46
134 1%
400
134
35
54 2,100
54
891 .191
150 891
17% 17%
100 17%
99 101
60 9354
25 80
86
86
54
134 1% 5,800
2
600
255 234
300 1756
203-4 21
4%
4% 554 1,800
1%
134 2gi 37,700
654
1,300
554 13
1-16
100
1-16 1-16
1-16 1-16
1-16
200
175 81
9255 9354
1,900
3
6
3
1,500 57%
67% 70
400
555
5% 511
3434 41
125 34%
y,
sf
334
Jan
4%
Mar
235
Jan
154
Mar
Mar 50
Feb 103
Feb 90
Mar 122
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Jan
34 Jan
Feb
114 Jan
/
Jan 8934 Mar
Jan
Jan 76
Jan
34 Jan
Jan
Mar 68
335 Feb
Feb
Feb
Jan 22
Jan 2234 Jan
554 Jan
Feb
Mar
Feb 195
Mar 13% Jan
Mar 3235 Mar
Jan
Jan 62
Jan
Jan 54
Mar
Mar 45
Jan
6
Mar
Jan
3
Mar
Jan
Jan
Feb
Jan 50
Jan
Jan 82
Mar 9334 Mar
Jan 63% Mar
Jan 2356 Feb
Feb 1215 Jan
8
Mar
Feb
8
Jan
Jan
Jan
14 Jan
Mar 5254 Jan
1% Jan
Feb
Mar
/ Jan
1
4
Mar
Mar 891
Feb 19% Jan
Mar
Jan 101
13,ar
Feb 86
154 Feb
Jan
234 Jan
Jan
Jan
Jan 23
Feb
35' Jan
Jan
Mar
7
Mar 51% Jan
Mar
34 Feb
1-16 Mar
Mar
Jan
Jan 95
Mar 10% Jan
Jan 72
Jan
Mar
9
Jan
Mar 50
Jan
sa
a4H
Jan
Jan
Mar
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Mar
Mar
Feb
Mar
54 Feb
Jan
Feb
Jan
160 50
51% 5234
Jan 15954
110 110
200 107% Feb 115
200 47
55
55
Feb 55
450 110
113 114
Jan 114
734
635 655 14,400
6% Jan
Ili
,
III
Jan
140
800
335
254 Jan
23.4 2%
50 70
70
70
Mar 8036
400 70
Feb 83
•7755 78
9155
250 90
91
Jan 94;6
13
8054 Feb 88
8034 81%
8,300 z2454 Feb 26%
82455 25
500 47
50% 53
Jan 53
1434 1434
600 13% Feb 17
200 9654 Mar 9616
9654 96%
100 85
90
95
Mar 120
62)4 6234
50 52% Mar
1634 17
Jan 20
200 16
900
1055 10%
954 Fob 10%
100 2654 Jan 27%
27
27
824
Jan 25
24% 3,600 23
22
Jan 2231
2234 1,300 21
200 40
40% 42
Jan 42
200
54
h Jan
55
55
113 113
11055 Jan 113
64
50 64
66
Jan 70
600
54 Feb
34
34
54
18
18
Feb 20
100 x17
3%
1% 37-4
1,500
134 Mar
Jan 5434
100 40
5455
40 106;5 Mar 10634
10654 10634
435
900
2% Feb
3
334
2% Feb
2% 355 3,900
356
300
2% Mar
2% 3
13.4 2% 8,000
1% Jan
2%
42% 45% 1,200 r3654 Feb 55
54 Mar
1,900
54
15
35
ao
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Mar
Jan
Mar
Mar
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Sales
Frtday
Last Week's Range for
Week.
of Prices.
Sale
Public Utilities (Conc.)
Par. Price. Low. High. Shares.
535
3954
United Lt & Pow corn A..•
•
$6 cony let prof
S Elea Pow with warr •
Utah Pow & Lt $7 pref..'
EMI Power & Light com •
•
Class Byte
154
5% 6% 19,600
3954 4255 1,200
154 154 2,100
50
79
78
4,300
1% 2
200
834 835
Former Standard Oil
Subsidiaries
30%
50
Buckeye Pipe Line._
90
Chesebrough Mfg Conso125
Humble 011 & Relnlng 25 47% 4655
9%
934
Imperial 011(Can) couP•
93-4
•
Registered
7)4
Indiana Pipe Line
10
954
National Translt____12.50
3%
N Y Transit new
10
434
Northern Pipe Line new..
100 7454 68
Ohio Oil 6% prat
834
25
Penn Max Fuel Co
1255
25 14
South Penn 011
Standard 011(indiana) 25 1634 316
1434
Standard 011(Ky)
25 r16
Standard Oil(Neb)
25 1834 18%
27
Standard 011(0) nom _25
--
Other 011 Stocks
Amer Maracaibo Co
•
2
Ark Nat Gas Corp corn •
Class A
•
Atlantic Lobos coin
•
Preferred
British Amer 011 Ltd
931
Coupon stk (bearer)_ __*
Carib Syndicate
250
54
Colon 011Corp corn
•
Coludabla 0 az Gas vi c •
634
*
Consol 011 Corp com
Cosden 011 corn
•
Creole Petroleum Corp..*
234
Crown Cent Petrol Co...*
2
Darby Petroleum corn._ _*
2
Derby 011 & Ref com
•
Preferred
•
Gulf 011 Corp of Penna.-26 2934
4
Indian Ter 111011 cl A_
*
Class 13
Intercont Petrol Corp_5
Internatl Petroleum....' 1055
6%
Lone Star Gas Corp
•
1-16
Magdalena Syndicate....1
6
Margay 011 Corp
•
Mich Gas de 011
Middle States Petrol
Clams A vat trust otfs •
ClassBvt c
hio-Kansas Pine L eom 5
/5
Class B vt c
1
211
Mountain Producers____10
National Fuel Gas
• 12%
New Bradford 011
5
Nor European 011 corn •
Pacific Western 011
•
Pandora 011 Corp corn....'
Pantepec Oil of Venez__ *
Plymouth 011 Co
5
Producers Royalty Corp_'
Pure 011 Co 6% pret-100
Reiter Foster Oil Corp_ _ _•
35
Root Refining prior pref.._*
Salt Creek Prod Assn___10
Southland Royalty Co_ •
Sunray 011 Corp
5
Taxon 011 & Land_ _
•
UMW)011 Associates._._25
Venezuelan Petroleum_ 5
"Y" 011 & Gas Co
•
ao
34
2
2%
34
3.6
914
34
35
134
634
11
2%
54
2
114
20%
29%
4
4
54
10
655
1-16
6
1
1
31
34
1-16
274
12%
3.4
31
414
3.4
if
811
34
4414
54
1%
351
33.4
7-16
6
11%
34
31
Range Sines Jan. 1.
Low.
Huh.
5%
39%
155
78
154
835
Mar
Jan
Jan
Mar
Feb
Feb
856
53%
1%
85
3%
13%
Jan
Jan
Jan
Jan
Jan
Jan
200
32
100
90
3,900
49
3,300
93.4
100
9%
100
7%
10% 1,000
100
3%
100
4%
7634 46,100
100
614
1455 13,700
17% 49,800
1554 5,000
300
1855
2755 1,45
30%
75
4234
754
8
834
634
8
351
60
515
9%
14
12
1534
2334
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
35
90
49
934
934
734
10%
4
4%
76%
635
1434
17%
1555
19
2815
Jan
Mar
Mar
Mar
Mar
Feb
Feb
Feb
Jan
Mar
Mar
Mar
Mar
Mar
Jan
Jan
4,000
1,600
3,700
200
200
34
2
1%
h
14
Jan
Jan
Feb
Mar
Mar
54
254
255
15
55
Jan
Jan
Jan
Mar
Mar
600
951
500
34
400
14
900
134
14,300
7
1,800
1
255 3,700
400
54
1,200
2
1,100
2
100
2055
3234 8,200
100
4
200
4
3-16 2,900
10% 9,400
73.4 3,900
1-16 11,200
400
6%
100
1
8%
54
35
I%
554
34
154
14
154
114
20
25%
4
4
1-16
851
656
1-16
354
%
Feb
Jan
Feb
Mar
Feb
Feb
Jan
Mar
Jan
Jan
Mar
Jan
Fe
Fe
Jan
Jan
Mar
Jan
Jan
Jan
951
956
55
115
7
1
254
14
256
215
24%
3216
415
434
%
1014
934
14
6%
155
Mar
Jan
Jan
Jan
Mar
Mzr
Mar
Jan
Feb
Jan
Feb
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Jan
300
500
7,200
300
800
2,300
300
1,100
300
100
100
5,000
100
40
2,100
100
600
6,600
500
500
500
4,600
2,800
;4
55
55
1-16
234
11
Z34
54
416
1-16
16
634
h
44
56
1%
315
3%
34
515
1015
6-16
34
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Mar
Jan
Feb
Feb
Feb
Feb
Jan
teb
1%
55
2%
3-16
8
1334
3(
%
651
16
54
7%
14
4915
14
134
415
854
16
655
12
15
15
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Mar
Jan
Mar
24
215
116
7-16
1-16
11-16
634
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
34
234
2%
h
54
1%
34
3.4
1-16
23-4
13%
h
34
456
15
15
714
56
45
54
134
434
334
7-16
6%
12
14
15
Mining Stocks
22
100 22
Bunker 11111 ar Sullivan.10
223-4
Jan
155
154
15.4
Carnegie Metals
10
300
1
Feb
13-16
200 13-16 Mar
Congo] Copper Mines..- _5
h
5-18
51 5-16 3,800
Coal Mexicana 15.1ning_1
34 Feb
1-16 1-16 17,600 1-16 Jan
1-18
Falcon lead Mining
1
500
9-16 9-16
Golden Center Mines_ _ 5 9-16
X Jan
1,600
3% 4
334 Mar
354
Hecht Mining Co
25c
100 x45( Feb
Hollinger Consol G M..5
434 435
134 Feb
2
Bud Bay Min & Smelt...'
254 2,700
254
35 Feb
600
54 7-16
Kirkland Lake GM Ltd__1
26
660 2834 Jan
Lake Shore Mines Ltd___ I
2655
1
100
1% 1%
Feb
Mining Corp of Can
*
500 22
2535 26
Jan
New Jersey Zinc Co_ _25
1255 1334 1,200
9% Jan
Newmont Mining Corp-10
55 Mar
900
Niplaiiing Mines
5 13-16 13-16 1
1-16 Jan
1-16
55 1,000
Ohio Copper
1
1% Feb
700
1% 134
Pacific Tin Special Stock.. -----3
254 Jan
PioneerGold Mines Ltd 1
3
33.4 2,200
800
34 Jan
Premier Gold MinIng„ 1
55 9-16
54
100
2
Quincy Mining
2
134 Jan
25
Roan Antelope Copper
4;5 Mar
100
5% 534
American Shares
200
55 Jan
South Amer Gold & Plat _5
31
200 1-16 Jan
1-16 1-16
St Anthony Gold Min Ltd 1
1-16
155 Jan
154 154 1,000
Shattuck Dann Mining-•
13-4
55 Jan
Standard Sliver Lead..
3-16
.1
34 5,200
355 Feb
37-4 43.4 3,400
'reek Hughes Alines
1
43.6
354 Mar
334 354 1,000
United Verde Extens'n_50c
354
500 7-16 Mar
Utah Apex Mining Co 5
35
54
1-16 Jan
Wenden Copper Mhz
3-16
1
34 3-16 3,900
Wright Hargreaves Ltd..'
200
2;4 2%
254 Jan
% Jan
Yukon Gold Co
100
5
34
55
15
Bonds
Alabama Power Co
-bat 58
1946
bet & ref 58
1951
bet & ret 58
1956
1st dr ref 434s
1987
let & ref es
1968
Aluminum Cosfdebas 1952
Am Commonw'h Pr 6.1940
Debenture 5.358
1953
Am Common Pow 536s '53
Am & Cent Corp 50-.1943
Am El Pow Corp deb 68'57
Am Gas & El deb 55_ _2028
Am Gas & Pow deb 68 1939
Secured deb 6.
1953
Am Pow & Lt deb 63_2016
AmerleartRadiator45481947
Am Rolling Milldeb 581948
454% notes-Nov 1933
Amer Seating cony 65_1936
Amer Solv & Chem 655s '36
With warrants
Appalachian El Pr 54_1956
Appalachian Gas 611___1945
Cony deb 6a sec 8_1945
Appalachian Pow 68-2004
1941
5s
Arkanaan Power& Lt541956
Associated Elan 448..1953
0754
9454
83%
97
4
334
4234
8655
37
30
79
8654
63
75
44
1834
90%
10
84
56%
254
7-16
2615
1%
28%
1416
1
3-16
254
34
9-16
211
8
255
34
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3-16
216
456
15
97
91
94
8254
86
96
355
3
13
52
39%
8554
3155
2655
79
84%
62
72
44
97% 4,000
945$ 17,000
7,000
94
59,000
84
88% 22,000
42,000
97
455 22,000
24,000
4
13% 12,000
5,000
52
4255 31,000
88% 235,000
34,000
37
30% 53,000
82 155,000
8634 26,000
47,000
67
35,000
76
44
2,000
93
85
89
74
80
91
2%
3
914
41
27
77
28%
20
70
80
48
55
84
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Afar
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
99%
95
96 54
8455
91
98%
11
8
19
52
4234
8835
4555
8734
8236
8634
67
76
47
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Mar
16%
88
10%
834
83
97
84
55%
17%
91
1155
10
84
9734
88
5734
15
Jan
80% Feb
8% Jan
7y Jan
80
Jan
97
Mar
75
Jan
51
Jan
22
91
16
1851
85
9734
80
575.4
Feb
Jan
Jan
Jan
Jan
Mar
Mar
Feb
17,000
37,000
30,000
44,000
2,000
800
50,000
60,000
Bonds (Continued)
Friday
Bales
Last Week's Range Jar
of Prices.
Sage
Week.
Price. Low. fligls.
Range Since Jan. 1.
Low.
Bonds (Continued)
High.
Associated Gas & Electrio3334 52,000 31
Jan
Feb 39
1938 32% s32
Cony deb 5548
34
344 37,000 z3354 Mar 43
Jan
1948 34
Cony deb 44s
29
32 209.000 29
Feb 394 Jan
Cony deb 4146
1949 29
Jan
1.000 30
30
30
30
Mar 33
Registered
33% 364 163,000 z3254 ben 444 Jan
Cons deb as
1960 34
32% 344 366,000 31% Mar 4454 Jan
196a 33
Debenture as
33
Mar 35
33% 2,000 33
1968
Feb
6s registered
30,000 as
39
40
Jan
Feb 47
Cony deb 548
1977 39
Assoc Simmons Hardware
334 35% 24,000 30
Feb
Jan 36
1933
6545
86
LOW z83
86
Jan
Feb 88
Assoc Telep Co be_ _1965
84,000 64% Feb 72
Feb
Assoc T & T deb 545 A 65 69% 674 71
Feb 54
Jan
Assoc Telep Util 5545 1944 494 484 53 172,000 36
8,000 66
Mar 7651 Feb
68
66
1933 67
6% notes_
Feb 37% Jan
Atlas Plywood deb 5348 '43 36% 36% 36% 1,000 235
oo 36,000 86 Feb 90 Jan
Baldwin Loco Wks 5515'33 8953 89
Beacon 011 deb 65-- -.1936
95% 95% 95% 7,000 5954 Jan 96% Feb
With warrants
Bell Tel of Canada 65_1957 93% 93 z9454 152,000 834 Jan 89414 Mar
Jan 93% Mar
1st mtge 56 ser A__1955 93% 92% 93% 76,000 84
32,000 834 Jan 94
Mar
let mice be ser C._1960 93% 93% 94
331% Mar
Jan
80
81% 18,000 70
Birmingham Elea 4%s 1968 80
Jan
4,000 94% Feb 100
98% 99
Boeton Consol Gas 5s_1947 99
9654 30.000 88% Jan 964 Mar
96
Boston & Maine 65_ .1933
Feb 101% Mar
Bklyn Edison 53 ser E.1952 10154 100% 101% 489,000 97
Jan
Canada Nat Ry 50 78 1935 99% 994 99% 15,000 98% Jan 100
Capital Admit, deb Be 1953
71% 71 714 10,000 70 Feb 76 Jan
With warrants
5,000 70
Feb 76
71
Jan
71
Without warrants
Jan
Jen 85
844 63,000 72
Carolina Power & Lt 561956 83% 82
16,000 804 Jan 91
Mar
89% 91
Caterpillar Tractor 56 1935 90
12.000 85
88
86
Feb 9034 Jan
Cent Arizona L & P 58_1960 86
Cent III P ci 44s F.1967 70% 69
71% 40,000 674 Feb 744 Mar
25,000 7454 Feb 85
Jan
75% 77
1st Entree be sec G__1968
Feb 75
70% 12.000 67
4145 series H
Jan
1981 70% 70
Cent Maine Power
454s E
1957 824 82% 82% 2,000 824 Mar 894 Jan
4.000 60
65 e66
Jan e70
Central Pow be eer D 1957 65
Feb
664 53,000 1584 Jae ng Jan
Cent Pow & Lt let be 11956 654 64
Cent Pub Sera 541 19411
16% 15 18 55.000 13 Jan 274 Jan
With warrants
15
15
4,000 15
Mar
Mar 15
15
Without warrants
39% 96,010 304 Jan
Cent /Mates Elec be...i9414 38% 38
3954 Jan
Jan
Jan 42
Deb 546_ __Sept 15 1954 404 39% 41% 97.000 3:1
Feb
43
Mar 69
Cent states P & I 54s '53 51
52% 98,000 43
1,000 83% Mar 90
85
85
Cent Vermont P S 5s_ _1959
Jan
Feb 7354 Mar
Chic Dist Elec gen 44s '71, 7254 72
7354 33,000 68
Debenture 5145 Oct 1 '35 774 75% 77% 2,000 67
Feb 79% Jan
2,000 14
44
Fel
Chic Pneum Too 5%e 1942 44
44
50% Jan
,
6,000 45% Feb 50
Jan
48
Chic Rys 5s ctf of dep_1027
49
Cigar Stores Realty Horn
18,000 30
37
39
Mar
Feb 40
Deb 5, s eeriee A
1949 39
5.000 534 Jan 62
62
Mar
62
Cincinnati St Ry 5348 A '52
Fee 47% Jan
Citlen Service he
1966 47% 46% 474 21.000 40
46% 48% 38,000 40% Feb 52% Jan
Cons deb be
,
1950 47
554 59% 26,000 :51 4 Jan 5954 Mar
Cities sera Gas 54e...1942 58
11.000 52% Feb 65
Mar
6254 65
Cities Serv Gas Pipe L 6843 64
Cities Sera P & L 54s_ 1952 55% 55
56% 23,000 60% Feb 54154 Jan
33.000 99% Jan 103
102 103
Mar
Cleve Flee III 1st Is. 1930
1004 100% 3,000 99
Feb 102
Gen 58 series A
1954
Jan
1014 103% 4,000 98% Feb 10354 Mar
Gen 6s series B
1961
Comment und Priam
42% 43,000 35
Jan 48% Feb
Bank 648...1937 414 40
Commonwealth Edison Co
Feb 934 Mar
1st 4 a !wile/3C_ ...1956 9354 8854 934 77.000 82
88
1.000 88
88
Registered
Mar 88
Mar
40,000 814 Feb 93
87% 93
1st 4 ,•,e ger D___ _1957 93
Jan
1969 92% 874 9354 31.000 814 Feb 934 Jan
ser Si.
let al 4
28.000 76
79
84
1981 83
Jan 84
let M 45 ser F
Mar
59% 614 60.000 45
Jan 614 Feb
Community Pr & Lt 68 1957 60
COrla01( ins El Lt & P(Balt,
8954 90% 13,000 82
1981 90
Jan 904 Mar
let ref f is
1034 104% 10,000 103% Mar 1064 Jun
1st & ref 550 ser E 1952
25,000 984 Mar 100
934 99
1st & ref 4%s ser 0_1969
Jan
97
1st & ref 44s Ber H.1970
98% 7,000 94
Feb 994 Jan
Consol Gan UM Co
29
30% 35.000 27
1st & roll 68 ser A 1943 29
Jan
Jan 31
Deb 6 -.a with Warr 1943 17% 17% 18
13,000 15
Jan 2031 Jan
75
Consol Publishers 6451936
754 6,000 72
Feb
Jan 81
Consumers Power 4%0195)' 9454 92% 9454 51.000 8754 Feb 94% Mar
1st az ref 55
1936 1014 l00% 10134 14.000 100% Mar 101% Mar
187,000 62
Conti(:*1-.156
Fel, 674 Mar
196)1 664 65
Jan
Continental 011 54a...1937 82% 79% 844 24,000 78
Feb 85
45
Jan
1,000 41
45
Jan 45
Continental Secur 58 _1942
Jan
Crane Co 58_ _ - _Aug 1 1940 83% 82
844 16.000 78
Feb 89
15.000 66
734 77
Mar
Jan 77
Crucible Steel deb Is. _1940 75
11,000 76% Jan 83
79
79
Jan
Cuban Telephone 7%,1941 79
Mar 33
1,000 33
33
Mar
33
Cuban Tobacco 58__ _ A944
21,000 81
Mar
Jan 87
87
85
Cudahy Pack deb 546 1937 87
9744 974 2,000 954 Jan 97% Feb
Sinking fund Is... 1948
1,000 78
Feb 8431 Jan
83
83
Ctimba'd Co P & L 445'66 83
Dallas Pow & Lt bs ser C'52
Dayton Pow & Lt 58 _1941
Denver & Salt Lake 65 1960
Dett ity Gas tle aer A 1941 96%
1st Belles El
1950 884
Det Intl Bridge 6%5_1952
Dille Gulf (,as 64e 1937
73
talth warrants
Duke Pow 1st & ref 4%8'67
1945
Duquesne Gas 6s
Duquesne Lt 1st 454s_ 1957 9534
East Utilities Invesilug
Is with warrants._ 1964 25%
Edison El(Boston) Is 1933 1004
4% notes. _Nov 1 1932 99%
Hier Power & Li as _ 2030 57%
El Paso Nat Gas 648_1938
1st 6%s series A_ _ _1943
Empire Last El 6e. _ _1952 62
Empire oh .13 Refg 645 42 48
Envie Mare111 El Mfg
8. with warrants. 1953 634
-25
European Elea 64s..1966
V. ithout warrants
48
European Mtti&Inv 76C'67 294
Federal Water Serv 644'54 44
Finland Residential Mtge
Bank 86.
1961
Firestone Cot Mills 66 1948 7854
Firestone T & Rub Is 1942
First Bohemian Glass Wks
1st s 1 7s_ _ _ _ _Jan 1 1957 41
Fisk Rubber 5548_ _1931
Certificates of deposit.... -----Fla Fewer Corp 64e_ .1979
Florida Power & Its. 1954 75%
Clary El & Oas &seer A 1934 7854
Gatineau Power let Be 1966 73
Deb gold fle June 16 1941
Deb 65 ser BA & 0.1941 67
Gen Bronze Corp deb as 40
Gen Motors Accept Corp
5% aerial notes_ _1933
5% serial notes_ _1934
b% serial notes--..-1935 98%
5% serial notes_ ___1936 964
Gen Pub Sera deb be__1953
Gen Pub 0711164. A..1956
Oen Refractories Is. - _1933
[VOL. 134.
FINANCIAL CHRONICLE
1934
96
97
39
964
88
1,000
96
1,000
97
4.000
39
9751 21,000
8,000
89
4,000
7
92
95
3254
e0
80%
654
73
90
37
94%
8,000
75
94% 19,000
37
11,000
96 210,000
62% Jan
Feb
87
5% Jan
94% Mar
Feb
Jan
Jan
Jen
Jan
Jan
99
Jan
Jan
97
39
Mar
974 Fen
89
Mar
7
Jan
74
94%
7%
96
Feb
Mar
Jan
Mar
45,000 52254 Mar 30
56,000 084 Jan 1004
17,000 98
Jaz, 100
574 60% 230,000 604 Feb 64
7.000 54
55
55
Mar 57
3,000 59
Jan 62
60
60
38,000 594 Mar 654
59% 62
94,000 44
Feb 413
45% 48
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
244 26
loosi l00%
994 99%
863
63%
2,000
45
Jan
634 Mar
44
48% 20,030
284 3055 81,000
37
45% 168,000
42% Mar
Jan
26
Feb
26
Jan
as
Jan
4554 Mar
23,000
39
48
724 784 13.000
17.000
784 81
28
Jan
Jan
62
7034 Feb
48
Mar
78% Mar
81
Mar
4851
35
15
14
861
76%
78
71
67
644
364
45
16
14%
624
78
82%
74
70
68
38
17,000
23.000
6.000
27,000
02.000
25,000
78.000
10.000
10,000
8.000
33%
1154
9
61
694
72
624
54
60
3034
Mar
Jan
Feb
Jan
Jay
Jan
Jan
Jan
Jan
Feb
60
17
1554
(12%
78
85
74
70
68
41)
Jan
Feb
Feb
Mar
Feb
Feb
Mar
Mar
Mar
Jan
99%
984
97
98
67
2654
60
9954
98%
98%
97%
68%
274
64%
11,000
5,000
22,000
26,000
5,000
29,000
3,000
98
9654
944
93%
6654
25
50
Jan
Jan
Jan
Jan
Jan
Mar
Feb
994
9854
98%
97%
684
414
70
Mar
Mar
Mar
Mar
Feb
Jan
Jan
Oen Wt Wks Corp as 1943
Gen Wat Works Gash Elec
Cony deb 66 B _ _1944
Georgia Power ref 5e...1967
Georgia Pow & Lt 58-1978
Geefurel deb 6s
1953
Without warrants
Gillette Safety Razor bs '40
Glidden Co 54s
1935
Gebel (Adolpf 64s A 1935
WIth warrants
Grand (F W)Properties
Cony deb 68
1948
Grand Trunk Ity 84ti 1936
Grand Trunk West 4s _'50
Gt "eet Power 1st be 1046
Guardian Investors Ss 1948
with warrants
Gulf 011 of Pa 55
1937
Sinking fund deb 58.1947
Gulf States Utll be _ _1956
lot At ref 434s ser 13_1961
Hamburg El at find 54538
Hanna(M A) deb 138_ _1934
Hood Rubber 75_ _ _ - _1936
10
-year 554s_ _Oct 15 '36
Houston Gulf Gas 66.1943
Deb 6 Hs_ _ _ _Apr 1 1943
Hous I. & P lot 4548 D 1978
1st lien dr ref 448 E.1981
1st 55 series A
1953
Hudson Bay M & S68.1935
Hungarian Italian Bank
7545 series A C__
1963
Hydraulic Pow 5s....1951
lot & ref 5s
1950
HYgrade Food 6s sec A. '49
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
374 40
Range Mere Jan. 1.
High.
Low.
24,000
26% Jan
40
Feb
1954
89%
64
18% 204 7,000
87% 90 134,000
61
64
13.000
11% Jan
80
Jan
Jan
60
21
90
65
Feb
Jan
Jan
39%
9254
374 40
or% e93
76
77
35
Feb 47
7754 Jan z93
71
Jan 78
Feb
Mar
Jan
804 Feb
Mar
42,000
48,000
14.000
70
65
93
70
15
9654
59
97
15
7.000
97
12.000
69
24.000
9855 15,000
38
96
944
81
72%
384
38
944
944
79
724
37%
90
47
48
39
42% 41%
4154 34154
85
83
834
86
924 8914
59
394
96
95
82
73
40
90
50
40
43
43
86
86
93
60
30
98
99
424
30
99%
99
43%
6,000
70
14
Mar 28% Jan
87
Jan 100
Jan
55
Feb 69
Mar
9154 Fel
98% Mar
6.000 25
Feb
71,000 92% Jan
21.000 924 Jar
11,000 73
is
,
5,000 87% Feb
28,000 530
Ja,
1.000 88
Feb
30,000 43% Jan
44,000 35
Jan
21.000 36
Feb
12,000 37
Feb
25,000 78
Jae
43.000 774 Jar,
14,000 8934 Feb
,
11,000 58
Feb
39%
96
964
34
75
44%
92
50
40
51
60
86
86
944
61%
Mar
Mar
Feb
Jan
Jan
Feb
Feb
Mar
Mar
Jan
Jan
Mar
Mar
Jan
Feb
3,000
5,000
2,000
5,000
30
54
9
9
84
424
95% 8,000
Idaho Power 55
95% 94
85
87
5,000
Illinois Nor Util 55._ _1947 86
1 57
74.000
85
86
III Pow & U 1st 68 ear A '53 85
let & ref 545 ser 13.1954 77)4 77% 78% 12,000
1st & ref 5. ser C._ _1956 754 7454 75% 73,000
69% 42.000
S f deb 5 %11..15fay 1957 69% 69
7.000
37954 83
Indep 011 & Gas 68_ _ .1939
2,000
894 91
Indiana Elec 6548 ser B '53
41.000
79
1st mtge 54 series C.1951 7734 75
6.000
90
87
1st M 6s series A _ _ _1947 87
3.000
70 871
Indiana Hydro El Sys 55'58
11.000
934 97
Ind & Mich Elec Is. A957
14,000
61
Indiana Service
_1963 60% 60
34,000
594 62
A'57 51
let & ref 5s1950 60
9034 92% 13-3.000
Ind'polts P & 1. be ser
90
90
2,000
Indianapclis Water 449'40
31
10,000
Inland Pow & Lt 68 C.1057 31
35
Insull Util Invest 65_1940
9% 15 459,000
114
With warrants
114 15
22,000
Deb 55 series A _A949 12
38,000
93
95
Internist l'ow Sec 844,4B '54
69
6934 2,000
Secured 6-45 ser C__1955
18,000
85
88
Secured 7a ear D. .1938 88
44,000
75 series E
1957 794 7734 80
704 12,000
66
Secured 78 ser F
1952 70
International Salt 55-1051 73% 714 73% 15,000
82.000
4845 50
Internat Securities 56_1947 49
Interstate Power be. 1957 684 65 z6954 87.000
42.000
47% 51
Debenture 66,
1952 50
74
Interstate P 8 be D....1956 76
764 23.000
7354 33,000
1st & ref 445 F
1953 714 71
15,000
80
79
Iowa-Neb L & P 58_1957 79
774 4.000
77
5s series B
1961
Iowa Pow 4 Lt 446_1958 78% 7754 784 15,000
75
2,000
75
Iowa Pub Service 55..1057
Iowa Sty & Light 58_1932 98% 98
9851 6.000
544 5554 15,000
isareo Hydro-Elea 75 1952
Issotta Fraschini 76..1942
1,000
46
46
With warrants
Italian Superpower of De
46,000
36
33
Dabs 6s without war '63 34
3.000
62
62
Jacksonville Gag 5s-- .1942
94
1.000
Jamaica Wat Sup 546 1945
94
26,000
Jar C P & I. lat be B._1947 9554 95
96
84% 85% 02,000
1st 446 series C. _ 1961 85
Jones & Laughlin Steel
21,000
5s
1939 9954 99 100
3,000
95
Kansas City Gas 6s-1942
95
87
Kansas Elec Pow 65. _1937
89
3.000
88
Kansas Gas & Elec 6s 2022
88
3.000
Kansas Power Is A_ _ _1947 85% 844 864 11,000
Kansas Pr & Lt .58 B-1955
78
804 8,000
07
5
87
IM 6s series A
90
14,000
Kentucky Util 1st 66_1961 74% 74% 77
6,000
88
648 series D
934 6.000
1948 75
19 9
5
1s1 mtge as ser I
74
75% 26.000
Keystone Telep 550_1955
5534 554 5,000
Kimberly-Clark 58 A_1943 84
84
84
1,000
Koppers & C deb ge 1947 8751 84
88
60,000
Sink fund deb 554s_ 1950 904 86
904 50,000
Kresge(8 5) let be_-__1945 93
91% 93
13.000
Ctfs of deposit
92
87% 92
8.000
Larutan Gas Corp 654s '35 39
38% 394 6,000
Lehigh Pow Secur
80
83
2026 81
55,000
Libby alcN & Libby 5s 42 80
77
80
17.000
Lone Star Gas deb 55.1942
92% 93
19.000
Lena Island Ltg 545_1952
85
1,000
85
Gold 65
94
94
1945
1.000
Louisiana Pow & Lt 118 1957 9054 904 93
30.000
Manitoba Power 5%6.1951 60
574 60% 25.000
Mass Gas Co 64s...1948
94
964 32.000
Sink hind deb be.. _1955 89
88
90
17,000
Memphis PA L 55 A.1948 94% 94
9454 10,000
Met Edison 4s ser E -1971
17,000
7854 80
Middle States Pet 6461945
31
33
4,000
Middle Weal UtilitiesCony 6% notes. _.1932 50% 40
54 232,000
Cony 5% notes... _1933 334 21
374 26,5.000
Cony 6% notes_ .._ _1934 314 21
35% 208.000
Cony 5% notes__ 1935 314 204 353 265.000
4
Milwaukee Gas I.t 4545 '67 934 92
934 5.000
M Ione* p ;aft Lt 4 44.1050 7554 74% 76% 12,000
Minn P & List 445..1978
1,000
76
76
Mies Power et Llgra be 67 80
79
8254 46,000
Miss River Fuel 65_1944
With warrants
3,030
82
83
Without warrants
4,000
3784 80
Miss Ely Power 1st bs 1951 9655 964 9744 13,000
Monon West Penn Pub Sec
1st lien & ref 554a B '63 7534 75% 804 34,000
Montreal L H & P Con
63,000
let & ref 56 8131. A.. _1951 914 894 92
Morris Plan Shares 65_1947
5151 51% 1,000
Narraganaett Elea 5e A 57 9714 95% 984 38,000
Nat'l Elea Power lie...1978 3354 29
334 94,000
Nat Food Products 65 1944
3134 314 1,000
Nat Pow & Lt 68 A_ _2026 83% 80
8434 76,000
Deb 513 series B____2030 71
69% 714 74,000
Nat Public Service 55.1978 35
3354 3755 282,000
6,000
78
76
Nat Tea Co 5s
1935
92% 93% 17,000
Nebraska Power 446.19a i 93
10.000
98
94
Deb Cia series A ___ .2022 94
4,000
28
25
NeLsner Bros Realty 1313 '48
Nevada-Calif Elea 64.1966 734 734 744 30.000
884
85
824
77
724
5934
64
80
55
70
70
92
47
58
82
8854
31
Feb
Jan
Feb
Feb
Jan
Jan
Jar
Jar
Jai
Jan
Jai
Jan
Jaz
Feb
Jar
Feb
Mar
934
10%
VO
634
8054
70
52
624
424
62
47
84
61
72%
72
7754
75
92
49
Ma
38% Jan
Ma
27
Jan
Jan
98
Jan
Jae
78
Jan
Jan ,7
Feb
Feb 87
Jan
Jan
70% Mar
Jan 7334 Mar
Jar, 51
Jan
Jan 569% Mar
Jar, 61
Jan
Jar, 79
Feb
Feb 75
Feb
Jaz, a0
Jan
Jan 79
Jan
Mar (3031 Jan
Feb 8254 Jan
Jan 9854 Mar
Jan 60
Jan
994
424
Mar 4/44 Feb
Feb 99% Mar
Feb 101
Jan
Mar 49% Jan
9854
90
914
38
83
744
83
93
79
90
71
97
62
63
9
6
90
364
Jan
Feb
Jail
Jan
Jan
Feb
Mar
Mar
Mar
Mar
Jan
Jan
Feb
Feb
Jan
Mar
Jan
394
Jan
47
Feb
8634
Jan
Jan
Feb
n
424
66
954
118
8654
Jan
Feb
Jan
Jan
Jan
56
03
8877
34
08
8754
87
85
79%
75
87
7234
88
72%
53
81
Jan
64
7034
90
874
32
70
704
77
85
88
794
40
884
82
92
73
30
Jan 100
Jan e96
Mar 89
Jan 90
Feb 90
Feb 84
Jan 95
Feb 82
Mar 9614
Feb 82
Jan 55%
Jan 85
Jan 88
Jan 904
z'
Feb 95
Feb 98
Feb 42
Feb 83
Jan 80
Feb 93
Mar 85
Feb 99
Jan 93
Jar, 61
9754
Jan
Feb 90
Jan 96
Jan 80
Jan 38
40
21
21
203.4
90
864
76
86
Mar
Mar
Mar
Mar
Feb
Jan
afar
Jan
89% Jan
Jan
89
Jan
85
so Jan
Jan
94
784 Jan
7934 Star
824 Mar
Jan
Jan
Feb
Mar
83
Feb
80
984 Jan
65% Feb
80% Mar
80
73
90
8254 Feb 92
Feb 5254
93
Jan 984
u
2554 Ft) 46
2
8
34%
Feb 84%
73
72
F
649
:F 1)
9
2234 Fe6 45
Jan 78
9334
8B
6889
Feb 98
3134
25
Feb704
Feb 77
Mar
Jan
Mar
r
i
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Feb
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Feb
afar
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Mar
Jan
Jan
FINANCIAL CHRONICLE
MAR. 12 1932.]
Bonds (Continued)
Sate.
Friday
Last Week's Range for
Week.
Sate
Of Prices.
Price. Low. High.
NI)Gas & El Assn 53..1947 61
1948 6534
Cony deb 56
1950 0134
Cony deb bs
New Eng Pow Assn 55_1948
1954 6614
Deb 5159
New Orl P Serv 4%a..1935 7834
NY Edison 5s set C1951 10134
NY & Foreign Inv 5154'48
NY P & L Corp let 4348137 88%
N Y & Westchester Mg
2004
4s
1954
Debenture 58
Niagara Falls Pow 68_1950
1959
50 series A
Nippon El Pow 6149..1953 533.4
Nor Coin Util 5%e...1948
Not Ind PS 5s set D__1989 8234
lst & ref 55 ser C_ __1966 8234
1970 77
4354 series E
Nor Ohio Pr & Lt 5sis 1951 9634
Nor Ohio Tr & Lt 5€...1956 8914
No States Pr 534% notes'40
Refunding 4.14s____1961 89
No'western Pow 65 A_1960 4334
Ohio Edison let 5s____1960 9434
Ohio Power lst be B__1952 9434
lat & ref 414s ser D...1958 8814
Ohio Pub Serv 5s D. _1954
Okla Gas & Elec 0e1950 85
Oswego Falls Corp 65_1941
Pao Gas ft El let 4%5_1957 92
1941
Hit series B
lat & ref 5%a C____1952 10114
let & ref 44s F...__1960 9114
Pac Investing deb 5s__1948
Pao Pow & Lint 5a...1955 8214
Pacific Western Oil 61043
7034
With warrants
Penn Cent L &P 4346_1977 7614
1979
as
Penn-Ohio Edison 138 A '50
Deb 5348 aeries 13_1959 7614
Penn-Ohio P & L 514s A '54 99
Penn Pub Serv 68 C__1947 92
Penn Flee let dc ref 48_1971
Penn Telep 58 sec C___1080
Peoples Gas Lt &C 4s13'81 80%
Peoples Lt & Pow 5s..1979
Phila Else Pow 5146_1972 103%
Phila Rap Transit 65..1982 60%
Piedmont Hydro-El Colat & ref 6348 el A...1960 61
Piedmont & Nor RY as 1954
Pittsburgh Coal deb 68 1949 80
Pittsburgh Steel 6,3___1948
Poor & Company 6s_ _1939 70
Portland Gas & Coke 59 '40
Potomac Edison Is E.1956
Power Corp (Can) 414,1 '59
Procter & Gamble 414e '47 9714
Prussian Else deb 6s..1954 27
Pub Set NJ 0% ctfa perp_
Pub Serv of Nor Illinoislat & ref 410 ser D.1978 80
1st & ref 4 Sis ser E..1980 8014
1st & ref 414s set F.1981 80
Pub Serv (Okla) as D_1957 7594
Puget Sound P & L 514649 8014
tat & ref 55 ser C___1950 7534
lst & ref 41-ss ser D.1950 7114
Radlo-Keith-Orpheum1941 95
Os full paid
1954
Reliance Mgt 58
With warrants
Remington Arms 5348 1933 7814
Republic Gas 6s June 15'45
Rochester Cent Pow 591953 3734
Ruhr Gas Corp 64e__1953 2914
Ruhr'Housing Corp 634s'58 2534
Ryerson (J T) & Sons 55'43
60%
60%
55914
61
63%
75
100%
58
87
Range Since Jan. 1.
Low.
61% 81,000 5614
65% 42,000 59%
61% 50,000 67%
64% 73,000 58
66% 126,000 59%
80% 81,000 70st
102 342,000 97
9,000 z42
59
8914 234,000 8114
82
1,000 82
82
1,000 97
97
97
10334 104% 21.000 101%
9814 3,000 97
97
52
5514 51,000 45
22,000 35
35% 40
81
8214 7,000 81
80% 83% 33,000 80%
16,000 75
76% 73
93
96% 59,000 88
88% 8914 3,000 79
3,000 82%
87% 89
86% 01 219,000 81%
42% 4335 5,003 35
9314 94% 29.000 86%
93
95
20.000 90
86% 88% 80,000 79%
5,000 78
85
85
43,000 7614
87
85
555
5814 6,000 48%
25,000 8534
88% 92
104% 105% 6,000 10114
47,000 97%
100% 102
88% 91% 42,000 85
5,000 56
6414 565
30,00
81% 83
72
Bonds (Concluded)
High.
Jan 67%
Feb 68
Jan 64.4
Feb 67%
Mar 70
Jan 80%
Jan 102
Jan 60
Jan 90
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Feb
Jan
Mar
Mar
Jan
Mar
Feb
Feb
Mar
Ma
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Mar
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Mar
Mar
Mar
82
97
104%
10014
59
40
88
8714
8114
96%
89%
90
91
4314
95
96
88%
88%
87%
58%
92
10514
102
9114
65
85
58
7114 211,000 z51% Jan 71% Mar
76% 7814 16,000 72% Feb 79% Jan
Feb 86
Jan
81% 8315 7,000 78
82% 8434 20,000 74% Feb 8494 Mar
4,000 71% Feb 79
Mar
7614 79
Feb 10034 Mar
90
9514 100% 57.00
Mar 92
Mar
92
92
1,000 92
Feb 75
Jan
74% 74% 2,000 68
9,00
91% Mar 94% Jan
91% 93
Mar
80% 81,00 z76
Jan 81
79
Jan
6
1% 234 7.00
1% Mar
Feb
87,000 99% Jan 104
103% 104
4,000 55
Jan 68% Jan
60% 71
63% 9,000 :5114
60
6314 6315 3,000 60
5,000 78
79
80
81
5,000 z79
81
70
7,000 60
63
01
1,000 91
91
6,000 82
86% 90
60
10,00.) 50
55
9634 9714 22,000 96%
25
30
43,000 1934
107 107
2,000 100%
8134
8034
8114
76
81%
7715
73
Mar
Feb
Jan
Jan
M ar
Mar
Mar
Mar
Jan
Feb
Mar
76
75%
75%
74
71%
67
66
Jan e813.4 Mar
Jan
Feb 84
Feb 82% Jan
Feb 79-4 Jan
Feb 8114 Mar
Feb 77% Mar
Feb
73 Mar
95
Ma
65
1,000
80
2,000
15
7,000
3994 28,000
3114 24,000
14,000
27
2,000
80
65
66
11%
32
20
2134
77%
Mar
Jan
Feb
Jan
Jan
Jan
Mar
88%
81
25
40
35
27
84%
Jan
Mar
Jan
Jan
Jan
Feb
Jan
14,000
93
94
Safe Harbor Wat Pr 434479 93
18
1914 19,000
St L Gas & Coke 6s__.1947
8.000
San Antonio Pub Sec 58'60
77% 78
98
9914 24,000
Sauda Falls 1st 58_ ___1955
4014 260,000
Saxon Pub Worka 5s_ _1932 38
38
Schulte Real Estate 6131935
40
40
With warrants
1,000
Without warrants
40
40% 11,000
58,000
W)deb 514s 1943 70
68
70
Seder)
Shawinigan W & P 43 '67 7514 7314 7534 128,00.)
-se
let & coll 4 v6s see 13_1068 78
10,000
73 e76
let 50 aeries C
1970 8534 82% 8514 84,000
1st 434. series D
7114 75 101,000
1970 75
Sheffield Steel 6145__ _1948 70
70
5,000
70
13,000
Snider Packing 6s__1932 3114 31
32
Southeast P & L 135...2025
Without warrants
78.000
8214 8234 85
Sou Carolina Pow Is..1957
67
70
2,000
97,000
Son Calif Edison bs__ .1931 9
814 97% 99
Refunding ati
0,000
1952
97% 99
Refunding as June 11054 9
834 97% 98% 79,000
Gen Sr ref Is
101 10214 10,000
1939
Sou Calif Gas Corp 55_1937 88
87% 8834 17,030
Sou Cal Gas Co 4146..1961
82% 82%
5,000
1st & ref 55
2,000
1957
90
90
Southern Gas Co 6145-1935
80
80
2,000
Southern Natural Gas 64'44
With privilege
41
36
41
55,000
Without privilege
4014 37% 41% 27,000
Southwest Assoc Tel 58 61
52
52
1,000
Southweet & E as A_1957 76
76
79
19,000
So west Lt & Pow 58_1957
64
64
5,000
So'weet Nat Gas 6s___1945 26
25
27
17,000
So'weet Pow & Lt 68_2022 77
76
78% 26.000
Staley (A E) Mfg 63_1942 6934 69
70
6,000
Stand Gas & Elea 68._1935 7834 75
78% 65,000
Cony 85
-1035 78
7434 79
92,000
Debenture 6.s__. __1951 6914 68% 69% 5,000
Debenture 6e Dec 1 1966 6934 67
70
37,000
53% 54
Stand Invest 54e____1939
28,000
10
-year deb bs
54
54
1,000
1937
64
63
70,000
Stand Pow & Lt 6n____1057 67
47
48
300
Stand Telephone 5348_1943 48
Stinnes(Hugo) Corp
30.4 18,000
7a Oct 1 '36 without wart 2914 528
24% 2694 37,000
7,3 without waxr___1946
1930
93
96
12,000
Sun Oil deb 545
1940
89
90
3,000
Sun Pipe Line 514
6814 70
5,000
Super Pow of III 44e'. _68
70
15,000
1970 6934 69
lilt M 4148
Swift &Co lst M sf531944 10014 9914 100% 56,000
92
94
20.000
1940 91
5% notes
Syracuse Lt 58 set 11..1957 9614 9614 97% 25,000
9234 27,000
89
Power 58_1956 91
Tenn Elea
82
2,000
80
1970
Tenn Pub Serv 58
5614 57% 37,000
Terni Hydro-Elee 634s '53 57
46
3,000
Me
43
Texas Cities Gas to
Texas Electric Serv 53_1966 8414 84% 85% 106,000
20% 2234 12,000
Texas Gas Utll 68_1945
90% 50,000
Texas Power & Lt ba...1956 9014 87
91
3,000
91
2022
Debenture Os
89%
18
70
88
2534
Feb 94
Jan 23
Jan 278
Jan 09%
Jan 44
Mar
Jan
Mar
Feb
Feb
40
40
6314
6734
70%
74
68
55
24
Jan 40
Jan 42
Jan . 70
Jan e75%
Feb e76
Jan 85%
Jan 75
Feb 70
Jan 38
Jan
Feb
Mar
Mar
Mar
Mar
Mar
Jan
Jan
704
50
94
93%
93
98%
83
75%
84
68
Feb 85
Mar
Jan 70
Mar
Feb 99
Mar
Felt 99
Mar
Feb 083-4 Mar
Feb 102% Mar
Jan 883.4 Mar
Feb 8234 Mar
Jan 90
Mar
Jan 80
Jan
26
27
52
70
0234
19
65
65
68
68
80%
60%
62
53
60
40
Feb
Jan
Ma
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Ma
41
41%
52
80
72
34
81
70
789-4
79
73
71
551
55
6834
51
Mar
Mar
Mar
Feb
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Feb
Feb
Jan
Jan
2514
22
86
89
68
67
97
84
9634
83
7114
52
38
7814
16
81%
8514
Jan e31
Jan 29%
Jan 96
Mar 90
Feb 74
Feb 72
Feb 100
Jan 94
Mar 9714
Jan 92%
Jan 82
Jan 61
Feb 46
Jan 85%
Jan 24
Feb 92%
Feb 91%
Mar
Jan
Mar
Afar
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Feb
Mar
Mar
Feb
Feb
Feb
80
78
7814
75%
78%
75%
70
95
65
78%
14%
35
2934
25%
77%
18,000
22,000
63,000
29,000
9%000
27,000
94,000
Jan 6314
Feb 64%
Jan 90
Feb 85
Jan 70
91
Ma
Jan 90
Jan 60
Feb 100
Jan 31
Feb 107
100
2,000
I
106
4
Jan
1935
Sales
for
Week.
Friday
Lost Week's Ro:xge
or Prices.
Sale
Price. Low. Hioa
1934
Thermoid Co 138
With warrants
Tobacco Prod 6sis__ _2022
Trl Utilities Corp deb as '79
1944
Ulen Co deb 68
Union Gulf Corp &Jul 1'50
Un El Lt & Pow Is B_1987
United Flee Service 78.1956
Without warrants
United Industrial 034s 1941
United Lt & Pow 6e. _1975
Apr 1 1959
tat 53.54
1974
Deb g 6145
13n It & Rys as vet A.1952
let series 5a
1932
Deb 5149
1952
Debenture (is set A 1973
United Pub Sets Os._ 1942
United Rep (Havana)
714s
1936
S Rubber
1933
3-year 6% notes _
614% serial notes__1933
614% serial notes__1935
634% serial notes__1936
614% serial flutes..1937
634% serial notes..1938
634% serial notes_ .1930
634% serial notes__1940
Utah Pow & It 445._1944
Utica Gas & El 5.5 E
Va Elea & Pow 5s---1955
Va Public Sera bits A_1946
1st ref Os seriesIi___1950
Deb Os
Feb 1 1946
Waldorf-Astoria Corpltit 7s with warr____1954
Ward flaking Co ils_ _ _1937
Wash Water Power 54.1960
West Penn El deb 55_ 2030
West Texas Util as A _1857
Western Newspaper Union
Cony deb 6s
1944
Westvaco Chlorine Prod
Deb 5145. _Afar 11037
Wick-Spencer Steel 734032
NH Pow & Lt as E._ 1954
lett & ref fie tsar F 1958
Wise Pub Set 6s A____1952
Yadkin River Pow 58.1941
95%
32%
9515
61
57%
81
63
8434
93
64
621.1
16
39 540
93% 97
234 294
32
3414
91 e96%
97
99
Range Since Jan. 1.
Low.
8.000
550,000
6.000
57,000
54,000
16,000
60% 6114
27% 2714
57% 6014
80% 82
63
61
84g 8634
97% 99%
.59
0615
62% e6514
15% 19%
flogs.
29
Jan 43
73% Jan 97
1% Jan .34
20
Jan 3494
Al
Jan e96%
90
Feb 99%
19,000 53
.1 8.0
.
5,000 22
Jan
6,000 50
Feb
7,000 78
Feb
Jan
21,000 56
19,000 82
Jan
35,000 9214 Jan
47,000 :55% Feb
3,000 51% Feb
8,000 14% Jan
1,000
Mar
31
Feb
Jan
Jan
Mar
Ma
Feb
Feb
Feb
Feb
Feb
Ma
Fe
Jan
Jan
Jar
69%
80
63
4634
4314
3914
39
40
83
94%
97
79%
74
70%
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Jan
Feb
Feb
Feb
67% 160,000
1,000
80
38
1,000
38
5.000
4334 69.000
39% 9.000
38% 9,000
39% 13,000
82
7,000
94% 6.000
24,000
91
75g 47,000
98,000
72
6,000
08
62
10%
90
9414
64%
61%
12% 77,000
8
Fe
Fe
90% 2,000 80
19.000 92
Feb
98
6514 6,000 25534 Jan
62% 68,000 67% Jai
2314
2314 24
37%
81
94
91
75
69
68
1214
3,000
10014 101
8,000
45
4514 7,000
8534 11,000
8514 85
8334 s823-4 83% 10,000
(s92% 93
4,000
9114 9114 3,000
Foreign Government
And Munlelpeitlee-Aerie Mtge ilk (Colombia)
20-year a f 7.
1946
28
29
28
20-yr a 1 7s Jan 15 1947
28
2614 30
Baden (Consul) 7s_ -.1951
3614 43
Buenos Alres(Prov) 7%s47 43
Ext 75_.
Apr 1952 3834 34% 39
Cut 13k of German State &
Prov Banks 64 A._.1952 2834 28
35
Os serifs B
1951 3394 30
3514
Danish Munk) 5%s.._1955
65% 69%
Danzig Port & WavaysEsti 0.48
1952
40
40
German Cons Manic 70 '47 323.4 28% 3314
Secured Cla
1947 2934 526% 32
Hanover (City) 7s___ _1939
2914 31
Hanover tProv)6%5..1949 2514 24
26%
Indus, Mtge Bit (Finland)
1st mtge coil a 7s._1944
6014 63
Lima (City) Peru S34s 11)58
7
9%
Maranho (State) 78_1958
934 9%
Medellin 75 aer E_ __1951
17% 18
Mendoza (Prov) Argentine
Externals f g 74s _1951
3814 40
Mortgage Bank of Bogota
7,5 Issue of May '27 1947 28
27
28
7s Issue of Oct '27..1947 28
26
28
Mtge Bk of Chile 6s. _1931
15%
139-4 1514
Netherlands (Kingd) as 72 101% 101% 101%
Parana (State) 7s____1958
7
6
7
Rio de Janeiro el
1059
13
13
Russian Govt 5154 MD 1921
14
Si
Santa Fe (City) 7s_ ___1945
38
38
Feb
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Jan
30
30
38%
(15
32
66
85
66
88
99%
68%
55
29
59%
66
38
3714
35%
32
34%
32
75
94
88
6914
6234
58
30
6314
80
38
3714
3814
37
34%
34
81
94
8915
72
67
65
64
Mar
Mar
Jan
Mar
Mar
Jan
21% Jan
99
45
8234
80s
8814
88
20% Jan
90% Mar
97% Jan
68
Feb
65
Feb
2934
Jan
Mar
Fe 101
Jan
Jan 46
Feb 89
Jan
Feb 91
Jan
Feb 93% Jan
Feb 93
Jan
2,000
10.000
17,000
52.000
39,000
22
Jan
Jan
21
2234 Jan
2834 Jan
2934 Jan
Jan
35
34
Jan
Jan
30
Mar
43
4
334 Jan
63,000
54,000
9,000
19
2634
53
Jan
Jan
Jan
363.4 Feb
4034 Feb
6914 Mar
1,000
74,000
55,000
24,000
8,000
37
213.4
19
2734
2314
Jan
Jan
Ja,
Feb
Jail
443-4 Jan
3534 Jan
Mar
32
Jan
35
Jan
81
Feb
Jan 64
35,000 .54
12,000
3% Feb
934 Mar
Feb
Feb10
Lock
8
Jan
2,000 163.4 Feb 18
12,000
2534 Jan
16,000 2034
15.000 2014
40,000 II%
1.000 101
16,000
6
2,000 104
2,900
14
4.000 30
40
Mar
Jan
Jan
37
Jan
Jan 37
16
Feb
Jan
Mar el0434 Feb
Mar 1134 Jan
Jan elf%
Jan
Feb el% Jan
Jai
33
Mar
• No par value. I Correction. n Sold under the rule o Sold for cash. s De.
rigreddelivery.
ferhm
Ex
Ex-rights and bonus. w When issued. x Ex-dividend.
e See alphabetical Ilst below for "Under the Rule" sales affecting the range for
the year.
Bulova Watch pref.. Feb. 2. 10 at 1234.
Central Power 50 series D, 1957, alar. 7.51,000 at 72.
Cities Service. pref. B. Jan. 11. 10 at 5.
Kansas City Gas 6s, 1942, Mar. 1. $4,000 at 98.
Netherlands fle 1972. Jan 5, 310.000 at 106.
RI° de Janeiro 6%a 1959. Jan. 18. 312.000 al 1634
Public Service of No. III., 434s, 1978, Feb. 8, 51,000 at 85.
Russian Govt. 5%s OM.. 1921, Feb. 4. $1,000 at 13-4.
Selected Industries 55 150 prior stock. Jan. 21, 50 st 40
Shawinigan Water & Power 4154, 1967, Mar. 4, 51.000 at 7514•
Shawinigan Water & Power 410, series B, 1968, Mar. 10. 52,000 at 78.
Stinnes (H.) deb. 7s, 1936, Jan. 25. 31.000 at 31%.
Sylvanite Gold Mines. Jan. 27, 100 at %.
Union Gulf Corp. 55, 1950, Mar. 9. 51,000 at 98.
United Light & Rys. deb. 68, 1973. Mar. 9, $2,000 at 6514.
Welch Grape Juice coin., Jan. 27, 25 at 37%.
a See alphabetical list below for "Deferred Delivery" sales affecting the rang,
for the year.
Associated Gas & Elec. 434s, series C, 1948, Mar. I, $2,000 at 33.
Associated Gas & Elec. 5s, 1950. Feb. 29, 515,000 at 32.
Associated Telephone Co., Ltd. 58, 1985, Feb. 13. $1,000 at 8134.
Atlas Plywood deb. 514s. 1943, Feb. 29, 51,000 at 33.
Beacon 011 deb Its, 1936, with warrants, Jan 2. 59.000 at 94.
Bell Telephone of Canada Is, 1957, Afar. 7, 59,000 at 94%.
clues screws Gas deb 15148. 1942. Jan. 5. $1,000 at 61
Eastern Utilities Investing Is. 1954. with warrants. Mar. 1, 52,000 at 2234.
Gillette Safety Razor 55, 1940, Mar. 7, 51,000 at 94.
Hamburg Elevated underground dr Street RI Stbe 1938, Jan. 2. 51,000 at 20.
Indaetrial Mortgage Rank of Finland 75 1044. Jan. 2. 51.000 at.80.
Interstate Power 58, 1057, Afar. 10, $5,000 at 70.
Lerner Stores Corp.. corn.. Feb. 9.300 at 594.
New Bradford 011, Feb. 8. 500 at Si.
N V & Foreign Investing den 5.411 1948 with warrants. Jan. 13, $1.000 Si 4134
Pacific Gas & Elec. 6% first pref., Mar. 9, 52.000 at 2434.
Pacifle Western Oiis.f.13145 with wart., 1.043. Jan. 4,36,000 at 51.
Peoples G. L. & Co. 4s, 1981, Feb. 11.51,000 at 7514.
Piedmont Hydro-Electra' let & ref 61.,s 11160, Jan. 7. $2,000 at 51
Pittsburgh Steel 6s, 1948, Feb. 6. $1,000 at 76.
San Antonio Public Service Is B. 1958, Mar. 1, 51,000 at 7834.
Southwest Dairy Products deb 1346 1938, Jan. 20, 51.000 at 7
TO-Utilities Corp. deb. 55. 1979. Feb. 1, 52.000 at 334.
Van Sweringen Corp. Os, w. w.. 1935. Jan. 30. 55.000 at 48.
West Penn Electric deb As MO,Jan 4, Si 000 at 5314
FINANCIAL CHRONICLE
1936
[VOL. 134.
Quotations for Unlisted Securities
Investment Trusts (Concluded).
Public Utility Bonds.
Ask
Per Bid Ask
par Bid
3300
Public Service Trust Shares
382 4 Trustee Standard 011 Shs A
87
312 - -8
Representative Trust Shares 7.96 8.46
B
3
58 138 Trusteed Amer Bank Shares
Second Interval See Corp A
-34
Common B
38
314 - 5
Series A
fs
18
912 14 Trusteed NY City Bk Shs_
45
4 514
6% Preferred
8812 Securities Corp Gen $6 pref ---_ 85 20th Century Fixed Tr Shs_
25
8 318
Okla 0 & E Es 1940-_M&S 85
Selected American Shares_ _ _ 2.50 2.90 Two-year Trust Shares4
1018 1158
Broad Ely P Es 1054. M&S 6314 6512 Old Dom Pow 5a_May 15'51 703 73
Selected Cumulative Shs_
63
8 67 United Fixed Shares
8
278 3 8
8
33 Parr Shoals P58 1952 _A&O 85 89
Cen G & E 510 1933_ _ F&A 30
311 4 Unit Founders Corp 1-70tbs
8
de
20
4112 Peoples L & P 514s 1941 J&J 3914 40 4 Selected Income Shares_ _ _
lat lien coil tr 5)0'46 J&D 39
Selected Man Trustees She_ 8.80 4.20 United Bank Trust
73
8
4
1st lien coil tr 68 '413.111&S 468 4812 Pow Corp NY 6543'42 M&N 9312 96
Shawmut Bank Inv Trust_'
214 312 United Ins Trust
8
4
3
Cen Ohio L dr P 5s'50_A&O 73 4 755 Pow Sec coil tr Os'49._F&A 69 4 73
s
8
• 135 143 U 8 & Brit Internet class A_
7012 Queens CI dr E 4;is'58.M&S 85_ . Spencer Trask Fund
-54
18
Derby 0 dr E 503 1946 _F&A 68
4.20 4.70
Standard All Amer Corp.__
88
1-18
Class B
Fed P 8 1st Os 1947-__J&D 3714 4012 Roanoke W W 58 1950__J&J 63 66
Standard Amer Trust Shares 3.60 3.90
8
4
46 Sierra & SF 5s 1949_ __J&J 8312 80
Preferred
Federated Utll 5543'57 M&S 42
45
8 53 175 Elec Lt & Pow Shares A
Standard Collet Trust She_ ..
29 Tide Wat Pow 56 '79_ _F&A 6412 67
1
1718 19 4
03
Gen Pub UM(6545'58&Adr0 27
B
46
44
State Street Inv Corp
33
4 Ma
Houston Gas & Fuel 58_1952 43 45
33
8 3 4 Universal Trust Shares
23
4 318
3
United L & Ry Os'73J&J 5312 5612 Super Corp of Am Tr She A
8
a
4
3 8 33
III Wat Sec 1s158 1952_1W 64 6612 United Wat Gas & E 581941 3112 90
Bonds.
C
5 4 814 1st &cur Trust of Amer
3
3
73 Virginia Pow fra 1942_ _J&D 94 4 98
Interstate P S 4545'58 M&S 71
D
538 5 8
7
Secured gold (is
4
1933
Iowa So 13111 5343 1950 _J&J 838 68
Trust Shares of
- 8
314 35
Secured gold Os
1943 ---Jamaica W S 5t2s 1955.J&J 9312 96 Wash Ry & E 48 1951 _J&D 75 80
InvestmentC 2.20 2.40
AmericaTrustee Stand
Secured gold 58
1933 ....
Lexington Util 5s 1952_ F&A 73 80 Western PS 5%s 1960 _F&A 6912 72
D
2.15 2.3.5
Secured gold 58
Louis G & E 434s 1961 _ F&A 8912 9312 Wheeling Elec 55 'Al _M&N 93
1943 ---Adr0 96
--- Wichita Ry & L 58 1932_-- 7612 Deb s t Os 1937
Louis Light 18158 1953_A&O 9212 98 Wise Elec Pow 59'54-F&A 9412 96
Industrial Stocks.
wise Minn L&P 5s'44 M&N 8212 85
4
70 Wise Pow & Lt 55'56 MAN 833 85
New On P 13 60 1949.__J&D 65
Adams Millis 57 pref
• 75 84 Lawrence Port! Cem $4_100 10
14
Aeolian Co 57 pref
100 4____28 Liberty Baking corn
fa
la
•a
6
Aeolian Weber P&P corn 100 4 1
4
3
Preferred
100
Public Uti ity Stocks.
7 12
Preferred
100 4..... 8 Locomotive Firebox Co_..'
Alpha Portl Cement pf_100 80 90
Par
Par
8
American Book $7
5
100 60 65 Macfadden Publict'nfi com.5
Alabama Power $7 pret_ ..100 8912 92 Memphis Pr & Lt $7 pref__* 98 101
31
Amer Canadian Properties.*
2
• 28
312
56 preferred
Arizona Power 7% pref-100-_ 54 Metro Edison $7 prof B___• 80
4
. 7
iii- American Cigar pref___ _100 100___ Merck Cory 58 prof__ A00 55 59
• -8
0 85
Ark Pow & Lt $7 pref
56 preferred C
Amer Hard Rubber 54..100 d 5
1
75
Assoc Gas & El orlg pref--• _-_ 25 Mississippi P & L $6 pref..... 70
44
American Hardware
• 40
25 23 25 National Casket 34
• .. .. 36 Miss River Power pref_..1008
3 85
56.50 preferred
96
American Meter new
• 92
• 20 27
$7 preferred
_ 45 Mo Public Serv 7% pref_100 55 65
•
$7 preferred
35
corn_ ..100 30
National Licorice
7
2
...°
Atlantic City Elec $6 pref_• 9412 10012 Mountain States Power.
jo
0 55 60
Babcock & Wilcox 4%__100 43
47 National Paper & Type Co----- 35
7% preferred
Baker (J T)Chemical com_•
9 13 New Haven Clock pref....100 30 40
Bangor Hydro-El 7% p1.100 108
--- Nassau & Suffolk Ltg pref _ 82 89
3 New Jersey Worsted pref.__
1
Bancroft(J)&Sons$1.20com5
28
-35
Binghamton L II & P S6 pf-• 70 80 Nat Pub Serv 7% pf A _ _100 30
100 25
35 Northwestern Yeast_ ___100 98 105
7% Preferred
Birmingham Elec 7% pret• 80 85 Nebraska Pow 7% pref_100 103 106
Bliss (E W)54 1st Prof-50 --- - 45
99
34 Newark Consol Gas_ ......100 91
Broad River Pow 7% pf_100 30
13
20 pref B
7
10
11
Ohio Leather
Butt Niag & E pr pref ___ _25 2212 23 New Jersey Pow & Lt $6 pf• 70 75
78 88
let preferred
--R....dhn Refrigerator 8% PI 100 63
73
New Orleans P S 7% pf _100 69
Bon Arni Co B core
• 26
76
32
86
2d preferred
Carolina Pow & Lt $7 pref..• 85 87 NY & Queens EL & P pf100 108
1 Okonite Co $7 prof
70
100 60
84 Nor States Pow (Del) corn A 77 ii- Bowman-Biltmore Hotels.- -___
Cent Ark Pub Serv pref_100 74
100
7
1st Preferred
4
6 Petroleum Derivatives
9112 95
90
Preferred
Cent Maine Pow 6% p1.100 86
2d preferred
100..._ 3 Publication Corp $3.20 com• 33
38
98
100 95
7% Preferred
. 87
Brunsw-Balke-Col pref----• 2
0 25
--57 1st preferred
100 95
77 Ohio Edison $6 Pref
Cent Pow A Lt 7% pref _100 74
7 fui- Bunker H111 & Sull com_10 22
. 8
24
8 12
$7 preferred
,
Cent Pub Seri Corp prof_ •
58 65
45 Reming'n Arms $7 let p1100 50
Burden Iron pref
60
Cleve El Ilium 6% pret_ _100 100 103 Ohlo Pub Serv 6% pref__
11
1212
Riverside Silk Mills
72
100 69
7% preferred
Col Ry P & L 6% 1st p1.100 78 81
4
Canadian Celanese corn.-8 Rockwood & Co
• 10
__ Okla Gas & El 7% pref 100 87 91
100 80
preferred B
654%
100 44
48
Preferred
$8 preferred
100 47
Consol Traction N J.......100 22 20 Pac Gas & El $1.50 pref....85 2412 26
Carnation Co $1.50 com___• 17
19 Rolls-Royce of America- ---- 4
86 Pac Northwest Pub Serv_-- -___ 32
Consumers Pow 5% pref__• 82
_ 30
Preferred
100 100
3
Preferred
100
100 9412 96
Prior preferred
6% preferred
__ 2 Rosy Theatres unit
Chsetrut Smith corn
212 5
3112 34
100 101 10212
8% preferred
8.60% preferred
15
_5
Preferred
Common
2
8
18
Cont'l Gas &Elec 7% pf_100 63 87 Pac Pow & Lt 7% pref-100 80 85
100 15
25
218 5
Preferred A
10012 1O112 Childs Co pref
Pa Pow & 1.17% pref
Clinchficld Coal Corp_ _101
5 Rubel Corp corn
2
6
4
57
Dallas Pow & Lt 7% prof 100 103 106 Phila Co $5 pref
Preferred
100 30 40
20
10
Preferred
96 Piedmont Northern Ry _100 d 20 30
Dayton Pow & Lt6% pf_100 92
13 112 Ruberold Co $4
Color Pictures Inc
40
100 35
78
Derby Gas & Else $7 pref...' 64 67 Pub Serif Co of Col 7% pf100 72
-•
3
4
3
8
ls
58 Puget Sound Pow & Lt pr pt. 5213 _ _ Columbia Baking comDetroit Canada Tunnel_ _ _
;
31
3 Safety Car Heat & Ltg_100 26
lst preferred
•4 1
77
2 Rochester G & E 7% pf B100 74
Erie Railways
2d preferred
19
d
14 1 Scovill Manufacturing......25 18
100
100 62 64
Preferred
6% Preferred C
30
14 Shippers Car Line
9
Colts Pat Fire Arms Mfg_25
9
5
100 140 145 Sioux City 0& E 7% 14.100 81_
Essex-Hudson Gas
Congoleum-Nairn $7 p1.100 98 101 Singer Manufacturing_ _ _100 5125 132
units...- 3612 -_ Somerset Un Md Lt.__ _100 72
75-0Foreign Lt & Pow
312 5
____ 2 Solid Carbonic Ltd
Gas & Else of Bergen_ -100 90 95 South Calif El $1.50 pref _25 2412 2512 Crosse & Blackwell corn
Is 2
Crowell Pub Co $3 corn new 43
45 Splitdorf Beth Elec
20
25 26
28
Gen Gas & El part Ws
$1.75 preferred
$7 preferred
40
100 30
100 105 Standard Screw Co
25 1458 15
Hudson County Gas____100 140 145 So Colo Pow corn A
1
Standard Textile Prod_ _100 ____
84
100 90
_Idaho Power 6% prof
7% preferred
100 __-_ 14
Class A
8
4
14
140 145 - De Forest Phonofilm Corp
preferred
7%
612 99 South Jersey Gas & Elec.100
100 9
10
Class B_
100
10
7
Dictaphone Corp com_ _ _•
Illinois Pow & Lt 6% pf..100 63 05 Tenn Elec Pow 6% pref _100 80 83
10
15
100 80 88 Stetson (J B) Co corn
$8 preferred
94
100 91
__
Inland Pow & Lt 7% pf-100 14
7% preferred
25 15
Dixon (Joe) Crucible 54..100 60 70
20
$2 preferred
45 Texas Pow & Lt 7% 140_100 10012 103
Interstate Power $7 pref__• 41
13
8
Doehler Die Cast pref _50
Jamaica Water Supp pf__50 4812 51 Toledo Edison pref A _ _ _100 8612 88
30 Taylor Mill Corp corn..... • 5
Preferred
•
8
94 United GA E(Conn) p1.100 60 65
Jersey Cent P & L 7% pf 100 91
Douglas Shoe prof
100 18
21 Taylor Wharton Ir& St corn* ____ 5
5 United GA E(N J) pf ..100 _ __ n
8
18
Kansas City Pub Service- -•
512 Draper Corp
21
100
11
Preferred
100
-312
5 Untted Public Service pref....
2
•
Preferred
'Driver Harris $7 prof-100 57 65 Tenn Products Corp Prof
_ 15
• 78 80
Kansas Gas & El 7% pf_100 94 96 Utah Pow & Lt 7 pref
Dry-Ice Holding Corp
30 Tublze Chatillon $7 pf B 100 4
50___- 43
Kentucky Sec Corp cona_100 275 350 Utica Gas & El 7% pref _100 97 100
. iseann m
t m
.
100 55.. Util Pow & Lt 7% pref__100 43 46
Preferred
6%
Magneto com
____ 6 Unexcelled Mfg Co 700_10
212 312
-Preferred
100 45 60
7 Virginian Ry corn
Kings County Ltg 7% pf 100 9412 9
100
75 United Business Pub57p11009 ___ 30
100 300 350
Long Island Lt 67. pfd 100 8512 87 Wash Ry & Elsecom
s Flnishi
ited Publishers $7 pf _100 ____ 65
100 85 90
5% preferred
100 97 100
Preferred A
• 10 20 Un
U
ng 57 pref
100 ____ 15
___ Franklin Ity Supply
98 Western Power 7% pref _100 89
Los Ang Gas& El6% pf_100 94
Fuel Oil Motors Corp corn....
112 212
Walker Dishwasher corn___*
5
4
Gen Fireproofing $7 pf__100 75 85 Welch Grape Juice com_ •
Investment Trusts.
Groton & Knight corn
12 3
•
57 preferred
loci Vi- ii
838 __
Preferred
100
5
Diversified Trustee She A..12 W Va Pulp& Pap $1.00 com• 1313 16
-A B C Trust Shares ser D.-- 3 -37
Gt Northern Paper 52.40_25 22
612 -47
8
24
B
58 preferred
Series E
100 85 88
2.70 3.00
C
10
White Rock MO Spring
Amer Brit & Cont $6 prof...' d 5
47
14 53
D
s Herring-Hall-Mary Safe-100 15
3 8 378
8
22
$7 1st preferred
Amer Composite Tr Shares100 98 100
14.... Howe Scale
Equity Corp corn stamped
3
6
$2020 preferred
Amer Founders Corp-100 115
2.70 3.05
Preferred
- Equity Trust Shares A
100 15
19 Willcox & Gibbs $2.50 corn_
Convertible preferred30
20
--- 1212
812 -0
Woodward Iron
4
8% preferred
100
314 --_ Industrial Accept corn
•
9 14 Five-year Fixed Tr Shares
5 Worcester salt $5
7% preferred
100 83 87
75
8
•
Fixed Trust Shares A
Preferred
100 3312 36 Young (J 5) Co corn....100 87
1-40ths
--1-70thsB
614 , Internal Textbook
•
100
4
6
--Preferred
100 99
Fundamental Tr Shares A-38 5
418
Warrants
378 438
Shares B
712 1012
' Amer & General Sec corn ATelephone and Telegraph Stocks.
5
--_•
3
3 118 Granger Trading Corp Common B
• 25
_ Am Dist Tel of NJ $4„--• d 53 67 New York Mutual Tel_100 d 12
32... Gude-Whimill Trod
$3 preferred
17
152 218
Corp..'2
3 Huron Holding Corp'
77 Preferred
100 97 100 Northw Bell Tel pf 63.4%100 105 107
Amer Insuranstocks Corp_•
5
3 4 414 Incorporated Investors_ _ _ _• 1812 2018 Bell Tel(Can)8% pref-100 96
Assoc Standard 011 Shares
98 Pao & All feleg US 1%...25 d 8
12
5
23
4 Bell Tel of Pa 834% pref 100 111 113
ineorp Investors Equities
AU & Pao Inter'l Corp units 1714 _
20
Peninsular eeleph $1.40 _ _• 4 15
14
84 Cie & Sub Bell Telep
_50 63 65
11- lot Sec Corp of Am corn A..4
Common with warrants
IA
7% preferred A
90
100 85
Common B
___
17
1
-10
3
8 Cuban Telephone
Preferred with warrants
65_ Porto Rico Telephone
d 80
654% Preferred
55 6
7% Preferred
Atlantic Securities Corp pf..• 1712 23
i Roch Telep 56.50 1st pf..100 100 10i3
4
" 1234
712 1212 Empire & Bay State fe1.100 d 35
6% preferred
1
Warrants
45 So & Atl 1 eleg $1.25
254 13
18
Irs 214 Independence Trust Shares_ 2.30 2.50 Franklin Teleg $2.50____100 d 30 35 So dr NE Telephone 8% _100 129 131
Bancanuoira-Blair Corp
414 434 lot Ocean Teleg 6%--100 cf 50 55 S W Bell Tel 7% pref.- 100 111 113
19 Investment Trust of NY.....
Bankers Nat Invest'g Corp• 15
4
Investors Trustee Shares...Lincoln Tel & Tel 8%
312
_ TM-States Tel & TM $6•d100
Bansicilla Corp
312 _- - Mountain States Tel &Tel.. 4110-Leaders of Industry A
116 119
212
5.60 preferred
Basic Industry shares- -_•
10
9
14
2
18 18 New England Tel & Tel_100 2112 114 Wisconsin Telep 7% prof 100 d108 110
,
•
178
138 --13
British Type Invest
258 318
C
1612 .20
Central Nat Corp class A._
312 370,
1
3 Low Prices Shares
Class 11
Chain Store Stocks.
2014 2112
Century Trust Shares
238 3
Bohack(H C)Inc com_---• 30 34 Melville Shoe Corp
12 114 Afalor Shares Corp
Chain & Gen'l Equities Inc •
* 173 1914
8
7% 1st preferred
Investors Trust
100 86
92
4 Maas
2
1st pref6% with warr_100 67
75
Chartered Investors corn3 2 47
7
2 Butler (James) common.-__ 2 Metropol Chain pref____100 - 412
50 Mutual Invest Trust Cl A_
45
Preferred
; --- 2 4
8
Preferred
100 -- _ 20 Miller (I) & Sons Prof..
-__ US
14 1 Mutual Management corn_
Chelsea Exchange Corp A
_ Diamond Shoe pref with war 45
14 Nat Industries Shares A....._ 2.65
52 MockJuds&Voehringerpf100 -3
3 43
Class B
6
68 Edison Bros Stores pref_100
._ National Trust Shares
-- 55 Murphy (S C) 8% pref _100 _ - 9
2.20
Corporate Trust Shares_
0
312 3 8 Fan Farmer Candy 511511pt__• -7
2
28 Nat Shirt Shops corn
2.20 235 Nation Wide Securities Co..Series AA
• -.
2
5
preferred 8%
4
412 Fishman (H M)Stores com_ ____ 16
100...-.. 45
2.20 2.35 N Y Bank Trust Shares.....
Accumulative seder)
2.50
Preferred
85
No Amer Trust Shares
• --- 90 Newberry (J) Co 7% pf_10 4 79
Crum & Foster Inc Sharee2.35 2.55 Gt Atl & Pao Tea pref__100 115 11712 NY Merchandise 1st 111-100 73
Series 195.5
18
10 15
Common B
--2.35 2.55
Series 19513
100 75 80
Preferred
Kobacher Stores pref---100
40 Piggly-Wiggly Corp
17
Crum dr Foster Inc corn B- 15
Kress(8 11) 6% pref
50 60
---- 1012 Reeves (Daniel) prof ____100 103
94
3
83 87 Northern Securities
8% preferred
-_ 50 Rogers Peet Co coin.-100 d 40 80
6
912 Lerner Stores 654% pro w w
35
8 418 011 Shares Inc units
Cumulative Trust SharesLord & Taylor
3
1
100 411111 140 Schiff Co pre:
100 55 85
__ Old Colony Inv Trust corn...
Deposited Bk Shs ser N Y. 3.25
151 preferred 6%
1312
WO 4 ____ 95 Silver (Isaac) & Bros p1.100
- 45
3
312 Old Colony Trust Assoc So• 12
Dopes Bk Shs N Y ser A
see preferred 8% ---100 d ____ 94 US Stores let pref
10
5
100 Ili 35
312 4 Petrol & Trade Corp cl A 25
Deposited Insur Slur A
Bid
3
Am Com'th P5s'53_111&N
Amer S PS 5543 19413.M&N 80
A ppalach Pow 58 1941-J&D 97
Appalach P deb Os 202.4_J&J 8312
Atlanta 0 L 58 1947-1&D 94
• NO par value.
Ask
53
4
63
--8812
___
Newp N dr Ham 58 '44_J&J
NY Wat Ser 58 1951 _M&N
N Y & Wes L 4s 2004J&J
N Am L&P sf deb5149'58JdrJ
Bid
81
7212
77
52
a Last reported marked. d New stock. z Dividend.
Ask
85
7414
80
5412
y Ex-rights.
.1\
1937
FINANCIAL CHRONICLE
MAR. 12 1932.]
• -=_-_
Quotations for Unlisted Securities-Concluded-Page 2
Insurance Companies.
Sugar Stocks.
_
Par Bid Ask
Par °
i Ask
1
_
100 15121 20 Sugar Estates Oriente p1100
5
1
_-112 Uiaited Porto Rican coin_
10
• 48 I 55
Preferred
100 80 I 90
Par
Par Bid Ask
47 Kansas City Life
100
Aetna Casualty & Surety_10 42
5
10 3012 3212 Knickerbocker corn
Aetna Fire
10 2812 2812 Knickerbocker (new)
Aetna Life
Lincoln Fire (new)
10
65
25 55
Agricultural
10
16 Lloyds Casualty
10 13
American Affiance
Federal Land Bank Bonds.
10
8
Voting trust certifs.__10
American Colony
10
11
6
Majestic Fire
-Is 1957 optional 1937_M&N 8218 82381 4;is 1942 opt 1932_51.52N 8614 8714 American Constitution
25
1318 1618 Maryland Casualty
,
0
48 1958 optional 1938_M&N 8218 825s! 41 1943 opt 1933____J&J 8614 8714 American Equltable (new)
8612 American Home
25
9 Mass Bonding 42 Ins
6
43is 1956 opt 1936___J&J 80 82 1 43.s 1953 opt 1933____J&J 86
8612 American of Newark
J&J 8318 8358: 43.is 1955 opt 1935._ _J&J 86
5 1012 1112 Merchants Fire Amur comb0
4s 1957 opt '37
8612 American Re-insurance_
Merch & Mfrs Fire Newark 5
31
26
4Hs 1957 opt 1937____MAN 8318 835s; 4 hs 1956 opt 1936____J&J 88
87
10
16 14
4a 1053 opt 1933___J&J 86
17 Missouri State Life
4Hs 1958 opt 1938___MAN 8318 835 , 411
American Reserve
87
4
93121 4%s 1954 opt 1634... J&J 86
4
25 183 213 Morris Plan Insurance
58 1941 optional 1931_MAN 93
American Surety
10
J&D 9712 981,1
23 National Casualty
10 19
4hs 1933 opt 1932
Automobile
10
312 412 National Fire
Baltimore Amer Insurance _5
5
65 National Liberty
25
Bankers & Shippers
New York Bank Stocks.
5
100 345 375 National Union Fire
Boston
New Amsterdam Casual_ _10
25
Bronx Fire
7
5
Liberty Nat Bank & Tr__25
_ _ 35
100
Bank of Yorktown
10
_ New Brunswick
__
Brooklyn Fire Insurance_ .5
20 24612 4212 Manhattan Company____20 3414 3614 Carolina
Chase
10
-1614 1814 New England Fire
10 100 ____ 70
- _ __ Merchants
Chatham-Ph Nat Bk & Tr20
_10
__ New Hampshire Fire .
___
Chicago Fire .52 Marine
47
50 40
20 - - 63 Nat Bronx Bank
51
City (National)
20
10100 145 165 New Jersey
of New York
1412 1912 City
100
__ 150 National Exchange
Columbus Bank
5
8 New York Fire corn
5
10
Colonial States Fire
8
3
-Comml Nat Bank & Tr 100 162 170 Nat Safety Bank & Tr_ __25 -----Columbia National Life _100 130 160
New
100
100 1360 1480 Penn Exchange
Fifth Avenue
10
54 North River
r
r
c
Connecticut General Life_10 49
New
First National of N Y 100 1820 1920
New
3
1
Consolidated Indemnity____
100
_ 200
60 Peoples National
100
Fiatbush National
25
6 Northern
4
10
Constitution
Grace National Bank_ ..100 ____ 500 Public Nat blank & Tr_ _25 2312 3012 Continental Casualty_ _10 1612 1812 Northwestern National
17
Stern! g Nat Bank & Tr__25 14
25
55
Harbor State Bank
ib
Cosmopolitan Insurance_ 10 - - Pacific Fire
29
32
Harriman Nat Bk & Tr_100 1340 1440 Textile Bank
5
-7
-- 10 Peoples National Fire
New
75
100
Trade Bank
100
Industrial Bank
10
812 1012 Phoenix
Fagle
5
Nat Bank_ _100
60 Washington
Kingsboro Nat Bank_ ..i00 50
20
412 612 Preferred Accident
5
Excess Insurance
30
12 Yorkville(Nat Bank 00.100 40
8
25
Lafayette National
50 Providence-Washington _10
10 45
Federal Insurance
5
73 Public Fire
Fidelity & Deposit of Md_60 68
20 1012 12 Public Indemnity (formerly
Firemen's
Trust Companies.
Franklin Fire
Hudson CasuaitY)
4
4
5 163 183
General Alliance
10 Reliance lnaur of Phila
6
10
Germanic Insurance
10
Republic (Texas)
100 230 255
13anca Comm Hallam'Tr 100 170 180 !Fulton
10
10 3412 3812 Rhode Island
Glens Falls Fire
100 312 317
20 Guaranty
20 18
Bank of Sicily Trust
25
Globe dr Republic
10 Rochester American
7
40
100 35
Bank of New York & Tr_100 370 390 Hibernia Trust
Globe & Rutgers Fire...100 242 272 St Paul Fire & Marine_ 25
10 20
21
4
10 2623 6434 Irving Trust
Bankers
10 1512 1734 Seaboard Fire &
100 2275 2376 Great American
20 13
18 Kings County
!trona County
Marine__.
Great Amer Indemnity
10 Security New Haven _ _ _10
7
10
94
100 89
11.9 255 270 Lawyers 's We & Guar
Brooklyn
16 Springfield Fire & Marine 25
10 14
25 3212 3412 Halifax Insurance
20 154 158 Manufacturers (new)
Central Hanover
50
115 Standard Accident
50
Hamilton Fire
7
5
37 Mercantile Bank & Tr W1..
Chemical Bank A.Trust 10 35
25
10 2212 2412 Stuyvesant
Hanover
95
25 92
40 New York
100 35
Clinton Trust
100
10 1614 1814 Sun Life Amurance
Harmonia
60
New___10 165 185 Title Guarantee & Trust_20 57
Cont 13k A Trust
Fire
10 3912 4112 Transportation Indemn'y le
Hartford
100.. _ 75
Corn Etch Bk & Trust_ __20 6312 6612 Crust Co of N A
47 Transportation Insurance 10
Hartf St'm Boller Ins&Irs 10 42
9
7
25
Underwriters
24 Underwrite Trust
'
County
100
10 21% 23% Travelers Fire
100 1550 1650 Home
281 24% 2634 United States
Empire
25
218 318 U S Casualty
Home Fire Security
15 US Fidelity & Guar Co 10
10 13
Homestead
10
U S Fire
10 16
Hudson Insurance
Chicago Bank Stocks.
U S Merch & Shippers _ _100
18
Importers & Rap of N Y 25 14
10
5
victory
Independence
10
Westchester Fire
Independence Indenanity_10
100 8912 9112 Harris Trust & Savings_100 307 314
Central Republic
100 333 337
414 614
15
13
New
Northern Trust Co
Chic 13k of Commerce
Continental III Ilk & Tr.100 137 13812 Peoples Tr & Say Bank_100 95 102
100 240 243 Strauss Nat Bank & Tr.100 120 130
First National
Fajardo Sugar
Haytion Corp Amer
Savannah Sugar corn
7% preferred
Industrial and Railroad Bonds.
Adams Express 4s '47 SAD 60 64
American Meter 68 1946... d 0312 ___
--Amer Tobacco 45 1951 FAA 88
Am 'FYPe Fdre Oa 1937 MAN 9712 100
96
Debenture 68 1939.M&N 90
50
Am Wire Fab 721 '42_ _M&S d 43
Bear Mountain-Iludson
82
River Bridge 7s 1953 A&O 72
42
Biltruore Comm 78 '34 WAS 41
_
Chicago Stock Yds ba 1961 70
Consol Coal 434s 1934 MAN 39...
Consul Mach Tool 7s 1942 1412 17
_
cousol Tobacco 4s 1951... 6 85
7
3
Continental Sugar 78 193_
75
71
Eoult Office Bldg 51 1952_
Fisk Tire Fabric 63.4s 1935 ___ 20
Haytian Corp 83 1938
912 12
70
Hoboken Ferry 65 '46 MAN 66
76
Intermit Salt ba 1951_4..40 72
56
Journal of Comm 63.0 1037 49
3512
Kane City Pub Seri Oft 1051 34
Bid Ask
550 650
634 73
11
9
114 214
114 214
Pt 414
612 1012
40
30
21
7
4
512 012
10
3814
434
23
19
17
12
38
18
12
4014
534
33
21
19
18
43
23
6% 8 4
3
,
1218 1418
45
35
80 90
00
-.
-.
4912 5112
22
17
277 297
5
3
2i8
5
- -9
4
30
112 117
6
4
23
21
72 82
90
40
19
14
580 580
2% 414
118
3
515 585
11 14 1614
9
6
2012 2212
170 200
4
2
2212 2412
Realty, Surety and Mortgage Companies.
Loew's New Brd Pron.-8
8 1945
J&D 70
94
Merchants Refrig Os 1937_
_
Middle States 011 7%
N 0 Gr No RR 5s '55 note;- _FAA 23
NY & Hob Ferry be '46 JAD 60
N Y Shipbidg 55 1946 MAN 81
Piedmont dc No Sty bs'54J&J 58
Pierce Butler A P 634s '42 10
Realty Assoc Sec 68 '37 J&J 35
40
Securities Co of N Y 4s__ _
0 58
61 Broadway 5 hs '50 AASo Indiana Ry 4s 1951 FAA 42
,
Stand Text Pr 63.4s '4211152S 20
Struthers Wells Titusville4812
63.4s 1943
Tol Term RR 43-4s '675162N SO
114
US Steel 5s1951
Ward Baking 65 '37 SAD 15 86
Witherbee Sherman Os 1944 10
Woodward Iron bs 1952J&J 5312
75
98
_
-26
___
63
14
45
60
63
__
25
6212
_
91 12
-14
56
Bond & Mortgage Guar_ _20
Empire Title dr Guar____100
Franklin Surety
Guaranty Title & Mortgage_
Home Title Insurance__ __25
493 523
___
65
_
__ .
__ 180
24
19
-
International Germanic Ltd
20
Lawyers Mortgage
National Title Guaranty 100
State Title Mtge (new)__100
15
198
9
30
20
215
12
0)
Aeronautical Stocks.
Alexander Indus 8% pref.._ ____ 40
_
1
__
American Airports
5
2
Corp_Aviation Sec of New EngI__ _-5
d 2
Central Airport
112
_
Cessna Aircraft tom
2
____
Curtiss Reid Aircraft corn
.
Federal Aviation
23
General Aviation 1st pref _ _
%
Khmer Airplane & Mot new
Maddux Air Linea
2
Sky Specialties
Southern Air Transport.... d 2
d
Swallow Airplane
4
3
-Warner Aircraft Engine....
____
WhIttelsey Manufacturing
Ds
a
5
5
2
114
32
Quotations for Other Over-the-Counter Securities
Railroad Equipments.
Short Term Securities.
Bid Ask
Aug-dial Mfg Gs May 1937 89 89%
Alum Coot Amer as May '62 96
9614
Amer Metal 5 hs 1934 A&O 6713 68
8612
Amer Rad deb 434, May '47 86
85
Am Roll Mill deb bs Jan '48 63
434% notes 1933___MAN 74
75
Amer Thread 534s'38_MAN 91
93
Amer Wat Wks 58 1934A&O 94
95
93
Bell Tel of Can 5a A Mar'65 92
Baldwin Loco 534e '33 MAS 89
90
Cud Pkg deb 6348 Oct 1937 86
87
Edison Elec Ill Boston4% notes Nov 1 '32 MAN 9912 993
4
5% notes Jan lb '33_ _J&J 10018 10038
Gulf Oil Corp of PaDebenture 5s___Dec 1937 9512 9612
..Feb 1947 94
95
Debenture Ss.
Bid
General Motors Accept5% ser notm___Mar 1933
5% ger notes___Mar 1934
5% ser notes,__Mar 1935
5% ser notes_ __Mar 1936
Koppers Gas & CokeDebentures Se. June 1947
Mag Pet 414s Feb 16 '30-35
Mass Gas Cos 534s Jan 1946
Proc & Gamb 4 hs July 1947
Swift & Co-I).1.5.5
5% notes 1940
Union Oil Gs 1935_ _ F&A
United Drug (is 1932_4.40
Debenture bs 1933_ _A&O
91312
9814
9712
9812
77
95
04
97
Ask
3
99 4
4
983
9814
97
78
100
96
98
89 90
99
06
9912 100
9912 10012
Water Bonds.
Alton Water 58 1956._A&O
Ark Wat let 58 A 1956 A&O
Ashtabula W W Is 1958A&O
Atlantic Co Wat 58 '58M&S
Birm W W 1st 5 hsA'54A&O
1st m Es 1954 ser B_JAD
1st be 1967 ser C....FAA
Butler Water be 1957.A420
City W (Chat) 551154 J&D
let 5e 1957 ser C__MAN
Commonwealth WaterFAA
let bs 1956 B
let m 58 1957 ser C_F&A
Davenport W ba 1961_J&J
E S L & lot W 58 '42 J&J
1st m tis 1942 ser II_J&J
F&A
let 56 1960 set D
80
82
75
75
94
85
85
73
85
85
85
87
83
80
117
___
-77
___
___
85
85
80
73
87
75
90
90
84
83
90
82
lIunt'ton W 1st 6s '54 M&S
1st m Is 1954 ser Is_51ALS
Joplin W W 55 57 ser A M&S
Kokomo W W 69 1958 JAD
Mourn Con W let 58'56.14213
Monon Val W 534e '60 .14J
Richm'd W Wlet 53'57MAN
St Joseph Wat bs 1941 A420
South Pltui Water CoFctrA
1st 58 1955
1st & ref 5s '60 tier A J&J
let A ref be '60 ser B J&J
Terre IFte W W6s'49AJ&D
let m Es 1058 ser B_JAD
Texarkana W 1st 5s '58F&A
Wichita Wat let Os '49 M&S
1st m 58 '56 eer B..FAA
1st in 68 1900 ser C_MAN
94
85
70
74
75
80
72
88
06
90
78
78
81
85
75
92
90
85
85
94
85
71
90
78
78
94
00
PO
96
92
75
95
85
85
Atlantic Coast Line 68
Equipment 6 Iis
Baltimore A Ohio 68
Equipment 4345 & 50 _ __ _
Buff Ruch & Pitts equip 68
Canadian Pacific 4 he& as
Central RR of NJ 68
Chesapeake & Ohio 68
Equipment 63-115
Equipment 58
Chicago & North West (is
Equipment Ohs
Chic RI & Pac 430 & 68...
Equipment 62
Colorado & Southern 65.-Delaware & Hudson 6s-- .
Erie 434, A bs
Equipment Os
Great Northern 68
Equipment S,
Hocking Valley bs
Equipment 65
Illinois Central 410 & &a_
Equipment as
Equipment 7s & 634s _
Kanawha & Michigan Cs- _
Ask
5.50
6.50
5.50
5.50
5.50
6.00
5.50
5.50
5.50
5.50
6.50
6.00
5.50
5.75
5.75
5.50
8.00
6.00
5.51)
5.50
5.50
5.75
6.00
0.00
6.00
5.50
Kansas City Southern 534e.
Louisville A Nashville Os __.
Equipment 630
Michigan Central 53
Equipment 68
Minn St P & SS M 4;is & Ls
Equipment 63115 & 75
Missouri Pacific 6 he-... Equipment Os
Moblle A Ohio 55
New York Central 4%e & be
Equipment 68
Equipment 7s
.
Norfolk & Western 4 hs. .._
Northern Pacific 78
Pacific Fruit Express 7s
Pennsylvania RR equip 68..
Pittsburgh A Lake Erie 034'
Reading Co 43'4s & Ss
.
St Louis .4 San Fran 5s_ _ _
Seaboard Air Line 534s & Os
Southern Pacific Co 434e_ _ _
Equipment 78
Southern Ity 434s & 54
Ea Winner t 65
Toledo A Ohio Central Os
Union Pacific 78
Bid
8.75
6.25
6.25
Ask
6.00
5.50
8.50
5 50
7.00
7.00
7.00
7.00
8.75
5.75
5.75
6.75
550
6.00
6.26
5.60
6.25
5.60
6.75
7.50
6.00
6.25
6.50
6.60
6.50
6.25
6.00
6.25
6.25
6.25
6.25
6.09
5.25
521
5.25
5.00
5.50
5.50
5.00
5.50
5.00
6.00
6.60
5.25
5.60
5.50
5.50
5.50
5.50
Investment Trust Stocks and Bonds.
American & Continental.. __
Bankers Nat Invest com A__
Beneficial Indus Loan prof__
_
Colonial Investors
Shares_Continental Metrop Corp A
Continental &cur Corp___•
Preferred
Industrial & Pow Sec
Invest Fund of NJ
• No par value. aAnd dividend. 6 Last reported market. f Flat price. 2 Ex dividend. g Ex-rights.
Bid
6.25
8.25
8.50
8.50
6.50
7.00
6.25
6.00
6.00
6.00
8.50
6.75
8.50
6.75
0.75
8 60
6.75
6.75
6.00
6.00
8.00
8.50
7.00
7.00
7.00
6.60
__ Mohawk Invest
_
19 Nor American Trust Shares_
15
_- 39 Old Colony Inv Tr 434% bds
34
_ Shawcaut Association con.
____
2
____ -- Shawinut Bank Invest Trust
1942
434s
_
____
1952
Ss
li
Standard Oil Trust Shares A
Class 13
458
4
30
45
31
518
_
71
_-; -- 4
73
50
51)
4
,
34
_
112
3
34
Aloud)lp,
Current earning5
11: uarterip
anb li)att
pearip.
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, covers merely the companies whose returns have come to hand since
the Mar. 11 issue of our "Monthly Earnings Record" went to press, and is presented with the view simply of
making it easy for subscribers to the "Monthly Earnings Record" to find the new statements.
Issue of Chronicle.
Name of Company-When Published. Page.
Abbott Laboratories
Mar. 12.-1958
Air-Way Elec. Appliance Corp
Mar. 12-1958
Alaska Juneau Gold Mining Co
Mar. 12-1938
Amalgamated Leather Cos.. Inc
Mar. 12-.1958
American Chain Co., Inc
Mar. 12-.1958
American Gas & Power Co
Mar. 12..1950
American Power & Light Co
Mar. 12.-1950
American Stores Co
Mar. 12-1959
American Water Works & Elec. Co Afar. 12-1938
Anchor Cap Corp
Mar. 12.-1959
Armstrong Cork Co
Mar. 12_ _1959
Atlas Utilities Co
Mar. 12_ _1942
Automatic Washer Co
Mar. 12-.1960
Barnsdall Corp
Mar. 12-.1942
Barker Bros Corp
Mar. 12..1960
Bethlehem Steel Corp
Mar. 12_1944
Boston Elevated Railway
Mar. 12_1946
Bower Roller Bearing Co
Mar. 12..1960
Briggs & Stratton Corp
Mar. 12..1960
Brunswick Term. & R.Secure. Co _Mar. 12..1960
Bucyrus-Erie Co
Mar. 12_ -196
Bucyrus-Monighan Co
Mar. 12.-196
Bullard Co
Mar. 12-.1961
Burroughs Adding Machine Co
Mar. 12-.196
Campbell, Wyant & Cannon Fdy.Co_Mar. 12.-1961
Canada Northern Power Corp., Ltd_Mar. 12-1939
Cherie Corp
Mar. 12-1961
Chicago Dist. Elec.Generating Corp_ 51ar. 12-.1951
Chicago Rock Island & Pacific
Mar. 12-1943
Cincinnati Street Railway Co
Mar. 12..1951
Claude Neon Elec. Prods. Corp.,Ltd.Mar. 12- -1962
Consolidated Chemical Indus. Inc-.Mar. 12-1962
Corn Products Refining Co
Mar. 12-.1943
Davenport Ilosiery Mills, Inc
Mar. 12 _1963
Deep Rock 011 Corp
Mar. 12 _1939
Dexter Co
Mar. 12..1963
Delsel-Wemmer-Gilbert Corp
Mar. 12..1962
Dominion Stores Ltd
Mar. 12-1963
Douglas Aircraft Co.. Inc
Mar. 12-.1963
Eastern Massachusetts St. Ry. Co Mar. 12..1952
Eastern Rolling Mill Co
Mar. 12-.1963
Issue of Chronicle
Name of CompanyWhen Published. Paoe.
Eastern Shore Public Service Co_ -Mar. 12-.1952
Eaton Axle & Spring Co
Mar. 12__1963
Erase° Derrick & Equipment Co-- -Mar. 12_1964
Equitable Office Bldg. Corp
Mar. 12 _1939
Federal Mining & Smelting Co
Mar. 12..1964
Federal Screw Works
Mar. 12-1964
Fisk Rubber Co
Mar. 12.-1964
Gannett Co., Inc
Mar. 12_1965
Garner Denver Co
Mar. 12.-1965
General Cable Corp
Mar. 12.-1965
General Foods Corp
Sr. 12..1965
General Motors Acceptance Corp_ _AIar. 12-.1942
General Realty & Utilities Corp- _AfSr. 12-.1966
Gulf States Steel Co
Sr. 12-.1966
Hathaway Bakeries, Inc
ar. 12-1966
Hershey Chocolate Corp
ar. 12-_1966
Hobart Mfg. Co
Sr. 12...i967
Hoskins Mfg. Co
Sr. 12..1967
Indiana Bell Telephone Co
ar. 12..1953
Internat. Business Machine Corp_MSr. 12..1945
International Silver Co
Sr. 12..1967
International Tel. & Tel. Co
Sr. 12_1940
Irving Air Chute Co
Sr. 12_1968
Jersey Central Power & Light Co_ _MSr. 12..1953
Kansas City Power & Light Co
Sr. 12-.1941
Keith-Albee-Orpheum Corp
Sr. 12.-1968
Kendall Co
Sr. 12_1968
Kings County Lighting Co
Sr. 12-.1953
Lily-Tulip Cup Corp
Sr. 12..1968
Louisville Railway Co
Sr. 12-.1953
Ludlum Steel Co
far. 12..1969
Merchant Calculating Machine Co_hfar. 12..1969
Marion Steam Shovel Co
Mar. 12-.1969
Maytag Co
Mat. 12..1969
Melville Shoe Corp
Mar. 12 _1970
Midland Steel Products Co
Mar. 12-.1970
Midland United Co
Mar. 12_1947
Midland Utilities Co
Nar. 12_ _1954
Moto Meter Gauge & Equipment Co_Alar. 12..1970
Motor Products Corp
der. 12-.1971
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Mobile & Ohio
Southern
St Louis Southwestern
Western Maryland
Current
Year.
Previous
Year.
Inc. (A-) or
Dec.(-).
2.736,592
2,377,000
16,600
141,184
173,306
2,162,872
285,100
308,649
Period
Covered.
let wk of Mar
1st wk of Mar
41h wk of Feb
1st wk of Mar
4th wk of Feb
4th wk of Feb
4th wk of Feb
4th wk of Feb
3,354,791
2,820.000
31,942
215.272
219.271
2,595,376
324,489
335,893
-618,199
-443,000
-15,342
-74,088
-45,965
-432,504
-39.389
-27,243
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country.
Gross Ea7n4nos.
Lengti of!Wad.
Myna.
1930.
1931.
January
February
March
April
May
June,.
July
August
Stptember
October
November
December
January
Inc.(+1 or
Dec.
3
450,731,213 -85,314,368
427.485,369 -91.327.690
452 261.686 -76.872.852
450.567,319 -81,461.009
462.577.503 -94.091,632
444,274,591 -75.062.879
458.088.890 -80,150,008
465.782.820 -101,751,861
466,895.312 -117,073,774
482,784,602 -120.136.000
398,272.517 -93,375,649
377.499,123 -89.259.333
1931.
365.522.091 -90.545,842
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
362.847,702
304.896.888
288.2311.700
1932.
274,976,249
Net Earistaos.
Mosta.
1931.
1930.
Miles.
242.657
242.680
242.366
242.832
242.716
242,968
242,819
243,024
242,815
242,715
242,734
242.639
1932.
244,243
242,332
242,726
242.421
242.574
242,542
242,494
234,105
242,632
242,593
242.174
242.636
242.319
1031.
242,365
Zee.(+)or Dec.(-).
1931.
January
February
March
Aprtt
May
June
Jab
August
September
October
November
December
January
1930.
Amount.
Per Cent.
8
71,952,904
64.618.641
84.648.242
79,144.653
81,038.584
89,667,807
96,965.387
95,118.329
92.217,886
101.919.028
66.850.734
47.141.248
1932.
45,940.685
3
94.836.075
97.522,762
101.541.509
103.030.623
111,359.322
110.264.613
125,430,843
139,161,475
147.379,100
157.141.555
99,657,310
79.982.841
1931.
72,023,230
$
-22.883.171
-32.904,121
-16.893.267
-23.885,970
-30.320,738
-20.587.220
-28.465.456
-44.043,146
-55.161,214
-55,222,527
-32,708,578
-32,841,593
-24.13
-33.76
-16.66
-23.21
-27.23
-18.70
-22.73
-31.64
-37.41
-35.14
-32.811
-41.06
-26,082,545
-36.21
Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports of the Commission.
Issue of Chronicle.
Name of CompanyWhen Published. Page
Motor Wheel Corp
Mar. 12_1971
National Acme Co
Mar. 12..1971
New York Shipbuilding Corp
Mar. 12..1971
North American Co
Mar. 12-.1942
Northern Indiana Public Service Co_Mar. 12-1954
Old Dominion Co
Mar. 12.-1972
Orpheum Circuit Inc
Mar. 12-1972
Otis Steel Co
Afar. 12-.1972
Pacific Mills Co
Afar. 12-.1972
(David) Pender Grocery Co
Mar. 12-.1972
Phillips Petroleum Co
Mar. 12-.1946
Pierce Arrow Motor Car Co
Mar. 12-1945
Pittsburgh Coal Co
Mar. 12..1972
Poor & Co
Mar. 12..1973
Postal Telegraph & Cable Co
Mar. 12-.1940
Providence Gas Co
Mar. 12-.1955
Public Service Co. of Ind
Mar. 12-1955
The Pullman Co
Afar. 12.-1941
Radio-Keith-Orpheum Corp
Mar. 12-.1973
Reynolds Spring Co
Mar. 12-.1974
Rochester Gas & Electric Corp
Mar. 12-.1956
Simms Petroleum Co
Mar. 12-.1945
Southwestern Bell Telephone Co.
..Mar. 12-.1956
Spear & Co
Mar. 12-.1975
Spiegel, May, Stern Co
Mar. 12_ _1974
Studebaker Corp
Mar. 12-.1943
Superior Steel Corp
Mar. 12-.1975
Sweets Co. of America
Mar. 12.-1975
Toledo Terminal RR. Co
Mar. 12-1949
Tri-State Teleph. 8c Telegraph Co_ _Mar. 12-.1957
Trico Products Corp
Mar. 12..1976
U. S. Envelope Co
Mar. 12__1976
United States Radiator Corp
Mar. 12.-1976
Waldorf System, Inc
Mar. 12..1977
Walworth Co
Mar. 12..1977
West Ohio-Gas Co
Mar. 12-.1957
West Penn Electric Co
Mar. 12-.1957
Worthington Pump & Machy. Corp_Mar. 12..1977
Wm. Wrigley Jr. Co
Mar. 12-.1977
Yellow Truck & Coach Mfg. Co
_Mar. 12-.1941
Youngstown Sheet & Tube Co
Mar. 12-.1977
Mahoning Coal RR. Co.
Period Ended Dec. 31
- 1931-3 Mos.-1930.
Inc. from lease of road_ _
$252.999
6319.862
Other income
215,240
44,469
1931-12 Mos.-1930.
$1.065.989 $1.667,276
180.597
348.674 .
Total income
Interest, taxes, &c
$364.331
39.585
81.414.664
195.996
61,847,873
257,348
$421,867
Not income
$468.239
46,372
$324,746
$1,218,668
$1,590,526
INDUSTRIAL AND MISCELLANEOUS COS.
Alaska Juneau Gold Mining Co.
PeriodFeb.29'32.-Mo.-Feb.28'31. Feb.29'32.-2 Mos.-Feb.28'31.
Gross income- $249.500
8329.000
$529,000
$647,000
xNet prof. --_
53,500
144,000
127.700
270,500
x After operating expenses and development charges, but before depreciation, depletion and Federal taxes.
American Water Works & Electric Co., Inc.
(And Subsidiary Companies)
-Month of January- 12 Mos. Ended Jan. 31
1932.
1932.
1931.
1931.
Gross earnings
54,010,859 $4,500.831 549.425.815 853,782.779
Op. exp., maint. & taxes 1,942,501
2,320.059 21.778.635 27,656,882
Gross income
52,068,357 82.180,772 $24.647.180 $26.125,897
Interest & amortiz. of disct. of subsidiaries
8.649.635
8,747,672
Preferred dividends of subsidiaries
5.636.419
5,625,476
514.286,055 $14,373,148
Balance
810.361.124 511,752,748
Int.& amort.of Want.of Am. W. W. El. Co.,Inc
&
1.315,500
1,284,496
Balance
Reserved for renewals, retirements & depletion
$9.045.624 810.468,252
3.032.331
4,000.786
Net income
Preferred dividends
56.013.292
1.200.000
$6,467,465
1,200,000
Balance for common stock
$4.813.292 $5,267,465
Shares of common stock outstanding
1.570,888
1,750.888
Earned per share
$2.75
$3.01
tarLast complete annual report in Financial Chronicle Mar. 12 '82, p. 0000
Arkansas Power & Light Co.
(Electric Power & Light Corp. Subsidiary)
-Month of December- -12 Mos. End. Dec
.311931.
1930.
1931.
1930.
Operating revenues
$627,532
$696,653 $8,165.898 $8,736,484
Oper. exp., incl. taxes_ 279,603
400,214
4.765,762
4,190,575
Net rev, from oper_ - Other income
$347.929
9,032
$296,439
41,132
$3,975.323
443,915
$3,970.722
503,531
Gross corp. income_
Int. on long-term debt
Other int. & deductions-
$356,961
155,945
4.842
$337.571
134.184
16,222
64.419,238
1,798,926
91.074
$4,474.253
1,537.709
229.378
Balance *
$196,174
Dividends on preferred stock
$187,165
$2,529,238
944.877
52.707,166
885.767
Balance
Retirement (depreciation) reserve appropriation-
81.584,361
287.711
81,821,399
432,452
$1.296,650 51,388,947
Balance
•Before dividends and retirement (depreciation) reserve appropriation.
MAR. 12 1932.]
FINANCIAL CHRONICLE
1939
Atlas Plywood Corp.
Deep Rock Oil Corp.
(And Subsidiaries)
6 Months Ended Dec. 311931.
1930.
Net loss after all charges, taxes, &c
x$129,773prof$140,392
Earnings per share on 133,200 shs. no par stock
Nil
$1.05
x In addition there was charged against surplus $81,201 for inventory
markdown and $26,704 reserves for Canadian exchange and marketable
securities.
lOrLast complete annual report in Financial Chronicle Aug. 29 '31, p. 1456
(And Subsidiary and Affiliated Companies.)
Calendar Years1931.
1930.
1929.
Gross earnings
513,541.490 $18.728,391 318.604,300
Oper. expense, maint. and taxes
11,933,734 16.033,164 15.409,519
Net earnings
51,607,756 $2.695,227 $3,194:781
Eastern Steamship Lines, Inc.
-Month of January- -12 Mos. End. Dec. 311932.
1931.
1931.
1930.
Operating revenue
$587,474
$631.659 510.712,966 $12.509,375
-Month of January- -12 Mos.End. Jan.31- Operating expense
650.662 8,940.353 10.232.800
616,763
1931.
1932.
1932.
1931.
Operating deficit
29,289
19.003sur1.772.613sur2,276.575
Gross earnings
$195,953
$209,121 $2,246,667 52,231,355 Other income
6,996
104.274
3,163
107.651
°per.expenses & taxes
86,239
89,679
981,445
1,006,473 Other expense
59,460
57.302
728,663
730,497
Gross income
$109,714
$119.442 $1,265,222 51,224,882
Net income
def$81,753 def$73,152 $1,148,224 $1,653,729
Interest, &c
24.485
22,309
297,755
235,428
la'Lost complete annual report in Financial Chronicle May 16
p. 3720
Net income
$85.229
$967,467
$97,133
$989,454
Preferred stock dividend
East Kootenay Power Co.
300,483
286.171
Depreciation
131,510
135.667
-Month of January- -10 Mos.End. Jon.311932.
1932.
1931.
1931.
Balance
5571,773 Gross earnings
$531,317
$403.679
545,252
$37.973
$455,705
Common stock dividend
433,426
426.702 Operating expenses_ _ _ _
19,297
16,921
145,779
151,819
Balance
$145,071
597.891
Net earnings
$25.955
$21.052
$257,900
$303,886
ta"Last complete annual report in Financial Chronicle Feb. 20 '32, p. 1369
ItarLast complete annual report in Financial Chronicle June 13'81, p. 4405
Bangor Hydro-Electric Co.
British Columbia Power Corp., Ltd.
Edmonton Radial Ry.
-Month of January- -7 Mos. End. Jan. 31-Month of Janua
12 Mos. End. Jan. 31Revenue1932.
1932.
1931.
1932.
1931.
Gross earnings
$70,419
$74,612
$714,657
$797,367
$1,249,830 $1,331,429 58,138,993 58,674,380 Passenger
Operating expenses
462
519
5.40
2
6,464
651,877
710,086 4,334,342 4,544,474 Advertising
Sp cial cars
255
30
828
e
.673
Net earnings
233
230
2.788
2,765
$597,953
$621,343 53,804.851 54,129,906 Police
Mail carriers
371
495
4,218
4,070
larLast complete annual report in Financial Chronicle Sept. 19'31, p. 1924
Other revenue
1,230
9,592
1.080
6,030
and Sept. 26 '31, p. 2103.
Total
$76,312
573,028
3736.633
$817,226
ExpenditureCanada Northern Power Corp., Ltd.
Maint. of track&o'head.
4,982
2,705
38.430
57.198
Month of January1932.
1931.
Maint. of cars
7,684
7,832
88.613
90,772
Gross earnings
$293,866
$281,262 Traffic
273
263
2,884
3,012
Operating expenses
90,672
85,094 Power
71.949
7.607
7.027
79.528
Other transp. expenses
23,836
24,799
270.366
280,721
Net earnings
$203,194
$196,168 Gen. & miscellaneous....
52,432
4,172
4,414
38.332
IMPLast complete annual report in Financial Chronkle Mar. 12 '32, p. 1951
Total operation
$49,489
546.091
$522,675
$549.665
Operation surplus
26,822
26,937
213.956
267,660
Coca-Cola Co.
Fixed charges
16,437
17.558
206,596
213,188
Depreciation
(And Subsidiaries)
6,000
32.000
6.000
60,000
Period Ended Dec.31- 1931-3 Mos.-1930.
1931-12 Mos.-1930.
Total surplus or deficit sur.$3,379 sur.$4,384 def$31,232 sur.$1,064
Sales bills
57.633,371 57.581,331 540.255,512 $41,284,511
Expenses
4,142,047 4,297,645 23.118,588 24,327.296
Net miscall. deducts-Engineers Public Service Co.
28,966
73,055
1,074,209
1,665.680
Federal taxes
381,415
343,760 2.039,093 1.776,000
(And Constituent Companies.)
-Month of January-- 12 Mos. End. Jan. 31Net income
53.080.943 $2,866,871 $14,023,622 $13,515,535
1932.
1931.
1932.
1931.
Barns.per sh.on com.stk.
$2.56
$2.28
$11.82
$11.15 Gross earnings
$4,156,820 $4,606,625 550.751,735 353.052344
The Commonwealth & Southern Corp.
(And Subsidiaries.)
-Month of January- -12 Mos.End. Jan.311932.
1931.
1932
1931.
Gross earnings
$10,829,978 511,773,728
Oper. expenses & taxes- 4,871,929 5,623,090 5129172,883 5140635,674
69.660.171 68.383.358
Gross income
55.958,049 36,150,638 $69,512,712 $72,252,316
Interest, &c
37,997,529 34,534,633
Net income
331,515,183 537,717,683
Preferred stock dividend
8,994,701
8,371,620
Balance
522,520.482 $29,346,063
Depreciation
9,547,969 9,555,802
Balance
$12,972,513 $19,790,261
(0"Last complete annual report in Financial Chronicle June 6 '31, p. 4238
1
2feration
aintenance
Taxes
51.636.678 $1,970,159 521,124.512 522.875.796
265,238 2.933.023 3.395,420
216.631
351.423 4.013.647 3.788.096
346.999
Net operating revenue 51.956.511 52,019.804 522.650.551 $22.998-.031
Inc. from other sources_
974,374
113.257
85,358 1,220.256
Balance
$2,069.768 $2,105,163 $23,870,807 523.972.406
Int. & amortization_ _ _
719,035
653,753 8,468,334 7,610,109
Balance
131,350.733 $1,451,410 515.402,473 $16,302,296
Reserve for retirements (accrued)
4.663.796 4,906.984
Balance
810.738.677 $11.455.311
Divs,on pref. stock of constituent cos.(accrued)_
4,338.948 4.387.972
Balance
$6,399,728 $7.067,339
Amount applic. to com, stock of constituent
companies in hands of public
58.823
78.585
Balance for dividends and surplus
$6,340.905 56.988.754
Consumers Power Co.
Divs, on pref. stock of Engineers Public Service.
Co.(accrued)
2.323.546 2.906.165
(The Commonwealth & Southern Corp. System.)
-Month of January- -12 Mos End. Jan.31Bal.for com,stock divs, and surplus
$4,017.359 $4.982,589
1932.
1931.
1932.
1931.
Com,shares outstanding at end of period
1.909,738 1,909.635
Gross earnings
$2,731,719 $2,803,311 530,788.550 532,392,912 Earnings per share
x$2.10
$2.61
Oper. expenses & taxes
1,162,091
1,277,582 12,885,829 14.455,164
x After deducting 9.2% of gross earnings for retirements.
During a period averaging about 27 years for which records are available,
Gross income
$1,569,628 $1,525,729 $17,902.721 $17,937,748 the companies in the Engineers group have expended for maintenance a
Interest, &c
3,944.808 3.259,041 total of 9.6% of their entire gross earnings for the perio and in addition,
have set aside for reserves or retained as surplus a total of 10.2% of such
Net income
513.957.913 $14,678,707 earnings.
Preferred stock dividend
4,138,425 3.898,215
OrLast complete annual report in Financial Chronicle Mar. '32. p. 1762
Balance
$9,819,488 510,780.492
Depreciation
2,784.000 2,775,333
Equitable Office Building Corp.
Balance
io Mos.End.Feb.28- x1932.
1931.
1930.
1929.
$7,035,488 $8,005,159
Total revenue
ar"Last complete annual report in Financial Chronicle July 11
55,054,979 $5,315,209 55,256.773 $4,831,304
'31, p. 284 Operating profit
4,173,432 4,369,815 4,296.161 3.898,917
Depreciation
229.818
229.818
229.818
239.818
Eastern Utilities Associates
Balance
53.943,614 $4,139,997 54.066,343 53,669.099
(And Constituent Companies).
Other income
59,124
85,423
99,157
59.603
-Month of January- -12 Mos.End. Jan.311932.
1931.
Total income
1932.
$4.042,771 84.199.121 $4.151.766 53.728,702
1931.
Gross earns.
-constituInt., real estate tax, &c- 1,868,309
1,829,998
1.804.830 1.818,366
ent companies
5771,277
3829,190 58.947,416 39.013,053 Federal taxes
284.000
258.000
267.300
230,000
E.U. A.income from investin'ts & oth.sources
12.909
12.909
264,438
Profit
171.774
51,916,462 52,085.123 52,079,636 $1,680,336
Depreciation reserve.. _
92,551
77.918
63,518
50,173
Total income
$784.187
$842,099 59.211,855 $9,184,827
Net profit
$1,823,911 32,007,205 $2,016,118 51.630,163
Operation
$326,856
$341,324 54,077,298 $4,198,782 Shs.corn,stock outstandMaintenance
23.808
29,744
ing (no par)
362.624
354,368
895.464
895 464
893,576
893,576
Taxes
83.885
75,822
914.891
853.693 Earnings per share
$2.03
$1.82
$2.25
0.24
February net profit was $179,361 after charges and taxes. against
Net revenue
3349,637
5395.208 53,857,040 53,778.083 $195.621 in February
1931.
and amortization__ _
Int.
69,869
69.728
795,982
844,378
x 10 months ended Feb. 29.
Balance
[N-Last complete annual report in Financial Chronicle June 6 '81. P. 4249
5279.767
$325,480 53,061.057 52,933,705
Appropriation to retirement reserve*
725.000
725,000
Fall River Gas Works Co.
Balance
$2,336,057 82,208,705
-Month of January
--12 Ales.End.Jan.31DIVS. on preferred stock of constituent companies
127,152
127,152
1932.
1932.
1931.
1931.
Gross earnings
588,478
5983.506 $1,023,225
395.155
Balance
$2,208,905 $2,081.553 Operation
35,661
464.909
47,393
Amount applicable to common stock of constituent
506.596
Maintenance
5,407
66.1:39
5,706
companies in hands of public
70,277
90.543
93,742 Taxes
13,794
14.868
162.666
159,387
Balance
52,118.362 51.987,811
Net operating rev..
$32,542
$28,260
3289.800
Dividends paid on E. U. A.common
3286,964
1,370,859 1,369.617 Inc.from other sources *
2,500
2,441
798
Balance
$747,503
$618.913
Balance
$30,041
$25,819
$289.800
$2287,763
*Amount set aside by the directors of constituent companies during the Interest charges
20.658
26,307
twelve months' period.
Note.
-The 1931 figures have been rearranged to conform with the new
Balance
$269,142
$261.455
presentation of the results of operation adopted Dec. 31 1931,
* Interest on funds for construction purposes.
Gross earnings
Operation
Maintenance
Taxes
[VOL. 134.
FINANCIAL CHRONICLE
1940
Haverhill Gas Light Co.
-Month of January--12 M03.End.Jan.311931.
1932.
1931.
1932.
$733,500
$693,608
$74,650
$61,271
440,436
414,102
41,809
34,930
26,430
27,014
3,101
1,608
78,817
87.129
6,978
8.063
Net oper. revenue_
Interest charges
$16,669
475
$22,760
434
$165,362
4,776
$187,816
,
4 15,547
$182,269
$169,586
$22,325
$16,194
Balance
During the last 22 years the company has ex )3nded for maintenance a
total of 4.31% of the entire gross earnings over th•s period, and in addition
during this period has set aside for reserves or r 3 aieed as surplus a total
"AA i -4
of 10.94% of these gross earnings.
Gross earnings
Operation
Maintenance
Taxes
Houston Electric Co.
-Month of January--12 Mos.End.Jan.311931.
1932.
1931.
1932.
$242,553 52,657,445 $3,064,229
$197,690
1,453.085
1,278.443
116.319
100.124
473,468
401,005
38,454
31.140
263,943
251,903
22,019
22,128
$873,732
4 4,586
Net oper. revenue
Inc. from other sources*
$44,296
26.785
$65.759
27.488
$726.093
Balance
Int. & amortiz. (public)
$17.511
$38,271
2,250
$878,318
$726,093
317.887 1 329,623
$36,020
Balance
$17,511
Interest & amortization (G.
-H. E. Co.)
$408,206
14.874
(5548,695
29,852
$518,843
Balance
$393.332
*Interest on funds advanced G.
-H. E. Co.
During the last 31 years the company has expinded 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.
International Telephone & Telegraph Corp.
1929.
61928.
1930.
1931.
Calendar YearsEarnings
$89,307,938$104,818,954$100,340,590 $81,234,824
Exps.. taxes & deprec_ 71,505,235 79,115,044 72,909.552 58.180,996
817.802.702 $25,703,910 427 All .038 523.053.825
Net earnings
6,882,491
6,482.639 6,521,366
4,378,951
Charges of assoc. cos_ _
1,575,000
3,177,514
5,471,138
Int. on debenture bonds_ 5,769,750
$7,654,001 $13,750,133 $17,732,159 $14,596,337
Net income
Earned surplus at begin22,645,817 28,054,707 21,471,677 15,636.018
ning of year
133,053
Sundry credits
$30,299,818 $41,804,840 $39,336,890 $330,232,355
Total
Portion of earns. ofsubs.
72,550
applic. to period prior
8,173,740
DIVS, paid or accrued_ -- 8,960,288 12,868,408 10.853,419
514,388
429,208
361,590
Sundry Burp. chgs. (net)
a428,763
a 223
Interest charges
Exchange losses on net
d2,505,584
current assets
Bal. of extraord. exp. incurred by laboratory.
5,106.757
Sic
Extraord. oxps. incurred
754,425
in repairing cable, &c_
Earned surplus at end
$18,472,356 $22.645,817 $28,054.707 $21,471,677
of year
6,642,508
5,858,984 c1,422,785
Shs.cap.stk.out.(no par) 6,400,206
$10.26
$1.20
$2.07
$3.03
Earnings per share
a Interest charges on convertible dabs., converted into stock. b The
unusual increase in this year is due to the acquisition of the Mackay Companies. c Par $100. d Exchange losses on net current assets, the major
part of which is applicable to those countries which suspended the gold
standard during 1931.
Jacksonville Traction Co.
-Month of January- -12 Mos.End. Jan.311932.
1931.
1932.
1931.
367,355
$87,160
$882,055 $1,023,621
Gross earnings
41,944
467.298
518,493
37.695
Operation
11,793
123,838
134,177
9,065
Maintenance
16,067
193,959
181,352
16.170
Retirement accruals*
86,365
91.898
8,194
6.757
Taxes
9,161
10,593
97,698
def2,333
Operating revenue_
City of South Jacksonville
513
3,239
6.152
207
rev_
portion ofoper.
$91,546
$7,354
$8,647
Net oper. revenue_ - _ def$2,540
149,679
12,361
173.831
13,767
Interest & amortization_
358.133
5166,476
$3,714
$16,308
Deficit
* Pursuant to order of Florida RR. Commission, Retirement accruals
included in monthly operating expenses.
on the entire property must be
Jamaica Public Service Ltd.
(And Subsidiary Companies.)
-Month of January- -12 Mos.End. Jan.311931.
1932.
1931.
1932.
$839,013
8824,599
578,367
$73,368
Gross earnings
494.696
492,288
41,953
40,917
Oper.expenses & taxes
$32,451
9,300
836.413
9,428
$332,310
3,911
$344,317
823,150
Balance
Interest & amortization charges
826,985
$336,221
112.718
$344,317
99,202
Not earnings
Ino.from other sources*.
$245,114
$223,503
Balance for reserves, retirements & dividends_ * Interest on funds for construction purposes.
During the 8% 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.
Kansas Gas & Electric Co.
(American Power & Light Co. Subsidiary)
-Month of December- 12 Mos. End. Dec. 311930.
1931.
1931.
1930.
Operating revenues
5494,021
$520,770 $5,644,717 $5.952,519
Oper.exps., incl. taxes
224,844
159,735 2,872.470 3,018.753
Net rev,from oper--Other income
$269,177
2,659
$361,035 $2,772,247 $2,933,766
115,187
7,765
65,780
Gross corporate Inc_ _ _
Int. on long-term debt..
Other int. & deduct'ns
$271,836
75,000
8,709
8368.800 $2,838,027 $3,048,953
955,333
75,000
900,000
78,894
9,524
97,369
Balance
$188,127
Dividends on preferred stock
$284,276 81,840.658 $2,014,726
459,695
525,707
Balance
Retirement (deprec.) reserve appropriation
51,314,951 31,555,031
600,000
600,000
$955,031
Balance
$714,951
x Before dividends and retirement (deprec.) reserve appropriation.
(Spencer)3Kelloge&ISons, Inc.
Feb. 131'32. Feb.'141'31.
24;Weeks Ended$76,256 pf$280,353
Net loss after taxes and'charges
Nil
$0.50
Earns, per sh.toni1550.000 shs. no par stock_ _ _ _
'31,31 p. 2837
r.
kilast'ico_mpletelannuallreport in Financial Chronicle Oct.
"NM
-
..
_-
-.a
liMmIniMPOMi, NI!
r-
A
fr.'
c
11
MackaylCompanies. , '
...........
(Postal Telegraph Cable Co.)
- 2
-7- - Mos,End. Dec.31-i
-Monthiof December
1931.
1
00
19 9 36
35
19 ,.
Toleg.& cable oper.revs. $2,185 1 71 $2,400,511 $26,017.637 527,773,.
1,929,346
1,709,639
110,603
165,115
Repairs
2,395,567
90,105
2,805.200
341,854
AR other maintenance-1,908,096 21,561,719 22,377,079
Conducting operations-- 1,573,698
1,188,071
244,755
85,840
914,391
General & miscell. ernsTotal telegraph and cable
2,408,071 29,990,949 27,890,063
_ 2,112.055
operating expenses__
7)9
•
r'
1
m
Net telegraph & cable
' operating revenues_
oper. revenues-Taxes assignable to oper.
$73,516
7.500
50.000
Operating income_ Non-operating income__
316,016
6,029
-350,561 -81,612.747 -3627.027
298,870
113,724
12,739
Gross income
Deduc. from gross inc
$22,045
209,241
-$37,822 -51,499,022 -3328.158
1,854,609
2,276,008
158,028
$7,561
5.000
38,000
$973,312
83,750
555,685
$120,027
75,000
432.000
-5187,196 -8195,850-53.775,031-82.182.766
Net income
Inc. bal. transf.to p. St I- -$187,196 -$195,850 -$3,775,031 -32,182.766
-Deficit.
W"Last complete annual report in Financial Chronicle Apr. 4 11, p. 2581
IL
New York Telephone Co.
-Month of January- -12 Mos. End. Dec.311930.
1931.
1931.
1932.
$
$
5
$
Telep. oper. revenues_ _ _ 17.292,845 18,132,867 211,636,600 213,693,527
Telep. oper. expenses__ 12.220.277 12,546,908 149,011,001 154,645,884
5,585,959 62,625,599 59.047,643
1,653,085
1,296,129
125,021
1,252,167 14,357,172 13,673,507
4,208,171 46.972,298 43.721,051
Operating income_ _ _ - 3,661,396
arLast complete annual report iniFinancial Chronicle mar. 5 '32, p. 1751
Net telep. oper. revs.._ 5,072,568
126,972
Uncollec. oper. revenues
Taxes assign, to oper___ 1,284,200
Oppenheim, Collins & Co., Inc.
1929.
1930.
1931.
1932.
6 Mos. End. Jan.31$5,941,755 38,043,666 89,262,478 $10,753.142
Sales
Net after interest and
1,075,508
831,403
519,465
179,340
depreciation, &c
130,000
83,000
56,000
14,000
Federal taxes
3945,508
5748,403
8463,465
$165,340
Net profit
Shs. corn. stk. outstand220,000
220.000
220,000
201.213
ing (no par)
$4.30
$3.40
$2.11
$0.82
Earnings per share
rgrLast complete annual report in Financial Chronicle Sept.26'31, p.2113
Pacific Telephone & Telegraph Co.
1931.
1932.
Month of January$4,891,456 $5.218,137
Telephone operating revenues
3,551,582
3,551,068
Telephone operating expenses
$1,340,388 $1,666.555
41,800
43,500
500,710
481,144
Net telephone operating revenues
Uncollectible operating revenues
Taxes assignable to operations
3815,744 51,124,045
Operating income
rO'Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1618
Pennsylvania Gas ar Electric Co.
(Controlled by American Electric Power Corp.)
-krOnth of January- -12 Mos.End. Jan.311931.
1931.
1932.
1932.
$110,204 31,292,612 81,349,091
$102,364
Gross earnings
718,779
60.098
654.567
53,189
Oper.expenses & taxes
3630,312
350,106
3638,045
Net earnings
349.175
15,312
15.595
Sub,company charges and preferred dividends_ _ _
259,085
280,408
Bond interest
20.973
21.892
Other deductions
$321,069
$334,023
Balance
104,984
104,991
Preferred dividends
5229,032
5216,085
Balance *
* Before provision for retirement reserve.
W7.,ast complete annual report in Financial Chronicle Mar. 7 '31, p. 1798
Postal Telegraph & Cable Corp.
1930.
1931.
1929.
x1928.
Calendar Years$34,187,242 $37,923.357 $40,258,363 $39,119,376
Gross earnings
Operating, general exps.,
33.363,262 35.020,662 34,503,281 33,678.291
taxes and deprec
$823.980 32.902,696 35,755,082 35,441,085
Net earnings
Charges of assoc. cos.:
54,501
272,461
127,436
General interest
161.162
Int. on the Commercial
Cable Co. 4% bonds
and deben. stock not
23,201
converted
4,297
Divs,on the Mackay Cos.
4% prof. shares not
156,824
converted
69.738
Minority stockholders
245,696
equity in net income..
15,500
Int. on collateral trust
2,533,510
2,433,131
2,533.465
5% gold bonds
2,531,714
Net income
df.$1,764.032
Divs. on 7% non-cum.
preferred stock
396.769 $2,972,671 32,454,797
2.137,065
2,133,882
1,983,975
df.51,764,032 df.$2040,296
Balance
Portion of earns. of assoc.
cos. applic. to period
prior to July 1 1928,
effective date of acquisition of properties,
less adjustments for
int. and div. charges
applic. to such prior
period
$$38,789
$470,822
222,634
3248,188
8838,789
Balance
df.$1,764,032 df.$2040,296
x After giving effect for full year to interest charges on bonds and dividend requirements on preferred stock issue during the year to acquire
properties.
-Net loss, as above. $1,Consolidated Surplus Account Dec. 31 1931.
part of
764,032; add exchange losses on net current assets, the majorstandard
Which is applicable to those countries which suspended the gold
total, $1,774,937.
during 1931. $210,905; sundry surplus debits, $2,501:
Paid-in surplus, Dec. 31 1931, $11,058,072; not surplus, Dec. 31 1931.
39,080,634.
MAR. 12 1932.]
FINANCIAL CHRONICLE
1941
The Pullman Co.
Tennessee Electric Power Co.
(Revenues and Expenses of Car and Auxiliary Operations.)
1931.
1932.
Month of JanuarySleeping Car Operations
$3.897,753 35,354.186
Berth revenue
662.177
485,450
Seat revenue
132,956
81,344
Charter of cars
1,594
1,001
Miscellaneous revenue
189,249
198,791
Car mileage revenue
267,750
133,934
-Dr
Contract revenue
(And Subsidiary Companies)
-Month of January- -12 Mos.End. Jan.311932.
1931.
1932.
1931.
Gross earnings _____
$1,087,533 $1,200,208 $13,549,759 $14,646,130
Operating exps. & taxes499,569
592.362 6,633,687
7,690.159
Total revenue
Maintenance of cars
All other maintenance
Conducting car operations
General expenses
$4,530,406 16,072,413
2,454,299
2,043,483
40,737
34,573
2,763,888
2,062,499
292.867
247.093
Total expenses
Net revenue (or defldt)
Auxiliary Operations
Total revenues
Total expenses
$4,387.650 $5,551.793
520,620
142,755
85,187
72,250
116,230
99,526
Net revenue (or deficit)
$12,937
$16,704
Total net revenue (or deficit)
Taxes accrued
$155,692
190.723
$537,324
242,571
def$35,030
$294,753
Operating income (or loss)
Gross income
Interest, &c
$587,964
$607,846 $6,916,072 $6,955,971
2,373,052
2,188,076
Net income
Preferred stock dividend
$4,543.019 $4,767,895
1.530,675
1,408.830
Balance
Depreciation
$3,012,344 $3,359,065
1.260.000
1,256,477
Balance
$1,752,344 $2.102.588
I'Last complete annual report an Financial Chronicle Mar. 21 '31, p. 2197
Truax-Traer Coal Co.
(And Subsidiaries)
Period Ended Jan. 31 19329 Mos.
3 Mos.
Net loss after depreciation, depletion & int. charges
$78,867
x$25.720
x After inclusion of a credit of $47,411 representing discount on debentures
retired.
IO'Last complete annual report in Financial Chronicle June 13 '31, p. 4431
Utah Light & Traction Co.
Railway Express Agency, Inc.
-Month of December- -12 Mos.End.Dec.311931.
1930.
1931.
1930.
$114,168
$136,110 $1,306,062 $1,536,010
93,964
89,806
1,075.927
1,187,327
-Month ofDecember- -12 Mos.End.Dec.311930.
1931.
1930.
1931.
$
15,305,643 19,431,183 191.976.078 237,465,751
22,554
2,294
65,836
6,042
Operating revenues__ _ _
Oper.exps.,incl. taxes_ _
Net rev,from oper___
Other income
$24,362
66.050
$42,146
49.050
15,311.935 19,433,478 192,041,914 237,488,305
reharges for transp_
9,226,065 81,220,724 112,365,946
Express privileges-Dr.. 6,399,857
8,912,078 10,207,413 110,821,189 125,122,358
Revenue from transp_
3,347,237
301,611
3,173,458
270.029
Op. other than transp
Gross corporate Inc.__
Int. on long term debt_ _
Other int. & deductions..
$90,412
63,329
28,378
$91,196 $1,081,032 $1,080,817
63,329
759,945
759,945
29.160
336,615
336,388
$
RevenuesExpress, domestic
Miscellaneous
$
$
9,182,107
10,509,024 113,994,647 128,469,596
590.786
38,377
7,781,481
550,688
Total oper. revenues_
Expenses
Maintenance
Traffic
Transportation
General
8,028,889
628,213 7,516.534
424,374
403,433
31,186
9,097,724 96,579.579 110,303,698
7,063,790
6,678.389
557.992
8,961,332 10,315,116 111,177,937 125,820,753
Operating expenses_ _ _
Net oper. revenue_ _
Uncoil, rev,from transp.
Express taxes
220,774
958
88.637
193.908
1,388
92,199
2,816,710
15,617
1,343,361
2,648,843
14.288
1.375,352
1,457,730
1.259,202
Operating income
100,319
131,179
W'Last complete annual report in Financial Chronicle May 9'31, p. 3544
Sierra Pacific Electric Co.
(And Subsidiary Companies.)
-Month of January- -12 Mos.End.Jan.311931.
1932.
1932.
1931.
$129,318 $1,584,736 $1,505,311
$129.969
Gross earnings
0
143eration
aintenance
Taxes
$57,232
4.572
17,512
$70,847
7,190
18,388
$770,758
72,682
174,537
$606,906
83,341
180,959
Net operating revenue
Interest & amortization_
$50,651
7,639
$32,891
6.578
$566,758
86,914
$634.103
56.384
Balance
26.313
$43,011
479,844
577.719
During the last 22 years the company has expended tor maintenance, a
total of 7.75% 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
12.44% of those gross earnings
larLast complete annual report in Financial Chronicle Feb. 13 '32, p. 1196
$230,135
850,897
$348,683
732,134
Balancea dr
631293
b$15,528
b$1,295
6315.516
a Before dividends and retirement (depreciation) reserve appropriation.
b Deficit.
Utah Power & Light Co.
(including the Western Colorado Power Co.)
-Month of December- -12 Mos.End.Dec.311931.
1931.
1930.
1930.
Operating revenues.... _ _
$922,352
$964,155 $10,643,615 $11,233,433
5,076,264
424,693
413,733
5.043.955
Oper. exps. incl. taxes- Net rev,from oper_ _ _
Rent for leased property
$497,659
65,950
$550,422 $5,599,660 $6,157,169
849.750
730,267
48,884
Balance
Other income
$431,709
46.876
$501,538 $4,749,910 $5,426,902
499.851
530,540
48,477
Gross corporate inc--Int. on long term debt _ Other int. & deductions_
$478,585
178,321
16,559
$550,015 $5,249,761 $5,957,442
2,139,850 2.108,187
178,321
193.149
218,903
15,534
$356,160 $2,916,762 $3,630,352
$253,705
Balance*
1,724,097
- 1.752,773
Dividends on preferred stock
$1.163,989 $1,906.255
Balance
700,000
500,000
Retirement (Deprec.) reserve appropriation_
$663,989 31,206,255
Balance
* Before dividends and retirement (depreciation) reSerVe appropriation.
Yellow Truck & Coach Mfg. Co.
(Includine,Yellow Mfg. Acceptance Corp.)
Period End.Dec.311931-3'Mos.-1930.
1931-12 Mos.-1930.
Net profit
loss$868.983 $61,984 loss$2,762.335 $1,115,415
Earn. per sh. on 150,000
shs. 7% prof.stock_ _ _
, Nil
Nil
$0.41
27.43
FINANCIAL REPORTS
Southern Canada Power Co., Ltd.
Gross earnings
Operating expenses
-Month of January- -4 Mos. End. Jan. 311932.
1932.
1931.
1931.
$212.593
$798,532
$197,959
$832,978
81,938
66,886
289,365
312,640
Net earnings
$130.655
$509,167
$131,073
$520,338
arLast complete annual report in Financial Chronicle Dec. 5 '31, p. 3790
Standard Gas & Electric Co.
Year Ended Dec. 31-1931.
1930.
Gross earnings:
$
8
Public utility companies
145.528.803 153,678.302
Deep Rock Oil Corp. & sub. & affiliated cos..... 13,541,490 18,728,391
Total earnings
159,070,293 172,406,693
Operating expenses, maintenance and taxes:
Public utility companies (less $308,412 contingency reserve and $300,000 extraordinary
operating expenses to be amortized, as authorized by regulatory commission)
73.047,637
Public utility companies (less $420,000 contingency reserve)
80.277,586
Rock 011 Corp.and sub. & affiliated cos_ _ _ 11,933,734 16,033,164
Deep
Total operating, Ste., expenses
84,981,371
96,310,750
Net earnings:
Public utility companies
72,481,166 73,400.716
Deep Rock Oil Corp. & sub. & affiliated cos.._ 1,607,756
2,695,227
Total net earnings
Other income-net
74,088,922 76,095.943
4.091,528
5,591,042
Gross income
78.180,450 81,686,985
Interest (less int. charged to construction), amort.
of debt disc. & exp.,rent of leased props., miscel.
charges & approp.for retirement of property and
depletion (except Deep Rock Oil Corp. and its
& affil. cos,for which no approp. Is made in
43,473,402 43,634.052
sub. months' period ended Dec. 311931)
the 12
34.707,048 38.052.933
Net income
Dividends on capital stocks of subsidiary and affili18,022,187 17,296,723
ated companies hold by public
Undistributed net income accrued to capital stocks
1,412,425
1,265,626
of sub. & affiliated cos. held by public
Net income of Standard Gas & El. Co. & undistributed net income accrued to capital stocks
"ofsub.& MTh.cos. held by Stand. G.& E.Co_ 15,272.436 19.490.584
Dividends paid and accrued on Standard Gas &
6,565,767 6,408.086
Electric Co. preferred stocks
Surplus before deduction for divs. on Standard
8.706.669
Gas & Electric Co.common stock
13,082.498
Kansas CityIllower & Light Co.
-Year Ended Dec.31 1931.)
(Annual Report.
The remarks of President Joseph F. Porter together with
income account and balance sheet as of Dec. 31 1931 will be
found under "Reports and Documents" on subsequent pages.
RESULTS FOR CALENDAR YEARS.
1930.
1929.
1931.
1928.
Earnings-Electric sales $13,669,076 $13,618,963 313,360,187 312.497,425
508,603
450,221
Steam sales
449,714
549,221
220.375 • 144,237
*Misc. oper. revenue_
292,630
376,567
380,026
*Misc. non-oper. revs.
477,630
517,068
332,878
46,850
Earns. of oth. utilities
57.874
41,898
66,395
Gross earnings
$14,810,694 $14,883,651 $14,613,647 $13,749,850
Operating expenses:
5,640,124 5.810,418
5,437,700
*Electric, incl. maint_ 5,405,468
362,703
373,309
*Steam, incl. maint
312.237
322,158
29,138
28,666
Oth.util., incl. maint_
35.525
40,288
Oper.exp.& maint.-- $5,757,993 $5,997.807 36.202,258 35,839,674
8.411,389
8,885,844
7,910.175
Gross income
9,052,701
1,306,022
1,216,233
Taxes
1,164,392
861,315
1,326,523
1,224,526
Interest
1,230,167
1,339.304
Amort.of disc. & prems_
186.643
185,150
185,150
190,298
2,036.362
Depreciation
1.824,735
2,144,811
1,640,297
Net income
34,516,973 $4,030,295 $33,960,745 $33,690,168
Divs. on 1st pref. stock..
240,000
413,330
240.000
240,000
Divs. on common stock_ 3,675,000 3,138,000
2,810,500 2,453,500
Bal. trans. to surplus_ $601,973
$652,295
3823,339
$910,244
Shs,com.stk.out.(no par)
502,000
525,000
525.000
513,000
Earnings per share
$7.22
$8.15
$7.25
$6.53
* Adjusted to correspond to accounting method used during 1926. This
does not affect net result.
BALANCE SHEET DEC. 31.
1931.
1930.
1931.
1930.
Assets$
Liabilities$
$
Plant, prop..4 00_70,534,934 65,264,352 *Capital stock__ _28,395,000 28,395,000
Inventory
1,042,514 1,138,310 Funded debt
36,000.000 31,000,000
Investments
80,141
475,000
65,750 Notes payable__
Accts.& notes roe. 1,297,965 1,447,339 Consumers' depos_ 419,267
512,335
Work in progress 1,129,434 1,121,010 Accts. payable and
Accrued earnings.. 629,888
acced liabilities_ 1.539,775 1,682,288
583,173
Cash
13,850
17,382
768,171 Deferred earnings_
808,749
AIM. cos. rec_ _
4,967
93,139 Deprec'n reserve 10,574,492 9,922,514
Deferred charges
256,244
265.681 Reserve for injudes, arc
728,037
614,235
Unamort. financ'g
4,304,911 3,748,318
expenses
6,665.497 f3,070,282 Surplus
0th. unamort.debt
12,074,865
82,450,332 75,892,073
Total
82,450,332 75,892,073 Total
* Capital stock outstanding represented by 40,000 shares of 1st pref.
stock, series B, and 525,000 shares common stock, all having no par value,
but with an aggregate stated value of $28,395,000.-V. 133. I)• 3967.
1942
FINANCIAL CHRONICLE
Atlas Utilities Corporation.
(Annual Report-Year Ended Dec. 31 1931.)
The annual report for the year ended Dec. 31 1931 is cited
in full under "Reports and Documents" on subsequent pages.
The report contains the balance sheet as of Dec. 31 and a
complete list of securities held in the portfolio as of that
date having a market value of $21,544,651. In his remarks
to shareholders, President Floyd B. Odium explains that the
report must be regarded largely as a statement of condition
made in the middle of a program, which is by no means
completed. He says in part:
During the year 1931 your corporation continued its program of expansion through the acquisition of substantial interests in other corporations and organizations engaged in the securities investment business.
Some of those corporations and organizations have been consolidated
with your corporation, while others are controlled through stock ownership. This program a expansion was not completed at the end of the year
and consequently the consolidated statement of condition should be taken
more as an indication of the progress made during the year, and of the
liquidity of the combined assets, than as a reflection of the ultimate financial structure.
-V. 134, p. 1027.
General Motors Acceptance Corporation (& Subs.).
(Annual Report-Year Ended Dec. 31 1931.)
The income account and balance sheet as of Dec. 31 1931
are given in the advertising pages of to-day's issue.
[VOL. 184.
1930. The daily average production in 1931 was 17.282 barrels, as compared with 24,202 barrels in 1930.
Increased outlets for Barnsdall products were added during the year
and the corporation now has, either through ownership or control.or through
trade-mark contracts for the sale of its products under Its own brands,
an outlet for almost its entire refinery output. Barnsdall is distributing
Its products in 16 Midwestern States.
The Great Lakes Pipe Line Co.'s gasoline transportation line, in which
Barnsdall owns a 20.8% Interest, is now in successful operation from the
corporation's refineries in Oklahoma to Kansas City, Des Moines, St.
Paul, Minneapolis, Omaha,and Chicago. Substantial earnings to Barnsdall
Corp. from this Investment should be available through distribution of
dividends.
A summary of acreage and wells in which the corporation and its subsidiaries owned interests at Dec. 31 1931 is as follows:
Oil and
Acreage
Acreage
Gas Wells.
Operated.
Unoperated.
California
149
1,409.26
11,537.02
Indiana
13
172.00
80.00
Illinois
18
80.00
Kansas
139
2,770.80
686.06
116,
Louisiana
215.00
New Mexico
24.280.18
Oklahoma
1,633
34,461.83
29,629.36
Ohio
187
3.387.04
165.00
Pennsylvania
284
4,344.50
140.25
Texas
223
6,524.80
87,260.98
West Virginia
313
22,583.93
2,174.24
2,959
75,734.16
272,068.03
Several subsidiary companies produced the following products during
the year:
Natural gas produced (thousand cubic feet)
5.758,16/
Crude oil produced (net barrels)
6.308,164
Casinghead gasoline (gallons)
OF EARNINGS CALENDAR YEARS.
RECORD
15,615,178
Refined petroleum products (gallons)
130,360,361
1931.
1930.
1929.
x1928.
Refined petroleum products (coke, tons)
4,440
$
9,581
Total volume
745,039,762 911,491,7441133.117,431 977,089,050 Tripoli sales tons
Gross sales of all products for the year amounted to 13.776,163. The
Grossincome
43,532,836 56,763.812 60,536,016 50,216,597
decrease from 1930 is accounted for by the greatly curtailed production
Oper. ens., taxes, losses, loss
reserve,&o
24,872,335 26,170,104 27,415.922 24,453,026 and the extremely low prices received for products.
Net income for the year, after deducting all expenses, including interest
Interest and discount
9,681,381 16,023,382 20,663,458 15,345,285
and taxes, amounted to 1,690.958, as comapred with 10,435,717 in
Net profit incl. dividends
8,979,120 14,570,326 12,456,636 10,418,286 1930. After deducting depreciation, depletion and development charges
Earns.on capital funds
of 84,984,249 and adjusting losses applicable to minority interests in
$11.13
317.88
$18.52
$18.69 subsidiary companies
I Including General Motors Acceptance Corp. of Delaware.
amounting to 824,653, the operations for the year
resulted in a net loss of $3,268,637.
COMPARATIVE CONSOLIDATED BALANCE SHEET DEC. 31.
Stockholders of the corporation increased from 14,630 at the end of
1930 to 16,350 at Feb. 23 1932.
1931.
1930.
1929.
71928.
Assets
$
Cash
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
55,427.863 52,607,148 59.273,765 55,406,677
Notes and bills receivable
244,550.673 319,875,457 400,864,869 325,980,520
1931.
1930.
1929.
1928.
Accounts receivable
5,016,783
927,381 1,312,928 1,204,066 Gross sales and earnings-$13,776,163 $25,118.471 01.285.004 829.084,831
Furniture and equipment
526,343
854,604 1,319.102 1,616,778 Oper. & general oxps-- _ 11.593.261 13,963,477 16.049.408 16,298,634
Investments
5,117,159 x8,012.390 7,182.227 5,228,704
Deferred charges
Gross income
$2,182,902 811,154.994 $15.235.596 $12,786.197
1,629.670 2,394,594 3,858,954 4.402,831
Other income
55,695
114.272
324.679
294.180
Total
312,268,492 384,671.574 473.811,846 393,839,576
Total income
82,238.597 811,269.266 815,560.275 813,080,377
1931.
1930.
1929.
1928.
Liabilities-Interest paid
114,860
50.451
.203.967
$
1,717.365
$
$
$
Capitalstook
432,779
783,097
50,000.000 50,000.000 50.000.000 40.000.000 Federal taxes
1.028.805
645.920
Surplus
4,234.596 4,436.473 4.780,198
20.000.000 20.000,000 20.000,000 10,000.000 Depreciation & depletion 3,745.351
Undivided profits
1,092.532 2,686,705
7,224,158 8,300,582 6,900,093 14.239,934 Intang. develop. costs-- 1,238.898
1,889,478
5% serial geld notes
Loss appllc. to min. int_ Cr 24,653
C122,300
25.000.000 30,000.000 35,000,000 40.000.000
Cr837
7.553
6% debentures
37,953.000 43,083,000 45.500,000 48,000,000
Notes and bills payable
Net income
loss$3,268,637 85,130.891 87,205,162 $4.039,861
142,769.755 200,961,487 279,408,017 209,490,138
Previous surplus
Accounts payable
6.045.315
5,842,574 6.258.933 14,450,265
5,219.518 5,535,999„3.341.600
Dealers' repossession loss reserves 9,122,107 6,820,471 8,132,370 7,056.173
Total surplus
Accrued interest payable
82,776,678 $10.973,465 313.464,095 $18,490,126
1,369,371 1.664,974 1,805.919 1.871,225
Accrued taxes payable
1,514,496 2,047,564 1,786,120 2,079.155 Cost of be. retire. & red.
of treasury stock
Unearned Income
8,602,297 10,804,604 15,301.850 11,750,241
2,007,894
Reserves
3,493,792 5,452,894 6,855,533 6,011,110 Income tax refund, &c_Cr136.361
Surp. applic. to minority
stkholdings in sub. cos
Total
312,268.492 384.671,574 473,811,846 393,839,576
48,856
x General Exchange Insurance Corp. stock revalued at $5,111,159; other, 36.000. Prod, drill capital, prior
to Jan. 1 1928
5,556,383
y General Motors Acceptance Corp. of Del. not consolidated in previous published
Adj. of unprod. prop.
-all
balance sheets.
-V.133, p. 809.
502,490
94.432
value
918,797
5.207,696
4,425.659 4,831.191 x1,418.258
1,098.511
Dividends
(The) North American Co., New York.
(42d Annual Report-Year Ended Dec. 311931.)
The remarks of President Frank L. Dame, together with
the report of Vice-President and General Manager Edwin
Gruhl, are given under "Reports and Documents" on subsequent pages. A comparative income account and a comparative balance sheet are also given. Our usual comparative income account was given in V. 134, p. 1361.-V. 134,
p. 1370.
Barnsdall Corp.(and Subsidiary Cos.).
(13th Annual Report-Year Ended Dec. 31 1931.)
Robert Law, Chairman, and E. B. Reeser, President,
state in part:
Capital Structure.
-A proposal to adjust the capital structure of the
corporation is being submitted at a special meeting to be held Mar.22 1932.
(See V. 134, P. 1766.)
Operations.-OperatIons of corporation and its subsidiaries were limited
to essential activities and the completion of the program entered into in
the previous year. The outstanding event of the year was the development
of what is known as the East Texas Field. It comprises approximately
100,000 acres of proven and prolific producing territory and is undoubtedly
the greatest oil field ever discovered. The usual competitive drilling conditions were intensified, resulting in the rapid development of unneeded
production and the complete collapse of prices of crude oil. For a short
time prices were as low as 10 cents per barrel in this area. Unusual efforts
succeeded in curtailing operations and limiting the daily output to a reasonable volume.
Barnsdall has very valuable properties in this new area, in which it
completed 28 wells with a potential production of 10,000 barrels from each
well per day. Barnsdall owns an 80% interest in the wells, which are at
this time limited by legal curtailment to 75 barrels per well per day.
The opening of the East Texas Field. added to the general depression,
caused prices to fall to extremely low levels. The average price received
by the corporation for crude oil in 1931 was 71 cents as compared to $1.34
in 1930. Average price at the refineries for gasoline was $0.35 per gallon
in 1931 and $0.63 in 1930. The average price for fuel oil was 31 cents per
barrel in 1931 and 70 cents in 1930.
Every effort was made by the management of the corporation to offset
the losses resulting from decreased prices. Economies in operation were
effected wherever possible. Notwithstanding these efforts, the operating
profits of the corporation were greatly reduced.
In Californis the corporation was successful in proving two now and
important reserves of crude oil. At Elwood Terrace In Santa Barbara
County, where the company has been producing from the Vaqueros sand
since 1928. earlier predictions were confirmed by the definite discovery of
the Sespe sand. Because of general conditions, a moratorium on drilling
operations has been declared by all companies in the Elwood Field. The
oil is high in gravity and will be in great demand in the near future.
In the Gate Ridge district, also in Santa Barbara County, a new area
was discovered by the completion of a well on the Tognazzini lands owned
jointly by Barnsdall Oil Co. and the Rio Grande Oil Co. The well will
produce at least 1,000 barrels per day of heavy oil. These two discoveries
add tremendously to the value of Barnsdall's California properties.
A total of 43 wells were drilled during the year by the corporation's
subsidiaries, of which 39 were oil wells, one was a gas well and three were dry.
Barnsdall's production of crude oil was further curtailed in 1931, when
6,308,164 barrels were produced, as compared with 8,833,858 barrels in
Profit & loss surplus
$1,583,734 $6,045,315 $5,842,574 346,258,933
Shares of capital stock
2,192,725 2,247,602
outstanding (par $25)- 2,258,779
1,405,426
$2.34
Nil
Earns. per sh.on cap.stk
$3.20
$2.87
x Includes $731,261 paid in stock on Feb. 16 1928.
CONSOLIDATED BALANCE SHEET DEC. 31.
1930.
1931.
1931.
1930.
Liabilities-Assets$
$
$
$
x49,610,291 53,125,505 Class A stock
Property
56,443,000 56,441,400
Invest. in MM.cos 4,378,853 3,180,010 Class B stock
26,475
28,075
Adv. to Min cos._
16,000 Pay.rec. on equip,
16,000
552,414 sale contract._ - 800,000
Deferred charges.- 635,691
Cash
915,024 1,587,526 Bonded debt
88,100
65,377
Barnsdall stock in
Stock of subs, not
treasury
1,270,359 1,288,293 owned by Barns. 662,223
702,637
Bills & accts. rec.. 1,686,992 2,250,524 Accr. int.,taxes,&o 716,779
803,908
Inventories
4,902,731 5,358,516 Bills & accts. pay. 3,095,630 8,272,177
Surplus
1,583.734 6,045,315
Total
63.415,942 67,358,790 Total
63,415.942 67,358,790
x After deducting depreciation and depletion of 833,589.923.-17. 134.
p. 1766.
American Water Works & Electric Co., Inc.
(18th Annual Report-Year Ended Dec. 31 1391.)
CONSOLIDATED INCOME ACCOUNT (INCL. SUBSIDIARIES).
1931.
1930,
1929.
1928.
Gross oper. earnings- --849,931,729 $54,066,879 $54,119.004 $51.044,690
Op. exp., taxes & maint_ 24,079,167 26,183,152 25.603,531 24,547,639
Federal taxes
1,049,200
1,514,029
1,578.757
1,480,020
Gross income
$24,803,362 $26,369,698 826,936,716 325,017,032
Pref. dive, of subsidiaries 5,634,314
5,616.059
5,292.920
5,138,780
Minority interest
1,663
7,691
23,306
36.339
Int.& amort. of discount 1.319,179
1,289,805
1.382,866
1,298,913
do Subsidiary cos8,649,270 8,727,192 8,278,620 8.084,495
Reserve for renewals, replacement & deprec
3,094,742
4,105,304
4,137,526
4,249,009
Net income
$6,104,194 0,623.647 $7,821,479 86,209,496
Previous surplus
64,655,784 63,008,095 60,595,786 57,710,675
Other credits
109,602
154,844
Reduction in Federal income tax, &c
294,972
Total surplus
$71,164,553 $69,786,586 $88,417,264 $63,920,171
Deducts
-Disc. & exp. on sale of
preferred stocks
91,997
82,812
226,044
Sundry adjustments. _
39,100
49,561
38,745
Prem. on red, of pref.
stock of subsidiaries_
175,000
Divs. paid Amer. Water
Works & El. Co.(Del.)
1,200.000
First preferred
1,200,000
1,200,000
1.200,000
1,395,891
Common cash
1,541,227
5,250,554 3,009,818
689,394
Common (stock)
2,228.152
838,371
Profit & loss. surplus-$64,572,440 864,655,784 363,008,095 860,595,786
1,432,16
3
Shs. corn. outst.(no par) 1,750.888
1,657,093
1,750 888
$3.50
Earns, per share on corn.
0.10
$4.00
$2.80
MAIL 121982.]
FINANCIAL CHRONICLE
CONSOLIDATED BALANCE SHEET DEC. 31.
1931.
1930.
1931.
Liabilities-.
3
$
$
Assetslet pref. stock-- 20,000,000
Plants. property
& invests„....389,183,137 386,691,030 Corn. stock--y17,508,883
Pref, stocks of
Temp. Invests.
subs.with pub 85,822.700
sYstem secure_ 1,540,417 1,328,423
Min. stklaidrs?
Cashint. in corn.
Curr. cheek's
stock & sure.
acct.&onh'd 3.330,174 7,527.678
of sub. cos_ __
12,736
Held by trust,
Collat. trust 5s. 12,575,600
for construct
264,128 6% debentures_ 8,000,000
102,933
purposes,&c
5% debentures_ 3.000.000
Set apart for
Fund.debtsubs.159,223,400
red. of pref.
Accts. payable_ 1.814.536
stk. of subs.
Notes payable.- 2,235,319
.
companies
Accounts, notes,
Pay, by employ.
under stock
&c.. rawly__ x6,526,591 6,748,562
purchase plan
250,705
Matis & supers 2,526,559 2,986.952
Federal taxes_ _ _
767,684
Due from subsor.
Other taxes..,... 2,189,525
to pref. stk. of
15,843 Mat'd int. pay6,041
sub. oos
556.968
Accr'd int. pay_ 2,213,180
Disc. on bds. &
Diva, accrued on
notes, &c., depref. stocks-ferred charges 17,108,003 14,902,703
345,556
Divs. decl. unpd
Commis. & exp.
912,637
Div. decl. Dec.
on sale of can1,321,324
. 1,243,588
10'30 on corn.
Hal stook_ _ _
stk. pay. Feb.
2 '31
1,312,778
Fret stk.on sub.
.
co. called for
pay. Dec. 31
1929
Funded debt of
subs
Consumers dep. 4.194,566
0th. def. liablis_
157,999
Deferred credits388,103
Res. for deprec.
damages, &o_ 33,511,919
General surplus_ 64,572,440
1930.
$
20,000,000
17,508,887
85,720,500
91,021
12,575,600
8,000.000
3.000,000
156,149.400
2,275,791
340.319
1,624,003
2,133.777
320.776
2,362,770
376,758
579,856
1,312,269
5,524,000
4,550.316
177,992
531,052
31,975,770
64.655,784
421,567,243 421.786,643
Total
421,567,243 421,786,643
Total
x After deducting $483,074 reserve for uncollectibles. y Represented by
1.750,888 shares no par common stock. z Represented by 200,000 shares
$6 cum. hit pref. stock.
--V. 134, p. 1757.
Corn Products Refining Co.
(Annual Report-Year Ended Dec. 31 1931.)
COMPARATIVE INCOME STATEMENT FOR CALENDAR YEARS
1931.
1930.
1929.
1928.
Profits for operation_ _ _ -$10,543.287 $14.499,005 $16,919,389 $13,802,114
386,111
Int, on dep.,loans, &c-487,669
637,372
799,110
Int. & dive. on securs__ _ 1,758,600
2,004,325
1,811,300
1,884.433
Income affiliated cos__
2,294,189
2,294,406
1,667,126
1,948,492
See x
Profit on securs. sold-99,015
661.964
447,435
Total income
$14,982,186 $19,384,420 $22,140,257 $18,438,482
Int, on bonded debt_ -88,727
101,727
118,006
118,523
General, State,corn. and
Federal taxes
1,322,323
2,093,136
2,552,766
1,967,643
Depreciation
2.717,522
2,916,225
2,940,665
2,942,583
Insurance
143,839
205,643
219,168
216.757
Net income
$10,709.775 $14,087.689 $16,309,652 $13,192,974
Preferred dive. (7%)-.- 1.750,000
1.750,000
1.750.000
1,750.000
Common dividends
8.855,000 10,120,000 10,120.000
8,855,000
Rate
14%
16%
14%
16%
Surplus
Previous surplus
$104.775 $2,197,689 $4,439,652 $2,587,974
24,480,894 22.283,205 17,843,553 15,255,578
Profit & loss surplus.
..$24.585,669 $24,480,894 $22.283,205 $17,843,553
Shares of common outstanding (par $25)___ 2.530,000
2,530.000
2,530.000
2,530,000
$3.64
Earn, per share on corn_
$4.52
$4.85
$5.76
x Net loss on sales of securities to the amount of $1,033,022 has been
charged to the reserve previously accrued.
COMPARATIVE BALANCE SHEET DEC. 31.
1931.
1930.
1931.
1930.
Assets
$
Liabilities-$
3
$
gem est., bldgs.,
Preferred stock_ 25,000,000 25,000,000
machinery. &o 38.346.813 39,500,714 Common stock_ 63,250,000 63,250,000
Inv.In affil. cos_ 31,615.046 27,925,086 First mtge. 55__ 1,766.000 1,775,000
675.683
Aud. vouchers-Cos. pref.stook_
279,820
505,571
mtges. receirle
151,483
151,498 Acols payable-- 1,017.052 2,027,849
5,634,656 3,633,649 Accrued interest
Cash
Acct's receivable 3.548.838 4,115,003
on bonds_ _ _14,717
14,792
1,763.276 Divs. payable__ 2,335,000 3,600.000
Notes receivable 1.871.956
2.851.615 4.579,762 Outstand's stock
Demand loans
Marketable seas.x26,976,014 33.540,779
of merged cos_
3.193
3,193
224.115
238,452 Reserves
Acor. int., &o
3.053.428 6,736.540
24,585,669 24,480,894
Due fr. affil. cos. 3.391,099 4.397,657 Surplus
supplies 5,715.190 7,298,858
Mdse.&
302,369
249,103
Deterred charges
121,304,880 127,393,838
Total
Total
121.304,880 127,393,838
x Market value Dec. 31 1931,$14,932,395.-V. 134, p. 1201.
Chicago Rock Island & Pacific Ry.
(Preliminary Report-Year Ended Dec. 31 1931.)
Charles Hayden, Chairman, and J. E. Gorman,President,
state:
1943
of all locomotives on the Southwestern lines, and it is
saving in fuel cost will be well over $1,000,000 a year. expected that the
Rates and Wages.
-Notwithstanding the substantial decrease in income,
there are several encouraging features in prospect for the immediate
The I.-8. C. Commission, while denying the 15% increase in rates future.
sought
by the carriers, has permitted increases on certain commodities
Mar. 1 1933, which will greatly benefit the railroads. It Is estimated until
that
the Rock Island's share of this increase will be approximately
$2,000.000
per year, based on the 1931 traffic level. In January the Supreme
Court
reversed an order of the Commission prescribing lower rates on grain
and
grain products, which had become effective Aug. 1 1931. These rates
are being restored by tariffs effective in the immediate future, the revenues
involved approximating for the Rock Island $1,500,000 a year.
The
Commission's general investigation into live stock rates should produce
an additional $400,000 a year in revenue for us.
Another item of interest is the agreement with all the organized employees
to accept a 10% reduction in wages for one year, effective Feb. 1. This
was preceded by a similar reduction in the salaries of all the officers and
subordinate officials, and is accompanied by a like reduction in the pay of
all unorganized employees; the total reductions being approximately
$4,500,000 a year. It is a source of great satisfaction to your management
that the employees of this company, suffering like all of us from the depression in which the country finds itself;are willing to do their part toward
restoring prosperity, and that this result has been obtained by the most
friendly negotiations and the most helpful co-operation of all employees.
It may interest you to know that for the last two winters our employees
have had a relief fund of their own,supported by their voluntary contributions, to assist the men who were forced out of work by the reduction of
force required by decreased business.
System Unification.
-The most constructive matter we now have before
us is a unification of the properties comprising the Rock Island System
Into one property, all to be owned by the Chicago Rock Island & Pacific
Ry., the operating company. The purpose of this unfication is to provide
a foundation for financing in 1934, when the first & refunding and two
other mortgages mature. If the plan is consummated, the new mortgage
to be executed in 1934 will be a direct lien on all the railway properties of
the system, and the railway company's corporate and financial structure
will be much simplified. In addition we hope to eliminate the expense of
maintaining separate corporate organizations, and in some instances separate operating organizations. The matter will be submitted to the annual
meeting of stockholders May 5 1932.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1931.
1930.
1929.
1928.
Operating Revenues
Freight revenue
79,518,095 96.41.917 113,597.037 108.758,903
Passenger revenue
10,653.681 15.295,583 19,338,168 20,059,597
Mail revenue
2,839,593
3,047,832
4,319,740
2,808,303
Express revenue
1,974,061
2.781.862
3,597.805
3.543,459
Other transporta. rev
1.683,320
2,247,082
2.622,334
2,804,178
Miscellaneous revenue
2,400,813
3,495.632
4.196.478
3,258,162
Total ry. oper. rev... 99,069.563 123,079,910 147.721,562 141,232.604
Operating ExpensesMaint. of way & struc- 10,987.985 15,319,813 20.250,848 19,173,523
Maintenance of equip
17,717,462 21,224.498 27.294.256 26,598,095
Traffic
3.022,549
3,240,043
3,469.703
3,146,389
Transportation
37,553,757 45,447,900 52,145,967 60.223,183
Miscellaneous operations 1.316,506
1,663,793
1,949,550
1,125,876
General
4,240,509
4,375,244
4,360,448
4,140,850
Transp. for invest.---Cr_
311.901
719,533
915,387
1.151.577
Total ry. oper. exPs
74,526.868 90,551,758 108,555,385 103,266,340
Net rev,from ry. oper_ 24,542,695 32,528,152 39,166.177 37,966,263
Railway tax accruals
6,530,000
7,198.000
8,212,087
8,379,348
Uncollec. ry. revenue_ _ _
23,815
33,274
32,396
73.711
Total ry. oper. Income 17,988,880
Equip,rents, debit bal.. 3,871,993 25.296,878 30,921,694 29,513.204
4,462,122
4.867,141
3,921,771
Jt. fedi. rents, deb. bal- 1,192,881
1.086,949
1.205,644
1,324,918
Net ry. oper. income_ 12,924,007 19,747,807 24,848,909
24,266,515
Non-oper. Income
-Rentals
328,171
442,730
354,739
303,909
Interest and dividends
724,334
769,907
856.834
650,470
Miscellaneous income_ _ _
15,813
162,622
70,788
7,542
Total income
13,992,325 21,123,065
Deducs.from Income
Rent for leased roads_ _ _
155,289
155.334
Miscellaneous rents
9,010
5,089
Other income charges...
130,469
134,910
Int, on bonds & lonerm notes
t 11,998,662 11,114,390
Int. on equip. notes._ - 1,877.000
1,771.366
Int. on bills pay.& acct
.
's.
208.440
241,748
Net income
def386.544
7% preferred dividends_ 1,029,774
6% preferred dividends_
753,819
Divs, on common stock_ 1,673,055
7.700,228
2,059,547
1.507.638
5,205,060
26,131.269
25.228,436
155,203
5.281
173,069
156,301
5,003
183,899
10,400,972
1,254,397
135,027
10.442,533
1.227,125
45,878
14,007,321
2,059,547
1.507.638
5,205.060
13.167,696
2.059,547
1.507,638
4,461,480
Balance, surplus...-def3,843,192defl.072.017
5,235.076
5.139.031
Per cent earned on common stock
Nil
14.04
5.56
12.91
CONDENSED GENERAL BALANCE SHEET (ROCK ISLAND LINES).
19311930.
Assets
-S
Investment in road and equipment
-Road
$363,8t4.823 $358,096.777
Equipment
147,375,047 147,575,373
Improvements on leased railway property
853,763
841.440
Miscellaneous physical Property
2,182.422
2.260.914
Investments in affiliated companies
17,018,644
15,317,292
Other investments
615.170
2,541,535
Cash,time drafts and special deposits
5,895,190
6.704.593
Loans and bills receivable
126,519
13,213
Material and supplies
7,148,314
8,326.172
Other current assets
4,619.092
5,493,405
Other deferred assets
356.994
283.617
Rents and insurance premiums paid in advance
21,876
128.665
Other unadjusted debits
1,486,264
1,542,691
Total
$551,524,117 $549,123,687
Liabilities
7% preferred stock
$29,422,189 $29,422,189
6% preferred stock
25,127.300
25,127,300
Common stock
74,359,722
74,359,722
Funded debt
317,912,885 321,981,335
Loans and bills payable
8.750,000
AuditedIaccounts and wages payable
5,017.373
6.172.775
Interest and dividends matured-unpaid
1,587,706
1.611.501
Unmatured interest and rents accrued
3,166,902
3.242.905
Miscellaneous accounts payable
2,374,605
1.625.876
Other deferred liabilities
861,263
865,113
Tax liability
4.770,542
5,485,520
Accrued depreciation-Equipment
43,344,652
38.680.439
Other unadjusted credits
2,318,650
2,560,330
Additions to property through income & surplus
1,800,703
1,498.715
Appropriated surplus not specifically invested
201,638
231,073
Profit and loss
-Credit balance
31,256,733
35.510,160
Total
$551.524,117 $549.123.687
-V. 134, p. 1573.
-Net income for the year fell short by $386,545 of meeting tne
Results.
me charges, including taxes. The gross revenues for the year were
,"
$99,069,563, which are the lowest since 1917, and are approximately
$24.000,000 under the gross revenues for 1930. This loss in revenue is
attributable principally to the general business depression, which became
worse throughout the year, the last two months being the lowest. It is
attributable partly to the continually increasing competition of the motor
truck and to the loss of passenger traffic to the automobile.
We are giving constant attention to these problems and everything that
minimize their effect is being done.
can be done to
that the board was forced to discontinue
It was a matter of great regret had hoped to avoid this necessity, but
dividends. We
the Payment of
continued decline in revenues made it apparent toward the close of the
the
course was to omit dividends until conditions
year that the only sound
Improved sufficiently to justify their payment.
Work.-Necessarlly, no new work has been undertaken during the
New
The property has been operated as economically as possible, and
year. maintenance of way and maintenance of equipment have been reconsistent with safe and efficient operation, the property
duced as far as
deteriorate and it is now in excellent condition
has not been allowed to
which it is handling. No new equipment was purchased.
for the traffic
-This line was completed and placed in operTrenton-Kansas City Line.
total cost of its construction being approxiation during the year, the Chicago Milwaukee St. Paul & Pacific RR.
The Studebaker Corporation, South Bend, Ind.
The
mately $11,300,000. line into Kansas City, and the two lines are adjacent
relocated its
(21st Annual Report
-Year Ended Dec. 31 1931.)
has also
between Polo and Birmingham. An arrangement has been
for 37 miles for the operation of these two lines as one double track railPresident A. It. Erskine, South Bend, Ind., March 7,
into
entered
companies. Our new line should produce very subroad, used by both
investment, through a reduction in the cost of wrote in part:
stantial returns on the
In the first nine months of the year the corporation's business was fairly
transportation.
-We have continued the pro- profitable, showing net profits, after'minority
Burners.
Conversion of Locomotives to Oil oil burners wherever it is possible to 4.7%,on gales compared with 3.8% in the same interests, of $2,496,125. or
period of the preceding year,
converting locomotives to
gram of
fuel cost. During 1931 we completed the conversion in spite ofa reduction of 27% In dollar sales. The fourth quarter, however,
effect & reduction in
1944
FINANCIAL CHRONICLE
proved to be the worst the automobile Industry had experienced In a decade,
and we sold only 10,241 vehicles. This resulted in substantial losses in the
fourth quarter; in addition. we incurred considerable extraordinary expense
Incident to the introduction of our complete line of new models, and also
losses in our foreign receivables which were adjusted to their current valuation in dollars.
The Studebaker surplus account was charged with the net amount of
$499.034 to cover adjustment of Studebaker investment In Pierce-Arrow
stocks to present book value resulting from a revaluation of certain assets
of old Pierce company taken over by new company for liquidation and from
payment of Pierce dividends, less discount from $100 par value on Pierce
pref. stock purchasel and held in treasury.
The number of vehicles sold by the corporation was 58,202, compared
with 67,269 the previous year. a decrease of 13.5%. This compares with a
decrease of 30% in the total production of the automobile industry.
During the year the corporation amortized, under the provisions of its
charter, 4.500 shares of Studebaker prof. stock. It also purchased, in the
market, 8,200 shares of Pierce-Arrow pref. stock, which increased its holdings in this stock to 15,100 shares, and 5,400 shares of Pierce-Arrow class A
stock, thereby reducing the minority interest in this important subsidiary
of the corporation.
In order that the corporation might mako greater use of its surplus plant
facilities, which have an annual capacity of 250,000 vehicles, better develop
and protect its dealer organization, complete its coverage of the markets
and provide for its future, the directors decided about a year ago to add a
new low priced six-cylinder car to our existing lines. Accordingly, we engineered and developed such a car and recently put it into production.
The car is known as the Rockne Six, has a low base price of 6585. and
should greatly expand our volume. It is being manufactured and marketed by a new, wholly owned, subsidiary company, the Rockne Motors
Corp., with headquarters at Detroit, and is being assembled there in our
plant. The engines and bodies are being made at South Bend at present.
With this new addition, the corporation, for the first time in its history,
now covers the low, medium and high priced fields in passenger cars and
trucks.
During 1931 the Studebaker passenger car and truck lines were refined
and improved, and the new Pierce-Arrow 12 was placed on the market.
Our December sales were the best we had obtained since 1928 and there is
no doubt that Studebaker and Pierce-Arrow cars deserve to stand, and do
stand, higher in public esteem than ever before. With the return of volume
buying we are confident that we shall get an increasing share of the business.
On Feb. 16 1932 Studebaker celebrated its 80th anniversary,and is to-day
the oldest vehicle manufacturer in the United States, if not in tho world.
-At the end of the year there was outCapital Stock and Stockholders.
standing $6,300,000 of 7% cum. pref. stock, after purchase and retirement
of $450.000 during the year, and 1.961,413 shares of no par common stock,
of which 56,368 were held in the treasury of the corporation.
On Dec.31 1931 there were 795 preferred and 31,324 (a record) common
stockholders of the corporation, as compared with 808 and 29,749 the
previous year.
--The StudeAdjustments in Common Shock Capital and Surplus Accounts.
baker Corp. was organized as of Jan. 1 1911, and in the 21 years ending
Dec.31 1931 its sales amounted to $1,948,459,627. The net profits realized
from these sales and other net income, after deducting all charges for extraordinary expenses and adjustments in book values of assets to date,
amounted to $159,361,932. These net profits were disposed of as follows, viz.:
$14,186,620 were paid in 83 consecutive quarterly dividends to the stockholders of the 7% cum. pref. stock of the corporation.
96,148,054 were paid in cash dividends to the stockholders of the common stock of the corporation.
49,027,257 of surplus earnings remained.
In 1920, 1922 and 1929 the corporation declared stock dividends equivalent to 826,288 shares of its present no par stock. These shares were
capitalized at $33,051,520. or $40 per share. Common stock capital account was accordingly credited with this amount, and surplus earnings
($49,027,257 as above) were charged the same amount. This action
reduced the surplus account on books to 815.975,737 as of Dec. 31 1931,
as shown by this report, including special surplus account of 68,100,000
which was established under charter requirements in respect to the purchase and retirement of pref. stock.
In the judgment of directors, this $33,051,520 should be transferred
from the common stock capital account and returned to surplus account
where it would be available to use for carrying out the desire of the directors
to write down the "trade name, good-will and patent rights" account,
which was created as a capital asset when the corporation was formed,
from $19,807,277 to $1 and to write down the book value of its investments
in plant facilities and for other purposes. The transfer of $33,051,520
from capital to surplus would leave the common capital $23.15 per share,
instead of $40 per share as at present. Directors believe it advisable that
at the same time $3.15 per share additional should be transferred from
capital to surplus to make the common capital, after such transfer, a round
figure of $20 per share. No part of this transferred surplus might be used
for dividends on the common stock as long as any of the pref. stock remained outstanding.
If the write-down of plant facilities is made. substantial savings would
result to the corporation in depreciation and other charges, thereby benefiting the profits of future years. Last year our charges against profits
for depreciation alone amounted to $2.251,586, or $38.95 per car produced.
board
The foregoing matters will be considered at a special meeting of the
will be
of directors to be held early in March, and as finally determined,
included in the matters to be acted upon at the annual meeting of the stockholders to be held on April 26.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
[Includes sub-companies and Pierce-Arrow Motor Car Co.I
1928.
1929.
1930.
1931.
142,696
107,653
67,269
58.202
Number of vehicles sold
$86.083,9395145,303.8345177.128,879
Net sales in the U. S. and abroad$64,406,858
Net earns,from sales, after dedue.
cost of mfg., sell. & gen. exp.,
but before deprec., repairs and
replacements to plant & prop6,646,035 7,391,599 21,258,316 22,979,989
erty, and other net income
1,992,619 2,258,694
2.251.586 2,329,034
Reserves for depreciation
to repairs & replacemls_ 3,643,374 3,633,328 6,460,581 6.857,919
Charges
--$751,074 $1,429,237 $12,805,117 $13,863,376
Balance of earnings
223,088
202,049
120,943
81,327
Interest received, less paid
$832,401 $1,550,180 $13,007,166 $14,086,465
Total income
42,692
270,535
Deb. prem. Lk. exp., Pierce-Arrow
1,389.617
808,371
9,978
7,199
Reserves for income taxes
Net profits for year
Minority int. in subsidiaries
Divs, paid on Studeb. pref. stock
$825,202 $1,540.203 $11,928,261 112,654,156
582,233 Cr.1.293,026
539,986
Cr.34,603
515,462
499,450
460,250
472,500
Balance net profits applicable
$527,716 $10,846,578 $13,431,719
to Studebaker corn. stock__ 5399,555
18,512,495 30,561,767 36.681,039 38,574,319
Surplus account Jan. 1
$18,912,050 $31,089.483 $47,527,618 $52,006,038
Total surplus
Divs, paid on Studeb. corn, stock 2,353,695 7,355.299 9,536,230 9,375,000
$.5
$5
$3.75
$1.20
Rate
3,051,520
Approp. for stock My. Studeb
Approp.to reduce cost of Studeb's
invest. in Plerce-Arrow Motor
178,629 4,378.100
499,034
Car Co. to book value
83,583
Prem. on Studeb. pf. stk. retired
St exp.incidental to centralizLoss
5,949.998
ing factory oper. at So. Bend_
Adjust. 01 56,368 shs. tress Corn.
2,124,738
of capital valuestock to basis
Approp. to further reduce book
value of Detroit plants tfc prop.
918,
not presently used in mfg.oper.2, 323
-$15,975.737 $18,512,494 $30,561.767 836,681,039
a Surplus account Dec. 31
$5.53
$7.16
$0.27
$0.20
Earns. per sh. eom.stk. outstand.
a Includes special surplus of_ $8,100.000 $7,695,000 87.290,000 56.885,000
of the Studebaker Corp.
-For statistical purposes the results from operations
Note.
and the Pierce-Arrow Motor Car Co. have been combined for the year 1928.
AWLS--
[VOL. 134.
CONSOLIDATED BALANCE SHEET DEC. 31.
1931.
Cash
Sight drafts and acceptances outstanding, dom. & for'n_
Investments
Notes and accounts receivable
Inventories
Deferred charges
Branch house real estate & leaseholds & property not
1930.
0
”:24:7 4 T111:32S
80,702
70.756
Ig:11°N 4:411:21
476,492
730.337
iggla
:f
b10,75; 23 10
Studebaker pref. stock held for retirement
Real estate contracts receivable and home sites held
for sale to employees
859,520
839,424
Investment in and advances to other companies
284,947
274,403
Manufacturing plants and property at South Bend, Ind.:
Buffalo, N. Y., and Walkerville, Ont
c55,667.890 11:LT3i:3
Trade name, good-will and patents rights
78
19.807,278
Total
5118,286,448 5119.903.897
LiabUUfesNotes payable
$5,500.000 $5,000,000
Accounts payable
3,244.822
5,836.619
Deposits on sales contracts
497,046
385,747
Sundry creditors & reserves, 1nel. accrued payrolls
1.766.205
1,918,584
Reserves for U. S. and Canadian income taxes
78.232
2.803
Purchase money obligations, PlereeArow
332,500
355.875
Minority stockholders' Int. in Pierce-Arrow M. Car Co_
5.809,283
7,520.797
7% cumulative preferred stock
6,750,000
6.300.000
Common stock
d76,201.800 76,201.800
Surplus
e15.975.737
18,512,495
Total
$118.286,448 8119,903,897
a After reserve for doubtful accounts of $168,498. b After reserve for depreciation of 52,733,882. c After reserves for depreciation of $17,974.986. d Reprosented by 1.905,015 no par shares. e Includes special surplus of $8.100,000.
I Includes 3,012 shares Studebaker preferred and 6,900 shares Pierce-Arrow pre-y. 134, p. 1780.
ferred stocks (at coat).
Bethlehem Steel Corporation.
(27th Annual Report
-Year Ended Dec. 31 1931.)
Charles M. Schwab, Chairman, and Eugene G. Grace,
President, state in part:
Results -The net income of corporation and its subsidiary companies
for the year was $115.745 as compared with $23,843,406 for the preceding
year, equivalent to $0.12 per share of preferred stock for 1931 as compared with $5.26 per share of common stock for 1930.
The value of shipments and deliveries by subsidiary companies of corporation during the year, as represented by gross sales and earnings, was
$186,541,195 as compared with $258,979.253 for the preceding year.
The value of orders booked during the year, including $9.552,378 of
orders on the books of the corporations whose properties were acquired
during the year on the respective dates of acquisition, aggregated 6159,629,477 as compared with $241,344,965 for the year 1930. The unfilled
orders on Dec. 31 1931 amounted to $41,514,877 as compared with $68,426.595 on Dec. 31 1930.
Full dividends were paid on the preferred stock during the year, and
dividends on the common stock of $1.50 per share were paid on Feb. 16
and May 15; of$1 per share on Aug. 15,and $0.50 per share on Nov 141931.
-Due to changed conditions, it was
Youngstoom-Bethlehem Merger.
deemed impracticable to carry out the agreement covering the proposed
acquisition of the properties and assets of the Youngstown Sheet & Tube Co.,
and corporation in October 1931 exercised its option under the agreement
and cancelled it.
Acquisuions.-During 1931 corporation purchased the properties and
assets of Levering & Garrigues Co., Hay Foundry & Iron Works, and
Iledden Iron Construction Co. which owned structural steel frabricatIng
'
plants in or near Newark, N. J., and of Kalman Steel Co., frabricators
and distributors of concrete bars and building specialties. These purchases involved the issue of an additional $5,500,000 of the 4 % serial
gold bonds and the assumption by Bethlehem Iron & Steel Corp. a sub'
sidiary, of $240,000 of Kalman Steel Co. 1st mtge. 6% gold bonds.
-year
In June 1931 corporation issued $16,000,000 consol. mtge. 50
sinking fund 5% gold bonds, series C, which were pledged in substitution
for other collateral securing the McClintic-Marshall Construction Co.
collateral trust 54% serial gold bonds assumed in connection with the
McClintic-Marshall purchase.
Corporation acquired for cash during 1931 an additional 153 shares
of the capital stock of Johnstown Water Co. 98.29% of the stock of
that company is now owned by Johnstown Water Corp., all of the common
stock of which, except directors' shares, is held by corporation under
the Cambria Iron Co. lease. The two water companies have been considierod subsidiary companies of corporation in the 1931 accounts.
-The cash expenditures for additions and
Additions and Betferments.
Improvements to properties during the year amounted to $12,699,897.
estimated cost of completing the construction authorized as of Dec. 31
The
1931 is 36,905.000. Expenditures on this program are now being made
only on items needed under present operating conditions.
-Operations of the stool plants for the year averaged.
Operations ofPlants.
38.6% of capacity as compared with 61.7% in 1930. During most of the
year the rate of operations in practically all departments steadily declined,
reaching its low point for the year in December. Selling prices also tended
.
of ut pr yea. 0
e
downwardresultt hrougholowtho 10es r
combined with the low rate of operations.
Aath
the year 1931 was the first since 1909 in which corporation failed to earn
the full dividends upon its preferred stock from time to time outstanding.
-In view of these conditions further reductions in
Wage Reductions.
costs of operation wore imperative, and it seemed impossible to maintain
longer the existing wage scales. Accordingly, on Oct. 1, there was a
general reduction in wage rates and salaries.
The plan of distributing available work among employees was In effect
throughout the year. Under such plan part time employment was provided for practically all the regular payroll force. The daily average
number of employees in the United States working during the year was
45,258 as compared with an average monthly payroll force of 66,353.
Rated Steel Capacity Increased.
-The rated steel capacity of corporation
was increased to 9,510,000 tons per annum and its pig iron capacity reduced to 6,375.000 tons per annum, affective in both cases on Jan. 1 1932.
The increase in steel capacity resulted principally from the additional
open hearth departments at the Maryland and Lackawanna plants, which
wore offset in part by adjustments in the rated capacity of other plants
on account of the abandonment of furnaces. The decrease in pig iron
capacity resulted from the decision to abandon four old blast furnaces.
Employees as Stockholders.
-At the end of the year 12,588 employees
wore the holders of record of 105,695 shares of tho preferred stock purchased
and paid for under the "Employees' Savings and Stock Ownership Plan"
and 5,954 employees were paying in installments for an additional 14,989
shares. Because of general business conditions directors decided to postpone the ninth offering under the plan, which would normally have been
made in February 1932. Cancellation of subscriptions under the plan
by the employees were unusually large during 1931 because of low earnings
a the subscribers resulting from curtailed employment. At the end of
the year corporation held approximately 60,000 more shares of the preferred
stock than would be required to fill the uncancelled subscriptions as of
that date. Accordingly that number of shares of such stock were transferred to the Treasury as of Dec. 31 1931.
At the end of the year officers and employees of corporation and its
subsidiaries were the holders of record of 217,980 shares of its common
.
stock purchased under the Management Stock Ownership Plan, on account
of the purchase price of which they had paid in installments 82,583.819
plan for
exclusive of dividend credits. Purchase agreements under the thePIn,
1.810 sharesof stock were cancelled during the year pursuant to deathw
which provides for the automatic cancellation thereof upon the
0 with
termination of the employment of the purchasers and the return_
Interest of the payments theretofore made by them on account r
purchase price of the shares covered by such agreements.
of comBonus System.
-The bonus system providing an incentive basis 1 1931.
pensation for officers and employees was modified effective on July officers
to
The total amount paid for the year 1931 under the system
ehcworhploratwloasn
and heads of departments having control of matters affecting_
and its subsidiary companies as a whole was 6397,364, all sr
paid for the period prior to July 1 1931.
FINANCIAL CHRONICLE
MAR. 12 1932.]
1945
-Corporation during 1931 paid $699,503 in pensions to:retired to authorize the cancellation and retirement of these 200.000 shares, which
'pensions.
Of the
employees as compared with $591,746 for the previous year. pension are now held in the treasury.
-Net quick assets decreased $929,495
Resources.
Application of
amount paid during 1931 the suns of $338,476 was paid out of a reserves during the year, Incoming$717879 represented loss on inventory crude oil.
of which
fund established in 1928 and the balance was charged to other
trust
year 366 new pensions The net decrease, excluding this item, amounted to $211.616. The profit
from income of years prior to 1931. During the
invnetory loss, depreciation, depletion, lease
were granted and 113 were terminated by death or other causes. To for the year before crude
provide for the new pensions $1,248,102 was paid into the pension trust abandonments, loss on sale of tank cars and miscellaneous adjustments
current earnings amounted to $472,703. The sum of this profit and the net decrease in
fund during 1931, of which $1,156.410 was charged against
was applied in the following manner:
and $91.692 was charged to reserves taken over from McClintic-Marshall net quick assets is $684,319, which
Corp. in respect of its pensions obligations. At the end of the year there Additions to property:
$308.678
were 1,468 retired employees on the pension list.
Lease and royalty purchases (net)
During the year $1,079.472 was paid to sick or disabled employees, or
108,406
Wells, lease facilities and miscellaneous equiipment (net)
out of
to the dependents of deceased employees, under the relief plan payroll
contributions by the participating employees made in the form of
$417.085
deductions.
406.000
-proceeds sale of tank cars
Less
Stockholders.
-The number of stockholders at the end of the year was
$11,085
92.077. of whom 3,430 held both preferred and common stock. The number
stock Cost of 108.881 shares of company's stock purchased
645.388
*I' holders of the preferred stock was 35,286 and of the common
26,746
Increase in prepaid expenses
was 60,221.
1,098
Increase in investment in other companies
INCOME ACCOUNT FOR CALENDAR YEARS.
1928.
1929.
1930.
1931.
$684.319
$
$
$
$
STATEMENT FOR CALENDAR YEARS.
Gross sales
186.541,195 258,979,253 342.516.207 294.778,287 CONSOLIDATED INCOME
1929.
1928.
1930.
1931.
Mfg. cost, admin., sell.
& gen. exp. & taxes 168,717,350 219.548,168 282,359,283 253.848,844 Gross oper. revenue.-- $2.786,094 $5,187,949 $8,957.708 $6,999.321
128,162
610,371
97,675
287,512
Other income
Net before deprec., &c. 17,823.845 39,431.085 60.156,924 40.929.443
$3,073,606 $5.285.624 $9,568,079 $7.127,483
2,591,693
Gross income
7,312,321
5,802.579
3,562.849
Other income
3,945.265
4,260.571
3.769,269
2,568,255
Operating expenses
699,705
504.397
542.999
534,724
Total income
21,386,694 45.233.664 67,469,245 43.521.136 Tax.,lot.,lease rout, &c.
7,172,517 11,217.180 11,276,879 Productive, drill, depict.,
Bonds,&c..interest, &c_ 7,426,039
2,148,449
2.474,309
2,448,874
2,621,849
deprec. & abandon..
14,217.741 14.009,085 13.658,335
Depreciation & depletion 13,844,910
$334,064
def$2,651,222 df$1,475,518 $2,328.802
Net income
115,745 23,843,406 42.242,980 18,585,922
Net income
1,327,838
322,415
1.002.451
7,000,000 6.842,500 Dividends paid
7.000,000
6,895,000
Pref. dividends (7%)
1,800,000
6,400,000 19.200,000 15,600,000
Common dividends
$11,649
Balance.surplus..- def$2,651,222 df$2,477.969 $1.000.964
9,943.422 Shs. of cap. stock outBalance. surplus__ _def13,179,255 def2,356.594 19.642,980
806,038
835,362
808.881
700,000
standing (par $10)...
Appropriated and unap$2.79
x$1.82
$0.41
43.79
propriated surplus___128,471,434 134,565,632 114.922,652 124,319,230 Earnings per share
x Loss per share.
115,292,179 132,209,038 134,565,632 134,262,652 ANALYSIS OF CONSOLIDATED CAPITAL SURPLUS YEAR ENDED
Total
Net adjust, in respect of
DEC. 31 1931.
transf. of bldg.& equip
$3,560 0 6
38
5
645: 2
Capital surplus, Jan. 1 1931
from Coatesville plant
P value of 108,881 shs. of company's stock acquired during 1931 1,088.810
Par
447,899
to other plants of corp.
Cost thereof
3,737,604
Prem,on bonds retired
Adjust. of surp. acquired
$4,003.446
Capital surplus, Dec. 31 1931
thru purch of propert's
19,340,000
in 1922 and 1923
ANALYSIS OF CONSOLIDATED PROFIT AND LOSS SURPLUS YEAR
ENDED DEC. 31 1931.
Total approp. and un$33,048,339
approp. surplus__ _114,844,280 128.471,434 134,565,632 114,922,652 Profit and loss surplus, Jan. 1 1931 1931
2,651,221
Net loss for the year ended Dec. 31
outShares corn, stock
99,549
x1,800,000 Adjust, of depletion, drill. exps., &c., applic. to prior years (net)
3,200,000
3,200,000
standing (no par)____ 3,200,000
y$11.01
Nil
$5.26
Earned per share
$297,568
Profit and loss surplus, Dec. 31 1931
x Par $100. y Based on average number of shares outstanding; during
year the earnings per share was $15.50.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1930,
1931.
1931.
1930.
CONSOLIDATED BALANCE SHEET DEC. 31.
Liabilities
$
Assets$
.1931.
1930.
1931.
1930
Capital stock (par
Property, tanks,
Liabilities-S
S
$
Assets-$
7,000,000 8,088,810
pipe lines, &c--x8,475.669 10,922,065 $10)
Property acc't__530.813,610 502,154,330 7% cum. pref.
473,410
173,428 Accounts payable_ 479.334
686,331
x94,000,000 100,000,000 Cash
stock
Funds in hands
502,143 Accrued taxes, in503,243
Investments
141,402
161,762 Corn. stock.. _ _315,900,000 315,900,000
of trustees_ _
127,211
137,995
terest, &c
Accts. notes and
Cambria Iron Co
F'ds held for re937,001 Reserve for conaccruals recelv y1,012,181
8,465,625 8,465,625
581,973 stock
demp. of bds_
710,151
598.266
tingencies, &a
1.832.714 3,333,589
Inventories
Funded & seed
Sundry secur. &
139.720 Deferred liability_ 160.000
166,467
debt
136,971,877 117.528.600 Deferred assets_
real est. Instal.
4,301,014 6.608.364
Surplus
3,866.132 Johnstown Wat.
contr.& mtges 4,110,413
Corp.6% pfd.
Inventories. _ _ _ 67,656,267 74,878,966
Total
12,676.608 16,007,947 Total
12,676,608 16,007,947
1,804,000
stock
Res,fund assets. 3,063,435 21,723,701
x After depreciation and depletion amounting to $15,008,122. y After
Accts. pay.(incl.
Inv. in & adv. to
deducting $99,192 reserve for doubtful notes and accounts.
adv. pay'ts on
affiliated co's_ 9,083,295 9,272,995
contracts,&c.) 18,938,063 25,418,453
Note.
-The companies had contingent liabilities for $315,226 at Dec.
Acets and notes
receivable__ 23,938,213 28,073,846 Pond int. accr'd. 1,630,440 1,429.894 31 1931 on account of deferred payments for sundry leases to be made if,
4,995,000 13,100.000 when and as oil is produced and sold.
Divs. payable
Stock held for
-V. 134, P. 690.
employees... 17.735,420 22,629,880 Conting. reserve 2,921,491 2,870,741
Market. secure_ 2,586,650 3,003,009 Insurance res've. 6,350,000 6,575,650
International Business Machines Corp.(& Subs.).
114,844,280 128,471.434
U.S. Govt.secs. 24,225,318 30,478,114 Surplus
Cash in bks.,&c. 23.466,753 22,935,689
(19th Annual Report
-Year Ended Dec. 31 1931.)
Total
706,820,776 719,760,397
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1931.
1930.
1929.
1928.
xNet profit
$11,388.518 $10,966.318 $10.028,293 $8,264.798
Bonds &c.,interest
171,526
182.609.
Simms Petroleum Co.
317,658
Depreciation
1,928,842 11.790,888
1.557.308
1.268.158
Develop. & patent exp
752,544 1 835,004
802,026
-Year Ended Dec. 31 1931.)
(Annual Report
740,215
800.000
Federal tax (estimated)_
800,000
740.000
575,000
Atnortiz. of patents_ _ _ _
71,236
71.237
71,237
Edward T. Moore, President, says in part:
71.236
38.318
Operations of your company for the year 1931 resulted in income of For exchange loss
$472,702, before deduction of charges aggregating $3,123,924 covering Res. for add,loss on for.
274.900
exchange
depreciation, depletion, lease abandonments, loss on crude oil inventory,
loss on sale of tank cars, and miscellaneous adjustments. The final deficit
Net income
$7.351.150 $7,286,580 $6,634,730 $5,292.529
after all charges was $2.651,221.
3,825,855
4,016,526
3.188.732
2,927,666
Cash on hand at the end of the year totaled $686,331 and net quick yDividends
($6)
($6)
($5.25)
($4.25)
assets were $2,913,900, equal to $4.16 per share on the stock outstanding. Rate
Operating expenses for
Company had no bank loans or funded debt.
Balance, surplus
$3334624 $3,460,725 $3,445.998 $2.364,863
the year were $1,201,014 less than in 1930, a decrease of 32%. New
leases acquired and developed in the East Texas field during the year Prey,capital and surplus 37,178,214 33,717,489 30.271,492 27.906,629
added substantially to underground reserves. Capital stock outstanding
Declared cap. & surP-$40,512,838 $37,178,214 $33,717,490 $30.271.492
was reduced from 808,881 to 700,000 shares.
stock
Production.
-A factor of major importance in the industry during the Shares of capital par)_
669,852
637.954
607.576
607.576
outstanding (no
year was the development of the East Texas field. The discovery well
$11.53
$11.03
Earns. per sh. on cap.stk
$11.08
$8.83
completed late in 1930 was a small producer and it was not until early
x Net profit of subsid. cos. including foreign, after writing down invenin 1931 that the size and productivity of the area was generally realized.
To the present time, approximately 100,000 acres have been proven, tories of raw materials to cost or market, which ever was lower, and de4,000 producing wells have been completed, and over 100.000,000 barrels ducting maintenance repairs provision for doubtful accounts, the proportion of net profit applicable to unacquired shares, and expenses of
a oil produced, proving this field as one of the largest over uncovered.
Company acquired a modest spread of acreage In this area at low cost International Bitsiness Machines Corp. y In addition to cash dividends
during the early development, and subsequently purchased a few addi- here shown, company paid a 5% stock dividend in Dec. 1928. Jan. 1930,
tional tracts after they had been proven for production. In December Jan. 1931 and Nov. 1931.
last, a part interest in certain of these properties was sold at a substantial
COMPARATIVE BALANCE SHEET DEC. 31.
profit. The interests which company has retained in the East Texas
field are equivalent to full ownership in leases on 750 proven acres. To
1931.
1930.
1931.
1930.
date 51 producing wells have been completed on these leases. The proven
Assets-$
$
Liabilities$
$
underground reserves of company have been increased considerably through aPlants, &c
13,207,972 12,048,141 Capital dc surplusd40,512,838 37,178,214
the acquisition and development of these East Texas properties.
bPats. & good-w11114,014.021 13,905,129 Sub.cos.stocks- _
96,703
Daily net production for the year 1931 averaged 10,472 barrels, of Cash
2,885,145 3,367,504 Funded debt
2,717,000 2,987,000
which 1.429 barrels were from the East Texas field and 5,540 barrels from U.S. Treas, Ws__ 2,000.000 1,000,000 Accts. payable, ezo 950,540 1,125,990
properties in West Texas, which were operated under severe proration Notes & accts. ree.c3,206.745 3,278,033 Contingency res've 756,092
449,952
restrictions throughout the year. Production revenue for 1931 totaled Sinking fund
773,377
274.900
353 For each.loss res_
$1,810,796, equal to 48c. per barrel; compared with 91c. per barrel in Inventories
2,760.346 3.112,233 Fed. tax (est.)---- 821,910
810.982
1930 and $1.06 in 1929. Production expenses were reduced to $653,634 Investments
7,615.107 6.361,616 Divs. payable_ ___ 1,004,208
956,531
532,351
or 17c. per barrel, compared with 28c. per barrel for the previous year. Deferred assets... 574,775
Refinery and Marketing.
-The average percentage of gasoline recovery
Total
47.037.488 43,605,371
Total
47,037,488 43.605,371
from the Dallas and Smackover refineries in 1931 was 56%, which was
a After depreciation. b After amortization. c After deducting reserve
substantially greater than the yield of any previous year. Refinery
operating costs were 30c. per barrel of crude through-put, compared to for doubtful accounts. d Represented by 669.852 shares of no par value.
45.9c. in 1930. Marketing expenses were approximately 25% less than -V. 134, p. 858.
in the previous year, when substantially the same gallonage was distributed.
Despite this improved efficiency and materially lower cost of operation,
The Pierce-Arrow Motor Car Co., Buffalo, N. Y.
company's refinery and marketing operations failed to show a satisfactory
(Annual Report
-Year Ended Dec. 31 1931.)
profit, due to the unbalanced relationship that existed between the cost
of crude and the selling price of refined products.
A. R. Erskine, Chairman and President, says in part:
-During 1931 company purchased
Reduction in Outstanding Capital Stock.
Net sales amounted to $11,925,657, as compared with $19,016,971
108,881 shares of its own capital stock at a cost of $645,388. Of this,
100,000 shares were acquired pursuant to a special authorization of the last year, a decrease of 37.3%. Net losses for the year amounted to $476.stockholders, who were given the right to sell stock to the company pro- 943, as compared with net profits of $1,317,070 last year. Up to Sept. 30
rata. Since Jan. 11932, an additional 100,000 shares have been similarly $226.435 of net profits were earned, but the heavy losses of the fourth
acquired. thereby reducing the outstanding shares to 600,000. At the quarter more than absorbed these profits and involved the company in a
time of the annual meeting on April 6 1932, the stockholders will be asked loss for the year as a whole. The automobile Indust:a,' generally, had the
Total
706,820,776 719,760,397
-V. 134, p. 849.
1946
FINANCIAL CHRONICLE
[VOL. 134.
poorest business of many years in the fourth quarter of 1931. The paucity are interested in 85 producing wells in this field, which, by State Umpire
of consumer buying made profit making practically impossible for your gauge, have a potential production in excess of 2.000,000 barrels daily.
In addition, we own very valuable but undeveloped proven properties in
company.
During the year of 1931 the directors maintained the 6% dividend on the this district.
The Phillips Pipe Line Co. has completed its
preferred stock, and in the first quarter paid a 5qc'ividend and in the second
gasoline line from Borger,
and is delivering to its terminals at Wichita.
quarter a 25c dividend on the class A stock.
e dividends were charged Texas, to East St. Louis,
to the earned surplus of the years of 1939 and 1...„;, which showed a balance Paola and Kansas City, Kan.; Jefferson City, Mo., and East St. Louis,
Ill. Actual earnings exceed the original estimates. The Phillips
of $2.052,712 remaining at the end of the year.
Natural
During the year the company sold 4,324 vehicles as against 6,922 the Gas Co. also has an interest in the Great Lakes Pipe Line Co. Substantial
earnings in the future should result from the operation of these pipe
previous year.
lines.
The prices of the securities of the company have reached very low levels.
The increased costs and expenses incidental to the launching of new
models were sustained by the company in the fourth quarter of 1931, when It is readily seen that these prices utterly fail to represent the real value of
-cylinder job, the properties and facilities underlying these securities. But it is gratifythe new 1932 Pierce-Arrow models, including the new 12
were first produced. These new cars have been most favorably received ing to note that in 12 months the number of stockholders has increased
by our dealer organization, and the public as well. Whenever the buying from approximately 33.000 to 39.000.
of high-priced cars is resumed in reasonably substantial volume, PierceINCOME ACCOUNT FOR CALENDAR YEARS.
Arrow will undoubtedly obtain a large share of the existing business.
1931.
1930.
1929.
During the year the company amortized 400 shares of its preferred stock, Gross income
1928.
thereby reducing the outstanding to 71,100 shares. The Studebaker Corp. Operating & gen. asps_154,674,007 $58,851.730 I51.106.697 $42,721,858
38,216.6051 37,402,666 25.319.922 18,811,764
stock and 149,81.4
increased its total holdings to 15,100 shares preferred
Taxes
1,167,123f
1,666,080
shares of class A stock, through purchases in the open market, and thereby Intangible
1,473,620
devel. cost--- 2,487,233
1,338,544
1,463,022
reduced the outstanding minority interest in the company.
4,058,915
Depletion & deprecia'n_ 16.542,350 13,066.003
7,947,997 11,323.536
FOR YEARS ENDED DEC. 31. Inventory adjustment
1.378,951
CONSOLIDATED INCOME ACCOUNT
2,644,730
1929.
1930.
1931.
Net for surp.& divs_def$5,118,255 $4,399,786 114,709,875 $7,054,023
10,347
6.922
4.324
Number of vehicles sold
2,707,307
862.204
$11,925,657 119.016,972 127,962,857 Other income
543,906
Net sales
918,114
selling, advertising
Cost of sales, incl.
Total income
def$2,410,948 $5,261,990 $15,253.781 $7,972,138
and atiminis. exps., and all cost of
Interest
3,166,461
2,221,360
2.041,190
manufacturing, except deprec., re2,011,967
pairs & replace. to plant & property 11,323,263 17,087,819 24,495.312
Net income
def$5,576,409 83.040.630 $13,212,591 45.960,171
244,335
239,398
295,959
Depreciation
927,338 Dividends paid
6,444,400 x3,983.390
513,274
844.092
Repairs and replacements
4,786,433
Net profits on sales
Interest, discount on purchases,
Idcome from investments
1930.
Earned surplus
def$5,576,409df$3.403,770 49.229,201 $1,173,738
Shares capital stock outstanding (no par)____ 4,165,129
4.279,982
2,543,306
2,402,354
Earned per share
Nil
$0.71
35.19
$2.48
x In addition a 5% stock dividend was paid. This dividend called for
127,216 shares and was capitalized at $4,579,425.
CONSOLIDATED BALANCE SHEET DEC. 31.
1931.
1930.
1931.
1930.
Liabilities-Capital stock„y120,374,541 124.069,563
Property, plant
dr equipment x159,785,585 167,182,342 Funded debt-- 36,433,835 38,418.591
Cash
5,274,249 10,657,028 Met& payable__ 3,059,174 4,685,733
Accr.int. receiv.
19,546
17,713 Notes & acceptMarketable sec_
21,362
195,573
ances payable 13,025,402 11,765.000
Accrued items 8)
Notes and sects
tax reserve-. 2,149,699 1,990,775
receivable. &a. 5,069,056 6,585.376
Crude & refined
Insurance reeve
594.215
519,761
oils
11,204,972 13,394,754 Divs. payable__
2,139,991
Materials & sup. 3,089.570 3,789,382 Deterred credits
113.404
178,004
Advances, (te
15,133,619 8,228,491 Del. purch. obligations dueEmployees'stock
533,934
account
326,489 2,908,929 Earned surplus_ 25,079,334 30,655,743
Deterred charges 1,439,091
1,463,574
1,200,252
89,029
Total
Total
201,363,540 214,423.162
201,363,540 214,423,162
x After depreciation and depletion of $96.013,631. y Represented by
-V. 134, p. 1387.
4,165,129 no par shares.
loss$537,657 $1,176,481 $2,295,873
315.459
189,528
124,378
440,043
loss$413,279 11.366,009 $3,051,376
Total profits
214.729
48,938
63,664
Int. on debentures, notes payable, &c
270.535
Debenture bond prem.& expensesNet profits for period
Preferred stock dividends
.Class A stock dividends
loss$476,943 $1,317,071 $2,566,112
.352,500
450,000
428,400
98,625
147,938
Bal. transferred to surplus acct- -def 1,053,281
Discount on preferred stock retired._
11,955
Surplus account Jan. 1
4,186,939
Adjustment of book value of certain
672,208
assets of old company
1768.446 12,213,612
111,981 (incl. above)
1,092,901
3,306.513
$2,473.405 $4,186,939 13,306,513
Surplus account Dec. 31
Earnings per share on 197,250 shares
Nil
$11.22
$4.45
class A stock (no par)
CONSOLIDATED BALANCE SHEET DEC. 31.
1930.
1931.
1931.
5
Liabilities
Ands
500,000
674,433 1,296,031 Notes payable. Cash
484,328 Accounts payable_ 1,197.284
Sight drafts outst'g 292.268
63,021 Dep.on sales contr.
58,515
(13.021
Investments
466,593 Sundry cred.dc res.,
Notes dc accts. rec. 2603,161
incl.accr.payells 227,773
4,444,203 4,672,184
Inventories
152,997 Amt. pay, to pref.
150.931
Deterred charges._
stockholders of
Branch house propold co.on surrenerty not used in
der of ells. not
877,898
mtg.operatione_ 819.809
1,420
yet exchanged__
Land, bldga., machinery, eq.,&c.b6,942,620 7,047,446 Due to Studebaker
Corp
1,638,797
flood-will, patents
1 Purch.money oblig. 355,875
Sr trade marks- 6% cum. pt. stk
7,110,000
Class "A" stock._ c197,250
Class "B" stock
d230,125
Surplus
2,473,405
331,669
2,130
1,340,604
332.500
7,150.000
c197,250
d230,125
4.186,939
Total
13,990,446 15,060,499
13,990,446 15,060,499
Total
a After reserve for doubtful accounts of $88,690. b After reserve for
$4,377,413. c Represented by 197,250 no par shares.
.depreciation of
-V.133, p. 4171.
d Represented by 230,125 no par shares.
Phillips Petroleum Co.
(Annual Report-Year Ended Dec. 311931.)
The report signed by Frank Phillips, President, says in
part:
The difficultires of the year 1931, with its drastic deflation of commodity
Prices and security values, are the somber background against which the
operating results of every business must be reviewed. Bearing in mind the
exceptional conditions prevailing, it is believed that the results shown in
this report indicate an earning power which may be expected to yield
gratifying returns under average conditions.
Total income in 1931 was 457,381,313, a reduction of 4% from the 1930
figure of 659,713,934. This showing reflects the company's increased
efficiency and economy, since wholesale prices of crude oil and gasoline
during 1931 were almost 50% lower than in the year previous, reaching a
low for all time.
' Net income, or excess ofcash income above cash outlay,resulting from the
operations of the Phillips Petroleum Co. and subsidiaries, was $14,832,124
for 1931, as compared with $20,089,908 for 1930. The 1931 figures include
the profit from the sale of certain gas rights in the Panhandle of Texas.
The earnings of the Phillips Pipe Line Co. and the Phillips Natural Gas
Co. are not included.
-after charging all
Reserves for depreciation, depletion and retirements
repairs rnd replacements to expense-amounted to $19,029,583 in 1931.
This fig re is an increase over that of the previous year chiefly because it
was taken on an enlarged plant investment made necessary by an increased
volume at business. Setting up these reserves, and reducing the value of
Inventories 81,378.950, produced a net charge to surplus of $5,576,409
In 1931. compared wit h a net profit of $3.040,629 in 1930.
Current assets at the end of the year amounted to 424.678.756; current
liabilities,818,768.209. Current assets do not include advances to affiliated
and other companiss amounting to 415.133.618.
The company retn• 1 51,982,000 53'% debenture bonds and $588,000
of Independent Oil & Gas 6% bonds in 1931. and now has sufficient bonds
to meet all retiremmt provisions of its indentures until next December.
Early in 1931 arrangements were made with a banking group for loans
amounting to 420,000.000 in connection with the building of the Phillips
Pipe Line from Borger. Texas. to East St. Louis, Ill., and other facilities.
Only $18,000,000 of this credit was used, and at the end of the year these
loans had been paid down to 612,686,403. They have since been reduced
have been
to $10.500,000. and satisfactory arrangements reduction made for their
of bank loans.
extension. Company budget indicates constant
expenditures of $12,351,768 were made to capital assets,
During the year
bringing them after capital extinguishments to a total of $255,799,215.
before reserves. These additions were reflected in the improvement of
the properties of every major department and were necessary to secure
maximum profits and economies while protecting large investments already
made.
During 1931 the company sold 522,576,899 gallons of finished products.
In this period the marketing department (sales to consumers) not only increased its sales but also red.uced its operating cost 24%.
To meet the increasing demand for its refined products, the company's
three refineries have been Improved. This development is in line with the
company's program to refine the major portion of its raw products and to
balance this operation with sufficient pipe lines and marketing facilities
to enable the company, at minimum cost, to transport and distribute to
goal has
its own service stations and dealers. This Phillips been largely accomproducts may require
plished, although the increasing demand for
the gradual enlargement of plant.
During 1930 and 1931 the company developed valuable oil production in
several districts, especially in the Oklahoma City oil field, where our oil
reserves are among the most valuable ever discovered. We now own or
Boston Elevated Railway.
(Annual Report-Year Ended Dec. 31 1931.)
The report of the board of public trustees, dated Feb. 1,
says in part:
Throughout the year just ended, the efforts of the management have been
concentrated on operating the railway upon the most economical basis
possible consistent with the utmost degree of safety to the riding public
and with the requirements of the service. Operating expenses over which
the trustees have control were reduced $1,277,226 during the year. These
operating expenses were lower for 1931 than for any year since 1922 and
were $3,825.520 less than in 1926, which was the year of greatest passenger
revenue for the railway.
Despite this reduction in operating expenses, the results of operation for
the year show an excess of cost of service over receipts of 81,904,945 due
to the decline in riding. This decline resulted in a decrease in gross revenue
of $2,655,614, as compared to the previous year. This year's revenue represents a loss of $5,626.206 from the high point in annual revenue, namely,
.
$3k481,_313 in 1926, and is lower than for any year since 1919
New York was the only city where the decline in riding was less than
that in Boston.
-The uso of the bus as a part of
Development of Bus Operation.
transportation system continued to increase during 1931. The the local
bus is a
particularly valuable vehicle as a feeder to rapid transit lines. Moreover,
the bus may be used to advantage in serving a district where the riding
light, either in new territory or where the riding has decreased to a point
is
where reconstruction of track would be uneconomic. During 1931 there
was added a net of more than 67 round trip bus route miles.
equipment of the railway ranks high. Of the 378 buses owned by The bus
way at the end of this year, 180 were of the modern metropolitan the railtype, of
which 44 were purchased during 1931.
Extension of Public Operation.
-The legislature by Chapter
acts of 1931 extended the definite terms of public management 333 of the
and
tion of the railway for a period of 28 years. The act required the operaretirement of all the preferred stocks of the company at certain fixed prices
and
provided funds for this purpose by the purchase by the
Transit District of 6% bonds of the company. It reduced Metropolitan
common stock from4 to 5% from the date the actthe dividend
.
%
on the
took effect.
--"a
TRAFFICSTATISTICS-YEAR-ENDED-DEC:-.317- :7'7-1931.
1930.
1929.
1928.
Round trips operated- _ _ 7,102,373
7,453,801
7,361,738
7,316,027
Passenger revenue
$28,811,914 $31,415,746 $32.885,587 $33,616,877
rev, per mile (eta.)
Pass.
53.80c.
56.04c.
58.01c,
58.49c.
Pass.rev, per hour
$5.43
$ 5.66
$5S6
$5.92
xPass.rev. mileage
53,553,817 56,060,874 56,684.985 57,475,124
Passenger revenue hours 5,303,580
5,548,253
5,674,941
Rev, passengers carried_324,788,577 342,694,905 3 5,613,300
54,214,990 362,005,033
Rev, passengers carried:
Per mile
6,065
6,113
6,249
6,298
Per hour
61.24
61.77
63.10
63.79
x Incl. mot. bus mileage_ 8,771,384
7,138,386
5,999 879
_ 7,813,467
-0.COMPARATIVE DIVISION OFRECEIPTS
A7157PEXPENDITURES.
Calendar Years1931.
1030.
1929.
1928.
Total receipts
$29,855,107 $32,510,721 434,096,623 $34,843,147
Operating Expenses
Wages
15,039,762 15,865,649 16,093,871 16,646,421
Material & other items- _ 2,739,629
2,778.099
3,008,222
2,770,563
Injuries and damages--875,303
917,355
1,010,379
1,306,883
Depreciation
2,628,969
2,839,342
2,671,142
2,878,055
Fuel (inc. gasoline for
buses)
967,085
1,267,522
1,127,529
1,271,917
Total oper. expenses_ _522,250,748 $23,527,975 $24,024,747 $24,900,189
Rent of leased roads (including dividend rental
under Chap. 159, Acts
of 1918)
3,145,73
6
2,181,338
3,139,001
3,130,025
1.721,678
Taxes
1,504,785
1,619,963
1.686,951
Subway, tunnel St rapid
4
2.389,35
Transit line rents__ _ 2,780,188
2.650,371
2,775,244
66
2,557.5
Int. on bonds and notes- 2,973,595
2.495,850
2,455.375
88,583
72,618
Miscellaneous items- _ -69,790
69,398
Total cost of service..-431,760,053 $33,645,360 434.002.550 $34,803,096
x$40.051
494.073
Loss for year
31,904,945 $1.134.639
Note.
-Profit and loss adjustments not included in sbeve.
x Grain.
M.12 1932.]
FINANCIAL CHRONICLE
INCOME STATEMENTS FOR CALENDAR YEARS.
Operating Income1931.
1930.
1929.
1928.
Passenger revenue
$28,811.914 $31,415.747 $32.885.588 $33.616.877
Malls,rentals, ad., &c-..
955,805
990,651
1.122,108
1,125,779
Total
$29,767,719 $32,406,398 $34,007,696 $34,742,656
Operating Expenses
Way and structure
Equipment
Power
Transportation expenses
Traffic
General & miscellaneous
Transportation for invest
3,259,283
3,328,419 3,336,538 3,669,424
4,002.206 4,226,794 4,299,552 4,261.798
2,092.201
2,391,733
2,501,694
2.505,525
10,143.076 10,735.975 10,892.280 11,167.506
22,744
58.006
22,253
33,310
2,740,926
2,792,208 2,978,798 3,271.513
Cr9,688
Cr5,160
Cr6,367
Cr8,887
Total oper.expenses_ _$22.260,748 $23,527,975 $24,024,747 $24,900,189
Net earnings
7.516,970 8,878,424
9.982.949 9,842.487
Taxes on ry. operations.. 1.504,785
1,686,951
1,619.962
1,721.678
Operating income$6,012.185 $7,191,473 $8.362.986 $8,120,789
Income from funded sec_
1,332
3.551
1,847
3,607
Inc. from unfunded sec_
11.135
42,684
27.919
37,353
Inc.from sink.fund,&c.
51,424
33.280
33.280
33.280
Miscellaneous income
23,498
24,808
25,882
26,251
Gross income
$6.099,574 $7,295,976 $8,451,913 $8,221,280
Deductions
Rent for leased roads_ _ _
46,514
48,716
49,473
50,120
Miscellaneous rents..__ _ 2,780,188 2,775,244
2,650,371
2,389,354
Net loss on misc.physical
property
4.494
5,133
8,481
24,388
Int. on funded debt_ _ _ 2,962,237 2,456,285
2,462,375 2,462.375
Int. on unfunded debt..11,358
Cr910
33,475
95,190
Amort. of disct. on fund.
debt
49,441
48,412
47,386
47,386
Miscellaneous debits..
15,463
16,245
16,750
16,808
Total deductions from
gross income
$5,869,695 $5,349,126 $5,268,312 $5.085.622
Balance
229.879
1,946,670 3,183,601
3,135,658
lst pref. dive.(87,)-256,000
512,000
512,000
512,000
2d prof. dive.(77,,
461.457
926,544
934,764
940,843
Preferred dividends(7%)
105,000
210,000
210,000
210,000
Common dividends(6%) 1,312,367
1,432,764
1,432,764
1,432,764
Balance,surplus
$1,904,945df$1,134,639
$94,073
$40.051
Shares of corn, outstanding(par $100)
238,794
238,794
238,794
238.794
Earn, per share on corn_
x$0.98
$1.25
$6.39
$6.17
x This figure does not take into consideration dividends paid on the
preferred stocks retired July 11931. Otherwise the report shows nothing
available for the common stock.
Note.
-The reports designate the dividends as "Boston Elevated Ry.
Co. dividend rental." but the amounts have been separated by us for
comparative purposes.
-Ed.
GENERAL BALANCE SHEET DEC. 31.
1931.
1930. I
1931.
Assets
LiabUities$
Road & equip_ _112,550,853 112,254,907 1st pref. stock__
Misc. phys. prop
762,534
737,991 2d pref. stock_ _
Other investmts 1,042,740
245,150 Preferred stock_
Cash
1,178,403
587,526 Common stock_ 23,879,400
Deposit for int.,
Prem.on cap.stk 2,707,428
&c_ _ _ _
369,399
793,322 Funded debt.. _ - 74,270,000
Specl deposit of
Mortgage notes_
reserve fund_ _
& notes pay 2,700,000
Loans and notes
Vouch. & wages
receivable
500
500
payable
866,301
Mine. accts. ree_
218,437
207,359 MatAnt.,div.,&e
361,618
Mans dr suppl- 1,996,199 1,946,274 Acer.int.,div...tre 1,193,608
Int., clIvAr rents
Def. liabilities
16,655
receivable___
7,096
5,889 Tax accrued
465,112
44,180
0th. curr. assets
44,880 Prem. on fd. cit..
89.118
802,550 2,980.307 Oper.reserve- 1,284,013
Ins.& 0th.funds
Freed. rents, &a
72,183
108,857 Am.deprec'n
14,017,227
290,971
Disc, on fd. debt
340,192 Misc.unadj.cred
145,613
64,665
0th. unadi. deb.
21,821 Adv.by comm.of
Cost of serv. def.
M ass.acct.def.
mos.end
for 12
Unred. pref.stk.
188,389
June 30 1919_
1,349,333 Prof.& loss sur_def2,792.772
Grand total__119,391,710 121,624,308
-V. 134, p. 1369.
1930.
6,400,000
13,183.450
3,000.000
23.879.400
4,939,905
51,270,000
125,000
611,546
795.806
912,185
18.243
610.779
112,125
1,474.675
13.667.480
144.255
1,349,333
def869,875
Grand total-119,391,710 121,624,308
Midland United Company.
(Annual Report
-Year Ended Dec. 311931.)
Robert M. Feustel, President, says in part:
Business of Subsidiary Companies.
-Subsidiaries in 1931 derived 56.18%
of their consolidated gross operating revenue from the sale of electricity,
20.93% from the sale of gas, 17.597 from providing electric interurban
m
street railway services and 5.30% from furnishing motor coach, water,
and
heat and other services.
Business of subsidiary companies was affected by the general business
situation during 1931. While the consolidated operating revenue of subsidiaries for the year was practically the same as in 1930, this was due to
the acquisition of two important companies during the year. Sales of
of electricity, gas and transportation by subsidiaries showed a decrease
In 1931.
During the year 901,745,609 kwh. of electricity were sold by subsidiary
companies compared with 919,613,197 kwh. sold in 1930, a decrease of
1.94%. In addition. 76.897,922 kwh. were sold to electric railways operated by subsidiary companies.
In 1931, sales of gas aggregated 8,910,753,600 cubic feet compared
with 10,120,362,774 cubic feet sold in 1930. Because two large operating
subsidiaries during the year extended the sale of gas of high heat content
to a number of communities, a direct comparison of the volume of gas
sold in 1931 and 1930 is not indicative of the extent of the gas business,
as a smaller volume of gas of high heat content is required to do a given job.
Street and interurban railways of subsidiary companies in 1931 carried
43,556,684 revenue passengers compared with 48,834,801 In 1930, a decrease of 10.81%.
At the close of 1931, a total of 327,638 customers were being supplied
with electricity compared with 273,880 as of Dec. 31 1930, an increase
of 19.63%.
The number of customers supplied with gas service was 222.377 compared with 203.161, an increase of 9.46%. Subsidiaries were supplying
40,672 customers with water service and 859 customers with heat service.
As of Dec. 31 1931, subsidiaries of the company were supplying electric
light and power, gas or transportation service to 871 communities in
Indiana and in bordering territory in Ohio and Michigan with an aggregate estimated population of 1,768.280.
Additions and Extensions.
-Subsidiary companies expended $11,069,414
during the year for improvements and betterments in plant and equipment.
The Public Service Co. of Indiana during the year entered into a contract for the purchase of natural gas from another company owning and
operating a gas transmission system in central Indiana and built a pipe
line approximately 18 miles in length from New Castle to Muncie where
it interconnecte with this system. Natural gas is piped through this line
to New Castle.
pr The Northern Indiana Public Service Co. installed additional equipment
In its new electric generating station at Michigan City. This plant was
placed in regular operation in March.
P.. Late in the year, construction of two 33,000-volt electric transmission
lines, interconnecting the transmission system of the Northern Indiana
Public Service Co. with the local distribution system of the Hobart Light
& Water Co. was begun, A modern substation was built at Hobart to
improve distribution facilities.
1947
Purchase of Companies.
As of May 1, the entire outstanding
& Water Co. were purchased from thesecurities of the Gary Heat, Light
United States
Midland Utilities Co., a subsidiary of the company. Steel Corp. by the
On June 29 the Gary Electric & Gas Co. was organized as a subsidiary
of the Midland Utilities Co. to acquire and bold the securities of the
Gary
Heat, Light & Water Co. All of the bonds and common
except directors' qualifying shares, of the Gary Heat, Light capital stock,
& Water Co.
were purchased by the Gary Electric & Gas Corp. To finance in part
this acquisition the Gary Electric & Gas Co. issued and sold $8,000,000
1st lien coll.5% gold bonds,series A,dated July 1 1931,and due July 1 1934.
Physical properties and other assets of the Terre Haute, Indianapolis &
Eastern Traction Co. were acquired on behalf of the company and two of
its subsidiaries, the Public Service Co. of Indiana and the Indiana RR.,
at a mortgage foreclosure sale in Indianapolis on June 23. Through this
sale, the Terre Haute Traction & Light Co., which owns the electric light
and power and electric railway facilities in and around Terre Haute, a
city of 62,800. became a subsidiary of the company. Subsequent to its
acq_uisition, the name of the Terre Haute Traction & Light Co. was changed
to Terre Haute Electric Co., Inc.
The common stock of the Terre Haute Traction & Light Co. had been
deposited as collateral under the mortgage of the Terre Haute, Indianapolis
& Eastern Traction Co. and was available along with physical properties
of the latter company to meet the claims of mortgage bondholders. A
majority of the mortgage bonds of the Terre Haute, Indianapolis & Eastern
Traction Co. had previously been acquired by the Midland United Co.
Properties conveyed to the Public Service Co. of Indiana as a result
of the foreclosure sale included several electric transmission lines extending
Into territory served by that company. The Public Service Co. of Indiana
also obtained a 975
-year lease upon the properties of the Terre Haute
Traction & Light Co., which had been held by the Terre Haute, Indianapolis & Eastern Traction Co.
The leased properties include electric light and power facilities in Terre
Haute, West Terre Haute and Brazil, local electric railway and motor
coach equipment and other facilities in Terre Haute and the interurban
line between Terre Haute and Brazil.
The Indiana BR, acquired the electric interurban railway lines between
Indianapolis and Brazil and between Indianapolis and Richmond.
The Northern Indiana Public Service Co. during the year purchased
the stock of the Ambia Light & Power Co. which serves Amble, Ind., and
two other communities with electricity.
The Indiana Service Corp. purchased the properties of the Churubusco
Water & Light Co. which supplies Claurubusco. Ind., with electric light
and power and water service.
Company Financing.
Company on July 3 sold $11,000,000 non-callable I-year serial gold
notes, which were secured by contracts with the Commonwealth Edison
Co., Peoples Gas Light & Coke Co., Public Service Co. of Northern Illinois
and Middle West Utilities Co. for the purchase by these companies of
common stock of the company for a total consideration of $11,007,500.
The notes began maturing Sept. 3 at the rate of $917,000 monthly, and
will continue at this rate through July 3 1932. A payment of $913,000
Aug. 3 1932. will retire the issue.
During the year 774,873 145-200 shares of common stock and 220 100-200
shares of cony. pref. stock, series A, of the company were issued. Of the
common stock issued 145,557 187-200 shares were sold to stockholders
through the issuance of rights to subscribe for additional stock on the
basis of one share for each ten shares held; 216 shares were exchanged for
stock of the American Public Utilities Co.; 24 shares were issued in exchange
for cony. pref. stock, series A, under the conversion privilege of that series.
In addition, 232,983 15-200 shares of common stock were issued as dividends on the cony. pref. and common stocks and 396,092 143-200 shares
were sold to the public.
The company in May changed the basis under which its cony. pref.
stock, series A, may be converted into common stock and also extended
the time within which the conversion may be made. Under the revised
schedule, the preferred stock is convertible to Dec. 31 1933, at the rate
of 2 shares of common stock for each share of preferred stock held; to
Dec. 31 1934. at the rate of l5( shares of common stock for each share
of preferred stock held; to Dec.31 1935, at the rate of 1 Ye shares of common
stock for each share of preferred stock held, and to Dec. 31 1936, at the
rate of one share of common stock for each share of preferred stock held.
Conversion privileges under the old plan would have expired Dec. 31 1935.
Effective on Jan. 1 1931 the preferred stock. series 2, was converted
in accordance with provisions of the certificate of incorporation, into
preferred stock, series 1, share for share.
Regrouping of Companies.
Important steps were taken during the year by the company in
gram to simplify the corporate structure of subsidiary companies its proand to
regroup physical properties of operating subsidiaries into more efficient
operating units.
On April 21 a petition was filed with the Public Service Commission of
Indiana asking approval of an agreement to merge the Wabash Valley
Electric Co. and the Attica Electric Co. into the Northern Indiana Power
Co. The Commission approved the merger on Dec. 24.
All three companes are subsidiaries of the Central Indiana Power Co.
To consummate the merger, all of the preferred and common stocks of
the Wabash Valley Electric Co. and the Attica Electric Co. will be exchanged for preferred and common stocks of the Northern Indiana Pow. Co.
On April 22 an agreement providing for the merger of the Indiana Electric Corp., another subsidiary of the Central Indiana Power Co. Into
the Public Service Co. of Indiana, was approved by the Public Service
Commission of Indiana on Dec. 24. To consummate the merger, the
Public Service Co. of Indiana will issue 161,451 shares of its common stock
In exchange for all of the preferred and common stocks of the Indiana
Electric Corp.
As a result of these mergers, the subsidiaries of the Central Indiana
Power Co. will be reduced to one large operating unit and the Central
Indiana Power Co. will become a substantial common stockholder of the
Public Service Co. of Indiana.
The physical properties of The Delphos Gas Co., serving Delphos, 0.,
with gas were acquired by purchase in November by the West Ohio Gas
which supplies communities in western Ohio with gas. The distribution facilities in Delphos are interconnected with the transmission system
Co..
of the West Ohio Gas Co.
The two hydro-electric generating plants of the Indiana Hydro-Electric
Power Co. on the Tippecanoe River near Monticello were leased during
the year to the Northern Indiana Public Service Co. These plants are in
the territory served by the Northern Indiana Public Service Co. and are
Interconnected with the transmission system of that company.
The Northern Indiana Public Service Co. In June purchased the properties of the Indiana By-Product Gas Co. at East Chicago. These properties consist of a gas holder with a capacity of 10,000,000 cubic feet and
facilities for mixing and purifying ges•
The Public Service Co. of Indiana in August acquired the physical
properties of the Cambridge Light & Power Co., which supplied Cambridge
and surrounding rural territory in eastern Indiana with electric service.
Facilities Sold.
On Oct. 1 the physical properties and operating rights of the Calumet
Railways, Inc., Shore Line Motor Coach Co. and Midwest Motor Coach
Co., all controlled by the company, were sold to outside interests. The
properties of these companies consisted of an electric street railway system
supplying local transportation service in Hammond, East Chicago and
Whiting, and a motor coach system which was operated in the same and
adjacent communities, and between Gary and Chicago and Hammond
and Chicago. Sale of these properties marked the withdrawal of companies of the Midland United group from the local transportation business
in Hammond, East Chicago and Whiting, except such as is carried on
over the street railway lines of the Gary Railways.
Discontinue Railway Operation.
Indiana RR. during the year discontinued as unprofitable,
of electric interurban railway service between Alexandria andoperation
Tipton.
Passenger service was discontinued in June and freight service in October.
This same company discontinued operation of street railway service in
Muncie in October.
The Indiana Service Corp. in August discontinued as unprofitable,
operation of its electric interurban railway line between Bluffton
and
Marion. This company in August also discontinued local street railway
service in Wabash and substituted motor coach service.
164.
FINANCIAL CHRONICLE
1948
EARNINOS FORIYEARS ENDEDIDEC. 31 (COMPANY ONLY).
929.
1030.
1931.
Interest received and accrued
On bonds, deb., notes recolv.,"&c..
$216,477
$480,190
of subsidiary companies
$1,067.449
172.778
$ 200,612
352,209
On bank balances & other sundry lot
1.887,125
2,708,530
Divs, on stocks of subs. companies_
3,263,741
26,360
137.757
224,791
Divs, on stocks of other companies_
24,148
416,516
1Gtitans.from sale ofsecs, to sub.cos
I
225.306
e
Fees for engineer. & other serv. to subs
83.499
26,581
28,018
Miscellaneous income
Total income
Loss on sale of securities
Administrative expense
Miscellaneous charges
Interest on unfunded debt
Interest on notes
Sierest on coll, trust gold bonds
Net income
Cony. pref. stock, series A
15i. on $6 pref., series 1
351%. on $3.50 to $6 pref., series 2.
-i
&niaon dividends (cash)
Common dividends (stock)
''$4.936,208 $3,970,196 $2,635,692
31,172
423.299
345,418
391,952
28,270
50,406
140,558
[190,326
200.786
222,440
17,533
244,222
F
2.795
15,292
$3,890,572 $3,353.259 $1,993,798
437.1891
t655.740
533.358
523,358
1864.558
200.201
271,699
1
[692,152
a336,344
a2,321,578 a1,823,554
Balance, Dec. 31
a Capitalized at $10,per share.
$48,701
$297,459
$231.713
CONSOL.INCOME ACCOUNT YEARS ENDED,DEC.31 (CO. &SUBS.).
;1929.
1930.
1931.
Operating revenue
844,316,887 $44,410,770 $44,336,201
--26,287,976
247783,270 26,280,3g9
160,885
153,754
218,515
rillectible bills
4,071.528 4,131,681
4,073,171
Taxes
$15,241.932 $13,905,088 $13,755.659
Net operating revenue
1.105.188
Discount on prof. stock reacquired
Discount on funded debt retired
1llt74,350
Profit arts,from sale ofsecurs.& prop.
38.208
13.750
ISIto or between subsid. companies.-- tin
1,062,737
1,890,358
gcTlials.from sale ofsecure. to others 239,832
2,057,671
1,877,814
C801,081
Other income (inerritock diva.) - ----$17,462,383 $17,687,011 $16,914,276
_Total income
6.254,090
6,658,252
7,313,687
Interest on funded debt
1.140,956
967.500
aer
(n---interest, amortlz. charges. &c..- 111,855,847
75,000
150.000
Approp. as reserve for contingencies_
Dividends and earnings accruing to
minority shareholders of subs.:
5,537,575
5,792,676
5,457,915
Preferred stock
-4,535
532,957
1,164
Vs
Common stock
Net income avail. for Midland Co-- $2,833,769 $4.444,149 $3,043.596
MI
Divs. on Midland United Co.stock:
864,558
523,358
533,358
$6 preferred, series 1
437,189
655,740
$3 cony, preferred, series A
271,699
200.201
$3.50 to $8 preferred, series 2
692,152
Common dividends (cash)
2,321,578 a1,823,554
a336,344
Common dividends (stock)
COMPARATIVE BALANCE SHEET DEC.31 (COMPANY ONLY).
1930.
1931.
1931
1930.
I
Liabilities$
Assets$
$
922,437 1,552,766 Notes payable, atCash
987,296.
filleted co's._ __ 6.541,508
Adv. to sub. co's.
for constr., &c..25,703,645 12,012,959 Pref. stock called
71,014
not redeemed_
Sundry notes dr ac191,288
618,504 1,321,446 Accounts payable. 588,962
counts receiv _
251,456 Accr'd charges for
Int. & dive. rec_ _ _ 570,150
1,555
102,372
taxes and lot_ 249,445
Sundry adv.& dep.
123,244
Accr. dive. on pref. 129,935
1,501
Prepayments
Subs, to corn. stk. 7,995,865 2,411,711 Def'd pay. on put'
chaae contract._ 274,812 2,875,800Sinking and retire21,954
100,776 Sundry reserves___
ing funds
73.418
21,332
Funded debt
Acc'ts rec., sale of
8,706,700 1,429,400
100,328 Liab. for sees. borreacquired stock
146,909 rowed from subs. 1,154,813
289,122
Deferred charges.
$3 cony. pref_ _ _ _x10,626,165 10,615,635
Securities borrowed
Cony. pref. scrip__
2,165
from subs
1,154,813
1,017
1,248,716 Cum. pref.stock_a12,445,524 12,445,524
Reacquir. securit's
Corn, stock
Secure., contracts,
z43,333,020 35,646,284
43,044
Corn.stk. div. ctfs. 104,041
good-will, &c.(at
book value).- _ _84,461,712 74,595,576 Common for which
warr. are Issued
convert. in 1934,
1935 and 1936.
483,1145 shares__ 4,830,451 4,830,450
Corn. stk. subser.
for but not iss'd. 8.550,430 3,291,930'
Capital surplus-._23,860,571 20,539,150
Earned surplus_ _ _ 376,894
527,096
Total
121,792,621 93,742,642
121,792,621 93,742,642
Total
a Consisting of 144,093 shares ($6) series 1, liquidating value $100 each.
a 236,137 shares $3 dividend, liquidating value $50 each. z Represented
by 4,333,303 shares.
CONSOLIDATED BALANCE SHEET DEC. 31 (COMPANY & SUBS.).
1930.
1931.
1931.
1930.
$
LiabilitiesAssets$
$
833,750
Cash
2,857,742 6,870,268 Notes payable__ 10,502,293
Notes receivable 1,262,639 1,260,964 Acc'ts payable__ 4,052,235 3,674,097
Accts receivable 6,032,571 5,514,560 Divs. declared__ 1,014,906 1,025,367
91,321 Cast.& oth. dep. 1,259,824 1,069,553
Int. & diva. rec126,527
Mat'l & supplies 3,850,928 3,715,606 Taxes accrued__ 4,238,238 4,147,823.
Interest accrued 1.639,773 1.345,823
Sundry advs. &
72,632 Accr'd dive., pfd.
126.204
deposits
123,244
stocks
129,936
SubscMptions to
capital stock- 7,995,866 2,800,365 Def. pay.on per.
°Wit.dc public
Accts. roe., sale
100,328 Impt. assess._ 1,041,017 3,877,515
reacquir.stock
192,305
220,536
317,951 Suspense credits
276.855
Prer ayments.
Deferred charges 17,490,736 17.366,949 Contrib. for extensions
773,235
862,363
Sinking & retire194,099
271,153 Retire.& continment fund's.gent reserves_ 12,908,562 8,182,452
Investm't in out2,013,444 2,242,126
16,106,868 21,472,136 Other reserves
side co's
Funded debt_ _ _144,625,511 133.140.913
Fixed assets, g'd324,051,322 272,086,320 Secur. gold notes 7,332.000
will, ece
Minor. at kholdStocks of Midere equity_
83,158,426 83,226.588
600,190 1,848,906
land Unit. Co.
Cap. Stk. & SurplusMidll Unit. Co.:
$3 cony. pref_ 10,626,165 10,615,635
2,165
Cony. pf. scrip
1,017
Cum. pref.__ 12,445,624 12,445,524
Common.... 43,333,020 35,645,280
Corn.stk. div.
43,044
scrip ctfs
104,041
Common with
4,830,450
warrants)
4,830,460
Common elk.
subscrlp.for
but not Ise.) 8,550,430 3,291,930
Capital sup 23,860,571 20,539,151
2,222,276 2,620,991
Earned surp
def$1,008.107 $1,388,349 81.281,541
Balance Dec.31
3,039,257
2,764,137
Average shares corn. outstanding-- 3.870,202
Total
380,972,556 333,788,960
$0.34
$1.05
$0.84
Earnings per share
-V. 134, p. 1578.
a Capitalized at $10 Per share.
Total
380,972,556 333,788,960
entre Corporate anb 3InVecitment
STEAM RAILROADS.
Matters Covered in the Chronicle of March 5.-(a)Railroad bond interest
$228,220,691 in
defaults protected, p. 1636; (b) Railroads apply for Commission has
-S.
-I. C.
Federal loans to Reconstruction Finance Corp.
-other requests pending,
approved extension of $53,647,175 to 13 roads
p. 1696; (c) Reconstruction Finance Corp. grants $13,505,550 additional
loans to railroads-total to date $20,678,550, p. 1697.
Arkansas & Memphis Ry., Bridge & Terminal Co.Value.
-S.
The I. 0. Commission has placed a so-called final valuation of $4,768,000 on the common carrier property owned and used by this company as
of June 30 1918. The road's properties not used for common carrier service
or purposes were valued at $227.963 and its leased properties at $234,107.V. 125, p. 510.
The holdings of the two companies in Erie common, actual or potential,
total 984,800 shares ,or 65.1% of the 1,511,167 common shares outstanding.
Of the total combined Erie preferred and common stocks outstanding.
C. & 0. and Virginia Transportation together have control, actual or potential, of 1,196,390 shares, or roughly 56%.
In addition, data recently supplied to the Commission in connection
with consideration of the four-party consolidation plan indicates that the
Virginia Transportation Corp. at the end of 1931 held outright, or had
under option 25,100 shares of New York Chicago & St. Louis common.
The 0.& 0. recently obtained an option from the Allegheny Corp. on 167,300 shares of Nickel Plate common. The combined total gives the O. & O.
and its securities affiliate control, actual or potential, of roughly 57% of
the 337,104 Nickel Plate common shares outstanding.
The C. & 0. also had at the end of 1931 an option to purchase 131,268
common and 64,904 preferred Chicago & Eastern Illinois shares. Exercise
of this option would give the C. & 0. Control of 42% of the combined outstanding 458,914 Chicago & Eastern Illinois common and preferred shares.
-V. 134, p. 1365.
-Commercial Value of Kansas &
Baltimore & Ohio RR.
Chicago Great Western Ry.-Withdraws Application to
Sidell and Casey dc Kansas Put at $100,000.
Purchase Kansas City Southern Stock.
examiners have recommended that the Com-
The L-S. C. Commission
The company has withdrawn its application to the Missouri P. S. Commission require the B. & 0. to include the Kansas & Sidell RR. and the mission for permission to purchase 104.500 shares of Kansas City Southern
Casey & Kansas RR. in its system at a commercial valuation of $100,000. common stock and the application has been dismissed. The withdrawal
The properties constitute 68 miles of line in eastern Illinois.
of the application to the Commission for authority to purchase the AlleThe recommendation is in line with the Commission's order authorizing gheny Corporation's holdings of Kansas City Southern common stock is
the B. Ss 0.to take over the properties of the Chicago & Alton RR.through merely a technical development, it was stated in quarters close to the
a now company, the Alton RR. The short lines ask to be taken over by Alleghany Corp. The sale was consummated last year. ("Wall Street
the B. & 0.at their commercial value.
-T. 134, p. 1366.
Journal.").
erAdds to Holdings.
The company is reported to have increased its Reading Co. holdings
from $27,435,000 common to $29.880.000 during 1931. First preferred
holdings were increased from $11,563,250 to $11,683,250 and second preened holdings from $1,540,000 to $16,955,000.-V. 134, p. 1316.
-Control.
Cane Belt RR.
See Gulf Colorado & Santa To Ry.-V. 132, p. 1216.
Central of Georgia Ry.-Receives Loan from Reconstruc-See under "Current Events" on a
tion Finance Corporation.
-V.134, p. 1755.
preceding page.
Chesapeake 8c Ohio Ry.-Adds to Rail Holdings.
owned
The company and the Virginia Transportation Corp., its wholly
Marquette
securities affiliate, added to their holdings of Erie and Pere
stocks in 1931.
shares of Pere
At the close of the year the two companies owned 267,700
shares of
Marquette common, against 266.200 at the end of 1930; 15,900 against
and preferred stocks, combined,
Pere Marquette prior preference
shares of
12,600; 769,800 shares of Erie common, against 760.300; 151 400
Erie first preferred, against 148,905, and 60.190 shares of Erie second preferred, against 58,895.
MarSince Jan. 1 last the C. & 0. has purchased 46,200 shares of Pere comquette common, and has acquired an option on 215,000 shares of Erie
mon from the Allegheny Corp.
The known holdings of the C. & 0. and its securities affiliate in Pere
Marquette at the present time, amount to 313,900 of the 450,460 common
shares outstanding, of 69.6% of the stock.
Chicago & North Western Ry.-Receives Loan from
Reconstruction Finance Corporation.
-See under "Current
Events" on a preceding page.
February Operations Improve.
Fred W. Sargent, President, is quoted as follows:
"Our February net operating income shows an increase of about $250,000
over January. Last month we also showed an Increase in gross over
the preceding month. According to present Indications March will also
show an improvement in both gross and net over February.
"Moisture conditions in our territory were never better, there being an
abundance of rain and snow. Outlook for the spring crops is excellent.
"The improvement in earnings is partly due to an upturn in the manufacturing cities in our territory, mainly Milwaukee, Racine, Kenosha and
Waukegan, Ill.
"Loadings of logs, grain and miscellaneous freight are at present showing
the greatest decline below a year ago."
-V. 134, p. 1755.
Chicago Rock Island & Pacific Ry.-Plans to Absorb
11 Subsidiary Lines-Unification Desired to Provide Broader
-At the annual meeting to be held May 5,
Mortgagefor 1934.
the stockholders will consider the following questions:
(1) The acquisition by this company,subject to the approval and authori-S. C. Commission, by purchase, merger, or consolidation
zation of the I.
of all the railway and other property, corporate rights, franchises and
privileges of each of the railway companies enumerated below, the entire
capital stock of which is now owned by this company; said acquisition to
MAI, 12 1932.)
- INANCIAL CHRONICLE
F
be upon such terms and conditions in each case, respectively, as shall be
agreed upon by the respective boards of directors, assented to, approved
-S. C. Commission:
and ratified by the stockholders and authorized by the I.
I) The following lines of railway now operated by this company under
lease:
(1) The lines of railway now owned by St. Paul & Kansas City Short
Line RR.:
(a) From Mason City, Cerro Gordo County,to Des Moines,Polk County:
from Carlisle, Warren County, to Allorton, Wayne County: from Deg
Moines, Polk County. to Keokuk, Lee County, all in the State of Iowa.
(b) From Coburn, Grundy County, Mo., to Birmingham, Clay County',
Mo.• together with all its rights under the agreements of Nov. 4 1929
and Aug. 1 1931, with Chicago Milwaukee St. Paul & Pacific RR., for
'
Joint operation of said line and the line of said Chicago Milwaukee St.
Paul & Pacific RR, between said points.
(2) The lines of railway now owned by Choctaw, Oklahoma & Gulf RR.:
(a) A main line from a point on the west bank of the Mississippi River,
near Benefield, Crittenden County, Ark., to a point on the OklahomaTexas boundary in Beckham County, Okla.; with branches from Benton,
Saline County, to Hot Springs, Garind
County,and from Malvern, Hot
Spring County, to Butterfield, Hot Spring County*, Ark., and from Halleyvile, Pitteburgh County. to Ardmore, Carter County; from Tecumseh
Jct. Pottawattomie County, to Asher, Pottawattomie County; from
Ingersoll, Alfalfa County, to Alva. Woods County, and from Geary,
Blaine County, to Watonga, Blaine County, Okla., and from Homestead.
Blaine County, Okla., to Anthony, Harper County, Kan.
(b) Its leasehold interest in the railway of the White & Black River Valley
RR. from Brinkley Monroe County, to Newport, Jac,keon County, and
from Wiville, Woodruff County, to Gregory, Woodruff County, Ark.
(c) Terminal tracks and property in Memphis, Shelby County, Tenn.
(3) The lines ofrailway now owned by Rock Island Arkansas & Louisiana
RR.: A main linefrom Hot Springs Jct. near Little Rock, Pulaski County,
Ark. to Benton, Saline County, in said State, and from Haskell, Saline
County, Ark., to Eunice, St. Landrys Parish, La.; with branches from
Tinsman, Calhoun County, to Crossett, Ashley County,and from Malvern,
Hot Spring County, to Camden, Ouachita County, all in the State of Arkansas.
(4) The line of railway now owned by Morris Terminal Ry. Co.:
A line of railway and terminal facilities located in and near Morris,
Grundy County, Ill.
(5) The line of railway now owned by Rock Island & Dardanelle Ry.
From Dardanelle, Yell County, Ark., to Ola, Yell County, Ark.
(6) The line of railway now owned by Rock Island, Stuttgart & Southern
Ry.: From Mesa,Prairie County, Ark.,to Stuttgart, Arkansas Couny, Ark.
(7) The line of railway now owned by Rock Island Memphis Terminal
Ry.: A line of railway and terminal facilities at Memphis, Shelby County,
Tenn.
(8) Tho line of railway now owned by Rock Island Omaha Terminal
Ry.: A line of railway and terminal facilities at Omaha, Douglas County,
Neb.
II) The following lines of railway now operated independently:
(1) Lines of railway now owned by the Chicago Rock Island & Gulf By.,
all located in the State of Texas, as follows:
(a) Main lines extending from a point on the Texas-Oklahoma boundary
at the Red River, near Terra!, Jefferson County, Okla., to Dallas, Dallas
County from a point on the Texas
-Oklahoma boundary in Wheeler CountY,
to a point on the Texas
-New Mexico boundary, in Deaf Smith County;
from a point on the Texas
-Oklahoma boundary In Sherman County at or
near Texhoma, to a point on the Texas-New Mexico boundary at or near
Bravo, Hartley County. •
(b) Branch lines from Bridgeport, Wise County, to Graham, Young
Co
County; from Carrollton, Dallas County, to Irving, Dallas County; from
Amarillo, Potter County to a point on the Texas-Oklahoma boundary
near Hitchnd, Deaf Smith County; from Dalhart, Dallam County, to a
la
Point near Morse, Hutcninson County.
(c) Branch lines now under construction at or near Shamrock, Wheeler
County, and Vega, Oldham County.
(2) The line of railway now owned by Peoria Terminal Co.:
A.line of railway from Peoria, Peoria County. to Pekin, Tazewell County.
Ill.
(3) The line of railway now owned by Peoria Hanna City & Western Ry.:
A line of railway from Hollis Junction, Peoria County, Ill., to Crescent
Goal Co. properties, Peoria County, Ill.; together with all appurtenances,
equipment, rolling stock, materials and supplies, tools, implements and
machinery, all furniture and fixtures, and all other physical property, and
with all and singular all privileges, franchises, leases, trackage contracts.
Joint facility agreements, stocks, bonds or other securities of every kind,
or interest tnerein, owned by each of said companies or pertaining to its
railroad, and all the asset, right, title and interest which each of the said
railway companies now or at the date of the proposed conveyance shall have
in or to any of the said properties, or In the property, railroad, or securitieq
of any other railroad or terminal or other company or companies.
1949
Adds Bus Line.
An inter-State motor bus line has been established by the Missouri
Pacific Transportation Co., a subsidiary, between Dallas, Tex., and points
In Louisiana and Arkansas. The new line parallels the Texas & l'acific
Ry., between Dallas and Marshall, Tex.. and divides at Marshall into two
routes, one running to Shreveport, La.. and the other to Texarkana, Ark.
The line traverses the East Texas oil field.
-V. 134, P. 1756.
Mobile & Ohio RR.-Reccives Loan from Reconstruction
Finance Corporation.
-See under "Current Events" on a preceding page.
-V.134, p. 1756.
New York Central RR.
-Adds to Holdings.
The New York Central RR. has filed with the I.
-S. 0. Commission
supplemental information in its consolidation application which discloses
that it has increased its holdings in the Delaware, Lackawanna As Western
RR. and the Pittsburgh & Lake Erie RR.
The statistics filed with the Commission show that In 1931 the New
York Central increased its holdings of Lackawanna stock from $0,566,250
to $7,791,250, or 9.23%. It is reported that Lackawanna holdings in
quarters friendly to the New York Central might bring this percentage to
between 15 and 20.
The figures showed that the New York Central had increased its P. &
L. E.stock from $21,591,700 to $21,699,700, or 50.25%.-V. 134, p. 1756.
New York Chicago & St. Louis RR.
-Receives Loanfrom
Reconstruction Finance Corporation.
-See under "Current
Events" on a preceding page.
-V. 134, p. 1756.
Norfolk & Southern RR.-Subsid. Acquires Bus Lines.
The Federal Court at Richmond, Va., has authorized Norfolk Southern
Bus Corp., a subsidiary, to take over the Virginia Beach Bus Line and the
Coastal Coach Lines, now in receivership. The order was made on recommendation of the receiver of the Virginia Beach and Coastal Coach Lines
The court authorized the Issuance of $12,000 receivers' certificates to take
care of certain liens against the property of the two companies.
-V. 134,
P. 1575.
Norfolk & Western Ry.-Would Abandon 54 Miles.
-
The company has asked the I.
-S. C. Commission for authority to abandon 54 miles of !lee from Lenore, Mingo County, to Wayne in Wayne
County, West Virginia. The road told the Commission the line to be
abandoned costs $100,000 a year to operate and produces only $50,000
in revenues. The territory will be served by other lineer-V. 154. P• 1756.
-New President, &c.-'
North Pennsylvania RR.
A. G. B. Steel, formerly The-President, was recently elected President,
succeeding Charles E.Ingersoll,resigned.
S. Pemberton Hutchinson Jr., resigned as director and John W.Drayton,
and Radcliffe Cheston Jr., were elected directors.
-V. 127, P. 2813.
Pennroad Corp.
-New Director.
WW1= M.Elkins of Philadelphia has been elected a director, succeeding
Philip Stockton, resigned.
-V. 132, p. 4755.
Pennsylvania RR.
-Appliesfor Permission to Get Loan of
$55,000,000 from Reconstruction Finance Corporation.
-See
under "Current Events" on a preceding page.
Adds to Holdings.
The road is reported as having increased its preferred share holdings in
the Norfolk & Western Ry. from $12,520,000 to $13,595,000 during 1931.
New Director.
-
John E. Zimmerman, President of the United Gas Improvement Co..
has been elected a director of the Pennsylvania RR., to succeed Charles
E. Ingersoll, resigned.
-V. 134, p. 1756.
Pittsburgh & West Virginia Ry.-Obtains Loan.
-
The company, it is stated, obtained a loan of between $200,000
$300,000 from the Railroad Credit Corporation to meet payments and
due
March 1. The company has applied to the Reconstruction
Finance
Corporation for a loan of roughly $7,541.032.-V.
134. P. 1756.
St. Louis-San Francisco Ry.-Receives Loan from Reconstruction Finance Corporation.
-See under "Current
Events" on a preceding page.
-V. 134, p. 1756.
Charles Hayden, Chairman of the board, and J. E. GorSouthern Pacific Co.
-Notifies Commission of Acceptance
man,President,in their remarks to stockholders state:
of Conditions Imposed on Proposed Transaction for Stock
The most constructive matter we now have before us Is a unification of Control of Cotton Belt Line.
the properties comprising
the Rock Island System into one property, all
to be owned by the Chicago Rock Island & Pacific Ry., the operating company. The purpose of this unification is to provide a foundation for
financing in 1934, when the first and refunding and two other mortgages
mature. If the plan is consummated, the new mortgage to be executed in
1934 will be a direct lien on all the railway properties of the system, and
the railway company s corporate and financial structure will be much
simplified. In addition we hope to eliminate the expense of maintaining
separate corporate organizations, and,in some instances, separate operating
organizations.
All the transactions set forth in the above notice are purely intercorporate
and involve no new outlay by the Pacific company, but merely a unification
and consolidation of properties which it already owns.
-V. 134, p. 1573.
Erie RR.
-Receives Loan from Reconstruction Finance
Corporation.
--See under "Current Events" on a preceding
page.
-V. 134, p. 1755.
Galveston, Harrisburg & San Antonio Ry.-Valuation.
The I.
-S. C.
Commission has placed a so-called final valuation of $160,265,063 as of June 30 1918 on the properties of the
& San Antonio Ry., and 10 other affiliated lines Galveston Harrisburg
which constitute the
Atlantic System of the Southern Pacific Co. The valuation
includes
$9,681,07,5 for working capital.
Aside from the Galveston Harrisburg & San Antonio, the
embraces
the Iberia & Vermilion RR., Houston & Shreveport RR.,reportCharles &
Northern RR., Directnavigation Co., Texas & New OrleansLake Louisiana
RR.,
Western RR., Houston & Texas Central RR.
Ry., Morgan's Louisiana & Texas RR. & Steamship Houston East & West Texas
Co., and the Southern
Pacific Terminal Co.
-V. 133, P. 3627.
Gulf Colorado & Santa Fe Ry.-Control of Cane Belt
RR. Authorized.
The I.
-S. C. Commission on Feb. 24 approved the acquisition by the
company of control, by lease, of the railroad and property of the Cane
Belt RR. Both roads aro controlled by the Atchison Topeka & Santa Fe
By. through stock ownership.
-V. 134, p. 1191.
Kansas City Southern Ry.-To Lease Line.
-
The company has asked the I.
-S. C. Commission for authority to lease
81 miles of railroad comprising the Texas mileage of the Texarkana &
Fort Smith RR. The applicant already leases most of the Texarkana line
outside of Texas. The move, it is estimated, will result in operating
economies of $80,000 annually.
-V. 133, p. 2600.
Mahoning Coal RR.
-Earnings.
For income statement for 3 and 12 months ended Dec. 31 see "Earnings
Department" on a preceding page.
-V. 133. P. 3461.
Minneapolis St. Paul & Sault Ste. Marie Ry.-Receives Loan from Reconstruction Finance Corporation.
-See
-V.134,p.1756.
under"CurrentEvents"on a preceding page.
-Receives Loan from Reconstruction
Missouri Pacific RR.
-See under "Current Events" on a
Finance Corporation.
preceding page.
The company has notified the I.
-S. 0. Commission of its acceptance
of conditions imposed by the Commission to the proposed acquisition by
the Southern Pacific of the St. Louis Southwestern By. upon the condition
that sufficient shares of"Cotton Belt" stock be depositea with the Guaranty
Trust Co. of New York to insure at least an 85% stook control for the
Southern Pacific.
In its report and order of Jan. 12 the Commission approved the Southern
Pacific's application to acquire control of the CottonBelt, and its motion
to amend the Commission s consolidation plan of Dec. 9 1929 so as to
allocate the Cotton Belt to the Southern TPaclfic instead of the Illinois
Central System.
The approval, however, was based on the following three conditions:
"(1) That the applicant (Southern Pacific) shall maintain and keep open
all routes and channels of trade via existing gateways unless and until
otherwise authorized by the I.
-S. C. Commission.
"(2) That the applicant shall agree and undertake that if hereafter in
this or in ancillary proceedings the Commission shall find that the applicant should acquire the lines of the Waco, Beaumont, Trinity & Sabine
Br. and(or) the line of the Paris & Mt. Pleasant RR. at the commercial
value thereof, or assume the operation thereof, or both, the applicant will
abide by such findings.
"(3) That the applicant shall agree to accept any additional minority
stock of St. Louis Southwestern Ry. tendered to it for exchange prior to
Jan. 1 1933 on the basis of one share of Southern Pacific stock for three
shares of St. Louis Southwestern Ry, common stock, and three shares
of Southern Pacific stock for five shares of St. Louis Southwestern Ry.
preferred stock."
The Southern Pacific, in its reply Just filed with the Commission, declared that it had made an offer June 16 1931 to exchange its stock for
Cotton Belt stock contingent upon deposit with the Guaranty Trust Co.
of New York of sufficient shares of Cotton Belt Stock to enable Southern
Pacific to become the owner of85% of all the issued and outstanding shares
of the Cotton Belt, or such lesser percentage as may be acceptable to the
Southern Pacific.
If this condition is adhered to by Cotton Belt stockholders, the Commission was advised, tho Southern Pacific accepts the conditions imposed
by the Commission to its approval of the acquisition.
As soon as the road acquires the amount of Cotton Belt stock sought,
It advised the Commission, it will immediately notify the Commission
thereof in writing and the agreement will become final.
-V. 134, P• 1755
Toledo Terminal RR.
-Earnings.
-
Calendar YearsOperating revenue
Operating expenses
Railway tax accruals_ - Uncollectible ry.revenue
1931.
1930.
1929 .
1928.
$982,927 $1,170,671 $1,606,937 $1,517.681
799,561
954,044
1,096,967
930,547
155,185
165,413
195,343
211.015
6
14
137
Railway oper. income.
Non-operating income-
$17,947
360,764
Gross income
Interest
Rentals
Hire of equip. (dr. bal.)..
Misc,tax accruals
Misc. income charges...
$378,711
261,092
2,409
5,122
10
2
2,762
Net income
$107,223
$61,428
293,299
$314,489
344.949
$376,119
385,846
$354.797
$659,438
254.165247,500
2,713
2,670
18,243
45,234
177
2.79
.
2,770
$761,966
237.788
2,526
43,612
74
2,239
$76.772
$361,086
7475.728
[Vox,. 134.
FINANCIAL CHRONICLE
1950
General Balance Sheet Dec. 31.
1931.
1031.
1930.
$
Liabilities.$
Assets$
4.000,000
Capital stock
Cost of road fran5.800,000
chise & equip.- 7,983,781 7,983,781 Long term debt
1,178
Car serv. bal. pay_
Additions& bettermecca-road -__ 3,499,892 3,385,732 Audited accts. and
63,175
wages payable.541,093
Equipment -_-_ 532,212
-matured
Interest
52,867
Can, expenditures
1,485
unpaid
Deposits in lieu of
2,046 Unmat'd interest
2.046
mtge. prop. sold
43,500
accrued
14,321
14,321
Mls. phis. prop.967
500 Other def. Habil6.500
Other investments
149,199
300,344 Tax liability
322,153
Cash
5,085 Accr. dente°. on
1,485
Special deposits___
281,077
equipment
56,360
31,476
Traffic balance.Fire loss-suspense
Net balance due
2,652,448
25.993 Surplus
17,369
from agent
158,112
Misc. accts. reedy 134,962
111,445
Material account_ 102,756
2,469
2.288
Fuel account
877
2.429
Int. & diva. ree
22.472
166,221
Deferred assets._
152,268
Unadj. debits.-- 120.272
12,993.031
Total
12,993,031 12.763,797
Total
-V. 132, p. 2578.
1930.
$
4,000.000
5,800.000
Dr.48
144.471
5,085
43,500
1,440
83,440
-Div.Deferred.
American & Foreign Power Co., Inc.
The directors on Mar. 9 decided to defer the regular quarterly dividends due April 1 next of $1.75 per share on the
$7 cum. pref. stock, no par value, and of $1.50 per share on
the $6 cum. pref. stock, no par value. The last quarterly
distributions at the above rates were made on Jan.2 1932.
The principal reason given for the omission of the usual payments.
according to interests close to the company, was the "unusual disturbed
economic and financial conditions throughout the world and the difficulties
being encountered in converting into United States dollars the moneys
of several of the countries in which principal operations are being carried
-V. 134, p. 1576.
on by subsidiaries.
253.886
2,689
2,429.333
Balance
Other deductions
Annual diva., pref. stocks, subsidiary companies
12,763.797
-New Comptroller.
Southern Railway.
Southern Railway
T. H. Seal has been appointed comptroller of the
deceased.
System and Mobile & Ohio RR. succeeding E. H. Kemper, Mr. Seay.
appointed general auditor, succeeding
W H. Luckett has been
. 134, P. 1757.
Wabash Ry.-To Pay $5,000,000 of Debts.
at St. Louis to
The receivers have been authorized by Federal Court
debts, including 83.835.•pay out approximately $5.000.000 in settlement of Canadian National Ry.
and $1,164,821 to the
240 for materials and supplies
payment of these
for trackage rentals. The receivers stated that funds for which the court
accounts have been obtained from receivers' certificates
p. 1757.
-V. 134,
recently authorized them to issue.
-Securities.
Western Pacific RR. Co.
American Gas & Power Co.
-Earnings.
Calendar Years1930.
1931.
Gross revenues, all sources
$8.941,216 89,140,072
5,255,357
Oper. expenses, incl. maintenance & general taxes.. 5,027.257
Annual int. charges, funded debt, subsid. co's_ --- 1,204,854
1.066,740
the company to issue
-S. 0. Commission on Feb. 27 authorizedbonds, series A, and a
The I.
not exceeding $15,000,000 gen. & ref. mtge. gold
such
for not exceeding 115,000.000, said bonds or for a
promissory note or notes
as collateral security
part thereof as may be required, to be pledged be exchanged at not less
and for the notes, and the notes to
loan or loans
debentures.
than par for an equal amount of outstanding 5%
The Report of the Commission says in part:
not exceedNov. 20 1930, authorized the applicant to issue
Our order of
in connection with the financing of its
ing 85.000,000 5% gold debentures the indenture dated July 1 1930, to the
Northern California extension. By
the debentures were issued,
Chase National Bank, New York, under which
long as any of the debentures were
the applicant convenanted that, so its subsidiaries would mortgage or,
outstanding, neither it nor any of
mortgage dated June 26 1916,
except as required by the applicant's first
acquired, without calling for
pledge any property now owned or hereafter
suitable provision for
redemption all outstanding debentures and making C. James Co. Under
were sold to the A.
their payment. The debentures
has from time to time
the terms of the sale it appears that that company so that as of Feb. 8
of the debentures
taken delivery of various amounts $4,504,000, but is obligated to take the
1932. the amount outstanding was
entire issue.
mortgage on its properties and to
The applicant proposes to make a new mentioned. Therefore, it has
covenant
do this must comply with the debentures to pay them by Issuing to it a
arranged with the holder of the
mature not less than three years
5% note or notes of an equal amount, to from the date thereof, and to be
nor more than four years and 11 months
proposed mortgage.
by the pledge of bonds to be issued under the
secured
acceleration of the maThe note or notes will contain a provision for the
under the first mortgage,
turity of the principal, thereof in case of default
loans made to the applicant
or the proposed new mortgage, or any of the the Railroad Credit Corporaby the Reconstruction Finance Corporation or
be in the form agreed
tion, such provision for acceleration of principal to The applicant seeks
upon by the applicant and the A. C. James Co. amount necessary to
authority to iS.Stle a note or notes in the maximum
outstanding under the
pay all the debentures which may be issued and
authority heretofore granted.
as the applicant's general and
The proposed new mortgage will be known 1 1932, and will be made to
refunding mortgage, will be dated as of Jan.
as trustee. The mortgage will limit
the Chase National Bank, New York,
outstanding thereunder at any one time
the amount of bonds that may be
the issue of bonds to refund the
to 2100,000.000, and will provide for
its first mortgage dated
applicant's first-mortgage bonds issued under issued under the indenture
and the $5.000,000 of debentures
June 26 1916,
will also provide that bonds may be issued in
of July 119:10. The mortgage
of directors, and under Section 1 of
series as determined by the boardand refunding mortgage bonds of any
article two $15,000,000 of general
d and delivered without further
series, one or more. may be authenticate the filing with the trustee of
except
action on the part of the applicant,
and
of directors, requesting authenticationthese
(1) resolutions of the board an opinion of counsel. Pursuant to
delivery of the bonds, and (2)
the initial series of
of directors has determined that
provisions, the board
in the total amount of $15,general and refunding mortgage gold bonds
A.
000.000 is to be designated series a loan from the Reconstruction Finance
for
The applicant has applied
financing its requirements and has also
Corporation to aid in temporarily
Credit Corporation to enable it to
applied for a loan from the Railroad on March 1 1932. The applicant
maturing
meet its fixed interest charges
applications it has been advised that the
states that since the filing of these
funds and that arrangements have
Railroad Credit Corporation Is without
whereby it is expected the Rebeen made between the two corporations
loan to the applicant the amount
construction Finance Corporation willCorporation, or so much thereof as
Credit
applied for from the Railroad
p
may be aproved.
the applicant offered to Pledge as
In applying for the loans mentioned
amount of the proposed general
security for each of the loans such principal A. as the corporation making
series
and refunding mortgage gold bonds, approve. As part of its agreement
we should
the loan should require and outstanding debentures a 5% note or notes of
to accept in payment for the
required that the applicant
a like face amount, the holder of the debentures
general and refunding mortshould pledge as security for the note or notes
maturity, to bear the same rate
gage bonds, such security to be of the same
respects with the security for the
of Interest, and to be comparable in all
applicant requests authority to pledge
loan or loans. Accordingly, the
or notes on the same basis at which
series A bonds as collateral for the note p. 1757.
-V. 134,
they are pledged for the loans.
$2,709,106 $2,817,975
614,513
407,146
402,401
Bal. avail.for Amer. Gas & Pow.Si for reserves
Annual interest
81,687,447
667,746
$2,415,574
565,000
Balance avail, for diva, and reserves
$1,019,701
Annual diva. on 40,000 shs. 1st pref.stock,86 series
81.850,574
240,000
Balance available to American Commonwealths
$1,019,701 61.610,574
Power Corp. and reserves
--V. 134. P. 844.
-Earnings.
American Power & Light Co.(& Subs.).
1930,
1929.
1931.
1928.
12 Mos.End.Dec.31Subsidiary Companies
883,213,280 $87,087,661 $88,222,149 $79,021,388
Gross earnings
39.527,622 41.585.206 42,911.963 40.001.203
Oper.exps..incl. taxes
Net earnings
Other income
843.685,658 845,502,455 845,310,186 839.020,185
2.453,124
3.648.400
2,086,934
5,613.653
$45,772,592 $47,955,579 $48.958,586 $44,633,838
Total income
Int. to pub.&oth. deduc. 16,493,908 16,086,040 16.139.403 16,298,826
6,189,608
5,885,557
5,371,628
6,849,208
Pref. diva, to public_ _ Renewal & replacement
5,317,814
5,555,847
4,809,404
(deproc.) appropriat's 4,841,010
Proportion applicable to
178.919
155,151
148,574
226.867
minority interests
517.430.892 519,968,933 521,436,893 317,927,113
Balance
:
Amer.Pow. &1 t. Co.Bal. in sub. cos. earns.
applic. to Amor. Pow.
& Light Co.(as shown
$17.439,892 519.968,933 $21,436,893 $17,927,113
above)
940,800
1,001,781
887,527
714,376
Other income
818,154,268 520.918,733 822,438,674 818,814,640
Total income
Amer.
511,408
293,383
370,124
236,833
Power
X
Ex Light Co
Int.& discounts of Amer.
2.958.687
2.873,807
2,821,198
Co_...... 3,110,668
Power & Light
$14,806,767 $17,448,738 $19,271.484 815.623,320
Balance
Divs. on pref. stocks of
8,174,597
7,683,738
5,699,962
Amer.Pow.& Lt. Co_ 8,664,221
Divs. on com. stock of
Amer.Pow.& Lt. Co.. 4,371,106 x7.037.202 x6.148.279 x5,268,922
51,771,440 82.236,939 85,439,467 $4,654,436
Balance
Earns.per sh.for com.stk.
$3.20
82.04
$4.58
$4.48
(Incl. scrip.) outst'g
x Includes 1-10th of a share (10%)extra common stock dividend amounting to $3,213,174.paid Dec. 1 1930. 32,810,052 paid Dec. 1 1929 and
82,459,561 in Dec. 1 1928.
Balance Sheet Dec. 31.
1931.
1930.
1930.
1931.
$
AssetsInvestments -255.866.061 245,086,012 xCapital stock
(no par value)214,587,997 213,105,612
5,563.545 5,036,037
Cash
Gold deb. bonds
947.859
U.S.Treas. bills
Amer.6% ser. 45,810,500 45,810.300
500,000
Time dep. in bks
Bouthwes'n Pow.
Municipal short& Lt. Co 6%
100,750
securities
term
gold deb. bds..
Notes and loans
series A
5,000,000 5,000,000
rec.-subs -- 10,733,957 20,074,961
Contrac. liabil
1,373.259 1,443,814
Notes and loans
196,385 2,258,716 Divs. declared._ 2,167,879 2,045,567
rec.-others
9.085
2,020.838 Contracts pay
107,525
Accts.rec.-subs 1,903.646
244.985 Accts. payable
91.569
605,575
96,191
Accts.rec.-oth_
1.076,709 1,091,208
856.135 Accrued accts_
978,444
Special deposit_
Contracts guarContracts guarant'd (contra)
32.300
32.300
ant'd (contra)
Reserve
338,040
337.407
Unamort. disc.
3,955.157 4,002,135 Surplus
10,386.956 10,032,812
& expense
280.874,296 279,579,821
Total
x Represented by
Total 1931.
Dec
.31
1930.28,745
279.579,821
Dec. 31
792.954
978.440
WM.in liq.1 792.957
shs.
shs.
$6 pref. stock.
shs.
shs.
$5 prof. stock, series A18100 a sh.1 978.444
47 8-10 shs.
Prof. stock ($6) scrip equivalent to..
3,008.520
shs. 2,890,025 8-10 ohs.
.
50
Common stock
5,292 27-50 shs.
Common stock scrip equivalent to_
3
4,145 4 -50 81111
.
.
Option warrants to purchase com
she.
stock equivalent to
4.130
-V. 132. p. 4328.
-Exchange Offer.
Associated Electric Co.
it has been decided to extend to the bondholders of Associated Electric
Co. the privilege of subscribing to Associated Gas & Electric CO. guaran-year gold bonds on the same basis as security holders of the
teed 8% 8
Associated Gas & Electric Co.. namely, at the rate of 820 for each $100
of bonds which you hold.
The entire proceeds of subscriptions by bondholders of the Associated
Electric Co. on subscription warrants issued to them will be applied to
the retirement of the $8,895.000 one-year notes of Pennsylvania Electric
Co.. which mature during the current year.
Furthermore, such proceeds will be advanced to the Pennsylvania ElecPUBLIC UTILITIES.
tric Co. under such arrangements tnat any claim for repayment will be
power production subordinate to the Pennsylvania bonds and will ultimately be represented
in the Chronicle of March 5.-(a) Electric
contribuMatters Covered
declined 7% in January 1932, p. 1650; by common stock of Associated Electric Co. or by a voluntary
for public use In the United States of 7.4% during the week ended Feb. tion to its capital.
decline
(b) Electric output showed a corresponding period in 1931. p. 1650.
Subscription checks may be forwarded immediately to Associated Gas
the
with
& Electric Securities Co., 61 Broadway, N. Y. City, upon which 7%
27 1932, as compared
followinterest will be paid from date of receipt to the first interest date
Control.
Alton Ry.-New owned the street railway system of Alton, which rageforl8 7. after which interest on the bonds will commence at the
int ul p4yment,
The company, which
earnings, March 1
$800,000 on a basis of its
133.
formerly was valued at about
[See also lsocIated Gas & Electric Co. in V. 134, p. 15764.-V.
Illinois Terminal Transportation Co.for a conPassed into the hands of the
P. 4328.
of $10,000.
comsideration
, he
authorized the purchase of the
-Bond Sales
The Illinois Commerce Commission
Illinois Terminal
Associated'Gas & Electric Co.
-year bondBars sold
RnLfrom the UnionEletih&112 Terminal RR. System.
.a
More than $1,000.000 of the new issue of 8% 9
affiliatedwith t
tiooos
the first week of a system-wide customer ownershipa P 8n.
property March 1.
secur le:dealers
1576by
made
It took overover operation of the
- announced. That figure is exclusive of sales
.1757.
-Receiver Resigns.
Corp.
Community Powerthe three receivers, has been per- subscriptions received through the mail. See V. 134. n•
'American
of
Improvement.February Electric Output Shows system reports electric output.
David A Belden of St. Louis, one in Chancery Court at Wilmington,
(k wh
Wolcott
For the month of February the Associated
1:flitted by Chancellor J. 0. a petition stating he and his co-receivers
. . a decrease of
was due
utilities. of 212.994.362 units
Del., to resign after he filed
corporation that he continue as an officer excluding sales to other last year. This relatively good showing
under February of
'deemed it to the advantage of the p. 674.
1.9%
-V. 134,
Tether than a receiver.
1.
MAR. 12 1932.]
FINANCIAL CHRONICLE
in part to the fact that there was an extra day in February of this year
as compared with 1931. For the 12 months ended Feb. 29, electric output
was 2.8% under the previous 12 months.
Gas output for this month was 1.494,207,900 Cu. ft., or 7.4% under
February of last year. For the 12 months, gas output was 5.6% under the
-V. 134, P• 1757.
previous 12 months.
-Defers Dividends
"-Associated Telephone Utilities Co.
on $6, $7 and $6 Preferred A Stocks.
1951
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
'
s 4-1
Assets-$
$
Liabilities$
Plant inveetment_33,864,097 33,687,921 Funded debt
17,000,000 17,000,000'
Cash
26,578
payable_
36,495 Notes
27,165.
Call loans
65,297
Accounts payable
Accts. receivable__ 348,003
362,430
de accrued Habil_ 284,207
438,945
Materials & suppl. 284,106
243,915 Dividends of subs_
24.888
25.625
Mtges. receivable_
1,500
5,100 Pref. dividend__ -96,250
96,250
Deferred charges__ 135,809
107,835 Common dividend
75,00)
56,250
Cust.deposits with
int. accrued_ ___ 109.884
103,651
Bond int. accrued_ 141.667
141,667
The company has voted to defer the payment of the quarterly dividends
of $1.50 on the $6 cumul. prior pref., $1.50 on the series A $6 cony. pref.
and $1.75 on the $7 cumul. prior pref. stocks due at this time.
A letter to pref. stockholders states:"Although earnings accruing to the
company after paying prior charges and expenses are more than sufficient
17,731,896 17,889,556
Total
34,725,389 34,443,697
Total
to cover dividends on the prior pref. stock and the cony. pref. stock and -V. 133. p. 3252.
although the company owns a substantial amount of mortgage bonds and
directors feel that
pref. stocks of certain of its subsidiary companies, the
-Dividends Deferred.
in view of the difficulty of marketing such securities under present con-" Central Public Service Corp.
ditions it is in the best interests of stockholders to conserve cash resources
The directors have decided to defer the usual quarterly dividends due
April 1 on the $7 cum. prof. stock, $6 cum. pref. stock and $A cum. pref.
and to defer the payment of dividends."
Regular quarterly dividends were declared about three months which stock, all of no par value. Regular quarterly distributions of $1.75, $1.50
were paid as follows: 2% in common stock on the common stock, payable and $1 per share,respectively, were paid on Jan. 1 1932.
Jan. 15: $1.75 on the $7 cum. prior pref. stock payable Dec. 15: $1.50 on
Sale of Subsidiary.
the $6 cum. prior pref. stock payable Dec. 15 and $1.50 on the $6 cony.
See Wisconsin Gas & Electric Co. below.
-V.134. p. 1758.
pref.stock,series A, payable Jan. 2.-V. 134, p. 674.
Blackstone Valley Gas & Electric Co.
-Bonds Sold.Estabrook & Co. and Stone & Webster and Blodget, Inc.,
announce the sale at 91% and int., to yield 5.69%, of
$2,000,000 mtge. & coll. trust gold bonds, series B,5%.
To be dated April 1 1932; to be due April 1 1952. Principal payable in
gold at the office of the trustee, State Street Trust Co., Boston, Mass.
Interest (A. & 0.) payable in gold in Boston, New York and Chicago.
Denom. $1,000 and $500 c*. Red. as a whole at any time or in part on
any interest date on 30 days' notice at 104 up to and incl. Oct. 1 1935;
thereafter at 103 to and incl. Oct. 1 1939; thereafter at 102 to and incl.
Oct. 1 1943; thereafter at 101 to and incl. Oct. 1 1947; thereafter at 101
less Wi of 1% for each year or part thereof to and including Oct. 1 1950;
and at 100 thereafter to maturity, and with accrued interest in all cases.
Company agrees to pay the interest without deduction for any normal
Federal income tax not exceeding 2% of such interest which it may be
required to pay. Penn. personal property tax up to 4 mills, Conn, personal property tax up to 4 mills and Mass. taxes (based on or measured
by income) up to 6% of interest, refundable on proper application.
Consolidated Capitalization (Outstanding upon completion of presentfinancing).
Divisional closed mortgage bonds
4,319,000
1st & gen. mtge. 5% gold bonds due Jan. 1 1939 (closed)
Mige. and coll, trust gold bonds:
3,975.000
Series A 5%,due April 1 1951
2,000,000
Series B 5%,due April 1 1952 (this issue)
990.000
Pawtucket Gas Co. of New Jersey 5% pref. stock
1,294,200
6% preferred stock
8,661,700
Common stock (par $50)
-Company, a constituent company of Eastern Utilities AssoBusiness.
ciates, directly or through its subsidiary, Pawtucket Gas Co., does the entire electric lighting, power and gas business in the Blackstone Valley
District of Rhode Island, one of the most thickly settled parts of New
England. The territory served includes the cities of Pawtucket, Woonsocket and Central Falls and the towns of Cumberland, Lincoln and others
adjacent, having a total population estimated at over 183.000.
Comparative consolidated earnings and expenses for the 12 months
ended Jan. 31:
1932.
1931.
$6.355,443 $6,254,420
Gross earnings
Operation
3,012,400
2,881,557
Maintenance
241,671
255,587
442,355
471,562
Taxes (incl. Federal income taxes)
-Earnings.
Chicago District Electric Generating Corp.
Calendar YearsOperating revenues
Operating expenses
Taxes
1930.
1931.
$6,445,300 $6,593,014
4,146,360
x3,837,522
517,420
445,898
Operating income
Non-operating income
$2,090,358 $2,000.758
43,822
127,657
Gross income
Interest on funded debt
Miscellaneous interest deductions
Amortization of debt discount & expense
Miscellaneous deductions from gross income
Interest during construction_ _Cr
Miscellaneous appropriations
$2,218.015 $2,044.580
1,129.872
1,197.889
214,923
15,786
432,081
137,845
49,013
17,730
144.245
24,189
Net income for the year
Dividends
$1,005,556
y741.187
$181.958
118.404
Balance to surplus
$63,554
$264,369
x Including retirement appropriations of $658,989. y Includes dividends
paid and declared on common stock and dividends paid and accrued on
preferred stock.
Balance Sheet Dec. 31.
1930.
1931.
1930.
1931.
$
Assets30,181,233 26,573,503 Preferred stock__ _x2,071,696
Fixed capital
859,685 Common stock--y7,176.000 7,176.000'
Cash
2,778,949
25,250,000 23,000.000
701,832
124,750 Funded debt
Notes receivable
305,000
604,502 Notes payableAccts. receivable__ 729,607
335.300
37,892 Accounts payable_ 194,280
Interest receiv_ _
16,255
118,404
440,547 Dividends declared 143.520
Man.& supplies__ 383,699
5,309
23,545
20,203
38,132 Mimi]. liabilities_
Prepayments
449,463
1,980,061 2,314,048 Taxes accrued____ 548,557
Miami!. assets
335,297
Interest accrued__ 356,750
Unamort.debt disc.
25.041
1,870.754 1,692,575 Dividends accrued
& expense
952.726
1,138 Retirement res've. 1,626,635
Jobbing accounts_
92,894 Misc, unadjusted
121,486
Misc. def. debits
250
1,773
credits
101.913
366,282
Surplus
38,784,079 32,779,662
Total
38.784.079 32,779,665
Total
x Represented by 33,388 shares of$6 cumulative preferred stock. y Rep
$2,659,017 $2,645,714 resented by 717.600 shares of (no par) common stock.
Balance before provision for retirements. &c-V. 133, P. 432
Total annual requirements for interest on bonds and for subsidiary pref. stock diva. of Pawtucket Gas Co. of New Jersey 049,500
Chicago North Shore & Milwaukee RR.
-New Director.
Blackstone Valley Gas & Electric Co. (incl. this issue)
528,765
The stockholders at the annual meeting re-elected John R. Thompson.
x Dividends on outstanding 5% preferred stock.
Jr., as a director for a three-year term, and elected George R. Jones as s
The above balance before provision for retirements, &c., for the 12 director for two years, to fill the vacancy caused by the resignation of
months ended Jan. 31 1932 was over 4.5 times the amount required an- H. S. Osler.-V. 133, p. 4157.
nually for interest on the entire funded debt of the company to be outstanding, including this issue, and for dividends on preferred stock of
Cincinnati Street Ry.-Earnings.Pawtucket Gas Co. of New Jersey.
Calendar Years1931.
1930.
1929.
1928.
Seventy-three per cent of the combined gross earnings are derived from
Operating revenue
$7,454,332 $8,123,961 $8,819,944 $8,819,118
the light and power department; 26% from the gas department and 1% Operating expenses
4.943.437
5,552,059
6.021,349 6,320,173
from miscellaneous sources.
Management.
-Company is controlled, through ownership of over 95%
Net operating revenue $2,510,895 $2.571,902 $2,798,594 $2,498,943
of its common stock, by Eastern Utilities Associates. The properties have Taxes
664,831
690,877
693,268
747,318
been under Stone & Webster executive management for 24 years.
property.
-The generating plants of the company have a combined
Operating income
$1,846,064 $1,881,025 $2,105.326 $1,751,625
capacity of 47.250 hp. of which 2,350 hp. Is hydro-electric. The gas Non-operating income
24,789
422,174
133,477
27,549
plants of the system have a combined daily capacity of 11,150,000 cubic
feet. Gas is delivered to Woonsocket from the central plant in Pawtucket
Gross income
$2,268,238 $2,014,502 $2,130,114 $1.779,174
-mile high pressure line.
through a 14
Rental,int.,sinking fund
2,126,610
This company, the Edison Electric Illuminating Co. of Brockton (also
2.250,164
& return on capital-- - 2,280,623
1,764.381
a constituent company of Eastern Utilities Associates) and Fall River
Electric Light Co., operate through an affiliated company, the MontauP
Added to fare control
$3,505
$14,793
Electric Co.. a modern steam generating station located on tidewater at
fund
Somerset. Mass., having a total installed capacity of 97,500 hp. This Withdrawn from fare
plant is connected with the three systems and is controlled by stock owner235,661
12,385
controlfund
ship in such a manner as to give each company substantially an equal Fare controlfund-previvoice in the management. The Blackstone Valley Gas & Electric system
ous balance, including
459,476
455,971
x223,814
441,177
is connected with that of the New England Power Association, which,
Initial $400,000
together with the Montaup Electric Co.'s facilities, enable the system to
power requirements with greater economies than would be posmeet its
Total in fare control
8459,476
sible with separate generating units.
$223,814
8455,971
$211,429
fund
Securay.-Direct obligation of the company, secured by a mortgage on
x Previous blance, including initial $400,000.-V. 133, p. 3965.
all of the operating properties owned directly by the company and further
secured by the deposit of collateral having a book value of more than ' Consolidated Water Co. of Utica.
-Defers Dividend.
$9.400,000; subject to the first and general mtge. 5% bonds due 1939 and
The quarterly dividend ordinarily payable about March 1 on tho $1.50
the divisional bonds aggregating $4,612,000.
-Proceeds will be applied to the retirement of $1,400,000 of cum. and panic. class A common stock, no par value, has been deferred.
Purpose.
Pawtucket Gas Co. of New Jersey 4s which mature on May 1 1932 and A quarterly distribution of 3711 cents per share was made on this issue
on Dec. 1 1931 as against 50 cents per share on Sept. 1 and June 1 last.
for other corPorate_purposes.
Sinking Fund.
-The provisions of the sinking fund will require the -V.133. p. 3253.
company to pay in each year to the trustee cash to the amount of 1%
-Postpones Dividend Action on
of series B bonds certified. Such sinking fund shall be applied to the 'Cuban Telephone Co.
purchase of bonds at a price not in excess of a maximum price to be fixed Common Stock.
each year by the board of directors of the company, provided, however,
Action on the quarterly dividend on the common stock. par 2100.
that such maximum price shall not be less than 100. If the trustee is
unable to purchase bonds with the money deposited in the sinking fund at usually payable about March 31. has been deferred until the next directhe maximum price or less, any balance may be paid to the company against tors' meeting which is to be held in June. From 1924 to and including
additional property (to the extent of its cost or value, whichever is less) Dec. 31 1931, regular quarterly distributions of $2 per share had been
not previously used for bond issue or release purposes under its mortgages. made on this issue.
The regular quarterly dividend of $1.75 per share has been declared
-V. 134. P. 135.
on the 7% cum. pref. stock. payable March 31 to holders of record March
Canada Northern Power Corp., Ltd. (& Subs.).
- 15.-V. 132. p. 4053.
- .
Calendar Years1929.
1931.
1930.
1928. "Dallas Gas Co.
-To Redeem $14,918 of Bonds.
$3,341,964 $3,181,504 $3,116,597 $3,088,529
Gross earnings
The Bank of Manhattan Trust Co., as successor trustee, announces that
1,021,027
641,826
608,215 the above company will on or before March 25 1932 receive proposals for
Oper. and maintenance_ 1,061,860
296,351
281,576 the retirement on April 1 1932 of $14.918 of its outstanding 1st mtge. 6
Taxes
bonds
.
gold bonds. due 1941. The bon will be redeemed at not to exceed 105
$2.280,104 $2.160,477 $2,178,420 $2,198,737 of par. Proposals must be submitted to the trustee.
Net earnings
-V. 125, p. 142.
12,143
• 9,031
7,940
1,485
Bad debts
902.302
810,769
820.018
787,034
Interest
-Offers Stock.
Dallas (Tex.) Power & Light Co.
The company on Feb. 27 announced a new issue of $6 cum. pref. stock.
$1,368,771 $1.341,768 $1,346,259 $1,410,217
Net income
(no par value) to be sold Dallas investors by company employees at $102
1,331,900
1,200,719
817,614
Previous surplus adj..- 1,355,021
and accrued dividend per share to yield slightly less than 6% Per annum
$2,723,792 $2.673,668 $2,546,978 $2.227.832 -V. 130, P. 4417.
Total surplus
468,577
475,750
456,827
474,581
Preferred dividends
124.610
236,914
21.774 "%.Dayton & Troy Electric Ry.-Receivership.311,589
Common dividends
115
o. E. Howland, Secretary and Treasurer of the Dayton Power & Ligh
646
Cr1,973
Minority int. in surplus..
600.000
558,767 Co., March 1 was appointed receiver for the company by Judge Edwar
600.000
600.000
Transferred to dep. res....
T. Snediker, upon the petition of Harris P. Clegg, President of the corn
Profit & loss surplus-- $1,339,595 $1,360,358 $1,353,676 $1,190,460 pany.-V. 115, p. 2477.
1952
FINANCIAL CHRONICLE
Eastern Massachusetts Street Ry.-Earnings.Calendar Years1931.
1930.
Total rev, from transp-- $6.980,990 $7,401.556
Total rev.from Other ry.
operation
427,852
402.386
Debentureholders' Protective Committee.
-
1929.
1928.
88,150,218 $8,552,419
429,237
453,339
Total ry. oper. rev_
87,383,376 $7,829,407 $8,579,454 $9.005,759
Deductions
Ways and structures.,...
821,582
957.829
1.058,082
866,799
Equipment
1,062.333
1,045,708
1,054,027
1.252.327
Power
1,115,226
1,215,992
1,065,855
1.097,043
Conducting transporta_ 2,257.017
2,428,934
2,301,818
2,309,681
Traffic
7,892
34,491
8.795
21,456
949,476
901,970
929,279
858,054
General & nalse• exPs--Texas assign. to ry. op.._
364,759
289,635
351.183
300.405
Operating revenue- - Non-oper. income
$786,261
124,045
Gross income
Rent for leased roads__ _
Miscellaneous rents_ _ _ _
Int. on funded debt_... _
Int. on unfunded debt_ _
Miscellaneous debits_ _
Other charges
8910,307 $1,412,659 $2,099,361 $2,168,956
57,995
59,162
59,298
59,013
1.167
2,049
2,621
2,458
884,514
903,848
1,026,884
1.102,729
735
885
1,035
3,750
7,066
9.843
8.821
8,217
5.392
Net income
Dividends-lst pref_
Sinking fund stock_
Preferred B stock_
Adjustment stock_
Common stock
def$46,562
51.287.871 81.869.617 $1,926,595
229,744
242,361
124,788
$436,872 $1,000,703
248,238
310,110
840
1,350
134,901
224.835
108,890
544,450
91,354
Balance, surplus
Total
1931.
1930.
82,488,161 $1,898,327
*1,431,317
1.092.392
13,153.
8,978
82,980
53,901
53,203,178 52,720,521
1929. '
1928.
51,745,740 $1,534,037
982,063
886,417
10,353
10,048
58,363
50,308
Net operating incomeNon-operating income_ _
5960.712
30,704
5743,055
14,198
$694,961
6,918
$587,263
7,528
Gross income
Bond & other int. cogs.
paid or accrued
Amortiz. of debt disct.
& expense
Miscell. amortiz.chargeable to income
Miseell. deduct, from
gross income
Retire.appropriationProv.for Fed.ice. tax-
5991,415
$757,253
$701.879
$594,792
420,483
268,209
278,626
223,546
48,369
34,087
37,491
33,257
1,000
1,000
Net income
Previous surplus------ Unbill.inc.at Dec.31'30
Total surplus
Proporition of abandon.
property written off....
Misc,surplus charges-- Preferred dividends- - - Common dividends
Miscellaneous charges_
1.000'
1,000
80,158
24,141
428
71.521
13,741
2,406
57.755
6,700
5510.201
259,058
61,205
$349,660
225,304
5299,070
204,212
$270,128
164.623
$830,465
$574,964
$503,282
$434,752
101,722
20,832
159,735
255,150
139.507
176,400
11,361
128,692
136,900
12.387.
$259,057
8225,304
Earned surpl. Dec. 31 $293,027
x Including retirement provision of $119,326.
Consolidated Balance Sh,,et Dec, 31.
1931.
1931.
1930.
ASSag$
14,925
Fixed assets
x13,731,336 9,545,204 8% preferred stock
116,611 Cum. pref.stock._ 3,165,241
Cash
254,775
Notes receivable_
270 Common stock_ _ 2,275,000
20,182
Accts. receivable.. 403.620
221.318 Cap, stock subscr.
89,769
Malls ev supplies_
142,139 Funded debt
132,504
8,299,000
Prepayments
7,043 Notes payable.... 110,343
12,550
Subs, to cap. stock
59,066
51,339 Accounts payable_
92,990
Miscell.assets_ _ - 328,499
757,538 Disc. contr. pay..
55,278
Deferred debits_
1.242,718
728,017 Consumers' dep..
37,363
Misc. accr. llabil.
Reacquired securs.
11.029
384
Accrued liabilities_ 213,390
Cost of pref, stk.
93,645
88,930 Due to Will. cos__
875
sales
Reserves
565,275
Mtge. unadj. cred.
19,918
Capital surplus.... 1,057,043
Earned surplus_
293,027
101,039
129.500
$204,212
1930.
$
2,037,679
1,575.000
74,547
5,800,000
80,000
45,062
53,869
30,201
1,117
170,892
820
378,045
16,721
1,120,373
259,058
Total
16,289,822 11,658,309
16,289.822 11,658,309
Total
,
z Includes excess of price paid by Holding Co. for subsidiary companies
ver book value thereof at date ofacquisition of 5519.178.-V. 133, p.3463
-Tenders.
Electrical Development Co. of Ontario Ltd.
The National Trust Co., Ltd., trustee, 2 King St. East, Toronto, Canada.
-year
will until March 23. receive bids for the sale to it of 5% let mtge. 30
gold bonds, dated March 1 1903. to an amount sufficient to exhaust $90,000.
-V.132,p. 1989.
-Receivership.
Electric Public Service Co.
Former Federal Judge Hugh M.Morris of Wilmington, Del.,and Herbert
W.Briggs of New York, were appointed receivers for the company by Chancellor J. O. Wolcott at Wilmington, Del., March 7. A bill of complaint
alleging the corporation is insolvent was filed by the Southwest Production
the voting stock of which is controlled by the defendant company.
The corporation flied an answer admitting insolvency and consented to
Co..
appoilit ment of receivers.
Empire Gas & Electric Co.
-Exchange Offer.-.-
It has been decided to extend to the preferred stockholders the privilege
of r•ubscribing to Associated Gas & Electric Co. guaranteed 8% eight-year
gold bonds on the same basis as security holders of the Associated company,
namely, at the rate of $20 for each share of preferred stock held.
To the extent of the entire proceeds of subscriptions by preferred stockholders of the Empire company on subscription warrants issued to them,
the current debt of this latter company will be subordinated to your pref.
stock and will ultimately be converted into common stock or voluntarily
$128,163 contributed to its capital.
The Empire company owes the Associated company, directly or indirectly, a substantial amount of current debt, incurred to obtain funds
1930.
for new construction, extensions and improvements. This ranks ahead of
$
the preferred stock.
Subsctipticn
forwarded immediately to the Associated
4,139.900 Gas & Electric checks may be61 Broadway. N. Y. City, upon which 7%
Securities Co.,
13,000 Interest will be paid from date of receipt to the first interest date following
2,997,800
the rate
8,711,200 full payment, after which interest on the bonds will commence at
-V. 134. p. 136.
8,488.014 of 8J%.
Eastern Shore Public Service Co.
-Earnings.
-Calendar YearsOperating revenues
Operating expenses
Uncollectible bills
Taxes
-general
A protective committee for the holders of the 10
-year 6% sinking fund gold
debentures due Dec. 1 1936 and April 1 1937,respectively, has been formed.
An announcement by the committee says:
Company has outstanding current indebtedness in the amount of5650.000.
a large part of which is duo and payable on March 19. Advices have been
received from reliable sources that the company will not have sufficient
cash available to meet its maturing obligations and that there is no definite
assurance that the interest payable April 1 on the 10
-year 6% sinking fund
gold debentures due April 1 1937 of the company will be paid. Furthermore, Electric Public Utilities Co. the parent corporation owning and controlling the common stock of Electric Public Service Co., is in receivership
and it is extremely doubtful that any financial assistance can be obtained
from this source. At the request of certain of the larger debentureholders.
we have consented to act as a committee for the purpose of protecting the
Interests of the holder of debentures of both series due-Dec. 1 1936 and April
1 1937, respectively.
Debentures with coupons maturing April 1 1932 or June 1 1932, as the
case may be, and subsequent attached thereto should be deposited immediately with the Chase National Bank of New York, the depositary.
Committee.
-T. A. O'Hara, Chairman; Harold E. Aul, E. E. Patterson.
Charles W. Yant and H. C. Yeager with Ezra Cornell, Sec., 14 Wall St..
N 2433 rk and White & Case, counsel, 14 Wall St., New York.
pcw Yo
.
-V. 133,
$992,789
247,968
1,230
179,868
435.560
def$46.562 def$55,997 def$171,396
Comparative Balance Sheet Dec. 31.
1931.
1931.
1930.
Assets$
LiabPittes$
$
Road and equip_ _39,892,246 40,537,970 Capital stock:
Deposits in lieu at
let preferred-. 4,139,900
mtge. prop. sold
Sinking fund...
73,943
13,000
47,870
Preferred B...,.. 2.997,800
Misc. phys. Prop._ 1,656.077 1,718,941
Other inv.(at cost) 851,294
Adjustment._.. 8,711,200
572,387
Common
Cash
960,147 1,088,710
8,488,014
Deposits unpaid_ 404,319
432,927 Capital adj. leased
Notes & sects. rec. 177,731
168,294
lines
965,598
965,598
Materials & suppl_ 366,108
394,738 Funded debt-unInterest, dive. and
matured
19,938,450 19,936,450
rents receivable_
17,552
16,532 Accounts .k wages
138,583
Deferred assets__
7,117
13,248
payable
146,287
Rents & ins. prem.
Matured int., diva.
427,873
399,565
paid in advance_
74,052
55,897
and rents pay
Other unadj. debits
26,730 Matured funded
57,811
4,343
4,643
debt unpaid
Issued securities__ 2,135,497 1.054,847
Accr. int., diva. &
Difference between
44.008
39,788
par value of serents payable...
439
1,200
Other current liab_
curities issued for
4,354
1,364
Deferred liabilities
property & value
95,253
Tax liability
189.947
at which prop'ty
133,449
is carried
6,665,357 6,566.357 Ins.& gas. res'ves. 133,449
216,810
Miscell. oper. res. 239,613
Accrued deprec___ 3,119,444 2,026,194
92,937
50.821
Other unadj. ere&
Investment reserve 947,439
272,046
Capital surplus_._ 2,103,517 3,458,296
Profit and loss.... 540,787
587.326
53,203,178 52,720,521
Total
-V. 134. p. 675.
[VOL. 134.
-Stock Dividend.
& Electric Securities Co.
The company announced a monthly dividend of 58 1-3c. a share on
the preferred, 50c. a month on the common, with a special of3.'2 of 1%
payable in common stock on the common stock, all allotments being
duo April 1 to holders of record Mar. 15. Like amounts were paid on
Mar. 1.-V. 134, p. 1577.
-Extra Dividend.
Gas Securities Co., New York.
The directors have declared the regular monthly distribution of 50c.
per share in cash and an extra dividend of 34 of 1% in non-interest-bearing
scrip on the preferred stock, both payable Apr. 1 to holders of record
Mar. 15. Like amounts were also paid on Mar. 1 last.
-Y.134. P. 1578.
-Exchange of Bonds.
Houston Gas 8c Fuel Co.
See Houston Gas Securities Co. below -V. 132, p. 655.
-Organized-Offers
Houston Gas Securities Co.
Acquire 5% Gold Bonds of Houston Gas cfc Fuel Co.
to
The Houston Gas Securities Co. has been organized In Delaware for the
purpose of carrying out a proposed plan to acquire the $4,587,000 refunding
& improve. mtge. 20
-year 5% gold bonds, due Sept. 1 1932, of Houston
Gas & Fuel Co. now outstanding. Under the plan, the new company will
issue in exchange an equal principal amount of its 5% coll, trust gold bonds,
secured by the bonds so acquired and also by an equal principal amount of
20
-year 6% gold debentures of United Gas Public Service Co. All capital
stock of the new company will be issued to United Gas Corp. which will
furnish the United Gas Public Service Co. debentures to be pledged and
cash equal to the amount of interest due March 1 1932. upon all ref. &
improve. mtge. 20
-year 5% gold bonds of Houston Gas & Fuel Co. acquired
by Houston Gas Securities Co.
-year 6% gold
(A description of United Gas Public Service Co.and its 20
debentures, due March 1 1952, is given under that company below.]
The Houston Gas & Fuel Co.owns and operates a natural gas distribution
system in Houston, Tex.
Capitalization of Houston Gas Securities Co.
(After giving effect to acquisition of all outstanding ref. & improv. mtge.
20
-year 5% gold bonds of Houston Gas & Fuel Co.]
Authorized. Outstanding.
Capital stock (no par value)
50.000 she. x45.870 she.
5% coll, trust gold b .nds, due March 1 1952
$4,587,000 $4,587,000
x All outstanding capital stock to be owned by United Gas Corp.
Income.
-Assuming all of the outstanding gold bonds of Houston Gas
,Sc Fuel Co. are acquired, the company will be entitled to receive as income
8275,220 per annum on the $4.587,000 of 20
-year 6% gold debentures,
due March 1 1952, of United Gas Public Service Co. and, in addition, such
interest as may be paid from time to time on the ref. & improve. mtge.
20
-year 5% gold bonds of the Houston Gas & Fuel Co. Annual interest
requirements on the maximum amount of 5% coll, trust gold bonds of
Houston Gas Securities Co. to be outstanding upon the consumnunation of
the plan will amount to $229,350.
Description of Issue.
-The 5% coll, trust gold bonds are to be dated
March 1 1932, and to mature March 1 1952. Interest will be payable on
Sept. 1 and March 1 at the office or agency of the company in New York.
The company at its option may at any time on 30 days' published notice
redeem in whole or in part the outstanding bonds at 100 and int. Denom.
11,0004*. The Chase National Bank of the City of New York will be the
trustee.
Supervision.
-The Electric Bond & Share Co. supervises (under the
direction and control of the respective boards of directors) the operations
of United Gas Corp. and subsidiaries, including Houston Gas Securities Co.
Capitalization of United Gas Public Service Co.
As of Jan. 311932, and after giving effect to the Issuance of $4,587,000
20
-year 6% gold debentures, due March 1 1952, to retire an equal amount
of 20
-year6% debentures,duo Jan. 11961,and the conversion of$18,753,000
20
-year 6% debentures,due Jan. 1 1951. and practically all of the company's
floating debt to United Gas Corp. into additional $6 2nd pref. stoek.1
Outstanding
.
Authorized
20
-year 6% debentures, due Jan. 1 1951000
20
-year 6% gold debentures,due Mar.1 1952
M
z$4,587.000
$64; 7,000
05
The Moran Gas Corp. 1st lien gold bonds ser.
A.6%%, due annually to Oct. 1 1939---84,000
The Palmer Corp. of Louisiana 1st mtge.6%
s. f. gold bonds, due June 1 1938
z
2,894,000
Dixie Gulf Gas Co. 1st mtge. 6,4% s. f. gold
bonds, ser. A, due Sept. 1 1937
$6 preferred stock, no par value
y77010 she. J200.110 5. rs.
05
2 90 8
$6 2nd preferred stock, no par value
Common stock, no par value
g ::
2,500,000 she. 2,5
15
010sh
x Mortgage closed. y Of the authorized amount 200,000 shares have been
designated as $6 prof. stock and 570,000 shares will be designated as $6
2nd prof. stock. Any of the $6 2nd pref, stock may be converted, share
for share, under certain conditions at the option of holders into $6 pref.
stock when earnings for 12 consecutive calendar months within the immediately preceding 15 calendar months are not loss than 234 times annual
dividends on all pref. stock outstanding and upon the particular shares of
$6 2nd pref, stock to be converted. z The debentures are to be the direct
obligations of United Gas Public Service Co. and are to be limited to
$4,587,000 in aggregate principal amount. Such debentures are to be
Issued in accordance with the terms of a trust agreement to be dated March
1 1932, between United Gas Public Service Co. and Guaranty Trust Co.
of New York, ts trustee. Interest will be payable on Sept. 1 and March 1
and both interest and principal will no payable at the office or agency of
the company in New York. These debentures will be redeemable in whole
or in part at the option of the company at any time at 100 and int. upon
not less than 30 days' notice.
Note.
-An of the company's outstanding 20
-year 6% debentures. due
1951, and all of its cutstanding capital stock, except directors' shares and
1953
FINANCIAL CHRONICLE
MAR. 12 1932.]
about 14,000 shares of $6 pref. stock, are owned by United Gas Corp. The
-year 6% gold debentures, due March 1 1952, when issued, are to be
20
acquired fmtially by United Gas Corp. and will be available for delivery to
Houston Gas Securities Co. pursuant to the plan.
Certain of the subsidiaries (mentioned above) operating in Texas also
have ponds and (or) debentures outstanding, with varying maturities,
the ponds being secured by liens against their properties or securities,
respectively. The bonds and debentures of these companies outstanding
in the hands of the public on Jan. 31 1932 (excluding those held by United
Gas Public Service Co.), aggregated $17.465,600, including the $4,587,000
-year 5% gold bonds of Houston Gas & Fuel Co.
ref. & improve. mtge. 20
Consolidated Statement of Income of United Gas Public Service Co. and Subs.
for 12 Months Ended Dec.31 1931 (Intercompany Items Eliminated.)
Operating revenues
524.838.244
Operating expenses, including taxes
10,744.024
Net revenues from operation
Other income
$14,094,220
1.230.763
Gross corporate income
Interest to public and other deductions of subsidiaries
Preferred dividends of subsidiaries to public
$15,324,983
1,445.726
650
Earnings.
-For income statement for 12 months ended
Dec. 31 see "Earnings Department" on a preceding page.
V. 134, p. 675.
Jersey Central Power & Light Co.(& Subs.)
.-Earns.
Calendar YearsOperating revenues
Operating expenses
Uncollectible accounts
Taxes
1931.
1930.
$11,652,609 $9,121.857
x5,575.402
4.289,638
58.332
38.738
928.492
707,954
Net operating income
Non-operating income
Dividend from insurance fund
$5,090,375
226,387
16,205
Gross income
Bond and other interest charges
Amortization of debt discount and expense
Interest charged to construction
Retirement appropriation
Provision for Federal income tax
$5,332,968 $4,212,702
1,116.984
2,101,171
115.780
139,489
Cr345,704
383,044
154,235
59,914
$4,085,525
127.176
Net income for the year
$3,378,096 $2,442,656
Surplus, Jan, 1 1931
1,465.341
1,653,928
Prior year adjustments
313,398
5.737
Balance
Cr15.000
511,891,607 Res. to prov. 56r est, losses due to hank failures
Portion applicable to minority interests
3,488
Total surplus
$5,330,422 83,913,735
7 preferred stock dividends
497,000
497,000
Balance
$11,888,119 6 o preferred stock dividends
363.174
208,137
Annual interest requirements on all indebtedness of United Gas
194.279
54% preferred stock dividends
Public Service Co. at Jan. 31 1932, after giving effect to
Common stock dividends
1,554,671
.2.268.620
issuance ofsecurities as shown above,including the $4,587,000
Surplus, Dec. 31 1931
52,007,349 $1,653,927
20
-year 6% gold debentures, due March 1 1952.
4,254,308
x Including retirement appropriation of $487.154.
Consolidated Balance Sheet Dec. 31.
Balance
$7.633.811
Combined income of $11,888,119 for the 12 months ended Dec. 31 1931.
1931.
1930.
1931.
1930.
Assetsas shown above, after retirement (depreciation) and depletion reserve
$
5
79,200,532 49,449,597 7% preferred stock 7.100.000 7.100,000
appropriations was equal to more than 2I times annual interest require- Fixed capital
608.512 6% preferred stock 7,030,300 4,543.300
898.090
ments of $4,254,308 on the total amount of indebtedness of the company Cash_
11.211 53-4% pref.stock-- 7.836,200
20,790
at Jan. 31 1932, after giving effect to issuance of securities, as shown Notes receivable_ _
1,876,110
911,056 Common stock-s10,537,700 7,124.200
above, including the $4,587,000 principal amount of 20-year 6% gold Accts. receivable
Interest receivable
327 Cap, stock subscr. 208.800
147
267,600
debentures. due March 11952.
770,099 Funded debt
42,225.000 27,303.500
Gross corporate income of $15,324,983, as above, before deducting Materials & suppl_ 686,753
71,062
44,538 Notes payable.,.. 1,205.177
917.000
retirement (depreciation) and depletion reserve appropriations was equal Prepayments
Accounts payable_ 345,799
281,697
to more than 2.6 times, and after deducting such appropriations, was Subscribers to cap.
stock
146.685 Consumers' dep.. 843,444
111,243
455,861
equal to more than 231 times, the total of (a) annual interest requirements
Discounted contr.
of 54.254,308 on the company's indebtedness as shown above and (b) the Miscellaneous current assets
8,068
8,783
Payable
122,727
113,141
aggregate of prior charges ($1,449.864) of subsidiaries shown above.
346,483 Divs. declared.... 337.332
Of the total operating revenues amounting to $24,838,244 as shown Mlscell.assets_ ___ 616,587
814,433
above, approximately 87% was derived from natural gas and about 13% Deferred debits.. 3.995,358 2,088,755 Accrued liabitles_ _ 667.439
Capital stock exp_ 473,232
198,860 Adv.from affil cos. 420.000
from gasoline and oil.
Reserves
5.816.715 3,750,044
Property of United Gas Public Service Co.
-This company and its sub- Reacquired capital
stock
MIscell. unac11. cr_ 304,384
238,891
95,600
sidiaries occupy an important position in the natural gas industry. They
Capital Surplus...1,247,205
1,316
ofnatural gas in Texas. Louisiana
are large owners, producers and purchasers
Earned surplus__ 2,007,349 1,653,927
and Mississippi fields. More than 1,360.000 acres are owned in fee, held
under gas leases or covered by gas purchase contracts, of which more than
Total
88,053.573 54,564.914
Total
88,053,573 54,564,914
210,000 acres are in recognized proven areas. Gas is supplied from 1.224
wells of which 774 are owned by the company and subsidiaries. The pipex Represented by 1,053,770 shares common stock (no par).
-V. 133.
line systems operated as of Dec. 31 19:31 comprise 4,947 miles of main P. 1767.
•
Pipeline. 789 miles of field lines, and 2,799 miles of distribution lines.
Balance
$13,878.607
Retirement(depreciation) and depletion reserve appropriations- 1,987.000
-Earnings.
Kings County Lighting Co.
Indiana Bell Telephone Co.
-Earnings.Calendar Years1931.
1930.
1929.
Telephone oper. rev_ _ _ 412.850.634 $13,417,509 $13,323,338 $12,138
6
192 ,335
Telephone oper. exp._ __ 8,168.787
8,658,384
7,574.197
8,479,165
Uncollectible oper.icy..
108.772
73.707
47,832
48,799
Taxes assign. to °Poe---1,504,784
1,576,651
1,297,727
1,537,063
Net non-oper. inc.-Cr_
93,234
113,406
181,649
224,055
Rent and miscellaneous_
259.495
214,338
172,503
168,304
Interest
345.789
401,582
282.312
241,046
Net income
52,556,241 $2,645,841 $2,946,525 $3,030,316
Dividends
2,640,000
2,400,000
2,400,000
2,400,000
Other appr.ft. net inc._
49.000
Balance, surplus
def$83,759
$245,841
5546,525
Comparative Balance Sheet Dec 31.
.
1931.
1930.
1931.
Assets
Land & buildings_ 4,377,045 3,607,148 Capital stock
33,000,000
Tel. plant & equip.41,564,860 41,285,228 Bonds
338,500
General equipml. 933,550
944,599 Advs. from system
Invest. securities_ 818,813
818,620
corporations
5,939,339
Notes payable.-- 1,190,342
-Cash and deposits_ 252,892
260,356 Acc'ts payable.749,834
Marketable seams.
244
41 Bills payable
2,000
Bills receivable__ 334,000
542
Ilab. not due 1,722,467
Acc'ts receivable... 1,193,036 1.237,257 Def. credit kerns
42,519
Mat'Ls & supplies_ 296,319
299.059 Res,for seer. depr. 4,149,392
Accr. Inc. not due_
26.262
14,156 Res. for amort. of
Prepayments
84,872
91.189
intang. capital67,336
Other def. debits- 700.037
54,607 Corporate surplus. 3,574,762
Total assets.---50,776,491 48,808,466
-V. 132, p. 2192.
Total
5581.316
1930.
30,000,000
338.500
6,984,357
1,013,820
1,017,627
1.742,521
51.360
3,948,274
67,117
3,644,890
50,776.491 48,808.466
"""gointernational Telephone & Telegraph Corp.
-Suspends Dividend Action.
-The board of directors at its meeting
held on March 10 took no action on the quarterly dividend
ordinarily payable about April 15 on the capital stock, no
par value, "in view of the continued low level of business
still prevailing generally throughout the world and exchange
restrictions in several foreign countries which affect the
transfer of funds." The company on Jan. 15 last paid a
quarterly dividend of 15 cents per share as against 25 cents
per share on Oct. 15 1931 and distributions of 50 cents per
share each quarter from July 15 1929 to and incl. July 15 1931.
An official announcement follows:
1929.
1928.
Calendar Years1931.
1930.
Gross earnings
$3.218,610 53,230,218 $3,145.793 . $3,145,839
Operating expenses,ordi2.030.498
nary taxes, &c
2,047,680
1.990,360
1,997,181
Net operating income- $1,221,430 $1,182,538 $1,155,433 51.115.341
115,412
Other income
164.753
154,809
141.534
Total income
Interest, &c
Federal income tax
Other deductions
Balance for dividendsDividends paid
$1,376.239 51,324.072 $1,320,186 $1,230,753
357,642
275,380
275,380
388,885
126,100
94,779
102,592
104.801
98,220
107,241
$876,539
538.762
5846,672
502,148
5828,709
502.148
Surplus after dividends $337.777
$344,524
$326,561
Comparative Balance Sheet Dec. 31.
1931.
1930.
1931.
Assets8
$
Fixed capital
14,129,249:13,323,249 Funded debt
5,000.000
Treasury securities 978,467
873.466 Real estate mtge.8,000
Material and supBins payable
1,300.000
plies
208,904
232,956 Accounts payable_
91.710
Cash and special
Accrued taxes_ _ 324,833
deposits
552,129
556,401 Accrued interest.. 130,023
Bills receivable... 1,941,391
941,391 Other curr. Habil.
& unfunded debt 174,216
Accts.receivable_ _ 331,786
421.000
Deferred charges_ _ 493,862
492,927 Customers'. deposits and interest. 1,068,407
Deferred credits- 235
Contrib.for exten_
52.005
Snap.accts. credits
4,414
Reserves
1,041.422
Common stock._ _ 2,000,000
7% pref.stock.... 1.816.400
6% pref.stock.... 112,900
5% pref.stock
- 2,600.000
Prem.on cap stock
11.290
Corp. surplus.... 2.999,935
5768,310
432,773
$335,537
1930.
5.000,000
1,000.000
166,105
290,362
129,187
164,389
1.061,898
235
49.612
13,092
947.412
2,000,000
1,816,400
1,600,000
2.702,699
Total
18.635,789 16,841,394
Total
18,635.789 18,841,394
x After deducting reserve for depreciation of $37,956.-V. 133. P. 1926.
Louisville Ry.-Earnings.Calendar Years1930.
1931.
1929.
Revenue from transportation (cars).- $3,449,717 $4.109.372 $4,416,844
Revenue from transportation (buses)_
275.541
268.334
224.487
Other operating revenues
177,162
184,052
179,571
Total operating revenues
53,902,420 54.561,758 54,820,902
Operating expenses(cars)
2,614,544
2,978,130
3.255,371
225,197
229.793
210,322
The corporation announced that the consolidated net income for the year Operating expenses (buses)
ended Deo. 31 1931 amounted to $7,654,001 as compared with $13,750,133
Net
51,062,678 51,353.834 51.355.209
for the year 1930, which was equivalent to $1.20 per share on 6,400.206 Taxes revenue from operations
412,000
469,500
461,000
shares of capital stock (without par value) outstanding in the hands of the
public at Dec. 31 1931. The income for the year is after deducting losses
Net operating income
$650,678
$884.334
5894.209
in excess of $2,000,000 due to general decline in foreign exchange rates Non-operating Income
19,245
46,575
89,666
during the year 1931. In arriving at the consolidated net income, earnings
of associated companies operating in foreign countries have been converted
Grossincome
$669,923
$930,910
$983,875
at average monthly rates of exchange and current assets and liabilities have Interest on bonds& notes
512,775
579.598
633,750
been converted at rates of exchange prevailing at Dec. 31 1931. A charge
739
957
5.970
of 52,505,584 has been made to earned surplus to cover conversion losses Miscellaneous debits
on net current assets,the major part of which is applicable to those countries
Balance available for divs, on stock $156,409
5350,355
$344.155
which suspended the gold standard during 1931.
Condensed General Balance Sheet Dec. 31.
The earnings were also adversely affected during the year by the con1931.
tinued reduction of gross revenues resulting from the generally lower level
1930.
1931.
1930.
Assets-of business activity throughout the world. It was stated that in order to
offset. insofar as possible, reduction in gross revenues, every measure of Road & equipment18,490,298 18,765,856 Pref.stk..5% cum 3,500.000 3,500,000
Common stock._ 8.323,600 8.323,600
economy has been and is being employed. Salaries of officers and em- Invest.in MM.cos.
Louisville & InFund, debt, bonds 9.035.000 9,035,000
ployees of the corporation and of its associated companies in the United
terurban RR- 4,038.886 4,060.639 Fund, debt, equip.
States have been reduced from top to bottom. In all other countries whore
Ky.Carriers,Inc 136.500
136,500
trust notes.._ _
133,180
198,630
the corporation operates. in which such practices have been at all general,
Peoples Tr. Co.
1
1 Current liabilities_ 721.555 1,083,710
similar economy has been effected through reductions either in working
25,523
26,524 Deferred liabilities
1,596
1,887
hours or in salaries. Since such economies have been realized progressively Other investments.
throughout the year their full effect is not reflected in the 1931 statements, Current assets_-- 1.171,619 1,278,317 Unadjusted credits 1,750,925 1,633,332
147.000 Corporate surplus_ 1,244,597
977.789
so that the corporation has begun the year 1932 with expenses running at Deferred assets.. 147,000
Unadjusted debits 700.628
339,110
an annual rate substantially lower than for the full year 1931.
It was further announced that preliminary reports indicate that consoliTotal
24,710,454 24,763,947
Total
24,710,454 24,763,947
dated net income since the first of the year has been running at a higher
-V. 132, p. 4240.
rate than in either of the last two quarters of 1931.
1954
FINANCIAL CHRONICLE
[VOL. 134.
Lone Star Gas Corp.
-Proposes to Pay Dividends on
Common Stock in New 6% Preference Stock.
-
Consensed Balance Sheet Dec. 31 (Midland Utilities Co.).
1931.
1930.
1931.
1980.
Assets$
$
$
The corporation proposes to pay dividends on the common stock beginning
with June 30, at the quarterly rate of 16 cents a share, payable in a new Current assets__ 9,392.184 10,782,385 Pr.1. 7% cum.stk.12,450,000 12,450,000
Deferred charges__
410,098 8% prior lien stock 9,750,000 9,750,000
6% cony. cum, pref. stock of $100 par. The issue will be junior to the Reacquired securi- 291,554
Pref.7% cum.stk.14,518,000 14,518,000
existing I3M % pref. stock as to dividends and assets, but will be convertible
ties
3,417,043 3,710,401 Pref.6% cum.stk. 4,600,000 4,600,000
Into common until June 30 1937, at the option of the holder, at the rate of Secure., contracts,
Common stock__x14,398,000 4,398.000
seven shares of common for each pref. share.
good-will, &c.._70,324,869 55,127,377 Funded debt
6,000,000 8,000,000
The stockholders at the annual meeting April 5 will be asked to approve
Current liabilitles_15,134,218 7,805,460
the a eation of 100,000 shares of the new cony. pref. stock, which will be
Subscrip.to capital
callable at 8100 a share and accrued dividends upon 30 days' notice. The
stk.Nor.Indiana
directors deem it advisable temporarily to suspend the payment of cash
Pub. Serv. Co 2,900,000 2,900,000
dividends in order to conserve cash and liquidate the corporation's unfunded
Res. for canting 1,158,471 1,005,746
debt and maintain a good cash position. A quarterly cash payment of 15
Surplus
2,516,961 4.603,056
cents per share will be made on March 31 next. Previously quarterly
cash distributions of 22 cents per share were made on the common stock.
President L. B. Denning says that since the first of the year there are
indications of increases in lousiness which indicate material increased earnings for 1932.
Retiring Bonds.
The Union Trust Co., trustee. Pittsburgh. Pa., will receive tenders on
or before Mar. 18 for the sale to it of 15
-year 5% s. f. debenture bonds
dated May 1 1927 to an amount not exceeding in the aggregate $700,_904.
at prices not in excess of 102M and int.-V. 133,p. 1768: V. 134, p. 1760.
Metropolitan Edison Co.
-:Offer to Common Stockholders.
It has been decided to extend to the common stockholders the privilege
of subscribing to Associated Gas & Electric 0o. guaranteed 8% 8
-year gold
bonds on the same basis as security holders of the Associated company,
namely, at the rate oe_$20 for each share of common stock held.
An amount equal it the entire proceeds of subscriptions by common
stockholders on subscription warrants issued to them will be donated to
Metropolitan Edison Co. by the Associated company or other subsidiaries during the current year and made available for extensions and
Improvements on the property of the Metropolitan company, without
Total
199,467,228 172,779,346 Total
199,467,228 172,779,346
any obligation to repay the amount either in stock or securities or in any
x Represented by 378,300 shares of no par value, of which 14,398,000
other manner.
stated capital and $44,392,102 surplus.
-V. 133, p. 4158.
Subscription checks may be forwarded immediately to Associated Gas
& Electric Securities Co., 61 Broadway, N. Y. City, upon which 7% inter- ---New Brunswick Power Co.
-Dividend Deferred.
est will be paid from date of receipt to the first interest date following full
The directors recently voted to defer the quarterly
March
payment, after which interest on the bonds will commence at the rate 1 on the 7% cum. 1st pref. stock, par $100. From dividend due to and
June 1 1926
including Dec. 1 1931, quarterly distributions of 1% each were made on
For offer to preferred stockholders, see last week's "Chronicle," page this issue.
-V. 133, p. 3630.
I761.
-V. 134, P. 1761: V. 133, p. 3630.
-Exchange Offer.
Metropolitan Edison Corp.
New Jersey Power & Light Co.
-Exchange Offer.
-
It has been decided to extend to the holders of secured cense]. ref, gold
bonds the privilege of subscribing to Associated Gas & Electric Co. guaranteed 8% 8-year gold bonds on the same basis as security holders of
the Associated company, namely, at the rate of $20 for each $100 of bonds
held. The entire proceeds of subscriptions by bondholders of the Metropolitan Edison Corp. on subscription warrants issued to them will be
applied to the retirement of the $7,424,000 one-year notes of Staten Island
Edison Corp., which mature during the current year.
Furthermore, such proceeds will be advanced to the Metropolitan Edison
Corp. under such arrangements that any claim for repayment will be
subordinate to the Metropolitan bonds and will ultimately be represented
by common stock or by a voluntary contribution to capital.
Subscription checks may be forwarded immediately to the Associated
Gas & Electric Securities Co., 61 Broadway, N. Y. City, upon which 7%
interest will be paid from date of receipt to the first interest date following full payment, after which interest on the bonds will commence at
the rate of 8)%.
[See also Associated Gas & Electric Co. in the "Chronicle" of Feb. 27.
page 1576.1.-V. 133, P. 1926.
It has been decided to extend to the preferred stockholders the privilege
of subscribing to Associated Gas & Electric Co. guaranteed 8% 8
-year
gold bonds on the same basis as security holders of the Associated company.
namely, at the rate of $20 for each share of preferred stock held.
An amount equal to the entire proceeds of subscriptions by preferred
stockholders of the New Jersey company on subscription warrants issued
to them will be turned over to the New Jersey company by the Associated
company or other subsidiaries during the current year and made available
for extensions and improvements on property of the New Jersey company.
Furthermore, such amount will be advanced to the New Jersey company
under such arrangements that any claim for repayment will be subordinated to the preferred stock and will ultimately be represented by corn.
stock or voluntarily contributed to capital.
Subscription checks may be forwarded immediately to Associated Gas
& Electric Securities Co., 61 Broadway, N. Y. City, upon which 7%
interest will be paid from date of receipt to the first Interest date following
full payment, after which interest on the bonds will commence at the
rate of 83.6 %.
[See also Associated Gas & Electric Co. in V. 134, p. 1576.1.-V. 134.
P. 1761.
Middle West Utilities Co.
-To Modify Subscription
Rights.
-
New York Central Electric Corp.
-Exchange Offer.
-
It has been decided to extend to the preferred stockholders the privilege
-year
At the annual meeting of the stockholders to be held on March-29,there of subscribing to Associated Gas & Electric Co. guaranteed 8% 8
will be submitted for adoption a Proposed amendment to the certificate of gold bonds on the same basis as security holders of the Associated comincorporation, which would modify in certain particulars the preemptive pany, namely, at the rate of $20 for each share of preferred stock held.
To the extent of the entire proceeds of subscriptions by preferred stockor subscription rights of stockholders.
-V. 134, p. 676. 136.
holders on subscription warrants issued to them, the current debt of the
New York Central company will be subordinated to the preferred stock
Mohawk Valley Co.
-Exchange Offer.
It has been decided to extend to the holders of the 6% consol. ref. gold and will ultimately be converted into common stock or voluntarily conbonds. due 1991, and 6% gold debentures, due 2031, the privilege of sub- tributed to its capital
The New York Central Electric Corp. owes the Associated company,
scribing to Associated Gas & Electric Co. guaranteed 8% 8
-year gold directly or indirectly,
current debt, incurred to
bonds on the same basis as security holders of the Associated Gas az Elec- obtain funds for new a substantial amount of and improvements. This
construction, extensions
tric Co., namely, at the rate of $20 for each $100 principal amount of debt ranks ahead of the preferred stock.
bonds or debentures held.
be
Associated
The entire proceeds of subscriptions by debenture and bondholders of & Subscription checks may 61 forwarded immediately toupon which Gas
Broadway, N. Y. City,
Electric
7%
the Mohawk Valley Co. on subscription warrants issued to them, will interest wW Securities Co. date of receipt to the first interest date followbe paid from
be applied to the retirement of the $9.844,000 one-year notes of Rochester ing full payment, after '
which interest on the bonds will commence at
Gas & Electric Corp., which mature during the current year.
the rate of 835%.
,
Furthermore, such proceeds will be advanced to the Mohawk Valley
[See also Associated Gas & Electric Co. in V. 134, P. 1576.1.-V. 133,
Co. under such arrangements that any claim for repayment will be sub- P. 4329.
ordinate to the Mohawk debentures and bonds and will ultimately be
represented by common stock or by a voluntary contribution to capital.
Northern Indiana Public Service Co.
-Earnings.
Subscription checks may be forwarded immediately to Associated Gas
Calendar Years1931.
1930.
1929.
1928.
& Electric Securities Co., 61 Broadway, N. Y. City, upon which 7%, Operating revenue
$14,372,877 $14,775,118 $14,256,419 $12,726,032
interest will be paid from date of receipt to the first interest date follow- Operating expenses
5,706,910 7,089,704 7,109,150 6,179,108
ing full payment, after which interest on the bonds will commence at Charges for retirement.. _
871.360
858,859
931,101
885,295
the rate of 8)%.
Uncollectible bills
64,260
64,088
61,998
69,486
[See also Associated Gas & Electric Co. in V. 134, p. 1576.1.-V. 134, Taxes
1,486,258 1.471,598 1,474,352 1.401,808
P. 506.
Net operating income- $6,244,089 $5,218,626 $4.718,136 $4,224,260
Midland Utilities Co.
-Annual Report.
Other Income
689,037
417,689
714,831
502,269
Earnings for Calendar Years (Midland Utilities Co.)
Totalincome
$6,933,126 $5,933.457 55,220.405 $4,641,949
1931.
1930.
1929.
1928.
Total income
496,151
108.861
107.682
$4,033,999 $5,812,450 $5,867.311 $5,405,085 Other deductions
316,188
Interest on funded debt- 2,710,554 2,155,403 1,567,083 1,456,286
Total exp., incl. admin.,
&c.,charges
263,727
476,569
489,479
817,538
NetIncome
Int. on loans and serial
$3.726,421 $3,670.372 $3.337,134 13,076,802
gold notes
488,019
1,230.806
523.931
644,773
479,507
488,971
667,063
450,042 7 pref.dividends
Approp.as res. for cont'g
o pref.dividends
398.493
683,200
75,000
468,243
378,441
150,000
150.000
53 % pref.dividends_ _
24.852
142,647
141,911
109,747
Net Inc. for the year__ $2,539,466 $4,616,108 $4,560.769 $3.987,505 Common dividends
2,258,588 2,521,305 2,315,462 2,054,587
Divs,on prior lien stock- 1,277,319 1,277.319
1,357,952 1,364,683
Divs, on class A & B
$74,939
Balance to surplus---- $153,967
$44,513
$59,406
preferred stock
1,235,152 1,212,251
2,013,773 1,141,206 1,081,365 1,037,143
1,235,754 1,275,619 Surplus Dec.31
Common dividends
1,605,781
1,391.500
1,016,400
725,092 Shares com. stock outPropor. of sub. cos.' agstanding (no par)___ - 1,806.870
1,806,870 1,596,870 1,596,870
greg. undistrib. surpl
$1.33
$1.47
$1.43
Earnings per share
$1.34
accruing to company_ Cr145,176
Cr99,451 Cr175.702 Cr118,839
Consolidated Balance Sheet Dec. 31.
1930.
1931.
1930.
1931.
Balance
def$1,433,610
$834,489 $1,126,365
$740,949
Liabilities-$
Consolidated Income Account
Investments __ _ 87,403,925 84,379,863 Capital stock___ 43,185,300 41.936,600
-Years Ended Dec. 31 (and Sub. Cos.).
Funded debt.... 50,970,000 60,970,000
Subser.to com.stk.
1931.
1930.
1929.
295,722
1928.
302,350
Assessments......
Midland UM Co 2,900,000
Oper. rev. & other inc.-$26,347,022 $27,996,895 $28.773,515 $25,573,001
13,073 Curr. liabilities- 4,101,461 4,424,398
Sinking fund_ _
Oper. exp. & taxes (incl.
248,974
ext.
250,350
5,843,679
charge for retirement) 16,176,320 18,114.926 18,996,369 16,949.423 Deferred charges 6,554,093 11,777,210 Contrib.for& res 2,948,891 2,998,925.
Retirement
Current assets_ _ 6,914,123
Rentals of leased props_ 1,124,991
894.833
877,552
2,013,773 1,141,206
Surplus
873,858
Net oper. income_ _ $9.045,712 $8,987,135 $8,899,594 $7,749,720
103,772,140 102,013,826
103,772.140 102,013,820 Total
Total
Profits on sale of secs, to
sub, cos, and others__
270,593 1,338,092 1,074,723 1,138,004 -V. 134. p. 1762.
Total income
$9,316,304 $10,325,227 $9,974,317 $8,887,725
Int. OD funded debt__ -- 4,094,946 3,583,222
3,113,292 2,778,407
Amort. of disc, on secs..583.718
862,602
472,454
567,666
Conting, res. apProP150,000
150.000
75,000
Divs. & earns, accruing
to outside sub.sh'hldrs 1,674,114
1,276,860
1,406,888
1,478.990
Net income avail. for
Midl. Util. Co. dive. $2,684,642 $4,715,560 $4,736,471 $4,098,739
Divs. decl. pay, to outside holders of Midland
Utilities stock
4.118,252 3,881.070 3,610,106 3.357,790
Balance
$1,433,610
$834,489 $1,126,365
$740,949
-Proposed Expenditures.
Niagara Hudson Power Corp.
,301,000
The Niagara Hudson Power System will spend $19,301,000 during 1032
to improve and extend its facilities for serving customers. This amount,
representing the system's construction budget for the year, will be dispersed
by the various companies making up the system, according to the anqouncement made to-day.
Electric distribution lines are the largest single item in the budget, with
an appropriation of $7.625,000. The improvements provide for the
continuance of a very active rural expansion program, which will add a
considerable number of new customers to the group ofover 26,000 New York
State farms now served by the system. For example, in the system's
western division, the construction program calls for the building of 350
miles of rural lines this year. Improvement and expansion of electric
transmission lines have been provided for with a total of $5,706,000.
MAR. 12 1932.1
FINANCIAL CHRONICLE
1955
Other items in the budget include $2,222,000 for extension and improvement of the company's gas system in the eastern and central divisions,
where Niagara Hudson is a large producer and distributor of manufactured
gas. An estimate of $1,933,000 has been made for building construction,
including completion of the new service center at Syracuse; $1,000,000 for
work at system hydro stations and $815,000 for work on the system steamelectric generating plants.
A total of $8,331,000 will be spent for improvements and expansion
in the eastern division, $5,492,000 for construction in the central division,
and $5,478.000 for work in the western division.
The largest amount of construction this year will be the building of
transmission and distribution lines and similar activities to improve the
company's service to customers throughout the State. As in previous
years, the statement concludes, the 1932 construction program will provide employmentfor workers,not only those who handle the actual construction work, but in addition those who make the materials used.
-V 134,
v. 1579.
The company retired and canceled $200,000 Columbus Gas Light Co.
1st mtge. 5% gold bonds and $68,000 Peoples Gas Electric & Heating Co.
1st mtge. 5% gold bonds, the mortgages securing these two issues being
released.
The company retired and canceled $115,300 Indiana Power Co. 1st lien
& gen. mtge. 735% gold bonds. series A. A total of $30,000 United Gas
& Electric Co. 5% 1st mtge. gold bonds which matured were paid and an
additional $6,000 of the same issue retired and canceled.
Sale of Interest in Generating Company.
-Directors on Dec. 16-authorized
the sale to the Northern Indiana Public Service Co. of the company's interest in the Chicago District Electric Generating Corp., consisting of 71,760
shares. or 107 of the common stock of the generating company. The sale
0,
was approved by the Public Service Commission of Indiana on Jan. 13 1932.
At the time it acquired the stock in the generating corporation, the company owned extensive electrical properties in the north central portion of
Indiana and needed energy for distribution in that territory. Since then,
these properties have been sold to the Northern Indiana Public Service Co.
Comparative Balance Sheet Dec. 31.
Philadelphia Co.
-35c. Dividend.
The directors have declared a dividend of 35c. a share on the common
1931.
1931.
1930.
1930.
Assetsstock, payable April 30 to holders of record April 1. A distribution of
$
$
5
Fixed capital
58,968,003 58,646,891 7% prior lien stock 7,994,006 8,988,300
550. a share was made on Jan. 25 last.
During 1931, the following distributions were made on this issue: a Cash
223,097
514,312 6% pref. cum.stk. 6,708,806 7,536,300
quarterly of 20c. and an extra of 35c. on Jan. 31; a quarterly of 20c. and Notes & accts. rec. 1,737,529 1,412,922 Coro.stock no par
an extra of 15c. on April 30; a dividend of 35c. on July 31 and a dividend Materials & suppla 939,079
113,927,450 13,817,500
value)
774,883
Sundry adv.& exp.
of like amount on Oct. 31.-V. 134, p. 506.
47,485
27,009,400 28,306,700
26,272 Funded debt
Prepayments
12,690 Adv.from attn. cos 6,008,474 3,330,000
5,301
Philadelphia & West Chester Traction Co.
858,686
Notes & accts. pay. 897,556
-New Subscrlp.to capital
stock
141,171
1,272
149,908
13,815 Divs. declared_ __
President, &c.
Misc. assets Incl.
289,128
Misc. curr. liabll
390,350
A. Merritt Taylor, formerly President, has been elected to the newly
inv. in OHL cos.) 866,631
919,208 Accrued liabilities_ 1,373,059 1,261,407
created office of Chairman of the Board, and Merritt H. Taylor, his son, Unamortized debt
1,023,619 1,147,266
Reserves
succeeds him as President of the company. The new President has served
disc. & expense_ 3,651,371 3,830,357 Surplus
1,549,376 1,130,039
as Vice-President for the past eight years.
Misc. del. debits
507,604
344,369 Contrib. for ext
138,583
200,961
At the annual meeting of the stockholders John M. Taylor was elected Reacquired sem._ 278,659
458,100
a director and the number of directors was increased from six to seven.
V.124,p.3773.
Total
Total
67.224,031 66,953,818
67,224,031 86.953,818
Represented by 278,549 shares (no par).
Postal Telegraph & Cable Corp.
-Earnings.
For income statement for 12 months ended Dec. 31 see "Earnings
New Director.
Department" on a preceding page.
-V. 133. P. 3967.
George F. Mitchell has been elected a member of the board of directors.
succeeding'Samuel Insull. Mr. Mitchell is Vice-President and Treasurer
Providence Gas Co.
-Annual Report.
of the Midland ,United Co.
Calendar Years1931.
1930.
1929.
The following directors were re-elected: Samuel Insull Jr., Robert M.
1928.
Gress over. earnings-- $3,475,586 $3.525.856 $3.446,628 $3,271,297 Feustel, William A. Sauer, Edwin J. Booth, Ernest Van Arsdel and Henry
Operating expenses
1.689,324
1.699,148
1,730,520
1,(177.492 Bucher.
-V. 134, p. 1371.
Interest
157.630
158,869
186,736
166,332
Reserve for customers'
Public Utility Holding Corp. of America.
-To Amend
special discount
90,000
Charter.
Depreciation
200,000
200,000
200.000
200,000
The directors will recommend the adoption of an amendment to the
Net income
$1,338,633 $1,467,839 $1,329.361 $1,227,473 charter that no dividend be declared on the common or class A stock unless
Dividends
1,288,834
1,393,791
1,196.773
1,104,714 the remaining assets are equal to the preferred stock's preference in liquidstion of $57.50 a share.
-V. 134. P. 1195.
Balance, surplus
$122,759 N,Radio
$49,799
$132,588
$74,048
Corp.of America.
-Dividend Meeting Postponed.
Shares of stock outstandAction has been further postponed until March 18 on the quarterly
ing (no par)
1,074.028
1,074,028
x184,118
920,595
dividend of 1.ei 70 (8734 cents per share). which Is due April Ion the series
$1.25
Barnings Per share
$1.44
$1.36
$6.66
A 7% cum. pref. stock, par $50. The last regular quarterly payment on
x Par $50.-V. 133. P. 3967.
this issue was made on Jan. 1 1932.
Public Service Co. of Ind.
-Annual Report.
[Formerly Interstate Public Service Co.]
Earnings Cal. Years-1930.
1931.
1928.
1929.
Gross earnings,including
merchandise sales_ __ -$11,534,509 $10,210,992 $10.417.475 $10,575,378
Oper. exp., incl. taxes__ x8,253,814 6,965.497
7,106,074 7,224,759
Net earnings
$3,280,694 $3,245.494 $3,311,401 $3,350,619
Miscellaneous income122,304
85,313
151,453
53.305
Total income
$3,402,998 $3,330,807 $3,462,854 $3,403,924
Rental of leased ry. prop.
169,276
Int. on funded debt_ _
1,392,279
1,418,940
1,415,364
1,391,371
Amort. of disc, and exp145,212
146,062
145.731
Other deductions
605,908
160,658
60.832
184,075
Net income
$1.259,599 $1,605,141 $1,840,928 $1,659,202
Divs.on prior lien stock579,392
604,812
617,460
628.379
Preferred dividends_
452,161
438,007
446,363
420.134
Common dividends
441,294
669,473
472,569
Balance, surplus
$242,140
$106,873
$138.119
2107,632
Profit & loss, surplus_ _ _ 1,549,376
1.130,039
1,055,550
1.062,970
fibs. combined corn. stk.
outstanding
278.549
163,199
157.523
157,523
Earnings per share
$0.87
$3.35
$3.88
$4.93
x Including retirement provision of $258,619.
Ernest Van Arsdel, President, says in part:
Merger.
-At a meeting of the board of directors held on April 22 an
agreement providing for the merger of the Indiana Electric Corp. Into
the company was approved. Voting shareholders approved the agreement at a special meeting held the same day. The merger agreement
provided for the issuance of 161,451 shares of common stock of the company in exchange for all of the preferred and common stocks of the Indiana
Electric Corp. The merger was approved by the Public Service Commission of Indiana on Dec. 24 and plans were made to consummate the merger
early in 1932. The financial stability of the company will be further
strengthened by the merger and the extent of-the territory served will be
considerably increased.
Indiana Electric Corp. serves 32 communities and surrounding rural
districts of central Indiana in a territory lying directly between two areas
served by the company. It owns a large electric generating station at
Dresser on the Wabash River south of Terre Haute and an extensive electric transmission system.
As a result of the merger, the number of central and southern Indiana
communities served by the company will be increased to 275.
Acluisition of Properties.
-Operations of the company were extended
considerably during the year through acquisitions of important properties
in districts adjacent to territory already served.
The company in July obtained a 975
-year lease upon the electric
and power and electric railway facilities in and about Terre Haute, alight
city
of 62.800 population. The lease was formerly held by the Terre Haute,
Indianapolis az Eastern Traction Co. The properties, owned by the
Terre Haute Electric Co.. Inc.formerly the Terre Haute Traction &
Light CO. are now being operated under the lease as an integral part of
the system of the Public Service Co. of Indiana.
In addition, the company purchased a number of electric transmission
lines formerly owned by the Terre Haute Indianapolis & Eastern Trac. Co.
Physical properties of the Cambridge Light & Power Co., supplying
Cambridge and surrounding rural territory in eastern Indiana with electric service, were acquired by purchase on Aug. 1.
Corporate Beorganization.-The name of the company was changed on
Mar.'20 from Interstate Public Service Co.to Public Service Co. of Indiana.
The new name was adopted because it is more descriptive of the operations
of the company and the territory which it serves.
On April 15 an amendment to the company's charter was filed providing
for reorganization of the company under "The Indiana General Corporation Act," a modern corporation Act passed by the Indiana Legislature
In 1929.
Under the reorganization, 400,000 shares of prior preferred stock, 300,000
shares of preferred stock and 600,000 shares of common stock, all without
par value, were authorized. Provision was made for the conversion on a
share-for-share basis of the company's 7% prior lien stock into no par value
prior preferred stock, which carries a $7 annual cumulative dividend, and
of the company's preferred stock into no Par value preferred stock bearing
a $6 annual cumulative dividend.
-The company during the year issued and sold
company Financing.
1.880 shares of its no par value common stock to finance the acquisition
the Cambridge Light & Power Co.
-of the properties ofshares
of prior lien stock and 3,000 shares of 6% pref.
A total of 7,800
stock were retired and canceled.
gold bonds, scrim D.
In addition, $936,000 1st mtge. & refunding 5%
and $25,000 let mtge. & ref. 13l% gold bonds, series F, were retired and
canceled.
Government Broadens Suit Against Corporation-New
Defendants Named-Attempt to Restrain Foreign Commerce
with United States Alleged.
The Department of Justice has broadened the scope of Its radio anti-trust
suit by filing an amended supplemental petition in the Federal District
Court at Wilmington, Del. which alleges additional facts and charges.
together with the naming of additional parties as defendants.
'
The new parties named in the supplemental bill include National Broadcasting Co., Westinghouse Electric, International Co. R. C. A. Communi•
cations, Inc. and International General Electric Co. The now defendants
are charged With attempting to restrain commerce between U.S. and foreign
countries as well as domestic commerce.
As to National Broadcasting Co., the petition charges that this corporation was organized for the purpose of restraining competition in the
business of nation-wide broadcasting since it is jointly owned by the Radio
Corp.. General Electric Co. and Westinghouse Electric Co.
The official announcement declared that negotiations have been conducted for some time between the defendants and the Government and
between the defendants themselves. These conferences related to the
possibility of creating an open patent pool which would obviate the trial
of some of the important issues of the case. It was added that filing of
the amended bill does not break off these negotiations, but that the Government has been preparing for trial pending the outcome of such discussions.
This is with a view of having the case heard this spring.
Allegations made in the petition are in most cases the same as those in
the original, but in some instances are given in more general detail. The
Government asked that General Electric and Westinghouse Electric &
Manufacturing Co. be required to dispose of stock in Radio Corp. of
America; that General Electric and Westinghouse be enjoined from hereafter acquiring or holding any stock in National Broadcasting Co., R. A.
0.
Photoehone, Radio Corp. of America, or Radio-Victor, or any subsidiaries
of R. C. A.•, that General Electric, R. 0. A. and Westinghouse each be
required to dispose of all its stock in General Motors
-Radio Corp.; that
the court declare null and void the transfer to R. C. A. of factories equipment and facilities of General Electric. Westinghouse and Wireless Specialties Apparatus Co.for manufacture of radio apparatus and that these companies return to R. C. A. stock of R. C. A. received in this transaction:
that the defendants be enjoined from requiring of any licensees, licensed
by any of them to manufacture and sell radio apparatus, that such licensee
use material or parts purchased from a particular company and that the
defendants be enjoined from employing spies to secretly enter the factory or
radio station of any one manufacturing or using apparatus in competition
With the defendant.
The following statement was issued March 7 by the
corporation:
We are informed that the Government has filed an amended and supplemental petition in its suit which has been pending for some time in Delaware
against the corporation and others because of alleged restraints on competition in the radio industry.
In its original petition the Government attacked the fundamental crosslicensing agreements by which the corporation obtained its rights to patents
and to license other manufacturing companies to use these patents. It is
the position of this corporation that those agreements are legal, because
without cross-licensing of patents none of tne companies, including Radio
Corp. of America, could lawfully have manufactured or sold efficient radio
aPParatus. Many patents were required to make radio devices and these
patents were in scattered hands. The patent cross-licensing contracts
made legally Possible the manufacture of radio apparatus. They did not
restrain trade-they created it. The contracts were filed with the Department of Justice when they were executed and they have been considered by
succeeding Attorneys General. They were investigated for four years by
Federal Trade Commission and the complaint was dismissed.
The corporation was organized in 1919 to develop the radio art and to
create a new business. The rapid development of radio shows that this
was accomplished. Not only a groat radio manufacturing industry resulted
but broadcasting and international radio communications as well. Through
broadcasting over 50,000,000 radio listeners now receive programs free and
through international communications the business community of America
has direct international telegraph service with more than 40 countries at
rates which radio has substantially lowered.
The attack of toe Government came 12 years after the arrangements it
attacks were made. It takes little, if any, account of the difficulties surrounding the men who made these arrangements when they were made and
the problems which confronted them and which then had to be solved. It
would not have been so difficult to have modified the fundamental arrangements if the Government when first apprised of them, had then stated its
objections to them. A different situation obviously arises 12 years thereafter. It would be impossible without destroying investments made in
good faith by more than 100,000 shareholders to undo that which has been
done throughout 12 years of a rapidly changing art and Industry.
Despite all this, the position of the Radio Corp. of America, when this
suit was filed, was that if doubt remained as to the legality of these contracts the officers of the corporation above all others desired to know their
1956
true status and they were quite willing to have them submitted to the
court to the end that they might be tested. The corporation has made
available to the Department of Justice all its data, records and correspondence and has freely permitted its files to be inspected by representatives of the Department.
The present suit was instituted after the Department had won a decision
in the lower court against certain gasoline companies which had executed
so-called patent pooling agreements. After this decision was reversed in
1931 by the U. S. Supreme Court, active negotiations were had between
representatives of the defendants and of the Department of Justice, looking
toward a settlement of tne radio litigation. In the course of these negotiations the representatives of the Department of Justice pointed out in detail
features of the existing situation to which they took exception. While not
agreeing with the Department as to the valldity of its criticisms this corporation expressed its desire to co-operate by altering insofar as was practicable,
the arrangements which the Department criticised, irrespective of how such
arrangements might eventually be regarded by the courts should the
litigation be carried to final judgment.
In carrying out this program the corporation is in course of withdrawing
from participation in the General Motors Radio Corp.. has changed its
of its
contractual relations with the United Fruit Co., has amended certainto the
international traffic agreements and it gave favorable consideration
suggested by the Departcreation of an "open patent pool" which was
ment. All this was done to the end that prolonged and expensive litigation might be avoided, that the cost of such litigation might be saved to
the corporation's shareholders and the Government,that the energies of the
officers and experts of the companies concerned might be devoted to constructive work in tne interest not only of these companies and their stockholders but as well in the interest of the radio industry as a whole, all in
the hope that stable conditions might early be brought about in the radio
industry, which has suffered as few industries have from present economic
conditions.
The amended and supplemental petition just filed by the Department
makes issue of and seeks an injunction against some of the very arrangements altered to meet the Government's views. As to two of the corporations, parties defendant to the original complaint, the arrangements to
which the Government made objections, are being changed to meet the
Government's views. Also other features have been changed to meet the
Department's views, but despite this they are still the subject of attack
in the new petition which the Department has just filed.
In view of all these circurastances we are unable to understand the action
of the Department in persisting in doing unnecessary things and making
unnecessary charges particularly in times of great business depression and
even when there is an long has been great competition-more than adequate
from every point of view-in the radio industry. The Department's
demand for additional competition came when there were so many competitors in the field that over production and cut-throat competition
threatened the entire industry. This is even more true to-day, when
surveys show that there now exist in the country radio plants with a
capacity of approximately 25,000,000 radio sets per year while the market
is estimated at approximately 3,000.000 sets per year, when prices for
merchandise are lowest in the history of the industry and when few, if
any, companies engaged in the manufacture and sale of radio devices are
able to earn a profit on their business.
The Radio Corp. of America and its associated companies, defendants
In this case, together are doing less than 20% of the total business in radio
receiving sets and less than 40% of the total business in radio tubes. It
could hardly be contended that a monopoly is thereby threatened or that
-V. 134. p. 1580. 676.
trade is thereby restrained.
-Exchange Offer.
Rochester Central Power Corp.
It has been decided to extend to the holders of 5% gold debentures,
series A, due 1953, the privilege of subscribing to Associated Gas & Electric
-year gold bonds on the same basis as security holders
Co. guaranteed 8% 8
of the Associated company, namely, at the rate of $20 for each $100 of
debentures hold.
It has also been decided to extend to the preferred stockholders the privi-year gold bonds on the same basis
lege of subscri log to Associated 8% 8
as security holders of the Associated company, namely at the rate of $20
for each share of preferred stock held.
It has further been decided to extend to the common stockholders of the
Rochester Central Power Corp. the privilege ofsubscribing to the Associated
-year gold bonds on the same basis as holders of class A and common
8% 8
stock of the Associated company, namely, at the rate of $10 for each three
shares of common stock held.
The entire proceeds of subscriptions by debenture holders and preferred
and common stockholders of Rochester Central Power Corp. on subscription
warrants issued to them will be advanced to the Rochester Central Power
Corp. to be applied to the retirement of the $9,844,000 one-year notes of
Rochester Gas & Electric Corp.
Furthermore, such proceeds will be advanced to the Rochester Central
Power Corp. under such arrangements that any claim for repayment will
ultimately be represented by a voluntary contribution to capital.
Subscription checks may be forwarded immediately to Associated Gas
& Electric Securities Co., 61 Broadway, New York City, upon which 7%
interest will be paid from date of receipt to the first interest date following
full payment, after which interest on the bonds will commence at the rate
of fi,Si %.
[See also Associated Gas & Electric Co. in V. 134, p. 1576.1-V. 133, P.
4332.
-Earnings.
Rochester Gas & Electric Corp.
12 Months Ended Dec. 31Electric department revenue
Gas department revenue
Steam department revenue
Total operating revenues
Operating expenses
Retirement expense
Taxes
(VOL. 134.
FINANCIAL CHRONICLE
1929.
1930.
1931.
$9,341,188 $9,627,606 $9,556,693
4,332.709 4,466.869 4.362,342
810.463
843.322
744,444
$14,418,340 $14,937,798 $14,729.498
7.220,956 6,047.800
6,167.307
975,280
1,038,599
1,009,561
1,617,786 x1,889,164
1,711.164
Operating income
Other income
$5,530,308 $5,060,456 $5,817,253
59.851
121.1,89
197,775
Gross income
Income deductions
$5.728.083 65,182.046 $5,877,104
1,655,303
1,633.166
1,653,031
Net corporate Income
Surplus first of year
$4,075,051 $3,548.879 $4,221,800
2.708,372
2,733,685
859,502
cottages of brick construction and an apartment house, bachelor's quarters,
a dormitory and dining hall, with accomodations for transients. The
construction of sewage and water systems, grading of streets and foundations of the buildings is being carried out by the Arundel Corp. which was
awarded the general contract for the construction of the dam and power
-V. 134, p. 848.
house.
-Earnings.
Southwestern Bell Telephone Co.
1928.
1931.
1930.
1929.
Calendar YearsTelephone oper. rev_ __ _682,264,520 $86,758,442 $85,315,960 $78,199,450
Telephone oper. exps--- 54,834,701 56,750,029 54.862,549 50.912,446
Net tel. oper. revs---$27,429,819 $30,008,412 $30,453.411 $27.287,004
780,210
629,214
712,052
695.342
Uncollectible oper. revs.
7.963,807
7,853,044 7.559.830 6,810,860
Taxes assign. to oper-Operating income----$18,836,798 $21.443,316 $22,198.239 $19,695,934
966,351
Net non-oper. income__ 1,327,483
841,533
1,156,675
Total gross income--420,164,281 $22,599,992 $23,039,772 $20,662,284
3,579,041
Funded debt int., &c..-- 3,100,940 3,665,570 3,330,019
Amort. of debt discount
168,933
168,915
168,933
168,933
and expenses
1,078.813
Rents & miscell. deduct.. 1,196.402
1,156,118
1.101.405
Balance, net income_ 315,698,025 $17.609,370 $18.439,414 $15,835,497
Prof. & corn, dividend
15,364,985 13,924,985 12,724.985 11,124.985
254.514
466.732
417,927
Miscell. approp. of inc
449,131
Bal. for corp. surplus_ df.$133,692 $3,235,254 $5,296,501 $4.455,997
Comparative Balance Sheet Dec. 31.
1930.
1931.
1931.
1930.
Assets
Land & bides.-- 41,793,233 40,113,800 Common stock-173,000.000 155,000,000
Tel. plant & eq.282,461,829 272,530,280 Preferred stock_ 21,785.500 21,785,500
916
916
General equip-- 4,657,964 5,131,330 Prem.on cap.stk
.090,684 Bonds
51.376,800 51,590,800
Invest. securs-- 6,345,847
Advs. from UOAdvs, to system
15,700,000
tern corpscorporations_ - 1,845,145 1,602,247
7.947,905 6,630,139'
1,100,224 Notes
MLscell. invest _ 1,198,104
Cash & deposits 3,334,221 3,262,390 Awls payable. 7.281.139 4;590,401
Marketable sec- 1,459,310 1,511,525 Subscribers' deposits & sem
806,338
Bills receivable _ 1,663,888
billed In adv. 2,267,317 2,327,062
Acols receivable 9,121,732 7,762,055
Math & suppl's 1,108,474 1,975,776 Accr. Ilab.not due 6,898,346 7,213,286
263,273
170,038
192,540 Del. cred. Items
234,972
Accr. int.not due
Sink,fund assets
251,618 Res. for accrued
51,559
depreciation_ - 66,643,791 49,351,824
581,138
Prepayments 611,144
Res. for amort.
Unamort, debt
353,547
874,577
of intang. cap.
dint. & exps_ 3,715,688 3,899,547
1,121,573
170.454 Corp.surp.appr. 1,538,304
498,253
Other def. delaCorp.surplus unappropriated_ 30.737,224 30,884,130
360.071.357 347,011,951
Total
-V. 134, p. 1024.
Total
360,071,857 347,011,951
--Earnings.
Standard Gas & Electric Co.
For income statement for 12 months ended Dec. 31 see "Earnings De-V. 134, p. 507.
partment" on a preceding page.
-J. P.
-Bonds Sold.
Syracuse Lighting Co., Inc.
Morgan & Co., Bonbright & Co., Inc., and Schoellkopf,
Hutton & Pomeroy, Inc., have sold at 95 and int. to
yield over 5.35% $5,000,000 1st and ref. mtge. 5% gold
bonds,series B.
Dated Jan. 1 1932: due Jan. 11057. Int. payable J.& J. 1 in N.Y.City.
Denom. c * $1,000 and $500 and r * $1,000, 55.000, $10,000 and $50,000.
Red, as a whole but not in part, upon 60 days' notice, on any int. date,
to and incl. Jan. 1 1955 at 105 and int., and thereafter at 100 and int.
Chase National Bank of the City of New York, Trustee.
Legal investment for Savings Banks in the States of New York and Massachusetts.
Issuance.-Authorlzed by the Public Service Commission of the State
of Now York.
Data from Letter of President A. D. Dudley, Syracuse, March 8.
-Company an integral part of the Niagara
Business and Properties.
Hudson Power Corporation System, was formed in 1924 by a consolidation
Lighting Co. and Onondaga,
York of
under tho laws of New
Utilities Corp. In 1928 the company acquired the properties of the Seneca
River Power Co. Company owns the electrical distributing system and
furnishes electricity for light and power in the City of Syracuse, N. Y...
and various adjoining communities, the electricity used being obtained
mostly from companies in the Niagara Hudson Power Corporation System.
The major portion of the power purchased is hydro-electric in origin. As
of Dec. 31 1931, the company had approximately 72,900 electric customers
and sold 208,672,975 kilowatt-hours of electricity in 1931. Approximately
69% of the gross operating revenues of the company is derived from the
sale of electricity. Company's franchises, in the opinion of its counsel,
are, with minor exceptions, indeterminate as to time.
The company owns artificial gas plants with a capacity of approximately
11 million cubic feet daily. It does the entire gas business in the City of
Syracuse and serves certain adjoining communities. Its gas Property
Includes approximately 446 miles of gas mains. As of Dec. 31 1931, the
company had approximately 57,700 gas customers and sold 2,372.845,000
cubic feet of gas in 1931. Company has also entered into a contract for the
purchase of natural gas. subject to approval by the Public Service Commission of the State of New York.
All of the common stock and approximately 32% of the preferred stock
of the company are owned by Mohawk Hudson Power Corp. More than
ee% of the common stock and option warrants of this latter corporation
are owned by Niagara Hudson Power Corp.
-Proceeds will be applied toward the partial repayment of
Purpose.
$8.944.000 short term indebtedness to companies in the Niagara Hudson
Power Corporation System, incurred chiefly for additions and betterments.
Capitalization.
Syracuse Gas Co.50
-year 5% gold bonds, due Jan. 1 1946_ $2,500,000
Syracuse Lighting Co. 1st mtge. 5% 50
-year gold bonds,
u 2,500,000
d o June 1 1951
1st & refg. mtge, gold bonds, 514% series due Feb. 1 1954 6,527,500
1st & refg. mtge. 5% gold bonds,series B,due Jan. 1 1957- 6,000,000
8% preferred stock (par $100)
2,000,000
ey% preferred stock (par $100)
2,000,000
0% preferred stock (par $100)
4,000,000
Common stock (no par value)
1,000,000 shs.
-The gross operating revenues, income available for interest
Earnings.
after provision for retirements, interest and other income deductions, and
net income of the company during recent years have been as follows:
$4,934,554 $6,282.565 $6,930,172
Total surplus
755,058
Prem.& discount on bonds redeemed4,163,093
1.473.226 4,983,226
Dividends and appropriations
33,394
439,836
Cr.201.430
Net deductions from surplus
$859,502 $2,733,685
$2,907,700
Total surplus at close of year
x Includes adjustment for under-accruals in prior years.
Balance Sheet Dec. 31.
1930.
1931.
1931.
1930.
$
Assets
38,270.308 38,270,308
Capital stock
Fixed capital
336,000
70,659,209 68,435,518 Cap,stock sub3cr_
completed
Long-term debt...20,935.000 29,536,000
Uncompleted conIncome Avail.
690,669 1,647,313 3% gold notes_ _ _10,000,000
struction
Gross
for Int. After
Interest (tc
305,949
480,500
286.768 Notes payable-- 705,640
Cash
Oper.
Prov. for
Net
Income
A cctspayabie_ _ _ 750,695 1,024,799 Cal.
915,441
Adv. to Will. co's_ 2,805,742
Rev.
Income.
Retirements,
Deductions.
12,405 Years.
Accts. receivable 2,646,275 2,618,872 Mat.int. unpaid__ 562,811
1927
8
$7,093,989
$2.564,210
$737,382 $1,826.82
Taxes,Int. & misc.
952,685
Material & supplies 930,044
7,917,523
2.804.227
2.083.841
720,386
847,163 1,206,539 1928
36.777 accruals
Prepaid iasuranoe. 114,615
9
8,716,432
2,895,922
2,050.90
845,020
741,548 1929
100,213 Consumers' depos_ 728,447
914,463
Investments
8,680,024
1.989,863.
2,970.260
080,397
344,160 Retirement reserve 3,975,601 3,254,316 1930
Special deposits__ _ 574,962
1931
8,279,109
3,022,256
1,070,748
1,951.oup
Other reserve and
Unamortized debt
During the period of five years ending with 1931, income available for
unadjust.credits 1,867,180 1,611,802
discount & exp_ 655.218 1,032,129
2,907,700
859,502 Interest after provision for retirements averaged over 3.2 times interest
789,333 Free surplus
Other suspense__ _ 628,566
and other income deductions.
Security.
-Secured by the company's 1st and refunding mortgage dated
81,325,404 77,159,209 as of Feb. 1 1924, to Equitable Trust Co.of New York (now Chase National
81,325,404 77,159,209 Total
Total
Bank), trustee, under which 86,527,500 of 53.% series due 1954 bonds are
-Y.134, p. 1763.
now outstanding. The mortgage is a
lien on all of the compani a
-Awards New Contract. real estate, plant and fixed equipmentdirectowned or hereafter acquired.
now
Safe Harbor Water Power Corp.
securing two
es
The corporation has awarded a $300,000 contract to the Consolidated subject, with respect to the property now owned, to tho liens
Issues of underlying bonds, totaling $5,000,000 principal amount outstandfor
Engineering Co. for the building of a new village Theemployees at the new ing
operators village will
and maturing in 1946 and 1951. These underlying mortgages are
hydro-electric plant on the Susquehanna River.
-V. 134, p. 676.
consist of 25 buildings, there will be 21 single family houses, English type closed mortgages.
MAR. 12 1932.]
1957
FINANCIAL CHRONICLE
Capitalization Outstanding (Upon Completion of Present Financing).
First mortgage & refunding gold bonds
*$24.660.I II
1931.
1930.
6,734,
$5.952,937 $6,085,059 Divisional mortgage bonds
-year 6% debentures. due 1946
4,477,500
4,004,197 4,151.211 20
4,217,200
359,245 7% series cumulative preferred stock
367.497
5,520,900
468,279 6% series cumulative preferred stock
484,490
Common stock (no par value)
782.000 she.
$1.096,754 $1,106,323
Net earnings
* Consisting of $15.160,000 series A 534
due 1946; $7,500,000 series B
981,725 5%, duo 1950; and $2,000,000 series 0 6%, due 1952. Issuance of addiDividends on preferred and common stocks
981,725
tional bonds limited by the restrictive provisions of the indenture.
Balance for surplus
$124,598
$115,028
The above statement of capitalization reflects the proposed sale of
-V. 134. P. 328.
$2,000,000 series C bonds. In addition, there will be $1,000,000 of series0
bonds in the treasury of the company.
Union Electric Light & Power Co. of Illinois.
-Sells
-Secured equally with series A and series B bonds by a first
Security.
mortgage on certain important electric power and light properties, includAlton Ry.ing the new steam generating plant at Bremo Bluff and by a direct mortSee latter company above.
-V. 134, p. 1024.
gage lien on all of the remainder of the company's fixed property now
divisional bonds and
owned, subject to
Union Electric Light & Power Co. of St. Louis.- certain minor liens.$6,734,500 principal amount ofproperties of the comThe depreciated value of the
pany as appraised (principally in 1925), plus subsequent additions to date,
Expansion.
is largely in excess of the total mortgage debt to be outstanding as shown
Conditional approval has been given by the Missouri P. S. Commission
to the above company to acquire two generating stations from the St. above.
Earnings.
-Consolidated earnings of company and subsidiaries (as now
Louis Public Service Co. at a cost of $2.100,000. The latter must make
a satisfactory contract for its requirements first. ("Electric World. )- constituted) for the 12 months periods ended Jan. 31 1931 and 1932,
irrespective of the dates of acquisition of properties and subsidiaries, as
V. 134, p. 1764.
reported by the company, were as follows:
1932.
1931.
United Gas Public Service Co.
-Refunds Debentures.
- Gross earnings, including other income
$7,988,490 $8,179,038
Capitalization as of Jan. 31 1932.
-See Houston Gas Securi- Oper. exps., maint. & taxes (other than Fed. taxes) 4,348,718 4,327,764
-Earnings.
Tri-State Telephone & Telegraph Co.
Calendar YearsTotal revenues
Telephone expenses
Taxes
Interest
ties Co. above.
-V. 133, p. 3258.
Utica Gas & Electric Co.
-J.P. Morgan
-Bonds Sold.
& Co., Bonbright & Co., Inc., and Schoollkopf, Hutton &
Pomeroy, Inc., have sold at 93 and int., to yield 5.55%,
$2,000,000 20
-year gen. mtge. 5% gold bonds, series E.
Dated Jan. 1 1932; due Jan. 1 1952. Interest payable (J. & J.) in N. Y.
City. Denom.$1,000 c* and r*51,000,$5,000,$10.000 and $50,000. Red.
as a whole but not in part, upon 45 days' published notice, on any int.
date, to and incl. Jan. 1 1950 at 105 and int., and thereafter at 100 and
interest. Central Hanover Bank & Trust Co., New York, trustee.
Legal Investment for Savings banks in the State of New York.
Issuance.
-Authorized by the Public Service Commission of the State
of New York.
Data From Letter of Pres. W. T. Baker, Pres., March 8.
Business and Properties.
-Company is an integral part of the Niagara
Hudson Power Corp. System. Company has been in existence since 11902
and furnished electricity and gas in the City of Utica, N. Y. and various
adjoining communities. Company's electric lines are connected with the
lines of other companies of the Niagara Hudson Power Corp. System, and
the company owns a steam-electric generating plant having an installed
capacity of 30,000 kw. and hydro-electric generating plants having an
installed capacity of 31,600 kw., making a total installed capacity of the
company's plants of 61,600 kw. As of Dec. 31 1931 the company had
approximately 40,300 electric customers and sold 145,759,981 kwh. of
electricity in 1931. Approximately 66.5% of the gross operating revenues
of the company is derived from its electric business. Company's franchises,
in the opinion of its counsel, are, with minor exceptions, indeterminate as
to tithe.
In addition the company owns gas plants with a daily capacity of approximately 9,000,000 cubic feet. As of Dec. 31 1931 the company had approximately 37,700 gas customers and sold 1,828,451,000 cubic feet of gas in
1931.
All of the common stock is owned by Mohawk Hudson Power Corp.
More than 99% of the common stock and option warrants of this latter
corporation are owned by Nigaara Hudson Power Corp.
Purpose -Proceeds will be applied toward the partial repayment of
$2,500,000 short term indebtedness to companies in the Niagara Hudson
Power Corp. System, incurred chiefly for additions and betterments.
Capitalization.
Utica Electric Light & Power Co., 1st mtge. 58 1950_x
509,000
Equitable Gas & Elec. Co. of Utica, 1st mtge. 5s 1912
1,000,000
Refunding and extension mtge. 53. 1957-y
4,470.000
General mortgage 5s.series 0 due 1949
3,300,000
General mortgage 53. series D, due 1956
6,000.000
-year general mortgage 5% gold bonds, series E, due 1952
20
this issue)
2,000,000
preferred stock (par $100)
6,000,000
-preferred stock (no par) (liquidating value $100)
40,000 shs.
Common stock (no par value)
400,000 shs.
x $491,000 additional principal amount of this issue is held alive in a
sinking fund. y $140,000 additional principal amount of this issue is held
alive in a sinking fund.
Earnings.
-The gross operating revenues, income available for interest
after provision for retirements, interest and other income deductions, and
net income of the company during recent years have been as follows:
Cross
Inc. Avail. for
Operating Int. After Prov. Int.,
Net
Income
Cal. Years
Revenues. for Retirements. Deductions.
Deductions.
1927
$4,886,895
$1,151,955
$927,325
$2,079.280
1928
4,937,023
2,035,009
1,079,123
955,886
1929
5,380,388
1,269,684
916,348
2,186,032
1930
929,474
2,183,820
5.361,851
1,254,346
1931
1,181,089
,504
958,288
2.139,357
During the period of five years ended with 1031, income available for
interest after provision for retirements averaged over 2.2 times interest
and other income deductions. A direct lien upon the entire real estate,
plant and fixed equipment of the company now owned or hereafter acquired,
subject, with respect to the property now owned, to the liens of underlying
mortgages securing $5,979,000 aggregate amount of bonds outstanding in
the hands of the public maturing in the years 1942. 1950 and 1957. No
additional bonds will be issued under those underlying mortgages.
-V. 133,
P.3465.
Virginia Public Service Co.
-Bonds Offered.-Announeement is made March 8 of an offering of $2,000,000 6% 1st
mtge.& ref. 20-yr. gold bonds,series C,by a group headed by
Halsey, Stuart & Co Inc and incl. E. H. Rollins & Sons,
H. M.Byllesby & Co. and Blyth & Co Inc The bonds are
priced at 78 and hit, to yield over 8Yi% to maturity.
Dated March 1 1932: due March 1 1952. Interest payable M. & S. in
N. Y. City without deduction for any normal Federal income tax now or
hereafter deductible at the source not in excess of 2% per annum of such
Interest. Donom. 61,000 and $500 c*. Red. all or part upon 30 days'
notice at principal amount plus a premium of 5% if redeemed prior to
March
, or of .1% less Xi of 1% for each year elapsedrom Feb. 28
1932 if redeemed on or after March 1 1933, and prior to March 11051. and
at the principal amount if redeemed on or after March 11931,accrued interest to date of redemption to be added in each Instance. Company will agree
to reimburse the resident hoidens of these series C bonds,if requested within
60 days after payment, in the manner provided in the indenture, for the
personal property tax in the States of Conn.,Pa. and Calif., not exceeding
4 mills; State of Maryland not exceeding 4)i mills, and District of
Columbia not exceeding 5 mills per annum per dollar of face value thereof,
and also for the income tax not exceeding 6% of the interest thereon in
the State of Massillhusetts.
Data from Letter of Pres. A. W. Higgins, Alexandria, Va., March I.
-Company now supplies, directly or indirectly, electric light
Company.
and power service to 71,685 consumers in 376 communities having a total
population of over 265,000. In addition, gas service is rendered to 8.141
customers in nine communities, ice is supplied to 21 communities, including
Newport News and adjacent towns, and street railways are operated in
Newport News and through a subsidiary in Charlottesville. Approximately 77% of the consolidated gross and 93.5% of the consolidated net
earnings of the company and subsidiaries for the 12 months ended Jan. 31
1932 (as shown below) were derived from the sale of gas and electricity.
Net earnings before depreciation, &c
$3,639,772 $3,851,274
Annual i
list, requirements on divisional mtge.
bonds and 1st mtge. & ref. gold'bonds to be
presently outstanding, as shown above
turesfot,525
expendiPurpose.
16
-Proceeds will be used to reimburse the company
made in connection with recent acquisitions, extensions to its properties, and for other corporate purposes.
Property.
-The physical properties include generating stations having
a total installed capacity of 114,875 h.p., of which 20,611 h.p. is hydroelectric; 1.044 miles of high tension transmission lines; gas plants with a
total daily capacity of 1,400 cu. ft., and ice plants with an aggregate daily
capacity of 303 tons. In order to meet the growing demand for electric
service, the company recently completed construction of the first unit of
a new generating station at Bremo Bluff on the James River. This station has an initial installed capacity of 40,000 h.p. and is designed for an
ultimate capacity of 267,000 h.p.
V. 1a3 ge 3 65.Company is part of the Middle West Utilities system.M3 , pnlen1 na . .
Western Distributing Co.
-Loses Inter-State Case.
In dismissing the appeal of the company in a gas-rate controversy with
the Kansas Public Service Commission, the U. S. Supreme Court took
the position recently that it is within the right of State regulatory bodies
to consider the reasonableness of contracts with interstate distributing
agencies in determining a retail rate basis. The Kansas case bad its inception in the application of the Western Distributing Co. for an increased
rate in Eldorado. In submitting its cost figures, on the basis of whicn it
claimed that it was incurring a loss, the company showed that one of its
largest items of expense is the amount that it pays to the Cities Service
Co. for natural gas purchased at the city line. The company admitted
financial relationship with the Cities Service Co., but refused to permit
the Commission to make the cost of the purchased gas part of the proceedings in the rate case. In taking this position the company contended that
the rates charged by the pipe-line company are for interstate service and
are not subject to indirect. rerzulation by the State Commissions.
After the Commission had refused to grant any increase until itlhad
ascertained the reasonableness of the purchase contract the company took
action in the Federal courts. The lower Federal tribunals dismissed the
suit on the ground that the company had not availed itself of all of the
opportunities held out by the Commission. In sustaining the lower courts,
the Supreme Court makes reference to the "affiliation of buyer and seller
and the entirety of the contract thus engendered.' After pointing out
that "those in control of the situation have combined the interstate carriage of the commodity with its local distribution in what is in practical
effect one organization," the Supreme Court determines that the lower
courts were correct in holding that the reasonableness of the contract
should enter into a determination of the retail rate.
Western Union Telegraph Co.
-Annual Dividend Rate
Again Decreased.
-The directors on Mar. 8 declared a quarterly dividend of 1% on the outstanding $104,527,999 capital
stock, par $100, payable April 15 to holders of record Mar. 18.
This compares with a payment of 1% made on Jan. 15
last and quarterly distributions of 2% each from Jan. 15
1925 to and incl. Oct. 15 1931.-V. 134, p. 1196.
West Ohio Gas Co.
-New Directors.
William A. Sauer and Bernard P. Shearon have been elected new members of the board of directors, succeeding Samuel Insull and Samuel Insull Jr.
The following directors were re-elected: Robert M. Feustel, Emmett
R. Curtin, Samuel E. Mulholland, Harry 0.Bentley and Frank L. Pringle.
Mr. Sauer is Executive Vice-President and Mr. Shearon is Secretary of
the Midland United Co.
Calendar Years
1931.
1930.
1929.
1928.
x Operating revenue_ - _ - $706,235
$725,413
$749,718
$742,053
y Operating expenses_ _ 450,750
504,489
480,772
476,645
'Uncollected bills
3,238
4,050
3,393
4,180
Taxes
45,732
55,482
58.566
59,199
Deductions from income
22,647
14,399
16,712
19.276
Interest & amortization
on funded debt
68,180
60.000
60,000
60,000
Amortiz of disct. & exp.
3,914
4,105
Net income
$113,582
Class A pref. dividends _1,
50,355
Class B prof. dividen_
ds
Common dividends
62,160
$105,140
118,996
131,500
52,500
$108,223
19,738
31,500
52,500
$122,753
20,902
31,500
52,500
Balance to surplus_ __
$1,068
$2,143
$4,485
$17,851
Shs.of corn. out.(no par)
75,000
75,000
78 600
75 000
Earns, per sh, on com_$0.73
$6.80
60.75
$6.94
x Includes other income of $1,604. y Includes $32,674 charged for
retirement in 1930, 1929, 1928 and 1927.
Sales of gas by the company during 1931 aggregated 538,826,900 cubic
feet, compared with 550,437,100 cubic feet in 1930.
Condensed Balance Sheet Dec. 31.
Assets1931,
1930.
1931,
Liabilities1930.
Investments
$4,228,117 $4,024,401 Capital stock
$2,486,381 82,376.381
Deterred charges__ 157,323
140.822 Fund.debt az pureh. 1,354,456 1,006,953
Current assets_
226,821
138,273 Adv.from affil.cos. 197,318
400,000
Current liabilities_ 183,013
141.320
contrib,for ext.-884
864
Retirement & res. 342,635
342,946
Surplus
67.802
55.031
Total
$4,612,262 $4,323,495
$4,612,262 $4,323,495
Total
-V. 133, p. 4332.
West Penn Electric Co.(& Subs.).
-Earnings.
-Calendar Years1931.
1930.
1929.
1928.'4
1
Gross earnings
$35,739,114 $39,493,393 $40,276,535
Oper, exp., maint. & tax 19.044,322 21.334.161 21,141,494 $38,174,738
20,529,169
Interest & amortization_ 5,539,946
5,766,653
5,610,212
5,516,188
Preferred diva. of subs..,. 2,747,997
2,744.861
2,469,963
2,353,477
Deprec. & depletion_ _- - 2,289,467
3,339,456
3,418,525
3,516,733
Net income
$6,117,383 $6,308,261 $7,636,340 $6,259,171
-V: 132, p. 1992.
1958
[vol.. 134.
FINANCIAL CHRONICLE
--Receivership.
-IL-Wheeling Traction Co.
Edward L. Yager was appointed receiver of this company Sept. 26 1931.
Water Works & Electric
In his remarks to stockholders of the American
Co. Inc., H. Hobart Porter, President of that company, states:
"Xs the assets of the Wheeling Traction Co. on liquidation will undoubtedly be insufficient to pay off the bonds and all other liabilities of
the company, the common stock of the Wheeling Traction Co.. acquired
many years ago by the West Penn Rya. Co., was considered to be of little
value and accordingly was sold at auction, a very small amount being
realized. The not loss from this sale has been written off the books of
the West Penn Rys. Co. as a charge to its capital surplus, the loss reducing the amount which it was necessary to accrue for Federal income
-V. 134, p. 507.
taxes during the year."
-Acquisition.
Wisconsin Gas & Electric Co.
This company, a subsidiary of the North American Edison Co., in February acquired from the Central Public Service Corp., the properties of
the Wisconsin Public Utility Co.. for approximately $1,100.000 in cash.
Approval of the transaction was given by the Wisconsin P. S. Commission.
The properties acquired include the electrical system operated by Wisconsin Public Utility Co. in Sheboygan and Washington Counties and the
steam-heating plant in West Bend. The transaction gives the Wisconsin
Gas & Electric Co. control of business in the lake shore section. The
company already does the electric light and power business in 155 communities in Southeastern Wisconsin, including Kenosha, Watertown and
Waukesha and the entire gas business in Racine, Wis., and 64 other com-V. 133. p. 3259.
munities.
-Changes Hands.
Wisconsin Public Utility Co.
-V. 122, p. 2194.
See Wisconsin Gas & Electric Co. above.
INDUSTRIAL AND MISCELLANEOUS.
-The downward trend in
Price of Sugar Reduced to Lowest in History.
prices of futures of raw sugar carried the May contract to the unprecelow level of 0.79c. a pound on the New York Coffee & Sugar
dentedly
Dxchange, 1 point below the low mark established a few weeks ago. Uncertainty over the plans of producing countries, Particularly Cuba, for
this season's crop continues the most unfavorable factor in the situation.
N. Y. "Times" March 11, IL 35.
-The Toledo Plumbers and Steamfitters Union
Building Unions Take Cut.
has voluntarily agreed upon a 20% wage reduction. Wage? will now be
8for an 8
-hour day as compared with $10 previously. 'Wall Street
Journal" March 10. p. 1.
-Striking coal miners in the TusOhio Miners Group Gets Pay Increase.
carawas County fields, New Philadelphia, Ohio, were winners of a partial
victory in their efforts to prevent wage reductions. Agreement to sign
the union wage scale March 18 was given last night. N. Y. "Times"
March 10. p. 1.
-A legislative investigation of inlib Demands ,State Sift Investment Trusts.
vestment trusts was recommended in a report submitted to the Legislature
by Atty.-Gen. John J. Bennett Jr. N. Y."Times" March 8, p. 31.capital
Matters Covered in the "Chronicle' of March 5.-(a) The new
flotations during the month of February and for the two months of the
calendar year 1932, p. 1638. (b) American Window Glass Co. makes
10% advance in prices, P. 1657. (c) American Smelting & Refining Co.
to temporarily close down Mexican plant; will divert bullion to Perth
Amboy, N. J. plant, p. 1659. (d) Holdings of United States investors in
$2.228,024.000.
'
Canadian ,nvestments $3,726,745,000; British holdings are market trading,
p. 1665. (e) Senate adopts resolution to investigate stock
p. 1679. (f) Notice Issued by New York Stock Exchange regarding State
Gov.
Department notice of increased stock transfer tax. p. 1680. (g) stock
Roosevelt signs bill passed by New York Legislature Increasing
transfer tax; ruling by State Tax Commission, p. 1680. (h) Montreal
brokerage firm of Greenshields & Co. reopens; former floor member of concern reinstated on Montreal Stock Exchange, p. 1681. (I) Receivership
sought for Hambleton & Co., Baltimore, p. 1682. (j) Hugh Bullock suggests new set of rules for investment trusts of future; recommends short
selling and margin trading. p. 1682. (k) Dividend payments of Standard
Oil group total $46,717,367 for first quarter of 1932; compares with $63,101,997 for first quarter of 1931. p. 1684. (1) Plasterers' Union restrained
from calling strike by Supreme Court Justice in Brooklyn, p.
General Management Co.; Steele Mitchell of Hayden, Stone & Co.', Daniel
T. Pierce; Sterling Pile, Executive Vice-President of Allied General Corp.;
H. Parker Kuhn, Vice-President of the First National Old Colony Corp.;
Charles G. Terry of Schoelikopf, Hutton & Pomeroy, Inc.; Thomas S.
Trail of Colston, Trail & Middendorf and Edward B. Twombly, Chairman
of Insuranshares Corp. of Delaware.
It wasfurther announced that this move enables the corporation to expand
its service facilities which are maintained for the benefit of approximately
2.000 dealers with which the corporation is in constant communication.
These expansion measures are taking place chiefly in the trading, syndicate,
statistical, sales and advertising departments.
The United Founders Corp. and American Founders Corp.in their annual
shares of
reports as of Nov. 30 1931, disclosed that they each held 50,000 shares of
common stock. 9,815 shares of cony. class A stock and 9.815was equal
Allied General Corp. This
the $3 cum. cony. pref. stock of the
to approximately 50% of the entire oustanding capital stock of this cornpany.-V. 134, p. 329."Lt.+.ttletff.4 nto.s.t
Air Way Electric Appliance
1931.
Calendar YearsGross sales
Mfg.adm.sell. expense_
-Earnings.
Corp.
1930.
1929.
1928.
$4,028,309
2.579.172
$75,104
58.069
333,410
$645.931 $1,595,545 $1,449,137
39,494
45.951
53,703
174.063
80.328
Net inc.from fac.salesloss$316.376
Net inc.from other oper.
Non-operating income- _ I
$592,227 $1,469.266 $1,235,580
43.359
427,7051
40.832
336.480
1
loss$316,376
$633,059 $1,896.971 $1.615,420
213,776
212,765
69.867
Manufact. income--Depreciation
Other expenses
Pa
Total
Federal income tax
Net income for year_ _loss$316.376
Surplus at beginning of
1,702,478
year
Adjustment of taxes_
Profit from purchase of
17,405
preferred stock
$563,192 $1,684,206 *1,401.643
2,012,800
1.496,852
Dr.27,854
870,835
258
5,948
*1.403.507 $2,581.941 $3,153.204 $2.272,738
Total surplus
84,381
140.000
136,186
.
66.551
.
Preferred dividends_ _
600,000
1,000.004
685,004
Common dividends
Reserve charge for con20.000
50.000
tingencies
91.504
38,271
363,096
Other charges
Surplus at end of year $923.859 11.702.478 82,012,801 31,496.853
Shares of common stock
400,000
400.000
400.000
392,800
outstanding
Earnings per share after
33.29
$3.86
Nil
$1.07
dividends._ _
preferred
Consolidated Balance Sheet Dec. 31.
11930.
x1931.
Liabuittes11930.
11931.
Assets7% let pref.stock_S1,876.500 $1,928,000
Land, bides., ma10.000
10.000
y$874.894 $890,456 4% 2d pref. stock_
chinery,
500,000
58,900 Common stock_ _- x491.000
Cash & Govt.secur 495,940
165,180
Accts.receivable-. 1,557,681 2,724,726 Dealer's ctfe.of dep 103,341
101,926
438,673 Due to distributors 103.071
320,860
Inventories
98,202
75,696
Accounts payable_
Licenses, Patents.
69.944
58,677 Fed. income tax
68,938
trade marks.dre.
Acer, payroll taxes
Adv. and invest.,
37,351
26,344
300,974 & expense
attn.companies. 194,309
126,935
226,023 Conting..tee.. ece. 102,212
157.820
Other assets
923,859 1,702,478
41,587 Surplus
35,581
Deterred charges-.
$3.712.023 $4,740,015
Total
$3,712,023 $44,740,016
Total
x Includes its Canadian subsidiary, Air-Way, Ltd. of Canada. y After
by 392.800 shares (no par).
depreciation of $327,470. z Represented
-V. 134, p. 137.
-To Reduce Class A Stock.
"+Allied Products Corp.
The stockholders at the annual meeting held on March 29 will be asked
-Earnings.
Abbott Laboratories.
to approve a reduction in the class A shares to 43,800 from 50,000. The
1931.
1930.
1929.
Calendar Yearsand are in the company's
$2,727,108 $2,938,478 $2,448.904 shares to be cancelled have been purchased
Gross profit
-V. 133, p. 1455.
122,593
99,194
76,809 treasury.
Depreciation and amortization
2,296,220 . 1,708,580 "
Selling, admin. and research expenses 2,140,054
-Protective Committee.
..,Amalgamated Laundries, Inc.
72,500 0
56,000
61.000
Federal tax provision
The protective committee for the preferred and common stockholders
Resew.
(Rayford W. Alley, Chairman), is urging stockholders to deposit their
$591,014 holdings with Empire Trust Co.,depositary,so a reorganization of the com$408,461
$482,064
Net profit for year
315,452
362.508
289,856 pany may be effected. A bondholders' protective committee and a
Dividends paid and provided for__ - $166,612
$301,158 creditors' committee already have been formed.
$45,953
Balance, surplus
871,862
1,070,530
996,688
A temporary receiver was appointed for the company on Feb. 4, with
Profit and loss surplus
145,000
120,000 Irving Trust Co. as receiver to conserve the assets and with the power to
145,000
Shares corn,stock outstand.(no par)_
$2.81
$3.32
$4.91 carry on the business.
-V. 134. P. 1025.
Earnings per share
Comparative Balance Sheet Dec. 31.
Amalgamated Leather Cos., Inc. Earnings.
1931.
1930,
/Achill:tee1930.
1931.
Assets1930.
1929.
1931.
1928.
Calendar Years$174,454 $191,602 Notes and accepts.
Cash
470,194 x$853,381 y$1,043,919
4263.868
Gross profit
payable
$180,000
358,813
Marketable secure. 269,165
516,705
617,105
467,727
578,967
Sell., adm. & gen. exp.609,502 Accts. payable and
Customers'accts._ 620,582
1.300,141 1,368,763 accrued expense 176,119 5192,505
Inventories
lois$252,838 loss$397.533
8426,814
$274,414
Net profit
90,582
90,627
34,049 Dive. payable... _
57,288
Sundry rec.& Inv_
55,4.34
72.062
66,003
50.692
Other income
Employees'savings
Notes rec.for stock
36,907
6,072
accounts
47,108
sold to employees 70,237
$482,248
$3325,106
leas$186,835 loss$325.471
Net profit
60,000
Real estate mtge
93,178
Dep.in closed bank
93,620
200,705
z209,387
230,455
Interest, taxes, &c
Fed'I Income tax
Land, building &
585,206
112.974
61,000 Inventory adjustment
47,000
provision
x1,663,102 1,719,368
equipment
8,335
5,780
Deferred Income..
Trade marks, for$272,861
$94.651
los4393,4291oss$1111382
Net income
314,029 Reserve for possible
296,704
mulae, dc:
Earns. per sh. on 50 000
lass on liquIdat'n
Rupp.,def. research
Nll
$5.45
$1.89
Nil
shs pref.stk.(par $100)
74,747
of prop. aequird
141,633
prepd.exps.,&c. 172,356
y3,265.000 3,265,000
x After depreciation. y Before depreciation. z Includes depreciation.
1 CapItalstock
1
Good-will
871,863 1,070,531
Surplus
Consolidated Balance Sheet Dec. 31.
1930.
1931.
1930.
1931.
$4,717,208 54,784,860
$4,717,208 $4,784,860 Total
Total
$
$
LiaMlities8
Assets
Preferred stock... 5,000,000 5.000.000
x After depreciation of $568,208 y Represented by 145.000 shares Land, Mag., ma.
-V. 134, p. 1580.
(no par).
chinery, &a_ _ _ x1,558,053 1,616,109 Common stook_ _ y2,500,000 2.500,000
414,427
446,745
161,949 Acceptances
175,152
Cash
-Liquidating Dividend.Acushnet Mills Corp.
950,316 Accts. payable &
Accts.& notes rec. 763,150
483,919
rnt liquidating dividend of $3.25 per share has been declared, payable Sundry debtors.-11,802 accrued expenses 698,849
10,755
March 28 to holders of record March 15. A liquidating distribution of $6 Inventories
2,714,265 3,143,372 Accts.pay.to offie.
-V. 133. p. 3968.
, hare was made on Sept. 15 last.
34,896
21,720
95,964 & employees...
93,964
Investments
25,000
128,755 Loan payable.
Claim received
Alaska Juneau Gold Mining Co.-'-Earnings.Notes payable.- 250,000
750,000
29 see "Earn- Trade-mks.. good• For income statement for month and 2 months ended Feb.
128,755
5.000.000 5,000,000 Rae. for claim rec.
will,&e
-V. 134, p. 1197.
Department" on ,•a preceding page.
4,425
2,268
51.479 Sundry creditors._
45,084
Deferred charges.Federal tax reserve
5,037
by
-Complete Control Acquired
-"*" Allied General Corp.
8,950
Mortgage payable.
8,350
1,402.456 1,834,375
Surplus
Chase Donaldson and Associates.on March 7, announced that with
,"President Chase Donaldson, of this corporation formerly held by the
Total
10,360,425 11,159,740
10,360,425 11,159,746
the
Total
all of the stock
acquisition of
and
a After reserve for depreciation totaling 3881.782. y Represented by
American Founders Corp. and the United Founders Corp., the officers
Allied
-V. 133, p. 801.
executives of the Allied General Corp. are now in complete control ofMarch 175,000 shares of no par value.
business under its present name in
General Corp. The latter began
-Sells Holdings in Allied
"`-American Founders Corp.
*
1931, representing a combination of the personnel and functions of Founders "
General Corp. and Insuranshares Corp. (New York).
-V. 134, p. 670, 507.
-See latter above.
preferred, General Corp.
I" As a result of the acquisition by its officers of a block of its
independent
class A and common stock, Allied General is now an entirely capital ($1,-No Director.
American-Hawaiian Steamship Co.
with adequate
wholesale securities distributing organization
Grenville Clark has been elected a director to succeed Henry Rosenfeld
dis400.000 In cash and securities) holding a position which enables it to and -V. 134, p. 1765.
tribute nationally blocks of securities of public utility, banks, insurance
Investment companies. The Allied General Corp. recently formed, and is
-Wins $600,000 Tax Suit.
American Chain Co., Inc.
nponsoring, deposited bond certificates, convertible debenture series 1938.
against the
A judgment in favor of the company for $600.136 in its suitConnecticut
the corporation is continuing its sponsorship of United Founders and
of Internal Revenue for the District of
United States Collector
Insuranshares Corp. of Delaware common stocks.
Carroll B. Hincks of the U. S. District
No change has been made in the executive management of Allied General has been handed down by Judgewas to recover excess taxes paid for three
Corp., Mr. Donaldson announced, but the board of directors under the Court at Now Haven. The suit Revenue Act placing a sales tax on autonew arrangement is made up of the following: Louis H. Bleier of Graham, years from 1921 to 1924 under the the tax against the company ruled that
levying
Parsons & Co.; Edgar H. Boles, President of General Alliance Corp.; mobiles. The collector in a part of an automobile, and therefore subject
Chase Donaldson, President and Kenneth S. Gaston, Vice-President of automobile tire chains were
Allied General Corp.; Edward S. Goodwin, President of Insuranshares & to tax.
'Lin. 12 1932.]
FINANCIAL CHRONICLE
Judge Hincks, in rendering his decision, sustained the contention of the
plaintiff that automobile chains could not come_under the head of automobiles because of their general use.
1928.
1929.
1930.
Calendar Years1931.
Income from oper. (net)loss$250,565 $3,901.010 45,639,274 $2,463,489
Deprec. of plants and
,
r3
1.577,603
1,538.319
1,665.957
amort. of patents__ _- 1.527,279
427.060
406,473
303,777
Interest (net)
280,655
47.983
415,142
246,161
-Fed. & foreign
Inc. tax
Foreign exchange lose.-124,958
1959
American Window Glass Co.
-Advances Prices 10%.
See last week's "Chronicle," p. 1657.-V. 133, p. 2759.
le,
American Woolen Co..
-=-Agreements Reached to Dismts*
Suits Between Company and Wood Estate.
A petition has been filed with the Probate Court at Salem. Mass, for
approval of an agreement, reached out of Court, for the termination of thelitigation between the company and the Wood family as represented by the
executors of the estate of William M. Wood and the trustees of the Arden
Trust. Without payment of damages, differences are to be settled by the
dismissal of the suit of the Wood estate against the company and the five
cross-suits by the company against the estate and the Arden Trust.
In 1927 the Wood estate sued the company for over $2.000,000 for additional income taxes and interest covering years 1919 to 1925 under contract
Surplus for year _ _def$3.191,158
$213,733 $2,344,422df$1.105.548 by directors to pay income taxes on salary. The Government had previCr.2,319 Dr.14.772 ously assessed the estate for additional taxes on the ground that these tax
Dr.1.989
Surplus adjustments____ Dr.22.719
9,800.225 payments by the company for Wood constituted additional taxable income.
8,679,904
Previous surplus
11,583,281 11,026,645
The company in 1928 and thereafter instituted various suits against the
Balance at Dec. 31
$8,369,404 $11.238,391 $11,026,645 $8,679,904 executors of the estate of William M.Wood and the trustees of Arden Trust
(Wood family trust) on claims totalling about $3,000,000, some of which
EU. com. stk. outstand.11
250,033 dated back about 20 years.
250,033
250,222
ing (no par)
250,222
These various cases by and against the company were referred to Arthur
Nil
$10.12
$3.85
Earnings per share
Nil
Black as master and hearings lasted over 100 days. The proposed settlex Including extraordinary non-recurring income of $274,766.
ment will make it unnecessary for the master to proceed further, except to
Consolidated Balance Sheet Dec. 31.
-V. 134, p. 1583.
report to the Court that the litigation has been settled.
1931.
1930.
1931.
1930.
-Earnings.
Anglo-American Corp. of So. Africa, Ltd.
$
LiabilitiesAssets
Land, bldga.. maThe following are the results of operations for the month of February
7% pref.stock_ _-_ 9,594,870 10,194,940
chinery, &e_ _ _ _12,614,427 13,453,173 Common stock__ _x1,013,290 1,013,290 1932:
Total
Tons
Patent rights, &e_ 1,342,920 1,873,152 Debenture bonds- 4,193,600 4.522,500
Profit.
Costs.
Revenue.
Milled.
Good-will
555,694
655,694 Res. for balance of
£44,540
£107,284
purch, price of
£151,833
Brakpan Mines, Ltd_-96,500
Cash
960,348 1.537,746
£70,293
£77,971
stock of Hazard
£148,264
Springs Mines, Ltd_....
67,500
Acets. rec, for re£14,512
£61,058
Wire Rope Co__ 987,365 1,002,869 West Springs, Ltd
£75,570
search de develop
73,800
£5,950
441,443 Daggafontein Mines,Ltd.
£40,673
Accounts payable_ 308,451
£46,631
work
159,305
31,000
578,444 -V. 134, p. 1583, 1198.
Marketable secur_
35.680
44.034 Accrued liabilities_ 154.178
494,901
Notes & accts.rec. 2,758,632 4,380,905 Pur. money oblig_ 175,250
Anchor Cap Corp.--Earnings.Inventories
6,418.390 7,777.549 Per, money pay- 315.775
257.667
1929.
178 Mist:. reserves_
78,682
144,832
-1930.
Cash with trustee_
20.993
Calendar Years
141,010
130,249 Mln.int. in subs-- 121,722
176,275 Gross earnings
Investments
$2,279,629 $2.596.094 32,709.943
1,042.955
986.283
311,872 Surplus
8,369,404 11,238,390 Expenses
Deferred charges.- 305.089
880,975
409,236
453,613
490,368
Depreciation and amortization
Cr.12,860
13.848
Total
25,312,487 30,064,552 Other deductions (net)
25,312.487 30,064,552
17,568
Total
Exchange fluctuation
20,426
x Represented by 250,222 no-par shares.
-V. 134. P. 1581.
137.000
123.000
107,428
Federal and Canadian taxes
American Ice Co.
-Subsidiary Amends Articles of OrganNet income
$763,164 $1,019,350 $1,133,612
254,078
206,169
Preferred dividends
206,169
ization.509,728
546,770
546,619
The Boston Ice Co.,a subsidiary, has amended its articles of organization. Common dividends
$369,806
$266.411
$10,376
Surplus
As a result of the change the company, which heretofore had been engaged
230 758
220.758
227 758
solely in the natural and artificial ice business, will supplement its ice line Shs. of com. stock (no par)
$3.52
P.44
with the retail sale of wood,coal and fuel oil. It will also sell freezing com- Earnings Per share
pounds and refrigeration processes for the cooling of buildings. In addiConsolidated Balance Sheet Dec. 31.
tion, provision is made for entrance into the laundry business.
1930.
1931.
1931,
1930.
In supplementing the ice line the Boston Ice Co. is following the lead of
$
Liabilities$
Assets
$
$
the parent organization. In recent years. as the result of the sale of coal a Land, buildings,
Capital stock and
and oil during the winter months. the American Ice Co. has been able to
c12,442,122 12,486.098
equipment,&e-- 5,227,875 5,286.435 surplus
keep out of the' red" during the lean months for ice sales.
287,358
b Pat.& pat.rights 5,284,179 5,300.710 Accts. payable.&o. 227,786
Entrance into the laundry business is a new development. The Boston Cash
126.448
109,582
310,310 Federal taxes, &e_
291,809
Ice Co. does not expect to enter this line at present, but will await results Other assets
si
Land purchase con8,375
of the venture into this field by the parent company, which is erecting a Notes & accts. rec. 380.880
63,000
tract payable.._
383,321
plant in Long Island City, N. Y.
-V. 134. p. 849.
1.243,088 1,431,189 Prem. for exchange
Inventories
fluetuat'ns, Can41,002
Prepd.ins. & taxes
39,386
American Locomotive Co.
-Subsidiary Expands.&Ilan net current
249,431
2,125
Alco Products, Inc., a division of the American Locomotive Co., has Investments
20,426
assets
Treasury stock_
d137,892
144,812
acquired Jackson Engineering Corp., of Tulsa, Okla., designers and manufacturers of plants and equipment for use in the oil and gas industries.
12,862,914 12,899,904
12.862,916 12,899,904
Total
Total
V. 133, p. 3633.
a After depreciation. b After amortization. c Represented by 31.710
no par shares of 88.50 preferred stock and 230.758 no par shares of com.
..."'"-American Printing Co.
-Changes Capitalization.
The stockholders have voted to change 30,000 no-par common shares stock. d 3,032 common shares at cost, including 32 shares held for sale-V. 133, P. 3095.
into 30,000 no-par preferred shares, and to reduce the remaining 250,000 to employees.
no-par common shares to 50,000 shares. These changes do not involve a
"...Art Metal Construction Co.
-Dividend Omitted.
reduction in the company's capital.
-V. 134, p. 508.
The directors have decided to omit the quarterly dividend normally
payable about March 31, believing it to the best interest of the company
American Steel Foundries.-Bal. Sheet Dec. 31.to conserve cash at this time. In the previous quarter a dividend of 10c.
1930.
1931.
1931.
1930.
per share was paid as against 20e. per share six months ago.
-V.133. p.3793.
Liabilities
Assets$
$
Common stock_ .b33,611.000 33,611,000
Real estate, plant.
Atlantic & Pacific International Corp.
-Exchange of
equipment, good
Preferred stock.--c6.335,000 6,335,000
Shares for Morris Plan Corp. of America Stock Valid to
a30.693,795 31,602,818 Capital stock of
will, &io
Inventories
3,848,405 4.541,001
subsid. company 249,746
273,465 March 25.
-See latter below.
-V.133, p. 3969.
Accts. payable.-- 731,388
783,087
' Prof. stock sinking
fund
178,415
92,039 Payrolls accrued-_ 169,694
279,586
Atlas Plywood Corp.
-Earnings.
Meta.& notes roe. 1,119,710 1,421,513 Reserve for Fed'I
For income statement for 6 months ended Dec. 31 see "Earnings DeInvestments
deo.,taxes
8,920,523 9,043,294
539,885
799,013 partment" on a preceding page.
U.S. Gov.securs_ 7,039,891 7,033,362 Corn. div. payable
744,765
Notwithstanding the operating loss, the company improved its holdings
Cash
1,152,893 3,306,895 Reserves
589,173
863,676 of cash and marketable securities from $640.948 on June 30 to $655,429
Deferred charges_
38,089
76,046 Surplus
10,765,836 13.427,379 on Dec. 31 1931. On the latter date, current assets totaled $1,224,732.
current liabilities $74,248 and net working capital $1,150,484.
Total
62,991,723 57,116,970
Total
52,991,723 57,116,970
President Ralph M. Buck says: "Sales have been affected not only
a Real estate buildings, plant machinery, tools, equipment, patents and by the reduction in volume of business, but also by a pronounced decline
good-will, as per balance sheet Dec. 31 1930, 339.801.065, plus additions in prices. .The combination of these two adverse factors has produced
during year, $61.351; total, $39,862,416; less property sold and plant unsatisfactory results in spite of the economies put into effect and the
dismantled during the year, 5494,145, and reserve for deprec., $8.674.477. substantial savings in manufacturing costs which have been made by the
b Common stock authorized, 1,000,000 shares; issued, 993,020 shares of management.
no par.
Preferred stock authorized. 322.468.200; issued. 63.350 shares
"As a result of changed business conditions, directors have authorized
of 100 each.
the abandonment of certain properties of the company which are no longer
Our usual comparative income account was published in V. 134, P. 1198. useful. A plan of capital readjustment which directors deem advantageous
to security holders, will be submitted for consideration at a special meeting
American Stores Co.(& Subs.).
-Earnings.of stockholders, due notice of which will be sent at an early date."
Calendar Years
V. 133. D. 1930.
1931.
1930.
1929.
1928.
Number of stores
2,806
2,644
2,546
-Earnings.
Armstrong Cork Co.
$
Gross sales
135.216,407 142,770,477 143,30,157 137.1.513
[Including Domestic Subsidiary ComPanies.1
Cost of sales
106,897,890 114.258,548 115.324,058 111,945,218
1930.
1929.
1931.
Calendar YearsExpenses
21,269,165 21,175,011 20,219,426 18,627,927
31.427,066 1os472,644 $7,189.330
Gross profits from operations
1,284,514
1,295,638
Depreciation and obsolescence
1,432.074
Net earnings
7,059,352
7,336,918
7,802.673
6,738.368
Other income
Net operating profit
$131,428loss$1357.158 35,757.265
266,577
285,406
488,304
412,508
Other income
482,336
y464,898
340,962
Total income
7,325.939
7.622,324
8,290,977
7.150.876
Total income
8613.764 loss$892.260 $6,098,226
Depreciation
1,005,038
929,175
866,155
830,207 Interest and other expenses
915.942
669,949
487,690
Res. for contingencies_
300,000
Federal income taxes, estimated--630.000
Res. for Fed. taxes
750,000
763.000
830,000
750.000 Inventory adjustment
1,639,519
1.802,204
Prov. for loss on sundry investments293,421
Net income
5,270,891
5,930,150
6,594,822
5,570.669 Foreign subs. losses
818,373
Dividends
3,586,982
3,768.256
4.055,928
4,132.198 Shrinkage in net assets offoreign subs.
769.938
Net income-loss
Surplus for year
33,823.431 x$3,364,413p34.980,537
1,683,909
2,161,894
2,538.894
1,438.471I Previous surplus
8.354,339 13,606.180 13.652,253.
Shares outstanding
1.399,500
1,478.791
1,551.728
1.678.677
269.120
639.100
Earnings per share
P.76
$4.01
$4.25
$3.31 I Sundry adjustments
Consolidated Balance Sheet Dec. 31.
Total surplus
$5.170,009 $10.510.887 $18,632,7801931.
1930.
1931.
1930.
Federal taxes paid in 1929
539,743
AssetsLiabilities$
$
i
$
Dividends Paid
916,147
1.852,775
3,443,498
Capital stock---022,141,893 24,375,503 Co.'s securities acquired reduced to
Real estate. plants,
and equipment_13,008,318 12,573,029 Accts, payable and
market value
277,181
303,771
1
1 accruals
Good-will
2,169,033 2,373,237 Reserves for: Funds in closed banks_ 300.000
Treasury stock
b8,663,632 13.013,755 Dividends payable 707.750
740.898
Coll, loans to officers & employees.
974,454
Federal and State
Trustee for employ.
taxes
982,037
838.570
stock subscrip
848.800
Balance
32,702,227 38,354.339 $14,649,548
3,851,093 4,189,808 Reserve for continCash
Add 1928 adjustments
1.632
gencies
Marketable securs. 3,893,805 2,937,787
342,435
59,214
10,758,123 12.916,965 Capital surplus_
Inventories
600,100
Total
$2,702.227 $8,354,339 $14,651.180.
219,721 Earned surplus- -15,282,772 19,521,299 Less special reserve for contingenciesMats receivable.- 798,666
1.000,000
Conting. liab. for Fed. taxes in prior
Loans to employees
1,062,295 1,133,409
(secured)
years, estimated
45.000.
36,768
34,770
Aeon Int. & rents_
409.752
517.766
Surplus
Deferred charges
$2.702,227 38.354.339 $13.606,180
,
Earns, per share on average number
Total
42,482,453 48,519,048
42,482,454 48.519.048
of shares outstanding
Total
Nil
Nil
$4.14.
b Represented by
x Exclusive of losses Of foreign subsidiaries estimated at
a Represented by 1.600,000 shares of no par value
-V. 134. p. 1198.
y Including dividends from Canadian subsidiary amounting to $750,000,„
200,500 shares of common stock.
$200,0410...
Net income
loss$2,183.457 $1,05,116 $3,279,340
747,394
Preferred dividends_ _
720.892
694.925
187.524
312,776
750.491
Div. on common stock__
$410,842
766,292
750,099
$4.0.
s2,728
•
19641
Comparative Consolidated Balance Sheet Dec. 31.
[Including Domestic Subsidiary Companies.]
1930.
1931.
1931..
1930.
$
LiabilitiesAssets-Cash
4.121,833 5,410,807 Accounts payable
748,889
and accr.eves_ 673,228
Quasi Govt.securs,
2,000,000 Accrued interest on
at cost
62,212
57,781
5% debentures_
S. Govt.securs.
U.
308,750
Dividends payable
2,500.000
market val
Prov. for Federal
Customers' notes &
71,920
34,726
tax, prior years_
accts. Teceivable 1,738,804 2,168,004
142,522 5% debentures_ _ _ 13,867,500 14,931.000
64,027
Misc.accts. rec _
Capitalstock--x35,118,040 35,118,040
Due from foreign
2,702,227 8,354,339
281,633 Surplus
64,342
eubs.-eurreet._
7,235,961 11,025,986
Inventories
Advs. to foreign
subsidiaries,&c_ 789,399 1,310,969
898,566
Notes az accts.rye_ 813,271
Cash in closed bks. 537,874
661,421
Loans to employees 589,235
766.025
Prepaid expenses_ 439.269
Inv. in & adv. to
Wholly owned for5,373,714 5,857,136
eign substds471,835
Co.'s stock & de,bs. 235,332
Other inv. at cost_ 1,039,985 1,071,893
Property, plant &
equipment_ _ y25,375,547 25,797.553
Paid-up licenses,
346,885
less amortizat'n_ 280,193
767,137
Deb. diset. & exp. 629,941
624,772
624,772
Good-will
52,453,502 59,593,151
Total
Total
52,453.502 59,593,151
x Represented by 1.239,247 shares of no par value. y After deducting
for depreciation of $9,971,622.-V. 134, p. 1583.
reserve
-2% Stock Dividend.
"-Auburn Automobile Co.
The directors have declared a 2% stock dividend anti the regular quarterly cash dividend of $1 per share, both payable April 1 to holders of record
Mar. 21. Like amounts were paid in each of the 17 preceding quarters.
breck distributions of 5% each were made on Aug. 1 and Nov. 1 1926.
Feb. 1932. Jan. 1932. Feb. 1931.
iJonth of4,054
2,508
1,406
( rs shipped (No. of)
-V. 134, p. 1583. 1027.
--Earnings.
Automatic Washer Co.
1928.
1929.
1930.
1931.
Calendar Years$1,189.710 $2,193,371 $2,884,417 $2,417.103
Net sales
1,314,532
1,742,281
1.337,286
776,453
Cost of sales
782.727
813,025
707,940
537.236
Sell. & admin. expenses30,408
41.258
46,701
Depreciation
039,436
$287.853 --3101.444
10383122.979
Operating profit
15.831
9.354
4,653
Other income
$305,267
$297,207
$101,444
loss$118,326
Total income
Expenses incident to new
11.000
109,091
87,608
115,902
models, &c
34,626
27,516
8.123
Provision for taxes
14,127
Bond int. and expenses$245,514
$160,600
$5,712
loes$234.228
Net income
140.000
140,100
140,100
140,100
Shares common stock
$1.17
$0.58
Nil
Nil
Earnings per share
Comparative Balance Sheet Dec. 31.
1931.
1930.
Liabilities-1930.
1931.
Assets13083,940 $983,940
Capital stock
Land, bides, and
30,528
17,576
$472,081 $523,962 Res. for °outingequipment
210,973
def19,826
Surplus
1
Good-will. pats.,&c
46,245
112,075
Current liabilities_
Deferred charges &
74,349
73,544
.
other assets.....
106,344
85,814
Cash
48,369
Marketable secur
126,826
80,965
Notes er accts. rec.
12,337
10,101
Cash vat.ilfe Inger.
368,664
255,443
Inventories
Officers and em38.750
14,478
()levees aceount.
23,500
Invest.In other cc's
24,960
24,960
Treasury stock_..
$1,040,887 $1,324,564
Total
$1,040,887 $1,324,564
Total
140,100 shares
z Represented by 39.097 shares of preference stock and
for depreciation of $212,682. z Less
of common stock. y Less reserve
h3serve for bad debts of 35,500.-V. 133, p. 1128.
........
-To Consider Resolution to
Baldwin Locomotive Works.
Change Par Value of Stocks. March 3 a motion presented by W. Hayon
At the annual meeting held
examine the present status of the
ward, a stockholder, that the officers change in par value was approved
company's capital-relative to making a meeting of the stocliholders. Mr.
upon at the next
and will be reported
of New York State was unfair to stocks
Hayward stated that the new tax law suggested that the committee consider
par, and he
having $100 par and no preferred to $50 par from UN par, and change the
making a change in the
or any figure deemed desirable.
present no par common to a par of 610 or $5 not subject to the additional
are
He said that stocks of $50 par and $5 par
-V.134. p. 1766.
State tax.
-No Dividend Action.
(of Mich.).
Bancroft Hotel Co.
dividend usually payable
The directors have voted to omit the quarterly and to defer the regular
$100,
about this time on the common stock, par due on the 7% pref. stock. par
per share
semi-annual dividend of 35 cents
$10.-V. 120, p. 1589.
-Earnings.
Barker Bros. Corp.(& Subs.).
1928.
1929.
1930.
1931.
Years End. Dec. 31$11.665.302 $13,085,038 $15,420,311 $15,208,943
Net sales
9,952,562
19,837,343
of merchandise sold 7,541.5591 12,780,691 14,593,410
Cost
4,537,352
3,878,9111
Op., gen. & adm. expo
$719.030
$989,558
$304,347
$244.832
Operating income_ __ _
255,290
182,370
184.915
145.530
Other income
$974,320
3489,262 $2,171,928
390.362
$
Total income
147,730
153,827
148.754 ,
Deprec. & amortiza'n103,292
106,215
90,237
49,791
Interest (net)
108,479
107.454
36,959
19,536
Prov.for Fed.inc. taxes_
of Profit prior
Proportion
141,145
to date of acquisition_
$621,404
$810,529
$208,240
$172,282
Balance
141,377
191,880
186,849
185.062
Preferred dividends
149,992
299.983
297,468
Common dividends
3330.036
3318,665
def$12,780 def$276,077
surplus
Balance,
150,000
150,000
148,449
150,000
Shs.com.stk.out.(no par)
$3.78
$4.10
Nil
Nil
Earnings per share
Balance Sheet Dec. 31.
Consolidated
1930.
1931.
1930.
1931.
L4abilities$
$
Assets2,814,600 2.848,600
x1,374.945 1,461,501 634% pref. stock_
Fixed assets
3,245,388
437,343 Common stock--_y3,295,444 1,650.000
260,272
Cash
21,121 Notes payable-- 1,065,000 1,136,538
Life emir. policy6,180.948 Accounts payable. 767,677
A cats.receivable._ 5.587.815
35,465
23,113
2,762,462 2,876,210 Rea.for Fed. tax-Inventories
Reserve for continCorn,stock held by
117,000
135,000
gencies
x50.056
subs
2,630,341 2,616,413
174.705 Surplus
Min. Investments 224,478
265,300
Rental deposits__ 270.300
232,275
Deferred charges.- 200,846
1
1
10,731,175 11,649,404
Total
10,731,175 11,649,404
Total
by 150,000 no par
After depreciation of $1,018.977. y Represented p. 2765.
-V. 133.
shares. z Consists of 1,551 shares at cost.
[VOL. 134.
FINANCIAL CHRONICLE
-Defers Div.
N.,Blayney-Murphy Co. (Colo.), Denver.
The directors recently voted to defer the quarterly dividend of 1,i%
due March 1 on the 7% cum. pref. stock, par $100.
-Sales Again Lower.
(H. C.) Bohack Co.
Four Weeks Ended Feb. 27Sales
-V. 134. p., 1199, 679.
1932.
1931.
$2,588,014 32,722,683
Decrease.
$134,669
-Earnings.
Bower Roller Bearing Co.
Calendar YearsNet profit after all chge.,
Including taxes
Dividends paid
1931.
1930.
1920.
$231,190
239.701
$442,915
119,851
$240.986
1928
$45,709
$45,709
def$8.511
Balance
3323,064
$240,986
160,000
239,701
(no par)
She.cap.stk.out.
239.701
239.701
$0.28
$1.01
$0.96
$1.84
Earnings per share
Balance Sheet Dec. 31.
Liabilities1930.
1931.
1930.
Assets
-1931.
$97,661
Cash
111,076 1214,283 Accts. payable.- $64,710
Res.for taxes,comU.S. Govt. Treas.
163,203
176,771
95,582
missions, &o.-.
138,750
notes
222 Capitalstock
y1.198,206 1,198,206
211
Accrued Int.earned
153,517 Surplus
759,706
751,195
Accts,receivable--82,809
450
341
Notes receivable.603,927
647,677
Inventories
Real estate, bidgs..
&c
x1,195,707 1,078.138
11,653
11,835
Patents, leas deer_
21,287
16.951
Deferred charges$2,109,692 $2,232,344
Total
x After depreciation of $317,959.
thares.-V. 133, P. 803.
Total
$2,109,692 $2,232,344
y Represented by 239,701 no par
-Earnings.
Briggs & Stratton Corp.
Calendar YearsNet profits from operations
Depreciation
1931.
$370.163
65,923
1929.
1930.
$949,342 $41.680,940
61,081
68.115
$881,227 $1.619,859
$304,240
Net income
183,708
168,308
98.225
Other Income, less miscell. charges....
$402,465 31.049.535 $1,803,567
Total income
192,722
112,881
33,990
Federal income taxes
111,826
54.301
12,626
Wisconsin income and surtaxes
$882,353 $1,499,019
8355.850
Net profits, carried to surplus2,053,952
2.876,083
3,103,094
Balance Jan. 1
Surplus transf. to fixed capital in conDr155,140
nection with reclassification of cap.
in former
Profit on sale of investment
62.943
subsidiary co.(net)
$3.458,944 33.758.436 33,460,773
Total surplus
594,438
478,751
594,294
Common stock dividends
Provision for reduction to market, of
58.283
32,404
119,573
miscellaneous stock investments
47,657
Recapitalization caps. written off.
28.500
Investment in MTh. co. written off...
$2,745,0713 $3,103.094 $2,876,083
Balance, Dec. 311920
Earnings per share on 300,000 shares
$4.99
$2.94
$1.18
stock (no par)
Consolidated Balance Sheet Dec. 31.
1930.
-1931.
Liabilities
1930.
1931.
Assets-234.173
$48,243 Accounts payable_ $31,405
e84,787
Cash
56,732
47,329
Marketable scour. 1,811,725 1,910,904 Accrued liabilities_
Prey, for Fed. de
50,000
193,000
84,000
Wiscon'n income
Accounts & notes
148,574
207,538 Divs. payable__
146,458
receivable
74.000
382,375 Deferred liabllite.
279,939
Inventories
Res. for Wis. inc.
Cash surrender val.
22,000
and surtaxes__
45,662
of life insurance..
50,452
300,000
y300.000
29,229 Capital stock
Prepaid expenses.
10,309
2,745,077 3,103,094
Surplus
Miscell. stock in66,403
24,200
vestments
Real estate, bides..
Plant machinery.
equipment, &c. x970,516 1,020,641
Pat'ts,trade-marks
1
1
and goodwill...
Total
$3,378,385 $8,760,998
x After depreciation of $842,998.
-V. 134. P. 1767.
shares.
Total
998
$3,378,385 $3,760,
y Represented by 300,000 no Par
Brunswick Terminal & Railway Securities Co.
1928.
1930.
1929.
1931.
Calendar Years$198,408
3316,328
Net Inc. after chargee_loss$1.815,691 loss$2,018
She. corn,stock outstand150.000
131.951
131,951
164.201
ing (no Par)
Nil
Nil
$1.32
$2.40
Earnings per share
Comparative Balance Sheet Dec. 31.
1930.
1931.
1930.
1931.
Assets-Real est.,impt.,&c$1,454.119 $1,460,045 xCapital stock- ..$3,464,004 $3,334.004
499,116
def1,316,574
1,022,689 2,407,900 Surplus
Investments
316,187
50,260 y129,500 Notes & accts. pay 410,434
Bond interest
633 . 92,539
Cash
248.603
19.761
Accts.& notee rec_
10,720
10,400
Other assets
Total
$2,557,864 $4,149,308
Total
z Represented by 164,201 no par shares.
-V. 133, p. 4162.
$20,190 in default.
$2,567,864 $4,149,308
y In default. z Including
-Earnings.
Bucyrus-Erie Co.
Calendar YearsGross after costs
Expenses
1928.
1929.
1930.
1931.
$3.090,107 $5,610,859 36.800,005 $5,998,599
2,561,631
2,453,605
2,425.574
1,864,649
Operating profit
Other income
285 34,238,374 $3,544,993
$1,225,458 $3,185,
144,524
176.242
353
300,
394,917
Total Income
Depreciation
Federal, &c., taxes
638 34,414.616 83,689,517
$1,620,376 $3,485.
565,588
642,
602,477
373
660.296
804
436,752
403,
510,179
136,103
Net income
Preferred dividends___ Cony. pref. diva
Common dividends
3823,977 $2,439.461 $3,301,960 32,687.177
474,610
478,100
478,100
478,100
1,047,780
1.047.779
1,047,780
611,205
480,000
480,000
560,000
280,000
$353.582 $1.296,080
def$545,328
Surplus
481).000
560.000
560.000
(no par)
Shs.com.stk.out.
$3.70
Nil
31.63
Earnings per share
Balance Sheet Dec. 31.
1931.
1930.
1931.
$
Liabilities$
$
Assets7% cum.pref.stk - 6,830,000
Land, bldgs.. paty13,258,802 13,440,493 Cony. pref. stook.. 2,095,56()
ents, &o
1,815,187 4,062,083 Common stock-x5,600.000
Cash
Accounts payable_ 471,149
U. S. Treas. notes
362,359 Divs. payable_ _ .._ 206,840
and certificates. 1,026,648
4,551,657 Accrued tame &
Accts.& bills rec._ 4,522,005
sundry reserve.._ 549,445
49,754
Advances
23.250
4,371,281 5,338,844 Ad
Inventories
Capital surplus__ 3,543.157
Investment assets. 4,010,925 2,730.045
Earned surplus_ __ 9,685.449
$684,787
480.000
$2.43
1930.
$
6,830,000
2,095,560
5,600,000
717.767
521,470
841,412
155,092
3,543,157
10,230.777
29,004,848 30,535,235
Total
29,004,848 30,525,235
Total
par value. y Less depreciation
x Represented by 560,000 shares of $10 3096.
since organization $2,457,286.-V. 133, p.
MAR.
1961
FINANCIAL CHRONICLE
12 1932.1
-Earnings.
Bucyrus-Monighan Co.
1929.
$207,993
26,794
1928.
$122.232
19,001
Calendar YearsOperating profit
Depreciation
Res. for contingencies_ _
Federal income tax
1931.
$443,515
29,318
30,000
49,036
1930.
$340,043
27,302
38.389
20,621
12.652
Net profit
Divs, paid or accrued_ - -
$335.160
124,000
$274,352
124,000
$160,578
72.000
year, but also showed an increase of 62.2% over sales of the preceding
month.
Although Cadillac sales activity during the past few months has been
unusually strong, stocks, both new and used, in hands of dealers have been
held to a minimum, and as a result the Cadillac dealers are in position
to handle the anticipated market in April and May, Mr. Chick
V. 134, p. 1376.
$90,579
66,000
$88,578
$150.352
$211,160
Comparative Balance Sheet Dec. 31.
1931.
Liabilities1931.
1930.
Assets$32,133 $130,075 Accounts payab.e- 5107,985
Cash
3,782
788,938 Commissions pay_
Receivables
x1,176,598
70,000
188,023 Dividends payable
Inventories
136.627
14,950 Customers advance
18,956
Investments
29,690
deposit
46,175
Marketable seem.
60,430
Accrued expenses.
Cash value of life
30,000
3,650 Res.for conting_
insurance
10,930
Clam A corn. stock 7600,000
Unexpired insur783
820 Class B com,stock a200,000
ante premium
121,295
290,448 Paid-in surplus_ _ _
Mach. and equip. 9278,977
477,999
1 Earned surplus
1
Good-will
Balance, surplus
$24.579
1930.
$88,050
3.365
70,000
Campbell, Wyant & Cannon Foundry Co. & (Subs.).
Earns. Cal. YearsOperating profit
Other income
1929.
1928.
$400,009
$83 .
196,6
1931.30 27 $1,591,494 $1,802.511
112.065
53,471
71,367
151,042
Total income
Interest
Depreciation
Federal tax
8453,480
8948.691
234,051
28,100
225,295
85.526
Netincome
Dividends
$191,329
343,475
33,320
45,306
$1.662,861 81,953,553
1.371
223,086
156,000
159,752
223,244
$637,871 81.278,652
663,000
696,000
81.574,309
419.621
600,000
$615,652 $1,154,688
Surplus
633152,146 def$58,129
200,000 Shs, capital stock out130,025
348,000
348.000
315,000
standing (no par)- --348,000
266,839 Earnings per share
$3.67
$4.99
$0.55
$1.83
Consolidated Balance Sheet Dec. 31.
51,701,180 $1,416,904
Total
Total
$1,701,180 $1,416,904
-1931.
Liabilities
1930.
1930.
Assets
1931.
x After reserve for doubtful accounts of $31,151. y After depreciation Cash & call loans_ _ $615,870 $804,187 Payroll
$51,910
$24,674
of $220,476. z Represented by 40,000 shares (no par). a Represented by Accts., notes &
Accounts payable _
62,015
41,325
shares (no par value).
-V. 133, p. 3971.
40,000
353,166 Real estate & other
195,734
acceptances rec_
taxes accrued__
298.926
56,045
295,803
50.730
Inventories
Bullard Co.
-Earnings.
-Provision for Fed.
Stk. much. note..
44,058
1929.
1930.
Calendar Years1931.
Income tax
23.300
91,650
Land contr. A. 2d
$240,438 $1,658,245
$347,332
Gross profit
mtge.recelv__ -- 201,342
222;8'3 Prov. for returned
550,206
462,418
481.125
Expenses and depreciation
castings,
un275.745
Cr.49.609 Securities
235,628
19,650
Other deductions, less miscell. income
claimed wages &
22,119 Land,bldgs., mach.
Loss on bumpers (net)
deterred credits_
13,350
34,243
& equipment_ _x3,846,254 3,874,765
142,443 Stock reacquired_&
Federal and State taxes
Capital stock
94,050,220 4,050,220
80,967 Sin plus
stock much.note
87,390
1,348,643 1.503,016
$241,630prof$993,086 Deferred charges &
$369.421
Net loss
552,000
220,800
Dividends
32,503
43,287
advances
5462.430 sur$441,086
$369,421
Deficit
Total
$5,605,483 $5,795,858
$5.605.483 $5,795,858
Total
276 000
300,000
300,000
She,com,stock outstanding (no par)x After depreciation of $2,203,240. x Represented by 348,000 shares
Nil
Nil
Earnings per share
(no par).
-V. 134, p. 1199.
Balance Sheet Dec. 31.
1931.
1930.
Liabilities1930.
1931.
AssetsCanadian Car & Foundry Co., Ltd.-Mcrges Interests
Common stock -x$1,051,125 $1,051,125
Land,bldge.. mach.
-See
300,000 With Canada of General American Tank Car Corp.
y$1,980,729 $2,831,854 Notes payable_
& equip
77,351 latter below.
29,232
payable.
125.764 Accounts
114,911
Patents
-V. 133, p. 4163.
160,042 Accrued payrolls,
166,566
Cash
93,667
44,144
taxes,&c
z437,559
190,196
-Dividend Decreased.
Receivables
Philip) Carey Mfg. Co.
606,134
Inventories
710,460 1,475,187 Appraised surplusA quarterly dividend of $1.25 per share has been declared on the common
28,456 Earned surplus.. _ 2,313,801 2,683,222 stock, payable March 15 to holders of record March 10. The company
28,077
Prepaid expenses-previously made quarterly distributions of $2 per share on this issue.
$3,438,302 $4,811,499
Total
Total
$3,438,302 $4,811,499
The directors also declared the usual quarterly dividend of $1.75 per
x Represented by 276,000 no par shares. y Less reserves for depreciation share on the pref. stock, payable March 31 to holders of record March 21.
reserve for possible losses, &c. of $120,809.-V. 133. -V. 132, p. 1038.
of $3,581,202.
p. 4163.
-Reduces Annual Dividend.
(William) Carter Co.
-New Directors.
Bunte Bros., Chicago.
Edward W. Boehm, Secretary of the company, and George H. Deu,
have been elected directors, replacing 0. F. Bunte, deceased, and Roy
Thompson, resigned.
-V. 134, p. 509.
-To Pay Accrued Dividend.
--Sure°, Inc.
The directors have declared a dividend of 75 cents a share on the 6%
cum. pref. stock, which was due Jan. 1 1932 and has been in arrears.
The directors also declared the regular dividend of 75 cents a share on the
pref. stock. Both dividends are payable April 1 to holders of record
March 21.-V. 134, p. 1767.
-Earnings.-Burroughs Adding Machine Co.
x1929.
1928.
1930.
1931.
Calendar YearsGross profit on sales of
mach., service. parts.
accessories. suppl.,&c.$14,426,410 523,319,717 $29,503,446 514,354,166 I
642,673 I
964.060
1.215,513
827.677
Other income
$15,641,922 $24,283,777 $30,331,124 $14,996,840
Total income
5,443,093 I
Sales, gen.& misc. exps- 11.023.695 15,567,150 17,143,475
1,278.482 I
580,076
1,211,136
1.503,092
Prey.for U.S. Feel. tax_
Net profit
$4,038,151 $7,505,490 $11,684,556 $8,275,264 I
Surplus at Jan. 1
9,007,090 10,001,787 13,219,330 I
9,130,507
Conting. reserve adjust.
812,375
Total
$13,168,657 516,512,580 522,498,719 $21,494,594
Dividends
7,382,073 10,392,417
4,468,807
4,903,015
Stock dividend
5,000,000
Good-will written off_
2,024,000
Patents written off
3,099,212
Surplus adjust. (net)- - 763,350
Profit & loss surplus- - 87,502.293 $9,130,507 $9,007,090 $10,001,787
Shares corn, stock outstanding (no par)- - - 5,000,000
.
5,000,000
1.000.000
5,000,000
Earned per share
$1.50
$2.33
$8.28
$0.80
x For making comparison with previous consolidated income accounts,
the amounts shown as "Gross profit on sales," and as "Sales, general and
miscellaneous expenses," should each be decreased by $10,717,127, representing certain items now included under the latter heading, but formerly
deducted before determining the amount of "Gross profit on sales."
Balance Sheet Dec. 31.
1931.
1931.
1930.
1930.
AssetsLiabilities
$
$
Plant, equip.. Ace_x4,656,806 4,799,942 Common stock_ _y25,000,000 25,000,000
Cull appropriation
Accounts payable_ 452,160
541,399
for dividend__
2,457,558 Wagee com.pay. 261,174
327,017
Cash
4,019,842 3,693,283 Divs. payable_ _
2,457,558
Gov't securities...12,762,954 13,205,598 Prov.for Inc. taxes 653,141 1,160,581
Notes & accounts
Repairs to mach'y
receivable
3.527,257 4,796,160
under guaranty_ 176,075
297,773
Inventories
8,791,043 9,911,862 Deteired credits_ _ 1,837,370 1,772,060
Miscell. invecels.z3,372,212 2,786,272 Reserve for conDeterred charges.. 952,209 1,253,550
tingencies
2,200,101 2,217,330
Surplus
7,502,293 9,130,507
Total
38,082.322 42,904,225
Total
38,082,322 42,904,225
x After deducting $8.073,700 reserve for depreciation. y Represented
by 5,000,000 shares of no par common stock. z Company stock (133.300
shares) held for corporate purposes at cost.
-V. 134. p. 852.
"""•••••(H. M.) Byllesby & Co.
-Changes in Capital Ratified.
The stockholders on March 7 approved an increase in the authorized
preferred stock from 175,000 shares to 1,000,000 shares, a change of the
annual cumulative preference of $1.50 and non-cumulative participating
of 50c. a share to a cumulative annual preference in dividends of $2 a
share, and an increase in the liquidating price from $20 to $25 a share.
The stockholders also authorized a reduction in the capital of the class A
and class B common shares to $10 a share. The capital surplus arising
therefrom shall, at the discretion of the board, be used in whole or in part
as a reserve for realized or unrealized depreciation in capital assets.
V. 134. P. 1376.
-Shipments Increase.
CadillacMotor Car Co.
February factory shipments of Cadillac-La Salle cars totaled 2,058 units,
against 1,633 units during February last year, an increase of approximately
26%.
Actual deliveries of Cadillac-La Salle cars to buyers during February
this year were 15.8% ahead of deliveries in February 1931, according
to J. C. Chick, General Sales Manager. He also added that the February
sales were not only substantially ahead of the corresponding month last
An annual dividend of $4 per share was recently declared on the corn.
stock, payable Jan. 22 to holders of record of the same date. Previously,
the company made annual payments of $6 per share on this issue.
V. 133, p. 804.
-Dividend Deferred.
Chain & General Equities, Inc.
The directors recently voted to defer the quarterly dividend due at this
time on the 634% cum. cony. pref. stock. During 1931 a total of 4%
was paid as follows: 1% on Feb. 27; 107 on May 1; 1% on Aug. 1. and 1%
on Dec. 1. The last previous quarterly payment of 1% was made on
this issue on Aug. 1 1930.-V. 134, p. 1029.
Chain Store Fund, Inc.
-To Be Liquidated.
The investment trust, which at the end of 1930 had total assets of 52,487.493, is being liquidated gradually. President Ralph Morgan announced
on March 10. A liquidating dividend of $11 a share was paid several
months ago and other distributions will be made as the company disposes
of its investments. The rapidity with which liquidation is effected will
depend upon the return of normal business and financial conditions, officers
of the company intimated.
The trust was formed by Childs, Jeffries & Co. for the purpose of financing and developing chain-store companies. On Sept. 30 1929, an offering
of 200,000 shares of capital stock was made by Childs, Jeffries & Co. at
$27 a share. At the end of 1930 there were 98.750 shares outstanding. The
liquidating value of the outstanding shares at the end of 1929 was $25.09
a share.
One of the company's largest investments was in the Alice Foote MacDougall Coffee Shops, Inc. and Alice Foote MacDougall & Sons, Inc.,
this interest having been acciired in 1930. In 1929 the trust acquired more
than 50% of the stock of the Llewellyn Drug Stores of Philadelphia and
In the early part of 1930 it acquired a large interest in G. Tamblyn. Ltd., of
Toronto, which operates 45 stores in Canada. In the same year the trust
bought 10,000 shares out of the 37,500 shares outstanding of the Miller
Wholesale Drug Co. and obtained an option on 2.500 additional shares.
The Miller company operates drug stores in Cleveland. Since these investments do not have a wide market, liquidation of the company is not
likely to be effected at once.
A public offering is being made by Pringle. Price & Co. of 105,1300 shares
of Alice Foote MacDougall, Inc., a new Delaware company which will
own all of the stock of Alice Foote MacDougall Coffee Shops and Alice
Foote MacDougall & Sons. In addition to its stock interest in the Mac-year
Dougall stores, Chain Stores Fund, Inc., will hold $150,000 of 7% 10
-V. 130, p. 2399.
notes of the new company.
-Earnings.
-Charis Corp.
1930.
1931.
Calendar YearsGross profit on sales_ _ _ _ $1,129,452 $1,310,968
739,142
757,742
Sell. & admin. expenses-
1929.
51,230,565
713,809
1928.
$1,072,318
603.703
Net profit on sales_ --Other trading income.. _
Income on investments_
$371,710
74,509
23,512
$571,826
45,515
22,617
$516,755
59,153
17,273
$468,615
53,410
9,518
Net profit before taxes
Federal income taxes_ _ _
$469,731
43,880
$639,959
76,795
$593,181
65.065
$531,543
63.785
Net profit after taxes$563,163
9528.116
8467.758
$425,851
Earns,per sh.00 100,000
$5.28
$4.67
slits. common stock_ _ _
$5.63
$4.25
Comparative Balance Sheet Dec. 31.
1931.
1930.
LiabilitiesAssets-1931.
1930.
$49,291
Accounts payable_ 540,536
Cash in bank & on
4,825
15,622
hand
$112,276 5134,829 Accrued expenses_
44,724
76,795
Securities invest.. 465,175
523,180 Res. for Fed. taxes
250,000
250.000
Accounts reedy_ ..
17,e22
30,798 Capital stock
969,407
943,535
Surplus
Other advances__
26,963
Inventory
293,712
288,931
Machinery & fiat. 175,822 x171,542
Real estate
198,350 x173.630
18,672
12,334
Deterred assets...
Total
$1,308.892 $1,335,244
Total
x After depreciation.
-V. 134. P. 853.
$1,308,892 $1,335,245
-New Directors.
Checker tab Mfg. Corp.
Raymond Ellis and Charles Hartman have been elected directors.
V. 133, p. 3261.
-Common Dividend Reduced.
Chicago Towel Co.
A quarterly dividend of $1 per share has been declared on the common
stock, payable April 1 to holders of record March 21. Previously, the
company made regular quarterly payments of $1.25 per share on this
issue.
-V. 134, p. 1030.
1962
FINANCIAL CHRONICLE
Childs Co.
-Dollar Volume Lower in January.
Consolidated Chemical Industries Inc.
-Earnings.
-
At the annual meeting of the stockholders Vice-President F. 0. Lane,
stated that the number of meals served by the company in January has
increased about 2 to 3% over the previous year. Dollar volume of sales
however, in January was about 8% lower, due to lower prices. February
dollar volume showed a slight Improvement over January.
-V.134. P. 1189.
(D. L.) Clark Co.
-Smaller Dividend.
A quarterly dividend of 25 cents per share has been declared on the
common stock, no par value, payable April 1 to holders of record March
15. This compares with quarterly distributions of 31M cents per share
made previously on this issue.
-V. 134, p. 1199.
Claude Neon Electrical Products Corp., Ltd. (Del.)
(& Subs.).
-Earnings.
-Calendar Years1931.
1929.
1930.
Gross prof.on rentals,sales & royalties
received from sublicensees. &c_ $1,832,305 $1,860,326 $1,399.173
971,832
882,920
615,489
Selling, administrative & gen. exps_ _ _
Other deductions (net)
113,596
118,575
90,419
Provision for Federal income tax__ ..
81,982
115,412
84,646
Net profit from operations
Prof. from sale of cap stk. of licensee
company, less Fed. inc. tax thereon
$664,894
$743,418
[voL. 134.
$608,619
110,221
Net profit
$743,418
$718,840
$664,894
Shs. common stock outst'g (no par)
265,595
264,234
205.580
Earnings per share
$2.72
$2.40
$3.38
Note.
-Data for the year ended Dec. 31 1929 do not include operations
of Electrical Products Corp. of Oregon or Electro Therepy Products Corp.,
Ltd., which were acquired during 1930 and are included in the figures for
that year.
Consolidated Balance Sheet Dec. 31.
Assets1931.
Liabilities1931.
1930.
1930.
Cash, accts. ree. &
Accts. Pay.. diva.
inventory
51,102,518 51,012,917 & Fed. inc. tax- $324,980 $397,836
Sued. accts., by.,
Mtge. obligations85,000
100,000
&c
544,228
348,689 Res. for maint. &
Investml in rental
losses on Neon
equipment
1,480,217 1,688,192
signs, gen. conLand, bidgs.& equ 578,744
tingencies, &c-. 307.015
292,669
588,427
Pat.rights & good148,675
187,112
Deferred income._
will
62,478
98,692 DeLgross prof.,est. 2,774,414 3,334,621
Res. for maint.
Neon Sign rental
commis.&losses. 978,296 1,167.707
contr. (contra) 3,752,710 4,502,327
209,673 Minority Interest971
6,031
Deferred charges.. 164,488
Preferred stock_ __ 366,800
368,200
Com.stk.& surplusx2,699,230 2,594,742
Calendar YearsNet profit
Depreciation charged off
Income taxes
1931.
$716,473
227,874
58,309
1930.
$925,189'
227,204
69,290
Final net profit
5628.694
$430,290
Condensed Balance Sheet Dec. 31.
Assets1931.
1930.
Liabilities1931.
1930.
Cash
$319,614 $298,610 Accrued payroll-$13,827
$7.748
Listed securities
178,290
30,000 Notes payable- _ -1,974
41.435
Notes receivable
2,000
8,650 Accts. payable_-_ 163,622
267.970
Accts.receivable
321,225
369,705 Accrued interest_
553
410
Inventories
677,544
835,245 Res.& accruals for
Other curr. assets128
loca. Sr Fed. tax
57,063
71,841
Lands
1,686,073 1,686,073 Accr. divs. of sub.
Bidgs., yard teens"
corporations
17,500
mach. & equip_ 3,206,824 x3,185,286 Notes pay. on land
Stlis. In 0th. corn_
7,000
7,000
purchases
107,547
187,154
Prepaid exps. &
Other liabilities__ _
4,846
34,920
misc. adv'ees___
31.851
36,150 Capital stock--- -y5,026,915 5,026,915
Other assets
33,932
38,981 Surplus
903,117
1,024.820
Total
$6.464,481 $6,495,699
Total
$6,464,481 $6,495,699
x After reserves for depreciation of $1,608,557. 3 Represented by
,
205,000 shares class A stock and 80,000 shares class B stock all of no par
value.
Dividend Agent.
The Bankers Trust Company has been appointed dividend disbursing
agent for the class A stock.
-V. 133.4097.
p. 3
"'"-• Continental Motors CIrp. New Subsidiary Formed.The Continental-DeVaux Co. a su 'diary, has filed articles of incorporation with the Secretary of ate of Michigan. The authorized capital
stock will be 10,000 shares of $100 par preferred and 300,000 no par shares
of common stock. The directors will be W. It. Angell, Roger Sherman,
F. K. Beall, W. C. Keith and Wallace Wiener.
Manufacturing operations of the Grand Rapids(Mich.) plant of De Vans
Hall Corp., recently purchased by the Continental Motors Corp., will be
resumed April 1. The Dominion Motors, Ltd., of Toronto, will resume
Canadian operations at the same time under a licensing arrangement.
V. 134, p. 1378.
Cosden Oil Co.
-Reorganization.
-
plan for reorganization of the company,in receivership lance November
a year ago, has been announced by a committee of which J. S. Cosden
Is Chairman and which comprises James Cameron,A. J. Duncan, H.Brooks
Gutelius, Charles D. Hartman Jr., Charles S. Hirsch, Richard L. Morris,
and Harold E. Talbott Jr. The committee, representative of large secured
creditors, unsecured creditors and preferred and common stockholders,
Total
57,685,381 58,448,018 urges the deposit of assignments of creditors and preferred and common
57,685.381 $8,448,918
Total
stock with Bankers Trust Co., New York, depositary, or Fort Worth
-V. 133, p. 3466.
x Represented by 265,595 no par shares.
(Tex.) National Bank. sub-depositary, on or before April 15 1932, to
assure the early resumption of business by the readjusted company.
-Earnings.
Coca-Cola Co.
Under the plan, holders of secured obligations, debts and claims will
income statement for 3 and 12 months ended Dec. 31 see "Earnings receive up to the principal amount thereof and interest to Nov. 9 1930.
For
-V. 134, p. 1768.
Department" on a preceding page.
1st mtge. 6% serial bonds of the readjusted company. maturing oneyears. Holders
three,
- fourth thereof respectively in two,claims four and fivegeneral lien 5 of
-Smaller Dividend.
Colt's Patent Fire Arms Mfg. Co.
-year
will receive
unsecured obligations, debts and
The directors have declared a quarterly dividend of 25c. per share, 6% bonds to the principal amount of their claims, with interest to Nov. 9
to holders of record March 12 placing the stock on a $1 1930.
payable March 31
annual basis as against $1.50 previously. Previously, the company paid
Holders of preferred stock will receive share for share of $100 par value
-V. 132, p. 3532.
quarterly dividends of 50c. per share.
7% preferred stock of the readjusted company, non-cumulative for two
Years and cumulative thereafter at the rate of $7 per annum. The de-Stock Reacquired positors of preferred stock are required to waive accumulated dividends
Columbia Broadcasting System, Inc.
on existing preferred stock. Holders of common stock will receive for
by Paley Interests.
each share thereof one share of no par value common stock.
-V.133, p.293.
The corporation announces the purchase of 50% of Its stock, heretofore
by the Paramount-Publix Corp., by a group headed by William S.
held
ourier Post Co., Philadelphia Pa.
-Smaller Dividend.
Paley, President of Columbia. This step brings the ownership of the
A quarterly dividend of $1.50 per share has been declared on the nom.
broadcasting system completely into the hands of Mr. Paley and his
stock, payable April 1 to holders of record March 15. Previously toe'
management, with no interests represented external to the company.
company paid quarterly dividends of $2 per share on this issue.
-V. 131.
'
Associated with Mr. Paley in the purchase is the investment banking
house of Brown Brothers, Harriman & Co., who have placed a portion of P. 4220.
with interests associated with them, and also with Lehman Corp.,
the stock
Courtaulds, Ltd.
-Dividend Payablefrom Reserves.
Field, Glore & Co. and Herbert Bayard Swope, formerly Executive Editor
Samuel Courtauld, Chairman, referring to the dividend policy at the
of the New York "World." The participations are for private investment
offering contemplated. The directors who have represented annual meeting, said in substance: "We should not have drawn on our
with no public
Paramount on the board have resigned, and their places will be filled at the reserves to pay dividends unless we had thought there was a reasonable
probability of our being able to pay something like the same amount next
next meeting of the Columbia stockholders, to be held within a month.
In announcing the reacrdlisition of the Paramount stock, which was sold time, out of earnings. At present, earnings are at a rate which, if mainjustify
to that company in June 1929, Mr. Paley expressed regret at the severance tained, would we are a similar dividend for the current year.
"Although
Of a pleasant business relationship, but, at the same time, made known his eventualities, we see living in an uncharted world and facing unknown
no reason
gratification that Columbia, the largest single broadcasting network in come worse, although we shall befor expecting average conditions to beagreeably surprised If they improve very
the world, will continue its development under single control.
much in the near future. If conditions get worse you must not expect the
Mr. Paley, in association with a small group, bought Columbia Broad- same dividend again."
-V. 134, p. 1587.
casting System on Sept. 25 1928, when it had only 16 station outlets and
when it had not yet assumed a very significant role. When he sold a half
Deep Rock Oil Corp.
-Earnings.
-interest to the Paramount-Publix Corp., Columbia already had made great
For Income statement for 12 months ended Dec.31 see"Earnings Departstrides both in its multiphased service to the radio audience and in the ment" on a preceding page.
-V. 133, p. 1771.
advertising entrusted to it. The network now has 91
volume of radio
associated stations, spreading its programs from coast to coast and to
Deisel-Wemmer-Gilbert Corp.
-Earnings.'many foreign countries, and offering to an audience of tens of millions a
Calendar Years1929.
continually growing variety of classical and popular entertainment, educa- Sales
$6,959,g48
$6,599.g14
$6,432,319'
tion and instruction.
5,799,915
Cost of sales
5,308,002
5,018,962
a television station, W2XAB. in New York last Packing and shipping expenses
Columbia opened
47,171
47.008
45,361
year. This was the first visual broadcasting station connected with a Selling expenses
435,632
440,204
842,997
network to broadcast a regular series of programs.
147,679
128,571
99,441
year, key station WABO began operations Administrative and general expenses..
In the latter part of the
-kilowatt transmitter, located in Wayne Township,
through a new 50
$676,028
Net profit
$529,550
9925,557
J. The last word in transmitting equipment, the plant has attracted Miscellaneous income
N.
18,618
90.006
72,728attention throughout the broadcasting world because of its use of a ver,tical
antenna, a single slender spire of great height.
Net income before Federal tax-- $548,168
$766,035
$998,285.
Publix Corp. below-V. 133. p. 3973.
See also Paramount
Provision for Federal income tax
70,700
83,600
102.000
Combined Holdings Corp., Phila.-Changes in Portfolio.
Net income
$477,468
$682,434
9896,285.
2,327,706
The Fidelity-Philadelphia Trust Co., trustee, under an agreement and Capital surplus
declaration of trust dated March 251929,ketween Combired Holdings Corp. Paid-in surplus
2,430,950
2,430,950702,281
(formerly Standard Oilstocks Corp.), depositor and said trustee, in a recent Previous earned surplus
509,993
notice to the holders of trustee interim receipts and certificates for ComTotal surplus
$3.507,456 $3,623,377 $3,327,235.
bined Trust Shares (of Standard Oil Greup), said:
126,000
(1) The trustee has received in exchange for the number of shares of Preferred dividends
133,000
128.333
stock of the companies named below originally included in each unit, upon Common dividends
284,988
357,146
257,959
a merger or readjustment of the capitalization of said companies, the followSurplus Dec. 31
ing shares, which are now included in each unit in substitution for the
13.096.469 $3,133,232 $2,940,943
She. of com. stk. outstand. ($10 par)
shares of said companied originally included, viz.:
216,410
238,095
238 095
(a) Standard Oil Co. of New York, in exchange for 10 shares of said Earns, per sh.00 238,095 abs.com stk
$1.55
$2.31
$.i.23
company, 10 shares of Socony-Vacuum Corp. (par $25 per share).
Comparative Balance Sheet Dec. 31.
Vacuum Oil Co., in exchange for eight shares of said company. 20
(b)
Assets Liabilities1931.
1930.
shares of Socony-Vacuum Corp. (par $25 per share).
$397.b43 $333,226 Pre. 7% cum----$1,700,00(j $1,800,000
(c) Ohio Oil Co. in exchange for 10 shares of said company of the par Cash
Cust. accts. reedy 404,776
490,415 Common stock--y2,164,100 2,380,950
value of $25 per share, 20 shares of said company without par value.
Due from BM'. co.
24,095
37,754 Notes payable__
600,000
(2) The trustee has sold the shares of the company named below originally
3,519
8,107 Accts. Day,trade.. 244,829
265,939
included in its unit, and has reinvested the net proceeds in said sales in Sundry accts. rec_
Inventories
1,924,345 2,595,926 Accrued taxes28,922
other shares which are now included in each unit, as follows:
Unexp.approp.for
The Solar Refining Co. four shares sold, and substituted two additional Prepd.ins. taxes &
other charges58,636
59,820
advertising ____
62,000
common stock of Standard Oil Co. of New Jersey.
shares of
Res. for conting„
12,084
The net cash balance remaining in the trustee's possession as a result Advs. to Bernard
Schwartze Cigar
Accr. royalties &
of said sales and purchases will he distributed as part of the dividend for
Corp
540,000
5,925
760,000
rebates
19,253
the six months' period ended Jan. 31 1932.-V. ii. p. 2702.
Adv. to officers &
Prey, for Fed. inc.
employees
90.317
19,948
16,082
tax
77,689
Credit Co., Baltimore.
-Decreases Cap- Investments
Commercial
1,731,000 1,740,162 Capital surplus__ 2,327.706
•
italization, 41c.Prop., pl.& equip_ x585,369
2,430,950
614,957 Paid-in surplus..__
702,282
64,898
76,976 Earned surplus-- 768,763
The stockholders on March 10:(a) authorized the reduction of the capital Cigar mach. leased
50,000
of the corporation by reducing the number of issued and outstanding Deferred expense..
16,394
21,858
common stock from 1,037,052 shares to 1,000,000 shares by the Organiz.expense-shares of
retirement of 37.052 shares of common stock owned by the company and Good-will, brands
& trademarks__ 1,605,000 1.500,000
charging the cost of said 37,052 shares. namely, $737,576.54 to capital;
(b) reduced the capital represented by the common stock to $12,000,000:
57,376,423 $8,305,284
Total
57.376,423 58,305,284
Total
and (c) directed toe transfer to surplus of an amount equal to the difference
between the present amount of capital now represented by common shares ono After depreciation of $294,581
y Represented by 218,410 shares
x par).
-V. 133, p. 3098.
and the said sum of $12,000,000.-V. 134, p. 1586. 1571, 1377.
-Earnings.Davenport Hosiery Mills, Inc.
1928.
1929.
1930.
1931.
Calendar Years$3.405,356 $3,453,571 $3,975.136 $3,421,724
Net sales
3,010,758
3,364.614
2,965,246
2,814,653
Operating expense
91,009
110.381
133,940
Depreciation
132,593
Provision for Federal in41,000
55,507
40,487
come tax
72,135
Net profit
Preferred dividends_
$385,975
63,977
_
$313,897
68,863
$444,634
68.950
$278,956
68,950
$210,006
$375,684
$245,034
Balance
$321.998
Earns, per sh. on 75,000
$2.80
$5.01
$3.27
she, corn. stock
$4.29
Condensed Balance Sheet Dec. 31.
1930.
1931.
Liabilities
1931.
Assets
1930.
83,000 $208,000
Cash
$241.591 $245,472 Notes payable-57,395
60,713
Accounts payable.
U. B. Govt. bonds
Prov. for Fed. in200.000
at par
40,800
57.876
come tax
522,596
Accts.rec.-less ree 433,357
37,500
Dividends payable
Inventories (lower
317.344 Notes payable (not
of cost or mark.) 206,568
11,000
3,000
current)
Other curr. assets_
7,052
980,000
Invests.,
1,000 7% pref.stock-- 859.800
Invests. at cost-1.000
Corn. stk. & Initial
Land,
ma654,867
654,867
surplus
chinery & equip_x1,295,002 1,479,610
9,187 Pref. stk. sink. fd.
Deferred charges._
14,455
105,000
reserve
Cap. surp. arising
from purch. of
pref. stk. at less
10,729
than par value
480,646
749,041
Earned surplus
$2,399,028 $2,575,208
Total
Total
$2,399,028 $2,575,208
x Less reserve for depreciation of $482,066.-V. 133. P. 2439.
-Decreases Quarterly Dividend.
Detroit Bankers Co.
A quarterly dividend of 60 cents per share has been declared on the
capital stock, payable March 31 to holders of record March 21. Previously
-V. 133.
the company made quarterly distributions of 85 cents per share.
P. 1771.
-Earnings.
Dexter Company.
Calendar YearsNet sales
Cost of sales
Selling expense
Administrative expenses
1930.
1931.
$956,905 $1,463.557
961,562
672,773
229,220
160,533
95,728
92,434
Net operating profit
Miscellaneous income
Miscellaneous expenses
Federal income tax
$31,164
Cr29,176
16,580
5,450
$177,048
Cr34,051
20,467
22,917
$167,715
$38,310
Net Income
$1.68
$0.38
Earnings per sh. on 100,000 shs. common stock....
Comparative Balance Sheet.
1930.
1931.
Liabilities1930.
1931.
Assds-$28.406
$8,670
$95,702 $121,403 Accounts payable_
Cash
26,847
9,928
223,370 Reserve for taxes_
Marketable bonds 234.123
3.500
4,591
122.304 Res,for sales contr
91,883
Receivables
172,302
217,686 Cora.stk.(100,000
Inventories
500.000
500,000
shares)
Land, buildings &
331,539
191,959 Earned surplus
- 262,580
175.583
equipment
11.673
14,540
Misc. & def. chgs_
1.697
1,616
Patents
$785,749
Total
-V. 134, p. 332.
2890.093
$785,749
Total
$890,093
-May Purchase Pref. Shares.
Dodge MEg. Co., Toronto.
The stockholders on Jan. 4 approved a change in the by-laws which
enables the purchase of the company's $2 cum. cony. class A pref. stock,
no par value, at a price below the redemption price of $35 per share.
The last quarterly distribution of 50 cents per share was made on this
ssue on Feb. 2 1931.-V. 133. p. 127.
-Earnings.
Dominion Stores, Ltd.
Calendar YearsSales
Cost of sales x
1928.
1929.
1931.
1930.
$25,200,150 $24,118,586 $24,641,184 828,257,508
24,569,182 23.517,323 24,146,933 22,787,644
Gross profit
Other income
$630,967
148,063
$601,263
142,704
$494,250
147,299
$469,864
189,227
Gross income
Depreciation
Federal income tax
$779,030
198,399
58.000
$743,967
167.158
46,000
$641,550
See x
51,000
$659,091
60.271
47,905
Net profit
Previous surplus
$522,631
1,267,004
$530,809
1,071,149
$590,550
1,113,995
$550,914
781,239
Total surplus
$1.789.635 $1,601,958 $1,704,545 $1,332.152
Common dividends
335,436
313,076
266,062
419,413
Prov. for U. 8. exch. on
dividends
47,572
Res. for investments_ _ _
102,958
Cr482
48,255
Prior years' taxes
10,902
20.000
7.741
Res. for future fire losses
252.065
Good-will written down_
Profit & loss surplus__ $1,201,049 $1,267,004 $1,071.149 $1,066,090
Shs. corn. stk. outstand_
277,715
272,250
282.382
90.750
Earnings per share
$1.91
$2.17
$1.85
$6.07
x Includes merchandise cost,selling and adm.expense and depree.in 1929.
Balance Sheet Dec. 31.
LfabftifUsAssets-1931.
1931.
1930.
1930.
$265,000
Cash
$479,839 $650,514 Bank advances750,000 Bills & accts. pay_ 957.894 $1,001,833
Call loans
362.000
Dom.of Can.4%bd 885,750
282.000 Dividends payable 169,204
83,314
69,970 Prov. for Federal
Accts.receivable_ - 101.570
Income tax
58,000
Adv.on account of
46,000
4,107 Mtge.on w-house52,000
mend). numb5,408
56,000
Inventory
2,190,076 2,029,782 Rea. for future fire
76,229
losses
Deferred charges &
20,000
101,524 Capital stock
x3,119,876 3.047,351
accrued revenue 103,074
1,771,534 1,633,603 Profit & loss Burp_ 1.201,049 1,267,004
Capital assets
1
1
Good-will
Total
55.899,252 $5,521,502
$5,899,252 $5,521,502
Total
-V. 134, p. 1201.
x Represented by 282.382 shares no par).
Douglas Aircraft Co., Inc -Earnings.1930.
1931.
1929.
Years Ended Nov. 30----$3,825,270 $4,088.595 $2,546,025
Net sales
3,094,127
3,175,037
2,053.489
Costa. expenses, &c
182,575
184,013
108,005
General and administrative expensesOperating profit
Other income
$548,569
90,638
$729,544
69,049
$384,531
91,213
Gross income
Other deductions
Provision for Federal income tax
$639,207
15,943
73,934
$798,593
13,782
94,962
$475,744
21,926
50,453
Not profit
Dividends paid
$549,330
428,004
$689,849
424,561
$403,364
$121,326
Balance
342.403
She,common stk. outstand.(no par)$1.60
Earnings per share
Donald W. Douglas, President, says in part:
8265.267
341.086
$2.02
$403,364
338,692
$1.19
1963
FINANCIAL CHRONICLE
MAR. 12 1932.]
Subsidiary Company.
-It is with pleasure we announce the organization
of a subsidiary company for the purpose of designing, building and developing new types of aircraft for military and commercial uses. The
new company is to be known as the Northrop Corp.. and Is headed by
John K. Northrop.
A lease, with option to purchase, has been taken on the plant and equipment of the Moreland Aircraft Co.(built in 1929) adjoining Mines Field
.4
the Los Angeles Municipal Airport.
The Northrop Corp. was incorp. in Dilifornia, January 1932. There
are no liabilities or questionable assets to be absorbed, and the company
starts with a clean slate. All of the preferred stock and a majority of the
common is owned by Douglas Aircraft Co.; the b dance of the common
to be distributed among the Northrop group. There will be no stock of
the subsidiary corporation offered for public sale.
Balance Sheet Nov. 30.
Liabilities,
1931.
1930.
1930.
Assets-1931.
$245.439 2698.179 Accounts payable- $85,027 $131,148
Cash
76,248
94,962
844,203 Acor. Fed. inc. tax
Marketable secure. 1,725,324
181.412 Res. self insurance
Accts. receivable
172,891
vu
(Corny.)
2,000
Inventories
925,344 1,007.491
x1,734,304 1.721,134
49,370 Capital stock
Empl. stk. subscr_
15,650
1,859,199 1,668,652
4,320 Surplus
2,062
Sund.accts.rec.&c.
Cash surr. value
13,232
life insurance_
151,500
Mtge.note & int_
Real est., bidgs..
610,649
610.073
equipment
1
1
Gd-w. designs, &a.
Def.chgrs.-taxes,
88.709
46,762
insurance, &o
Total
53,756.778 $3.615,895
23.758,778 $3,615,895
Total
-V. 133. p. 3974.
x Represented by 342,403 no par hares.
-Tenders.
Donner Steel Co.
The Marine Trust Co. of Buffalo, as trustee, 237 Main St., Buffalo,
N. Y., announces that $103,303 has been paid by the Donner Steel Co.,
Inc., into a sinking fund to apply to the purchase of its 1st ref. mtge. a. I'.
bonds,series AA,at prices not to exceed 103;i. and series A at prices not to
exceed 1023. Bonds so designated are payable at the trust company's
office on or before April 11 1932.
The amount in the sinking fund will be used and applied In accordance
with the provisions of the mortgage in the following proportions: $27,222
to the purchase of bonds of series "A" and $76,081 to the purchase of said
-V.133. p. 1771.
bonds of series "AA."
-Further Divs. in Liquidation.
Eastern Equities Corp.
This corporation. formerly the American Glue Co. on March 14 paid to
holders of record March 3, a seventh liquidating dividend consisting of
one share of Minnesota Mining & Manufacturing Co. stock for each two
shares of Eastern Equities stock held.
An eighth dividend in liquidation consisting of $2.50 in cash was also
paid on March 14 to holders of record March 3.
Shareholders entitled to receive a half share of Minnesota stock received
$3.38 in cash and were given the privilege to acquire a full share of Minnesota stock, at $6.75 per share.
These two dividends will bring total payments to common shareholders
of the old American Glue Co. to the equivalent of $134.38, there having
previously been distributed dividends amounting to $128.50 In cash.
V. 134, p. 1032.
---Earnings.
Eastern Rolling Mill Co.
1928.
1930.
1929.
1931.
Calendar Years.
$2,381,047 $3,741.378 $7,381,659 $8.240,649
Gross sales
Cost of goods sold, incl.
7,135.134
6.549.185
3,851,497
admin.& gen.exp.,&c 2,732,050
Profit from operations loss$351003 loss$110,118
Inc. credits, incl. int. &
97.293
cash discount earned73.766
$832,474 $1,105,514
Gross income for year 1oss$277,237 loss$12.825
a Income charges
54,604
48,264
Provision for deprec- 183.047
259,866
Prov. for Fed. taxes
$949,885 51.208,052
133,450
38,450
224.104
241,583
97.012
76,226
117,411
102.537
Net income
$753.489loss.$514,888loss15320,955
$593.626
Common dividends
268
($1.123i) ,941 ($2)468,744($l 35)334762
Surplus for year
loss$514,888 loss$589,895 def$21,726
$86,323
She, of com, stock outstanding (no par)....
211,610
239,200
239.200
239,200•
Earned per share
Nil
Nil
$2.53
$3.13
a Including cash discount on sales, interest, expenses, rental of leased
land, provision for doubtful accounts and inventory adjustments.
Note.
-In addition to cash divs, shown above company paid a 2% stock
div.($110,468) in 1929 and a 5% stock div. ($279,015) in 1928.-V. 133.
p. 3635.
Eaton Axle & Spring Co.(& Subs.).
-Earnings.
a 1930.
a1931.
1929.
Calendar Years1928.
x Manufacturing profit_ $2,643,047 $3,655,336 $3,054,304 $3,025,628
1,061,981
765.886
Sell., gen & admin. exp. 1.110,135
757,314
847.834
927,439
457,734
Depreciation
422,944
Operating profit
Other income
$685,078 $1,665,917
310,510
191,192
Total income
Other deductions
Amort.of patent sect_ _
Prov.for est. Fed. taxes_
Divs. paid on Wilcox
Rich Corp.stock
$876,270 $1,976,427 $2,028,297 $2,055.860
460.696
442,519
335.836
407,318
19.488
50,000
145,000
190.000
200.000
Net income
Divs. pd. & provided for
$243,470 $1,204,833 $1,502.461 $1,429,055
743,216 y1,479,394
893.775
594.167
140,280
$1,830,683
197,614
$1,845.371
210,489
165,898
Balance surplus
def$499 745 def$274,561
$608,688
$834,888
8122. of cap. stock outstanding (no par)- - - 592,964
695,134
300,000
270.000
Earnings per share on
$2.03
capital stock
$0.35
$5.00
$5.29
a Includes Wilcox-Rich Corp. a After deducting cost of goods sold
including material, labor, factory expenses and depreciation. y Includes
class 13 dividends of Wilcox-Rich Corp. less amount received by Eaton
Axle & Spring Co.
Consolidated Profit and Loss Surplus Dec. 31 1931.
-Balance Dec. 31
1930, $2,160,106: balance of net profit for 1931. $243.471: total. $2,403,577.
Deduct dividends: The Eaton Axle & Spring Co., $741,545; Wilcox-Rich
Corp., class B ($157,044 less amount received by Eaton Axle & Spring
Co.,U55,373). $1,671; Net adjustments arising from consolidating accounts of Wilcox-Rich Corp. at Dec. 31 1931. $689 Consolidated profit
and loss surplus Dec. 31 1931, $1.659,671.
Consolidated Capital Surplus Dec. 31 1931.
-Balance Dec. 31 1930,
89.467.174; Add: Capital surplus created by the issuance of capital stock
of Eaton Axle & Spring Co. for the net assets of Reliance Mfg. Co., together with stock issued for acquisition of 2.553 shares of class B: stock of
Wilcox-Rich Corp. in excess of the amount of $4 per share assigned to
stated capital. $821,510: excess of equity value of class A shares of WilcoxRich Corp. acquired during the year and held in treasury over purchase
price therefor, $101,063: total, $10,389,748. Deduct: adjustments of
permanent assets as of Sept. 30 1931, in accordance with resolution of
board of directors, as follows: Buildings, machinery, equipment, Zoc., to
appraised values. $2,186,260; elimination of value formerly represented
in permanent assets by jigs, dies and fixtures, tools. patterns. &c.. $722,071; land located at Battle Creek, Mich.. to value determined by management, $53,000; consolidated capital urplu , Dec. 31 1931. $7.423,416.
J. 0. Easton, Chairman of the Board, says in part:
The directors realized that the book value of some of our properties refleeted a period of high prices and therefore decided to rea praise 011f
plants an bring our book figures down to present-day va u. As a
es
result, we have written off$2.966,332from our fixed assets account,charging
this amount to capital surplus. We believe this to be a conservative an
sound policy and that it will result in future savings in operations.
Since tho fast annual report the Reliance Mfg. Co., the largest producers of lock washers in this country, with two plants at Massillon, Ohio,
was acquired by the company and made a part of the parent organization.
During 1931 the Eaton Spring Corp. was dissolved and was made a
part of the parent company.
During the year the Wilcox-Rich Corp. purchased on the open market
11.837 shares of Wilcox-Rich A stock, thereby reducing the dividend
requirements on this stock.
Our financial condition is strong, our properties in first-class condition
and our position with our customers excellent and we look forward to the
future with confldonce.
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
s
s
Liabilities5
Assets$
Fixed assets
y7,719,758 10,907,812 Capital & surplus x11,863,621 13.999,136
-year 53.6% gold
297.631 5
Patents
281.973
750,000
750,000
notes
656,653
327,534
Otte. of deposit_ _ _
564.893
413,080 Accts. payable, &c 634,320
Cash
543,639
375,069
183,782
Accrued taxes_ __ _
U.S. Govt. some.
237,186
82,052
and accrued int_ 2,013,203 1,191,518 Divs. pay..Feb. 1_
144,946
170,012
Notes & accts. reg. 839,546 1.117,787 Res. for lnsur., &c
1,766.592 2,193,637
Inventories
2,450,701 2,649,886 :Minority int
784,791
Other assets
1,032,166
245,408
236.863
Deferred charges_
---- ------ --15,150,382 18,264,868
Total
Total
15,450,382 18,264,868
y After depreciation of
x Represented by 695,134 no par stock.
$1,592,213.
To Reduce Stated Capital, &c.
-
The stockholders will vote March 16 on approving proposals to change
the stated capital from $1,200,000 to $2,780,536 (latter figure shown in
annual report for 1931) and to change the name to Eaton Manufacturing
.-V. 134, p. 1769.
Co
-Dividend Deferred.
- ----Edison Bros. Stores, Inc.
The directors have deferred action on the quarterly dividend of 1%%
due March 15 on the 7% cum. cony. pref. stock, par $100. The last
quarterly distribution on this issue was made on Dec. 15 1931.-V. 134,
p.333.
Emsco Derrick & Equipment Co.
-Earnings.
1929.
Calendar Years1930.
1931.
Earnings for year
$598,190 x$1,411,493
loss$91,377
Research & develop.exp.
44,644
36,101
Reserve for Fedmal taxes
Reserve for contingencies
25.710
258,383
Interest on funded debt281,747
209.755
Depreciation
79.749
$326.624 $1,129,746
Net income
loss5474,153
Stock dividends
580.000
560.000
Cash dividends
$549,746
Balance,surplus
loss$474,153 def$233,376
in
Surplus paid
1.183,007
1.732,753
1 499,376
Previous surplus
$1,025,223 $1,499,376 $1,732,753
Total surplus
22,698
Adjustments
Profit and loss surplus- - $1,002,525 $1,499,376 $1,732,753
Shs. of corn.able.(no par)
400.000
400,000
400.000
outstanding
$2.82
$0.82
NU
Earnings per share
deducting Federal Income tax. y Par $100.
x After
Balance Sheet Dec. 31.
1928.
$1.772,659
204,932
98,297
64,892
Land,blags.,mach.
& equip., ho_..x2,120,138
200,000
Good-will
Pats., trade marts
690,272
.
& drawings_
39.227
Prep. taxes,ins.&e.
y50,000
$28.09
2,159,124
200,000
693,101
44,314
56.724,806 57,159,707
Total
-Earnings.
Federal Screw Works(& Subs.).
Calendar YearsGross prof. before deprec
Selling expenses
Admin.& general oxps
a1928.
1931.
a1929.
1930.
$345.302 $1,048,348 $1,847,439 $1.502,223
194.550
244,966
256,535
181,028
314,093
274,194
152.161
210.428
Income from operations before doprec_
Other income
Other deductions
$12.113
Net income before deprec., int. & Federal
income tax
Provision for deprec_
Interest on gold notes...
Federal income tax
$695
187,230
122,804
Net profit
11,418
1oss$309,339
Dividends paid
Shs. cont, stk. outstand.
(no par)
$993.580
33,851
16,795
5581,384 81,328,280
22,897
11,950
7,329
$593,334 $1,343,848 $1,010,636
176,689
233,124
229,062
130,000
130,000
125.904
84.474
28,142
6117,687
$210,225
396,825
c$619,473
183,000
c$863,037
519,170
159.000
158,500
159.000
158.500
Nil
$3.90
$5.42
Earnings per share
$1.33
a Including earnings prior to dates of acquisition of subsidiaries and Cheland merged in 1929), adjusted for int. on
sea Screw Co. (acquired in 1928
-year gold notes and Federal Income tax at 12%. b Based
convertible 10
on taxable income for 1929 adjusted for a full year's interest on the con-year gold notes. Federal income tax for 1929, computed at the
vertible 10
rate of 11% effective for that year. would have been $102,943. c Adjusted.
Consolidated Balance Sheet Dec. 31.
1930.
1931.
1930.
A carts
1931.
861,253 8103,412
8215,802 $289,284 ._ccOUnt8 payable_
Cash
42,240
41,645
186,036 Accr. int., &c_ _
Notes & accts. rec. 141,394
534,356 Federal inc. taxes
427,905
Inventories
28.142
estimated
Loans to officers &
Cony.6)4% 10-yr.
4,069
directors
1,883,000 1,910.000
gold notes
Cash value of life
60,000
50.000
Res. for cording
ins.. sund. accts.
792,500
5192,500
21,385 Capital stock
26,031
rec. &c__. ____
172,993
def121,038
Surplus.
Ld., bldgs., mach.
& equipment___xl,8/5,689 2,048,900
1
Good-will
1
Unexp. ins. prems.
19,325
16,469
orepd. taxesolic.
.52.707,360 83,099,286
Total
Total...
$2,707,360 $3,099,287
x After depreciation of $960,311. y Represented by 158,500 shares
.-V. 133, p. 3098.
(no par)
$1,404.538
1,125,000
269,243
$10.295
250.000
1,177,407
$1,437,702
6,078
$1,431,624
1931.
1930.
--Liabilities
Assets
$92,281 $248,653
2144/737 8217,237 Accts. Payable- - _
Cash
36,599
326,451 Federal income tax
Notes receivable_ 458.182
125,079
427.636 Res, for conting_ 380,000
Accts. receivable._ z420,263
Capital stock_ __.y5,250,000 6,250,000
189,418
Bonds
1,002,525 1,490,376
1,995,803 2.662,912 Surplus
Inventories
101,722
130,743
MLso. accts. reo-. _
326,911
337,024
Investments
Total
[VOL. 134.
FINANCIAL CHRONICLE
1964
86,724,806 57.159,707
-Reduces Div.
"N--.First Bank Stock Corp., St. Paul, Minn.
The directors have declared a quarterly dividend of 1234o. per share.
payable April 1 to holders of record March 19, placing the stock on a 50c.
annual basis as against $1 previously.
-February Sales Higher.
(M. H.) Fishman & Co., Inc.
Month of February-.--First two months_ _ ____
1932.
$136.857
1930.
1929.
$104,312
581,271
550,073
252,084
200,405
164,390
89.240
1931.
-V. 134, p. 1381, 1033.
-Report of Receivers.
Fisk Rubber Co.
Charles A. Dana and John B. Pierce. Receivers. state:
The receivers are in a strong cash position. Cash and United States
Treasury notes or bills on hand on Jan. 3 1931 amounted to $2.550,418
and on Dec. 31 1931 to $6,753,014 after the payment of approximately
$600,000, in cash in settlement of certain taxes, creditors claims and
contingent liabilities.
Gross sales, less returns and allowances, were in excess of $18,000,000.
Current assets of the company and its subsidiaries amounted on Doc. 31
1931 to $15.687,093. Inventories are carried at values not in excess of the
market prevailing on Dec. 31 1931 and inventory write-offs have been
absorbed in operation. A reserve of $383,383 for adjustment of foreign
accounts to basis of exchange rates at Doc.31 1931 and an additional reserve
of $500,000 for doubtful accounts have also been established.
The receivers have properly maintained the company's plants, have
preserved its organization, have put into effect many economies and have
managed the property and conducted the business as a going concern. The
plants are ample and in good condition and are equipped with modern
machinery. The good-will of Fisk, coupled with the reputation for Imo-
ducing quality products for a period of over 30 years is, in the opinion of the
x After reserve for depreciation of 5896.121. y Represented by 400,000 receivers, an asset which should be of real value to a reorganized company.
no par shares. x Less reserve for doubtful accounts of 510,569.-V. 133,
Operations since Jan. 3 1931 have shown favorable results despite the
v. 1132.
general depression in the tire industry and the handicaps incident to re-
-Changes Fiscal Year.
Endicott Johnson Corp.
The stockholders on March 7 voted to change the company's fiscal year
from the calendar year to the 12 months' period ended Nov. 30.-V. 134
IL 1380.
-Earnings.
Equitable Office Building Corp.
For income statement for 10 month ended Feb. 29 see "Earning De-V. 134, p. 1202.
partment" on a preceding page.
-Earnings.
Federal Mining & Smelting Co.
1928.
1929.
1930.
1931.
Calendar YearsValue of production.._-- $3,007,304 $6.753,450 $10,300,978 $9,383,700
6.993,072
7.618,172
5,623,088
3,039,611
Cost, royalty, &c
def$32,307 $1,130,361 $2,682,806 $2,390.628
Balance
126,123
185,954
50.057
50.821
Other income
$18,514 $1,189,418 $2,868,761 $2,516,752
458,461
348,074
237,795
154,020
357,401
318,930
289,476
205,180
$662.147 $2,201,757 $1,700,890
Not earnings
def$340.687
11,145
10,763
5,697
5
Profit on stk. purchased_
Increase in book value of
21,000
stock hold
Profit on sale of U. S.
9,769
Treasury notes
Increase in book value of
1,849,852
587,914
property
Dr835,384 Dr299,448
Net profit on sale of min99,275
9.498
7,871
ing property
Adjust. of Fed'i income
200,000
years _ _
taxes for prior
1,183,548
4,580,419
7,000,312
7,136,691
Previous surplus
Total income
Gen. exp., incl. tax, &c_
Depreciation
Total surplus
Preferred dividends- - -
$5.970.394 $7,376,579 $7,390,351 $5,065,710
485,293
390,038
239,888
104,562
Profit & loss surplus_- $5,865,832 $7,136,691 $7,000,313 $4,580,419
Ohs, of corn, outstanding
50.328
50,328
49,328
49,328
(par $100)
$24.15
$36.00
Nil
$8.39
Earnings per share
31.
Balance Sheet Dec.
1930.
1931.
8
Assets
invest.12,858,856 13,889,176
Property &
120,718
Cash
610,000
100.000
U.S. Govt.seeur_
448,958
Other bonds
204.300
158,854
Accts. receivable.288,750
219,625
Ref.zinc on band_
Ore on hand and In
374,704
195,118
transit
203.568
Materls & supplies 178,084
43,005
49,757
Prepaid expenses
226
In eras
Office Items
Total
14,282,488 15,734,449
-V. 133, p. 4105.
1930.
1931.
$
,
Liabilities
Preferred stock... 2,987,400 2,987,600
Common stock. _ _ 4,932.800 4,932,800
Audited vouchers
198,164
55,914
and payrolls__
3,800
Unred. pref. stock
15,439
13,833
Misc, snap, accts.
Branch office items
1,902
in transit
424,806
459,955
Reserve for taxes_
6,865,832 7,136,691
Surplus
Total
14,282,488 15,734,449
colvership. Pending the consummation of a re-organization, the receivers
accordingly propose to continuo the manufacture and sale of tiros and the
maintenance of the business of the company on substantially the lines
followed during the past year.
Consolidated Income Statement Jan. 4 to Dec. 31 1931.
Gross sales, less returns and allowances
$18,188,070
Manufacturing cost of sales, including cash expenditures for
molds and equipment in lieu of depreciation and write-down
ofcrude and finished inventories to market at Doc.31 1931.... 13,173,983
Miscellaneous income including interest
55.014.086
101,159
Commercial expenses
$5.115,245
3,981,547
Operating results before special expenditures and reserves_ __ 51,133,699
167,855
-Idle plant expense
Special expenditures
162,537
Vacated store rentals
48,439
Special legal expenses, &c
500,000
Additional reserve for doubtful accounts
Adjustment of foreign accounts to basis of exchange rates at
383,383
Dec. 31 1931
Balance, deficit, before prov,for cost ofreceivership
$128,517
Comparison of Current Assets and Liabilities Jan,3 1931 and Dec. 31 1931.
Jan. 31931. Dec. 31 '31.
Cash, bank balances and U. S. Treas. bills & notes- $2,550,419 $6,753,014
Accounts and notes receivable
-Reserves
Less
$7,645,158 5.5,827,881
1,593,655
1,549,93
Inventories
$6,051,503 $1,278,287
*7,445.915 4.655,791
Accounts payable
$16,047,837 $15,687,093
250.558
482,099
Not current assets
515,797,279 $15,204,993
* Inventories as carried on the company's books at Jan. 3 1931 have
been reduced by $331,968 representing estimated amount included in
valuation of finished products for depreciation and renewal expenses.
-The receivers have disbursed up to Dec. 31 1931 in cash in
Note.
settlement of taxes, creditors' claims and contingent liabilities, $604,738.
Deposit Date for Securities Extended to April 1.
With more than 40% of the company's 1st mtge. 20
-year 8% bonds
and more than 47% of the 5
-year 5%% sinking fund notes deposited under
the plan of reorganization announced in January, the reorganization committee, headed by Orrin G. Wood,announces that the time limit for deposit
of bonds. notes and claims and for exorcising subscription privileges without
penalty be extended to April 1.
Depositaries for the bonds are Chase National Bank, Now York, and the
Old Colony Trust Co., Boston: for the notes. Central Hanover Bank &
Trust Co., New York. and National Shawmut Bank. Boston: for claims.
Central Hanover Bank & Trust Co.. New York. Subscriptions to new
-V. 134.
stock will also be received by Central Hanover Bank & Trust Co.
p. 1769.
-New Directors.
Foote Bros. Gear & Machine Co.
F. 11. Fowler, F. A. Hmmons and IT. H. Bates have been elected directors
-V.134, p. 333.
replacing Loo J. Doyle, J. F. Griswold and E.J. Robinson.
-Dissolution Approved.
-Galena Oil Corp.
Proxies representing over 82% of the outstanding stock of this corporation were voted at a special stockholders' meeting in favor of dissolution.
Galena stockholders have received stock of Valvoline Oil Co. for Galena
assets. BOO V. 134. p. 856.
Gannett Co., Inc.
-Earnings.
[Including Wholly Owned Subsidiaries.]
1928.
1929.
1930.
1931.
Catendard Years$6,528,380 $6,925,304 $7,631,747 $4,946,330
Gross revenues
Commissions,rebates, al301.867
368.971
306,254
245,702
lowances & discounts.
3,755.706
5,766,209
5,392,772
5.211.976
Expenses
105,445
203,532
199.177
175.720
Depreciation
Net operating revenue
Other income
Diva roe from contr.00s.1
$894,982 $1,027,101 $1,293,035
67,725
500.169
525,941
1402,631
$783,312
Dr288
280.310
Net profits
81.420.923 $1,527,270 $1,763,391 $1,063,335
252.432
760,604
617,951
428,034
Interest and anion's__94,818
113.000
115.000
56.605
Federal, &c.,taxes
8889,786
Net profits
$936,284
$794,319
Equity of Gannett Co.,
Inc., in undistributed
363,569
profits ofcontr.cos_ _ _
170.428
7,043
Consolidated Balance Sheet Dec. 31.
1931.
1931.
1930.
LtaletlIties$
Assets -$
$
6% cum. pref. stir_xl,411,842
Land,bldg., equip
2,536,190 2,794,159 Class A com.stk...y1,420,240
Are
25.000
Current assets- - _ 1,671,970 1,202,518 Pref,stock of subsPref. stock subCash sun', value
scribed but not
83,228
insur. policies318,095
issued
4,528
4,246
Sinking fund cash.
8% sk.Id. gold deb 3,942,000
Inv. & adv. to con5.371,539 10,123,649 Other long-term Introlled cos
2,241,500
debtedness
Other invest, and
209,542 Current liabilities. 510,311
long-term notes.. 483,854
Subscrip. paid In
Assoc. Press mem86,441
advance
berships, eirouDuo to controlled
baton, good-will
companies
and franchises,
8.050,000 8,055,000 Cash surp. arising
sto
through revalua273,826
Deferred charges.. 781,057
tion of assets_ _ _ 5,891,203
At acquisition
,
8Ut) IdlarY
-Earned surplus Dec. 31 1930, after
Surplus Account Dec. 31 1931.
deducting $262,500 preferred dividend paid Feb. 1 1031, 31,110,458; paid
in surplus Dec. 31 1930. $1,634,960; surplus arising from repurchase of
own bonds for sinking fund $133,695; surplus arising from reduction in
stated value of class A. and common stocks $7,000,000: total $8,879,112:
deiuct:net loss for year 1931,55.271,551 reserve for revaluation of non-operating properties,3869,000;reduction in valuation of reels and spools, including reserve for obsolescence. $579.521; reduction in valuation of diamond
dies,$76,354;repair parts, Ste., written off.$252,437; drawings, tracings and
Patterns (reserve to reduce book value to $1), 5142.407; reserve to reduce
book value of miscellaneous securities, $100.000: special provision of bad
debts in excess of losses at present anticipated, $125.000; expenditures on
patents and licenses written off, $38,423; balance of surplus, $1,424,419.
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1930.
1931.
$
Assetss
Acots. payable dr
Cash ik marketable
accrued expense 1,144.990 1,808,048
4,140,905 7,037,762
securities
396,010
Notes & accts. rec. 1,552,227 3,674,070 Other reserves_... 214,828
7,023,919 12,881,578 1st mtge. 534%
Inventories
gold bds., Fier. A14,215.500 14,944,000
336,881
Prepaid expenses- 291,045
739,000
Series B bonds__ 673,000
4,555,737
Investments
438,154 7% cum. pref.stk_15,000,000 15.000,000
Sundry investmls 122,718
429,314 Class A & com.stk.
20,000
Other assets
210,280,882 17,280.882
25,247,061 27.378,088 (no par)
Fixed assets
8 Paid-in surplus.. _11,424.4201 834,960
9
Good-will & pats._
Earned surplus....1.372,958
$716.083
196,678
Total
18,982,082 22,883,220
Total
x Represented by 16,575 shares (no par).
-V. 134, p. 1035.
shares (no par).
4,384,000
4,997,031
882,480
95,077
112,500
5,750,874
Of
18,962,082 22,883,220
y Represented by 180,000
-Earnings.
Gardner-Denver Co.
1929.
1930.
1931.
Calendar Years$1.174,479 $2,088,222 $3.014,472
Gross income from operations
1,207,394
1,176,328
882.646
Selling expense
188,847
168,826
121.685
Office and administrative expense- Net income from operations
Other income
$170,147
1.589
$743,068 $1,618,232
51,643
648
Total income
Federal income taxes
$171,735
20,327
$743,716 $1,669,875
179,764
91.790
$651.926 $1,490,111
$151,408
Surplus for tho year
144,246
156,339
141,669
Dividends paid on preferred stock.. _ 759.113
143,732
478,299
Dividends paid on common stock.. _ -$29.381
$574.659
def$133.993
Balance. Dec. 31
$2.81
$0.05
Earns, per sb. on corn.stk. outstand$7.08
Comparative Balance Sheet Dec. 31.
1931.
1931.
Ltaetlittes1930.
1130.
A ssets$44,852
$895,850 $304,788 Accounts payable. 829,082
Cash
Notes payable._-80,000
350,000
Customers sects.&
748,297 Accrued commis
x629.025
notes
7,269
8100.9 & wages_
15,235
Merch. inventories 2,801,814 3,048,957
30,008
36,259
55,399 Accrued taxes.- _ Marketable bonds
13,245
74,821
143,518
Fed. Income taxes_
Sundry per. accts.
41,440
25,588 For drafts discont.
& notes
2,244
Cm.credit balance
Prepaid duty
47,481
Div. pay.-Com-Adv. to travelers,
71.870
deposit, dro_
21,328
7% Pref.stock.... 2,018,300 2,025,600
Prepaid Insurance,
Corn. stk. & surpl.z4,448,301 5,008,798
supplies, &o_
33,187
33,507
Treas.stk.-Com.
248,051
Stocks & bonds In
Other companies
8,460
470
Dep. In bits. temporarily closed..
58,119
13,740
Real estate, bldm.
& equipment- -.y2,763,230 3,159,339
Patents, tradomks.
& good-will__
1
Total
Total
$8,719,491 $7,638,167
$6,719,491 57,888,187
x After deducting reserve for bad debts of 377,575. y Less reserve for
depreciation of $1,664,679. Z Represented by 179,666 shares no par value.
Earned surplus $3.239,181. Capital surplus $1.209,180.-V. 133, p. 4165.
General Alloys Co.
-To Issue Additional Stock.
The directors have voted to issue 50,000 additional no par common shares
for cash.
-V. 132, p. 3894.
•" General American Tank Car Corp.
-Merges Canadian
Interests With Those of Canadian Car & Foundry Co., Ltd.
The corporation has concluded arrangements for the merging of its
Canadian interests with those of the Canadian Car & Fdy. Co., Ltd.,
and the formation, through the consolidation, of a new company to be
called Canadian General Transit Co.
-V. 134, p. 333.
General Cable Corp.
--Earnings.
Calendar Years1930.
1929.
1931.
Gross profit on sales,...,. $2,070.719 35,563.431 311.990.797
Sell., gen.& adm.exps-- 2.457,108
4320,945
4,462,823
Depreciation
1,249,578
1,262,093
1,396,339
Losses attrib. to decline
In mkt. prices of cop.
1,525,000
dr other raw materials_ 2,051,796
Lossesfrom res.for obso.
619.618
fin. goods & materials-
1928.
39.333,907
4,417,048
Net oper. profit---loss$4,454,142loss$1344608 $6,278,395 $44,916,860
137,656
87,323
14,211
378,523
Miscoll. income (net).,...
loss$4,439,931loss$1206952 56,365.718 $5,295,383
Total
861,000
890,558
831,620
907,574
Int. on 1st mtge. bonds_
516,000
500,000
Prov.for Fol. Inc. tax_
250,000
Approp. for invent. resloss$5,271,551loss$2067951 $4,709,160
Net income
875,000
1,050,000
262,500
Preferred dividends __
1,619,959
800,476
Class A dividends
42.968,619 52,175,856
Total
42,953,619 52,175,858
Total
a Represented by $398,768 shares class A and $487,700 common shares,
-V. 133, p. 4165.
both of no par value.
-Earnings.
General Foods Corp.
1930.
s
(Not including profits prior to date of acquisition of subsidiary com1,127,610 panies acquired.)
1.420.240
1929.
1928.
1930.
1931.
Calendar Years25.000 Sales to customers
858,998,990 3117463,867 8128036.792 8101037,091
x Costs and expenses_ _ - 37,373,518 94,547,963 y107962,111 y85.560,821
194,804
.
Earned surplus_ 3,120,845 3,388,428
33.887,809
1,050,000
1,509,010
$5,534,051 $3.918,427 sr$2,039,201841,328.798
Deficit
457 500
484,860
484,860
487,700
Shs.corn,stock (no par).
Nil
10.90
Nil
$4.72
sh. on corn_ _ _
Earns. per
1965
FINANCIAL CHRONICLE
MAR. 12 1932.]
Balance
Other income
$21.625,472 $22,915,904 820.074,681 815.476,270
997,695
1,635,242
799,184
850,352
Total income
Depreciation
Income taxes
822,475.824 323.715,088 321,709.923 116.473.965
2,142,727 -Included in expenses
2,320,865
1,918,282
2,287,609
2,486,766
2,001,240
Net profit
318,153.719 319.085.595 519,422.314 314.555,683
7.781,583
9,293,342
15,134,256 11,824,178
Previous surplus
75,905
Refund of prior yr's tax
Initial surplus (capital1.566.273
ized in stk. city. below)
Total surplus
$33.287,975 330,985.678 528.715.656 123,903,540
Good-will of subsidiary
37,831
1,975,803
companies written off_
Cr.392,556
Adj.of Fed.tax prior yrs.
Res. for fluct. of value of
430,000
873,434
marketable securitiesExcess of cost over tang,
assets of cos. complet.
2,997,398
acquisition
Prey. for unreal, loss on
538,053
foreign exchange
Common dividend (cash) 15.767,147 15,851,423 14,878,231 10.100,908
4.471,459
Stock dividend (100%).
Surplus at Dec. 31.-313.111,943 115.134,255 311,824,178 89,293.342
Shares of common out4,682.736
5,274,527
5,256,843
standing (no par)____ 5,275,667
23.10
$3.68
Earns. per share on corn_
$3.63
$3.44
x Includes selling distributing administrative and general expenses and
other charges (including proportionate share in results of operations of
controlled companies). y Includes depreciation.
-V. 134, p. 856.
-February Sales Decline.
General Motors Corp.
February sales of General Motors cars to consumers in the United States
totaled 46,855 as against 68,976 for the corresponding month a year ago.
February sales of General Motors cars to dealers In the United States
totaled 52,539 as against 80.373 for the corresponding month a year ago.
February sales of General Motors cars to dealers In the United States and
Canada, together with shipments overseas, totaled 62,850 as against 96.003
for the corresponding month a year ago.
Sales to Consumers in United States.
1931.
1930.
1932.
1929.
61,566
74.167
47.942
73,989
January
88,742
68.976
46.855
February
110,148
123,781
101,339
166,942
March
135,663
142.004
173.201
April
131,817
122,717
169.034
May
97,318
154,437
103,303
une
85.054
80.147
147.079
July
86.426
69.876
151.722
August
75,805
61.740
124,723
September
57.757
49,042
114,408
October
41.757
34.673
68.893
November
57,989
44,216
53.588
December
Total
January
February
March
April
May
June
July
August
September
October
November
December
1,057,710
937,537
Sales to Dealers in United States.
1930.
1931.
1932.
94,458
76.681
65,382
110.904
80,373
52.539
118.081
98.943
132,365
132.629
138,169
136.778
87,595
100,270
70.716
78.723
76.140
62,667
69,901
47.895
22.924
21.305
23.716
48,155
68,252
68,650
1,498,792
1929.
95,441
141,222
176,510
176.634
175,873
163,704
157.111
147.351
127.220
98.559
39,745
36,482
1,535,852
Total
1,035,660
928,630
Total Sales to Dealers in United States and Canada plus Overseas Shipments.
1929.
1930.
1932.
1931.
106.509127,580
January
89,349
74,710
175.148
126,196
February
96.003
62,850
220:391
135,930
March
119.195
227.718
150.661
April
154,252
220.277
147.483
May
153,730
97,440
200.754
June
111.668
189.428
79.976
July
87.449
168,185
85,610
August
70.078
146.483
78.792
September
58,122
122,104
28,253
October
25.975
57,257
60.977
29.359
November
80,008
40.222
79,529
December
1,174,115
1,074,709
Total
1,899.267
Unit sales of Chevrolet, Pontiac, Oldsmobile. Buick. LaSalle and Cadillac
passenger and commercial cars are included in the above figures.
Frigidaire Prices Reduced.
Sweeping price reductions on its entire line of household electric refrigeartors were announced to-day by the Frigidaire Corp. The lowest priced
model. the ML-4, is listed at $130 at the factory.
Price reductions on the company's complete line of air conditioning
equipment were also announced. The three year guarantee that has
applied to the household line has been extented to cover commercial refrigerating equipment and air conditioning units.
1966
FINANCIAL CHRONICLE
Record Number of Stockholders.
The total number of General Motors common and preferred stockholders for the first quarter of 1932 was 345,194 compared with 313.117
for the fourth quarter of 1931 and with 286.378 for the first quarter of 1931.
There were 327,871 holders of common stock and the balance of 17,323
represents holders of preferred stock. These figures compare with 295,961
common stockholders and 17,156 preferred for the fourth quarter of 1931.
The total number of stockholders of both classes by quarters since 1917
follows:
Year2nd Quar. 3rd Quar.
4th Quar.
1st Quar.
1917
2,920
1,927
2.669
2.525
1918
4,739
3.918
3.615
3,737
1919
18.214
12,358
12,513
8,012
36,894
1920
31,029
26,136
24,148
65,324
59,059
66,837
1921
49,035
71,331
72.665
65.665
1922
70,504
68,281
67.417
68.063
1923
67,115
71,382
66,097
70,009
69,428
1924
58,118
60,414
50,917
60.458
1926
47,805
53,097
50.369
54,851
1926
57,595
56,520
57.190
66.209
1927
70.399
71.185
72,986
71,682
1928
140.113
125,165
198.600
105,363
1929
243.428
263.528
240.483
249,175
1930
286,378
293.714
285,655
313,117
1931
:345,194
1932
x Preferred stockholders of record Jan. 4 1932, and common stockholders
of record Feb. 13 1932.-V. 134, p. 1770.
-Earnings.General Realty & Utilities Corp.
-Calendar Years- Jan.31'29 to
1930. Dec. 31 '29.
1931.
Period8450,917 $1,358,855
$393,089
Mortgage loan fees
Mortgage loan interest (net)
774.383
521,279
1,271,758
Net income from real estate oper.,
incl. adjust, for sh. of profits or
324,297
372,644
losses of company's not fully owned
280,760
Profit on sale of real estate equities_
3.078,885
749.650
11.311
Cash dividends and interest on sein_
92.981
Income from marketable securities_
a436,680
1,668,714
191,878
Int. on call & other loans & on bk. bals
651,894
Total income
$1,752,787 $6.735,134 $4.142,056
Operating expenses
511.023
506,010
236,445
Provision for Federal income tax
425,000
700,000
Provision for contingencies
675,000
Net loss from sale of marketable se501,145
curities.&c
Net income
Preferred dividends
$1,246,777 $4,287.965 $3.480,611
709,729
1,738,650
818,038
b$428,739 $2,549,315 $2.770,882
Balance
Nil
$1.19
Earnings per share on common
$1.64
a Stock dividends received and originally taken into income at the
approximate market value immediately following the record dates of such
dividends have, to the extent of $189,640, been applied in reduction of the
book value of the investments. b This is before giving effect to reductions
as a result of appraisal of September 1931. and to net loss from disposition
of real estate and security investments, charged against surplus account.
Consolidated General Surplus Year 1931.
Balance Jan. 1 1931: Earned surplus
$1.815,109
Capital surplus
6,059.750
Total
$7,874,859
Balance transferred from consolidated income account year 1931
(as above)
1,246,776
Excess of stated value of pref. stock purchaged for redemption
over purchase price thereof
2,714,754
Credit arising from reduction of the stated value of the common
stock Issued from $5 to $1 per share
6,203,301
Reserve for contingencies credited back
700,000
Excess of reserve for Federal income tax for prior years over
amounts payable
275.019
Profit on sale of real estate equities
41.295
Total surplus
$19,056,004
Provision to reduce real estate investments and real estate
mtge. loans to values shown by appraisal of September 1931:
7,649,481
Properties purchased (fully and partly owned)
2.011.667
Properties acquired by foreclosure of real estate mtge.loans
4,490,829
Real estate mortgage loans
Provision to reduce investment in stocks of Thompson-Starrett
Co.and Tishman Realty & Construction Co. to market prices
1,150.000
or below
Net loss from sale of marketable securities and from reduction
259,397
of marketable securities owned at end of year to market prices_
Reduction of company's common stock repurchased to market
37,112
price at end of year and losses on sales
Dividends on pref. stock for two quarterly periods (maximum
818,037
cash option rate $822,150)
Carrying charges capitalized by wholly-owned companies in
prior years, written off In connection with revaluation of
449,479
properties less interest adjustments applicable to prior years- -
[VOL. 134.
(The) Georgian, Inc.
-To Reduce Capitalization.
-
The stockholders have voted to reduce the authorized class A
shares from 67,587 shares of $20 par value to 65,177 shares by preference
2,410 shares which had been heretofore purchased and held in cancelling
the company's treasury.
-V. 132, p. 1232.
Gold Dust Corp.
-Dividend Rate Decreased.
-The directors on March 10 declared a quarterly dividend of 40 cents
per share on the common stock, no par value, payable
May 2 to holders of record April 9. This compares with
quarterly payments of 623/b cents per share made on this
issue from Feb. 1 1929 to and incl. Feb. 1 1932.-V. 134.
p. 1589.
Goldman-Sachs Trading Corp.
-Hearing.
-
The Chancery Court at Wilmington Del. has fixed March 18 for hearing
on the motion by counsel for severalindividual defendants in the suit for
accounting filed by Eddie Cantor against the corporation and a number
of individuals. The motion asks the court to vacate that part of its order
which would sequester and seize stacks and other securities in a number of
Delaware corporations owned by defendants to compel defendants' appearance in court to defend the suit.
-V. 134, p. 1382.
(W. T.) Grant Co.(Del.).
-February Sales Higher.
-
1932.
1931.
1930.
$4.838.564 84.347.485 $3,913,591
9.333,113 8,457,202
7.697,207
Month of February
First two months
--Ir. 134, p. 334. 1036.
Gray Telephone Pay Station Co.
-Extra Dividend.
-
The directors have declared an extra dividend of 25c. per
share, in
addition to the regular quarterly dividend of 50c. per share, both payable
April 1 to holders of record March 19. A special dividend of 25c.,
an extra of 50c.. in addition to the regular quarterly dividend of and
50e.,
were paid on Jan. 1 1932.-V. 133. p. 3975.
. Gulf States Steel Co.
-Earnings.
Calendar YearsGross income
Operating expenses
Federal taxes
Interest
Amortization
Depreciation
1931.
1930.
1929.
1928.
$7.859,048 $8,296,053 $11,164,950 $9,494,022
7.737,587
8,185,954 8.842,448 7.766.457
183,723
122,643
296,330
282.904
207,990
212.160
21,361
42.528
20,487
18,017
780,000
600.000
600,000
450,000
def$976,230 def$815,335 $1,310,301
Net income
$924,745
Preferred dividends
35,000
140,000
140.000
140,000
Common dividends
395,000
705,196
125.000
*$1,011,230 *$1,350,335
Surplus
4465.105
$659,745
Shares common stock
outstanding (no par)_
.197,500
197,500
197 500
:125.000
Earnings per share
Nil
Nil
$.93
$6.28
*Loss. :Par 8100.
-V. 131, p. 675.
(Charles) Curd & Co., Ltd.
-Reduces Dividend-New
Director.
The directors have declared a quarterly dividend of 40 cents per share
on the outstanding 60,000 shares of common stock, no par value, and the
regular quarterly dividend of 1N(% on the preferred stock, both payable
April 1 to holders of record March 15. Previously, the company made
regular quarterly payments of 50 cents per share on the common stock.
Fred C. McCracken has been elected a director, succeeding R. L. BUIL
resigned.
-V 132. p. 664.
Hathaway Bakeries, Inc.(& Subs.).
-Earnings.
PeriodGross profit
Selling, administrative & gen. exps
Miscellaneous charges
Depreciation
Federal income taxes
Interest
52 Wks. End. 53 Wks. End. Year Ended
Jan. 2 '32. Jan. 3 '31. Dec. 31 '29.
$3,269.894 $3,809.327 $3,337.814
2,571,476
2,856,556
2,587.484
16,191
27,750
20,160
297.875
301,378
264,405
44.656
74.622
48,920
2,871
3,402
Net income
Dividends paid
$336,824
310,680
$545.619
300.771
$416.845
224,305
Balance, surplus
$26.144
$244,848
$192,539
Previous surplus
524,296
281,694
92,389
Minority interest of subsidiary
Cr241
1)r.996
Other expenses
50,411
1,250
3,234
Surplus
8500,271
$524,290
$281,694
Consolidated Balance Sheet.
AssetsJan. 2'32. Jan. 331. LiabilitiesJan. 212, Zen. 3'311
Cash In banks &
Notes payable-985,000
on hand
$188,363 $326,464 Accts. Pay. &
acGust. accts. rec..- 103.452
106,094 crued expenses.. $191,710
203,858
Misc.accts. reo-34,137
12,269 Mtge. Installments
19,650
24,160
Inventories
240,545
268,520 Dividends payable
33,139
84,058
Adv. Incident to
Pros', for Fed. inace.of other cos.
19,550
come tax
44.656
74.838
Accts.for purchase
M Wes. payable.,.. 266.203
285,956
$2,190,001
Balance Dec.31 1931 (being capital surplus)
of autos
5.336
19,904 Min. Int. In subs
31,563
32,049
Note.
-No appropriation of surplus has been made with repsect to pref. Due from officers
Capital stock
y3,746,479 3.746,479
& employees
28,439
7,311 Surplus
stock repurchased during the year.
500.271
524,296
Misc. investmla_.
3,063
4,063
Consolidated Balance Sheet Dec. 31.
Premed expenses_
49,162
46,458
1931.
1930.
1930.
1931.
Cap. stk. of co. at
8
Liabilitiescost
308,232
Assets296,880
Prop.plant & equip 8,855,393 3,888,321
821,278 2,096,818 Accts. Pay.. acct.
Cash
exp. and sundry
Deferred charges..
Accr. Int. & diva.
34.406
497,447 Good-will
creditors
849,379
rec. & amts. due
1
1
Div. OD pref. stk.,
from renting suds
payable Jan. 15408,398
320,714
185.531
currently
Total
94.833.570 $5,010,691
Total
34.833.670 $5,010,691
Res. for Fed. the.
Adv. on real estate
After depreciation of $1,259,501. y Represented by
1,400,000 :
tax & coating
mortgage loans_16,014,002 23,891,270
20,000 of $7
;
Loans rec.. secur.. 1.428.750 2,750,000 Notes payable-- 2,600,000 4,100,000 cum. cony. pref. stock (no Par) 35,221 shares class A stock (no par): and
150,000 shares of class B stock (no par).
-V. 133, p. 2770.
Marketable secur_x 111,322 1,243.486 Rea, against adv.
on real estate
Invest. In stocks
Hershey Chocolate Corp.
9,371,530
-Earnings.
mtges..&O
of allied cos_ - - 150,000 1,300.000
Calendar Years1931,
1930.
Real estate Invest-24,281.558 20,449,120 Deferred Income:
1928.
1929.
Fees On mtge.ins 227,184
$30,201,290 $38,442,030 $41,371,913 $38,130,511
475,245
450,215 Net sales
376,483
Other meets
Rents rec. In adv
al9,349,723 a27.670,785 30,812,829 28.792,674
45.054
44,806 Cost ofsales
Shipping.se11.8c adm.exp 2,361,964
6% pref.stock-y23,995.000 27.460.000
2,582,782 2,681,553
2,715,588
Common stock...._z1,550.825 7,750,930
Net profits Croon oper- $8,489,604 $8,188,462 $7,877.530 $6.622.249
4,730.001 10,414,859
Surplus
Other income, less miscellaneous charges- _ _ _
43,368,924 52,528,653 Total
480,329
43,368,924 52,526,653
194,576
356,871
471,858
Total
At market values not in excess of cost. y Represented by 239.950
Total profits
-V.134. p.1770. Prov.for Fed.inc. tax.,. $8,684,179 $8,545,334 $8,349,389 $7.102,578
shares. zRepreeented by 1,550,825 no par shares.
no par
646.189
1,048,561
913,609
1,025.440
--New Director.
General Steel Wares, Ltd.
Net profits
$7,635,618 87,519,894 $7,435,780 86,456,388
Earned surplus at Dec.31 10,205,543 9,998,246 4,735,813
461.235.
-V. 132, p. 4422.
Gordon W. Scott has been elected a director.
Total surplus
Globe Underwriters Exchange, Inc.
-20c. Dividend.
- s% cum, prior preferred$17,841,161
The directors have declared a dividend of 20c. per share on the capital
stock, payable May 2 to holders of record April 15. During 1931 the
company paid the following dividends: 15c. per share on May 1. and 25c.
per share on Dec. 22.-V. 134, p. 1036.
-No Quarterly Dividends.
Godchaux Sugars, Inc.
The directors have decided to omit the;quarterly dividend ordinarily
payable about April 1 on the class A stock, no par value. Prom Jan, 1
1930 to and including Jan. 2 1932 regular quarterly distributions of 50
cents per share were made on this issue.
No action was taken on the usual quarterly dividend of $1.75 per share
due April 1 on the $7 cum. pref. stock, no par value. The last payment
on this issue was also made on Jan. 2.-V. 133, v. 2110.
,
$17,518,140 $12,171,59_ $6,917,623
769,693
561,551
1,400.000
1,358.780
------
stock dividends
405,790
Cony,pref.stk. dint1 463 800 b2,122,214
Common dividends
8
3%709%6 0 c4,366,316
Dividends accrued Dec.
31 1929
Cr.226,087
Premium on prior pf.stk
644.364
if
253,014
Earned surplus Dec.31$12,667,682 810,205,543 $9,998,246 $4,735,813
Shares corn, stock out650,000
678.213
706.520
standing (no par)_ _ _ 706,820
$6.05
$7.65
$7.89
Earnings per share
68.73
and
a Includes depreciation on plant and property of $797.735 In 19311930'
dividends declared Dec. 23
$778,447 in 1930. b Includes 8586.960 in
M.121932.]
FINANCIAL CHRONICLE
1967
Comparative Balance Sheet Dec. 81.
and payable Feb. 15 1931 to stockholders of record Jan. 24 1931. c InLiabilities1931.
1931.
1930.
1930.
Assets
cludes $883,150 in dividends declared Dec. 23 1930 and payable Feb. 15
$80,329 Accts. Payable &
$18.968
Cash
to stockholders of record Jan. 24 1931.
1931
accrued expenses $78,107 5168.756
40,000
U.S.Govt. bonds_
Consolidated Balance Sheet Dec. 31.
96,742 Provision for Fed.
99,976
Notes & accts.rec.
1931.
1930.
1930.
1931.
57,200
income tax
27,850
Group insur.owing
14a6211lea$
$
Assad4,489 Capitalstook
y1,200,500 1,200.500
by employees4,326
293,480
y293,180
34 pref.stock
Land,b1dgs.,maeh.x9,063.738 8,955,042
651,883
514,644
Surplus
Other accts, owing
706,520
*706,820
21,811 Common stock_
Constr. In progress 114,034
571
by employeee._
682,603
2,522.842 2,305,426 Accounts payable_ 529,164
Cash
246,632
198,803
Accts.receivable 1,219,981 1.561,114 Re.. for Fed. taxes 1,095,092 1,025,440 Inventories invests 743,040
890,875
Marketable
5.934,495 4,483,039 Accrued expenses,
Inventories
10,925
9,682
813,497 Accr'd int. mesh%
other taxes, &o_ 130,163
Supplies, repair
730,875
accounts
260,586 Dividends payable 1,643.590 1,470,110 Property & pats_ _ x685,190
210,759
parts. &e
1
1
Good-will
Surplus at organi504,120
Bankers acoept_
6,848
6,820
2,793.597 2,389,826 Deferred charges- _
sation
Salesmans adv.preTreasury stk. held
Earned surplus_ _12,667,681 10.205,543
paid Ins., dco_.* 175,030
for resale to emHershey Chocolate
14,205
ployees
Corp. cony. pf.
stock
114,288
81,821,101 $2,068,290
81.821,101 $2,068,290 Total
Total
X Less depreciation reserve, $224,974. y Represented by 120,050 shares.
19,859.288 17,587,019
19,859,288 17,587,019 Total
Total
z After depreciation of 38.607,912. y Represented by 293,180 no par -V. 133, p. 1622.
-V. 134, p. 1772.
shares. z Represented by 706.820 no par shares.
-Sales Increase 30%.
Hudson Motor Car Co.
The company's sales for February showed an increase of 30% over
Hobart Mfg. Co.(& Subs.).
-Earnings.
January, according to Chester G. Abbott, General Sales Manager. This
1928.
1929.
1930.
Calendar Years
1931.
representative throughout the
Mr. Abbott pointed
Net sales
$5.314,729 $7.185,926 $8,640.384 $7,035.895 increase, with few exceptions. out, was
Cost of goods sold
2.633.740 3.566,876 4,430.931 3,087.618 country, County registrations showed the largest increase, putting Hudson
Wayne
Selling & gen. expense
1,988.175 2,696,750 2,804,469 2,333,587
and Essex in second place with 340 cars registered in February, against
.1
-V. 134, P.
Profit from operations $692,814
$922,300 $1,404,984 $1.614,691 209 in the corresponding 1931 month. - 1772.
115,249
121,379
Other income credits
110,493
113,161
-President Carrington
Hudson River Navigation Corp.
$8805.975 $1,032,793 $1,526.363 $1,729,940 Gives Views
-Against Deposits of Bonds.
197,580
161,316
110.639
77,469
Edward C. Carrington, President and Chairman of the Board, has sent
105,443
125,485
110,641
137,062
to the bondholders a letter in which he reiterates that 31,850,000. or about
146,558
72% of the par value of the bonds, representing the proceeds from the
Cr2.548
sale of Pier 32, North River, to New York City, would be available for
Net income
$811,513 $1,239,561 $1.426,917 distribution by the trustee, the City Bank Farmers Trust Co. He says
$447.435
committee, and
Burp. at begin, of year.. 4,587,968 5,008.080 4,402.669 3,457,495 also that he saw no necessity for the intervention of any
11,136 adds:
14,312
Profit and loss credits
"It is obvious that at the present time it is a distinct disadvantage to
committee. Any
$5,049,715 $5.819,593 $5,642.230 $4,895,548 deposit your bonds with the so-called Lisman protective same time submit
Gross surplus
committee asking the deposit of your bonds should at the
1st pref. dividends
for your consideration a definite workable plan of reorganization respect25,574
16,757
14,079
1,345
2d pref. dividends
408,551 ing the deficiency after the payment of the cash collected from the City
513.148
499,072
492.431
Common dividends
-V. 134, p. 1772.
2,270
26,480 of New York."
2,420
8,600
Pref. stk. red. premiums
7,290
670,791
17,613
Good-will written off
Stock Dividend.-2
Incorporated Investors.
Reorganization expense..
32.274
94,686
45,260
The directors have declared a 234% stock dividend and the
Other prof.& loss chgs
y361,780
r
quarterly cash dividend of 25 cents per share, both payable Aprii eigeter
Surplus at end of year- $4,165,397 $4,587,968 $5,008,080 44,402,670 holders of record March 22.
dividends of 234% each. Paycompany declared
A
companies. able year ago theand Oct. 15 1931. two stock
x Of which $194.718 applicable to minority stocks ofsubsidiary
on April 15
y Includes $289,182 elimination of minority interest in surplus of sub. co.
Sales of Incorporated Investors have shown a distinct upward trend sines
disposed of and $72,299 reduction in surplus through disposal of majority
the first of the year. It is announced that during the last half of February
interest in sub. co.
over 40,000 shares were sold through dealers located in the principal dties
Consolidated Balance Sheet Dec. 31.
-V. 134, p. 684.
throughout the country.
1930.
1931.
Liabilities-Assets1931.
1930.
Cash & U.S.sesur.$1,424,888 $1,263,015 Notes & accts. pay $112,813 $117,707
-Transfer Agent in N. Y.
Insurance Securities Co., Inc.
339,342
Other market.seeur
18,605
98,600 Commissions pay_ 239.690
The Hibernia Trust Co. has been appointed New York transfer agent for
Accrued Fed. inNotes assts. & in-V. 133, p. 3099.
the common stock.
74,493
come tax
106,837
stalm't sontrasts
106,037
81,659
receivable
x2,303,049 2,715,889 Other accr'd mots_
-New Product.
International Business Machines Corp.
*172,000
Inventories
2.147,952 2.567,428 2nd pref. stock-The corporation has introduced a new electrical machine known as the
Due from °Mears
Common stock- -.n2.438.000 2,438.000
"International Automatic Multiplying Punch," which multiples at speeds
& employees
19,164 Minority stocks of
23,594
-V. 134, p.831.
179,519 averaging four times faster than any mechanical method.
14,847
Adv.so trusses for
sub. companies_
Surplus
4.165,397 4.587,968
porch. of stook
-Smaller Dividend.
No•International Carriers, Ltd.
84,140
to be sold to emp 106,462
137,771
131 730
Investments
The directors on March 9 declared a dividend of 10 cents per share on
Plant"iproperty- _ 7939,951 1,106,665
the capital stock. payable April 1 to holders of record March 21. This
33,311
15,706
Goodwill & patents
compares with distributions of 1234 cents per share rutid each quarter from
21,527
14,959
Deferred'harmApril 2 1931 to and incl. Jan.21932.-V. 134. p. 1206, 1037; V. 133, p.3978.
Gross income
Income tax (est.)
Other charges
Exchange loss
ITop.oflossoffor.subs.
$7,126,898 $8.047,409
$7,126,898 $8,047.409 Total
Total
It Less reserve for doubtful accounts of $90,699. y Less reserve for
of $986,940. z 200,000 shares (no par value). a Called for
depreciation
redemption Feb. 16 1931.-V. 134. P. 1205.
•
Hotel Lexington (Lexington Hotel Corp.) N. Y. City.
-Receivership.On the petition of three creditors. Federal Judge Robert P. Patterson
appointed March 10 the Irving Trust Co. receiver in bankruptcy for the
-story Hotel Lexington, which
corporation, operator and owner of the 25
was built about two years ago at a coat of about 36,000,000 at 48th St.
and Lexington Ave.
The petitioners, represented by Oppenheimer, Haiblum & Kupfer,
attorneys of 20 Exchange Place, estimate liabilities at more than $6,000.000
and assets, including the hotel property, at more than $4,000,000.V. 126,9. 3130.
Hotel Pierre, Inc., N. Y. City.
--Bankruptcy.
A voluntary petition in bankruptcy has been filed in Federal District
Court by the company. Liabilities are listed at $10,132,762 and unencumbered assets at $99,320.
The major liability consists of a 10-year bond issue of 36,847,888.secured
by a first mortgage held by the Straus National Bank & Trust Co., as
trustee. No valuation was listed for the hotel properties.
-CrediInternational Combustion Engineering Corp.
tors' Committee Asksfor Deposits of Claims.
At a meeting of the creditors' committee held March 4 It was decided
that it would be to the interest of the creditors of corporation and its subsidiaries for the committee to be put in a position to act authoritatively
and effectively on behalf of such creditors upon matters affecting their
interest and in effecting or considering any plans which may be proposed
looking toward a realization upon their claims, and to this end the committee has dec ded to request the deposit of claims under a deposit agreement which is in the course of preparation.
Creditors having claims which in the aggregate amount to a large percentage of the total claims have already filed their names and the amount
of their claims with the committee pursuant to its request dated Dec. 23
1929.
Creditors may expect to receive within a few days a formal call for deposit
of claims with the committee, at which time copies of the deposit agreement
will be available.
-Frank J. O'Brien, Chairman (President, Glove
Creditors' Committee.
Steel Tubes Co.); William C. Kelley, Jr. Vice-Chairman (Asst. VicePres., Air Reduction Co. Inc.); H. J. Ilirshman (Treas., National Tube
Co.); Homer D. William's (President. Pittsburgh Steel Co.); George E.
Turner, Secretary, 22 William St., N. Y. City, and Davis, Polk, Wardwell,
-V.133, P.810,3263.
Gardiner & Reed,15 Broad St., N. Y. City, Counsel.
-Earnings.
International Silver Co.(& Sub.).
1929.
1928.
1930.
1931.
Calendar Years$10,573,197 $14,492,118 $19.600,590 $18,945,948
Netsales
The "Wall Street Journal" says: 'Suit for an accounting of profits of Net earnings
det778,845 loss240,726 2,154,584 2,563,769
Southern Surety Co., Home Indemnity Co. and Home Insurance Co., Other income
193,084
259.533
194.227
199,993
and for the setting aside of transfers of business agencies and other assets
of Southern Surety Co. to Home Indemnity Co., has been filed in Federal
1034578,853 loss$46,499 $2,347.667 $2,623,302
Total income
District Court. The plaintiffs, G. Locke Tarlton, of Illinois, and E. A. Bond interest
57.763
Luther, of Missouri, both stockholders of Southern Surety Co., estimate Depreciation
719.946
724.694
622,949
593,245
that Southern Surety Co.'s stockholders, through the transfer of control Federal taxes
191.441
184.021
of the company to Home Insurance Co. in 1930, sustained damages esti- Not loss of Int. Silver
mated at over $10,000,000."-V. 132, p. 4423.
188,335
139,090
of Canada
Prey. for fluct. in Can(Geo. A.) Hormel Co.-Opena Coast Branch.
91,087
adian exchange
The company on March 1 established Western distributing headquarters Write-down of Govt.sec.
in San Francisco. This unit will distribute products through 11 Western
to market
62,632
States, excepting southern California and Washington. Its territory also
will include the Hawaiian Islands and the Orient.
-V.134, P.684.
Net income
10s41.464,906loss$857.783 $1,436.280 $1,658,824
422,022
422,002
422,002
422,002
Preferred dividends_ _
Houston Oil Co. of Texas.
-New Director.
Common dividends
(734)683.985 (8)729.584 (6)501.589
A. H. Kennerly has been elected a director to succeed George Maclilibin,
-V. 134, p. 1590.
resigned.
$733,213
$284,693
Balance
log331,886.9081241,963,770
Profit and lees
2,407,213 4,294,121 6,248,105 6.045,180
Hoskins Mfg. Co., Detroit.
-Earnings.
No. of corn. shs. outst'g
Calendar Years1931.
1930.
91.197
91,197
91,197
(par $100)__-91,197
Manufacturing profit before depreciation
$11.12
$487,596
:1766,963 Earns. per sh. on corn_ _ $13.54
Nil
Nil
Selling, administrative & general expenses
220,172
269.915
Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
$267,424
Operating profit before depreciation
$197,047
AssetsLiabilities$
$
$
36.433
43,435
Other income
Real estate
2,029,559 2,080,233 Preferrd stock_- 6,028,588 6,028.588
$303,858
$540.483 Mach.,tools & fist 3,035,543 3,204,672 Common stock_ -- 9.119,731 9,119.731
Profit before depreciation and tax
4,369,860 5,763,136 Accounts payable_ 173,848
248,314
53,597
50.408 Inventories
Depreciation
36,586
_ _a 919,555 1,061,773 Pref.stk.div. scrip
39.646
27,850
57,200 Investments
Provision for Federal tax
Prof. diva. payable 105,501
U. S. Govt. sees- 1,093,625
105,501
31,730
Surplus
2,407,213 4,294,121
$222.411
$132,875 Aecr'd int. receiv_
Net profit
609.070 Due from employ_ 216,340
651,833
Previous surplus
77,603
75,931
Dr.50
Cr.51 Deferred charges- Federal income tax adjustment
1,845,664 1,816,849
Stocks & bonds
927,080 1,180,514
$874,194 $1,041,886 Cash
surplus
Total
359.550
390.163 Amts.& notes reo_ 3,326,577 4,651,120
Dividends paid in cash
17,871,466 19,835.900 Total
Total
17,871,466 19,835,900
3651.634
$514,644
Surplus Dec.31
a Stock of International Silver Co. of Canada, Ltd.
$1.85
$3.60
-V. 134, le. 1384.
Barna. per eh. on 120,050 abs. cap.stk.(no pee)
Home Insurance Co.
-Suit.
1968
FINANCIAL CHRONICLE
International Mortgage & Investment Corp.
-No Div.
The directors have recently decided to defer the quarterly dividend of
1 % due March 1 on the 7% cum. pref. stock, Par $100. The last regular quarterly payment on this issue was made on Dec. 1 1931.-V. 127,
P. 3256.
[Vol,. 134.
A further quarterly dividend of 15 cents per share has been declared on:the
common stock, payable June 30 to holders of record June 15.
Earnings.
For income statement for 24 weeks ended Feb. 13 see "Earnings Department" on a preceding page.
-V. 134, p. 1206.
-Dividend Action
Interstate Department Stores, Inc.
ield Tire Co.
-Operating
Deferred-Bt.,niitys.Effected-Plans Capital Readjustment.
-
The directors have deferred action on dividends on the common stock,
no par value, until after results for the first six months of 1932 are available.
From April 1 1929 to and incl. Dec. 29 1931, regular quarterly distributions
of 50c. per share were made on this issue.
Net profit for the year ended Dec. 31 1931 was 8547,737 after depreciation, Federal taxes, &c., equivalent after 7% preferred dividends to
$1.75 a share on 209,266 no par shares of common stock, excluding shares
held in the treasury. This compares with net profit of $667,554 or $2.03
a share on 233,602 shares of common stock in 1930.
Cash at the close of the fiscal year amounted to $1,393,268, which was
greater than the amount of cash and Government securities on hand at
the end of 1930. Cash alone exceeded the total current liabilities of
$1,245,382. There were no bank loans. The ratio of current assets
to current liabilities were approximately 4 to 1. Comparable sales for
the year wore 2.37% below 1930. Inventory, valued at cost or market,
whichever was lower, was reduced 25.63% during 1931.
Despite the earnings of $1.75 a share of common stock, surplus adjustments eliminated the earned surplus out of which common stock
dividends are payable. In the past, the policy of the company has been
to Pay quarterly common stock dividends in accordance with earnings.
Under new accounting methods, it is Intended to institute semi-annual
physical Inventories and thereby determine actual profits semi-annually.
Dividend declarations will be determined by these semi-annual operating
results. In accordance with the previous policy of the company, if the
earnings of the first six months of 1932 are as satisfactory as expected.
It is anticipated that a common dividend payment will be declared.
President Leo G. Federman states that new accounting methods which
will change dividend payments on common stock to a semi-annual basis
(from a quarterly basis) in no way affect dividend policy on preferred
stock. The directors meet in April for the purpose of declaring the regular
quarterly dividend of 13% on the preferred stock.
-V. 134, p. 1206.
Irving Air Chute Co., Inc.-Ecirnings.Calendar Years1931.
1930.
1929.
1928.
Net inc. after charges &
Federal taxes, &c_
_
$184,046
$241,697
8414,376
$452,672
Dividends paid
179,750
236,388
Balance
$4,291
$5,309
$452,672
$414,376
Shs. of cap. stk. outstanding (no par)_
_
211,000
211,000
209,000
200.000
Earnings per share
$0.87
$2.16
$1.17
$2.07
x Company paid an initial dividend of 50 cents per share in July 1929
and 3714 cents per share in October 1929 and January 1930. The amount
In dollars chargeable against the year's earnings is not given in the annual
report.
Comparative Balance Sheet Dec. 31.
AssetsLtabtIttfes-1930.
1931.
1930.
1931.
Cash
$64,196
$356.901 $270,088 Accounts payable- $17,761
Market see. 0, Sc20,994
Est. Gov't inc. tax
44,248
crued Interest_ _
Accruals
31,156
47
77
Trade accept. &
:367,100
Capitalstook
367,100
accrued interest
39,587
95,380 Surplus
470.646
505.571
Accts.receivable__
204,368
81,979
105,216
179.490
Inventory
131,433
Other assets
87,657
56,037
Land, bidas.,.4c. _
60.938
49.874
Gdwill,patents,&c.
61,406
24,390
Deferred charges.. _
31,836
Total
8876,579
8376,579 5931,164
Total
-V. 133, P. 3976.
x Represented by 211,000 shares (no par).
$981,164
-Production.
Island Creek Coal Co.
Month ofCoal output(in tons)
-v. 134, P. 1384, 516.
Feb. '32.
274,145
Jan.'32.
285,245
Feb.'31.
285,901
"
-----Jantzen Knitting Mills of Canada, Ltd.
-Defers
Dividend.
This company has omitted the semi-annual dividend of $3.50 per share
due Jan. 1 1932, on its 7% cumul. pref. stock, par $100. The last regular
semi-annual distribution at this rate was made on July 1 1931.
This company is not a subsidiary of Jantzen Knitting Mills, Portland,
Oregon. The latter has merely authorized the Canadian corporation to use
the name under a royalty agreement. No stock in the Canadian corporation is owned by the American concern.
-Balance Sheet Dec.31.Johns-Manville Corp.
1931.
Assets$
Plant,equip.,&e.y25,550,955
Cash
4,244,811
U. B. Treas. notes
& certificates_ _ _ 900,000
Accts. receivable 2,972,979
Notes receivable_ 372,795
4,595,184
Inventories
Misoell.invest..
826,573
Deferred charges.. 288,354
1931.
1930.
LtatrIlittes$
26,640,969 Common stock_ _x15,000,000
7,500,000
4,860,166 Preferred stock_
Accounts payable_ 898.698
Wages,comm.,&e. 1,103,691
5,078,314 Dividend reserve_ 318,750
244,419 Income tax reserve 105,174
5,565,732 Initial surplus.-- 8,182,947
6,641,391
706,680 Earned surplus_
373,136
1930.
15,000.000
7,500,000
1,072,964
2,014,525
693,750
547,632
8,182,947
8,457,599
Economies
At the annual meeting of stockholders this week the following board of
directors were re-elected; Matthew B. Muxen, W. M. Flook, John M.
Hancock, Byron E. Hepler, William It. Lalley, Frank Wilbur Main, J. K.
Newman, J. S. Patterson, Stephen Peabody, Arthur Sachs, Theodore G.
Smith, and Louis Mueller.
Revived interest in the operations of the company under the new management, effective since late in March 1931, was evidenced by the largest
number of proxies ever received. Mr. Lalley. President of the corporation
reviewed the operations of the company for the past year and stated that
during the nine months of administration by the new management substantial operating economies had been effected and that all bank loans
were entirely eliminated, whereas at this time last year bank loans amounted
to $1,500,000. Ho also stated that a plan of capital readjustment was
being considered and that it would be presented to stockholders at an early
date. He emphasized the fact that the financial condition of the company
was so healthy that any plan proposed would not require now financing
of any kind. See also V. 134. p. 1571.
Kendall Co.(& Subs.).
-Earnings.
Years EndedDec. 28'31. Dec. 27 '30. Dec. 28'29.:Dec. 29 '28.
Profit before depreciation, interest & taxes_ $1,527,875 $1,037,572 $1.818,829 $1,624,266
Depreciation
762,798
732,572
671,852
563,625
Operating profit
Interest received
$785,079
22,815
$305.000 $1,146,978
21,059
55.737
Total income
Bond interest
Other interest charges..
Amort. of bond discount
Lose on disposition of
fixed assets
Provision for taxes- -_- Prov. for loss on Can.
Exchange
Prey.for poss. add,taxes
prior years
Divs. on pref. stock of
subs.in hands of public
$787,895
314,726
11,486
30,056
$326,059 $1,202.715 $1,060,841
328,540
337.142
243,706
72,742
108,644
66,714
45,492
38,558
87,989
87.361
87,473
Net profit for year..Previoussurplus
$128,91310888258.850
355,094
898.193
$557.415
641,709
$589,740
886,432
Total, surplus
Prem,and unamort,disc.
on mortgage bonds_
Miscell. adjustments
Kendall Co. dividendsPref. stock, series A..
Common stock_ _ __ _ _
Pref. divs, declared out
of 1929 profits
$484,007
$639,343 $1,199,124
$1,476,173
2,708
72,195
21,323
28,823
5,982
67.613
$1,080,841
13,007
60,000
83.724
75,000
89,088
281,046
364,376
223,677
245.019
39,230
204,357
96,574
98,248
50,793
40,000
Earned surplus
$260,330
3355,094
$898,193
$641,709
Shares common stock
outstanding (no par)_
397,063
392,314 . 386,551
385,353
Earnings per share
Nil
Nil
8.90
$1.28
x includes operations of Bauer & Black only after Sept. 18 1928.
Consolidated Balance Sheet.
Dee.28'31. Dec.27'30.
Doe.28IL Dec.27'30,
AssetsLiabilities$
$
$
Cash
$1,688,470 $1,256,901 Bkers' accept.(see)
$677,416.
Accts. Os notes rec. 1,937,736 2,343,663 Accounts payable_ 347,735
285,154
Value of life insur_
49,311
45,183 Accrued interest,
Inventories
payrolls, dic____ 243,967
2,400.668 2,907,429
275,710
Deb. bonds,ser. A 409.944
223,428 Dividends payable
59.436
59,973
Pref. & corn. shs- :106,205
5,822 Prov.for Fed.taxes
73,920
31,053
Misc, Investments
8,384 Prov. for poss.
18,465
Unexpired insur.,
additional taxes 100,000
prepd.int.&exp 163,640
money
132,667 Purchase
Unamort. disc, on
mortgage,&c_
75,000
94,997
deb. bonds
502,853
549,788 20-yr. 534% deb.
Land,b1dgs.,mach.
series A
6,025,000 6,215,000
equipment, &c_x8,297,059 8,901,799 Prof. stk. of subs.
Trademarks, trade
in handset public 1,260.050 1,261,050
names, pat.,&c_
180,847
180,847 Cum. & particle.
Goodwill
1
1 pref.stock
3,762.600 3,762,600
Common stock _ y1,723,460 1,714,160
Capital surplus... 1,823,703 1,823,703
Earned surplus_
260,330
355,093
Total
15,755,202 16,555,914
Total
15,755,202 10,555,914
x After depreciation of $5,806.187. y Represented by 897,063
shares
no par), z referred stock only.
-V. 133. p. 2771.
Frary & Clark.
-Dividend Rate Decreased.
-
The directors have declared a quarterly dividend of 623' cents
on the outstanding common stock, par $25 payable March per share
compares with quarterly distributions of $1 per share made on31. TMs
this issue
39,750,652 43,469,417 from Sept. 30 1930 to and incl. Dec. 311931.
Total
Total
39,750,652 43,469,417
The directors also declared three additional
x Represented by 750.000 no par shares at stated value of $20 per share. cents per share on the common stock, payablequarterly dividends of 6234
June 30, Sept. 30 and Dec.
y After reserve for depreciation of $15.835.715.
31.-V. 132, p. 2597.
Our usual comparative income account for the year ended Dec. 31 1931
was published in V. 134, p. 1774.
Lawyers Title & Guaranty Co.
-Dividend Reduced.- '
A quarterly dividend of 2% has been declared. Payable April 1 to
-To Decrease Stock.
Kaufmann Department Stores, Inc.
holders
21 on decreasing the authorized pref. of record March 21. This compares with 3% paid each quarter from Jan.2
The stockholders will vote March
stock, par $100, from $1,050,000 to $975.000, a total of $75.000 of this 1929 to and incl. Jan. 2 1932.-V. 133, p. 491.
-V. 132.
stock having been acquired for tho special surplus account.
Lehigh Valley Coal Corp.
-New Directors.
P. 2210.
s. Parker Gilbert, partner of J. P. Morgan & Co., -Earnings.
- director to take the place of Thomas W. Lamont,has been elected a
Keith-Albee-Orpheum Corp. (& Subs.).
resigned. Franz
Schneider Jr., has been elected a director to fill the vacancy
1928.
Calendar Yearscreated by
1929.
1930.
1931.
the death of W. R. Evans.
-V, 134, p. 1592.
Theatre admissions,rents
&c
$35,923,756 $38.158,666 $37,239,882 $34,290.244
Lerner Stores Corp.
-Sales.
-Operating expenses, &c_ 31,921,786 34,146,283 33,861,340 31,509,184
1932.
1,914,383
1931.
Depreciation & amortiz_ 2,652.368
2,276,230
2,444,428
1930.
1929.
Month of February
$1,600.300 $1,697,106 $1,518,177
8984,862
3,139,619
8866.677 First two months
Operating profit
3,420,342
$1.349,602 $1,567,956 $1,102,292
2.983,063
1,929,075
1.134.827 -v.134. p. 1207.
525,035
Profit on sale of invests26,740
a810.000
625.579
1,192,801
770,257
547,491
Other income
$1,923.832 $3.570.757 82,252,906 $2,771,761
Total income
322,993
Invest.& adv. written off
1,606,532
1,480,433
Interest &. discount
1,575,601
1.617,402
50,000
Lease deposit forfeited54,249
15.692
Sundry deductions
96.406
87,400
58.150
54.000
Federal taxes
500,408
250,204
525,467
Minority dividends, &c527,427
Net profit
Preferred dividends_
$1.620 $1,360,725
450,216
337.596
10842.362
450,740
$356,908
642,572
$453.102
8335,976 sur$910,509
$285,664
Deficit
a Profit on Radio-Keith-Orpheum stock sold to Radio-Keith-Orpheum
-V.134, p. 142; V. 133, p. 3470; V. 132, p. 2003; V. 131, P. 1430.
Corp.
-Dividend Reduced.
(Spencer) Kellogg & Sons, Inc.
A quarterly dividend of 15 cents per share has been declared on the no
par common stock, payable March 31 to holders of record March 20. This
compares with quarterly distributions of 20 cents per share made from Sept.
30 1030 to and incl. Dec. 311931.
Lily-Tulip Cup Corp.
-Earnings.
-
Calendar Years1931.
1930.
1929.
Gross profit after deducting cost of
goods sold
$1,729,515 $1,631,249 $1,595,721
Admin., selling & other expenses.. 854,614
953,117
880,631
Operating income
$715,089
8874,901
8678,131
Miscellaneous income
29,019
16,688
9,452
Total income
$731,778
8903.921
8687.583
Miscell. deductions from income---21,404
39,924
13,524
Depreciation
179.587
Reserve for Federal income tax
85,969
80,999
72,000
Net income to surplus
Preferred dividends
Common dividends
$603.410
15,723
278,543
4602.058
21.000
272,367
$624,405
17,500
68,189
Balance, surplus
Shs. COM,stock outst's (no Par)
Earnings per share
09143
$3
189'546
$3.10
$308,691
183,000
$3.17
$538,716
0
183,00
$3.32
Balance Sheet Dec. 31.
1931.
1931.
1930.
Asset,$359,214 $530,241 Trade accts. PayCash
896,403
able
Notes, drafts and
48,510 Sundry accts. pay(set))
trade &wept_-_378,3421
17,228
able
286,986
1
Accts. reeelv.
3,612
818,967 Accrued expenses_
Merchan. Invent'y 649,285
Reserve for Federal
Invest. to own oo's
121,205
& State taxes-45,268
48,822
corn, stock
-year sinking
6% 5
U. S. Treas. Ws- 253,672
fund gold notes_
8.200
Other Inveitments
891,543 Preferred stock_ -Mach.,equip.,&e. y876,508
102.800 Common stock_ _ 1,014,000
Miscell. assets-- 130,036
1,546,809
48,682 Surplus
74,363
Deferred charges__
25,000
20,810
Spec. mfg. license_
Pats., trademarks,
1
1
and good-will- _.
1930.
$124,172
42,349
129,436
117,000
300,000
x850,000
1,233,042
82,799,256 52,795.998
Total
$2,799,256 82,795,998
Total
x Represented by 189,545 no par shares. y After depreciation of$282,510.
-V. 133, P. 3101.
-Lincoln
"7
Manufacturing
of this company has been changed to General Cotton Supply
er
ITh. The property comprises the former plants of the Lincoln ManuCorp
facturing Corp. and the Davis Mills. It was acquired some time ago by
the General Cotton Corp., of which J. Whitney Brown is Treasurer.
-V. 132, p. 4776.
("American Wool and Cotton Reporter.")
-Sales Decline.
Loblaw Groceterias Co., Ltd.
-1931. 1932-36 Wks. 1931.
Period Ended Feb. 6- 1932-4 Wks.
Sales
$1,153,320 $1,272,995 $10,497,037 $11,838,426
-V. 134, D. 1775, 1038.
Loft, Inc.
-Sales Higher.
Increase.
1931.
1932.
Month of January$72,605
3919,247
$991,852
Sales
February sales totaled $1.091.952, an Increase of 12.2% as compared
with the same month last year. Combined sales for the first two months
amounted to $2,083,805, an increase of 10.1% over the like period last
year. The company reports that the gains were achieved in spite of
price reductions, there being an increase of 396,999 in the number of
-V. 134,
customers in the first two months over the same period last year.
p. 1775.
-New Directors.
(P.) Lorillard Co.
John J. Driscoll, William S. Gray Jr., and Jacquelin P. Taylor have been
-V. 134.P• 1592
elected directors.
.
-Earnings.
Ludlum Steel Co.
a1930.
Calendar Yearsa1931.
$3,203,580 $4,430,936
Net sales
Material, labor & oper.
4,716,036
expense
3,216,912
al929.
37.769,577
1928.
$3.817,528
6,642,907
3,029,200
loss$13,331 loss$285,100
141,515
93,815
$1,126,670
188,734
$788,328
82,801
Net inc. from oper__Ioss$107,147 los4426,615
Other income
40,907
63,942
$937,937
107,088
$705,527
54.575
Total income
loss$43,206 los s$385.708
Int. on funded debt_
Amort. bond discount_
Res. for Fed., State &
general taxes
55.939
47.989
$1,045.026
6,142
923
1760.102
73,914
11,076
118,429
88,502
Bal.for dive. & surplus def$99,144 def$433,697
Pref. dive.(estimated),
243,750
Common dividends
85,000
$919,531
292,506
339,225
$586,610
Income from oper
Depreciation
270.000
$316,610
$287,800
Balance, surplus
def$99,144 def$762.447
Shares capital stock out170,000
135,000
204.000
204,000
standing (no par)
Nil
$3.68
Nil
$4.34
Earnings per share
a Includes Atlas Steel Corp.
Balance Sheet Dec. 31.
1931.
1930.
1930.
1931.
$
$
Assets5
Permanent assets5x4,928,830 4,888,372 Preferred stock.. _ 4,990.000 4,990,000
383,325 Common stock__ _y4,521,767 4,521,767
654,419
Cash
163,088
58,352 Accts. payable__ - 131,512
34,598
Notes receivable_ _
29,867
33,555
550,544 Accrued accts.- - 334,922
Accts.receivable
2,719,688 3,296,061 Fed. inc. & other
Inventories
37,618
30,089
taxes
465,418
Other our. aasets
465,348
9,781
13,791
Other assets
114,379 Res.for pos.cost's.
93,196
883,282
395,313
150,302 Surplus
Bats.,torm & woe_
151,166
Good-will
1
32,706
Contracts
28,999
Deferred charges
695,922
704,862
10,116,028 10,635,383
Total
Total
10,116,028 10,635,384
x Land, $322,737; plant and buildings, $1,857.417; machinery and equi5ment, $4,834,680; total, $7,014,834 less depreciation. $2,086,004. y Represented by 204.000 shares of no par value.
-V. 133, p. 3264. ..,e,,... ...g_em
-` Lunkenheimer Co.
14
-Reduces Quarterly Dividend.The directors have declared a quarterly dividend of 123 cents per share
on the no par value common stock, payable March 15 to holders of record
March 5. Throe months ago the quarterly dividend was decreased to 25
cents per share from 374 cents per share previously paid.
-V.133, p.3798.
l
ycoming United Gas Corp. (Del.).
This
ir corporation was incorporated in Delaware on Feb. 25
th a capital
o 1,575,000 common shares to be a holding company f
natural gas
producers in the Tioga fields in northern Pennsylvania.
The company Is reported to be associated with Columbia Gas & Electric
and Standard Oil Co. of New Jersey interests., 1
s5
so
•
1969
FINANCIAL CHRONICLE
MAR. 12 1932.)
(Alice Foote) MacDougall, Inc.(Del.).
-New Financing.
See Chain Store Fund, Inc. above.
--,....-......._ ,..
Cord Radiator 8c 1Vifg. Co. New Treasurer,
L. M. Hamlin has been elected Treasurer, succeeding C. R. Hammer.
resigned, and 0. 0.Chesnut has been elected Assistant Treasurer.
-V.134,
P. '775.
W
McCrory Stores Corp. Sales Improve.
1931. --1
1932.
'''"" 1930.
$3.066,752 $2,945,965'12.906.937
.
.
5,848.468 1 5.601.474
fa.5.986,034
tr.244
242 .,.Not avail.
Month of February
Two months
Number of stores in operation
-V. 134, p. 1038.4
--Earnings.
Marchant Calculating Machine Co.
1928.
1930.
1929.
1931.
Calendar Years$1,716.876 $2,871.194 $1,950,366
$1,072,516
Net sales
398,138
621,763
713.456
Cost ofsales
24
635,8
Gross profit on sales
Income from repairs,
service & rentals
$674,378
31,095.113
$1,657.738
147,354
s 98,454
63,226
54.320
Total income
Selling expenses
Gen.& admin.expensesOther deductions(net).
Prov.for Federal taxes-
$821,733
755,863
77,506
143,392
$1,193,567
889,979
97,664
77,474
15,809
$1.790,964
1.000,871
106.40
105,61
48.700
$1,868,861
817,216
133,815
43,767
46,666
loss$155,028
Net profit
8,713
Preferred dividends..-- _
Common dividends
$112,641
17,427
150,453
$399.874
17,427
74.627
$327,396
$1,814,542
5307.320
5327,396
Balance,surplus- - - -_def$163,741 def$55,239
Ohs, common stock out168 112
186 566
188.086
188,066
standing (par $10)
21.84
$2.04
Nil
$0.50
Earnings per share
Comparative Balance Sheet Dec. 31.
1930.
1931.
Liabilities1930.
1031.
Assets
537,500
571,592 5160.875 Patent per. oontr- 520.300
Cash
27,933
9,673
280,044 Accounts payableCosts accts., &c.. 172,445
952,808 Payroll and com849,138
Inventories
27,074
10,297
missions
48,397
49,979
Adv. to salesmen15,809
Federal income tax
Customers' & em8,714
9,788 Dividends
10,664
ployees' notes__
932
811
Interest
Adv. to Mato3.050
Res, for costing_
11,000
graph, Ltd
2,513 Exec.common stk.
9,888
Other accounts_50,000
perils.reserve_
Land, buildings,
Mainten. charges
machinery and
23,058
81,036
unearned
736,990
equipment, &c_ x700,901
248,961
Pref. 7% cum.stk. 248,961
Patti, patent ap.
931,858 Common stock..- 1,880,664 1,880,664
plications. &c.... 933,977
824,002
y612,657
9,536 Surplus
Prepaid advertising
Uncompleted tool
3,876
1,299
room orders_ ___
5,849
4,420
Prepd. taxes & Ins.
2,414
1,546
Other def. charges
32.816.950 83,144,643
Total
52,816,950 33,144.648
Total
x After depreciation of $481,546. y Unearned, $93,964; paid in, $363,
493; profit and loss, 5155,200.-V. 134, p. 335.
-Earnings.
Marion Steam Shovel Co.
1929.
1930.
1931.
Calendar Years$660,473 $1,829.058
Gross profit from °per-. $187,956
1,214.874
1,024,639
682,932
Sell.. gen.& adm.exps-259,036
220,006
Depreciation
1928.
81,738,339
1,212311
1°882714,982 loas$623,202
134,298
454,408
2614,184
205.989
2526.228
143,196
loss$260,573loss$488,904
Total Income
Deductions from income
196,388
186.533
Interest on funded debtFed, income tax (est.)-
2820.17a
16,655
203,310
66,022
2669,423
34,724
209,850
50.982
loss$447,106loss$685,292
108,500
$534.185
217.000
$373.
898
217.000
225,000
Operating profit
Other income
Net profit
Preferred dividendsCommon dividends
$317,185 def$68,133
Balance
logs 447,106 def$793.792
Earns,per sh.on 100,000
$1.57
Nil
Nil
83.17
shs, corn. stk.(no par)
Comparative Balance Sheet Dec. 31.
19r.
5
1931.
1931.
1930.
Cash
498,482
U.S.Govt. bonds_ 200,000
Accounts & notes
receivable
2,122,375
2,473.183
Inventories
Fixed assets
x4,277,038
588,285
Investments
216,429
Deferred charges
580,963 CapItal stock
,
Aa .
Td v pay. reoeiveit 6184336° 5,685.427
es
:
2
1,362,609 Accrued payrolls,
216.759
181,805
3,586,022
Interest, &o.. - _
62,787
27 175
77:564
4,605,880
credits_
1,314,361
223,209 let mtge. bon.. 2,682,000 3,213,500
71.804.189 2.406.270
Surplus
Total
10.373.772 11.673.043
10,373,772 11,673,043
Total
x After deducting reserve for depreciation of 56,185.907. y Paid in and
of $848,349; balance,
appropriated surplus, $2,652,538; less earned deficit
$1.804,180.-V. 133, p. 654.
-Maytag Co. (Delaware). Earnings.
1928.
1929.
1930.
1931.
Calendar Years89,206,386 $14,470,938 $25,625.557 $22,527,306
Net sales
643,051
673.327
372,160
327,469
Other income
Total
89,533,855 514,843,098 526,298,884 $23,170,357
8,004,975 12,116,274 18,183,590 16,767.961.
Mfg.,sell. & gen. exps
712,600
872.746
289,531
104,977
Prov.for est. Fed.taxes_
Prow,for disct. in foreign
60,313
exchange
176,283136,811
165,677
82,809
Other deductions
216,274
241,313
227.380
267,488
Depreciation
$1,013,291
Net profits
414,246
let pref. dividends
856,500
Cum. pref. dividends__ _
Common dividends
52,030.303
472.321
856,440
1,617.885
56.838.885 $5,336,710
276.333
525.251
480,000
922,850
8,807,384
3,228.900
$772,993
def$257,455 def$916,343 $2,161,878
Balance
1,617,824 • 1,608,293
1,617,922
Ohs, corn. outst.(no Par) 1,617,922
$2.84
$3.33
$0.43
Nil
Earns, per sh. on corn....
Consolidated Balance Sheet Dcc. 31.
1930.
Liabilities1931.
1930.
1931.
AssetsCommon stock. _ _$1,178,242 y$552,109
Land, bldgs. and
equipment_ _ _.x$3,355,422 $3,587,317 let pref. stock---- 6.000.000 7,500,000
285,500
719,899 Cup. pref.stook- 285.600
748,668
Cash
100,000 Accts. payable for
Certif.of deposit- - 100,000
purchases, exMarketable secure. 2,426,326 3,863,299
331,802
355,058
penses, ao
437,528
Notes & accts. rec. 564,249
400,000
1,467,638 2,110,503 Res. for costing
Inventory
Accts, payable for
84,517
Life insurance- 91,846
payrolls commisSink,fund for cum.
192,968
152,288
sions, &c
1,322
1,322
pref. stock
3.731
20.727
12,725
12,727 Sundry accts. pay•
Employees' houses
55,000
56,658
Accrued expenses_
Sundry accounts,
322,989 Prov.for estimated
Investments,&c. 299,957
281.000
Federal taxes_ _
101,500
Pats., trade marks
921,675 1.647,147
and good-will- _
1
1 Earned surplus.. _
Deferred assets_ __
3,441
9,150
-Change Annual Meeting, &'.
McGraw Hill Co., Inc.
N. A. Bowers and James E. Carty have been elected directors, succeed89.071.508 511249,250
Total
Total
89.071,598 511249,252
ing_E. J. Mehren and It. S. Foss, resigned.
x After deducting $1,432,494 allowance for depreciation. y Represented
The stockholders have approved a change in the date of the company's
-V. 133, p. 3471.
by 1,617,922 shares of no par value.
annual meeting from the first Saturday in March to the first Saturday
-V. 134, D. 1592.
In April.
-New Director.
Mersey Paper Co., Ltd.
-Defers Pref. Div.
- Peter R. Jack, former Chairman of the Halifax Harbour Commission,
.k
" McKesson 8c Robbins, Inc. (Del.).
s*
-V. 130. D. 476.
3 took no action on the regular quar- has been appointed a director.
The directors on Mar.
-Extra Dividend.
terly dividend of 8736c. per share due Mar. 15 on the $50•
••Metropolitan Ice Co.
in addition
per
directors have declared an
par value 7% cony, preference stock, series A. The last to Theregular quarterly dividend extra dividend of 30c.the sharestock, both
of $1.75 per share on
pref.
the
issue was made on Dec. 15 Payable Apr. 1 to holders of record Mar. 15. Like amounts were paid
quarterly distribution on this
three months ago.
-V. 133, p. 3977.
1931.-V. 134, P. 859.
1970
FINANCIAL CHRONICLE
[VoL. 134.
'•••••Mitchum Tully Participations, Inc. No.2.-Defer8 Div.
Melville Shoe Corp.(& Subs.).
-Earnings.
-Calendar Years1928.
1931.
1929.
1930.
Sales
$26,286,519 $28,654,300 $25,520,675 $22,552.353
Cost ofsales
17,056.509 18,700,452 17.042.711 15,058.604
Admin.& gen. expenses_ 7,463,658 8,054,735
5,474.481
6,535,498
Depreciation
309,965
424,952
532,307
539,157
The directors recently voted to defer the semi-annual payment of 8214
cents per share, due March 1 on the $1.25 cum. partic. cony. pref. stock
of no par value. The last semi-annual dividend on this issue was made
on Sept. 1.-V. 130. p. 1840.
Net operating profit-- $1,227,195 $1,366,805 $1,517,514 $1,709,303
Miscellaneous income_ -285.989
31,177
143,730
315,672
Federal Judge Paul J. McCormick at Los Angeles, after receiving affidavits showing that the company and Monolith Portland Midwest Co.
had current assets of approximately four times their current liabilities
and total assets of approximately 11 times their liabilities, held that the
Court did not have jurisdiction and dismissed a stockholders' action for
a receivership brought by Martin Noting and Gertrude M. Lord.
Prior to dismissal, J. W. Jameson intervened on behalf of the I. M.
Jameson Corp. and J. W. Jameson Corp. alleging that he had invested
over $1,000.000 in Monolith; that in addition to this his said holding
corporations had a net worth of several millions of.dollars and that the
management of Monolith was to his knowledge capable and honest. He
asked the Court that the true parties plaintiff be discovered and made
to appear in the action.
-V. 134, p. 1776.
/".
Gross income
Interest
Miscellaneous charges
$1,258,372 $1,510,535 $1,833,186 $1,995,293
27,408
17,828
53.347
18,523
101,592
49,102
49,964
219.985
Net inc. of selling cos_ $1,020,558 $1,442,048 $1,730,737 $1,866,292
Net inc.ofsubs.realty co.
23,721
86.134
58.990
57,664
Total income
Federal taxes
$1.078,223 $1,528,182 $1,789,727 $1,890,013
232,874
195,510
152,602
132.229
Net income
Previous surplus
Prof. on red, of pref. stk
owned
Restoration of surplus
k, appropriated to retire
r 8% preferred stock_
Burp. arising from lapsed
fractional certificates_
Adj.of prior period rent..
$945,994 $1,375,580 $1,594,216 $1.657,139
2,290,224
2,587.537
3,440,127
3,619,137
9,520
7,523
1,632
167,415
512
7,633
Totalsurplus
$4,575,164 $4,830,863 $4,183,385 $4,114.779
157,543
178,708
173,161
Pref. dive. (all classes)
167,187
351,893
496.126
Common dividends
734,379
742,922
Prof.stk. div. distrib. on
750,000
common stock
-Suit Dismissed.
Monolith Portland Cement Co.
-New President, &c.
Montgomery Ward & Co.
Sewell L. Avery has been elected President, succeeding George B.
Everitt, resigned. Mr. Avery also retains his position as Chairman of
the board of directors. Mr. Everitt was re-elected a director and Thomas
P. Riordan, Assistant Secretary, was elected to the board to succeed the
late F. Edson White.
Walter Baumhogger, formerly Vice-President in charge of retailing,
was elected Vice-President. T. P. Riordan, formerly Assistant Secretary.
was elected Secretary. Harry E. Hughes, formerly Vice-President in
charge of mail order, was elected Vice-President in charge of operations.
Other officers were re-elected, apparently without change in their duties.
Directors did not fill the position of Treasurer, vacant since resignation
of F. A. Powdrell.
Chairman Avery says in substance: "At present we have not too few
stores. We have too many. There is necessity for some relocations, and
in many places for cessation of store operations. There have been closed
40 stores, and some additional closings will take place alter.
"The company's lease and rental difficulties are based entirely on the
real estate situation. Those leases were made when rents and real estate
were all high. The leases, while high, fortunately are short, and we are
getting out of our high rent position. Making those leases short term ones
was a conspicuous accomplishment of the organization.
"There has been put on a distinct campaign to secure voluntary declines
In rents, and we have made very considerable progress. We are improving our situation as to rentals and locations; we plan to improve the
type of store operated; and with the number of years of training and experience the store personnel has had, the type of management in the stores
will improve."
Sales for Month and 2 Months Ended February.
1930.
1932.
1931.
Month of February
$11,963,366 $15,244,975 318.405.885
First two months
23.991,420 31,865,213 31.865.213
-V. 134. p. 1039, 1015.
Balance,surplus
$3,665,055 $3.923,322 $3,508,550 $2,855,343
Adjust. of Fed, taxes to
487
4,508
27,532
I" prior years
6,921
Recapitalization expense
263,298
charged off
59,443
Loss on sale of property_
28,300
8,494
Disc, on stk. purchased151,652
Loss on equip. aband_
Prov. for loss on invest.
in Broadway Block
125.000
Corp
P'' Profit & loss surplus-- $3,629,832 $3,619,138 $3,440,127 $2,587,537
Shares of common stock
371.461
354,376
354.376
P. outstanding
371 461
$3.23
$3.99
$4.23
$.09
Earnings per share
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1930.
1931.
LiabilUtes-Plans to Reduce
(Philip) Morris Consolidated, Inc.
Assets-5,149
2,404,145 1,865,569 Accept.pay„banks
Cash
Capital.
ACCUI. payable.... 737,704 1,438,800
Notes & accounts
71.603
87,756
308,872 Accrued liabilities_
62.126
The stockholders will vote on April 5 on a plan for reducing the present
receivable
8,136,613 4,181,290 Accts. of officers &
authorized 146,500 shares of $25 par 7% class A stock to 125.000 authorized
Inventories
employees
27,550
shares, and cutting the present 1,200.000 authorized shares of no-par
Adv. to officers
152,603 common stock to 600,000 shares of $10 par stock. The shareholders
9,389 Fed. income tax- 132,228
5.456
and employees_
Deposits on subwill be asked to exchange the present common stock for the new $10 Dar
Invest. In & adv.
leases and store
common on the basis of two no-par shares for one share of new common.
to Wwy Block
115,790 At the end of 1931 there were outstanding 50,000 shares of class A stock
mgrs.secur. dep. 111,979
53,465
Cora
Mortgages payable
250,000 and 965,192 shares of no-par common stock.
Prepaid rents, In107,506 Res. tor self-ins. &
141.642
surance, &e
These changes, it was said, would save the company about 2c, a share
87,784
75,047 on the common stock in franchise taxes and result in lower stock transfer
94,377 store replacemls
91,534
Investments
b3,196,458 8,528,422 8% cum. 1st pref. 2,274,300 2,350,000 taxes for those buying or selling the shares. Both classes of stock are
Fixed assets
500,000 traded on the New York Curb Exchange.
72,930 6% cum.2d pref- 419,960
Deferred charges.58.796
-V. 133 p. 3798.
464,326
Common stock... a464,326
Pald'In surplus... 1,110,882 1,199,946 'Morris Plan Corp. of America.
-Initial Dividend.
Operating surplus- 3,629,832 3,619,138
The directors have declared an initial quarterly dividend of 15 cents Per
record
9,148,238 10,258,355
Total
9,148,238 10,258,355 share on the 6% pref. stock, par $10, Payable April 1 to holders of
Total
March 25.
a Represented by 371.461 shares no par value. b After reserve for
In view of the negotiations by the company for the absorption of the
depreciation of $2,071,710.-V. 134. p. 1208.
Atlantic & Pacific International Corp., the stockholders of Atlantic &
may deposit their
.. Midland Steel Products Co.
-Omits Dividends
-4,w Pacific Plan dividend. stock for exchange to March 25 and receive the
Morris
Ilisedovv.The exchange is on the basis of four shares of Morris Plan preferred
stock, par $1, for
P The directors on March 8 decided to omit the quarterly dividends ordin- stock, par $10, and two shares of common each share of A. & each share
P. class A
arily payable about April 1 on the $2 non-cum. stock and common stock, of Atlantic & Pacific preferred stock. For
both of no par value. From April 1 1930 to and incl. Jan. 11932, the com- common stock,the stockholders will receive one share of Morris Plan common
pany made regular quarterly distributions of 50e. per share on the former stock. (For details see Atlantic & Pacific company in V. 133, p. 3969.)
-V. 133, p. 3977.
issue and quarterly payments of 75c. per share on the latter issue.
The regular quarterly dividend of 2% has been declared on the 8% cum.
-Earnings.
Moto Meter Gauge & Equipment Corp.
1st pref. stock, par $100, payable April 1 to holders of record March 22.
I. The directorate has been increased from seven to nine members with the
[Including predecessor and subsidiary companies and business.]
election of H. C. Richard, Chairman of the finance committee of the Manu1930.
1929.
1931.
Calendar Years
facturers facturers Trust Co., and R. M.Fisher, Treasurer of the company. Net sales
51,830,642 $3,104.220 $7,109,653
1928.
1929.
1930.
1,550.526
2,557.383
5.495.860
1931.
Calendar YearsCost of sales
$4,086,275 Selling and service expenses
319,061
472,021
783,497
Manufacturing profit__ _ $2,042,536 52,599.555 $4,701,893
486,313 General and admin. expenses
349,405
604,144
617,421
201,134
595,220
623,877
Expenses
32,243
11,685
16.383
Laboratory and research expenses...
166,898
160.712
51.418,659 52,004.335 $4,084,473 $3,599,962 Depreciation
Operating profit
230,495
239,299
245,534
102,934
Other income
$446,987prof$209,789
$439,220
Loss from operations
38,940
94.794
33.776
$1.521,593 $2,249,869 $4,323,771 $3,830.457 Other income credits
Total
167.503
399,738
Interest, discount. &c366.295
$408,047prof$304,584
392.403
179,989
$405,444
Gross loss
Employees' prof. sharing
466.884 Discounts allowed
21,378
43.394
576,206
12.318
594,912
610,849
Depreciation
400,000 Interest paid
10.340
41,602
400,000
1,686
203,000
135.000
Federal taxes (est.)
25.050
Provision for Federal income tax_ _ _ 198.118
33,387
107,599
$775,744 $1,271,968 $2,555,424 $2.429,773 Other charges
Net income
1,163,160
1,308,555
770,402
760,000
Preferred dividends- - (12%)
$637,882prof$161,150
(133i %)
$527,048
(8%)
Net loss for year
(8%)
Rate
172No
,
127,540
$2 pref. dividends
x Composed of net income for the period from Jan. 1 to July 19 1929,
328.875
297 000 after provision for Federal income tax, $292,096 and net loss of Moto
709,395
717,346
-Common dividends
$6.63
$.94 Meter Gauge & Equipment Corp. and subsidiary companies for the period
$3
$3
Rate
July 20 to Dec. 31 1929 (after absorption of extraordinary moving and
$917,994
$969,613 from expenses incident to changes in plants and production), $130,946.
def$821,191 def$387,841
Balance, surplus
other
Balance Sheet Dec. 31.
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
1931.
Ltablliffes1931.
Assets1930.
1930.
$
Assets
892,340 Note(' payable.... 850,000
Cash incl. call loans 844,004
Land, mach.,&c- - 5,377,480 5,733,859 Preferred stock. _ 9,693,000 9,693,000
27,594
Accts. payable....
in clos'd bits
83,441
$813,211
Good-will & pats- _ 1,675,000 1,675,000 Common stook.. _x2,423,250 2,423,250 Funds& acc'ts res. 8165,820
Notes
309,630 Reserve for taxes35,736
73,371
52,911 52 non-cum. div.
1,719,167
Cash
1,472 Accrued accounts.
390
11,512
26,575
9,693 Accrued int., rec.stock
9,693
Ctfs, of deposit...- 4,250,000
789,915 Deposits payable573,081
4.245
618,349 Inventories
736,586 Accts. payable__ _ 437,722
989,113
Treasury stock- 78,481 Capital stock and
accounts_ 174.219
281,617 Investments
74,930 6.687,362 Accrued
Govt.securities..surplus
c2,862,524 3,430,226
Reserves
1,000.000 1,000.000 Equity in assets of
Joint stock land
Boyce Moto Co.
39,876
67,500 Profit & loss sure!. 1,948,926 2.770,116
50,000
bank bonds_ _ _
Organization expe.
29,437
2,559
Accrued interest_ (subsidiary)._ _ _
236
262
682,493
Notes & accts. rec. y494.775
Dep.on leases, &c.
21,370
24,735
866,629
809,100
Inventories
L'd, bldgs., mach.,
40,933
36.889
Other assets
equipment, &c.b1,361,643 1,832,567
223,315
207.796
Deferred charges
Awns°.on books of
W.Nagel El. Co 285,520
15,688,810 16,796,026
Total
15,686,810 16,796,026
Total
Other assets
99,558
x Represented by 242,325 no par shares, including 16 shares reserve Pats., trade marks
deducting $45,000 allowance for doubtful notes,
for exchange. y After
and copyrights_
1
1
discounts, accounts and allowancos.-V. 134, p. 1385.
Deferred charges
463,997
451,347 Total (each side)$3,043.214 $83,620,628
a After reserve for doubtful notes and accounts of $23.821. b After
-To Move Units.
Regulator Co.
Minneapolis-Honeywell
reserves for
capital stock
The company will move manufacturing units from Elkhart, Ind. to without par depreciation of $1,510,782. c Represented by issued and to
shares:
Minneapolis, to effect economies, it is announced. The Elkhart factory be issued in value, $4.172.566; authorized, 750,000 dated April 15 1929.
connection with plan and agreement
the Time-O-Stat
was acquired about a year ago when purchase was made of
512,500 shares. Conditional option outstanding expiring June 30 1932.
Controlled_Co.
-V _. 134, p. 1039.
for additional 225,000 shares at $2 per share. At Dec. 31 1931 the com-Holdings of Stock in this pany carried 7,461 shares of its capital stock in its treasury and the cost
Minnesota Mining & Mfg. Co.
thereof has been deducted from the amount shown as capital. The appreCompany Distributed by Eastern Equities Corp.
ciation of fixed assets is also included in this figure. Deficit, $1,275.987:
adjustment during year, $34,054; balance as above.
-V. 133. P. 3101.
-V. 131, p. 1724.
See Eastern Equities Corp. above.
MAR. 12 1932.]
FINANCIAL CHRONICLE
Motor Products Corp.
-Earnings.----
1971
"
--,National Brick Co.of La Prairie, Ltd.
-Protective Comm.
Calendar Years
-1931.
Gross pref. from oper___
$454,433
Other income
130.090
Prof. on dopes. of cap.
assets
382
1930.
81,150,607
205,967
1929.
$3,267,519
175,468
1928.
$4,004,841
85,090
Total
Sell.. adm. & gen. exp....
Interest
Depreciation
Fed. & Can. inc. taxes
$584,905
288,876
81,356,574
370,421
$3,442,988
636,882
314,490
423,012
76,000
405,258
260,000
$4,089,930
691,090
19,265
359,825
376,000
The directors recently voted to defer the quarterly dividend of 50 cents
per share due March 1 on the $2 cum. cony. pref. stock, no par value.
From Sept. 1 1929 to and inc! Dec. 1 1931, the company made regular quarterly distributions at the above rate.
-V. 129, p. 1297.
$487,139 $2,140,847
2,298,625 x2,236,681
$2,643,749
154.179
Greer McIlvain of Pittsburgh, for several years a member of the board of
directors, has been elected a Vice-President.
-V. 133, p. 4169.
Net profit
Bal. at bogiu. of year
loss$18.461
2,393,905
---,National Container Corp.
-Dividend Deferred.
-
Total
$2,375,444 32,785,765
Dividends paid
387,518
391,860
Add'I inc.taxes prior yrs.
8,529
$4,377,528
y2,078,903
$2,797,929
413,882
Earned surpl. Dec. 31 $1,979,397 $2,393,905 $2,298.625 $2,384,047
Earns. per com.sh. outst.
Nil
$2.48
$10.42
$19.10
x Adjusted. y Includes $84,020 prof. dividends.
Balance Sheet Dec. 31.
Assets1931.
1931.
1930.
1930.
Fixed assets
y$3,917.785 $4,153,188 Capital stock- -y$1.893,840 $1,956,990
Inventories
659,208
851.098 Accts. pay., &c_
184,933
300,614
Accts.receivable- _ 328,389
390,765 Accr. payroqs, emGovt. secur., &c
2,815,277 3,044,950
ploy. stk. contr.
Cash
134,884
128,231
230,912
°red., &c
Deferred charges__
89,680
77,498 Res. for Federal &
Canadian taxes_
10,007
83,416
223,654
Res. for tenting
17,545
3,731,268 3,789,832
Capital surplus
Earned surplus
1.979.397 2.393,905
Total
$7,945,222 $8.748,411
Total
$7,945,222 $8,748,411
x Represented by 189,384 no par shares. y After depreciation of $3,717,219.-V. 133. P. 2773.
Motor Wheel Corp. (et Subs.).
-Earnings.
---Calendar YearsSale of wheels,stpg., &c_
Int. earned and income
from investments-- - -
1931.
$951.948
1930.
$2,410,722
1929.
$5,482,422
1928.
$4,715,973
141,036
194,299
179,680
116,966
Total income
$1.092,984 $2,605,021 35,662,101 $4,832,939
Sell., adv., gen., admin.
expenses, &c
1,006,819
843,493
988,283
1.049,355
Misc. losses, incl. mach.
sold and scrapped..
246,083
49,633
175,598
Depreciation
429,394
470,354
530,984
526,897
Provision for Fed'! taxes
398,925
110,000
426,500
Corp. proportion of net
loss and divs, paid of
Cleveland Weld. Co
131.578
Net income
loss$572,311
Common diva.,
838,879
Common diva., stock-
The company has given notice that it will be unable to provide fundsto meet bond interest and sinking fund payments due on March 1 next,
and as a result a bondholders' protectivecommittee has been formed, consisting of W.O. Hanson,C. V. Heward and A.C. Stead.-V. 132, p.3899. .4
$986,751
2,480,289
$3,479,664
1,984,833
b1,375.000
$2,915,044
1,306,250
al,375,000
Balance, surplus_ --def$1,411,190df$1,493,538
8233,791
$119,831
Profit and loss surplus__ 2,527,586
6,682,189
6,562,518
5,002,151
Shares of corn, outstanding (no par)
850,000
687,500
850,000
825,000
Earns. per share on com_
Nil
$1.16
$4.21
$4.24
a Representing 25% stock div. of 137.500 shares distributed in Oct. 1928.
b Representing 20% stock dividend of 137,500 shares distributed in 1929.
Comparative Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Assets
Liabilities$
$
$
$
Land, bldgs.. maCommon stock..__ 8,500,000 8,500,000
6,693,226 7.052,448 Accounts payable_
chinery, &c_
428,773
419,020
872,611
Cash
672,970 Notes payable__
500,000
CBs. of deposit &
Accrued taxes. roYacer'd Interest_
45,419
allies, &c
121,804
107,011
Fed'I income taxes
Invest. In sub. co.
110,000
not °onset
707.570
Res. for continMarketable securs. 1,122.830 1,829,494
gencles, &c
300,454
221,123
Customers'notes &
Profit and loss_ ...._ 2,527,586 5,002.151
822,988
accts. receivable 634,034
Inventories
1,489,343 1,884.416
Other assets
839,067 1,754,619
Prepaid taxes, Ins.,
bond dint., &c_
105,141
219,244
National Fireproofing Corp.
-New Vice-President.
-New President.
National Oil Products Co., Inc.
Charles P. Gulick, general sales manager has been elected President,
succeeding Mark A. Richards, who has been elected Chairman of the board.
a newly created office.
-V. 133, p. 4169.
National Steel Car Corp., Ltd.
-New Contract.
The company has arranged to manufacture fo: Canadian distribution the
products of the LaPlant-Choate Mfg. Co., Cedar Rapids, Iowa.
-V. 133,
P. 813.
-Smaller Distribution.
-The direc""---National Steel Corp.
tors on March 10 declared a quarterly dividend of 25 cents
per share on the common stock, no par value, payable
March 30 to holders of record March 21. This compares
with quarterly distributions of 50 cents per share made from
March 10 1930 to and incl. Dec. 10 1931.-V. 134, p. 1040.
New York Shipbuilding Corp.
-Earnings.
Consolidated Income Account for Calendar Years.
1930.
1931.
1929.
Net inc. after all chgs.,
including deproc
$1,450.977
$61,342
$610,159
Interest, discount, &c...209,376
191,542
137.118
Total Income
$1,660,352
Bond int., discount, &c..
225,760
Federal taxes
Adj. compensation to
exec. & employees
103,957
Net income
81,330.635
Prof. of sub. co. applie.
to min. int
Non-recurr. net oper.loss
of Elec. Div. for per.
Jan. 131 to July 15'31
125,476
Consol. net prof. app!.
to parent co
81,205,158
Consol. surp. Dec. 31
(incl. sur. fr. apprec.
of prop.& cap. surp.)_ 3,799,979
Profit on sale of sub.._ - _
Adjustments (net)
Surplus credit
1,379,546
1928.
$1,045,672
141,345
$252,884
251,356
8747,277
334,840
10,000
81,187.017
494,289
$1,528
$402,436
$692.728
80,511
81.528
8402 436
3612.216
4,059,313
2,751,531
1,650,851
Dr.33,305
Dr.83,849
2,223,163
Total
$6,384,684 84,060,841 84,771.513 82.751.531
Div. on prof. stock
a577,500
182,280
210,000
Prov. of res. for conting_
50,000
Fed. & State taxes pr.yrs
34,701
862
Prov. for loss on obsol.
& unused equipment..
100,000
Loss through sale of Electrical Division
1,959,166
Consol. surp. Dec. 31
(incl.surp.fr. apprec.
& cap. surp.)
$1,243,238 $3,799,979 $4,659,312 $2,751,531
a Includes 14% paid to cover accumulations besides regular dividends of
7
W. M. Moir, Chairman of the board, says in part:
In accordance with action taken at the special meeting of stockholders
called for that purpose and held on Juno 17 1931, the sale of the electrical
business of company to Allis-Chalmers Mfg. Co. was duly consummated,
and thereafter,the name of the company was changed from American
Brown Boveri Electric Corp. to New York Shipbuilding Corp.
A survey of the balance sheet and income account shows the great improvement made passible by the disposal of the electrical business and
the satisfactory result of operations for the year. Losses due to the elecTotal
12,363.824 14,374,098
Total
12,363,824 14,374,098 trical division have boon stopped; the cash and the liquidity, in general.
of the net quick asset position of company has been materially improved;
x Represented by 850.000 shares of no par value.
-V. 134. p. 1208.
the capitalization has been decreased, and the corporate and operating
..
------Nashawena Mills New Bedford.
-Reduces Capital.- expenses have been reduced.
The net income for 1931 is equal to $1.93 per share on the 530.000 shares
At the annual meeting ' on Feb. 23 the stockholders voted to change
held
the 75,000 authorized shares from $100 par value to no par ,and to reduce of participating and founders stock, after preferred dividends.
As of Dec. 31 1931 company had $19,716,300 of uncompleted work
the stated capital by restoring to surplus account $1.500,000 (the amount
on contracts in process.
of the 1923 stock dividend).
-V. 134, p. 1386.
Pro-Forma Consolidated Balance Sheet Dec. 31 1931.
National Acme Co.
-Earnings.
(After giving effect to (1) purchase subsequent to Dec. 31 1931 of 650
Calendar Years1930.
1931.
1929.
1928.
shares preferred, 16,256 shares participating and 500 shares founders
Manufacturing profit..,..
$247,871 $1,503,327 $3,596,451 $2,419,818 capital stock for cash; (2) proposed reduction of capital from 316,923,275
Admin., sales, &c., exp_
852,919
654,267
973,977
802,880 to $14,286,298 through retirement of 8.490 shares preferred. 50,756 shares
Other deductions
135,474
151,239
363,965
263,105 participating and 27,330 shares founders capital stock in treasury (Including
Federal income tax
252,075
180,000 shares acquired subsequent to Doe. 311931); (3) application of $3,266,312
Depreciation
575,896
468,319
of surplus arising through retirement of capital stoic and previous capital
Interest charges. &c____
131,573
surplus and surplus from rovaivatiosi of property to write down of plant
values.)
Balance
def$1,157,527 def$60.964 $2.006,434 $1,173,832
Assets
Liabilities
Other income
69,524
62,378
94,921
35,282 Cash
$3,637,000 Note payable
$11,768
2,493,938 Accounts payable
799.618
Not profit
def$1,095.149
$8,560 $2,101,355 $1,209,114 Marketable securities
Notes & accts. rec.-trade.
26,584 Dividend payable
38,780
Dividends paid
100.000
662,500
687,500
125,000 Contracts
in process
1,147,609 Accrued payroll, comp.& int_
287,493
Balance, surplus
$1,195,149 def$653,940 $1,413,855 $1,084,114 Materials & supplies
686,650 Advance payments received
She. capital stock outCash in sink.Id.(with trustee)
on contracts In Proms-. 1,093.880
93
standing (par $10)
500,000
500,000
500,000
500,000 Sundry notes & accts. rec... _ 1.117.210 Notes payable
23,536
Earned per share
$0.01
Nil
$4.20
$2.04 Miscellaneous investments
325,660 Funded debt
4,322,700
Property & plant
13,905,229 Reserve for contingencies
1.081,347
Balance Sheet Dec. 31.
Good-will & patents
1 7% Pref. stock
2,151,000
Assets-1931.
Liabilities1930.
1931.
1930.
Deferred charges
24.913 Particle. & founders' stocks_a12,135,299
Cosh
$672,758
86,683 Accounts payable. $74,809
$69,773
Earned surplus
1,419,463
Certif, of deposit
1,000,000
195,000 Accr. real & pers'l
taxes
42,860
U.8. Govt. near_
2,020,000
104,508
Total
$23,364,884
Total
$23,364,884
Customers' notes &
A ccr. bond interest
9,815
9.840
a Represented by 344,500 shares participating stock and 185.500 shares
acceptances roc_ y298,387 166,970 Accrued payroll
23,958
34,185
Customers' accts.
Dividend payable_
100,000 founders stock.
Consolidated Balance Sheet Dec. 31.
receivable
260,590 1st mtge. 6% gold
Creditors' debit bal
bonds
1,005
528
1,963.000 1,968,000
1931.
1931.
1930.
1930.
Inventories
2,506,382 3,271.744 Workmen's comAssctsLiabilities$
$
$
Plants & prop___a17,171,541 18,596,794 Preferred stock- 2,216,000 3.000.000
pensat'n & con77,770
77,770
Misc.secur.owned
tingencies
15.759
15,371 Good-will & pats__
1
Particle. & found.
Empl's subscrips to
28.962
42,479 Capital stock
5,000.000 5.000.000 Cash
3,761,959 2,207,260
cap. stock
stock
b12.637,795 14,664.220
Capital surplus
681,802 Market'le secure
2,493,938
Adv. to associated
670,369 Funded debt
4,322.700 4.536.600
companies. &c
55,277
58,053 Prof.& loss surplus 1,301,492 2,496,041 Accts.& notes rec.
26,583 1,633,246 Notes & accts. pay 811.385
779.804
Contr. In process
c Other notes &
1.147,607
Land, bldgs., maAdvance payments
accts. payable
43,217
23,536
chin.& equip_ _ x3,594,370 4.156.191
35.305
1
1
Inventories
686,650 3,350,426 Divs. payable- _ 38,780
Patents & goodwill
52,500
Investments
325,660
275,660 Accrued
payroll.
TJnamort. portion
Particle. & found.
Interest, &c
287,492
of bond disc. &
286.394
99,111
85,610
stock
230,000 Adv.pay.on contr. 1,093,880
expense
934.456
65,426
63.558
Other assets
1,117,303 1,080,033 Res. for conting
Designing & devel_
1,081,347
83,189
Deferred debits__
.
24,912
85,440 Surplus
4,243,238 3,799,979
Prepaid Insurance.
59.574
47,619
&c
taxes,
Total
26,756,155 28,172,447
Total
26,756,155 28,172,447
$8,431,701 10.480,119
Total
88,431,701 10,480.119
a After depreciation of $5,914,798. b Represented by 360,756
Total
y After allowances for doubtful shares of partic. stock and 186,000 no par shares of founders' stock. no par
c Duo
x After depreciation of $2,482,108.
after Jan. 1 of following year.
-V.133, p. 3265.
accounts of $20,500.-V. 133, p. 2938.
[VoL. 134.
FINANCIAL CHRONICLE
1972
Neisner Bros., Inc.
-February Sale8.1932.
$909,796
1.751,888
Month of February
First two months
-V.134. p.336. 1040.
1931.
$943,532
1,978,917
1930.
$865,709
1,685,155
1929.
$715,938
1,302,533
Niles-Bement-Pond Co.
-Dividend Again Decreased.
The directors have declared a dividend of 15 cents per share on the outstanding 192,496 shares of common stock, no par value, payable March 31
to holders of record March 21. In each of the four preceding quarters a
quarterly payment of 25c. per share was made as against 500. on March 31
1931 and four quarterly dividends of 50c. and four extras of 25c. per share
paid during 1930.-V. 133, p. 2445.
-Initial Preferred Dividend.
---Norwalk Tire & Rubber Co.
An initial quarterly dividend of 8735 cents per share has been declared
on the 7% cum. pref. stock. par $50, payable April 1 to holders of record
March 22.-V. 134, P. 1777.
-Dividend Rate Cut.
'Old Colony Trust Associates.
The trustees have declared a quarterly dividend of25 cents per share on the
first series trust shares, no par value, payable April 1 1932 to holders of
record March 21. This compares with quarterly payments of 50 cents per
share made from Oct. 1 1928 to and incl. Jan. 2 1932.-V. 131. p. 952.
Old Dominion Co.
-Earnings.
-1928.
1929.
Calendar Years1930.
1931.
Sales of copper, silver
and gold
$629.568 $3,106,933 41.971.992 53,289,680
34.618
'43,774
Income from investm'ts_}
26.397f
14,605
24.798
48.339
I
Interest
Balance Sheet Dec. 31.
1930.
1931.
1931.
1930.
Assets
$
39.612,300 39,612.300
Plant
y49,093,978 48,458,057 Capital stock
2,148,058 1,892,907 Sundt. accts. pay_ 583,136
Cash
627,316
Accts.receivable.. 4,179,857 6,345,775 Inventory reserves 300,000
300,000
Inventories
7.675,600 8.861.691 Res. for depree_23.227,677 21,871,043
250,000
Unearned insurce
Res. doubt. accts. 250,000
premium
311,600
301,490 Surplus
df540,345 3,261,333
62,072
Prepaid items-23.675
Total
63,432,769 65,921,992 Total
63,432,769 65.921,992
x Inventories were taken at cost or market, whichever is lower.. y Plant
taken at book value.
As of Dec. 31 1930 the company contracted to purchase cotton, wool,
cotton cloth and supplies for the total amount of $158,607, which, as of
that date, was $450 above the market.
-V. 133, p. 814. .
Packard Motor Car Co.-Shipntents Higher.
Shipments during February totaled 2,150 units, an increase of 270% over
February 1931. Schedules for March are being maintained on the same
basis as February, with banked-up shipment orders well into April.
Retail deliveries are expanding, with February deliveries exceeding
January. A substantial build-up in retail deliveries is anticipated for
March, inasmuch as the new light eights are now moving in quantity to
-V. 134, P. 1041.
distributors and dealers.
Pan American Airways, Inc.
-1931 Operations.
-
The corporation transported 40,676 passengers in 1931 as compared with
34,748 in 1930, an increase of 17%. The company states that 78% of the
1931 traffic was made up of commercial passengers traveling for busness
purposes between the United States and Latin America.
Total income
5644.174 53,133,329 42,064,1051 53.349.096
totaled 12,478.000, an increase
Min., treat. & ref. exp.,1 1 91,141
3,080.597 ofThe company's passenger miles in 1931 Schedules were maintained with
1,787,633
3,943,766
_}
21,476 an39% over the 8,980,134 miles in 1930. completed on time.
Selling, expenses, Sm.__
•
efficiency rating of 99.6% of all trips
69,292
Depreciation
27,064
68.949
73,967
Passenger traffic in December last year showed an increase of about
Interest
8.438
100%
262,294 of theover the same month in 1930, due mainly to installation in service
Depletion
125,916
332,823
81,815
two new 48
-passenger planes, the "American Clipper" and the
Balance, deficit
484.564 "Caribbean Clipper.' One of these ships is now engaged in daily operation
$702,750 $1,220,645 sur$123,491
One
P.& L.surplus Dec. 31.def$673,177
$29,572 $1,250.218 41.126.728 on the two-hour run between Miami and Havana.
-V. 134. p. 1209.
Balance Sheet Dec. 31.
Paramount-Publix Corp.
-Sells Interest in Broadcasting
1931.
1931.
1930.
1930.
Assets
Company.
Mines & min.cims 13,113,807 13,113,807 Capital stock
8,750,000 8,750,000
It was officially confirmed on March 8 that this corporation had sold its
,
Plant dc equipment 4,723,085 4.725,514 Accounts tax paySystem, Inc. to Willi..m S.
inv.In sundry cos_
34,102
able
124,289
343,452 half interest in Columbia Broadcasting Paramount had repurchased Paley
47,834
all of
Supplies on hand &
Depletion reserve. 6,077,112 5,995,298 and associates for 45.200.000 and that
its common stock which it was obligated to repurchase under the agreement
expenses prepaid 103,597
178,153 Depreciation reunder which it acquired the half interest in the Columbia corporation. This
Metals on band__ _ 345,512
serve
4,309,653 4,235,687
120,066
Paramount has no further
29,572 obligation involved the payment of 44,036,000. to repurchase any more of
Accts. receivable__ 124,887
def673,177
879,872 Surplus
obligations under this or any other transaction
Cash
142,888
288,763
Its stock.
See also Columbia Broadcasting System, Inc. above.
18,587,878 19,354,009
Total
18,587.878 19,354,009 Total
B. P. Schulberg has been elected a member of the board of the Para-V. 132. p. 2786.
mount Publix Corp. to fill a vacancy. Mr. Schulberg has been General
Manager of production at the Paramount's West Coast studios since
-Earnings.Oppenheirn, Collins & Co. Inc.
For income statement for six months ended Jan. 31 see "Earnings 1925.-V. 134, p. 1210.
-V. 134, p. 687.
Department" on a preceding page.
-Class B Dividend Deferred.
"`--.Parker Trading Co.
-Earnings.
The directors recently voted to omit the quarterly dividend ordinarily
Orpheum Circuit, Inc.(& Subs.).
payable about March 1 on the class B common stock. The last regular
1929.
1928.
1930.
1931.
Calendar Years$14,421,2453418,082,032$17,861.996 417.839.456 quarterly payment of 30 cents per share was made on this issue on Dec. 1
z Gross income
14.095.233 16,698,645 16,868,463 16.888,560 1931.-V. 129, p. 1138.
Expenses
841,153
770,445
962,408
Depreciation & amortiz- 1,049,633
-Purchase Offer Extended.
Peerless Motor Car Corp.
18,500
9.550
Res.for taxes St conting
The stockholders have approved the action of the directors in extending
189,383
Invest. & adv. writ. off_
an offer by the corporation to buy stock from stockholders at $3.50 a
75,000
deductions
Other
share to March 18 from Feb. 20. The meeting was adjourned until March
loss$798,622
$402,478
$142,830 loss$8,931 21.-V. 134, p. 1779.
Net income
500,408
250,204
500,408
500.468
Preferred dividends.-$97,930
Balance, deficit_ -1°8841,048.826
4357.578
5509.399
900,601
1,949,426
2,047.355 2,395,417
Total surplus
1.000,000
549,190
Shs.corn. outst'g(par 41) 1.000.000
549.190
Nil
Nil
Earns, per sh. on corn..
Nil
Excludes $9,000 profit on sale of investments. y Includes profit on
Radlo-Keith-Orpheum Corp. capital stock sold to Radio-Keith-Orpheum
Corp. of 4405,000. a Includes other income.
-V. 133, p. 3473.
Ru
(David) Pender Grocery Co.
-Earnings.
-
Calendar Years1930.
1928.
1931.
1929.
Net sales
$14,378.103 $15,975,117 $15,920,689 $15,419,461
Net profit before Federal
460,537
and State taxes
147,380
338.015
48,868
Net after taxes
390,777
122,822
40,741
287,715
Class A dividends
x235,761
105,000
105.725
105,725
Balance, surplus
$17.097 def$64,984
Shares class B stock outstanding (no par)....
65,070
65.070
1931.
1930.
1929.
1928.
$0.26
Nil
$814.115 $3,146.594 $6,643327 $6,286,482 Earnings per share
Includes class B dividends.
549,746
618,294
724r/26
673,542
865,828
865,109
864,000
864.000
Comparative Balance Sheet.
-Earnings.
Otis Steel Co.
Calendar YearsManufacturing profit..__
Sell., gen.& admin. expDepreciation
Operating profits_
Other income (net)
_loss$C01.458 $1.663.190 45.055.200 $4,748,940
58.835 Dr.151,248 Dr.144.182
loss$601.458 51.722.025 84.903.95.3 44,604.757
Gross profit...,
738.295
751,263
768,776
247,663
Other deduction's
Bond int. & amortiz. of
722,221
bond disc. & exp
465,000
115,000
465.000
Prov.forest. Fed. tax..
$868,730 43,687,690 43,370.982
loss$1,571,342
Net income
818.713
804,626
821,108
402,495
Preferred di vidends.- _ 1,051.261
1,576.894
Common dividends
7
Balance.surplus_ _ _det.41.973.837def$1512, 98 $1,817,716 $2.549,874
5.905,129
6,210.053 7,722,843
7,352,137
Profit and loss surplus
841,002
807,002
841.002
841,002
Shs.com stk.out.(no par)
$0.07
$3.41
43.15
Nil
Earnings per share
Balance Sheet December 31.
1931.
1930.
•
1930.
1931.
Liabilities$
$
8
42,504 Prior preference
210,270
Cash
11,503,433 11,503,433
stcck
Certifs. of deporat
4,205,010 4,205,010
and aocrued int_ 200,261 1,455,291 Common stock
156.907 1st mortgage gold
U.S. Govt.secure.
10,860,000 11,220.000
bonds
591,581
Accts. receivable_ _ 726.520
4,962,265 8,311,432 Notes pay.for const.
Inventory
Serial A 6% bonds
188,500 & equip. purch_ 1,222,034
32,500
793,518
Accounts payable_ 1,085,806
Invest. in & adv.
to other cos
1,385,803 1,072,896 Accrued Federal dv
MlaceII. accounts
city taxes, bond
931,015
and other assets
Interest, &c__-. 618,995
83,458
76,742
946,661
Total reserves__ 1,531.676
Real estate, plant
and equipment x30,166,360 27,173,456 Capital surplus__ 3,944,163 3,944,163
Profit and loss
Disc. & exp. on let
3,407,975 6,210,053
surplus
mtge. gold bonds 599.633
665.048
Unexpired Insur19,495
ance prem., &e_
10,021
38.377,092 39,753.852
Total
Total
38,377,092 39.753,852
x After depreciation of $11.712,376. y Represented by 841.002 no par
shares.
-V. 133. p. 3102.
-Earnings.
Pacific Mills, Lawrence, Mass.
Calendar YearsNet sales
Cost of goods sold
1928.
1929.
1930.
1931.
433.808,023 $36,843,573 $47,603,674 544,120,650
34,929,273 36,630,688 43,924,397 41,943,607
Netoper. profit - -def$1,121.250
1,424,124
Plant depreciation
Inventory mark'd down- 1,236,176
Interest charges
Cr120,106
Amortization of discount
on term notes
140,234
Other charges
4212,885 43,679,277 $2,177,043
1,458,801
1,440,340
1,427,676
826,220
600,511
465,808
325,782
Cr41.297
582,337
141,491
245,556
121,394
160,082
119,916
182,057
def$3.801.678df$2.417,887 41,031.168 def$600,751
Net profit
Earnings pm- share on
Nil
Nil
capital stock
Nil
42.58
AssetsJan. 212, Jan. 311.
Land, buildings,
equipment, &c.. 31728,891 $737,954
Cash
310,455
390,800
Notes & accts. rec. 116,475
108,947
Inv. in other cos._
8,362
8,539
Inventories
1,362,757 1,645,151
Cash surrender val
4,265
11,067
Insurance fund...
23,864
19,496
Adv. to employees
2,326
1.899
Dep.with bankrupt
11,824
banks
12,505
70,521
Deferred charges..
67,662
1
1
Good-will
$51,954
$285,777
65.070
$2.79
65,000
$4.40
LiabitittesJan. 212. Jan. 3'31.
Cl. A & B stocks _41,517,065 $1,517,065
Accounts payable_ 415,709
423,235
Notes payable.
250,000
Res. for Fed. and
State tax
24,557
8,127
Res,for diva. A...
8.810
8,810
Fire Maur. fund__
23,865
19.496
Surplus
734,281
692,747
$2,724,287 $2,919,481
Total
Total
$2.724,287 $2,919,481
a Represented by 30,207 shares of class A no par pref. stock and 65,070
shares class B no par common stock. y After deducting $961,067 reserve
for depreciation and arnortization.-V. 133, p. 972.
helps Dodge Corp.
-Forms New Subsidiary.
After March 21 the manufacturing business of this corporation will be
conducted by two separate subsidiary companies. The business of National Metal Molding, which consists mainly of steel conduits and electrical
wiring specialties, will be conducted under the corporate name of National
Electric Products Corp., with headquarters at Pittsburgh. W.0. Robinson will be President. Th3 copper fabricating end of the business will be
conducted by a new company called Phelps Dodge Copper Products Corp.,
with Wylie Brown as President. The divisions operating under this subsidiary will be American Copper Products, British Ameican Tube, Inc.,a
Manufacturing and P-M-G Metal.
The Habirshaw Cable & Wire Corp., of which Wylie Brown is President,
will operate as a subsidiary of the Phelps Dodge Copper Products Corp.
-V. 133. p. 4340.
Pilgrim Mills, Fall River.
-New Treasurer.
Ralph C. Perkins was recently elected Treasurer, succeeding Arthur C.
Homer.
-V. 133, p. 2940.
Pittsburgh Coal Co.
-New Vice President.
-
R. Templeton Smith, Secretary-Treasurer and General Manager of the
Portland Coal Co., Ontario Gas Coal Co. and Lowber Gas Coal Co. of
Pittsburgh, operating mines in Washington, Fayette and Green Counties,
has been elected Vice-President of the Pittsburgh Coal Co.
Calendar Years1931.
1928.
1930.
1929.
Gross receipts
$31,944,440 542.118.115 $46.208,633 442,568,772
Oper. exp., incl. taxes
29,050,479 37.614,083 40,834.629 39,561.398
Profits after all exp.__ $2,893,961 $4,504,031 $5,374,004 $3,007,373
1,207,729
Depletion
1,437,486
1.471.960
1,165,841
1,611,232
Depreciation
2.076,623
2,492.044
2,329.823
612,211
Interest
1,748,704
1.528.021
1,724.655
70072
Minority int. in subs
95,598
Cr.15,122
56,288
Fed.inc. tax ofsub. co
23,596
$493,871
Net loss
$2,300.418 $1.078,696 prof$15.592
8,238.189
6,450,285
Earned surplus
2.102,178
def1,508,818
FINANCIAL CHRONICLE
MAR. 12 1932.]
Consolidated Balance Sheet Dec. 31.
1931.
1931.
1930.
1930.
$
Liabilities
lands____x102.070,8613 103,835,903 Preferred stock_z35,000,000 35,000,000
Coal lands.
Plant & 0611111. _y27,069,180 28,427,823 Common stock. 40,000,000 40,000,000
26,157,500 27,356,500
Bonds
Inv. in stocks &
bonds
5,801,496 5,736,887 Insurance fund_
250,000
250,000
Mortgage reo__ _
832,186
852,144 Mint.int.in subs 1,194,797 1,443,656
14,079
Co.'s stook for
Porch. mtges_
employees-. _
397,487
Workmen's comMiscell. Inveet_
299,697
658,531
850,000
pensation adj.
Sinking fund &
600,000
Contingent fund
relay.fund_ __ 3,791,247 3,821,892 MaceII. nab_ __.
183,346
Pension fund Inv
211,004
211,004 Accr.int.& taxes 1,075,639
Deferred charges
943,465 1,052,163 Workmen's camMarket. secur_ 3,699,258 3,151.845
781,581
669,113
pen. claims__
Inventory
7,341,859 7,703,669 Peasion fund_
148,390
165,788
Accts.& bills rec 5,042,233 6,806,918 Bills payable... 1,063,717
814,400
Cash
2,607,767 3,859,067 Accts. payable_ 1.273,213 3,462,356
Paid-in surplus. 53.329,848 53,329,848
Earned surplus_df1,508,818 2,102,178
•
-Total
160,107,747 165,458,818
160,107,747 165,458,818
Total
x After depletion. y After depreciation of $17,344,005. z Dividends
have accumulated on pref. stock from Jan. 25 1926.-V. 133. p. 2114.
1973
Radio-Keith-Orpheum Corp. (4k Subs.).
-Earnings.
--
Calendar YearsTheatre admissions
1931.
1930.
1929.
$50,383,170 $50.646.182 $37.146,181
Film rentals and sales- .._ 24,385,404 16.466.345 10,423.572
Rents, concessions and
other income
4,463,818 4,245.304 4.127.108
Total income
$79,232,392 $71.357,831 851.696,861
Artists' salaries, other
salaries & film service 29,394,016 30.500,451 25.561.374
Cost of film sales & serv. 22,139,398 10,083,634 5,706.177
Film selling & gen. exp. 5.962.872 3,141.491
2,786,409
Oper. expenses and theatre overhead
19,486,854 18.749.028 12,026.911
Deprec. of capital assets
& amort. of leaseholds 3.992,306 3,343.069 2,438,684
1928.
$30.580,582
8.334,721
3.709,662
$42.624,965
21.056,949
5.067,155
2,929,751
10,452,234
1.914.383
Operating income_ _def$1,743,054 $5,540,158 $3,177,304 $1,204,492
Profits of foreign subsldiaries not consol.._ _
253.390
Dividends received on
invest, in other cos....231,967
386.333
355.371
490,159
Commission from outside theatres
26,666
40,000
40.000
38,208
Interest earned
409.939
436.487
342,366
224,098
Profit on sale of invest
525,035 1.134,827
28,061
36,198
"-Pitney-Bowes Postage Meter Co.
Forfeited deposits
94.413
88.043
33,022
201,294
-Stock Dividend.133.256
116,016
651.551
100,308
• A semi-annual dividend of 2% has been declared on the common stock, Sundry other income__ _
no par value, payable in common stock on April 1 to holders of record
Total income
drif$520,958 $7,158,591 $4,742.163 $3,225,114
March 15. Six months ago a semi-annual stock distribution of like amount
Inv.,adv., &c., writ.off_
66,108
446.241
was made.
-V. 133, P. 3266.
Interest and discount_
1,472.828
3,096,954 2.357,520 1.843.586
Financing expenses_ _ _ _ I
(309.712
52,861
58.910
Pirelli Co. of Italy.
-Dividend Correction.1 50.000
The company recently declared a dividend of 10% (50 lire) for the year Lease deposit forfeited_
575,000
250,000
69,000
1931 as against 12% (60 lire) in each of the two preceding years. Due to Prov.for tax. & coating.
a typographical error, the dividends for 1929 and 1930 were given last Loss on sale of investment and capital ass'ts
72,921
week as 12%.-V.134, p. 1779.
Prov.for losses of affil.cos
260,000
Prov. for loss on inv. in
Poor & Co.
-Earnings.sub. co. not consol__ _
137,965
Sundry other charges__ _
Calendar Years23,664
1931.
1930.
1929.
Net sales
$6,318,106 $9,621,334 $14.020,612 Initial loss of sub. co.
Charged to res. set up
.Purchase and production cost of prothrough good-will_ _Cr1,500.000
duction, incl. purchased product,
labor, material and production expenses, but not incl. provision for
depreciation
4,959,406
Selling and admin. ens. incl.salaries,
commissions, traveling expense,
Extraordinary charges
7,398,400 10,463,693
Royalties paid
981,377
53,618
Profit from operations
Royalties and commissions received..
$323,704
105.727
Total income
Expenditures incident to the acquirement and protection of patents and
patent rights, provision for amortization of patents of Rail Joint Co.
and provision for depreciation on
buildings and equipment
$429,431
Profit before deducting Federal tax
and int., but not incl. int. and
Investment income received and
Profit and loss from sale or disposal of investment
Int. received and income from invest.
193,508
1,236,795
66,931
1,409,582
107,075
210,290
200.015
$876,858 $2,065,054
83,472
125,709
8960,329 $2,190,764
2,650
$147,920
240,000
147,217
{
82
84,027
123,046
12,309
2,243
225,757
$729,003 $1,827,406
1,045,640
1,121,913
Balance, deficit
Shares of class 13 stock (no par)
$92,080
$316.637sim$705,493
362,843
362,843
362.750
Earnings Per share
81.34
a$4.15
a Under the participating provisions of the shares.
Consolidated Balance Sheet Dec. 31.
1931.
1931.
1930.
1930.
Assets-.
$
Liabilities$
$
$
Fixed assets
x1,670,061 1,907,495 Capital stock
y6,727,976 6,727,976
Patents & good-will 6,060,953 5,978,435 Accounts payable
Investments
462,281
and accruals._. 154,755
465,366
209,819
Duofrom ant. cos.
6,100 Federal Inc.. &c.,
Accts. rec. from
taxes
51,114
131,140
employees
7,169
27,300
10,656 Interest on notes
28,531
Cosh surr. value of
6% sinking fund
life Insurance...
67,248
64,787
notes
2,184,000 2,282,500
Special funds cash
Paid in, contriband securities).
1,368
666
uted & cap. sur_ 1,300,027 1,443,373
Deferred charges._
46,630
57,820 Earned surplus_ _ _
76,501
161,532
Cash and marketable securities
1,516,407 1.344,375
Accts.& notes rec. 385,675
572,402
Accr'd Int. receiv.
10,660
9,455
Inventories
293,221
577,314
Total
10,521,674 10,984,871
Total
923,077
461,473
787.582
853.994
Net profit
def$5,660.771 $3,385,628 $1,669,564 def$45,743
Nil
Earns. per sh. on class A
$1.45
$0.92
Nil
x Consists of $1.386,899 charges in respect of unabsorbed salaries of
artists, abandoned picture productions, amortization of organization, development and experimental expenses, and provisions for deposits and loss
$1,087,148 $2,265,070 on foreign exchange and $1,190,936 additional amortization of costs of
pictures released prior to Dec. 27 1930, occasioned by adjustment of write-V. 134.
off based upon conditions obtaining subsequent to that date.
ri• 1597.
Total
$291,820
Bond int., expenses and premiums
paid on retirement
138,015
Loss from sale of securities
3,236
Loss from disposition of fixed assets...)
Net profit
Dividends paid
not to be acquired
Prof. dive, of subsids__ _
$919,208 82,040,263
167,940
224,807
$235.923
55,897
Provision for Federal income tax_ __ _
$877.334
quirement applic. to
cap. stks, of subs. outstanding at Dec. 31.
rent, taxes, &c., but not incl.
organization expenses, interest, patent acquirement and expenses,
royalties, &c
x2,577,835
Net income
loss$5.199.297 $4,173.210 $2,523,559
Prof. div. St min. int, re-
10,521,674 10,984,871
x After depreciation of $2,241,874. y Represented by 160,000 shares
of A and 362,843 shares of B stock of no par.
-V. 134, P. 863.
Reliance International Corp.
-Proposed Merger.
Morton II. Pry, President of both the Reliance International Corp.
and the Reliance Management Corp. has sent to the stockholders of each
company the, detailed plan under which the former proposes to acquire
control of the latter. Meetings of both bodies of stockholders will be held
on March 22 to consider the plan.
The plan provides that class B stock of Reliance International. of which
Reliance Management owns 50%, will be eliminated by the enlarging of
the class A issue and an exchange of one class A share for each six 8250-9625
shares of class B. It will also loo provided that, if the value of net assets
behind preferred stock falls below $60 a share, the preferred stock will be
entitled to elect the majority of the board of directors. At present class A
and class B stock have equal voting rights and the preferred has none.
except in the case of the passing of four successive quarterly dividends,
when it, with class A each class having one vote.is entitled to Wert two-thirds
of the board. No payment on this preferred stock has been made since
June 1 1931 and at present the assets behind it are valued at $35.68 a share.
The Reliance International Corp. reveals officially that it has bought
221,000 shares,or the majority, of the capital stock of Reliance Management
at $1.20 a share and that it plans to offer this stock on a non-assignable
basis for 60 days on a share-for-share basis at $1.20 a share to the present
stockholders of Reliance Management Corp. Then an offer to exchange
one share of Reliance International for 1M shares of Reliance Management
will be made, completing the merger.
The basis for payment of the management fee is to be changed to the
market value Qr Reliance International's assets rather than the cost, and
Is to be computed on a monthly basis. An agreement has been proposed
under which this contract may be terminated by either Party on 90 days'
notice after Sept. 5 1932. Inasmuch as, if the plan goes through, the
two companies will be one. It is to be expected that this contract will be
terminated.
Frederick J. Leary, Vice-President of the Central Hanover Bank &
Trust Co., and Ernest B. Tracy, recently resigned as directors of the
Reliance Management Corp.. and the Reliance International Corp.
See also Reliance Management Corp. below.
-V. 134. p. 1210.
Balance Sheet as of Feb. 19 1932.
LiabilitiesAssets
Cash
$90,085 Freterence stook
$8.607,750
Accounts receivable
598 Class A common stock (385.Accrued interest receivable
24,613
000 shares)
385,000
U.S. Govt.securities
621,649 Class B common stock (660.Other investments
000 shares)
11,703,660
330.000
Reliance Management Corp.
Capital book surplus
3,388.274
Capital stock
21,105
265,200 Reserve for taxes & expenses_
Int. in securities to be liquid_
26,324
Total
$12,732,1291
Total
$12,732,129
Prairie Pipe Line Co.
-Court Decision.-
-V. 134, p. 1210.
Pratt & Lambert Co.
-Dividend Rate Reduced.-
The Reliance International Corp. has offered to issue shares of its
class A common stock, fully paid and non-assessable (as the same shall
be constituted after its next annual meeting of stockholders which has been
called to be held on March 22 1932) in exchange for shares of the capital
stock of Reliance Management Corp. in the ratio of two shares of Reliance
International Corp. class A common stock for each three shares of Reliance
Management Corp. capital stock. Any person desiring to accept this
offer may do so by presenting at the office of the Central Hanover Bank
Judge (Vie L. Phillips refused in the U. S. District Court at Topeka,
Reliance Management Corp.
-Merger Planned-RightsKan., Feb. 27 to enjoin the holding of the annual meeting of the Prairie
Pipe Line Co's stockholders in Independence, Kan. March 1, at which the Munds, Winslow & Potter Offers to Purchase 50,000 Shares of
proposed consolidation of that concern with the'
Prairie Oil & Gas Co. Stock.
and the Sinclair Consolidated Oil Corp was approved.
The Reliance International Corp. is offering to each stockholder of
The hearing was in a suit filed by Lionel F. Straus of New York, a stockReliance Management Corp. of record March 1 1932 the right to purchase,
holder. Judge Phillips ruled there had been no fraudulent attempt to dethe price
ceive the stockholders and that the officers and directors of the corporation forthe ratio ofof $1.20 per share, stock of Reliance Management Corp.
one share of such stock for each share of such stock owned.
had not breached their obligation to furnish the stockholders proper in- in
Rights will be non-assignable, and if not exercised on or before April 20
formation.
-V. 134, p. 1779.
1932 will become void.
A quarterly dividend of 50 cents per share has been declared on the common stock, no par value, payable April 1 to holders of record March 16.
In each of the two preceding quarters a distribution of 75 cents per share was
made as compared with 81 per share previously.
-V. 134. p. 863.,.
"--...Procter & Gamble Co.
-Profit Sharing Dividend.Employees of this company throughout the United States and Canada
received $926,000 in profit sharing dividends during 1931 as compared with
8984,562 In 1930.
Employees who are members of the plan either own outright or have subscribed for 217,000 shares of the company's common stock. In addition to
the profit sharing plan, the company has a program which guarantees 48
-V. 134, p. 688.
weeks work annually.
& Trust Co., 60 Broadway., N. Y. City, at any time after 10:30 a. m. on
March 24 1932 and before 3 p. m. on May 12 1932 his certificates of stock
of Reliance Management Corp. duly endorsed for transfer to Reliance
International Corp., with stock transfer tax stamps affixed at the rate of
2c. Federal tax and 2c. New York tax for each share transferred. Assignable scrip certificates will be issued in bearer form representing any fraction
of a share of stock of Reliance International Corp. to which any person
so exchanging will be entitled. Such scrip will carry no dividend, voting
-Plan Effective.Railway & Light Securities Co.
or other rights except the right of the holder, on presentation and surMore than a majority of each class of stock, preferred and common, render thereof prior to March 31 1933 in amounts aggregating one or
having assented to the plan of reduction of capital and adjustment of more full shares to receive a certificate or certificates for such full share
or shares.
asset values, the plan is declared effective. See V. 134, p. 1597.
1974
FINANCIAL CHRONICLE
[Vol.. 134.
Munds, Winslow & Potter of New York, Philadelphia and Boston, in a
-Resignation.
Second National Investors Corp.
letter to the stockholders of the Reliance Management Corp. March 5
At the stockholders' meeting hold on March 1, the directors were restated:
-V.134, p. 1780.
elected with the exception of M.H. MacLean,resigned.
"There has been offered to you the right to purchase from the Reliance
International Corp., at $1.20 per share, one additional share of the capital "--Servel, Inc.
-To Reduce Capitalization,
stock of Reliance Management Corp. for each share of such stock of which
A special meeting of stockholders will be held on Mar. 24 1932 for the
you were the record holder at the close of business on March 1 1932.
which shall authorize (a) the reduction
"We are authorized to acquire on or before the close of business on Purpose of voting upon resolutions the sum of $11.273,966 (from $18,944,in
March 18 1932 up to 50,000 shares of the capital stock of Reliance Manage- of the capital of the corporation reduction to be effected by reducing the
said
ment Corp. outstanding on Dec. 31 1931 (that is to say, shares other than 463.12 to $7,670.497.12).
common stock are
the shares'of such stock now being offered to you by Reliance International amount at which the 1,749,061 outstanding shares of the transfer of the
Corp. as above mentioned) at $1.50 per share and we hereby offer, subject capitalized from $17,944,463.12 to $6.670.497.12: (5) to capital surplus;
to the following conditions, to acquire up to said number of shares of said amount of the capital so to be reduced, viz.: 811.273.966,
and (c) the reduction of the amount at which the "patents, contracts, &c..
capital stock at said price.
from
"This offer is made only to holder of such shares of capital stock of at cost, and good-will" of the corporation have been capitalized the
Reliance Management Corp. of record March 1 1932 who will agree, if we $11,273,967 to $1, and charging the amount of such reduction against
capital surplus of the corporation.
purchase from him all or any part of his said shares of record on said date
at $1.50 per share (a) to exercise his right to purchase from Reliance InterChairman Herbert H. Springford Feb. 23, in a letter to
national Corp. a like additional number of said shares to which he is entitled. and (b) having exercised such right and completed such purchase, the stockholders, says:
The special meeting of stockholders has been called by the board for the
to sell such shares so purchased to us at cost to him, viz. $1.20 per share
purpose of considering and voting upon a reduction of capital of the corpips transfer taxes.
'We call your attention to the fact that the common stock of Reliance poration in an amount sufficient to write down to $1 toe amount at which
Management Corp. is currently quoted in the market at less than $1 per the "patents, contracts, &c., at cost, and the good-will" of the corporation
share. According to the published reports, this stock had an asset value are now carried on its balance sheet. The patent rights of the corporation,
which include exclusive'rights in tne United States (and its possessions).
on Feb. 19 1932 of approximately $0.73 per share.'
Cuba and Canada to the Electrolux gas refrigerator, of the continuous
(See also Reliance International Corp. above.)
absorption type without moving parts, are of very large value, the exact
Stock Listed.
Additional Common
amount of which it is impossible to determine, and the directors and the
There have been added to the Boston Stock Exchange list 221,000 addi- management feel it to be a conservative move to carry these assets at the
ea
tional shares (no par value), common stock. With this addition there will
of l rathlthan at the sum of $11.273,967 which now appears on
ee she
thm
have been issued and outstanding 600,000 shares, of which 441,210 shares sue b an
$
are issued and in the hands of the public, 129.000 shares issued but held in
The procedure suggested for accomplishing this result Is the reduction
certain stock purchase warrants.
in the sum of $11.273,966 of the capital at which the outstanding 1,749,061
reserve against the exercise of
shares of common stock of the corporation are now capitalized, the transfer
Balance Sheet as of February 19 1932.
of said amount to capital surplus and charging against the capital surplus
Liabilities
Assets
$1,121,000 so created the same amount of 611,273,966, thus reducing the amount at
$1,409,908 5% debentures, series A
Cash
2,959 which the patents and good-will are now capitalized to $1.
Accrued interest payable
Interest in securities to be
The effect of this procedure upon toe balance sheet will be the reduction
300
Unclaimed dividends
liquidated by corporation
1,850 of the assets by $11,273.966, leaving the patents and good-will at El, and
Accrued expenses
(estimated at present marthe reduction of the amount at which the outstanding common stock is
40,976 Capital stock (441,210 shs.)._ 4.269,400 now capitalized to
ket prices)
86,670,497.12. This will leave unchanged the present
3,944,624
Deficit
Reliance International Corp.
surplus of the corporation.
class B common stock
The directors and the management are firmly of the opinion that the
be done.
11.450,884 capital structure of the corporation will be much improved if this taken.
Total
$1,450,884
Total
Many stockholders have already suggested that such scum be
-The corporation delivered to Reliance International Corp. V. 134, p. 1598.
Note.
securities for liquidation.
against payment of $109,023 certain inactive
Sharon (Pa.) Steel Hoop Co.
-New Trustee.
which had an estimated market value of approximately $150,000. Any
The company, by authority of its board of directors, has appointed The
excess above the cash received will, upon the liwuidation of these securities.
be paid to Reliance Management Corp. To date about 55% have been Union National Bank of Youngstown, Youngstown, Ohio, as trustee of
an issue of 1st mtge. 5% sinking fund gold bonds, duo Feb. 1 1948,
-V. 133. p. 3266.
liquidated approximately at said estimated values.
to succeed The Dollar Savings & Trust Co., Youngstown, Ohio.
-Demurrer Sustained.
Remington Rand, Inc.
Interest coupons may be presented for payment as they become due
Systems either at the Union National Bank, Youngstown, Ohio, or at the Bankers
The demurrer to the complaint of the International Visible
Corp., asking for $4.500,000 for alleged patent violations has been sustained Trust Co., N. Y. City.
-V. 133. p. 1464.
-V. 134, p. 1210, 1042.
by the Southern Ohio District Court.
-To Decrease Stated Capital.
---....(Frank G.) Shattuck Co.
-Earnings.
The stockholders will vote March 23 on approving theproposed reducReynolds Spring Co.
1930.
tion in capital represented by capital stock from $19,975,000 to 615.1931.
Calendar Years
82,211,957 62,850,781 125,000.-V. 134, p. 1780.
Bales
2,822,664
2,326,181
Crete and expenses
-Exchange of Products, dec.Signal Oil & Gas Co.
Operating loss
Other income
Loss
Depreciation
Interest
Inventory write-off
$114.224 prof.$28,117
74,569
46.041
$68.183erof$102,686
130,538
95,905
34,287
31,019
119,383
$181,522
$195,107
Net loss
Balance Sheet Dec. 31.
x1930.
1931.
1931.
Liabilities31930.
Assets$56,200
7% p1.stk., class A
Land,b1dgs.,maeh.
4.600
equip.. &c- - _$2,474,033 $2,449,421 7% pi.stk., class B
1 Common stock- -331,229.290 1,233,726
1
,
Patents & good-will
115,000
23,418
76,291 Notes payableCash
96,024
58.639
316,411 Accounts Payable_
Notes dr accts. reo. 196,186
42,559
23,527
598
1,063 Aecr. taxesInt...kc
Accrued interest.450.000
301,672 Mortgage Payable 450 000
Inventories_ __ _ _ 269,042
.
643.260
161,405 Iles. for deprecia_ 714,222
Inveet..4 advances 245,455
50.000
50,000
20.337 Rea. for coating_ _
51.040
Deferred charges_ _
133,991
152,214
Other reserves_
653,626
419,496
Surplus
_
$3.249,773 33.326,601
Total
$3,219,773 $3,326,601
Total
x After giving effect as at that date to authorized reduction in capital
-V. 134.
stock. y Represented by 148,000 no-par shares to be issued.
P. 337.
""--- Richfield Oil Co. of Calif.-Reorganization.---
According to a recent Los Angeles dispatch, this company has reached an
agreement with the Standard Oil Co. of California for an exchange of products whereby the latter will take all of Signal's natural gasoline output and
assume its crude oil purchase contracts, while in turn the Standard Oil company will supply all of Signal's gasoline requirements.
The Signal Oil & Gas Co. Is one of the largest natural gasoline producers
in California. Formerly this product was disposed of to the Shell Oil Co.
under contract. This contract was not renewed early last year, which
necessitated that the Signal company obtain an outlet for its output. As a
result the U.S. Refining Co. was purchased, which had considerable gasoline
distribution and refining capacity.
Under the new agreement the Hynes refinery of Signal Oil Co. has been
closed. In addition to having considerable casinghead output primarily
in southern California. the company operates several casinghead plants in
-V.132, P.4078,
the prolific Big Lake field in Texas.
-To Cancel 200,000 Shares of
Simms Petroleum Co.
Acquired Capital Stock.
A special meeting of the stockholders has been called for April 6 to be
held concurrently with the annual meeting for the purpose of cancelling
and retiring 200,000 shares of this company's stock heretofore acquired
under authorization of the stockholders and now held in the company's
treasury. Stockholders of record March 16 will be eligible to vote. See
also V. 134,p. 690.
Socony-Vacuum Corp 'Officers of Subsidiary.
George D. All has been elected President of the Standard Vacuum
Transportation Co.. a subsidiary. Other officers elected are: James J.
McGuire, Vice-President: Walter E. Simpson, Vice-President, and Charles
H. Kunze. Secretary. The subsidiary has charge of marine equipment
-V. 134, p. 1211.
IS
of the parent company.
A Los Angeles press dispatch March 8 had the following:
The George F. Getty interests, prominent southern California oil operators, are ready to submit proposals to the Richfield Oil Co. bondholders'
-Receivership Ended.
Southern Publishers, Inc.
committee calling for foreclosure sato of the properties under the indenture
Termination of the receivership of the company, a newspaper holding
covering the 6% bonds, purchase of the properties under sale to the highest
company to take over company formerly owned by Col. Luke Lea and Rogers Caldwell, was
bidder and organization of a new Richfield Oh
ordered Feb. 29 by Chancellor James B. Newman.
the assets of the old company.
Company formerly owned the stock of The Memphis Commercial Apeal.
Assurances have been given that in the event that the properties are
foreclosed and offered to the highest bidder an adequate bid will be made Inc., publishing "The Commercial Appeal" and "Evening Appeal'
for the properties. It is also indicated from Getty headquarters that, Memphis, and of the Knoxville "Journal."
Chancellor Nevrman's order was in conformity with a request of Larkin
in the event the properties are acquired by a new company, sufficient
Crouch, receiver, who said that Southern Publishers' material holdings
working capital will be supplied without recourse to public financing.
Possibility of a merger between Richfield in the event that the proposals had been disposed of and there was no necessity to continue the receivership.
The stock of the Knoxville paper was obtained by interests of the Canal
are accepted and Pacific Western 011 Co., now controlled by the Getty
interests, is denied. However, it Is pointed out that the Getty properties, Bank & Trust Co., New Orleans, and that of the Memphis company, by
Western Oil Co.'s production, have a total output of 22,000 receivers for the Minnesota & Ontario Paper Co.
with Pacific
Chancellor Newman held that the M.& 0. Co. was entitled to $1,512,000
barrels daily, which, with its own output, would be sufficient to take
from Southern Publishers, representing the amount due on Southern PubCare of the Richfield organization needs.
-V. 133, P. 3475.
-The "Wall Street Jour- lishers' bonds bought by the paper company.
$4,549,411.
Receiver Cuts Debts
nal" March 7 had the following:
-Adds New Line.
Spar -s-Withington Co.
The company has reached an agreement with the Visionola Mfg. Corp.
A total of 84.549,411 liabilities incurred by Richfield Oil Co. of Calif.
prior to the receivership were paid off in the 113 months of operations under which it will manufacture and distribute through its dealers Visionola
under the receiver. The larger liabilities were $1,181,636 for purchase sets in the United States and Canada. The Visionola embodies a talking
money obligations and $1,527,259 for taxes. Others included interest and silent motion-picture projector, electric radio, phonograph and voice
-V. 133, p. 3980.
on purchase money obligations, payrolls, royalties, rentals and other recorder in a single cabinet.
preferred claims.
-Decreases Common Dividend.
.
Receiver certificates for $977000 sold to obtain funds to pay gasoline '-7:4arta Foundry Co.
taxes accrued before receivership, fell due Feb. 13 last. Arrangements
A quarterly dividend of 25 cents per share has been declared on the comhave been made with certificate holders to liquidate the balance due through mon stock, no par value, payable March 31 to holders of record March 15.
payments of approximately $100,000 monthly, the first payment having The company made distributions of 50 cents per share on this issue in each
been made on the due date.
of the throe preceding quarters as compared with 75 cents per share preIn spite of the unusual problems of a receivership as compared with a viously.
-V. 132, p. 4258.
business operating under normal conditions, expenses have been reduced
-Earnings.Spiegel May Stern Co., Inc.
greatly in excess of the decline in the company's business, W.C. McDuffie,
1929.
1930.
receiver, said.
-V. 133, p. 4171.
-1931.
Calendar Years
.
192,84
923,745 814,997.652 823,921,905 $20,5718
Sales
89.
-New Director.
Ross Gear & Tool Co.
9,813,066 17,075,197 21.966,242 18,715,359
Operating expenses
L. C. Ross has been elected a director, replacing H. A. Dick, who also
.
$1,955,663 $1.858 485
7$110,679c1W707,54
Operating income.__
-V. 133, p. 1776.
resigned as a Vice-President.
252,770
140,255
70,792
Miscellaneous income-4 .
3 0 70
-Reduces
$181.471df$1.937,290 52,208,433 $2, 67212
Total income
St. Louis Rocky Mountain 8c Pacific Co.
683
. 00
236 0
212,675
Federal texts
Common Dividend.
Premium on bonds purch
195,172
The directors have declared a quarterly dividend of 123 cents per shag Interest
208,257
64,656
on the common stock, payable March 31 to holders of record March 15. Th Amortiz. of bond discl7
82.67
112,067
company from Dec. 31 1930 to and incl. Dec. 31 1931 ;Paid quarterly divi Depreciation
66.694
.170340:071_235264
dends of 25 cents per share on this issue. -V.133, p. 2940.
-8-1
$1.717.909 ---227,i2t242
455,000 $17F
def$50,121df$2,257,614--Net Income
455,000
Preferred dividends490Moo
Sears-Roebuck Co.
-Borrows $755,000.
525.000
262,500
Common dividends
The company has negotiated three loans aggregating $755,000 from
0
- 1-87
V
-737.909 $17 M.
def$50,121df$2.975,114
Balance, surplus
the Metropolitan Life Insurance Co. The loans are for 15 years at 535%
and are made against three of the company's department store properties Earnings per share on
$8.78
$12.70
Nil
Nil
common stock
Ohicago.-V. 134, p. 1780.
Balance Sheet Dec. 31.
Comparative Balance Sheet.
1031.
Assets-
11,339,145
Fixed assets
503.424
Inventories
Accts.& notes rec. 0,929.823
42.419
Due from employ_
Sal.due on contract 50.000
Adv. to still. Co.._
545,019
Cash
Surplus value of In118.616
surance policies_
Deferral charges._ 445,507
1930.
$
1,521,410
1,497,540
10,057.057
40,649
130,076
814,457
64,0%
590,039
1031.
1930.
Liabilities-3
6;4% pref.stock._ 4,439.200 7.000.000
Common stock___y1.750.000 5,000.000
698,324
Accounts payable_ 628,366
Notes payable____ 200.000 1,500.000
77.250
Sundry creditors-27,476
1. 127,800{
Federal taxes
87,459
Accr. general taxes!
Accrued pay roll &
12,383
8,208
man'ment bonus
300,000
Conting. reserves_ 700,000
90,542
2,133,129
Surplus
10,063,953 14.716.185
Total
x After depreciation of $653.347.
Total
y
New Director.
Walter Gatzeit was recently elected a director in place of Wallace 'I'.
Perkins, doceased.-V. 134. p. 1044.
-Earnings.
Spear & Co. (& Sub. Co.).
1928.
Calendar Years1929.
1931.
1930.
Net sales
$8,350,389 $12,965,846 $15.114,225 $14,721,281
Cost of mdse.,sell., gen.,
adm.exp. & local tax_ 8,623,714 12,084.524 :13,954.253 :13,822,935
def$273,325
8,788
$881,322 $1,159,972
9,682
13,206
$898,346
12,743
Total Income
def$264,537
Deprec. & lease amort- 120,123
Interest
22,065
Bad & doubtful accounts
receivable
835,000
Prow,for Federal taxes
$894,528 $1,169,654
96,589
119,567
75,416
55.548
$911,089
86,640
95,642
See x
109,819
See
:
87.547
1,177,141
1931.
Assets1930.
Property:aceountsx$4,177,359 $4,251,944
441,302
652,781
Cash
202,420
U.S.Liberty bonds 201,545
Accts. receiv.,cust. 140,144
194.466
22,275
28,000
Notes receiv.,cust.
2,010
2,498
Accr. int. received
Inventories
870,358 1,115,046
Notes & accts. remile. (not curr.) z39,055
60,223
Sinking fund-cash
837
927
Company's secur.
291,466
116,658
in treasury
78,745
Deferred charges
108,550
Liabilities-1931.
1980.
Capital stock --344,754,223 54,754,223
Accts. payable.-72,858
100,856
Wages payable..__
24,437
35,187
Cust. credit bal___
308
1,523
Int. cn let Mtge.
bonds
3.540
4,215
Cm'wealth of Pa.
corp. loans tax.3,194
4,339
Fed.ino.tax on bd.
929
891
Other accruals_
2,272
1st mtge.6%
1,415,000 1.686.000
Surplus
def179,383
312,990
10,063,953 14,716.185
Represented by 175,000 no par
shares.
Balance
Other income
1975
FINANCIAL CHRONICLE
MAR. 12 1932.]
$641,260
loss$1,241,725 loss$457,729
$887,830
Net income
123.636
36,680
104,057
108,956
Disc, on pref.stk. porch.
Previous balance
2.699.770 3,370.820 2.925,354 2,632,502
Port. of res. prov,in prior
439,111
yrs. restored to surp- $2,001,213 $3,036,727 $3,922,140 $3,310,442
Total surplus
Bad & doubt. accounts
applicable prior years_
651,017
280,087
262,570
231,957
7% pref. divs
205,426
2nd pref. dive.:
Current year (5X%)
78,750 (7)105,000 (7)105,000 (7)105,000
183,750
Prior year (12%%)_ _
Profit and loss surplus $1,066,020 $2,699,770 $3,370,820 $2,925,355
.
.
,
$1.13
$2.31
Nil
corn.shs.(no par)_.._
Nil
x Including bad and doubtful accounts receivable charged off, less
recoveries.
Consolidated Balance Sheet Dec. 31.
1931.
1930.
AssetsLiabilities$
$
5
Land, bidgs.,&e._a2,072,685 1,601,320 7% cum. pref.stk. 2,800,000
742.299 1,036.355 7% cum.2d pita. 1,500,000
Inventories
Accts. receivable_b6,251.227 9,181.973 Common stock.- _c3,000,000
Mortgage payable 450,000
Due from N. Y.
Central RR. unNotes pie able_.-der oontrart.
306,000 Accounts payable_ 396.467
Surrender value InFed. Inc. tax pay.
surance policies_
158,814
In 1931 (est.)._
177.517
319.435
Cash.
101,908 Federal tax & conDeferred charges.49,323
69,602
tingent reserve_ 400.000
Surplus
1,066,020
1931.
1930.
$
2,989,500
1,500.000
3,000.000
280,000
500.000
820,878
90,000
575,915
2,699,770
Total
$6,096,105 $6,902,406
Total
$0,096,105 56.902.496
x After depreciation of $2,405,297. y Represented by 115,000 shares
(par $100). but issued at less than par. z Accounts receivable only.
-V.
14,P. 1391.
StutzMotor Car Co. of America, Inc.
-Orders Increase.
With the advent of spring business, the company to-day has more unfilled orders on its books for future delivery than at any time during the
past nine months, President E. 8. Gorrell announced.
"Purchases of raw materials have doubled over the December and
January purchases." Mr. Gorrell said, "and in the past two weeks the
factory payroll of productive labor has increased 73%•
"On April 1 the company will pay the interest on its outstanding bonds
through its paying agency, the Guaranty Trust Co. of New York. Since
the beginning of the depression, the company has reduced its outstanding
debenture bonds by 5231,00 and has already provided for its sinking fund
for the entire year of 1932."-V. 134. p. 1780.
.!...r.rs
Sweets Co. of America.
-Earnings.
-
Calendar YearsNet sales
Expenses, costs, &c- -
1930.
1931.
1929.
1928.
81,089,325 $1,192,672 $1,245,261 $1,264,603
1,032,244
934.656
1,083,727
1.109.319
Oper. profit
Other income
$154,669
13,649
$160,427
28,756
8161,534
27,392
$155,284
23.434
Gross income
Income charges, &c_ _ - _
Federal taxes
$168,318
42,9421
12,268J
$189,184
62,8731
1
$188.926
56.891
10.286
$178,718
57.511
14.544
Net profit
Dividends
8113,107
76,243
8126.311
99,991
$121,749
8106.662
100.000
25,000
Balance, surplus
$26,320
$36,864
$21,749
$81,662
She. cap. stk. outstand'g
:100,000
(Par $50)
78,280
:100,000
:100,000
Earns. per share
$1.26
$1.44
$1.21
x To be outstanding when exchange of old $10 par stock has been $completed. The unexchanged amount Dec. 31 1930 was 3,277 shares.
14,- ......
b 47:
- ..
Comparative Balance Sheet Dec. 31.
Assets
-1931.
$43,001
Cash
Custs.' accts. roe_
154,104
Investments
Interest receivable
491
Employees acct.__
12,437
Notes receivable__
45
Merch. Inventory68,987
Deferred charges__
20,200
Land. bldg.. mach.
equipment, &a_ 609,279
Invest. to subs .
2,500
Trade-marks, pieats, &c
503,766
Liabilities-1930.
1931.
193 .
$238,289 Accounts payable- $26,062
$29,304
91,967 Accr. Items, wages,
174,180
interest, &c____
1,602
1,874
Dividends payable
19.443
24,998
8,362 Mtges. payable...
70,000
105,000
21 Sundry reserve, in58,446
eluding Federal
13,266
income tax
32,465
49,1535
Reserve for plant
depredation
673,046
83.463
09,055
2,500 Due to subs
2.500
2.500
Capital stock
1999,225 1,250,000
503,766 Surplus
270,050
231,577
Total
$1504811 $1763843
, ,
, ,
Total
$1,504,811 $1,763,843
Total
9.612.487 12,456,063
Total
9,612,487 12,456,063
Represented by 78,280 she, of common stock (par $50).-V. 133. D.
a After deducting depreciation reserve of $383,805 and amortization of
leasehold. b After deducting $500,000 for doubtful, &c., accounts. c Rep- 4173.
resented by 225.000 shares of no par value.
.1
-Taylor Milling Corp.
-Dividend Rate Decreased.
New Director.
The directors have declared a quarterly dividend of 15 cents per share on
Arthur S. Gold, Assistant Secretary, has been elected a director to the common stock, no par value, payable April 1 to holders of record March
10. Three months ago, the quarterly dividend on this Issue was
-V. 134, p. 1044.
fill a vacancy.
reduced
from 62% cents per share to 25 cents per share.
-V. 133, p. 3980.
Standard Oil Co. of Kansas.
-Board Elected.
-
At the annual meeting of the stockholders held on March 9_,_ a directorate
consisting of C. B. Wrightsman, Lionel T. Barneson, A H. Bunker, E. A.
Warren and A. S. Hopkins, was elected. The committee of stockholders
represented by Messrs. Wrightsman, Barneson and Cyrus Bell had reached
an agreement with the management of the company prior to the meeting,
whereby both the stockholders' committee and the management proxies
,
would be voted for the agreed list of directors.
Mr. Wrightsman, who has recently moved to Wichita. Kans., has been
director for the past two years; Mr. Bunker, one of the two new directors, is Executive Vice-President of the Lehman Corp. of New York,
and Mr. Barneson was formerly President of the General Petroleum Corp.
of California. Messr13. Hopkins and Warren have been connected with
the company for many years.
-V. 134. p. 1780.
"\Struthers-Wells-Titusville Corp.
-Defers Dividend.
-
'The directors. at their meeting held Feb. 13 1932, deferred action on the
quarterly dividend due Feb 15 on the 7% cum. pref. stock, par $100, until
the meeting in May 1932. The last quarterly distribution on this issue
was made on Nov. 16 1931.-V. 132, p. 3903.
Studebaker Corp.
-Plans to Readjust Stock.
-See report
for calendar year 1931 under "Financial Reports" on a pre-.
ceding page.
Revised Sales Figures.
Studebaker passenger car and truck sales for February were 5.536.
This compares with 4.376 sales in February 1931. an Increase of 26%.
and with 2,960 sales in January 1932, an increase of 87%. Pierce-Arrow
and Rockne sales are not included in the abeve.-V. 134. p. 1780.
Superior Steel Corp.-Earninqs.-
Calendar Years1931.
1930.
1929.
1928.
Gross sales
$3.315.974 $4,533.324 87,269.608 $6,685.589
Freight, disc't & allow's_
88,441
60,247
62,819
134.602
Cost ofsales
3,180,632 4,233,306 6,539,447 5,960.363
Selling expenses
188,249
188,869
183,392
183.883
General expenses
149,066
170,277
193,466
169,798
Provision for depreciation of property
120,000
120,000
108,000
143.876
Other charges (incl. taxes
on bond int., prov,for
uncoil. accounts, &c)_
16,892
58,933
19,738
16,771
Net loss from oper'ns_ $427.306
$298,299 sur$162.745 sur$76.297
Other income
54,012
67,760
62.227
69.143
Grossloss
$373,294
8230,539 sur$224,972 sur$145,440
Int. on 1st mtge. 6%
sink. rund.gold bonds_
84,221
89,460
98,853
94,676
Amort. of bond discount
and expense
21,600
21.600
21,600
21,600
Other income charges
13,256
17,325
29.644
Net loss for year
Previous surplus
$492.373
312,990
$358,924 sur$74,874 sur$29.165
671.915
597,040
569.579
def$179,382
IV Gross surplus
Profit and loss charges
$312.990
$671,914
p.
0 Surplus at end of year_def$179,382
She. capital stock out-
8312.900
$671,914
standing (par $100)..
Earnings Per share
115.000
Nil
115,000
Nil
115,000
$0.65
8598.743
1,703
Tide Water Oil Co.
-Resumes Dividend.
-
A dividend of 25 cents per share has been declared on the no par value
common stock, no par value, payable March 31 to holders of record March
19. The last previous payment was 15 cents per share made on June 30
1931, prior to which this issue was on an annual dividend basis of 80 cents
per share (20 cents each quarter).
Practically all of the common stock is owned by the Tide Water A1380
elated Oil Co.
-V. 133, p. 3642.
Tobacco Products Corp.(Va.).-Ctfs. of Deposit Off List.
The New York Stock Exchange has stricken from the list the corporation's
certificates of deposit for class &and common stocks.
-V. 134, p. 1781.
- Tobacco Products Corp. of Delaware.
-Registrar.
-
The Chase National Bank of the City of New York has been appointed
registrar of the capital stock. (See also V. 134. . 1781.)
Tobacco Products Export Corp.
-10c. Dividend.
-
A dividend of 10c. per share has been declared on the capital stock,
payable Mar. 25 to holders of record Mar. 17. Holders of voting trust
certificates are urged to exchange such certificates for capital stock certificates without delay, as this dividend will be paid only to registered
holders of capital stock. The exchange may be effected at the office of the
Bankers Trust Co. 16 Wall Street, IC Y. City.
An initial cash distribution of like amount was made on Mar. 61_31
while on Jan. 2 1920 a5% stock dividend was paid.
-V. 132. p. 871.
Transamerica Corp.
-Sues New Haven Brokers and
Bank, Charging Stock Sale Fraud.
Writs of attachment have been served on W. K. Johnson & Co. stock
brokers, and the Sons of Italy industrial Bank of New Haven, Colin. for
the recovery of 515,000 damages by the Transamerica Corp. for the alleged
fraudulent sale of 900 shares of Transamerica stock.
According to the writs, Sidney {loiters, a stock salesman, obtained from
the plaintiff three blocks of stock totaling 900 shares on the pretense that
the stock was to be purchased by Joseph Gordon, George Finch and Charles
Rosetta. The stock certificates were issued in the names of the
alleged purchasers on Dec. 5 1930. Five days later, according to the three
writ,
Botters sold and delivered to W. K.Johnson & Co. the stock certificates and
received in payment $12,475 50.
Prior to the delivery of the stock, the Sons of Italy Bank, acting through
its Treasurer, guaranteed the assignment on the stock by approving the
signatures of the three reported purchasers, although no persons of that
name were known to the bank, according to the allegations. It is further
alleged that the signatures of Finch. Rosetta and Gordon were forged and
false. (New York "Times.").
-V. 134, p. 1781, 1213.
Travelers Insurance Co., Hartford, Conn.
-Financial
Statement.
-The annual financial statements as of Jan. 1
1932 of the above company, the Travelers Indemnity Co.
and the Travelers Fire Insurance Co. will be found In the
advertising pages of to-day's issue.
In a summary of the business of the three Travelers companies in 1931, President L. E. Zacher said in part:
In 1931 many individuals, many families anti many business organizations
came face to face with hours of need and found in insurance a
dependable
$597,040 friend-a friend that was able as well as willing to help in their emergencies.
Through the timely aid of funds from all forms of insurance, many ad100,000 versities of life were prevented from becoming tragedies,and many
untoward
$0.29 events were robbed of their terrors and oppressions.
"1916
Life insurante, unlike some other forms of pr3perty, instead of adding
to or intensifying the woes of the public during a period of economic readjustment, ministered to many and provided relief and comfort to scores
of yorsons who had exhrusted all other means.
Prepared for just such events as have occurred, the Travelers was in a
position to meet these extraordinary contingencies and paid in cash to
policyholders and their beneficiaries the largest sum which the throe
Travelers companies have ever disbursed in one year-$113.771.821.
To distribute this, paying the right amounts to the right persons at the
right time, required the issuance of 957,636 checks and drafts. Over
one oillion dollars has been paid by the Travelers companies to policyholders
since organization.
There have been many surprising changes since the close of the war.
We have seen severe liquidation of manufactured goods, lower prices for
commodities, soaring stock prices and then a fall in market values that
has caused embarrassment to many individuals and their fortunes. All
these violent events have crowded to the fore the value of life insurance,
as an investment of sound, steady and continuing value and one that
has brought aid and sustenance to many who were and are overwhelmed.
To afford ;policyholders sound protection, the companies have followed
the policy of distributing their investments broadly, and not only carry
large amounts of cash, but have supplemented these with large holdings
of United States Government bonds, and marketable bonds of many of
the best municipalities and corporations in the country.
The companies' reserves meet the requirements of the strictest of State
laws and additional reserves are carried to meet extraordinary contingencies which may arise in the future.
During the 67 years of its corporate existence, the Travelers has encountered many such periods as this. It has experienced the panics of
1873, 1893 and 1907. It faced the problems arising from the war, the
Influenza epidemic and the post-war deflation. In each of these periods
it has played an important part and in all of them rendered valuable
assistance to its policyholders.
One of the important factors responsible for the great growth in
the volume of life insurance, which took place between the years 1922
and 1929, was the demonstration of the value of life insurance protection
afforded by the war and the influenza epidemic. Recently we have witnessed a striking demonstration of the value of another phase of life insurance-of its strength and stability as an investment medium. If
history is any guide to the future, it seems reasonable to expect that the
next ten years will witness an expansion of the purchase of the investmeht
forms of life insurance,for at no time has that value been so clearly demonstrated as at present.
-V. 133, p. 4341.
Trico Products Corp.
-Earnings.
Calendar Yearsx Gross income
Other income
[vat. 184.
FINANCIAL CHRONICLE
1931.
1930.
1929.
$2,943,420 $2,986,845 $3,528,113
184,009
235,120
y306,189
Total income
$3,127,429 $3,293,034 $3,763,233
Royalties
1,802
1,063
Selling expenses
231,822
271,916
226.984
Patent expenses, admin. & gen. exp.{ 728,5331
34,097
10,923
796,842
I
725,096
Depreciation
122,935
114,811
111,327
Amortization of patents
44,202
48.817
40,119
Interest
276
3.658
2,176
Federal income taxes
232,494
236,188
276,695
Net profits
Previous surplus
Adjustments
$1,762,551 $1,908,416 $2,249,948
3,919,197 2,953,232
1,558,544
Dr.4,966
Total surplus
Dividends
Miscellaneous deductions
$5,681,748 $4,856,681 $3,808,492
937,484
937,484
833,532
21,728
It is understood that the amount of the loan will remain for the time
being deposited in the Bank of the Republic to strengthen its reserves.
-V. 134, P. 1600.
(New York "Times").
United Milk Crate Corp.
-New Director-Earnings.
Gordon Reis was recently elected a director, succeeding Charles J. Hart.
For the year ended Dec. 31 the company reported net earnings, after taxes
and charges of $97,799, equal, after dividend requirements on the class A
stock, to $1.14 on the class 13 shares. This compares with net in the preceding
year of $76,707 or 50c. on the class B stock after class A requirements.
Sales for the period were 3631,029, against $657,462 in 1930. As of Dec.31,
current assets totaled $211,863 and current liabilities, 329,628.-V. 129,
p. 984.
---, United Publishers Corp.(Del.), N. Y.
-Div. Deferred.
The directors have voted to defer the regular quarterly dividend of
1í% due March 31 on the 7% cum. pref. stock, par 3100. The last
quarterly distribution on this issue was made on Dec. 31 1931.-V. 127,
P. 1821.
United States Cold Storage Co.
-New Director.
-
Harry N. Grut, President of the Mercantile Trust & Savings Bank,
Chicago, has been elected a director, succeeding George S. Bridge,resigned-V. 132, p. 3169.
United States Envelope Co.-30
L
19
E
arnings.929.
1
Calendar YearsNet profits
Interest
Depreciation
Tax reserves
$615.138
407,407
1928.
$907,146 $1,570,082 $1,306,392
395,664
55,000
369,602
135,000
363
19
.151
110.000
Net income
$207,730
$456,482 $1,065,479
$813,442
Pref. dividends (7%)
280,000
280,000
280,000
280,000
Corn. dividends
(12%)315.000 (12)315.000 (12)315,000 (12)245,000
Surplus
def$387,270 def$138.518
$470.479
Profit & loss surplus__ _ - 3,463,262 3,888,609
4,071,405
Com.shs.out.(par $100)26,2410
26.250
26,250
Earns.per sh.on com.stk.
Nil
$6.72
$29.92
Comparative Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
AssetsPlant investment.10,477,112 10,302,835 Preferred stock... 4,000,000
Trade-marks, patCommon stock._ 2,625,000
ents & gcod-will._ 124.265
145,169 Accts. payable- - 244,592
Stock in woe., &o. 2,005,920 2,468,726 Res. for let mtge.
Accts.& bilis rec._ 1,019,383 1,212,789
bonds,&cs
75
Cash
869,076
565,878 Reserve for depreo.
Miscell. invest
29,325
19,325 on plant Invest. 4,408,183
Ctfs. of deposit_
50,000
125,000 Reserve for taxes.
25,000
Dep. with Old ColSurplus
3,463,262
ony Trust Co.__
75
3,055
Prepaid charges
88,474
84,738
102,431
Deferred assets.
Total
14,766,062 14,927,515 Total
14.766,062
-V. 134, p. 1392.
3288,442
3.574,947
26.250
$20.32
1930.
$
4,000,000
2,625,000
313,498
3,055.
4,042,352
55.000.
3,888.609W
14,927,515.
United States Freight Co.
-Disposes of Newtex Corp.
-
The company has notified the New York Stock Exchange that it has
contracted for the sale of the Newtex Steamship Corp., a wholly owned
subsidiary. The management and operation of the line will be taken,
over by J. H. Winchester & Co. The Newtex Line has operated in the
Atlantic Seaboard aud Gulf trade. It has five ships.
Among the new directors of the Newtex company are Fred L. Hewitt
with B. J. Baker & Co., bankers; J. B. Smull and Winchester Noyes of
Winchester & Co., and Eugene L. Norton, President of the Freeport
Texas Co. Captain D. A. Moloney is President and a director.
-V. 134.
p. 1782.
Total surplus
$4,744,263 $3,919.197 $2,953,232
Shares capital stock
374,991
374,991
337,500
Earnings per share
$5.09
$4.70
$6.65
deducting cost of sales, discounts, returns and allowances. y Ina After
-New President, &c.
United States Playing Card Co.
cludes $100,146 received in settlement of patent infringement.
Arthur R. Morgan, Vice-President and Secretary, was recently elected
Comparative Balance Sheet Dec. 31.
President to succeed the late Benjamin C. Hawkes. Clifford K. Albert.
1931.
A53431930.
Liabilities1931.
1930. Vice-President and Treasurer, and William Ottmann, Vice-President, were
31,035,869 $1,274,173 Accounts payable_ $89,770
Cash
$98,215 elected to the executive committee.
Life insur. policies 103,469
82,856 Dividend payable. 234,371
234,371
John M. Hancock of Lehman Bros. was elected a director to succeed
73,000
Cash val. of dep'ts
Accrued expenses_ 206,141
235,085 Mr. Hawkes.-V. 134. p. 1392.
Miscell. notes &
Prey, for Federal
accts. rec
184,068
Income taxes._ 228,471
-Earnings.
United States Radiator Corp.
238,709
U.S.Govt. market23,618
Sundry oper. res_ _
20,000
Years End. Jan,311931.
1930.
1932.
1929.
able bonds
2,422,799 1,666,034 Capital stock_ _ _01,750,000 1,750,000 Gross earnings
loss$477,122 1054203,225 $1.654,600 $1,066,107
Notes & accts. rec. z518,915
576,233 Surplus
4,744,283 3,919,196 Interest charges
165,452
142,097
202.480
190,373606,234
Inventories
708,468
Deprec. & amortization_
273,297
285,547
282,893
251,855
Prepaid Insurance,
Year enclinv.price adjus.
47,290
taxes & oth. exps
52,656
and bad debt losses- _
384.714
Insur,fund deposit
14,543
72,013
Reserve for Federal taxes
Invest. In com.stks 176,947
158,656
and contingencies__
132,000
75,000
Invest. In adv. to
foreign attn. cos.
25,601
43,909
Net income
108831,289,482 loss$641.973 $1,037.528
$548.879
Capital assets_ _ _x1,654,856 1,588,182
Preferred dividends- -73,668
294,672
294,672
294,672 y337,263
350,172
Patents
Common dividends
317,508
423,344
423.344
Total
37.276,635 36,495,578
$7,276,635 $6,495.578
Total
31,363,150 31,254,153 sur$319,511
Balance, deficit
$169,137 x After deducting reserve for depreciation of $684,271. y Less reserve Shs.com.outst.(no par)_
211,672
211,672
211,672
211,672
for amortization of $250,693. z Less reserves of 369,680. a Authorized Earns. per share on com_
Nil
Nil
$.5o
$1.20,
and issued 675,000 shares of no par value, consisting of 374,991 shares,fully
Balance Sheet Jan. 31.
sharing in dividends; 300,009 shares, not sharing in dividends up to $2.50
Ands1932.
1931.
Liabilities1132.
1931.
per year. These latter 300,009 shares may equally participate in extra Cash
$1,106,853 $987,181 Accounts payable,
dividends paid beyond $2.50 per share on the fully-dividend-sharing stock
520,606
payrolls, Oa.... $41,281
$97,649 •
(374,991 shares): 75,000 shares become fully dividend sharing on the basis U. S. Govt. sec_ _ 654,831 1.121,947
Notes & accts. rec. 681,008
Accrued expenses.
30.658
42,985 of one share participating for each $6 earned beyond 32,249,946 in any one Inventcry
1,767,362 3,052,284 10-year 5% sink'g
year. The remainder (225,000 shares) requires $9 earning for each share Other assets
78,389
88,613 fund gold debs_ 2,657,000 2,975,000
participating after $4,050,000 has been earned in any one year.
-V. 133, Land, buildings,
7% cum, pref. stk 4,209,600 4,209,600
p.2776.
mach'y & equip.14,280.195 4,532,099 Common stock and
Pat.rights&(level.) 29,631
(29,630 surplus
y1,793,503 3,165,751
-Earnings.
Truax-Traer Coal Co.
Good-will
1
1
For income statement for three and nine months ended Jan. 31 1932 Unamort. deb.disc.
see "Earnings Department" on a preceding page.
-V. 133, p. 3980.
prepd.exps.,&c. 133,773
158,624
-Traffic Increased.
United Aircraft & Transport Corp.
Total
$8,752,043$10,490,986
Total
88,732,043310,490,986
The United Air Lines carried 814 passengers in January of this year as
x After depreciation of $2,306,704. y Represented by 211,672 shares
compared with 525 passengers in December 1931. Passengers carried out (no par).
-V. 133. p. 140.
of the Chicago Municipal Airport by all lines during January totaled 1,919,
compared with 1,906 in December 1931.-V. 134, p. 1781.
-New President.
United States Steel Corp.
United Carr Fastener Co.
William A. Irvin, a Vice-President of this corporation, will succeed to •
-Expansion.
The company has purchased the fastener division of the St. Lawrence the Presidency upon the retirement of James A. Farrell on April 19.
Previous to Mr. Irvin's appointment as Vice-President on Sept. 1 last,
Steel Wire Co. at Gananoque, Out., Canada.
-V.133.P.2777.
he had for many years been operating Vice-President of the American
United Chemicals, Inc.
Sheet & Tin Plate Co., a subsidiary of the United States Steel Corp.
-New Exchange Offer.
Mr. Irvin, over a period of 35 years. has been an official in various
This corporation has sent a letter to holders of its $3 pref. stock offering
to exchange 1 1-3 shares of Westvaco Chlorine Products Corp. common capacities in the subsidiary companies of the United States Steel Corp.
stock now held in the treasury of United company for each share of United
Unfilled Orders.
Chemicals pref. stock. The offer will expire on March 311932.
See under "Indications of Business Activity" on a preceding page.
-F.
The United corporation recently offered holders of its preferred stock the
privilege of exchanging such shares for the 7% stock of Westvaco on the 134. p. 1392.
basis of one-third share of the latter for each share of United preferred.
United Verde Extension Mining Co.
-Production.
--V. 134, p. 867. 147.
Copper Output (Lbs.)1932.
1931.
1929.
1930.
United Founders Corp.
2,824,696 4,446,000 4.675,640
3,043,930
-Sells Holdings of Allied General January
February
-See latter company above. V. 134, p. 1782. -V. 134, p. 523, 1782. 3.031,458 3,221,000 3,738,000 4,047,010
Corp. Stock.
United Fruit Co.
-Loan to Colombia.
-
an Raalte Co., Inc.
-To Decrease Stock.
This company and the Colombia on March 8 concluded an
The
proposed reducagreement
whereby the former will lend $500,000 to the latter. The company will tion in stockholders will vote March 24 on approving the from $3,600,000
capital represented by common stock to $2,144,951
national banana export tax of 3c. a bunch to amortize the loan, and the reduction
retain the
of the authorized 1st pref. stock to 34,925 shares from
with 6% annual interest. On the basis of the present rate of banana 36,525 shares.
-V. 134, p. 1782.
exports, amortization will be complete in four years, it is estimated. This
loan should speed the conclusion of long-pending negotiations for the
Viking Pump Co.
-New Directors, &c.
long-term rental of the Santa Marta Ry., operating through the banana
Paul Binzel, H. M. Henriksen and Andrew Knapp were recently elected
zone by the national government to United Fruit interests, with the directors, replacing V. W. Johnson, J. H. Bent and H. P. Hansen.
acquiescence of the State of Magdalena, which holds the rights of the
-V, 134.
Mr. Johnson was elected Secretary, succeeding P. 0. Peterson.
railway.
P. 1392.
MAR. 12 1032.]
FINANCIAL CHRONICLE
-February Sales.
(F. W.) Woolworth Co.
-
-Earnings.
Waldorf System Inc.
Calendar YearsTotal sales
Cost ofsales
1977
1928.
1931.
1929.
1930.
315,546,963 $15,958,394 $16,362,410 $14,621,170
13,701,275 13,902,897 14,355,385 12,903,600
1932.
1931.
1960.
Month of February
$18,793,418 $19.385,731 $20.00,307
First two months
- 36,783,941 38,625,576 38,43 467
Articles to retail at 20 cents will be sold in stores of this company, markIncome from operation $1,845,688 $2,055,497 $2,007,025 $1,717,569 ing a departure from the policy of handling only 5 and 10
-cent Thus, mainIncome credits
86,690 taned for 50 years, it was announced on Feb. 19 by President H.T.Parson.
107,868
58,718
60,727
Beginning March 1 new lines at the higher prices will be added in 100 stores
Gross income
$1,906,415 $2,114,215 $2,114,893 $1,804,260 of the 1.905 comprising the Woolworth chain throughout the country.
Depreciation, amortiz'n
The new lines will be stocked principally in the Woolworth stores in
the South and West, where there has been an Insistent demand for them,
of leaseholds, Federal
and State taxes, &c _ _ _
909,347
898,648
825,563
822,313 It was said. Present plans do not call for the offering of the higher priced
Items in stores here, but this may be done later.
Net income
It was denied still higher priced lines might be added later. Distribu$1,080,852 $1,215,567 $1,205,546
$981,946
Preferred dividends__ _
12,948
49,454
38,318
56,504 tion of the new lines was described as experimental, but if Heal adopted
Common dividends
662,725
692,234
688.544
669,915 the slogan of "nothing over 10 cents" would be abandoned entirely and
the 20 cent items stocked by all of the Woolworth stores.
Balance,surplus
The new lines, it was explained, would be added to practically all de$405,179
$488,705
$255.527
$463,858
Profit St loss surplus_ _ - - 3,542,180
2.598,272
3,082,654
2,158,506 partments usually maintained in a Woolworth store, but would be parCorn.shs. outet.(no par)
438,419
461,610
8461,610
461 610 ticularly evident in chinaware, glassware, hardware and accessories.
Earns. per eh.on QOM - _ _
The official announcement said:
$2.55$.00
$2.46
x Includes 14,867 shares purchased during 1930 and$ ak1 in treasury.
"We shall continue to feature standard quality merchandise at our
h5
2 0
present prices of Sc. and 10c. The establishment of the new 200. price
Consolidated Balance Sheet Dec. 31.
will not in any way result in any change in the price of the merchandise
1931.
1930.
1931.
1930.
now offered at Sc. and 10c.
Assets-.
$
$
Liabilities$
$
"The new 20c. price enables us to offer on our counters a much wider
Land and buildings 2,954,563 2,863.406 Preferred stock.
389,340
Equip. di furniture 6,356,452 6,766,441 Common stock___:3,108,300 3,108,300 line of quality merchandise and we hope that by hooding the wishes of
our customers for its establishment we shall greatly increase sales."
Leaseholds
335,335
372,145 Accounts payable_ 385,871
389,749
Prices of complete items sold by the company have for some time exCash
477,335
845,357 Wages accr., exp.
ceeded 10c., as separate parts of the more elaborate objects have each
Refund due on
and taxes
168,184
180,720 been priced at that figure.
-V. 134, p. 1046.
bldg. construeFed. & State taxes 204,672
221,178
lion loan
50,000 Construc.contracts
Worthington Pump & Machinery Corp.(& Subs.).Accts.& notes fee_
79,838
63,326
incompleted
4,180
44,100
Inventories
636,641
582,534 mtge. notes pay'le 1,069,000 1,106,500 Earnings.
Com, stock held
Depos.on subleases
2,850
4,050
Earns. Cal. Years1931.
1928.
1929.
1930.
In treasury
504,001
322,405 Res. for canting_
73,661
89,342 :Operating profit
$656,623
10683981,758 y$1,930.178 $2,142,418
Pref. stook held In
Res. for sink. fund
120,804
321,599
392,916
81,965
526.9461
treasury
14,266 Res.for depree'n_ 3,608,192 3,874,117 Int. received &c., net _ I
235,489
I
Miscell. assets._
33,718
14,283 Surplus
3,642,181 3,082,654 Int. & diva. from invest_f
51,541
Deposits to leases_
69,841
Gross income
108.63660.158 $2,323,093 32.669,356
3974.076
Deferred charges-, 155,673
121,319
Reserve for Federal taxes
267,000
140,000
525,532
Good-will
540,532
41,463
U.S.Govt.bonds_
Net income
1064660,158 12,056.093 32,529,356
3974.076
on
12,187,092 12,610,855
Total
Total
12,167,092 12,610,855 Dividends prof.
Class A
489.372 (14)782,997 (14)782,997
_(Si)
x 461,610 shares of no par value.
-V.134, p. 1214.
Class B pref_ -(7) %)
774,125(12)1238,601(12)1238,601
'(Hiram) Walker-Gooderham & Worts, Ltd.
-Recapitalization Approved.
The shareholders on March 4 approved a plan for the rearrangement
of the company's capital structure, by creating an issue of 660,000 shares
of preferred stock carrying cumulative dividends at the rate of $1 annually
and 660,000 shares of no par value common stock. For each four shares
of the current issue outstanding holders are to be given one share of the
preferred and one share of common stock. The preferred shares are
callable at $20 per share, and the company reserves the right to purchase
the preferred in the market for redemption at a price not exceeding $20
per share.
The first dividend payment date will be June 15 1932. The dividend
requirements for the preference shares will be $660,000 per annum,equiva
lent to 25 cents per share per annum on the existing 2,640,000 shares out
standing.
-V. 134, p. 1392.
Walworth Company (and Subs.).
-Earnings.---
Calendar Years1931.
1930.
1929.
1928.
Gross profit on sake--- $1,591,813 $4,673,013 $7,460,588 $5,274,940
Deprec.on plant & equip
350,231
444,835
533,587
521,748
Adm.dr sell. exp.(net)&
taxes (incl. Fed. tax)- 2,672,938
3,409,571
4,228,139
3,637,765
Mt. on bonds, notes &
drafts
631,198
654,994
667,020
702.241
Net profit
def$2,062,555
$163,613 $2,031,840
$413,185
Preferred dividends-- 14,897
75,400
80.696
86,005
Common dividends
81,965
657,123
431,360
360.000
Deficit
$2,159,416
068.909sur$1519,784
Shs. com. stk. outatand.
327,860
(no Par)
327.860
319,665
Earnings per share
Nil
$0.27
$6.10
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
Assetsi
Liabilities-$
plant & equip- -x15,192,681 15,628,467 6% preferred stock 1,000,000
Cash
824,658 1,192,150 7% pf.stk. of subs. 225,000
Drafts, accts, and
Common stock .y8.929.785
notes rec.,&c
1,639,356 2,245,552 Accts. pay.& WC!.
Walworth Co. 6%
items
658,136
bonds
•
136,345
Purchase obligation 136,345
Inventories
4,573,752 7,692,678 Notes payable- --- 955,000
Prep. Ins., int. &
Bonds of Walworth
taxes
122,205
Co
156,390
9,055,500
Cash Burr. val, life
Bonds of subs-- -- 358.200
insurance
28,590
21,813 Contingent res____ 452,164
Notes reach . (not
,
Spec.res.for amort
current)
59,661
93,436
of plant & equip. 1,200,000
Invest. in rights,
Earned surplus__ def3,449,345
patt., contr., &c
397,118 General surplus _ 5,329,546
Miscellaneous sees.
95,099
232,408
Leasehold of Walworth, Ltd
70,383
71,373
Lease purch. cont94.622
78,009
Good-will
1
425,910
Def. charges
12,978
257,055
$32,820
300,000
$1.09
1930.
$
1,000.000
225,000
y6,929,785
985,813
579,000
9,343,000
403,200
514,901
1,672,800
6,838,853
Total
22,850,313 28,492,360
Total
22,850,333 28,492,36
x After depreciation and amortization of $10,713,890. y Represented
by 327,860 no par shares -V. 133, p 3478.
----Waukesha (Wis.) Motor Co.
-Reduces Dividend.
-
The directors have declared a quarterly dividend of 50 cents per share
on the common stock, no par value, payable April 1 to holders of record
March 15. This compares with quarterly distributions of 75 cents per share
made on this issue from Jan. 1 1929 to and incl. Jan. 1 1932.
President 11. L. Horning says in substance:
"The directors felt that in view of the general depression in business it
was wise to continue a conservative policy in dividends.
"The company has a large cash balance in the bank, and there are
indications of a seasonal increase in business as spring approaches.
"As soon as the upward tendency in business sets in it is the intention
of directors to restore dividends to the $3 annual basis."
-V. 133, P. 2449
Western Auto Supply Co.
-February Sales.
Month of February
First two months
-V. 134, p. 1214, 341.
4VeSt
466"4
1932.
$571,100
1,211,300
1931.
$636,700
1,349,200
1930.
$786,500
1,647.600
1929.
$652,456
1,413,717
Point (Ga.) Mfg. Co.
-Dividend Omission.
-
The directors have voted to omit the quarterly dividend ordinarily
payable about April 1. The company, from July 1 1931 to and incl.
Ja 2 1931, made quarterly distributions of 81 per share as against $1.50
(
i ret;iously.-V. 133. p. 3981.
tn
(H. F.) Wilcox Oil & Gas Co.-To-eiraftge-P•oz..The New York Stock Exchange has received notice from the company
o a proposed change in the common stock from 1,150.000 shares of no
ar value to 1,15 000 shares, par value $5. each share to be exchanged
or one new share. V. 134, p. 1046.
F
".Wisconsin
ankshares Corp.
-Reduces Dividend.
-
The directors have declared a quarterly dividend of 4 cents per share
payable March 31 to holders of record March 22, placing the stock on a
-V. 134. p. 1046.
16-cent annual basis, as against 20 cents previously.
Balance
def$1,923,655
Previous surplus
5,693,665
Fed. tax reserve of prior
years not required_
Total surplus
Plant adjustment
_
$34,495
5.659,169
78,922
$33.848,931
3507,759
4,939,396
3974,g1
4.539.
212,014
$5,693,664 $5,659,169 $5,513,084
573,688
Profit & loss surplus_ - $3,848,931 $5,693,664 $5,659,169 $4,939,396
Shs. corn. stk. outstand_
126,921
126,921
126,921
126,921
Earnings per share
Nil
Nil
$8.23
$11.96
x After deducting cost of sales including all operating and maintenance
charges, deprec. of plants and equipment, selling, general and administrative expenses. y After deduction of 3611,758 for depreciation of $171,929
for slow-moving and obsolete inventory.
Comparative Balamee Sheet Dec. 31.
1931.
1930.
1931.
1930.
LiabilitiesAnds-8
$
$
0
Prcperty, plant &
capital stock _ ... _y20,951,000 20,051,000
equipment
x8,090,936 9,102,719 Accounts payable_ 336,895
327,398
Foreign securities_ 2,803,586 2,803,586 Accrued payrolls_
51.427
39,731
Cash
6,074,365 6,012,290 Prof. dIv. payable_ 252,700
505,399
Govt.securities_
150,182
150,182 Fed., &c., tax res.
278,975
24,610
Miscall. securities_ 427,6711
473,232 Miceli. curr. liab_
196,916
102,386
Pref.stk.In treas'y 1,439,757 1,400,294 General reserves__ 978,572
.
978,572
Accts.& notes rec_ 2,150,354 3,525,651 Conthig. reserve.- 122,729
122,729
Inventories
4,286,775 5,354,751 Special reserve..__ 311,147
448.565
Due by foreign OBI
Profit and loss surco's & agencies._ 415,100
471.302
plus
3,848,931 5,693,665
Misc. curr. assets_
105,114
141,576
Deferred charges__
124,756
117,064
Total
26,988,602 29,552,650
Total
28.968,802 29.852,650
x After depreciation of $9,000,921. y Represented at 35,592,833 class A
7% pref. stock, 310,321,671 class B 6% pre?, stock and 312.992,149
common stock.
-V.134,p. 1601.
(Wm.) Wrigley Jr. Co.
-Earnings.
Calendar Years1931.
1930.
1929.
1928.
Net profit from oper_ -- 421,761,201 324,300.657 $23,561.524 $22,781,649
Sell., gen. & adm. exp.- 9,531.522
9,686,613
9,564,285
9,368,100
Depreciation
Federal taxes
Net income
704,844
1,377,299
747,116
1,570,770
869,789
1,518,741
879.840
1,465,031
310.147,535 312.296,158 $11,608.708 $11,068.618
Corn, dividends (cash).... 7,888,430
7,901,413
6,164,971
6,741,645
Corn. dividends (stock)1,986,201
Surplus
Earned Per share
32,259,105 34,394,745 $3,457,537 $4,326,972
$6.14
$5.07
$5.80
$6.15
Balance Sheet Dec. 31.
1931.
1931.
1930.
1930.
Assets$
Real estate, bldgs.,
Common stock_ _y19,200,000 19,200,000
mach.&equip_x11.803,662 12,294,018 Accounts payable_ 1,652,797 1,331,513
G•d-will, pats.,&c. 6,067,035 6,080,526 Notes payable-- 460,000
604,903
Cash
8,978,607 10,771,305 Minority interest- 1,248,176 1,273,090
Accts.& notes rec_ 2,807,407 3,445,095 Res. for general dc
Inventories
13,245,188 14,560,251
Federal taxes-- 1,892.852 2,876,473
Stocks and bonds 17,886,139 14,621,904 Other reserves-- 3,858,218 5,032,311
Other investments 2,147,344 1,185,847 Surplus
34,688,638 33,184,940
Deferred charges....
44,798
44,183
Total
62,980.182 63,003.130
Total
x After deducting 37.091,659 reserve for
shares no par value.
-V. 133. p. 2777.
62,980,182 63,003,130
depreciation. 72,000,000
Yellow Truck & Coach Mfg. Co.
-Earnings.
-
For income statement for 3 and 12 months ended Dec. 31 see "Earnings
Department" on a preceding page.
-V. 133. p. 2944.
Youngstown Sheet & Tube Co.
-Earnings.
-
Calendar YearsNet sales
Cost ofsales
Net profits
Other income
1931.
1928.
1929.
1930.
-$59,487,008 3111057,928 3161038,216 3140990,988
57,177,939 94.753,117 130,235,533 118,457,527
32,309.069 416304,811 x$30802,683 $22,533,461
1,449,795
2,334,740
3,221,421
3,020,136
Gross income
$3,758,864 418639,551 434024,104 325,553,597
Deprec. and deplet
8,321,399
8.190.650
7,939,803
6,437,806
Other miscall. charges
1,521,996
588,263
Int. & discount on bonds 4,363,572
3.659,322
3,644,140
3,821.717
Prof.accr.to minor.subs.
4,293
36,877
CrI,614
17.149
Federal taxes
See x
1.425,000
Net income
Preferred diva
Common dividends
loss$7,040,900 $7,036,133 $21,564,174 $10.446,336
(5 Ji 70)825,000 (5)4)825000 (534)825000 (7)910,938
4,778,428
1,800.000
5,500,000
5,000,000
Surplus bal. for yr_def$9,665,900 $1,432,705 $15,239,174 $4,535,398
Shares com, stock outas
standing (no par)____ 1,186,184
1,186,034
1,200,000
1,000 000
Earnings per share
108836.55
$5.17
$17.28
0.53
x After provision for estimated Federal taxes.
-V. 134, p. 1214.
FINANCIAL CHRONICLE
1978
[VoL. 134.
geports and Documents.
PUILISHED A
ADVISMIIIIIMITIP
ATLAS UTILITIES CORPORATION
REPORT—FOR THE YEAR ENDED DECEMBER 31, 1931
15 EXCHANGE PLACE
Jersey City, New Jersey
To the Stockholders of
ATLAS UTILITIES CORPORATION
During the year 1931 your Corporation continued its program of expansion through the acquisition of substantial
interests in other corporations and organizations engaged
in the securities investment business. Some of these corporations and organizations have been consolidated with
your Corporation, while others are controlled through stock
ownership. This program of expansion was not completed
at the end of the year and consequently the consolidated
Statement of Condition, which will be found below, should
be taken more as an indication of the progress made during
the year, and of the liquidity of the combined assets, than
as a reflection of the ultimate financial structure.
During 1931 the consolidated net assets of your Corporation and its controlled corporations, eliminating all intercorporate items, increased from approximately $15,650,000
to approximately $53,730,000. At the same time the
liquidity of such assets was substantially increased; that is
to say, the percentage of total assets represented by securities
of uncertain value or slow marketability was reduced.
Notwithstanding such fact and the further fact that the
Common Stock of your Corporation is preceded by 156,000
shares of $3 Preference Stock, Series A, with consequent
so-called "leverage," the liquidating value of such Common
Stock was fully maintained during the year. During this
same period the market value of Common Stocks generally
as measured by the Dow-Jones Averages for Industrial
Stocks decreased by approximately 53%.
The total market value, on December 31, 1931, of all
securities outstanding in the hands of the public of controlled corporations included in the consolidated Statement
of Conditions was approximately $22,350,000.
Such items as cost of organization, cost of financing,
unamortized discounts and furniture and fixtures, have been
entirely written off in the consolidated Statement of Condition. This is also true with respect to all expenses incurred
in connection with the acquisition of interests in other corporations. All option warrants which your Corporation has
acquired in controlled corporations (even those which have
substantial value) have been eliminated as an inter-corporate
holding. Market values of securities in the Corporation's
portfolio, as set forth in this Report, have been used rather
than costs in preparing the consolidated Statement of
Condition. The items included in "Other Assets Not Readily
Marketable" have been appraised by the Directors at
$1,841,989.81 total, which represents less than 3.5% of the
total of all assets.
In addition to the corporations included in the consolidated
Statement of Condition, there are other corporations engaged
in the securities investment business in which your Corporation has a dominant interest, but which, in the opinion
of your Directors, could not be properly classified on December 31, 1931, as controlled corporations for inclusion in a
consolidated statement. Some of these and also other
corporations will, it is expected, be added to the group as
controlled corporations during the current year. By such
additions the group assets should amount to a total in excess
of $100,000,000. A unit of such size should enable your
Corporation to maintain a low ratio of overhead expense
to capital assets while at the same time continuing to maintain a skilled and efficient personnel for the service of itself
and supervised corporations.
There is set forth further below in this Report a list o
the securities included in the portfolio. As to the securities
of investment trust corporations so included, the names of
the corporations have been listed and the aggregate market
value of all such securities has been given. Some of these
securities have been acquired with a view to obtaining
control of the corporations while, in other cases, only the
intrinsic merits of the securities as investments have been
considered. The details of these holdings are not being
made public in this Report because such disclosure at this
time might, in the opinion of the Directors, interfere with
the program on which the Management is working. The
investment trust corporation Preferred and Common Stocks
carried in the consolidated Statement of Condition at an
aggregate market value of approximately $9,950,000 had a
liquidating value, as of December 31, 1931, of approximately $12,260,000.
The combined portfolio, as of December 31, 1931, should
not be taken as an indication of the opinion of the Management as to selective investments. Substantially all the
securities, except those of investment trust corporations,
were in the portfolios of the corporations at the time contro
of such corporations was acquired. The attention of the!
Management has been given to the liquidation of certain
portfolio holdings at what were considered favorable moments
in order to maintain a high degree of cash resources, and to
the readjustment of remaining holdings so as to improve
their worth and earning power. The process of readjusting
the portfolios under prevailing market conditions without
making undue sacrifices is naturally a slow one, but real
progress is being made.
Although the name of your Corporation might so imply,
your Corporation is not primarily interested in public utility
securities, but, under its broad charter powers, is being
operated as a securities investment company. Its capital
investments are diversified without preconception in favor
of any particular industry or form of security. Under such
charter powers, the investment policy can be changed from
time to time to meet changing conditions. During the past
year, and at present, certain common stocks of investment
trust corporations have presented and still present attractive
investment possibilities and within limitations of adequate
diversification in the total portfolio, your Management has
taken and is continuing to take advantage of this opportunity. Reference is made particularly, in this connection,
to the following: (1) investment trust corporations that
have outstanding only one class of stock which is selling
well below its liquidating value as represented by the market
value of the marketable securities in the portfolio, the
purchase of which stock is in effect equivalent to the purchase of general market securities below the market; (2) investment trust corporations that have outstanding senior
securities and have common stooks selling at low prices.
The senior securities of such corporations act as a "leverage"
for the common stock, so that the increase of the asset
value per share of the common stock is greater than the increase in the market value of the portfolio.
A substantial part of the accumulation of securities of
investment trust corporations by your Corporation and
controlled corporations must be considered as an intermediate
step in a program. With respect to certain of these corporations within the course of a reasonable time the general
market securities in the portfolios of such corporations, it
is expected, will replace the outstanding stocks of such
MAR. 12
1932.]
FINANCIAL CHRONICLE
1979
corporations which are now owned as investments by your
CAPITAL
group. As already pointed out, the asset value of such stocks Excess of assets over liabilities, viz., amount applicable to
capital stocks (as annexed) of combined companies outpresently owned is substantially in excess of the figure at
standing in hands of public
53.730,538.24
which they are carried in the accompanying consolidated
856,918,171.94
Statement of Condition.
*In the event of certain contingencies not in control of subscriber
You were notified under date of August 3rd, 1931, that subscription
the
may be canceled as to unpaid balance.
for a period of time the officers of your Corporation would
We have examined the accounts of ATLAS UTILITIES CORPORAgive more attention to assets than to income and a full year's TION and of the above-named companies controlled through ownership
of majority of voting stock, or have received the certified statements of
dividend was declared and set aside fos payment on the other public accountants, as at. December 31, 1931. Upon the basis of
the
outstanding $3 Preference Stock, Series A. The portion the foregoing and of the asset valuations indicated therein, in our opinion.
above statement sets forth the combined financial condition of the
of this dividend not yet payable is included in the reserve said companies as at December 31, 1931.
LYBRAND, ROSS BROS. & MONTGOMERY.
for dividends shown on the consolidated Statement of
New York, February 29, 1932.
Condition. The strong cash position which your Corpora- SCHEDULE
OF SHARES IN HANDS OF PUBLIC (INTERtion maintained during the year 1931 naturally kept the
CORPORATE HOLDINGS ELIMINATED)AND REPRESENTED
BY CAPITAL ACCOUNT OF 53,730,538.24.
earned income at a lower figure than would otherwise have
Number of Shares.
Atlas Utilities Corporation:
been possible.
$3 Preference Stock, Series A, no par value entitled in
Atlas Utilities Corporation is not affiliated with any bank,
liquidation to $50 per share
156.000
Common Stock, no par value
banking firm, brokerage or investment house. It is an
2,202,687
Option warrants to purchase, at any time, 839,292
outgrowth of a private enterprise started in 1923 by its
shares of Common Stock at $25 per share
present Management, with a capital of approximately
All America General Corporation:
$40,000. In August, 1928, the assets of this enterprise,
Common Stock
52,293
Option warrants, expiring August 1, 1939, to purchase
amounting to approximately $1,000,000, were taken over
12.786 shares of Common Stock at $27.50 per share
Allied Atlas Corporation:
by Atlas Utilities & Investors Company, Limited, which
Common Stock, no par value
21.70231
was organized under the same auspices. In September,
Atlas Utilities and Investors Company. Limited:
6% Preferred Stock
1.910
1929, all of the Common Stock of Atlas Utilities & Investors
Option warrants to purchase, at any time. 53.757
Company, Limited, which had assets of about $6,000,000,
shares of Common Stock at $25 per share
Aviation Securities Corporation:
was acquired by your Corporation by an exchange of its
Common Stock, no par value
66,429
Chain Store Stocks, Inc.:
stock. At the same time about $9,000,000 of additional
Common Stock, no par value
86.08854
capital was obtained by the private sale of units of securities
Option warrants. expiring January 1, 1934, to
purchase 1,500 shares of Common Stock at $37.50
of your Corporation, consisting of one share of $3 Preference
per share
Stock, Series A, one share of Common Stock and an Option
General Empire Corporation:
Common Stock, no par value
52,3671m 4/
Warrant to purchase, without limit as to time, at $25.00
National Securities Investment Company:
per share, one share of Common Stock. The price paid for
6% Cumulative Preferred Stock
102.012
Common Stock
316.10554
each unit was $58.00.
Option warrants, expiring December 31. 1933.
The progress which your Corporation has been able to
to purchase 89,08054 shares of Coninson Stock at
$15 per share
make since the time of its organization in 1929, during which
Securities-Allied Corporation:
Common Stock(Non-Voting), no par value
period the market as measured by the Dow-Jones Averages
932.034
Sterling Securities Corporation:
for Industrial Stocks has decreased approximately 80%,
Convertible First Preferred Stock ($3)
235.435
Preference Stock, no par value
causes your Directors to hope for continued progress in the
467.708
Class A Common Stock, no par value
516.90634
future. The substantial buying power of your group,
Class B Common Stock, no par value
87.589
Ungerleider Financial Corporation:
represented by cash and United States Government securiCommon Stock, no par value
43.936
ties, is, in itself, an assets of real value under present
SECURITIES IN PORTFOLIO
conditions.
at December 31. 1931
Respectfully submitted,
Bonds and Notes
Description
By Order of the Board.
Par Values
Markel Values
American & Foreign Power Company,Inc.,5s2030 $41.000.00
$100M
FLOYD B. ODLUM,
American Smelting & Refining Company 5's 1947..
50M
45.000,00
2754
Atchison Topeka & Santa Fe Ry. Co. 4's 1995---President.
23.760.00
Brooklyn Manhattan Transit Corp."A"6's 196820M
February 29th, 1932.
16,400.00
ATLAS UTILITIES CORPORATION
and the following controlled Companies
All America General Corporation
General Empire Corporation
Allied Atlas Corporation
National Securities Investment Co.
Atlas Utilities & Investors Co., Ltd.
Securities
-Allied Corporation
Aviation Securities Corporation
Sterling Securities Corporation
Chain Store Stocks. Inc.
Ungerleider Financial Corporation
COMBINED STATEMENT OF FINANCIAL CONDITION
as of December 31, 1931
ASSETS
Cash in banks
814.934.137.76
U. S. Government obligations, at market
4.978.468.75
Due from brokers and other current accounts receivable___. 1.198.201.77
Deferred payments due in 1932 for securities sold
336.800.00
Loans to affiliated companies
1,213.201.13
Special cash deposited in escrow for purchase of securities
712.500.00
Notes and loans receivable. 83.257.980.19, less maximum
loss estimated by management
2.955.000.00
Balance receivable on subscription to capital stock units*
1.235.000.00
Investments (at values based on market or bid prices):
Bonds and notes
82.163.020.00
Preferred stocks3.739.625.75
Common stocks
21.544.651.33
27,447,297.08
Deferred charges
65,575.64
Other investments, not readily marketable, as valued by
management
1.841,989.81
856.918,171.94
LIABILITIES.
Due for securities purchased
Accounts payable
Dividends declared but not yet payable
provision for Federal and State taxes and contingencies
82.085.997.92
21.97341
469.510.60
610.151.77
83.187.633.70
3354M
4254M
50M
100M
50M
75M
5054
13M
20M
10054
575M
4354
14M
99M
53M
41M
94M
2554
226M
10054
126M
10054
2254
25M
200M
126M
2554
2554
200M
60M
20M
421),I
1354
3154
Central Mexico Light & Power Co. 6's 1940
Chicago Railways Company 1st 5's 1927 O-D_.,
City of Detroit. Michigan, 454's 1959
City of Detroit, Michigan, 454's 1960
City of New York 3's 1935
City of New York 434's 1981
Consolidated Gas Company of New York 454's
1951
Consumers Power Company 1st 434's 1958
Detroit Edison Company 454's 1961
Electric Power & Light Corporation 5's 2030
Film Securities Corporation 6's 1933
Hudson & Manhattan Railroad Co. let 5's 1957
Illlno s Steel Company 454's 1940
Koppers Gas & Coke Company 5's 1947
Laclede Gas Light Company 534's 1953
Laclede Gas Light Company 554's 1960
Lane Bryant, Inc.. 6's 1940 w. w
Loew's Theatre & Realty Corporation 6's 1947
McKesson & Robbins, Inc., 554's 1950
Mississippi Power & Light Company 1st 5's 1957Missouri Pacific Railroad Co. 534's 1949
Mobile & Ohio Railroad Co. 454's 1977
Paramount Famous-Laxity Corporation 6's 1947
Paramount Publix Corporation 555. 1950
8
Peoples Gas Light & Coke Co. 354's 1932
Pickwick Terminal, Inc., 6's 1950-56
Port of New York Authority 45es 1950
Port of New York Authority 434's 1957
Public Service Co. of Northern Illinois 4's 1932
Remington Rand, Inc., 534's 1947
Standard 011 Company of New York 454's 1951
State of Louisiana. Highway 5's 1939
Texas Electric Service Company 5's 1960
Western Maryland Railway Co. 554's 1977
Sundry Bonds and Notes (23 items averaging less
than $5,000 per lot)
Total
15.075.00
21,250.00
39,500.00
79,000.00
45,250.00
61,500.00
47.187.50
12.090.00
18.600.00
56.750.00
515,000.00
35,690.00
13,160.00
65,340.00
38.690.00
26.650.00
34,780.00
11.000.00
122,322.50
68,750.00
40,950.00
11,250.00
10,230.00
10,000.00
188.000.00
25,200.00
22,125.00
21,500.00
182.000.00
24,600.00
17,800.00
38,640.00
10.140.00
14,570.00
92,270.00
82,163,020.00
FINANCIAL CHRONICLE
1980
[VoL. 134.
Common Stocks-Concluded
Number of
Market Values
Shares
Description
186,300.00
General Railway Signal Company
8,100
Number of
37,576.80
Market Values 12,5253/4 General Water Treatment Corporation
Shares
Description
167,250.00
W. T. Grant Company
6,000
$102,000.00
3,400
American & Foreign Power Co.. Inc.,$7 cum
15,750.00
Hibernia Bank & Trust Co., New Orleans
450
105,000.00
American & Foreign Power Co., Inc., 2nd $7 cum_
8,750
14,805.00
630
Industrial Rayon Company
20,000.00
800
American & Foreign Power Co., Inc., $6 cum
65,000.01)
International Cement Company
4,000
125.100.00
1,800
Arkansas Power & Light Company $6 cum
123,225.00
International Nickel Company of Canada, Ltd_ _ _
49,400.00 15,900
1,300
Associated Telephone Utilities Co. $6 cum. prior
13,736.00
International Telephone & Telegraph Corp
1.616
203,043.75
Blue Ridge Corporation 6% opt. cony. cum
11,050
138,600.00
Italo-Argentina Electric Company
4,950
30,625.00
Bucyrus-Erie Company cony
5,000
Johns-Manville Corporation
105,750.00
6,000
72,000.00
Capital Administration Co., Ltd., 6% cum. "A"_.
3.600
13,875.00
1,000
Kroger Grocery & Baking Company
573,000.00
Chicago Investors Corporation $3 corn. cony
28.650
Liggett & Myers Tobacco Company B
124,800.00
2,600
Commercial Investment Trust Corp. 6% cum.
4,400
205,200.00
Loew's Incorporated
7,600
268,400.00
opt. cony. series 1929
McCrory Stores Corporation
30,000.00
2,000
37,455.00
Continental Gas & Electric Corporation 7% cum_
681
Marshall Field & Company
17,850.00
1,700
19,500.00
Deere & Company 7% cum
1.500
252,225.00
Mathieson Alkali Works, Inc
21,500.00 17,100
Electric Bond & Share Company $5 cum
500
12,000.00
Mechanics Trust Company of Bayonne, N. J
200
22,500.00
500 Electric Power & Light Corp. 2nd $7 cum. A
11,437.50
1,500
Montgomery Ward & Company, Inc
81,400.00
Electric Shareholdings Corp.6% cum. cony. opt
2.200
96,062.50
National Biscuit Company
639,056.00
2,400
39,941
Federated Capital Corporation 6% cum
40,625.00
National Cash Register Company "A"
5.000
103,400.00
Gillette Safety Razor Co. $5 cum. cony
2.200
79,630.50
National Dairy Products Corporation
3,466
94,500.00
Gulf States Utilities Company $6 cum
1,000
232,050.00
National Power & Light Company
91,800.00 16,700
International Match Corp. cum. participating
5.400
24,766.67
35,000.00 49,53334 Niagara Hudson Power Corporation A warrants
Jersey Central Power & Light Co. 5)4% cum
500
14,500.00
New York Central RR. Company
500
19,200.00
Lawbeck Corporation "A"6% cum. w. w
640
85,000.00
Pacific Gas & Electric Company
2,500
29,000.00
Mexican Light & Power Co., Ltd., 7% corn
1,000
66,250.00
Penick & Ford, Ltd., Inc
2,500
39,780.00
New England Power Association 6% cum
780
90,625.00
Pennsylvania Railroad Company
5,000
52,500.00
Pittsburgh United Corp. 7% cony. cum
1.500
22,400.00
People's Drug Stores, Inc
1,400
33,000.00
Radio Corporation of America $5 cum."B"
3,000
456,675.00
Public Service Corporation of New Jersey
8,400
Second National Investors Corp. $5 cum. conv
62,700.00
2,200
14,000.00
Dutch Company (American Shares)
Royal
16.000.00
1,000
2.000
Shenandoah Corporation 6% opt. cum. cony
216,875.00
Safeway Stores, Inc
5,000
36,900.00
Solvay American Investment Corp.5%% cum w.w.
900
184,206.00
Sears, Roebuck & Company
5.582
76,700.00
Standard Gas & Electric Company $6 corn
1,300
82,875.00
Shattuck (Frank G.) Company
8,500
61,000.00
1,000
Standard Power & Light Corp. $7 cum
165,000.00
& Power Company
Shawinigan Water
5,000
96,510.00
Thompson's Spa, Inc., $6 cum
3.217
90.000.00
138.600.00 10,000 Socony Vacuum Corporation
3,300
Tel-Continental Corporation 6% cum
68,000.00
Societe Financier° de Transports et d'Entreprises
United Corporation $3 coin
352
2.000
104,139.20
36.800.00
Industrielles (Sofina)
United Gas Corporation "A" $7 cum
800
13,500.00
84,000.00
Southern Railway Company
United Light & Power Co. $6 cum. cony
1,800
2,100
13,375.00
Standard Brands, Inc
1,000
U. S. & International Securities Corp. $5 cum.
1.800
72.150.00
Standard Gas & Electric Company
53,100.00
2,600
1st w. w
195,125.00
Company (Now Jersey)
81,400.00
7,000 Standard Oil
West Penn Electric Company 6% cum
1,480
113,750.00
Texas Gulf Sulphur Company
5,000
Sundry Preferred Stocks (13 items averaging
127,750.00
Timken Roller Bearing Company
59,756.00
7,000
loss than $5,000 per lot)
23,328.00
Gaz
Transports Electricite et
1,600
80,000.00
Underwood Elliott Fisher Company
$3,739,625.75
5,000
Total
356,500.00
Union Carbide & Carbon Company
11,500
164.450.00
Union Pacific Railroad Company
2.300
SECURITIES IN PORTFOLIO
90.1)00.00
United Aircraft & Transport Corporation
8,000
at December 31, 1931
193.375.00
United Biscuit Company of America
8,500
351,450.00
Common Stocks
United Corporation
41,200
Number of
295.200.00
United Fruit Company
12,300
Market Values
Description
Shares
55.870.00
Gas Improvement Company
United
3,020
$27,450.00
Allied Chemical & Dye Corporation
25.900.00
United Light & Power Company A
400
3,800
21.800.00
142,912.50
Aluminum Company of America
United States Steel Corporation
3.700
400
444,000.00
56.250.00
American Can Company
Walgreen Company
7,400
5.000
35,000.00
48.000.00
American & Foreign Power Company, Inc
F. W. Woolworth Company
5,000
1,200
American & Foreign Power Co., Inc., warrants
16,975.00
25.750.00
4,850
Wm.Wrigley, Jr. Company
500
255,920.00
American Gas & Electric Company
56,000.00
7,312
8,000 Zonite Products Corporation
116,250.00
American Light & Traction Company
61.440.00
6,000
Syndicate participations
20,000.00
American Machine & Foundry Company
1,000
Sundry Common Stocks (23 items averaging less
26,390.00
American Power & Light Company
93,542.75
2,030
than $5,000 per lot)
130,375.00
American Smelting & Refining Company
7,000
29,200.00
American Sugar Refining Company
$13,447,108.58
800
Sub-total
80,000.00
American Superpower Corporation
20,000
782,625.00
American Telephone & Telegraph Company
6,700
Investment Trust Stocks
82,800.00
American Tobacco Company
1,200
111.850.00
American Tobacco Company B
1,600
American Capital Corporation B
66,937.50
Associated Telephone Utilities Company
5,355
American Cities Power & Light Corporation B
127,500.00
Atchison Topeka & Santa Fe Railway Company
1,500
American European Securities Company
53,375.00
Baltimore & Ohio RR. Company
3.500
American International Corporation
117,800.00
Borden Company
3,100
31,825.00
American Investors, Inc.
Borg Warner Corporation
3,350
66,000.00
California Packing Corporation
8,000
American Investors, Inc.. warrants
108,000.00
Central Hudson Gas & Electric Corp. VTO
6,000
Aviation Corporation
154,687.50
Chesapeake & Ohio Ry. Company
5,500
Blue Ridge Corporation
45,000.00
Chicago Rock Island & Pacific Railway Company
5.000
929,347.50
Capital Administration Company, Ltd., A.
Chatham Phenix National Bank & Trust Company
50,235
65,550.00
Chicago Investors' Corporation
Chrysler Corporation
4,700
42,800.00
Coca Cola Company
400
Continental Chicago Corporation
44.200.00
Corporation
Columbia Gas & Electric
3,400
Continental Shares, Inc.
85,750.00
Commonwealth & South Corporation
08/100.i
24,000.
Electric Power Associates, Inc., A
29,508.93
59.0173,4/1000 Commonwealth & Southern warrants
Electric Power Associates, Inc.
Compania Hispano-Americana do Electricidad,
1,400
45,500.00
S. A. "Chade"
Federated Capital Corporation
21,500.00
Compania Swift Internacional S. A. C
1,000
Fourth National Investors Corporation w. w.
288,900.00
Consolidated Cigar Company
10,700
General American Investors Company,Inc.
198.287.50
Consolidated Gas Company of New York
3,300
General Capital Corporation
400,000.00
Consolidated Lithographing Corporation
40.000
75.900.00
Continental Can Company, Inc
Goldman Sachs Trading Corporation
2,200
37,950.00
Continental Illinois Bank & Trust Company
300
International Carriers, Ltd.
62,250.00
Corn Products Refining Company
1.500
International Mining Corporation w. w.
22,250.00
Wheat Corporation
Cream of
1,000
International Superpower Corporation
36,240.75
Deere & Company
3,717
91,650.00
International Utilities Corporation B
Delaware & Hudson Company
1,300
224,500.00
Detroit Edison Company
2,000
Investors Equity Company,,Inc.
96.225.00
Drug Incorporated
1,800
Lehman Corporation
16,650.00
I.) deNemours & Company
duPont (E.
300
National Investors Corporation
21.009.00
Eastern States Power Corporation B
7,000
National Investors Corporation, warrants
103,700.00
Electric Auto-Lite Company
3,400
67,100.00
Prudential Investors, Inc.
6,1000,m Electric Bond & Share Company
10,860.48
of Rosario
Electric Company
432
Reliance Management Corporation
112,050.00
Electric Power & Light Corporation
10.600
Securities Corporation General
112,275.00
European Electric Corporation, Ltd., A
22,455
Shenandoah Corporation
15.150.00
Federal Screw Works
10,100
19.200.00
Third National Investors Corporation
Florsheim Shoo Company A
2,400
31,000.00
Tel-Continental Corporation
General American Tank Car Corporation
1.000
60,750.00
General Baking Company
4,500
75
8,097.542.
TotalInvestment Trust Stocks
290.000.00
General Electric Company
11,600
68.000.00
General Foods Corporation
2,000
$21,544.651.33
TOTAL COMMON STOCKS
128,000.00
General Mills, Inc
4,000
384,625.00
General Motors Corporation
17,000
SECURITIES IN PORTFOLIO
at December 31, 1931
Preferred Stocks
Men. 12 1932.]
FINANCIAL CHRONICLE
1981
THE NORTH AMERICAN COMPANY.
FORTY-SECOND ANNUAL REPORT—FOR THE YEAR 1931.
New York, N. Y., March 12, 1932.
which sometimes results have been the means of promoting
a better understanding of the Company's policies and more
To the Stockholders of The North American Company:
The forty-second annual report of your Company, for the cordial relations.
Under the Company's policy of paying dividends on its
year 1931, covers a period in which operations of subsidiaries
were somewhat curtailed and revenues consequently dimin- Common Stock in Common Stock at the quarterly rate of
ished, these effects of the general depression having been 23/2% (1-40th of a share) our earnings have been conserved
experienced by practically all business. In submitting our and, together with the liberal provision for reserves, have
report we feel that it is permissible to express satisfaction provided a substantial part of the funds necessary for developwith the results achieved under the extremely difficult cir- ment of plant facilities of subsidiaries. The first dividend
cumstances and we reaffirm our confidence in the oppor- in Common Stock was paid on April 1, 1923 and from that
tunities for progress in the future. Accordingly, it is appro- date to December 31, 1931 total outstanding Common Stock,
priate to call attention to the sound financial position of the including that issued for cash and for properties as well as
Company and its subsidiaries and to the excellent physical for dividends, increased 202.59% and consolidated net earnings for Common Stock Dividends and Surplus increased
condition of their properties.
The review of the year's business, in the accompanying re- 232.28%. As of December 31, 1931, the sum of $12,000,000
port of the Vice-President & General Manager,begins on Page was transferred from Undivided Profits to Reserve for Con7[pamphlet report] and the financial statements for the year tingencies for the reasons hereafter stated. After deducting
are given on Pages 18 to 21,inclusive [pamphlet report]. The the amount so transferred, Capital and Surplus (book value)
names of the more important public utility subsidiaries, with applicable to the Common Stock as at present constituted
description and statistics of their principal operations and (formerly of $10 par value) increased from $16.14 to $31.29
maps of their electric systems, are shown on Pages 22 and 23 per share of Common Stock outstanding, including that is[pamphlet report]. Similar information and maps of other sued in payment of the January 2, 1932 dividend. In addilarge public utility companies in which The North American tion Depreciation and other reserves were equivalent to
Company has substantial investments (The Detroit Edison $16.79 per share.
Growth and development of the plant facilities of the
Company, North American Light & Power Company and
Pacific Gas and Electric Company) are given on Page 24 Company's subsidiaries are discussed at some length in
the accompanying report. The following re-statement of
[pamphlet report]
.
In accordance with its established practice, The North our construction policy was made in the President's Quarterly
American Company classes as subsidiaries only companies Letter of February 19, 1932 with the announcement that
in which it or its subsidiaries own voting control and at least budgets for 1932 would be considerably less than for each of
75% of the Common Stock, and does not include in consoli- the two preceding years:
"While we
dated income the undistributed earnings applicable to its quired under have greater generating and distribution capacity than represent depressed conditions, continuance of the growing
demands for residential service and resumption of industrial activity
investments in non-subsidiary companies.
will
necessitate increases in these facilities. We are therefore following
our
We have continued the policy, followed for many years, long established policy of anticipating the public demand for services
deriving at the same time the benefits of lower material prices, greater
and
of keeping stockholders and the public informed at quarterly more efficient labor supply and avoidance of overtime and other excess cost,
usually
intervals through financial statements and reports of the gram in attendant upon having to complete an extensive construction proa brief time."
major activities of the Company and its subsidiaries. The
Public hearings of the Federal Trade Commission on the
annual report, therefore, supplements by a review in more Company and its subsidiaries were held in
Washington,
comprehensive form the President's Quarterly Letters to May 13 to June 4, 1931, in connection with the public
utility
Stockholders, and is accompanied by the annual Consoli- inquiry conducted under resolution adopted by the
United
dated Income Statement and Consolidated Balance Sheet. States Senate February 15, 1928. The news of the proIn previous annual reports and in advertisements in the press ceedings was summarized for the information of stockholde
rs
we have stated that our mailing list for the President's in the President's Quarterly Letter of August 25, 1931,
the
Quarterly Letters, financial statements and other communi- first issue subsequent to the close of the hearings, as
follows:
"Commission accountants and engineers, who had been examining the
cations sent to stockholders is also open to owners of North
books and records of The North American Company and subsidiaries
during
American stock whose holdings stand in names of brokers the last three years, introduced their reports and exhibits regarding the
corporate and financial history of the companies, the growth of
the propor other,nominees and to the public generally.
erties, and the policies and practices in the parent company's relations
with
The constant increase, year after year, in our list of stock- its subsidiaries and the operating Companies' relations with the publlc.
The Commission's examination of The North American Company
extended
holders is gratifying and is, we believe, in a measure due to back to its incorporation in 1890 and dealt also with the assets and capitalization of its predecessor, Oregon Sc Transcontinental Company,
organized
the growing acquaintance of the public with the Company, in 1880. These reports and exhibits, supplemented by testimony of the
various examiners, practically complete the Commission's
its position and activities, as the result of our making in- cial and other data on The North American Company and record of finanall subsidiaries,
except for engineering data on the Wisconsin-Michigan group,
and financial
formation regularly and easily available. It has also been and engineering data on the District
of Columbia group, the latter not
having been included as North American subsidiaries when
the inquiry
our practice, of some years' standing, to request those whose was begun. These additional reports
will probably be introduced when
the Commission reconvenes this fall. (These additional reports
names disappear from our stockholders' list to give such
have not so
far been introduced, although on January 12, 1932 the engineering
report on
information as they wish regarding their reasons for selling the former California subsidiaries was placed in the record.) Edwin Gruhl,
Vice-President and General Manager of The North American
Company, was
their holdings. Their willing cooperation has been expressed called upon to testify as to Company policies. In response to an expression
by Mr. Gruhl, at the conclusion of the hearings,
in a consistently high percentage of responses to these re- ciation of the courteous treatment accorded by of the Company's apprethe Commission and its
representatives. Commissioner Edgar S. McCulloch and
Judge Robert S.
quests and the information they give and the correspondence Healy, Chief Counsel, stated that
the Commission
was appreciative of the
1982
FINANCIAL CHRONICLE
[Vol,. 134.
tion of electricity for household purposes, in which electric
refrigeration has in the last few years been a factor of growing
This information is repeated here for the benefit of new
importance, is reflected in the continued decreases in cost
stockholders and to complete the record for the year as a
to the residential customers. In 1931, our residential cusreport to all stockholders. As has been stated in our preused 7.55% more electricity than in 1930 while the
vious annual reports, the Company's policy since the begin- tomers
total amount they paid was only 3.42% greater than in the
ning of the inquiry has been to cooperate with the Federal
preceding year, and their average cost per kilowatt hour
Trade Commission in every respect. We feel that we may
decreased from 4.72 cents to 4.54 cents. The average use
with propriety quote the opinion expressed in our 1927
per residential customer of North American subsidiaries was
annual report, issued shortly after the announcement of the
665 kilowatt hours in 1931 compared with 624 kilowatt
inquiry, that it would "serve a good purpose in further
hours in 1930, while for the country as a whole such average
directing public attention to the soundness of the position oi
use was 578 kilowatt hours in 1931 and 548 kilowatt hours
the Company and its subsidiaries."
in 1930.
By order of the Board of Directors.
In 1931 the amount of electricity furnished by our comF. L. DAME, President.
panies for household purposes was less than one-sixth of their
total sales and under normal conditions would represent even
REPORT OF
a smaller proportion. Therefore, the increase in the relaDENT AND GENERAL MANAGER.
VICE-PRESI
tively small volume of residential business fell short, by
a large margin, of offsetting the adverse effect of the lesNew York, N. Y., March 12, 1932.
sened requirements for industrial and commercial purposes.
There is presented below a review of the business of The
the upturn in manufacturing and commercial acNorth American Company and subsidiaries during the year Conversely,
tivities which will mark the return of normal conditions will
1931 and comment on their position, facilities and capacities
in a corresponding degree in operating revenues.
with respect to future business. Appended are the con- be reflected
excellent promise, in this respect, in the preparaThere is
solidated financial statements and the certificate of the
tions made by industries in our territories for greater em& Co.
auditors, Messrs. Price, Waterhouse
ployment of electricity when business conditions justify
The business of the North American subsidiaries in 1931
increased manufacturing activity. The subsidiaries have
was influenced to a greater extent than in 1930 by lessened
been aggressively active in promoting new and economical
activities of large industrial and commercial power users.
applications of electric service and in cooperating with manuAlthough we were able to say a year ago that business in
facturers who are taking advantage of the period of slackness
1930 had been relatively good and that our operations had
to revamp their factories for the greater use of electricity or
not been affected so severely as in other years of major
the substitution of central station power supply for that
depression, circumstances during 1931 somewhat altered
of their own plants. These sales efforts have had two
the situation.
first, to retard the decline of industrial use of elecEach class, taken as a whole, of service operations of the results:
and second, to open up possibilities of substantial
tricity,
subsidiaries showed declines in both volume and revenue.
new business in the future.
Certain types of electric service, however, showed increases,
Contracts obtained by the present subsidiaries for addias will be noted later. Since electric business is the printional connected load, in units of 25 kilowatts or more (excipal operation, contributing 86% of net operating revenues,
cluding new residential load and commercial and industrial
it reflects in corresponding degree the activities of the subload which cannot be readily earmarked), totalled 149,188
sidiaries as well as the condition of general business in their
kilowatts during 1931, compared with 214,292 kilowatts in
territories. The output of present subsidiaries of The North
1930. The aggregate of the maximum demands of the subAmerican Company for 1931 was 4,829,446,204 kilowatt
sidiaries in 1931 was 1,049,202 kilowatts, compared with
hours, compared with 5,056,690,421 kilowatt hours for 1930,
1,093,025 kilowatts in 1930. Owing to the static condition
a decrease of 4.49%. For purpose of true comparison there
of industry, only a part of the new business added to the
is not included in these figures output for any part of 1930
on lines in 1930 was reflected in revenues for 1931, the reof the former California subsidiaries which were sold
Company. mainder, together with the new business contracted for in
June 12 of that year to Pacific Gas and Electric
1931, represents an important backlog. Net additions to
Customers receiving electric service from present subsidiaries
capacity of present subsidiaries, after the retirement of
at the end of 1931 numbered 1,074,448, an increase of .67%
generating units rendered obsolete by new plant installations
over the number at the end of 1930.
completed during the last two years, amounted to 77,000
A year ago we reported that our output for 1930 made a
kilowatts in 1931 and 197,247 kilowatts in 1930.
more favorable showing than the average for the country
Total plant capacity at the end of 1931, exclusive of 25,600
has
as a whole. The past year's depression, however,
kilowatts of purchased power, was 1,848,944 kilowatts, and
borne heavily upon large industrial regions with the result
during the aggregate of maximum demands for 1931 of 1,049,202
that, in spite of bright spots in certain territories and
properties kilowatts, referred to above, represented a ratio of 56.75%.
certain periods, the curve of total output for the
to This ratio was less than for a number of years and the unused
comprising the North American system conformed more
capacity was greater than required as a margin of safety to
the national trend.
The total
there insure reliability and continuity of service.
Owing to conditions common to the entire country,
capacity of 1,848,944 kilowatts,includes 280,085 kilowatts of
and comwere declines in the use of electricity by industrial
hydro-electric power, of which more than 150,000 kilowatts
North American subsidiaries in 1931 of capacity is subject to low water conditions from time to
mercial customers of
1930. time and requires steam reserve capacity of substantially
10.67% and 3.51%, respectively, compared with
some degree by greater use that amount. Comparison of the capacity available and
These declines were offset in
as shown by the maximum demand, indicates
by residential customers. The steadily increasing applica- that utilized,
complete measure of cooperation given by The North American Company
and its subsidiaries throughout the inquiry."
MAR. 12 1932.]
FINANCIAL CHRONICLE
1983
that a substantial part of the capacity of our subsidiaries results partly from the inclusion
for the entire year 1931,
was unsold, with consequent effect upon revenues. It does but for only about 63'2 months of
1930, of dividends on the
not, however, indicate that we have overbuilt, taking into Common Stock of Pacific Gas and Electric
Company received
account the steadily increasing demands upon our subsidiaries for the Californi properti
es and partly from income on
a
prior to the existing severe recession of industrial activity, investments made during
1931 in that and other non-subthe large potential demand represented by the 601,757 kilo- sidiary companies.
watts of new load for industrial uses alone connected during
A not decrease of $1,564,002 in Interest Charges was due
the last three years and not at present reflected in increased to the fact
that the excess of interest charges of the former
output and the required margin of spare capacity. Resump- Californ
ia subsidiaries excluded for the full year 1931, over
tion of industrial activity and employment of most of the the
amount eliminated for part of the year 1930 was greater
now unused part of the connected industrial load including than
the net addition to interest charges arising from changes
that added to our lines during the period of depression during
the year in outstanding funded debt.
would make necessary the present available capacity.
Balance for Common Stock, after all charges including
Operations of subsidiaries other than their electric busi- Preferre
d Dividends, amounted to $22,452,917 for 1931.
ness were also influenced by general business conditions
These earnings represented a decrease of 16.85% compared
as well as by the unseasonably warm weather which prevailed
with $27,003,086 for 1930, and were equal to $3.41 per share
at times during the year. The 1931 statistics of these activ- on
the average number of shares of North American Common
ities, and comparison with results for 1930 of present subStock outstanding during 1931, compared with $4.53 per
sidiaries, are as follows: Steam sales, auxiliary to electric
share for 1930. Under the Company's policy of paying
service, amounted to 4,686,586,600 pounds, a decrease of
dividends on its Common Stock in Common Stock, the entire
5.93% from 1930 sales, and customers numbered 2,124 at
balance of $22,452,917 became available for investment in
the end of the year, a decrease of 1.44%. Gas output was
the business.
4,378,953,200 cubic feet, a decrease of 3.00% from 1930
The sale of the former California subsidiaries having ocoutput, and the number of customers receiving gas service at
curred prior to the close of the year 1930, all items in the
the end of the year was 104,744, an increase of 1.39%
Consolidated Balance Sheet as of December 31, 1931 are
over the number at the end of 1930. Revenue passengers compara
ble with those in the parallel column as of December
carried on electric railway and motor bus systems numbered
31, 1930.
221,860,038, a decrease of 10.54% from the 1930 total. The
Construction of new facilities during 1931 required the
production of coal decreased 23.10% compared with 1930.
expenditure of $42,060,196, more than 80% of which conThe results of operations are shown in the appended Con- sisted of
facilities for electric service. After deducting propsolidated Income Statement and are unchanged from those erty retired
during the year the net increase in Property
reported in the preliminary statement sent to stockholders and
Plant was $28,636,808. This compares with gross
on February 19 and then subject to auditors' verification. expendit
ures of $68,607,664 and net additions aggregating
Gross Earnings of $117,921,860 for the year 1931 do not
$61,315,766 in 1930 and with contemplated gross expendiinclude earnings for any part of that year of the former
tures of approximately $19,000,000 in 1932. The figures for
California subsidiaries which were sold on June 12, 1930 to 1931
include expenditures on large projects on which major
Pacific Gas and Electric Company. It is, therefore, not com- expendit
ures were also made during 1930, advantages being
parable with the amount of $133,751,381 shown in the Con- derived
from favorable construction conditions in both of
solidated Income Statement for 1930 as the latter included these years.
Gross Earnings of the former California subsidiaries for the
The principal addition to electric generating capacity reperiod January Ito June 12, 1930,approximating $9,958,000. sulted from
the completion by Union Electric Light and
Thus, the decrease of Gross Earnings of present subsidiaries Power Compan
y of Baguet' Dam and Osage hydro-electric
was 4.74%.
station.located on the Osage River at Bagnell, Missouri, and
Operating Expenses, Maintenance and Taxes amounte
d to the installation of the first generating units aggregating 129,$62,792,738, or 53.25% of Gross Earnings. This operating
000 kilowatts. These units were placed in service in October,
ratio for 1931 was the same as that of the same subsidiaries
1931 and have operated regularly since then at their normal
in 1930, after eliminating for all of the year 1930 the Califull load, at times carrying a load 30% in excess of their
fornia properties whose operating ratio was somewhat
lower rated capacity. In June the installation of a new generati
ng
because of their greater use of hydro-electric plants.
unit of 30,000 kilowatts in the Benning plant of Potomac
The percentage of Gross Earnings represented by ApproElectric Power Company at Washington, D. C. was compriations for Depreciation Reserves increased from
10.67% pleted. The year's total additions also included
the third
in 1930 to 11.45% in 1931. The 1931 appropriations were
unit of 50,000 kilowatts which was placed in operation in
equivalent to $2.05 per share on the average number
of shares January, 1931 in the new Ashtabula plant of The
Cleveland
of North American Common Stock outstanding during that
Electric Illuminating Company, the first two units, each of
year. The item of Operating Expenses,
Maintenance and similar capacity, having been placed
in operation before the
Taxes includes $8,342,710 expended for maintenance
of end of 1930.
properties, which with the addition of the amount
approProperty retired from service during 1931 comprised
genpriated for Depreciation Reserves shows a total provided
erating units having capacity of 108,000 kilowatts from
Lake
out of current earnings for repairs, renewals and replaceShore plant of The Cleveland Electric Illuminating
Company
ments of property of $21,848,890 or 18.53% of Gross Earnand of 11,000 kilowatts comprising a small plant
acquired
ings.
by that Company in Ashtabula, Ohio, prior to the building
Taxes again increased, amounting to $14,143,770, and
of the large new plant; of 12,250 kilowatts comprising
three
required 11.99 cents out of every dollar of Gross Earnings
small plants of The Milwaukee Electric Railway and
Light
for 1931 compared with 10.86 cents in 1930. Taxes were a Company;
and of 750 kilowatts from a small plant of Union
relatively greater burden during a year of reduced revenue
Electric Light and Power Company.
because these charges continued to mount while other exWork progressed through preliminary stages on The
Milpenses of operation were responsive to efficient and economiwaukee Electric Railway and Light Company's new
steam
cal management.
electric generating plant at Port Washington,
Wisconsin;
The details of Other Net Income, which amounted to the first unit of 80,000
kilowatts capacity is now tentatively
$8,077,480 for the year 1931 as compared with $7,461,528 expected
to be in operation sometime in 1933, the
flexibility
in 1930, are sot forth in the income statement. Dividends of plans for the project having
permitted adjustment of the
investments in common stocks of non-subsidiary com- major
on
construction scheduled to conform to the
prospeC
panies constituted the major item, the increase in which of need for the addition
al capacity.
1984
[VOL. 134.
FINANCIAL CHRONICLE
Bonds; and redemption on May 11 of $1,000.-
Company First Mortgage 5%
Additions to electric transmission and distribution lines 000 635% Gold Notes and on June 1 of $2,711,800 par value 7% Preferred
,
terri- Stock.
and to substation facilities were made in the various
Wisconsin Electric Power Company: Sale of $630.300 additional par
tories, the principal ones being in Missouri for the purpose value 6% Preferred Stock.
Wisconsin Gas & Electric Company: Sale of $4,499.900 additional par
of tying in the new Osage station with the Union Electric value 6% Preferred Stock. Redemption on August 31 of $3,000,000 Par
value 7% Preferred Stock and $1,500,000 par value 6%% Preferred Stock.
System.
Wisconsin Michigan Power Company. Sale of $5.000.000 43 % First
The only major addition to gas facilities was the installa- Mortgage Bonds due 1961 and $921,500 additional par value 6% Preferred
y plant of Stock. Payment at maturity on June 1 of $50,0008% Serial Notes and on
tion of additional equipment in the Shrewsbur
July 1 of $3,000,000 Wisconsin Traction, Light, Heat & Power Company
The St. Louis County Gas Company, increasing its daily 5% and 7M % First Mortgage Bonds.
Bonds of subsidiaries retired through sinking and purchase funds aggrecapacity to 16,000,000 cubic feet.
gated $954,100.
The principal expenditures in connection with the transReserves on December 31, 1931 were $117,482,915, an
portation utilities included the relocation on private righte Electric Rail- increase of $13,812,846. Credits aggregating $13,506,180,
of-way of six miles of track of The Milwauke
the year 1931, to Reserves for Depreway and Light Company's rapid transit lino between Racine from earnings during
in large measure offset by charges arising
and Kenosha and enlargement of passenger and freight ciation, have been
from the retirement from service of several large obsolete
terminal facilities in Milwaukee, Racine and Sheboygan.
Consolidated Balance generating units, to which attention has already been called,
Investments are carried on the
retired in normal course.
Sheet at a value of $140,044,484. Because of the low level and other property and plant
Charges against Undivided Profits on account of Common
of the security markets on December 31, 1931, the market
of dividends amounted
value on that date of investments, including United States Stock issued during 1931 in payment
Accord- to $8,133,290, being, with respect to the quarterly dividends
Government securities, was less than book value.
ng 319,962 shares)
ingly, by resolution of the Board of Directors, there was paid April 1 and July 1, 1931 (aggregati
transferred to Capital
value
appropriated from Undivided Profits and credited to Reserve at the rate of $10 per share stated
dividends paid
for Contingencies the sum of $12,000,000, to provide for the Account, and with respect to the quarterly
of listed October 1, 1931 and January 2, 1932 (aggregating 335,974
difference between book value and market value
consisting of $10 per
securities (over 93% of total investments), and of United shares) at the rate of $14.68 per share,
and $4.68
nt securities included in current and work- share stated value transferred to Capital Account
States Governme
share transferred to Capital Surplus. These transfers to
ing assets, and for contingent losses on investments not dealt per
e with current requirements
in
In on security markets. During the year the Company Capital Surplus are complianc
The net addition to
exercised rights to buy additional shares of of the New York Stock Exchange.
received and
Profits from earnings for the year 1931, in excess
Common Stock of Pacific Gas and Electric Company and Undivided
dividends, was $14,319,627. Undivided
received as dividends and bought additional shares of Com- of the amount of all
American Light & Power Company. Profits on December 31, 1931 amounted to $118,524,195, an
mon Stock of North
after appropriating the sum of $12,On December 31, 1931 the principal investments in public increase of $977,081,
credited to Reserve for Contingencies as stated
utilities other than subsidiaries consisted of 240,163 shares 000,000
charges aggregating $1,342,545, conof the Capital Stock of The Detroit Edison Company; above, and after other
Common Stock of North American sisting principally of sinking fund appropriations, unamor706,011 shares of the
on bonds redeemed, and exLight & Power Company; and 2,075,455 shares of the tized discount and premium
connection with issue and redemption of preferred
Common Stock of Pacific Gas and Electric Company. There penses in
Credits to Capital Surplus aggreare also included in Investments 21,713 shares of Common stocks of subsidiaries.
(represented in part gated $1,578,796, of which $1,573,921 was transferred from
Stock of The North American Company
Profits on account of Common Stock issued as
by shares of the January 2, 1932 dividend stock) acquired on Undivided
dividends and $4,875 arose from the issue of Common Stock
balance by a subsidiary which purchases and sells dividend
in exchange for common stock of a subsidiary company.
stock and scrip for stockholders.
The North Americaa Charges to Capital Surplus amounted to $55,652, approThe net increase in Common Stock of
priated to provide for the difference between net proceeds
Company during the year amounted to 640,033 shares, repreliquidation value of Preferred Stock of North American
sented by 640,099 shares issued in payment of dividends on and
exchange for Edison Company. On December 31, 1931 Capital Surplus
the Common Stock and 75 shares issued in
amounted to $30,392,600 and Total Surplus amounted to
common stock of a subsidiary company, offset to the extent
cancelled upon expiration at various $148,916,796.
of 141 shares by scrip
The cordial relations of The North American Company
dates during the year.
reference and its subsidiaries with the public continuo. Good service
In our annual report for 1930, issued last March,
and low rates are due in large part not only to efficient and
was made to the upturn in the bond market which permitted
by The North American Company economical operation of facilities that are kept modern, but
the sale in January, 1931
pro- also to the important human element of loyal cooperation
of $25,000,000 5% Debentures due 1961. Part of the
of all loans by employes. Wage standards were maintained and the
ceeds of this issue was applied to the payment
number of employes remained approximately unchanged,
then outstanding and the remainder provided part of the
which in 1931 were in excess of the except for some reductions in the number of employes, or in
capital requirements
of employment, on construction work.
amount retained for investment in the business under the hours
Public confidence is evident from the wide distribution
Company's Common Stock dividend policy.
their customers of securities of our subsidiaries, and
The principal transactions of subsidiary companies during among
financing and retirement of securities, among investors generally of securities of The North Amer the year, involving
can Company, the stock list of which includes residents of
were as follows:
5% Con- every state in the Union and approximately 1,800 residents
North American Edison Company: Conversion of $1,131,000
comvertible Debentures, Series A due 1957. into 11.310 shares of that
of foreign countries. At the end of 1931 there were 9,503
pany's $6 Preferred Stock.
ComElectric Light and Power Company (Missouri): Payment at holders of the Preferred Stock of The North American
Union
maturity on May 1 and November 1 of S . al Real Estate Mortgage Notes pany and 53,854 holders of its Common Stock. The holders
aggregating $64,147.
at ma- of Common Stock, the number of which increased 21.37%
Union Electric Light and Pow< Company of Illinois: Payment
Serial Notes aggrefurther inturity on March 1 and September 1 of Junior Mortgage
1 of the balance of during 1931, had at the end of February, 1932
gating $250,000, and redemption on September
holders
$3,125,000 of such notes then outstanding.
increased to 55,799, of whom more than 87% are the
Redemption on August 1
The Cleveland Electric Illuminating Company:
Debentures.
of $5.000,000 7% Sinking Fund
Light Company: Sale of $15,000,The Milwaukee Electric Railway and
due 1971 and $2,482,000 additional par
000 5% First Mortgage Bonds
at maturity on January 1 of
value of se% Preferred Stock. Payment
Mortgage Bonds and $100.000
$6,728,000 434% Refunding and Extension
$1,737.000 Milwaukee Northern Railway
6%,Gold Notes and on April 1 of
of less than 100 shares each.
EDWIN GRUHL,
Vice-President and General Manager.
1
MAR.
12 1932.]
FINANCIAL CHRONICLE
1985
CONSOLIDATED INCOME STATEMENT.
Year 1931
(See Note)
$117,921,860.35
62,792,738.21
Year 1930
(See Note)
$133,751,380.67
69,838,439.45
$55,129,122.14
263,912,941.22
*7,615,950.08
377,526.70
471,431.65
387.428.81
Gross Earnings
Operating Expenses, Maintenance and Taxes
Net Income from Operation
Other Net income:
Dividends
Interest
Profits realized on Investments
Less—Expenses of holding company, etc.. after deduction of
Miscellaneous Credits
*5,766.528.38
685.988.38
1,586.784.90
577.773.47
$8,077,479.62
$71,374,469.39
15,411.756.66
8,452,411.03
1.563,303.96
Total Deductions
Balance for Depreciation, Dividends and
Surplus
Appropriations for Depreciation Reserves
Balance for Dividends and Surplus
$7,461,528.17
$63,206,601.76
Total
Deductions:
Interest Charges (including amortization of Bond
Discount and Expense)
Preferred Dividends of Subsidiaries
Minority Interests
16,975.758.30
9,437.284.97
1,864.133.00
$25,427,471.65
$28,277,176.27
$37,779,130.11
13,506,179.57
$43,097,293.12
14,274,173.30
$24,272,950.54
$28,823,119.82
Note.—Excludes Gross Earnings, Operating Expenses and
all other details of income accounts of former California
ended December 31, 1931 and for 6 months and 18 days
subsidiaries for entire
to these respective periods of dividends on the Common ended December 31, 1930, and includes in Other Net Income-Dividends the proportion 12 months
applicable
Stock of Pacific Gas and Electric Company received
interests in such subsidiaries.
in consideration for the North American
* Includes stock dividends received from non
issuing Company: 1931—$1,310,033.50, 1930—$1,1 subsidiary companies taken up. where retained, at amount charged in respect thereof to Surplus
88.789.50; and, where sold, at proceeds of sale: 1931—$34
of
,010.58, 1930-374,921.46.
CONSOLIDATED SURPLUS STATEMENT.
Capital Surplus:
Balance, December 31. 1930
Arising from issue of Common Stock during year 1931
$28,869,456.29
1,578,796.25
Appropriated to provide for difference between net proceeds
and liquidation value of Preferred Stock of $34,448,252.54
North American Edison Company
55,652.49
Capital Surplus, December 31, 1931
Undivided Profit:
Balance, December 31, 1930
Balance of Income, year ended December 31, 1931
3117.547,114.27
24,272,950.54
Deductions:
Dividends on Stock of The North American Company:
Preferred
Common (paid by issue of 655.936 35-40 shares):
Amount transferred to Common Stock Account
Amount transferred to Capital Surplus
$30,392,600.05
$141,820,064.81
$1,820,034.00
6.559,368.75
1,573.921.25
39.953.324.00
12,006.000.00
1,342,545.32 23.295,869.32
Appropriation for Reserve for Contingencies
Other Charges—Net
'Undivided Profits, December 31, 1931
$118,524,195.49
Total Surplus, December 31, 1931
$148,916,795.54
CONSOLIDATED BALANCE SHEET.
ASSETS.
Property and Plant
Cash and Securities on Deposit with Trustees
Investments
Current and Working Assets:
Cash
United States Government Securities
Notes and Bills Receivable
Accounts Receivable
Material and Supplies (at cost or loss)
December 31, 1931
$670,865,518.44
1,959,396.98
*140,044,484.39
December 31, 1930
$642,228,710.78
2,202,962.93
131,102,892.76
14,900,097.50
*4,359.062.50
553,964.37
13.124.784.48
10.323.203.07
$43,261,111.92
1,193,593.32
13,544,452.66
$52,675,047.95
769,188.07
12,215,389.67
3870,868,557.71
Prepaid Accounts
Discount and Expense on Securities
13.269,330.16
13,857,292.07
568,804.98
14,688.500.91
10,291,119.83
3841,194,192.16
LIABILITIES.
Preferred Stock (Authorized: Six
December 31. 1931
Per
Serial Preferred Stock, without Cent. Cumulative Preferred Stock, $50 par value, 606,678 shares:
ar vlaue, 5,000,000 shares):
Six I er Cont. Cumulative Preferred otock
•Common Stock (Authorized: 50,000,00
$30,333,900.00
0 shares, without par value):
Stock
Scrip
68,020,510.00
233,660.00
Dividend Payable in Common
068,254,170.00
Stock
Preferred Stocks of Subsidiaries
1,700,400.25
Minority Interests in Capital and
138,892,803.93
Surplus of Subsidiaries
Funded Debt of The North American
15,507,975.36
Company:
5% Debentures, due February 1,
1961
Funded Debt ofSu
25,000,000.00
bsidiaries
Less amount deposited with Trustees
301
,325,713.44
11.500.000.00
Current Liabilities:
$289,825,713.44
Notes and Bills Payable
Accounts Payable
11,028,409.72
Sundry Current Liabilities
3.443.282.27
4,901.096.70
Accrued Liabilities:
$19,372,788.69
Taxes Accrued
Interest Accrued
10,840,936.69
Dividends Accrued
3,287,701.17
Sundry Accrued Liabilities
1,369,605.72
82,851.69
Reserves:
$15,581,095.27
Depreciation Reserves
Reserve for Contingencies
90,371,661.17
Other Reserves
12,000,000.00
15,111,254.06
Surplus:
$117,482,915.23
Surplus
Capital
Undivided Profits
30,392,600.05
118.524,195.49
December 31 1930
$30,333,900.00
61,685,150.00
168,690.00
/461,853,840.00
1,542,037.25
139,231,762.26
16,044,433.15
330,429,385.40
36.735,500.00
$293,693,885.40
24.458.777.76
4.178.713.84
4,510,319.22
$33,147,810.82
10,771,104.96
3,043.375.70
1,351,278.02
94.124.88
$15,259,883.48
88,802,052.35
14,868.016.89
$103,670,069.24
28,869.456.29
117.547.114.27
$148,916,795.54
$146,416,570.56
$870,868,557.71
$841,194,192.16
* The sum of 312,000,000 has been appropriated from Undivided Profits and credited
to
between book value and market value at December 31, 1931 of listed securities (over 93% of total Reserve for Contingencies to provide for the difference
investments) ,and of United States Governme
ties (market value $3,909,068.75) included in Current and Working Assets, and for contingent losses
nt
on investments not dealt in on security SecuriThe listed securities include 21.713 shares of Common stock of The North American Company
markets.
(represented in part by
stock) acquired on balance by a subsidiary which purchases and sells dividend
dividend
stock and scrip for stockholders. shares of the January 2. 1932
a_Represented by 6,825.417 shares. b Represented by 6,185,384 shares.
[Vol.. 134.
FINANCIAL CHRONICLE
1986
PRICE, WATERHOUSE & CO.
56 Pine Street
New York, March 5, 1932
To the President and Board of Directors of
The North American Company:
American Company for the year ending
We have made an examination of the books and accounts of The North
that,
furnished with the reports of the subsidiary companies as of that date, and certify
December 31, 1931 and have been
ted balance sheet and statements of income and surplus have been correctly prepared
in our opinion, the attached consolida
of the books and accounts of all of the subsidiary
therefrom. We have also made examinations as at September 30, 1931
companies.
sheet shows the financial position of the
On the foregoing basis we certify that, in our opinion, the consolidated balance
results
r 31, 1931, and the statements of income and surplus fairly set forth the combined
combined companies at Decembe
on that date.
of the operations for the year ending
PRICE, WATERHOUSE & CO.
Y.
PUBLIC UTILITY SUBSIDIARIES OF THE NORTH AMERICAN COMPAN
TERRITORIES AND SUMMARIES OF PRINCIPAL OPERATIONS.
v
WEST. fiviashingt04„ .
VIRGINI Ap
VIRGINIA
of public utility companies
controls through stock ownership four main groups
HE North American Company, organized in 1890, population in widely separated and industrially diversified sections of the United
4,960,000, and include 684 comof business and
of
operating chiefly In large centers
area of 17,959 square miles, with a population subsidiaries form a distinct interStates. Territories served by subsidiaries have a total
service. The electric properties in each group of
munities receiving various classes of public utility es and summaries of their operations as of December 31. 1931 follow: am
subsidiari
=21
connected power system. The principal
and 62 other communities in Wisconsin; plant capacity, daily.
;;;I: Watertown cubic feet: customers. 56.847: twelve months' output. 2.283.- —
aird Po%
Union Electric Liggr
14,935.000
uis
Io Coin sii ,
River Poweris apt n4 Union 378.000 cubic feet. Electric railway and motor bus service In Milwaukee
service,in
Company
ss eop
i'ower m rf
and suburbs; and interurban electric railway and motor bus
Electric
Gas Company; surrounding territory.
'
o
n
Lig t & Power Company; The St.pi. is County
s
and East St. Louis, and 94 other communitie
:
2
Electric service In St. Louis
o ll m tn atir C7a eriAn , gev
miles, population
Cle an ajimriVerucoi nm u igies trp t . yEle trg
T
inhi&ev elvelArn d
0
In Mississippi Valley; territory served area 2,895 square 318,120; twelve
customers.
service in
1,460.000; plant capacity, 726.670 kilowatts;
0 extends 100 miles along Lake Erie, area 1.700 square miles, popukilowatt hours. Gas service in St. Louis
months' output, 1,868,194.882
plant capacity. daily. 17.- lation. 1,300.000; plant capacity. 478,000 kilowatts; customers, 303,704:
County, Mo. Alton, III. and Keokuk. Iowa;
months'output, 2,095.575,200 twelve months' output. 1.316,116.027 kilowatt hours.
.
7011.000 cubic feet; customers,47,897; twelve
itric
cubic feet.
d
.
Ot
F. Fc.C ac E cIA: ashi t n n Ray
. mOLUIr c r.c.wer neooi....n ilwallocEir g
.n
c. s d
c.rn an R
Elect_ric y ana3; a rIn
& Power Company; Electric service in VVashington, D. C. and
Michigan Fower Company; 2 communities In adjoining sections of Maryland and Virginia; territory
Gas & Electric Company; Wisconsin
Kenosha. Watertown, Appleton, served, area 629 square miles. population 580,000; plant capacity, 208.000
Electric service In Milwaukee, Racine.
upper peninsula
customers, 149.900; twelve months' output, 519,295.192 kiloand 317 other communities in Wisconsin and
Iron Mountain
miles. Population 1.620.- kilowatts:
of Michigan; territory served, area 12.735 square 302.774; twelve months' watt hours. Electric railway and motor bus service in the District of
000; plant capacity, 436.274 kilowatts; customers.
Kenosha. Columbia and adjacent suburbs in Maryland.
service in Racine,
output 1,125,840,103 kilowatt hours. Gas
T
trn pou it
&ss anrt-1--q..LINcr-awAi
(1 Company
C anMyl.g GA N
175CINS1pN. lil.. E ecIr w;ok r
(2)1%. .. .I.T}L riL uwee
dl pRn y
Eo y aICT,
4)
THE NORTH AMERICAN COMPANY.
PUBLIC UTILITY SUBSIDIARIES OF
AL GROUPS.
MAPS OF ELECTRIC SYSTEMS OF PRINCIP
DISTRICT OF COLUMBIA
MI Electric generating plants.
OHIO
MAR. 12 1932.]
FINANCIAL CHRONICLE
1987
PUBLIC UTILITY SUBSIDIARIES OF THE NORTH AMERICAN COMPANY.
MAPS OF ELECTRIC SYSTEMS OF PRINCIPAL GROUPS.
MISSOURI
-ILLINOIS
-IOWA
o
WISCONSIN-MICHIGAN
utlingto
A.
,
O2lls CtlY
-
;
I
I 0L-H
As
I
Cbannin-0,
1
le Plant
Any
Hannibal
linen
0
0
- East
Llouls
Cabala
.•
Blverm n
-----Scale ?f`trir6,31-";
40
•!:1
.
-----gtedericktown.
•
Electric generating plants.
OTHER PUBLIC UTILITY COMPANIES IN WHICH THE NORTH AMERICAN COMPANY
HAS SUBSTANTIAL INVESTMENTS.
TERRITORIES AND SUMMARIES OF PRINCIPAL OPERATIONS.
gOON
Uj
4
1
I
0 a I
/INDIANA I
!
I
erHE No
th American Company classes as subsidiaries only companies in which
of the Common Stock, The North American Company does not include in it or its subsidiaries own voting control and at least 75%
to its investments in non-subsidiary companies. The principal investments consolidated income the undistributed earnings applicable
are in the following large public utility companies, summaries of operations of which, for the year 1931, follow:
c fic Gas and Electric Company and Subsidiaries: Electric
in
Oakland,
and
1 Paigas serviceJose,San Francisco, territory inFresno, Sacramento,
Stockton, San
and extensive
California; electric
pcant capacity. 1,259,744 kilowatts; electric customers, 740.467; annual
ferson City, and extensive territory in Iowa, Illinois, Kansas, Missouri
and Nebraska; electric plant capacity, 320.590 kilowatts; electric customers,
353,897; annual electric output, 1,028,838,524 kilowatt hours: gas customers, 167,493; annual gas output, 20,837,938,000 cubic feet.
electric output. 4,655,557.762 kilowatt hours; gas customers, 516,169;
annual gas output, 51,640,415,200 cubic feet.
( )The Detroit Edison Company: Electric service In Detroit and
3
extensive territory in Michigan; plant capacity, 846.160 kilowatts;
North American Light & Power Company and Subsidiaries:
customers, 549,151;
hours;
Electric and-or gas service in Des Moines, Decatur, Danville, La Salle, Gas service in Port Huron annual output, 2,170.254,600 kilowatt 11.400.
Ottawa, East St. Louis, Topeka, Atchison, Salina, Hutchinson, Jef- annual output, 443,094,000 and 28 other communities; customers.
cubic feet.
(2)
[VOL. 134.
FINANCIAL CHRONICLE
1988
KANSAS CITY POWER & LIGHT COMPANY.
ANNUAL REPORT—FOR THE YEAR 1931.
Kansas City, Missouri,
February 18, 1932.
To the Stockholders of the
Kansas City Power irk Light Company:
The close of the year 1931 witnesses the practical completion of the extensions, improvements and additions set
forth in report of 1930.
The first eighteen floors of your new office building,
located at the corner of 14th Street and Baltimore Avenue,
Kansas City, Missouri, were occupied on November 14,
1931, exactly fifty years from the date of the first contract
for the use of the patents of Prof. Elihu Thomson and Prof.
Edwin Houston in Jackson County, Missouri, and Wyandotte County, Kansas, executed by L. R. Moore, J. S.
Chick, et al., upon behalf of The Kawsmouth Electric
Light Company, one of your predecessor companies. The
remaining twelve floors of the building will be occupied
by tenants until the requirements of business necessitate
your using the entire building. Tenant alterations in these
twelve floors (three floors now occupied) will be made as
rental contracts are executed. This adds another SERVICE
UNIT to your properties. These properties, now in completed units, are in excellent physical condition and rendering
service to your customers at reasonable rates.
Investment in plant extensions and improvements each
year for the past seven years together with the increase
in net earnings each year over the previous year, available
for depreciation and return, are shown in the following
tabulation:
Increase (Net)
Invested
$618,401.42
$3,060,660.89
1925
371,186.73
2,285,787.04
1926
541,029.34
5,198,338.08
1927
499,135.95
7,348,564.20
1928
449,372.34
5,235,741.34
1929
5,916,538.51
384,666.57
1930
7,004,687.04
611,563,46
1931
$36,050,317.10 $3,475,355.81
The final results from the operations of your Company
for the year 1931 were reasonably satisfactory in spite of
adverse conditions, although there was a decrease of M of
1% in the gross earnings, as compared with the year 1930.
Gross earnings from various sources, operating expenses,
taxes and depreciation, as well as interest, amortization of
discounts and premiums and dividends for the years 1929,
1930 and 1931 are as follows:
1929.
1930.
1931.
Earnings—
$
3
Electric Sales
13,669,076.03 13,618,962.82 13,360,187.23
Steam Sales
508,603.89
449.713.85
450,220.86
Miscell. Operating Revenue._ _ _ 292,630.75
220.375.90
376.567.09
477,630.45
380,025.97
332,878.32
Miscell.Non-Operating Revenue
57,874.17
46.850.01
Earnings of Other Utilities
66,395.21
Gress Earnings
14,810,694.16 14.883,650.91 14,613,647.48
Operating Expenses—
Electric, Including Maintenance 5,405,468.57 5,640,124.04 5,810,418.00
362.702.58
322,157.72
Steam, Including Maintenance_ 312,236.61
Other Utilities, Including Main35,524.78
29,137.56
40,287.89
tenance
Operating Expenses and
5.757,993.07 5,997.806.54 6,202,258.14
Maintenance
Gross Income Before Taxes_ -- 9,052,701.09 8,885,844.37 8,411,389.34
Taxes, Excl. of Income Taxes
748,585.15
743.214.23
Deductions—
1,339,303.73 1,326,523.07 1,224,525.92
Interest
Amortization of Discount and
190,297.72
186,642.54
185,149.92
Premiums
1,529,601.45 1,513,165.61
Appropriations—
2,144.811.96 2,036,361.61 1,824.735.38
Depreciation
558,526.84
562,807.69
112,730.03
Income Taxes
240,000.00
240.000.00
Dividends on First Pref, Stock_ 240,000.00
3,675.000.00 3.138.000.00 2,810,500.00
Dividends on Common Stock—
Total Appropriations
6,172,541.99 5,977,169.30 5,433,762.22
601,972.50
652,295.23
ERNST & ERNST
ACCOUNTANTS AND AUDITORS
SYSTEM SERVICE
Kansas City
Federal Reserve Bank Bldg.
February 18, 1932
1.409,675.84
Surplus Available for Depreciation, Income Taxes and Divi6,774,514.49 6.629,464.53 6,344.006.88
dends
Balanc eTransferred to Surplus_
JOSEPH F. PORTER,
P•
657,706.62
Gross Income After Taxes, Ex8,304,115.94 8,142.630.14 7.753,682.72
clusive of Income Taxes
Total Deductions
As a result of the rearrangement of your bond
structure during 1931, you were able to effect a saving
in income taxes for the year, and therefore the surplus
available for dividends during 1931 exceeded those of
1930 in the amount of $486,677.27, even though the
results from operations, without considering income
taxes, were substantially the same as in 1930. This
rearrangement of bonded indebtedness not only resulted in a saving in annual interest charges, but
placed your Company in even better position for
favorable future financing.
The amount charged to operating expense, maintenance,
depreciation, replacement and obsolescence in 1931, was
$2,933,906.11, or 20% of the gross earnings, as compared
with $2,847,000.43, or 19% of gross earnings for 1930.
The withdrawals of property from plant account during
1930 amounted to $1,725,681.00, the balance $419,130.96
was carried to replacement account for future needs.
The average rate per kilowatt hour of electric energy
has gradually decreased until the average for 1931 was
2.673c per kilowatt hour, a reduction of 1.050 per kilowatt
hour over the showing of 1921.
The average residence customer in 1931 used 71.9e
more electric energy than in 1921, although the average
bill of such customer only increased 23.9%.
The number of meters in service as of December 31, 1931,
was 135,565.
Your stockholders at a special meeting under date of
March 30, 1931, authorized an increase in the bonded
indebtedness of the Company and your Board of Directors
in compliance of such authority issued $30,000,000 First
Mortgage Gold Bonds, 43/% Series due 1961, the proceeds
from the sale of which were used for the retirement of
$25,000,000 First Mortgage 30-year 5% Gold Bonds,
Series A, and the balance was used for corporate purposes
of your Company.
The corporate structure of your Company as of December 31, 1931, consists of $6,000,000 par value First Mortgage
30-year 4)4% Gold Bonds, Series B, maturing January 1,
1957; $30,000,000 First Mortgage Gold Bonds, 43'% Series
due 1961; 40,000 shares of First Preferred Stock, without
nominal or par value, entitled to dividends at the rate of
$6.00 per share per annum; and 525,000 shares of Common
Stock without nominal or par value. Your Company has no
bonded maturities before January 1, 1957. Your securities,
both bonds and preferred stock, enjoy an excellent market.
Your Company, a Missouri corporation, is qualified to
do business under the laws of the State of Kansas and uses
no subsidiaries in its operations.
The Balance Sheet, Income and Surplus Account, certified
by Messrs. Ernst & Ernst, certified public accountants,
are set forth in detail and reflect the financial condition of
your Company.
The relations of your Company with your employees
and customers continue harmonious, and the outlook for
1932 inspires confidence.
By Order of the Board of Directors,
910,244.66
KansasCity Power & Light Company,
Kansas City, Missouri.
Gentlemen:
We have examined the accounts pertaining to the assets
and liabilities of KANSAS CITY POWER & LIGHT
COMPANY, KANSAS CITY, MISSOURI, as of December 31, 1931, and Balance Sheet as of that date, together
with statement of income and surplus account for the year
then ended, is submitted herewith.
MAR.
12 1932.]
FINANCIAL CHRONICLE
1989
Plant and property accounts are stated at the book values. INCOME AND SURPLUS ACCOUNT YEAR ENDED
Changes in these accounts during the year for additions,
DECEMBER 31, 1931.
improvements and removals, resulted in a net increase of Operating Earnings:
$5,279,006.04 for the year, which amount includes the cost
Electric Sales
313,669.076.03
Steam Sales
to December 31, 1931 of the Kansas City Power &, Light
449.713.85
Water and Ice Sales
6E1,395.21
Company building. The additions for the year were supOther Operating Earnings
292,630.75
ported by authorizations on file and were reviewed by us
Gross Operating Earnings
with the Company's engineering department. Depreciation
814.477.815.84
charges to operations for the year, computed at the rate of Operating Expenses:
Electric
$5,405,468.57
33% on plant and property used in operations, amounted "Steam
312,236.61
Water and Ice
40,287.89
to $2,144,811.96, while charges for replacements and adjust55.757.993.07
ments amounted to $1,492,833.56 resulting in a net increase
General Taxes
752,693.82
for depreciation
of $651,978.40 for the year in the reserve
6,510,686.89
and replacements.
Income from Operations
57.967.128.95
Materials, supplies for maintenance of plant and operating
purposes, and merchandise are stated at cost or at estimated Other Income: Merchandise Sales
Net Profit on
5132.083.49
residual value as indicated by the records. Cash balances
Sundry Non-Operating Income
50,739.38
Interest Earned
127.190.22
were verified by direct correspondence, and based upon our
Discount Earned
22,642.93
examination of notes and accounts receivable shown by the
Dividends Received
222.30
records and information obtained by us, it appears that
332,878.32
these items are properly stated.
Gross Income
$8.300,007.27
Unamortized financing costs on bonds now outstanding
and on retired issues of bonds and capital stock amounting Other Deductions:
Interest Charges
51.339,303.73
to $6,665,496.96 are being amortized by annual charges
Amortization of Financing Expense
190,297.72
Depreciation of Physical Properties
2,144,811.96
against earnings and surplus account. The charge against
3.674,413.41
earnings for the year 1931 was $190,297.72, while an adNet Income Before Deducting Income Taxes
ditional amount of 5,379.29 was charged directly against
54,625,593.86
surplus account.
Federal and State Taxes on Income Before
Special Deductions
5580.407.27
Provision has been made on the books for all ascertained
Tax Reduction Resulting from Deduction
liabilities of the Company at December 31, 1931, with the
of Financing Costs
471,785.91
exception of an approximate liability of $450,000.00 to
108,621.36
contractors for uncompleted work on the Kansas City Power
Net Income for the Year
54,516.972.50
& Light Building. First mortgage 30-year 432% gold
$30,000,000.00 were issued during Surplus Account:
bonds of the par value of
Balance, December 31, 1930
53.748,318.02
the year, the proceeds of which were used in retirement of
Deduct Charge to Surplus:
mortgage 30-year 5% gold bonds in the amount of
first
Amortization of Financing Expense
45,379.29
$25,000,000.00 and for other corporate purposes. Outstand53,702,938.73
ing preferred and common stocks have been certified to us by
Add Net Profit for the Year Ended Decemregistrars.
ber 31. 1931
4,516,972.50
WE HEREBY CERTIFY that the annexed Balance
58.219.911.23
Deduct Cash Dividends:
Sheet and statement of income and surplus account are in
On Preferred Stock
8240.000.00
accordance with the books and, in our opinion, correctly
On Common Stock
3,675,000.00
reflect the financial position of the Company at Decem3,915.000.00
ber 31, 1931 and the operations for the year then ended.
Surplus December 31, 1931
54,304.911.23
ERNST & ERNST
BALANCE SHEET—DECEMBER 31, 1931.
ASSETS.
Plant and Property:
Electric Department
$66,704,098.06
Steam Heating Department_ 2,454,208.69
Water and Ice Department_
485.238.04
Coal Mining Rights, Townsite, etc
891,389.40
$70,534,934.19
Construction in Progress
1,129,434.03
571,664,368.22
Material and Supplies:
Construction, Maintenance and Operating
Materials. Supplies and Merchandise__ -- 5801,580.36
Fuel-Oil and Coal
161,093.75
Other Material and Supplies
79,840.38
1,042,514.49
Investments:
Notes Receivable—Deferred Payments
$53,964.73
Sundry Stocks, Bonds, Memberships, etc
4,095.00
Sundry Deposits
22,081.10
80,140.83
Current Assets:
Cash on Hand,on Deposit,and in Transit
$808,749.32
Notes St Accounts Receivable:
Consumers' Accounts_ ___ 51,193.394.24
Other Notes and Accounts
227,949.27
$1,421,343.51
Less Allowance forLosses,etc $123,378.87
Accrued Earnings(estimated)
$1,297,964.64
629,887.54
1,927,852.18
2,736.601.50
Affiliated Companies—Accounts Receivable
Deferred:
Sundry Work in Progress
Prepaid Taxes, Insurance, Rents, Int., etc_
4,966.68
$59,754.77
196,488.94
LIABILITIES.
Capital Stock and Surplus:
Capital Stock:
Consisting of 40,000 shares of Cumulative
First Preferred Stock, Series "B" and
525,000 shares of Common Stock, all
without nominal or par value but with
aggregate stated value of
$28.395,000.00
Surplus:
Balance December 31, 1931
4,304.911.23
$32,699,911.23
Bonded:Indebtedness:
First Mortgage 30
-Year 43i% Gold Bonds
maturing February 1. 1961
530.000.000.00
First Mortgage 30-Year 415% Gold Bonds
,
Series "B," maturing January 1, 1957
6.000.000.00
36,000,000.00
Note Payable:
Affiliated Company
475,000.00
Accounts Payable:
For Purchases, Expenses, etc
$565.492.27
Affiliated Companies
20,646.65
586,138.92
Accrued Accounts:
Federal and State Income Taxes
5108,621.36
General Taxes
268,966.94
Interest
566,900.22
Other Expenses
9,148.02
953,636.54
Consumers' Deposits
419,266.61
DeferredjEarnings
13,849.66
Reserves:
For Depreciation and Replacement of
Physical Properties
$10,574,492.13
For Injuries and,Damages
728,037.30
11,302,529.43
256,243.71
Unamortized Financing Expense:
Commissions, Expense and Premiums Being
Amortized:
On Bonds Outstanding
$2,045,280.14
On Retired Issues of Bonds and Capital
Stock
4,620,216.82
(NOTE).—This Balance Sheet is subject to the comments
contained in eur "Certificate," included in and made a
part of this report.
The provision made for taxes is subject to any necessary adjustment upon determination of the final liability
of the Company therefor.
6,665,496.96
882,450,332.39
382.450,332.39
==
1990
FINANCIAL CHRONICLE
[VoL. 134.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS-WOOL-ETC.
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed INDICATIONS OF BUSINESS ACTIVITY.
Final prices are unchanged to 9 points lower for the week
on Rio and unchanged to 14 higher on Santos.
Rio coffee prices closed as follows:
Spot (unofficial)
March
July
734
6.26® nom.I September
6.15§nom.
6.16 nom.
May
Friday Night, March 11 1932.
6.28 ® nom. December
6.16 nom.
Santos coffee prices closed as follows:
COFFEE on the spot was quiet with prices 7 to 7 Mc. for
9 1-16®
July
Rio 7s and 81% to 93'c. for Santos 45. Maracaibo, Trujillo, Spot (unofficial)
8.34§ ---March
8.28 ®nom.I September
8.39 ---94 to 103e.; fair to good Cucuta 11 to 113'o.; prime to May
8.31 ©nom. December
8.40 nom.
to 113'c. Colombian,
%
choice, 11% to 123o.; washed,
COCOA to-day
ucaramanga, natural, 11M to 11 zMc.; sales of 323 lots.ended unchanged to 3 points higher with
°cane, 10M to lle.
March ended at 4.43c.;
washed, 11 M to 12e.; Honda, Tolima and Giradot, 113 to July, 4.73c., and Sept., 4.87e. Final prices May, 4.530.;
are 12 to 14
1134o.; Modelling, 123j to 12Me.; Manizales, 113 to 113/2e.; points higher for the week. To-day
Liverpool futures at
Mexican washed, 143' to 153/20. Ankola,26 to 34e. Mend- 1.30 p.m. net unchanged to 13/2d. higher.
heling, 27 to32e.,• genuine Java, 23 to 24e.; Robusta washed, London spot both opened unchanged. New Liverpool and
/
83 to 8Mc.• Mocha, 13 to 14e.; Horror, 12 to 12320.; warehouse stocks on March 10 were 269,583 York licensed
Abyssinian, 0M to 9Mo.• Salvador washed, 11M to 123%c.; 270,229 on March 9 and 174,247 last year.bags, against
Arrivals in
give an
Guatemala, Bourbon, 10 to 103/2e. Colombia will
New York since March 1 175,190 bags against 29,139 a
export bonus of 10% on coffee. This was regarded as rather year ago.
unfavorable by some here. On March 7 a Comtelburo cable
SUGAR.
-Cuban spot raws early in the week were down
placed Victona regulating warehouse stocks as of Feb. 29
at 383,000 bags. The National Coffee Council has destroyed to 810., a new low record price, later 79e. Some 6,000 bags
5 81,000 bags of Santos coffee, of Porto Rico sold at this equivalent and 4,150 tons of
for the week ended March
31,000 bags of Rio coffee and no bags of Victoria coffee. Porto Rico prompt at 2.81e. delivered. Futures on the 5th
The total of 112,000 bags destroyed last week compares inst. were generally 2 to 5 points lower with sales of 30,000
with 102,000 in the previous week and 107,000 two weeks ago. tons. Hedge selling by Cuban interests swelled the transThe arrivals of mild coffee in the U. S. last week were actions. Thomas L. Chadbourne left Havana for New
" 83,448 bags and the deliveries 111,799 bags. Stock of mild York. A meeting of Cuban planters was announced for
in the U. S. on March 7 was 367,197 bags, against 395,548 March 7th when a final decision was to be reached as to
the size of the next Cuban crop. Refined was 4.15e. with a
a week ago and 269,410 a year ago.
On the 8th there were fair offerings at unchanged prices to small business. On March 5th London closed easy at
about 10 points higher. Prompt shipment Santos Bourbon
23 d. decline. Liverpool closed Md. off. Another
2s were offered at 9.55e.; 2-3s at 9.20 to 9.55c.; 3s at 8.80 London cable said: London market steady in view of unto 9.50e.; 3-4s at 8.90 to 9.250.; 3-5s at 8.75 to 9.000.; certainty. Think situation discounted. On the 7th inst.
4-5s at 8.70 to 8.85o.• 5s at 8.60 to 8.85e.; 6s at 8.20 to futures closed 3 points lower to 3 higher with sales estimated
'
8.60c.; 6-78 at 8.40e.; 78 at 8.15c.; 7-8s at 8.3004 Peaberry at 14,051 tons. There was less pressure to sell and some
39 at 8.85 to 9.25e.; 4s at 8.80 to 9.00c. and 5s at 9.00e. hedges were covered as the actual sugar was sold. On the
Rio Is were offered at 6.950.• 7-8s at 6.85e. and Victoria 7s 7th inst. sales of actual sugar included 3,000 tons of Philipat 6.900. and 8s at 6.75 to 6.80e. For March-April shipment, pines due March 14th and 3,000 tons due March 19th at
Bourbon 2-30 were offered at 8.95o.; 3-4s at 8.75c., while 2.81c., 25,000 bags of Cuba at .83c. and on the 8th inst. a
for shipment in equal quantities from March to August, cargo of Porto Rico due nearby sold to an outport refiner
Bourbon 4s were offered at 8.80o. Here the spot market at 2.86c. On the 7th London Md. up for May, but 1 to 3d.
remained dull and nominal prices of 9 to 93e. for Santos 4s lower for later deliveries. Liverpool opened 1 to 1 Md. off.
and 7 to 73O. for Rio 7s. On March 9 cost and freight London cabled on the 7th: Terminal market steady at
offerings included same offerings, prompt shipment Santos decline. Refiners decline threatens. Parcel 5s. 103d. done
Bourbon 2-3s were offered at 9.20 to 9.450.; 3s at 8.85 to and sellers after cargo 6s. and 5s. 9d. Trade waiting.
9.50e.; 3-48 at 8.90 to 9.100.; 3-5s at 8.75 to 9.00e.; 4-5s at On March 7 Havana cables the week's statistical position
8.70 to 8.900.; 58 at 8.60 to 8.850. On the 10th prices were in Cuba as follows: Arrivals 130,841 tons; exports, 72,320
said to be irregular. For prompt shipment, Santos Bourbon tons; stock, 1,050,234 tons. The exports were distributed
2-3s were here at 9.20 to 9.550.; 3s at 8.80 to 9.500.; 3-4s at as follows: To New York, 24,033 tons; Philadelphia, 3,027;
8.90 to 9.15o.; 3-5s at 8.80 to 9.00e.; 4-5s at 8.75 to 8.90c.; Boston, 3,410; Baltimore, 4,391; New Orelans, 5,168;
58 at 8.60 to 8.85o.; 5-6s at 8.30 to 8.75e.; 68 at 8.20 to Galveston, 8,163; Norfolk, 2,124; Charleston, 961; Interior
8.45o.; 78 at 8.15 to 8.35c.; 7-8s at 8.300.; Nab%Ty 3s at U. S., 164; United Kingdom, 18,285 tons. Amsterdam
8.85e.; 4s at 8.900. and 5s at 9e. Spot on New York dull cabled: Apparently the Javanese contingent to the Paris
and latter weaker. Santos 4s,83/i to 93o. Rio 7s,7 to 734c. sugar conference which opens Monk 14 will not back down
To-day copies of cables sent from New York to Rio and in their attitude of not reducing their 1932 export quota
the reply were posted on the Exchange: The reply indicates which Cuba is demanding as the price of a further reduction
that a cable of March 8 should have read that the Coffee in her 1932 crop. The Javanese have sent a notification
Council, rather than the Federal Government, had paid for along these lines to the International Sugar Council stating
10,740,000 bags of coffee up to March 5, valued at 631,000 that Cuba's demands will not be agreed to.
On the 8th inst. futures closed unchanged to 3 points
contos. To-day cost and freight offers from Brazil were
unchanged to 5 points lower. Prompt Santos Bourbon 2-3s higher; sales 26,300 tons. A bullish factor was reports from
were here at 9.20 to 9.45c.; 38 at 8.85 to 9.50c.; 3-48 at Havana that the Cuban Sugar Institute would continue
8.85 to 9.10e.; 3-5s at 8.75 to 9.000.; 4-5s at 8.70 to 8.900.; negotiations with other members of the International agree5s at 8.600.; 5-6s at 8.750.; 6s at 8.20 to 8.45c.; Peaberry 3s ment at Paris conferences scheduled for Mar. 14 provided
that an agreement is reached not later than Mar. 20. Coverat 8.850.; 4s at 8.90c. aria 55 at 9o.
To-day London cabled:"According to an Athens dispatch, ing and support by producing interests plainly had a bracing
the Greek Government is reported to have signed an agree- effect. On the 8th inst. 28,000 bags of Cuba prompt sold
ment in Paris with representatives of the Brazilian Coffee at 85e. and about 4,100 tons of Porto Rico nearby at 2.800.
Syndicate for five years' supply of coffee to Greece, at delivered. Thomas L. Chadbourne arrived in New York
ourrent market prices. Payment is to be made five years from Cuba and was quoted as stating that he will not attend
after delivery, Greece being assured of the Brazil market the International Sugar Conference at Paris on Mar. 14
for wine, tobacco and cigarettes." On the 5th inst., futures but that he will continue as Chairman of the National
here were very dull with prices 1 point lower to 3 higher Sugar Export Corp. On the 8th London sugar market
with sales of 4,000 bags in all. On the 7th inst. Rio futures opened M to Md. up. Liverpool opened unchanged to
here closed 1 point off to 1 point up with sales estimated Md. advance. London terminal at 3:15 p. m. was barely
at 4,000 bags. Santos futures here closed 1 point lower to steady Md.lower to Md. higher than the opening quotations.
6 points higher. On the 8th inst. Rio futures here closed Other cables reported the market there quiet but steady
2 points lower to 1 point higher; sales estimated at 2,000 with Cubes for April shipment said to have been sold at
bags. Santos futures here opened unchanged to 6 points 58. 9d. The Sugar Institute, Inc. stated the total melt
higher and ended unchanged to 5 points higher; sales 9,000 and total deliveries of 14 U. S. Refiners up to and including
the week ending Feb. 27 1932 and same period for 1931
bags.
-1932, Jan. 1 to Feb. 27, 510,000 long
On the 9th inst. Rio futures here closed 2 to 7 points net as follows: Melt
lower with sales of 8,000 bags. Santos closed 6 points off tons; 1931, Jan. 1 to Feb. 28, 575,000. Deliveries-1932,
to 2 up with sales of 8,000 bags. The report of an export Jan. 1 to Feb. 27, 450,000; 1931, Jan. 1 to Feb. 281 530,000.
bonus of 10% from Columbia had no effect it was said. On the 9th inst. futures closed unchanged to 6 points lower
On the 10th inst. Rio futures here closed unchanged to with sales of 21,800 tons. Pressure from Cuban and trade
2 points higher with sales of 4,000 bags. Santos closed commission house sources caused the decline; also lower
1 point off to 2 up with sales of 8,000 bags. To-day futures I London prices. Sales were niade of 15,000 tons of Philippines
closed unchanged to 2points off on Rio and 2lower to 2 points at 2.80 to 2.81c., 1,000 tons at 2.83c.,• 7,700 tons Porto
higher on Santos with sales of 7,000 Rio and 12,000 Santos. Ricos prompt at 2.81c.; 1,000 tons of Cubes from store at
MAR. 12 19321
FINANCIAL CHRONICLE
2.78c. duty paid and 25,000 bags of Cuba prompt at 79c.
c. & f. On the 9th London opened 13 to 2d. lower. Liver4
pool opened quiet and unchanged. London at 3:15 p: m.
was easy at unchanged to id. lower than opening prices.
London cabled: "Terminal market influenced by exchange.
Raws sellers 5s. 83.d. Trade, refiners waiting. Java sold
39,000 tons Whites. It is rumored that the Trust is increasing limits on account of tho advance in sterling."
On the 10th inst. prices closed 2 to 3 points lower, with
sales of 45,750 tons. Cuba and the trade sold steadily.
Some 15,500 bags of Cuba for delivery the second half of
March sold to Philadelphia at .79c., 4,500 tons of Philippines
early April arrival at 2.76c. and 3,000 tons for late March
at 2.75c. There were also reports that the Cuban Export
Corporation had sold sugar to China;some said three cargoes
sold at around .78c. f.o.b. Cuba, while others said that only
one cargo sold at either .74 or .75e. f.o.b. On the 10th
London opened irregular at unchanged to 4d. decline, ex3
cept next March which was Md. higher. Liverpool opened
unchanged to Md. higher. London sugar market at 3:15
p.m. was weak,1 Md.to 2Md.lower than opening quotations.
London cabled: "Terminal market weak, Chadbourne fear.
Fair quantity offered firm, 5s. 6d. Not interested over 5s.
53d." The Sugar Club of Havana reports the Cuban
sugar production to the end of February at 1,161,000 tons,
against 1,522,000 tons in the same period of 1931. To-day
futures closed 2 to 3 points lower with sales of 38,350 tons.
A sale of 1,500 tons of Cubas ex-store to the American at
2.76c. was reported. The British Board of Trade returns
were considered rather favorable. Final prices are 8 to
10 points lower than a week ago. British Board of Trade
figures for February are as follows: Imports in February
212,000 tons, against 96,000 in February, 1931; consumption 196,000, against 112,000 in 1931 and stocks 236,000
tons, against 384,000 in February 1931. To-day Havana
cabled that there were 125 sugar mills grinding in Cuba at
the present time compared with 138 at this time a year ago.
London cable said: "Market weak. Yesterday parcel sold
2
5s. 43/d., April cargo 5s. 3d. Believed sellers over. The
above prices are estimated at 75 and 73c. f.o.b. Cuba.
London opened barely steady, Md. off to Md. up. Liverpool opened Md. up." Closing quotations follow:
Spot (unofficial)
March
May
July
0.70©September
bid December
0.73
January
0 780
0.850
0.91130.92
0.97®0.98
0.9901.00
LARD.
-On the 5th inst. futures ended unchanged to
2 points higher. Hogs advanced 5 to 10 cents. Western
receipts were 26,400 against 25,900 a year ago. Liverpool
lard was unchanged to 6d. lower. Cash prime Western,
5.25 to 5.35c.; refined to Continent, 52°.; South America,
4
53 c.; Brazil, 63/zc. Production of lard for January, as
officially reported, was 171,331,000 lbs., as against 186,062,000 lbs. last year. The five-year average was 184,448,000
lbs. On the 7th inst. futures ended 3 points off to 2 higher.
Hogs were 10c. up. Liverpool lard was unchanged to 6d.
lower. Exports of lard last week were 5,852,000 lbs., against
3,698,000 the week before. On the 8th inst.futures advanced
3 to 8 points with hogs up 10 to 15c. On the 10th inst.
futures closed 3 to 8 points higher. Hogs were very steady
and receipts at all Western points were only 64,600, against
88,400 a year ago. Only 19,000 were received at Chicago.
Liverpool lard was 9d. to Is. 3d. higher. Exports of lard
were 609,000 lbs. to Manchester, Belfast, Glasgow and
Hamburg. Prime Western, 5.40 to 5.50c.; refined Continent, 5 8c.; South America, 578c.; Brazil, 63/80. To-day
/
/
futures declined 7 to 8 points, but show an advance for the
week of 5 to 10 points. Hogs were up to the highest prices
seen in four months,the top being 5.10c.,and the tone strong.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
March
4.77
4.77
4.80
4.92
4.95
4.87
May
4.90
4.92
4.97
5.00
5.07
5.00
July
5.10
5.07
5.15
5.17
5.22
5.15
Season's High and When Made- I Season's Low and When Made
March
6.97
March
4.67
Feb. 10 1932
May
7.00
Nov. 14 1931 May
4.80
Feb. 10 1932
July
5.50
Feb. 1 193213u1y
5.00
Feb. 10 1932
PORK dull; mess, $17; family, $17.75; fat backs, $15 to
$16.50. IIRT, Chicago cash, 6c. Beef steady; mess nominal;
packer, nominal; family, $14.123/ to $14.623/2; extra India
moss nominal; No. 1 canned corned beef, $2; No. 2, $3.75;
six pounds, South America, $10.50; piclded beef tongues,
$50 to $55. Cut meats steady but quiet; pickled hams, 10
4
to 121bs., 113 c.;14 to 16 lbs., 10c.; pickled clear,8 to 121bs.,
83/2e•; 6 to 8 lbs., 8Mc.; bellies, clear, dry salted, boxed,
18 to 20 lbs., 7Mc.; 14 to 16 lbs., 74c. Butter, lower grades
to higher than extra, 193. to 243'c. Cheese, flats, 113/i to
19c.; daisies, I23/i to 16c.; Young American, 13 to 173c.;
lower grades of all sorts, 10 to 123.c. Eggs, medium to
special packs, 113 to 17Mc.
-Linseed was quoted by large producing and selling
OILS.
interests at 6.8e. for carlots. Concessions of two points
were still available, however, on a firm bid for large quantities. Cocoanut, Manila coast tanks,3Mc.; tanks New York,
33/i to 33/sc.; China wood, New York drums, carlots, spot,
73. to 73'0.; tanks, 63. to 6/sc. Pacific Coast tanks, 5%
to 6c.; corn, crude tanks f.o.b., Western mills, 33/i to 3Mc.;
soya bean, tank cars f.o.b. Western mills, 3c.; carlot, delivered Now York, 43/20.; 1.c.1., 5 to 53'c.; edible olive,
$1.65 to $2.15; lard, prime, 9Mc.; extra strained winter,
New York, 7c. Cod, Newfoundland, 21 to 26c. Turpen-
1991
tine, 45 to 50c. Rosin, $3.50 to $6.75. Cottonseed oil sales
to-day, including switches, 18 contracts; crude 8.E., 334c.
P
:ices closed as follows:
Spot
March
May
July
4.00l
!August
.
September
4.2689
October
4.32@
4.4504.46
4
4 45 4.
4.5514.
4.554.5O
PETROLEUM.-Bunker oil was firmer. In at least one
instance grade C bunker fuel oil was quoted at 45c. in the
Gulf. Business could still be done, however, on a firm bid
at 40e. Locally the market was firm at 60e. at refineries.
Domestic heating oil was steady. Gasoline was steady
0.
with above 65 octane gasoline 6 to 614 and United States
motor below 65 octane 53/ to 53 e. refinery. It is doubtful
%
if any price advances will take place during the immediate
future. California gasoline is reported to be coming here.
It was learned that at least two large tankers with a capacity
of approximately 9,000 tons each have been chartered to
transport gasoline from California to the Atlantic seaboard.
It is understood that one of these tankers will make five trips
at 40e. a barrel. Kerosene was in rather better demand and
steady.
Tables of prices usually appearing here will be found on an earlier page In
our department of "Business Indications," in an article entitled "Petroleum
and Its Products."
RUBBER.
-On the 5th inst. prices advanced 4 to 10
points with sales of 460 tens of No. 1 standard and no business in new "A" closing with No. 1 standard Mar. at 3.58c.;
May at 3.72 to 3.73c.; July, 3.82 to 3.83c.• Sept., 3.97 to
4.02c.; Dec., 4.18 to 4.20c.; Jan., 4.28 to '
4.29c.; new "A"
Mar., 3.58c.; April, 3.650.• May, 3.720.; June, 3.77c. Outside prices: plantation R. S. sheets, spot and Mar., 3 9-16
'
to 3%c.; April, 3 9-16 to 3 11-16c. On the 5th London
opened unchanged to 1-16d. advance and closed steady,
and unchanged to %id. up; Mar., 2 7-16d.; April, 254d.;
2
May, 23/d. Singapore closed 1-16 to %d. up; Mar., 2%d.;
April-June, 2 3-16d. On the 7th inst. prices closed 2 to 4
points higher with sales of 430 tons of No. 1 standard and
no business in new "A." No. 1 standard closed with May,
3.68 to 3.72c.; Sept., 3.93c.; Dec., 4.15 to 4.20e.• Jan.,
4.24c.; Feb., 4.33c.; new "A" Mar. 3.56c.; April, 3.62c.;
'
May, 3.680.; Juno, 3.74c.; July, '
3.80e. Outside prices:
spot, and Mar., 3 9-16 to 3Mc.; April, 3 9-16 to 3 11-16c.;
April-June, 3Mc.; July-Sept., 3 15-16c.; Oct.
-Dec., 43/80.
On the 7th London opened quiet and unchanged to 1-16d.
decline and at 2:35 p. m. was quiet, 1-16 to Md. decline;
Mar. and April, 2Md. London's stock, Mar. 5 was 65,459
tons, a decrease of 464 tons from the previous week. Liverpool's increased 420 tons to 60,288 tons. The net decrease
of 44 tons in the British stocks was somewhat less than
expected, unofficial estimates last Friday. Singapore closed
dull and unchanged; Mar. 23'd. On the 7th London closed
steady, unchanged to 12
16d. off; Mar., 2 7-16d.; April,
2 7-16d.; May, 23'd.
On the 8th inst. prices ended 5 to 10 points lower with
sales of 790 tons of No. 1 standard and none of new "A."
Standard March ended at 3.500.; May, 3.64c.; July, 3.78
to 3.79e.; Sept., 3.92 to 3.95e.; Dec., 4.10 to 4.14c.; Jan.,
4.19e.•, new 'A" March, 3.51e.; April, 3.550.• May, 3.59e.
Outside prices: Spot and March, 33 to 3 11-16c.•, April,
3 9-16 to 3 11-100.; April-June, 31%c.; July-Sept., 3 15-100.;
Oct.
-Dec., 43
,e. en the 8th London closed at Md. decline;
March, 2Md.; April, 2 5-16d.; May, 2%d.; June, 2 7-16d.;
July-Sept., 23'd.; Oct.
-Dee., 2%d. and Jan.
-March,
2 13-16d. Singapore closed steady at 1-16d. decline; March
2 1-16d.; April-June, 23,d.; July-Sept., 23d. Amsterdam
cabled: "It is officially reported that the representative of
the Dutch East Indies at the conference on the crude rubber
situation now being held at the Hague has expressed the
opinion that restriction of output is not advisable. It is
the feeling here that the idea of restriction has been absolutely abandoned." On the 9th inst. March advanced
4 points net but other months were 4 to 6 points lower with
sales of 700 tons of No. 1 standard, closing with March,
3.60c.; May, 3.60 to 3.62o.• July, 3.74e.; Sept., 3.880.;
Oct., 3.95c.; Dec., 4.04 to 4:05e.; Jan., 4.14e. New "A"
March, 3.57c.; April, 3.57e.; May, 3.57c.; no sales. Outside prices: Spot and March, 3% to 3 11-16e. On the 9th
London opened at N to 3-16d. decline; at 2:36 p.m. was
quiet; March, 2 3-16d.; April, 2 3-16d. The London rubber
market closed steady, 1-16d. to 3-16d. decline; March,
2 3-16d.; April, 23d.; May, 2 5-16d.; June, 2%d.; JulySept., 2 7-16d.; Oct.-Illec., 2 9-16d.• Jan.-March, 2 11-16d.
Production of cars and trucks in U. S. during February was
'
118,559 units, according to the National Automobile Chamber of Commerce. This output was 3 7-16% under preceding month and 48% below February 1931. Singapore
closed at 1-16d. to Nd. decline; March, 1 15-16d.; AprilJune, 2d.
On the 10th inst. prices declined early 1 to 7 points but
rallied later on more bullish restriction rumors and ended
8 points off to 1 higher but generally unchanged with sales
of 270 tons of No. 1 standard, closing with May, 3.60
to
3.63e.; July, 3.74c.; Sept., 3.87 to 3.900.; Dee., 4.05 to
4.100.;Jan.,4.14e.; New "A" March,and April,3.49e.; May,
3.57c.• June, 3.64e. Outside prices: Spot and March,
to 3 11-1643.• April, 3 9-16 to 3 11-16c.; April-June, 35
3%43.•
July-Sept., ' 15-16c.; Oct.
3
-Dec., 4%c.; spot, first
thick, 4%o.; thin pale latex, 4%c.; clean thin brown late;
3%c.; rolled brown crepe, 3 3-1643.;No. 2 amber, 3 No. 2,
9-1643.;
No. 3, 33/2c.; No. 4, 33.c.; Paras, up-river fine
spot 53(e.
On March 10 London opened quiet, and 1-16d. off
to 1-16d.
1992
FINANCIAL CHRONICLE
up; at 2:40 p.m. was quiet; March and April,.2304 May,
2 5-16d. The London rubber market closed steady, unchanged to 1-16d. advance; March and April, 2 5-16d.;
-Dec.,
May,2 5-16d.; June, 2%(1.; July-Sept., 2 7-16d.; Oct.
29-16d. and Jan.
-March, 2 11-16d. Dealers stocks in the
Far East at the end of Feb. totaled 52,287 tons compared
with 53,650 tons at the end of Jan. and 44,105 tons Feb.
last year. Singapore and Penang Harbor Board stocks at
the end of Feb. were 5,189 tons compared with 7,113 tons
In Jan.and 5,178 tons at the end of Feb.last year. Singapore
closed quiet and 1-16d. decline; March 1Nid.; April-June,
1 15-16d. Liverpool cabled: "Restriction British-Dutch
Committee continues sittings; Dutch bankers pressing for
decision threatening withdrawal of financial accomodations."
Today futures closed 8 to 19 points higher with March,
3.71c.; May, 3.70c.; July, 3.85e. and Sept., 3.96e. Final
prices are 3 to 21 points higher for the week the latter on
March. To-day London opened unchanged to 1-16d. up;
at 2:37 p.m. was quiet at 1-16d. to 3id. advance; March,
to 3-16d. advance;
23'fd. London closed steady at
4
March and April, 2 7-16d.; May, 21 d.; June, 2 9-16d.;
%
-Dec.,23 d. Singapore closed 1-16d.
July-Sept., 2%d.; Oct.
to Hd. up; March 2d.; April-June, 2 1-16d.; July-Sept.,
2 3-16d. Unofficially, it was estimated that stocks in
London for the week ending March 12, will decrease 600
tons; in Liverpool an increase of 600 tons. To-day Jonkheer
DeGraaf, the Dutch Colonial Minister, announced in the
lower Chamber that a decision regarding rubber restriction
will shortly be taken, according to advices from the Hague
to the Exchange here.
-On the 5th inst. futures ended 10 points lower
HIDES.
to 10 higher, closing as follows: June, 7.05c.; July, 7.250.;
September, 7.75c. On the 7th inst. prices closed 10 points
off to 10 up; March, 5.10 to 5.750.; May, 6.50c.; June, 7 to
7.05e., and July, 7.20c. On the 8th inst. the trading was
light and prices ended unchanged to 5 points lower. Spot
hides were quiet. Futures closed on the 8th inst. with
April, 6c.; May, 6.50c.• June, 7 to 7.05c.• July, 7.20c.;
'
'
September, 7.65 to 7.75e. On the 9th inst. prices closed
unchanged to 14 points net lower with sales of 640,000 lbs.,
September, 7.55 to 7.59c..
ending with June 6.86 to 6.90c.;
and December, 8.16 to 8.30c. Spot sales included 2,000
February extremes at ?Vic., 2,000 February cows at 8Xe.
and 2,500 March light frigorifico extremes at 73c. City
packer hides were quiet. Common dry Cucuta, 10c.;
Orinocos, 83/2c.; Santa Marta, 83/ic.; Central America, La
Guayra, Maracaibo, Ecuador and Savanillas, 732e.; native
steers, 63/ic.• New York City calfakins, $1.30 to $1.40;
7-9s, 70 to 80c.; 5-78, 50 to 60e. On the 10th inst. at one
time prices were 4 points higher to 10 points lower, but
later rallied and closed unchanged to 1 point net lower with
sales of 520,000 lbs.; some 1,600 February-March frigorifico
steers sold at 7 15-16c. March ended at 5.10 to 5.75c.;
May,6.40c.; June, 6.85 to 6.90c.; September, 7.55 to 7.60c.
To-day futures closed 10 to 40 points lower with sales of 50
lots; May, 6c.; June, 6.55c.; September, 7.30e.; December,
7.950. Final prices are 50 points lower for the week on May.
-There was a small trade at one
OCEAN FREIGHTS.
time. Later came a rather better market. Towards the
end of the week the trading broadened.
CHARTERS included grain on berth: 20 loads Rotterdam at Sc.; 14
to Liverpool at Is. 6d. and I load Havre-Dunkirk 9c.; 9 loads to Antwerp
2 loads
at 6c. and 3 to Rotterdam at Sc.: some small Continent parcels and Is. 7d..
Dublin at 2s. 6d.; 20 loads Antwerp, 6.tic.; 7 to Manchester. at
some to Hamburg at 6c. some: Gulf corn,
2 to Liverpool at is. 6d. and
Liver15 loads heavy Atlantic range to Rotterdam at 534c. and 7 loads
pool at Is. 6:1. Grain fixed: 22,000 ors. to French ports from Atlantic
Indies round 55c, 60c., 65c.;
range 9c. and 934c. Time: prompt, West
Prompt West Indies round 65c.; West Indies round trips, Flotbek, 8734c.:
Jersbek, $1; Relnbek, 90c.; Maud, 75c. and Dampen, 70c. Sugar: Cuba,
Mar.,
late Mar. Santo Domingo 15s., Cuba'16s. 9d., United Kingdom: April,
Cuba to United Kingdom-Continent, £5 14s. 6d.; clean, first half 63.;
3d., Santos Domingo, 14s.
United Kingdom-Continent, Cuba, 15s.
United
April, Cuba, United Kingdom-Continent, 156. 3d.•, April, Cuba, tankers
Kingdom-Continent, 16s. 6d. Tankers: Three, March, dirty Pedrogas, San
fixed for north of Hatteras at 14c.; San Pedro fuel and (04)
KingdomNorth of Hatteras,., March, 40c.• Black Sea, March, United
beginning San
Continent, 7s.; Black Sea, April, Baltic, 7s. 9d.; clean, oll, San Pedro,
Pedro, March, 5 trips, Baltimore, 40c.•, Tiverton, 42c.; gas Hatteras, 40e.;
March. Baltimore, 30c.: San Pedro, March, clean, North
2 trips to north of Hatteras, beginning March. 14c.; Gulf crude, 17c.,
Tampico, one trip, similar but at 15 and 18c.
-Colder weather at the West and Northwest
COAL.
favored trade. Later the cold wave caused a sharp increase
in the domestic demand.
-There is a moderate trade in progress here
TOBACCO.
but there are no especially interesting features. Some recent
activity in Spanish Regie is stressed in some quarters. Large
sales of this sort were recently reported in Havana at rising
prices for the low grades. It appears that in Louisville last
week some 14,500,000 pounds of Regies were sold after a
lull in the trading in such tobacco of several years. Some
regarded this as an encouraging feature. Hereafter it is
stated that Regie will buy in Cuba by sealed bids only. In
this country it is said there will be a considerable reduction
in the acreage of all kinds of tobacco.
Mayfield, Ky., to the "United States Tobacco Journal":
Offerings in the Western Fired Dark district were again
light, and consisted principally of the common to medium
qualities; while in the Eastern Fired district offerings were
relatively larger, with prices in both districts reflecting
slightly lower averages. Sales at Mayfield, 740,665 lbs.
for the week, average $2.68 or 28e. lower than in the preceding week. At Paducah, 420,175 lbs., averaging $2.65,
or 70c. lower. At Murray, 179,915 lbs. averaging $3.26,
or Die, lower. At Hopkinsville, 1,482:375 lbs. of dark
[VOL. 134.
tobacco, an average of $4.28, and 571,510 lbs. of burley
at average $3.93; dark, 76e., and burley, 41e. lower. At
Clarksville, 1,825,500 lbs., average $5.49, or Sc. lower. At
Springfield, 1,170,485 lbs., averaging $6.56, or off 20e.
At Owensboro, 2,296,000 lbs. of dark tobacco, average
$2.75, and 545,090 lbs. of burley tobacco, average $3.74;
dark, 54c., and burley,$1.38 lower. At Henderson,473,315
lbs., average $3.78, or 7c. higher. The One Sucker District
sold 1,012,740 lbs. of dark tobacco at an average of $2.35,
and 87,085 lbs. of burley at $3.16; dark 89c., and burley,
$1.19 lower. At Lynchburg, 306,685 lbs., average $6.73,
or $1.78 higher.
Havana cabled: "The past week has been active. Large
quantities of bales of leaf tobacco have been examined and
received by buyers. Only a relatively small amount
has been of new purchases, the bulk being of previously
contracted parcels of low grades. Barring a small percentage
of old tobacco, the balance was of the 1932 crop. Leaf
changing hands consisted of 18,414 bales of Remedios, 5,503
of Vuelta Abajo and 339 of Partido, a total of 24,256 bales."
Richmond, Va.: "Virginia markets sold 28,297,635 lbs. of
producers' tobacco in January 1932, at an average price of
$5.76 per 100 pounds, according to recent warehouse reports.
Total sales for the season to Jan. 31, were 91,200,096;
average season price was $6.91, against 110,086,498 at an
average of $9.32 prior to Jan. 311931. Nearly 75% of the
estimated sales for the season has been sold by Jan. 31,
against 83.4% sold to the same day last year and 88.89
two years ago." Edgerton, Wis. "A slow buying movement
has been going on in this State, and probably 80% of the
tobacco grown by independent farmers has been taken up at
very low prices. In Northern Wisconsin 9 and 10 cents
is being paid for binder crops. No buying of binder tobacco
has been done in the Southern section. Prices paid for
damaged tobacco range from 3 to 5 cents per pound and for
sound tobacco suitable for stemming at 5 to 6 cents."
-On the 5th inst. futures closed 30 points lower
SILVER.
to 5 higher with sales of 200,000 ozs. March ended at 30.45e.;
May at 30.90 to 30.98c.; Oct.,32 to 32.10e. and Dec.,32.300.
On the 7th inst. prices closed 5 points lower to 20 higher;
sales 775,000 oz. March ended at 30.40c.; May at 30.92
to 31.13e.; July, 31.30 to 31.55e.; Sept., 31.74 to 31.91c.;
Oct., 32 to 32.18e. On the 8th inst. futures closed 2 to 35
points lower; sales, 275,000; March, 30.38 to 30.650.; May,
30.85 to 31e.; July, 31.25 to 31.55c.; Sept., 31.60c.; Oct.,
31.85 to 32e. On the 9th inst. prices closed 50 to 60 points
lower with sales of 925,000 oz., ending with March at
29.80 to 30c.; May at 30.35 to 30.48e.; July, 30.75 to
30.85c.; August, 30.90c.; Sept., 31c.; Oct., 31.35 to 31.50c.
and Dec., 31.65c. On the 10th inst. prices closed 15 points
off to 10 up with sales of 1,375,000 oz., closing with May,
30.34c.; July, 30.76c.; August, 30.95e.; Sept., 31.050.;
Oct., 31.20e. and Dec., 31.50e. To-day futures closed 3
to 11 points lower with sales of 775,000 ozs. March ended
at 29.90c.; May at 30.29 to 30.30c.; July, 30.65 to 30.80c.;
Oct., 31.13 to 31.44c. Final prices are 81 to 86 points
lower for the week.
COPPER was tending lower. The export price was
marked down 1 to 6
but sales on the 10th inst. were
only 183 tons or a little better than the previous day. The
domestic price was 6e. but second hand copper was sold
at 5
or at the all-time low reached early in the week.
London on the 10th inst. was higher. There was no trading
in standard copper futures on the exchange here that day;
closing prices were Mar., 5 to 5.250.; April, 5.05 to 5.25c.
and 5 points per month higher in both bid and asked prices.
To-day futures were unchanged; no sales. Mar. ended at
Sc.; April 5.05e. and May, 5.10e.
TIN was lower. Small sales of spot Straits were made on
8
the 10th inst. at 223/c., but at the close that day 21.90e.
was generally asked. Demand was small. London on the
10th inst. advanced 10s. on all descriptions at the first session, but at the second session declined £1 10s. on standard
tin; sales, 610 tons. Futures here declined 30 to 40 points,
with no sales. To-day futures closed unchanged with sales
of 5 tons; March, 21.850.; April, 22c., and May, 22.15c.
LEAD was in good demand and steady at 3.25e. New
York and 3.05c. East St. Louis. About 60% of March
requirements and 30% of the estimated April needs, it is
said, have been sold. Corroders were good buyers. London on the 10th inst. rose is. 3d. on spot to E1.2 13s. 9d.;
futures unchanged at £13 3s. 9d.i sales 50 tons spot and 450
futures; at the second session prices fell is. 3d. on sales of
150 tons futures.
ZINC was steady at 2.80e. East St. Louis. London on
the 10th inst. advanced is. 3d. to £12 16s. 3d. for spot and
£13 Ss. for futures; sales 50 tons spot and 400 futures.
STEEL was still quiet. The demand, such as it was,
centered on structural and railroad steel. For the second
month in succession the rate of production of steel ingots
in this country increased slightly in Feb. according to the
monthly compilation of the American Iron and Steel Institute. In Feb., that is, it was 27.57% of plant capacity,
against 26.54% in Jan., 23.58% in Dec. and 49.08% in
Feb. 1931. The steel backlog of the United States Steel
Corp. has dropped to a record low. Feb. unfilled orders
fell 102,521 tons to 2,545,629 tons.
PIG IRON.
-There was some selling for the second
quarter. In general business remained dull. In northern
1
MAR.
12 1932.]
1993
FINANCIAL CHRONICLE
Ohio there was said to be a slight improvement owing to the
buying of castings by the Ford Co.
-Boston wired a government report on March 8
WOOL.
which said: "Inquiries from several sources are being
received on 48-50s of both fleece and territory wools. However, very little business has as yet developed as a result of
recent interest. Asking prices on all grades of domestic
wools are mostly unchanged from last week. Bulk of current
sale is on 64s and finer Western wools, but the volume of
business is very moderate." Nominal Boston prices were as
follows:
Ohio & Penn. fine delaine, 23c.; fine clothing, 1834 to 19c.; % blood
combing, 23e.; % blood clothing, 19 to 20c.; 34 combing, 23c.; 34 clothing,
21c.; 34 combing, 2134 to 22c. Territory clean basis, fine staple 57c4
fine, fine medium French combing, 53e.; fine, fine medium clothing, 48c.;
34 blood, 53c.; 34 blood, 39 to 40c. Texas, clean basis, fine 12 months,
54 to 56c.; fine 8 months, 46 to 48c.; fall, 36 to 38c.; pulled, scoured basis.
A super, 48 to 50c.; B, 43 to 47c.; 0, 38 to 40c.; Mohair, original Texas
adult. 22 to 254c.; fall, kid, 48 to 52c.; spring kid, 40 to 44c.
On March 10 Boston wired a government report as follows:
"Only limited quantities of any line of domestic wools are
selling and prices are irregularly weaker. Strictly combing
64s and finer fleeces have sold at around 55c. on an estimated
scoured basis. Further easing is apparent in the ideas of
values on all the lower grades of fleeces. Good French
combing 64s and finer territory wools are bringing 50 to
52c., scoured basis, while short French combing original bag
lines are available at 48 to 50c." Prices at the present
London wool sales which opened on March 1st are mostly
lc. to 13o. a pound lower, on a scoured basis, than they
were at the close of the previous series of sales on Feb. 2
according to a cable received by the foreign service of the
Bureau of Agricultural Economics.
In London on March 4 offerings 7,074 bales of Colonial
wool. Demand better from home and Continental sources.
Prices firmer. A poor selection of 2,512 bales of English
wool was offered, but half of the lot was withdrawn. Washed
/
lambs ranged from 5d. to 8d., greasy 43 1 to 73/2d. Details:
Sydney, 303 bales; greasy merinos, 8 to 11d. Queensland, 473 bales•
greasy merinos, 934 to 11d. Victoria, 193 bales; greasy merinos, 9% to
1034d. South Australia, 82 bales; greasy merinos, 834 to 104d. West
Australia, 1,401 bales; greasy merinos, 7 to 114d. Tasmania, 128 bales;
greasy merinos, 10 to 15d. New Zealand, 3,276 bales; scoured merinos.
1134 to 16d.; scoured crossbreds, 1434 to 164(1.; greasy, 5 to 104d. Cane,
722 bales; scoured merinos, 10% to 1734d.; greasy merinos, 534 to 10A.
New Zealand slipe ranged from 5% to lid., latter halfbred lambs.
from Yorkshire and the Continent. Japan was quieter.
Compared with the close of the previous sales merinos were
5 to 10% lower and comeback greasy and crossbreds were
unchanged. In Liverpool on Mar. 8 the East India carpet
wool sales opened with prices firm. Offerings 17,500 bales.
Bidding was on a par with that of the previous sale.
WOOL TOPS futures to-day closed quiet and unchanged
with Mar., 65.50c.; April, May, June, 66c.; July, Aug. and
Sept., 66.50c.; Oct. to Jan., 67c. Roubaix closed quiet at
a decline of 10 to 20 centimes, with sales of 88,000 lbs.
Boston spot market unchanged at 71.50c. Antwerp unchanged to %d. lower with sales of 204,000 lbs.
SILK on the 10th inst. closed 2 points lower to 1 higher;
sales 250 bales. Mar. ended at 1.45 to 1.490.; April 1.47
to 1.49c.; May 1.49 to 1.50c.; June 1.50 to 1.52c.; July
1.53 to 1.56c.; Aug., Sept. and Oct. 1.56 to 1.57c. To-day
futures closed 2 points lower to 2 points higher with sales
of 230 bales. Mar. ended at $1.47 to $1.48; April $1.47
to $1.49; May $1.49 to $1.50; Aug. $1.54 to $1.57; Sept. and
Oct. $1.56 to $1.57. Final prices show a decline for the
week of 3 to 6 points.
COTTON
Friday Night, March 11 1932.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
158,701 bales, against 184,065 bales last week and 161,669
bales the previous week, making the total receipts since
Aug. 1 1931 8,488,920 bales, against 7,894,175 bales for the
same period of 1930-31, showing an increase since Aug. 1
1931 of 594,745 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed,
Thurs.
Fri.
Total.
5,028 5,938 10,042 7,340 2,599 3,762 34,709
Galveston
Texas City6,287 6.287
3,320 7,368 5,684 3,791 3,130 11,083 34,376
Houston
85 1,436
77
874
52
204
144
Corpus Christi
New Orleans___. 23,732 5,446 23,765 4,024 3,559 2,632 63,158
786 2,538 7,647
836 1,029
777
1,681
In London on March 7 offerings 8,715 bales, mostly New Mobile
912
762
---150
Zealand and South American greasy crossbreds. New Zea- Pensacola --------------------281 ____
281
Jacksonville
722 5,899
846
580
1,365 1,047 1,339
land was taken by Yorkshire and the South American by Savannah
622
40
160
2
229
20
171
Charleston
the Continent. Prices were frequently in sellers' favor, Lake Charles
---- 1,471 1,471
---_
____
---___42 1.073
147
256
124
especially on medium grades. Details:
400
104
Wilmington
564
160
34
44
53
108
165
Sydney, 224 bales; greasy merinos, 9 to 104d. Queensland, 894 bales, Norfolk
60
scoured merinos, 173. to 194d.; greasy, 8 to 104d. Victoria, 226 bales, Boston
206
206
Baltimore
scoured merinos, 94 to 16d.; greasy, 1034 to 134d. New Zealand, 2,949
bales; greasy crossbreds, 434 to 94d. Puntas, 3,755 bales; greasy crossTotals this week_ 35.713 21.244 42.236 18.090 11.619 29.790 158.701
breds, 634 to lid. Falklands, 653 bales; greasy crossbreds, 6 to 12d.
In London on March 8 it was decided to close the sales
The following table shows the week's total receipts, the
on March 16 instead of March 18, as originally planned. total since Aug. 1 1931 and stocks to-night, compared with
bales. Home and Continental interests last year:
Offerings 8,330
bought freely. Medium and coarse grades of greasy crossbreds recovered most of the opening decline of 10% and are
1932-31.
Stock.
1931-30.
Receipts to
now par to 5% below January levels. Details:
Sydney, 677 bales; scoured merinos, 934 to 1334d.; greasy, 9 to 104d.
Victoria, 639 bales; scoured merinos, 15 to 16d.; greasy. 104 to 124d.
Queensland, 577 bales; scoured merinos, 18 to 22d. West Australia, 503
bales; greasy merinos, 8 to 104d. New Zealand, 3,942 bales; scoured
3
merinos, 9% to 104d.; greasy crossbreds, 44 to lid. Cape, 1,194 bales,
scoured merinos, 15 to 154d.; greasy, 534 to 9d. Falklands, 800 bales;
greasy crossbreds, 44 to 104d. New Zealand slipe ranged from 54 to
10%d., latter halfbred lambs.
In.London on March 9 offerings 9,720 bales were readily
distributed to Yorkshire and the Continent at the recent
level of values. Speculators'lots were frequently withdrawn
at firm limits. Details:
Sydney, 1,746 bales; scoured merinos, 934 to 1734cl.; greasy merinos,
834 to 13d. Queensland, 1,269 balesscoured merinos. 174 to 20d.; greasy.
834 to 1134d. Victoria, 690 bales; scoured merinos, 13 to 184d.; greasy,
9 to 1234d. South Australia, 764 bales; scoured merinos, 1034 to 184d.;
greasy, 9 to 11d. West Australia, 850 bales; greasy merinos, 734 to 1134d.
Tasmania, 70 bales; greasy merinos. 1134 to 1434d. New Zealand, 3,339
bales; scoured merinos, 154 to 17d.•, greasy crossbreds, 434 to 104d.
Cape, 933 bales; scoured merinos, 14% to 154d.; greasy, 634 to 934d.
New Zealand slipe ranged from 534 to 1134 d., latter halfbred lambs.
Mar. 11.
This Since Aug This Since Aug
Week. 1 1931. Week. 1 1930.
1932.
1931.
34.709 2,104,607 15,704 1,330,257 862,896 592,392
Galveston
406 109,700
6,287 214,172
70,329
Texas City
40,530
34,376 3,013,062 17,8282,760.753 1,532,985 1,297,814
Houston
969 569,009
1,436 422,314
78.035
Corpus Christi
71,623
23,435
491
17,086
Beaumont
New Orleans__ - - 63.158 1,559.573 27,264 1,247,017 1,087,805 790,942
Gulfport
7,647 392,429 12,069 530,608 222,320 246,171
Mobile
56,300
54,166 1.822
912
Pensacola
16,952
493
8
25,562
1,360
281
Jacksonville
5,899 292,447 9,954 662,124 277,552 366,064
Savannah
49,050
28,228
Brunswick
622 106,518 2,805 279,436 130,332 168,978
Charleston
62,139
56,649
--1,471 131.360
Lake Charles
59,060
18.741
46,119 1,746
18,238
1.073
Wilmington
66,477
88.824
59,437 1,109 139,055
564
Norfolk
Newport News
1,125 208.164 229,383
N ow York
12.011
1,355
2,928
218
825
60
Boston
2,593
16,727
1,268
21,014 1,084
206
Baltimore
12
5,213
5,213
---Philadelphia
In London on March 10 offerings 6,630 bales mostly greasy
158.701 8,488,920 93,477 7,894.175 4,654,544 3,921.728
Totals
crossbreds. Recently improved levels of values was firmly
maintained. Demand good especially from Yorkshire.
In order that comparison may be made with other years,
Details:
we give below the totals at leading ports for six seasons:
Sydney, 522 bales; greasy merinos, 934 to 1034d. Queensland,495 bales'
scoured merinos, 17 to 20d. Victoria, 269 bales; scoured merinos. 124 to
174(1.; greasy, 10 to lid. South Australia, 110 bales; greasy merinos,
%
974 to 103 d. West Australia, 469 bales; greasy merinos, 7 to 12d. Tea
mania, 12 bales; greasy merinos, 114 to 14d. New Zealand, 4,754 bales;
greasy merinos, 934 to 114d.; greasy crossbreds, 434 to 1134d. New
Zealand slipe ranged from 634 to 117-4d., latter halfbred lambs.
.At Adelaide on March 4 sales 31,500 bales offered and met
with good competition on all classes except super grades,
which were irregular. Yorkshire was the chief buyer. Australia, France and Japan also bought. Prices were about
equal,to the latest Australian sales but compared with
Adelaide sales on Jan. 21, best wools were 10% lower and
skirtings 5% lower.
At Invercargill on Mar. 5, 28,300 bales were offered and
20,000 sold. Crossbreds were representative but the merino
selection was poor. Competition from Yorkshire was
irregular and the Continent was quiet. Compared with
Dunedin sales on Mar. 1 crossbreds were 73/i to 10% lower
and merinos were 5% lower. Fine crossbreds were wanted
and medium and coarse grades were neglected, closing weak.
Prices realized; Merinos average 6 to 7d.; crossbreds, 50-56s,
4
7 to 83 d.; 48-50s, 43/i to 6%(1.; 46-48s, 5 to 53/2.d.; 44-46s,
3 to 5d. At Sydney on Mar. 7 the sixth series of sales
opened. An average to good selection met a good demand
Receipts at- 1931-32. 1930-31. 1929-30. 1928-29. 1927-28. 1926-27.
Galveston___
Houston
New Orleans..
Mobile
9avannah
Brunswick
Charleston_
Wilmington
Norfolk
N"port News_
MI others____
34,709
34,376
63,158
7,647
5,899
15,704
17,828
27,264
12.069
9,954
10,634
12,614
11.788
2,396
2,312
32,975
22,033
30,279
6,013
3,909
22,722
12,364
17,465
2.814
8,567
61.313
56,298
53.037
5,846
19.689
622
1.073
564
2,805
1,746
1,109
1,872
107
689
555
3,417
2,215
1.397
3,431
1,159
11,175
3,289
8.378
10,653
4,998
2,507
4,954
3,315
11,625
Total this wk_
158,701
93,477
44,919
106,350
73,234
227,560
3Inee Aug. 1-- 8.488.920 7.894.175 7.440.168 8.303.359 7.168.963 11144657
The exports for the week ending this evening reach a total
of 170,272 bales, of which 24,955 were to Great Britain,
14,493 to France, 54,077 to Germany, 5,939 to Italy, nil to
Russia, 56,824 to Japan and China and 13,984 to other destinations. In the corresponding week last year total exports
were 154,784 bales. For the season to date aggregate exports have been 6,146,100 bales, against 5,161,921 bales in
the same period of the previous season. Below are the exports for the week:
1994
FINANCIAL CHRONICLE
[Vol,. 134.
by co-operatives. The speculation was not aggressive either
way. Stocks were lower. Spot cotton was in brisk demand,
and firm, but short staple 1 to 114-inch, it was said, weakItaly.
Total.
ened. Worth Street was quiet and steady, with curtailment
Galveston
6,278 5,481 3,631
11,175 7,453 34,018
Houston
6,033 21,089
4,457 5,390 36.969 by Southern mills supposedly a protective feature.
UnTexas City
587
568 1,155 wanted rains fell In the Eastern belt and in
the Mississippi
Corpus Christi
2,182
50 2,232
New Orleans
17,728
19,201 2Jaa
389 64.714 Valley; temperatures were low, and the forecast was mostly
25,088
Mobile
4,089
134 9,733 unfavorable rather than otherwise. Manchester
5,510
reported a
Jacksonville.-109
109
Pensacola
-iai
150
912 better business in cloth with the Continent and South
Savannah
5,000
5,000 America. While it Is believed that planters are disposed
Charleston
2,151
2,151 to put in
as large an acreage as possible, they are conNorfolk
-aio
330
Los Angeles
225
11,104
400
11,729 fronted by the determination of banks and merchants to
Lake Charles_
1,220
1,220 refuse advances to those who do
not pledge themselves to,
Total
24,955 14,493 54,077 5,939
56,824 13,984 170,272 reduce acreage a full third.
On the 8th inst. price movements still kept within a narTotal 1931
11,554 14,198 28,010 8,200
68,780 24,042 154,784
Total 1930_ 16,214 14,521 13.530 8,614
16,579 6,918 76,376 row groove and closed at a net decline of 2 to 4 points. At
one time, on most months, they were 3 to 5 points higher.
From
Exported to
Distinctive and outstanding factors were few or entirely
Aug. 1 1931 to
lacking. Many prefer to feel their way awaiting more light
mar. 11 1932, Groat
Japan&
Get- I
Exportsfrom- Britain. France, many. I Italy. 'Russia China.' Other.' Total.
on what they consider a rather enigmatical situation. LivGalveston____ 206,692, 73,3011 185,659142,525
____ 786.225208.3471,602,749 erpool closed 20 to 21 points off. Naturally that was some(
Houston
181,7511145,97
830,095259,299 2,070,783 thing of a wet blanket. It was traceable to higher exchange,
---.
471,278 182.390
Texas City
16,6891 7.598 32,425 9.191
____ 34,885 9,738 110,524 lower
prices for Egyptian cotton, and hedge selling. Sterling
Corpus Clulati
74.177 15,804 24,718 29,370
306.079
__ 129,415 32,59
Beaumont
7,070 1,480
__
-__I 1,5321 14,048 exchange jumped 20c. to the highest point since last De3,916
so
New Orleans_ 180.026, 34,776 133.609112.923
____ 265,947 66,489 793,770 cember. Worth Street was mostly quiet,
though in the main
Mobile
76,934 3,150 86,178 4,834
____ 158,08 18,101 347.281
Jacksonville
4,067_ __
__
122
-___
9,941 rather steady, supported by mill curtailment at the South.
____
5,752
Pensacola _
.
11,640
_-_
52,943'
17
___ .
5,344
70.5
70,766 The weather was very cold, but that cut two ways. It
Savannah-_
_ . 67,442
12
78,62
79,616 6,162 332,727
Brunswick _ 4,16
__-23,6111
____
____ 5,000
450 33.228 might delay field work, but if it should continue it would
Charleston... 46,67
___ 26.555 15,3771 130,073 be destructive to weevil. But a factor standing out in clear
----I 41,465
Wilmington9,688 15,
458
27,046
--------1.
Norfolk
16,95
2
6,339, ____
_-_ 6,758
42
30,120 relief against anything bearish in the situation, such as
New York_
2,24
1751
1,02W, ._..j____ 16,974 2,
22,471 the very large supplies, is the growing evidence of a noteBoston
126
___
42
1
__..
1,513
--------1,348
worthy increase in the world's consumption of American
Baltimore__
8
Loa Angeles
4,07
460 11,843 1,8421____ 134,502 3,496 1156,213 cotton. A measure of the extent to which foreign spinners
I
San Franc ..
1.02
____
1421
36,083
___I
766i 38,016 have been taking American
cotton in place of Indian, beSeattle
380
Lake Charles_
5.325
20,9981 6,713
__
__ 8.15
48,364 cause of the relative cheapness of the American staple, is
found in figures on exports by the United States and India,
Total
007,093
907,093291.036 1,190,263505,662
2615443636.6036,146,100
the New York Cotton Exchange Service points out. The
Total 1930-31 910,570831,1851,351.191376,783 29,279 1108231 554,682 5,161,921
Total 1929-31 1.115.638 731 734 L487.777 536 770 7R 0401073 200 FRI ARA 5 r411 040 United States exported 889,000 bales in January this season
against 520,000 last season, and during the six months to
In addition to above exports, our telegrams to-night also the end of January 4,894,000 against 4,468,000 in the same
give us the following amounts of cotton on shipboard, not period last season. India,lagging well behind, exported only
cleared, at the ports named:
168,000 bales In January against 439.000 in the same month
last year, and In the six months to Jan. 31 only 987,000 bales
On Shipboard Not Cleared for
against 1,784,000 In the same period last season. This great
difference in the exports from the United States is due
Great
GerOther
CoastLeasing
Mar. 11 at- Britain. France. many. Foreign wise.
chiefly to shipments to the Orient. In the first six months
TOW.
Stock.
Galveston
9,500 5,000 5.500 48,000 2,000 70,000 792.896 of this season, as shown by the Exchange Service, the United
New Orleans
7,368 3033 7,983 34884 2500 55,768 1,032.037 States shipped 2,125,000 bales to the Orient compa"ed with
Savannah
----------200 6.200 271,352 only 876,000 last season. India shipped
6,000
only 684,000 bales
Mobile
9.153
150
---- 4,050
350 13,703 208,617 this season against 1,189,000 last season. In other words,
Norfolk
66,477 exports to the Orient by the United States this season are
Other ports *
4,000 4,000 8,000 56,000 3,000 75,0001,032,162
more than twice as large as last season, while exports to
Total 1932-- 36,021 12,183 21,483 142,934 8,050220,671 4,433,873 the Orient by India this season are only a little more than
Total 1931
17.524 6,070 23,295 66,521
2,405 115,815 3,805,913 half as large as last season, a difference of
practically a
Total 1930- 22,081 8,370 14,311 86,116 4,008 134,886 1,869,772
whole diameter to the good in favor of the United States.
•Estimated.
all hands in India on
The total stock of Indian cotton in
Speculation in cotton for future delivery was small and Jan.31, including the estimated unpicked portion of the crop,
prices drifted downward moderately. Like all commodity was 3,456,000 running bales of 400 pounds each against
markets, cotton is neglected by the outside public. Its only 4,703,000 on the same date last year, and 5,293,000 two years
support is trade buying, home and foreign. It seems plain ago. The small supply this year is due to the small current
enough, too, that the acreage will not be adequately reduced. crop, which is tentatively estimated at only 4,000,000 runRecent temperatures over much of the belt, far below the ning bales compared with last year's crop of 5,731,000, and
freezing point, may have hit the weevil. Cotton goods are the crop two years ago of 6,222,000. Consumption by mills
dull and apparently inclined to weaken. Manchester, on of India is high. Manchester on the 8th inst. reported a
the other hand, is doing a much better business than seemed good inquiry and a fair business in cloth with India and
possible a month or two ago, both with India and China. China. Some are beginning to wonder whether it may not
Sterling has advanced sharply. Exports are not far from be England which will blaze the trail for the world back
1,000,000 bales ahead of last year. The consumption is to universal prosperity with sterling exchange nearly half
plainly larger than then. What cotton needs is an awakening a dollar higher than it was last December and the East
of speculation on the part of the outside public. On March 5 Indian boycott of British goods apparently dying out. Spot
prices declined slightly, with Liverpool some 15 American cotton on this side was in a good demand, and a premium
points lower than due on Bombay liquidation, and a drop in generally demanded. There has been very little weevil-killAlexandria of 10 to 44 points. Here the South, New Orleans, ing weather this winter. Stocks and bonds were higher,
local traders, and possibly the co-operatives, sold. But the some bonds reaching new highs for the year.
On the 9th inst. prices in the end hardly wavered from
decline was only 4 to 6 points, and part of this was recovered,
ending unchanged to 6 points net lower. This was buying a straight unchanged line. There was an early drop of
by Liverpool, the Continent, Japanese and the American 2 to 4 points. Later came a trifling rally, ending with prices
trade. Stocks were higher. Sterling was up to the highest one point lower to two points higher. Analyzing such flucpoint of the year. The spot basis was firm, especially on tuations seems at first sight a little like splitting hairs.
the better sorts of short staple. Interior offerings were But underneath it showed a continuance of the steadiness
small. Not a little rain fell over much of the belt. Field noticeable for two months past. That seems to be the real
work is already badly behindhand. Cotton goods were point of the recent sluggish movement of prices. Supplies
steady, but, as a rule, quiet. Fertilizer sales in 13 Southern are large. But proverbially demand as well as supply
States in February were only 60% of those in February enters into the making of prices. On the other hand, bulls
last year and 34% of those in February 1930. Manchester are not at all aggressive. The market gets its support not
reported a fair demand for yarns for the home trade and from outside speculation but from persistent trade buying,
export. The revival of the export business in cloths at home and foreign, and the refusal of the South to sell with
Manchester is one of the features of the world's cotton trade, its old-time docility. The South sold to some extent; also
and if it continues is expected to have stimulating repercus- New Orleans and local interests. Goods were dull and in
some cases lower. Minimum temperatures at the South
sions on this side of the water.
On the 7th inst. prices were irregular, and fluctuated were low, i.e., 12 to 28 degrees. That Interrupts work, but
within narrow limits, closing unchanged to 8 points lower. may hit the weevil. Liverpool reported heavy general sellLiverpool was lower than due, under hedging sales, liquida- ing though there was some buying for a rally. Alexandria
tion of straddles, and general selling, with sterling higher. dropped 105 to 170 points. Silver futures fell 65 to 86 points
But New York's response to Liverpool's weakness was cool. early. Stocks and grain reacted. But the trade, the ConLiverpool was covering straddles here, and American and tinent, Liverpool and Japanese interests bought. Dallas
Continental trade interests also bought. It was foreign buy- wired that there was a good demand from France and
ing that barred the way to any important decline. But Germany but no business as their basis was too low.
On the 10th inst. prices ended practically unchanged
Wall Street and New Orleans also bought. The selling
came from the South, in the shape of a rather larger amount after being 3 to 6 points higher early. They refused really
of hedging in the distant deliveries, and apparently selling to give way but made a very cool response to a firm LiverWeek Ended
Mar. 11 1932. Great
GerExportsfrom
- Britain. France. many.
Exported to
-
Japatkt
Russia. China. Other.
MAR. 12 1932.]
FINANCIAL CHRONICLE
pool market, to a rise in futures at Alexandria of 73 to
100 points and to a reduction in the Bank of England rate
of discount of 1% to 4. Minimum temperatures of 10 to
16 degrees in the belt passed unregarded. Dallas, Tex.,
wired that 70% of the Corpus Christie section had been
planted and 60% was up but that the ground covered with
snow will be replanted. One Corpus Christie wire said
that 75% of the cotton planted will 'have to be replanted.
Manchester reported a fair amount of cloth business with
India. Another Manchester cable said that yarns were
in better demand. Worth street was quiet, with large
offerings from second hands and 80 squares from such
sources 536c.; mills asked 5%c. Some mills it was said
eased prices a little. Meanwhile Bombay was supposed to be
selling here through Liverpool. The speculation here was
still slow. Most of the buying was "calling" by American,
English and Continental spinners. They did not care to
follow the market up much. There was less arbitrage
trading here. It was supposed that the co-operatives sold
moderately.
To-day prices ended 1 to 3 points lower after opening
1 to 4 points higher. The cables were firm, but the demand
was not at all aggressive. The South sold hedges to a
moderate extent. Liverpool was a seller supposedly against
purchases in its own market. The co-operatives it is understood sold the distant months. The decline in the stock
market had some effect. But it was largely a case
of
deadlock; that is only another way of saying that prices
acted very well. Again the trade at home and abroad was
a buyer. The Continent and Far Eastern interests bought.
IAverpool closed strong at the highest prices of the day.
Manchester reported that the cloth demand from India and
China was sustained. In Liverpool there was local and
foreign buying. British Board of Trade returns showed
exports of cloth in February of 180,000,000 yards against
146,000,000 in February last year; and 13,000,000 lbs. of
yarn against 9,000,000 in February last year. The Cotton
Exchange Service estimated the consumption of all cotton
in this country during February at 447,000 bales against
435,000 in January and 434,000 in February last year. The
daily rate in February was about 19,600 bales against 18,700 in January and 20,000 in February last year. Spinners
takings for the week were stated in one report at 307,000
bales against 266,000 last week and 210,000 last year;
total 8,975,000 bales or 729,000 larger than thus far
last
year; exports for the week 172,000 bales against
last year; total thus far 6,197,000 bales, according 157,000
to
account or an increase thus far this season of 962,000 one
over last year. Final prices show a decline for the bales
week
of 8 to 15 points. Spot cotton ended at 7.05c. for
or unchanged for the day, but a decline for the middling
week of
10 points.
The official quotations for middling upland cotton
in
New York market each day for the past week has been: the
1995 .
THE VISIBLE SUPPLY OF COTTON to-night,
up by cable and telegraph, is as follows: Foreign as made
stocks as
well as afloat are this week's returns, and
consequently
all foreign figures are brought down to Thursda
But to make the total the complete figures y evening.
for to
(Friday) we add the item of exports from the United -night
States,
including in it the exports of Friday only.
March 11Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Lock at Hamburg
tock at Bremen
Lock at Havre
Lock at Rotterdam
tock at Barcelona
tock at Genoa
Lock at Ghent
tock at Antwerp
1932.
bales- 654,000
1931.
924.000
1930.
1929.
911.000 1,006,000
197,000 212,000 100.000 103.000
851.000 1,136.000 1.011.000 1.109,000
315.000
175.000
27.000
89.000
85,000
484,000
390,000
13.000
116.000
67.000
488,000
303,000
7,000
101,000
64,000
551.000
260.000
18.000
86,000
45,000
Total Continental stocks
691,000 1,070,000 983.000 980.000
Total European stocks
1,542,000 2,206.000 1,974,000 2,069.000
India cotton afloat for Europe-- - 41,000 173,000 203,000 204.000
American cotton afloat for Europe 402,000 309,000 272.000 358.000
Egypt,Brazil,&c.,afloatforEurope 87.000
94,000
71.000
91,000
Stock in Alexandria,Egypt
684,000 693,000 495.000 439.000
Stock in Bombay, India
521,000 959,000 1,384,000 1,130,000
Stock in U. S. ports
4.654,644 3,921,728 2,004.658 1,839,084
Stock in U. S. interior towns- -1,981.116 1,420.753 1,228,666 814,522
U. S. exports to-day
21.067
18,464
3,300
Total visible supply
9,913,727 9,794,945 7,632.324 6,945,906
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
299,000 468.000 410.000 722,000
Manchester stock
113,000
92,000
67.000
78.000
Continental stock
637,000 980,000 878.000 906.000
American afloat for Europe
402,000 309,000 272,000 356.000
U. S. port stocks
4,654.544 3,921,728 2,004,658 1,839,084
U. S. interior stocks
1,981,116 1,420.753 1,228,668 814.522
U. S. exports to-day
21,067
18,4134
3.300
Total American
East Indian, Brazil,
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, &c
Total American
8,087,727 7,189,945 4,860,324 4,178,908
355,000
456,000
84,000
54.000
41,000
87,000
684,000
521.000
120.000
33,000
25,000
110,000
85.000
54,000
173.000 203.000 204,000
94.000
71.000
91,000
693,000 495.000 439,000
959,000 1,384,000 1,130.000
501,000
284,000
1,828,000 2,605,000 2,772,000 2,227,000
8,087.727 7.189,945 4,860,324 4,178,906
Total visible supply
9,913.727 9,794,945 7,632,324 8,945.906
Middling uplands, Liverpool _
5.51d.
_
6.09d.
8.05d.
11.144.
Middling uplands, New York__ 10.75c.
7.050.
14.70c.
21.55c.
Egypt, good Sakel, Liverpool
10.254.
14.458.
8.654.
20.644.
Peruvian, rough good, Liverpool_
13.50d.
14.50d.
Broach, fine, Liverpool
4.77d.
5.23d.
5.954.
9.608.
Tinnevelly, good, Liverpool
5.624.
10.754.
7.304.
5.364.
Continental imports for past week have been 103,000 bales.
The above figures for 1932 show a decrease from last
week of 144,646 bales, a gain of 118,782 over 1931, an
increase of 2,281,403 bales over 1930, and a gain of
2,967,821 bales over 1929.
March 5 to March 11AT THE INTERIOR TOWNS the movement
Sat. Mon. Tues. Wed. Thurs. Frt.
-that is,
Middling upland
7.15
7.10
7.05
7.05
7.05
7.05 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
FUTURES.
-The highest, lowest and closing
New York for the past week have been as follows: prices at corresponding period of the previous year, is set out in
detail below:
Saturday,
Mar.5.
Monday,
Mar. 7.
Tuesday, Wednesday
Mar. 8.
Mar. 9.
Thursday,
Mar. 10.
Friday,
Mar. 11.
Movement to Mar. 11 1932.
Movement to Mar. 13 1931.
Receipts.
Rue*,
Mar.
6.93-7.02 8.94-6.99 6.88-6.94 8.88-6.90
Week. Season.
6.90- 8.95 8.90-6.95
13.
6.98 ---- 6.94 ---- 6.91 ---- 6.90
---- 6.91 ---- 6.90 ---Ala.,Ilirming'm
472 69,4711 1,668 81,312
Do• 92,870 893 32.281
6.93- 8.96
Eufaula
51
12,236
27 28,347
193 8,441
143 14,736
7.03- 8.99- 6.93- 6.98
Montgomery.
245 37,944' 1,829 62,093
- 6.96- 6.94831 66.635
819 64,820
Selma
885 83,8521 3,875 71.822
772 97.49
3,544 52,705
7.06-7.15 7.02-7.11 7.00-7.09 6.98-7.04
Ark..Blytheville 1,433 115,896, 3,920 53,612
97 76,628 1,751 24,338
7.02-7.08 6.99-7.06
7.09- 7.10 7.04- 7.05 7.02- 7.03 7.02Forest City.576 32.338;
7.03 7.02- 7.04 8.99- 7.00
6 13,676
743 19,623
Helena
1,381
73,158, 1,914 49,373
15 41.043 1.194 22,278
Hope
741
32,08
58,830, 1,171 15,700
7.10 7.10- 536 5,898
7.17- 7.12- 7.09Jonesboro
7.10 -,-- 7.09- 7.08198 20,743;
5 26,001
171 5,656
188 3.356
Little Rock
2,439 188,797; 3,031 68,086 1,191
99.744 3,158 41.101
7.24- 7.31 7.19- 7.27 7.17- 7.25
Newport_
591
18 27,531
47,370, 1,577 19.720
--- 6,224
closing_ 7.25- 7.26 7.20- 7.21 7.17- 7.18 7.15- 7.21 7.20- 7.24 7.17- 7.22
Pine Bluff
7.19- 7.20- 7.21 7.17- 7.18
3,00 161,1111 3,450 61,306 1,61
85,060 3:709 22,725
Aug.Walnut Ridge
219 40,444
1
948 11,511
23,730
155 3,718
RangeGa., Albany.1
20 4,32
5,254:
7.379
6 3.800
Owing- 7.32 ---- 7.28 ---- 7.25 ---- 7.30- 7.30
Athens
7.29 ---- 7.27 ---- 7.24-ii 36,399 400 41,115 750 43,916
Sept.
32.555
Atlanta
8,94
71,011 1,041164.918 3.805 185,96
2:360 155,250
Range-Augusta
2,314 172,99
2,294 129,231 5,157 308.438 5,004102.155
cReshal. 7.38 ---- 7.36 ---- 7.32
---- 7.35 ---- 7.34 ---- 7.31
Columbus
1,009 58,1121 1,059 27,798
2 I
47,830 1,300 16,960
Oct.
----Macon
269 30,7641
270 37.757 1,347 90.07
Range__ 7.44- 7.53 7.40- 7.50
486 33.993
7.37- 7.49
Rome
360
13,0411
250 10.468
20,741
a
Closing. 7.44-7.47 7.44- 7.40- 7.36- 7.43 7.41- 7.46 7.38- 7.42 La.,
350 15,057
Shreveport
7.42- 7.41-7.43 7.38484 108,174, 8,450 91,010
245 105,642 2,184 72,699
Nov.
Miss, Clarksdale 2,372 185,044 3,999 05,308
355 111.363 2,566 41.601
Range-Columbus_
21,205,
14,13
12F
24,828
Closing- 7.54 ---- 7.52 ---- 7.48
216 13.518
---- 7.49 ---- 7.49 ---- 7.46
Greenwood
-iit3 166,739, 4:918, 97,91
127 137,322 2,082 59,448
---Meridian....
--25,652 ---1 28.785
373 59,90
Range-- 7.64- 7.69 7.59- 7.66 7.55804 23,752
7.63 7.53- 7.58 7.57- 7.61 7.54 7.58
Natchez
4
288 7,631
12,157'
Cloebni- 7.65 ---- 7.60 ---- 7.57 ---38 11,781
181 8.007
Vicksburg....
7.57 ---- 7.57 ---- 7.54 ---17
764 18.122
40,670
34.817
Jan.578 15.135
Yazoo City_
2
699
46.824
Range- 7.72- 7.77 7.64- 7.72 7.62572 12,456
Mo., St. Louis_ 2,412 115,019' 2,363: 22,583 6.828 32.696
7.70 7.59- 7.85 7.63- 7.67 7.611,121
Closing. 7.73 ---- 7.85 ---- 7.83
188,138 8,974 11,180
7.61
---- 7.84 ---- 7.83 ---- 7.81 ----- N.C.,Greensb'o
111
16,472
246: 20,645 2,20
Feb.-41,922
664 37,012
Oklahoma
Range15 towns*
5,627 602,599 9,4321 68,727 1.177 529,576 4,4581 49,059
ClosirigS.C.,Greenvill
7,583 127,955 5,383 75,039 2,69 124.421 3,849 64,994
Tenn„Memphis 38,294 1,747.453 47,448439,7
70 24.2521,178,524 35,617304,928
Texas, Abilene_
Range of future prices at New York
8221 54,426
850
602
107 26,743
88
for week ending
183
Austin
1871 27,953
498' 3,574
7
Mar. 11 1932 and since trading began on each
24.687
166,
605
Brenham....
24
19,174
option:
750 7,047
5
19.327
405 5.336
Dallas
1,2871 139,145 2,780 28,246
92 141,819 2,161' 15,458
Paris
8781 95,289 1,6111 12,484
31 63.212
Range for Week.
372 2.593
Option for
Range Sines Beginning of Option.
Robstown11 31,116
125, 1,006
12 54.787
57 10,340
San Antonio_
10
17,237
136 1,20523,983 ____l 1,541
Feb. 1932
6.25 Nov.30 1931 8.98 Nov. 10
Texarkana
6771 62.147 2,277 15,915
196 33,9971 752 4,212
1931
Mar. 1932._ 6.88 Mar,
7.02 Mar. 5 6.76 Oct. 6 1931 11.59
Waco
5161 79,917 2,434 16.394
170 60,7481
6.93 Mar.
5811 5,336
Apr. 1932
6.96 Mar. 8 8.80 Nov. 4 1931 6.99 Apr. 8 1931
Nov. 6 1931 Total,
8.98 Mar.
may 1932
7.15 Mar. 5 5.96 Oct. 5 1931
56 towns 87,91 5,056.004122,78119611161 58,7424,445.445
93,0081420753
7.10 Mar.1 7.10 Mar. 10 8.62 Nov.23 1931 11.40 June 27 1931
1932
June
9.74 July 27 1931
•Includes the combined totals of 15 towns in Oklahoma.
7.15 Mar.
July 1932
7.81 Mar. 5 6.15 Oct. 5 1931
Aug. 1032- 7.30 Mar.
7.30 Mar. 9 6.87 Nov.27 1931 9.15 Aug. 1 1931
The above totals show that the interior stocks
7.57 Oct.
1931
Sept.1932.have
8.75 Jan. 5 1932 7.68 Oct. 30 1931
30
oes. 1932 7.36 Mar. 9 7.53 Mar. 5 8.67 Dec. 10 1931 7.87 Nov. 9 1931 decreased during the week 36,793 bales, and are to-night
1932.Nov.
7.32 Feb. 11 1932 7.32 Feb. 11 1932 540,363 bales more than at the same period
last year. The
Dec. 1932_ 7.53 Mar. 9 7.69 Mar. 5 6.96 Jan. 5 1932 7.77 Feb. 19
1932 receipts at all towns have been 31,174 bales
7.59 Mar. 9 7.77 Mar. 5 7.20 Feb. 10 1932 7.84
Jan. 1933
more than the
Feb. 19 1932 same
MarchRange-Closing_
dlyrd-Range-Closing_
Afar-Range__
Closing.
JuneRangeClosing_
July-Range--
Receipts.
Ship- ! Stocks
menu. Mar.
Week. Season. Week. 11.
___1
week last year.
NEW YORK QUOTATIONS FOR 32 YEARS:
1932
1931
1930
1929
1928
1927
1926
1925
[VOL. 134.
FINANCIAL CHRONICLE
1996
28.90c.
30.75c.
18.65c.
11.40c.
41.00c.
26.85c.
33.25c.
18.25c.
1924
1923
1922
1921
1920
14.20c. 1919
19.25c. 1928
25.90c. 1917
7.05c.
10.80c.
14.50c.
21.45c.
:4305cc:
1908
1907
1906
1905
1904
1903
1902
1901
11.80c.
8.85c.
13.10c.
12.40c.
10.80c.
14.65c.
15.10c.
9.80c.
1916
1915
1914
1913
1912
1911
1910
1909
11.10c.
7.90c.
16.65c.
10.15c.
9.12c.
8.75c.
MARKET AND SALES AT NEW YORK.
SALES.
Futures
Market
Closed.
Spot Market
Closed.
Saturday__ - Steady, unchanged_
Monday _-- Quiet,5 pts. dec---Tuesday --- Steady, 5 pts. dec_ _
Wednesday.. Steady, unchanged
Thursday - - Quiet, unchanged _ _
Quiet, unchanged _Friday
Spot. Ccmtr'ct Total.
Barely steadyQuiet
Barely steady-Steady
Barely steady Barely steady -
948
948
1,700
300
800
686
1.700
300
1,000
686
-§66
200 4,634
4,434
110.258 103,100 213,358
Total week_
Since Aug. 1
-It has snowed on three days and
Memphis, Tenn.
farm work has been suspended.
Galveston, Texas
Abilene, Texas
Brownsville, Texas
Corpus Christi, Texas
Dallas, Texas
Del Rio, Texas
Houston, Texas
Palestine. Texas
San Antonio, Texas
New Orleans, La
Shreveport, La
Mobile, Ala
Savannah, Ga
Charleston,S.0
Charlotte. N.0
Memphis. Tenn
Thermometer
high 71 low 30 mean 51
high 70 low 20 mean 46
high 80 low 32 mean 56
high 74 low 30 mean 52
high 74 low 20 mean 47
high 78 low 30 mean 54
high 76 low 28 mean 52
high 88 low 22 mean 55
high 78 low 26 mean 52
high __ low __ mean 50
high 65 low 20 mean 43
high 71 low 24 mean 46
high 77 low 24 mean 50
high 76 low 28 mean 52
high 73 low 17 mean 40
high 54 low 14 mean 32
Rain. Rainfall.
3 days 0.34 in.
1 day 0.04 in.
4 days 1.7410.
3 days 0.50 in.
•2 days 0.80 in.
1 day 0.04 in.
3 days 0.19 in.
2 days 0.18 in.
1 day 0.12 in.
2 days 0.82 in.
4 days 1.32 in.
3 days 0.54 in.
3 days 0.60 in.
3 days 0.59 in.
3 days 2.99 in.
3 days 0.08 in.
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:
Mar.11 1932. Mar. 13 1931.
Feet.
Feet.
2.8
18.7
13.0
18.1
12.1
13.8
17.6
21.1
19.6
47.9
Above zero of gauge..
New Orleans
Above zero of gauge..
Memphis
Above zero of gauge..
Nashville
ShreveportAbove zero of gauge_
VicksburgAbove zero of gauge-
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
-The folnp from telegraphic reports Friday night. The results for
RECEIPTS FROM THE PLANTATIONS.
the week and since Aug. 1 in the last two years are as follows: lowing table indicates the actual movement each week from
----1930-31---- the plantations. The figures do not include overland re-1931-32-Since
Since
Mar. 11Week. Aug. 1. ceipts nor Southern consumption; they are simply a stateWeek. Aug. 1.
Shipped8,974 190,951 ment of the weekly movement from the plantations of that
2,363 120,305
Via St. Louis
45,460
1,265
22.635
546
Via Mounds. 8tc
the market through
1,322 part of the crop which finally reaches
458
Via Rock Island
14.351 the outports.
452
6,838
348
Via Louisville
3,206
15,329
119,261
319.588
3,453
32,056
122,509
393,976
21,792
Total gross overland
Deduct Shipments
Overland to N. Y.,Boston,&c.- 266
160
Between interior towns
5,469
Inland, dtc.,from South
589,085
46,200
768,569
22.096
8,568
165.866
1,302
320
14,054
20,219
9,827
210,372
Via Virginia points
Via other routes. &c
5.895
196.530
15,676
240.418
15.897
Total to be deducted
Leaving total net overland*
392.555
30.524
528,151
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 15,897 bales, against 30,524 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 145,596 bales.
-----1931-32----- -1930-31
Since
Since
/n Sight and Spinners'
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
93,477 7,894,175
11 -....-158,701 8.488,920
Receipts at ports to March
528,151
392,555 30,524
15,897
Net overland to March 11
85,000 2,600.000
Southern consumption to Mar. 11.. 90,000 2,880.000
264,598 11,761.475 209,001 11.022,326
Total marketed
859,058
*36,793 1.171,089 *41,083
Interior stocks in excess
Excess of Southern mill takings
414.027
---__
628,334
over consumption to Feb. 1_ _
Came into sight during week---227,805
13,560,898
Total in sight March 11
North.spinn's's takings to Mar.11 30.678
167,918
---- 12.295,411
26,001
701,365
904,156
*Decrease.
Movement into sight in previous years:
Bales.
13,117,800
13.593,588
11,968,741
Since Aug. 1Bales.
140.828 1929-30
218,384 1928-29
173,509 1927-28
Week-Mar. 15
1930
-Mar. 16
1929
-Mar. 17
1928
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Week Ended
Mar. 11.
Cotton on
Closing Quotations for Middling
Monday. Tuesday. Wed'day. Thursd'y. Friday.
Saturday.
Galveston
New Orleans-. _ _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock..- _ _
Dallas
Fort Worth.. _
7.05
7.00
6.70
6.99
7.08
7.15
6.94
6.40
7.00
6.25
6.60
--
7.00
6.93
6.65
6.94
7.00
7.15
6.88
6.35
6.95
6.19
6.55
6.55
7.00
6.93
6.65
6.93
6.96
7.10
6.88
6.30
6.95
6.16
6.55
6.55
7.00
6.97
6.65
6.93
6.96
7.10
6.88
6.30
6.95
6.16
6.55
6.55
7.00
6.97
6.65
6.94
7.00
7.05
6.88
6.30
6.95
6.16
6.55
6.55
7.00
6.97
6.65
6.90
7.00
7.05
6.88
6.30
6.95
6.15
6.50
6.50
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Sat.
Mar.5.
Mon.
Mar.7.
Tue.
Mar.8.
Wed.
Mar.9.
Thu.
Mar. 10.
Fri.
Mar. 11.
Week
Receipts at Ports.
1931. 1930. 1929.
1929.
1930. 1929.
1931.
1932.
1930.
1931
Jan. 1932. 1931. 1930. 1932.
8... 353,609 115.570137,699 2,206,968 1,750,859 1,477,34 341,01
104,523 2,199,054 1,725,1641,456,933 265,743
15- 274.657 106,805
22.... 241,478 80.428 08.888 2,175,407 1,696,148 1,432,387218.831
29.... 280,442 115.0451 87,594 2.158,461 1,658.372 1.403.107263.496
Feb.
5__ 223,64 105.952 82.2772,123.9441,627.316 1,811,825193.128
12__ 249,848 108,109 51,5062,102.9901,588,762 1,326.078 228,894
19_. 175,417 113,438 65.8862,080,901 1,556.997 1,306,632 153,388
26._ 161,66 119,362 55,748 2,032,812 1,514,682 1,288,139113,020
Mar.
184,0651 118.571 50,31211,997.909 ,461,836 1,256.075 149.662
11._ 158,701 93,477i 44,9191,961,116 1,420,753 1,228,666 121,908
1931. I 1930.
89.3481138.072
8l.ill 84,011
51,412 73,942
77,269 58,816
74.897
67.552
81,673
77,04
84,701
23,972
46,440
37,255
65,72 18,248
41,0831 17,510
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1931 are 9,593,353 bales;
in 1930 were 8,731,135 bales, and in 1929 were 8,434,911
bales. (2) That although the receipts at the outports the
past week were 158,701 bales, the actual movement from
plantations was 121,908 bales, stock at interior towns
having decreased 36,793 bales during the week. Last year
receipts from the plantations for the week were 41,083
bales and for 1930 they were 17,510 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1931-30.
Cotton Takings,
Week and Season.
Week.
1930-29.
Season.
Week.
Season.
10058373
9,819,683
Visible supply March 4
6.892,094
5,302,014
Visible supply Aug. 1
American in sight to March 11... 227,805 13.560,898 167,918 12,295,411
81,000 1.081,000 117,000 2,238,000
Bombayreceipts to March 10
12,000
23,000
233,000
395,000
Other India ship'ts to March 10.
24,000 1,216.000
29,000 1,195,900
Alexandria receipts to March 9_
12,000
393,000
467,000
10,000
Other supply to March
10413178 23.375,992 10168,601 21,893,325
Total supply
Deduct
Visible supply March 11
9,913,727 9,913,727 9,794.945 9,794.945
Total takings to March 1..a.... 499,451 13,462,265 373,656 12,098,380
335,451 9,989,265 267,656 8.512,480
Of which American
164.000 3.473,000 106,000 3.585,900
Of which other
• Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
-31
Southern mills, 2,880,000 bales in 1931-32 and 2,600,000 bales in 1930 takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 10,582,265 bales in 1931-32 and 9.498,380 balm in
1930-31, of which 7,109,265 bales and 5,912,480 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1931-32.
March 10.
al
Bid. 6.91-6.93 6.92 ---March__ 6.95- 6.97 6.90 Bid. 6.93 ---- 6.92
April
---7.06- 7.03- 7.04 7.02- 7.03- 7.01
Bombay
7.10May
June
7.20- 7.187.26- 7.22- 7.19- 7.20 7.18July
August_ _ _
Exports
Great
September
from
7.37 Bid. 7.37- 7.38 7.35 Bid.
Britain.
October _ _ 7.44- 7.45 7.41- 7.42 7.37- 7.38
November
7.56 7.52- 7.53
Bid. 7.55December_ 7.62 Bld. 7.58- 7.59 7.54- 7.55 7.54 131d. 7.66- 7.63 7.58- 7.60 Bombay
7.61
1931-32....
January'33 7.69 Bid. 7.64- 7.621930-31_February _
1929-30._
Tone
Other India
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
1931-32.... 1.0 I I
Spot
steady.
Steady,
Steady.
Steady.
Steady.
1930-31_
Options...... Steady.
1929-30__ 18,0
-Reports to
WEATHER REPORTS BY TELEGRAPH.
have
us by telegraph this evening denote that temperaturesmany
averaged very low. Snow and frozen ground in
Jocalities put a stop to farm work.
1930.
Nov.
527,23 366.807
20- 402,886 339,3711262.509 2,176,891 1.712.633 1.441,290 841.044358.12 294.423
275,218
317,62 298.028,268.19 2.200.3071.770,725 1.448,811
Deo.1
__ 312,18 255.569 2,747 2,209,0021,797,998 1,451,947 320,878 82.842385.884
11_ 227,112 222,908 1.398 2,205,713 1,815.747 1,461,85 223,82 240,657 291,308
18.... 283,317 10.864 260.7722,214,853 1,811,062 1,476.699 292,45 206.17 275.616
24.... 191,637 161,383587,78 2,217,262 1,800,744 1,493,015 194.046151,06 204.101
31-- 218,440 122.877 154,364 2,219.5631,777,081 1,476.971 220.741 98.7141138.520
Since
Week.lAug. 1.
Receipts
ri
Receiptsfrom Plantations
Stocks at Interior Towns.
1931.
1930-31.
Week.
Since
Aug. 1.
1029-30.
Week.
Since
Aug. 1.
81,000 1,681,000 117,000 2,238,000 116,000 2,452.000
For the Week.
Since August 1,
Great
Conti- Japan&
nent. China. Total. Britain.
Contineat.
2,000 moos 19,ii
24,000 30.''' 60,000
22,000
22,000
105,1:: 849.00 769,000
480,0 1,241,0001,8113,000
522,00 912,0001.483,000
11,000
23,000
9,000
15,
95,
49,
12,000 59,000 174,000
23,000 103,
292,000
27,00 108,
891,000
TotSi all
1931-32-- 2,00 18,000 18,111 31,000 74,000 279
198,
772
1930-3E_ 6,000 47,000 30,000 83,0
49,
157,
913
1929-30.- 18,00 31,000
Japan &
China. I Total.
283,000
395,000
499.000
1.002000
9,
64
1,241,
,211,000
912,00011,982.000
MAR. 12 1932.]
FINANCIAL CHRONICLE
1997
According to the foregoing, Bombay appears to show a
LIVERPOOL.
-By cable from Liverpool we have the foldecrease compared with last year in the week's receipts of lowing statement of the week's sales,stocks,&c.,at that port:
36,000 bales. Exports from all India ports record a decrease
Feb. 19. Feb. 26. Mar. 4. Mar. 11.
of the week
of 52,000 bales during the week, and since Aug. 1 show a Sales which American
Of
decrease of 1,209,000 bales.
Sales for export
Forwarded
49.000
51,000
55,000
59.000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Total stocks
658,000 655,000 649.000 654,000
Alexandria, Egypt,
Mar. 9.
1931-32.
1929-30.
120,000
5,840,426
Receipts (Cantars)This week
Since Aug. 1
1930:31.
145,000
5,823.076
120,000
6,780.405
This Since
This Since
Week. Aug. 1. Week. Aug. 1
Export (Bales)To Liverpool
To Manchester. &c
To Continent and India
To America
This Since
Week. Aug. 1.
6,000 147,321
-___ 93,719 4,000 114,192
7.000 117.209 4,000 84,670 3.000 112,227
11.000 412,275 18,000 384,813 8,000 330.655
1.000 17,832 1,000 10.815 -..__72.790
Total exports
25.000 694.637 23.000 574.017 15.000 629.864
Note.
-A canter is 99 lbs Egyptian ba es weight about 750 lbs.
This statement shows that the receipts for the week ended Mar. 10 were
120,000 eantars and the foreign shipments 25.000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both yarns and in cloths is steady. Demand for yarn is
improving. We give prices to-day below and leave those
of previous weeks of this and last year for comparison:
1931.
32s Cop
Twist.
NOY.-
d.
4.89
4.90
0.
d.
91201012
9M01011
@84
@84
@84
@84
@84
5.14
5.21
5.20
5.30
5.39
9 010
8%0) 9%
8%0 9%
8%0 954
8%0 934
@84
@ 84
@84
@84
5.33
5.41
5.52
5.50
19 3
8%0 914
8%0 9%
8%0 9%
8440 9%
@84
@84
08 4
@84
5.58
5.59
5.95
5.79
@84
08 3
5.73
5.51
.d.
s. d.
6 01 9 2
6 092
Dec.811010% 80
931011
80
18.... 834151034 80
,
24--__ 87201014 80
834151034 80
Jan.-
19 32.
8%010% 80
15-- 834151039 80
8%010.% 80
29-- 834010% 81
Feb.
8%010% 81
8%010% 81
19-- 9 01034 81
26_.... 9 0103 81
Mar.__ 9 010% 81
11____ 8310103.4 80
d.
5.98
5.91
@92
@91
09 1
0, 9 1
09 1
5.70
5.43
5.32
5.31
5.33
5 0) 9 1
5 @9 1
4 @90
4 @90
5.40
5.41
5.63
5.63
83.415 932
,
9 010
91201011
934151034
4
4
4
4
@00
@90
0) 9 0
@90
5.72
5.85
8.04
6.18
91401011
9 010
4 @90
4 090
8 09
5.97
6
5
5
5
5
•
SHIPPING NEWS.
-Shipments in detail:
Bales.
-To Liverpool-Mar. 2
NEW ORLEANS
-West Ekonk, 5.809
Mar.5-Dakotlan,3,890___Mar. 9-Edgehill, 1,885
11,584
To Manchester-Mar. 2
-West Ekonk, 3.157
Mar. 5-Dakotian, 2,150Mar.9-Edgehill,812
6,119
To Japan-Mar. 1-Romulus, 6,900_ _ _Mar. 4
-Montevideo
Maru. 7.650___Mar. 7-Fernhill, 2,975; Tat Ping, 14,913- 32,438
To London-Mar.9-Elmsport, 25
25
To Bremen-Mar.4
-City of Joliet, 11,550---Feb. 29-Cran11,551
To Rotterdam-Mat:.8
-Kentucky,139
To Genoa
-Mar.5
-American Press, 1,390
1,390
To Naples
-Mar.5
-American Press,300
300
To Venice
-Mar.5
-American Press, 560
560
To Trieste-Mar.5
-American Press, 58
58
To China-Mar.7-Fernhill,300
300
To Oslo
-Mar.7
-Tampa,100
100
To Gydnia-Mar. 7
-Tampa, 150
150
MOBILE
-To Manchester-Feb. 27
-Dramatist,
1,519
To Liverpool-Feb. 27-Dramatist, 2,570 1,519
2,570
To Bremen-Feb.27-Hendonhall,5.510
5,510
To Rotterdam-Feb.27-Hendonhall,50
50
TO Ghent
-Feb.27-Hendonhall,84
84
NORFOLK
-To Bremen-Mar. 5
-City of Baltimore, 100--Mar. 11-City of Norfolk, 230
330
HOUSTON-To Havre
-Mar, 4
-Youngstown, 3,766
3,766
To Dunkirk-Mar,4
-Youngstown,625: Vasaholra, 1,642_
2,267
To Hamburg-Mar.9-Heddernheim,718
718
To Oslo
-Mar,4-Vasaholm,51
51
To Rotterdam-Mar.9-Boschdijk, 1,102
1,102
To Gothenburg
-Mar.4-Vasaholm,
600
To Copenhagen-Mar.4-Vasaholm,600
265
To Gydnia-Mar.4-Vasaholm. 350 265
350
To Bremen-Mar. 4
-Elsa Menzell, 3,268___Mar. 5
-Gotha.
8,590.... Mar. 7
-Winston Salem, 6,299_ _ _Mar. 9-Heddernheim, 4,418; Neidensfels, 2.196
19.771
To Barcelona-Mar.5-Lecomo,3,597
3,597
To Japan
-Mar.9
-Liverpool Maru, 3,866
3.866
To Ghent
-Mar.9-Boschdijk, 25
25
To China-Mar.9
-Liverpool Maru, 591
591
SAVANNAH-To China-Mar.5
-City of Bedford, 5,000
5.000
GALVESTON-To Havre
-Mar. 5
-Lancaster Castle, 2,778
2,778
To Antwerp
-Mar.5
-Lancaster Castle, 100
100
To Ghent
-Mar.5
-Lancaster Castle, 1,118
1,118
To Bremen-Mar. 4
-Gotha, 1,744__ _Mar. 5
-Elsa Menzel',
2,367_ Mar.3
-Winston Salem, 795
4.906
To Genoa
-Mar,5-Maddalena Odero, 3,631
3,631
To Dunkirk-Mar.8-Vasaholm, 3,500
3.500
To Copenhagen-Mar.8-Vasaholm, 1,035
1.035
To Gothenburg-Mar.8-Vasaholm, 575
575
To Oslo
-Mar,8-Vasaholm, 374
374
To Barcelona-Mar,8-Larcomo, 4,826
4,826
To Japan-Mar.8
-Yuri Meru, 10,175
10,175
To China-Mar.8
-Yuri Marti, 1,000
1,000
LOS ANGELES
-To Liverpool
-Mar. 5-Delftdille, 28.
-Mar.8
-Narenta, 97__ _Mar. 10
-Gothic Star, 100
225
To Bremen-Mar.5
-San Francisco, 400
400
To Japan-Mar. 5
-President Hoover, 3,324......Mar. 7
Sanyo Maru 1.500___Mar. 9-Taiyo Maru, 2,308
Mar. 1G-Granville, 3,972
11,104
PENSACOLA-To Bremen-Mar,7-Yaka, 150
150
To Liverpool
-Mar. 10
-Maiden Creek, 700
700
Manchester-Mar. 10
To
-Maiden Creek, 62
62
CHARLESTON-To Liverpool
-Mar. 8-Shickshinny, 424
424
-Mar. 8-Shickshinny, 1,727
To Manchester
1,727
CHRISTI
-To Havre
CORPUS
-Mar.7
-Bayou Chico,2,082
2,082
-Bayou Chico, 100
To Dunkirk-Mar.7
100
-Bayou Chico. 50
-Mar.7
To Ghent
50
JACKSONVILLE
-To Bremen-Mar.9
-Liberty Glo, 109
109
-To Bremen-Mar.5
TEXAS CITY
-Elsa Menzell, 587
587
To Barcelona-Mar.8
-Lamm°, 568
568
LAKE CHARLES
-To Bremen-Mar.9-Grieshelm. 1,220
1,220
Total bales
Spot.
Saturday,
Market, I
12:15
P. M.
Mid.Uprds
Quiet.
170,272
304.000
56,000
47,000
191,000
109,000
114,000
Monday,
304,000
70,000
42,000
180,000
116,000
299,000
60,000
34,000
172.000
107.
Tuesday, Wednesday, Thursday,
Friday,
A fair
business
doing.
Quiet.
Moderate Moderate
demand, demand,
5.62d.
Good
demand.
5.59d.
5.480.
5.31d.
5.43d.
---
Sales
----
----
----
5.51d.
----
Futures.{ Barely stdy Quiet, 1 pt. Steady, Easy, 17 to Steady,
Steady,
Market
4 to 6 pts. dec. to 22 to 4 pts. 22 pts. 7 to 9 pts 7 to 10 pts.
opened
decline.
pts. adv. decline.
decline.
advance. advance.
Market, I Quiet but Steady, Barely stdy Steady.
Steady,
Steady.
4
steady,6to2 to 3 pts. 20 to 21 pts 6 to 9 pts. 9 to 10 pts 13 toI4 pts.
P.M. 18 pts. dec. decline,
decline,
decline,
advance. advance.
Prices of futures at Liverpool for each day are given below:
Sat.
SX Lb. Shirt- Cotton
tngs, Common Middrg
to Finest.
Uprds.
302.000
42,000
26,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
1930.
83( Lb. Shirt- Cotton
ings, Common Middrg 32s Cop
to Finest.
UPt'ds. Twist.
d.
d. s. d.
s. d.
8M(4)1011 80 @ 8 4
81101031 80 @84
Of which American
Total imports
Of which American
Amount afloat
Of which American
March 5
to
March 11.
1
Mon.
Tues.
Wed.
Thurs.
Fri.
12.1512.30112.15 4.0012.15 4.0012.15 4.0012.15 4.0012.15 4.00
p. m.p. m.p. m.p. In. p. rn p. m.p. m.p. m.p. m.p. m.p. m.p. m.
New Contract. d.
d.
March
April
5.33
May
5.32
June
5.32
July
5.32
August
5.33
September
.
- 5.35
October
5.37
November --------5.39
December
__ __ 5.42
January (1933).. __ 5.44
February
5.46
March
5.49
d.
5.31
5.29
5.28
5.27
5.27
5.28
5.30
5.31
5.33
5.36
5.38
5.40
5.42
d.
5.32
5.31
5.30
5.29
5.29
5.30
5.32
5.34
5.36
5.39
5.41
5.43
5.46
d.
5.20
5.18
5.17
5.16
5.16
5.17
5.19
5.21
5.23
5.26
5.28
5.30
5.31
d.
5.12
5.10
5.09
5.08
5.08
5.09
5.11
5.13
5.15
5.18
5.20
5.22
5.25
1
d. d.
5.031 5.06
5.011 5.04
5.00 5.03
4.99 5.02
4.99 5.02
5.00 5.03
5.011 5.04
5.02 5.05
5.04 5.07
5.071 5.10
5.08 5.12
5.10; 5.14
5.131 5.16
d.
5.15
5.13
5.12
5.11
5.11
5.12
5.12
5.13
5.15
5.18
5.20
5.22
5.24
d.
5.15
5.14
5.13
5.12
5.12
5.13
5.14
5.15
5.17
5.20
5.22
5.24
5.26
d.
5.23
5.20
5.19
5.19
5.19
5.20
5.21
5.22
5.25
5.28
5.29
5.31
5.33
d.
5.29
5.27
5.26
5.25
5.25
5.26
5.27
5.28
5.30
5.33
5.31
5.37
5.31
BREADSTUFFS
Friday Night, March 11 1932.
FLOUR was quiet and only barely steady part of the
time. On the 7th inst. Southern spring grades were reported
a little lower. Later in the week the tone became steadier.
On the 9th inst. feed advanced 50c.
WHEAT has, on the whole, acted well. If it could not
advance it refused to decline much. Export trade, in the
main, has been disappointing, but crop complaints have come
from the Southwest, where the snow covering is not everywhere sufficient. Many still hope that export trade will
soon take on larger proportions. On the 5th inst. prices
advanced % to %c. on a cold wave and higher stock market
and the strength of rye. The sharp drop in the temperatures was the main feature. It was below zero in Western
Nebraska. Parts of the belt have no snow covering. Short
covering and scattered buying signalized the trading. The
export sales were only 200,000 bushels, but the belief persisted in some quarters that a better foreign demand may
be expected before long. Meanwhile there were inquiries
for rye from Europe as well as for Canadian oats and barley. Others were discouraged by the absence of any business for export in wheat and were not inclined to set much
store by mere predictions of better things to come. Also
selling against offers and week-end liquidation stopped the
advance. A Chicago dispatch said that a conference between
Red Cross officials and the Millers' National Federation
would be held on Thursday, March 10, to devise a plan for
handling the 40,000,000 bushels of wheat voted by Congress
for relief of the needy. The Federal Farm Board, it is understood, has wheat stored at 400 points, and Red Cross officials
-say it is impossible for them to confer individually with
the mills. If no provision has been made for paying transportation costs for the wheat and flour, some of the wheat
will probably have to be sold out. The cost of grinding
and the furnishing of bags will also have to be considered.
On the 7th inst. prices declined 1 2 to %c. net after an
/
early advance of % to %c. The United States visible supply
increased 4,037,000 bushels, which was a bearish factor.
The total is now 207,477,000 bushels against 197,878,000 a
year ago. Export sales were only moderate. Italy took more
than 2,000,000 bushels of wheat afloat. The weather was
very cold, but it had only a transient effect. Washington
wired that the joint resolution of Congress, under which
40,000,000 bushels of wheat now held by the Farm Board
will be distributed among the country's needy was signed
by President Hoover.
On the 8th inst. prices advanced % to %c. net. A rise of
20c. In sterling exchange had only a passing effect. Chicago
wired that the Grain Stabilization Corporation had sold
about 5,000,000 bushels of cash wheat to mills and others
In the last few days, according to a report confirmed by
George S. Milnor, President of the Corporation. It was
rumored that the mills gave futures for the cash grain
possibly 59c. for Kansas City December. This news virtually fell flat. So did the announcement that the Red Cross
had started to load out Farm Board wheat at Omaha for
1998
FINANCIAL CHRONICLE
shipment into South Dakota for relief purposes in the
40,000,000 bushels plan. The sensational rally in sterling
exchange caused local operators to take the buying side of
wheat futures here at the start, but outsiders did not come
in and a drop of about a cent followed, partly on stop
orders. On the break there was buying against bids and
prices rallied 1 to 13 on covering and firmness of rye.
/
4c.
1c.
2
On the 9th inst. prices closed % to / net lower after an
early advance of 1
4c. There was selling of wheat against
were estimated at 750,000
buying of corn. The export sales
bushels, largely to France. Some export business was also
done in durums and in American hard winter. It was not
enough to inject real life and snap into the market. A
bearish statement of farm reserves was expected. It came
after the close. Wheat on farms, March 1, was estimated
by the Department of Agriculture at 207,323,000 bushels,
or 23.2% of the previous crop on March 1 1931 of 161,442,000 bushels. About 56% of the wheat stocks has
been or is to be shipped out of the country where grown,
compared with 60.4% a year ago and 70.8% two years ago.
4e. lower to %c. higher.
On the 10th inst. prices closed 1
In other words, it was a sort of deadlock. But for all the
recent dullness the open interest has steadily increased to
about 128,000,000 bushels, the largest since Nov. 20, and a
rise of 16,000,000 bushels since early in February. July
future has touched 63c. a bushel on 19 days in the last three
weeks. May has ranged from 6014 to 63c. since Feb. 16.
Counterbalancing the big farm reserves, Liverpool came
higher and ended % to / up, despite the decline on this
1e.
2
side on the 9th inst.
To-day prices closed % to / lower, with trading light.
1
2
c.
There was only a little export business in Manitoba and a
little by way of the Gulf. Foreign demand fell off for all
grain. Winnipeg was off % to %c. This and a lower stock
market had some effect. Liverpool closed % to %c. lower.
World's shipments for the week are expected to approximate
17,500,000 bushels. The shipments from Argentine have been
very large. Final prices show a decline for the week of
% to %c.
DAILY CLOSING PRICES OF BONDED WHEAT AT NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
61%
62%, 62% 62% 62% 62
May
63% 63% 63
July
634 63% 64
66% 66
65% 65%
66
66
October
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
74% 73
73% 73% 74
73%
No. 2 red
CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
DAILY
Sat. Mon. Tues. Wed. Thurs. Fri.
58
575, 57% 57% 57:1 57Y
'
March
61% 60
, 81% 604 60
60
May
63. 62.4 63% 62% 624 62.4
July
65*4 6431 65% 64% 6431 64%
September
Season's Low and When Made
Season's High and When MadeNov. 9 1931 March
71%
473-1
Oct. 5 1931
March
Nov. 9 1931 May
48%
73
Oct. 5 1931
May
NJulyov. 7 1931
73%
49
Oct. 6 1931
July
65H
Mar. 7 1932 September
September
55A
Jan. 4 1932
PRICES OF WHEAT FUTURES IN WINNIPEG.
DAILY CLOSING
Sat. Mon. Tues. Wed. Thurs. Frt.
67% 66% 67%, 67% 67% 67%
May
69
68% 68% 69% 69A 68%
July
70% 70% 70% 70% 71
October
7034
INDIAN CORN has acted well, with some export business, the first for a long time. Hogs have latterly been
strong at the highest prices seen for months past. But there
is no pronounced bullish sentiment. On the 5th inst. prices
closed % to %c. higher on larger trading, with the weather
had for the movement. That counted for quite as much
as the rise in wheat. It caused covering. Chicago handlers
bought 34,000 bushels, which showed some increase in such
1c.
2
business. On the 7th inst. prices closed % to / lower,
falling back with wheat. In the earlier trading corn was
1
4e. higher in Aome cases. Buying against bids checked the
decline. The visible supply increased 2,236,000 bushels last
week to 19,706,000 against 17,470,000 in the previous week
and 20,285,000 in the same week last year. Country offerings were 31,000 bushels to arrive. Buenos Aires closed
/
/ to %c. higher. On the 8th inst. prices ended % to 14c.
1
2
higher, after fluctuating within a range of about le.
4c. higher. Export
On the 9th inst. prices closed % to 1
sales of 120,000 bushels of Virginia corn were reported for
shipment from Norfolk or Newport News, the first export
business of importance in many months. But it was taken
rather coolly. Early prices, it is true, were %e. net higher.
But wheat reacted and pulled corn back. On March 1 corn
on farms totaled 1,103,691.000 bushels, or 43.2% of the previous crop compared with 703,529,000 bushels, or 34.1% of the
previous crop on farms a year ago, and 958,111,000 bushels,
or 37.8% of the crop of two years ago. About 15.5% of the
crop has been or is to be shipped out of the country where
grown, compared with 15.2% last year and 17.5% two years
ago. The percentage of the 1931 corn crop which was of
merchantable quality was 84.3% compared with 78.9% last
year and 77.3% in 1931, and 77.3% in 1930. The disappearance of corn from Nov. 1 to March 1 is figured at 1,545,000,000 bushels compared with 1.428,000,000 in the same
time last year, when the supply was abnormally short. The
five-year average has been 1,767,000,000 bushels.
On the 10th inst. prices closed unchanged to %c. higher.
Prices were supported by reports of some business for export
at the Gulf. The Southwest reported 100,000 bushels of
kaffin corn bad been sold for export on the 9th inst., besides
other sales on previous days. Exporters bid at Memphis for
/
corn to go to the Gulf for export. To-day prices ended 14
1
2
c.
to / lower, with moderate trading, the weather favorable,
(VOL. 124.
only a little export demand from the Gulf, and the cables
somewhat lower. The cash basis at Chicago is 14e. lower,
/
though it is said that the industries were buying to some
extent. Hogs advanced to 5.10c., the highest in four months.
Final prices were unchanged to / higher for the week.
1c.
2
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
50% 50% 50% 51
51
5034
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
March
36% 36% 36% --------37
May
40% 40
40% 40% 40% 3911
July
43
42% 42
42% 42% 42
September
44 43%
43
44
44
43
High and When MadeSeason's Low and When Made
March
Nov. 9 1931 March
51%
31
Oct. 5 1931
May
53%
Nov. 9 1931 May
36
Oct. 5 1931
July
55
Nov. 9 1931 July
38
Oct. 7 1931
September
45%
Jan. 18 1932 September
40
Feb. 10 1932
OATS have advanced somewhat, with no pressure, and the
cash demand good. On the 5th inst. prices closed % to %c.
higher, owing to the rise in corn and reports of a good
demand for Canadian oats and barley. On the 7th inst.
prices closed % to 34c. lower. The Northwest sold. On the
/
8th inst. prices closed % to %c. higher, owing to the rise
in other grain. Cold weather stopped field work in the
West and Southwest. On the 9th inst. prices advanced %
to %c. early, but weakened later and closed unchanged to
%c. higher. September was the strongest.
Oats on farms March 1 totaled 372,136,000 bushels, or
33.5% of the previous crop, compared with 429,616,000 bushels, or 33.6% a year ago and 368,356,000 bushels, or 32.9%
two years ago. About 15.8% of the crop has been or is tp
be shipped out of the country where grown. Barley on farms
totaled 41,457,000 bushels, or 20.8% of the previous crop,
compared with 80,162,000 bushels, or 26.3% a year ago and
67,280,000 bushels, or 24.0% two years ago. On the 10th
inst. prices closed unchanged to Ike. higher. To-day prices
closed %c. lower, in sympathy with other grain. The trading was confined to professionals. Cash oats, however, were
wanted. Final prices are / higher for the week.
1c.
2
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
No.2 white.35%-36 3534-35% 3535-36 35M-36 3534-36 35 -35%
%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
March
May
253 'g-- 84; n 1 v8",
July
25
25
25
25% 25% 25
September
26
26% 26% 26% 26% 26
marchon's High and When MadeSeas
Season's Low and When Made31
Nov. 10 1931 March
21%
Feb. 23 1932
May
31
Nov. 10 1931 May
23
Oct. 5 1931
July
31
Nov. 10 1931 July
22%
Oct. 5 1931
September
26
Feb. 19 1932 September
24
Feb. 10 1932
y LY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
I
Sat. Mon. Tues. Wed. Thurs. Fri.
May
33
32% 33
324 32% 3234
July
33
32% 32% 32% 32% 32%
October
RYE has advanced under the spur of persistent reports
of an export demand and scanty supplies in the United
States. On the 5th inst. prices closed 1 to 11
4c. higher, being
stronger than anything else on the grain list. A good foreign
demand was reported, but it was mostly for Canadian rye.
Winnipeg May on a gold basis was calculated at 3 c. under
/
1
2
Chicago May. On the 7th inst. prices advanced at first %
to / with talk of export business in Canadian rye. Cash
1c.,
2
and commission firms bought. On the 8th inst, rye showed
more strength than any other grain. It closed % to 11c.
/
2
net higher. Half a million bushels of Canadian rye, it was
said, sold for export. It was added that it looked as though
much of the stock of rye at the seaboard had sold. In any
case prices were the highest since last November. Commission houses and Chicago traders sold. Firms with New York
connections bought in Winnipeg. On the 9th inst. prices
closed % to %c. lower, under the influence of a decline in
wheat. Prices advanced early % to %c. on export talk, and
reached a new high mark on this movement, but wheat was
a drag on rye later. Rye on farms totaled 5,750.000 bushels,
or 17.6% of the previous crop, compared with 9,231.000
bushels, or 20.3% a year ago and 4,602,000 bushels, or 13.2%,
two years ago.
1
2
4e. higher and
On the 10th inst. prices closed / to 11
attracted attention by its strength and independence. Winnipeg was quite as strong as Chicago. That plainly helped.
Some export business was said to have been done, but no
particulars appeared. To-day prices closed % to lc. lower
on "long" selling, due to a very noticeable falling off in the
export inquiry, and also because of the weakness in other
grain. Final prices, however, show an advance for the week
/
1
2
of % to 2 c., the latter on March.
R af . Tue
on
wedCHIurAGF..
DAILY CLOSING PRICES OFSatyE FUTURlS IN . Th Cs. O
ri
4
3
48
47
49% 49q 50. 50
51
50
51% 51
52
51
, 52% 514
53% 52
5334 52
53% 53
Season's Low and When Madr
High and When Madecosectpt..
11993311
Nov. 9 1931 March
38
rch
62
Ma
53
Nov. 9 1931 May
38
May
Nov. 9 1931 JulyDec. 1931
July
63%
63
10
Feb. 26 1932 September
51.
46
September
Jan. 16 1932
March
May
July
September
Closing quotations were as follows:
GRAIN.
Oats, New York
Wheat. New York
No. 2 white
7334
No. 2 red, c.i.f., new
No. 3 white
Manitoba No.1.f.o.b. N.Y- 82%
34X @34%
Rye No. 2, f.o.b. bond
66
Chicago. No.2
Oorn, New York
50% BarleyNo. 2 yellow, all rail
49
No.3 yellow, all rail
No.2.14.851L.N.Y..dom_ 60%
Chicago, cash
42@60
MAR. 12 1932.]
FINANCIAL CHRONICLE
1999
FLOUR.
West North Central group, was an important factor in the present short
supplies. The total
in 1931 was only 32,746,000 bushels, compared
with 45,379 000 bushels i 1930.
,
cropn
Because of the light crop of 1931, and the increased local demand
grains in several of the North Central States, shipments out of thefor feed
county
where grown were sharply reduced. The reported percentage of the 1931
crop was 21.3%, compared with 41.6% for the 1930 crop.
Shipments of Grain Out of County Where Grown.-The percentage of crops
reported shipped or to be shipped out of the counties where grown represent movement for feeding purposes or seed as well as movement into
channels for processing for human consumption, or for other non-farm Meg.
Increases or decreases in local feed supplies, which may diminish or increase
AGRICULTURAL DEPARTMENT'S REPORT ON the need for in-shipments from other areas are important factors inducing
changes. These figures, therefore, cannot correctly be interpreted either
CEREAL STOCKS.
-The Agricultural Department's report as a measure of total farm sales or of the movement of these
products into
on.cereal stock, &c., was issued on March 9 as follows:
terminal markets. Available data of other types gives more adequate
The Crop Reporting Board of the United States Department of Agri- measures of such movements.
culture makes the following estimates from reports and data furnished by
Milk Production.-Mlik production per cow on March 1 1932 in the
crop correspondents, field statisticians, and co-operating State Boards United States was apparently about 2% lower than on that date in any of
(or Departments) of Agriculture and Agricultural Colleges*
the last three years. Although more than the usual percentage of the
cows are in production, and the weather during the latter part of February
STOCKS ON FARMS MARCH 1.
and the first part of March was unusually mild, production per cow has
continued rather low. The lower rate of milk production is chiefly due to
10-Year
5
-Year
lass intensive feeding in response to the lower prices being received for milk
Crop.
Average.
Average.
and cream, The decreased proportion of the cows that have freshened
1930.
1931.
1932.
1920-1929.
1925-1929.
since the first of the year and the decreased proportion of the cows that
are at the age of heaviest production are also partially responsible for the
Corn
1.141,826,000 1,051.029.000 958,111,000 703,529,000 1.103,691,000 lower level of production per cow.
Wheat_ _
143,988.000 124,977,000 129,402,000 161,442,000 207,323,000
As the number of milk cows on farms continues to increase and Ix now
Oats
453.400.000 451,515,000 368.356,000 429,616,000 372,136,000 about 334% above the number on hand a year ago, total milk production
,
Barley_ _ _ _
46,332,000
53,623,000
67.280.000
80,162,000
41,457,000 in the country as a whole on March 1 appears to have been 1 or 2% heavier
Rye
5,902.000
4,602,000
9,321.000
5,750,000 than at the same time last year. part of the increase being due to the temporary effect of the very mild weather in dairy sections at that time.
STOCKS ON FARMS MARCH 1 AS PERCENTAGE OF PREVIOUS
.
Although the increase In milk cows numbers is shared by practically all
YEAR'S CROP.
States, the increase in total milk production on March 1 compared with
last year was limited to the Central and Southern parts of the countrY,
10-Year
-Year
5
including an area extending on the north through Virginia, Central Ohio,
Crop.
Average
Average
1930.
1931.
Michigan and Minnesota and on the West through the eastern portions of
1932.
1920-1929.
1925-1929.
Kansas, Oklahoma and Texas.
In the whole Northeastern market milk area where milk is bringing low
Corn
39.7
38.7
37.8
34.1
Prices compared with the cost of purchased feeds, production continues low.
43.2
Wheat_ --.
17.0
15.0
15.9
18.8
In the Western States and Eastward to an irregular line stretching from
23.2
Oats
36.5
35.2
32.9
33.6
North Dakota into Texas, production is being temporarily reduced by a
33.5
Barley__24.9
23.9
24.0
26.3
20.8
shortage of feed, which is locally acute.
live
13.5
112
so 2
17 a
On March 1 the 21,700 crop correspondents who reported the daily proPERCENTAGE OF PREVIOUS YEAR'S CROP SHIPPED OR TO BE SHIPPED duction of their herds, secured an average of 1:1.45 pounds of milk per day
per milk cow on band, compared with averages of from 13.70 pounds to
OUT OF COUNTY WHERE GROWN.
13.76 pounds on that date in the previous three years. The percentage of
10
-Year
5
-Year
the cows on hand that were reported as milked on March 1 averaged 67.9
Crop.
Average
Average
1930.
1931.
1932.
in 1932 compared with averages of 66.1 to 66.6 on that date in the previous
1920-1929.
1925-1929.
three years.
Poultry.
-Hens have continued to lay well in most of the country East of
Corn
18.7
18.4
17.5
15.2
the Mississippi River as well as in the South and in the Pacific Coast States.
15.5
Wheat_ _ _ _
67.4
72.2
70.8
60.4
56.0
but they were not laying as freely as last year in the West North Centred
Oats
25.1
23.6
20.9
16.2
15.8
and Rocky Mountain States.
Barley_ -- 35.2
34.4
27.5
23.9
13.1
The number of hens and pullets on hand, which on Jan. 1 was about
Rye
---62.7
53.9
41.6
21.3
5% less than in the previous January, appears to be only slightly lees on
March 1 than on that date last year, judging by preliminary examination.
PERCENTAGE OF PREVIOUS YEAR'S CROP WHICH WAS OF
The March 1 returns for flocks belonging to the crop reporters of the United
MERCHANTABLE QUALITY.
States Department of Agriculture. Marketings of hens during February
were much lighter this year than last.
10
-Year
10
-Year
The number of eggs laid per 100 hens on March 1 was about 3% less for
Crop.
Average
Average
1930.
1931.
1932.
the country as a whole than the rather heavy layings on March 1 a year ago.
1920-1929.
1925-1929.
They were about 6% less than the record layings for that date in 1930.
-year average for that date.
but about 11% greater than the 5
Corn
80.3
74.4
77.3
78.9
84.3
The decrease below last year in the number of eggs laid per hen on March 1
was due to sharp decreases below last year's figures in the West North
COMMENTS CONCERNING CROP REPORTS.
Central and Rocky Mountain States where feed supplies were less abundant
-The and February weather was less favorable to heavy layings than elsewhere.
United States
Spring pat high protein 84.80 85.15 Rye flour patents
4.30184.70
Spring patents
4.55
4.75 Seminole, bbl.. Nos. 1-2 6.15
6.90
Oears, Met spring
4.30
4.50 Oats goods
1.80
1.85
Soft winter straights__ 3.30
3 60 Corn flour
1.40
1.45
Hard winter straights__ 380
4.00 Barley goods
Hard veinier patents- 4.20
4.60
Coarse3.201§ ---Hard winter clears
3.40
4 00
Fancy pearl, Nos. 2.
Fancy Minn. patents.... 5.30
6 00
4 and 7
6.150 6.50
City mills
5.30
6 00
For other tables usually given here, see page 1904.
Department of Agriculture is issuing its crop
report as of March 9, also gave out the following comments:
Corn.
-The stocks of corn on farms March 1 are estimated at 1.103,691,000 bushels compared with the 5
-year average (1925-1929) of 1.051,029.000
bushels. Following the small corn crop of 1930 the stocks of corn on farms
on March 1 last year were only 703,529.000 bushels. The mild winter
in most of the important corn producing States, together with low prices for
corn has resulted in the holding on farms a relatively high percentage of
the 1931 crop. The larger stocks in the East North Central States are
partly offset, however, by tho shortage of feed supplies in the Northern
Great Plain States. The percentage of the 1931 corn crop on farms March 1
1932 is 43.2% of the 1931 production, compared with 34.1% last year and
the 5
-year average of 38.7%.
The merchantable quality of the 1931 corn crop is placed at
which is the highest percentage shown since 1923 when it was 84.3%.
88.3%•
The ten-year average quality is 80.3%•
Reports on March 1 of the percentage of the corn crop of 1931 shipped
out of the county indicate that 15.5% of the 1931 corn crop has been or
will be shipped, compared with 15.2% on March 1 1931, and the
5
-year
average of 18.4%.
Wheal.
-Stocks of wheat on farms on March 1
in the
States
are estimated to have been 207,323,000 bushels. 1932,March United stocks
On
were estimated at 161.442.000 bushels and on March 11930. 1 1931
at 129,402.000
bushels. Average stocks as of March 1 for the 5 years, 1925-1929 were
124,977,000 bushels. These estimates relate to the total quantity of wheat
on farms for all purposes and include the amount being held on farms
for
seeding of spring wheat, for which purpose there has been utilized from
23,000,000 bushels to 27.000.000 bushels annually in recent years. Farm
stocks of wheat in Minnesota, the Dakotas and Montana,
the principal
hard red spring and durum producing States were
March 1 1932, compared with 46,412,000 bushels a15,220,000 bushels on
year earlier and 40,748.000 bushels two years ago. In the six principal hard winter wheat
producing States, stocks on farms were 99.456,000 bushels on
March
1932, 54,574.000 bushels on March 1 1931. and 41.171,000 bushels 1
on
March 1 1930. In the 12 principal soft winter wheat producing
States
from New York to Missouri, stocks were 74,082.000 bushels
on March 1
1932. 35.483.000 bushels a year ago and 29,203,000 bushels two years ago.
The March 1 stocks of wheat in the United States represent
23.2% of
the 1931 crop. This is the largest proportion of
the
remaining on farms on March 1 since March 1 1921,previous year's crop
when 26.1% of the
1920 crop remained on farms. Last year the proportion was
18.8% and
two years ago it was 15.9%. The ten-year average
(1920-29as
The percentage of the 1931 crop shipped or to be shippes 17.0%•
reported at
56.0%. compared with 60.4% of the 1930 crop and 70.8% of the 1929 crop.
The 10
-year average (1920-1929) was 67.4%.
°Ms.
-Supplies of oats on farms March 1 1932 are estimated
of the preceding year's crop. or 372.136.000 bushels, compared as 33.5%
with 33.6%
of the 1930 crop. or 429.616,000 bushels on hand March 1
1931, and the
five-year (1925-1929) average of 451.515.000 bushels. Slight increases
in farm stocks compared with a year ago occurred
in the East
-NorthCentral States. Large increases took place in
Central States where the crop was notably the South Atlantic and South
band, the stocks in the West North Central light In 1930. On the other
States and In the Western States
were sharply below those of
!s•The percentage of the 1931March 1 1931.
oats crop shipped or to be shipped out of the
county where grown was reported
16.2% reported for the 1930 crop at 15.8% of the crop, compared with
and the 10
-year (1920-1929) average
of 25.1%.
Barley.
-Stocks of barley on farms on
March 1 1932 were estimated at
41,457.000 bushels compared with 80,162,000
and 67.280,000 bushels on March 1 1930. The bushels on March 1 1931,
percentage of the previous
year's crop remaining on farms on March 1
1932,
26.3% a year earlier and the five-year average was 20.8%.compared with
(1025-1929) of 23.9%. The
proportion of the 1931 crop shipped or to be
shipped out of the county
where grown Is estimated at 15.1%. compared
crop and 27.5% of the 1929 crop. The shortage with 23.9% of the 1930
of
Important barley producing areas Is reflected in the 1931 feed crops in the
rapid rate
ance of barley, despite smaller marketIngs, and the relatively of disappearnow remaining on farms. In some of the Southern Statessmall amount
where an increased acreage of barley was planted in 1931 to provide an early
feed crop,
abundant supnlfes of feed were produced last year and stocks
of barley are
now greater than usual.
Re.-ttye stocks on March 1 1932 amounted to 17.6% of the
previous
year's crop or 5,750,000 bushels, compared with 20.3% or 9,231,000
bushels
Mat March 1 and 5,902.000 bushels, the five-year (1925-1929) average.
The sharply reduced production in 1931 in several States especially in the
WEATHER REPORT FOR THE WEEK ENDED
MARCH 9.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended March 9, follows:
Following an entire abnormally warm, pleasant winter, the outstanding feature of the weather of the week just closed was the severe storm
that moved from the Gulf of Mexico northeastward along the Atlantic
coast on March 5-7. Tho storm was attended by shifting gales and followed by abnormally cold weather, which brought the lowest temperature of the year to most places east of the Mississippi River. While the
subzero line reached only to northern Illinois. Iowa. and southern Nebraska,
freezing temperatures extended as far south as Savannah, Ga.. northwestern Florida, and extreme southern Alabama. In the Middle Atlantic
Coast States there was a drop to 16 deg. to 18 deg. above zero, while in the
Ohio Valley the lowest reached was 6 deg. to 12 deg. above. In the Great
Plains,southern Kansas had from 4 deg. to 7 dog, above and extreme northwestern Texas 12 deg. The lowest temperature reported for the week from a
first-order station was 20 deg. below zero at Williston. N. Dak..on March 7.
The table on page 3 shows that the weekly mean temperatures in the
interior valleys were 5 deg. to 11 dog, below normal and in the Northwest
from 10 deg. to 19 deg. below. The warmth early in the week kept the
average for the period near normal in Gulf coast sections and above normal
In most Atlantic States, notwithstanding the subnormal temperatures the
latter part. Also Pacific coast districts were, for the most part, warmer
than normal, but the Rocky Mountain and Great Basin States were colder
than usual for the season.
The table shows that precipitation was heavy rather generally in the
more eastern States, with the heaviest amounts from New Jersey and
Maryland southward to the Carolinas where the totals ranged from 2 to
more than 3 inches. Most of the Cotton Belt had moderate to heavy rains,
and there were substantial falls in the upper Mississippi Valley; otherwise, east of the Rocky Mountains,the weekly totals were mostly moderate,
running generally less than 1 inch. In the far West precipitation was
heavy in most of the north Pacific area; otherwise it was light, with many
districts report's* a rainless week.
The sudden change to abnormally cold weather was harmful to growing vegetation, principally to early Milt, and to tender truck crops In the
South. The severity and extent of damage to fruit is, as yet, very largely
undetermined, but appears to be confined to the earlier varieties, and is
by no means general. The most unfavorable reports come from the southcentral portions of the country, comprising principally the lower Ohio
Valley, the Ozark region and southeastern Missouri, northern Arkansas,
and Oklahoma. Scattered reports of damage to a greater or lesser extent
come from other sections of the South, but the commercial peach orchards
in South Carolina and Georgia appear to have largely escaped, except for
moderate harm in the northern part of the latter State. In this southeastern area peach buds were remarkably dormant, considering the mildness of the preceding weather. The hardier trite. especially apples,
were mostly relatively undeveloped and, apparently, no serious harm has
occurred. It is too early to state more definitely just what the effect of
the cold weather on the fruit trees has been.
Tender truck crops suffered considerably from cold weather in the South,
and the severe storm did much property damage along the Atlantic coast
and harmed truck crops in the Southeast, especially in Florida: the rains
in this State, however, were helpful to growing vegetation. Elsewhere In
the South frequent rains and wet soil caused a rather general suspension
of field work during the last half of the week, but considerable was accomplished during the early days of the period.
Light to moderate snow cover was rather general over the main Winter
Wheat Belt during the prevalence of cold weather. Some local damage
to wheat is indicated, but there is little evidence that serious harm has restilted to any considerable extent. The snow and cold were again hard
on livestock in western grazing sections, with further reports of losses in
a good many places. The weather was unusually favorable for agricultural and horticultural Interests in Pacific Coast States.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
-Boston: Warm, with considerable cloudiness. Ice disNew England.
appearing rapidly and snow cover decreasing; precipitation mostly light.
-Ithaca: Moderato temperatures; worst snowstorm of seaNew York.
son on Sunday and Monday. Heavy snow caused much damage to telephone and power lines. Highways in central and north impassable and
railroad traffic impeded.
FINANCIAL CHRONICLE
2000
Week averaged above normal in warmth, but
New Jersey.—Trenton
closed with near-record low temperatures and general freezing of soil.
Vegetation abnormally advanced.
Pennsploania.—Philadelphia: Heavy precipitation over Atlantic drainage, accompanying severe coast storm near week-end. Northeast, shifting
to northwest, gales; some damage. Sharp temperature drop to lowest
for the year to date.
Maryland and Delaware.—Baltimore: Mild first half, with generous
rains on 4th. Heavy rain, sleet, light to moderate snow, and damaging
northwest gales on 6th, followed by clear weather and cold wave 7th and
8th. Activities first half of week were plowing, pruning fruit trees, and
sowing clover seed and some oats. Grains were good and pastures fair to
good when covered by snow on 6th. Fruit buds were swollen in south.
Warm first half; cold latter half, with heavy
Virginia.—Richmond:
precipitation. Satisfactory snow cover in northern half. Some oats and
potatoes planted in southeast. Strawberries and tender truck damaged
by freeze. Fruit buds heavy set; premature opening retarded by present
cold; amount of damage to fruit undetermined.
North Carolina.—RaleIgh: Heavy rain, accompanying severe storm
Saturday night and Sunday, put out forest fires, but strong winds caused
considerable damage in coast section, mainly to small craft and fishing
interests. Cold wave following, with freezing to coast, also caused dam-.
age to truck, strawberries, and some tree fruits, but too early to determine extent; apparently not heavy to commercial peach orchards. Eastern rivers flooding.
South Carolina.—Columbia: Week mostly mild, but closing frosty.
Apparently no serious tree-fruit damage as blooms not general. Winter
cereals, truck, and pastures improved under abundant rains. Potato and
garden planting continues. Considerable spring plowing done. Tobacco
beds improved. Much hog butchering at week-end.
Georgia.—Atlanta: Weather quite warm, followed by decidedly colder
at close of week, but temperatures not low enough to cause any great
damage. Peaches practically uninjured in Fort Valley district and only
moderate damage in northern peach centers; some damage to truck. Rains
on 5
-6th covered even coast section, which had remained very dry. In
south planting early corn, truck, sugar cane, and melons and bedding
sweet potatoes and transplanting tobacco made considerable progress.
Flonda.—Jacksonville: Fore part of week dry anctimild, with showers
in south and moderately heavy rains in north and central Saturday.
Saturday night much colder and Monday had local frosts to the Everglades. The Gulf storm Saturday night did much damage to truck and
fruit; several lives were lost and marine damage considerable. Rains
benefited oats, truck, melons, early corn, tobacco, and ranges. Shipping
potatoes continued from Federal Point and Hastings districts.
Alabama.—Montgomery: Temperatures decidedly above normal first
half, but decidedly below thereafter. Freezing to coast, with severe freeze
In interior Sunday; coldest of season. Rainfall general and locally heavy;
snow flurries in north. Some farm work accomplished early part of week
and some corn and spring oats planted. Vegetation damaged slightly by
freeze in coast counties; damage elsewherelbelleved considerable, but too
early to definitely determine extent. Strawberries on vines badly damaged
and early peaches and pears reported probably killed.
Mississippi.—Vicksburg; Frequent precipitation, light on coast and
mostly moderate, but occasionally heavy elsewhere, generally hindered
due progress of farm activities. Snow Sunday and Monday in north.
Cold wave Saturday night and unseasonable cold continuing, probably
causing extensive damage to fruit and truck.
Louisiana.—New Orleans: Warm first half, but cold wave Saturday
night, with below freezing in north and west; frost to coast Sunday, and
cold thereafter. Freeze damaged truck and potatoes; strawberry crop
halted, but growers believe ultimate benefit will result from better crop
later. Moderate to heavy rainfall kept soil too wet for extensive farm operations. Oats good progress. Floods slowly receding.
Texas.—Houston: Fore part of week warm, followed by cold wave on
-6th, bringing freezing weather to upper coast and light frost nearly to
5
lower coast. Some damage to tender vegetation in south and to fruit and
wheat and oats in north and west. Livestock stood cold well. Precipitation mostly light in western half, but moderate to heavy in eastern, delaying field work. Condition of pastures, wheat, oats, truck, strawberries,
and citrus fair to good. Cold unfavorable for early corn. Abnormally
warm winter favored insect activity, and premature maturity somewhat
reducing yield of winter truck.
Oklahoma.—Oklahoma City: Plowing and planting advanced rapidly
early part of week, but field work suspended latter part account severe
cold wave, with lowest temperatures of winter. Wheat set back, but not
permanently damaged. Spring oats frozen and more or less injured. Early
blooming fruits heavily damaged; full extent of injury not yet determined.
Arkansas.—Little Rock: Temperaturedhigh first of week; low latter
Portion. Moderate rainfall in Northwest and rather heavy in south and
east. Some plowing and sowing oats, but soil too wet in east and south.
Favorable for winter grains. Peaches, plums, pears, and strawberries damaged considerably by low temperatures, except in south where doubtful.
Tennessee—Nashville: Mild weather and light to moderate rains, followed by much below freezing, attended by sleet and snow. Wheat, oats,
rye, and barley made rapid progress and showing excellent condition;
none of these hurt by sudden thermal change. Peach, pear, and apple
trees probably hurt, but no reports to date. Many fields sown to spring
oats. Condition of stock good.
Kentucky.—Loulsville: Warm first half, followed by severe freeze last
half. Precipitation light, but frequent, with 1 to 2 inches of snow cover
first two cold nights. Most forward wheat damaged, and serious injury
to tree fruits, strawberries, ornamental trees, and shrubs; sprouting field
seeds killed. Outdoor activities stopped. Some lambs lost. Early potatoes just planted endangered.
THE DRY GOODS TRADE
New York, Friday Night, March 11 1932.
The current cold snap, extending over large areas, has
resulted in a material and in some cases quite unexpected
extra movement of heavy weight apparel at retail, it is said,
but has had a restraining Influence on new offerings for
spring. Until the past two days, the retail turnover in
Spring clothing has been disappointing, running, it is estimated, some 15% lower for the month so far, as compared
with the same period in 1931. However, indications visible
two or three days ago that pre-Easter buying was beginning
to tend toward more normal proportions, have become more
pronounced since, and the prevailing feeling appears to be
now that substantial and well-sustained activity is possible
between now and Easter, especially if the weather proves
favorable. Meanwhile, in the distributing and primary
divisions of the dry goods trade, the recent quietude has
become pronounced, though sentiment has retained much of
the hopefulness acquired with the recent institution of general financial restoratives to the economic structure at large.
Subsequent indications, here and abroad, that the effects
of such measures are already becoming discernible, instanced
by the world-wide tendency toward easier credit, with central
banks revising their rates downward; England proving her
ability to repay large credits due this country and France,
in advance; the decline in domestic bank failures; the apparent cessation of periodic deluges of forced liquidation of
securities, and so forth, have not been lost upon the textile
trade. There seems, in fact, to be a general realization that
such developments constitute the logical precedents of
genuine business revival, without implying that the latter
need come immediately on the heels of the former. It is
true that the current quietude in textiles has again brought
out a crop of the trade evils that have nearly always accom-
[VOL. 134.
panied such a condition in recent years. Forced liquidation
of superfluous supplies of goods by sellers constrained by
inadequate finances, tight credit, and the long drain imposed on their stamina by the protracted duration of the
depression, continues to unsettle values of piece goods. Such
offerings, picked up by retailers and featured by them as
bargain offerings, have the further bad effect of enabling
the latter to face regular sellers with the statement that
they (the retailers) can obtain goods below the prices
asked by the regular sellers. Producers are doing their best
to hold up prices in the face of this condition and hope that
the second half of March, like the same period in other
recent years, will witness a decided upturn in retail activity,
and a corresponding enlargement of the movement of goods
from primary channels such as will at least temporarily
eliminate the underselling. It is pointed out that -stocks in
mills are not generally heavy, and that consistent efforts
to keep them in their present relatively favorable position
will continue to be made.
DOMESTIC COTTON GOODS.—Cotton goods markets
have continued uniformly quiet, with prices fairly well
upheld notwithstanding, and producers waiting with some
confidence for an early resumption of active buying for
spring consumption. The recent institution of curtailment,
the revelation of good statistical conditions in the trade,
relatively steady raw cotton, somewhat freer credit, and the
general enhancement of confidence pursuant to the Government's recent activities to strengthen the national financial
structure, are all cited as contributing factors to the subdued cheerfulness and stubborn resistance against pricecutting which continues in evidence in spite of the protracted
absence of activity. Slightly increased inquiry, and a fairly
continuous though shallow stream of orders now being received at legitimate market prices, are taken as indication
of the decidedly increased confidence which buyers of cotton
goods have in internal conditions in the trade, and in the
future of cotton goods. Meanwhile more active buying, as
Easter looms ahead, is thought by many observers to be in
the immediate offing, though, as far as gray goods are concerned, there is no indication to that effect yet visible, as
buyers continue to limit their purchases to small quantities
for spot or nearby delivery. Shipments of broadcloths, on
orders booked in the past, continued full, with many mills
still engaged for some time into the future by the business
they have already contracted for. Prices on the latter have
been well maintained, most manufacturers refusing bids of
1/16th under the market price. The movement toward a
general raising of prices on cotton towelings continues to
broaden, with the higher levels applying now not only on
colored-border constructions, but also on crashes, hucks and
white Turkish weaves, it is reported. Fine and fancy goods
continue spotty. The seasonal movement of the latter has
not yet gotten under way, the only business at present being
placed being confined to a hand-to-mouth, filling-in character. Print cloths 27-inch 64x60's construction are quoted
-inch
at 2%c., and 28-inch 64x60's at 3c. Gray goods 39
68x72's constructions are quoted at 4%c., and 39-inch 80x80's
at 5%c.
WOOLEN GOODS.—In the women's wear division of
woolens and worsteds markets, business has continued relatively full, but otherwise demand has been slow and irregular
at best, and many observers are thus certain in their own
minds that as buyers have not yet taken anything approximating such a total as could be regarded as adequate, there
is substantial buying still to be done. Sellers are thus
waiting for the development of duplicating movement by
buyers, and the prevailing opinion is that they will not have
long to wait, though retail demand for clothing is, momentarily, very light. Tropical worsteds, flannels, and sportswear are expected to feature the demand for men's wear
when it develops full strength. Meanwhile, some concern
Is manifested over indications that a decline is beginning to
overtake volume in women's wear goods. Business in that
line is not as brisk as it was last week, and producers are
already anticipating their determination to shut down machinery and clean out stocks, on the first definite indication
that demand is satisfied. Buyers are pressing rather more
emphaticaoy for concessions in some quarters, stressing the
extremely low prices of retail offerings, and the correspondingly low bids they get from retailers for garments. The
slight but noticeably more marked trend away from staples
toward fancy effects is leading producers to hope that they
will be able to feature fancies in the fall season, to the
benefit, many of them believe, of the trade as a whole, on
the theory that fancies make for diversification which should
find some reflection in the extent of the personal wardrobe.
FOREIGN DRY GOODS.—Full volume of sales of French
finished linens, for dresses, continued to feature domestic
linen markets. Continuous shipments of these fabrics to the
South and local buyers have greatly depleted stocks, which
are said to be rapidly approaching the point of exhaustion.
Cheap dress goods are available, buyers note, but the bulk
of current business is being done on guaranteed fast-color
goods. Men's suitings are rather slow, with an unsatisfactory
Palm Beach season rendering buyers more cautious about
laying in goods for spring. Household linens are doing
rather better, with demand for damasks the feature. Burlaps, after advancing earlier in the week, responsive to the
sharp uprush in sterling, have reacted again rather sharply.
Light weights are quoted at 3.45c., and heavies at 4.60c.
MAR. 12
1932.]
FINANCIAL CHRONICLE
ffitatt anti Txtg pepartutent
NEWS ITEMS
Arkansas.—State Supreme Court Upholds Legality of
$400,000 Armory Bonds.—According to a dispatch from
Little Rock to the "Wall Street Journal" of March 9 the
State Supreme Court has ruled that the authorization given
the State Military Note Board to sell $400,000 in notes for
armory construction purposes was legally given. Last
January the issuance of these notes had been enjoined by
Chancellor Dodge—V. 134 p. 1060.
Connecticut.—Changes in List of Legal Investments.—
A bulletin (No. 3) was issued by the State Bank Commissioner on March 10 showing the following changes in
the list of investments considered legal for savings banks:
Additions.
Brooklyn Edison Co. gen. mtge. series E 5s, 1952.
Duquesne Light Co. first mortgage 4;is, 1957.
Deductions.
Northern Pacific System—All issues including equipment trusts.
New York Chicago & St. Louis RR.—All issues.
Kentucky—Legislative Bills Introduced to Refund State
Debt by Bond Issue.—Companion bills were introduced in
the Legislature on Feb. 29 by Senator Gaines and Representative Munford,proposing to recognize as valid and binding debts against the State all outstanding State warrants,
of which there are approximately $14,000,000 at the present
time, according to the Louisville "Courier-Journal" of
March 1. The bonds would be issued without a vote of the
people. No limitation is set up as to the amount of bonds
that could be issued. The State Constitution fixes $500,000
as maximum amount to be incurred without a vote of the
people. The gist of the bill is to have the warrants recognized as a debt already created, although this would be
contrary to court rulings, it is claimed, which have held that
State warrants are not to be construed as a debt, which can
be refunded with bond issues.
Los Angeles County, Calif.—Report Made Public on
Bonded Debt.—On March 3 the County Auditor filed with
the Board of Supervisors a statement showing the bonded
indebtedness of the county as of Dec. 31 1931 to have been
$377,968,527.20, according to the Los Angles "Times" of
March 4, which carried the following report on the subject:
A statement of the bonded indebtedness of Los Angeles county as of
Dec. 31 1931, amounting to $377,968,527.20, out of original issues totaling
$490129,692.05, covering' all bonds of the general county, special county
districts, elementary and high school districts and municipalities within
the country's boundaries, was filed yesterday with the Board of Supervisors by County Auditor Payne.
Of the total of outstanding bonds in the county, 61.83%, or $233,711,669.55, are obligations of municipalities. The city of Los Angeles.
naturally, has the largest debt, amounting to $168,511,961.15.
The Auditor's statement further shows that the outstanding indebtedness of school districts is $102,307,520 out of original issues amounting
to $131,823,550.
Counties Position.
The figures showing the bonded indebtedness of the general county
government are declared to be exceptionally low for a county the size of
Los Angeles County, being only $6,400,000. This is an indication, according to county officers, that so far as the county government itself is concerned, most of the improvements made have been paid for at the time or
soon after completing. This is said to be one of the things that gives the
county such a high standing in the financial circles of the country at large.
In addition to Auditor Payne's report on the bonded indebtedness outstanding, the statement shows bonds authorized by voters but not issued,
amounting to $296,979,310, including the recent $220,000,000 issue for
the Metropolitan Water District.
The total of all bonds outstanding and those authorized but not issued
for general county government, municipalities, school and special districts
amounts to 8674,947,837.50.
Annual Payments.
The Auditor's statement fails to sot forth the total to
year
on the bonded indebtedness outstanding. He states that be paid each vary
the amounts
In each city and district of the county and are governed by the terms of the
bonds themselves.
New York City.—Board of Estimate Adopts Plan to Rescind $196,536.463.36 in Stock and Bond Authorizations.—
Detailed schedules were submitted by Assistant Mayor
Charles F. Kerrigan and adopted by the Board of Estimate,
meeting as a committee of the whole on March 8, calling
for the rescinding of authorizations of corporate stock and
serial bonds not yet issued amounting to $196,536,463.36.
In his report it was asserted by Mr. Kerrigan that through
this drastic economy program the city can complete the
year with a surplus of $3,000,000 rather than the $43,700,000
deficit estimated by Comptroller Charles W. Berry recently
--V. 134, p. 879. These rescindments are said to be the
largest by far in the history of municipal financing. The
Board of Estimate will finance only public improvements
urgently needed this year. This report was made public
following weeks of study by a staff of engineers at the request of Mayor Walker.
New York State.—Agreement Reached on $30,000,000
Referendum Bond Issue to Relieve Unemployment.—On March
9 Governor Roosevelt and the Republican legislative
leaders reached agreement on a program for financing continued unemployment relief and for measures increasing the
taxes on buses and heavy motor trucks. The plan for
unemployment relief calls for an appropriation of $5,000,000 at the present session and authorization of a bond
issue of $30,000,000 to be submitted to a vote of the people
at the general election next fall. It is expected that the taxes
on buses and trucks will be greatly increased in order to
produce greater revenues. The $30,000,000 bond issue plan
was brought forward after conferences between the Governor
and the legislative leaders to provide for the temporary
emergency relief administration for the remainder of this
2001
year and the full year of 1933. This plan will obviate the
necessity of imposing a 10% amusement or other form of
tax—V. 134, p. 1614, the proposing of which aroused a
great deal of opposition. The $5,000,000 to be appropriated
at this session will be taken out of the available cash surplus
to tide over the relief work through the summer and winter
months. The life of the relief administration will be extended
to Nov. 15, after the referendum on the large issue has been
held.
Governor Signs Bill Dealing with Legal Investments.—A
bill was signed by Governor Roosevelt on March 7 which
would permit savings banks to invest in promissory notes
secured by the assignment and pledge of mortgages on real
estate.
Four-Year Term for Governor Defeated.—Among the
measures embodying proposals of Governor Roosevelt and
the Democratic program that were defeated in the Legislature on March 8 was the oft-recurring bill to establish a
four-year term for Governor, with elections to be held in
non-Presidential years.
State Comptroller's Annual Report Declares New York
State in Sound Condition.—In his annual report to the
Legislature, made on March 8 by State Comptroller Morris
S. Tremaine, he declared that the credit of New York State
has remained "impregnable," despite the business depression
of the last two years. According to the report a total of
$1,647,500 in State funds was deposited in banks which
failed during the last year, but the State did not lose a
cent. The Comptroller also asserted that the obligations
of the State have been affected in a smaller degree than
those of any other government. The net debt of the State
at the end of the fiscal year was $306,595,557, that is to
say, the gross debt is listed at $419,388,000, but against that
figure there is a sinking fund of $112,792,442, according
to the report.
It was reported from Albany on March 11 that the Democrats in the Senate had agreed to vote for a 65% increase
in the registration tax on motor vehicles of more than one
ton, net weight. This proposal is said to have been approved
by the Republicans and the belief was expressed that the
Legislature would adjourn on the night of March 11 as
originally planned. This new tax, the last of four emergency measures sponsored by Governor Roosevelt to wipe
out the anticipated deficit of $126,000,000 as of June 30
1933, will be effective July 1 1932 and continue until June 30
1933. It is expected that the levy will yield $6,500,000.11
North Bergen, N. J.—Court Places Township in Default
on Certificate Debt.—Two judgments by default have been
entered against the above township in the Hudson County
Court of Common Pleas, according to the New York "Sun'
of March 8. It is stated that both of these judgments,
amounting to $443,640.81, were obtained on temporary
improvement certificates issued by the township in June,
August and December of 1930, drawing 6% interest and
payable 1 year after date. One judgment was in favor of
the Oak Securities Co. for $192,770.40 and the other in
favor of Edmund B. Hourigan of Weehawken for $250,870.41.
Oakland and Macomb Counties, Mich.—State Supreme
Court Holds Drain Bonds Invalid.—Opinions were handed
down by the State Supreme Court on March 2, holding
invalid some $6,000,000 in outstanding drain bonds of
Oakland and Macomb counties. The decisions were given
in the case of the Nine Mile-Hallway drain in Macomb
County and that of the Southfield storm sewer drain. It
was the finding of the court that the bonds were issued for
the purpose of financing drains, while the money was used
to construct sewers. The decisions point out that at the
time these securities were sold the law prohibited the use of
the drain laws for the construction of sewers, thus making
invalid the taxes levied for the payment of these bonds.
The Detroit "Free Press" of March 3 had the following
to say:
Oakland and Macomb County drigniricie— $6,000,000 or more, were
a, ling
Invalidated by two opinions of the Supreme Court to-day. The bondholders, apparently, are left with worthless securities and the taxpayers
need no longer pay special assessments. The special levies paid by the
property owners may be refunded.
Although the opinions were concerned directly with only the NineMile-halfway drain in Macomb County and the Southfield storm sewer
drain, William Manning, head of the municipal bonds division of the State
Treasury, said several other issues in both counties will be invalidated by
the court's ruling. The outstanding bonds that now appear to be worthless may total more than $6,000,000, he said. Among the other large
Issues affected by the opinion, he declared, are the Royal Oak drain bonds
upon which no interest has been paid pending the court's action.
,
asti44.014o1 Bondholders'Suits Expected.
woo
,
;• s
The effect of the ruling upon the bondholders and the tiixpayars
be known positively until the justices enter their decree or until the settlement of other lawsuits that are expected to
decree probably
will reveal whether special assessments shall follow. The the taxpayers.
be returned to
Bondholders are expected to sue the counties to determine whether their
money must be returned to them.
However, the court stated clearly that the bonds in question are invalid.
This decision was issued because the
of financing drains, while the moneysecurities were issued for the purpose
sewers.Pg:
was
court held that at the time the securities used to construct
use of the drain laws for the construction were sold, the law prohibited the
of sewers.
An effort was made by the last Legislature to remedy the defects by a
law permitting the use of drain bond proceeds
for sewers, but this act 111 not
retroactive.
"Has No Authority."
"A drain commissioner may not by mere assumption
of
legally
do what he has no authority to do," the Macomb County authoritywritten
opinion,
by Justice William W. Potter, stated "The Drain Commission has no
irisdlction to construct a sewer any more than to construct a Covert
The opinion concluded that a decree sought by
'
tuted the litigation shall be issued. They asked the taxpayers who instithat no further taxes be
t
2002
FINANCIAL CHRONICLE
levied, that the assessments they have paid be refunded and that the
County be restrained from spending funds on hand to complete the NineMile drain and sewage disposal project.
The Nine-Mile drain, and disposal plant, started in 1925, is seven and
a half miles long. It cost 52,338.835 of which 723-i% was levied in special
assessment districts.
Judge Robert M. Toms, of Detroit, had held the bonds to be legal.
Can't Collect Taxes.
In the Southfield drain case, the court reiterated a previous ruling that
these bonds are illegal for the same reason as the Nine-Mile issue. The
entire proceedings, the justices held, are null and void and no assessments
can be collected, but the court said that inasmuch as no bondholder was a
party to the litigation, the position of the bondholders could not be decided
at this time.
Macomb County attempted to refinance its drain tax delinquencies by
selling bonds secured by the overdue drain assessments to the State.
State Treasurer Howard C. Lawrence refused to approve the proposal
because of the litigation. He did, however, buy bonds secured by delinquent
Covert taxes.
-Annual Report Issued.
Port of New York Authority.
The eleventh annual report of the Port of New York Authority was made public on March 4, and it points out to the
Governors and Legislatures of New York and New Jersey
that the construction of the Midtown Hudson Tunnel is
the next undertaking of importance. It is explained that
this work will not be started immediately because of the
generally unsettled business conditions but all preliminary
operations will be completed as soon as possible. The report
describes at some length the successful establishment and
operation of existing transportation facilities, expressing
satisfaction at the earnings for 1931 of the Holland Tunnel,
the George Washington Bridge,and the Staten Island bridges.
(A summary of operations for 1931 was made public last
-V.134, p. 881.)
January
-Governor Sterling Opposed to Issuance of More
Texas.
-The New York "Evening Post" of March 4
Road Bonds.
carried the following Austin dispatch regarding the opposition voiced by Governor Sterling toward the further issuance
of road bonds by counties in the State:
[Von. 134.
but not paid because of the fact that the assessment rolls due In January
were not turned over to the town authorities for collection of taxes until
Feb. 23 by the County Board of Supervisors, according to report. A
further factor in the matter, it is said, is the fact that the treasurer of Erie
County has $167,000 in tax collection money which has been claimed by
the town without avail. It Is further stated that litigation is now pending
in the courts to compel the county treasurer to make such payment to
the town.
AMHERST COUNTY (P. 0. Amherst) Va.-BOND ELECTION.
An election is said to be scheduled for March 23 in order to have the voters
pass on the proposed issuance of $60,000 in water system bonds.
-DATE OF
ANGOLA SCHOOL CITY, Steuben County, Ind.
-The date of award of an issue of $80,000 coupon
AWARD IS CHANGED.
high school building construction bonds, originally set for March 15-has been changed to March 19. Sealed bids for the bonds
V. 134. p. 1227
will be received until 1 p. m. on that day by the Board of School Trustees.
The bonds will be dated March 19 1932 and bear interest at a rate not to
exceed 5%. Due on June and Dec.30from 1933 to 1947 incl. Principal and
interest (June and Dec. 30) will be payable at the Angola State Bank. A
certified check for 2% of the amount of bonds bid for, payable to the order
of the school city, must accompany each proposal. It was at first intended
that bids for the issue be submitted on the basis of an interest rate of4%%•
-TEMPORARY FINANCARKANSAS, State of (P.0. Little Rock).
-It was recently announced by the State Treasurer that the holders
ING.
of $1,350,000 in short-term notes that were issued last July by the State
Construction Commission, have agreed to a renewal plan under which the
State will pay $120,000 in principal, and $50,625 interest, leaving $1,230,000
to be carried until conditions permit the sale of a long-term issue. The notes
were issued to permit the continuance of construction on a State hospital.
-TAX RATE.-The
ASBURY PARK, Monmouth County, N. J.
tax rate for 1932, at $3.19 per $100 of valuation, will be the highebt in
the history of the city as a result of the order of Commissioner Walter R.
Darby of the State Department of Municipal Accounts instructing the
Monmouth County Tax Board to add $210,690 to the budget figure for the
city in 1932. The Commissioner's order was referred to in the Newark
"News"of March 4 as follows:
"Darby's order climaxes a disagreement over the city's finances which
began Jan. 23, when, in a letter to the city, he alleged there was a deficit
of $478,806.57 for which the city had failed to provide by budget. Inclusion of the amount ordered by Commissioner Darby will bring the amount
to be raised by taxation to $1,159,041.
"The city previously had announced decreases in all departmental costs
and finally adopted a budget totaling 51.372,041.31, with $948,351.41 to
be raised by taxation, exclusive of city school purposes."
-INSTALLMENT TAX
ATLANTIC CITY, Atlantic County, N. J.
-As a result of the approval of the plan
Governor Ross Sterling has issued a warning to counties of Texas not PAYMENT PLAN APPROVED.
to issue any more road bonds because people already are overburdened on March 10 by the City Commissioners, hereafter tax payments may be
with taxes. He said:
made on the installment plan on the basis of not leas than $1 per month
"I have always maintained that the homes, farms, rancher) and other periodically throughout the year. according to the "Herald Tribune" of
the following day. A discount of 3.f% a month for each month for which
real estate should not be called on to build State and Federal highways.
"I am still of the opinion that the counties should be refunded the money advance payments are made will be allowed.
they have placed in State highways and that their outstanding bonds should
-BOND OFATLANTIC HIGHLANDS, Monmouth County, N. J.
be assumed by the State or other bonds issued in lieu thereof.
-Ruby E. Hartcorn. Borough Clerk, will receive sealed bids
"Revenue derived from the gasoline tax, license fees and Federal aid is FERING.
such times as these to provide a construction fund and until 8 p. m. on March 22 for the purchase of $30,000 6% coupon or regissufficient during
to maintain the highways without resorting to further county bond issues." tered street improvement bonds. Dated April 1 1932. Denom. $1,000.
Due $5,000 on April 1 from 1934 to 1939 Inclusive. Principal and interest
-Protective Committee Reports (April and Oct.) payable at the Atlantic Highlands National Bank, Atlantic
West Palm Beach, Fla.
premium
than will
-The Bondholders' Pro- Highlands. No more bonds are to be awarded2% of theproduce a of bonds
on Approval of Refinancing Plan.
amount
of $1,000 over $30,000. A certified check for
tective Committees representing the holders of both the bid for, payable to the order of the Borough Collector and Treasurer, must
general and improvement bonds of this city, announced on accompany each proposal.
-BOND SALE.
-II. J. Lindsley,
March 8 that more than 9934% of the aggregate amount of
AUBURN, Cayuga County, N. Y.
of $32,000 5% registered
City
bonds deposited with them have assented to the plan of reliefClerk, reports that an issue 1 to the Auburn Savings unemployment
the
Bank
bonds was sold on March
-V. 134, p. 1227. The Cayuga County Savings Bank, both of Auburn, jointly, at a priceand par.
refinancing recently made public
of
$10,000 March 1 1933
Committees state that with this assurance of support they Dated March 11932. Duepayable in March and and $11,000 March 1
is
September.
intend to push vigorously for the consummation of the plan. 1934 and 1935. Interest
-W. It.
AVON LAKE, Lorain County, Ohlo.-BOND
Holders of bonds not already on deposit are urged to lodge Hinz, Village Clerk, will receive sealed bids until 12OFFERING. 18 for
m. on March
them with the Committees; the latter reserve the right at the purchase of $8.759.59 6% water supply improvement bonds. Dated
any time and without further notice to refuse to accept Feb. 15 1932. One bond for $759.59,others for $500. Due Oct. 1 as follows:
$500 in 1933; 51,000 from 1934 to 1936 incl.; $500 in 1937; $1,000 1938 to
additional deposits.
1940; $500 in 1941, and $1,259.59 In 1942. 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 $200. payable to the order of the Village Treasurer, must accompany each proposal.
-The $120.000 issue
-BOND SALE.
ABILENE, Taylor County, Tex.
BANNOCK COUNTY INDEPENDENT SCHOOL DISTRICT NO.
of 5% semi-ann. refunding bonds that was recently authorized by the City 35 (P. 0. Grace), Idaho.
-BOND SALE.
-A $39,000 issue of school
-has since been purchased by the Citizens bonds is reported to have been purchased by the Department of Public
Commission-V. 134. p. 538
95.00. a basis of about 5.50%. investments.
National Bank of Abilene, at a price of
Denom. $1,000. Due $4,000 from 1933 to 1962. (These bonds were regis-COURT HOLDS BOND
tered by the State Comptroller on Feb. 18.)
BAY COUNTY (P. 0. Bay City) Mich.
-The State Supreme Court on March 2 affirmed the
,
-BOND OFFER ISSUE VALID.
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.
legality of an issue of $375,000 court house construction bonds, concurring
ING.-Sealed bids will be received by Robert G. Woodside, County In the opinion previously given by Judge Charles B. Coiling-wood of Ingham
Controller. until 11 a.m. (eastern standard time) on March 15, for the County that
submitting the
of the proceedings taken in the matter
purchase of $4,500,000 43j, 4%. or 4j% coupon or registered bonds, bond issue at allpopular election and adoption of the bondof
resolution by the
a
• divided as follows:
supervisors were in accordance with existing statutes, according
$1,600,000 series 19-F bridge construction bonds. Denom. $1,000. Due board ofdispatches from Lansing. A block of $355,000 of the bonds was
April 1 as follows: $53,000 from 1933 to 1961, inel., and to press
sold on Aug. 20 as 4s to the Harris Trust & Savings Bank of Chicago.
$63,000 in 1962.
series 39 road bonds. Denom. $1,000. Due $50,000 on April 1 V. 133. p. 2295.
1,500,000
from 1933 to 1962, inclusive.
-OFFERING DATE CHANGED.
BAYONNE, Hudson County, N. J.
750,000 series 34-A7. Denom. $1,000. Duo $25,000 on April 1 from -The Director of the Department of Revenue and Finance will receive
1933 to 1962, Inclusive.
sealed bids until April 5 for the purchase of 81.016.000 4%, 41‘ or 5%
400,000 series 34-B6. Denom. $1,000. Due April 1 as follows: $13,000 coupon or registered bonds. Originally it was intended to receive bids on
from 1933 to 1961. incl.. and $23,090 in 1962.
March 15for a total of $1,027.000 bonds(V. 134, p. 1406). Included in the
250,000 series 22 bridge construction bonds. Denom. $1,000. Due sale now proposed are the following issues:
April 1 as follows: $8.000 from 1933 to 1961, incl.. and $18,000 $621,000 general impt. bonds of 1932. Duo April 1 as follows: $20,000
in 1962.
from 1934 to 1957, incl.; $30,000 from 1958 to 1961. incl.. and
Each issue is to be dated April 1 1932. Principal and semi-annual int.
$21,000 in 1962.
(April and October) arc payable at the office of the Controller. Blank bidd304,000 library construction bonds. Due April 1 as follows: $10,000
ing form will be furnished upon application to the Controller. A certified
from 1934 to 1956, incl.: 315.000 from 1957 to 1960. incl., and
check for $90,000, payable to the order of the Board of County Com814,000 in 1961.
missioners, must accompany each proposal. Only bids for the entire
91,000 school bonds. Due April 1 as follows: $3,000 from 1934 to
The approving opinion of Reed,
$4.500.000 bonds will be considered
1958, incl. and $4,000 from 1959 to 1962, incl.
Smith, Shaw & McClay and Mortimer B. Lesher, special counsel, will be
Each issue will be dated April 1 1932.
furnished the successful bidder.
mention of this offering was made In V. 134, p. 1809.)
(Previous
-The town sold
-NOTE SALE.
BELLEVILLE, Essex County, N. J.
on March 1 a total of $100,000 tax revenue notes: $65.000 to the First
Debt Statement (As of Dec. 31 1931).
$106,851,000.00
National Bank, of Belleville and $35,000 to the Peoples National Bank &
Gross bonded debt
Trust Co., of Belleville.
9,458,938.15
Gross floating debt
-BOND SALE.
-The $85,000
BOONE COUNTY (P.O. Belvidere) III.
$116,309,938.15
*Gross indebtedness
-were
% coupon road bonds offered on March 3-V. 134, p. 1615
Offsetting Assets
awarded to the Central Republic Co.,of Chicago,at a discount of $4,992.90,
$15,710.633.49
cash in sinking fund
Bonds and
equal to a price of 94.126, a basis of about 5.16%. Dated April 1 1932.
7,018.1.931.39
All other cash
Due May 15 as follows: $5,000 in 1934. 1935, 1936 and 1943; 810,000 from
603,981.14
Outstanding solvent debts
1944 to 1946; $15,000 in 1947, and $20,000 in 1948. Bids received at the
Estimated revenue for the year 1932, applisale were as follows:
6,473,439.18
cable to reduction of above debt
Amt. Bid.
Bidder8800:070006..0010
$80,007.10
$29,869,985.20 Central Republic Co. (successful bidder)
Total offsetting assets
First Union Trust & Savings Bank, Chicago
78,800.00
586.439.952 95 C. W. McNear & Co., Chicago
indebtedness
Net
78,000.00
Vieth & Duncan. Davenport
•In the gross bonded debt as above stated there is included the total Glaspell,
amount of bonds heretofore issued by authority of the electors of Allegheny
BOSTON TOWNSHIP SCHOOL DISTRICT (P. 0. Boston) Wayne
at special public elections held April 22 1924, and June County, Ind.
County obtained
-The issue of $20,000 4%% school
-BONDS NOT SOLD.
-was not sold, as no bids were
26 1928. to-wit. $52.869.000.
bonds offered on Feb. 19-V. 134. p. 1228
The last triennial assessed valuation of the taxable property in said received. Dated March 1 1932. Due semi-annually from July 1 1933 to
county is $2.467.517,375.
July 11945.
Seven per cent, debt limit on said valuation is 5172,726.216.25. Two
Population
-LOAN BUDGET TOTALS $3,913.BOSTON, Suffolk County, Mass.
per cent, debt limit on said valuation is $49,350,347.50.
-Mayor Curley has sent to the city council for approval his 1932 lean
000.
(census 1930). 1,374,622.
-DELAY IN PAYMENT OF BOND budget amounting to $3,913,000. leaving a balance of $524.298 in reserve
AMHERST, Erie County, N. Y.
-The M. & T. Trust Co. of Buffalo has agreed for emergencies. The total borrowing capacity of the city this year amounts
SERVICE ADJUSTED.
-day note in order to provide for the pay- to $4,437,298. Expenditures which the Mayor says are absolutely necesto loan the town 11238,000 on a 30obligations which was due on March 1, sary follow: $1,000,000 for sewers; $750,000 for new streets; $500.000
prin. and int. on town
ment of
BOND PROPOSALS AND NEGOTIATIONS.
MAR. 12 1932.]
FINANCIAL CHRONICLE
2003
-BOND OFFERING.
CLINTON COUNTY (P. 0. Frankfort,) Ind.
*300.000
repairing existing streets; $350,000 for a new municipal steamer: for two Arthur .1. Spurgeon, County Auditor, will receive sealed bids until 10 a. m.
$200.000
new fire
for new police stations; $300.000 for buildings stations;
on April 2 for the purchase of $8,421.74 6% Prairie Creek dredging bonds.
at the City Hospital.
branch libraries and $513,000 for new
Denom. $842.18. Due on Feb. 12 from 1933 to 1942 incl. Interest is
- payable on Feb. and Aug. 12. A certified check for $200. payable to the
-TEMPORARY LOAN.
BROCKTON, Plymouth County, Mass.
% dis- order of the County Treasurer, must accompany each proposal.
temporary loan of $150.000 was sold privately on March 10 at 55i
A
At a public offering
count basis. The loan matures on Nov. 28 1932. 9 1932 and to mature
-Luther
-BOND OFFERING.
COLUMBIA, Lancaster County, Pa.
on that day of a $400,000 loan bearing date of March
Schroeder, Borough Secretary, will receive sealed bids until 8 p. m. on
1932 no bids were submitted.
Dec. 5
- March 19 for the purchase of $125.000 455% sewer bonds. Dated April 1
(P. 0. Patchogue), Suffolk County, N. Y.
BROOKHAVEN
1 as follows: $3.000 from 1933 to 1942
-Claude C. Neville, Town Supervisor, will receive 1932. Denom. $500. Due April
BOND OFFERING.
$4,000 from 1943 to 1952 incl., and $5.500 from 1953 to 1962 incl.
for the purchase of
free
sealed bids until 11:45 a. m. on March 12 (to-day)Dated Feb. 1 1932. incl.;
Interest payable in April and Oct. Bonds will be issued bid of taxes In
6% interest water bonds.
for less than
$13.000 not to exceed
1934, and Pennsylvania, except succession or inheritance taxes. No
1933
Denom. $1,000. Due Fob. 1 as follows: $2.000 in& A.) and
certified check for $500, payable to the order of
payable at the par will be considered. A
$3,000 from 1935 to 1937 incl. Prin. and int. (F.of the par value of the the Borough, must accompany each proposal.
A certified check for 5%
office of the Town Clerk.
accompany each
bonds bid for, payable to the order of the Town, must
-The
-NOTE REFUNDING.
New
COLUMBIA, Richland County, S. C.
proposal. The approving opinion of Clay. Dillon & Vandewater of
following account of the refinancing of $690.000 In 414% notes by New
York, will be furnished the successful bidder.
the Columbia "State" of March 9:
-Sealed bids York bankers is taken from morning ratified an agreement reached last
-BOND OFFERING.
BUHL, St. Louis County, Minn.
"City Council yesterday
Village
will be received until 7:30 p.m. on March 21 by John D. TurnquIst,
week by three of its representatives for renewal of city notes to the amount
purchase of a $22,000 issue of refunding bonds. Int. of $690,000 and announced a plan of retiring the floating debt in four
Recorder, for the
Denom. $1.000. Dated
is contemplated to retire the deficit, which has
rate is not to exceed 6%, payable M. & S.
1936, years. No additional levyef years. Under the plan, notes of $125,000 will
March 15 1932. Due on March 15 as follows: $4.000. 1935;$10.000.
over a period
chock for $500, payable to Joseph accumulated
and $1.000, 1937 and 1938. A certified
be retired Dec. 15 1932, $150,000 will be retired the same date in 1933,
be
&mese. Village Treasurer, must accompany the bid.
$175.000 in 1934 and $240,000 In 1935. Refinandng of the notes will
POST- done through the Chase National Bank of New York. They will carry an
-BOND SALE
Skagit County, Wash.
BURLINGTON,
notes now falling due carried
-We are inforyned that the sale of the two issues of not to exceed interest rate of 6% per annum, whereas the that a 6% rate is not unduly
PONED.
however, feels
for
6% semi-ann. water bonds. aggregating $40,000, previously scheduled 13. only a 455% rate. Council, financial condition and what other Governhigh considering the present
-has been postponed until 8 p.m. on April
April 6-V. 134. p. 1406
only
mental units are hwing required to pay. The notes have been renewed
follows:
The issues are divided as
until Jan. '31 1933. but the Chase National Ban:., it was pointed out, would
$25.000 revenue bonds. Due from 1934 to 1953, incl.
consider further renewal under the same conditions."
15.000 general obligation bonds. Due from 1934 to 1953, incl.
Denom. $500. Dated Jan. 1 1932.
-The following
-BOND SALE.
COLUMBUS, Franklin County, Ohio.
$139.159 offered on March 10-V. 134. p.1616
CALHOUN COUNTY (P. 0. Marshall), Mich.-130ND OFFERING.
10 a.m. Issues of bonds aggregating
James Threapleton, County Treasurer, will receive sealed bids until not to were awarded as 550 to Seasongood & Mayer of Cincinnati. at par plus a
a price of 100.14, a basis of about 5.225';
time) on March 17 for the purchase of $175.000
to
(Eastern standard
of premium of $196, equal
impt. bonds. Due March 1 as follows: $13.483 In 1934:
exceed 6% interest refunding bonds, issued to replace a like amount
The bonds now $131.483 street In 1935. and $13,000 from 1936 to 1943 Ind.
$14.000
road bonds, dated April 1 1917 and maturing April 1 1932.April 1 as follows:
1932. Denom.$1.000. Due
offered will be dated April 1
7.676 lighting system bonds. Due March 1 as follows: $1.676 in 1934:
and semi$2.000 in 1935 and 1936, and $1,000 in 1937 and 1938.
$10,000 in 1933, and $15,000 from 19:34 to 1944, incl.In Principal Chicago
Detroit or
interest payable at a bank or trust company
Each issue is dated April 11932.
annual
Supervisors
satisfactory to the successful bidder. The Board of County
of
maturities
Mich.
reserves the right to sell only $145,000 bonds, omitting theand $145.000.
COVERT SCHOOL DISTRICT, Van Buren County, defeated
-At an election held on March 4 the voters
1943 and 1944, and requests alternative bids for $175.000
The county BONDS DEFEATED. school buidling extension bond issue by a vote of
the proposed $20.000
A certified check for $2,500 must accompany each proposal.
l'addock & Stone
will furnish the approving opir,ion of Miller, Canfield,
provision must 178 to 127.
of Detroit. Bonds are to be delivered on April 1 1932 and that day In the
-CITY TO FUND SHORTbe made by the purchaser to deposit the purchase price on refunded.
CRANSTON, Providence County, R. 1.
Now York, to meet the bonds being
-The finance committee of the city council has under conChase National Bank,
TERM DEBT.
-The sideration a plan to ask permission of the General Assembly, at its present
-BOND SALE.
of (P. 0. Sacramento).
CALIFORNIA, State
offered for
authority to issue $600.000 in bonds to take care of all of the
$1,225,000 issue of 455% semi-ann. Veterans' Welfare bonds group com- session, for floating indebtedness of the City. The bonds would mature
outstanding
sale on March 10(V. 134, p. 1809) was purchased at auction by a
in each
the Chase Harris Forbes serially over a period of from 1 to 10 years and provision be made interest
posed of R. H. Moulton & Co. of San Francisco, both of New York, the
annual budget to provide for the payment of maturing principal and
Corp. and the First National Old Colony Corp..
Witter & Co., both of San Francisco, charges. City Treasurer Lee has approved of the plan.
American Securities Co. and Dean
premium of
and the Security First National Co. of Los Angeles, for aDec. 1 1931.
Gunnison),
CRESTED BUTTE SCHOOL DISTRICT NO. 8 (P. 0.
$8,050. equal to 100.657, a basis of about 4.41%. Dated
-It is reported that the
-BONDS VOTED.
Gunnison County, Colo.
Due from Feb. 1 1939 to 1944.
refunding bonds.
-BOND SALE PRO- voters recently approved the issuance of $80.000 In school
CALIFORNIA, State of (P. 0. Sacramento).
-The following is a report from the San Francisco "Chronicle"
POSAL.
-BOND OFFERING.
bonds:
CUYAHOGA FALLS, Summit County, Ohio.
of March 2 regarding a plan to sell approximately $3,000,000 in school D. C.,
receive sealed bids until 12 M.(Eastern
Director of Finance Rolland Vandorrift returned from Washington, school J. E. Preston, City Auditor, will the purchase of $439,489.79 6% impt.
Standard time) on March 25 for
with a plan by which more than $3,000.000 worth of "frozen"
to-day
••• ^4
bonds issued prior to Jan. 2 1932, may be sold with the aid of loans from the bonds. divided as follows:
in 1933, and
Reconstruction Finance Corporation. Vandegrift said he would confer $303.198.01 impt. bonds. Due Oct. 1 as follows: $33,198.01
$30.000 from 1934 to 1942 inclusive.
with financial interests in the endeavor to arrange for the purchase of
and
129,236.18 impt. bonds. Duo Oct. 1 as follows: $12,236.18 in 1933,
these bonds by banks with moneys advanced by the finance corporation.
313.000 from 1934 to 1942 inclusive.
-OFFERING DETAILS.
1 as follows:
CALIFORNIA, State of (P.0. Sacramento).
5.691.26 city's portion improvement bonds. Due Oct. inclusive.
-The $1,000,000 issue of 4% harbor impt. bonds scheduled for sale at
$1,191.26 in 1933, and $500 from 1934 to 1942
-Is further described as
public auction on March 24-V. 134. p. 1809
1,364.34 improvement bonds. Due Oct. I as follows: $564.34 In 1933.
and are
follows: Bonds are registerable as to principal and interest jointlyDelivery
and $200 from 1934 to 1937 inclusive.
not exchangeable for coupon bonds. No legal opinions furnished.
Each issue is dated April 11932. Interest is payable in April and October.
of the bonds made at the office of the State Treasurer.
Bids for the bonds to bear interest at a rate other than 6%, expressed in a
Official Financial Statement (Feb. 1 1922)
multiple of 5.5 of 1%, will also be considered. A certified check for 2%
Recapitulation of Bonds
of the amount of bonds bid for, payable to the order of the City Treasurer,
$177.105.000 must accompany each proposal. (Previous offering of the bonds was made
Total authorized
158,622.000 for award on Feb. 29.-V. 134, p. 1229.)
Total sold
18,483.000
Total unsold
20.577.500
-We are In-BOND SALE.
Total redeemed
DALLAS COUNTY (P. 0. Adel), Iowa.
138,044,500 formed by T. C. Bengtson, County Treasurer, that a $14.000 Issue of 4149'
Total outstanding
$9,397.909.983
Assessed valuation. 1931
coupon funding bonds has been purchased by Geo. M. Bechtel & Co. of
5,398,457
Estimated population
Davenport, at par. Denom. $500. Dated Sept. 1 1931. Due as follows:
1935. Interest payable J. & D.
CAMPBELL CITY SCHOOL DISTRICT, Mahoning County, Ohio. $5.000. 1933 and 1934, and $4,000 in p. 1810.)
-The issue of $43.000 6% refunding bonds offered On (This corrects the report given in V. 134.
BONDS NOT SOLD.
Dated
-was not sold, as no bids were received.
March 7-V. 134, p. 1406
-The 8150,March 15 1932. Due Oct. 1 as follows: $3,000 in 1933 and 1934; $4.000,
DANVILLE, Pittaylvania County, Va.-BOND SALE.
1935; $3.000, 1936 and 1937: $4,000, 1938; $3,000, 1939 and 1940; $4,000, 000 455% semi-annual armory and auditorium bonds offered for sale on
1941; $3.000, 1942 and 1943: 34,000 in 1944 ,and $3,000 in 1945.
March 7-V. 134, p. 1810-was purchased by Halsey, Stuart & Co. of
New York, at a price of 92.81, a basis of about 5.35%. Dated July 1 1931.
CAMPION WATER DISTRICT (P.O. Fort Collins),Larimer County,
- Due $6,000 from July I 1932 to 1956 inclusive.
-At the election held on Feb. 16-V. 134, p.882
-BONDS VOTED.
Colo.
toe voters approved the issuance of the $14,000 in water works construction
bonds.
-INJUNCTION AGAINST BOND
DECATUR, Macon County, 111.
-The Mer- ISSUE.
-In answer to our request for information regarding a proposed
CANTON, Norfolk County, MAIM-TEMPORARY LOAN.
-V. 134. p. 1407. City Clerk Jerome I.
9 a $150.000 tem- $500.000 water revenue bond Issue
chants National Bank, of Boston, purchased on March
porary loan at 5.47% discount basis. Due Nov. 10 1932. Bids received Heger under date of March 4 advises us as follows: was passed by a 3 to 2
"This ordinance recommending the above issue
at the sale were as follows:
Discount Basis. veto of the City Council-and there is much opposition to this or any other
Bidder5.47
bond issue. There is now on file in the Circuit Court of Macon County.
Merchants National Bank, Boston (successful bidder)
5.80 0 Illinois and injunction to halt any further progress to complete this issue.
Second National Bank, of Boston
6.00°
The ordinance cannot be published and no official of the City can do any
H. W. Briggs & Co. (for $25,000)
and therefore it is almost a certainty that
-The act tending to further its progress
-TEMPORARY LOAN.
CHELSEA, Suffolk County, Mass.
the issue will never be completed."
Manufacturers Trust Co.. of Now York. has purchased at 6% discount
basis a temporary loan of 33:0.000, to be payable from tax collections.
-We give the
-BONDS SOLD.
DENVER (City and County), Colo.
-ADDITIONAL SCHOOL WARRANTS following sale report from the "Denver and Rocky Mountain News" of
CHICAGO Cook County,Ill.
-Lewis E. Myers, President of the Board of Education, has March 8:
CALLED.
announced that the following educational, school building and school
"Salo of municipal building bonds since Saturday morsing has totala
playground tax anticipaton warrant notes will be paid en presentation $875.000. It was announced last night by J. H. Goode, Manager of the city
through any bank, to the City Treasurer, Ilalsey, Stuart & Co.. of Chicago, bond department. A block of bonds valued at $750.0.10 was sold yesterday
,
or the Guaranty Trust Co.. New York: Building fund. 1928. Nos. 11-3777 to Sidle, Simons, Day & Co. and Eastern associates at a price of 94.60,
to 11-3779, 6%,for 35,000 each. Dated July 11029 and due June 30 1930. after brief negotiations. The bonds were sold on a basis to yield 455%
Building fund, 1930, Nos. 11-226 to B-235, 5j%, for $1.000 each; Nos. less
or at 1 point less than the price at which the bonds can be sold to
B-236 to B-245. 5(%,for $5,000 each. Dated Sept 11930.
yield a return of 455 %. There will be immediate delivery on the bonds.
Playground fund, 1930. Nos. P.208 to P.210,4%,for $1,000 each. Dated The rapid turnover of municipal bonds since Saturday clirraxes a steadily
Dec. 1 1931.
increasing demand for the securities that has been evident for three weeks.
Interest accrual will stop on March 11, if foregoing described notes are Total sales of the municipal courthouse bond Issue of S2.500.000 stood
not presented for collection on or before that date.
yesterday at $1.400,000. Mr. Goode announced."
-On March 10 a $750,000
BONDS OFFERED FOR INVESTMENT.
The following tax anticipation warrants will be paid on presentation to
issue of 4% coupon court house and city hall bonds was offered by Phelps,
the City Treasurer or the Guaranty Trust Co. of New York:
at prices to yield 4.409'.
Sinking fund for bonds and interest on bonds, dated April 30 1930, Nos.214 Fenn & Co. of New York, for public subscription $50.000. 1941: S150.000,
and 215, for $50,000 each; dated Nov. 1 1930. Nos. F-1 to F-29 for Dated July 1 1931. Due on July 1 as follows:
1942 and 1943. and $200,000 in 1944 and 1945. Principal and interest
$5,900 each.
(J. & J.) payable at the office of the City Treasurer, or In New York.
Public Library. dated July 31 1930, No. 242, for $25,000.
City. (These
Municipal tuberculosis sanitarium, Nos.235 to 238 incl., dated July 22 1930. Legal opinion of Clay, Dillon & Vandewater of New York
are the bonds mentioned above.)
for $5,000 each.
fund, dated July 31 1930. No. 292, for $25,000.
Firemen's pension
DENVILLE TOWNSHIP (P. 0. Denville), Morris County, N. J.
Interest accrual will stop on March 18 1932 If foregoing described notes
-No bids were received at the offering on March 9
BONDS NOT SOLD.
are not presented for payment on or before that date.
-V. 134, p. 1616-despite
of 3100,000 6% coupon or registered water bonds
-BELATED BOND SALE the fact that eleven bond houses had made inquiry regarding the issue
CHICOPEE, Hampden County, Mass.
-Bond financing accomplished by the city during the year prior to the date set for the reception of bide. It is said that taxes delinREPORT.
include the
and reported in these columns from time to time, did not to the First quent for the past three years amount to $75.000 and this fact is believed
1931
was made on July 20
sale of $35.000 355% water bonds which at a price of par. Issue is dated to have operated against bidding for the issue. Bonds are dated April 1
National Old Colony Corp.. of Boston,
1932 and were offered to mature April 1 1938. Of the proceeds of the
to 1938 inclusive.
sale. S27.500 was intended for redemption of notes and the remainder
July 1 1931 and matures on July 1 from 1932
-The for water system construction purposes. Several local investors have indi-BOND DETAILS.
Clay County, Kan.
CLAY CENTER,
a willingness to purchase some of the bonds and Township Clerk
by the Municipal
$42.286.29 issue of street impr. bonds that was purchased awarded as 4s, cated Sofield has been authorized to accept application in any
David
amount
p. 1810-was
Light & Water Plant Sinking Fund-V. 134, 10 years.
asked for.
1 to
from
at par. Dated Jan. 1 1932. Due in
2004
FINANCIAL CHRONICLE
[VOL. 134.
DESCHUTES COUNTY SCHOOL DISTRICT NO. 1 (P. G. Bend),
GREENWICH (P. G. Greenwich), Fairfield County., Conn.
Ore.
-BOND
-NOTES NOT SOLD.
-The $60,000 issue of not to exceed 6% semi- SALE.
-The $400,000 coupon or registered bonds offered on March 5annual notes offered on March 1-V. 134, p. 1616
-was not
were no bids received. We are informed that the State sold as there V. 134. p. 181I-were awarded to Phelps, Fenn & Co.. of New York, at a
of Oregon
renewed the notes at 6%. Dated Jan. 3 1932. Due on Jan. 3 1923. has price of 100.067. for $200,000 as 43s and $200,000 as 5s, the net interest
cost basis being about 4.6499. Included in the award were:
EAST CLEVELAND, Cuyahoga County, Ohio.
-PRICE PAID.
- $160,000 street widening bonds as 5s. Dated March 1 1932. Due $10,000
F. D. Green, Director a Finance, reports that a price of par
on March 1 from 1933 to 1948, incl.
was paid for
the $45,000 5% water works system bonds sold recently (V. 134, P.
150,000 highway improvement bonds as 4;is. Dated Nov. 1 1931. Due
Dated April 1 1932. Due Oct. 1 as follows: $2,000 from 1933 to 1810).
May 1 as follows: $10,000 in 1950, and $35,000 from 1951 to
1954,
incl., and $1,000 in 1955.
1954. inclusive.
50,000 drain bonds sold as 41is. Dated March 1 1932. Due $5,000.
EASTHAMPTON,Hampshire County, Mass.
-TEMPORARY LOAN.
March 1 from 1933 to 1942, incl.
-George Evans, Town Treasurer, informs us that a temporary loan of
40,000 highway dept. equipment bonds as 5s. Dated March 1 1932.
$34,000 has been sold to the First National Bank, of Boston, at 534% a
Due $4,000 March 1 from 1933 to 1942, incl.
discount basis. The loan matures in about four months.
The successful bidders are reoffering the bonds for public investment as
follows: $150,000 4;is, due from 1950 to 1954, are priced at 100.25 and
ELDORADO, Butler CountyKan.-BOND ELECTION.
-It
interest; the prices on the remaining $250,000 435% and 59 bonds
reported that a special election wilebe held on March 25 in order to
on the proposal to issue $200,000 in gas distributing system bonds. vote to yield as follows: 1933 and 1934 maturity, 5.00%; 1935, 4.90%: 1936vary
and
1937, 4.759; 1938 and 1939, 4.60%, and 4.50% for the maturities from
ELIZABETH, Union County, N. J.-$500,000 BONDS SOLD
-BIDS 1940 to 1948. The bonds, according to the bankers, are legal investment
ASKED FOR REMAINDER OF ISSUE.
-City Comptroller John A. for savings banks and trust funds in the States of New York, Massachusetts
Mitchell has been authorized to solicit sealed bids until April 7 for the and Connecticut. Principal and
interest are payable in New York City.
purchase of $4,498,000 bonds of an issue of $4,998,000, of which the remainThe following is an official list of the bids received at the sale:
ing $500,000 have been sold to Dillon, Read & Co., of New York, at 5.16%
BidderInterest rate.
interest rate basis. The Comptroller stated that it is necessary to dispose
Amount Bid.
of the bonds in order to provide for the retirement of a like amount of water
$160,000.00(B59
notes which became due on March B. An extension of 30 days was granted *Phelps. Fenn & Co
40.000.00
$400.268.00
by the Chase National Bank, of New York, and J. S. Rippel & Co., of
50,000.00
Newark, holders of the notes. Mr. Mitchell
it may be necessary Estabrook & Co.,and Putnam & Co.,
ointlY-4.11 4 4
to pay an interest rate of as high as 6% in order to dispose of the bonds.
401,240.00
Estabrook & Co.. and Putnam & Co., jointly-All @ 5%
BOND OFFERING.
-John A. Mitchell, City Comptroller, will receive
except
400,000.00
sealed bids until 11 a. m. on March 21 for the purchase of $4,493,000 4%% Wallace, highway improvement bonds 0 4 %
-All 0 4%%
400,790.40
coupon or registered water bonds. Dated Jan. 1 1932. Denom. $1,000. Salomon Sanderson & Co
Bros. dc Hutzler-All 0400,640.00
4111%
Due Jan. 1 as follows:$85,000from 1934 to 1938 incl.;$95,000. 1939 to
Company of N. Y., and Fkst National Old
$110,000, 1943 to 1947: $120,000. 1948 to 1957: $126.000 in 1958 and 1942: Guaranty Corp.,
Colony
1959:
jointly
-All 0 4. %
4
3
400,324.00
$127,000, 1960 to 1964; $132,000 from 1965 to 1971 and $127,000 in 1972. The National
City Co
-All 0 57
0
404.400.00
Principal and interest (Jan. and July) are payable at the National State The
National City Co.
-All
5% except highway imBank, Elizabeth. No more bonds are to be awarded than will produce a
provement bonds
43 %
400,076.00
premium of $1,000 over $4,493.000. The bonds will be prepared under
the supervision of the Continental Bank & Trust Co., of New York, which R. L. Day & Co.; Conning & Co.', F. R. Cooley & Co.;
E.M.Bradley & Co.,and The R.F. Griggs Co.,jointly
will certify as to the genuineness of the signatures of the officials and the
All
5%
404.156.00
seal impressed thereon. A certified check for 2% of the amount of bonds Halsey,
Stuart & Co.,and R. W.Pressprich & Co.,jointly
bid for, payable to the order of the city, must accompany each proposal.
All
402,480.00
The approving opinion of Reed, Hoyt & Washburn. of New York, will Geo. 0 5%
B. Gibbons & Co., Inc
402,040.00
-All 0 5%
be furnished the successful bidder. These bonds are part of an issue of Bankers
Trust Co. of N. Y.
401,917.00
-All
5%
$4,998,000 unsuccessfully offered on Dec. 28-V. 134, p. 162.
•Successful bidder.
ELGIN, Kane County, 111.
-BONDS DEFEATED.
-At an election
held on March 1 the voters disapproved of a proposal to issue $215,000
GRENADA COUNTY (P. G. Grenada), Miss.
-BOND DETAILS.
The $30,000 issue of 6% semi-annual funding bonds that was purchased
Improvement bonds, the vote being 1,341 "for' and 1,821 "against.'
by Saunders & Thomas of Memphis (V. 133, p. 4356) was awarded at par
WELK CITY, Beckham County, Okla.
-BONDS NOT SOLD.
-The
$25,000 issue of sewage disposal plant bonds offered on Feb. 23-V. 134, and matures $3,000 from Nov. 1 1932 to 1941. inclusive.
-was not sold.
p. 1407
GROSSE POINTE PARK (P. 0. Grosse Pointe), Wayne County,
BONDS RE
-OFFERED.
-Sealed bids were again received by W. E.
-BONDS NOT SOLD.
-No bids were received at the offering on
Garrison, City Clerk, for the purchase of the above bonds, until 7:30 p. m. Mich. 8 of
March
$85,000 not to exceed 6% interest tax anticipation notes, of
on March 7. Interest rate to no stated by the bidder.
which $71,000 were to mature Oct. 1 1934 and $14.000 on Oct. 1 1933.
ERIE, Erie County, Pa.
-BONDS AUTHORIZED.
-The City Council Each issue is dated March 1 1932.-V. 134. p. 1811.
recently adopted ordinances providing for the issuance of $185,000 44%
bonds, divided as follows:
HAMILTON COUNTY (P. G. Hamilton), Tex.
-BOND DETAILS.
$165,000 sewer system construction bonds. Denom.$1,000. Due April 15 The $65,000 issue of 57 court house bonds that was purchased by local
as follows: $5,000 from 1933 to 1939,incl., and $10,000 from 1940 investors
-V.134, p. 1617
-was awarded at par. Interest payable February
to 1952, incl.
and June.
20,000 re-surfacing road bonds. Denom. $1,000. Due April 15 as
HAMTRAMCK, Wayne County, Mich.
follows: $1,000 from 1933 to 1942, Incl., and $2,000 from 1943
-BELATED BOND SALE
REPORT.
to 1947. Incl.
-On March 12 1931 the city sold an issue of $250,000 5% welfare
Bonds to be dated April 15 1932. Principal and interest (April and emergency bonds to Matthew Finn. of Detroit, at a price of 88.80 per $100
Oct. 15) to be payable at the office of the City Treasurer.
bond, the net interest cost of the financing being about 7.35%. The bonds
are dated March 2 1931 and mature March 2 1936. Previous mention of
ESSEX COUNTY (P. 0. Newark), N. J.
-BOND SALE.
-The Board the sale of this issue was not made in these columns.
of Chosen Freeholders voted on March 10 to sell an issue of $1,561,000 6%
5
-year bonds to J. S. Rippe'& Co., of Newark, and associates. The bonds
HAVERHILL, Essex County, Mass.-BELA TED BOND SALE
will replace temporary improvement notes in that amount maturing on REPORT.
-In addition to various other bond issues sold by the city during
April 1.
1931 and reported in these columns, the city also sold $10,000 33 % water
5
,
bonds to the Haverhill Savings Bank. Dated Sept. 1 1931. Due $2,000
FITCHBURG, Worcester County, Mass.
-LOAN OFFERING.
- annually from 1932 to 1936. inclusive.
John B. Fellows, City Treasurer, will receive sealed bids until 12 m. on
March 15 for the purchase at discount basis of a 9530,060 temporary loan.
HINTON,
-It is
Dated Mar. 15 1932. Denoms. to suit purchaser. Payable Nov. 5 1932 at stated that an Summers County, W. Va.-BOND ELECTION.
election
First National Bank, of Boston. The notes will be authenticated as to proposed issuance of will be held In May to have the voters pass on the
$100,000 in bonds divided as follows: $70,000 gas
genuineness and validity by the First National Bank, of Boston, under distribution system and
$30,000 bridge bonds.
advice of Ropes, Gray. Boyden & Perkins, of Boston.
ILLINOIS (State of).
FORT DODGE, Webster County, lowa.-BOND SALE POSTPONED.
-NOTE OFFERING.
-It is announced that
-We are informed that the sale of the $10,000 issue of not to exceed 5% Edward J. Barrett, State Treasurer, will receive sealed bids until 10 a.m.
semi-annual water works bonds scheduled for March 4 (V. 134, p. 1810) on March 14, for the purchase of $5,000,000 5% emergency unemployment relief revenue notes, which are part of a total of $18.750,000 authwas postponed to March 12. Due from March 1 1935 to 1937,inclusive.
orized by the State Legislature. These notes have been placed on the
FREEPORT, Brazoria County, Tex.
-BOND SALE.
-A $10,000 issue market for public subscription at a price of par, and subscriptions received
of street improvement bonds is reported to have been purchased by the up to March 3 were for $10,761,300 of the issue. The notes now offered
will be dated Feb. 25 1932 and be redeemable not earlier than Dec. 1 1932,
Freeport Levee District.
after 15 days' public notice, at par and accrued interest from the proceeds
FREEPORT, Nassau County, N. Y.
-BOND OFFERING.
-Howard of a bond issue, if voted, will be submitted at the general election in NoR. Pearsall, Village Clerk, will receive sealed bids until 8:30 p.m. on March vember 1932, also authorized by the Legislature, otherwise said notes will
16 for the purchase of $278,000 not to exceed 6% interest coupon or regis- be paid from the proceeds of an emergency tax levied for the year 1932.
tered, series B, sewer bonds. Dated March 1 1932. Denom. $1,000. Principal and accrued interest will be payable at the State Treasurer's
Due March 1 as follows: $9,000 from 1933 to 1954, incl., and $10,000 office. Denorns. $50,000. $25,000. $10,000, $5,000. $1.000, $500 and
from 1955 to 1962. incl. Rate of interest to be expressed in a multiple of $100, without privilege of registration. Proposals to be accompanied by a
% or 1 10th of 1% and must be the same for all of the bonds. Principal certified check for 2% of the amount of notes bid for, payable to the
and semi annual interest (March and September) are payable at the order of the State Treasurer. Legality to be approved by Chapman &
Freeport Bank. A certified check for $5,500, payable to the order of the Cutler of Chicago, at the expense of the purchaser. Further Information
Village, must accompany each proposal. The approving opinion of Clay, regarding the authorization of the issue will be found in V. 134, P. 1226.
Dillon & Vandowater, of New York, will be furnished the successful bidder.
Financial
(On Aug. 26 award was made of an issue of $290,000 sewer bonds as 3.90s. Assessed value as fixed by Statement of the State of Illinois.
the State Tax Commission 192948,416,988,306
to Wallace, Sanderson & Co., of New York, at a price of 100.409, which Total bonded debt
192,607,500
Was not consummated owing to irregularities in the issuing procedure. At Revenue notes outstanding
7,500,000
the re-offering on Oct. 7 no iolds were received.
-V. 133. P. 2464.)
Population, 1930 census, 7.630,654.
Financial Statement.
IOWA CITY, Johnson County,Iowa.
-BOND SALE
Assessed valuation (1932)
$57,297.663 issue of coupon sidewalk Improvement bonds offered for.-The $2,267.05
sale on March 5
Specialfranchises
845,750 - 134, p. 1811-was turned over to the contractors,
V.
Total assessed value tearable property
58,143,413 Denom. $251. Dated March 4 1932. Due from May 1 as 5s, at par.
Bonded debt (including this issue)
3,124.900 inclusive. Optional at any time prior to maturity. Int. 1932 to 1938,
payable May 1.
Water bonds (included in above)
309,000
Sinking funds
None
IPSWICH, Essex County, Mass.
-ADDITIONAL
Floating debt other than tax anticipation
291,000 -The temporary loan of $75,000 sold on March 3 to F.INFORMATION.
S. Moseley &
xTotal debt exclusive of water bonds
3,106,900 of Boston to bear interest at 5.85%-V. 134, P. 1811-is dated MarchCo.
10
Population, Jan. 1931. 19.475.
1932 and matures Oct. 10 1932.
x $159,000 of this amount is light bonds against the municipal plant.
IRON RIVER, Iron County, Mich.
-BOND ELECTION.
GARY, Lake County, Ind.
-BOND SALE.
-At the
-The Union Trust Co..
Of Indianapolis, purchased on Fob. 26 an issue of $35,000 67 refunding primary election in April the voters will pass upon a proposal calling for
0
bonds at a price of par. Dated March 1 1932. Denom. $500. Due the issuance of $75,000 in bonds to finance the construction of a municipal
March 1 1942. Principal and interest (March and September) are payable electric light and power plant. This action was decided upon by the clty
commission as a result of the refusal of the Iron Range Light & Power Co.
at the office of the City Controller.
to grant a 25% reduction in rates demanded by the commission recently.
GLOVERSVILLE, Fulton County, N. Y.
-BOND SALE.
V.
-The $26.- - 134, p. 1811.
000 6% registered local improvement bonds offered on March 10-V. 134.
JEFFERSON SCHOOL DISTRICT(P.O. Jefferson), Union County.
p. 1617
-were awarded at a price of par, jointly, to the City National
S. Dak.-BONDS NOT SOLD.
-The $26,000 issue of not to exceed
Bank & Trust Co., Fulton County National Bank & Trust Co., and the
Trust Company of Fulton County, all of Gloversville. Dated March 1 semi-annual school bonds offered on Mar. 7 (V. 134, p. 1617) was not sold
1932. Due as follows: $8,000 in 1933; $6,000 in 1934; $4,000 in 1935, as there were no bids received.
BONDS RE
-OFFERED.
-Sealed bids will again
and $4,000 in 1937 and 1938.
chase of the above bonds until 8 p.m. on Mar. 29 be received for the purby Thomas 8, Blotters?.
GRANT COUNTY SCHOOL DISTRICT NO. 6 (P. 0. Silver City), Clerk of the Board of Education.
Dated Fob. 1 1932. Due in 20 Years
Mex.-BOND OFFERING.
-Sealed bids will be received until 10 a. m. or less.
N.
on April 2 by Gertrude Bell, County Treasurer,for the purchase of a $22,300
JOPLIN, Jasper County, Mo.-BONDS DEFEATED.
Issue of school bonds. Int. rate is not to exceed 6%, payable J. &.J.
-At the
Denom. $100. Dated Jan. 11932. Prin. and int, payable at the office of special election on March 4-V. 134, p. 1408
-the voters defeated the
the County Treasurer. A certified check for not less than 5% of the amount proposed bond issues, aggregating $100,000, divided as follows: $10,000
fire equipment; $10,000 market square improvement; $10,000 viaduct
payable to the County Treasurer, is required.
bid,
repair, and $70,000 storm sewer bonds.
GRATIOT COUNTY (P. 0. Ithaca), Mich.
-BOND OFFERING.
JORDAN SCHOOL DISTRICT (P. 0. Sandy), Salt Lake County,
John W. Young, County Drain Commissioner, will receive sealed bids unitl
-BONDS VOTED.
the purchase of $6,500 6% drainage district bonds. Utah.
-At an election held on March 8 the voters
10 a.m. on March 16 for
Dated May 15 1932. Denom. $325. Due $325 annually on April 1 from approved the issuance of $90,000 in school bonds, according to report.
1952, incl. The right is reserved, however, to call any bond for
1933 to
KANE AND COOK COUNTIES UNION SCHOOL DISTRICT NO.
payment after 1937. Interest to be payable annually. A certified check 46 (P. G. Elgin), Ill.
-BOND SALE-The issue of $150.000 43% school
for $100 must accompany each proposal.
building construction bonds for which no bids were received at the offering
MAR. 12 1932.]
FINANCIAL CHRONICLE
on Feb. 23-V. 134, P. 1811-was sold subsequently at a price of par by
C. W. McNear & Co. of Chicago. Dated July 1 1931. Due July 1 as
follows: $12000 in 1934 and 1935. $15,000 in 1936, $17,000 in 1937 and
1938, $5.000 in 1939, and $36,000 in 1940 and 1941.
LA CROSSE COUNTY(P.O. La Crosse), Wis.-BOND OFFERING.
Sealed bids will be received until 2 p.m. on March 14, by Esther M.Domke,
County Clerk, for the purchase of a $250,000 issue of 4% highway, series A
bonds. Denom. $1,000. Dated April 1 1932. Due $50,000 from April
1 1937 to 1941 incl. Prin. and int. (A. & 0.) payable at the office of the
County Treasurer. These bonds are to be refunded from gasoline and auto
license revenues accruing to the County as provided by the Statutes of
Wisconsin.
.-Amos
-BOND OFFERING
LAYEWOOD, Cuyahoga County, Ohio.
I. Kauffman, Director of Finance, will receive sealed bids until 12 m. on
March 26 for the purchase of $125,000 4 % hospital construction bonds.
being part of an authorized issue of $1,000,000.-V. 134, p. 1063. Bonds
will be dated April 11932. Denom. $1,000. Due Oct. 1 as follows: $5,000
from 1933 to 1939 incl., and $6,000 from 1940 to 1954 incl. Interest is
payable in April and Oct. Bids for the bonds to bear interest at a rate other
of 1%. will also be considered.
than 43. %, expressed in a multiple of
A certified check for 5% of the amount of bonds bid for must accompany
each proposal.
-BONDS AUTHORIZED.
LANCASTER, Fairfield County, Ohio.
The city council recently adopted an ordinance providing for the issuance of
$2.500 5% park and playground bonds, to be dated April 1 1932 and mature
Oct. 1 as follows:$1,500 in 1933. and $1,000 in 1934. Principal and interest
(April and Oct.) payable at the office of the City Treasurer.
-The voters
LANGLEY, Island County, Wash.
-BOND ELECTION.
will pass on a proposal to issue $12,000 in not to exceed 6% water bonds
at an election reported to be scheduled for May 28. Due in 25 years.
-BELATED BOND SALE RELANSING, Ingham County, Mich.
-An issue of $25,000 4% bridge bonds was sold on Sept. 1 1931
PORT.
at a price of par to the Perpetual Cemetery Fund. Dated Sept. 1 1931
and due in 1941. In addition to advising us of this additional bond sale
in 1931, the City Treasurer also obliged us with the following:
Bonded Indebtedness Jan. 1 1932 (Excluding Water & Light Debt).
Paving, $465,000: sewers, $830,000; bridges, $646,000; welfare
emergency, $250,000; memorial building, $90,000; detention
hospital. $90,000; cemetery, $36,000; total bonded debt
$2,407,000
Jan. 1 1932
2,103,000
Bonded debt Jan. 1 1931
-Sewer, $400,000; paving, $100,000;
Bonds issued during year.
775,000
welfare, $250,000; Logan Bridge, $25,000; total
2005
-The
MARINETTE, Marinette County, Wis.-BOND ELECTION.
voters wih be asked to pass on the proposed issuance of $65,000 in industrial
bonds at the election to be held on April 5, according to report.
-ADDITIONAL INMARION COUNTY (P. 0. Indianapolis), Ind.
-A group composed of the Fletcher Trust Co., the Fletcher
FORMATION.
American Co., and the Union Trust Co., all of Indianapolis, bidding for
5315, offered a price of par plus a premium of $242 for the issue of $84.500
bonds awarded on March 2 as 54s to the Harris Trust & Savings Bank, of
Chicago, and the Chase Harris Forbes Corp., jointly. Award was made
at a price of 100.19, or an interest cost basis of about 5.19%.-V. 134. P.
1812. Only two bids were received at the sale.
-The net
-BONDED DEBT.
MARSHALL, Calhoun County, Mich.
bonded debt of the city will be reduced to $203,000 following the payment
on March 15 of the last $1,000 bond of a storm water issue sold in 1915.
The gross indebtedness will be $245,000.
-It is re-SPECIAL ELECTION.
MARSHFIELD, Coos County, Ore.
ported that an election will be held on May 20 in order to convert $60,000 in
special improvement warrants into refunding bonds. It is said the re% interest and be in denominations of $100
funding bonds will boar
to $500.
-BOND OFFERING.-Cilay
MARTIN COUNTY (P. 0. Shoals), Ind.
H. Franklin, County Auditor, will receive sealed bids until 10 a.m. on
not to exceed 5% interest refunding
March 25, for the purchase of $25,000
bonds. Denom. $1,562.50. Due one bond each six months on May and
Nov. 15 from 1933 to 1940, inclusive.
-No
-BONDS NOT SOLD.
MATAWAN, Monmouth County, N. J.
bids were received at the offering on March 8 of $22,250 not to exceed
6% int. coupon or registered bonds, comprising a $14,250 water issue,
due from 1933 to 1947 incl., and an $8,000 inapt. issue, due from 1933 to
1940 incl.-V. 134, p. 1812. All of the bonds are dated March 1 1932.
-John J. Ward,
-BOND SALE.
MEDFORD,Middlesex County, Mass.
City Treasurer, states that award of the $154,000 coupon bonds offered
on March 11 was made to the Chase Harris Forbes Corp. of Boston, as
445. at a price of 100.35, a basis of about 4.70%. The award consisted of:
$70,000 sewer bonds. Due March 15 as follows: $4,000 from 1933 to 1947
incl., and $2,000 from 1948 to 1952 incl.
54.000 fire station bonds. Due $3,000 March 15 from 1933 to 1950 incl.
30.000 water main bonds. Due $2,000 March 15 from 1933 to 1947 incl.
Each issue is dated March 15 1932. Prin. and in (M.& S. 15) are payable in Boston. Legality approved by Ropes, Gray, Boyden & Perkins of
Boston.
Financial Statement March 1 1932.
485.895,850.00
Assessed valuation 1931, net
4,344.500.00
Total debt (present loan included)
$2,878,000 Water debt, included in total debt
456,000.00
85,741.07
Bonds retired during year.-Paving $210,000; sewers, $110,000:
Sinking fund other than water
bridge, $135,000; memorial building, $10,000; detention hosPopulation 1931 census, 60,117.
471,000
pital, $5,000; cemetery, $1,000; total
Includes motor vehicle excise tax, $4,810.250.
$2,407,000
Bonded debt Jan. 1 1932
MENASHA, Winnebago County, Wis.-ADDITIONAL INFORMANet increase in bonded debt for 1931. $304,000. Amount necessary TION.
-In connection with the sale of the $125,000 issue of 431% coupon
to be raised by taxation to retire bonded debt, $2,033,000.
school bonds to the Harris Trust & Savings Bank of Chicago, at 96.19, a
-we are now informed that the
-BONDS basis of about 5.15%-V. 134, P. 1812
LAPEER SCHOOL DISTRICT, Lapeer County, Mich.
N.) are payable at the office of the City Treas
RETIRED.
-The payment on March 1 of $22,000 bonds of an issue of principal and interest(M.&
urer. Legality to be approved by Chapman & Cutler of Chicago. The
$260.000 floated in 1924 reduced the amount of the issue outstanding following bids were also received for the bonds:
to $184,000.
Price Bid.
Bidder$120,075
LARIMER COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Fort Central Republic Co. of Chicago
118,856
-The County Treasurer is reported to Continental Illinois Co., Chicago
-BOND CALL.
Collins), Colo.
be calling for payment at his office on April 1 Nos. 1 to 11 of the 54%
-BOND ELECTION.
MILLARD COUNTY (P. 0. Fillmore), Utah.
school building bonds. Denom. $1,000. Dated April 1 1921.
It is reported that an election will be held on March lii in order to submit
-It is reported to the voters a proposal to issue $75,000 in school bonds.
-BONDS OFFERED.
LATHAM, Butler County, Kan.
thatrsealed bids were received until 7:30 P. m. on March 10 by II. A.
-The $8,300
-BOND SALE.
MIDDLETOWN, Butler County, Ohio.
Stewart, City Clerk, for the purchase of a $15,000 issue of 4% semi-annual 6% special assessment improvement bonds offered on March 8-V. 134,
internal improvement bonds.
& Trust Co., of Middle-were awarded to the Oglesby-Barnitz Bank
1)• 14019
-BELATED BOND .SALE 1W- town, at par plus a premium of $17.50, equal to a price of 100.27, a basis
LAWRENCE, Essex County, Mass.
-The First National Old Colony Corp. of Boston, purchased in of about 5.94%. Dated March 1 1932. Due $700 on Sept. 1 from 1933
P0117,
to 1941, incl. Bids received at the sale were as follows:
1931 at a price of par the following issues of bonds, aggregating $510,000:
Premium.
Bidder$350,000 347 macadam paving bonds. Dated June 1 1931. Due $70,000
$17.50
on June 1 from 1932 to 1936, inclusive.
Oglesby-Barnitz Bank & Trust Co. (successful bidder)
10.71
160,000 bridge bonds, comprising $120,000 314s and $40.000 34s. Dated Provident Savings Bank & Trust Co., Cincinnati
May 1 1931. Due $8,000 on May 1 from 1932 to 1951, incl.
Provident Savings Bank & Trust Co.(alternate bid, not considered) 25.20
1.00
(The above issues were offered at public sale on June 4 at 334% interest, Well. Roth & Irving Co., Cincinnati
-V. 132, p. 4451.)
at which time no bids were received.
-The
-BOND SALE.
MINNEAPOLIS, Hennepin County, Minn.
-BOND ELECTION. three issues of coupon or registered bonds aggregating $1,482,000, offered
LEAVENWORTH,Leavenworth County, Kan.
-were purchased by a syndicate
-A special election will be held on March 22, according to report, in order for sale on March 9-V. 134, p. 1618
tolvote on the proposed issuance of $120,000 in high school bonds.
composed of Halsey, Stuart & Co. of New York, the First National Old
Colony Corp., Phelps, Fenn & Co., and R. H. Moulton & Co., all of New
-NOTE SALE.
-The First
LEXINGTON, Middlesex County, Mass.
Milwaukee Co. of Milwaukee, and Stifel, Nicolaus & Co. of St.
York;
National QM Colony Corp., of Boston, purchased on March 9 an issue of Louis,the 44s, paying a premium of $1,560, equal to 100.105, a bans of
as
$26,000 5g% tuberculosis hospital maintenance notes at a price of 100.105, about 4.73%. The issues are divided as follows:
abaSis of about 5.18%. Dated March 1 1932. Due $13,000 on March 1 $562,000 water works bonds. Due from April i 1933 to 1952, incl.
in 1933 and 1934. Bids received at the sale were as follows:
320,000 permanent impt. bonds. Due $16,000 from April 1 1933 to 1952.
Int. Rate.
Rate Bid.
Bidder600,000 public relief bonds. Due $120,000 from April 1 1933 to 1937,incl.
First National Old Colony Corp. (successful bidder)-- 547
100.105
-The successful syndicate reBONDS OFFERED FOR INVESTMENT.
100.312
Bond, Judge & Co
offered the above bonds for public subscriptions priced as follows: 1933
Chase Harris Forbes Corp
100.10
and 1934 maturities to yield 4.75%; 1935 to yield 4.65%; 1936 and 1937 to
Jackson & Curtis
100.07
gO
yield 4.60%;1938 and 1939 to yield 4.50%,and 1940 to 1952 to yield 4.40%.
Grafton Co
100.04
54 go
Legality to be approved by counsel whose opinion will be furnished upon
'
LINDEN, Union County, N. J.
-BOND SALE.
-The $741.000 request.
coupon or registered bonds offered as 44s on March 1 at which time no
The following report on the bids received was furnished to us by George
bids were received-V. 134, p. 1811-are reported to have subsequently
Taxation, under date_of
been purchased as Ss by the State Employees Retirement System. The M. Link, Secretary of the Board of Estimate and
amount includes $344,000 school bonds, due from 1933 to 1972, incl.; March 9:
With reference to $1,482,000 City of Minneapolis bonds offered for sale
$289,000 general improvement bonds, due from 1933 to 1966, incl., and
syndicate. premium $1,560.
$108,000 emergency bonds, due from 1934 to 1941, incl. All of the bonds to-day: All bonds awarded the Halsey, StuartPiper, Jaffrey & Hopwood,
interest 431%. All or none second best bid
are dated March 1 1932.
interest5%.
premium $8,100,
LITTLE FALLS, Morrison County, Minn.
-BOND SALE.
-The
Best bid for 20-year serials, Continental-Illinois Co. syndicate, premium,
$24,000 issue of coupon refunding bonds offered for sale on Feb. 23- $10,325. interest, 431%. Second best bid 20-year serials, First National
V. 134. p. 884
-was purchased by the First Securities Corp. of St. Paul, as Bank of New York, premium, $10,315. interest, 44%•
%, offered
5s, at par. Dated April 1 1932. Due $3,000 from April 1 1933 to 1940
Only bid on public relief bonds, premium $225, interest
incl. Prin. and int. (A. & 0.) payable at the First National Bank in St. by First Securities Corp., BancNorthwest and Kalman & Co.
Paul. No other bids were received.
-CONTEMPLATED BOND
MINNESOTA, State of (P. 0. St. Paul).
LOCKPORT, Niagara County, N. Y.
-BOND ,SALE.
-Frederick D.
-We are informed that the State Investment Board recently
McLean, City Treasurer, reports that the issue of $16 000 emergency PURCHASE.
relief bonds offered on March 10 was awarded to the Locktort Exchange voted to purchase $250,000 of State rural credit bureau bonds as 43(s.
Trust Co., the only bidder, as gs, at a price of 100.001, a este of about Governor Olson is said to have urged the Board to buy $2,000,000 of these
5.99%. Dated March 10 1932. Denom. $4,000. Due March 10 as bonds at 4.01%, but his request was refused. It is stated that the Board
at first refused to make any additional purchase of rural credit bonds.
follows: $4,000 in 1933 and 1934 and $8,000 in 1935.
-The
-BOND SALE.
MISSOURI, State of (P. 0. Jefferson City).
LONGVIEW INDEPENDENT SCHOOL DISTRICT (P. 0. Longview). Gregg County, Tex.
-BOND SALE.
-The $175,000 issue of 570 $2,500,000 issue of 431% road, series 5, bonds offered for sale on Mar.8
-has since (V. 134. p. 1812) was awarded to a syndicate composed of Dillon, Read &
school bonds that was registered on Sept. 21-V. 133, p. 2959
been purchased at par as follows: $75,000 to the State Department of Co., the Chemical Securities Corp., Ladenburg, Thalmann & Co.. Phelps,
Fenn & Co. and the Wm. R. Compton Co., all of New York. and the City
Education, and $100,000 to various local banks.
Bank & Trust Co. of Kansas City, paying a premium of $73,425, equal to
MANDAN SPECIAL SCHOOL DISTRICT (P. 0. Mandan) Morton 102.937, a basis of about 4.50%. Dated Mar. 1 1932. Due on Mar. 1
-The $25,000 certifi- as follows: $1,000,000 in 1948 and 1949 and $500,000 in 1950.
County N. Dak.-ADDITIONAL DETAILS.
cates or'indebtedness that were purchased by the First National Bank of
.-The successful syndicate
BONDS OFFERED FOR INVESTMENT
-were awarded as follows: $11.000 at 6%.and re-offered the above issue of coupon or registered semi-annual bonds for
Mandan-V. 134. p. 1812
%. Due $14,000 in 1932 and $11,000 in 1933.
$14,000 at
public subscription at prices to yield 4.40% on all maturities.
-We are informed that subscription
-BOND SALE.
SUBSCRIPTION BOOKS CLOSED.
-The $13,500
MANSFIELD, Richland County, Ohio.
coupon water works system improvement bonds offered on March 4- books were closed on March 10 by the offering..syndicate on the above
-were awarded as 6s to the Citizens National Bank & Trust bonds.
V. 134, p. 1409
Co., of Mansfield, at par plus a premium of $10, equal to a price of 100.07.
The other bidders and their bids are reported as follows:
a basis of about 5.98%. Dated Feb. 11932. Due as follows: $500 April 1
Halsey, Stuart & Co., Inc., and associates bid 102.55. That group inand $1,000 Oct. 1 1933 and $1,000 April and Oct. 1 from 1934 to 1939 incl. cluded Bancamerica-Blair Corp.. B. J. Van Ingen & Co., Darby & Co..
MAPLE HEIGHTS SCHOOL DISTRICT (P.O.Bedford), Cuyahoga Stifel, Nicolaus & Co., Stix & Co., G. M-P. Murphy & Co., Wells-Dickey
-Mabel M. Lawrence, Clerk of the Co., and Hibernia Securities Corp.
-BOND OFFERING.
County, Ohio.
Bid of 102.30 was submitted by Guaranty Co. syndicate which included:
Board of Education, will receive sealed bids until 12 m. on March 28, for
Mercantile-Commerce Co., Mississippi Valley Co.,
First
the purchase of $16,7506% refunding bonds. Dated Feb. 11932. Denoms. Inc., Detroit Co., Inc., of St. Louis, First Securities Co., Stern Bros. &
First National Co.
successful bidder. Bonds to mature Dec. 1 as follows:
as requested by the
Laird, Bissell & Meeds.
$1.500 from 1933 to 1935, incl., and $1,750 from 1936 to 1942, incl. Int. Co., Fidelity National Co. andCity Co., Brown Bros. Harriman & Co.
Bankers Trust Co.,
and
payable in June and December. Bids for the bonds to bear interest at a Wallace Sanderson & National
Co., Schaumburg, Rebhann & Osborne, Commerce
of 4 of 1%, will also be conrate other than 6%, expressed in a multiple
& Co. offered
sidered. A certified chock for $200, payable to the order of the above- Trust Co. and Smith, Mooreassociates bid 102.21.
102.199. Others in that group
First National Bank and
mentioned official, must accompany each proposal. The approving
& Hutzler, Kean, Taylor & Co.,
opinion of Squire, Sanders & Dempsey, of Cleveland, will be furnished the were Dewey, Bacon & Co., Salomon Bros. & Co.
George B.Gibbons & Co.and R.H.Moulton
bidder.
successful
5%e
2006
FINANCIAL CHRONICLE
[VOL. 134.
Bid of 102.11 was submitted by Harris Trust & Savings Bank, First
Union Trust & Savings Bank. Continental Illinois Co., Inc., First National Old Colony Corp.. Northern Trust Co.. Boatmen's National Co.,
Lawrence Stern & Co. Rutter & Co., and L. F. Rothschild & Co.
Estabrook ttc Co. '
headed an account which bid 101.95. Other houses
Included: R. L. Day & Co.. Stone & Webster and Biodget, Inc. Roosevelt & Son, E. B. Smith & Co.. Hannahs, Bailin & Lee, Prescott, Wright,
'
Snider Co. of Kansas City. Kalman & Co. and Foster & Co.
Bid of 101.588 was submitted by Chase Harris Forbes Corp., Kidder,
Peabody & Co., Lehman Bros., F. S. Moseley & Co., First Wisconsin Co.,
BancNorthwestCo. and M.& T. Trust Co.
MONMOUTH COUNTY (P. 0. Freehold), N. J.
-BOND SALE.
The $500.000 tax anticipation bonds offered on Feb. 17 (V. 134. P. 1230)
were awarded as 6s at a price of par to the First National Bank & Trust
Co. of Freehold. The bonds are dated Mar. 1 1932 and mature June 30
1932.
The following is an official list of the bids received at the sale:
BidderInterest Rate, Premium.
Asset, Goetz & Morelein. Cincinnati
$128.50
5%%
BancOhio Securities Co., Columbus
141.00
6%
3
Braun, Bosworth & Co.. Toledo
86.00
547
Breed & Harrison, Inc., Cincinnati
53i
1.00
Central Republic Co.. Chicago
65.55
5%7
9
Fifth Third Securities Co., Cincinnati
5%
193.05
First National Bank. Newark
516
115.00
Magnus & Co., Cleveland
53% `g
35.64
Newark Trust Co., Newark
6%
55.00
Otis & Co., Cleveland
53/ 70
173.00
Provident Savings & Trust Co., Cincinnati
5%7160.38
Prudden & Co., Toledo
53
67.00
Ryan. Sutherland & Co., Toledo
177.00
5%7
Seasongood & Mayer, Cincinnati
534
156.20
Weil. Roth & Irving Co., Cincinnati
11.00
54I;
MONROE COUNTY (P. 0. Rochester), N. Y.
NEW BEDFORD, Bristol County, Mass.
-BOND OFFERING.
-TEMPORARY LOAN.
Harry J. Bareham, County Treasurer, will receive sealed bids until 11 a.m. The city on March 8 obtained a loan of 5475.000 in anticipation of tax
on Mar. 12 for the purchase of $150.000 not to exceed 6% interest coupon collections to enable the city to meet payrolls and payments on the public
or registered emergency bonds. Dated Mar. 1 1932. Denom. $1.000. debt up to April IS. The money was obtained from five local banks
and
Due $50,000 on Mar. 1 from 1933 to 1935, incl. Rate of interest to be ex- John Duff, president of a local coal company, who contributed $100,000
pressed in a multiple of % of 1% and must be the same for all of the bonds. to the total. Failure to obtain the loan would have forced the city to disPrincipal and interest (March and Sept.) are payable at the Union Trust continue payroll payments, it was said.
Co., Rochester. or at the Marine Midland Trust Co., New York. A cerNEW HAVEN, New Haven County, Conn.
-NOTE SALE.
tified check for $3.000, payable to the order of the county, must accompany
-The
each proposal. The approving opinion of Clay, Dillon & Vandewater of Chase Harris Forbes Corp., of New York, has purchased an Issue of $2,500.000 6% tax anticipation notes, dated March 11 1932 and due March 6
New York will be furnished the successful bidder.
1932. which are being re-offered for general investment priced to yield 5%.
MONTCLAIR, Essex County, N. J.
-NOTES OFFERED LOCALLY.
- Payable as to both principal and interest (Sept. 7 and March 6) at the
Howard F McConnell, Director of Department of Revenue and Finance. principal office of the Chase National Bank, New York. Coupon notes In
announeed recently that local investors would be permitted to Invest in a denoms. of $10,000 and $5,000. Legal investment for savings banks In
note issue of $250,000 bearing interest at 6%,in amounts of $500 or more, New York, Massachusetts. Connecticut and other States, according to the
and maturing in three months, nine months or one year. Mr. McConnell bankers. Legality to be approved by Storey. Thorndike, Palmer & Dodge,
decided on the plan, It was said, as a means of contributing to President of Boston. The city reports assessed valuation of $333.990,899. against
Hoover's anti-hoarding drive.
which there is a net bonded debt of 514.355.889. The population of the
city, according to the 193., census, was 162.655.
MONTPELIER, Bear Lake County, Ida.
-BONDS DEFEATED.
-At
NEWTON (P. 0. West Newton), Middlesex County, Mass.
-BOND
the election held on Mar. 1 (V. 134. p. 885). the voters rejected the proposal to issue $80.000 in 5% water works construction bonds by a large SALE -Francis Newhall, City Treasurer, reports that the issue of $300.000
4.35% coupon county sanitorium bonds offered on March II was awarded
margin.
to Jackson & Curtis, of Boston. at a price of 101.924. a basis of about
MOUNT VERNON, Westchester County, N. Y.
-BOND OFFERING. 4.22%. Dated Feb. 1 1932. Denom. $1.000. Due $20.000 annually
-Leslie S. Roberts. Secretary of the Board of Education, will receive from 1933 to 1947 incl. Interest is payable semi-annually. Legal opinion
sealed bids until 8 p. m. on March 23 for the purchase of 51,137.000 not to of Ropes, Gray, Boyden & Perkins, of Boston. Bids received at the sale
exceed 5%% interest coupon or registered school bonds. Dated April 1 were as follows;
1932. Denom. $1.000. Due April 1 as follows: $2.000 In 1933; $5.000 in
BidderRate Bid.
1934 and 1935: $60,000 from 1936 to 1949, incl.; $55,000 in 1950; $120.000 Jackson & Curtis (successful bidder)
101.924
In 1951, and $100.000 In 1952. Rate of interest to be expressed ins multiple F. S. Moseley & Co
101.544
of % of 1% and must be the same for all of the bonds. Principal and inter- Chase Harris Forbes Corp. (same bid)
101.644
est (April and Oct.) payable at a bank or trust company in New York City.
Debt Statement (Not Including Current Issue).
A certified check for $22.340, payable to the order of the Board of Educa- Assessed valuation 1931
$165.143.000.00
tion, must accompany each proposal. The approving opinion of Caldwell
Sinking
& Raymond, of New York. will be furnished the successful bidder. Bidding
Outside Debt LimitGross.
Funds,
Net.
form furnished upon application to the above-mentioned official.
Sewer serial
$1,199.000
$1,199.000.00
Washington Street
92:3.000 $764.345.41
NARROWS, Giles County, Vs.
158,654.59
-BOND REPORT -We are informed Water (serial
8333.000)
368.000
:34.447.33
333.552.67
by the Mayor that the $22.500 issue of 57 semi-ann. refunding bonds
0
80.000
67,398.2:3
that was offered for sale without success on Nov. 3-V. 133, p. 3495
12.601.77
-will Highway widening
500.000
500,000.00
be re-offered when the bond market picks up. Due in 30 years and optional City Hall serial
Soldiers, sailors and marines
after 10 years.
memorial serial
200,000
200,000.00
NASHVILLE, Davidson County, Tenn.
-SINKING FUND PUR83,270.000 $866,190.97 $2,403,809.03
CHASE -Regarding the present condition of the city's sinking fund we
1Vithin Debt Limit (Serial).
give the following from the Nashville "Banner" of March 2:
The Nashville City Council Tuesday night authorized City Comptroller School, $2,397,000; school fire alarm headquarters and fire
station, $357.000; street improvement. 5364,000; sewer,
W. B. Cook to purchase $35.000 worth of City of Nashville bonds for the
5:321.000: building. $109.000; land. $70,000; stable and
benefit of the city sinking fund.
service station. $50,000; service building. 19,000: AuWith this purchase the amount of bonds In the sinking fund reaches
burndale fire station, $13,000; Beacon St fire station,
5849,957.36. more than double the amount of such bonds held by the
$5,000; bridge, $6,000; Hull St. land, $5.000 and public
city a year ago.
library. $1.000; total
33.717.000.00
Within the past year the city has purchased more bonds for the benefit
Net debt
of the sinking fund than was purchased during the five preceding years.
86.120.809.03
Figures released from the office of the City Comptroller reveal that the
NEWTON (P.
Newton),
-TEMsinking fund had approximately $382,000 worth of bonds a year ago. PORARY LOAN. 0. West Newhall, Middlesex County, Mass.
-Francis
City Treasurer, reports that a $100,Purchases since that time have raised this sum by $467.950.36, or to 000 revenue anticipation
loan was sold on March 8 to the Boston Safe
$849.957.36.
0
/
In addition to the bonds, the sinking fund has approximately $400,000 Deposit & Trust Co., of Boston, at 5 discount basis, plus a premium of
$7. Dated March 9 1932 and due on Nov. 3 1932. Legality approved by
In cash.
Ropes, Gray, Boyden & Perkins, of Boston. The Day Trust Co., of
NEPTUNE TOWNSHIP (P. 0. Neptune) Monmouth County, Boston, bid a 5.10% discount basis.
N. J.
-BOND OFFERING.
-John W. Knox, Township Clerk, will receive
The following is a list of the bids received at the sale:
sealed bids until 8 p.m. on March 15, for the purchase of $330.000 5%
BidderDiscount Basis,
sewerage bonds. Dated April I 1932. Denom. $1.000. Due April 1 as Boston Safe Deposit & Trust Co. (plus $7 premium)
5.00
follows: $16.000 from 1933 to 1942, incl.. and $17,000 from 1943 to 1952. Day Trust Co
5.10 0
incl. Interest is payable in April and October. No more bonds are to F. S. Moseley & Co. (plus $1.25 premium)
5.147
be awarded than will produce a premium of $1,000 over $330,000. A Jackson & Curtis (plus $1.25 premium)
5.12
certified check for 2% of the amount of bonds bid for, payable to the Faxon. Gade & Co
-,,- 5.18
order of the above-mentioned official, must accompany each proposal. Atlantic National Bank (plu.• $1 premium)
5.20
The approving opinion of Caldwell & Raymond, of New York, will be State Street Trust Co.(plus $1 premium)
5.221
furnished the successful bidder.
Second National Bank
5.227
0
Merchants National Bank
NEWARK, Essex County, N. J.
5.237
-TEXT OF MAYOR'S LETTER Newton Trust Co. (plus $2.27 premium)
5.24
REGARDING $5.000,000 BOND SALE.
-The following is the text of a Stone & Webster
5.25
letter sent under date of Feb. 26 by Mayor Jerome T. Congleton to J. S. Blake
Bros. & Co. (plus $1.30 premium)
Rippel, President of the Newark Clearing House, and head of the invest5.3007
ment banking house of J. S. Rippel & Co., of Newark, thanking the latter Shawmut Corp
5.50e
o
Brown Bros. Harriman & Co
5.397%
for Me co-operation in bringing to a successful conclusion the negotiations
in connection with the sale of $5,000,000 6% bonds, at par-V. 134. P.
NEW YORK, N. Y.
-ADDITIONAL $20,000,000 BORROWED FROM
1618. and detailing the reductions that were made in the city's budget CREDIT FUND.
-The city has availed itself of an additional
appropriations for 1932 in accordance with the demands of the banking of the $151.000,000 revolving fund credit established for its $20.000.000
use by the
syndicate that purchased the issue.
banking syndicate that handled the 3100,000.000 3
-to-5
-year 6% corporate
My dear Mr. Rippel.-The City Commission wants you and your asso- stock flotation in Janaury-V. 131. p. 708
-it was reported on
ciates in the Clearing House to know that we appreciate very deeply the The current borrowing brings the total of the credit used by March 11.
the
wonderful assistance and help that you have given us.
$93.000,000. Revenue bills bearing interest at 53.1% are issued city to
We appreciate it so much that I have been directed at the unanimous these credits, all of which will be retired from May tax collections. against
vrish of the Commission to request the Clearing House to appoint a small
NORTH TONAWANDA, Niagara County, N. Y.
committee to advise with us in our financial affairs.
-CERTIFICATES
-The issue of 8100,000 6% certificates of indebtedness
The Board of Commissioners and the Board of Education have reduced NOT SOLD.
offered
-was not sold, as no bids were
the budget appropriations for current expenses of their respective depart- on March 7-V. 134, p. 1812
Dated April I 1932. Due April 1 as follows: $33,000 in 1933 received.
ments by $968,715. This, of course, is not all net to the taxpayer for the
and 1934.
reason that the debt service item in our budget is increased this year over and 834.000 in 1935.
last year by $268,715, thus showing a net decrease of amount to be raised
NORWALK, Huron County, Ohio.
-BONDS AUTHORI7ED.-The
by taxation of $700.000. We are prepared, and will this afternoon re-open city council adopted an ordinance on
authorizing the issuance of
our budget and reduce the total of the budget, as it now stands, by an $400.000 not to exceed 69' interest March 1disposal
sewage
plant construction
additional $500,000, at least, the reduction being brought about through bonds. Dated April 1 1932. Denom. $1.000.
the co-operation of the Board of Education and the City Commissioners $8,000 from 1933 to 1946, Incl.. and $9,000 from Due April 1 as follows:
1947 to 1955. Incl,
and will affect both departments.
BOND OFFERING.
-F.
Warner, City Auditor, will receive sealed
I also would like you to know that I have for some time been working bids
M. on
on a revision of the water rates for the City of Newark, and the new rates 5% until 12sewer March 24 for the purchase of $400.000 not to exceed
interest
construction and sewage disposal works improvement
will be fixed at an amount which will be sufficient to meet all operating bonds.
Dated April 1 1932. Denom. $1.000. Due as follows: 58.000
expenses and fixed charges upon the debt service. As you know, we have April
been discussing with your Committee the question of additional capital from and $9,000 Oct. 1 from 1933 to 1946 incl., and 59,000 April and Oct. 1
1947 to 1955 incl. Prin. and int. (A. & 0.) payable at the office of
expenditures, and you have the assurance of the Board of Commissioners the City Treasurer. These
bonds were voted at the general election in
that no new capital expenditures will be incurred other than those already November 1929.
A certified check for 134,000, payable to the order of
contracted for.
The City of Newark has balanced its budget for some years past, and it the City Auditor, must accompany each proposal. The transcript of
is our desire and purpose to get down to a basis where we can live within proceedings relative to the Issuance of this series of bonds has been apour cash income, and in the accomplishment of this we feel the Committee proved by Squire, Sanders & Dempsey, Cleveland, and bids must be
conditioned on their approval or wholly unconditional. The City of
can be of great assistance.
Norwalk will furnish the printed bonds ready for execution and the purYours sincerely,
chaser of the bonds is to pay for the final approving opinion of the aforeJEROME 'T. CONGLETON, Mayor.
mentioned bond attorneys.
TAX RATE DECLINES.
-The tax rate for 1932 was fixed on March
by the Essex County Tax Board at $3.80 per $100 valuation, which is 9
NYACK, Rockland County,
-BOND SALE.
-The issue of
the 21,000 coupon or registered sewer N. Y.
lowest since 1927, when it was $3.79, and compares with that
extension bonds unsuccessfully offered on
1931. The amount to be raised by taxation is $34,163,606, of $3.98 in Feb. 19-V. 134, p. 1618
-was sold on March 7 as 6s to the M.& T. Trust
a decrease of Co., of
$1,189.754 from the figure last year.
Buffalo, at par plus a premium of$6.53, equal to a price of 100.03.a
basis of about 5.99%. Dated Feb. 11932. Duo Feb. 1 as follows: $2,000
NEWARK CITY SCHOOL DISTRICT (P. 0. Newark),
Licking from 1933 to 1942, inclusive, and $1,000 in 1943.
County, Ohio.
-BOND AWARD DEFERRED.
-L. T. Rees, Clerk!
Treasurer of the Board of Education, reports that no award of
OAKLAND, Bergen County, N. J.
-The Issue
-BONDS NOT SOLD.
of $29,700 school bonds offered on March 7-V. 134, p. 1410 the issue of $120,000 coupon or registered water bonds offered at not to exceed
-has been
made because of a technicality in the offer of the First National Bank, of 6% interest on Mar. 9-V. 134. p. 1812
-was not sold, as no bids were
Newark, which was the highest submitted. Mr. Rees states that the received. Dated Nov. 15 1931. Due Nov. 15 as follows: $3,000 from
Board is awaiting an opinion from Squire, Sanders & Dempsey, bond 1933 to 1968 incl., and $1,000 from 1969 to 1971 incl.
attorneys of Cleveland. and that award will be made either to the local
OHIO (State of).
-OFFICIALS TO DISCUSS BOND SALE PLAN.
bank or Prudden & Co., of Toledo. Bonds are dated March 1
Due Oct. 1 as follows: $2,700 In 1933, and $3,000 from 1934 to 19421932. Mayors of the six largest cities in the State are to attend a series of conincl. ferences in order to concentrate on a plan to finance unemployment relief
g
•
MAR. 12 1932.]
FINANCIAL CHRONICLE
work. It is planned to submit the proposal to Governor White with a
request that a special session of the Legislature be called to legalize the
method decided upon. Mayor Worley of Columbus favors re-enactment
of the Pringle-Roberts bond Legislation-V. 132, p. 2241.
-It 113 an- I
-BOND OFFERING.
OREGON, State of (P. 0. Salem).
nounced by oy A. Klein, Acting Secretary of the State Highway Commission, that sealed bids will be received by the Commission at the Multnomah County Court House in Portland until 2 p.m. on March 16, for the I
purchase of an issue of $1,000,000 highway bonds. Interest rate is not to
exceed 6%. Denom. $1,000 each or such denominations as the purchaser
may desire. Dated April 1 1932. Due on Oct. 1 1932. Prin. and int.
payable at the State Treasurer's office or at the fiscal agent of the State in
New York City. The approving opinion of Storey, Thorndike, Palmer &
Dodge of Boston will be furnished. Purchase price to be paid in New York
'City on date of delivery of bonds at Portland. Bids will be received for
all or any part. These bonds are issued under authority of Sections 44801
and 44810 including, Chapter VIII, Oregon Code of 1930. Accrued interest
from date of April 1 1932 to date of delivery will be added to the amount of
the successful bid. A certified check for 5% of the par value of the bonds,
payable to the State Highway Commission, must accompany the bid.
These are the bonds that were offered for sale without success on March 3
-V. 134, p. 1813)•
The following information is furnished with the official offering notice:
The assessed valuation of the State of Oregon is $1,092,807,215.08 as of
Dec. 14 1931. This figure represents about 50% of the true valuation. The
population of the State by the Federal census of 1930 was 952,691, a gain
of 21.6% since 1920.
The constitutional debt limit for State highway bonds is 4% of the
total assessed valuation. Based on the paresent valuation, the 4% limit
is $43,712,288.60, compared with $29,491,750 par value State highway
bonds now outstanding. This figure will be reduced to $28,554,250 by the
payment of bonds maturing April 1 1932 in the sum of $937,500 but increased to 829,554,250 by this $1,000,000 issue.
The purpose of the sale of this issue of short term bonds is to provide
funds to begin the state highway construction program early in the season
to assist in the relief of the unemployment situation. Funds for construction purposes are derived from both motor vehicle license fees and the
gasoline tax. Previously motor vehicle license fees were payable Jan. 1st
and turned over to the State highway fund on March 15th in ample time
for the early construction season. Recently, however, the registration
year has been changed by law to begin July 1st and this accordingly delays
payment of motor vehicle license foes. For this reason the major part of
the collections are not turned over to the State highway fund until Oct. 1st.
which is too late for current construction purposes. Therefore, it is desirable to borrow this sum for the six months period in order to advance the
highway construction program.
-The
OSHKOSH, Winnebago County, Wis.-BONDS NOT SOLD.
8250,000 issue of 57 semi-ann. sewage system bonds offered on March
-was not sold as all the bids received were rejected.
7-V. 134, p. 1410
Dated Feb. 10 1931. Due 850,000 from Feb. 10 1938, to 1942 inclusive.
-BONDS
OSOLO SCHOOL TOWNSHIP, Elkhart County, Ind.
NOT SOLD.
-The issue of 89.000 4.36% school building construction bonds
-was not sold. Dated July 24 1931.
offered on Feb. 19-V. 134, p. 1064
Due $1,000 on Jan. 24 from 1936 to 1944, inclusive.
-John A.
PATERSON, Passaic County, N. J.
-BOND OFFERING.
Egan, City Treasurer, will receive sealed bids until 10:30 a. m. on Mar.
16, for the purchase of $1,800,000 coupon or registered, not to exceed
6% interest tax revenue bond.. Dated Mar. 15 1932. Denom. $1,003,
or at the option of the purcha er in lesser denoms. in multiples of 6100
each. It is the intention of the city to receive bids on both the following
alternative maturities, and to sell the bonds of either maturity as may be
determined to be in the best interest of the city, but in no event to sell
bonds of both maturities: $500,000 Mar. and Sept. 15 1933. and $500,000
March and $300,000 Sept. 15 1934: or $1,800.000 due on Sept. 15 1934.
Principal and interest (Mar. and Sept. 15) are payable at the office of
the City Treasurer. Rate of interest to be expressed in a multiple of
1-100th of 1%. A certified check for 2% of the amount of bonds bid for,
payable to the order of the city. must accompany each proposal. Legal
opinion of Hawkins, DelanoId & Longfellow. of New York, will be furnished
the successful bidder. In the case of bidders bidding on both of the maturities indicated, one check will be sufficient.
PHILLIPSBURG, Warren County, N. J.
-NOTE SALE.
-George L.
Hartman, Director of the Department of Revenue and Finance, reports
that the issue of $130,000 6% tax revenue notes authorized recently-V.
134, la. 1813-has been sold. Dated Mar. 1 1932. Denom. 81,000. Due
as follows: $24,000 June and Dec. 15 1932: $30,000 Dec. 15 1933: $19,000
Dec. 15 1934, and $32,000 on Dec. 15 1935. Principal and semi-annual
interest are payable In Phillipsburg. Legality to be approved by Clay
Dillon & Vandewater. of New York.
PHOENIX,'Maricopa County, Ariz.
-BONDS AUTHORIZED.
-At a
meeting on Mar. 2 the City Commission authorized the issuance of $146,000 in street bonds.
PIEDMONT, Calhoun County, Ala.
-BOND EXCHANOE.-We are
Informed that the $20000 Issue a 6% semi-ann. refunding bonds offered
for sale on Dec. 15 without success
-V. 134. p. 359
-was exchanged with
the holders of the original bonds. Dated Jan. 1 1932. Due $2,0130 from
Jan. 1 1933 to 1942.
PIQUA, Miami County, Ohio.
-BOND ISSUE HELD VALID.
-The
efforts of a group of taxpayers to enjoin the issuance of $810,000 municipal
light and power plant bonds voted at the general election in Nov. 1931
-V. 133, p. 3821-were nullified in a decision handed down on March 2
by Judge Frank M.Clevinger in the Miami common pleas court, in which he
sustained the demurrer filed by the city officials to the injunction proceedings. The decision covered every question raised in the injunction petition
and each was decided in favor of the city. The Troy (Ohio) "News" of
March 2 commented on the decision as follows:
"Three questions were raised in the case. One was that the referendum
voted on by the electors of the city was illegal in that it contained two proposals, another was that the issuance of bonds to build the plant would
result in the exceeding of the statute of limitations on bonded indebtedness
and the third was the city was advertising for bids before funds were available.
"In regard to the first proposal the court held the referendum did not
contain two proposals simply because It stated a new distribution system
would be constructed if the present one could not be purchased at a reasonable price from the Dayton Power & Light Co. Judge Clevinger declared
the matter was all one proposal under the law in that it pertained to the one
subject of construction of an electric Plant.
"The question in regard to the bonded indebtedness limitation hinged
on the question of whether or not water works bonds, issued by the city
several years ago, were classed as outside the limitation, it being adrititted
that if they were outside all limits then the proposed issue of bonds for the
electric plant would not cause the limit to be exceeded.The court held the
water works bonded to be outside limitations as they were issued previous
to the enactment of the present law governing bond issues.
"As to advertising for bids for the plant before funds are available, the
court held the law requires only that the funds be in the city treasury before
the contracts are awarded.
"Whether or not any further effort will be made to halt the construction of the Piqua plant is not known. Advocates of the plant, declare,
however, that the decision of Judge Clevinger is so clear and distinct there
seems little chance of securing a reversal in the higher courts."
PLATTE, Charles Mix County, S. Dak.-BOND SALE.
-The two
Issues of refunding bonds aggregating 824.000, that were offered for sale
-were awarded as follows:
up to Dec. 7-V. 133, p. 34195
$14,000 water bonds to El. C. Speer & Sons Co. of Chicago, as 5s. Due
on Oct. 1 as follows: $2,000 in 1933 and $1,000. 1934 to 1945.
10,000 paving bonds to the Farmers & Merchants Bank of Platte, as 6s.
Due $1,000 from Dec. 1 1933 to 1942 inclusive.
POLSON, Lake County, Mont.
-BOND SALE.
-The $18,000 issue
-was purof funding bonds offered for sale on March 7-V. 134, p. 1813
chased by the State of Montana, as 53s. at par. There were no other bids
received.
PORTLAND, Cumberland County, Me.
-TEMPORARY LOAN.
Bond & Goodwin,of Boston, purchased on March 1 a $100,000 tax anticipation note issue at 6% discount basis. The loan matures Oct. 10 1932.
PORTLAND, Multnomah County, Ore.
-BOND OFFERING.
-Sealed
bids will be received until 11 a. m. on March 16 by Geo. R. Funk, City
Auditor, for the purchase of a 830,000 issue of 5% emergency relief fund
2007
bonds. Dated Feb. 1 1932. Denom. $1,000. Due on Feb. 1 1947. Prin.
and int. (F. & A.) payable in gold at the office of the City Treasurer, or
at the fiscal agency of the city in New York. Bidders are requested to submit separate or alternative bids, based upon the place of delivery of bonds.
If delivery is demanded outside of Portland, delivery shall be at the expense
of the purchaser. Authority for issuance given by amendment to the
City Charter adopted April 10 1931, being Section 3433i of the Charter.
Legal approval by Storey, Thorndike, Palmer & Dodge of Boston. Unconditional bids are required. The bonds will not be sold for less than par
and accrued interest. A certified check for 5% of the face amount of bonds
bid for, payable to the City, is required. (These bonds are the remainder
of the $300,000 issue of bonds that was partially sold on Feb. 17-V.134, p.
1410.)
-The $35,000
PRINCETON, Mercer County, Mo.-BOND SALE.
Issue of water works bonds that was voted in November-V. 133, p. 3495
is reported to have since been purchased by an undisclosed investor.
-BONDS APPROVED.
PROVIDENCE, Providence County, R. 1.
The common council concurred with the board of aldermen in the p
ig:
on March 7 of resolutions to obtain authority from the General Assernt
to issue $1,400,000 highway and sewer construction bonds, which action
was vigorously opposed by a majority of the finance committee that pleaded
the necessity of keeping the city's expenditures at a minimum.
-A $50,000 issue Of
-NOTE SALE.
PROVO, Utah County, Utah.
tax anticipation notes is reported to have purchased at par by the Provo
Commercial and Savings Bank.
-BOND OFFERING.
PUTNAM COUNTY (P. 0. Brewster), N. Y.
Edward D. Stannard, County Treasurer, will receive sealed bids until
12 M. on March 17 for the purchase of $80,000 not to exceed 6% interest
coupon or registered series No. 29 highway improvement bonds. Dated
April 1 1932. Denom. 81,000. Due 85.000 on April 1 from 1933 to 1948.
incl. Rate of interest to be expressed in a multiple of 3.1 of 1% and must
be the same for all of the bonds. Principal and interest (April and Oct.)
payable at tne First National Bank, of Brewster. A certified check for
$1,500. payable to the order of the above-mentioned official, must accompany each proposal. The approving opinion of Clay, Dillon & Vendawater, of New 'York, will be furnished the successful bidder.
-BELATED BOND SALE REQUINCY, Norfolk County, Mass.
PORT.
-The City Treasurer has advised us of the following bond sales
made during 1931, aggregating 8560.000. previous mention of which was
not made in these columns:
6120.000 334% bonds sold at a price of par on May 7 to the First National
Bank. of Boston. comprising a 870.000 sewer issue, due from
1932 to 1941, incl., and a $50.000 water issue, due from 1932 to
1936, incl. The bonds are dated May 1 1931.
175,000 3A % street bonds sold on July 9 to the Atlantic Corp. of Boston,
at a price of 100.633, a basis of about 3.38%. Dated July 1
1931. Due from 1932 to 1941, inclusive.
140,000 334% land parking bonds sold at a price of par on Sept. 26 to
First National Old Colony Corp., of Boston. Dated Sept. 1 1931.
Due from 1931 to 1941. inclusive.
125,000 3).% school bonds sold on Aug. 20 to the First National Old
Colony Corp., of Boston. at 100.15, a basis of about 3.47%.
Dated Aug. 1 1931 and due from 19'32 to 1941. inclusive.
-It 18 reported
RACINE, Racine County, Wis.-BOND ELECTION.
that an election will be held on April 7 to have the voters pass on a proposal
to issue 8300.000 in impt. bonds.
-The
-BOND SALE.
RAMSEY COUNTY (P. 0. St. Paul) Minn.
8500.000 issue of road and bridge. series L bonds offered for sale on March 7
-V. 134, p. 1811-was purchased by a syndicate composed of the Continental Illinois Co. of Chicago, the First National & Old Colony Corp. of
New York, the First Wisconsin Co. of Milwaukee, Kelley. Richardson &
Co. of Chicago, and Kalman & Co. of St. Paul, as 43is. at a price of 100.679.
a basis of about 4.67%. Dated April 1 19:32. Due from April 1 1933 to
1952. incl. The above syndicate offered the above tender for either 61.000.000 or $509000 but award was made only of the smaller amount.
-The successful bidders re-offered the
BONDS PUBLICLY OFFERED.
above bonds for general investment as follows: 1933 and 1934 maturities
to yield 4.75%; 1935 to 1937 maturities to yield 4.60%. and 1938 to 1952
maturities to yield 4.50%. They are reported to be legal investment for
savings banks and trust funds in New York. They are listed as direct
obligations of the entire county.
The following is an official list of the bids received:
NameInterest Rate, PremfuM.
81.000.000.
Continental Illinois Co.: First National Old Colony
Corp.: First Wisconsin Co.; Kelley. Richardson
& Co., and Kalman & Co
4It%
Bancnorthwest Co.; First Union Trust & Savings
Bank: First Detroit Co.,and Northern Trust Co. 5%
8 .0
12 7905
8 0
The National City Co.; Halsey. Stuart & Co.;
Harris Trust & Savings Bank. and Justin F.
LoweCo5%
10.833
Guaranty Co. of New York; Bankers Trust Co.,
and First Securities Corp. of Minn
Wells Dickey Co.and Chase Harris Forbes Corp
8 97 1
5.7
8500.000.
*Continental Illinois Co.; First National Old
Colony Corp.; First Wisconsin Co.; Kelley.
Richardson & Co., and Kalman & Co
43%
3.395
Bancnorthwest Co.; First Union Trust & Savings
Bank; First Detroit Co..and Northern Trust Co. 6%
6.555
Guaranty Co. of New York
59g
6,550
The National City Co.; Halsey. Stuart & Co.;
Harris Trust & Savings Bank, and Justus F.
Lowe Co
5%
5.934
* Successful bid.
RICHLAND COUNTY (P. O.Columbia),S. C.-BOIV73OFFERING,It Is reported that sealed bids will be received until March 18 by the Clerk
of the Board of County Commissioners, for the purchase of an issue of
$143.000 6% semi-ann. veterans' hospital bonds.
ROCHESTER TOWNSHIPSCHOOL DISTRICT (P. 0. RochesteS
Beaver County, Pa.
-The issue of $25,000 4M
-BONDS NOT SOLD.
coupon bonds offered on March 7-V. 134. p. 1617-was not sold. Da
Jan. 11932. Due Jan. 1 as follows: 81.000 in 1935 and 1936: 62,000 from
1937 to 1943, incl., and 83,000 from 1944 to 1946, inclusive.
ROCHESTER, Monroe County, N. Y.
-BOND OFFERING.
-G. F.
Argetsinger. City Comptroller, will receive sealed bids until 12 m. on
March 1.5. for the purchase of 66.160,000 coupon or registered bonds,
divided as follows:
Series B Aggregating $3,505,000.
81.815.000 school bonds. Due March 1 as follows: $75.000 from 1934 to
1943, incl.: 857.000 in 1944 and $56.000 from 1945 to 1962, Incl.
740,000 general local improvement bonds. Due March 1 as follows:
S80,000 from 1934 to 1938, incl., and 885.000 from 1939 to
1942, inclusive.
650.000 bridge bonds. Due March 1 as follows: $25,000 from 1934 to
1947 incl.. and $20.000 from 1948 to 1962, Inclusive.
300,000 munfcipal building bonds. Due March 1 as follows: 620.000
from 1934 to 1942. Incl.. and $12,000 from 1943 to 1952, incl.
Bidder to name a rate of interest for the above bonds, expressed in a
multiple of 3( of 1%. and not in excess of 5%. Bids may be submitted
for "all or none'• of the bonds: or bids may be submitted for "all or none"
of the 1934 to 1937 maturities and (or) 1938 and later maturities, of any
one or more or all of the separate issues.
62.655,000 general municipal bonds (comprising series C). Rate of interest
is not to exceed 6% and must be expressed in a multiple of
3( of 1%. Bids must be submitted for "all or none" of the
bonds. Bids may be submitted for "all or none" of the 1934
maturity at one interest rate, and for the 1935 maturity at
another interest rate. Bonds are to mature 61.328,000 on
March 1 1934 and 81.327,000 March 1 1935.
All of the bonds, aggregating 86.160.000, are to be dated March 1 1932.
Principal and semi-annual interest (March and September) payable at the
Central Hanover Bank & Trust Co.. New York. The legality of the issues
will be examined by Reed, Hoyt & Washburn of New York whose favorable opinion will be furnished the successful bidder. A certified check for
2% of the face value of the bonds, payable to the order of the City Comptroller, must accompany each proposal.
2008
FINANCIAL CHRONICLE
[Vol,. 134.
Bach issue is dated March 1 1932. Denom. $1,000. Principal and
interest (March and Sept.) payable at the Continental Bank & Trust Co.,
New York. No more bonds are to be awarded than will produce a premium
General
29,277,500.00 7,477,500.00 131,575.83 36,886,575.83 of $1,000 over the amount of each issue. The bonds will be prepared
School
15,276,060.00 1,685,000.00 1,407.039.43 18,368,099.43 under the supervision of the Continental Bank & Trust Co., of New York,
Water
12 348 000 00
12.423,000.00 which will certify as to the genuineness of the signatures of the officials
75 000 00
Local assessment-12.736,500.00 1,975,000.00 108,206.32 14,819,706.32 and the seal impressed thereon. A certified check for 2% of the Par
value of the bonds bid for. payable to the order of the Village Treasurer,
Total debt_ ___69,638,060.00 *11212,500.00 1.646,821.58 82,497,381.58 must accompany each proposal. Legality to be approved by Caldwell &
Raymond, of New York.
Deductions and Exemptions
Water debt
$12,423,000.00
SPOKANE, Spokane County, Wash.
-BOND SALE.
-The $130,000
Special local assessment debt
2,771,000.00
issue of coupon or registered general impt. bonds offered for sale on March 4
Cash and sinking funds (incl. 1932 levies)
11,226.345.87
-V. 134. p. 1231-was jointly purchased by the Spokane Eastern Trust
Notes issued against current taxes
1,800,000.00
Co., and Ferris & Hardgrove, both of Spokane, as 5s, paying a premium of
28.220.345.87 $500, equal to 100.002, a basis of about 4.99%. Dated March 1 1932.
Due from March 1 1934 to 1942 incl. The Sinking Fund of the State of
$54,277,035.71 Washington was second with a tender of par for 55 and Halsey, Stuart
Net debt
Assessed valuation real estate (State and county purposes) 652.137,716.00 & Co. was third highest, offering 100.30 for 534s.
SPRINGFIELD, Hampden County, Mass.
$65,213,771.60
-TEMPORARY LOAN.
Constitutional debt limit
-j0% of above
54.277,035.71 F. S. Moseley & Co. of Boston have purchased a $100,000 tax anticipation
Net constitutional debt
loan at 4.99% discount basis. The loan is dated March 11 1932 and re$10,936,735.89 payable Nov. 16 1932.
Debt margin available
Population 1930. 328,132.
STEUBENVILLE, Jefferson County, Ohio.
-BOND OFFERING.
* Proceeds of proposed bonds, both series B and series C, plus funds on J. A. Cartledge, City Auditor, will receive sealed bids until 12 in. on March
hand and taxes levied, will reduce note debt to $2,442,500, and practically 28 for the purchase of 337,000 6% park improvement bonds. Dated
eliminate the contract debt.
1932. Denom. $1.000. Due April 1 as follows: $3,000 from 1933
April 1
Comparative Tax Collection Statement.
to 1941, incl., and $2,000 from 1942 to 1946, incl. Principal and interest
(April and Oct.) are payable at the office of the City Treasurer. Bids
1931.
1930.
1929.
1928.
$17,421,541 317,337,438 $18,033,460 $18,274,701 for the bonds to bear interest at a rate other than 6% will also be considered,
Tax levy
in accordance with Section 2293-28 of the General Code of Ohio. A cerCollections to Dec. 31,
16,424,279 16,345,002 16,699,878 16,362,990 tified check for 1% of the amount bid, payable to the order of the City
each year
$992,436 $1,333,582 $1.911.711 Treasurer, must accompany each proposal.
$997,262
uncollected
Amount
10.461%
7.395%
5.724%
5.724%
Percentage uncollectedSWISSVALE, Allegheny County, Pa.
-BOND SALE.
-The $85,000
Amount uncollected Feb.
coupon borough bonds offered on March 8-V. 134, p. 1411-were awarded
$236,045
$571,171 81,693,103 as 55 to Singer, Deane & Scriber, of Pittsburgh, the only bidder, at par
3167.278
15 1932
Percentage uncollected
plus a premium of $10, equal to a price of 100.01, a basis of about 4.99%.
3.17%
1.36%
.96%
9.26% Bloated March 1 1932. Due March 1 as follows: $5,000 in 1936 and 1937.
Feb. 15 1932
(The above amount of delinquent taxes includes everything, such as in 1942 and 1943, and in 1945; also $20,000 from 1946 to 1948, inclusive.
water charges, special assessments, &c.)
TEXAS, State of (P. 0. Austin).
.
-We
-WARRANTS CALLED.
-BOND SERVICE FUNDS quote as follows from the Houston "Post' of March 2 regarding the calling
ROCKFORD, Winnebago County, 111.
-Funds are now available for the payment of bond princi- of a large number of general revenue warrants:
AVAILABLE.
"Charlie Lockhart, State Treasurer, issued a call Tuesday for all general
pal and interest charges which were due on March 1 but not paid at that
revenue warrants up to and including 75,346.
time because the necessary funds were tied up in closed banks.
"He arranged to purchase at face value from the highway investment
SAN FRANCISCO SCHOOL DISTRICT (P. 0. San Francisco) fund all general revenue warrants from No. 75,347 up to and including
-BOND REPORT.
-It is stated by the No. 84,189, provided they are properly indorsed and supported by an
San Francisco County, Calif.
Clerk of the Board of Supervisors that no election has been ordered as yet affidavit showing that they have not been discounted.
to vote on the issuance of $3.500,000 in school bonds, mentioned in V.
"This call takes in warrants issued up to the middle of February and
aggregate $1,500,000, leaving about ..3.073,881 in outstanding warrants
134. p. 1619.
against the general revenue fund.
-On
SAN LEANDRO, Alameda County Calif.-BOND ELECTION.
"Lockhart said the treasury would purchase at face value all pension
April 11 a proposal to issue $80,000 in civic centre bonds will be submitted warrants up to and including the February issue provided they are properly
to the voters for their approval, according to the City Clerk.
indorsed and supported by affidavit showing they have not been disSAVANNAH SCHOOL DISTRICT (P. 0. Savannah) Andrews counted. He said the treasury was paying all pension warrants up to and
-According to report the voters will Including the July 1931 issue."
County, Mo.-BOND ELECTION.
pass judgement on a proposal to issue 850.000 in school bonds at an election
-BOND REFUNDING PLAN.
TOLEDO, Lucas County, Ohio.
-It
to be held on March 15.
is reported that in order to maintain the normal operation of the city
-Sealed government in 1932,it will be necessary to refund $500,000 maturing bonds.
-BOND OFFERING.
SCAPPOOSE, Columbia County, Ore.
bids will be received until 7.30 p. m. on March 12, by Mayor E. E. Wist,
-BOND OFFERING.
TRUMBULL COUNTY (P. 0. Warren), Ohio.
for the purchase of a $5,000 issue of 6% semi-ann. refunding bonds. De- -David H. Thomas, Clerk of the Board of County Commissioners, will
norn.$500. Dated March 151932. Due on March 151936. The approving receive sealed bids until 2 p.m. on March 28, for the purchase of $100,000
opinion of Ridgway, Johnson & Kendall, of Portland, will be furnished. A 6% bridge construction bonds. Dated April 1 1932. Denom. $1,000.
certified chock for 10% must accompany the bid.
Due $5,000 April and Oct. 1 from 1933 to 1942, incl. Principal and int.
-We are (April and October) are payable at the office of the County Treasurer.
-BOND SALE PENDING.
SEATTLE, King County, Wash.
informed that the sale of the $85,000 issue of not to exceed 6% semi-ann. Bids may be submitted on the basis of an interest rate other than 6%, in
bridge bonds scheduled for Feb. 19-V. 134. p. 1411-is still pending. accordance with Section 2293-28 of the General Code of Ohio. The county
Dated March 1 1932. Duo in from two to 30 years. It is stated that a will pay the cost of printing the bonds, and the opinion as to their legality
must be furnished by the successful bidder. A certified check for $1,000,
Proposal of par for 5345 is under consideration.
County Treasurer, must accompany
-BOND OFFERING.
- payable to Trace D. Harkelrode,
SENECA FALLS, Seneca County, N. Y.
Clerk, will receive sealed bids until 9:30 p.m. each proposal.
John C. Humphrey, Village
TYRONE SCHOOL DISTRICT, Blair County Pa.-BOND SALE.on March 16 for the purchase of $20,000 not to exceed 6% interest coupon
or registered street improvement bonds. Dated March 15 1932. Denom. R. A. Miller, Secretary of the Board of Directors, informs us that no bids
$1,000. Duo $2,000 on March 15 from 1933 to 1942,1ncl. Rate of interest were received at the offering on Jan. 12 of $50,000 school bonds as 41,/s
to be expressed in a multiple of % of 1% and must be the same for all of (V. 134, p. 166). and that when subsequently offered as 434s the issue was
the bonds. Principal and semi-annual interest will be payable at the awarded at par and accrued interest to the Pennsylvania School Employees
Central Hanover Bank & Trust Co.. New York. A certified chock for 2% Retirement Board, the only bidder. Dated Jan. 1 1932. Due Jan. 1
ofthe amount of bonds bid for must accompany each proposal. The approv- 19 0- notional $10,000 annually on Jan. 1 from 1937 to 1941, inclusive.
ing opinion of Reed, Hoyt & Washburn, of New York, will be furnished the
-BOND OFFERING -Wilfred
UNION CITY, Hudson County, N. J.
successful bidder.
G. Turner, City Clerk, will receive sealed bids until 11 a. m. on March 17
-BOND OFFERING.
- for the purchase of $390,000 5, 534, 534, 534 or 6% coupon or registered
SHAWNEE, Pottawatomie County, Okla.
It is reported that sealed bids will be received until 8 p. m. on March 12, school bonds, being part of an authorized issue of $835,000. Bonds will be
by J. C. Coleman, City Clerk, for the purchase of a $200,000 issue of water dated April 1 1932 and mature $10.000 annually on April 1 from 1934 to
works bonds. Interest rate to be named by the bidder. Duo $10,000 from 1972 incl. Denom. 31,000. Principal and semi-annual interest (April and
1935 to 1954 incl. A certified check for 2% of the amount bid is required. Oct.) are payable at the office of the City Treasurer. No more bonds are
of $1,000 over $390,000. The
-BOND SALE.
-Brown to be awarded than will produce a premium of the Trust Co. of New Jersey,
SOMERVILLE, Middlesex County, Mass.
bonds will be prepared under the supervision
Bros. Harriman & Co., and F. L. Putnam & Co., Inc., both of Boston, which will certify as to the genuineness of the signatures of the officials and
$265,000 bonds, divided as follows:
jointly, recently purchased
the seal impressed thereon. A certified check for 2% of the amount of
$225.000 534% police station and municipal garage bonds. Duo $11,250 bonds bid for, payable to the order of the City, must accompany each proon Jan. 1 from 1933 to 1952, inclusive.
posal. The approving opinion of Hawkins, Delafield & Longfellow, of
municipal garage bonds. Due $2.000 on New York, will be furnished the successful bidder.
40,000 4g% police station and
Jan. 1 from 1933 to 1952, inclusive.
UNION COUNTY (P. 0. Elizabeth), N. J.
-BOND OFFERING.
1932. Interest is payable semi-annually.
Each issue is dated Jan. 1
N. R. Leavitt, County Treasurer, will receive sealed bids until 12 m. on
Legality to be approved by Ropes, Gray, Boyden & Perkins, of Boston. March 15 for the purchase of 32,787,000
43.4% coupon or registered
Re-offering of the bonds is being made at prices to yield 5.50% for the 1933 improvement bonds. Dated April 1 1932. Denom. $1,000. Due general
April 1
maturity; 1934 and 1935. 5.40%; 1936, 5.25%; 1937 and 1938, 5%; 1939. as follows: $75,000 from 1934 to 1943 incl.; $85,000 from 1944 to 1953
incl.;
4.90%; 1940, 4.80%; 1941, 4.75%; 1942, 4.70%, and 4.65% for the bonds $90.000 from 1954 to 1963 incl.; $95,000 in 1964 and 1965 and $97.000 in
1952, inclusive.
due from 1943 to
1966. If the bids received do not permit of the award of
% bonds, then
-BONDS OFFERED FOR the bonds shall bear interest at such higher rate named 434 the successful
State of (P. 0. Pierre).
by
SOUTH DAKOTA,
INVESTMENT.
-A $2,000,000 issue of 634% refunding bonds is being bidder. Alternative rates to be expressed in a multiple of 34 of 1% and must
offered for public subscription by the Bancnorthwest Co., and the First be the same for all of the bonds. Principal and interest (April and Oct.)
Minneapolis, priced at 102.13 and interest, to are payable at the Central Home Trust Co. Elizabeth. No more bonds are
Securities Corp., both of
Prin. and
yield 6%. Dated March 15 1932. Due on March 15 1937.York, or at int. to be awarded than will produce a premium of $1,000 over 32,787,000.
the
New
(M.& S. 15) payable at the Chase National Bank inBank in Minneapolis. A certified check for 2% of the amount of bonds bid for, payable to the order
of the County, must accompany each proposal. The approving opinion of
First National Bank or the Northwestern National
Approving opinion of Amen, Oakley, Driscoll & Fletcher of Minneapolis. Reed, Hoyt & Washburn, of Now York, will be furnished the successful
In connection with the temporary financing leading up to the offering bidder.
UNION COUNTY SCHOOL DISTRICT NO. I (P. 0. La Grande),
of the above bonds, report of which appeared in V. 134, p. 1814, we quote
as follows from the Chicago "Journal of Commerce" of March 5:
-BOND OFFERING.
Ore.
-Sealed bids will be received until 7:30 p.m.
• Arrangements were concluded Thursday whereby the State of South Da- on March 17 by R. 0. Williams, District Clerk, for the purchase of an
kota will receive sufficient funds for the payment of maturing rural credit $80.000 issue of school bonds. Interest rate is not to exceed- %,payable
5%
the first half of 1932.
bonds for
M.& Ei. Denoms.$500 and $1,000. Dated March 151932, Dile on March
Under the agreement reached between the Bancnorthwest company 15 as follows: $3,500, 1936 to 1938; $4,000. 1939 and 1940; $4,500, 1941
and First Securities Corp., Minneapolis, investment affiliates of the North- and 1942; $5,000, 1943 and 1944; 55,500, 1945 and 1946: 36,000, 1947 and
west Bancorporation and the First Bank Stock Corporation, and W. M. 1948. and $6,500, 1949 to 1951. Prin. and int. payable at the office of the
Willy, rural credits commissioner, and A. C. Goodhope, State Treasurer, County Treasurer. The approving opinion will be given by Teal, Winfree.
the two investment companies will underwrite $2,000,000 of61‘% refunding McCulloch & Shuler of Portland. Authority for issuance is Chapter 401.
bonds due March 15 193'7. While these two companies have taken an option General Oregon Laws 1931. Voted at an election held on Sept. 10. A
on $2,000,000 of those bonds, they have agreed to pay 31,000.000 to South certified chock for $2,000 must accompany the bid.
Dakota on March 14. The balance of the funds will be delivered either
Official Financial Statement.
upon the sale of the additional bonds or at a later date. entire $2,000.000 Assessed valuation of property in the district for 1931
$6,285,128.00
Public offering will be made to-day, however, of the
and the Real valuation (estimated)
000,000.00
10,
by the First Securities
634% bonds priced to yield 6%were purchased by these Corp. at par Value of property owned by the district
472,519.55
dealers
Bancnorthwest Co. The bonds
Value of equipment owned by the district
for 61‘s.
Total bonded indebtedness exclusive of this issue
Payment of only one half of the funds on March 14 is more than sufficient
O
utstandin warrants
Dakota rural
to cover the maturities at that time. Maturities of South
Tax rate 0.7 mills. Population, City of La Grande, Oregon, 19305:080803:43
.
08
151 ; ,0:0010
31,700,000 and are spread as follows:$250.000
credit bonds during 1932 total
Population, outside the city but in school district, 1930, 1,600. Population
15, $400.000 on July 1. $300,000 October 1.
on March 15.$250,000 on Mayaddition the board retired $300,000 of bonds entire district at present time estimated, 9,500.
1932. In
and 3500,000 Dec. 1
UTICA, Oneida County, N. Y.
--TAX RATE.
-At a meeting of the
that matured Jan. 15 1932.
-F. E. Board of Estimate on Feb. 26, the tax rate for 1932 was fixed at $30.90
-BOND OFFERING.
SOUTH ORANGE, Essex County, N. J.
per 81.000 of assessed valuation, a decrease of 14 cents per $1,000 from the
Lowber, Chairman of the Finance Committee, will receive sealed bids
in 1931. The Board estimated that expenditures for the current year
until 8 p. m. on March 21 for the purchase of $511,000 5. 534, 534 or 6% would roach $6,014,263, while last year the figure was $6,218,584. Revenues estimated for 1932 were set at $2,076.594, an increase of 395.500
coupon or registered bonds, divided as follows:
sewer bonds. Due March 1 as follows: $10,000 ; ovvAl93
er LL
$325,000 general impt. and
1962, incl.
from 1933 to 1957, incl. and $15,000 from 1958 to from 1933 to
L
EY COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Frazer),
1
130,000 street assessment bonds'. Due $13,000 March
Mont.
--BOND OFFERING.
-Sealed bids will be received, according to
1942, incl.
report, until 3 p. m. on March 28, by M. A. Lien, District Clerk, for the
1960, incl.
56,000 water bonds. Due 32,000 March 1 from 1933 to
City Debt-
Financial Statement as of Feb. 15 1932.
Bonds.
Notes.
Contracts.
Total.
MA!;. 12 1932.]
FINANCIAL CHRONICLE
purchase of a $15,000 issue of school bonds. Int. rate is not to exceed 6%
payable M.& N. Denom.$1,000. Dated May 1 1932. Serial or amortization bonds to be bid for. A certified check for $500 must accompany
the bid.
VALLEY JUNCTION, Polk County, lowa.-BONDS REFUNDED.A $13.000 issue of 6% road impt. bonds issued in 1923 was refunded on an
exchange par for par basis with the original holders on March 4 for bonds
bearing 5% interest. The original issue was not due for several years but
on agreement was reached between the municipality and the bondholders.
VAN WERT, Van Wert County, Ohio.
-BOND SALE.
-Stella Carey,
City Auditor. reports that the issue of $3,866.77 coupon special assessment
improvement bonds offered on March was awarded as 534s to the People's
Savings Bank, of Van Wert, at par and accrued interest. Dated March 1
1932. One bond for $66.77, others for $200. Due as follows: $66.77
March 1 and $200 Sept. 1 1933, and $200 March and Sept. 1 from 1934
to 1942 incl. Interest is payable in March and Sept. The First National
Bank, of Van Wert, also bid for the issue.
WATERLOO, Black Hawk County, Iowa.
--BOND SALE.
-The
$50,000 issue of coupon river front improvement bonds offered for sale
on March 5-V. 134, p. I814
-was jointly purchased by the Waterloo
Savings Bank of Waterloo, and the Central Republic Co. of Chicago. as
5s. at Par. Dated Feb. 1 1932. Due $5,000 from Nov. 1 1932 to 1941.
incl. The only other bid was a discount offer of $750 on 5s, made by
Glaspell, Vieth & Duncan of Davenport.
WAYNE COUNTY (P. 0. Corydon), lowa.-MATURITY.-The
$8,500 issue of coupon or registered funding bonds that was purchased by
the Corydon State Bank of Corydon, as 5s, at par
-V.134. p. 1814-Is due
on Jan. 1 as follows: $2,500 in 1937, and $3,000 in 1938 and 1939.
WETHERSFIELD TOWNSHIP (P. 0. Niles), Trumbull County,
Ohio.
-BOND OFFERING.
-11.H.Kreiger, Clerk ofthe Board of Trustees,
will receive sealed bids until 2 p.m.on March 28 for the purchase of $125,000
6% bridge construction bonds. Dated April 1 1932. Denom. $1,000.
Due as follows: $4,000 April and Oct. 1 from 1933 to 1944, incl.; $4,000
April and $5,000 Oct. 1 1945, and $5,000 April and Oct. 1 1946 and 1947.
Principal and interest (April and Oct.) to be payable at the Dollar Savings
Bank Co. Niles. Bids for the bonds to bear itnerest at a rate other than
6%, expressed in a multiple of % of 1%, will also be considered. A certified check for $1,000, payable to the order of the Board of Trustees, must
accompany each proposal. Successful bidder to pay for opinion as to
the legality of the issue. A lesser amount of bonds may be awarded than
named in the offering notice, in the event that the accepted bid for the
contract stipulates a lower cost basis than estimated by the surveyors.
WHATCOM COUNTY (P. 0. Bellingham), Wash.
-BOND OFFER-Sealed bids will be received until 11 a. m. March 14, by Pliny T.
ING.
Snyder, County Treasurer, for the purchase of a $64,000 issue of coupon
funding bonds. Int, rate is not to exceed 6%, payable A. & 0. Denom.
$500. Dated April 1 1932. Due from April 1 1934 to 1942. The bonds
shall not be sold at less than par and interest, nor will any discount or
commission be allowed or paid upon the sale of the bonds. A certified
check for 5% of the bid is required.
P WHITE BEAR LAKE,Ramsey County, Minn.
-BOND OFFERING.
Sealed bids will be received until 8 p. m. on April 5, by W. A. Stickley Jr.,
City Clerk, for the purchase of a $13,000 issue of coupon impt. bonds.
Interest rate is not to exceed 534%, payable semi-annually. Prin. and int.
payable at the First National Bank of St. Paul. A certified check for $260
must accompany the bid.
WICHITA, Sedgwick County, Kan.
-BOND SALE.
-An issue of
$180,000 434% internal improvement bonds was jointly purchased on
March 8 by the City Bank & Trust Co. of Kansas City and the Northern
Trust Co. of Chicago at a price of 99.17, a basis of about 4.86%. Due
from 1933 to 1951. inclusive.
WICHITA,Sedgwick County, Kan.
-BOND OFFERING.-Sealedblds
will be received until 7.30 p. m. on March 14, by 0. C. Ellis, City Clerk.
for the purchase of a $25.000 issue of 4%% coupon semi-annual internal
impt. park bonds, series 384. Denoms. $500 and $1,000. Dated March 1
1932. Due $2,500 from 1933 to 1942 incl. Required bidding blanks are
to be obtained from the City Clerk. A certified check for 2% of the bid is
required.
All bids are made and will be received subject to the following conditions:
First.-Tnat the said bonds are required by law to be submitted to the
State School Pend Commission, which Commission has the option to take
or reject the same. If taken in whole or part by said School Fund Commission, the bonds so taken will not be included in this sale. Eath bidder
is required to state whether his bid covers the whole or part of said bonds,
or whether he will take such portion thereof as has not been taken by the
State School Fund Commission.
-No bid will be given any consideration unless the same is preSecond.
pared and submitted on blanks to be obtained from City Clerk.
Third.
-All proposals and bids are subject to the right of the Board of
Commissioners of the City of Wichita to reject any and all bids.
-BOND OFFERING.
WILLISTON PARK, N. Y.
-Robert Kent,
Village Clerk, will receive sealed bids until 8:30 p.m. on March 21 for the
purchase of $41,855 not to exceed 6% interest coupon or registered assessment bonds. Dated March 11932. One bond for $855, others for $1,000.
Due March 1 as follows: $2,855 in 1933; $4.000 from 1934 to 1942, incl.,
and $3.000 in 1943. Principal and interest (March and Sept.) payable at
the Nassau County Trust Co., Mineola, or at the Guaranty Trust Co., New
York. Rate of interest to be expressed in a multiple of Si of 1-10th of 1%
and must be the same for all of the bonds. A certified check for 2% of the
amount of bonds bid for, payable to the order of the village, must accompany each proposal. The approving opinion of Hawkins, Delafield &
Longfellow of New York will be furnished the successful bidder.
WILMINGTON, New Castle County, Del.
-BOND OFFERING.
Sealed bids will be received at the office of the City Treasurer until 12 m.
(Eastern Standard time) on March 14 for the purchase of $400,000 434%
bonds, divided as follows:
$225,000 street and sower bonds of 1931. Due Oct. 1 as follows: $16,000 in
1933; $10,000 from 1934 to 1947 incl.; $15,000 in 1948; $20,000 in
1949 and 1950, and $14,000 in 1951.
77,300 park bonds of 1931. Due Oct. 1 as follows: $300 in 1932;$2,000 in
1933 and $5,000 from 1934 to 1948 incl.
72,700 water bonds of 1931. Due Oct. 1 as follows:$700in 1932;$2,000 in
1933, and $5,000 from 1934 to 1947 incl.
25,000 harbor extension bonds of 1931. Due Oct. 1 1932.
Each issue will be dated April 1 1932. Bonds will be issued in denoms.
of $50 or multiples thereof. Bids will be received for all or any part of the
issues. Interest is payable in April and Oct. A certified chock for 2%
of the amount of bonds bid for, payable to the order of the Mayor and Council of Wilmington, must accompany each proposal. The Continental Bank
& Trust Co., of New York, will certify as to the genuineness of the signatures of the officials signing the bonds and of the seal impressed thereon.
The opinion of Reed, Hoyt & Washburn. of New York, that the
binding and legal obligations of the City will be furnished the bonds are
bidder. The purchaser will be required to settle for the bonds onsuccessful
or before
April 1 1932 at the City Treasurer's office. (Previous mention of this
offering was made in V. 1.34, p. 1814.)
Financial Statement.
Assessed valuation for real estate for the fiscal year ending
June 30 1931
$152,217,750.00
Value of real estate and equipment owned by the city
38.134.424.39
Present total bonded debt (including school bonds)
14,329,300.00
Amount of water debt
4,650,000.00
Sinking fund
1,092.109.60
Floating debt
None
Present population, 106,597.
WOODRUFF PLACE, Marion County, Ind.
-BOND SALE.
-J. M.
Dills, Clerk-Treasurer of the Town,reports that an issue of $6,600 6% road
improvement bonds has been sold to William D. Vogel, contractor of
Indianapolis. Dated Jan.4 1932. Denom.$600. Due on .Tune 30 and Dec.
31 1933. Interest payable in June and December.
WORCESTER, Worcester County, Mass.
-BELATED BOND SALE
-The commissioners of the sinking fund purchased on April 1
REPORT.
1931 an issue of $35.000 234% emergency water bonds at a price of par.
Dated April 1 1931 and due on Oct. 1 1932.
I
WYANDOTTE, Wayne County, Mich.
-BOND SALE.
-The issue of
$75,000 emergency Poor relief bonds unsuccessfully offered on Dec. 22-was purchased during February by the sinking fund commisV. 134,P. 166
sion as 5s. at a price of par. Dated Dec. 1 1931. Due $25,000 on Dec. 1
from 1932 to 1934 inclusive.
2009
WYANDOTTE COUNTY (P. 0. Kansas City), Kan.
-BOND OFFERING.
-Sealed bids will be received by William Beggs, County Clerk,
until 2 p. m. on March 17 for the purchase of a $45,000 issue of 57,, special
impt. bonds, series Jacob Luke Road. Denom. $1,000. Dated Jan. 1
1932. Due $3,000 from Jan. 1 1933 to 1947 incl. County will furnish
proving opinion of Bowersock, Tizzell & Rhodes of Kansas City, Mo. allA
certified check for 2% of the bid, payable to the Chairman of the Board of
County Commissioners, is required.
YONKERS, Westchester County, N. Y.
-BOND
James E. Rushton, City Comptroller, will receive sealed bidsOFFERING.until 12 m.
March 15 for the purchase of$2,530,000 not to exceed 6% interest couponon
or
registered bonds, divided as follows:
Group A$710,000 public buildings bonds. Duo Feb. 1 as follows: $40.000 from 1934
to 1950 iucl., and $30,000 in 1951.
540,000 series A local impt. bonds. Due Feb. 1 as follows: $35,000 from
1934 to 1947 incl., and $50,000 in 1948.
300,000 water bonds. Due Feb. 1 as follows: $15,000 from 1934 to 1949
inclusive, and $20,000 from 1950 to 1952 inclusive.
Group B$600,000 assessment bonds. Due $100,000 Feb. 1 from 1933 to 1938 incl.
350,000 series B local impt. bonds. Due $70,000 Feb. 1 from 1934 to
1938 inclusive.
30.000 equipment bonds. Due $5.600 Feb. 1 from 1934 to 1939 inclusive.
Each issue is dated Feb. 1 1932. Denom. $1,000. Rate of interest to be
expressed in a multiple of % of 1%. Bidders are requested to bid for all
the bonds listed in group A, or for all the bonds listed in group B. or for
all of the bonds listed in each group. Different interest rates may be named
for the different issues of bonds, but not more than one rate for any one
Issue. The city reserves the right to sell all the bonds of group A only,
or all the bonds of group B only, or to sell all the bonds of both groups combined. as the Comptroller may determine to be in the best interest of the
city. Principal and interest (April and Oct.) will be payable at the City
Treasurer's office. A certified chock 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. (Previous mention of
this offering was made in V. 134, 110• 1814.)
Financial Statement as of March 2 1932.
Gross debt
-Bonds
$30,023,300.00
Bond notes
3,390,000.00
Tax notes
3,990,000.00
Revenue notes
955,000.00
Contract and land liability
2,149,329.71
Due current account for cash advances to
local improvement and capital accounts
333,129.22
840.840,758.63
Deductions:
Notes in anticipation ofcollection of taxes_ $a 9 3 3 3 7
4:029 35:93
5 :86 5
Water debt
Bonds provided for In 1932 budget not yet
redeemed
2,109,977.78
10,093,177.46
Net debt
$30.747,581.47
Bonds to be issued:
Local improvement bonds, series A, 1932_ $540,000.00
Public building bonds of 1932
710,000.00
Water bonds of 1932
300,000.00
Assessment bonds of 1932
600,000.00
Equipment bonds of 1932
30,000.00
Local improvement bonds, series B, 1932350,000.00
Floating debt to be funded by such bonds_
Net debt, including bonds to be issued
Assessed valuations, 1932
-Real property
Personal property
Special franchises
$2,530,000.00
2,530,000.00
$30,747,581.47
$350,832.175.00
182,000.00
9,971,418.00
Total
*360.985.593.00
Population, Census 1930. 134,646;estimated State Census, 1925, 118,000.
Tax rate, fiscal year 1932, *33.26 per $1.000.
YOUNGSTOWN, Mahoning County, Ohio.
The issue of $175,000 6% emergency poor relief -BONDS NOT SOLD.bonds offered on Feb. 11
-V. 134, p. 887
-was not sold, as no bids were received. Dated Feb. 1
1932.
CANADA, its Provinces and Municipalities.
CANADA (Dominion
of).
-LOANS TO PROVINCES TOTAL
$29,987,493.
-The report of C. H. Cahan, Secretary of State, tabled recently in the House of Commons, shows that during the current fiscal
year the Dominion has made loans to five of the provincial
Governments aggregating $29,987,493. according to the "Monetary
Times" of Toronto of March 4. Of this amount, $11,637,191 was devoted
to retiring maturing provincial obligations in New York and the remainder
for unemployment relief purposes. The Dominion accepted notes of the
provinces as security for the loans.
NORTH YORK TOWNSHIP, Ont.-BOND SALE.
-The township
recently sold at private sale an issue of $400,000 6% bonds on an interest
cost basis of 6.25%•
PARISH OF ST. FLORE, QUE.-BOND SALE.
-The issue of $20,000
5% serial bonds offered on Feb. 15-V. 134, p.887
-was awarded to Florido
Matteau Courtier, of Grand Mere, at a price of 87, a basis of about 6.30%•
Due in from 1 to 34 years.
RIVIERE DU LOOP, Que.-BOND SALE.
-The issue of $85,000
6% bonds offered on March 8-V. 134. p. 1620
-was awarded to the Credit
Anglo-Francais. Ltd., of Montreal. at a price of 96.50, a basis of about
6.83%. Dated Nov. 1 1931 and due on Nov. 1 from 1932 to 1961 incl.
Payable at the Banque Canadienne Nationale at Riviera du Loop, Quebec
or Montreal.
SASKATCHEWAN (Province of).
-Syndicate Markets $4,000,000
Bonds.
-An issue of $4,000,000 6% coupon (registerable as to principal)
bonds which was offered for public investment in
adawasonMfh
suprice of 94 4ort. gacc un dintert; toyie d 6.50%.
a
.a c
5 n torae
d
oversubscribed,
announcement on the following iy
rapidlyby the
Dominion Securities Corp. of Toronto, which headed the underwriting
syndicate. The syndicate included the Royal Bank of Canada. Bank of
Montreal, Canadian Bank of Commerce, A. E. Ames & Co.. Wood,
Gundy & Co., Bank of Nova Scotia, Imperial Bank of Canada, Bank a
Toronto, Fry, Mills, Spence & Co., the Dominion Bank, Royal Securities
Corp., McLeod, Young, Weir & Co., Bell, Gouinlock & Co., R. A. Daly
& Co., Nesbitt, Thomson & Co., and Hanson Bros., Inc.
The bonds are dated March 15 1932 and will mature March 15 1952.
Denoms. $1,000 and $500. Principal and interest (March and Sept. 15)
payable in lawful money of Canada at the Royal Dank of Canada in the
cities of Toronto, Montrea. St. John,. Winnipeg, Regina or Vancouver.
Legal opinion of E. G. Long, of Toronto. Proceeds of the loan will be
used for refunding Treasury bills issued for public works and improvements
and other capital expenditures.
WINNIPEG, Man.
-82.000.000 BONDS RAPIDLY SOLD.
-A syndicate composed of the Bank of Montreal, the Royal Bank of Canada,
Canadian Bank of Commerce, Bank of Nova Scotia. Wood, Gundy & Co.,
A. E. Ames & Co., Dominion Securities Corp., Royal Securities Corp.,
Nesbitt. Thomson & Co., McLeod. Young. Weir & Co., Fry,
Spence
St Co., Bell, Goulnlock & Co.. Hanson Bros., Inc. R. A. Mills.& Co.,
Daly
National City Co., and Harris, Forbes & Co.. all of Canada, made public
'
offering on March 8 of $2.000.000 6% coupon (registerable as to principal)
bonds, priced at 97.50 and interest, to yield 6.35%. all of which
subscribed for before the close of business on that day, according to awere
dispatch from Winnipeg to the New York "Herald Tribune" of March 9.
The bonds are dated March 1 1932 and mature March 1 1942.
Payable
as to principal and semi-annual interest in lawful money of Canada
Bank of Montreal in Winnipeg, Toronto. Montreal, Vancouver or at the
Denoms. $1,000 and $500. Legal opinion of E. G. Long, of Halifax.
Toronto.
Proceeds of the sale will be used for extension of the city's hydro
-electric
system.
[Vol,. 134.
FINA_NCIA_L CHRONICLE
2010
Canabiatt
Mrut Companies
BANK OF MONTREAL
CHARTERED 1853
Established 1817
United States Trust Company of New York
45-47 WALL STREET
Capital,
Surplus and Undivided Profits,
$2,000,000.00
$27,005,358.30
Head Office—Montreal
--$36,000,000.00
Capital Paid-up
Surplus and Undivided
$39,103,426.95
Profits
$794,523,334.00
Total Assets
President
SIR CHARLES GORDON, G.B.E.
January 1, 1932
This Company acts as Executor, Administrator, Trustee, Guardian, Committee, Court Depositary and in all other recognized trust capacities.
Vice-Presidents
H. R. DRUMMOND. Esq.
MaL.Gen. The Hon. S. C. MEWBURN,C.M.G.
Sir FREDERICK WILLIAMS-TAYLOR
General Managers
W. A. BOG—JACKSON DODDS
EDWARD W. SHELDON, Chairman of the Board
Branches and Agencies
STUART L. HOLLISTER, Asst. Comptroller
WILLIAM M. KINGSLEY, President
Throughout Canada and Newfoundland.
LLOYD A. WAUGH, Asst. Comptroller
WILLIAMSON FELL, lat Vice•President
At London, England.
FREDERIC W. ROBBERT, V. Pres. & Comp. HENRY L. SMITHERS, Asst. Secretary
In Paris, Bank of Montreal (France).
ELBERT B. KNOWLES, Asst. Secretary
THOMAS H. WILSON, Vice Pres. & Sec'y
ALBERT G. ATWELL, Asst. Secretary
In the United States—New York (64 Wall
ALTON S. KEELER, Vice President
HENRY E. SCHAFER, Asst. Secretary
ROBERT S. OSBORNE, Asst. Vice President
Street), Chicago (27 South LaSalle Street),
HARRY M. MANSELL, Asst. Secretary
WILLIAM C. LEE, Asst. Vice President
San Francisco, Bank of Montreal (San Fran.
GEORGE F. LEE. Asst. Secretary
HENRY B. HENIE, Asst. Vice President
cisco), 333 California Street.
GEORGE MERRITT, Asst. Secretary
CARL 0. SAY WARD, Asst. Vice President
In Mexico—Mexico City, Guadalajara, Monterr ey, and Puebla.
TRUSTEES
WEST INDIES—Complete banking faelliHon through Barclays Bank (Dominion,
WILLIAMSON PELL
CORNELIUS N. BLISS
FRANK LYMAN
Colonial & Overseas), in which an interest
WILLIAM VINCENT ASTOR LEWIS CASS LEDYARD, JR. Is owned by the Bank of Montreal.
JOHN J. PHELPS
GEORGE F. BAKER
JOHN SLOANE
EDWARD W. SHELDON
WILSON M. POWELL
FRANK L. POLK
ARTHUR CURTISS JAMES
JOHN P. WILSON
THATCHER M. BROWN
WILLIAM M. KINGSLEY
THE CANADIAN BANK
OF COMMERCE
fforeign
fforefan
Australia and New Zealand
BANK OF
SOUTH WALES
NEW
(ESTABLISHED 18/7)
(With which are armogansabel the NN astern Australian
Bank and The A waranan Bank of Commerce ltd.)
£8,780.000
Paid Up Capital
6.150.000
Reserve Fund
Liability of Proprietors___ 8,780,000
E23,710.000
Aggregate Assets 30th Sept.,
£90,111,427 9s. 6d.
1931.
A. C. DAN IDSON, General Manager
688 BRANCHES AND AGENCIES in the
Australian States. New Zealand, Fiji. Papua.
Mandated Territory of New Guinea. and London.
The Bank transacts every description of Australasian Banking Buttinets. Wool and other
Produce Credits arranged.
London Office:
Head Office:
29, Threadneedle
George Street,
Street, E.C. 2
SYDNEY
Agents: Standard Bank of South Africa, Ltd.
New York
HEAD OFFICE, TORONTO
$30,000,000
PAID-UP CAPITAL
30,000,000
President. Sir John Aird
Logan
General Manager, S
Assistant General Managers:
P.M. Gibson
N. L. McLeod
II. P. Alley
R. A. Rumsey
A E. Arscott
New York Office, Exchange Pl. at Hanover St.
incorporated by Royal Charter 1727.
C. J. STEPHENSON, i
R. B. BUCKERFIELEI.iAgents
0,780,199
Capital (fully paid)
N. J. H. HODGSON, I
£3,780,926
Reserve Fund
E. H. MITCHELL, Assistant Agent
£49,416,137
Deposits
Buy and Sell Sterling and Continental
(85 to £1)
Exchange and Cable Transfers. Collections
made at all points.
Travelers cheques and Letters of Credit
Over
issued available In all parts of the world.
200 Year• of Commercial Ranking
Banking and Exchange business of every
description transacted with Canada.
LONDON OFFICR-2 Lombard Street, E. 0.
CHIEF FOREIGN DEPARTMENT
BANKERS IN GREAT BRITAIN
8 Bishopsgate, London, England.
The Bank of England
HEAD OFFICE - EDINBURGH
The Bank of Scotland
General Manager
Lloyds Bank, Limited
DL.. LLD.
Sir A. K. Wright.
National Provincial Bank, Limited
Barclays Bank, Limited
Total number of offices, 247.
Associated Bank, Williams Deacon's Bank.Ld.
Royal Bank of Scotland
jfareign
OTTOMAN
NATIONAL BANK OF NEW ZEALAND Ltd.
Chief(Moe ID New Seaiand. weiiington
T Grose. General Manager.
Head Grneer 8 Moorgate. London. E. C. 2. Eng.
£2,000,000
Paid-up Capital
Reserve Funds •nd
2,168.457
Undivided Pro:its
BANK
NATIONAL BANK OF INDIA, LIMITED
£10,000 000
. . ..
Rankers to the Government in Kenya Colony
C PITAL
0
and Uganda
P"ID-UP CAPITAL . . £8,000,00
250,000
RESERVE
Head Office: 26, Iii•hopsgate, London, E. C.
(formerly ConstantiIndia, Burma. Ceylon. Kenya
NEAR EAST • Istanbul
Branches in
nople), Egypt. Palestine, Cyprus. Persia.
Colony and Aden and Zanzibar
Syria. Salonica, Izmir. Tunis, trek (In all
about 80 Branches).
Subscribed Capital
£4,000,000
£2,000,000
Paid-up Capital
LONDON. 26 Throgmorton Street. E. C. 2.
Reserve Fund.
£3,000,000
PARIS 7 Rue Meyerbeer.
MANCHESTER. 56-60 Cross Street.
The Bank conducts every description of banking
MARSEILLES: 38, Rue St. Ferreol
and exchange business.
hips and Executorship' also
Tru
undertaken.
L4.168,457
The Bank conducts every description o/ Banking
btisiness connected with Now Zealand.
Artaar Willis, Secretary 4 London Manager
NATION AL BANK
of EGYPT
Hong Kong 8c Shanghai
Head Office
Cairo
BANKING CORPORATION
Incorporated in the Colony of Hongkong. The
liability of members Is limited to the extent and
In manner prescribed by Ordinance No. 6 of 1929
of the Colony
Authorised capital Hongkong Currency_ H$50,000,000
Paid Up Capital (Hongkong Currency)_ -/1320.000.000
fn.:500.000
Reserve Fund In Sterling
Reserve Fund in Silver (Hongkong CurHS10.00e 000
rency)
Jeserve Liability of Proprietors (Hong,
HS20.000,000
kong CurreneY)
C. DE 0. HUGHES, Agent
WALL STREET. NEW YORK
FULLY PAID CAPITAL . £3,000,000
RESERVE FUND . . . 3,000,000
LONDON AGENCY
6 and 7, King William Street, E. C. 4
Branrhes In all the
principal Towns in
EGYPT and the SUDAN
USE and CONSULT
the Claseified Department of
the Financial Chronicle.
@FedFRASER