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The.
oli1intra31
Volume 134
firtantial
iirontde
New York, Saturday, May 28, 1932
Number 3492
The Financial Situation
WEEK ago in this column we pointed out
that Federal Reserve policy of large-scale
purchases of United States Government securities,
with the view to releasing Federal Reserve credit
to a corresponding degree, had apparently reached
the climax of absurdity in the sale of $75,000,000 of
91-day Treasury bills on a bank discount basis of
only 0.43% per annum. The reason for coupling the
two things was that these Treasury bills as issued
from week to week have been rapidly finding their
way into the vaults of the Federal Reserve banks,
with the result that in the end the Federal Reserve
banks have been found making investments at the
abnormally low figure of 0.43 of 1% per annum—in
fact, even lower than this, since the Federal Reserve
banks must be supposed to be making their purchases from the dealers in bills, who naturally would
expect to make some profit from their re-sale of the
bills, and this profit hence would have to be deducted
from the low figure mentioned.
It happens, however, that we were too confident
in assuming that the height of absurdity had been
reached in last week's sale of Treasury bills at 0.43
of 1% per annum on a bank discount basis. On
Monday of the present week the Treasury disposed
of another block of these 91-day Treasury bills, the
offering this time consisting of $60,000,000 of such
bills, and the United States Treasury did even better
for itself on that occasion, realizing a price which
left a return to the purchaser of the bills of only
0.29 of 1% per year on a bank discount basis. Presumably these Treasury bills in great part were repurchased by the Reserve banks, as the latter show
expansion during the week in their holdings of "certificates and bills" (the two classes of Treasury obligations being lumped together in the weekly returns
of the Federal Reserve banks) in the sum of $41,717,000, and it is quite possible that the whole of the
new issue of bills, of which the Treasury disposed of
$60,050,000, were taken over by the Reserve banks,
since a considerable amount of the old holdings of
certificates and bills must have reached maturity
during the week and been paid off. Allowing for the
profit of the dealers in reselling to the Reserve banks,
it can easily be imagined at what a rediculously low
yield the Reserve banks took over the bills. Yesterday there was another sale of 91-day bills, this time
of $100,022,000, and these were disposed of on a
discount basis of 0.32 of 1%.
What is happening is perfectly plain. The Reserve
banks are engaged in putting out huge masses of
Reserve credit, and with that end in view are indulging in large-scale purchases of United States Govern-
A
ment securities. The present week the further
acquisition of United States securities has been
much smaller than in the weeks preceding, and
reached $58,793,000. This, added to the previous
acquisitions, which have averaged in recent weeks
$100,000,000, makes the total purchases in the
period from April 6 to May 25 $640,182,000, the total
of the holdings of United States securities in this
period of seven weeks having risen from $835,014,000
April 6 to $1,525,196,000 May 25. The holdings of
United States bonds in this period of seven weeks
increased from $318,690,000 to $374,784,000, the
holdings of Treasury notes from $84,395,000 to U66,372,000, and the holdings of "certificates and bills"
from $481,929,000 to $984,040,000. The addition, in
this last instance, it will be observed, has been well
in excess of half a billion dollars—in exact figures,
$502,111,000. This indicates how striking has been
the part played by the Reserve banks in augmenting
the demand for bills, until a point has been reached
where the Federal Reserve authorities are netting a
return of only 0.29 of 1% per annum on a bank discount basis, less whatever profit the dealers in bills
make on their re-sales to the Treasury. The whole
operation is plainly farcical, and except for its
manifest absurdity one might imagine the time (if
large-scale purchases are to be continued) when the'
Reserve banks will be paying a bonus or premium for
the privilege of taking over new volumes of bills
as they are issued from week to week.
The purpose of these large purchases of Government securities is to put additional Reserve credit
at the command of the member banks with a view to
easing the general credit situation, and thereby aiding business recovery. But there is no dearth of
banking credit, and therefore these extra supplies
of Reserve credit (the stagnation in business being
due to other causes) congest in the financial centers,
where, in the absence of other means for employing
banking credit, bankers and dealers compete with
one another for the new supplies of bills coming
on the market. As a measure of relief no good is
apparently resulting, and in the meantime foreign
banks and bankers are withdrawing balances here
and closing out their investments out of a fear that
the condition of our Reserve institutions may eventually become seriously impaired. Gold exports are
the inevitable result.
These exports of the metal are now proceeding
on an unexampled scale. For the week ending Wednesday, May 25, the further engagements of gold for
export from New York have aggregated no less than
$73,348,000,of which only$2,419,000 represented gold
3864
Financial Chronicle
May 28 1932
previously earmarked for foreign account, the gold nated for the same circulation privilege now enjoyed
going to virtually every leading European country— by the 2% consols of 1930, or "Panama 2s," as they
$23,561,000 to France, $23,225,000 to Holland, $12,- are known. It is added: "Under this plan a Na069,000 to Switzerland, $7,585,000 to Belgium, tional bank possessing $100,000 worth of bonds
$5,108,000 to England, and $1,800,000 even to Ger- might, 'for a restricted period of time' be able to
many. This week's huge shipments of the metal obtain $95,000 in bank notes, as may be done with
come on top of exports of $43,059,000 the preceding the Panama 2s." Mr. Glass further said:
week, $41,099,000 the week before, $15,872,000 the
"If inflation of credit and currency is the real cure
week ending May 4; $18,817,000 the week ending for the existing situation and we
must have inflaApril 27; $9,203,000 the week ending April 20, and tion," he told the Committee, "we should proceed
$20,156,000 in the week ending April 13. Nor does about it in a direct and unmistakable way and not
the movement appear to have entirely exhausted in the indirect and utterly futile, if not dangerous,
itself even yet. On Thursday $1,087,800 further was way now being employed by the Federal Reserve
withdrawn for export, $1,050,500 being destined for authorities," he went on.
"In short, I suggest that it would be infinitely
Holland and $37,300 for Peru, besides which better
to authorize a plan of 'diffusive' inflation by
$4,999,800 was further earmarked for foreign ac- designating some series of outstanding United
States
count, making $6,087,600 together. It is hard to bonds for the same circulation privileges which
believe, but yesterday an additional $31,323,800 was Panama 2s now have. This would enable National
withdrawn for export ($20,193,200 going to France, banks throughout the country, for such restricted
$5,550,000 to Holland, $4,175,200 to Belgium, period of time as might be determined, to increase
$1,002,600 to Switzerland, and $402,800 to Eng- the volume of bank notes in order to meet the requirements of legitimate business.
land), in addition to which $5,929,100 more was ear"According to my notion, this would be vastly
marked for foreign account, making the loss for this preferable to the threatening scheme now
being emsingle day $37,252,900.
ployed by the Federal Reserve System of concenAs the purchases of United States Government trating relief in the great money centers with the
securities are so disturbing in their effects, as re- vain hope and expectation that it will trickle down
flected in these gold exports, and are obviously not into the smaller communities throughout the counneeded as measures of banking relief, and no good try. The plan suggested, purely to tide over the
is discernible from them in any way, it would seem existing emergency, would enable every National
bank to utilize its holdings of United States bonds
that the time has arrived for discontinuing them. for such controlled inflationary purposes as current
Thie view is well expressed in the daily article business would justify and it would put all National
written by H. Parker Willis, former Secretary of banks in all sections of the country upon equal terms
the Federal Reserve Board, which appeared in the in the matter of expansion.
"I do not pretend to say that this would be an
"World-Telegram" for Thursday, and in which Mr.
absolute cure for the existing situation, but I do
Willis is moved to say: "It is time for a fresh start
insist
in our efforts to check the depression and improve has that it is more equitable than anything which
been proposed or that is being attempted.
business. We have given inflation a fair trial, and
"My own orthodox view is that when an individual,
it has failed. Indeed, it has done much worse than community or nation embarks upon the era
of wicked
fail. It has created a situation that is daily becom- extravagance it must eventually pay the penalty.
ing more hazardous. Much further continuance of This cannot be avoided by fictitious devices, legisthe export of gold and of concomitant expansion of lative or otherwise."
the liabilities of the Reserve System could easily
While Mr. Glass thus puts his suggestion forward
bring very serious trouble. Meantime confidence with more or less misgiving, as indicated by the forehas not been restored, but, on the contrary, has going excerpts from his remarks, the proposition is
been further impaired. The trouble throughout has nothing more or less than a return to a bond secured
been that we have been clinging to the "new era" currency from which it had been supposed the counphilosophy that all ills of the business world could try had forever taken its departure with the creation
be cured, or at least much mollified, by tinkering of the Federal Reserve System, and to have such an
advocate of sound finance as Mr. Glass even "tentain. some way with money and credit."
Yet strange doctrines are being proclaimed and tively" espouse a proposition of that kind is calcumany economic idols heretofore supposed to be free lated to make the ordinary man, who has not yet
from hallucinations of any kind are yielding to the come under the sway of the noxious doctrines that
thoughtless clamor for inflation. Carter Glass, find such wide acceptance, pause with doubt and
always looked up to as our High Priest of Sound fear. If the former militant upholder of the cause
Finance, now finds his feet slipping from under him. of sound finance is willing to lend a ready ear to
According to a Washington dispatch appearing in the wild schemes of inflation which apparently are
the New York "Times" on May 25, "temporary cur- carrying everything before them, upon whom are we
rency inflation based on United States Government to depend hereafter?
bonds" has been "tentatively" suggested by Senator
Glass as a substitute for the Goldsborough bill to
OVEIRNOR FRANKLIN D. ROOSEVELT, i
stabilize the dollar on a 1926 purchasing level. Vigan address delivered last Sunday night at the
orously opposing the Goldsborough program as commencement exercises of Oglethorpe
University,
"futile and ineffective," Mr. Glass, we are told, urged at Atlanta, Ga., indulged in utterances
which canthe Senate Banking and currency Committee to not be regarded as otherwise than preaching
the docconsider some "feasible" substitute, and therefore trine of discontent, and we need hardly
say that in
suggested "the bond platform to which, he explained, times like the present, when the business activities
he was by no means absolutely committed." Briefly, not only of the United States, but of the whole world,
this corespondent says, Mr. Glass has in mind a are paralyzed as perhaps never before, and when, as
scheme of "diffusive" inflation whereby some series a result, idleness and unemployment exist on an
of outstanding Government bonds could be desig- unparalleled scale, engaging in 'talk of that kind is
G
Volume 134
Financial Chronicle
a perilous undertaking. Mr. Roosevelt is an active
candidate for the Presidential nomination at the
hands of the Democratic party, and his utterances,
therefore, command more attention than would
otherwise be the case. In the past he has always
displayed great level-headedness and shown a
thorough understanding of underlying economic
principles, ever stressing their importance, besides
which he has exercised his duties and functions as
Governor of this State with credit and distinction.
Latterly, however, he has developed a disposition to
wander in strange by-paths. And this has happened
more than once of late. One illustration of the kind
was when, in a radio address on April 7, he spoke
of Federal neglect of the "little fellow," declared
that depression relief must go to "pyramid bottom,"
and charged, according to the New York "Times,"
that the "little fellow" was entirely beyond the range
of vision of the Hoover Administration in its effort
to rebuild the nation economically and lift the country out of the present period of depression—a statement which former Governor Alfred E. Smith was
quick to turn to his own advantage by saying: "I
will take off my coat and vest and fight to the end
against any candidate who persists in any demagogic appeal to the masses of the working people
of the country to destroy themselves by setting class
against class and rich against poor. In his address
of last Sunday Mr. Roosevelt laid himself open to
the same strictures."
Like all thoughtful and observing students, Mr.
Roosevelt is appalled by the magnitude .of the distress which he finds on every side, and as to the
underlying causes of which he appears to have a
perfect understanding. It is this that makes his
meanderings all the more strange. His analysis of
the situation makes it entirely plain that there has
been a departure from sound principles, and the
remedy, accordingly, would appear to be a return to
these principles—principles which have governed
society and economics through all the ages. But
Mr. Roosevelt does not see the force of his own words
or appear in any way impressed with the country's
experience of recent years, and which have eventuated in such a sad affliction. It would be impossible
to depict with greater force and perspicacity the
causes which have brought on the country's present
trouble than Mr. Roosevelt does in the following
paragraphs from his address of last Sunday:
"The year 1928 does not seem far in the past, but
since that time, as all of us are aware, the world
about us has experienced significant changes. Four
years ago, if you heard and believed the tidings of
the time, you could expect to take your place in a
society well supplied with material things and could
look forward to the not too distant time when you
would be living in your homes, each (if you believed
the politicians) with a two-car garage; and, without great effort, would be providing yourselves and
your families with all the necessities and amenities
of life, and, perhaps in addition, assure by your savings their security and your own in the future.
"Indeed, if you were observant you would have
seen that many of your elders had discovered a still
easier road to material success—had found that once
they had accumulated a few dollars they needed only
to put them in the proper place and then sit back
and read in comfort the hieroglyphics called stock
market quotations which proclaimed that their
wealth was mounting miraculously without any
work or effort on their part.
"How sadly different is the picture which we see
around us to-day. If only the mirage had vanished,
365
we should not complain, for we should all be better
off. But with it has vanished, not only the easy
gains of speculation, but much of the savings of
thrifty and prudent men and women,put by for their
old age and for the education of their children. With
these savings has gone, among millions of our fellow
citizens, that sense of security to which they have
rightly felt they are entitled in a land abundantly
endowed with natural resources and with the productive facilities to convert them into the necessities of life for all our population. More calamitous
still, there has vanished with the expectation of
future security the certainty of to-day's bread and
clothing and shelter."
Now, what deduction can be made from the foregoing except that the country engaged in a speculative debauch without parallel in the'history of mankind when men were completely swept off their feet
and lost all sense of proportions and threw caution
to the winds, thinking that the speculative bubble
and bauble would carry them to a haven where no
one any longer need trouble himself about the future
and where labor and hard work might be relegated
to limbo. In a word, the country was chasing phantoms whose unreality has now become sadly apparent
and the whole population is now suffering the unfortunate consequences. But Governor Roosevelt
will not see it in that way. In that form the story
would be altogether too prosaic, and Mr. Roosevelt
would simply have added to his reputation as a close
student of events, which he undoubtedly is. Mr.
Roosevelt's conclusions, hence, carried him to further extremes and we find him saying:
"Do what we may have to do to inject life into
our ailing economic order, we cannot make it endure
for long unless we can bring about a wiser, more
equitable distribution of the national income. It is
well within the inventive capacity of man, who has
built up this great social and economic machine,
capable of satisfying the wants of all, to insure that
all who are willing and able to work receive from it
at least the necessities of life. In such a system, the
reward for a day's work will have to be greater, on
the average, than it has been, and the reward to
capital, especially capital which is speculative, will
have to be less."
The Governor argues, it will be seen, in favor of
"a wiser, more equitable distribution of the national
income," and asserts that "the reward for a day's
work will have to be greater on the average than it
has been and the reward to capital, especially capital that is speculative, will have to be less." This
implies that the country is suffering so acutely
to-day because of the inequitable distribution of
the national income and because the reward for a
day's work has not been as great as it should be, when
the Governor has already so clearly demonstrated
that the national collapse has followed inevitably
as a result of the speculative debauch in which the
whole country, and, in fact, the whole world engaged. In the unreal prosperity which terminated
So abruptly and so disastrously in the autumn of 1929
the laboring classes shared as fully as other classes
and certainly labor had greater "reward for a day's
work" than ever before. Most assuredly, union labor
shared in it to an extraordinary degree, and the labor
leaders even to-day are resisting most strenuously
attempts to bring labor pay back to normal conditions, a step Which would be more effective in
bringing about a revival of trade than all the panaceas and quack remedies that are being furthered
and discussed in Washington. Take the building
trade in this city for illustration, and which every
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Financial Chronicle
one seems so desirous of starting on a new plain of
activity. In the speculative heydey the bricklayer
got $15 a day, making $75 a week working only five
days. Not only that, but he often received a premium
of $3 a day above the union scale of $15 a day, thus
making $18 a day, or $90 for a five-day week. And
all the others in the buildings trades fared equally
well. Quite obviously, it cannot truthfully be said
that these laborers did not receive ample reward
for their work. The present month building contractors have insisted on a reduction from the unprecedentedly high scale, but even after this reduction the bricklayer will still be getting $12 a day, or
$60 for a week of five days, which certainly cannot
be considered bad pay.
Or we may cite conditions in the printing trades
in this city as a further illustration. There the wage
scale has further increased year by year even through
all the years of depression since 1929, the workers
having refused to waive a further increase on Jan. 1
1932, notwithstanding the intensity of the business
depression prevailing. To speak of a"more equitable
distribution of the national income," to say that in
"such a system the reward for a day's work will have
to be greater on the average than it has been," partakes of the farcical when it is recalled that book
and job trades in this city find themselves wholly
without any income at all because of these high
wages, and also find their trade drifting to numerous places outside of this city because of the lower
rates of pay prevailing there.
Mr.Roosevelt is also unfortunate and most unconvincing in his characterization of what he terms the
Wall Street group. At one point Mr. Roosevelt indulges in the remark that "many of those whose primary solicitude is confined to the welfare of what
they call capital have failed to read the lessons of
the last few years and have been moved less by calm
analysis of the needs of the nation as a whole than
by a blind determination to preserve their own
special stakes in the economic order." At another
point he delivers himself of the following: "We
cannot allow our economic life to be controlled by
that small group of men whose chief outlook upon
the social welfare is tinctured by the fact that they
can make huge profits from the lending of money
and the marketing of securities—an outlook which
deserves the adjectives 'selfish' and 'opportunist."'
The Wall Street group, which Mr. Roosevelt here
has in mind, needs identification, but assuming that
Mr. Roosevelt refers to the financial interests centered in this city, nothing stands out more clearly
than that in the general collapse, in which the whole
country has become involved, the financial interests
have enjoyed no exemption. They were carried away
in the unnatural speculative mania, the same as
everyone else, but the reverses which have come to
them are worse than those suffered by any other class
of the community. That is the reason why Wall
Street is now the gloomiest spot on the face of the
universe. Wall Street is paying the penalty for its
recklessness, no less than the rest of the population,
all of which entertained the common delusion that
riches could be obtained without work and by means
of a speculative craze. It will ever remain one of the
distinctive features of the times that when the end
of the debacle came no class escaped in the resulting
disaster.
As to the road for recovery, Mr. Roosevelt makes
one point which deserves noting, even though he
May 28 1932
does not himself cite it as a way to recovery. The
Governor said that after "the experience of the last
three years" the average person would rather receive
"a smaller return upon his savings in return for
greater security for the principal than experience
for a moment the thrill of the prospect of being a
millionaire, only to find the next moment that his
fortune, actual or expected, has withered in his
hand because the economic machine has again broken
down."
In the last analysis this simply means that "the
average person" has learned well the lesson of experience, and that he is not likely soon to forget it. In
other words, there is coming to be a realization that
what is needed above everything else by the country
in its economic life is that we must get back to first
principles. There is no easy road to success, and
something cannot be created out of nothing. Thrift
and economy must be the watchwords, and artificial
aids and panaceas, such as find such wide favor
in the legislative world, must be eschewed. The
country must adapt itself to a new state of things
now that the speculative bubble has burst. That
alone is the sure road to recovery. We say this
notwithstanding that Mr. Roosevelt at one point
speaks of experimentation as the means out of our
dilemma. That point he enlarges in the following
remarks. "The country needs, and unless I mistake
its temper, the country demands, bold, persistent
experimentation," he said. "It is common sense to
take a method and try it; if it fails, admit it frankly
and try another. But above all, try something. The
millions who are in want will not stand by silently
forever while the things to satisfy their needs are
within easy reach."
The truth is we have had altogether too much
experimentation, as witness our attempt to maintain farm prices for wheat and cotton and the equally
futile efforts that are being made to force Federal
Reserve credit upon banks that have no need of it
and for which they cannot find employment except
in wholly abnormal ways. "Experimentation," as
it is being witnessed to-day in legislative halls and
by the politicians is only another name for bungling
and for setting at defiance fundamental laws. We
repeat it is time for getting back to first principles.
TN OUR remarks above reference has been made
1 to some of the changes in this week's condition
statement of the Federal Reserve banks. A more
detailed examination, however, of the returns as a
whole is called for. The figures will be studied
mainly with a view to seeing what the effect has
been of the continued heavy exports of gold, the
extent of the new purchases of United States Government securities, and also the extent to which the
Reserve authorities have been obliged to avail of the
powers granted by the Glass-Steagall Bill permitting
the use of United States Government securities as
collateral for Federal Reserve notes to the extent of
60% of the face value of such notes, the other 40%
consisting of the legal cash reserves which the Reserve banks are required to hold. With the Reserve
institutions still engaged in acquiring new holdings
of United States securities, even though in diminished amounts, and with the gold exports continuing
unchecked, it is obvious that further resort must be
had to the new privileges conferred by the GlassSteagall Act. An offsetting advantage, however,
is to be found in the reduction in the volume of
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Financial Chronicle
Federal Reserve notes in circulation, the significance
of which should not be overlooked. If, on the one
hand, the volume of Reserve credit outstanding is
being steadily increased, as is actually the case, on
the other hand a favorable feature is to be found in
the circumstance that there is no concurrent expansion in the amount of Federal Reserve notes in actual
circulation.
Indeed, there have been several weeks recently
where the total of the Reserve notes outstanding has
shown a decrease. The week ending Wednesday
night, and now under consideration, is one of these.
In this week the amount of Reserve notes afloat
shows $25,393,000 contraction. Nevertheless, it has
been necessary under the authority of the GlassSteagall Act to substitute United States securities
in the further sum of $48,100,000 as collateral behind the Reserve notes in place of an equal amount
of gold. This makes the total of Government securities now held as backing for Federal Reserve note
issues $196,400,000, the amount of Government
securities set aside for the purpose having been $97,300,000 in the week ending May 11 and $51,000,000
in the week ending May 18. As already noted further above, the 12 Reserve banks during the week
acquired $58,793,000 more of Government securities,
bringing the total of such holdings up to $1,525,196,000, which compares with $598,368,000 12 months
ago on May 27 1931. As against the increase this
week in these holdings of Government securities
there has been a further reduction in the holdings
of acceptances, already at an extremely low figure,
from $40,643,000 May 18 to $38,373,000 May 25, but,
on the other hand, the discount holdings have risen
from $464,943,000 to $471,267,000.
The final result is that the total of the bill and
security holdings, and which constitute a measure
of the volume of Reserve credit outstanding, stands
at $2,040,056,000 May 25 against $1,977,012,000
May 18, showing an addition for the week in amount
of $63,044,000. As compared with May 27 1931,
when the volume of Reserve credit outstanding was
no more than $876,489,000, there has been an expansion of $1,163,567,000. The expansion during the
same 12 months in the Federal Reserve notes in circulation, which, as already stated, diminished in
amount of $25,393,000 during the week,has been close
to a billion dollars, with the amount now for May 25
at $2,532,714,000, comparing with only $1,551,808,000 on May 27 1931. The gold holdings during
the week as a result of the further outflow of the
metal have been reduced by $61,951,000 to
$2,857,081,000. .
At the New York Reserve Bank the gold reserves
have actually increased during the week in amount
of over $103,000,000, while at the same time the
holdings of United States Government securities
have been reduced in amount of $67,488,000 in face
of the large addition by the 12 Reserve banks as a
whole. But these changes in the holdings of the
different Reserve institutions are devoid of significance, since they merely mark reapportionment and
redistribution of both the gold holdings and the
holdings of United States securities among the different Reserve institutions, and hence call for no
special mention. As a result of the diminution in
gold reserves by reason of the large outflow of the
metal, the ratio of total reserves to deposit and Federal Reserve note liabilities combined has been further reduced during the week by1.3%,but still stands
3867
at 63.1%;!which, while comparing with 85.3% on
May 27 1931, nevertheless stands far in excess of
legal requirements regarding reserves, only 40% reserves being required against the outstanding note
circulation and 35% against the deposit liabilities.
We have already remarked that the acceptance
holdings of the 12 Reserve institutions have been
further reduced during the week from $40,643,000 to
$38,373,000, and, as a matter of fact, if allowance be
made for the circumstance that this includes foreign
bills as well as domestic bills, the foreign bills tied
up abroad at latest dates having been $30,736,000,
the domestic bill holdings are found to be down
close to the vanishing point. There has also
been during the week a further diminution in the
holdings of acceptances held by the Reserve banks
for account of foreign central banks, the total of
these the present week being reported at $216,402,000
against $239,948,000 last week. The deposits of foreign banks with the Federal Reserve banks have also
been reduced, being reported at $40,706,000 May 25
as against $45,578,000 May 18.
HE stock market this week continued in its downward course,interrupted only by occasional upward reactions induced by a covering of outstanding
short contracts. A strong rally of that kind occurred
on Thursday, when,after a further severe breakdown
in the morning, during which a big list of new low
prices for the year was established, a sharp rally
occurred. On Friday, however, the trend was again
strongly downward. The upward reaction on Thursday was occasioned by advices from Washington
indicating a disposition on the part of the Senate
to expedite the pending tax bill for balancing the
Federal budget. This induced a covering movement
by the short interests and reversed the course of
the market after its further downward plunge in the
morning. There have been no new developments to
affect the course of prices, but general conditions
have been depressing, and this has served to keep the
market weak. Gold exports have continued, and on
an increasing scale, and the foreign exchanges generally have been against the United States, thus favoring the outflow of the metal. This week's review
of the iron and steel trade showed a falling off in
the operating schedules of the steel mills from 25%
of capacity to 24%, after the moderate increase in
the weeks immediately preceding, and news regarding the condition of general trade has continued
gloomy in the extreme. In addition, the earnings
statements of the railroads have begun to come in
for the month of April, and with scarcely any exceptions they showed very little improvement over the
poor returns of other recent periods. Nearly every
week now some group of stocks displays special
weakness, and the present week the tobacco stocks
have held the palm in that respect. Reynolds Tobacco was under liquidation and suffered a sharp
decline, Liggett & Myers, Lorillard and American
Tobacco joining in the downward movement. The
New York traction stocks were also under pressure
and suffered severe declines. Many other public
utilities were under like pressure, Consolidated Gas
belonging in that class.
The bond market also has continued under pressure and moved lower, though an exception must
be made in the case of British Government 51 2s,
/
which were strong all through the week, reaching a
high point of 10614 on Thursday, and yesterday
/
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3868
Financial Chronicle
/
1
2
closed at 104 against 103% the clo. e Friday of
last week. On Thursday nearly all the commercial
markets were weak, wheat prices dropping about 2c.
a bushel, rubber breaking on heavy offerings of rubber from Singapore in the London market, with the
result of establishing a new low record both there
and on the New York Rubber Exchange. The price
on the board declined to 2.70c. a pound, a drop of 13
points, which compares with the previous low record
of 2.75c. a pound. In the cotton market some weakness was occasioned, though with subsequent recovery by the news from Liverpool that HornbyHemelryk & Co.., cotton and general produce brokers,
and one of the oldest cotton firms in Liverpool, had
announced its suspension. On the New York Stock
Exchange 533 stocks established new low records for
the year during the week, while only three stocks
attained new high levels. Call loans on the Stock
/
1
2
Exchange were again continued unchanged at 2 %,
though less and less borrowing is being done on the
Exchange, many dealers availing of the lower rates
prevailing outside the Stock Exchange, where loaning the present week has been most of the time
at 1 % per annum.
/
1
2
Dividend reductions and omissions by the different corporations have continued an adverse feature.
Among the omissions may be mentioned the Atlantic
Coast Line Co., which omitted the quarterly dividend on its capital stock; the International Cement
Co., which omitted the quarterly dividend on the
common stock; Devoe & Reynolds, which omitted
the quarterly dividend on the class A and class B
common stocks; the Warner Co., which omitted the
quarterly dividend on the $7 cumul. 1st pref. stock;
the George A. Fuller Co., which passed the quarterly
dividend on the $6 cumul. part. prior pref. stock and
on the $6 cumul. part. pref. stock; Lane Bryant,Inc.,
which omitted the dividend on common, and the
Bendix Aviation Corp., which passed the quarterly
dividend on the common stock. The General Electric
Co.reduced its quarterly dividend on the no-par common stock from 25c. a share to 10c. a share. Previously a quarterly dividend of 40c. a share was paid
on this issue from April 25 1930 to and including
Jan. 25 1932. The Union Carbide & Carbon Corp.
reduced the quarterly dividend on common from 50c.
a share to 30c. a share, after having the previous
April reduced from 65c. a share to 50c. a share.
The Standard Oil Co. of Kentucky reduced the quarterly dividend on the capital stock from 40c. a share
to 10c. a share. The Todd Shipyards Corp. decreased
the quarterly dividend on the capital stock from 50c.
a share to 25c. a share. Prior to Dec. 21 1931 quarterly dividends of $1 a share were paid on this issue.
The Commercial Credit Co. reduced the quarterly
/
1
2
dividend on its no-par common stock to 12 c. a
share as against 25c. a share paid on this stock on
March 31 last. Bell Telephone Co. of Canada reduced the quarterly dividend on its capital stock
from 2% to 13
/
4%. The Hercules Powder Co.reduced
its quarterly dividend on common from 75c. a share
to 50c. a share. The Mathieson Alkali Works (Inc.)
reduced the quarterly dividend on its common stock
/
1
2
from 50c. a share to 37 c. a share, and the General
Railway Signal Co. cut its dividend from 75c. a share
to 25c. a share.
The volume of trading has been somewhat heavier
as liquidation has proceeded, closely approaching
2,000,000 shares on Thursday. At the half-day session on Saturday last the sales on the New York
May 28 1932
Stock Exchange were 305,170 shares; on Monday
they were 557,840 shares; on Tuesday, 983,297
shares; on Wednesday, 1,302,142 shares; on Thursday, 1,853,160 shares, and on Friday, 900,595 shares.
On the New York Curb Exchange the sales last
Saturday were 54,630 shares; on Monday, 135,280
shares; on Tuesday, 141,900 shares; on Wednesday,
195,704 shares; on Thursday, 253,490 shares, and
on Friday, 141,935 shares.
As compared with Friday of last week, prices are
again quite generally lower. General Electric closed
yesterday at 10 against 1314 on Friday of last week;
/
North American at 15% against 19%; Standard
/
Gas & Elec. at 91/4 against 1118; Pacific Gas & Elec.
at 20 against 21½; Consolidated Gas of N. Y. at 40
/
against 4578; Columbia Gas & Elec. at 6 against 7½;
Brooklyn Union Gas at 62 against 67; Electric
/
1
2
/
1
4
Power & Light at 3 against 5 ; Public Service of
/
1
4
N. J. at 36 against 41; International Harvester
/
1
2
at 16 against 17 ; J. I. Case Threshing Machine
/
1
4
at 19 against 19 ; Sears, Roebuck & Co. at 15
against 1734; Montgomery Ward & Co. at 4 against
/
/
1
4
/ against 291
1
2
618; Woolworth at 26
/
%; Safeway
/
Stores at 38 against 4334; Western Union Telegraph
/
/
1
4
at 18 against 1934; American Tel. & Tel. at 92
/
against 95½;International Tel. & Tel. at 278 against
/
1
33 ; American Can at 352against 38; United States
/
4
/
/
Industrial Alcohol at 1378 against 1578; Commercial
/
1
4
Solvents at 2 against 5 ; Shattuck & Co. at
/,
/
5
/ against 612 and Corn Products at 2914
1
4
against 32 .
/
1
2
Allied Chemical & Dye closed yesterday at 50
/
1
4
against 53% on Friday of last week; E. I. du Pont
de Nemours at 2678 against 2912; National Cash
/
/
Register "A" at 7
/ against 8½; International
1
2
Nickel at 378 against 5; Timken Roller Bearing at
/
121 8 against 14; Mack Trucks at 12 against 13;
/
/
1
4
Yellow Truck & Coach at 1/ against 178; Johns/
78
Manville at 102against 1134; Gillette Safety Razor
/
1
/
at 13 against 14 ; National Dairy Products at
/
1
2
/
1
4
15% against 19%; Associated Dry Goods at 3/
12
against 3%; Texas Gulf Sulphur at 1378 against
/
16%; Freeport Texas at 111 8 against 13½; Amer/
ican & Foreign Power at 238 against 2 8; United
/
7
/
Gas Improvement at 13 against 15½; National
/
1
2
Biscuit at 29 against 331 8; Coca-Cola at 90% against
/
94%; Continental Can at 20% against 22%; Eastman Kodak at 40 against 4218; Gold Dust Corp.
/
/
1
4
at 9/ against 112 Standard Brands at 934 against
78
/
1
;
/
11; Paramount Publix Corp. at 1% against 178;
/
Kreuger & Toll at 1/16 against l/; Westinghouse
Elec. & Mfg. at 19% against 24 ; Drug, Inc., at
/
1
4
28% against 341 8; Columbian Carbon at 1578
/
/
against 19; Reynolds Tobacco B at 27 against
/
1
2
3118; Liggett & Myers class B at 3612 against 44;
/
/
Lorillard at 9% against 1212 and American Tobacco.
/,
/
1
4
at 47% against 58 .
The steel shares have moved with the general market. United States Steel closed yesterday at 26%
against 28% on Friday of last week; Bethlehem Steel
34
at 10% against 12/; Vanadium at 6 against 7, and
Republic Iron & Steel at 2 against 3. In the auto.
group Auburn Auto closed yesterday at 31% against
32% on Friday of last week; General Motors at 9%
against 10%; Chrysler at 5% against 6%; Nash
Motors at 9 against 101
%; Packard Motors at 2'
/
against 218; Hudson Motor Car at 318 against 3 8
/
/,
7
and Hupp Motors at 12 against 2. In the rubber
/
1
group Goodyear Tire & Rubber closed yesterday at
534 against 8 on Friday of last week; B. F. Goodrich
/
Volume 134
Financial Chronicle
/
4
/
at 21 2 against 31/ ; United States Rubber at 214
/.
/
4
against 23 , and the preferred at 4 against 478
The railroad shares have again been a weak fea/
1
2
ture. Pennsylvania RR. closed yesterday at 7
against 9% on Friday of last week; Atchison Topeka
/
& Santa Fe at 2514 against 29; Atlantic Coast Line
at 10 against 11; Chicago Rock Island & Pacific at
/
2 against 2%; New York Central at 91 2 against
/
3
4
/
4
11%; Baltimore & Ohio at 43 against 5½; New
/
/
Haven at 6% against 834; Union Pacific at 371 4
against 42; Southern Pacific at 7% against 8½;
Missouri Pacific at 1% against 2 bid; MissouriKansas-Texas at 12against 2; Southern Railway at
/
1
/
3 bid against 31/4; Chesapeake & Ohio at 1214 against
/
1478; Northern Pacific at 578 against 8, and Great
/
/
.
Northern at 5% against 81 2
The oil shares have also moved lower. Standard
Oil of N. J. closed yesterday at 2378 against 25 on
/
Friday of last week; Standard Oil of Calif. at 18
against 18½; Atlantic Refining at 10
/ against
1
4
11%; Texas Corp. at 1014 against 11; Phillips Pe/
/
troleum at 4 against 41 8 and Pure Oil at 31 2
/,
against 378
/.
The copper shares also have declined. Anaconda
/
Copper closed yesterday at 4 against 478 on Friday
of last week; Kennecott Copper at 5% against 6%;
/
Calumet & Hecla at 11 2 against 2; American Smelt/
/
ing & Refining at 61 8 against 81 2; Phelps Dodge at
/
4
41 2 against 43 , and Cerro de Pasco Copper at 4%
/
/
against 614
.
ULL sessions and irregular downward movements took place this week on stock exchanges
in all the leading European financial centers. The
earlier dealings were especially quiet at London,
Paris and Berlin, with slight improvement apparent
in the latter half of the week. Where activity increased, however, it was chiefly the very highest
grade securities that benefited. The interest in
British funds, French rentes and similar securities
and the disregard of others are considered in Europe
a reflection of the serious lack of confidence that still
prevails. There is, indeed, no appreciable progress
apparent in either the political or business spheres.
Political unsettlement prevails everywhere on the
Continent, while the international discussions of
such highly important matters as disarmament and
reparations have so far been quite fruitless. Progress in trade and industry is equally hard to discern,
although it can be said that the discouraging recessions seem at length to have been halted. The difficulties encountered in some parts of Europe are reflected in a report from Budapest, received at Washington early this week, to the effect that the Stock
Exchange in the Hungarian center has now been
closed for more than ten months.
The London Stock Exchange was dull, Monday,
and prices drifted slowly downward in all departments of the market. Profit taking appeared in
British funds, and these prime securities were
marked down small fractions. Shares of industrial
corporations were easy, and moderate losses likewise were registered in the international group. In
Tuesday's dealings some buying interest was noted
in Australian gold mining shares, but the rest of the
market remained dull and dispirited. British funds
again reacted and other gilt-edged issues also lost
ground. Turnover in industrial issues was exceptionally small and mainly at slight recessions. AngloAmerican trading favorites were not materially
D
3869
changed. Buying of British funds was finally resumed, Wednesday, and some of the earlier losses
were regained. Other sections of the London market
remained dull, largely owing to adverse rumors concerning the conference on reparations, soon to be
held at• Lausanne. Industrial stocks were sharply
lower, and international issues also dropped. A
more cheerful tone prevailed Thursday, with British
Government securities leading the advance. Industrial stocks were quiet but firm, and international
issues lost some of their sluggishness. The market
was again dull yesterday, while price changes were
unimportant.
The Paris Bourse was dominated all week by uncertainty over the internal political situation. The
impending change in Government occasioned nervousness among holders of securities. The list was
heavy as trading started, Monday,and the downward
swing continued all day. A higher dividend was declared on Suez Canal shares than was generally expected, and this served to moderate the decline somewhat. Trading Tuesday was almost at a standstill.
After further initial recessions the market steadied,
however, and changes at the close were unimportant.
Liquidation appeared on a more substantial scale,
Wednesday, and prices on the Bourse fell rather
swiftly. There was little resistance and many stocks
dropped to new low prices for recent years. International securities were even weaker than French
shares. The trend Thursday was irregular, small
upward and downward movements appearing alternately. Net changes at the close were small, but
mostly on the side of losses. After early firmness,
prices dropped slightly in the dealings yesterday.
Like other markets, the Berlin Boerse was unsettled as trading began last Monday, and sharp declines took place in all sections of the list. Apprehensions regarding political affairs within the Reich
and intimations from Vienna that Austria will declare a moratorium caused liquidation. Prices at
the close were the lowest of the day. After a further
weak opening, Tuesday, prices steadied on the
Boerse. Not all of the early recessions were regained, however, and net changes were mostly in the
.direction of losses. The market repeated this performance Wednesday, prices falling at first.but recovering most of the losses in subsequent dealings.
The general tone was more satisfactory, however, as
public interest in stocks increased somewhat. The
decline was resumed Thursday, largely because of
the heightened political uncertainty occasioned by
rioting in the Prussian Diet by Fascists and Communists. Liquidation continued until the close and
the recessions were severe, despite a light turnover.
The Boerse was firm at the start of trading yesterday, but modest declines developed in later trading.
UROPEAN observers are currently displaying a
remarkable unanimity in their forecasts of developments at the Lausanne conference of interested
Governments on reparations and "other economic
and financial difficulties which are responsible for
or may prolong the present world crisis." It had
been suggested before this that the meeting, which
is to begin June 16, will accomplish little beyond a
formal extension of the moratorium on German Reparations. In the most recent reports from London,
Paris and Berlin, this view is reiterated and emphasized. Vital decisions are to be postponed until
after the American elections next November, a
E
3370
Financial Chronicle
London dispatch of Thursday to the New York "E vening Post" states. A committee of experts will sit
through the summer, it is added, and a new conference will then be held late in September or in October. The conclusions then reached "will be made
the basis on which Great Britain, France and Italy
may approach the United States thereafter with new
proposals for modification of the Allied debt settlements," the dispatch remarks. In Paris, also, it is
held that the Lausanne conference is unlikely to
produce more than an extension for six months or a
year of the moratorium on reparations. The extension will apply, a dispatch of last Saturday to the
New York "Herald Tribune" indicates, "until the
American elections are over and hope can be entertained for some action by Washington toward reducfion of the war debts." Berlin is coming regretfully
to the conclusion, a report to the New York "Times'?
states, that "lack of courageous leadership" at
Lausanne will prevent a successful conference.
There is only a modest measure of optimism in German official, political and financial quarters, it
appears.
Necessary arrangements preliminary to the payment to the United States Government by European
nations of the suspended annuities of the Hoover
moratorium year were virtually completed in Washington this week. It was announced by the Treasury
Department, Tuesday, that all 16 European debtor
nations have agreed to sign the formal documents
for payment of the sums, aggregating $246,000,000,
over a period of 10 years, beginning July 1 1933, with
interest at 4%. Finland and Greece have, indeed,
already signed the documents, and diplomatic representatives of other nations are to attach their signatures soon in Washington. These accords are, in
every case, nothing more than a formality, for which
provision was made last June, when the Hoover
proclamation of a one-year moratorium on all intergovernmental debts was issued. There was, unfortunately, a tendency in some quarters to confuse this
simple formality with the large question of the war
debts generally. Some uninformed accounts, cabled
to London, occasioned a short debate on the matter
in the House of Commons, Wednesday. Sir John
Simon, Foreign Secretary in the National Cabinet,
reassured the members of Parliament. The Washington transaction, he said, was a formality implying no decision on any question of principle.
May 28 1932
meeting was one of the most curious held in France
for some time. After the exposition of the country's
affairs was completed, M. Herriot requested the
documents on which the statements were based. A
brief communication was issued stating merely that
the meeting had been held.
The exact character of the coalition regime that
will go before the Chamber of Deputies late next
week will not be determined until after several important party meetings have been held in the final
days of this month. A number of Socialist organizations are said to favor participation in the Cabinet
on certain conditions, but a final decision will not
be made until the party congress assembles next
week. The Radical-Socialists will decide their own
attitude regarding invitations to other groups for
participation only on May 31, when the executive
committee of the party meets. In the meantime some
additional light has been thrown on the views entertained by M. Herriot in regard to French foreign
policy. If the direction of French affairs is placed
in his hands, M. Herriot told a representative of
the Paris-Midi, Monday, he will observe the greatest
prudence and practice of what he described as an
"inch-by-inch" policy. It is apparent that the
French leader had Germany in mind, as he gave this
interview, which was cabled to the New York
"Times." "The slightest excess," he declared,"might
provoke the extremism of the Hitlerites. The least
weakness might encourage them." His aim would
be, he said, to maintain the imprescriptible rights
France derived from the peace treaties and from
freely signed engagements. There must be recognition of obligations and debts, before any discussion of modification could begin, he added. Turning
to national defense, M. Herriot said .he would do
nothing that might imperil the security of the country, but on the contrary would seek the perfection
and modernization of all means of defense until
solid international guarantees of peace were
obtained.
PREPARATIONS
were made this week by the new
Austrian Cabinet of Chancellor Engelbert Dollfuss for the proclamation of a "foreign exchange embargo on foreign debts," and suspension of service on
the external debt of the country is now considered
likely at any moment. The appeal for financial aid
which the Vienna Government addressed to the
League of Nations several weeks ago was taken up by
URRENT conferences among political leaders in the Council of the League last Saturday. The CounFrance leave little doubt that Edouard Her- cil habit of referring knotty problems to committees
riot, head of the Radical-Socialist party, will make was again indulged, and on this occasion a mixed
an attempt early next month to form a Cabinet in group was named to study the matter. This special
place of the Tardieu regime, which resigned soon delegation includes representatives of Great Britain,
after the parliamentary elections. Even if he fails France, Germany, Italy, Belgium, Holland and
to form the expected coalition of Left and Center Switzerland, and also several members of the League
parties, it is apparent that M. Herriot will have Financial Commission. In the course of the Council
no less a post than that of Foreign Minister in the debate on the matter, Captain R. Anthony Eden of
new Government, as the Radical-Socialists will have Britain urged the other great powers to join in
the largest bloc of seats in the new Chamber. In advancing the further loans to Austria that were
preparation for their relinquishment of office, Pre- contemplated when the British advance of 100,mier Andre Tardieu and Finance Minister Pierre 000,000 schillings was made a year ago. M. Joseph
Etienne Flandin conferred for several hours, Tues- Paul-Boncour, speaking for France, agreed that help
day, with the new President of the Republic, Albert to Austria was necessary, but added that other
Lebrun. M. Herriot was an attentive listener as the Danubian States likewise needed assistance. Paris,
position of France was set forth with regard to M.Paul-Boncour said, would be willing to contribute
disarmament, reparations and debts, the Danubian to a common fund for the assistance of Austria,
question and other matters. It was remarked in a Jugoslavia, Rumania and other countries, provided
Paris dispatch to the New York "Times" that the the fund were placed under the control of a non-
C
Volume 134
Financial Chronicle
political agency. Finding little encouragement in
the League Council's consideration of its request,
the Austrian Government began Tuesday to formulate a moratorium .decree covering all external debt
service. The approval of the central committee of
the Austrian Parliament will be sought before it is
promulgated.
An Austrian Cabinet crisis of twb weeks' duration
was terminated May 20, when Dr. Dollfuss succeeded
in forming a coalition regime to succeed that of
Chancellor Karl Buresch. The new Government
represents a Right coalition which is very similar
to that which supported Dr. Buresch, and Dr. Dollfuss belongs to the same Christian Socialist faction
to which Dr. Buresch adheres. The latter resigned,
it will be recalled, following provincial elections in
which the Pan-German, or Fascist party, made great
gains. The new Government will rely upon the
Christian Socialists, the Farmers' party and the
Heimwehr, while the Pan-Germans will form the
Opposition. Parliamentary supporters of the Dollfuss Cabinet will outnumber the opponents by only
one member,and the life of the Government is therefore precarious. General elections are to be held
in the autumn and were postponed only in order
to permit the settlement of the urgent financial
problems of the country. The Cabinet presented to
President Miklas last week is as follows:
Chancellor, Minister of Foreign Affairs and Minister of Agriculture—
Dr. Engelbert Dollfuss.
Vice-Chancellor—Franz Winkler.
Minister of the Interior—Franz Hechinger.
Minister of Finance—Dr. Emanuel Weidenhoffer.
Minister of Justice—Dr. Kurt Schnschnigg.
Minister of Commerce—Dr. Guido Jakoncig.
Minister of Public Security—Dr. Hermann Ach.
Minister of War—Karl Vaugoiu.
Minister of Public Instruction—Dr. Anton Rintelen.
Minister of Social Welfare—Joseph Reach.
3871
Korekiyo Takahashi, who held this portfolio under
the late Mr. Inukai. The Emperor acted last Sunday to end the Cabinet crisis. On the recommendation of Prince Kimmochi Saionji, last of the Genro,
or Elder Statesmen, he instructed Viscount Saito
to form a non-partisan Cabinet. The mission was
promptly undertaken by the 74-year-old Admiral,
who was formerly Governor-General of Korea. In
a message to the Japanese nation, last Monday, he
expressed the determination to form a National
Cabinet of men of ability, whom the nation can trust.
The full Ministry was announced Thursday, when
it appeared that Premier Saito had allocated three
posts to the majority party,the Seiyukai;two to the
Opposition or Minseito group,two to active military
men,and four to other non-party men. Although the
Cabinet is assured of adequate Parliamentary support for the time being, it is not believed in Tokio
that it will hold office very long. "The new Administration is not likely to arouse either extravagant
hopes or strong antagonisms," a dispatch of Thursday to the New York "Times" remarks. It is noted,
however, that virtually all the Ministers have held
prominent positions in the country's political or
military affairs. The list of Ministers follows:
Premier and Foreign Minister—Admiral Makoto Saito.
War—Geneial Sadao Araki.
Navy—Admiral Keisuke Okada.
Finance—Korekiyo Takahash..
Home Allairs—Baron Tetsuo Yamamoto.
Colonial Affairs—Ryutaro Nagai.
Commerce and Industry—Baron Kumachi Nakajima. •
Railways—Mum) Mitauchi.
Justice—Matsukichi Koyama.
Education—Ichiro Hatoyama.
Agriculture and Forestry—Fumio Gob.
Commerce and Industry—Baron Kmnachi.
OTWITHSTANDING a considerable augmentation of the Japanese forces in Manchuria,
little success is apparently attending the efforts to
ATHERING difficulties in the financial and pacify this wide area. The puppet Government set
political affairs of Greece occasioned the up by the Japanese at
Changchun is, of course, quite
resignation, last Saturday, of the Cabinet headed inadequate to the task of exerting factual control.
by Premier Eleutherios Venizelos, after four years The forces of the Japanese General, Shigeru Honjo,
in office. M. Venizelos announced his decision be- who wrested the rule of
the vast territory from the
fore the Parliament in Athens, and he suggested at Chinese War Lord, Chang
Hsueh-liang, have been
the same time that President Zaimis instruct Gen- steadily increased in order to
dispel the bandit
eral Alexander Papanastasiou to form a new coalihordes that infest the laud. A division of 24,000
tion regime. Increasing opposition to his Governtroops withdrawn by the Japanese from Shanghai
ment made it impossible to cope with the country's early
this month has been sent to Manchuria for this
serious situation, M. Venizelos said, in explanation
purpose. The need must indeed be great, as the
of his resignation. Several Greek newspapers have great
majority of Chinese soldiers, when disbanded,
gone so far as to advocate his murder and to appeal
simply turn bandits for lack of other occupation.
for someone to carry it out, he added. Parliament After
the Japanese conquest of Manchuria was comhad refused to pass legislation which he sponsored,
pleted, early this year, the great force assembled by
and resignation appeared to be the only logical Chang
Hsueh-liang followed this traditional praccourse. The suggestion made by the retiring Premier
tice and the Japanese campaign to eradicate the
was adopted by President Zaimis, Wednesday, when
menace started.
the formation of a coalition regime was formally
The problem has apparently been surmounted to a
entrusted to General Papanastasiou, who is the
large degree in South Manchuria, where a network
leader of the Agrarian and Labor party. The new of
railways gave the Japanese the advantage of
Cabinet is to include all parties except the Royalists,
mobility. In the more northerly sections, on the
it is indicated. M. Venizelos was invited to join the other hand,
conditions have become aggravated to
new regime, but declined to do so. He agreed, how- an
alarming extent. In a Harbin report appearing
ever, to permit participation by other members of In the New York
"Times,"last Sunday,it is remarked
the Liberal party, of which he is the head.
that "irregular Chinese soldiers and bandits are
harrying the countryside in North Manchuria to
UT of the confused situation in Japan occa- such an extent that the peasant farmers dare not
sioned by the assassination of Premier Ki leave their crenelated walled villages to go to their
Inukai, there has emerged a National Cabinet, fields to plow." Only in the immediate vicinity of
formed at the command of Emperor Hirohito by the the larger towns are the police able to maintain some
liberal minded Viscount Makoto Saito. Premier semblance of authority, it is said. Fierce encounters
Saito will hold also the post of Foreign Affairs, between Japanese regulars and Chinese insurgents
while the Finance Ministry will be occupied by are reported almost daily, and the losses are not all
G
O
N
3872
Financial Chronicle
on the side of the insurgents. The bandits in some
areas are being crowded closer and closer to the
Siberian border, and the pursuits by the Japanese
troops are watched with anxious interest by the
Soviet military and diplomatic officials. There is,
however, less talk than formerly of a possible clash
between the Japanese and Soviet armies. The Chinese attitude, meantime, remains unchanged and
completely passive, excepting in a diplomatic sense.
W. W.Yen, Chinese delegate to the League of Nations, circulated a message in Geneva, Monday, declaring that unless the Assembly warns Japan to
desist from further hostile acts against China,"there
is every probability and possibility of an already
aggravated situation being developed into a world
war."
PPROVAL was voted by the League of Nations
Council at Geneva, late last week, of a draft
plan for the administrative, financial and economic
rehabilitation of the African negro Republic of
Liberia. The plan, drawn up by a committee headed
by Viscount Cecil of Chelwood, is to serve as the
basis of negotiations which are to begin in August
with the Liberian Government, the American Finance Corporation, and the Firestone Plantations
Co. It is proposed to seek means for ending the slave
traffic in which the 12,000 descendants of the freed
American slaves who settled in Liberia more than a
century ago are said to engage. Reports of this
traffic and of alleged atrocities against the 1,000,000
Afro-Liberians have occasioned several sharp protests by the American State Department recently.
Other suggestions in the Cecil draft plan include a
moratorium on the Liberian debt, and a readjustment of the scope and rental of the Firestone concession. This program would be enforced by placing the country under a foreign adviser appointed
by and responsible to the League of Nations. A
memorandum urging immediate action by the League
Council was submitted in behalf of the United States
Government by Samuel Reber,Jr., American member
of the Cecil Committee. It was maintained by Mr.
Reber that "conditions in Liberia have become so
chaotic and authority so demoralized that it is doubtful whether an effective government exists in the
country."
A
IDE areas of Central America were rocked by
an earthquake of short duration, but considerable intensity, early last Saturday. Reports of
the occurrence were received from Managua, Tegucigalpa, San Salvador and other centers, but there
was, fortunately, little damage and no loss of life
in these cities, which are the capitals, respectively,
of Nicaragua, Honduras, and El Salvador. The
greatest damage was caused in small Salvadorean
towns and villages. Most of the buildings in Zacatecoluca City were seriously damaged, while large sections of San Juan and Usulutan were demolished.
Six deaths were reported in these towns, and many
were injured. Damage also was reported at San:
tiago, San Padro, Nonualco, Olocuilta, El Rosario,
Analco, Analquito, San Miguel, San Juan Tepesontes, Santa Maria Ostuma, Talpa, San Francisco,
San Antonio, Chinameca and Masahuat, an Associated Press dispatch from San Salvador said. Communications were disrupted in some parts of El Salvador, but quickly restored. Relief organizations
crave first aid to the injured. No estimate of the
property damage is available.
W
May 28 1932
HERE have been no changes in central bank
rates this week. Rates are 11% in Greece;
8 % in Bulgaria; 7% in Austria, Rumania, Portu/
1
2
gal and Lithuania; 6 % in Spain and in Finland;
/
1
2
6% in Hungary, Danzig, and in Colombia; 5.84% in
Japan; 5 % in Estonia and in Chile;
/
1
2
in Germany, Italy, India, Czechoslovakia and Denmark;
4 % in Sweden'and in Norway; 3 % in Belgium
/
1
2
/
1
2
and in Ireland; 212% in England, France and in
/
Holland, and 2% in Switzerland. In the London
open market discounts for short bills on Friday were
1 1/16@114% as against 11 8@11 4% on Friday of
/
/
/
last week, and 1 1/16% for three months' bills as
against 1 3/16@114% on Friday of last week.
/
Money on call in London on Friday was %%. At
Paris the open market rate continues at 178%, and
/
in Switzerland at 12
/
1
%.
T
HE Bank of England statement forlthelweek
ended May 25 shows a further substantial gain
in gold holdings, amounting to £2,238,605. This
brings the total up to £125,761,106 as compared with
£152,078,027 a year ago. Circulation contracted
£4,218,000 and this together with the gain in gold
brought about an increase of £6,457,000. Public deposits rose £2,179,000 and other deposits £3,272,492.
The latter consists of bankers' accounts and other
accounts which increased £2,942,086 and £330,406
respectively. The reserve ratio rose to 34.70% from
31.15% a week ago. At the corresponding period a
year ago the ratio was 53.96. Loans on government
securities fell off £3,570,000, while those on other
securities increased 0,572,442. Of the latter amount
£482,169 was to discounts and advances and L2,090,273 was to securities. The discount rate remains the same at 23/2%. Below we furnish a comparative statement of the different items for calendar
years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1932
1931
1930.
1929
1928
May 25.
May 27.
May 28.
May 29.
May 30.
Circulation_.
354,220,000
Public deposits
23.605,000
Other deposits
110,492,483
Bankers accounts 77,544,132
Other acCotints___ 32,948,351
Govt.securities__ 69,374,906
Other securities_
35.960,003
Disct. & advances 12,171,642
Securities
23,788,361
Reserve notes dr coin 46,540,000
Coln and bullion _ _125,761,106
Proportion of res, to
liabilities
34.70%
Bank rate
2%
354,859,723
17,448,616
88,581,183
54,760.689
33,820,494
31,214,684
35,378,170
6,825,096
28,553,074
57,218,304
152.078,027
356,131,548
13,241.450
84,870,578
48,963,730
35,906,848
45,577.629
18,321,267
6,805,493
11,515,774
61,985,151
158,116,699
53.96%
2%
57.33%
3%
360,106,563 135,984,760
24.340.708 22,284,141
91.617.663 89.567,966
56.349,043
35,268.620
40,031,855 28.967,427
30.574,080 63,984,543
8,151.163
22,422,917
63,163,000 46,667,713
163,269,940 162,902.473
54.40%
54%
41
%
%
a On Nov. 29 1928 the fiduciary currency was amalgamated
with Bank of England
note Issues adding at that time £234,199,000 to the amount of Bank
of England notes
outstanding.
-0--
HE weekly statement of the Bank of France
dated May 20 reveals an increase in gold holdings of 255,474,930 francs. The total of gold now
stands at 78,906,967,186 francs, in comparison with
55,632,650,347 francs at the corresponding week a
year ago and 43,802,413,636 francs two years ago.
Credit balances abroad and bills bought abroad show
decreased of 69,000,000 francs and 799,000,000 francs
respectively. Notes in circulation record a reduction
of 503,000,000 francs, reducing the total of the item
to 81,247,228,040 francs. The total of circulation a
year ago was 76,825,870,810 francs and two years ago
70,906,689,425 francs. Decreases also appear in
French commercial bills discounted of 101,000,000
francs, in advances against securities of 48,000,000
francs and in creditor current accounts of 274,000,000 francs. The proportion of gold on hand to sight
liabilities is now 72.66% which compares with 55.86%
T
a
3873
Financial Chronicle
Volume 134
Below we
year ago and 49.85% two years ago.
weeks earlier the
were sold at 0.43%, while two
furnish a comparison ofrthe various items for three
average figure on $75,000,000 bills was 0.68%. Brok-
years:
ers' loans against stock and bond collateral, as re-
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
for Week.
May 20 1932. May 22 1931. May 23 1930.
Francs.
Francs.
Francs.
Francs,
_ Inc. 255,474,930 78,906,967,186 55,632,650,347 43,802,413,636
Gold holdings
Credit bals. abed.Dec. 69,009,000 4,585,471,998 5.650,990.157 6,878,477,347
French commercial
bill discounted_ _ Dec. 101,000,000 3,450,207,431 5,344,470,697 8,783,251.488
Bills bought abr'd_ Dec. 799,000,000 5,433,736,535 20,506,045,265 18,702,084,018
Adv. agt. secure Dec. 48,000,000 2,720,940,464 2,770,350.865 2.621,029.026
Note circulation_ _Dec. 503,000,000 81,247,228.040 76,825,870,810 70.906,689,425
Cred. curr. accts._ Dec. 274,000,000 27,353.121,760 22,775,055,404 18,775,384,419
Proportion of gold
on hand to sight
liabilities
Inc.
0.75%
49.85%
72.66%
55.86%
ported for the week to Wednesday night by the Fed-
Includes bills purchased in France. b Includes bills discounted abroad.
HE
is
gold
now
856,284,000
The total of
marks,Twhich
Gold continues
only by the available insurance.
The official fig-
ures for the week to Wednesday night were:
Ex-
ports, $73,348,000; imports, $1,252,000, and a net
decrease of $2,419,000 in the earmarked stock
of
the metal.
EALING in detail with call loan rates of the
quarter of May records an increase of
4,800,000 marks in gold and bullion.
to an aggregate of only $393,000,000.
to flow from New York to Europe at a rate limited
D
Bank of Germany in its statement for the
Bank
third
eral Reserve Bank of New York, declined $21,000,000
compares
/
1
2
Stock Exchange from day to day, 2 % was
the rate ruling all through the week, both for new
loans and renewals.
In time money there has been
no change in the market, there being absolutely no
/
1
2
Rates are quoted nominally at 1 % for
demand.
with 2,370,420,000 marks last year and 2,585,859,000
all dates.
marks the previous year.
good demand, and dealers quickly disposed of all
reserve in
foreign
A decrease is shown in
currency of 4,562,000 marks, in
Prime commercial paper continues in
paper obtainable.
Quotations for choice names of
bills of exchange and checks of 216,149,000 marks,
3
/
four to six months maturity are 2 4@3%.
'
in advances of 7,251,000 marks and in other assets
less well known are 3
/
1
2
%.
of
37,692,000
" and
abroad
marks.
The
items
of
"
deposits
unchanged.
"
investments
" remain
Notes in circulation show a loss of 183,671,000 marks,
reducing the total of the item:to 3,739,275,000 marks.
Names
On some very high-class
90-day paper occasional transactions at 2 % were
/
1
2
noted.
ID
RIME bankers' acceptances have been slow this
week, with very little paper available.
Total circulation a yearrago stood at 3,751,395,000
unchanged.
The quotations of the
Rates
marks and two years agorat 4,045,769,000 marks.
are
The items of silver androther coin, notes on other
Acceptance Council for bills up to and including
German banks, other daily maturing obligations and
three
other liabilities reveal increases of 96,568,000 marks,
months, 118
/% bid and 1% asked; for five and six
3,764,000 marks, 10,649,0001marks and 12,500,000
marks
respectively.1,The
proportion
of
gold
and
months are 1%
American
bid, 7 % asked; for four
/
8
/
1
4
% asked.
months,1%70 bid and 1
The bill buying
rate of the New York Reserve Bank is 2 % for
/
1
2
The Federal Reserve banks show
foreign currency to notesicirculation rose to 26.5%.
all maturities.
as compared with 68.4% a year ago and 72.4% two
further decrease in their
years ago.
the total having fallen from $40,643,000 to $38,
-
Below we furnish a comparison of the
holdings of acceptances,
Their holdings of acceptances for foreign
various items for three years:
373,000.
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Week.
May 23 1932. May 23 1931, May 23 1930.
Assets—
Reichsmarks.
Reichsmarks, Reichsmarks. Reichsmarks.
Gold and bullion
Inc. 4,800,000 856,284,000 2,370,420,000 2,585,859.000
Of which depos. abr'd_
Unchanged
89,156,000 207,638,000 149,788,000
Res've in Torn curr_ _ _Dec. 4,562,000 134,630,000 196,564,000 342,678,000
Bills of each. & checksDec. 216,149.000 2,798,891,000 1,430,498,000 1,519,662,000
Silver and other coin_ _Inc. 96,568,000 333,443,000 199,668,000 167,772,000
Notes on oth.Ger.bks.Inc.
3,764,000
11,036.000
20,856,000
23,157,000
Advances
Dec. 7,251,000
95,150,000
67,070,000
53.347.000
Investments
Unchanged
361,561,000 102,710,000 101,125,000
Other assets
Dec. 37,692,000 783,391,000 472,266,000 618,529,000
LlabUlsies
Notes in circulation Dec. 183,671,000 3,739,275,000 3,751,395,000 4,045,769,000
Oth.dally matur.oblig Inc. 10,649,000 364,566,000 374,394,000 680,188,000
Inc. 12,500,000 703,119,000 246.932,00
Other liabilities
192,245,000
Propor.of gold & torn
curr.to note droll'n Inc.
.
1.2%
26.5%
68.4%
72.4%
correspondents also further decreased, falling from
ONEY rates in the New York market showed
no material change this week from the levels
previously prevalent.
Funds were available in vast
amounts, but the demand remained poor.
In the
/
1
2
Stock Exchange money market call loans were 2 %
$239,948,000 to $216,402,000.
SPOT DELIVERY.
---180 Days— —150 Days—
Bid. Asked,
Bid. Asked.
1 ti
134
15,(
134
Prime eligible bills
—90 Days—
Bid. Asked.
1
34
Prime eligible bills
T
HERE
/% Tuesday,
/% Monday, 114
"Street" market at 112
Wednesday
and
Thursday, and
1
/
1
2
%
yesterday.
Time loans also were in poor demand, with levels
unchanged.
Indicative of the results of the Federal
discount bills in
the amount of $60,050,000,
-day obligaMonday, at an average discount for the 91
tions of 0.29%.
Yesterday $100,200,000 of 90-day
134% bid
154% bid
The following is the schedule of rates now in effect
for
the various classes
of
paper at the different
Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Rate in
Sffect on
May 27.
Dale
geSablished.
Previous
Rase.
334
3
334
334
314
334
334
334
834
81.4
334
3%
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Reserve open market operations was a sale of Treasury
—30 Days—
Bid. Asked.
1
34
have been no changes this week in the
Federal Reserve Bank.
Trades were reported in the
—120 Days—
Bid. Asked.
134
rediscount rates of the Federal Reserve banks.
Banking house funds were available every day in
the official figure.
—60 Days—
Bid. Asked.
1
tt
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
4—
for all transactions, whether renewals or new loans.
" market at concessions from
Street
the unofficial "
Open market rates for
acceptances are as follows:
Oct. 17 1931
Feb. 26 1932
Oct. 22 1931
Oct. 24 1931
Jan. 25 1932
Nov. 14 1931
Oct. 17 1931
Oct. 22 1931
Sept. 12 1930
Oct. 23 1931
Jan. 28 1932
Oct. 21 1931
234
334
3
3
4
3
23.4
234
4
3
4
234
—4
--
S
TERLING
exchange
was
quiet
and
somewhat
inactive on Saturday last and on Monday and
Tuesday.
On any sign of demand, however, it was
of on a discount basis of 0.32 of
bills were disposed
plain to foreign exchange traders that the pound was
1%.
basically firm.
One week earlier $75,000,000 of similar bills
On Wednesday there was evidence
3874
Financial Chronicle
of renewed nervousness on the part of European
bankers and foreign exchange traders with the result
that dollars were heavily sold in all the Continental
markets and European currencies and sterling moved
up sharply. In Wednesday's trading, French francs
made a new high for the year at 3.953/2, and sterling
went to 3.6934 for cable transfers, compared with
closing rates for cable transfers on Friday of last
week of 3.67%. The range this week has been from
3.673 to 3.695 for bankers' sight bills, compared
%
with 3.651 to 3.683 last week. The range for
4
%
cable transfers has been from 3.673 to 3.694,
3
%
compared with 3.653 to 3.687 a week ago. The
A
'market confidently anticipated a reduction in the
Bank of England rate on Thursday to 2% from the
present 23/2% level, and in fact a rate of PA% is
almost as confidently expected. However, the Bank
made no change in its rate. Again, as a week ago,
the outstanding event in the market was the heavy
purchase of gold by the Bank of England. Last
week, it will be recalled, the Bank of England
bought 0,012,665 of bar gold in London. The
details of the transaction, though clouded in obscurity
were generally attributed to some manoeuvre between
the British Treasury and the Bank of England,
operating through the exchange stabilization account.
This week the Bank of England bought £1,234,477
of gold bars in the London open market, presumably
at open market rates, which are around 112s. 10d.,
or about 28s. above the rate fixed by law for gold purchases by the Bank of England. It is said in London
that the difference between the Bank's normal rate
of 84s. 10d. will be made good by the Treasury
Department out of the £150,000,000 stabilization
account.
In addition to the above open market purchase,
the Bank of England withdrew from New York this
week $5,108,000 of presumably earmarked gold.
The market believes that the Bank of England is
prepared to convert further large sums of dollar
balances into gold and will withdraw them to London regardless of exchange rates. The market sees
in these movements a determined intention on the
part of the British authorities to strengthen the reserve with a view to ultimate return to gold. It is
understood that the Bank of England has during the
past week or more acquired 0,000,000 of gold in
Paris, which is believed to have been earmarked at
the Bank of France in the same way as the gold taken
this week from the Federal Reserve Bank. According to press dispatches on Wednesday, Major Walter
Elliott, Financial Secretary of the Treasury, announced in the House of Commons that Great Britain
has no intention of returning to the gold standard
"while gold prices behave as they are doing now."
Mr. Elliott's statement was made in response to persistent demands for a specific promise by members
of the Commons not to permit external events such
as the United States reflation policy to precipitate
a too hasty return to the gold standard. This interpolation would almost confirm a belief held widely
in all markets that nothing could prevent the rapid
advance of the pound sterling to full gold parity
of 4.8665.
The pound is apparently prevented from rising to
its former levels by market manipulation by the
British banking authorities. Confidence in sterling
and the London market seems to have become universally restored. Money is abundant in London
and the liquid resources of both home and foreign
May 28 1932
funds are perhaps as great as at any time prior to
the crisis of last September. Gold imports into
London during the past ten weeks exceeded exports
by more than 16,000,000. The expectation of a
lower Bank rate is based largely on the trend of the
money market. Call money against bills has been
easy throughout the week at from 1%• to 4%,
2 months' bills at 1
3-months' bills at 13/8%1 3-16%, 4-months' bills at 1 3-16%-131%, and
6
-months' bills at 14%. This week the Bank of
England shows an increase in gold holdings of L2,238,605, the total standing on May 25 at L125,761,-.
106, compared with £152,078,027 a year ago. The
Bank's ratio of reserves to liabilities increased during
the week 3.55% to 34.70%.
At the Port of New York the gold movement for
the week ended May 25, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$1,252,000, of which $996,000 came from Canada,
$129,000 from Mexico, $82,000 from India and $45,000 chiefly from Latin American countries. Gold
exports totaled no less than $73,348,000, of which
$23,561,000 was shipped to France, $23,225,000 to
Holland, $12,069,000 to Switzerland, $7,585,000 to
Belgium, $5,108,000 to England and $1,800,000 to
Germany. The Reserve Bank reported a decrease
of $2,419,000 in gold earmarked for foreign account.
In tabular form the gold movement at the Port of
New York for the week ended May 25, as reported
by the Federal Reserve Bank of New York, was
as follows:
GOLD MOVEMENT AT NEW YORK,MAY 19
-MAY 25,INCLUSIVE.
Imports.
Exports.
4996,000 from Canada
$23,561,000 to France
129,000 from Mexico
23,225,000 to Holland
82,000 from India
12,069,000 to Switzerland
45,000 chiefly from Latin7,585,000 to Belgium
American countries
5,108,000 to England
1,800,000 to Germany
$1,252,000 total
$73,348,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease 82,419,000
The above figures are for the week ended Wednesday evening. On Thursday there were no imports
of gold. Exports amounted to $1,087,800 of which
$1,050,500 was shipped to Holland and $37,300 to
Peru. Gold earmarked for foreign account increased
$4,999,800. Yesterday there were no imports,
but gold exports amounted to $31,323,800 of which
$20,193,200 went to France, $5,550,000 went to
Holland, $4,175,200 went to Belgium, $1,002,600
to Switzerland and $402,800 went to England.
During the week approximately $1,145,000 in gold
was received at San Francisco from China.
Canadian exchange continues at a severe discount,
on average somewhat less favorable to Montreal than
in several weeks. On Saturday last Montreal funds
were at a discount of 13%, on Monday at 1331%,
on Tuesday at 13%, on Wednesday at 123/2%, on
Thursday at 12% and on Friday at 121 %.
4
Referring to day-to-day rates, sterling exchange on
Saturday last was steady in a dull short session.
Bankers' sight was 3.671 1@3.67; cable transfers
/
3.67%@3.67%. On Monday sterling was quiet but
firmer. The range was 3.673/2@3.673/ for bankers'
sight and 3.67%@3.68 for cable transfers. On
Tuesday sterling was in demand. Bankers' sight
was 3.67%@3.683/ cable transfers 3.677 A3.68%.
/
On Wednesday sterling and Continental exchange
was firm.
4
The range was 3.683(4)3.69% for
bankers'sight and 3.68%@3.693 for cable transfers.
%
On Thursday the market was steady. The range
was 3.68%@3.69% for bankers' sight and 3.683/2@,
Volume 134
Financial Chronicle
3.693 for cable transfers. On Friday the range
4
4
was 3.68%@3.691 for bankers' sight and 3.683/2@
3.69% for cable transfers. Closing quotations on
Friday were 3.693.( for demand and 3.693 for cable
%
transfers. Commercial sight bills finished at 3.683/2;
4; -day bills at 3.66%; docu-day bills at 3.671 90
60
ments for payment (60 days) at 3.673 and 7
4,
-day
grain bills at 3.683 . Cotton and grain for payment
4
closed at 3.683'.
the Continental
EXCHANGE onthough inactive. countries is generally firm,
The firmness is
due to the selling of dollars in Europe rather than to
demand for foreign currencies arising on this side.
However, the fact must not be lost sight of that as a
seasonal matter the European currencies in normal
times would be in particular demand around this
season, and, though tourist demand falls far below
former years, it forms nevertheless a considerable
requirement and the demand will increase from now
until the end of September. One important source
of demand for exchange on the European countries,
which is apparent at this time and has in fact been
in evidence for more than a year, is the migration
of many rich and well-to-do Americans who during
the depression have found it more convenient to live
temporarily in Europe rather than to draw too seriously on their capital, since ordinary dividend
income has been largely eliminated. Germany alone
expects a record tourist income this year derived
especially from Americans. German marks are
steady. Much mystery seems to surround the repeated small gold shipments from this side to Germany. Mark exchange is practically nominal, and
at no time since June has it been possible for the
quotation to touch the export point for gold from
New York. The best conclusion of the market
seems to be that most of these small shipments of
gold are for trans-shipment to smaller European
countries. There is nothing essentially new in the
mark situation. The Berlin money market, like
those of Amsterdam, Paris, London and New York,
has a plethora of funds, though money rates are kept
high in Berlin owing to Government control of all
financial operations. The Berlin market cannot be
brought into line with other markets until the international political debt impasse is overcome. In
other words, Berlin is not a free market.
French francs are firm and in Wednesday's trading
touched a new high for the year when cable transfers
were quoted 3.95%. The extreme excess of loanable
money in Paris is illustrated by the fact that loans
on defense bonds, which constitute the principal
means of employing liquid resources, are now made at
1% for one month and at 13 % for three months.
4
This week the Bank of France shows an increase in
gold holdings of 255,474,930 francs, bringing the
total gold of the bank on May 20 to the record high
level of 78,906,967,186 francs, which compares with
55,632,650,347 francs on May 22 1931 and with
28,935,000,000 francs in June 1928 following stabilization of the unit. The Bank's ratio is at a new
high level of 72.66%, compared with 71.91% on
May 13, with 55.86% a year ago, and with legal
requirement of 35%. Other Continental exchanges
present no new features of importance.
The London check rate on Paris closed at 93.28
on Friday of this week, against 93.08 on Friday of
last week. In New York sight bills on the French
4
centre finished on Friday at 3.943 against 3.949/i
3875
%
on Friday of last week; cable transfers at 3.947
3 and commercial sight bills at 3.94%
against 3.94%,
5
against 3.94%. Antwerp belgas finished at 14.013/i
for bankers' sight bills and at 14.02 for cable transfers, against 14.023/ and 14.03. Final quotations
for Berlin marks were 23.67 for bankers' sight bills
and 23.68 for cable transfers, in comparison with
23.85 and 23.86. Italian lire closed at 5.133 for
%
bankers' sight bills and at 5.14 for cable transfers,
2
.
against 5.14 and 5.143/ Austrian schillings closed
at 14.12, against 14.133/2; exchange on Czechslovakia
at 2.973', against 2.973'; on Bucharest at 0.603i,
/
2
against 0.603 ;on Poland at 11.223/,against 11.221 2,
%
%
and on Finland at 1.723 , against 1.74%®1.74%.
Greek exchange closed at 0.65% for bankers' sight
bills and at 0.66 for cable transfers, against 0.653 and
%
0.66.
the
countries neutral
EXCHANGE on themanifest the trendsduringunits
apparent
war continues to
for the
several weeks. The Scandinavian
past
are fluctuating within narrow limits following the
trend of sterling exchange, with which they are closely
allied. As pointed out here last week, the Spanish
Government is taking steps to prevent too rapid an
advance in peseta exchange. The peseta has shown
a very firm tone for the past several weeks, but is
held somewhat in check at present, indicating that
the Bank of Spain is doubtless meeting with some
measure of success. The Bank of Spain's statement
for the week ended May 23 shows a slight increase
in gold holdings, the total standing at 2,253,100,000
pesetas, compared with 2,252,700,000 pesetas a week
earlier and with 2,423,884,000 pesetas a year ago.
At this time last year it was thought that Spain was
approaching a period of inflation when circulation
rose to 5,160,437,000 pesetas Circulation has declined almost steadily since that time and on May 23
the total outstanding was 4,869,100,000 pesetas.
Holland guilders and Swiss francs have been exceptionally firm for some time owing to the heavy inflow
of foreign funds to both countries seeking domicile.
Both the guilder and the Swiss franc moved down in
the early part of the week, but this indication of
softness was more apparent than real, as with the new
flight of Europe from the United States dollar on
Wednesday, both currencies moved up sharply. As
noted above in the story on sterling exchange, New
York shipped $12,690,000 gold to Switzerland and
$23,225,000 gold to Holland. It is believed that
heavy shipments of gold from the United States to
both countries, representing largely official transactions, will continue for the next three or four weeks
and then dry up. The supply of short-term money
in Holland and Switzerland has been greatly augmented by the capital which has been flowing to these
countries for safekeeping and which has been kept in a
condition of great liquidity. One reason the central
banks of both countries are taking gold from New
York and other centers is to insure the liquidity of
these foreign funds, which must certainly be withdrawn at short notice when business confidence returns in other countries.
Bankers' sight on Amsterdam finished on Friday
at 40.543', against 40.52 on Friday of last week;
cable tiansfers at 40.55, against 40.53, and commercial sight bills at 40.50, against 40.48. Swiss
francs closed at 19.58% for bankers' sight bills and
at 19.59 for cable transfers, against 19.59 and
19.5934. Copenhagen checks finished at 20.14 and
3876
Financial Chronicle
May 28 1932
cable transfers at 20.15, against 20.12 and 20.13. firmer tone following the announcement of the selecChecks on Sweden closed at 18.89 and cable transfers tion of Admiral Saito as Premier. The Japanese
at 18.90, against 18.89 and 18.90; while checks on Diet'convened in extraordinary session on Monday
Norway finished at 18.39 and cable transfers at in accordance with the month-old summons from the
18.40, against 18.39 and 18.40. Spanish pesetas cabinet of the late Premier Inukai. Among the
closed at 8.23 for bankers' sight bills and at 8.24 first matters it will consider are higher tariffs, currency reform and foreign exchange control. Bills
for cable transfers, against 8.243/ and 8.25.
are being drafted for State socialization of the raw
XCHANGE on the South American countries silk trade. It is believed that the plan will enable
presents no new features of importance, the Japanese Government to control the world market
although exchange on Argentina and Brazil (both for natural silk. It is doubtful if this plan will
under exchange control boards) has been slightly receive final legislative sanction before the regular
firmer in tone the past few weeks. The Argentine winter session. The tariff bill, approved by the
foreign trade position continues to show improve- Tariff Commission,and calling for 35% higher duties,
ment. For the first four months of the year the will doubtless be imposed at once. So, it is expected,
country reports an export surplus of $67,000,000, will a measure for foreign exchange control. The
compared with an export surplus of $7,000,000 for Diet is expected to increase the fiduciary issue from
the corresponding period last year. The substantial Y. 120,000,000 to Y. 1,000,000,000. The Bank of
export surplus has been brought about largely by a Japan law will probably be amended in order to make
sharp curtailment of imports. Dr. Carlos Alfredo the directors more amenable to the policy of the
Tornquist, Argentine banker, estimates that the Finance Ministry in this respect. Japan has what is
export surplus for the entire year will be $100,000,000. known as an elastic limit system. The Bank is
This estimate is based upon an anticipated reduction required to hold as reserve against its outstanding
in export values in the coming months due to heavy notes an equal amount of gold and silver coins and
shipments in the early part of the year and to the bullion; silver coins and bullion, however, may not
lower exportable balance of corn. The Argentine exceed one-fourth of the entire reserve. The Bank
Foreign Exchange Control Board maintains that its may in addition, issue notes, not exceeding 120,000,operations have been entirely successful in stopping 000 yen in all (the fiduciary issue), against Governthe excessive loss of gold by Argentina. During the ment loan bonds, Treasury bills, commercial bills,
first quarter of the year only 4,984,926 gold pesos or other reliable securities. If to increase the circuwere exported compared with 65,609,000 gold pesos lating medium, it is found necessary to exceed this
in the corresponding period a year ago. Foreign sum, the Bank must pay an issue tax of not less than
exchange purchases during the first quarter by 5%. As the Bank of Japan is privately owned it has
Argentine banks amounted to 426,856,700 paper always followed a policy of keeping the fiduciary
pesos. Foreign exchange sold during the same issue within the taxing limit. The Bank objects now
period amounted to 425,359,200 paper pesos. Of to increasing the issue on a tax basis.
the exchange sold by the banks during the quarter,
The Chinese silver units are quiet, reflecting the
211,805,300 paper pesos were for the payment of tone of the silver market. Hong Kong and Shanghai
imported merchandise, 60,000,000 for financial serv- are steady. Silver was officially quoted in the New
4
4
ices, including interest on the public debt, dividend York market this week at from 273 to 277 cents
payments by foreign corporations, &c.; 68,000,000 an ounce. The lack of interest which India has
for private remittances and the remainder for ordinary shown in the silver market is illustrated in the trade
remittances of foreign owned public utilities. The returns. Net private imports of silver during the fiscal
report of the Exchange Control Board states that year ended March were valued at only 259 lacs of
foreign exchange purchases include an influx of rupees compared with 1,164 lacs the previous year
funds from abroad for investment in Argentine enter- (a lac equals 100,000). India and China are the two
prises, notably manufacturing. Further growth is largest consumers of silver and the almost total susanticipated in this direction, leading to the belief pension of Indian buying in world markets is one of
that the Argentine balance of payments will be the major factors in preventing silver from reacting
favorable this year.
to the constantly dwindling production. Prices are
Argentine paper pesos closed on Friday at 253'1 fairly stable, but the decline in production has kept
for bankers' sight bills, against 253 on Friday of pace with the decline in consumption. Silver authorilast week; cable transfers at 25.90, against 25.90. ties claim that an improvement in the Indian demand
Brazilian milreis are nominally quoted 7.20 for would do more to increase the price of silver than
bankers' sight bills and 7.25 for cable transfers, any governmental action now contemplated. Exagainst 6.80 and 6.85. Chilean exchange is nomi- ports of gold from India since September have re/
/
nally quoted 61 , against 61 . Peru is nominally sulted in such an improvement in the Indian trade
quoted 23.00, against 28.00.
balance as to have completely done away with talk
•--of the necessity of revision in the rupee value. In
on the Far Eastern countries con- March 1927, upon the recommendation of the
XCHANGE
tinues to be overshadowed by political develop- Indian Royal Currency Commission, the value of
ments in Japan. The new "national" Government the rupee was fixed at is. 6d. Unfavorable developheaded by Admiral Viscount Saito with a cabinet ments since that time had made the maintenance of
embracing leading men of both major political parties the rate difficult and there was much agitation in
was invested with authority on May 26. The new India for a revalorization of is. 4d. The improveGovernment, it is generally believed will end the ment in the balance of payments since September
crisis which existed since the assassination of Premier seems to have removed the difficulty at least for
Inukai on May 16. Korekiyo Takahashi is the new the time being.
Finance Minister. Yen fluctuated rather widely
Closing quotations for yen checks yesterday were
the whole, showed a much 317 , against 313 on Friday of last week. Hong
4
during the week but on
E
E
Financial Chronicle
Volume 134
/
Kong closed at 235 8@23 15-16, against 23%@
24 1-16; Shanghai at 30 13-16@30%, against 30 15-16
@31.00; Manila at 49%, against 49%; Singapore at
42 8, against 42%;Bombay at 27.70, against 27 9-16,
and Calcutta at 27.70, against 27 9-16.
URSUANT to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
p
RESERVE
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL
BANKS TO TREASURY UNDE... TARIFF ACT OF 1922,
MAY 21 1932 TO MAY 27 1932, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York,
Va/ue In United Stales Money.
County and Moneta
Unit.
May 2i. May 23. May 24. May 25. May 26. May 27.
$
$
EUROPE139650 .139550 .139590 A39650 A39550 .139650
Austria,schilling
.140173 .140100 .140026 .140203 .140119
.140203
Belgium, belga
.007200 .007200 .007200 .007200 .007200 .007200
Bulgaria, ley
.029668
Czechoslovakia, kron .029675 .029675 .029666 .029670 .029672 .201038
.200415 .200584 .200738 .200923 .200984
Denmark, krone
England, pound
3 672918 3.878583 3.678916 3.689000 3.692166 3.683500
sterling
017083 .017188 .017166 .017186 .017168 .017166
Finland, markka
039474 .039472 .039473 .039481 .039492 .039480
franc
France,
Germany, reichsmark .238339 .237900 .237085 .236821 .238885 .236664
.006290
006368 .006343 .008335 .006375 .006335 .405360
Greece, drachma
405185 .405135 .404789 .405357 .405428
Holland, guilder
174225 .174700 .174750 .174250 .174250 .174500
Hungary, pengo
.051372
051436 .051410 .051340 .051338 .051394 .183353
Italy, lira
183492 .183607 .183700 .183776 .183415 .111750
Norway, krone
111750 .111750 .111833 .111875 .111750 .033375
Poland, zloty
033225 .033375 .033250 .033375 .033375
Portugal, escudo
005979 .005962 .005970 .005970 .005970 .005970
Rumania,leu
082264 .081971 .082384 .082507 .092544 .092392
peseta
Spain,
.188784 .188000 .188107 .188430 .189569 .188983
Sweden, krona
.195753 .195794 .195753
Switzerland, franc.._ .195810 .195626 .195385 .017750 .017750 .017/56
.017743 .017750 .017735
Yugoslavia, dinar
ASIAChina.317083 .313333 .314583 .315000 .315833 .314791
Chefoo tael
315000 .311250 .312500 .312918 .313750 .312708
liankow tadl
.305312 .301875 .303125 .303750 .304375 .303281
Shanghai tact
.320416 .316666 .317916 .318333 .319166 .318125
Tientsin tadl
.234375 .232812 .233750 .234062 .234375 .234697
Hong Kong dollar
.
dollar_ __ .217812 .213750 .215625 .215937 .216250 .215625
Mexican
Tientsin or Pelyan
222500 .218750 .220416 .220416 .221250 .220416
dcliar
.219166 .215000 .217083 .217033 .217500 .216666
Yuan dollar
.273500 .273000 .273500 .274000 .274250 .273750
India, rupee
.312500 .314400 .316500 .318250 .316125 .316500
Japan. yen
Singapore(SS.) dollar .422500 .422500 .421250 .423125 .422500 .422500
NORTH AMER.870625 .865520 .870625 .872500 .880104 .876510
Canada, dollar
.999206 .999268 .999268 .999268 .999268 .999268
Cuba, peso
.297166 .295533 .296086 .295900 .295866 .296833
Mexico, peso
Newfoundland, dollar .867750 .863125 .868500 .870375 .878000 .873750
SOUTH AMER.
Argentina, peso (gold) .583454 .583454 .584187 .584187 .592545 .584211
.073125 .073000 .073200 .073587 .073691 .073708
Brazil, milreis
060000 .060000 .060000 .060000 .060000 .060000
Chile, peso
.474166 .474166
475833 •
Uruguay, peso
Colombia, peso
952400 .952400 .052400 .952400 .952400 .952400
having abated nothing of his contention that Germany will not, because it cannot, make further
reparations payments. The United States still declines to concern itself with reparations or to allow
the issues of reparations and debts to be joined, and
there will be, it is understood, not even an American
observer at the Conference. The position of France,
on the other hand, as not only the largest creditor
for reparations but also the most uncompromising
opponent thus far of any surrender or serious modification of reparations claims, is particularly important because of the approaching installation of
a new Government, while the omission of both reparations receipts and war debt payments from the
British budget raises pointedly the question of what
the future policy of Great Britain in those matters
is likely to be.
Paris dispatches of the past few days have reported
a practical agreement in all circles of French public
opinion that the new Government, which it is expected will be formed next week, will be headed by
M. Herriot. Precisely what combination of parties
M. Herriat will be able to effect is not yet clear, but
there seems no reason to doubt that the principal
differences of opinion• which he will have to adjust
concern disarmament and the questions which are
expected to be debated at Lausanne. On these differences some recent events throw an interesting
HE following table indicates the amount of gold
bullion in the principal European banks as of
May 26 1932, together with comparisons as of the
corresponding dates in the four previous years:
T
Banks of-
1932.
1931.
1930.
1929.
1928.
£
England__. 125,761,106
France a._ - 631,255,737
Germanyb_
38,356,400
Spain
90,108.000
Italy
60,885,000
Nether' ds_
76,976,000
Nat. 1041e_
72.183,000
Switzerland
74,297,000
Sweden _ _.
11,442,000
Denmark__
8,032,000
Norway..-6,561,000
C
£
.£
£
152,078,027 158,116.699 163,269,940 162,902.473
445,061,202 350,419,309 292,721,812 147.137,702
97,754,050
80,079,400
108,139,100 121,803,550
98.803,000 102,408,000 104,317,000
96,933.000
51,203,000
55,434,000
56,279,000
57,479,000
36.262,000
36,420.000
35,993,000
37,498,000
22,053,000
27.491,000
34,179,000
41,320,000
17,600,000
19,844,000
23,153,000
25,711,000
12,875,000
13,031,000
13,515,000
13,309,000
10,105,000
9,595,000
9,567,000
9,552,000
8,171,000
8.156,000
8,144,000
8,133,000
Total week 1,195,857,243
Prey. week 1,187,407,289
995,213.329
994,291,619
905.051,817
904.918.967
808,449.152
808.567.439
670,380,225
669.561.665
a These are the gold ho dings of the Bank of France as reported in the new form
of statemen . b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of wh eh the present year is £4,457.800.
On the Eve of the Lausanne Conference.
With the scheduled meeting of the Lam.anne Conference less than three weeks away, and with no indication of agreement among the Powers regarding
either the program to be followed or the attitude to
be 'taken toward any of the questions which it has
been expected would be discussed, the positions
which individual Powers are likely to assume afford
about the only indication of what may be looked for
in case the Conference finds itself actually able to
take any action. The position of Germany, of
course, remains unchanged, Chancellor Bruening
3877
On May 15 Joseph Paul-Boncour, head of the
French delegation at the Geneva Disarmament Conference and the successor of Aristide Briand as the
permanent delegate of France to the League of Nations, made a speech which, for some reason that is
far from clear, seems to have been taken as indicating a disposition on the part of France to modify its
policy regarding disarmament. Speaking at a meeting of French World War veterans at Dijon, M.
Paul-Boncour was quoted as saying that "the plan
which we have submitted is an adaptation to disarmament of the principles of the protocol of Geneva,
which the majority which has just been returned to
power is proud of having incorporated in our foreign
policy. It does not mean, however, that if, despite
our efforts, the world-and especially Continental
Europe-does not understand that organization of
international security by mutual assistance and international force is the first condition of national
disarmament, we must withdraw and wash our hands
of any blame for a breakdown of the Conference. If
we did that, the breakdown of the Conference would
serve in a very short time as an excuse for the rearmament of Germany-that is to say, the definite
loss of the clauses of the peace treaty which those
who fought are most anxious should be retained. We
must measure calmly and without demagou what
reductions are possible in the present state of affairs
with those international guarantees we have, and so
reach the first stage, which will not give Germany
the pretext which one growing party, at least, is
waiting for."
It is difficult to see much "conciliation" in M.
Paul-Boncour's remarks. France, he declares in substance, will not withdraw and break up the Conference forthwith if it cannot have its way, but its way
is nevertheless that of the Geneva protocol, with its
guarantees of international force for the protection
of any country whose security is threatened, and
the continuance of the enforced disarmament of
Germany notwithstanding that the nations sur-
3878
Financial Chronicle
May 28 1932
rounding it are armed to the teeth. It is the old however, has
not changed, for only last Monday he
plea, only somewhat less aggressively phrased, for declared
emphatically, in a newspaper interview.
an international force under the control of the that if he
became Premier "he would maintain the
League, without which France will not disarm. That imprescriptibl
e rights France derived from the peace
M. Paul-Boncour was not speaking inadvisedly, as treatie
s and from freely signed engagements," that
far as the attitude of the League is concerned, would modifications
could not be considered until after
seem to be evidenced by the fact that on May 18 the the obligation
of debts and other undertakings had
League Council, according to the Geneva correspon- been recognized,
and that he would "seek the perfecdent of the New York "Times," "formally approved tion and modernizatio
n of all means of defense until
rules for League supervision of the armies and navies solid international
guarantees of peace were obof disputants when war threatens," the rules in tained."
question being intended to implement the "ConvenIt is probable that the omission of reparations and
tion for improving the means of preventing war" war debts from the British
budget had some effect
which the League drew up and submitted to its mem- in confirming French
opinion, but the British mind
bers some time ago. With the rules adopted, M. has continued to view the
future with some anxiety,
Paul-Boncour informed the Council that the Con- and a recent incident has revived
discussion of what
vention would be ratified by France.
will happen if the Lausanne Conference fails. The
M.Paul-Boncour had also something to say in his agreement with the United
States which Great
Dijon speech about the Lausanne Conference. "At Britain is reported as ready
to sign, providing for
Lausanne," he is quoted by the United Press as say- the payment over ten years,
with interest at 4%, of
ing, "we must consolidate our sense of European the debt payments which were
suspended for one
solidarity with the incontestable rights of repara- year under the Hoover morato
rium, is doubtless to
tions." On the day following his speech the members be considered, as Sir John Simon
told the House of
of the Little Entente (Czechoslovakia, Rumania and Commons on Wednesday, as
"a formal step necesJugoslavia), meeting at Belgrade, were reported to sary to give legal effect"
to the moratorium, and one
have agreed to adopt at Lausanne the same policy that "impli
es no decision on a question of principle."
toward reparations as they followed at the con- The agreem
ent is not without a bearing on a question
ferences at London and The Hague—a policy, it of princip howeve
le,
r, even though it carries with it
should be observed, which is the same as that of nothin proper
g
ly to be described as a decision. The
France. Jugoslavia, indeed, has gone farther than readine
ss of Great Britain to pay the £32,090,000 due
France in that it has not formally accepted the for
the moratorium year not only evinces a purpose
Hoover moratorium.
to make the payments whether the German reparaThe Dijon speech, it is interesting to note, aroused tions paymen
ts are resumed or not, but may also be
considerable opposition in France, a number of news- fairly interpr
eted as further confirmation that the
Papers of the Left coming out against a continuance nation will
not repudiate its war debt. Agreements
of the uncompromising policy of M. Tardieu. The in the
same terms have also been accepted by Italy,
immediate effect has been to widen the breach be- France and
one or two smaller nations, 'awl Gertween M. Herriot and the Socialists, without whose many has
likewise agreed to pay on the same terms
support a Government of the Left will be difficult the reparat
ions due for the moratorium year, but
to form. In a statement given out on May 19, M. accept
ance by France has been accompanied by open
Herriot placed himself in line with the Tardieu express
ions of disappointment that Great Britain
policies. Not only did he accept the Paul-Boncour should
have assented, and of fear lest the British
position regarding reparations, namely, European should
have been "far too precipitate." The "united
solidarity and no compromise that would burden the front" agains
t America which France and some of
French taxpayers, but he also approved without its Easter
n European allies have hoped for has obqualification the Tardieu proposal of an interna- viously less
solidity now than it was thought to
tional force under control of the League, and inti- promise before
Great Britain acted.
mated that the French plan would have to be acIt is easy to understand why political and financepted if armament reduction, which he favored, was cial opinion in Englan
d should fail to put much
to be approved. The Socialist press, on the other hope in the Lausan
ne Conference as far as the debts
hand, has been increasingly demanding not only a are concerned, and
decline to follow France or the
large reduction in French arms expenditure as a Little Entente in
stressing the obligations of the
condition of co-operation in any Government, but a peace treaties. Beyond
doing something to mitigate
radical change of policy toward the whole subject of the shock to public
opinion of Germany's refusal to
disarmament and the relations of France with other pay, it is at the momen
t doubtful if anything useful
nations. Particular point is being made of the fact will be accomplished.
Indeed, there is no certainty
that the annual military expenditure, according to that even that much
will,be done, notwithstanding
the calculations of the Senate budget reporter, have the likelihood of further
financial and business disincreased since 1926 from $232,000,000 to $472,- orders if the Confer
ence merely assembles and ad000,000, that the deficit for the present year is $80,- journs. There is
a possibility, of course, that dis000,000, and that unless rigid economy or new taxa- sensions in Germa
ny may weaken resistance to the
tion is resorted to the deficit next year may reach demand that may be
expected to be made at Lausanne
s240,000,000. Senator Henri de Jouvenel, speaking by the creditor
Powers, and force a compromise that
at Toulouse on May 21, referred to the hint from the the Powers can hail
as a victory. The violent scene
United States that there could be no reduction of in the Prussian
Diet on Wednesday is clear enough
debts without a reduction in armaments, and de- proof that the
Hitlerites, in Prussia at least, are still
clared that "it is perfectly right that if a country a menace to orderly
Government, unemployment
has no money to pay its debts it has no right to spend distress has provok
ed some mob outbreaks, and there
the taxpayers' money on an armaments race between are disquieting reports
of differences of opinion be.
peoples who have all outlawed war." M. Herriot, tween Chancellor
Bruening and President von Hin-
Volume 134
Financial Chronicle
3879
worth as collateral.
denburg, especially over the recent decree providing value mid to estimate their
is not active it is usually
stock
for the division of the landed estates of the old East Even if a listed
quotation, from
Prussian nobility into small parcels for the benefit possible to obtain a bid and ask
current price may be estimated. Corpoof the unemployed. The tension between Germany which the
make annual reports
and Poland over the Free City of Danzig and the ter- rations whose stocks are liked
giving many details; they publish periodic returns
ritory and City of Memel, both of them former Germake bond or stock issues
man territory, has increased greatly during the past of earnings, and when they
mora- the transactions are at once disclosed. Safety might
few weeks, and the declaration of a transfer
locking
torium by Austria is again reported to be imminent. be attained without entirely closing the door,
Only a full recognition of the extreme gravity of the and bolting it.
Restrictions are also recommended as to investEuropean situation, particularly in Germany and
Eastern Europe, joined to a spirit of constructive ments in mortgages and loans upon mortgages, fixand not irritating compromise, can apparently pre- ing a definite ratio which they shall not exceed with
of
ventfurther calamity. The situation calls loudly for reference to capital and surplus for the purpose
liquidity as well as the avoidance of
maintaining
statesmanship of the highest order.
losses.
Secretary Gordon looks upon affiliated and subSuggestions for Revising Pennsylvania Banking
sidiary companies with suspicion, regarding them
Law.
whereby loans too often
At the thirty-eighth annual session of the Penn- as often being subterfuges
as individuals are not ensylvania Bankers' Association, held last week in are made to persons who
companies formed to
Pittsburgh, revision of State banking laws was by titled to credit. Holding
especially be barred,
far the most important topic under consideration. acquire real estate should
The large number of failures of State banks in the according to the Secretary.
Recommendation of a strict limitation as to ownKeystone State during the past year caused leading
made, and if real estate is
Pennsylvania bankers to co-operate with the Secre- ership of real estate is
liquidation of a loan the owning
tary of Banking, Dr. William D. Gordon,in devising obtained through
to dispose of it within five
proposed legislation which it is hoped will prevent bank should be required
years.
a repetition of the numerous evils which have
In connection with loans or investments by banks,
cropped out as a result of insolvent banks and trust
the imposition of penalties and fines is urged sufcompanies passing into the hands of the Secretary
ficiently large to prevent the acceptance of fees, comfor liquidation.
nt, neglect missions, bonuses or graft in any form by officers,
A very large portion of mismanageme
or agents.
and defalcations has been discovered among the directors, employees, attorneys
and trust companies were
In former years banks
smaller institutions, not merely in the smaller
buildings of
cities and towns but in the larger cities as well. content to be housed in substantial
erected exclusively for their own
Incompetency, due to a lack of training and experi- moderate height
extravagance in
ence, would have barred many of the officers and use, and to prevent what might be
the Federal Government prohibited Nadirectors of the little banks from gaining a foot- this respect
hold in a large and well organized institution. Citi- tional banks from owning real estate which was not
zens of a small community know each other, which needed in their business. The modern skyscrapers
is a strong point in favor of the local unit bank, but, surrounding the old-fashioned bank buildings put a
on occasions, they become the prey of some design- new phase on the situation, and on their original
ing neighbor who seeks power for devious purposes. sites many banks have reared tall office buildings
Federal
Disclosures reveal that loans were made to bank which are not regarded as violations of the
companies have
officials without any security, not even an endorser, restrictions. State banks and trust
and that other loans were made to friends and corpo- put tremendous amounts of surplus into modern
rations whose credit was poor, without adequate office buildings to which nearly every community
security. Both Philadelphia and Pittsburgh have "points with pride." Such structures when erected
near business centers generally prove profitable and
contributed to the scandalous developments.
Based upon these revelations which have come have an advertising feature, but in the boom period
under his personal observation, and after consulta- building of this form of structures outside of busition with able bankers and lawyers, Secretary Gor- ness centers and at suburban towns was overdone
legisdon submitted at the Pittsburgh convention recom- to an extent which may justify restrictive
a draft of a new State banking lation.
mendations for
Dr. Gordon suggests a closer co-operation between
measure which may help to guide those who desire
Banking
to strengthen the banking situation in other States. the Comptroller of the Currency and State
pply of bankAmong the "dont's" recommended is one prohib- Commissioners to prevent an over-su
iting the purchase of stocks and requiring the sale ing facilities for any community, a situation which
of any such shares now held within a reasonable invites danger. He recommends the ratio of the
period. This proposed restriction would be as number of banks to the population of a community
drastic as that which is now imposed against life be fixed.
Withal,it is acknowledged that the human element
insurance companies in the State of New York. The
from is the greatest factor in good 'banking, and without
business of a bank is far different, however,
never be made so
that of a life insurance company. The greatest func- proper management laws can
lend money so as to aid industry effective as Legislatures may desire. A good groundtion of a bank is to
has been formed for the consideraand trade, and one of the most convenient forms of work, however,
Legislature which will
collateral which may be deposited to secure a loan tion of the next Pennsylvania
1933, in regular session.
convene in January
is stock. When shares are listed at the New York
There are several debatable subjects which Dr.
Exchange, and are actively traded in, it is
Stock
Gordon did not discuss but which are likely to be
always possible quickly to ascertain the market
3880
Financial
raised when a new banking bill reaches a Pennsylvania legislative committee. These are the question
of "double liability" of stockholders, that is, an
assessment to the extent of the face value of the
shares in case of insolvency; stricter regulation of
bank mergers before the Banking Department approves a proposed merger, and third, the subject of
sanctioning affiliate companies, State charters for
which are sometimes procured by National banks, in
order to enable the Federal institutions to conduct
business indirectly, which is not authorized by the
National Bank Act.
Under Federal laws stockholders of all National
banks assume an assessment liability, and many
States also provide for similar protection for creditors of State banks and trust companies, but there
is no provision of the kind in the Pennsylvania
statutes. Experience of the past two years has
clearly demonstrated the necessity for closer supervision of bank mergers and the subject of creating
affiliate corporations is receiving nation-wide
attention.
Wills May Need Revision.
Tremendous shrinkages in incomes and in marke
values of securities have played havoc with many
estates during the past two years.
Many a testator would turn over in his, grave if
he could take a glance at. the tables of quotations of
what he regarded as gilt-edged stocks and bonds during the period of his activity in acquiring what he
expected would provide a satisfactory income for his
loved ones and for the charities and institutions
which he desired to care for in his last will and testament. Such well-intentioned benefactors would
also be greatly surprised at the long list of common
and preferred stocks of substantial corporations
which are quoted as paying no dividend or on which
the dividends have been reduced.
The United States is often spoken of as the melting
pot. During the past two years it surely has been
a crucible in which the merits of corporations have
been tried out by subjection to a most crucial ordeal.
In view of this unprecedented and wholly unexpected experience it surely is most fitting that testaments which have not yet been probated should receive careful attention. Not only has there been
great depreciation in market values of securities, but
of real estate. Values of land and buildings have
decreased and with this decrease has come naturally
a fall in rentals, causing a reduction in principal
and income. Not only families, but institutions such
as colleges, universities and hospitals and other
beneficial organizations are suffering from reduced
incomes.
While it is too late to alter provisions now in
operation, owing to the death of testators, it is still
within the power of individual beneficiaries to make
provisions in their own wills which will overcome
defects and will insure that the good intentions of
their benefactors as to benevolent bequests are
carried out in the spirit of the original philanthropists.
When drafting a will it is quite the common practice for one who makes a will to provide for a number of specific bequests and then to bequeath the
residue of an estate to a wife or children under the
belief that the residue will be ample to provide for
the needs of dependents and those who are most dear
to the testator. But under present circumstances it
Chronicle
May 28 1932
may have occurred that estates have so shrunk in
value that after payment is made of specific bequests
the residue will have so shrunk that the good intentions of the maker of the will will be thwarted.
This new aspect of affairs would seem to impose a
duty upon trust companies, often the repository of
wills, to suggest to their clients the advisability of
recasting their testaments, making specific bequests
to dependents and if advisable providing that they
shall also share in the residue. Accurate schedules
of assets and incomes from various sources should be
prepared and the wills recast upon the basis of
present values and incomes. Delay is dangerous.
The value of policies in strong and well managed
life insurance companies would seem to be enhanced
as such policies are payable in cash and the present
buying power of the dollar is greater than usual.
Endowment policies now maturing have special
value as the proceeds may be invested to great advantage.
Fire insurance policies are most carefully drawn
with a purpose of protecting the insuring company
as well as the assured. Most of the numerous conditions printed upon the back of such policies in small
type are based upon decisions of the courts, one purpose of such stipulations being to avoid putting a
premium upon incendiarism. Under present conditions there is a possibility of the owner of a building
being overinsured, which might not be to the advantage of the assured.
Mr. Lisman in Defense of the Inter-State
Commerce Commission.
LIBMAN CORPORATION.
New York, May 26 1932.
Editor, Commercial & Financial Chronicle,
New York City.
Dear Sir:
Referring to comments in the "Chronicle" and other papers on the
recent action of the I. C. Comnussion in recommending a loan of the
-S.
Reconstruction Finance Corporation to the Frisco on condition that
the Frisco readjust its finances.
Permit me to present an angle of this matter which does not seem to
have had adequate consideration.
The Act which authorized the Reconstruction Finance Corporatio
n
distinctly provides for the approval of the I.
-S. C. Commission on loans
to railroads and the I.
-S. C. Commission will undoubtedly be blamed
in the future for any substantial losses on such loans.
Taking the Frisco matter by itself as it stands to-day, the Commissio
n
either had to disapprove the loan as requested and thus
precipitate
prompt receivership or, approve it in whole or in part, subject
to
conditions as they thought proper. According to my understand such
ing it
approved of the loan for imminent requirements after discussing
the whole
subject with the Frisco's officials or other representatives and
they put
in certain conditions requiring changes of the financial
structure of the
company in order to properly secure the loan.
Much bitterness has been caused by the pronouncement
of
mission that the Frisco would not be likely in the future the Comto earn an
amount equivalent to its present interest charges The
being blamed for in effect denouncing securities, the Commission is
has authorized within 36 months. Is it fair to blame issue of which it
them for an error
of judgment which, after all, was no greater than that
and bankers who planned and sold the securities and of the officials
of
who bought them? It is not the duty of the Commissio the investors
n to advise the
Reconstruction Finance Corporation to the best of
its ability—let the
chips fall where they may?
It is frequently said that the I.
-S. C. Commission has entirely
the good work which the Reconstruction Finance Corporatio undone
n was intended to accomplish by psychological effect and
otherwise.
The writer, having been connected with the conception
of the Recoilstruction Finance Corporation and its birth pangs
felt that its creation
was of tremendous importance and likely benefit. However,
in the
meanwhile, these benefits have been largely
continuing
negated
poor business with further great decline in earnings by the
of the railroads and
substantially everybody else, together with the
Kreuger & Tol collapse
followed by the Insull breakdown; but, worst of
conall, by
fidence engendered by a leaderless vacillating Congress. the lack of
The action of this body in passing through the House Representatives
of
bills like the Goldwaithe Act, absurd taxation provisions
, &c., is causing
the flight of considerable European capital still invested in this country.
either by way of bank reserves or securities and no doubt causing some
is
additional flight of even American capital.
The Supreme Court has told the I.
-S. C. Commission in the Grain
Rate Case that they must base their decisions on conditions prevalent
at the time such decision is rendered, rather than on previous records.
Surely the same principle must apply with equal force to decisions rendered by the I.
-S. C. Commission in connection with loans.
The judgment of the I.
-S. C. Commission Division on Finance, being
composed of four mortals, may be as erroneous now when it compels a
financial reorganization of the Frisco, as it was three years ago when it
authorized the securities now to be readjusted.
The Commission must take cognizance of the fact that the Frisco
appears to have been particularly badly hurt by oil and gasoline pipe
lines, by trucks and by the prevailing depression in agriculture, the
possible loss of through business by the acquisition of the St. Louis
Southwestern by the Southern Pacific, the. All these factors are probably already greatly over discounted in the market price of the Frisco
securities. However, in its capacity as advisers on loans, Division 4
while intended to be broad must also give to the Reconstruction Finance
Corporation the reasonaole benefit of any doubt.
It would hardly seem fair to ask the Commission to give bad advice
to the Reconstruction Finance Comoration in order to be consistent and
protect securities authorized by it and issued dthing the boom years,
the status of which had been adversely affected by changed conditions.
Of course, all of this has no relevance to the fact that the authorized tate
structure was too low during times when the traffic could have and should
have supported higher rates.
Very truly yours,
F. J. LIBMAN.
The Course of the Bond Market.
With the exception of the United States Government
issues, all groups continued uninterruptedly to lose ground
during the past week. In practically all cases, the lows of
Dec. 17 were broken, and new low records made in Moody's
bond averages, which go back to 1919. On Dec. 17 1931
the price index for 120 domestic bonds ended the day at
62.56, while on Friday last the index had declined to 59.80,
as compared with 62.09 one week ago. In the depression
year, 1920, the lowest point of the monthly price index for
120 domestic bonds was 68.49, which was established in
December.
The United States Government bonds, after declining
sharply on Friday a week ago, rallied on the following day.
This past week these issues have alternated in strength;
one day they would rise, only to decline somewhat on the
following day. However, the best prices during the past
week were below those of the preceding week. The Reserve
banks to a large extent are the most important stabilizing
force in the market, although they again reduced their
purchases of Government obligations to $59,000,000 during
the week, from $81,000,000 the preceding week. Moody's
price average for eight long-term Treasury issues for Friday's
close was 96.99, as compared with 95.72 the preceding
Friday (the day on which there was a sharp decline) and
98.58 two weeks ago.
During this past week railroad bonds continued to be
uniformly soft, with large losses recorded in even the highest
grade railroad liens. There was a marked absence of bids,
and in many cases there were no bids at all. This caused
a somewhat demoralized market. Pennsylvania 4%s, 1965,
sold for 64 last Monday, but by Friday had declined to 533g,
A
a loss of 107 points for the week. On Thursday Erie consolidated prior lien 5s, 1996, declined 8% points to 57.
Atlantic Coast Line, Louisville & Nashville division, 4s,
1952, lost 8% points for the week. Other weak issues were
Northern Pacific 43ii, 2047, N. Y. Central 43.s, 2013,
Southern Pacific 43'2s, 1981, and Delaware & Hudson issues.
The railroad group continues to set the pace for the market
on the decline. Moody's price index for 40 railroad bonds
this past week again established record new lows, and ended
the week on Friday at 50.21 as compared with 53.22 on
Dec. 17 1931, and 67.42 the low point in 1920, reached in
May.
Industrial bond prices reflected the lack of any inspiring
news from business during the past week. Scattered liquidation brought new lows for amny issues. Oil bonds continued to be relatively steady as recent developments in the
trade have been more favorable. Some new lows were
made in the motion picture, paper, food, and merchandising
groups,and were followed by only slight recoveries. National
Dairy Products 53.s, 1948, which is very active, made a
new low of 73, a decline of 63 points for the week. Western
Electric 5s, 1944, lost 4% points for the same period. This
group has not gone through the low point of Dec. 17.
On Friday the price index for this group stood at 64.15 as
compared with 65.21 the preceding week, and 67.33 two
weeks ago. However, these bonds are a considerable distance below the 1920 low of 68.04 in December.
Public utility issues were reactionary with the rest of
the market, during the week. The declines were most pronounced in the medium and low-grade issues. The obligations of public utility holding companies were particularly
soft. This is due in part to the pyramid structure of these
holding companies which are dependent upon the subsidiaries maintaining relatively stable earnings. American
4
Power & Light 6s, 2016,lost 123 points and ended the week
at 43%; Utah Power & Light 5s, 1944, lost 6% points,
Texas Power & Light 5s, 1956, lost 73/ points, and American
Gas & Electric 5s, 2028, lost 9 points. This section of the
market was active, with a good amount of liquidation in
evidence. The price index for this group declined to 67.60
on Friday, as compared with 73.55 for Dec. 17 and 67.16
in December 1029, the low for the year.
The foreign bond market lost ground for the week,however,
general declines were not as apparent as they were in the
week before last. Japanese and Argentine issues continued
weak. Australian obligations reacted slightly from their
recent recovery. Austrian bonds declined in view of the
expected transfer moratoirum. The Austrian 7s, 1943,
sold at 70% on Friday, a loss of 123 points for the week.
United Kingdom issues continued to buck the general declining trend by selling at new high levels on the recovery.
The strength of the dollar 53.s, 1937, is due partly to the
indication that they are being purchased by the British
Government for the sterling stabilization fund, and partly
to purchases by American investors because of the expectation that the bonds will be paid in gold dollars. Moody's
yield averages for 40 foreign bonds was 15.16% on Friday,
as compared with 14.70% one week previously, and 13.98%
two weeks ago.
Municipal obligations were relatively stable during the
week. The high-grade issues continued firm and in good
demand,while the lower grades were subject to small declines.
The first part of the week saw the better issues firming up
somewhat. Several new municipal issues were floated
during the week, with the offers being well taken. The
market remained practically unchanged from the preceding
week.
Moody's computed prices and yield averages are given in
the tables below:
MOODY'S BOND PRICES.*
(Based on Average Yields.)
68.40
69.86
68.49
67.07
71.67
74.88
75.61
77.55
75.82
74.57
74.46
72.16
72.65
72.95
74.36
74.77
81.90
82.62
80.95
79.68
82.50
84.35
84.72
85.74
83.48
82.02
81.54
79.80
80.49
81.07
82.99
82.87
93.85
94.68
92.82
92.68
94.58
96.70
96.70
97.62
95.63
94.29
93.70
91.67
91.81
92.25
93.40
93.70
Jae. 29
22
5
Prev1ious
Dec. 17 1931.-- 62.56 87.96 76.03
Year A00
May 27 1931- _ - - 88.10 106.60 100.00
Two Years Ago....91 loan..._ 95.48 102.47 99.52
-
P.U. Indus.
39.62
39.93
40.56
41.51
41.74
41.44
41.48
41.78
42.23
42.62
42.62
42.90
43.38
44.33
45.28
45.37
45.55
45.46
44.67
44.21
44.04
45.06
45.77
50.21 67.60
50.47 68.13
51.18 69.13
52.53 70.71
52.64 71.00
52.24 71.09
52.41 71.29
52.93 71.19
53.64 71.67
54.06 72.06
54.18 72:26
54.55 72.95
54.92 73.35
56.32 74.25
57.43 74.57
57.64 74.57
57.50 74.67
57.64 74.48
56.97 73.95
56.19 73.75
55.55 73.95
57.10 74.57
57.84 75.29
47.44
49.22
47.73
45.15
50.80
55.42
56.58
59.80
58.66
57.57
58.32
55.55
55.73
55.99
57.17
57.30
59.94
62.56
60.82
59.29
64.80
70.15
71.19
73.85
72.95
71.67
71.77
69.31
70.15
70.71
72.06
72.10
42.58
67.95
86.12
75.02
76.68
74.98
71.87
77.55
80.72
81.07
83.36
81.42
79.68
79.56
77.11
77.44
77.66
80.14
81.54
53.22
73.55
8.5.99
96.39
97.47
95.48
Aaa.
I
RR.
May 27__
26...
25__
24._
23_ _
21._
20-19...
18-17-16-14-13...
12.11-10-9-7-6-5__
4-3__
2__
WeeklyApr. 29__
22.1581-_
Mar.24-18._
11__
4._
Feb. 26._
19-11-5-Jan. 29-22-_
15-Prev. Low
Dee.17'31
Year Apo
May27'31
2 Yrs.Ao
May24'30
8.42
8.39
8.29
8.13
8.10
8.12
8.11
8.07
8.01
7.96
7.94
7.87
7.82
7.68
7.59
7.57
7.57
7.56
7.64
7.71
7.72
7.57
7.50
7.35
7.19
7.34
7.50
7.00
6.68
6.61
6.43
6.59
6.71
6.72
6.95
6.90
6.87
6.73
8.69
.8.05
5.56
5.04
8 g -,
a
11
5
74.15
74.67
75.50
76.35
76.89
77.00
77.00
77.55
78.10
78.21
moo
78.88
79.11
80.14
80.84
81.07
80.95
80.95
80.14
80.14
80.26
81.07
81.18
grag2smteggsgdggi gtig..igregr.'8.91e .§ g g
wealv-
Apr. 29
22
15
8
1
Mar.24
N
11
4
Feb. 26
59.80 87.30
60.01 87.30
60.74 88.36
61.94 88.90
62.17 89.31
62.02 89.45
62.09 89.86
62.40 90.00
82.87 90.97
63.27 90.97
63.42 90.97
63.98 92.10
64.39 92.39
85.54 92.97
66.30 93.26
66.47 93.26
66.47 93.40
66.55 93.26
65.87 93.11
65.29 92.63
65.21 92.53
66.47 93.11
67.07 93.55
M
A
MAVACOMMOM=AOWStl A
,
..AA0MwOODO,P...044C40
I AA.IWAM.9VKIMMWOC.A..3A.S.
.
WACCOCCROM VMWM. A0.0 WO
1
May 27
26
25
24
23
21
20
19
18
17
16
14
13
12
11
10
9
7
6
5
4
3
2
Baa,
120 Domestics by Rat Ws.
comocS5ZESSSMS; Zran1".77==inghtttSket I
A.
All
120
1932
Daily Domes
Averages. tic.
',' P Pq"5"PPPPPPPPPF" PP5"5"PPPPPPPPPP?""5"
Au.
=i0o:41i:ik;-.66C:cmtA
Ace.
120 Domestic
by Groups.
vomariwwwwcomommowwwwwwwi
pcpccoc-4?0,01,pwac=
emw
iza4.66giaghe.6222t4.;cWW7-C..
w.-c-Jwwww
120 Domestics Si Ratings.
,
w
w
,
0! %a
AU,
120
Domes
tic.
MOODY'S BOND YIELD AVERAGES.
(Based on Individual Closing Prices.)
w
w
in
1932
Daily
Averages.
3881
Financial Chronicle
Volume 134
120 Domes Us
by Grotty .
40
For.
P.U. Indus. eigns.
Aa.
A.
Baa.
RR.
6.75
6.70
6.62
6.54
6.49
6.48
6.48
6.43
6.38
6.37
6.33
6.31
6.29
6.20
6.14
6.12
6.13
6.13
6.20
6.20
6.19
6.12
6.11
8.87
8.86
8.80
8.56
8.57
8.60
8.59
8.58
8.58
8.47
8.46
8.35
8.28
8.09
8.04
8.00
8.03
7.97
8.04
8.14
8.16
7.92
7.83
12.45
12.36
12.18
11.92
11.86
11.94
11.93
11.85
11.73
11.63
11.63
11.56
11.44
11.21
10.99
10.97
10.93
10.95
11.13
11.24
11.28
MCA
10.88
9.97
9.92
9.79
9.55
9.53
9.60
9.57
9.48
9.36
9.29
9.27
9.21
9.15
8.93
8.76
8.73
8.75
8.73
8.83
8.95
9.05
8.81
8.70
7.44
7.38
8.27
7.10
7.07
7.06
7.04
7.05
7.00
6.96
6.94
6.87
6.83
6.74
6.71
6.71
6.70
6.72
6.77
6.79
6.77
6.71
6.64
7.85
7.85
7.80
7.73
7.70
7.71
7.72
7.69
7.68
7.62
7.62
7.55
7.47
7.38
7.30
7.28
7.25
7.24
7.32
7.37
7.34
7.20
7.15
15.16
15.13
15.22
14.94
14.65
14.82
14.70
14.63
14.61
14.55
14.52
14.03
13.98
13.96
14.01
13.91
13.96
14.10
14.19
14.49
14.18
13.89
18.71
6.05
5.99
6.13
6.24
6.00
5.85
5.82
5.74
5.92
6.04
6.08
6.23
6.17
6.12
5.96
5.97
7.67
7.50
7.55
7.50
7.04
6.82
6.78
6.64
6.83
6.94
6.99
7.20
7.11
7.12
6.96
6.85
10.52
10.16
10.46
11.02
9.86
9.07
8.89
8.42
8.58
8.74
8.63
9.05
9.02
8.98
8.80
8.78
8.40
8.05
8.28
8.49
7.77
7.16
7.05
6.78
6.87
7.00
6.99
7.25
7.16
7.10
6.96
6.95
6.68
6.50
6.67
6.98
6.43
6.15
6.12
5.93
6.09
8.24
6.25
6.47
6.44
6.42
6.20
6.08
7.08
7.02
7.07
7.03
6.80
6.71
6.67
6.56
6.81
6.89
6.92
7.11
7.10
7.09
7.02
7.06
13.70
13.31
13.31
13.2
12.71
12.61
12.6:
12.31
12.5)
12.5)
12.81
13.2)
13.01
13.21
13.11
13.4
6.57
8.41
11.64
9.43
6.81
7.90
16.51
4.75
5.73
7.40
5.72
4.98
5.99
7.4'
4.78
5.07
5.71
4.91
5.04
5.17
6.2
*Note.-These prices are computed from average yields On the basis of one "Ideal" bond (45(% 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 Barre CO Illustrate in a more comprehenelve way the relative levels and the relative
movement of yield averages, the latter being the truer picture of the bond market.
3882
Financial Chronicle
May 28 1932
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, May 27 1932.
Though some improvement in trade appears here and there,
it is not marked enough to alter the fact that business, as a
whole, is quiet. Special "sales" are being resorted to by
retailers to stimulate trade and where they have been properly handled by persistent advertising, there has been a
fair degree of success. The demand, however, is still for
cheap or moderate-priced goods. Within these restrictions
in the Atlantic States summer merchandise has been in
good demand. In the Central West retail trade, though
not so good as it was at this time last year,is somewhat better
than recently. Coal mines in the Central States are opening
after a settlement of the wage scale. Lime-stone quarries
in Indiana are resuming work to supply the demand for
material for public improvements here and there in this
country. Wholesale business makes no response to whatever increase there may have been in retail trade, probably
because the increase has not been marked enough. Wool
has remained dull. So has leather. Shoe manufacturing
is still slow. Steel has remained dull and the output is at
the rate of only 25% of capacity. Better things are hoped
for the steel business in the last half of the year, perhaps
beginning in July. Auto production is increasing. The
Ford Motor Co. is now producing 3,500 units each day.
The plants of that company throughout the country are
running on full time, employing a force of 80,000 men.
Petroleum in both Oklahoma and California has been steadier
since the United States Supreme Court confirmed the right
of Oklahoma to prorate and limit oil production. Production has steadied. Both crude oil and gasoline prices have
been more stabilized. Building in this country is still
sluggish. In some parts, building of small suburban homes
has increased. Lumber has been dull and the output in
the Northwest is only 24% of normal, but new sales, it appears are about 7% larger than the production. Pine and
fir shipments are larger than recently. Copper mines and
smelters, owing to abnormally low prices are in many cases,
perhaps most, idle. At the Southwest production is small
where the mines and smelters are not closed down. Four
coal mines in Pennsylvania are closed.
It is still a noticeable feature in the country's wholesale
business that retailers are buying only from hand to mouth.
This, of course, hurts, but so does some hesitancy on the
part of some wholesalers in granting credits. They stand
in their own light. Probably, however, in some instances
it is a case of "Once bitten, twice shy." The retail turnover has been so slow that collections have been poor. For
many, many months past that has been one of the worst
features of business in the United States.
Wheat shows some advance for the week in spite of the
fall of beneficial rains in the winter wheat belt and also in
the Northwest, where the spring wheat crops seem to be
doing very well; in spite, too, of a disappointing export
demand, though within 24 hours it is said that at Winnipeg
about 1,000,000 bushels of Manitoba wheat has been sold
to foreign buyers. In the background is the disappointing
winter wheat crop. It may not be over 400,000,000 to
450,000,000 bushels, as against 787,000,000 last year.
France has been buying wheat freely of late in Liverpool,
and the quota of foreign wheat allowed to French mills has
been increased. Drouth has told heavily in the winter
wheat section. Rain is still needed. And while in the
Northwest the crop outlook is as a rule favorable, some
damage is being done in the Dakotas by grasshoppers. Corn
has declined slightly, with the weather favorable and the
cash demand anything but active. At the same time,
country offerings are small. It looks, however, as though
the corn acreage this year would be noticeably increased.
Other grain has been quiet and rye, with no export demand,
has declined 1 to 1%c. Provisions have been quiet and
more or less depressed. Lard futures fell 12 to 15 points.
Cotton has declined about 25 points under the influence
partly of a falling stock market, but also because of disappointing budget newsfrom Washington,and the suspension
of Hornby, Hemelryk & Co., of Liverpool, an old house of
very high standing. Some of the crop reports about cotton
have been favorable, but in the main the cotton belt is too
cold at night, so that germination is delayed. At the same
time cotton goods are dull, further curtailment plans are
broached and spot cotton has been quiet. Some gray
goods, it is stated, have declined %c. Coffee has dropped
10 to 28 points, largely owing to realizing after the recent
steady advance. Raw sugar went to a new low and then
steadied, and futures closed practically unchanged for the
week. Some think that sugar has discounted the bear
news, especially with the price at an abnormally low level.
Rubber has been dull and ends 10 to 14 points lower. Hides
have declined. Cocoa futures are off 16 to 18 points.
Silk is down 6 to 10 points. Silver on some deliveries is 18
points lower.
It has been a week of dull, dragging, discouraged stock
markets. On the 21st inst., were duller than ever. In bonds,
United States Government issues advanced, but domestic
corporation and foreign bonds fell. Many foreign bonds
dropped to new lows for the present movement. On the
23d stocks were almost in static with the trading down to
.557,500 shares the smallest since Sept. 1 1931 and next to
the smallest since 1925. Net advances and declines were
small and just about balanced the monotonous scales. On
24th inst. prices declined with wheat, cotton and no cheering
news from Washington. There seemed to be little more than
a Babel-like confusion of tongues. Stocks dropped in many
cases 3 to 4 points with an average decline on 50 stocks of
nearly two points in rather sharp contrast with their practically stationary position for 10 days previously. Five
hundred and sixty-eight members of the Exchange petitioned
for an extra holiday on May 28 just before Memorial Day
on May 30.
On the 25th inst., there were general declines in a larger
market, the sales being some 1,300,000 shares. New lows
were reached, in many cases, including General Electric,
General Motors, American Telephone, United States Steel
and American Can, though the net losses were fractional.
To-day stocks were lower, with sales of 900,000 shares,
with seemingly a prospect of further delay in solving the tax
problem, though the trend apparently is favorable to the
sales tax as a means of balancing the budget. To-day the
dividend on General Electric was reduced. That had been,
in a measure, foreseen, but none the loss was dreaded. The
old rate of 25 cents quarterly was cut to 10 cents and the
stock dropped 2. points, closing at 10, a new low level.
4
3
It ended % under the special stock, which pays at the rate
of6% a year. It was the first time that it had dropped below
the special stock. General Electric threw a shadow over
the rest of the market, though it was not altogether clear to
everybody why it should. United States Steel declined
13 on the common and 23/i on the preferred, American Can
%
fell 1j4, Auburn 2, Eastman and Santa Fe 2%. Bonds
were firm so far as United States Government issues were
concerned. Domestic corporation bonds gave way less
readily than heretofore but still did give way for the 17th
day in succession. Foreign bonds had a downward tendency.
Electric output of United States for the week ended May
21 was 1,436,928,000 in preceding week and 1,644,783,000
in the same week last year according to National Electric
Light Association. This is a decrease of 12.7% from same
week last year. Chicago wired that Sears, Roebuck & Co.'s
report for four weeks from April 25 to May 21 sales of
$23,333,220 against $30,408,560 in 1931 period, a decrease
of 23.3%. For 20 weeks to May 21 sales totalled $102,134,920 against $129,154,494 in 1931 period, off 20.9%.
Some 75% of the textile commission houses and mill agencies
in the Worth Street district, it is stated will close from tonight until next Tuesday morning. Fall River, Mass.
reports that the American Printing Co.'s printing department has started 30 additional printing machines, bringing
all their machines in operation compared with the recent
operating of only 10.
Portland, Me., wired that industrial activity remained
quiet in Maine. Textile plants, ship yards, machine shops,
furniture factories and granite quarries continued to operate
on curtailed schedules. Newsprint mills maintained a fair
volume of production, but a recession was noted in shoe
factories. In Lewiston one woolen mill reported an increase
in employment, but a decrease in cotton textile activity
and inactivity of three shirt factories. In North Carolina
night work is said to have been suspended indefinitely by
the Clinchfield, Hart and Fountain mills. Charlotte, N. C.,
wired May 25 that for the first time this season some mills
Volume
134
Financial Chronicle
are selling a portion of their raw cotton. At Durham,
N. C., the Ruth Hosiery Mills are reported on full time,
with both day and night shifts. At Gastonia, N. C., the
Myrtle Mill is on full time. The management is encouraging
the planting of gardens. At Spindale, N. C., all of the
textile manufacturing industries of Spindale are reported
operating on a part-time schedule. At Greenville, S. C.,
two of the largest cotton mills there are closing down for
30 days and the others are on short time, with business dull.
At Chester, S. C., the Aragon-Baldwin Cotton Mills, Inc.,
have closed their plant for four weeks. Night operations
were discontinued recently and on reopening the plant will
run only days. At York, S. C., the Lockmore Cotton Mills
are reported on full-time.
Manchester cabled May 24: "Cotton trade unions of
Lancashire announce that they will send out this week-end
ballot forms to more than 200,000 operatives in the weaving
section of the cotton industry to say whether they are prepared to strike on June 11, as a result of the decision of
employers to terminate the agreement that has been in
effect on wages and hours or whether they are in favor of
trade union officials reopening negotiations with employers.
The result of the ballot will be made known on June 6."
Bombay cabled on the 24th inst. that the boycott on British
goods by the natives was increasing. At Lawrence, Mass.,
operatives in the Wood Worsted Mill, it is stated, accepted
a cut in wages of 20 to 25%. At Lawrence, on the 25th,
resumption of operations on a small scale commenced last
week in the George E. Kunhardt Mill, after a shut down of
about two weeks. Only a small number of former employees
were called back.
On the 21st inst. New York temperatures were 55 to 79
but there was enough humidity to make the heat seem much
greater. The Western States were generally rainless. Chicago
had temperatures of 54 to 56, Cincinnati 64 to 84 and
Kansas City 62 to 82. On the 26th inst. New York had a
maximum temperature of 85 at 4 p. m. and a minimum of
65. The average of 75 degrees was 11 degrees above that
for 46 years. Boston had 92 degrees; Chicago 76, Cincinnati
86, Cleveland 82, Kansas City 76, Minneapolis 56 and
Philadelphia 86. Winnipeg temperatures were 30 to 50
degrees. To-day the mercury in New York marked 66 to
75 or 10 degrees below Thursday's highest and the forecast
was fair and cooler for Saturady and fair and continued
cool on Sunday.
3883
in recent years has been a decline of 5%. Pig iron production during the
month declined 8.9% under average daily output in March to an average
daily output of 28.430 gross tons; the usual seasonal movement is a 1% increase. Unfilled orders with the United States Steel Corporation declined6%
between March and April to a total at the end of April of 2,326,900 gross
tons. Operations in April were at an average of 22.5% of capacity as
against 24.7% in March and 49.3% In April 1931.
Bituminous coal output, estimated to total 20.283.000 net tons in April
showed a37% decline under output In March: the average decline between
March and April in recent years has been 22%. Anthracite shipments
increased somewhat in April owing to subnormal temperatures, the total
of 4.476.704 gross tons being 14.3% above what they were in March.
Electric power produced in April. averaging 1,469 million kw. hours per
week,showed a 3.5% decline under the level in March, moving downward
to an extent more than twice as great as is seasonal between the two months.
During the first half of May this downward tendency was intensified, although an upward movement was to be expected at this time of the year.
Production of standard cotton cloth, averaging 51,272,250 yards per
week in April, declined 10% under production in March, whereas a 1%
increase is seasonal. Sales during the month declined faster than did production to the lowest point on record.
Total distribution of commodities measured by carloadings of rail
freight showed a 2% decline under carloadings in March to an average
weekly total of 556,200 cars. Merchandise and miscellaneous loadings,
averaging 387.000 cars per week. increased 3.2%. The average movement
In recent years of all carloadings in April is about the same as in March;
merchandise and miscellaneous shipments have shown an average increase
in recent years of 2.6%•
The dollar value of department store sales in April showed a more than
seasonal gain over sales in March, increasing 8.5% as against a normal
seasonal gain of 7.1%. As compared with sales a year ago, April transactions were 24% lower. Prices of department store items on the first of
May were about 17% below those of a year ago, indicating a decline in the
volume of turnover as compared with a year ago. Five and ten cent store
sales in April declined 3% in dollar values, while the seasonal movement
in recent years was a 2% increase.
Wholesale prices of commodities in April declined almost 1% under the
average of prices in March to a level 12% under what they were in April
1931. Prices of hides, leathers, and housefurnishing goods declined more
than others. Some signs of stability are still noted in prices of meta,; and
and metal products, fuels, and oils.
Commercial failures during the month, totaling 2,816 showed a 4.6%
decline under what they were in March, while liabilities incurred, totaling
$101,069,000, increased by 7.8% over their level in March. In recent
years the number of failures moved downward by 5% between March and
April, while liabilities also moved downward, to the extent of 7%•
Preliminary estimates of employment in manufacturing industries show
a3% decline in April under the level for March. Weekly earnings of those
employed during the month declined slightly more than 5%; hourly earnings were about stationary; hours worked per week declined 5%. The cost
of living declined somewhat.
Taken as a whole, business activity in April showed a falling off from the
level in March to a new low for the depression. The welcome but deferred
increase in activity in the automobile industry and the sharp gain in public
works construction were insufficient to overcome the declines in other
major fields of productive activity. More than seasonal increases in consumer purchasing in April and in the freight distribution of merchandise
and miscellaneous items during the month gave some relief to a picture of
generally downward movements.
Loading of Railroad Revenue Freight Still Small.
Current Business Conditions According to Statisticians
Loading of revenue freight for the week ended on May 14
of the National Industrial Conference Board
- totaled 517,667 cars, according to reports filed by the railDecline in Activity in April Greater Than Seasonal roads with the car service division of the American Railway
-Gains Shown, However, in Automobile Output Association and made public on May 24. This was a deand Public Works Construction.
crease of 16,010 cars under the preceding week, 229,390 cars
Though general business activity declined in April under below the corresponding week in 1931, and 411,092 cars
the level of March by an amount which was greater than under the same period two years ago. Details follow:
Miscellaneous freight loading for the week ended on May 14 totaled
seasonal, sizeable upturns were registered in automobile
192,563 cars, a decrease of 3,627 cars
week, 108.864
output and in public works construction, says the Con- cars under the corresponding week in below the precedingcars under the
1931, and 174,764
ference of Statisticians in Industry, operating under the same week in 1930.
Loading of merchandise lees than carload lot freight totaled 181,562 cars.
auspices of the National Industrial Conference Board. In
a decrease of
cars below the preceding week, 42,690 cars
the monthly summary of business conditions issued May 20, corresponding 3,542 last year and 66,573 cars under the same week below the
two years
week
the Conference of Statisticians add:
ago.
The total volume of business activity during the month was at a level
somewhat above the low point of the 1920-1921 depression.
Productive activity on the whole declined under the level of March;
total distribution by rail freight also declined. Shipments of merchandise
and sales by department stores showed slight gains during the month,
having increased more than seasonally between March and April.
Automobile production increased by more than the seasonal amount,
carrying over Into April part of the activity of the industry which in recent
years was ordinarily manifested in the first quarter. Building and engineering construction showed a net seasonal gain, owing largely to an
increase in public works activities. Steel and iron produced and bituminous
coal mined declined more than seasonally. Anthracite shipments increased
during the month because of subnormal temperatures in April coupled
with low year-end consumers' stocks. Electric power used declined during
April more than usual at this time of the year. Standard cotton cloth
production declined sharply,against a normally upward seasonal movement.
The total number of passenger cars and trucks produced in the United
States and Canada in April, estimated at 146,600, showed a 15% Increase
over output in March, while the usual seasonal upturn in recent years
has been 5%. New passenger car registrations in reporting states to date
are more than 50% under a year ago. For the first four months of this
year autmobile output was 51% under production for the same period
last year.
The total dollar value of building and engineering construction contract
awards in April, as reported by the F. W. Dodge Corporation for 37 States
east of the Rocky Mountains, amounting to $121.704,800 reflected an
8.4% gain over activity in March. The increase in total awards was
approximately seasonal. Residential construction, amounting in dollar
values to $28.894,700, declined by 13% under the amount for March.
while the seasonal movement in recent years has been an increase of 9.6%.
The estimated area of construction awards declined by 18% under the
amount for March, running counter to the average seasonal increase of 5%.
Steel ingot production averaged 47.685 gross tons per day, reflecting
a decline under activity in March of8.7%, the average seasonal movement
Grain and grain products loading for the week totaled 28,526 cars. 49
cars below the preceding week. 7,966 cars below the corresponding week
last year and 8,958 cars below the same week in 1930. In the Western
districts alone, grain and grain products loading for the week ended on
May 14 totaled 17,912 cars, a decrease of 6,264 cars below the same week
last year.
Coal loading totaled 73,543 cars, a decrease of 6,849 cars below the preceding week, 37,825 cars below the corresponding week last year, and
61,041 cars below the same week in 1930.
Forest products loading totaled 18,797 cars, a decrease of 625 cars below
the preceding week, 15,070 cars under the same week in 1931 and 33,992
cars below the corresponding week two years ago.
Ore loading amounted to 2.593 cars, an increase of 400 cars above the
week before, but 9,282 ears under the corresponding week last year and
53,513 cars under the same week in 1930.
Coke loading amounted to 3,009 cars, 216 cars below the preceding week,
3,540 cars below the same week last year and 6,256 cars below the same
week two years ago.
Live stock loading amounted to 17,074 cars, a decrease of 1,502 cars below
the preceding week, 4,153 cars below the same week last year and 5,995
cars below the same week two years ago. In the Western districts alone.
loading of live stock for the week ended on May 14 totaled 13,176 cars, a
decrease of 3.905 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compared with the same week in 1931 and 1930.
Loading of revenue freight in 1932 compared with the two previous Years
follows:
1932.
Four weeks in January
Four weeks In February
Four weeks In March
Five weeks In April
Week ended May 7
Week ended May 14
Total
1931.
2,269,875
2,245,325
2,280,672
2,772,888
533,677
517,667
2,873,211
2,834,119
2,936,928
3.757,863
745,740
747,057
3,470,797
3,506,899
3.515,733
4,561,634
932,346
928,759
10.620,104
13.894.918
16,916,168
1930.
3884
Financial Chronicle
The foregoing, as noted, cover total loadings by the railroads of the United States for the week ended May 14. In
the table below we undertake to show also the loadings for
the separate roads and systems. It should be understood,
however, that in this case the figures are a week behind
those of the general totals-that is, are for the week ended
May 28 1932
May 7. During the latter period, a total of only 11 roads
showed increases over the corresponding week last year, the
most important of which were the Bangor & Aroostook
Railroad, the Norfolk & Portsmouth Belt Line Railway
of the Belt Chicago, and the Fort Worth & Denver City
Railway.
-WEEK ENDED MAY 7.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
Total Loads Received
from Connections.
1932.
Total
Group B:
y Buff. Rochester & Pittsburgh_
Delaware & Hudson
Delaware Lackawanna & West.
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & western._
Pittsburgh & Shawmut
Pittsb. Shavrmut & Northern._
zUlster & Delaware
Total
1931.
1930.
1932.
1.774
4,014
10,556
849
3,424
14,099
730
2,319
3.892
12,479
1,023
4;026
16,126
748
458
4.913
10,035
2,373
2,632
11,588
1,175
509
6,107
12,745
3,206
3,614
15,014
1,321
27,732
35,446
40.613
33,174
42,516
5,705
8,277
11,552
238
1,422
7,533
1,505
17,342
2.038
322
419
6.744
10,293
13,599
229
2,111
9,926
2,236
25,820
2,227
672
481
8,125
12,672
17,436
374
2.465
11,492
2.903
33,251
1,551
724
532
6:&i2"
5,365
12,071
1,982
978
6,574
21
25,272
2,074
55
247
8.808
7,107
15,679
2,525
1,154
8,814
54
33,528
2,511
41
368
56,353
74,338
91,525
61,211
80,589
529
1,154
7.243
46
247
189
1,718
2.702
5,887
3,534
4,190
4,389
3,432
716
5,046
2,101
631
1,891
10,352
80
488
304
2,225
4,756
8,.92
4,710
5,210
6.326
5,374
1,750
6.417
3,677
585
2,184
11,240
79
625
409
3.459
6.214
9 837
6,2-2
7.191
8,041
8,249
1,736
7,545
4,867
952
1,544
8,848
80
102
1,805
948
5.310
7,348
184
7.349
3,396
3,915
668
6,895
1,837
1,338
2,430
11,813
114
199
2,771
1,199
8,012
9,476
196
9,589
4,643
5,640
919
9,517
3,461
Group C:
Ann Arbor
Chicago Indianan. & 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 District
Baltimore & Ohio
Bessemer & Lake Erie
y Buffalo & Susquehanna
Buffalo Creek & Ganley
Central RR. of New Jersey-Cornwall
Cumberland & Pennsylvania_ _
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
43,123
62,783
78,483
51,181
71,317
127.208
172,567
210,621
145,566
194,422
24,857
956
33,805
2,393
z44,885
6,213
11,435
816
17,635
2,170
142
6,308
45
171
70
1,239
53,698
12,622
3,558
49
2,958
167
9,333
2
374
108
1,373
77,452
16,237
8,492
45
3,466
213
12,219
577
377
187
1,248
97,378
19,768
12,114
45
3,880
2
9,637
42
12
29
3,432
30,564
14,226
587
1
3,244
7
13,439
83
40
41
4,929
44,695
20,013
2,481
106,673
153,247
199,104
74,027
110,387
20,527
16,066
1,558
3,323
25,424
21,590
1,666
3,245
6,040
3,314
1,329
570
8,631
4,565
1,667
519
32,925
42,374
51.925
11.253
15.382
8,016
780
375
134
55
1,502
472
294
7.166
17,973
180
12,780
1,282
537
149
76
1,943
540
497
9,580
24,489
201
13,006
1,392
817
184
77
2,166
531
559
11,240
26,769
210
3,512
1,013
662
250
71
1,020
664
3,629
2,682
9,244
641
5,483
1,431
1,076
271
102
1,377
889
5,994
4,278
13,950
972
Total
Southern District
Group A:
Atlantic Coast Line
Clinchfield
Charleston & Western Carolina
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom_
Seaboard Air Line
Southern System
Winston-Salem Southbound
Total
1930.
182
623
658
3,503
189
938
758
279
632
16,067
13,695
120
112
1,880
2,884
476
416
212
854
724
4,047
261
2,069
1,039
346
938
22,448
21,110
128
184
2,527
3,465
660
576
282
919
859
4,554
388
1,468
1,192
486
1,122
26,658
27,149
137
262
3,097
4,576
1,106
644
1932,
1931.
132
595
753
1,907
147
486
1,103
268
584
6,853
3,192
296
172
1,081
1,924
269
443
231
865
1,124
2.647
313
653
1,396
408
883
10.472
4,866
426
187
1,429
2,223
295
579
43,412
61,588
74,899
20,215
28,997
Grand total Southern District._
80,449
113,662
131,850
43,603
64,820
Northwestern District
Belt RI'. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
Chic. St. Paul Minn. & Omaha
Duluth Missabe & Northern
Duluth South Shore & Atlantic
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie._
Northern Pacific
Spokane Portland & Seattle....
1,490
13,529
2,234
15.536
3,041
422
286
3.411
290
6,850
511
1,630
3,920
7,159
1,148
1,459
20,198
2,895
22,004
4,198
1.875
911
5,654
408
9,729
683
2,602
5,649
9,718
1,290
1,681
27,223
3,597
27,367
5,231
18,030
1,765
11,299
508
17,694
801
3,133
8,361
12.760
1,869
1,708
7,206
1,928
5,765
2,895
79
357
3,162
112
1,855
414
1,260
1,837
2.066
732
1,634
9,663
2,665
7,585
3,719
117
445
6,392
192
2,555
437
1,483
2.288
2.796
1,113
6,1457
89,273
141.319
31,376
43,084
17.619
3,071
126
14,224
11,695
1,932
819
1,496
115
1.009
484
123
14,286
224
298
11,696
185
1,524
24,950
3.685
190
19.969
16,262
2,719
1,082
2,341
267
090
734
154
20,491
328
256
14,788
166
1,753
26,540
4,316
313
23,216
17,783
3,521
1,273
3,446
323
1,447
1,197
259
24,436
315
344
14,992
372
1,764
3,822
1,509
20
5,094
5,870
1,742
670
2,254
10
574
219
33
3,320
201
631
6.524
6
1.451
5.206
2,419
37
6.886
7,973
2.396
1.022
2,123
34
862
265
17
4,289
452
753
8,114
9
1,278
80,926
111,125
125,857
33.950
44,135
155
115
152
1,656
194
1,950
204
1,467
1,007
109
452
60
4,224
12,127
39
84
7.100
1,957
620
5,583
3,106
1,665
13
271
182
175
2,215
94
5,088
337
2,078
1,638
240
731
105
5,337
17,368
46
127
9.860
2,753
507
6.738
5,220
2,337
45
324
301
181
3,218
343
2.295
304
2.692
2,245
219
876
109
5,650
20,388
49
149
10,869
3,262
757
7,932
5,818
3,638
51
2,172
342
125
864
44
1,961
584
1,166
912
302
212
289
2,204
6,329
8
55
2,712
1,344
157
2,593
3,038
1,728
37
2,748
203
172
3.480
52
2,395
1,032
2,767
928
530
307
457
2.892
8,953
16
109
3,703
1,873
400
4,251
4,059
2,664
43
44,039
63,492
71,670
29,178
44,034
Total
Total
Central Western Gist.
Atoll. Top. & Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington de Quincy..
ChicagoRock Island & Pacific_
Chicago & Eastern Illinois.....
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City-Northwestern Pacific
Peoria 8, 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 ArkansasMissouri-Kansas-Texas Lines._
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
San Antonio Uvalde & Gulf.__ _
Southern Pacific in Texas & La.
Texas & Pacific
Terminal RR. Assn. 01St. Louis
Weatherford Mtn. Wells de Nor.
Total
35.823
23,388
56,951
52.074
y Included in Baltimore & Ohio RR. z Estimated.
37.037
Included in New York Central.
Decrease of 30% in Wholesale Trade in April As Compared with April 1931 Reported in New York
Federal Reserve District.
"April sales of the reporting wholesale dealers averaged
30% below last year, a larger reduction than has previously
been reported to this bank," says the June 1 "Mont hy
Review" of the Federal Reserve Bank of New York, which
further states as follows:
Sales of stationery, drugs, shoes, paper and silk goods were reduced by
larger percentages than in any other month in the period covered by the
reports to this bank. Concerns in the men's clothing, jewelry and diamond
trades also reported somewhat larger decreases than in the previous month,
but sales of hardware and cotton goods showed a soirewhat smaller decline,
and machine tool orders, as reported by the National Machine Tool Builders
Association, also declined less from a year ago than in March.
Merchandise stocks he at the end of April continued to show substantial
.d
decreases from a year previous in all reporting lines, except drugs, stocks
of which remained larger than a year ago and silk, the amount of which
Group B:
Alabama Tenn. & Northern__ _
Atlanta Birmingham & Coast..
Atl. 4; W.P.
-West RR.of Ala.
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah__
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L.
New Orleans-Great Northern._
Tennessee Central
1931.
4,854
Pocahontas District
16,243
Chesapeake & Ohio
. 12,571
Norfolk & Western
1,626
Norfolk & Portsmouth Belt Line
2,485
Virginian
Total
1932.
1931.
2,015
3,039
7,890
711
2,663
10,754
660
Total Loads Received
from Connections.
was little changed. Collections In April
continued on the average to be
somewhat slower than in 1931.
Commodity.
rercenuage
Change
April 1932
Compared with
March 1932,
Net
Sales.
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Machine tools z
Stationery
Paper
Diamonds
Jewelry'
Percentage
Change
April 1932
Compared with
April 1931,
Stock
End of
Month.
Net
Sales.
Percent of Accounts
Outstanding
March 31
Collected in
April.
Stn,k
End of
Month.
1931.
1932.
-6.9
-6.0
-21.3
79.2
-37.2
33.3
___
_+9.3
-1.6
34.0
-21.0
-9.8. -3.3.
0.3
- . 56.2
35.9 -10.7
46.8
-14.1
-24.4
-2.4
31.6
+15.2
+17.5
-1.3
46.0
-7.8
__ __
+26.1
- - :3
76
----_-13.3
56.7
_
- :6
-116.7
-12.5
_-30
-2.8
+9.4
-23.9
f
-9 9
.
82.9
29.8
34.5
56.1
33.7
27.8
40.0
-62:6
53.5
115.8
I
•
Eastern District
Group A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H. & Hartford..
Rutland
Total Revenue
Freight Loaded.
Railroads.
11111111111
A.owwoN.I.weunaw.-.
Total Revenue
Freight Loaded.
Railroads.
Weighted average
-13.1
_ _ -30.1
____
• Quantity not value.
Reported by Silk Association of America.
z Reported by the National Mach ne Tool Builders' Association.
51.4
49.3
Wholesale Price Index of United States Department
of Labor Shows Slight Decrease During Week
Ended May 21.
The Bureau of Labor Statistics of the United States
Department of Labor announces that the index number
of wholesale prices for the week ended May 21 stands at
64.5 as compared with 64.9 for the week ended May 14.
Continuing, the Bureau further said on May 25:
This index number, which includes 784 commodities or price series,
weighted according to the importance of each article and based on the
average prices in 1926 as 100.0, shows that a decrease of 0.6 of 1% has
taken place in the general average of all commodities for the week of
May 21, when compared with the week ended on May 14.
The accompanying statement shows the index numbers of groups of
commodities for the weeks ended April 23, 30, May 7, 14 and 21:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF APRIL 23,
30, MAY 7, 14, AND 21.
Reductions in sates of New York City and Rochester stores were about the
same as the average for this district, while the sales in Buffalo. Bridgeport,
Southern New York State, and the Capital District were about 27% smaller
than last year, and even larger declines were reported in Syracuse and
northern New York. On the other band, somewhat less than the average
decrease was shown by the Newark, Hudson River Valley and Westchester
reporting stores. Sales of the leading apparel stores continued considerably lower than a year ago.
For the first half of May, department stores In the Metropolitan area of
New York reported practically the same demease in sales from a year ago
as in April.
Stocks of merchandise on hand at the end of April, at retail valuation.
continued to show substantial reductions from last year. Cohections
during Aptil continued to be slower than in 1931 in all localities except
Rochester.
Locality.
April.
Apri123. Apri/30. May 7. May 14. May 21.
65.8
49.7
61.0
74.4
58.8
71.7
80.2
72.2
74.5
78.2
64.8
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting
Metals and metal products
Building materials
Chemicals and drugs
Houseturnishing goods
Miscellaneous
65.5
48.8
61.0
73.9
56.5
72.0
80.2
72.4
74.4
76.3
64.6
65.1
47.9
80.2
73.3
56.5
71.7
80.2
71.7
74.0
78.2
84.7
64.5
47.1
59.1
72.2
55.8
71.4
79.9
71.8
73.6
75.9
64.4
64.9
47.8
59.9
73.3
58.1
71.6
80.1
71.7
73.7
75.9
64.6
Monthly Indexes of Federal Reserve Board-Decrease in
Industrial Production Between March and April.
Under date of May 26 the Federal Reserve Board issued as
follows its monthly indexes of industrial production, factory
employment, &c.:
BUSINESS INDEXES.
(Index numbers of the Federal Reserve Board 1923-25=100).r
Without
Seasonal Adjustment.
Adjusted for
Seasonal Variation.
1932.
1931.
1932.
Apr.
Mar.
Apr.
Apr.
p6A
p62
p79
p26
p14
p36
64.3
67
64
84
26
15
36
88.4
88
87
91
73
44
96
78.0
59
p81
Industrial production. total
Manufactures
Minerals
Buildings contracts, value b-Total
Residential
All other
Factory employment
Factory payrolls
Freight-car loadings
Department store sales
61
72
80
106
1931
Mar.
p65
p83
p71
p30
p16
p4I
64.0
48.7
57
P76
Ayr.
68
90
66
91
77
83
28
82
52
16
35
107
66.3 77.9
52.3 73.6
77
sa
101
70
INDUSTRIAL PRODUCTION-INDEXESSY GROUPS AND INDUSTRIES.a
(Adjusted for seasonal variations.)
Manufacturst.
Group and
Industry.
Mining.
Industry.
1931.
1932.
109
34
82
84
p99
27
28
92
53
136
73
109
70
96
95
109
47
77
103
94
159
96
132
1931.
Apr. Mar. Ayr.
Apr. Mar. Ayr.
32
p66
p91
._
28
p35
p90
40
__
1932.
Bituminous coal
Anthracite coal
Petroleum
Zino
Silver
Lead
55
81
p110
44
42
45
70
81
109
45
30
55
77
82
121
61
54
69
FACTORY EMPLOYMENT AND PAYROLLS
-INDEXES BY GROUPS
AND INDUSTRIES.
Employment.
Group and industry.
1931.
1932.
1931.
1932.
00 010CI 0,et: •1!CI I.- t- CO
•-.0CleV•t;•.<00:tc4.-.0001;•ZCOnc;
CoZt••t,t•ODC401“.00044.0a0b.c...
Department Store Trade in New York Federal Reserve
District During April- Sales Reported 22% Smaller
Than in April 1931.
In its June 1 "Monthly Review" the Federal Reserve Bank
of New York states that "reporting department stores in
Second (New York) District showed April sales 22% below
last year, a slightly larger decline than was reported in
March." Continuing the Bank says as follows:
--22.0
--26.8
--23.7
--32.0
--18.2
--27.3
--23.6
---33.1
--27.5
--18.1
--27.4
--I8.1
--22.1
--27.I
--19.2
--19.9
--24.8
--28.3
--15.8
--23.1
--20.8
--19.3
--18.5
--38.5
--14.3
--I0.2
--20.4
--15.0
1931.
1932.
47.8
46.8
43.4
29.0
41.6
37.0
33.1
44.9
41.9
43.7
25.8
39.4
34.3
30.8
_
-25.8
-22.7
44.1
43.9
41.3
41.5
Stock on Hand
Percentage Change
April 30 1932
Compared with
April 30 1931.
+0.3
-13.3
-13.6
-17.8
-18.6
-19.1
-19.7
-20.7
-21.1
-21.2
-24.5
-24.8
-26.0
-28.6
-28.7
-29.6
-33.0
-38.9
-18.4
+0.3
--19.2
--13.3
--19.3
--16.4
--I3.1
--I2.8
--4.7
--16.8
--26.9
--18.4
--11.2
--19.0
--18.1
--26.5
--7.3
--12.4
--15.1
--21.3
Toilet articles and drugs
Cotton goods
Home furnishings
Hosiery
Books and stationery
Woolen goods
Silverware and Jewelry
Shoes
Linens and handkerchiefs
Silks and velvets
Women's ready-to-wear accessories
Men's furnishings
Furniture
Luggage and other leather goods
Women's and Misses ready-to-wear
Toys and sporting goods
Men's and boy's wear
Musical instruments and radio
Miscellaneous
Chain Store Sales in New York Federal Reserve District
Declined 11% in April This Year As Compared with
Year Ago.
The New York Federal Reserve Bank in its June 1
"Monthly Review" of credit and business conditions in the
Second Federal Reserve District, has the following to say
regarding chain store trade:
The April sales of the reporting chain store systems were about 11%
below 1931, a somewhat larger yea-to-year decline than has been reported
previously. All groups of chain stores, except candy chains, reported
greater reductions in sales than in March, and in the case of the candy
group the increase was the smallest since last November. In the case of
the drug and variety stores, the declibes were the largest in a number of
months, while for the 10-cent and shoe chains the declines were larger than
were ever before reported by these types of chains. After allowing for
changes in the number of stores operated, the chain organizations generally
showed even larger declines in sales per stn.° than in total sales, as the
number of stores has still continued to increase slightly during the pest year.
Percentage Change April 1932
Compared with April 1931.
Type of Store.
Number of
Stores.
1931.
59.0 60.9 76.5 59.8
77.4 32.1 35.4 69.1
56.4 59.2 78.0 57.0
78.9 39.1 42.6 89.7
66.7 71.0 80.2 67.9
81.8 49.4 59.3 76.8
66.8 71.9 78.1 67.3
78.6 48.9 55.8 72.4
66.4 68.9 85.6 69.4
89.8 54.6 66.4 85.6
83.6 83.1 90.6 80.6
87.3 72.8 74.4 88.2
85.7 86.2 95.0 85.3
94.6 79.7 82.4 100.6
40.2 41.2 55.4 39.6
54.8 23.2 24.5 44.9
51.1 53.4 63.8 53.0
66.2 43.9 45.2 65.3
55.1 60.9 70.3 58.9
75.1 47.1 51.3 70.8
80.2 80.2 84.0 78.8
82.4 55.7 62.3 70.6
48.4 50.1 65.2 48.8
65.7 31.7 32.2 55.7
52.7 54.3 66.5 63.9
68.1 38.3 42.1 65.4
chemicals. group
78.5 78.6 91.7 82.4
96.7 68.5 70.1 92.0
Petroleum
78.6 79.5 94.0 78.6
94.0 71.2 72.9 96.7
66.1 87.0 70.5 68.6
Rubber products
71.1 48.3 51.3 66.8
70.1 70.8 82.1 68.4
Tobacco
80.2 49.3 52.2 65.7
a Indexes of production, car loadings and department store sa es based on daily
averages. b Based on three-month moving averages, centered at second month.
pWreliminary.
Stock on
Hand End
Jan.toApr. of Month.
Net Sales
Percentage Change
April 1932
Compared uith
April 1931.
Payrolls.
Apr. Mar. Apr. Apr. Mar. Apr. Apr. Mar. Apr.
Iron and steel
Machinery
Textiles, group
Fabrics
Wearing apparel
Food
Paper and printing
Lumber
Transportation equipment-.
Automobiles
Leather
Cement, clay and glass
Nonferrous metals
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State.
Southern New York State
Hudson River Valley Dist.
Capital District
Westchester District
All department stores
Apparel stores
Adjusted for Sea- Without Seasonal Without Seasonal
tonsil Variations.
Adjustment.
Adjustmeat.
1932.
P. C. of Accounts
Outstanding
Mar. 31 CoUeded
in April.
Percentage Change from
a Year Ago.
Net Sales.
Week Ended-
con and steel
Textiles
rood products
Paper and printing __
Lumber cut
kutomobiles
Leather and shoes -...
'L'ement
Petroleum refining __
Rubber tires
Tobacco manufae. ---
3885
Financial Chronicle
Volume 134
Grocery
Ten cent
Drug
Shoe
Variety
Candy
Total
Total
Sales.
Sales per
Store.
+0.7
+1.4
+1.1
-0.9
+3.3
+20.9
--7.3
--15.1
--4L9
--35.7
--8.8
+1.7
-- 8.0
--16.3
--9.9
--35.2
-9.8
--15.9
+1.6
-11.3
-12.6
Federal Reserve Board's Summary of Business Conditions in the United States-Decline in Industrial
Activity and Factory Employment in April.
Stating that "industrial activity and factory employment
declined substantially from March to April, although usually
little change occurs at this season," the Federal Reserve
Board's summary of business conditions in the United States,
made public May 26, adds:
Purchases of Government securities by the Federal Reserve banks have
continued during April and the first three weeks of May and there has been
a considerable growth in the reserves of member banks.
Production and Employment.
Volume of industrial production, as measured by the Board's seasonally
adjusted Index, decreased from 67% of the 1923-1925 average in March to
64% in April. Reductions in activity were reported for many leading
Industries, with sharp declines at cotton and woolen mills and at bituminous coal mines; in the automobile industry output increased from th
low level of March by more than the usual seasonal percentage, and in the
Financial Chronicle
Increased employment was reported in eight of these industrial groups.
The most pronounced gain was shown in the canning and preserving group
in which a seasonal increase of 29.6% in employment combined with an
increase of 18.8% in earnings was reported. The building construction
group reported a gain of 10.7% in employment and 15.9% in payrolls,
while the crude petroleum, quarrying and non-metallic mining, and
dyeing and cleaning groups also reported substantial gains in both employees and earnings. The increases in employment in the remaining
groups-electric railroad operation, retail trade, and laundries
-were small.
In the eight groups in which decreased employment was shown, losses of
less than 1% in employment were reported in the telephone and telegraph,
and the power and light groups, while decreases of less than 2% were
shown in wholesale trade and hotels. Employtnent decreased 3.6% in manufacturing, 3.8% in metalliferous mining, and 4.9% in anthracite mining.
The most pronounced decrease in number of workers (12.9%) was shown
in the bituminous coal mining industry.
Manufacturing Industries.
Umployment in manufacturing industries decreased 3.6% in April as compared with March, and earnings decreased 7.3%. Per capita earnings of
employees in manufacturing industries decreased 3.7% over the month
interval.
These changes are based on reports made by 18,254 establishments in 89
of the principal manufacturing industries in the United States, having
in April 2,791,626 employees whose combined earnings in one week were
$52,771,568.
The chemical and the railroad repair shop groups of industries reported
increased employment, and the stone-clay-glass products group reported
unchanged employment over the month interval. Decreased employment
was reported in the remaining 11 groups. Decreased earnings were shown
in each of the 14 groups, with the exception of the railroad repair shop
group in which a small increase In earnings was shown.
Increased employment in April, as compared with March, was shown in
15 of the 89 separate manufacturing industries upon which the Bureau's
Indexes of employment and earnings are based. Increased earnings were
also reported in 15 industries. The industries reporting gains in payroll,
however, were not identical in each instance to the industries reporting
increased employment, The most pronounced gain in employment from
March to April was in the fertilizer industry, while other substantial gains
in employment, largely seasonal, were shown in the beet sugar, beverages,
ice cream, brick, butter, locomotive, and shipbuilding industries. The
most pronounced declines in employment over the month interval were
shown in the woolen and worsted goods, steam fittings, forgings, millinery,
cottonseed oil, agricultural implement, and radio industries.
In April 1932 12,355 operating establishments in 89 manufacturing
industries reported an average of 85% of full-time operation, this being 1%
lower than the average reported in March 1982.
85.2
90.0
73.2
79.4
84.4
87.5
83.5
33.9
82.8
102.1
71.8
71.4
72.9
71.9
65.4
64.6
90.6
58.2
82.8
83.7
77.7
121.8
99.6
51.0
86.4
61.0
59.1
63.4
61.6
59.8
67.3
38.1
35.0
58.2
54.3
51.9
60.7
57.6
55.9
53.6
43.6
39.2
44.7
51.4
51.6
50.0
88.0
66.3
70.9
74.9
75.2
65.8
67.7
58.6
59.6
65.5
84.7
59.2
73.4
73.7
63.3
73.2
71.8
67.2
98.1
95.2
85.6
40.1
39.6
44.4
35.3
38.1
40.1
40.4
38.5
47.7
51.8
48.4
49.7
45.1
44.8
64.9
80.2
77.8
68.2
70.7
70.3
73.3
82.6
79.7
66.8
84.2
83.1
93.4
77.8
76.4
75.5
73.3
72.5
82.1
80.1
78.7
92.6
101.1 100.4 110.2
79.9
80.6
89.5
88.9
87.7
84.1
63.9
90.0 105.4
85.2
85.1
79.7
46.5
41.1
52.6
79.6
74.2
93.1
77.9
75.4
84.4
74.2
72.8
84.7
143.7 138.8 149.8
98.8
96.5 109.1
48.1
48.1 60.5
43.1
43.4
57.6
29.5
30.9
38.5
69.2
87.7
70.6
84.9
63.2
68.1
52.4
53.4
91.0
60.6
58.0
66.8
67.1
65.2
67.3
59.6
58.3
61.5
55.5
52.7
74.7
52.0
47.7
53.3
74.7
72.8
82.4
64.6
63.7
65.7
68.8
43.3
72.5
88.9
70.4
63.3
65.2
229.9
22.8
20.6
88.7
68.5
65.1
59.8
83.3
64.7
83.1
40.8
43.8
70.5 69.5
87.0
73.9
68.4
69.0
59.4
67.5
60.2
68.8
214.3 309.0
22.0
24.6
21.4
31.7
91.1
94.9
67.5
64.1
84.9
65.1
57.3
43.9
81.1
74.7
58.1
40.8
55.3
36.4
645
43.8
89.3
51.4
65.7
48.5
78.9
66.0
75.3
53.2
44.8
66.1
71.4
84.1
52.5
71.4
51.0
73.7
51.2
40.5
61.3
70.6
57.3
52.9
71.3
51.5
73.2
57.8
56,1
64.8
67.0
81.0
66.0
80.2
64.9
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Trend of Employment in United States During April---Decreases in Employment and Earnings Reported
in 16 Groups by United States Department of
Labor.
The Bureau of Labor Statistics of the United States Department of Labor reports the changes In employment and
earnings in April 1932 as compared with -March 1932, based
on returns made by 63,421 establishments in 16 major industrial groups, having in April 4,513,853 employees, whose
combined earnings in one week were $93,669,953. The combined totals of these 16 groups show a decrease of 2.7% in
employment and 5.1% in earnings. Continuing, the Bureau
said, as follows, on May 20:
80.2
79.8
85.9
84.7
71.2
68.6
88.3
71.0
84.8
84.7
83.5
82.9
76.6
74.4
28.5
29.1
72.3
76.2
93.7
97.3
73.4
67.9
75.0
89.3
81.6
79.3
58.0
52.9
68.5
54.0
62.4
58.1
85.8
80.7
71.2
65.5
60.3
57.1
77.5 76.2
84.3
75.8
108.1 105.2
86.8
81.8
67.0
62.2
66.1
81.7
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Bank Credit.
Further purchases of United States Government securities by the Federal
Reserve banks were made during April and the first three weeks in May,and
on May 18 total holdings were $1,466,000,000. The funds placed in the
market through these purchases between April 6 and May 18 were used to
the extent of $170,000,000 in a further reduction of member bank indebtedness to the Reserve banks, and to the extent of $122,000,000 in meeting a
demand for gold from abroad; at the same time member banks accumulated
reserve balances considerably in excess of legal requirements. During May
the demand for currency, which had declined in April. increased somewhat.
contrary to usual seasonal movement.
Loans and investments of reporting member banks in leading cities,
which had declined continuously until the middle of April. showed little
net change between April 13 and May 18. The banks' investments increased by nearly $300,000.000, chiefly in New York City.
Money rates in the open market continued easy. Rates on commercial
paper were reduced about 36% to a range of 2U-3% for prime names, and
,
the offering rate on 90
-day bankers' acceptances, which had advanced to
114% In the first week of May, declined on May 11 to the previously prevailing rate of 7,4%.
Food and kindred products
86.6
Slaughtering and meat packing 89.4
Confectionery
78.1
Ice cream
78.5
Flour
87.9
Baking.....90.1
Sugar refining, cane
83.5
Beet sugar
29.5
Beverages
86.3
Butter
106.8
Textiles and their products
80.8
Cotton goods
77.3
Hosiery and knit goods
80.8
Silk goods
80.7
Woolen and worsted goods.... 71.7
Carpets and rugs
77.2
Dyeing and finishing textiles
93.5
Clothing, men's
76.1
Shirts and collars
75.1
Clothing, women's
98.3
Millinery and lace goods
84.4
Corsets and allied garments
109.1
Cotton small wares
104.0
Hats, fur-felt
87.9
Men's furnishings
77.7
iron and steel and their products,
not including machinery
74.7
Iron and steel
76.2
-Iron pipe
60.6
Cast
Structural ironwork
74.1
88.8
Hardware
57.7
Steam fittings
65.4
Stoves
Bolts, nuts, washers and rivets_ 82.7
79.0
Cutlery and edge tools
65.9
Forgings, iron and steel
76.7
Plumbers' supplies
91.1
Tin MIS and other
tinware.Tools, not including edge tools. 88.5
93.2
Wirework
54.6
Lumber and allied products
51.1
Lumber, sawmills
55.2
Lumber. millwork
62.2
Furniture
61.2
Turpentine and rosin
Leather and its manufactures-- 81.5
77.6
Leather
82.5
Boots and shoes
92.0
paper and printing
82.0
Paper and pulp
82.0
Paper boxes
91.9
Printing, book and Job
Pig., newspapers az periodicals_ 107.6
Dhemicals and allied products.- 92.8
98.2
Chemicals
116.4
Fertilizers
77.9
Petroleum refining
Cottonseed oll. cake and meal__ 54.5
81.9
Druggists' preparations
104.0
Explosives
842
Paints and varnishes
148.0
Rayon
101.6
Soap
Rene. clay and glass products... 67.5
83.9
Cement
51.1
3rick, tile and terra cotta
80.6
Pottery
72.9
Glass
93.7
Marble, granite, slate. Jo
gonferrous metals dc their procils 71.8
Stamped and enameled ware_ _ 73.8
Brass. bonze Jt copper producis 69.7
80.7
Aluminum manufactures
61.8
Clocks, clock movements, do
92.8
Gas and electic fixtures
78.2
Plated ware
Smelting and refining, copper,
77.7
lead and zinc
52.1
Jewelry
82.1
robacco manufactures
Chew. di amok,tobacco Se snuff 79.8
82.4
Cigars and cigarettes
75.1
7ransportation equipment
76.8
Automobiles
292.9
Aircraft
Cars, electric dr steam railroad_ 33.2
34.8
Locomotives
100.3
Shipbuilding
72.7
tubber products
Rubber tires and inner tubes... 69.0
61.7
Rubber boots and shoes
89.7
Rubber goods,other
dachinery not including trans76.2
portation equipment
59.9
Agricultural implements
Electrical machinery,apparatus
86.2
and supplies
76.2
Engines and water wheels
Cash registers and calculating
83.8
machines
Foundry a: macb.-shop prod'ts 71.4
70.8
Machine tools
Textile machinery and parts_ _ 76.9
84.2
TYDewriters and suPPIles
818
Radio
65.3
tallroad repair shops
81.6
Electric railroads
64.0
Steam railroads
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Distribution.
Freight-car loadings of merchandise showed little change in volume from
March to April, continuing at the level prevailing since January, although
increases are usual during this period. Sales by department stores increased
considerably in April.
Wholesale Prices.
Wholesale prices of commodities declined from 66% of the 1926 average
in March to 65.5% in April, according to the Bureau of Labor Statistics,
and in the first three weeks of May further decreases in the prices of many
leading commodities were reported. Downward movements In textiles,
nonferrous metals, and imported raw materials, as well as in most domestic
agricultural products except wheat, were offset in part by Increases in the
prices of coffee, petroleum, and petroleum products.
May 28 1932
INDEX NUMBERS OF EMPLOYMENT AND PAY
-ROLL TOTALS IN
MANUFACTURING INDUSTRIES.
(12 Months Average 1926=100)
EmploymenS.
Payroll Totals.
Manufaawing Industries.
April, March, April. April. March. April.
1931. 1932. 1932. 1931, 1932. 1932.
General Index
75.7
64.5
62.2
68.5
48.2
44.7
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3886
steel industry, where activity had declined from early February to the
middle of April, production increased somewhat between the middle of
April and the third week of May.
The number of wage earners employed at manufacturing establishments
declined further between the middle of March and the middle of April and
there was a substantial reduction in factory pay rolls. Large decreases in
employment were reported for the iron and steel, machinery, and textile
Industries, while the volume of employment in the food and leather industries showed the usual seasonal changes.
Daily average value of building contracts awarded during April and the
first half of May,as reported by the F. W. Dodge Corp.,showed a seasonal
Increase over the first quarter. A substantial increase was reported for
publlc works and public utilities, while residential building continued at the
low level of the first quarter, showing none of the usual seasonal expansion.
Purchasing Power of Wages Higher Than in Previous
Depressions According to Moody's Service.
In an analysis of the behavior of prices, wages and living
costs in depressions, issued May 26, Moody's Investors Service points out that wage rates have failed to decline in proportion to the decline in the cost of living. The result has
been a net increase in the purchasing power of wage rates.
The Survey indicates that not only have wage rates been late
in this depression in adjusting themselves to the lower cost
of living, but also prices for finished goods likewise have
lagged well behind those for raw materials. Although this
is the usual course in depressions, nevertheless in the present
period the disparity has been greater. The 1921 depression
was the closest to the present in this respect, while in the
depressions of 1890 and 1907 the adjustment occurred much
sooner. The reason was that wage scales then were much
closer to the cost of living, i.e., they afforded labor little
more than bare subsistence. The Survey continues:
More recently, the rate of decline in wages has become more accelerated,
and another sharp drop will probably be shown in May, due to the cuts in
steel and building wages.
However, the wide area between living costs and wage rates in recent
years, especially when compared with conditions prevailing 20 or 30 years
ago, does not necessarily represent a permanent maladjustment which will
eventually have to be corrected. A changed attitude of business managements toward labor since the war promises that the gains in real wages since
that time are here to stay to a large extent.
The Survey concludes that, "the less artificial resistance is
shown to depressionary influences in various prices and rates
for goods and labor, the more favorable are the conditions
for recovery."
United States Department of Labor's Survey of Building
Operations in United States-Decrease Reported in
Cost of New Residential Buildings While New NonResidential Buildings Show Increase.
Reports of building permits issued have been received by
the Bureau of Labor Statistics of the United States Department of Labor from 351 identical cities of the United States
having a population of 25,000 or over, for the months of
March 1932 and April 1932. The estimated cost of all
buildings for which permits were issued in these 351 cities
in April 1932 was $54,489,287. This was 19.3% more than
the estimated cost of building operations in these cities
during the month of March 1932. The number of permits
for all building operations increased 28.3% comparing these
two periods. Comparing permits issued in April 1932 and
March 1932, there was a decrease of 4.4% in the number
and a decrease of 9.6% in the indicated expenditures for
new residential buildings. New non-residential buildings
increased 41.0% in number and 38.1% in estimated cost.
Additions, alterations and repairs increased 29.6% in number
and 18.6% in estimated cost. During April 1932 3,211
family dwelling units were provided in new buildings. This
is a decrease of 12.8% as compared with March. The
Bureau's survey issued May 20 also says:
Various agencies of the United States Government awarded contracts
during March for buildings to cost $11,665,731. This valuation was
higher than for either March 1932 or April 1931.
Comparing permits issued in 343 Identical cities in April 1932 and April
1931, there was a decrease of 68.2% in the number and a decrease of 79.4%
in the cost of new residential buildings. Non-residential buildings de
creased 42.5% in number and 62.6% in estimated cost. Additions, alterations and repairs decreased 19.0% in number and 45.5% in indicated
expenditures. Total construction decreased 34.4% in number and 66.6%
In estimated cost.
Permits were issued during April 1932 for the following important building projects: In the Borough of Manhattan for a theatre to cost $4,500,000:
in Philadelphia for two school buildings to cost nearly $3,500,000; in Grand
Rapids for a public library to cost nearly $900.000; in Baltimore for a
gas holder for a public utilities corporation to cost $440,000: in Austin,
Tex.. for an office building for the State Highway Department to cost
over $400.000; contracts were awarded by the Supervising Architect,
Treasury Department, for a post office at Terre Haute to cost 2439,000:
in Detroit for a building at the Marine Hospital to cost nearly $400,000:
In Washington, D. C., for an addition to the Library of Congress to cost
$1,123,000, and for an extension to the post office to cost nearly $3.000,000:
In Baton Rouge for a post office to cost over $300,000.
ESTIMATED COST OF NEW BUILDINGS IN 351 IDENTICAL CITIES. AS
SHOWN BY PERMITS ISSUED IN MARCH AND APRIL 1932 BY
GEOGRAPHIC DIVISIONS.
New Residential Buildings.
Geographic Division. CMS,
Estimated
Cost.
Families Provided for Os
New Dwellings.
March 1932. April 1932. March 1932. April 1932.
New England
Middle Atlantic
East North Central_
West North Central_
South Atlantic
South Central
Mountain and Pacific
53
70
92
25
38
35
38
Total
351
Per cent of change___
Geographte Division. Cities.
51,011,173
4,995,488
1,566,066
916,100
1,674,484
837,907
2,917,357
51,411,000
3,416,189
2,178,313
1,079,198
1,104,720
886,545
2,417,873
217
1,109
362
244
406
359
985
324
729
396
303
307
388
766
813,918,575 $12,583,937
-9.6
8,682
3,211
-12.8
New Non-Residential
Buildings.
Estimated
Cost.
Total Construction
(Imitating Alterations
and Repairs).
Estimated Cost.
March 1932. April 1932. March 1932. April 1932.
35
38
8851,845 $1,187,766
3,814,569' 11,808,233
5,466,130
4,184,797
1,065,463
1,374,241
6,664,684
2,254,164
2,942,421
4,247,673
1,986,684
4,134,047
$3,052,350 $4,538,251
11,958,533 19,021,166
8,590,706 8,286,583
2,592,450
3,139,137
.5,070,980
9,213,222
5,800,752
4,519,227
8,602,344
5,771,701
351
$21,833,891 $30,148,826
45,668,115 $54.480.287
+38.1
+19.3
53
70
92
25
New England
Middle Atlantic
East North Centml
West North Central_
South Atlantic
South Central
Mountain and Pacific
Total
3887
Financial Chronicle
Volume 134
as
on.none. nf rha.nae
Retailers Earned $3.08 on Every $100 in Merchandise
Sales, According to Fairchild's.
For every $100 of merchandise sold during the past year
retail merchandising corporations made a net profit of $3.08,
according to Fairchild's Fifth Annual Financial Summary
of wholesale and retail textile-apparel corporations. During 1930 these same retail corporations situated throughout
the country earned $3.79 on sales of $100.
The summary, which lists the principal income account
and balance sheet figures of more than 200 corporations in
the textile-apparel field, shows that combined net sales of
retail organizations were lower last year by 9.12%, net
profits were down 25.99%, and inventories were off 13.10%.
Panama Canal Tolls in April Smallest Since 1923
Transits and Daily Average Receipts Higher Than
in Preceding Month.
During the month of April 1932, 370 commercial vessels
and seven small non-seagoing launches under 20 tons measurement transited the Panama Canal. Tolls on the commercial vessels aggregate $1,608,634.67, and on the launches,
$48.78, or a total tolls collection of $1,608,683.45, it was
stated in the "United States Daily" of May 20, which added:
The daily average of commercial vessels was 12.33, and the daily average
tolls collection was $53,621.16, as compared with an average of 11.71
transits and $53,076.35 in tolls for the previous month, and an average
of 15.10 transits and $67,144.97 in tolls for April 1931. The average
amount of tolls paid by each of the commercial transits was $4,347.66, as
compared with $4,446.69 for the month of April 1931.
Although traffic showed an increase of seven transits in comparison
with the previous month, the collection of tolls was almost $37,000 lower,
and was the lowest monthly tolls collection since February 1923. The
daily average of tolls collected in April 1932, however, was slightly higher
than the daily average for the 31-day month preceding.
In comparison with the first 10 months of the fiscal year 1931, the
corresponding period this year has had 888 fewer transits and $3,445,413.06
less tolls, decreases of 18.9% and 16.5%, respectively. In comparison
with the first 10 nronths of the fiscal year 1930, the corresponding period
this year has had 1,415 fewer transits and $5,357,814.28 less tolls,
decreases of 27.1% and 23.5%, respectively.
Annalist Weekly Index of Wholesale Commodity Prices.
The "Annalist" Weekly Index of Wholesale Commodity
Prices declined further to a new low of 88.5 on May 24,
compared with 88.7 on May 17 and 101.0 a year ago. Continuing the "Annalist" says:
Of the individual commodities that went lower, the more important were
hogs and lambs, beef and veal, cotton goods and gasoline. A new low was
made by copper. Wheat, steers, cotton, coffee, flour, zinc and leather, on
the other hand, were higher.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913=100)
May 241932. May 17 1932.Mag 26 1931.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All enmrnnaltinn _ _
66.8
91.8
z70.4
133.9
95.8
107.7
96.2
82.5
RR.S
167.0
92.0
z70.6
135.4
95.8
108.0
96.2
81.3
87.1
108.2
95.6
125.0
102.3
119.1
99.8
85.8
RR.7
101.0
x Revised. z Provisional.
World's Wholesale Commodity Price Level Sags.
Wholesale commodity prices dropped again in March, as
compared with February, according to reports from 12 of the
19 foreign countries studied by the Commerce Department's
Division of Economic Research. April indexes so far received indicate that further slight price declines have occurred, said the Department under date of May 12, its advices adding:
There were a large number of moderate price drops in non-food products,
the report stated. Because of a slight weakening in the price of several
groups of food products which had remained relatively steady in February,
a slightly larger number of the food groups declined in March also, but
the number of advances was about the same as in the preceding month.
The sharpest rise in wholesale commodity prices occurred in Chile, which
registered a jump of 8%, while the largest decline was noted in British
India, a fall of 3%. In no other country did the change equal 2%.
Prices of cereals and miscellaneous farm products in Chile rose 16 and
19%, respectively. Vegetable product prices in Poland, Peru and Latvia
advanced from 5 to 6%. Other rises in prices of food were small.
Vegetable products in France, animal products in Germany and Italy
rose 2 to 3%; while smaller rises, ranging from 1 to 2%, were shown in
prices of vegetable food products in Germany and Sweden, cereals in the
United Kingdom, animal products in Canada, and in all foods in Belgium
and Austria.
The sharpest drop in prices of goods occurred In animal products in
Denmark, a fall of 11%, while prices of these products fell 6% in Chile,
and from 7 to 8% in Latvia and Poland.
Other food price declines were as follows: Tea in British India, 3%;
animal products in France and Sweden, 5 and 4%, respectively; cereals in
British India, 3%; animal foods in Spain, 2%; agricultural products in
Finland, 1.3%, and vegetable foods in Denmark, 1%.
Of the non-food groups, raw cotton in British India dropped the sharpest
of the commodities showing falling prices, registering a slump of 16% in
March. The price of rubber in France and Belgium fell 13%, and that
of oilseeds in British India, 12%.
Other price declines exceeding 5% were as follows: United Kingdom,
metals and minerals other than iron and steel, 9%; wool, 7% ; textiles,
other than cotton and wool, 6%. France: hides and skins, 6%. In British
India, jute manufactures, 7%.
3888
Financial Chronicle
Prices of non-ferrous metals and their products in Canada, metal products and hides, and leather in Belgium and Germany, and of raw jute and
cotton manufactures in British India dropped from 3 to 5%.
Declines of from 2 to 3% occurred in the prices of pottery, chemical
products and building materials in Belgium; cement, lime, brick and
glass in Norway, and in pulp and papar in Sweden.
Price declines ranging from 1 to 2% occurred in non-metallic minerals
and their products, and chemicals and related products in Oanada, coal in
• the United Kingdom, minerals and metals in France and Italy, fertilizers
In Belgium, and building materials in Germany.
Consumption of Coal by Class I Railroads and Electric
Power Plants Shows Further Declines in March
Coking Coal Consumed in April at By-Product
Plants Also Lower.
According to the United States Bureau of Mines, Department of Commerce, consumption of coal by class I railroads
and electric power plants in the United States during the
month of March 1932 fell off 15.3% and 19.7%,respectively,
as compared with the corresponding month last year. The
total amount of coal charged into by-product ovens during
April 1932 declined 39.7% from the same month in 1931.
The Bureau's statement follows:
Consumption of Coal by Class I Railroads in Road-Train and Yard-Switching
Service, as Reported by the Inter-State Commerce Commission.
Railroad District.
New England
Great Lakes
Central Eastern
Pocahontas
Southern
Northwestern
Central Western
Southwestern
Total
11
27
25
4
23
17
21
28
156
252,798 285,487
1,278,360 1,430,792
1,704,893 1,986,543
346,357 403,507
1,083,743 1,363,842
793,598 897.526
763,172 939,142
247.234 334,684
-32,689 --11.5
-152,432 --10.7
-281,650 --14.2
-57,150 --14.2
-280,099 --20.5
-103,928 --11.8
-175,970 --18.7
-87,450 --28.1
6,470,155 7,641,523 -1.171,368 -15.3
Consumption of Coal by Electric Power Plants in the United States. as Reported
by the United States Geological Survey.
New England
Middle Atlantic
Ohio
Southern Michigan
Illinols-Indlana
Lower Missouri valley
Lake Dock Territory
Southeast
Southwest
South Rocky Mountain
North Rocky Mountain
Pacific
Total
Number Net Tons Consumed.
Decrease.
of
Plants. Mar.1932 Mar.I931 Ne .Tons. P.C.
62
150
85
37
116
164
117
158
97
986
160,383 222,641
--62,258 --28.0
1,043,695 1,191,583 --I47,888 --I2.4
290,961 359,539
--68,578 --19.1
132,180 177,453
--45,273 --25.5
505.095 653,412 --148,317 --22.7
194,221 246,502
---52,281 --21.2
130,208 168,658 --38,452 --22.8
188.687 281.135
---92,448 --32.9
52.015
--3,071 --5.6
55.086
33,022
--12,165 --28.9
45,187
---1,381 --14.6
9,474
8,093
-190 -100.0
190
2,738,558 3,410,860
--672,302 -19.7
BY-PRODUCT COKE PLANTS.
The total quantity of coal charged into by-product ovens in the month
of April amounted to 2,723,522 net tons, as against 3,023.359 tons In
March. The average daily rate
-a better measure for comparison than the
total
-was 6.9% lower than in March and 39.7% below that in April a
Year ago. As indicated by the figures in the table below, this decrease
from the April 1931 record was shared by every coke-producing region
In the country.
Consumption of Coking Coal a By-Product Plants, as Reported to the Bureau
of Mines.
Consuming Region•
New England
Middle Atlantic
Ohio
Southern Michigan
Illinois-Indiana
Lower Missouri Valley
Lake Dock Territory
Southeast
Mountain and Pacific
Total
Number Net Tons Consumed.
Decrease.
of
Plants. Apr.1932 Apr.1931 Net Tons. P.C.
24
14
7
14
11
5J
13
3
86
181,201 210,929
--29,728 -14.1
1,130,689 1,846,790 --716,10I -38.8
304,643 588,929 --284,286 -48.3
279,149 295,814
--16,665 --5.6
332,737 771,963 --439,226 --56.9
114,076 128,357
--14,281 --11.1
335,282
45.745
609,004
61,742
--273,722 -44.9
--15,997 -25.9
2,723.522 4,513,528 -1.730,006 -39.7
National Fertilizer Association Reports Wholesale
Prices Slightly Lower During Week Ended May 21.
During the week ended May 21 the wholesale price index
of the National Fertilizer Association declined three fractional points. During the preceding week the index declined
four fractional points, while two weeks ago the index de-
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100)
Per Cent
Each Group
Bears to the
Total Index.
100 0
Group.
Latest
Week
May 21
1932.
Preceding
Week.
Month
Ago.
Year
Ago.
Foods
Fuel
Grains,feeds and livestock
Textiles
Miscellaneous commodities- Automobiles
Building materials
Metals
House furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural implements
61.0
83.5
42.2
43.1
80.1
87.7
73.0
71.1
80.0
37.2
87.8
68.3
71.9
92.2
61.6
63.8
42.5
43.3
60.0
87.7
73.0
71.3
80.0
38.3
87.9
70.0
71.9
92.2
62.3
81.6
45.7
47.0
60.6
89.2
72.9
71.8
81.2
41.8
87.9
71.1
73.3
92.2
74.0
60,4
62.6
61.6
69.5
88.4
80.8
77.8
92.2
56.3
88.8
80.8
84.8
95.4
60.6
60.9
61.9
70.?
Ail sevrmria rnmhinsui
Number Net Tons Consumed
Decrease.
of Roads
Reporting. liar.1932 1far.1931 Net Tons. P.C.
ELECTRIC POWER UTILITY PLANTS.
The latest complete figures for the 986 electr c public utilities reporting
cover the month of March. Total consumption of coal at these plants
amounted to 2,738,558 net tons, as against 2,617,747 tons in February.
The daily rate for March was lower by 2.1% than that for February. Compared with consumption by this group in March a year ago, there is a decrease of 19.7%. The figures in the column at the right of the table below
Indicate the regions that shared most heavily in this decline.
Consuming Region.
Eight of the 14 groups listed in the index declined during the latest
week. The group of miscellaneous commodities was the only group that
advanced. The declining groups were fats and oils, fertilizer materials,
foods, grains, feeds and livestock, fuel, textiles, metals and chemicals and
drugs. With the exception of the groups of fats and oils and fertilizer
materials the declines in the other groups were relatively small.
During the latest week 17 commodities showed price advances and 36
commodities showed lower prices. During the preceding week 14 commodities showed price advances and 44 commodity prices were lower.
Included in the list of commodities that advanced during the latest week
were cotton, burlap, cottonseed oil, flour, apples, corn, wheat, cattle, fuel
oil and coffee. Among the commodities that showed lower prices were
lard, butter, eggs, potatoes, rice, hogs, steel, pig iron, copper, wool, potash
materials, calfskin, rubber and gasoline.
The index number and comparative weight for each of the 14 groups in
the index are shown in the table below:
clqcl-tiqcgq"!
mccl000mmaDvm..
STEAM 4AILROADS.
The total consumption of coal by class I railroads in the month of March
amounted to 6,470,155 net tons, as against 5.910,712 tons in the shorter
month of February. The daily rate of consumption in March was greater
by 4,897 tons, or 2.4%, than in February. Compared with the figure for
March a year ago, however, there was an average decrease of 15.3% for
tbe country. This decline from the 1931 record was most evident in the
Southern, Southwestern and Central Western regions. In the great area
east of the Mississippi, extending south through the Pocahontas region,
consumption was well within 15% of that in March a year ago.
May 28 1932
dined six fractional points. A month ago the index stood
at 61.9, while a year ago it was 70.7. The index number
100 Is based on the average for the three years 1926-1928.
The Association also said as follows, on May 23:
Production of Electricity Declines 12.7%.
The production of electricity by the electric light and
power industry of the United States for the week ended
Saturday, May 21, was 1,435,731,000 kwh., according to
the National Electric Light Association. The Atlantic
seaboard shows a decrease of 9.9% from the corresponding
week last year, and New England, taken alone, shows a
decrease of 14.0%. The central industrial region, outlined
by Buffalo, Pittsburgh, Cincinnati, St. Louis and Milwaukee, registers as a whole a decrease of 16.4%, while the
Chicago district alone shows a decrease of 13.6%. The
Pacific Coast shows a decline of 9.2% below last year.
Arranged in tabular form, the output in kilowatt hours
of the light and power companies for recent weeks and by
months since the beginning of 1932 is as follows:
Weeks
Ended.
Jan. 2_..Jan. 9_.Jan. 16Jan, 23.Jan. 30.-Feb. 6_ -Feb. 13-Feb. 20_-Feb. 27_-Mar. 5_-.
Mar. 12...
Mar. 19_-.
Mar. 26___
Apr. 2_-Apr. 9.-Apr. 18-Apr. 23...
Apr. 30-._
May 7_-May 14__
May 21_ __
Months-
1932.
1.523.652,000
1.819,265,000
1,602.482.000
1.598301,000
1.588367,000
1,588,853,000
1.578.817.000
1,545,459.000
1,512,158.000
1319.679.000
1,538,452,000
1,537.747.000
1,514,553,000
1,480,208,000
1,485.078,000
1.480.738300
1.489.810.0(10
1,454,505,000
1.429,032,000
1.436,928,000
1,435,731,000
1931.
1930.
1929.
1932
Under
1931.
1,597,454,000
1.713.508,000
1.716.822,000
1,712,786,000
1387.160,000
1.679,016,000
1,683,712,000
1,680,029,000
1,633,353,000
1,664,125,000
1,676,422,000
1,682,437,000
1,689,407,000
1,679,764,000
1,647,078,000
1,641,253,000
1,675.570.000
1,644.437,000
1.637,296,000
1354,303.000
1,644,783,000
1,680.289.000
1.816,307.000
1.833,500,000
1,825,959,000
1,809.049,000
1,781,583,000
1,769,683300
1,745,978.000
1.744,039,000
1.750,070,000
1.735.673,000
1,721,783,000
1,722,587,000
1,708,228,000
1,715,404,000
1.733,476,000
1.725,209300
1,698,389,000
1,689,034,000
1.716358.000
1,723,383,000
1,542,000.000
1,733,810.000
1.736,729,000
1,717,315.000
1.728.203,000
1.726.181.000
1,718.304.000
1,699.250.000
1,706,719,000
1,702.570,000
1,687,229,000
1,683,262,000
1,679,589,000
1,663,291,000
1396.543,000
1,709,331.000
1.699,822.000
1,688,434.000
1,698392,000
1,704,426,000
1,705,460,000
4.6%
5.5%
6.7%
6.7%
5.8%
8.4%
6.2%
8.0%
7.4%
8.7%
8.2%
8.6%
10.3%
11.9%
11.1%
9.8%
12.3%
11.5%
12.7%
13.1%
12.7%
January-. 7,014,066,000 7,439,888,000 8,021,749.000 7,885.334,000 5.7%
February -- 6,518,245,000 6,705,564.000 7,088,788,000 6,850,855,000 8.1%
6.781.347.000 7.381.004.000 7.580.335.000 7.380.2S30011 a nok
March
-The monthly figures shown above are based on reports covering approxiNote.
mately 92% of the electric light and power Industry and the weekly figures
aro
based on about 70%.
of
Decrease of 4% Reported in Factory Employment
During April as Compared with March by Philadelphia Federal Reserve Bank-Delaware Factories
also Show Decrease.
Factory employment, payrolls, and operating time in
Pennsylvania showed exceptionally large declines from
March to April. The number of wage earners dropped 4%
and wage payments 10%, according to reports to the Philadelphia Federal Reserve Bank by 818 manufacturing plants,
employing about 240,000 workers, whose weekly payroll in
April amounted to over $3,800,000. Total weekly employeehours of 591 plants also decreased 10% as compared with
March. The Bank also says in its survey issued May 16:
All manufacturing groups covered by the bank's indexes reported more
than usual reductions in employment and payrolls. The largest declines
In both occurred in the groups comprising metal, textile, lumber. and
Financial Chronicle
Volume 134
stone, clay and glass products. Of the 51 industries represented, only five
had more workers and larger payrolls in April than in March: among these
were ship and boat building, stoves and furnaces, engines and pumps.
women's clothing, and coke: there were also a few of those that reported
increases in wage payments.
This decline was widespread, affecting virtually all industrial areas
though in varying degrees. The largest decreases in payrolls occurred in
the Reading Lebanon, Johnstown, Wilkes-Barre, Philadelphia, Pittsburgh, Scranton, Erie, and Allentown-Bethlehem-Easton sections. The
Altoona region alone showed gains in employment and payrolls, while
factories around York reported an increase in employment but a small
decline in wage payments.
The employment index number. at 65% of the 1923-26 average, was
18% lower than in April 1931, and the payroll index, at 42, was 41% lower
than a year ago. Both indexes in April reached the lowest level in the past
11 years. Except for occasional variations, the trend in factory employment and payrolls has been sharply downward in the past two years.
Since the middle of 1930 this trend has been more acute in payrolls than in
employment, and the spread between the two has been growing wider.
This divergency may be attributed largely to a fairly continuous curtailment of operating time and to reductions in wage rates which are reflected
In the total of wage earnings.
2Delaware factories report a drop of over 1% in employment and 6% in
their payrolls and operating time from March to April. Of the nine manufacturing groups, metal products and transportation equipment alone
showed gains in both employment and wage payments. The sharpest
declines occurred in the chemical and leather and rubber products
industries.
FACTORY EMPLOYMENT. WAGE PAYMENTS AND EMPLOYEE
-HOURS
IN PENNSYLVANIA.
Prepared by the Federal Reserve Bank of Philadelphia in co-operation with the
Pennsylvania Department of Labor and Industry and the United States Bureau
of Labor Statistics.
(Index numbers are percentages of 1923-1925 average which is taken 99 100.)
Employment.'
Per Cent
Aped
1931 Change From
Indates. Mar. April
1932. 1931.
All manufg. Industries
64.7
-4.3 -18.2
I EmNegev`
Hours 3
Per Cent
Apr.
P. C.
1932 Change From Chance
InApril
dens. Mar. April from
1932. 1931. Mar.
Payrolls.
•
41.5 -10.4 -40.6 -10.2
50.2 -4.6 -25.0 31.5 -11.8 -51.1 -11.4
Metal products
37.5 -14.8 -19.5 20.8 -17.5 -45.1 -18.1
Blast furnaces
Steel works dr rolling mills 52 I -3.3 -26.3 27.8 -14.5 -56.1 -13.8
Iron and steel forgings_ 49.8 -7.3 -23.1 32.1 -12.3 -42.6 -9.5
72.6 -8.I -11.1 36.9 -17.8 -37.1 -15.8
Structural iron work._
Steam and hot water
76.2 -2.3 -9.5 51.7 +3.0 -23.7 +3.8
heating apparatus....
61.8 +5.3 -10.3 36.0 +18.4 -11.5
Stoves and furnaces
53.9 -8.0 -27.7 23.9 -18.2 -55.0 -18.7
Foundries
63.9 -4.5 -24.2 40.5 -9.8 -38.9 -10.5
Machinery and parts
72.0 -7.7 -25.1 44.5 -5.9 -49.3 -6.3
Electrical apparatus....
Engines and pumps
36.0 +2.3 -32.8 20.6 +7.3 -47.8 +5.2
Hardware and tools
61.6 -5.2 -18.3 30.7 -15.4 -40.2 -18.5
Brass & bronze products. 54.9 -4.4 -19.3 31.4 -9.5 -42.2 -9.0
Transportation equipment_ 45.7 P -3.1 -24.2 29.1 o -7.3 -47.1 -8.5
Automobiles
43.0
0.0 -33.7 19.5 -4.9 -59.6 -3.9
Automobile bodies& parts 53.0 -19.1 -7.2 31.0 -40.5 -43.2 -39.4
Locomotives and cars- 20.9 -2.3 -15.7 13.4 -2.2 -30.2 +0.9
Railroad repair shops... 78.6 -0.1 +7.7 51.7 +2.2 -22.4 -1.3
Shipbuilding
43.0 +24.0 -19.7 74.7 +50.6 -19.8 +46.8
Textile products
79.8 -5.3 -12.7 55.2 -15.6 -31.9 -14.7
Cotton goods
53.8 -10.9 -12.5 38.2 -26.3 -38.4 -16.1
Woolens and worsteds
52.7 -13.3 -4.4 33.7 -26.6 -31.8 -15.7
Silk goods
77.7 -5.5 -25.4 53.7 -9.0 -41.9 -10.5
Textile dyeing & finishing 83.2 -1.1 -7.5 69.0 -1.0 -23.5 +0.2
Carpets and rugs
52.4 -2.8 -15.2 32.6 -13.1 -32.8 -17.7
Hats
53.0 -0.7 -28.9 30.1 -17.3 -36.9
Hosiery
109.6 -5.6 +5.1 80.8 -19.3 -19.0 -22.1
Knit goods, other
79.2 -0.8 -3.1 47.1 -16.2 -29.1 -19.6
Men's clothing
79.5 +3.8 -6.7 55.2 -3.0 -29.5 -3.4
X% omen's clothing
120.0 +8.5 -15.7 92.8 +22.9 -30.7 +9.5
Shirts and furnishings- 110.8 -3.8 -25.9 72.8 -2.5 -48.4 +10.7
Foods and tobacco
94.6 -2.0 -8.2 78.0 -5.8 -16.4 -4.9
Bread & bakery products 98.9 +0.2 -6.3 84.9 -0.6 -15.3 -1.6
Confectionery
89.0 -6.2 -5.5 79.9 -10.7 -13.0 -5.3
Ice cream
83.2 -0.2 -15.1 77.8 -1.6 -20.2 +13.7
Meat packing
93.4 -1.1 -2.7 77.1 -3.9 -3.1 +0.4
Cigars and tobacco
92.2 -1.6 -10.6 64.8 -8.5 -23.3 -12.7
Stone. clay & glass products 49.2 -5.6 -18.8 26.1 -8.1 -44.0 -9.2
Brick, tile and pottery
55.0 -2.7 -26.2 27.0 +3.8 -50.1 +2.9
Cement
43.8 -3.7 -20.5 22.0 -13.0 -51.9 -17.2
Glass
53.1 -12.2 -3.1 37.4 -11.6 -12.4 -5.0
Lumber products
43.1 -10.0 -24.9 27.3 -16.8 -16.0 -16.4
Lumber and planing mills 29.2 -9.6 -10.2 21.8 -6.8 -19.9 -13.7
Furniture
44.3 -13.6 -33.3 26.1 -22.6 -56.1 -19.2
Wooden bows
55.8 -3.8 -14.8 36.3 -14.0 -38.1 -10.5
Chemical proeuate
79.3 -1.6 -12.4 68.3 -2.2 -27.5 +2.6
Chemicals and drugs
60.5 -0.8 -19.7 51.0 +0.8 -37.7 +3.2
Coke
62.3 +0.2 -14.2 30.7 +1.7 -49.3
Explosives
68.3
0.0 -8.3 55.3 +10.6 -25.0
Paints and varnishes.... 83.8 --3.2 -6.8 66.1 -8.2 -24.5 +0.1
Petroleum refining
112.9 -2.3 -10.0 105.5 -3.4 -18.7 +2.1
Leather Si rubber products. 91.3 -3.4 -3.3 70.3 -7.1 -24.9 -8.1
Leather tanning
90.9 -0.5 •---9.9 67.8 -1.9 -29.7 -3.1
Shoes
104.7 -7.0 +11.4 83.0 -17.2 -9.8 -11.(
Leather products. other_ 72.2 -1.9 -9.1 61.9 -11.4 -25.5 -11.1
Rubber tires and goods.- 77.4 -3.5 -12.4 70.8 -1-0. -31.0 -1.1
paper and printing
85.6 -1.9 -9.1 77.4 -6. -20.2 -6.1
Paper and wood pulp-- 74.4 -1.3 -9.0 57.7 -9. -25.0 -10.1
Paper boxes and bags-- -- 69.4 -2.4 -12.4 60.4 -8. -22.5 -12.1
Printing and publishing- 91.7 -2.4 -9.1 688 -8.0 -IS 4 -9 •
.
• F1411399 from 818 companies representing 51 Industries. p Pre iminary figures.
These percentages are computed from figures of 591 companies representing
47 Industries.
FACTORY EMPLOYMENT AND WAGE PAYMENTS IN DELAWARE.
Prepared by Department of Research and Statistics of the Federal Reserve
Dank of Philade phis.
Industries.
All manufacturing Industries
Metal products
Transportation equipment
Textile products
Foods and tobacco
Stone, clay and glass products
Lumber products
Chemical products
Leather and rubber products
Paper and printing
Per Cent Change April
Num- Compared with March 1932.
ber
of
Average
Plants. Employ- Payrolls. Weekly
Bent.
Wages.
58
12
3
8
4
5
4
-1.4
+11.8
+10.4
-2.8
•
0
+2.5
+4.1
-6.1
-8.7
+1.3
-4.7
+4.7
+5.4
-12.4
+1.9
-4.7
-5.3
-23.6
-13.7
-2 8
--6.4
--6.4
--4.5
10.0
+1.9
-7.0
-9.0
18.7
-5.5
-4.1
3889
FACTORY EMPLOYEE
-HOURS IN DELAWARE.
Per Cent Change April
Compared with March 1932.
ber
Employee
of
EmploYPlants. motif.
Payrolls. Hours.
NUM-
Industries.
All manufacturing Industries
Metal products
Transportation equipment
Textile products
Foods and tobacco
Stone, clay and glass products
Lumber products
Chemical products
Leather and rubber products
Paper and printing
49
9
5
3
6
4
5
4
7
6
-2.4
+7.0
+10.4
-2.8
0
+2.5
+4.1
-8.4
+1.4
-8.5
+5.0
+5.4
-12.4
+1.8
-7.5
+8.3
+5.5
-11.8
+0.8
+2.1
+2.5
-15.3
-11.9
-4.0
--5.3
--23.6
--13.5
-2.8
FACTORY EMPLOYMENT AND WAGE PAYMENTS BY CITY AREAS.
Prepared by Department of Research and Statistics of the Federal Reserve Bank
of Philadelphia.
Payrolls.
Employment.
(City areas are not restricted
to corporate limits of cities
given here.)
Allentown-Bethlehem-Easton
Altoona
Erie
Harrisburg
Hazleton-Pottsvllle
Johnstown
Lancaster
New Castle
Philadelphia
Pittsburgh
Reading-Lebanon
Scranton
Sunbury
Wilkes-Barre
Williamsport
Wilmington
York
Per Cent .
Change Since
April
April
April Indexes March
1931.
1931.
1932.
Per Cent
Change Since
April
Indexes March
1932.
57.7
60.5
66.3
67.3
71.1
50.0
65.3
39.4
66.9
57.7
76.0
49.5
60.3
82.0
64.1
87.4
74.7
-2.5
+8.2
-4.3
-1.2
-7.4
-2.0
-1.5
-1.3
-6.3
-4.6
-4.3
-11.0
-3.4
-3.3
-0.9
-1.9
-1- 1.8
-19.0
-26.8
-25.1
-23.0
-9.9
-32.8
-13.9
-35.5
-16.8
-17.3
-8.9
-40.4
-15.5
-18.1
-14.3
-5.3
-15.1
36.3
39.2
42.2
50.7
46.2
25.6
37.7
21.3
52.0
29.6
47.3
43.0
40.3
54.7
47.6
73.4
53.7
-10.4
+3.2
-10.6
--2.5
--4L9
--15.2
-9.4
-11.7
-11.4
-16.0
-11.0
-5.0
-12.9
0
-4.2
-0.6
-40.5
-48.6
-45.5
-39.8
-30.7
-62.2
-43.1
-59.0
-31.7
-50.7
-32.0
-39.4
-30.2
-36.2
-40.5
-18.0
-27 0
Retail-Food Prices in Buffalo Decreased 6% from April
15 to May 15 According to University of Buffalo.
The index of food prices in Buffalo computed monthly by
the Bureau of Business and Social Research of the University
of Buffalo showed a decrease of 6% on May 15 1932 from
April 15, and was 17% below the level of May 15 1931.
"The decline was general in character," said the Bureau of
May 20, "although dairy products and miscellaneous items,
with declines from the preceding month of 10% and 8%,
respectively, were more severely affected than the other
groups."
The figures below show the cost in Buffalo to an average
family of a year's supply of the 41 articles included in the list
only, and do not represent the total cost of food for a family:
May 15 1931. Am1/151932. May 151932.
Dairy products
Meat product.
Grocery products
Miscellaneous
Total
$91.92
73.23
117.09
33.01
$81.77
59.45
107.05
29.94
$73.77
57.18
103.39
27.48
3215.2P
1278.21
5281.82
Business Activity in Indiana During April as Viewed
by Bureau of Business Research of Indiana University-Changes in Trade and Industry During Past
Three Months Reported as Mostly Seasonal.
"General business activity in Indiana continued to mark
time during April" says the current "Indiana Business
Review," compiled by the Indianapolis division of the
Indiana University Bureau of Business Research and
published by the Fletcher American National Bank of
Indianapolis. It continues as follows:
During the past three months, most of the changes in trade and industrial volumes have been of seasonal nature. The rate of decline in commodity prices has been showing up and credit conditions are more sound
than at any other time in recent months. The Federal Reserve System has
embarked on a program of buying government securities in an effort to
place more money in circulation with the hope that it will find its way
into productive channels, stimulate buying, and thus increase commodity
prices. Many business men feel that this program has better prospects of
success than any previous credit aid plan.
Steel mills in the Calumet district operated on lower schedules than
during any other month in recent years. Most of the increased automotive
requirements went to mills in the Detroit district. Most shaft mines were
idle pending settlement of the strike called on April 1. Strip and co-operative mines continued to operate and were able to take care of the light
demand for Indiana coal. Limestone industry has been increasing operations since the middle of February, but the April increase was less than
seasonal. Automobile and auto accessory production continued far under
normal. Furniture industry reported reduced operations with most of
industry on part time schedules.
Reports from over 325 representative firms indicate that employment
declined 3.0% during April to a point 19.5% under a year ago. Indiana .
employment declined about 9% during the first four months of this year.
Shorter hours and lower wage rates have caused payrolls to decline much
more than the number of persons employed. Manufacturers of textile
products decreased employment about 3.8% during April. Building trades
employment continued at an extremely low level with the Indiana building
index showing construction 73.5% under normal.
Department store situation continued to be full of cross-currents with
very little change noted for the State as a whole. Hardware sales (in dollars)
were estimated 22'11 under a year ago and 40% under April 1930. New car
,sales (based on deliveries during April) made more than the usual seasonal
Financial Chronicle
3890
gain to a point 55.7% under normal. A leading manufacturer sold many
cars for future delivery and these deals will not show up in the new car
sales totals until time of delivery.
Unfilled Orders.
Reports from 416 softwood mills give unfilled orders of 367,388,000 feet,
on May 21 1932, or the equivalent of nine days' production. Tnis is
based upon production of latest calendar year-300
-day year- and may
be compared with unfilled orders of 500 softwood mills on May 23 1931,
of 677,993,000 feet, the equivalent of 14 days' production.
The 386 indentical softwood mills report unfilled orders as 363,455,000
feet on May 21 1932, or the equivalent of 10 days' average production, as
compared with 622,264,000 feet, or the equivalent of 16 days' average
Production, on similar date a year ago. Last week's production of 434
identical softwood mills was 110,695,000 feet, and a year ago it was 198,915,000 feet; shipments were respectively 112,893,000 feet and 199,357,000;
and orders received 111,025,000 feet and 195,152,000. In the case of
hardwoods, 163 identical mills reported production last week and a year
ago 8,763,000 feet and 15,852,000; shipments 10.194,000 feet and 17,881,000; and orders 8.557,000 feet and 17,482,000.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 19 mills as 643,000 feet, shipments 1,067,000 and orders 1,226,000. The 18 identical mills reported a
75% decrease in production and a 28% decrease in new business, compared
with the corresponding week a year ago.
Review of Paper and Pulp Industry for First Quarter of
-Total Production Reported 7% Below First
1932
Quarter Last Year.
At the end of the first quarter of 1932 the trend of paper
production in the United States showed a moderate upward
movement and according to identical mill reports to the
Statistical Department of the American Paper and Pulp
Association, the total production for the three months was
7% below that of the corresponding period in 1931. The
Association's survey issued May 24 adds:
The trend of total pulp production was moderately downward and the
first quarter total production was 5% below the level of the same period
last year. Imports of the major grades of pulp increased substantially.
offsetting the decline in domestic production. Our imports from Canada
did not show any increase but the imports from Scandinavian countries
increased materially over 1931 and in the case of bleached sulphite and
kraft, were larger than in 1930.
The inventory position in nearly all the major grades of paper showed
improvement over a year ago and the total of all grades was about 6%
below the level of March 1931. Inventories of domestic manufacturers of
bleached sulphite, kraft and soda pulp were materially below the level of a
year ago.
COMPARATIVE REPORT OF OPERATIONS BY IDENTICAL MILLS FOR
THE MONTHS OF JANUARY, FEBRUARY AND MARCH 1932, AND
PAPER REVIEW FOR THREE MONTHS IN 1932 AND 1931.
Produdion.
Shipments.
100,034
87,157
94,247
71,323
65,191
64,773
155,160
144,950
138,814
39,774
38,447
40,096
12,468
12,393
11,540
26,582
25,246
25,701
6,831
6,959
7,920
1,278
1,915
1,996
5,070
4,091
3,314
18,096
14,928
14,417
1932
1932
January 1932
436,616
401,277
402,818
428,786
407,484
409,272
Total, all grades_ .,_3 months 1932
3 months 1931
Total, all grades
1,240,711
1,336,626
1,245,542
1,333,873
Newsprint
Book (uncoated)
Paperboard
Wrapping
Bag
Writing
(Cover specialties)
Tissue
Hanging
Building
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 216 mills reporting for
the week ended May 21.
UNSHIPPED ORDERS.
SHIPMENTS.
NEW BUSINESS.
Feet.
Feet.
Feet.
Coastwise and
Domestic cargo
Domestic cargo
delivery_ - -_ 20,757,000 delivery_ _ _ _ 71,261,000 intercoastal - 19,205,000
39,187,000 Export
9,757,000 Foreign
9,043,000
Export
51,825,000 Rail
23,436,000 Rail
26,011,000
Rail
5,925,000
Local
Local
5,925,000
59,876,000 Total
162,273,0001
Total
Production for the week was 58,132,000 feet.
Total
60,185,000
Southern Pine.
The Southern Pine Association reported from New Orleans tnat for
122 mills reporting, shipments were 6% below production, and orders 2%
above production and 9% above shipments. New business taken during
the week amounted to 25,053,000 feet. (previous week 24,591,000 at 118
mills); shipments 23,079,000 feet, (previous week 26,922,000); and production 24.665,000 feet, (previous week 23.872,000). Orders on hand at the
end of the week at 104 mills were 56,914,000 feet. The 108 identical mills
reported a decrease in production of 29%. and in new business a decrease
of 28%. as compared with the same week a year ago.
Western Pine.
The Western Pine Association reported from Portland. Ore., that for
122 mills reporting, shipments were 2% above production, and orders
3% above production and 5% below shipments. New business taken during
the week amounted to 31,025,000 feet (previous week 40,155,000 at 123
mills); shipments 32.707,000 feet, (previous week 35,654,000); and production 31.939,000 feet, (previous week 31,291,000). Ofders on hand at
the end of the week at 122 mills were 158,549,000 feet. The 100 identical
mills reported a decrease in production of 51%, and in new business a
decrease of 48%,as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
production from seven mills as 1,603,000 feet, shipments 1,494,000 feet
and new business 1,234,000 feet. The same number of mills reported a
decrease of 70% in production and a decrease of 60% in new business, compared with the same week a year ago.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 19 mills as 178,000 feet, shipments 809,000 and orders 641,000. The 18 identical mills reported production 91% less and new business 53% legs than for the same week last
year.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 174 mills as 9,870,000 feet, shipments 10,925,000 and new
business 8,877,000. The 145 identical mills reported a decrease of 39%
in production and a decrease of 53% in orders, compared with the same
week of 1931.
Stocks
End of
Month.
94,282
86,638
94,550
71,260
68,698
66,233
153,253
145,936
140,570
41,258
39,935
40,641
12,570
12,476
11,429
26,059
25,429
26,676
7,081
6,663
7,426
1,314
1,710
2,342
5,043
4,033
3,859
16,666
15,966
15,546
Grade.
Other grades
1932
March
February 1932
January 1932
March
1932
February 1932
January 1932
1932
March
February 1932
January 1932
1932
March
February 1932
January 1932
March
1932
February 1932
January 1932
March
1932
February 1932
January 1932
March
1932
February 1932
January 1932
March
1932
February 1932
January 1932
March
1932
February 1932
January 1932
March
1932
February 1932
January 1932
March
Total, all grades_ .February{
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Lumber Orders Exceed Low Production by But 1%.
Despite rigorously curtailed current production, lumber
orders received at the mills during the week ended May 21
exceeded the cut by but 1%, it is indicated in telegraphic
reports to the National Lumber Manufacturers Association
from regional manufacturers associations covering the operations of 660 leading hardwood and softwood mills. Production of these mills amounted to 127,030,000 feet and new
business called for 127,932,000 feet. Shipments, 130,266,000 feet, exceeded the cut by but 3%. A week earlier
660 mills produced 126,060,000 feet with orders 13% above
and shipments 19% above the cut. The lumber movement
for the latest week may be compared with that for the same
period a year ago through identical mills figures, which show:
for softwoods, 434 mills, production 44% less, shipments
43% less, and orders 43% less; for hardwoods, 163 mills,
production 45% less, and shipments 43% less, and orders
51% under the volume a year ago.
Lumber orders reported for the week ended May 21 1932,
by 486 softwood mills totaled 117,829,000 feet, or 1%
above the production of the same mills. Shipments as
reported for the same week were 118,274,000 feet, or 2%
above production. Production was 116,517,000 feet.
Reports from 193 hardwood mills give new business as
10,103,000 feet, or 4% below production. Shipments as
reported for the same week were 11,992,000 feet, or 14%
above production. Production was 10,513,000 feet. The
Association's statement further reports as follows:
May 28 1932
.
258,207
250,309
256,516
258,207
273,999
COMPARATIVE REPORT OF OPERATIONS BY IDENTICAL MILLS FOR
THE MONTHS OF JANUARY, FEBRUARY AND MARCH 1932, AND
PULP REVIEW FOR THREE MONTHS IN 1932 AND 1931.
Pro&talon.
Used.
1932_ _ -March
February 1932_-_
January 1932_ ___
March 1932_ _ __
News grade sulphite- February 1932.-January 1932_ _ _
March 1932____
Bleached sulphite_ - _ February 1932- _
January 1932_ _ _ _
March 1932._ _
Easy bleaching
February 1932...._
sulphite
January 1932.......
March 1932____
Mitscherllch
February 1932.._-sulphite
January 1932_ _ __
March 1932__._
Sulphite (total
February 1932_ _ _ _
all grades)
January 1932_ _ _
.
March 1932_..February 1932_ _ __
Kraft
January 1932. _ - _
March
1932_ _
.
February 1932... _ _
Soda
January 1932._ .. _
March 1932_._ _
February 1932__
Other grades
January 1932..._
74,143
66,362
73,563
28,878
26.220
26,959
21,607
19,741
18,101
1,664
1,986
2,537
5,679
4,556
4,481
57,828
52,503
52,078
26,427
25,571
24,648
15,716
15,499
15,584
386
565
498
70,651
84,543
71,275
28,664
26,206
26,815
20,357
17,785
16,554
1,527
1,937
2,108
3,222
3,064
2,137
53,770
48,992
47,014
19,806
20,304
20,182
13,419
12,642
12,919
314
400
441
1,488
1,373
747
499
438
409
1.528
1,717
2,138
246
250
301
2,229
1,932
2,576
4,502
4,337
5,424
5,495
5,379
5,003
2,284
2,778
2,896
48
46
36
60,388
58,384
57,938
6,008
0,293
6,717
2,542
2,820
2,581
1,312
1,421
1,622
1,834
1,606
2,046
11,696
12,140
12,966
3,928
2,802
2,914
2,481
2.468
2,387
340
316
197
March
1932...._ 174,500
Total, all grades_ _ February 1932._ -.. 160,500
January 1932_.._ 166.371
157,960
146,881
152.431
13,817
13,911
14,106
78,833
76,110
76.402
Total, all grades_ _ _3 months 1932.... 501,371
Total, all grades
3 months 1931_ _ _ 529,769
457,272
477,791
41,834
52,238
78,833
69,689
Groundwood
Shipped.
Stocks
End of
Month.
Grade.
Establishment of Wheat Quota at Ottawa Economic
Conference Not Favored by Manitoba Farm Interests.
Winnepeg advices May 18 to the Montreal "Gazette" said:
Establishment of a wheat quota at the Ottawas Imperial Economic
Conference would not be in the best interests of wheat producers, although
sale of western wheat is of the utmost importance. This was the chief of
six points agreed upon to-day at a conference of Manitoba agricultural
Volume 134
Financial Chronicle
Interests called by Premier John Bracken to formulate Manitoba's views
for submission to the Dominion Government prior to the conference.
Other points agreed upon were:
Stabilization of exchange is important:
Wider markets are necessary for all varieties of Canadian farm produce;
An Empire intelligence marketing board is desirable;
Wilder facilities should be provided for the distribtuion of British films
throughout Canada;
Canadian delegates at the Imperial Conference should be asked to give
preference to British goods most needed by Canadian consumers, such as
woolen goods, household articles, textiles, boots and shoes,seeds and plants.
A special committee was appointed to draft the suggestions and instructed to sit in with a conference of representatives of Boards of Trade
and Industries other than agriculture called for Friday. Findings of both
Manitoba conferences will first be laid before a conference of the four western
provinces at Regina, June 20, when a submission embodying the viewpoint
of Western Canada generally will be prepared.
Spain Reported Planning Wheat Imports—Said to
Have Approached Branches of Foreign Banks in
Matter of Payments.
The following from Madrid May 18 is from the Montreal
"Gazette:"
Financial circles said to-day the Spanish Government had
approached
local branches of foreign banks in an attempt to arrange
payment for the
contemplated importation of 100,000 tons (about 3,733,000 bushels) of
wheat.
The result of the negotiations was not known, but the Government
wants
to spread the payment over periods of three, six
and nine months, it was
understood, the wheat to be bought from Canada. the United States and
Argentina.
Banking circles said a Government decree ordering the purchase of the
wheat, expected soon, would bring Spain's total importations to
200,000
tons, (about 7,466,000 bushels), but that it probably would be necessary
to import another 200.000 tons before the new wheat crop is available in
July since the domestic supply is exhausted.
Votes to End Canada Wheat Bonus.
Canadian Press accounts from Ottawa (Canada), May 10,
said:
Without a recorded vote, House of Commons defeated to-day a motion
to continue the 5
-cent bonus on export wheat. It also turned down a
suggestion that a bonus be based on seeded acreage.
Third of Saskatchewan's Farms Mortgaged.
Approximately one-third of Saskatchewan's farm lands
are mortgaged, according to a report to the Commerce
Department from Assistant Trade Commissioner Aylwin
Probert, Winnipeg, Canada. The announcement of the
Department May 20 also said:
Mr. Probert's report stated that according to figures compiled
by R. H.
Milliken, of Regina, from titles filed in the land office records
of that
city in March 1032.31% of the occupied land of Saskatchewan is
mortgaged.
47% is owned with clear title, and the balance is encumbered
by relief
liens. mechanics'liens, caveats, tax writs and executions. These
figures are
based on records of 20 municipalities scattered throughout the
province.
Total indebtedness of the farmers in these 20 municipalities
was $16,989,483, of which $16,603.404 was mortgage debts and the
remainder
relief and other loans. Averaged registered indebtedness against
encumbered land was $9.17 per acre, and the average registered
indebtedness
against all was $4.29 It was stated.
France Contracts for Danube Wheat—Rumania and
Yugoslavia Will Supply 10% Each of French Needs
—Blow to American Trade.
Rumania will supply 10% of France's total annual wheat
import reeds for the next three years, while Yugoslavia will
supply a similar amount under identical decrees published
on May 23, it was stated in a Paris cablegram on that date
to the New York "Evening Post" which likewise said:
The world
price, plus the ordinary duty, will be paid but the
difference
between the world price and that considered remunerative by
exporters is to
refunded up to 30% of the amount of the duty under the
be
terms of annual agreements between the governments. In return,
France receives
tariff concessions in both Rumania and Jugoslavakia.
The New York "World-T legram" of May 23, with reference to the above, said:
France, the greatest wheat eating nation in the world and a
particularly
desirable customer in the world grain markets this year on account
of a short
crop harvested last autumn, has just concluded a commercial treaty with
Rumania under terms of which the Danubian monarchy will
supply
10% of France's wheat needs during the next three years, according to press
advices from Paris to-day.
This move alters to some extent the prospects of United States and
Canada for wheat export business with France. France always has bought
a portion of its requirements from Rumania, but usually the amount has
been considerably under 10%.
So far this season Canada has exported a fair quantity of wheat to France
as the country raised its quota of permissable foreign wheat in "millers'
blends" of flour from 5% early in the season to a high of 45% a few weeks
ago. George S. Milner, manager of the Grain Stabilization Board, which
bolds the Federal Farm Board's wheat, recently was in France negotiating
terms of an agreement for United States to get some of this French business,
but the negotiations fell through.
The French wheat crop this year totaled about 250,000,000 bushels
and it has been calculated that about 60,000.000 bushels would have
to be imported. Per capita consumption of wheat in France averages 7H
bushels annually, which compares with 4.8 bushels in the United States,
2.3 bushels in Germany and 5.8 bushels in Great Britain.
Ten per cent of 60,000,000 bushels would mean 6.000,000 bushels, and
in some quarters it was predicted to day that Rumania would not be
able to let France have such a large amount annualy. Rumania's crop
In good years runs 125,000.000 bushels.
3891
New Low Hog Prices.
Associated Press advices May 25 from Kansas City said:
The lowest top price for hogs in the history of the Kansas City stock
yards, $2.95 a hundred pounds, was paid this morning.
The previous low record top was $2.97%, paid one day in September
1896. Shortly after the World War, hog prices reached as high as $23.40
a hundred pounds.
Portugal Authorizes Importation of Limited Quantity
of Wheat.
The Portuguese Government has authorized the importation of 35,000 metric tons of wheat during May and June
1932, according to a radiogram received May 18 in the
Department of Commerce from Commercial Attache Richard
C. Long, Lisbon.
Sale of Candy Drops Only 10%, but Price at Pre-War
Level.
From Atlantic City May 22 a dispatch to the New York
"Times" said:
Prohibition, supposed to increase sales; dieting, supposed to reduce
it, and depression, an unknown quantity, had no apparent effect on the
sale of candy in this country last year, it was declared here to-night by
Walter Hughes, Secretary of the National Confectioners' Association of
the United States, on the eve of the organization's annual convention.
The tonnage of candy sold, he explained, decreased only about 10%.
but the value of sales, with candy selling for an average of 18% cents a
Pound—pre-war prices—showed a loss of45%. The association is expected
to appeal to the Inter-State Commerce Commission for a reclassification
of freight rates on candy.
World Sugar Production Declines Sharply—Decrease
in Countries Parties to International Sugar Agree-
ment.
The current sugar season will probably show some depletion in the very large visible stocks that have been accumulating rapidly the last few years, says the U. S. Department
of Agriculture, reporting on the world sugar situation.
Under date of May 21 the Department added:
The Bureau of Agricultural Economics estimates world beet and cane
sugar production in 1931-32 at 28,752,000 short tons, a decrease of3,225,000
short tons from the preceding year. This was the smallest crop since
1927-28. Practically all European beet sugar producing countries except
Russia expect smaller acreages in 1932 than in 1931, and cane sugar countries which are adherents to the International Sugar Restriction Agreement
are planning to continue limiting production as in 1931-32,says the bureau.
These cane sugar countries accounted for about 40% of the world's 1929-30
Cane sugar crop.
The decrease in world production this season is accounted for almost entirely by the nine countries—Germany, Czechslovakia, Poland, Hungary,
Belgium, Yugoslavia, Cuba. Java, and Peru—which are parties to the
International Sugar Agreement. All with the exception of Yugoslavia are
Important sugar exporting countries. Total 1931-32 production in these
Countries is estimated at 9,848,564 short tons compared with 12,712,286
short tons in 1930-31. Germany shows the greatest decrease, with a
1931-32 crop placed at 1,734,200 short tons compared with 2,808.076 the
Preceding season.
The bureau says that the 1931-32 sugar season opened with the heaviest
accumulation of visible world sugar stocks on record, but that "with
the indicated decrease in sugar production in 1931-32 it seems likely that
stocks will be considerably reduced by the end of the season, provided
exports do not fall below the indicated quota."
Jamaica Loses Sugar Tariff Plea.
According to a Kingston (Jamaica) cablegram May 17
to the New York "Times" Sir R. E. Stubbs, Governor,
informed the Legislature that day that he had received a
telegram from Sir Philip Cunliffe-Listers, Secretary of State
for the Colonies, stating that he and Neville Chamberlain,
Chancellor of the Exchequer, declined to receive a deputation from Jamaica to discuss the British preference tariff
on sugar, which is regarded at Jamaica as inadequate.
Yarn and Cloth Business of European Cotton Mills Poor.
The cotton mills of Europe are finding yarn and cloth
business poor, according to the New York Cotton Exchange
Service. Mill activity is being maintained at the present
rate largely on the basis of orders booked earlier in the year.
The Exchange Service under date of May 24 said:
It is not yet clear that this situation is resulting in an appreciable decline
In mill operations, but England says that there is some tendency to reduce
operations and Germany says that unless yarn and cloth markets improve,
curtailment May be extended in some directions in the near future. Buyers
are operating almost universally on a hand-to-mouth basis. Export trade
is generally less satisfactory than domestic business. Forwardings of
American cotton to British and Continental mills this past week were much
smaller than in recent previous weeks, but this was doubtle3s due in large
part to holidays in Europe.
Decline in Exports from United States to Orient.
Exports of cotton from this country to the Orient have
dwindled to small proportions after running phenomenally
large most of the season, but forwardings to mills of the
Orient have continued large as the heavy exports of past
3892
months have continued to move from Oriental ports to
Oriental mills, according to the New York Cotton Exchange
Service. Statistics on consumption by the Orient are now
reflecting the actual spinning of these large supplies of the
American staple. The Exchange Service May 17, said:
Japan cables that consumption by Japanese spinners is being maintained
at a high rate, and will doubtless continue at this level for several months.
Sales of yarn and cloth during the past two or three weeks have been above
production, and mill margins are sufficient to warrant a continuance of
high production of goods.
Report That Japan Plans Rule of Silk Industry—Consolidation of Manufacturer and Elimination of
Traders Sought by Japan—World Control Foreseen.
The following from Tokio, May 24, is from the New
York "Evening Post":
Startling plans for socialization of the raw silk industry have been
announced by the Japanese Government and bills are being drafted for
submission to the Imperial Diet, which convened to-day.
The scheme, which proponents argue would place the Japanese Government in control of the silk markets of the world, is divided into three parts.
First, filatures would be placed under a license system.
Second,silkworm eggcards would be handled only by the Government.
Third, all middlemen operating between the reeiers and exporters would
be bought out and their places taken by a new company to be formed by the
Government.
See Winter Passage.
The trade expresses doubt that It all will be ready for submission to the
Diet this month. It expects to see introduction of the bill setting up the
license system and believes that the remainder of the plan, if it keeps out
of bureaucratic pigeonholes, will come before the legislature this winter. ,
Establishment of the license system for filatures would follow much the
same lines as the present bank law. This set minimum capitalization for
country banks, for small city banks and for big city banks, and insisted
that banks must either raise their capitalization to the legal levels or go out
of business.
The Government would license the 3.700 machine-equipped filatures
operating at present, but would stipulate that licenses be revoked for all
filatures which do not have 100 or more basins by a certain date. The
filatures are not in good financial position. This is the part of the plan
which seems assured of early enactment into law.
Buy Out Traders
At the end of November 1931,there were 40 raw silk traders in Yokohama
who were not exporters and 26 in Kobe. There were also eight traderexporters in the two silk cities. The Government argues that these men
have been losing money and that the good will of their businesses cannot
be worth much. Accordingly, it would buy them out and prevent them, by
law, from ever setting up as silk traders again.
To take their place, it would set up a company with 100,000,000 yen
capitalization, the money to be supplied half by the Government and the
remainder by the reelers and the traders. The Government would guarantee
a 5% dividend.
The company would operate as a commission house, but would be under
no control as to when, where or at what price it sold the silk entrusted to
its care. Reelers who held shares in it would be expected to market all
their output through it and. in return, would obtain financing from it.
Reference to the abandonment by Japan of the silk control
plan was made in these columns April 30, page 3179 and a
further item bearing thereon appeared in our issue of May
14, page 3564.
Raw Silk Export Duty and Tax Removed in China.
To aid the silk industry, the export duty on all raw silk
shipped from China and the special tax on all yellow and
white silk exported abroad from the Chinese provinces of
Kiangsu and Chekiang have been removed with effect from
May 18, it is made known in a report to the Department of
Commerce from Trade Commissioner A. Viola Smith,
Shanghai. The announcement by the Department adds:
The following are the former export duties (stated in Haikwan Laois per
picul): Silk, raw, reeled from doupions. 7.50; silk, raw, white (including
re-reeled and steam filature), 15.00; silk raw, wild (including filature),
7.50; silk, raw, yellow (including re-reeled and steam lllature), 10.50; silk
waste (including cocoon strippings and silk yarn waste), 5% ad valorem.
The special tax on Kiangsu and Chekiang silk was $30 local Chinese
currency per plcul, the proceeds of which were used for the Kiangsu and
Chekiang silk improvement loan.
i
)
(Picul equals 133 , lbs. Haikwan tael varies with the prices of silver; at
present, approximately $0.34 U. S.)
Break in Cotton at Liverpool with Suspension of
Hornby, Hemelryk & Co.
A cable dispatch from Hornby, Hemelryk & Co. of Liverpool was read from the rostrum of the New York Cotton
Exchange on May 26, announcing their suspension of payments. It said:
"Regret that, although solvent, we feel it our duty to suspend payments."
Hornby, Hemelryk & Co. are members of the Liverpool
Cotton Exchange, the New York Cotton Exchange and the
New York Caffee and Sugar Exchange. Members of the
last Exchange were notified that all contracts with the firm
must be closed as provided in the by-laws of the Exchange.
Liverpool advices May 26 to the "Wall Street Journal"
said:
cotton followed suspension
A bad break in the market here for American
of payments by Hornby, Hemeiryk & Co., cotton brokers established n
1875. July cotton at Liverpool opened at 4.81d. a pound, broke to 4.10
and at 2.15 p. m. was selling at 4.12. The firm announced that accountants
May 28 1932
Financial Chronicle
considered it solvent, but directors feared that the liquid assets were insufficient to meet further market differences. Ilornby, Ilemelryk & Co.
are members of the New York Cotton Exchange, but the firm's °flees are
at Liverpool.
The same paper reported the following from London:
Hornby, Hemelryk & Co. is one of the largest firms of raw cotton merchants and brokers in Liverpool. It is understood that the difficulties
which led to the firm's suspension of payment arose through its financial
position on the Continent, where it was unable to make collections. It is
fully expected here that the firm will be in position to meet all liabilities.
Opening of Fall Rug Lines at Unchanged Prices.
Spring prices on rugs and carpets were reaffirmed in New
York on May 23 by manufacturers opening Fall lines, according to the New York "Times" of May 24, from which we
also quote as follows:
Attendance at the opening was light compared with previous years, but
buyers expressed greater confidence in the stability of prices and indicated that they would be ready to make commitments later in the week.
The producers' action in adhering to Spring quotations and selling terms,
store representatives said, would overcome the uncertainty felt by the
trade when it was first announced that some of the mills would wait until
Aug. 1 before showing Fall patterns.
The added emphasis on high-lighted patterns in low.end axminster, velvets
and other rug weaves was the outstanding feature of the opening. These
types were shown in a 8=11 way at the last opening, but this season
practically every producer stressed the weave by which a "washed" effect
is imparted to rugs through the use of varying shades of yarn.
A majority of the mills, headed by the Bigelow-Sanford Carpet Cornpany, Inc., held official openings yesterday. These included A. & M.
Karagheusian, Inc., Karastan Rug Mills and the Parker-Wylie Carpet Company, showing products of the Parker-Wylie Manufacturing Company,
the Alva Carpet and Rug Company and the Artloom Rug Mills.
W. & J. Sloane, selling agents for Alexander Smith & eons Carpet Company, the Pennsylvania Carpet Company, the Firth Carpet Company and
other mills showed new rug patterns, although their regular Fall showings
are scheduled for August.
• In its issue of May 26 the same paper stated:
Floor coverings buyers, visiting the market to view fall lines at the
trade opening now in progress, are purchasing limited amounts of merchandise for immediate delivery. A number of store representatives went
home yesterday morning, spending only one day ii canvassing the market.
Those who departed early, however, plan to return in August, when the
second opening is scheduled, and will place commitments for Fall needs
at that time. Orders yesterday consisted chiefly of calls for low-end
axminster rugs in high-lighted patterns.
Activity in the Cotton Spinning Industry for April
1932.
The Department of Commerce announced on May 20
that, according to preliminary figures compiled by the
Bureau of the Census, 31,945,750 cotton spinning spindles
were in place in the United States on April 30 1932, of which
23,409,246 were operated at some time during the month,
compared with 24,818,008 for March, 25,189,748 for February, 25,013,750 for January, 24,637,864 for December,
24,860,684 for November and 26,668.536 for April 1931.
The aggregate number of active spindle hours reported for
the month was 5,194,900,425. During April the normal
4
time of operation was 253 days (allowance being made for
the observance of Patriot's Day in some localities), compared with 27 for March, 24 2-3 for February, 2534 for
January, 26 for December and 243% for November. Based
on an activity of 8.93 hours per day, the average number of
spindles operated during April was 22,591,680, or at 70.7%
capacity on a single shift basis. This percentage compares
with 90.1 for March, 92.5 for February. 84.5 for January,
79.3 for December, 85.8 for November and 94.1 for April
1931. The average number of active spindle hours per
spindle in place for the month was 163. The total number
of cotton spinning spindles in place, the number active,
the number of active spindle hours and the average hours
per spindle in place, by States, are shown in the following
statement:
Spinning Spindles.
in Place AelireflurApril 30. tag 4 pill.
Cotton-growing States
New England States
All other States
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas _
VIralnla
All other States
United State.
Artier Spindle Hours for dPril:
Total.
19,131,154 16,596,850 4,121,881,832
11,470,920 5,979,474 936,784,379
1,343,676
832.922 136,234,214
Arerage per
Spindle in flare.
215
82
101
1,689,396 453,728,931
634,912 103,444,968
2,810,618 699,749,126
642,382 .104,017,704
3,046,538 433,151,668
38,355,834
132,440
745,558 134,505,432
39,296,976
217,128
49,591.751
315.316
5,273,982 1,164,322,201
875,524 153,923,181
5.271,276 1,395,069,536
510.168 151,389,990
37,504,769
184.270
583,852 141,108,472
95,739,000
496,086
245
97
211
106
70
182
113
106
79
188
79
845
246
133
208
126
31,945,75023.409,240 5.194,900.425
163
1,850,162
1,066,936
3,311,530
981,580
6,175.664
210,768
1,190,074
372,380
626,488
6,192,322
1,939,402
5,690,608
615,444
282.100
678,462
761.830
Volume 134
Financial Chronicle
3893
In
In that borough
Negotiations for German-French-Belgian Rayon Cartel the city
-SetTr offering gasoline riom seven ght
stations haa
some
Abandoned.
gallons for a dollar. The action of Socony made eight for a
Negotiations for the formation of a rayon cartel embracing
dollar the official price, including the three cent State tax.
producers of viscose in Germany, France and Belgium have
Buyers have been operating more freely in the gasoline
to the Commerce
been abandoned, it is stated, in a report
tank ear market, buying ahead at present price levels.
Department from Assistant Trade Commissioner George W.
There is a strong feeling that the tank car structure will be
Berkalew, Paris. In anouncing this, May 23, the Departadjusted upwards in anticipation of further increases in
ment said that according to the report, it is considered possible
crude oil prices, now being agitated in the Mid-continent
that negotiations may be resumed in the near future, but
area.
there is a likelihood that French and Belgian interests may
Demand for grade C bunker fuel oil has been lagging, but
advance proposals which will further complicate the situation.
the price has held steadily at the 75e. per barrel level. Mors
interest is being shown in 41-43 water white kerosene, but
mostly for future delivery. The price of this refined product
Petroleum and Its Products -Seek Higher Prices for
still ranges from 53/20. to Gc. per gallon, tank car at refinery.
Mid-Continent Crude As Progress Is Reported in
Diesel oil business has quieted considerable, and what
Unifying Curtailment Sentiment in California.
on the
Independent producers in the Mid-Continent area are contracts appear in the market are being closed
upon a new effort to boost the price of crude present basis of $1.50 per barrel, refinery.
concentrating
Chicago reports indicate that jobbers have been buying
oil 15e. per barrel, it is reported in Texas. The top price
week-end
of $1.00 per barrel now in force has served to stabilize the heavily this week in anticipation of a good holidy
is pointed out, and there is business. Prices hold firm in that territory.
market to a great extent, it
Price changes follow:
no reason, according to the sponsors of the new move, why
-Standard Oil Co. of New York announces 3,1c. reduction In
May 21.
crude should not demand a still higher price as the congasoline tank car prices at Boston and Providence, making new price
price there
suming season reaches its high summer marks.
0.ic. at these points; and Yic. reduction at Portland. Me., new
The Continental Oil Co., of Ponca City, Okla., has being 7c.
in
-Standard Oil Co. of Ohio reduced gasoline lc. a gallon
May 24.
taken the initiative in the last two advances, and it is said
Hancock County, to meet competitive conditions.
on good authority that the same company is now considering
Gasoline. Service Station. Tax Included.
$113
leading in another advance. Further support is given the New York
$ 18 New Orleans
$ 125 Cleveland
.13
20 1Philadelphia
California Atlanta
195 Denver
move by the fact that curtailment sentiment in
Francisco:
13 San
164 Detroit
Baltimore 125
Third grade
17
18 Houston
is being unified to a great extent, and that a real co-operative
Above 65 octane- .145
19
.173 Jacksonville
175
Premium
movement is now under way to secure an equitable ruling Buffalo
166
16 Kansas City
Chicago
134
167 St. Louie
18 Minneapolis
which would apply to all fields. California crude pro-, Cincinnati
Kerosene. 41-113 Water White. Tank Car Lot.. F.O.B Refinery
daily average of 517,481 barrels during
ex_.$0 03K
duction mounted to a
N•YARa.Vonne).0536- 06 1ChIcago-. _ S.0214-.03)4 New Orleans. 04"-03'4
03 1 Los Aug..ex. .04 K-.06 Indus
April, as compared with 502,449 barrels daily in March. Nom Texas
Fuel 011. F.O.B. Refinery or Terminal
Much of the added production resulted from the completion
$ 60
Gulf Coast "C"
'California 27 plus D
N. Y.(Bayonne))
of 24 new wells.
8.754.00 Chicago 18-221). .4214-51
$.76;
Bunker "C"
New Orleans "C"... .60 Philadelphia "C"-- - -•70
Diesel 28-30 D.- 1.501
Proponents of curtailment are now using Government
P.O.B. Refinery or Terminal.
figures to prove that curtailment really adds to the ultimate N. Y.(Bayonne)- Gas OIL
'Tulsa
'Chicago01% - 02
field recovery, as statistics are now available showing that
28 I) plus.-__$.03K .041 32 36 13 Ind-S.0144-.021 32-36 0 Ino..5
Lots, P.0.15. Refinery.
with unrestrained production, not more than 15% recovery Gasoline. U. S. Motor. Tank (Above 65 Octane) Car
8.0514,0536
Chicago
N. Y.(Bayonne)
N. Y.(Bayonne)
is realized, while under curtailment regulations recovery Standard 011, N. J.
5.0634 New Orleans. ex. .O6-.051(
Sinclair
04-.0414
Arkansas
Pan-Am. Pet. Co .06
Motor. 60 ocreaches as high as 50% over a stated period.
Shell Eastern Pet_ .0634 Catitcwnta...___ .05-.07
5.06%
tane
Lon Aneeiee. ex. .045i-.07
New YorkThe situation in Pennsylvania is declared to be satisfactory
Motor. 65 cm,
Colonial-Beacon S.06K Gulf Ports.- __ .06 0534
.07
tane
0454-.0514
.0734 Tulsa
in a summary prepared by Ralph T. Zook and read at the
Crew Levlek
M otor.standard .0714
.0534
0634 Pennsylvania._
z Texas
Y. .064
Stand. Oil, N.
annual Pennsylvania Oil and Gas Conference held this week.
.07
Gulf
Tide Water 011 Co .0654
.06
Continental
that "consumption of Pennsylvania oil has been Richfield Oil (Cal.) .0714 Republic 011
He declared
• 0634
Warner-Quin Co. .01534
greatly increased. Refinery runs, drilling and crude oil
• Below 65 Octane. z "Texaco" is .07.
production are being regulated to meet market demands,
lubricating stocks have been reduced and crude oil inven- International Oil Conference in New York-Sessions
toried is only sufficient to insure a healthy, working arPostponed Until June 1 to Draft New Plans.
rangement. Improvement in the oil industry to a great
The international oil conference seeking to place the
extent will be determined by an advance in general business industry on a stable basis through adoption of an orderly
conditions. The Pennsylvania industry is tied up with the marketing and production plan, apparently has reached an
oil products of other parts of the country to a single industry, impasse, although leaders still are optimistic concerning the
and in general must share the fortunes of that industry. final outcome. said the New York "Evening Post" of last
Its excellent statistical position and regulations assures night (May 27), from which we also quote:
quick reflection of any improvement in either general
-the Nationals, conThus far the conference has split into two groups
business or the oil industry as a whole."
sisting of the major oil producers on one hand, and the Russians.
who issued
Charles E. Amon, President of the Socony Vacuum Corp.,
No price changes were reported in any of the producing
earth, said
the call wnich brought delegates from the four corners of the
that the
centers this week.
to-day no further progress had been made in the conference and
No definite agreements or decisions have as yet been Nationals and the Russians still were trying to -clear up details on fundaannounced as a result of the "world conference" of producing mentals."
to the
It is reported that the National group has made a definite offer
take each
interests now being held in New York.
Soviet delegates concerning the amount of Russian oil they will
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. 1. degrees are not shown.)
Pa
Bradford.
80.78
$1.60 Eldorado. Ark., 40
•.83
1.05 Rusk, Texas. 40 and over
Corning. Pa
Illinois
80
.85
.,
. Salt Creek. Wyo.,40 and over
.90
.90 Dais; Creek
Western Kentucky
1.25
Mideontinent, Okla., 40 and above. 1.00 Sunburst, Mont
Hutchinson. Texas, 40 and over.... •.81 Santa Fe Springs, Calif..40 and over .75
.72
Spindletop, Texas, 40 and over_..... •.81 Huntington, Calif.. 26
1.75
•.86 Petrone, Canada
Winkler. Texas
Smackover. Ark., 24 and over
.77
• Effective April 1 1932.
-BELIEVE RETAIL PRICES IN METROREFINED PRODUCTS
POLITAN AREA WILL BE MOVED UP TO LAST WEEK'S
LEVELS
-MORE INTEREST SHOWN IN KEROSENE-BOOKING HEATING OIL BUSINESS FOR FUTURE DELIVERY.
The drastic 4 cent reduction in service station prices made
effective as of last Saturday, May 21, by the Standard Oil
Co. of New York throughout New York City, was met by
other marketers in this area. However, it was generally
believed here yesterday that the prices will revert either to
the former levels or will undergo an advance of two or three
cents per gallon before the Decoration Holiday business.
The sharp cut brought the tank wagon price down to
63c. for gasoline delivered, while the tank car quotation
remained at 6%c. The reduction was brought on by aggravated price-cutting among retailers in different parts of
has not
year and market for the Red Republic. Apparently this offer
yet met with the approval of the Soviet envoys.
held, but
When the conferences started last week, daily meetings were
now
prior to to-day, there was a meeting on Tuesday and there will be none
the
until next Wednesday. It is believed the opposing delegations, in
meantime, will attempt to draft plans among themselves, which will more
nearly meet the demands of all concerned.
Representing the Russians are K. Riaboval, Chairman, and Philip Rat"ovich and R. N. Friedman. Mr. Arnott heads the National group, which
consists of J. B. A. Kessler, joint manager director of the Royal Dutch
Shell group: It. I. Watson of the Burmah Oil Co., Ltd.: W. Fraser of the
Anglo Persian Oil Co. H. F. Sheets, Vice-President of Socony-Vacuum
Corp., and J. A. Moffett, Vice-President of Standard Oil Co. of New
Jersey.
The conference was referred to in these columns May 21,
page 3719.
Governor Murray of Oklahoma Restores Martial Law
in Oil Fields.
Associated Press accounts from Oklahoma yesterday
(May 27)stated:
Martial law in Oklahoma oil fields, lifted a week ago, has been clamped
down again by Governor William H. ("Alfala Bill") Murray to prevent
the courts from interfering by injurction with enforcement of proration.
Other than to denounce Acting Governor Robert Burns for lifting martial
law while he was in New York, Governor Murray took no action until the
Wilcox Oil is Gas Co.. a bitter foe of proration, filed a petition in tnv
3894
Financial Chronicle
Supreme Court seeking a writ of prohibition to restrain the State Corporation Commission from enforcing proration.
Then, late yesterday, Governor Murray rescinded Acting Governor
Burns's order and placed Oklahoma's 3,000 prorated oil wells again under
military rule, declaring it was the duty of the Governor to enforce the law.
Military law, Governor Murray often has declared, is necessary to pre
vent setting aside of proration rules by injunction and to maintain the price
of crude.
The Governor first invoked it last August.
The lifting of State control over the oil fields was noted
in our issue of May 21, page 3720.
Crude Oil in Montana Rises to $1.05 a Barrel.
From the "United States Daily" we take the following
from Helena, Mont., May 24:
An increased demand for crude oil in Montana has sent the price in the
northern fields to $1.05 a barrel, according to the State Commissioner of
Lands and Investments, I. M. Brandjord.
"This is about the highest price commanded for petroleum in the United
States," he said.
Further Decline in Crude Oil Output.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the- Week ended May 21 1932, was 2,225,350 barrels, as
compared with 2,237,400 barrels for the preceding weelF,7,
decrease of 12,050 barrels. Compared with the output
for the week ended May 23 1931 of 2,437,150 barrels per
day, the current figure represents a decrease of 211,800
barrels daily. The daily average production east of California for the week ended May 21 1932 was 1,721,850
barrels, as compared with 1,717,900 barrels for the preceding
week, an increase of 3,950 barrels. The following are
estimates of daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Weeks EndedMay 21 '32. May 14 '32. May 7 '32. May 23 '31.
Oklahoma
930,800
442,800
456,550
542.700
Kansas
96,150
96,450
94,250
106,550
Panhandle Texas
52,750
51,650
51,200
59,250
North Texas
50,750
50,000
48,300
55,750
West central Texas
25.400
25,450
24,950
25.800
West Texas
185,550
184,300
179,900
211,100
East central Texas
56,900
56,850
56,350
53,400
East Texas
338,100
332,900
342.500
303,750
Southwest Texas
54.450
55,300
52,400
59,650
North Loulsian
a
29,450
29,500
29,700
38,900
Arkansas
34,350
34,400
34,600
46,650
Coastal Texas
114,650
112,450
110,100
156,450
Coastal Louisiana
41,150
37,600
37,400
30,800
Eastern (not incl. Michigan).105,000
107,800
108,550
103,000
Michigan
19.750
17,900
20,500
8,300
Wyoming
39,000
35,900
38,050
42,950
Montana
7,950
7,050
6,450
8,100
Colorado
3,100
3,200
3,450
3,950
New Mexico
36.600
36,400
37,100
43,400
California
503,500
519,500
519,600
536,700
Total
2,225,350 2,237,900 2,251,900 2,437.150
The estimated daily average gross crude oil production for
the MidContinent field, including Oklahoma, Kansas, Panhandle,
North. West
Central, West, East Central, East and Southwest Texas, North Louisiana
and Arkansas for the week ended May 21 was 1,354,650 barrels, as compared with 1,359,600 barrels for the preceding week, a decrease of
4,950
barrels. The Mid-Continent production, excluding Smackover (Arkansas)
heavy oil, was 1,331,050 barrels, as compared with 1,336,000 barrels, a
decrease of 4,950 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
follow:
-Weeks Ended-Weeks Ended
OklahomaMay 21 May 14.
Southwest TexasMay 21.May 14.
Bowlegs
13,050 12,800 Chapmann-Abbot
1,350 1,350
Bristow-Slick
11,400 11.400 Darst Creek
17.700 18,950
Burbank
11,250 11,100 Luling
7,100 7,100
Carr City
11,550 11,900 Salt Flat
9,550 9,350
Earlsboro
14,450 13,950
North LouisianaEast Earl:Moro
13,550 13,050 Sarepta-Carterville
800
800
South Earisboro
2,900 3,000 Zwolle
6.800 6,800
Konawa
5,050 4,800
Arkansas
Little River
19,400 17,750 Smackover. light
2,950
2,950
Eatt Little River
2,150 2,200 Smackover, heavy
23,600 23,600
Maud
2,150 2,100
Coastal Texas
Mission
7,550 7.250 Barbers Hill
21,850 19,100
Oklahoma City
99,550 116,250 Raccoon Bend
4,800 5,200
St. Louis-Pearson
19,000 20,400 Borneo County
9,450
9,700
Searight
3,800
3,050 Sugarland
10,050 9,900
4gmlnole
11,600 11,450
Coastal Louisiana
East Seminole
1,150 1,100 East HackberrY
12,550 7,650
Kansas
Old Hackberry
550
550
Rita
12,350 13,350
Wyoming
Sedgwick County
13,050 13,150 Salt Creek
22,500 21,000
Voehell
6,250 6,400
MontanaPanhandle Tau
Kebin-Sunburst
3,350
3,350
:limy County
31,500 31,000
New Mexico
Hutchinson County-. 13,300 13,500 Hobbs High
30.500 30,500
North TesasBalance Lea County-- 4,050 4,400
A rcher County
10,900 10,800
CaliforniaNorth Young County
6,350 6,250 Domingues
21,700 31,000
Wilbarger County
9,900
9,800 Elwood-Goleta
16,800 16,600
West Central Texas
Hungtinton Beach
23,700 24,300
South Young County... 3,550
3,550 Inglewood
13,600 13,800
West Texas
Kettleman Hills
56,000 57,900
Crane de Upton Comities 22,200 22,200 Long Beach
82,000 81,600
Ector County
4.400 4,400 Midway-Sunset
49,800 50,200
Howard County
23,450 22,100 Playa del Rey
18.600 18,900
Reagan County
23,400 23,300 Santa Fe Springs
64,000 66,500
Winkler County
31,500 31,700 Seal Beach
13,200 13,100
Yates
66,000 65,900 Ventura Avenue
29.600 29,900
Balance Pecos County__ 2,700 2,700
Pennsylvania Grade
East Central Texas
Allegany
7,200
7,700
Van Zandt County
50,450 50,350 Bradford
28,750 30,700
East Texas
Kane to Butler
7,150
7,300
Rusk Co.: Joiner
107,600 105,600 Southwestern Penna..- 3,000
3,450
Kilgore
103,450 103,300 Southeastern Ohio
5,600 5,800
Gregg Co.: Longview...127,050 124,000 West Virginia
11,300 11,850
Bulk
May 28 1932
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 refining
districts, east of California. The Institute's statement
follows:
Terminal Stocks
It should be borne definitely in mind that comparable quantities of
gasoline have always existed at similar locations as an integral part
of the
system of distribution necessary to deliver gasoline from the points of manufacture to the ultimate consumer. While it might appear to some that
these quantities represent newly found stocks of this product, the industry
itself and thee slosely connected with it have always generally known
of
their existence. The report for the week ended Aug. 22 1931 was the first
time that defin te statistics had ever been presented covering the amount
of such stocks. The publication of this information is in line with the
Institute's policy to collect and publish in the aggregate statistical information of interest and value to the petroleum industry.
For the purpose of these statistics, which are issued each week, a bulk
terminal is any installation the primary function of which is to supply
other smaller installations by tank cars, barges, pipe lines or the longer haul
tank trucks. The smaller installations referred to, the stocks of which
are not included, are those whose primary function is to supply the local
retail trade.
Up to Aug. 22 1931 statistics covering stocks of gasoline east of California
reflected stocks held at refineries only, while for the past several years California gasoline stocks have included, and will continue to Include, the
total inventory of finished gasoline and engine distillate held by reporting companies wherever located within continental 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.
May 21
1932.
May 14
1932.
May 23
1931.
Gasoline "In Transit"
Figures End of Week.
May 21
1932.
May 14
1932.
May 23
1931.
10,181,000 9,906,000 9,228,000 1,450,000 2,183,000 2,161,000
East Coast
412.000
Appalachian
372,000
300,000
10,000
10,000
2,433,000 2,366.000 1,210,000
Ind., Ill., Ky
78,000
58,000
Okla., Kan., Mo
920,000
928,000
70,000
180,000
Texas
161,000
177,000
Louisiana-Ark,___
349,000
405,000
381,000
28,000
71,000
32,000
Rocky Mountain_
Total east of Calif _ 14,531,000 14,114,000 11,334,000 1,488,000 2,342,000 2,251,000
Texas Gulf
Louisiana Gulf ___
146,000
352,000
109,000
326,000
149,000
316,000
61,000
32,000
Weekly Refinery Statistics for the United States.
Reports compiled by the American Petroleum Institute
for the week ended May 21, from companies aggregating
3,661,600 barrels, or 95.1% of the 3,852,000 barrel estimated
daily potential refining capacity of the United States, indicate that 2,364,400 barrels of crude oil were run to stills
daily, and that these same companies had in storage at
refineries at the end of the week, 44,703,000 barrels of gasoline, and 125,546,000 barrels of gas and fuel oil. Reports
received on the production of gasoline by the cracking process
indicate that companies owning 95.6% of the potential
charging capacity of all cracking units, manufactured 3,396,000 barrels of cracked gasoline during the week. The complete report for the week ended May 21 1932, follows:
CRUDE RUNS TO STILLS, GASOLINE STOCKS AND GAS AND FUEL OIL
STOCKS, WEEK ENDED MAY 21 1932.
(Mum in Barrels of 42 Gallons Each.)
District.
Per Cent
Potential
Capacity
Reportint
t.
East coast
100.0
Appalachian
91.8
Ind., Illinois, Kentucky 98.9
Okla., Kan., Missouri
89.6
Texas
91.3
Louisiana-Arkansas
98.9
Rocky Mountain
89.4
California
96.7
Crude
Runs to
Stills.
Per Cent
Oper.
of Total a Gasoline
Capacity
Stocks.
Report.
3,172,000
756,000
2,147,000
1,722,000
4,066,000
1,149,000
300,000
3.239,000
71.5
78.6
71.1
56.5
75.9
71.2
29.8
52.3
6,387,000
1,760,000
6,545,000
3,995,000
8,064,000
1,853,000
2,046,000
14,053,000
Gas and
Fuel Oil
Stocks.
6,211,000
1,005.000
4,122,000
3,335,000
8,959,000
4,726,000
643,000
96,548,000
Total week May 21_
Daily average
Total week May 14___.
Daily average
95.1
16,551,000
2,364,400
16,517,000
2,359,600
84.6
44,703,000
125.548,000
95.1
64.4
44,798,000
124,786,000
Total May 23 1931....
Daily average
95.7
17,092,000
2,441,700
68.4
644,806.000
128,555,000
c Texas Gulf Coast __ . 99.8
3,366,000
90.5
6,451,000
6,138,000
e Louisiana Gulf Coast_ 100.0
802,000
77.7
1,703,000
3.894,000
a Stocks at refineries, except in California district, which includes stocks of
finished gasoline and engine dial Ilate at refineries, water terminals and sales distributing stations and amounts n transit thereto. b This figure is not entirely
comparable with current stocks due to revisions made since original publication of
this figure, from which revisions the basic information 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 endecd May 21 1932.
Note.
-All figures follow exactly the present Bureau of Mines definitions. Crude
oil ruts to stills include both foreign and domestic crudes. In California stocks of
heavy crude and all grades of fuel on are included under heading "Gas and fuel oil
stocks."
Copper Price Steadies After Selling Down to 5.25c.
Delivered-Zinc Higher.
"Metal and Mineral Markets" in its issue of May 26, reports as follows:
Copper Inquiry Improves.
The feature in the market was the news that came out of Washington
late on Monday that the Senate approved an import tax on copper in the
revenue bill of 9c. per pound. The vote was 45 for the tax and 22 against
Volume 134
Financial Chronicle
3895
being maintained, losses have occurred in West Virginia and at Birmingthe proposal. Those in favor of a tariff now feel that they have scored an
ham and Buffalo. The Birmingham rate has been cut from about 48%
Important advantage in the fight for protection and believe that the tax
to 25%.
chance of remaining in the bill. The revenue
has more than an even
There have been no important changes in prices, although scrap markets
measure, after the Senate completes its job, will go back to the House.
continue to be very weak. The "Iron Age" composite prices are unchanged
Most operators believe that a tax on copper, in time, will spell higher
at 2.087c. a lb. for finished steel, $14.06 a gross ton for pig iron and $7.41
prices for the metal, even though stocks in the hands of producers are
a gross ton for steel scrap. A comparative table follows:
enormous. Quite a few consumers also shared this view and Inquiry for
forward material showed general improvement, especially yesterday after
Finished Steel
it became known that some operators who offered copper quite freely
Based on steel bars, beams, tank plates
May 24 1932, 2.087e. a Lb.
early in the period at 5.25c., a new all-time low, raised their price to 5.375c.,
2.087c. wire, rails, black pipe and sheets
One week ago
2.087c. These products make 87% of the
One month ago
delivered basis. In fact, all of the business reported yesterday was booked
2 114c. United States output.
One year ago
on the 5.371c. basis. Large producers were virtually out of the market.
2.0870. Jan. 5
2.0370. Jan. 19
1932
'The present world agreement would naturally come to an end with a
2.1420. Jan. 13
2.0520. Dec. 29
1931
tariff o3 copper, and whether a new agreement would result from the •
2.3620. Jan. 7
2.1210. Dee. 9
1930
changed conditions appears most uncertain. Great Britain would in all
2 412o. Apr. 2
2.3620., Oct. 25
1929
probability soon follow with an Import duty on copper. The European
23910. Dec. 11
2.314c. Jan. 3
1928
2.4530. Jan. 4
2.2930. Oct. 25
1927
markets eased off as soon as the news of the tariff developments In this
2.4.530. Jan. 5
2.4030. May 18
1926
country was cabled abroad.
2.560e. Jan. 6
2.396c. Aug. 18
1925
Statistically, the market for copper has been barely holding its own.
Pig Iron
During April, according to private reports, stocks of refined copper actually
Based on average of basic iron at Valley
May 24 1932. 814.06 a Gross Ton.
increased slightly, owing chiefly to the slow movement of the metal into
One week ago
814.061 furnace foundry irons at Chicago.
consumptive channels. Curtailment in output is making further progress,
14.35 I Philadelphia, Buffalo. Valley and BlrOne month ago
but against the decline in production the industry has had to face an ex15.79 mingham.
One year ago
tremely dull market for copper products. Producers believe that production
High.
Low.
$14.81 Jan. 5
$14.06 May 17
will fall steadily over the summer period, and, tariff or no tariff, copper is
1932
15.90 Jan. 6
15.79 Dee. 15
1931
slowly moving into a better position. Prospects of currency inflation are
18.21 Jan. 7
15.90 Dee. 16
1930
being given serious attention by producers as well as consumers.
18.71 May 14
18.21 Dee. 17
1929
Export business was dull throughout the week. The total sales by the
18.59 Nov.27
17.04 July 24
1928
17.54 Nov. 1
19.71 Jan. 4
group since the first of the month amounted to about 6,600 short tons.
1927
21.54 Jan. 5
19.46 July 13
1926
The special price of Copper Exporters was reduced during the week to 5.50c.,
22.50 Jan. 13
18.96 July 7
1925
c.i.f. basis. Independent sellers sold copper abroad at prices ranging
Steel Scrap.
from 5.30c. to 5.45c., c.i.f. European ports.
rased on heavy melting steel QUOMay 24 1932, 27.41 a Gross Ton.
:Zinc Excited.
One week ago
27.41 tailors at Pittsburgh. PhlladelPhle
8.04 and Chicago.
One month ago
The firmer tone that developed late in the previous week brought out a
9.831
One year ago
fair inquiry from consumers. Offerings at the lower range soon disappeared,
High.
87.41 May 17
and prices were bid up rather sharply, especially in the last two days. The
$8.50 Jan. 12
1932
7.62 Dec. 29
11.33 Jan. 6
1931
news got about that further curtailment in production was imminent.
11.25 Dee. 9
15.00 Feb. 18
1930
with a strong possibility of a complete shutdown in ore operations in the
14.08 Dee. 3
17.58 Jan. 29
1929
Tri-State district, at least over the summer period. Early in the week
13.08 July 2
16.50 Dec. 31
1928
13.08 Nov.22
15.25 Jan, 11
1927
Prime Western zinc sold as low as 2.30c. per pound, St. Louis; yesterday
14.00 June 1
17.26 Jan. 5
1926
day it was
a fair quantity sold at 2.875c., near-by delivery. Late in the
15.08 May 2
20.83 Jan. 13
1925
said that scattered lots could have been picked up at slight concessions
chiefly through second-hands.
"Steel" of Cleveland in its regular weekly summary of
iron and steel conditions, on May 23 stated:
Steel Production Again Declines to 24% of Capacity
Prices Unchanged.
Prices of finished steel products for the third quarter are
now under consideration and announcements may be made
within the coming week, announces the "Iron Age" of
May 26. A few advances are in prospect, perhaps on automobile body stock and some other special finishes of sheets
and on hot-rolled strip steel, but most of the current prices
probably will be reaffirmed for the next quarter. The
"Age" continues:
Structural steel requirements have expanded measurably, both in orders
and active inquiry,lending needed reinforcement to the automobile industry
in its almost single-handed support of the steel markets.
Including 12,000 tons for Long Island railroad grade crossing eliminations, last week's structural awards totaled 19,798 tons, largest since
late March. Its loan from the Reconstruction Finance Corporation will
enable the Pennsylvania railroad to release about 50,000 tons of its eastern
electrification.
Over 10,000 tons for various projects should be placed this week in the
New York district. Three Federal projects, up for bids at Washington in
June, call for 35,000 tons. The largest river barge award in months at
Pittsburgh is for 12, requiring 2,200 to 2.400 tons of plates and shapes.
In the aggregate, steel needs of the automobile industry continue to gain.
This is largely due to Ford, expected to close this week on material for a
June schedule which will be substantially larger than the May one. Detroit
and northern Ohio mills thus far have been the chief beneficiary of Ford
business; other districts may now share it.
Chevrolet probably will curtail somewhat in June. Some automobile
manufacturers will build up stocks next month in anticipation of a midsummer shutdown. June certainly will develop the heaviest automobile
production-and steel consumption-in nine months; what July does
depends on Ford.
The price situation commands greater attention. Barring some weakness
in narrow hot-rolled strip, finished steel prices have been rather well
stabilized. There has been an undercurrent that sheets might be advanced
several dollars a ton for the third quarter, and perhaps heavy finished steel
one.
But weakness in raw materials is persistent, and may become a threat.
Pig iron at Pittsburgh and Youngstown is off 50 cents. Scrap also is weaker
at Pittsburgh and Chicago, though more steady at Buffalo and Detroit.
By-product coke is off 50 cents at Chicago: Conneilsville foundry coke is
25 cents easier. Warehouses at Detroit have revised cold-finished prices,
Imposing quantity extras.
As a result of these adjustments, the iron and steel composite of "Steel"
is off six cents to $29.58 and the scrap composlio 21 cents to $6.92. Meanwhile, the finished steel composite is unchanged at $47.62.
Due largely to automotive specifications, Cleveland district mills expanded their operations six points last week to 38%. A rise of eight points
at Buffalo more than offset a slight decline at Pittsburgh, giving last week
a steel rate of 2535%• the highest since the week ended March 12. Buffalo
mills will retrench this week, while Pittsburgh may come back, indicating
little change but a possible slight recession.
Although all of the steel companies realize the need of more income,
there appears to be a difference of opinion as to the expediency of attempting at this time a general advance in steel prices, which, if not successful,
might jeopardize the stabilization movement inaugurated at the beginning
of the present quarter.
Conviction that prices should be advanced is strongest in the flat-rolled
branch of the industry, prices of sheets and strip having suffered the most
severely during the depression. On some special finishes, including automobile body sheets, the declines have ranged from $20 to $40 a ton as compared
with a few years ago. Makers of bars. shapes and plates seem to be Inclined
toward mere reaffirmation of current prices. In these products there is a
fairly encouraging prospect for increased volume, particularly if a Government relief program is adopted that involves new construction work.
Most of the consumers of steel seem to be no more than mildly interested
in third quarter prices, having so little work in view, but the Chrysler corporation has issued an inquiry for that period and will take bids June 6.
Another automobile manufacturer is asking for prices on steel for 10.000
of a new series of small cars on which production will be started in June
or July.
The automobile outlook is fairly promising in the light car field, but
unsatisfactory in the medium-price and quality groups, where production
will be pared down almost to the vanishing point by some companies.
Production of the Ford Motor Co., however, has expanded with unexpected
rapidity, the daily output having been stepped up to 3,500 cars, with 4,500
a day scheduled for June. This month's automobile output may pass
200,000 units, which would make it the best since July 1931. The June
output is estimated at not less than 225,000. Chevrolet and Plymouth
are expected to continue present schedules through June. Next month's
output will be very largely dominated by these three producers. Ford's
acceleration of production may bring heavier steel commitments very soon.
A fairly large purchase is expected within a few days.
Structural steel has taken a little spurt in the past week, with lettings
of about 18,000 tons, including 12,000 tons for Long Island RR. grade
elimination at Valley Stream, L. I. This amount is small, however, when
compared with the steel building projects pending. To this has been added
18,200 tons, of which 9,000 tons is for a New York Central viaduct on the
West Side, New York,and 2,500 tons for subway construction in Newark.
Railroads are doing very little buying, but the financial relief that is
being afforded through the Reconstruction Finance Corporation is expected
to pave the way for some orders from the carriers. Several roads are scrapping a large number oflocomotives,indicating that a demand for new motive
Power may precede that for cars.
Improvement in the oil industry is expected to bring some gain in steel
orders from that source. Some business in tanks Is already taking shape.
Farm implement manufacturers are busier on repair work.
There have been slight Increases this month in demands for some products, but losses in others Bars and sheets are moderately better, and wire
products are holding their recent improvement, but tin plate specifications
are being held back and there is a marked dearth of orders for plates, pipe
and rails. The Ensley rail mill of the United States Steel Corp. in Alabama, having completed all the orders on its books, has shut down together
with three blast furnaces and five open-hearth furnaces.
Larger steel output in some districts has not boon enough to balance
losses elsewhere, ingot production for the entire country having declined
district is at 20%
to 24% from 25% last week. Although the Pittsburgh
compared with 18% last week, and output at Detroit and Cleveland is
Coal Trade at the Head of the Lakes Abruptly Curtailed in April, Due to Warmer Weather-Deliveries
Continue Below Corresponding Period Last Year.
With the coming of milder weather in April, the coal trade
at the head of the Lakes was abruptly curtailed, reports
the United States Bureau of Mines, Department of Commerce. Not only were deliveries of both anthracite and
bituminous coal substantially less than in the month preceding, but they also fell considerably short of those in the
corresponding month of last year. The movement of anthracite was particularly sluggish, the total tonnage of hard
coal delivered during the month being 31.7% less than in
March and 43.2% less than in April 1931. Bituminous
deliveries, although 35.1% loss than in the previous month,
came within 4.2% of the tonnage delivered in the same
month a year ago.
The first coal shipments of the current season arrived at
the Duluth-Superior docks in April, but the tonnage was
not large. Moreover, in view of the substantial carry-over
3896
Financial Chronicle
remaining in the hands of the dock operators, it is probable
that shipments from the lower lake ports throughout the
season will be held at moderate levels. The Bureau further
reports as follows:
Bituminous Stocks.
A further reduction of 635,665 tons was reported in the commercial
reserves of bituminous coal at the head of the lakes during April. This
brings the total stocks in the bands of the dock operators to 4.388.132
tons, which Is 268.950 tons more than the amount in storage on the same
date of last year. Of the total quantity on hand on May 1. 3,078,245 tons
was held by the Lake Superior operators and 1,309,887 tons by those on
Lake Michigan.
Anthracite Stocks.
Stocks of hard coal have also declined during the past month and on
May 1 amounted to 503.873 tons. In comparison with a month ago, this
is a decrease of 15,424 tons, but is 69,909 tons more than the quantity on
hand on May 1 1931. Both the Lake Superior and Lake Michigan operators
reported a reduction in their reserves of anthracite on May 1, but the
decline was most pronounced at the Lake Superior docks, where stocks
fell from 299,826 tons on April 1 to 289,953 tons on May 1, a decrease of
9,873 tons. The commercial docks on the west bank of Lake Michigan
reported a total of 213,920 tons of anthracite remaining in storage on May
1, a decrease of 5,551 tons when compared with the amount of hand a
month ago.
STOCKS, RECEIPTS AND DELIVERIES AT COMMERCIAL DOCKS ON
LAKE SUPERIOR AND MICHIGAN, APRIL 1932, IN NET TONS.
Lake Superior.
Bituminous
Stocks on hand April La
Received during April
Delivered (reloaded)
On hand May 1
Anthracite
Stocks on hand April La
Received during April
Delivered (reloaded)
On hand May 1
Lake Mkhigan.
3,518,992
27.296
468.043
3,078,245
1,504,805
104,757
299,675
1,309,887
767,718
4,388,132
299,826
219,471
519,297
9,873
289.953
9,557
15,108
213.920
9,557
24,981
503.873
Total.
5,023,797
132.053
a Revised since last report.
Note.
-The above figures represent the commercial docks only and do not include
docks of Industrial consumers and rallraods operated for their own supply. For
Lake Superior, the source of information is the monthly tonnage report of the
Maher Coal Bureau, which as been supplemented by direct information from companies not covered by that report. The figures for Lake Superior are believed to
include all commercial companies operating at Duluth, Superior, Ashland and 'Washburn, and also certain others at Sault Ste. Marie, Hancock, and other points on the
upper peninsula of Michigan. The figures for Lake Michigan are collected direct
from the operators of docks on the west bank as far south as Racine and Kenosha,
not including, however, Waukegan and Chicago. Illinois.
Report on Foundry Operations in Philadelphia Federal
Reserve District by University of Pennsylvania.
"The tonnage of steel castings produced during April
in the Philadelphia Federal Reserve District by firms
reporting to this Department," says the Industrial Research
Department of the University of Pennsylvania, "increased
nearly 25%. The gray iron and malleable iron branches
of the industry," continues the Department, "however,
suffered losses of 11 and 28%, respectively." The Research
Department further reports:
The volume and value of shipments decreased both in the iron and
steel foundries, but the average price remained about the same. Both
groups, likewise, had a smaller tonnage of unfilled orders at the end than
at the beginning of the month.
Iron Foundries.
No. of
Firms
Per Cent
April
inv.
1932.
31
31
30
4
30
18
27
26
90
Capacity (short tons)
11,072
Production (short tons)
1,417
Gray iron (short tons)
1,248
Jobbing (short tone)
977
For further manufacture (short tons)
271
Malleable Iron (short tons)
169
Shipments (short tons)
1,818
$180.762
Value
Unfilled orders (short tons)
378
588.862
Value
Raw stock:
Pig iron (short tons)
2,381
Scrap (short tons)
1,291
Onka /Own., tnnal
381
Per Cent
Change
Report-
Change
from
from
Mar. 1932. Apr111931.
0.0
-13.2
-10.8
-12.4
-4.8
-27.6
-4.6
-5.3
-15.7
+01.6
0.0
-45.3
-44.0
-44.2
-43.2
-53.2
-35.7
-41.7
-19.0
-1.1
-1.9
+7.8
-16.7
-15.8
-16.9
-40.5
Gray Iron Foundries.
The production of gray iron castings in 30 foundries during April was
nearly 11% less than in the previous month and 44% less than in the
same month of last year. The decrease was mainly in castings for Jobbing
work which was over 12% less than in March, while the tonnage of castings
used in further manufacture within the foundries declined less than 5%•
The declines in activity from a year ago were practically the same in both
classes of work. From the experience of other years, a decrease in output
was to be expected. The percentage of decrease, however, was larger
than usual. Since 1926 the decreases never exceeded 8% in the corresponding period with the exception of 1928, when the decline was over 14%
The tonnage of castings produced by foundries located in Philadelphia
continued to decline. The activity in plants operating In the balance
.
of this Federal Reserve District was only two-thirds of that in March.
thus losing the slight gains of the two previous months. Five of the
eight plants reporting increased activity are located In Philadelphia.
Shipments of iron castings during Aprit continued to decline although
at a slower rate than the contraction of production. The decreases were
about 5% in both tonnage and value. The average price per pound
was but slightly less thn a month ago and about half a cent a pound less
than in April of last year.
The tonnage of unfilled orders on hand at the end of April was over
15% less than at the beginning of the month. This would be expected
since deliveries were nearly maintained with a greater decrease in production. The value of unfilled orders increased about 10%.
Stocks of pig iron on hand were practically the same as at the end of
last month, those of scrap were more, and the amount of coke on hand was
less. All raw materials In stock at the end of April were less than a
year ago.
May 28 1932
Prices per Pound of Shipments.
Iron Castings.
Steel Castings.
5.0559
.0563
.0616
5.0708
.0706
.0712
April 1932
March 1932
April 1931
Malleable Iron Foundries.
The tonnage of malleable iron castings produced in four foundries during
April was over 25% less than in the previous month. The precipitous
decline in activity since last October brings the volume of output of malleable
castings to the lowest point since the stud was started in 1926.
Steel Foundries.
No. of
Firms.
Reportint.
8
8
8
7
6
6
6
April
1932.
Capacity (short tons)
Production (short tons)
Jobbing (short tons)
For further manufacture (short tons)
Shipments (short tons)
Value
Unfilled orders (short tons)
Value
Raw stock:
Pig iron (short tons)
Scrap (short tons)
Coke (short tons)
Per Cent
Per Cent
Change
Change
from
from
Mar. 1932. Apri/ 1931.
8,630
1,279
1,229
50
1,054
$149,205
2,224
5249,864
0.0
+23.6
+27.4
-28.6
-13.4
-13.2
-8.0
-8.2
186
4,031
247
-0.8
-16.0
-1.4
'
0.0
-51.1
-46.0
-85.4
-54.7
-55.0
+47.8
+17.6
-47.1
+5.1
-38.8
The output of steel castings during Apri in eight foundries was 23.6%
more than in the previous month. In spite of this substantial gain in
activity, the total production was only about half of that produced in
the same period of last year and about one quarter of the average monthly
production in 1926. The gain in activity was confined to the production
of castings for Jobbing work which increased over 27%. The volume of
castings produced for further manufacture within the plants has almost
reached the vanishing point.
Deliveries of steel castings, however, did not keep pace with the increased output. Compared with the shipments of the previous month,
the total deliveries made in April declined by approximately 13% in tonnage
and value. The average price of steel castings was practically the same
as a month ago and a year ago. The increased spread between the current
average prices of iron and steel castings as compared with those prevailing
a year ago still pers'sts.
Unfilled orders on hand at the end of April showed a decrease of 8%
in volume and value as compared with those reported a month ago. In
spite of the decline, the total reported is still in excess of the orders unfilled
a year ago.
Stocks of pig iron and coke at the end of the month were practically
the same as at the close of March while the tonnage of scrap on hand was
less. Compared with the corresopnding period of last year, the tonnage
of pig iron and coke in stock was less, but that of scrap was more.
Decrease Reported by Philadelphia Federal Reserve
Bank in Employment in Pennsylvania Anthracite
Collieries-Wage Payments Increased 19% from
March to April.
Anthracite employment showed a decline of 5%, while
wage payments increased 19% from March to April, according to the indexes compiled by the Philadelphia Federal
Reserve Bank from reports received by the Anthracite
Bureau of. Information from 159 collieries employing about
96,000 workers and having a weekly payroll of $2,800,000.
The gain in the amount of wages paid indicates an increase
in operating time.
The employment index in April was 68% of the 1923-25
average or 18% lower than a year ago. The payroll index
was 62, showing a drop of 3% from April 1931. Comparisons follow:
1923-1925 averagf=100.
Wage Payments,
EmPlolitneni•
1930.
January
February
March
April
May
June
July
August
September
October
November
December
1931.
1932.
1930.
1931.
1932.
105.6
107.8
83.3
84.8
92.3
89.5
90.3
81.7
91.9
96.2
94.7
96.6
88.3
87.1
79.9
74.2
69 8
71.7
68.1
92.1
75.8
79.8
55.7
83.8
64.6
86.5
45.6
52.1
48.6
51.9
82.9
78.3
74.2
63.4
65.5
77.8
84.4
81.2
77.7
103.7
67.1
63.9
85.8
73.2
72.8
68.2
78.2
102.3
83.2
85.0
61.8
47.8
55 0
77.3
62.3
66.4
Production of Bituminous Coal and Pennsylvania
Anthracite Continues to Fall Off.
According to the United States Bureau of Mines, Department of Commerce, production of bituminous coal afid
Pennsylvania anthracite is still on the decline, amounting to
4,328,000 net tons and 767,000 tons, respectively, during
the week ended May 14 1932. This compares with a total
output of 4,475,000 tons of bituminous coal and 968,000
tons of anthracite during the preceding week and 6,783,000
tons of bituminous coal and 875,000 tons of anthracite
during the corresponding period last year.
During the calendar year to May 14 1932 there were
produced 117,154,000 net tons of bituminous coal as against
145,938,000 tons during the calendar year to May 16 1931.
The Bureau's statement follows:
BEEHIVE COKE.
Production of beehive coke during the week ended May 7 is estimated at
11.000 net tons, the same figure as for the preceding week, and the lowest
Financial Chronicle
Volume 134
n years. Cumulative output since the beginning of the year amounts to
328.200 tons,indicating a decrease of46.2% from that for the corresponding
period in 1931.
Estimated Weekly Production of Beckire Coke (Net Tons).
Week Ended
1931
1932
May 7
May 9
April 30
to
to
Region
1932.
1932.
1931.
Date.
Date.a
Pennsylvania
8,900
8,100
18,600
274,200
474,800
West Virginia
800
500
3,000
20,000
63,100
Tennessee and Virginia_ _
.
1,200
1,700
2,700
23,100
54,700
Colo., Utah & Wash
400
400
900
17,400
10,900
United States total
11.000
11,000
25,200
328,200
610.000
Daily average
1,833
1,833
4,200
2,984
5,545
a Minus one day's production first week in January to equalize number of days
n toe two years.
The total production of by-product coke in the month of April amounted
to 1,883,391 net tons. The daily average rate for the month was 62,780
tons
-a decrease of 6.9% from the March rate. Beehive coke production
decreased from 87.400 tons in March to 56,000 tons in April. Based on the
daily average, this decrease was 33.5%•
BITUMINOUS COAL.
Production of bituminous coal continues to decline. The total output
during the week ended May 14, including lignite and coal coked at the
mines, is estimated at 4,328,000 net tons. This is a decrease of 147.000
tons,lor 3.3% from the preceding week, and compares with 6.783,000 tons
produced during the week in 1931 corresponding with that of May 14.
Estimated United States Production of Bituminous Coal (Net Tana).
1932
1931
Cal. Year
Cal. Year
Week Ended
Week.
to Date.
to Dayeas
Week.
April 30
4,717,000
108,351,000
132,440,000
6,422,000
Daily average.... 786.000
1,054,000
1,286,000
1,070,000
May 7
4,475,000
112,826,000
6,715,000
139,155,000
Daily average.. - 746,000
1,037,000
1,277,000
1,119,000
May 14 b
4,328,000
117,154,000
145,938,000
6,783,000
Daily average_ 721,000
1,021,000
1,269,000
1,131,000
a Minus one day's production first week in January to OQUaille number of days
n the two years. b Subject to revision.
The total production of soft coal during the present calendar year to
May 14 (approximately 115 working days) amounts to 117,154,000 net tons.
Figures for corresponding periods in other recent calendar years are given
below:
1931
145,938,000 net tonsI1929
196.385,000 net tons
1930
179,511,000 net tons j1928
180,170,000 net tons
As already indicated by the figures above, the total production of soft
coal during the week ended May 7
-the latest week for which detailed
3897
figures are available- amounted to 4,475.000 net tons. The following
table appprtions the tonnage by States and gives comparable figures for
other recent years:
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
May 1923
StateMay 7'32. Apr. 3032 May 9 '31. May 1030. Arer. a
Alabama
150,000
163,000
301,000
244.000
398.000
Arkansas & Oklahoma.-12,000
10.000
25,000
66,000
41,000
Colorado
47,000
71,000
92,000
168,000
104,000
152,000
176,000
Illinois
749.000
759,000 1.292,000
Indiana
138,000
141,000
223,000
271.000
394,000
47,000
52,000
Iowa
48,000
52,000
89,000
Kansas and Missouri_-72,000
64,000
78,000
80,000
131,000
Kentucky-Eastern
385,000
377,000
562,000
765.000
679,000
146,000
Western
138,000
106,000
171,000
183,000
Maryland
22,000
27,000
36,000
39,000
47,000
Michigan
8.000
5.000
2,000
8,000
12,000
28.000
31,000
Montana
30,000
39,000
42,000
New Mexico
17,000
18,000
30.000
57,000
34,000
North Dakota
17,000
24,000
18,000
13,000
14,000
90,000
91.000
Ohio
353,000
860,000
418,000
1,368,000 1,438,000 1,885,000 2,484,000 3.578,000
Pennsylvania (bit.)
50,000
47,000
80,000
Tennessee
113,000
121,000
8,000
7,000
19,000
Texas
11,000
22,000
28,000
35,000
38,000
Utah
46,000
74,000
133,000
170,000
130,000
Virginia
190,000
250.000
Washington
23.000
24,000
28.000
35,000
44.000
W. Va.-Southern b
1.054,000 1,137,000 1,317.000 1,678,000 1,380,000
441,000
444,000
481,000
Northern c
656,000
862.000
91,000
70,000
Wyoming
63,000
80,000
110.000
1,000
1,000
1,000
Other States
3.000
5,000
4,475,000 4,717,000 8.715.000 8,391,000 10.878.000
Total bit. coal
Pennsylvania anthracite. _ 968.000 1,415.000 1,021.000 1.397,000 1,932.000
Total all coal
5,443,000 6,132,000 7,736.000 9,788,000 12.810.000
•Average weekly rate for the entire month. b Includes operations on the N. &
W.; C.& O.; Virginian; K. dr M., and B. C. & G. c Rest of State, includin; Panhandle.
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
May 14 is estimated at 767,000 net tons. Continuing the abrupt decline
which started May 1. this shows a decrease of 201,000 tons, or 20.8%.
from the output in the preceding week. Production during the week In
1931 corresponding with that of May 14 amounted to 875,000 tons.
Estimated Production of Pennsylrania Anthracite (Net Tons).
1932
1931
Daily
Daily
ireek Ended
Average.
A rerage.
Week.
Week.
A pril 30
1.415.000
235,800
282,500
1.695,000
May 7
161,300
968.000
1.021,000
170,200
May 14
767.000
145.800
b75.000
127.800
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ending May 25 as reported by
the Federal Reserve banks was $2,005,000,000, an increase
a $61,000,000 compared with preceding week and $1,115,000,000 compared with the corresponding week in 1931.
After noting these facts, the Federal Reserve Board proceeds as follows:
On May 25 total Reserve bank credit amounted to $2,048,000.000,
an
Increase of
$60,000.000 for the week. This increase corresponds with an
increase of $22,000,000 in member bank reserve balances and decreases of
367,000,000 in monetary gold stock and 39,000,000 in Treasury currency,
adjusted,offset in part by a decrease of $39,000,000 in money in circulation.
Holdings of discounted bills increased $6,000,000 at all Federal Reserve
banks, only minor changes occurring in the amounts held by the individual
Federal Reserve banks. The System's holdings of bills bought in open market declined $3,000,000, while holdings of United States bonds increased
$16,000,000, of Treasury notes $1,000,000 and of Treasury certificates and
bills $42,000.000.
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 May 25, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 3940 and 3991.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
May 25 1932 were as follows:
May 25 1932.
Bills discounted
Bills bought
U. S. Government securities
Other Reserve Bank credit
471,000,000
38,000,000
1,525,000,000
13,000.000
Increase (+) or Decrease (-)
Since
May 18 1932. May 27 1931.
$
+6,000,000 +318.000.000
-3,000,000
-87,000,000
+59,000,000 +927.000,000
-3,000.000
+3,000.000
TOTAL RES'VE BANK CREDIT_2,048,000,000 +60,000,000
+1.162.000,000
Monetary gold stock
4,207.000,000 -67,000,000 -588,000,000
Treasury currency adjusted
1,790,000,000 -9,000,000
+3,000,000
Money in circulation
5410,000.000 -39,000,000 +776,000.000
Member bank reserve balances
2 214,000,000 +22,000,000 -211,000,000
Unexpended capital funds. non-membeedeposits. &c
420.000,000 -1,000,000
+11.000,000
Returns of Member Banks in New York City and
Chicago-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City as well as those in
Chicago on Thursday, simultaneously with the figures for
the Reserve banks themselves and for the same week, instead
of waiting until the following Monday, before which time
the statistics covering the entire body of reporting member
banks in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the current week, as thus issued in advance of the full statement of
the member banks, which latter will not be available until •
the coming Monday. The New York City statement of
course also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week records a decrease of $21,000,000, the amount of these
loans on May 25 1932 standing at $393,000,000, a new low
record for all time since these loans were first compiled in
1917. Loans "for own account" decreased during the week
from $367,000,000 to $350,000,000 and loans "for account
of out-of-town banks" from $41,000,000to $37,000,000,
while loans "for account of others" remain unchanged at
$6,000,000,000. The amount of these loans "for account of
others" • has been reduced the past 28 weeks due to the
action of the New York Clearing House Association on Nov.5
1931 in restricting member banks on and after Nov. 16 1931
from placing for corporations and other than banks loans
secured by stocks, bonds and acceptances.
CONDITION OF WEEKLY REPORTING MEMBER BANE IN CENTRAL
RESERVE CITIES.
New York.
May 25 1932. May 18 1932. May 27 1931.
g
g
g
Loans and investments-total
6,583.000,000 6,604,000,000 7.815,000.000
Loans-total
On securities
MI other
Investments-total
U. S. Government securities
Other securities
3825,000,000 3,879,00 .000 5,152,000,000
1 810,000,000 1,840,000.000 2.969.000,000
2 015,000,000 2.'19,00 ,000 2.183.000,000
2 758,000,000 2,725,000.000 2.663,000,000
1,781.000,000 1.759,000,000 1,505.000,000
977,000,000 966,000,000 1.158.000.000
Reserve with Federal Reserve Bank._
Cash in vault
899.000,000
42,000.000
850,000,000
43,000,000
867,000,000
48,000,000
Net demand deposits
Time deposits
Government deposits
5 133.000,000 5,092.00',000 5,818,000.000
786,000,000 766.000.000 1.251.000.000
101.000.000 120,000.000
9,000,000
Due from banks
Due to banks
62,000,000
68,000,000
78,000.000
1 108,000,000 1,098,000,000 1.178,000.000
Borrowings from Federal Reserve Bank.
Loans on secur. to brokers & dealers;
For own account
350,000,000
For account of out-of-town banks.
37,000.000
For account of others
6,000,000
Total
On demand
On time
367.000,000 1.191,000,000
41,000,000 207,000,000
6,000,000 176,000,000
393,000.000
414.000.000 1,574.000,000
294,000,000
99,000.000
315,000,000 1,234,000.000
99.000.0(1(1 340.000.000
904,000,000
903,000,000 1,337,000,000
518,000,000
386,000,000
520,000,000
383,000,000
768,000,000
569,000,000
410'4ig
449,000,000
449,000,000
604,000,000
$1.
262,000,000
187,000,000
262,000,000
187,000,000
341,000,000
263,000,000
Net demand deposits
Time deposits
Government deposits
892,000,000
380,000,000
17,000,000
885,000,000 1,219,000,000
382,000,000 648,000,000
20,000,000
2,000,000
Due from banks
Due to banks
156,000,000
279,000,000
172,000,000
284,000,000
195,000,000
333,000,000
1,000,000
1,000,000
1,000,000
Borrowings from Federal Reserve Bank_
170,000,000
15,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statement for the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on May 18:
The Federal Reserve Board's condition statement of weekly reporth3gs
member banks in leading cities on May shows decreases for the week of
$103,000,000 in loans and investments,$12,000,000 in net demand deposits,
$35,000,000 in time deposits and $49,000,000 in Government deposits, and
increases of $36,000,000 in reserves with Federal Reserve banks and of
$5,000.000 in borrowings from Federal Reserve banks.
Loans on securities declined $10.000,000 in the Boston district,$9,000,000
in the Chicago district,$6,000,000 in the New York district and $27,000,000
at all reporting banks. "All other" loans declined $8,000,000 in the Chicago
district, $7,000,000 each in the New York and Cleveland districts and
$29,000,000 at all reporting banks.
Holdings of United States Government securities declined $67,000,000
In the New York district, $6,000.000 each in the Boston and Philadelphia
districts and $51.000,000 at all reporting banks, and increased $21.000,000
In the St. Louis district and $14,000,000 in the Chicago district. Holdings
of other securities increased $9,000,000 in the New York district and
$4,000,000 at all reporting banks.
BorrcrwJngs of weekly reporting member banks from the Federal Reserve
banks aggregated $180,000,000 on May 18, the principal change for the
week being an increase of $7,000,000 at the Federal Reserve Bank of San
Francisco.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
May 18 1932, follows:
increase (+) or Decrease (-)
Since
Mao 181932. May 111932. May 20 1931.
g
Loans and investments-totaL -19,037,000,000
On securities
All other
11,661,000,000
-56,000,009 -3,244,000,000
4,950,000,000
6,711,000,000
-27,000,000 -2,031,000,000
-29,000,000 -1,213,000,000
7,376,000,000
-47,000,000
-427,000.000
-51,000,000
+4,000,030
+146,000,000
-573,000,000
1,718,000,000
207,000,000
+36,000,000
-1,000,000
-116,000,000
-16,000,000
Reserve with 1', it. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. Banks
11,134,000,000
5,674,000,000
320,000,000
-12,000,000 -2,623,000,000
-35,000,000 -1,735,000.000
-49,000,000 +256,000,000
1,233,000,000
2,756,000,000
-2,000,000
-31,000.000
-491,000,000
-914,000,000
180,000,000
+5,000.000
+152,000,000
Stock of Money in the Country Increased $5,541,576
in April.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. It is important to note
that, beginning with the statement of Dec. 31 1927, several
very important changes have been made. They are as
follows: (1) The statement is dated for the end of the month
instead of for the first of the month; (2) gold held by Federal Reserve banks under earmark for foreign account is
now excluded, and gold held abroad for Federal Reserve
banks is now included; and (3) minor coin (nickels and cents)
has been added. On this basis the figures this time, which
April 30 1932, show that the money in circulation
are for 4
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
$5,464,626,961, as against $5,459,085,385 on March 31 1932
and $4,652,414,437 on April 30 1931, and comparing with
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U.S. Government securities.... 4,093,000,000
3,283,000,000
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Investments-total
27
.
1
17,314.129,728
196,000.000
15,000,000
a
,..
I
c3.954.078,983 2.067,933,743
200,000,000
15,000,000
.
47
Held be
Federal
Reserve
Banks
and
Awn:8.e
Reserve with Federal Reserve Bank__
Cash in vault
''''' I
Total.
U.S. Government securities
Other securities
E
MONEY OUTSIDE OF THE TREASURY.
Investments-total
-total
Loans
''''''' .?
'''''
HEM
,...,....
: ::::::: .....v
..,, 4 g•i' I.:.i
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On securities
All other
c3.986.790.892 2.085,245.163
c4.171,968,497 2 6.824.574
.19
438, 64.
8 530 718.674.378
c2.
c2.952.020.313 2,681.691.072
c1.845.569,804 1.507.178.879
c212.420.402
21.602.640
-total
Loans
May 28 1932
$5,698,214,612 on Oct. 31 1920. Just before the outbreak
of the World War, that is, on June 30 1914, the total was
only $3,459,434,174. The following is the statement:
MONEY HELD IN THE TREASURY.
Loans and investments-total
Financial Chronicle
Chicago.
May 25 1932. May 181932. .3tay 27 1931.
it
$
$
1,353,000,000 1,352,000,000 1,941,000,000
5,464.626,961
3898
0.0N540.
440..1,
.:-..
15" Lico"28M os ' 2
4
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2
• Revised figures.
a Does not include gold bullion or foreign coin other than that held by the Treasury, Federal Reserve banks and Federal reserve agents. Gold held by Federal
Reserve banks under earmark for foreign account Is excluded, and gold held abroad
for Federal Reserve banks is included.
b These amounts are not included in the total since the money held in trust against
gold and silver certificates and Treasury notes of 1890 Is included under gold coin
and bullion and standard silver dollars. respectively.
e The amount of money held In trust against gold and sliver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock *of money in the United
States.
a This total includes 835,409,821 gold deposited for the redemption of Federal
Reserve notes ($995,870 in process of redemption), $29,518,773 lawful money deposited for the redemption of National bank notes ($16,165,851 In process of redemption, including notes chargeable to the retirement fund). 81,350 lawful money
daposited for the retirement of additional circulation (Act of May 30 1908), and
$16,804,221 lawful money deposited as a reserve for postal savings deposits.
Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta,
f The money to circulation includes any paper currency held outside the continental limits of the United States.
-Gold certificates are secured dollar tor dollar by gold held in the Treasury
Note.
for their redemption; sliver certIlicatea are secured dollar for dollar by standard
dollars held in the Treasury for their redemption; United States note.; are
sliver
secured by a gold reserve of 5156,039,088 held In the Treasury. This reserve fund
may also be used for the redemption of Treasury notes of 1890. which are also
secured dollar for dollar by standard silver dollars held In the Treasury; these notes
are being cancelled and retired on receipt. Federal Reserve notes are obligations
of the United States and a first lien on all the assets of the Issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve
agents of a like amount of gold or of gold and such discounted or purchased paper
as is eligible under the terms of the Federal Reserve Act, or, until March 3 1933. of
direct obligations of the United States If so enchanted by a majority vote of the
Federal Reserve Board. Federal Reserve banks must maintain a gold reserve of
at least 40%. Including the gold redemption fund which must be deposited with the
United States Treasurer, against Federal Reserve notes in actual circulation.
Lawiej money has been deposited with the Treasurer of the United States for retirement of all outstanding Federal Reserve bank notes. National bank notes are
secured by United States bonds except where lawful money has been deposited with
the Treasurer of the United States for their retirement. A 5% fund is also maintained in lawful money with the Treasurer of the United States for the redemption
of National bank notes secured by Government bonds.
Gold and Silver Imported Into and Exported From
the United States, by Countries, in April 1932.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
Financial Chronicle
Volume 134
its monthly report (figures subject to revision), showing the
imports and exports of gold and silver into and from the
United States during the month of April 1932. The gold
exports amounted to $49,509,170, of which $24,526,766
went to France and $18,706,863 to Netherlands. The
imports were $19,542,812, of which $7,288,526 came from
Canada, $3,329,404 from Mexico and $2,013,195 came
from Japan. Below is the report:
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES, BY COUNTRIES.
GOLD.
Total,
CountrieS
Exports.
Belgium
Prance
Germany
Italy
Netherlands
Poland.4 Danzig_ _ _
Switzerland
United Kingdom_ _ _
Canada
Costa Rica
Guatemala
Honduras
Nicaragua
Panama
Salvador
Mexico
Jamaica
Trinidad
Other Brit. W.Ind_
Cuba
Dominican Repub_
Dutch West Indies_
Chile
Colombia
British Guiana_
Peru
Uruguay
Venezuela
Ceylon
China
Netherland E. Ind_
Hong Kong
Japan
Philippine Islands..
Australia
New Zealand
Total
Imports.
SILVER.
Refined Bullion.
Total (Ind. Coin).
Exports. Imports. Exports. Imports.
Dollars. Dollars. Ounces. Ounces. Dollars. Dollars.
669,000
160
62
24,526,766
200
33,057
8,850
68
3,345,434
59,590
99,892
29,094
556
100,726
1,840
900
18,706,863
1,250
115,000
100,362
2,022,197
400,490
232 143,412
21,934 7,288,526 120,939
2,400 92,228
78,970
5,264
24,412
26,266
244,564
281,336
23,628
1,315
3,838
180
206
132
3,329,404
2 090,095
20,700 930,094
4,334
3,829
7,123
5,914
62
64,093
77,677
2,950
7,150
21,565
1.325
57,062
16,409
7,230
22,516
22
1,047,351
175,993
1,000.000
158,395
3,692
151
1,430,005 4,522,848 793,402 1,274,585 238,020
125,415
245,427
38,565
971,614 400,473
113,134
2,013,105
24,752
7,364
320,342
3,359
982,580
1,379
40,895
101
28
49.509.170 10.270.521 5.177.209 3.721.829 1.616.500 1.889,529
Government Paid £90,000,000 in Unemployment Benefit Last Year.
The unemployment fund absorbed nearly £90,000,000
from the British Treasury in the fiscal year 1931-32, it is
stated in a report to the Commerce Department from Trade
Commissioner Roger R. Townsend, London. The fund
disburses all insurance contributions received from employers and employees as well as from the exchequer, according
to the Department, which on May 20 further reported:
British
A total amount of £144,000,000 was distributed from the Treasury
for
unemployment benefits, health insurance and widows', orphans' and old
age pensions during the year.
The national health insurance fund received £6,362,000, while payments
in respect to contributory pensions schemes (widows', orphans' and old
age) amounted to £10,000,000. Payments for old
age Pensions totaled
n7,900,000.
Expenditures of the various local poor law funds are not included in
the
above figures, and It was explained that no grant is paid from the Exchequer directly in aid of such funds.
British Floating Debt Increased over £17,000,000 in
Past Financial Year.
The British national accounts for the financial year ended
March 31 1932 show an increase of £17,630,000 in the total
floating debt outstanding as compared with the end of the
financial year 1931, it is made known in a report to the
Department of Commerce from Trade Commissioner Roger
R. Townsend, London. The Department May 19 likewise
said:
The principal items of expenditure that account
for this increase were
given, in reply to a question in Parliament, as follows:
Payments of accumulated interest on savings
certificates in
excess of the provision for that purpose in the
permanent debt
charge
£8,431.000
Payments for Victory bonds, &c.. tendered for estate
duties-- _ 7,394.000
Payments to the depreciation fund for 5% War Loan
1,370.000
The total floating debt outstanding on
March 31 1932 amounted to
£611,955,000. composed of £804,455,090 in Treasury bills
and £7,500,000
In ways and means advances by public departments; at the end of the
preceding financial year, Treasury bills amounted to £569,825,000 and advances
by public departments to £24.500,000. During the past financial year
there was thus an incresse of £34,630,000 in Treasury bills outstanding and
a decrease of £17,000.000 in ways and means advances. No ways and
means advances by the Bank of England were outstanding at the end of
either year.
Move to Let Great Britain Buy Silver Reserve-Tories
Urge Plan in House of Commons to Protect Sterling
-Proposal Lost - Treasury - Secretary Assures
House Nation Will Not Return to Gold "While
Prices Behave As Now."
From its London correspondent the New York "Times"
reported the following May 25:
3899
A move to permit the Treasury to purchase silver as well as gold to
protect sterling was made to-day in the House of Commons. Although
It was defeated, it was championed by two strong leaders of the Conservative party.
The proposal came in the form of an amendment to the finance bill
introduced by L. S. Amery, former Dominions Secretary, and seconded by
Sir Robert Horne, former Chancellor of the Exchequer. Mr. Amery
explained that the amendment was permissive, not mandatory, so it would
not commit the country to any far-reaching scheme of bimetallism. He
urged it so that the Government might have power to protect sterling
against fluctuations in silver as well as gold, and said such a provision
was desirable because of Britain's trade with the silver countries of the
Far East.
In a discussion over a sentence in the finance bill providing that the
account for stabilizing exchange be abolished six months after the gold
standard is resumed,several members indicated they wanted assurance that
Britain never would return to gold under any circumstances. The objection to the bill's provision was that it implied the Government expected to return to gold and gave the Impression of such an intention to
foreign countries.
Elliot Gives Assurance.
Walter Elliot, Financial Secretary to the Treasury, assured the House
that the Government had "no intention whatever of going back to the
gold standard." This announcement was received with cheers, but Major
Elliot added. "at any rate while gold prices are behaving as now."
This was not cheered.
Mr. Amery predicted the silver question would arise soon on an international basis and certainly at the Ottawa-Imperial Conference. He said
Britain should go there with a free hand to do what was required.
Sir Robert Horne said it would be a good thing if Britain could get rid
of its gold mentality and begin to think seriously in terms of the new situation.
"Last year the American Senate passed unanimously a resolution asking the President W call an international currency conference and, according to my information, when a tentative suggestion of that kind came
from America to the Government of this country, it was not received
enthusiastically.
Progress Since Then.
"Since then the question has progressed in America much further.
The Coinage Committee of Congress, quite independent in its composition,
for it hasn't a single representative of the silver States, recently reported
in favor of a conference of nations interested in the restoration of the
price level of commodities through the stabilization of international exchanges and declaring for the utilization of silver as well as gold to that
end. As no ultimate solution of the problem can be reached by action
of this country alone
-it requires the co-operation of other countries,
Particularly the 'United States
-I suggest provision shall be made in the
bill to enable the Government to go forward without committing us to
any action contrary to our wishes."
Sir Edward Hilton Young on behalf of the Government asked that the
amendment be withdrawn, adding that the request did not mean that
the Ministry intended to prejudge the issue raised, which undoubtedly will
be discussed at Ottawa. He explained that the stabilization account had
been devised for a specific purpose and it would be more useful to the
Government in its original form than with the proposed changes.
Thereupon Mr. Amery offered to withdraw the amendment, but the
Opposition refused to allow that, so the amendment was negatived.
Advocates Paper Currency.
J. W. Hills, Conservative, said that Britain was still only one step removed from the gold standard because the exchange value of the pound
was expressed only in terms of dollars and francs and the whole effort
of the Treasury was devoted to keeping British currency stable in terms
of the gold currencies of the United States and France. He wanted Britain
to disregard gold entirely and adopt an unrelated paper currency managed
with reference to commodity prices and based on the stability of the British
Empire, attracting to its ambit other countries with currencies already
linked to sterling.
Josiah 0. Wedgewood moved to amend the bill by the addition of a
clause prohibiting the Treasury from buying any gold. This was opposed
on the ground it would detract from the flexibility of the stabilization
account, thereby impairing its usefulness in protection of sterling against
fluctuations. The amendment was lost by a vote that gave the Government a majority of 301.
F. J. Lisman Holds Bimetallism Impractical-Credit
Structure Would Have Been Wrecked 40 Years Ago
by Silver Inflation Except for Stand of President
Cleveland.
Bimetallism is impracticable and any attempt to make
people accept silver for monetary purposes at an artificial
ratio to gold would only result in a premium on gold, according to F. J. Liman, who points out that virtually all
of the agitation for silver comes from the seven silverproducing States. Mr. Lisman says:
"There is much talk about other or better standards of value than gold,
but they have not been found. If some country should try to substitute
something else, it could be usable only if everyone were willing to take
this substitute in exchange for whatever goods or services are sold-whether
this substitute be silver, platinum, or currency based on land credits,
wheat or pig iron. If everybody is not willing to accept it, then it is
not a proper means of exchange. It does not look as though anybody
would take any of these things.
"Whenever an attempt is made to force people to accept something
contrary to their desire, it results merely in a premium for the desired
article.
"Silver is an unimportant commodity with an important sentimental
value which is greatly accentuated and exploited for political purposes.
Thedecline in the price of silver has been parallel to that of other commodities, but during the past few years has been temporarily accentuated
by governmental action due to the impoverishment of Europe by the
World War and a colossal governmental blunder in India. Silver is
largely a by-product, and the natural law of supply and demand had best
be given play which will ultimately bring the best results to all.
"The entire credit structure of the United States would have been
wrecked about 40 years ago by silver inflation if we had not had courageous
Grover Cleveland in the Presidency.
"Five important countries of Europe-France, Belgium, Greece, Switzerland, and Italy-tried bimetallism for a whole generation and gave It up
because the world price of silver declined relatively to gold. If the most
3900
Financial Chronicle
important commercial nations were willing to coin and maintain silver
at a fixed ratio to gold, they could undoubtedly hold the price of the two
metals at the agreed upon ratio for as long as they are willing to stand
together in this practice. If for any reason the production of either metal
should increase disproportionately to the other, the countries not directly
benefited by such increased production would surely insist on changing
the arrangement with consequential violent upheavals of many financial
structures. The mere and probably frequent agitations for such a change
would be unsettling to business.
"Many experienced mining men are of the opinion that our planet has
been so thoroughly prospected for gold that the discovery of new important
gold fields is very unlikely. They fear that with the increasing demand
for gold for currency and the arts, its price will steadily rise. Inasmuch
as gold is nominally always selling at the same price, a theoretical rise in
the price of gold means an actual decline in the price of everything else,
with consequential great losses to the trading classes and business depression.
"But mankind has never yet succeeded in providing very far for future
generations. By endeavoring to fly from dangers or contingencies which we
realize, we are compelled to face new problems and risks not previously
conceived. Artificially to boost the price of anything brings about unfavorable kickbacks. We have very recent evidence of this in many directions.
For inflation purposes, paper is more serviceable than silver and does not
involve payments of bonuses to particular countries or sections."
Bank of England's Gold Purchases.
From its London Bureau the "Wall Street Journal" of
May 21 says it is learned from authoritative quarters that
the purchases of gold recently made by the Bank of England
were acquired directly from the Bank of France. The
message adds:
It is clear that the purchases were made possible by the new exchange
fund plan as otherwise it would be technically impossible for the Bank to
buy gold at the present high sterling rate.
Money Accumulating on All the Markets—British
Treasury Bills Now 1%—Same Rate for Monthly
Loans at Paris.
A London cablegram May 18. is quoted as follows from
the New York "Times":
All indications point to continuance of very easy money on this market.
This Is in line with the officlalpolicy, but it also reflects the present tendency
,.
interns
for London to become a receiving centre for large amounts of itre
tlona. funds. Recently the gilt-edged market of the Stock Exchange has
been absorbing much money in financing its greatly increased activity,
been made good
but any reduction of credit supplies due to this cause has
through release of money from official quarters.
This is done by means of purchase of bills in the open money market.
The rates at which these bills are bought are very low; consequently, there
is no possibility of any advance in market discount rates. The Treasury
is now issuing bills at less than 1%, while only a slightly higher rate prevails in the market for tine commercial paper.
A Paris message (May 20) to the same paper said:
The extreme money plethora is illustrated by the fact that loans on
defense bonds, which constitute the principal means of employing liquid
resources, are now made at 1% for one month and 14% for three. The
outstandink features of the Bank return as of May 13 were the decrease
of 632,000,000 in circulation and 1,544.000.000 in private deposits.
On the other hand, the Treasury deposits lost 2.063.000,000 in consequence of obta'ning subscription to the 3,000.000.000 of Treasury bonds
within 24 hours.
Press Doubts That Settlement on War Debts
Can Be Reached at Lausanne Conference- Extension of Moratorium Until after United States Election Thought Possible.
The London correspondent of the New York "Times"
stated on May 22 that with a unanimity of opinion that is
rarely to be found on political or financial questions, the
British press is agreed that the tactics of Prime Minister
MacDonald at the Lausanne conference will be to secure
an extension of the Hoover moratorium on war debts until
the American elections. The cablegram went on to say:
British
It is believed here that after the elections in the United States, when
the questions of war debts may be taken out of politics, an arrangement
will be possible under which France would be reconciled to the loss of
German reparations payments.
It is agreed that.any settlement between Germany and the creditor
Governments on reparations would need to be contingent upon the attitude
taken by the United States on the war obligations. Since it is taken
for granted now that America cannot forgive any part of the war debts
until the elections are over, there is little hope of results from Lausanne.
British Gold Purchases.
The city is puzzled by the action of the Bank of England last week
in purchasing £3,000,000 gold. It is supposed that the gold is to be
carried in the equalization fund, but the operations of this fund are not
being published. There was a large quantity of gold received last week
from India and from Africa, but its destination was not disclosed.
There are reports that the Bank of England subscribed £8,000,000 of
the £33,000.000 French internal loan. The purpose was supposed to be
that portion of the funds handled by
to secure some interest return on
the equalization fund which is invested in francs.
on the Continent and in America
In view of the disturbed conditions both
the fund will lead to heavy losses.
many bankers fear that operation of
an argument against the efforts made to
This possibility is offered as
of foreign exchanges instead of through
stabilize sterling by manipulation
selling price for gold.
the creation of a fixed buying and
approaches fear is widely expressed that Great
As the Ottawa conference
to gain by a system of Empire customs
Britian has more to lose than
by reports from Argentina, Brazil,
agreements. This feeling is intensified
which they propose to take in order
and Uruguay outlining joint measures
As half a billion pounds are invested in
to combat the Dominions.
who hold foreign interests fear the
Argentina by British nationals those
countries outside the Dominions.
effects of closing Empire trade to
May 28 1932
As to the Lausanne conference, scheduled for June 16,
London advices May 11 to the New York "Times" had the
following to say:
As the British Foreign Office has received informal intimations from
all the Governments concerned that June 16 is acceptable to them for
the opening of the Lausanne conference, the British Government, acting
under a mandate, will forthwith issue formal invitations for the meeting
to convene on that date.
The principal Governments that will receive summonses are France.
Italy, Germany, Belgium and Japan, as being, together with Britain,
primarily concerned with German reparations. Countries with lesser
stakes involved which also will be Invited are Czechoslovakia, Rumania,
Jugoslavia, Poland, Portugal, and Greece. Invitations will be sent to
Hungary and Bulgaria to participate in the conference when it discusses
non-German reparations.
In accepting the date suggested by Britain the other countries have
also implied their approval of the tentative British proposal that the
conference divide its work into three stages, covering German reparations, other reparations and general questions.
The "general questions" referred to in this provisional agenda were
defined by the British Foreign Office last February as "other economic
and financial difficulties which are responsible for or may pro:ong the
present world crisis."
It will be remembered that this June session was decided upon last
January, when the Lausanne conference planned for that month was
abandoned because of the general realization that nothing could then
be accomplished. There is no greater expectation now that anything
definite can be achieved next month, but it is considered more advisable
to meet and adjourn than have another postponement.
The only certainty with which all are going to Lausanne is that Germany is not going to resume payments after the Hoover moratorium
expires July 1. Beyond that is nothing but uncertainty. There is no
plan. So there is the best authority for believing that the delegates,
after admitting to one another that more time is needed, will adjourn.
The formal resolution of adjournment is not likely to contain any
reference to the Presidential election in the United States as the cause
of delay, but that is the crux of the whole situation, and it will be the
thing for which Lausanne will really have to wait.
London Preparing "Exchange Fund" Gold Purchases
Made in Program of Stabilizing Sterling Market—
Treasury Backs Bank of England.
The Bank of England's official and unexpected purchases
of about £3,000,000 gold from the open market continue to
arouse discussion said a London wireless message May 19
to the New York "Times" which went on to say:
There is no question that these operations were directly connected with
the establishment by the Government of an "exchange equilibrium account."
for which £150,000,000 is to be assigned and which is intended to provide
funds, not only for purchase of sterling exchange when necessary, but also
for purchase of gold. The recent purchases were obviously in the nature
of "special operations," and the actual arrangement made by the Bank
of England and the Treasury for managing the exchange fund Is likely to
remain a matter of conjecture. Further purchases of gold by the Bank
are expected from time to time.
It is not thought that the Bank of England made these purchases from
gold just arrived In the open market. No large quantities have lately
become available in that quarter. During the past 10 weeks, however.
Imports of gold have exceeded exports by more than £13,000.000, and it is
supposed to be from the amounts thus accumulated, chiefly from South
Africa and India, that the Bank made its purchases.
It is assumed that the Bank paid at least approximately the market
price for gold; but since this price is 28 shi-ings per fine ounce higher than
the statutory price at which the Bank is authorized to take gold for its
own account—a difference of nearly one-third—the presumption is that
the loss represented by the difference between these prices will be made
good out of the exchange fund. In that case all the loss will be borne by
the Treasury. Normally, when the Bank buys gold, it issues a corresponding amount in notes, and that policy appears to have been pursued
on the present occasion.
It is expected that the Bank rate will be reduced to 2% in due course.
This, however, could have little additional influence on the market, which
has already discounted such a fall in the official rate.
Great Britain's proposed "Exchange Equalization Account" was referred to in these columns April 23, page
2994 and May 14, page 3556.
Liquid Resources Abundant in Paris—Private Banks
Leave Balances at Bank of France Drawing No
Interest.
Under the above head an account May 20 to the New
York "Times" said:
After being for some days in very bad shape, the Bourse recovered fairly
rapidly on Thursday, owing to a better impression concerning the new
government; but it weakened again on Friday. Political uncertainty is
still too great for any upward tendency to become clearly established.
While the gold reserve of the Bank of France rose 312,000.000 francs in
the week covered by Thursday's statement, its foreign balances decreased
487,000,000. The reserve ratio rose from 71.51% to 71.91. Interest
rates on the money market give no adequate notion of the extraordinary
superabundance of liquid resources now existing. The banks are in fact
obliged to maintain large sums on deposit at the Bank of France without
interest, because they cannot find employment for them either In discounting bills or in short loans. If they were to offer all they have on the
market,It would merely cheapen the money rate without actually improving
their own position. As a consequence, banks prefer placing what they can
at the present rate and leaving the rest to remain idle.
The statement that technical currency inflation exists in France through
the large note issue of the bank is admitted to be true: but since the surplus
currency represents capital and not income,it appears to have no stimulating
effect on consumption or prices. It is commonly remarked, also, that the
great Increase In money circulation as compared with the pre war figure is
partly accounted for by the increase in French territory through the acquisition of Alsace-Lorraine.
The Bank of England's gold purchases confirm the opinion held here
for some time that Great Britain will return to the gold standard. Aban-
Volume 134
Financial Chronicle
donment of gold payments is not considered in itself to have improved
Great Britain's economic position. The large reduction in England's
balance of foreign payments, shown by the foreign trade statemens for
March and April, was mostly due to restriction of imports arising from
the new British tariff. Exports, which it was expected would be stimulated
by the depreciation of sterling, have hardly benefited perceptibly.
Hoarding in France Changes Its Form—Small Depositors Not Now Frightened Over Solvency of
Banks, But Distrust Markets.
Paris advices May 20 to the New York "Times" said:
The increase of 4,400,000,000 francs in French bank note circulation, as
compared with a year ago, raises again the question bow such an amount
of additional currency can remain in circulation when the volume of French
business has shrunk and real requirements for use of currency have proportunately diminished. Hoarding by individuals is usuallx given as the
explanation, but the hoarding is not all in the usual form. On occasion,
during the past 12 months, the French people have withdrawn currency
from their banks through fears of the solvency of the banks, but that
movement has now ceased. More recently, in fact, the increased deposits
at the Bank of France indicate that people have been bringing bank notes
back to the large banks.
As regards personal hoarding, however, it must be remembered that
payment by check is very little used in France, and that from time immemorial individuals, particularly country people and even small tradespeople, have had the habit of keeping on hand large sums of cash in coin
or bank notes. Hoarding in that sense is therefore customary in France.
Just now it is undoubtedly increased because doubtful investors are afraid
to buy securities and are keeping their money idle,
Paris Gold Coin Demand Reviving—American Eagles
Selling for $24.50—Bankers Confident of Dollar's
Inherent Strength.
From the Paris bureau, the "Wall Street Journal" of
May 21, reported the following:
Dealers in gold coins report indications of a revival of business In American
eagles, which are now priced at a rate of $24.50. Amsterdam apparently
is the main source of supply. Recent imports bear the date of 1932, which
Is taken to indicate that the supply of older eagles is exhausted.
Sovereigns are much more scarce, but recent arrivals are also dated
1932. It is understood that the question of putting French gold coins
into circulation has been considered recently, but is unlikely to take place.
although it would have the effect of lessening the drain on the United States.
The foreign exchange market remains narrow, especially for dollars.
Forward discount on dollars is 6 to 8 centimes for one month and 15 to
18 centimes for three months.
Europe continues to be unfavorably impressed by the confusion in
Congress. Bankers are satisfied that the dollar is perfectly able to resist
pressure, but are inclined to be anxious over the American campaign
tending toward devalorization, the exact strength of which is not clear.
It is alleged that weakness in the dollar arises at least as much from American
as from European selling.
There is a steady undertone in the demand for sterling, especially from
America through Paris. The Bank of England continues to hold the rate
down. It is reckoned here that the latter has already acquired £12,000,000
gold.
Changes at Bank of France—Year's Gain of Gold Has
Caused Great Increases in Loanable Resources.
Comment as follows, from Paris, May 20, is from the
New York "Times":
A survey of the present Bank of France returns gives an idea of the changes
the money situation here. The Bank's gold holdings have increased
within the year about 23,000.000,000 francs, or about 3900,000,000 but
foreign exchange holdings have been reduced 15,500,000,000 francs. This
difference of 7.500.000.000 francs has naturally determined a corresponding
increase in the circulation and deposits figures, and those items of sight
liabilities have risen 9,750,000,000 in the year.
It must be noted, however, that a year ago the Treasury and the Caisse
d'Amortissement deposits, which represent money practically withdrawn
from the market, aggregated 10,800.000,000 and private deposits 11.100.000.000, whereas to-day the private deposits total stands at 22,000,000,000
and the Treasury and the Cale.se deposits only at 5,000,000,000
in
German Bank Shares to Be Declared Void If Not Surrendered in Time in Germany for Exchange for
New Certificates.
Owing to the world/wide credit crisis, which reached an
acute stage in July of last year, the leading German banks,
with the assistance of the Golddiskontbank, as previously
related in these columns, have readjusted their capital
structure by drastic and courageous reductions. The new
balance sheet figures, as compared with the old ones, are
shown in a table covering the last three years, issued by
the New York and Hanseatic Corp. For the purpose of
exchange, shares of Deutsche Bank, Commerz-Bank, Barmer
Bank-Verein, and Adca may be presented to New York and
Hanseatic Corp., while Hallgarten & Co. have been appointed
official agents for the exchange of Dresdner Bank and
Danat shares. As the old shares will be declared void if not
surrendered for exchange in Germany by or about July 15
(no time limit set yet for Deutsche Bank and Adca), holders
present them at
of such German certificates are urged to
above offices as early as possible.
the
Credit-Anstalt (ADCA) (Leipzig).—Under plan of
Pr Allgemeine Deutsche
amount of 22,000,000 reichsmarks was
capital readjustment of this bank an
reichsmarks capital and the remaining
canceled from a total of 40,000,000
18.000,000Ireichsmarks was reduced in the ratio of 3 to 1 to 6,000,000
reichsmarks, The capital was then_increased_to 20,000,000 reichsmarks
3901
by the issuance of new shares in the amount of 14,000,000 reichsmarks,
taken over by the Goldiskontbank. The Reich has placed, and the:Free
State of Saxony will place, larger amounts of Treasury notes at the disposal
of the Adca, which are being used to build up a surplus of 6.000.000 reichsmarks and considerable hidden reserves. The Adca will take over all
assets and liabilities of Anhalt-Dessauische Landesbank (capital and surplus 6,400,000 reichsmarks). Holders of 3,000 reichsmarks par value of
Adca old shares are to receive 1,000 reichsmarks par value of new shares.
Banner Bardc-Verein Hinsberg, Fischer & Co. (Duesseldorf).—Under
plan of merger of this bank and the Commerz-und Privat-Bank, title of
whim is to be Commerz-und Privat-Bank A. G.,capital of the Banner Bank
has been reduced to 12,500,000 reichsmarks by the cancellation of 23.500,000
reicesmarks treasury stock. Remaining 12,500,000 reichsmarks is to
be exchanged on a share-for-share basis for new Commerz-Bank shares.
For each 1,000 reichsmarks of Barmer Bank held, shareholders are to
receive 1,000 reichsmarks of new Commerz-Bank shares.
Commerz-und Privat-Bank A. G. (Berlin).—Under capital readjustment
plan of this bank, 37,200,000 reichsmarks treasury stock of the old capital
of 75.000,000 reichsmarks was sold to the Reich at 100%. The entire
old capital was then reduced in the ratio of 10:3 to 22,500,000 reichsmarks
and thereafter increased by 57.500,000 reichsmarks to 80,000,000 reichsmarks, of which the Golddiskontbank took over 45,000,000 reichsmarks
at 115%. The remaining 12,500,000 reichsmarks are to be used for exchange of Barmer Bank-Verein shares. Premiums amounting to 6,250,000
reichsmarks and 23.250,000 reichsmarks German Treasury notes contributed
gratis by the Reich have been used to establish a new surplus of 30,000,000
reichsmarks. Holders of 1,000 reichsmarks par value of' old shares of
Commerz-und Privat-Bank are to receive 300 reichsmarks par value of
new shares. (Further details of exchange are under Banner Bank-Verein.
Hinsberg, Fischer & Co.) (Duesseldorf).
Darmstaedter und Nationalbank (Danat) (Berlin).—As a result of merger
of this bank and the Dresdner Bank, outstanding shares of both institutions are being exchanged for new stock of the Dresdner Bank. Holders
of 1,000 reichsmarks par value Danat shares will receive 300 reichsmarks
Par value of new Dresdner Bank shares. Of the old capital shares in
the amount of 35,000,000 reichsmarks were canceled, the remaining 25.000,000 reichsmarks are to be exchanged in the ratio of 10 to 3 for new
Dresdner Bank shares. 7.500,000 reichsmarks Dresdner Bank shares
required for this purpose will be furnished gratis by the Reich.
Deutsche Bank und Disconto-Gesellschaft (Berlin).—Under plan of readjustment of capital structure of this bank, 33,000.000 reichsmarks treasury
stock of the old capital was canceled. 72.000.000 reichsmarks treasury
stock was offered to private syndicate at 115% and the balance of 180,000,000 reichsmarks was reduced in the ratio of 5 to 2 to 72,000,000 reichsmarks. Holders of 5.000 reichsmarks par value of old shares are to receive
2,000 reichsmarks par value of new shares.
Dresdner Bank (Berlin).—Under plan ofcapital readjustment of this bank,
33,333.000 reichsmarks common stock kept in treasury was canceled.
The remaining 66,667.000 reichsmarks common shares were reduced in the
ratio of 10 to 3 to 20,000.000 reichsmarks. Of 300,000,000 reichsmarks
preferred shares held by the Reich, 100.000,100 reichsmarks were canceled
and the remaining 199,999,900 reichsmarks converted into common. Holders of 1,000 reichsmarks par value of old shares will receive 300 reichsmarks
Par value of new Dresdner Bank shares.
Germany Said to Be Negotiating for Extension of
Time on $90,000,000 Credit.
The New York "Sun" of last night published the following
from Paris, May 27:
Negotiations have begun between the Reichsbank and foreign central
banks for another extension of the former's $90,000,000 credit obtained
last summer during Germany's financial crisis.
Participating in the conferences are representatives of the Federal
Reserve Bank of New York, the Bank of France, the Bank of England and
the Bank for International Settlements.
The Reichsbank loan previously had been extended to June 4. While
the Bank of France is not opposed to renewing the French share of the
loan, amounting to $22,500,000, the French bank is insisting on different
terms, in view of Germany's refusal to pay further reparations.
It is understood the French will agree to renewal on the condition that
Germany amortize 20% of the debt.
The "Sun" added:
The credit was reduced from $100,000,000 to $90,000,000 on March 4
as a condition, said to have been imposed mainly at the instance of the
Bank of France, of renewal for three months. A demand for a 20% repayment now would require $18,000,000 from Reichsbank reserves of gold
and foreign exchange, which have not yet shown any appreciable advance
over March levels.
The American share, now $22,500,000, is held by the Reserve banks
and probably will be acted upon next week by directors of the local institutions, which does not, as a rule, announce its action until the day the
credit is due.
Germany to Decree New Taxes to Aid Jobless—Average
Monthly Dole in 6,000,000 Homes $13.
In a Berlin cablegram May 20 to the New York "Times" it
was stated that despite the Government's assertion last
December that the limit of taxation had been reached, new
taxes will be introduced next week in another emergency
decree that will again force all Germans to tighten their belts
for the sake of the public finances, depleted by expenditures
for unemployment. The cablegram continued:
The dole will be reduced to an average monthly amount of $13. which
will henceforth be the means of subsistence of 6,000,000 Germans and
their families, and a new tax will be levied upon each citizen gainfully
employed.
The decree, which is now before the Cabinet, is necessary to raise the
more than 3,000.000,000 marks (about $715,000,000) necessary to support
an average number of unemployed of5,900,000 in 1932 and help the municipalities that bear most of this burden and are threatened with financial
collapse.
It is hoped the new revenues will cover the deficit of the municipalities,
which was 350.000,000 marks last year and it is estimated it will be 750.000.000 by the end of the current fiscal year.
The decree will also contain a program for the creation of additional
work, to be financed by a domestic lottery loan.
3902
Financial Chronicle
The "Times" of May 21 commenting on the above said:
Under the emergency decree issued Dec. 8 1931, the German Government resorted to what was then described as the last taxation reserve
by increasing the turnover tax on business from .85 to 2%. Previous
decrees had heavily increased the income and other taxes.
A German earning 52,000, with a wife and one child now pays an annual
income tax of $215.
Berlin Discussing U. S. Policy on Gold—Believes Any
Change Would be Disastrous to World—The
"Open-Market Policy."
From Berlin May 20 a wireless message to the New York
"Times" stated:
The American currency policy is being discussed as an important influence on the course of events in Germany. Apparently sharing the idea
prevalent in Europe that the Congressional attitude is dangerous, the bulletin of the Berlin Handelsgecellschaft Bank remarks that, since the dollar
has for a decade past been the world standard for measuring the value of
gold, any conceivable amendment of the gold standard by America would
introduce incalculable factors of uncertainty into the whole world's currency position.
England's experience, adds the Handehsgesellschaft, proves that abandonment of the gold standard is an unsuitable means for advancing world prices.
It expresses the positive opinion that if its abandonment by America could
be imagined, that action would cause a new deflation process, not only in
countries which still adhere to the gold standard but in countries already
on a paper basis.
The official Institute for Studying Trade Fluctuations expresses the opinion,in its current bulletin, that America's experience so far proves that little
actual improvement can be obtained by measures applied directly to the
money market. It recognizes that the open-market policy of the Federal
Reserve may have checked insolvencies of banks and increased their available resources. It does not see, however, that the Reserve Bank policy
has as yet had any tangible effect in reanimating industry.
German Mark Now Stands Above Parity in Rate on All
Gold-Paying Countries.
Advices as follows from Berlin May 20 ara from the New
York "Times":
Although the foreign trade returns for April show a heavily diminished
export surplus, the immeditae outlook for the reichsmark's stability seems
to have improved. At Berlin dollar exchange continues, as it has done
ever since the July crisis, to be officially quoted at 4.13, but most exchange
mrates of gold-paying countries on Berlin have sunk, and in foreign goldcurrency countries as a whole the mark quotes above par.
This improvement in the mark seems to be partly due to fear of inflationist
measures in gold countries, which has led to selling of dollars and other
gold currencies in Berlin. But the improvement is also partly due to the
spread of the practice of invoicing in reichsmarks and to the shortage of
marks abroad, due to the German prohibition against export of marks.
Furthermore, the Government's latest reduction of the ratio of foreign
currency allowed to importers has begun to take effect. These factors
all explain the considerable increase in the Reichsbank's exchange reserve
as reported. . . .
The banks, however, are not inclined to ascribe much importance to
this new firmness of the mark. They still hold that the ultimate course of
the currency will depend on the foreign trade balance and the decision
arrived at in July regarding the debt question.
Cereal crops are reported as greatly improved during the last fortnight.
There is now a possibllty of an early harvest with a record yield. These expectations led to a sharp fall on Thursday in July wheat on the Berlin grain
exchange.
Amsterdam Lays Large Dutch Withdrawals of Gold
-from U. S. to Misgiving Over Attitude of Congress
Gold Shipments Said to Insure Maintenance of
Standard in Holland, Belgium and Switzerland.
The Amsterdam correspondent of the New York "Times"
had the following to say under date of May 19:
The persistence of dollar exchange at a point favoring gold imports to
this market from America and the resultant large shipments from New York
to Amsterdam during recent weeks—about $50.000,000 since the beginning
of April—are ascribed by the market to the misgiving which seems to prevail in this country regarding the attitude of the United States toward
the gold standard. The attacks on dollar exchange have been directly
stimulated by the proceedings of the American Congress, especially its
slowness and hesitation in restoring budget equilibrium. From a purely
market point of view, the recent gold imports from America are explained
by the low quotation of dollar exchange. Notwithstanding the large gold
shipments, this rate remains at 246.375, or much below the gold parity of
248.
Further gold engagements from New York, amounting to some millions, are expected before the gold parity is restored. There is a considerable bear position outstanding in dollars, which is demonstrated by
the important discounts on foreign exchange. These range from 20 to
120 Dutch cents per $100 to 190 to 220 for three months' contracts.
Gold holdings of the Netherlands Bank on May 17 were 937,000,000
guilders, as against 703,000,000 on Sept. 21. when England went off the
gold standard. As against this increase of 234,000,000 guilders, or $94,000,000, foreign bills held by the bank have fallen in the same preiod from
231,000,000 guilders to 88,000,000, a decline of 143.000,000 guilders, or
$57,200.000. One result of this large return of money previously loaned
abroad is that Dutch lenders are now vainly seeking to find use for their
idle capital.
One year Treasury bills have recently been discounted here at 1 %%.
There is also a large amount of foreign money offering in this market; that
development also being in the main ascribed to feeling about the dollar,
which has been diverting liquid funds to this country. The gold movements have been generally encouraged by the extremely low interest rates
elsewhere.
Partly in consequence of the gold received from America, it is now
recognized that no danger exists to maintenance of the gold standard in
Holland. Switzerland or Belgium. The general comment is, however, that
in the other smaller European countries the gold standard is only nominally
3...intained, and that at the moment it is France, Holland and Switzerland
which are leading in the European fight for maintenance of gold.
May 28 1932
Plans Issue—Proceeds Will Be Used to
Refund 150,000,000 Guilder Maturity.
The Netherlands Government will offer for subscription
on June 2 an internal 250,000,000-guilder 5% issue at par,
according to advices received here by A. P. von Hemert,
New York representative of De Twentsche Bank, N. V.,
of Amsterdam. The New York "Evening Post" of May 25
in reporting this said:
Netherlands
Part of the proceeds will be used to refund the 150,000,000-guilder 6%
Kingdom of Netherlands bonds,series B,Which are quoted on the New York
Curb Exchange and have been called for payment on July 1, it is understood. Payment on subscriptions to the new loan will be due July 1.
Coupon dates have been fixed at Jan. 1 and July 1.
Hungarian Stock Market (Budapest) Closed for 10
Months—Situation Little Improved in Central
European Country—Bounty on Wheat and Rye
To be Discontinued June 30.
Budapest's stock market has been closed for more than
10 months now, an arresting symbol of the rather disquieting
economic and financial condition in Hungary, due mainly
to the increased strangulation of foreign trade, prospects of
an unbalanced budget without recourse to further inflation,
the straits of agriculture, and the depressed state of industry,
all of which lack any visible signs of improvement for the
first quarter of 1932, according to a cable to the Commerce
Departmentfrom Acting Commercial Attache George Wythe,
Budapest. Conditions were further indicated in the following issued by the Department May 20.
The Government is concentrating its efforts on temporary measures to
bridge the difficult summer months with prospects that the next agricultural
crop will bring relief, it was stated.
United States firms have immobilized in Hungary about $1,749.000, it
is estimated, representing collections of commercial accounts which are
impossible to transfer from the "blocked" accounts, and which cannot
be disposed of even in Hungary, without the permission of the National
Bank, which has resorted to these measures because of the difficult financial
problems.
The note circulation of the National Bank amounted to 374,000,000
pengos on March 31, the statutory reserve 123,200,000, the bill portfolio
407,200.000. and the gold cover 29%, as compared with note circulation
of 422,794,000 on Dec. 31 1931, reserve 101,990,000, bill portfolio 440.8.50,000, and the cover 34.5%.
On Jan. 20, the discount rate was reduced from 8 to 7% owing to the
present abnormal and controlled credit situation. Considerable agitation has occurred in favor of further reductions, but this is not possible
until satisfactory arrangements have been made with foreign creditors.
According to a recent statement by the Finance Minister the Government
is now endeavoring to convince foreign creditors that the existing rates of
interest must be reduced.
Hungary's agricultural situation is in a particularly difficult situation,
owing to the short crops of last season, and to the rapid decline of export
markets. All of her principal foreign markets are restricting imports of
agricultural products, especially livestock, which during the last two years
has been Hungary's most profitable class of exports.
Various measures are being adopted by the Agrarian bloc in Parliament
to improve the purchasing power of the rural population. The bounty on
wheat and rye will be discontinued on June 30, however, but it is proposed
to relieve agriculture by abolishing the ground tax and reducing other assessments in the farming communities. A price examination commission
was created, and on March 31. prices of various essential farm supplies
were reduced from 8 to 24%.
The Government appropriated 20.000.000 pengos to aid farmers with their
crops thisspring,through the Central Banking Corporation and the National
Credit Corporation at 834% interest. Steps were also taken to relieve
the heavy burden of the agriculturists.
Industry is sharply depressed, iron, steel and machinery industries being
sharply affected, working about one fifth of capacity, with further reduction
expected in a few months.
Insolvencies rose by 15% during the first quarter of this year, as compared with the same period a year ago.
(Pengo equal to about 17.49 cents, U. S. par.)
Rumania's Prohibition Against Transactions in Foreign
Exchange.
The Department of Commerce on May 20 issued the following announcement regarding the above:
Rumania has prohibited all transactions in the sale or purchase of foreign
banknotes,coins, checks, drafts and balances, except through the National
Bank, according to official confirmation of recent reports received by the
Commerce Department in a cable yesterday from Commercial Attache
Sproull Fouche. Bucharest.
Foreigners may transfer bank balances, the cable stated, presumably
within the country. Banks have a right to settle foreign debtsfrom balances
abroad. The lei (Rumanian currency) may be exported only on authority
of the National Bank; and export of foreign currency is prohibited.
A reference to Rumania's restrictions on foreign currency
appeared in our issue of May 21, page 3734.
Central Bank of Turkey to Issue Silver Coins.
The following from Paris, May 23, is from the New York
"Times":
The Central Bank of Turkey will soon issue silver coins to replace the
nickel counters now in use.
Turkish.
The issue will be in denominations of5,10 and 25 piastres and
It was originally intended to issue only silver coins of El value.
characters, another steP in
Arabic numerals will be replaced by Latin
the Westernization of Turkey.
Volume 134
Financial Chronicle
Czechoslovakian Government Offers to Restore Nobleman's Land—Drop in Agrarian Prices Lowers Demand for Farmers.
The following Prague cablegram, May 24, is from the
New York "Times":
The Czechslovak Government, departing from its policy of confiscating
the estates of nobles and dividing them among Czech farmers, has offered
to restore a 75,000-acre farm to Prince Francis of Liechtenstein on the
payment of $500,000 to the Moravian farmers' co-operative society.
A similar offer has been made in connnection with the 50,000-acre estate
of the Schwarzenbugs in Bohemia.
The slump in agrarian prices, which has greatly lowered the demand for
land, is believed to be one of the reasons for the change in policy.
Bonds of Finland Drawn for Redemption.
The National City Bank of New York, as fiscal agent,
is notifying holders of Republic of Finland 53/2% external
loan sinking fund gold bonds, due Feb. 1 1958, that $125,000
principal amount of these bonds have been drawn for redemption at par on Aug. 1 1932. Such drawn bonds will
be paid at the head office of the bank upon presentation on
and after the redemption date from which date interest on
the drawn bonds will cease.
Funds Received for Payment of June 1 Interest on
German Consolidated Municipal Loan.
Chase Harris Forbes Corporation, as paying agents, announces that funds have been received to make the June 1
1932 interest payment on the outstanding $15,850,000 German Consolidated Municipal Loan, 6% bonds, due June 1
1947.
Funds Available for Payment of July 1 Interest on
Republic of Colombia 6% External Sinking Fund
Bonds Due 1961.
Hallgarten & Co. and Kidder, Peabody & Co., Fiscal
agents for the $25,000,000 Republic of Colombia 6% external
sinking fund gold bonds dated July 1 1927, due Jan. 1 1961,
announce that they have received funds for the payment of
of coupon interest due July 1 1932 on all outstanding bonds
of that issue.
Panama Gets $100,000 Loan—Borrows from National
City Bank to Pay Salaries.
The following special correspondence from Panama, May
18, is from the New York "Times":
The Panama Government has negotiated a loan for $100,000 with the
local branch of the National City Bank to run for a period of four months
with interest at 7%, the money to be used to pay salaries of Government
employees and take care of other pressing local bills.
The loan will be repaid at the rate of $25,000 a month and Government
revenues collected at Colon will be devoted to the payments at that rate,
the Government retaining the balance, if any, each month.
Partial Payment of Bank Interest to Be Made on Three
Peruvian Loans.
J. & W. Seligman & Co. and the National City Bank of
New York, fiscal agents of the Republic of Peru, are notifying holders of Peruvian National Loan 6% bonds, first
and second series, that, on and after May 26, they will be
prepared to make a partial payment of interest on the June
1 1931 coupons of the first series bonds at the rate of $4.46
for each $30 coupon, and on the April 1 1931 coupons of the
second series bonds at the rate of $15.70 for each $30 coupon
and $76.40 for each £30 coupon. The further notice (May
25) said:
J. & W. Seligman & Co., as fiscal agents of the Republic of Peru 7%
bonds (Tobacco Loan), 1959, and Province of Callao (Peru) 735% bonds.
are notifying the holders thereof that, on and after May 26, they will be
Prepared to make a partial payment of interest on the Sept. 1 1931 coupons
of Tobacco Loan bonds at the rate of $17.94 for each $35 coupon,and on the
Jan. 1 1932 coupons of Province of Callao bonds at the rate of $32.50 for
each $37.50 coupon.
Substantially all the funds which are now being distributed to the holders
of Peruvian National Loan and of Tobacco Loan bonds were deposited
by the Peruvian Government for the service of such bonds prior to the
Issuance on May 29 1931 of a decree suspending temporarily the payment
of service charges on the entire publlc debt of the Republic. The funds
which are being distrubuted to the holders of Province of Callao bonds
represent the available balance of a reserve fund established when the
bonds were issued, as additional security for payment of the service of the
bonds.
When the decree of May 29 1931 was issued, it was hoped that economic
and political conditions would improve sufficiently to permit payment in
full on the coupons against which part of the required funds had already
been deposited. However, in Peru, as elsewhere in the world, economic
conditions became progressively more unsatisfactory after the issuance
of this decree, and last January a law was promulgated extending indefinitely the moratorium for the payment of service charges on the external debt. The fiscal agents are advising bondholders that they are
continuing to maintain an office in Lima and will do their utmost to protect
bondholders' interests.
3903
New York Stock Exchange Notices Regarding Peruvian
Bonds Dealt in "Flat."
On May 25 the following notices were issued by the New
York Stock Exchange:
Republic of Peru.
Peruvian National Loan, 6% External Sinking Fund Gold Bonds.
First Series, Due 1960—Interest.
NEW YORK STOCK EXCHANGE.
Committee on Securities.
May 25 1932.
Referring to the ruling of the Committee on Securities dated May 26
1931, SEC-223.
Notice having been received that payment of $4.46 Per $1,000 bond will
be made beginning May 26 1932, on account of the interest due June 1
1931, on
Republic of Peru
Peruvian National Loan, 6% External Sinking Fund Gold Bonds, First
Series, due 1960:
The Committee on Securities further rules that the bonds be quoted
ex-interest $4.46 per $1,000 bond on Thursday, May 26 1932; that the
bonds shall continue to be dealt in "Flat" and to be a delivery after May
26 1932, must carry the June 1 1931, coupon stamped as to payment of
$4.46 Per $1,000 bond and subsequent coupons. Such coupons must be
securely attached and bear the same serial number as the bond.
ASHBEL GREEN, Secretary.
Republic of Peru
Peruvian National Loan, 6% External Sinking Fund Gold Bonds,
Second Series, Due 1961—Interest.
May 25 1932.
Referring to the ruling of the Committee on Securities dated Mar. 30
1931. SEC-183.
Notice having been received that payment of $15.70 per $1,000 bond will
be made beginning May 26 1932, on account of the interest due April 1
1931, on
Republic of Peru
Peruvian National Loan, 6% External Sinking Fund Gold Bonds, Second
Series, due 1961:
The Committee on Securities further rules that the bonds be quoted
ex-interest $15.70 per $1,000 bond on Thursday, May 26 1932; that the
bonds shall continue to be dealt in "Flat" and to be a delivery after May
26 1932, must carry the April 1 1931, coupon stamped as to payment of
$15.70 per $1,000 bond and subsequent coupons. Sucn coupons must be
securely attached and bear the same serial number as the bond.
Republic of Peru
Secured 7% Sinking Fund Gold Bonds, Due 1959—Interest.
May 25 1932.
Referring to the ruling of the Committee on Securities dated Sept. 1
1931, SEC-293.
Notice having been received that payment of $17.94 Per $1,000 bond will
be made beginning May 26 1932, on account of the interest due Sept.
1 1931, on
Republic of Peru
Secured 7% Sinking Fund Gold Bonds, due 1959:
The Committee on Securities further rules that the bonds be quoted
ex-interest $17.94 per $1,000 bond on Thursday, May 26 1932; that the
bonds shall continue to be dealt in "Flat" and to be a delivery after May
26 1932, must carry the Sept. 1 1931, coupon stamped as to payment of
$17.94 per 81,000 bond and subsequent coupons. Such coupons must be
securely attached and bear the same serial number as the bond.
Payment of Overdue Interest on Bonds of
State of Minas Geraes.
The National City Bank of New York, as fiscal agent,
is notifying holders of State of Minas Geraes 63/2% secured
external sinking fund gold bonds, due March 1 1958, and
secured external gold loan of 1929, series A, 63/2% bonds,
due Sept. 1 1959, that upon presentation on and after
June 6 1932 of interest coupons due March 1 1932 of each
of the above issues, there will be paid to bearer, on account
of the amount due thereon, the sum of $6.56 with respect
to each $32.50 coupon and $3.28 with respect to each $16.25
coupon.
Receipt of Funds Announced for Payment of July 1
Interest on Outstanding Bonds, Series A, of
El Salvador Issued Under Loan Contract—Republic Defaults on Two Other Charges.
Manufacturers Trust Co., successor to Chatham Phenix
National Bank & Trust Co., as fiscal agent under the loan
contract between the Republic of El Salvador and Minor
C. Keith, dated June 24 1922, and supplementary contracts, has received funds sufficient to pay the interest due
July 1 1932 on the outstanding bonds of series A issued
under said loan contract, and has also received a remaining
sum of $81,900 which it will apply to the purchase of bonds
of series A as provided in Article XII of said loan contract.
From the New York "Evening Post" of May 25 we take
the following:
The Republic of El Salvador will default in the payment of service
due July 1 on its series B 7% sterling bonds and series C 7% dollar bonds.
it was announced to-day.
Funds are on hand with the Manpfacturers Trust Co. to Pay the interest
and sinking fund due July 1 on the Republic's series A 8% customs lien
sinking fund bonds, but payment of service due Jan. 1 next is doubtful,
according to a statement issued to-day by the law firm of Guggenheimer
& Untermyer.
The series A bonds have a prior lien which will enable the Manufacturers
Trust to pay the interest, the statement points out. A protective committee, headed by Montgomery Schuyler, is acting for the bondholders.
3904
Financial Chronicle
with Manufacturers Trust Co. as depositary and Guggenhedmer & Untermyer as counsel.
"Until shortly after the recent revolution in El Salvador," the attorneys'
statement said, "the customs service of the Republic was administered
by W. W. Renwick, fiscal representative for the fiscal agent, who remitted monthly to the fiscal agent in New York amounts sufficient to
defray the service of the loan contract for all three series of the bonds.
The revolutionary Government has taken over the customs receipts and
declined to permit transmittal thereof to the United States.
"Unless the revolutionary GoVernment sees fit to remit funds, it 1
doubtful whether the Jan. 1 1933 installment of interest on the series A
bonds will be met."
All Banks in Mexico Called Upon to Maintain Reserves
with Bank of Mexico—Branches of Foreign Banks
Included in Decree.
Press advices from Mexico City May 20 said:
Pending enactment of a general banking law of executive nature and
In order to accelerate the creation of the Bank of Mexico as a reserve unit
as provided in the Presidential decree issued April 12, Secretary of
Treasury Pani has issued a decree calling upon all banks to maintain certain reserves with the Bank of Mexico.
One of the principal provisions which will become effective immediately
requires all foreign banks operating in Mexico to invest an equivalent of at
least 6% of their capital and reserves in Series B shares of the Governmentcontrolled Bank of Mexico. Further provisions are made that 5% of all
national currency deposits shall also be deposited with the Banco de
Mexico.
A copyright cablegram May 20 from Mexico City to the
New York "Herald Tribune" stated:
Determined immediately to set Governmental machinery in motion to
bring to completion the plans to create a Federal Reserve System centered
about the Bank of Mexico and at the same time quashing recurring charges
of purposely delaying the founding of the new system, Alberto J. Pant,
Secretary of the Treasury, to-day caused an executive presidential decree
to be issued ordering both foreign and national banks to become associated with the Bank of Mexico.
This is the first concrete step taken in carrying out provisions of the
original law of April 12 which provided for reorganization of the Bank
of Mexico as the nucleus of a reserve system. That the new amendatory
law becomes effective immediately is highly regarded by foreign bankers,
who state that it marks the beginning of a modern reserve which heretofore
has not existed in Mexico. Without changing the sense of the original
law of April, the new law merely clarifies and amplifies certain provisions.
It also acts as an executive writ in setting the new reserve system in
motion.
The first article of the new law or decree provides that all institutions
receiving deposits from the public at thirty days or less, thereby excluding
certain savings banks, must become associated immediately with the Bank
of Mexico. To become an affiliate of the new system, all banking institutions must subscribe to series B shares of the bank in an amount not less
than 6% of their capital. Series A shares constituting 51% of the capital
of the Bank of Mexico are held by the Federal Government. In this
manner the Government retains absolute control of the bank and the new
reserve system. The remaining 49% consisting of Series B shares are
subscribed to 'by foreign and national banks within the country.
Certain restrictions are placed on foreign banks as they are denied the
right to receive savings deposits, act as trustees, issue cash or mortgage
bonds, shares, deposit certificates or collateral bonds. With the exception
of receiving savings deposits and, at times, serving as estate trustees, foreign branch banks in Mexico seldom engage in other activities denied them
In this particular article of the law. To permit these banks ample time
to settle matters falling under this provision the new law allows them
three months time to liquidate all such pending affairs. Like officials
In many Latin-American countries, Mexican Treasury officials look with
a certain amount of doubt upon accounts of foreign currency carried in
foreign branch banks, as they see in this a manifest skepticism on the
part of depositors as to the stability of the national currency.
Foreign currency accounts also serve, in their opinion, as a ready means
for speculators to manipulate foreign exchange which has long been a
thorn in the side of Treasury officials. The new law provides a control of
foreign currency deposits in foreign branch banks, stating that these deposits must be covered by "cash in gold at its corresponding equivalent or
by deposits in the Bank of Mexico or in foreign banks of first class standing
In the opinion of national banking commission on the understanding that
the cash on hand or deposits to which this clause refers must be kept at a
minimum amount to be determined by the national banking commission."
Criticism of Federal Farm Board by President Carey of
Chicago Board of Trade—Says Exchange Could Dispose of Government Wheat at Advancing Prices—
Chairman Stone of Farm Board Defends Operations
of Grain Stabilization Corporation.
In response to inquiries of newspaper correspondents,
James C. Stone, Chairman of the Federal Farm Board, had
the following to say on Sunday, May 22:
Newspaper reports of statements of Peter B. Carey, President of the
Chicago Board of Trade, in regard to methods of disposal of the stock of
the Grain Stabilization Corporation, indicate an attitude towards liquidation of these stocks strictly in conformity with the long-established viewpoint of Board of Trade members. They look upon themselves as middlemen, entitled by custom to take a heavy toll from American wheat producers for so-called services which consist chiefly in the pocketing by themselves of the largest possible share of the consumer's dollar. Every suggestion so far made in the present depressed situation to this Board for their
assistance has contained, as its chief element, a personal profit to those
tendering aid, either by buying at prices ridiculously below the market
or for commissions on huge volume.
Liquidation of the stocks of the Main Stabilization Corporation under
the plan announced June 30 1931, has proceeded in such a manner that
American wheat prices have been maintained at substantially 5 to 15
cents a bushel higher than world market price parity in the face of the most
trying marketing conditions known to any living man. Let the grain gambling critics explain to the publlc how and why this has happened.
The crop outlook to-day leads qualified observers to conclude brighter
days are in prospect for our wheat producers. Winter wheat reports in.
May 28 1932
dicate low production. Spring areas do not promise excess supplies. No
wonder the speculatively inclined seek wheat stocks on the bargain counter.
The Grain Stabilization Corporation has none to offer on that basis.
Wheat is the only great major commodity which for the last five months
has shown a definite upward trend. Its influence under the present favorable statistical position may well lead other commodities to higher ground.
That opportunity will not be risked in the hands of people in a group representative of those who have grown rich from the profits gained by market
manipulation. The recent disclosures as to the operations of brother
speculators in stocks does not encourage the placing of great powers in such
hands. The orderly method of distributing as demand arises will be
continued.
The public shouldn't be fooled by such attacks on the Farm Board as
those of Mr. Carey. Their purpose is not to help in the present situation
but to prevent the farmer organizing his business so that he, in a measure,
can control the method under which his products are sold.
In a criticism of the "so-called farm leaders," Peter B.
Carey, President of the Chicago Board of Trade, stated
on May 21 that six members of his organization could dispose
of all the Farm Board's wheat for cash "at a steadily advancing price." Associated Press dispatches from Chicago
May 21 reporting this added:
"There is a tremendous demand for American hard wheat right now,"
he declared. "I could appoint a committee of six of our members who in
a short time and with absolutely no drain on the taxpayer could and would
dispose of all of the Government wheat at a steadily advancing price with
the inevitable favorable reflection on the general condition of the
country."
"I belleve wheat should and would advance if the Farm Board were
forced by Congress to desist at once from their senseless efforts which
have so far resulted in practically destroying the free, open, liquid grain
markets which the farmer of this country has hitherto enjoyed," he said.
"Such interference with normal business as is now contemplated by
the Jones bill, the McNary bill and the Strong bill, make only for more
bureaucracy, more Federal employees and lower prices."
k He referred to bills pending in Congress designed to regulate trading
on the commodity exchanges or put additional farm relief proposals into
effect.
Text of Bill Signed by President Hoover Making Debentures of Federal Intermediate Credit Banks
Eligible for 15-Day Loans by Federal Reserve
Banks to Member Banks.
Last week (page 3738) we referred to the signing of the
bill (on May 19, not May 20) by President Hoover whereby
debentures of Federal Intermediate Credit Banks are made
eligible for 15-day loans from Federal Reserve banks to
members of the Federal Reserve System. As we have heretofore noted, the bill passed the Senate on April 25, and it
was passed by the House on May 16. Referring to the
passage of the bill by the House on May 16, a Washington
account on that date to the New York "Times" said:
Its principal features, Representative Steagall, Chairman of the Banking
and Currency Committee, told the House, are as follows:
Intermediate Credit Banks may accept drafts or bills of exchange issued
or drawn by such banks when secured by warehouse receipts or shipping
documents covering staple agricultural products.
Federal Reserve banks are authorized to purchase and sell in the open
market, either, from or to domestic banks, firms corporations, or individuals, acceptances of Federal Intermediate Credit Banks.
In the event of an impairment of the paid-in capital of any Federal
Intermediate Credit Bank, the Farm Loan Board may determine and
assess the amount thereof against the other Federal Intermediate Credit
Banks.
Any Federal Reserve bank may make advances to its member banks on
their promissory notes for a period not exceeding 15 days at rates to be
established by such Federal Reserve banks, subject to the review and
determination of the Federal Reserve Board, provided such promissory
notes are secured by such notes, drafts, bills of exchange or bankers' acceptances as are eligible for rediscount or for purchase by Federal Reserve
banks under the provisions of this Act, or by the deposit or pledge of
bonds or notes of the United States, or by the deposit or pledge of
debentures or other such obligations of Federal Intermediate Credit Banks
which are eligible for purchase by Federal Reserve banks under Section 18 (a) of this Act.
Discussing the amendment authorizing Intermediate Banks to accept
drafts or bills of exchange, the committee report said it would make it
possible for the banks to obtain funds at the prevailing acceptance rate
and would open an additional channel through which agricultural producers
could receive financial aid in marketing their products.
Opposition to the bill was voiced in the House of Representative McFadden of Pennsylvania, former Chairman of the Banking and Currency
Committee.
"If you want to go ahead and weaken the American dollar," he said,
"then go ahead."
Only 40 minutes of debate was allowed under suspension of the rules,
and no amendments were offered. It was the first time this session that a
bill has been passed under suspension without a record roll call.
"We are always suspicious of anything from the Banking and Currency
Committee," a prominent Republican said, "but we went out this afternoon
and telephoned to the Federal Reserve Board and to the Treasury. They
both said the bill was all right, so that's why it 18 going by so easy."
Before the House, on May 16, Representative Steagall,
Indicating the purport of the bill, said:
It comes before the House with a unanimous report from the Committee
on Banking and Currency, with possibly one exception. The bill has passed
the Senate, and if it is proper to say so, I may add, without any objection
from the members of the Banking and Currency Committee of that body
or from the membership of that body at large. It represents an effort of
farm organizations and members of the House to enlarge the service rendered
to agriculture by the Intermediate Credit Banks. The first four sections
relate to the Federal Farm Loan Act. The first section permits Intermediate Credit Banks to purchase acceptances secured by warehouse receipts
or documents covering farm products. This would give the banks the
benefit of the accepted rate of interest, which is usually lower than interest
paid on debentures of the banks.
Volume 134
Financial Chronicle
Section 2 provides for assessing all the banks to take care of any possible
impairment of the capital of any one of the 12 banks. This is only a
simplification of methods for doing what must be done under existing law.
The third section fixes the distribution of earnings of the banks, so
as to require the accumulation of surplus equal to capital before paying
earnings into the Treasury as a franchise tax.
Section 4 only provides in detail for transfer of funds from one of
the banks to another to meet any obligation for which each of the 12
banks is responsible. There is no difference of opinion as to these
sections.
These are two provisions which amend the Federal Reserve Act; and in
view of the fact that the gentleman from Pennsylvania has just assented
to my statement, I shall limit my remarks to the two sections to which I
have referred. The first of these is Section 6. . . .
The Federal Reserve banks are permitted under existing law to rediscount the very kind of paper, notes, drafts, or bills of exchange that are
provided for in this bill if offered by member banks.
The Federal Reserve banks may rediscount for the Intermediate Credit
Banks this same class of notes, drafts, bills of exchange, if purchased
by
the Intermediate Credit Banks.
The purpose of the amendment is to permit Federal Reserve
banks to
rediscount the same notes, drafts, bills of exchange held by
Intermediate
Credit Banks covering loans and advances made directly by
Intermediate
Credit Banks to agricultural corporations and banks and other
financial
institutions to which Intermediate Credit Banks are permitted
to make
direct loans.
It is simply a piece of lost machinery in the Intermediate
Credit Banks
that we are attempting to supply.
I will say that with possibly one exception I have not
heard of anybody
who is opposed to that provision of the bill. . . .
Now, there is another provision, and that is that
banks that have
debentures and obligations of the Intermediate Credit
Banks may use them
for rediscount for 15-day loans by the Federal
Reserve banks. These
obligations are secured by every one of the 12 Intermediate
Credit Banks.
The stock is owned by the Government of the
United States, $60,000,000
of it, and half of that stock is now held in the
Treasury for the support
of the obligations of the Intermediate Credit
Banks.
These obligations may be purchased now from
Federal Reserve banks.
They are as sound and desirable as commercial paper,
which the banks
are permitted to accept for advances under existing law.
They are secured
by the entire 12 banks, and the Government owns
the capital in those
banks. The provision would make these securities more desirable
by
member banks and reduce the interest which is paid by farmer borrowers.
H
Ts ollowing is the text of the bill as signed by Pres ent
ver, May 19:
AN ACT
To amend Title II of the Federal Farm Loan Act in regard to Federal
Intermediate Credit Banks, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That Section 202 (a) of Title
II
of the Federal Farm Loan Act, as amended (U. S. a Title 12, ch.
8, Sec.
1031), is hereby amended by substituting a semicolon for the
period at the
end of clause (3) and adding thereto the following new matter:
"and to
accept drafts or bills of exchange issued or drawn by any such
association
when secured by warehouse receipts and/or shipping documents
covering
staple agricultural products as herein provided."
See. 2. Section 205 of Title II of the Federal Farm Loan
Act, as amended
(U. S. 0., title 12, ch. 8, sec. 1061), is hereby amended by
adding at the
end thereof the following new matter: "In the event that there
shall be an
impairment of the paid-in capital of any Federal Intermediate
Credit Bank,
the Farm Loan Board, at such time or times as it deems advisable,
may
determine and assess the amount thereof against the other
Federal Intermediate Credit Banks on such equitable basis of apportionment
as it shall
prescribe. Each bank against which such an assessment is
made shall,
out of its surplus and /or to an extent up to 50% of its net
earnings, in
accordance with the terms of such assessment, pay the amount
thereof as
soon as possible to the bank having the impairment. In such
ments into the surplus fund and payments of the franchise tax event payprescribed
by this chapter shall be determined on the basis of the net
earnings remaining after providing for the payment of any such assessment."
Sec. S. Section 206 (b) of Title II of the Federal Farm Loan
Act, as
amended (U. S. C., title 12, ch. 8, sec 1072), is hereby
amended (effective
Jan. 1 1932) by striking out the first two sentences of said
section and substituting therefor the following new matter. "After all
necessary
of a Federal Intermediate Credit Bank have been paid or provided expenses
for, the
net earnings shall be paid into a surplus fund until it shall
amount to
100% of the subscribed capital stock of such bank, and
thereafter 60% of
such earnings shall be paid into the surplus. Whenever
the surplus thus
paid in shall have been impaired it shall be fully restored
before payment
of the franchise tax herein prescribed. After the aforesaid
requirements
of this section have been fully met and, except as otherwise
provided in
this Act, 50% of the net earnings shall be paid to the
United States as
a franchise tax."
Sec. 4. Section 207 of Title II of the Federal Farm Loan Act,
as amended
(r, S. C., title 12, ch. 8, sec. 1081), is hereby
amended by striking out
the period at the end thereof and substituting a colon together
with a
proviso as follows: "Provided, That in view of the liability of all
Federal
intermediate credit banks for the debentures and other
such obligations of
each bank under this Act, the banks shall, in accordance with rules,
regulations, and orders of the Federal Farm Loan Board,
enter into adequate
agreements and arrangements among themselves by which funds
shall be
transferred and/or made available from time to time for the payment of
all such debentures and other such obligations and the interest thereon
when due in accordance with the terms thereof."
Sec. 5. The second paragraph of Section 13 (a) of the Federal Reserve
Act, as amended (U. S. 0., title 12, ch. 3, sec. 349), is hereby amended
by adding thereto a new sentence as follows: "Any Federal Reserve Bank
may also, subject to regulations and limitations to be prescribed by the
Federal Reserve Board, discount notes payable to and bearing the indorsement of any Federal Intermediate Credit Bank, covering loans or advances
made by such bank pursuant to the provisions of Section 202 (a) of Title
II of the Federal Farm Loan Act, as amended (U. S. C., title 12, ch. 8,
sec 1031), which have maturities at the time of discount of not more than
nine months, exclusive of days of grace, and which are secured by notes,
drafts, or bills of exchange eligible for rediscount by Federal Reserve
Banks."
Sec. 6. The seventh paragraph of Section 13 of the Federal Reserve Act,
1.1
as amended ( . S. C., title 12, eh, 8, sec. 347), is hereby amended by
changing the period at the end thereof to a comma and adding thereto
he words "or by the deposit or pledge of debentures or other such oblige.
tions of Federal Intermediate Credit Banks which are eligible for purchase
by Federal Reserve Banks under Section 18 (a) of this Act."
3905
Norbeck-Steagall Act Making Debentures of Federal
Intermediate Credit Banks Eligible for Loans by
Federal Reserve Banks Completes Co-operatives'
Credit Circle—Widens Liquidity by Making Drafts
Good for Loans.
The following (Associated Press) from Washington May
23, is from the New York "World Telegram":
By making drafts and bills of exchange eligible as collateral
for loans
at Federal Intermediate Credit Banks, the Norbeck-Steagall bill signed
by
the President gives farm co-operatives their first complete circle of credit.
Heretofore, acceptance of warehouse receipts and shipping documents
covering staple agricultural products stopped at the Credit Banks. There
was a limit to the funds they would procure on short time maturity, and
no matter how many more the co-operatives held, the amount of their
loans
was gauged by the funds available to these banks.
Now the Intermediate Credit Banks may rediscount co-operative paper
with the Federal Reserve banks and constantly replenish their resources.
The last gap will be closed in the circle of credit.
Adds to Rediscount Field.
The bill also makes debentures of the Intermediate Credit Bank,
eligible collateral for loans from Federal Reserve banks to members of
the Federal Reserve system. That is a member State or National bank
may purchase Credit Bank debentures with the assurance that Federal
Reserve banks will accept them as security for 15-day loans.
This added liquidity is calculated to make debentures more attractive to
commercial banks, increase their sale and lower the interest at which
the debentures are sold.
It is through the sale of their debentures that Intermediate Credit Banks
obtain the funds which they lend to local credit corporations and livestock
loan companies which discount the individual farmer's notes.
Brought Reduced Interest.
Assurances by the Reconstruction Finance Corporation that unless the
public bought more freely it would enter the market for Credit Bank
Debentures, characterized by Andrew Mellon, former Secretary of the
Treasury, as "high grade investments," are accredited with considerable
Influence in reducing the interest rate on the May 15 sale of these securities
to 3%.
In some instances the interest rate has run as high as 5%, further increasing the lending charge to agriculture. It is the belief of Federal
Farm Loan Board officials that enactment of the bill may further reduce
the interest on debentures by / to 11%. Another sale is to be made
1
2
/
2
June 15.
Intermediate credit is a type of credit advanced by the 12 Federal
Intermediate Credit Banks to local lending institutions such as agricultural
credit corporations, livestock loan companies and State and national banks,
sed upon the notes of farmers and stockmen whose financial statements
d collateral security entitle them to credit.
Biggest Credit Year.
During 1931 the Credit Banks discounted paper for, or made loans to
approximately 450 financing institutions, including 144 agricultural credit
corporations, 28 livestock loan companies and 23 commercial banks which
previously had not established loan and discount relations. The total
number using these facilities to date is 987.
The total credit extended by the 12 banks in 1931 was $122,733,361—
the largest volume for any year since organization of the system and
exceeding the total for 1930 by $13,686,295.
Direct loans to farmers' co-operative marketing organizations on pooled
warehouse agricultural commodities aggregated 8145,260,386 which was
the largest volume of such credit ever granted by these banks.
Charles R. Dunn on Effect of Enactment of Bill Making
Debentures of Federal Intermediate Credit Banks
L. Eligible for 15-Day Loans by Federal Reserve
Banks to Member Banks.
Commenting upon President Hoover's signing of the bill
on May 19 making the debentures of the Federal Intermediate Credit Banks eligible for 15-day loans by the Federal
Reserve Banks to banks which are members of the Reserve
System, Charles R. Dunn, Fiscal Agent for the Intermediate
Credit institutions who directs their public financing from
New York,said onMay 21:
"This is a long hoped-for step in the right direction, as it will not only
facilitate the future financing of the Intermediate Credit Banks, but will
also cut the cost of borrowing by the farmer who pays as high as 9%
under existing conditions. It was an oversight that the debentures were
not made eligible when the bill creating the Intermediate Credit Banks
was passed in 1923."
Short-term financing is engaged in by the Intermediate
Credit Banks monthly and although the Reconstruction
Finance Corporation offered to subscribe for any unsubscribed portion of the debentures offered in recent months,
that has not been necessary owing to the public demand for
the debentures that has eristed up to the present. The
banks expect to enter the market the first of next month
with a large offering. The signing of the bill by President
Hoover was noted in our issue of May 21, page 3738. It is
proper to state however that the date the bill was signed is
May 19, not May 20, as previously reported.
All But One of Federal Intermediate Credit Banks Reduce Interest to Farmers' Co-operative Associations—Action Results from Enactment of NorbeckSteagall Bill.
All but one of the Federal Intermediate Credit Banks
have reduced their interest charges recently to farmers'
co-operative marketing associations and to financing institutions offering eligible agricultural paper to them for
3000
Financial Chronicle
discount, as a result of the passage of the Norbeck-Steagall
bill through Congress and its signatures by President Hoover,
May 19 according to an announcement issued May 24 in
behalf of the Intermediate Credit Banks. The announcement
also says:
All but one of the banks are charging 4%% interest whereas in March
the rate reached the unprecedented level of 5%% in 10 of them. The
Norbeck-Steagall bill makes these debentures eligible for 15-day loans
from Federal Reserve Banks to members of the Federal Reserve System
and will broaden the market for these securities and make it possible to
float them at a lower rate of interest. It will now he easy to get cash
upon them instantly.
The effect of placing these amendments to the Federal Reserve and
Agricultural Credits Acts upon the statute books was felt in the market
even before the bill was passed by both Houses of Congress, and shortly
after the bill passed the House, May 16 the early high-interest-rate debentupres were selling at a marked premium. More recent issues bore 3%
interest and prospects are excellent for a lower rate of interest in the
near future which will be reflected in rates charged farmers.
Although the passage of the Norbeck-Steagall bill cured a temporary
situation in which banks and other big institutions sought to keep themselves much more liquid than normally and therefore Invested in very
liquid securities, the passage of the bill provides for all time for a more
desirable debenture. The bill further strengthens and broadens the activities
of the Federal Intermediate Credit Banks in that they have another source
of funds, namely the authority to sell acceptances of drafts and bills of
exchange, drawn by farmers' co-operative marketing associations. Since
the acceptance market frequently is lower than the debenture market, the
banks periodically should be able to sell acceptances bearing a lower rate
of interest than their debentures. This is rather important to these institutions since approximately one-half of their business is lending to farmers'
co-operative marketing associations, taking warehouse receipts representing
staple agricultural commodities stored in acceptable warehouses or shipping documents covering staple agricultural conramdities.
The Norbeck-Steagall Act further perfects the Agricultural Credits Act
which created the Federal Intermediate Credit Banks by amending it to
make it possible immediately to assess all of the banks to take care of
any impairment of capital of any one of the 12 banks—a mere simplification
of the method delineated in the original law. It further strengthens the
banks by requiring accumulation of surplus equal to capital before paying
earnings into the United States Treasury as a franchise tax.
It also authorizes, with the acquiescence of the Federal Farm Board, the
transfer of funds from one bank to another for the payment of obligations
for which each of the 12 banks is responsible. Another rather important
change made by this act permits Federal Reserve Banks to discount notes
payable to and bearing the endorsement of any Federal Intermediate Credit
Bank, covering loans or advances made by such bank which have a maturity at time of discount of not more than 9 months, when secured by
notes, drafts or bills of exchange eligible for rediscount by Federal Reserve
Banks. This means that Federal Reserve Banks may now discount for
Federal Intermediate Credit Banks notes payable representing direct loans
or advances by the latter Banks to farmers' co-operative marketing associations when they have a maturity of not more than 9 months.
Crop Production Loans of $63,902,000 Approved by
Department of Agriculture to 504,442 Farmers.
With the period for application for crop production loans
this year ended May 15, the Department of Agriculture has
approved $63,902,000 of loans to 504,442 farmers all over
the country, and has now passed upon all but a few thousand
of the applications, according to an oral statement, May 19,
by Henry S. Clarke', in charge of the loan office for the
Department. We quote from the "United States Daily" of
May 20, which further said:
The remaining applications cannot bring the total much above $65,000,000, Mr. Clarke said, and the final total will be about that figure.
The following additional information was provided:
The loans have averaged $126.68 each. They are due Nov. 30, and
organization of collection forces already has begun. The loans are secured
by the growing crops which they financed.
Meanwhile, between 400 and 500 men have been placed in the field by
the Department to check up on farmers who received loans and insure that
the crops pledged as security actually are planted and properly cared for.
These men will range over the country, visiting the farmers and inspecting
their growing crops.
The decline in number of applications for loans near the close of the
period for applications is believed to indicate that the need for loans has
been about fully met. There will remain available to the loan office about
$10,000,000 of unexpended funds, from which expenses will have to be paid.
The balance would be available in case any outstanding disaster such as
flood, tornado, or other natural phenomenon should create distress which
would necessitate reopening of loans in any area.
Numerous requests for continuance of The loans have reached the office,
as occurs after every loan operation, but no sound reason for continuing
lending operations has been presented, in view of the fact that the law
restricts loans to financing crop production and practically all crops already
have been sown.
The loan funds came from $50,000,000 of the Reconstruction Finance
Corporation's original capital, set aside by Congress for the purpose, and
from expansion of that capital by issuance of securities by the Corporation.
This expansion was authorized up to a total of $200,000,000, but only
$25,000,000 in addition to the original $50,000,000 of capital has yet
been made available for farm loans, and this has been more than sufficient
to meet the need.
As a Spur to Farm Workers Russian Soviet Abolishes
State and Local Taxes on Sales Other Than Under
State Contracts.
Associated Press accounts from Moscow, May 21, said:
As a further spur to the workers on the collective and private farms to
engage in private trade and thus increase food supplies in the city and
stimulate form production, the Soviet Government decreed to-day the abolition of all State and local taxes which heretofore have been assessed against
these groups it they sold their products outside of State contracts.
The new order was issued by the Executive Committee of the Communist party and the Council of People's Commissars. It applies not only
May 28 1932
to the sale of surplus bread and meat, such as was authorized by an
order a few days ago, but also to the sale of chickens, eggs, dairy products,
vegetables, fruit and other farm commodities.
The sale of such produce by peasants peddling in the streets has been
permitted for some time, but to-day's was the first organized effort to
encourage the practice on a large scale. In effect, it completes the liberalization of the whole agricultural policy of the Soviet Union.
The decree provides that individual peasants must sell at open market
prices so as to compete with illegal private traders and speculators, and
the collectives must charge prices not exceeding the average received in
the Government's commercial or high-priced stores.
This was expected to keep food prices somewhat high still, but it was
considered certain that it would improve the general supply available
for purchase by the people, especially the supply of eggs, vegetables and
fruit, shortages of which has been felt for some time,
New York Stock Exchange Widens Rules for Listings—
Companies Must Agree to Publish Annual Reports
at Specified Dates—Paramount Publix and Pan
American Petroleum First Companies to Face
Latest Policy.
The New York Stock Exchange has sought to obtain early
publication of annual reports of companies whose share are
listed on the Exchange by getting definite agreements, when
applications are made for listing additional securities, that
reports will be published not later than specified dates. This
was noted in the New York "Times" of May 27, which
further said:
The new policy was revealed in the applications for the listing of stock
IMay 171 of the Paramount Publix Corporation and the Pan American
Petroleum and Transport Co., which were approved by the Exchange on
Wednesday.
The Paramount Publix Corporation agreed to publish the balance sheet
and income account of the previous year at least once in each year, and
to submit it to stockholders at least 15 days in advance of the annual
meeting, but not later than 14 weeks after the end of the fiscal year of
the corporation.
The listing application of the Pan American company contained a similar
provision under which the company agreed to issue its report not later
than 15 days in advance of the annual meeting, and not later than a specified date
Hitherto the Exchange'o formal listing agreement contined no clause
requiring companies to issue their reports not later than a certain date.
The new policy is expected to be extended to other companies as they
apply for the listing of additional securities.
New York Stock Exchange Notice Regarding New
Ruling on Bond Sales—Sellers Must Be Notified
of Flat Price on Defaulted Issues.
The New York Stock Exchange amplified on May 23 its
recent ruling on changes in limited selling orders on bonds
on which interest payments have been defaulted. The
original ruling stated that when the basis of trading in bonds
changes from "and interest" to "flat," limited selling orders
should be raised in price by the amount of the accrued interest.
This week's notice of the Stock Exchange follows:
NEW YORK STOCK EXCHANGE.
Committee of Arrangements.
May 23 1932.
To the Members of the Exchange:
Referring to Circular 0-4915, dated May 4 1932, which reads as follows:
"When the basis of trading in bonds changes from 'and interest' to 'flat'.
limited setting orders should be raised in price by the amount of the accrued interest.
"This should be done by the member in the Bond Crowd to whom the
order has been entrusted for execution, and confirmed immediately to his
principal." the said change in the price of limited selling orders should
be made at the same time that the change In the basis of trading, pursuant to the ruling of the Committee on Securities in the particular
case. becomes effective. This change in price is intended to protect the interests of sellers who may not be aware that the basis of trading is being
changed.
The party who has originally given the order to sell should be Immediately notified of the change in the basis of trading, and informed that his
order to sell at a price "and interest" is no longer valid and has, for his
protection, been replaced by an equivalent order on the "flat" basis.
pending his further instructions.
ASHBEL GREEN, Secretary.
Odd Lot Trading on New York Stock Exchange on
New Basis—Differentials Fixed at
Regarding exchange in the basis of odd lot trading on the
New York Stock Exchange, the following notice was issued
on May 26:
On and after June 6 1932. we will trade in odd lots on the following
basis:
All stocks, irrespective of price or par value, will be traded in on both
buying and selling orders at H% from sales or on the bid and offer as
formerly, but to that price there will be added. In the case of Your buying
orders only, the amount of the cost to us of tee stamp taxes Involved.
The changing rates of taxation on stock transfers Imposed by the Stete
and Federal Governments lead us to believe this method to be the most
equitable and fair to all concerned. Very truly yours,
V. C. BROWN & Co.
CARLISLE MELLICIr & CO.
DeCOPPET & DOREMUS.
JACQUELIN & DeCOPPET.
TEFFT & CO.
Noting that the present is the second change made within
a few months, and that it provides that instead of setting
up fixed differentials to care for the increase in State and
Volume 134
Financial Chronicle
Federal transfer taxes the amount of the taxes would be
added to the cost of odd lots bought, the New York "Journal
of Commerece" of May 27 said:
Upon the recent passage of the State tax of 4c. a share on stocks of $100
par or no par to be paid by the seller, against the former tax of 2c. a share.
the odd lot firms, being dealers and hence subject to the tax, raised the
differentials between the floor prices for 100-share lots and the price of
odd lots. The differentials on odd lot sales by the public remained unchanged. Since the tax scaled down with the par value, the differentials
were adjusted to cover the taxes on broad parkvalue divisions. The inequalities which arose from the placement of fixedjdifferentials on different
par values below the fixed limits led to the change.
The earlier change was referred to in our issue of March
5, page 1678.
D. M. McKeon Suspended by New York Stock Exchange
for One Year.
Daniel Maiming McKeon, an independent floor broker
with offices at 71 Broadway, this city, was suspended by
the New York Stock Exchange for the period of one year
on Thursday of this week, May 26. The announcement of
the suspension was made from the rostrum of the Exchange
by Richard Whitney, President of the New York Stock
Exchange, at 10.20 o'clock Thursday morning and was as
follows:
"A charge and specification having been preferred under Sections 4 and
7 of Article XVII of the Constitution of the Exchange against Daniel
Manning McKeon, a member of the Exchange, said charge and specification were considered by the Governing Committee at a meeting held on
May 25 1932, said Daniel Manning McKeon being present.
"The substance of the charge and specification was that on April 28 1932,
said Daniel Manning McKeon made offers to sell securities for the purpose
of upsetting the equilibrium of the market, and bringing about a condition
demoralization in which prices would not fairly reflect market values, and
thereby was guilty of acts inconsistent with just and equitable principles
of trade.
"Although said offers were not accepted and did not cause a decline in
prices, said Daniel Manning McKeon was found by the Governing Committee guilty of said charge and specification and was suspended for one
year."
Yesterday's New York "Herald Tribune," in reporting
the matter, said in part as follows:
McKeon was a private trader and was admitted to membership March 1
1929. He made his office with Drysdale & Co., but was not a member of
that firm. He declined to make any comment.
Although reputed to be a fairly active trader, he was not identified
with any particular issues, and the Exchange officials would not make
public the names of stocks which, it is alleged, he tried to depress.
The Stock Exchange began a thorough inquiry into practices of short
selling a year ago and from time to time has tightened its regulations, but
this is the first time in the bear market that disciplinary action has been
made public. It has been rumored once or twice that certain members sold
their seats in a hurry as a result of the inquiry, but there has been no other
suspension. There have been numerous cases of members being called
upon to explain their operations on the long as well as short side of the
market.
New York Curb Exchange Suspends
Samuel S. Campbell.
Samuel S. Campbell, of the firm of S. S. Campbell &
Co., 74 Trinity Place, this city, has been suspended friini
regular membership of the New York Curb Exchange for
failure to meet obligations, according to the "Wall Street
Journal" of May 25.
Taylor Wilson & Co., Inc., Cincinnati Bond House,
in Receivership.
On petition of the stockholders a receiver was appointed
for Taylor Wilson & Co., Inc., Cincinnati, Ohio, bond house,
in Common Pleas Court, that city, according to Cincinnati
advices on Thursday, May 26, to the "Wall Street JOTGIT"
The dispatch added:
Edward G. Taylor, President, stated the depressed bond market brought
on the action. L. I. Levi has been appointed receiver.
J. Nevin Roberts and Walker P. Hall, Former Partners
in the Defunct Brokerage Firm of Roberts & Hall,
of Cincinnati, Ohio, Sentenced to One Year Each
in Ohio State Penitentiary—Appeal to Be Filed.
Judge Thomas H. Morrow, in the Criminal Court at
Cincinnati, Ohio, this week sentenced J. Nevin Roberts
and Walker P. Hall, former partners in the failed Cincinnati
brokerage house of Roberts & Hall, to serve one year each
in the Ohio Penitentiary, following their conviction recently
on two counts of an indictment charging them with having
converted securities in their possession belonging to a cus.
tomer—Cincinnati advices to the "Wall Street Journal"
on May 25, from which the above information is obtained,
furthermore said:
Judge Morrow pronounced a sentence of one year upon each of the two
counts upon which the brokers were convicted but ordered that the sentences
run concurrently. Counsel for the brokers stated that an appeal on error
w be filed. Roberts & Hall failed in December 1929.
3907
Our last reference to the affairs of this firm, the failure
of which was noted in the "Chronicle" of Jan. 4 1930,
page 51, appeared in our issue of May 25 1931, page 2813.
Inquiry by Senate Committee into Stock Exchange
Trading—Profits of $5,000,000 Reported Realized
in Alleged Pool in Common Stock of Radio Corporation of America—John J. Raskob, W. F.
Kenny, Nicholas F. Brady and T. J. Regan Reported Participants—Operator Tells of Guiding
the Market, Illustrating Method Used by Deals in
Kolster.
A brief reference to the resumption of the hearings in
Washington on May 19 of the Senate Banking and Currency
Committee into Stock Exchange trading appeared in our
issue of May 21, page 3740. Indicating that profits of
almost $5,000,000 realized from an alleged pool in common
stock of the Radio Corporation of America, which operated
for one week in March of 1929 with an original investment
of $12,683,000, were described before the Committee on
May 19, the Washington advices on that date to the New
York "Times" said:
Senator Glass compared the pool operations with the playing of a card
game with a card up your sleeve.
From this pool Nicholas F. Brady, Thomas J. Regan, W. F. Kenny
and John J. Raskob, the four heaviest participants, realized $291,710
each in return for original commitments of $1,000,000 each, according to
records gathered by William A. Gray, Committee counsel, which were
verified by Thomas E. Bragg,one of the two managers of the pool. Walter
P. Chrysler, the Fisher brothers, Charles M.Schwab, Percy A. Rockefeller,
and J. A. Stillman were lesser participants.
Mr. Bragg, although ill in Florida while tne pool was being operated.
testified that he received one-fourth of a commission of $547,119 as comanager.
Division of the Commission.
Bradford Ellsworth, the other manager of the pool, who is sought by
the Committee, received the same commission as Mr. Bragg, the latter
said, and the brokerage firm of M. J. Meehan & Co., agents for the pool,
received half of tne commission, in addition to $500.000 paid them in
regular brokerage commissions.
Mr. Gray presented brokerage records showing that during the week
in which the pool was operated, from March 12 through March 20 1929,
it bought and sold 1,493,400 snares, with a total cash turnover of $141.424,328. This represented 12% of the outstanding Radio stock, he
said.
Outstanding points in to-day's testimony included:
Evidence from brokerage records that in this pool operations stocks
were bought and sold for the alleged purpose of creating an active market,
by brokers for the pool and participants in the pool among themselves.
Testimony by George F. Breen, a prominent trader, that the rise and
fall of quotations of a stock can be controlled, as he illustrated in describing the selling of 250,000 shares of Kolster Radio common.
Brokers Are Questioned.
Mr. Gray returned from a fortnight of investigations in New York City
to lay before the Committee, as ne said, "evidence that managers of
Pools manipulated stocks." During a long day of battezing cross-examination he strove to prove his point through questioning, based on voluminous
exhibits, not only of Messrs. Bragg and Breen, but of John L. Weeks,
an original partner in Luke, Banks & Weeks, brokers, and two members
of the Meehan company, James P. McConnochie, managing partner.
and Esmond O'Brien, youthful floor specialist in Radio common, who nas
held that position in the Meehan firm for eight years, although he now is
only 33,
Mr. O'Brien was questioned especially about his execution of the Radio
Pool orders for the Meehan firm while it also was the registered specialist in
that stock, a practice which Richard Whitney, President of the Stock Exchange, had testified, violated Exchange rules. Mr. O'Brien said, in effect.
that the rule was involved only when the broker, through his confidential
information, held an advantage but that in the active market obtaining at
the time, this advantage did not exist.
Mr. Weeks described a Pool operation in General Asphalt stock, started
in 1929, which cost its sponsors several millions of dollars due to the market
collapse.
The full Banking and Currency Committee listened with attentive interest throughout the testimony. The hearings will be continued to-morrow.
Meehan Has Sailed for Europe.
When the Committee members expressed a desire to question Mr.Meehan.
Mr. McConnochfe said that "on the advice of three physicians" he had
left for Europe "a few nights ago."
"Just when did he sail?" asked Mr. Gray.
"Last night," replied the witness.
Mr. Gray told the Committee that he had informed Mr. Meehan he
need not appear immediately, conceding that the 40
-year-old broker is in
ill health, but that he had no idea tnat Mr. Meehan would sail for Europe.
Mr. McConnochie estimated that he would be gone about two months.
Mr. Gray began his questioning of Mr. Bragg, who had appeared once
before to testify regarding his association with Percy A. Rockfeller in other
operations, by saying he would describe the Radio pool as "a typical pool
opei ation."
The pool, it was shown, was organized March 7. began operations March
12, concluded operations March 19 and was wound up March 30.
During its life Radio went from 79 on March 4 to a high of 1093 on
March 16: it dropped back to 101 on March 19, then fell into the 90s and
on March 19 closed at 96. Trading was in the "new" Radio stock listed
on the Exchange but not yet actually issued, which was to be traded for
then current stock at the ratio of five shares for one. The original stock
had had a phenomenal rise from $8 to $10 to about $500 a share.
Three Brokerage Houses Used.
Three brokerage houses were used by the pool—M.J. Meehan & Co.,the
managing brokers; W. E. Hutton & Co., and toe Block-Mahoney Co.
An element of mystery entered into the pool records with the discovery
that $92,000 was distributed among individuals including J. P. Tumulty.
dentified as the former Secretary to President Wilson, and Eddie Dowling,
Actor and Director.
3908
Financial Chronicle
In listing the names of the persons to whom were paid varying sums out
of the pool by Meehan & Co., but who did not participate as pool members.
Mr. Gray said he had thus far failed to discover just why these mixed
payments had been made. He said the checks were being traced. .
The list is as follows: Eddie Dowling, $19,000; Dr. Ash, $10.000; I. E.
Lambert, $15,000; Alice McConnochie, $20,000 (sister of witness); F. J.
Thiel, $10,000 (member of Meehan firm); K. Wolfe, $1,000, J. P. TumultY.
$10,000; A. Cotter.$5,000 (employe of Meehan), and J. McNamee.$2,000.
Discussing other phases of the investigation, Mr. Gray said numerous
"boosting" articles had appeared in newspapers at the time the pool was
being manipulated. He said some steps were being taken to check divisions
of profits of pool members after they cashed in. He read from a series of
articles printed in a New York financial newspaper which appeared coincident with the operations of the pool.
The amounts pledged by individuals in share commitments, the deposits
made by the participants and the division of business among the brokers
are shown in the official Committee list. Those accounts on the list in
which there is a "no deposit" notation, Mr. Bragg said, were liable for possible losses although no money was pledged. Other deposits were made in
cash with the brokers indicated.
Committee's List of Participants.
The official Committee list follows:
PARTICIPATION IN RADIO (NEW) SYNDICATE.
Through H. J. Meehan & Co.
ParticipantDeposit.
Shares.
Deposit.
Shares.
ParticipantNicholas F. Brady
$1,000,000
50,000
Thomas J. Regan
1,000,000
50,000
W. F. Kenny
1,000,000
50,000
J. J. Raskob (a)
1,000.000
50,000
Bradford Ellsworth
300,000
25,000
J. E. Higgins
500,000
25,000
T.J. Mara (Kenny special)
15,000
250,000
George F. Breen
12,500
Lawrence P. Fisher
187,500
12,500
J. J. Riordan (County Trust Co.)
10,000
200.000
10,000
Mrs. Olive Eddy
1,000.000
50,000
Mrs. M. J. Meehan
Mrs. M. J. Meehan
15,000
J. H. Holmes dr Co
15,000
300,000
Conway & Co
20,000
400,000
E. W. Harden
20,000
400,000
W. C. Durant
25,000
400.000
Jackson Brothers & Boceichel
20,000
400,000
Walter P. Chrysler
25,000
500.000
Joe Toplinsky
16,500
330,000
Jesup dr Lamont
5,000
100,000
Charles M. Schwab
10,000
200,000
Mrs. G.Sarnoff
10,000
H. B. Swope
10,000
Through W. E. Hutton & Co.
G. D. Smith
100,000
25,000
Vera Bragg
100,000
25,000
Vera Bragg and O. D.Smith
300.000
20,000
American Brush Co
375,000
25,000
Richard Arthur
45,000
3,000
Dr. E. Caldwell
37,500
2,500
Cliffwood Corporation
150.000
10,000
A. Wilson
15,000
1.000
D.0. Millar
75,000
5,000
D. G. Millar
30.000
2,000
Victor Klinker
20,000
1,250
H.P. Wiggin
38,000
2,500
John O'Malley
30,000
2,000
Berry Holding Co
100,000
6,500
R. W. Berner
30,000
2,000
C. M. Weatherwax
20,000
1,250
D. R. Alexander
10,000
501)
Sir Harry McGowan
180,000
10,000
Bilges Commercial & Development Co
150.000
10,000
R. Hochstetter
150,000
11,000
P. A. Rockefeller
75,000
5,000
Mrs. Ed. Weis!'
150,000
10,000
L. P. Fisher
150,000
10,000
Wisson Seyburn
75,000
5,000
Charles T. Fisher
150,000
10,000
William A. Fisher
5,000
75,000
A. J. Fisher
5,000
no deposit
Fred J. Fisher
10,000
no deposit
E.F. Fisher
5,000
no deposit
J. A. Stillman
5.000
100.000
Lee Olwell
1,000
no deposit
Dr. P. M. Gransman
no deposit
1,000
T. Clark
no deposit
1,000
T. E. Bragg, P. A. Rockefeller, B. E. Smith
8,000
no deposit
Jack Soloman
2,000
no deposit
H. Cunningham
10,000
no deposit
Through Block-Maloney Co.
(In name of P. J. Maloney, Sr.)
Mrs. P..1. Maloney Sr
no deposit
7,000
Mrs. P. J. Maloney Jr.
no deposit
7,000
T. F. Friel
10,000
500
R.P. Haws
70,000
8,500
R. T. Stone, special
25,000
1,500
H. D. Kersey
40.000
2,500
C. A. Butler
30,000
2,500
Mrs. D. Cohalan
10,000
500
C. B. Richards ,Tz Co
100,000
5,000
Walter Richards
no deposit
5,000
a Raskob profits paid as follows: 5. .1. Raskob, $204,197; Dr. Raymond
$29.171; John F. Gilchrist, $29,171: George I. Davis. 329,171.
Profit.
Profit.
$291,710
291,710
291.710
291,710
145,855
145,855
87,513
72,927
72,927
58,342
58,342
291.710
87,513
87,513
116,684
116,684
145,855
116,684
145,855
96,264
29,171
58,342
58,342
58,342
145,855
145,855
116,684
145,855
17,502
14,585
58,342
5,834
29,171
11,668
7,292
14,585
11,668
37,922
11,668
7,292
2,917
58,342
58,342
58,342
29,171
58,342
58,342
29,171
58,342
29,171
29,171
58,342
29,171
29,171
5,834
5,834
5,834
46,673
11.668
58,342
40,839
40,839
2,917
20,419
6,751
14,585
14.585
2,917
, 29,171
29,171
Sullivan.
W. J. Meehan & Co., handled 551,500 shares of original subscriptions,
with deposits of $9.667.500 and profits of $3,217,570.
W.E.Hutton & Co., handled 257,500 shares, with deposits of $2,730,500.
and profits of $1,502,310.
Block-Maloney Co. handled 35,000 shares with deposits of $285,000 and
profits of $204,197.
The grand total involved in the syndicate was 844,000 shares with
$12,683,000 of deposits and profits of $4,924.078. aliallta le I d.cl
' Mrs. Meehan's Participation.
The pool list excited particular interest on the Committee's part, as
Mrs. Meehan, wife of the broker, figured as the heaviest investor, having
one commitment for 50,000 shares and another for 15.000 shares. Mrs.
Vera Bragg, wife of the witness, was another participant. Mrs. G. Sarnoff,
In the list, was identified by Mr. Gray as the wife of the President of the
Radio Corp. of America. "G. D. Smitn" is Mrs. Gertrude D. Smith, wife
of Bernard E. Smith, operator and a former witness, who testified that
Prominent traders use their wives' names in many instances. The Cliftwood
Corp. Is Mr. Bragg's organization.
Mr. Gray showed that the syndicate on one occasion sold 25,000 shares to
3. H. Higgins, himself a member of the pool, and numerous other similar
trades, until he read one item wnich indicated the Meehan company had
sold 8,000 shares to the Hutton company.
"That's a pure wash sale, isn't it?" demanded Mr. Gray.
"It must be an error," replied Mr. Bragg. "Those things occurred in
heavy trading."
May 28 1932
On another occasion, on March 15, Mr. Gray pointed out that the Hutton
company sold to the Meehan company 10,000 shares for the accounts
of Mrs. Bragg and Mrs. Smith.
"All of this," said Mr. Gray,"was done so that these would not appear
as wash sales made for the sole purpose of creating an artificial market."
Working on Another Pool.
When Mr. Gray was reading the statistics rapidly into the record Chairman Norbeck once stopped him, motioned toward the newspaper men
at the press table and said:
"Don't go so fast. They can't put it down."
"Did you ever personally acquaint yourself with the assets or liabilities
of the Radio company?" Senator Fletcher asked Mr. Bragg.
r
"They didn't have many assets or liabilities," Mr. Bragg replied, "but
they had a good idea."
This was greeted with laughter from a rather thin crowd of spectators.
"We are working on another pool that immediately afterward put Radio
back up from 85 to 113," said Mr. Gray as he finished questioning Mr.
Bragg.
Mr. McConnochle could tell little of the Radio operations, as be became
a partner in the Meehan firm early in 1930, one year after the pool had
been operated. For 23 years prior to that time he had been a special
agent of the Treasury Department, stationed at the Port of New York.
His testimony was notable for his defense of Mr. Meehan.
"I am devoted to Mr. Meehan because he is a man of very high character." Mr. McConnochie said. "He is. as you know,a very sick man."
The Commitee was surprised to learn from this witness that the broker
Is only 40 years old.
Mr. McConnochie attempted to prove to the Committee that the fact
that a firm is a specialist in a stock does not necessarily mean that it profits
from activities in the stock, citing Mrs. Meehan's account to show she
had lost $2,700,000 in InternaJonal Match stock and $230,000 in American
Steel Foundry stock despite the fact that the Meehan firm is designated
as specialist in each. Tbe Committee considered Mrs. Meehan's account
as representing the trading operations of her husband.
After Mr. McConnochie had testified that the majority of Radio stock
Is held by the General Electric Co. and the Westinghouse company, Mr.
Gray asked if "General Electric entered Into an agreement not to sell
Radio during the week the pool operated."
"1 known nothing of that," forcefully replied the witness.
Asked by Senator Blaine if the M eehan firm had not conducted a pool
in Radio-Keith-Orpheum stock in the latter part of 1930, Mr. McConnochie
said It had not. He again cited Mrs. Neehan's account, saying thaffat
that time, when R-K-0 offered five shares of its stock for eacb of 20,000
shares of Keith-Aibee-Orpheum preferred stock held by Mrs. Meehan.
she sold the R-K-O preferred stock abort against her preferred KeithAlbee-Orpheum stock; later delivered R-K-0 stock after trading in her
preferred stock; then bought back the common stock, and to-day holds
It after sustaining a loss of about $1.800.000.
Specialist on the Stand
Mr. O'Brien. the floor specialist in Radio for the Meehan company.
testified that "the knowledge that a specialist has is of no value to him."
He added soon after this statement that an advantage would exist If
buying or selling orders heavily overbalanced each other, and was greeted
with unbelieving laughter when he said:
"But then, you are not allowed to use that information."
He frankly admitted that the Meehan company had traded In Radio
during the pool operation.
)Z1111
"In other words," asked Mr. Gray, "as a specialist in that stock and:for
the firm of Meehan & Co., you dealt in Radio?"
"Yes," replied Mr. O'Brien.
"And the Meehan company has at varying times taken a long or a short
position ?"
"Yes,sir." was the reply.
Mr. Breen, whose trades appeared to the Committee to be of staggering
dimensions, was the frankest of the witnesses questioned. He Is not a
broker, but specializes, he said, in taking orders from corporations or
others, either to hold stocks at certain levels through canny trading or
to create markets for them.
"Can you guide stocks on the Stock Exchange?" Mr. Gray asked him.
"Ordinarily," replied Mr. Breen.
"Then stocks can be put up or down ?"
"Yes. Anything can be done if there is enough money."
Mr. Gray was chiefly interested in a deal by Mr. Breen in the latter part
of 1928 in which he placed on the market 250,000 shares of Holster Radio
stock for Rudolph Spreckels, delivering to Mr. Spreckels a contracted
return approximating $19,000,000 and making for himself a profit of $1,351,152.50 within a few weeks' time.
As described by Mr. Breen, the deal resulted from a desire by Mr.
Spreckels to realize on his great holdings of Holster stock at a definite
return. This desire on Mr. Spreckels's part eventually came to Mr. Ilreen's
attention. He took into partnership for this venture L. P. Fisher, Arthur
W. Cutten of Chicago, and Oscar Alexander.
As the first step, Mr. Spreckels gave to Mr. Breen, on Oct. 26 1928, for
one dollar, an option to buy various lots of Holster stock, aggregating
150.000 shares, at prices ranging from 70 to 74 within periods of 10 to 90
days. On Oct. 30 Mr. Breen received an option for 100.000 more shares.
Operating through Arthur W.Cutten & Co., Mr. Breen said, he immediately set about testing the market through a series of sales and buying
orders.
As his first step he sold 15,000 shares of Holster "technically short" and
then bought stock. On each day he traded both long and short, and on
Oct. 29, when the option was only three days old, be sold 100.000 shares
and bought back 30,000 at prices ranging from 74 to 79g •
He explained that "you buy when you want to sell, and you sell when
there is a buying market." He disregarded changing quotations, and gave
his brokers no definite orders, he added.
"In other words," interpreted Mr. Gray. "what you had to do was to
go in and buy and sell regardless of price, and thus create an active market."
Five weeks after Mr. Breen had begun his operations, he said, he found
himself, as a result of carefully studied moves, holding 206,000 shares and
obligated to deliver 456.900. The difference was exactly 250,000 shares.
the exact amount for which he held options from Mr. Spreckels.
Just "I3uging and Selling.'
During this operation the Holster stock fluctuated between 74 and 95 H.
but Mr. Breen said that his and his partners' profit on the entire transaction
was "less than 3 points."
"Isn't that pure rigging the market?" challenged Mr. Gray.
"Not at all," replied Mr. Breen. "It is buying and selling."
Mr. Gray asked why Mr. Spreckels himself had not conducted his own
operation and made a greater profit.
"He could have," replied Mr. Breen. "I don't know what was in his
mind."
Volume 134
Financial Chronicle
"I should say Mr. Spreckels was lucky to get out with what he did,"
said Senator Couzens.
"Yes, but I think he put it all in sugar," Mr. Breen remarked.
3909
Tells of Goldman-Sachs Stock.
The Goldman-Sachs Trading Corp. aroused the curiosity of Senator
Couzens, who established through questioning that it was founded in
December 1928, with the issuance of $100.000.000 of capital stock, 10% of
Asphalt Pool's Operations.
which wasretained by Goldman-Sachs & Co.. brokers, and 90% of which was
When Mr. Weeks was on the stand he described the costly Asphalt pool,
sold to the public.
and in doing so was subjected to severe cross-examination on his testimony
The stock was issued at 104,later split two for one,and the latter shares,
that he operated in this stock while he was a member of the board of General
once valued at 52. now are quoted at 13(. Mr. Sachs gave the assets of
Asphalt.
the trading company, as of Dec. 31 1931. as $40.269.100
This syndicate operation involved 150,000 shares; its participants were
"You allowed the public to take a big loss," commented Senator Couzens.
invited personally to enter by Mr. Weeks, himself a director of General
'
'Our stockholders lost," corrected Mr. Sachs.
Asphalt, and it overated for two and a half years after coming into life on
The food company operation, as described by Mr. Sachs, originated in
May 15 1929.
raid-year of 1929, a few months after the Trading corporation was organised,
The sponsors of the pool originally subscribed $6,000,000; they later were
The Postum Co.. which since has become the General Foods Corp.. Mr.
assessed $1,369,292, partially offset by dividends of $613,000, and the pool
Sachs testified, wished to acquire the old General Foods Co., which had a
was closed in May 1931, with the distribution of 132,000 shares of stock.
Patent freezing process known as the "birdseye process." However, it
Purchases were begun when the stock was around 80. More was Purneeded capital to handle the purchase.
chased at much lower prices, bringing the average cost down to $55.79,
The Goldman-Sachs Trading Corp. thereupon bought 130.000 shares of
Mr. Weeks said. The stock in selling now at very low figures.
Postum stock for $10,750,000. With this working capital,the Postum Corp.
Asphalt made by the company, Mr. Weeks interposed, was used to pave
organized Frosted Foods Inc., as a holding company for the old General
most of the streets of the capital. The committee smiled at this remark.
Foods Co.
The participants in the pool included M. J. Meehan & Co., committed
Trading Company Bought 49%.
for 30,000 shares and Horatio G. Lloyd, a partner in Drexel & Co., and
With the $10,750,000 obtained in the stock sale,the Postum Co.. now the
Chairman of the Executive Committee of General Asphalt, who took
General Foods Corp., bought 51% of the General Foods Co.. represented
20,000 shares.
by that proportion of Frosted Foods stock. The Trading Corp.. Mr. Sachs
Other participants included Thomas Cochran, identified as a partner in
said, paid $12,750,000 for 49% of the stock of General Foods Co., and took
J. P. Morgan & Co., who took 35,000 shares, and S. R. Guggenheim • who
49% of the Frosted Foods stock. Thus $23,500.000 was paid for the small
underwrote 10,000 shares.
Mr. Gray, after routine questions concerning these details, plunged into
company.
questioning of Mr. Weeks on the organization of the pool a few months
"What was acquired for this money?" asked Senator Glass.
before the reorganization of the capital structure of the company. Prior to
"Stock of a company with an investment of $1,750.000"—began Mr.
Gray.
1929. Mr. Weeks testified, the company's capital had been represented
only by bonds and preferred stock. More than $7,000,000 was in its treasury
"And a process for frosting food that appeared to have great value,"
as earned surplers.
added Mr. Sachs.
"But the fact is," insisted Mr. Gray. "that all of the money to finance
Offer to Preferred Stockholders.
this transaction came out of the treasury of the Goldman-Sachs Trading
Then the bonds were paid off and, at Mr. Weeks' suggestion, all he adCorp."
mitted in response to questioning, thetption was offered to holders of the
It was developed later that the Trading corporation sold the Postum
preferred stock of turning in the stock at $110 a share or receiving five
stock at a loss of $230.000. It held the Frosted Food stock, after giving the
shares of common for one of preferred.
Postum Co. a preference contract on dividends for the first five years, and
"When you organized that pool in May, did you know this plan would
on Dec. 31 1930 gave the holdings that cost $12.750,000 a book inventory
be adopted?" asked Mr. Gray.
value of $1.
"I did not," replied Mr. Weeks.
One year later, on Dec. 31 1931. the Trading corporation exchanged its
A dividend, more than covered by earnings, was paid late in 1929, Mr.
Frosted Foods stock for 30.000 shares of General Foods Corp. stock valued
Gray brought out, and diminishing dividends were paid in 1930 and 1931.
at $30 a share, or the equivalent of $900.000.
However, despite the fact the dividends were decreased, earnings in 1930
and 1931 were insufficient to cover them.
Tracing the Purchase Fund.
"Well, then, Mr. Weeks," asked Mr. Gray,"I suppose you will say that
Checks for the purchase of the small company,signed by the Postum Co.
the fact that you were on the board of the company; that you organized
and the Goldman-Sachs Trading Corp.. were said by Mr. Gray, committee
the pool; that you suggested the conversion of the preferred stock and that
counsel, to have borne the endorsements of United Foods, Inc. of Canada, a
dividends were paid when the company was losing money all was just a
Canadian bank, United Foods, Inc. of Delaware, and,!. P. Morgan & Co.
coincidence?"
Mr. Sachs said he knew nothing of this phase of the business or of the
"That's right; I say it," replied the witness.
allegation by Mr. Gray that the two United Foods companies were formed
Mr. Gray presented correspondence designed to show that Mr. Weeks's
for the sole purpose of handling this money.
firm had an agreement with the Block-Maloney Co. to sell stock at prices
"We are tracing this fund," Mr. Gray announced. "We expect to be able
below the market In order "to maintain an active market," but Mr. Weeks
to show the tax question had something to do with this transfer."
said that records showing sales apparently below .,he market, on specified
He did not amplify the possible interest of J. P. Morgan & Co. in the
days, might have represented delivery of stock previously contracted.
transaction.
The first intimation of a combination operating short in the market was
Levinson Tells of Curtis Account.
placed in the hearing record when Mr. Gray, in questioning Mr. McConLevinson emphatically dented in his testimony that he had backed
nochle, asked for all the Meehan con..pany records regarding Electric
Curtis's trading account in return for articles boosting his stocks.
Autollte stock. Mr. Gray said he had found that Joseph E Higgins and
"I knew Curtis not as a financial writer," he said. "but as a neighbor in
Bradford Ellsworth, with others, had dealt short in 1,hat stock,from March
White Plains. I knew him and his family and I liked him. I wanted to
10 to March 27 1931, dealing in 94.000 shares and making a profit for the
help him buy his house."
group of $35,500.
The witness was unable to say where Curtis may be now. Mr. Gray said
"I have never heard of a syndicate formed to sell stock short." the
a subpoena server had waited at the writer's home for two nights without
witness declared.
finding him.
Mr. Cornell. who investigated the Levinson-Curtis transactions in detail
Senate Committee Inquiry Into Stock Exchange and reported his finding to the "Daily News" but did not make them public
elsewhere, gave an entirely different picture of them.
Trading—Operations in Transaction in Food
As an instance, he cited an operation in Celotex stock which netted
Corporation Stocks Detailed by W. E. Sachs of Levinson and two associates a profit of$109,000. While this trade was being
conducted the "Trader",on April 27. 29 and 30 and May 2. wrote favorable
Goldman-Sachs Trading Co.
reports about Celotex. Mr. Cornell testified. On May 1, 300 shares of
A complicated transaction involving the purchase for Celotex were credited to Curtis's account and sold the same day On May 2.
Co., which
$23,500,000 of a company with assets of $1,750,000 and the brokerage house of Burnham, Herman & profit. Mr. carried the account
Cornell asserted.
mailed to Curtis a check for $1.195.50 as his
patents on a food-freezing process figured in the stock market
Under the same circumstances, Mr. Cornell also testified. Levinson made
inquiry by the Senate Banking and Currency Committee on Curtis a present of Consolidated Aircraft stock below the market quotation.
of $3,706.14.
May 20, it was noted in a Washington account on that date, It was sold immediately at a profit Levinson when recalled to testify
aftere
"It was just frendship," insisted
to the New York "Times" which went on to say:
Mr. Cornell had given his testimony. "I did that for lots of friends in
The deal was described by Walter E. Sachs, President of the Goldman.
those days."
Indian Motocyck Transactions.
Sachs Trading Co., which, he testified, lost more than $12,000,000 in
backing the purchase of the General Foods Co. by the Postum Co., now the
The Indian Motocycle operation previously has been described in detail
General Foods Corp.
before this Committee, but the principals in it were called for questioning
An intimation that Mr. Sach's testimony contained only a partial picture
to-day.
of the operation came after the hearing when Senator Norbeck, Committee
Mr. Hansel'. then operating as a broker under the firm name of Hansell &
Chairman,told newspaper men that a represenative of J. P. Morgan & Co.,
2
Co., floated 40,000 shares of Indian stock, for which he paid $ 00.000.
whom he did not name, had told him the banking house would like to be
following negotiations with C. E. Mitchea, Vice-President of the con pany.
heard. Tne Morgan firm figured in testimony this morning as endorsers of
and Norman T. Bolles, President.
checks given in payment for the food-freezing company.
When asked by Mr. Gray if he had employed "a man named A. Newton
"The Morgan people insist this is an improper picture and want to
Plummer to put false information in the papers." Mr. Hansen replied:
their side, Chairman Norbeck said. . . .
present
"We did not."
In other testimony to-day, the Committee heard John J. Levinson, a
Mr. Hansell admitted, however, that he had paid $26,880 to Plummer.
trader, explain how he had backed a brokerage account which made profits
over $16,000 in commissions for introducing Mitchell to him and $10,000
of$19,063.44 between May 3 1921.and March 11930,for Raleigh T. Curtis,
when Pummer threatened to sue him. Mr. Gray tried unsuccessfully to
at that time conducting a financial column captioned "The Trader" in the
get him to say that Messrs. Bolles, Mitchell and Content had "chipped in"
New York "Daily News." Levinson said he backed Curtis's account out
to pay Plummer.
of friendship and a desire to help his family.
Following a successful operation in floating the 40,000 shares of Indian
However, Richard J. Connell of the New York Bureau of Securities testistock, Mr. Hansell testified that he undertook to market 60.000 more shares,
and gave an option for 25.000 of these at $7.50 a share to Mr. Content and
fied that the column had been put in other hands by the nexspaper, and
Lawrence R. Wilder.
that it had ceased to recommend the purchase of stocks after the Securities
Bureau had found that in several instances the column boosted stocks while
Dispute New Motor Story,
Levinson was conducting operations in them.
Mr. Wilder later went to England and bought a new-type Diesel motor
Several persons involved in the "bull pool" operation in Indian Motofor what had been reported to be 50,000 shares of stock. Mr. Gray disputed
cycle stock in 1930. Including Harry Content, a broker; Norman T. Bolles.
this, charging that 21,000 shares were given to the owner of the British
Indian Motocycle Co., and Howard Hansell, an "indepenPresident of the
engine, and "the remainder divided between Bolles, Mitchell, Wilder.
Content and Hansell" This was denied by the three men who testified.
dent speculator." who handled the flotation of 100.000 shares of Indian
stock, also were heard to-day.
The Indian pool figured in testimony before the Committee by RepreSenate Committee Postpones Hearings Into Stock
sentative La Guardia of New York, who said that A. Newton Plummer had
Exchange Trading Until June 3.
paid several New York financial writers for giving to pool operators, who
were his clients, publicity beneficial to their stock operations. Plummer,
It was indicated on May 25 that the next hearing in the
who is under indictment in New York for possession of forged securities,
stock-market inquiry by the Senate Banking and Currency
has been subpoenaed.
3910
Financial Chronicle
Committee was set for June 3one week later than the previous
tentative date for the resumption of the inquiry.
A Washington dispatch May 25 to the New York "Times"
from which we quote also said:
Senator Norbeck, Chairman of the committee, said the postponement
was made at the request of William A. Gray, Committee Counsel, now In
New York City directing an investigation into brokerage accounts.
Mr. Gray assembled the evidence already presented in connection with
the Radio pool that made a profit for its operators of 35,000,000 in one
week in 1929 and in connection with profitable sales and repurchases by
the Warner Brothers of stock in their motion-picture company in 1930.
Senator Norbeck declined to say whether the stock-market investigation may be approaching a termination, a belief arising from previous
committee statements that efforts are being made to end the hearings
by June 10.
On March 22 Associated Press advices from Washington
said:
Determined to complete before June 10, if possible, its investigation.of
stock market manipulation, the Senate Banking Committee has sent its
corps of investigators back to Wall Street for further data.
William A. Gray, the committee's counsel, has given assurance that
he will have additional cases of stock manipulation ready for presentation
Friday or Saturday, and at the same time will tie up the loose ends of some
cases that have shown the undercover workings of the market.
The committee wants to complete the inquiry by June 10 in order to
be ready to quit if Congress does at that time. There is a strong possibility, however, that if Congress meets after the partyjconventions the investigation will be continued.
Senate Committee Inquiry into Stock Exchange
Trading—H. M. Warner of Warner Brothers Pictures Said to Admit Profit of $7,000,000 in Own
Stock Deals.
By buying and selling the stock of their own company,
Warner Brothers Pictures, Inc., in 1930, the three Warner
brothers realized a profit of $9,251,454.50, according to testimony presented on May 21 before the Senate Banking Committee in its investigation of transactions on the New York
Stock Exchange. According to a dispatch from Washington
May 21 to the New York "Times", Harry M. Warner,
President of the company, admitted that he and his brothers,
Albert Warner, Vice-President and Treasurer of the company, and J. L. Warner, a director, had traded in the stock,
and their counsel, Samuel Schneider, testified their profits
in 1930 were $7,394,459. The Washington advices to the
"Times" May 21 continued:
Further testimony was that while the three Warner brothers had lent
their company $3,365,000 in return for debentures that now pay a guaranteed return, dividends on Warner stock are now being Passed.
Harry M. Warner denied that he and his brothers sold their stock at
a time when they knew earnings of the company were falling or that they
knew dividends would be passed, as they were later in the year.
Estimates $9.251,454 Profit.
William A. Gray, counsel for the Committee, who examined the witnesses, asserted that the deals made by the Warner brothers were matched
n 50 or 60 other cases, of which Fox Films was one.
On the basis of an audit of the books of Schatzkin & Co., principal
brokers for the Warner brothers: by George K. Watson & Co.. accountants
for the Committee, Mr. Gray stated that the Warners had sold 305.350
shares for $16,520,986, and later had repurchased $325,505 shares for
$7,544,481, and had profited in 1930 through these deals by $8,976,504.50
in cash and 21,155 shares in stock, valued at $13.50 per share, or $274,950.
a total of $9,251,454.50.
Mr. Schneider testified that the stock sales had totaled 231.055 shares,
bringing $12,850,540.50, and that 340,400 shares had been purchased for
$6,932,158.42. He estimated the cash profit at $5,918,382.08 and the
stock increase at 109,345 shares, or, on the basis of $13.50 a share, the
equivalent of $1,476,157, making profits of $7,394.459. The share value of
$13.50 is an arbitrary figure, considerably above current quotations.
Mr. Gray attempted to prove allegations that in these transactions,
in which Mr. Warner testified he and his two brothers, Albert and J. L.
Warner, always operated together, they took advantage of impending
declines in share values that they knew were coming. Mr. Warner denied
this, maintaining that the stocks were sold to raise cash to advance to the
company and that the sales were made when prospects were bright. When
it developed that the Warner brothers had lent the company $3,365,000
In return for debentures that now pay a guaranteed return, while dividends
on Warner stock are being passed, Senator Norbeck, Chairman of the
Committee observed:
"Well, whatever your motives were, you made a pretty good guess."
When Mr. Gray began his examination of Mr. Warner he said he would
show "that this man through undercover channels and by covering up
his transactions sold his stock while certain journals were boosting the
value before the public." When the Warners were buying, the examiner
added, these newspapers made unfavorable reports on the stocks.
Brothers Acted As One.
Mr. Warner, a soft-spoken man who appeared to be about 40 years
of age, testified under oath. He was obviously nervous when subjected to
a barrage by news photographers. He stated that he was the son of a
shoemaker and had followed that trade himself before going into motion
pictures 28 years ago.
Warner Brothers was incorporated in 1925, he said, and on Jan. 1 1930,
there were extant about 2,500,000 shares of its stock, of which the brothers
held 303,434.
"The Warner Brothers always have construed themselves as one," he
explained.
Mr. Schneider, who sat by Mr. Warner's side and whose testimony
was accepted as Mr. Warner's own, said the Warners had dealt through
several brokerage houses,including Schatzkin & Co.,their principal brokers;
Goldman. Sachs & Co.; Ira Haupt & Co., and Ernst & Co. They traded
under numerous names in addition to their own, such as Moe Rosenberg,
Harry Charons, Renraw and Brixton Trading Corp.
"Why did you deal under those names?" Mr. Gray asked.
May 28 1932
"We found when we traded in the name of Harry or Albert Warner it
Influenced others," Mr. Schneider replied, adding that the purpose was
to prevent brokers and not the public from knowing their operations.
Examination of the witness by Senator Couzens, who said the Warners
"controlled the destiny of their company," revealed that they owned on
Jan. 1 1930, only slightly more than 10% of the stock. However, the
brothers had three of the 11 memberships in the board of directors.
Took Debentures for Loans.
Mr. Warner testified that the Warners sold stock from January of 1930
through June of that year. Mr. Schneider gave the figures for each month
which, although they differed from Mr. Gray's figurts, indicated the
selling and buying trends pictured by Mr. Gray.
"Did you intend to buy that stock back again?" asked Mr. Gray.
"I would not want to say what my thoughts were at the time," Mr.
Warner replied.
He then described the sales as being due to a desire to "diversify some
of our stock" and to raise money for the company, adding "we wanted to
have cash on hand to loan to it, a practice we had carried on since the
Inception of the corporation."
This money was needed for expansion activities and the brothers lent
the corporation $500,000 in May, $400,000 in June, $2,000.000 in July
and $465.000 in August 1930.
"Was any of that paid back in 1930?" Mr. Gray asked
"It VIM paid back in debentures of the company," Mr. Warner said,
adding. "and I still have them."
"So, in effect." said Senator Couzens,"you sold your stock and took
a preferred claim in the form of debentures?'
"I never thought of it in that way," Mr. Warner rep-led.
Mr. Gray asserted that the average price received for the stock sold in
the first half of 1930 was slightly above $54 a share, while the average
purchase price when buying operations by the Warners were being conducted in the latter half of the year was slightly above $23 a share.
Mr. Gray tried to get a direct admission that the Waiters knew the
stock would drop in value in the fall and that they knew that on Sept. 1
the customary dividend of $4 a share was to be discontinued.
"You knew in the spring that wall likely to happen?" he asked.
"Not at the beginning," replied Mr. Warner. He insisted that he did
not learn of bad business until "later in the year," saying.
"Our business spreads throughout the world and it is impossible for us
to know what it has done until Price, Waterhouse audits our books."
"But you knew all through the spring of 1930 that the business of Warner
Brothers was falling off." shouted Mr. Gray.
"The beginning of 1930 showed the best business our company ever bad
done." retorted Mr. Warner. "The most money we ever made was while
this stock was being sold."
Mr. Schneider stated that the company made profits of $10,000,000 in
the first half of 1930.
In reply to further questioning by Senator Couzens, Mr. Warner maintained that trading such as he did was "ethical and helpful." He insisted
that he "did not trade back and forth."
Senators' Comment Caustic.
"Ijust want to get before the committee the ideals and standards of some
of these officeholders whose operations affect the market," Senator Couzens
said. "The officers certainly know more than outsiders and have inside
knowledge of company affairs.
"He says that to buy and sell with.information that other stockholders
do not have is perfectly ethical. Why beat about the bush ?"
"Do you think," asked Senator Townsend, "that it is a general practice
for officers of companies to deal in their own stock?"
"It is done," said Mr. Warner.
"Ala," exclaimed Senator Norbeck, "you people thought that when you
clipped the lambs you could take along the skin, too, and the skin would
grow wool."
This was prompted by Mr. Warner's assertion that the Warner stock has
dropped far below the prices paid for it when it was repurchased
The hearings of the committee have been discontinued until next Friday
or Saturday, when Chairman Norbeck expects Mr. Gray to have additional
material.
The steering committee of the full committee held a private conference,
following which Senator Norbeck announced*
"We are planning to bring this investigation to a close by June 10. We
are assuming that Congress will recess, and it is impossible to bring a
complete picture to a head by June 10, but we expect to have a pretty
good picture."
Senator Norbeck said the committee hoped to keep within the $50,000
appropriation made for the investigation, but Mr. Gray said, "we shall
need more money before June 10.:
Petition in Bankruptcy Filed by Kreuger & Toll—
Recommended in Report by Swedish Investigating
Committee—Debts Placed at $1.68,300,000.
Kreuger & Toll, the parent company of the vast interests
which were headed by the late Ivar Kreuger, filed a petition
in bankruptcy on May 24 and applied for annulment of the
provisional moratorium granted to it by the Swedish
Government. We quote from Associated Press advices from
Stockholm May 24, which also stated.
This action followed the adoption by Parliament of a bill amending
the bankruptcy law. The purpose of the amendment was to facilitate
liquidation of Kreuger & Toll and to give creditors of the company more
protection than was provided under toe old bankruptcy law.
The Swedish investigating committee, in a report issued
May 20, recommended that the'firm be declared bankrupt.
It is stated that the report revealed that Ivar Kreuger, the
so-called "match king" who committed suicide in Paris on
March 12 1932 died practically penniless, and owing $168,300,000. From Associated Press accounts from Stockholm
May 20 we quote:
A Swedish investigating committee to-day reported that fictitious
assets for large sums were created on the Kreuger & Toll books since 1924.
"As regards many of the assets," the committee continued, "It is impossible to say with certainty whether they anould belong to Kreuger &
Toll or to one or the other of the various companies under Kreuger's
management, or possibly to his own estate."
Asserting that its investigation had shown the Kreuger & Toll Co. has
a claim of not less than 200,000,000 ktoner (currently about $37,400,000)
Volume 134
Financial Chronicle
on Kreuger's estate, the report added that the committee had made an
investigation of the estate itself.
The assets, apart from certain personal property, consist of various
concerns. Some of them are valuable and not affected by the position
of Kreuger & Toll, the report said, but even so, their total value will
not amount to more than a comparatively small percentage of the personal
Kreuger liabilities. Besides, the greatest part of these securities are
pledged.
Turning to the Swedish Match Co., another of Kreguer's big concerns.
the committee said it was hoped that an arrangement could be made
for a standstill agreement covering the next three months "for the purpose
of giving the company time to produce a plan of reconstruction whereby
Swedish and foreign match interests can as far as possible be kept together."
"A special administration," the committee suggested, "will control
the Company during the three months' period, and will probably invite
foreign and Swedish shareholders to sit as a special committee to formulate
a plan of reconstruction."
The report was signed by the four men named by the Swedish Government and various officials to look into Kreuger's tangled affairs. A
moratorium was declared by the Government to cover the period of this
investigation to prevent dissipation of the assets.
A London cablegram May 20 to the New York 'Times"
stated:
Bankruptcy proceedings for Kreuger & Toll, holding company for the
vast Kreuger interests, were recommended by the Swedish investigation
committee in a report issued here to-night by the British protective committee.
The committee reported that it found Ivor Kreuger, who killed himself
in Paris on March 12, had personal debts of $93,500,000 in addition to
indirect liabilities of $74,800,000. The report said the investigation had
shown fraudulent manipulations of the Kreuger & Toll books for at least
eight years.
"The condition of the books of Kreuger & Toll makes it difficult to
Produce a definite balance sheet," the committee said, "but there will
be little, if anything, for distribution to unsecured creditors."
The committee therefore recommended recall of the moratorium by
the Swedish Government and a movement to have the company declared bankrupt. Special bankruptcy legislation, intended to safeguard
the interests of the entire body of creditors, is being prepared in Sweden,
it said.
Regarding the Swedish Match Trust, it is hoped an arrangement can
be made with the creditors for a three-months' standstill agreement giving
the company time to produce a plan for reconstruction, a special administration meanwhile controlling its affairs.
A considerable part of the Ericsson Telephone Co.'s share capital may
be considered intact provided the difficulties connected with the company's
cash position can be overcome, the report said.
Two Kreuger Directors Reported Bankrupt,
United Press advices as follows from Stockholm are
taken from the "Wall Street Journal" of May 26:
Kristen Littorin and Erik Sjostroem, directors of Kreuger & Toll, have
been declared bankrupt.
Announcement by New York Stock Exchange Regarding Transactions in Kreuger & Toll American
Certificates.
The Committee on Publicity of the New York Stook
Exchange issued the following notice May 25:
Committee of Arrangements announced this morning:
Transactions in Kreuger & Toll American certificates below one-eighth
be made in variations of one-thirty-second, such transactions will
not be printed on the tape, but will appear in daily sheet.
may
Admitted to the List.
Kreuger & Toll Co. Guaranty Trust Co. certificates of deposits for 5%
secured sinking fund gold debentures, due March 1 1959,
The New York "Sun" of May 25 said:
Selling at an unvarying price on the ticker of one
-eighth, the lowest
price permitted on the Stock Exchange, except in special cases, Kreuger
& Toll stocks was given a chance to find its own market. The Stock
Exchange announced that hereafter transactions would be permitted in
variations of one-thirty-second, but that such sales would not appear on
the tape. After this announcement was made no further one-eighth
sales were seen. The bankruptcy of the company on account of the
fraudulent deals of the late Ivor Kreuger and some of his associates seems
to have wiped out anything of value underlying the stock. Much of the
buying doubtless is of tne short covering variety, or for wall paper purposes.
It is difficult to list stocks on the Exchange, unless everything appears to
be regular; but the authorities usually let a stock hang on to the Now
end. It would be interesting to know how many bought the stock even
after much of the irregularities and general crookedness were known, on
the assumption that there might be some value in it. Sales were reprorted
from the floor at one-thirty-second,
Short Sales on New York Curb Exchange Totaled
68,535 on May 16.
The New York Curb Exchange, on May 24, announced
that the short position in all securities as of May 16 1932
totaled 58,535 shares, as compared with 57,258 shares on
May 2 1932, an increase of 1,277 shares. During the period
covered in the compilation 1,440,140 shares were dealt in.
The low record since the Exchange began to issue figures
on the short interest was 53,258 shares on Dec. 15 1931, and
the high record was 129,542 shares on Sept. 23 1931.
C. B. Haziewood of First National Bank of Chicago
Sees Need of New Plan of Bank Management in
Rebuilding of Banking Business.
Speaking before the convention of the Missouri Bankers'
Association, in session at Excelsior Springs, Mo., May 17,
3911
Craig B. Hazlewood, Vice-President of the First National
Bank of Chicago, declared that a new plan was essential to
the rebuilding of the banking business. He said, in part:
Banking has for the past three years been passing through such a storm
as has not been seen for 40 years, a storm such as has previously been
experienced by only the oldest inhabitants of our officers' platforms. It
has overwhelmed many banks. But from every situation, no matter how
bad, some gain must come. The gain for the profession of banking is the
increased skill that is accruing to those bankers who are bringing their
institutions safely through this financial storm. They will be better bankers
than they have ever been. It is not extravagant to prophesy that some of
them will be better bankers than this century has yet produced.
That conditions will change there is no doubt. They may get worse
before they get better, but the foundation has been laid through continued
and drastic deflation of the prices of materials and inventories, the
elimination of waste and extravagance, and the reduction of the excessive
costs of manufacturing, merchandising and all forms of personal and public
service. There will come a time when we will look back to this period
as the "bad years" period. In the wisdom of our experience we will
advise our successors against the excesses which led up to these present•day
conditions, which advice they will probably ignore in another decade or
two. In the meantime, there is a very positive need for every one of us
to know as nearly as possible the exact situation of our own banks.
The only course open to good banking—and may Heaven protect the man
who has not learned this fact from his experience during the past months—
is to discover the losses, report them, and take them.
Many bankers adhere to the old tradition that directors should be informed
about the favorable circumstances only. This, needless to say, is utterly
fallacious. Unless a director can be of some assistance in times of stress,
he had better be replaced with one who can be relied upon. And the banker
who shields his directors from the less rosy facts of the business is taking
upon himself a great deal of responsibility that he should distribute among
his associates. Moreover, the director who has been shielded in this way
has every right to resent the withholding of essential information, and to
complain severely against what is in effect deception. The directors are
entitled to full information about the affairs of their bank. They have
the ultimate responsibility; they must be expected to assume it. The
board which is told of unfavorable developments only when the situation
has become serious cannot take the effective steps that it almost surely
would have taken had it been informed in time to prevent this very
situation arising.
For a long while a good many bankers and directors acted on the assumption that examination and supervision could be relied upon to produce good
banking. During this panic we have seen that idea exploded so thoroughly
that it can never return to acceptance in the present generation. Examination and supervision cannot be a complete substitute for management.
Management is a dynamic, positive force that makes an institution outstanding, good, fair, or poor. Examination and supervision can only warn
when the institution has taken a turn in the wrong direction, and eventually
can only close the doors when its warnings have been repeatedly disregarded.
Whatever else we may advocate, let us never swerve from a steadfast
advocacy of better bank management—in the basic meaning of intelligent
administration and operation of our institutions according to knowledge of
the facts rather than by guess and hunch.
Management alone will supply the answer to whether any individual
bank, now in reasonably good condition, will succeed. For management
alone can provide the loan and investment policies and the operating
practices that will spell the difference between success and failure.
If this be true, then a double conclusion is forced upon us: First, in
relation to our own institution we must study our problems thoroughly,
intimately, with the very best thinking at our command, aided by the beat
advice and judgment we can obtain Iran our directors, and borrowing from
the knowledge and experience of others who have learned the lessons of
wise policies, and, as well, the lessons of mistakes. The other conclusion
Is that we 'must force the attention of our neighbors and competitors to
these same problems, having learned the fate of other institutions affects
ourselves. We must break the isolation of self-sufficiency of the banker
who thinks he has nothing to gain by conference and co-operation. We
must continue our co-operative study of bank management. I have
strongly recommended to the American Bankers' Association that they
encourage the holding of and actually institute bank management conferences in groups of counties in each State, probably working through and
with State bankers' associations. This is the real nub of the County
Clearing House idea, which has been advocated for several years; and in
my judgment the conference part of the program is more important than
the clearing of checks and is possibly more workable than the idea of
local and private examination. I commend this idea for development by
your Missouri Bankers' Association.
Admittedly what I have said to you to-day is a meagre and wholly insufficient outline of the requirements of banking, but it at least indicates some
of the steps we must take if the banking system is to measure up to the
responsibilities which are to-day confronting it. Mistakes have been made
Inevitably from time to time as America has continued her remarkable
economic advance, but in the end, right thinking and sound judgment
have always prevailed. I, therefore, have a profound faith that we shall
bring to These problems, as well, that vision, sound sense, and constructive
effort that have over the decades characterized America's economic progress.
Program of Bank Reform Offered by R. S. Hecht of
Hibernia Bank & Trust Co. of New Orleans.
A comprehensive plan of action "to eliminate the weaknesses and add to the strength of modern American banking"
was presented at Memphis, Tenn., on May 24 by R. S.
Hecht, President of the Hibernia Bank & Trust Co. of New
Orleans and Chairman of the Economic Policy Commission
of the American Bankers Association, in an address before
the tri-State convention of bankers from Arkansas, Mississippi and Tennessee. Mr. Hecht said:
1. No bank. State or National, should be allowed to begin operations
with capital less than $50,000. If a community cannot support this amount
of capital, it would be preferable to accept a branch from a bank in the
nearest large business centre in the State rather than to open a smaller
bank.
2. Consolidations of banks should be carried out to reduce banking
facilities wherever necessary to co-ordinate them with local economic needs
and to eliminate weak banks and strengthen the retained institutions.
3. Branch banking within the States should be extended by the States
to allow strong local financial centre banks to extend facilities to communities lacking adequate banking facilities.
Financial Chronicle
3912
4. National banks should be given all such branch powers within the
States of their domicile as are granted to State banks there.
5. Investment affiliates of all banks, both State and National, should
report to and be supervised by the bank supervisory authorities.
6. Corporate group bank organizations should be fully subject, as an
operating entity, to the bank supervisory authorities, but the operations
of those well conceived and administered organizations of this type which
are rendering inestimable services in certain localities should not be interfered with.
7. The Federal Reserve authorities should be given and should exercise
reasonable power against improper use of Federal Reserve credit for speculative purposes, but not to an autocratic extent or n interference with
normal banking operations.
8. A Federal liquidating corporation to hasten relief to depositors of
closed banks is desirable during the period of clearing up the present emergency and its results, but the capital funds should not be forced from the
banks, nor should this plan be considered or become established in any
sense as a public guarantee of bank deposits.
Lastly, within banking itself must be developed an increasing sense of
responsibility toward its depositors and the public at large, who have a
right to demand that no matter under what form or charater the bank may
be operating, Its first thought must ever be the continued safety of the
nstitution.
To that end bankers individually and collectively must assume the
leadership in guiding banking laws toward higher standards and greater
protection of the public, never forgetting, however, that fundamentally
our American system of banking, as contrasted with banking systems of
other countries, is peculiarly well adapted to the highly diversified community life of the United States.
Federal Reserve Board's View of Banking Conditions
in April—Increase in Liabilities of Federal Reserve
Banks—Formula Whereby Gold and Eligible Paper
May Be Counted As Collateral Against Federal
Reserve Notes Under Glass-Steagall Act.
In its May "Bulletin" (made available May 20) the
Federal Reserve Board, reviewing banking conditions for
April, discusses the formula used for determining the time
and the extent of the use of the authority granted under the
Glass-Steagall bill whereby Federal Reserve banks may offer,
and the Federal Reserve agents may accept, direct obligations of the United States Government as collateral against
outstanding Federal Reserve notes. We quote from the
"Bulletin" as follows:
Further Improvement in Credit Conditions.
Banking conditions, which had begun to improve in February, showed
further progress in April for the third consecutive month. The number
of bank failures continued to be relatively small, and there was a further
return of currency from hoarding to the banks. Additional purchases of
United States Government securities by the Federal Reserve banks were
reflected in a decrease throughout the country of member bank indebtednew* in addition, reserve balances of the member banks showed a considerable growth, and after the middle of April there was a substantial
amount of excess reserves to the credit of member banks, particularly in
New York City, in these circumstances money rates in the open market
declined to low levels, with rates for prime bankers' acceptances of short
of 1%, the level in the middle of last year. Member bank
maturity at
credit, as measured by loans and investments, showed an increase at
banks in New York City, but declined further at reporting member banks
outside New York City.
Reserve Bank Purchases of United States Securities.
An important factor in easing the money market during recent weeks,
in addition to the continued inflow of currency from circulation, was the
purchase by the Reserve banks of Government securities in the open
market. During the four weeks from April 6 to May 4 these purchases
amounted to $400,000,000, bringing the increase in the System's holdings
since Feb. 24 to $550,000,000 and the total holdings of the System to
approximately $1,300,000,000, by far the largest that the Reserve banks
have ever had. The immediate effect of these open-market operations
has been to enable member banks to reduce their indetbedness at the
Reserve banks and to accumulate excess reserves. The table shows for
the period from Fen. 24 to May 4 changes in Reserve bank credit, in money
in circulation, and in member bank reserve balances.
RESERVE BANK CREDIT AND PRINCIPAL FACTORS IN CHANGES.
Feb. 24 1932.
Bills discounted
Bills bought
United States securities
Other Reserve bank credit
Total Reserve bank credit
Money in circulation
11.4nmhar hnnk raaarvn halnnnna
$835,000,000
133,000,000
741,000,000
25,000,000
May 4 1932.
Change.
$506,000,000 —$329,000,000
45,000,000
—88,000,000
1,287,000,000 +546,000,000
—3,000,000
22,000,000
$1,734,000,000 $1,859,000,000 +8125,000,000
5,592,000,000 5,448,000,000 —144.000,000
1 575 11011 WW1
2 147 000.000
+269.000.000
Position of the Federal Reserve Banks.
Liabilities of the Reserve banks increased somewhat during March and
April, reflecting the fact that deposits of member banks and others with
the Federal Reserve banks showed an increase larger than the decrease
that occurred in the volume of Fedeial Reserve notes in circulation. Reserves of the Reserve banks increased somewhat during the period, with
the consequence that the ratio of reserves to note and deposit liabilities
combined showed little change. At tile beginning of May the System's
reserves in excess of the legal requirements of 35% against deposits and
40% against Federal Reserve notes amounted to $1,400.000,000. There
was, however, a considerable reduction in the amount of eligible paper
available as collateral against Federal Reserve notes outstanding, as a
consequence of tne large decrease in Reserve banks' holdings of discounts
and acceptances. While the amount of Federal Reserve notes also declined somewhat, the decrease in eligible paper was larger than this decline,
and consequently the Reserve banks were obliged to take gold out of their
deposit reserves and to pledge it with the Federal Reserve agents as collateral for Federal Reserve notes. As a result of this transfer of gold
from the banks to the agents the ratio of gold reserves held exclusively
against Federal Reserve notes increased from 79.2% on Feb. 24 to 90%
on May 4, while the ratio of reserves available against deposits declined
from 53.1% to 40.2%.
• Discounts for member banks declined in all Federal Reserve districts, as shown
by the chart printed at the end of this review.
May 28 1932
United States Obligations As Note Collateral.
This increase in the amount of gold pledged with the agents and
the corresponding decrease in reserves available against deposits reduced
the margin of gold available for operating purposes to a point where the
Federal Reserve Board found it necessary to consider whether it would be
In the public interest under the terms of the Glass-Steagall Act, which
permits such action until March 3 1933 to authorize the Federal Reserve
banks to offer and the Federal Reserve agents to accept direct obligations
of the United States Government as collateral against outstanding Federal
Reserve notes. Before giving this authorization, which was done on May 5,
the Federal Reserve Board carefully considered the question of the principle upon which this action should properly be based and of a formula
that would carry out this principle in an efficient manner with due regard
to the position of each of the 12 Federal Reserve banks. The principle
upon which the Board has proceeded is that the authority to pledge obligations of the United States Government should be exercised when, after
the available eligible paper has been pledged with the Federal Reserve
agents, the operating margin of gold at the Reserve banks shall have dedined to a level which it is necessary to maintain in order to assure the
efficient functioning of the Reserve banks.
The Formula Used.
The formula used in determining the operating margin to be maintained has been derived from a consideration of the legal and operative
requirements within which the Reserve banks have to function, including
the requirement of 100% collateral, consisting of gold and eligible Paper,
for outstanding Federal Reserve notes. On May 4 the notes outstanding
were $2,736,000,000 and the eligible paper available as collateral was
$510,000,000. leaving $2,226,000,000 to be covered by gold. This gold,
which under the law can be counted not only as collateral but also as
reserve against Federal Reserve notes, was more than ample to provide
the 40% reserve required against Federal Reserve notes in actual circulation. When this gold is deducted from the total cash reserves of the
Federal Reserve banks the remaining reserves, $977,000,000, must provide
the 35% necessary against the Reserve banks' deposits, the amount necessary for the redemption fund held with the United States Treasury, and
such a margin above these amounts as would permit of efficient operation
without delay or inconvenience.
In determining upon a formula derived from these considerations the
Board decided that in existing circumstances when the margin between
(1) total cash reserves of the Reserve banks (in excess of the 35% against
deposits) plus eligible paper at the 12 Federal Reserve banks, and (2)
Federal Reserve notes in actual circulation shall fall below $400,000,000,
the Reserve banks shall be authorized to pledge a sufficient amount of
United States Government securities with the Federal Reserve agents to
release enough gold to bring this margin up to the $400,000,000 level.
This margin of $400,000,000 is considered adequate to provide for (1)
enough Federal Reserve notes in the vaults of the Reserve banks and
branches to meet necessary operating requirements, (2) the redemption
fund with the United States Treasury, (3) a reasonable margin above
the required 35% reserve against deposits, and (4) a slight margin above
the necessary collateral requirements against Federal Reserve notes.
In adopting $400.000,000 as the operating margin for the 12 Federal
Reserve banks combined, the Federal Reserve Board has notified each
bank of the amount that would be a reasonable margin for that bank, in
proportion to its requirements and its volume of operations. In practice.
this decision of the Federal Reserve Board will mean that whenever a
Federal Reserve bank shall find, after having pledged Its available eligible
Paper, that Its operating margin has fallen below the amount determined
for that bank, it may pledge with its Federal Reserve agent enough United
States securities to release an amount of gold that will bring the margin
up to the specified amount.
In adopting this principle and this formula for determining the time
and the extent of use of the authority granted under Section 3 of the GlassSteagall bill, tne Board has prescribed for the Federal Reserve banks
a mode of procedure by which they can determine quickly at any time
the extent to which they may avail themselves of the authority under
the law to pledge United States securities as collateral for Federal Reserve
notes. For the System as a whole the Board has adopted the principle
that in the present circumstances It deems It in the public interest to
authorize the use of United States obligations as collateral against Federal
Reserve notes at such times and to such extent as may be necessary to
enable the Reserve banks to have available at all times a sufficient amount
of Federal Reserve notes and of gold not pledged as collateral to permit
of unhampered operation of the Federal Reserve System.
New Inflation Plan Proposed by Senator Carter Glass—
Substitute for Goldsborough Bill Would Designate
Bonds for Circulation as Consols—Basis for More
Currency—Virginian Tells Senate Committee the
Present Bill is "Futile."
Temporary currency inflation based on United States
Government bonds was tentatively suggested on May 24 by
Senator Carter Glass as a substitute for the Goldsborough
bill to stabilize the dollar on a 1926 purchasing level. We
quote from a dispatch May 24 from Washington to the New
York "Times" which also said:
Vigorously opposing the Goldsborough program as "futile and ineffective,"
Mr. Glass urged the Senate Banking and Currency Committee to consider
some "feasible" substitute, and therefore suggested tne bond platform, to
which, he explained, he was by no means absolutely committed.
Briefly, Mr. Glass has in mind a scheme of "diffusive" inflation, whereby
some series of outstanding government bonds could be designated for the
same circulation privilege now enjoyed by the 2% consols of 1930. or
"Panama 24," as they are known. Under tills plan a national bank possessing $100,000 worth of bonds mignt "for a restricted period of time" be aole
to obtain $95.000 in bank notes, as may be done with tne "Panama 2.4."
As a result of the discussion, the Committee, which met in executive
session, decided by a vote of 7 to 6 to postpone consideration et the Golds
borough bill until next week. Mr. Glass first moved to postpone it indefinitely, but did not insist. Senator Blaine wished to consider the bill again
to-morrow, but finally the matter was put off for a week.
Henry Wallace Plan Suggested.
Senator Couzens urged the Committee to consider a plan suggested by
Henry Wallace of Des Moines, to stabilize reserves on a 1927 basis. and
there may be some discussion of this later on, but Eugene Meyer, Governor
of the Federal Reserve Board, is as much opposed to tuts idea as he is to
the Goldsborough bill.
Such conservatives as Senators Walcott, Townsend and Bulkley gave
approval to Senator Glass's suggestion, but various other Committee
Volume 134
Financial Chronicle
members are insisting upon the Goldsborough bill. It is understood that
Senators Norbeck, Brookhart, Blaine, Morrison Costigan, Fletcher and
possibly Senator Carey favor the Goldsborougn measure.
Senator Glass considers that tile purpose of the Goldsborough bill is
impossible to realize, and he also told the Committee that he was unwilling
to give "any seven men that God created" the power proposed in the plan.
Further, he believes the bill would work great hardship upon the consuming
public, by increasing living costs.
"Increasing commodity prices by legislative mandate would affect every
consumer, and there are thousands of consumers to every producer," he
said this afternoon.
In emphatic fashion he denounced the bill to the Committee, and said
also that the present government security-buying program of the Federal
Reserve Board was "indirect and futile" if not really dangerous.
"If inflation of credit and currency is the real cure for the existing situation
and we must have inflation," he told the Committee, "we should proceed
about it in a direct and unmistakable way and not in the indirect and utterly
futile, if not dangerous, way now being employed by the Federal Reserve
authorities," be went on.
Suggests "Diffusive" Inflation.
"In shout. I suggest tnat it would be infinitely better to authorize a plan
of 'diffusive' inflation by designating some series of outstanding United
States bonds for the same circulation privileges whic.n Panama 28 now have.
This would enable national banks throughout the country,for SUCL1 restricted
period of time as might oe determined ,to increase tne volume of bank notes
in order to meet the requirements of legitimate business.
"According to my motion, this would be vastly preferable to the threatening scheme now being employed by the Federal Reserve System of concentrating relief in the great money centres with the vain hope and expectation
that it will trickle down into the smaller communities throughout the
country.
"The plan suggested, purely to tide over the existing emergency would
enable every national bank to utilize its holdings of United States bonds
for such controlled inflationary purposes as current business would justify
and it would put all national banks in all sections of the country upon equal
terms in the matter of expansion.
"I do not pretend to say that this would be an absolute cure for the existing situation, but I do insist that it is more equitaole than anything whica
has been proposed or that is being attempted.
"My own orthodox view is that wnen an individual, community or nation
embarks upon an era of wicked extravagance it must eventually pay the
Penalty. This cannot be avoided by fictitious devices, legislative or otherwise."
After the Committee meeting Chairman Norbeck said he believed that
"something along the lines" of the Goldsborough bill would be favorably
reported next week. He said a majority of the Committee favored some
kind of inflation, and that he would try to have the bill passed "either with
or without amendments."
3913
ment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Secretary Mills yesterday reported that the tenders
had amounted to $296,503,000. The highest bid made
was 99.975, equivalent to an interest rate of about
0.10% on an annual basis. The lowest bid accepted was
99.915, equivalent to an interest rate of about 0.34% on au
annual basis. Only part of the amount bid for at the latter
price was accepted. The total amount of bids accepted was
$100,200,000, and the average price was 99.919. The average
rate on a bank discount basis is about 0.32%.
Bill Creating Federal Home Loan Finance Banks
Favorably Reported to House.
Legislation designed to make money more easily available
to home builders was advanced in the House on May 25,
where the Banking Committee favorably reported the Reilly
bill creating a system of Federal Home Loan Finance Banks.
Associated Press dispatches May 25 from Washington said:
The measure, sponsored by the Administration, to create a fund of
$125,000,000 for the organization of from eight to 12 banks to rediscount
real estate paper, faces some opposition. However, Representative
Reilly, (Dem.) of Wisconsin, Chairman of the subcommittee which drafted
it, plans to ask for special legislative status to-morrow and it may be
considered in the House next week.
Secretary of Treasury Mills in Answer to Former
Governor Alfred E. Smith's "Financial Program
for Present Crisis" Says Public Works Proposal
Would Hinder Recovery—Says Wise Course Is to
Balance Budget and End Borrowing.
The proposals embodied in the "Financial Program for the
Present Crisis"offered by former Governor of NewYork Alfred
E. Smith on May 16 were the subject of a statement issued
May 26 by Secretary of the Treasury Mills. Governor
Smith's speech was given in our issue of May 21, page 3764.
Tenders of $334,818,000 Received to Offering of $60,- According to Secretary Mills,."the public works program
000,000 or Thereabouts of 91-day Treasury Bills— which he (Mr. Smith) suggests, financed from the Federal
Bids Accepted $60,050,000—Average Price 0.29% Treasury, would destroy what the President, supported by
Congressional leaders of both parties, has insisted on as
Lowest on Record.
In the sale of 91-day Treasury bills at an average price of one indispensable foundation for recovery—a balanced
0.29%, a new low record price for this class of securities is budget and an unimpaired National credit." "Public
established. The offering of this issue of bills, to the works," says Secretary Mills, "mean public borrowing" and
amount of $60,000,000 or thereabouts, was referred to in "an unbalanced budget." Secretary Mills refers to Govthese columns May 21, page 3752. The bills will bear date ernor Smith as saying that "business cannot get under way
May 25 1932 and will mature Aug. 24 1932. Tenders of on its own initiative." "I believe he is wrong" says Secre$334,818,000 were received to the same,and the total amount tary Mills, who adds, "business can and will get under
of bids accepted was $60,050,000. The results of the offer- way." Secretary Mills further says:
The one
ing wore announced as follows on May 23 by the Treasury confidence way to give real relief to the American people is to restore
and get business going. Give business a chance. Let ConDepartment:
gress balance the budget and pass a sound relief measure. Then, with
The total amount applied for was $334,818,000. The highest bid made
was 99.945, equivalent to an interest rate of about 0.22% on an annual
basis. The lowest bid accepted was 99.927, equivalent to an interest
rate of about 0.29% on an annual basis. The total amount of bids accepted was $60.050.000. The average rate on a bank discount basis is
about 0.29%.
Stating that the average rate on the new bills breaks all
records and indicates the excessive cheapness of money,
a Washington dispatch May 23 to the New York "Times"
said:
The situation has resulted from the heavy Government security buying
program of the Federal Reserve banks and to the lack of investments regarded as safe by the bankers.
New Offering of $100,000,000 or Thereabouts of 91-day
Treasury Bills.
Announcement of a new offering of 91-day Treasury bills
to the amount of $100,000,000 or thereabouts was made on
May 24 by Secretary of the Treasury Mills. The new issue
will replace bills of $101,412,000 maturing June 1. Tenders
for the new issue were received at the Federal Reserve banks
or their branches up to 2 p. m. Eastern standard time yes•
terday (May 27).
The bills will be dated June 1 1932, and will mature on
Aug. 31 1932, and on the maturity date the face amount
will be payable without interest. They will be issued in
bearer form only, and in amounts or denominations of
$100,$10,000, $100,000, $500,000 and $1,000,000 (maturity value). The bills are sold on a discount basis to the
highest bidders.
Secretary Mills' announcement also says:
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed on the basin of 100, with not more than three decimal places,
e.g., 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
responsible and recognized dealers in investand trust companies and from
confidence restored, the effective stimulation to productive works, private
and public, that can be effected through loans by the Reconstruction
Finance Corporation in addition to the work it is now doing, the open.
market policy of the Federal Reserve System,and the co-operative measures
to be taken by business men themselves as deve,oped by the Young Committee in New York, the Avery Committee in Chicago and other similar
committees now being formed, may well break the vicious circle of contraction and start the upward movement.
Secretary Mills' statement follows:
Upon my return to Washington my attention has been called to a statement issued by former Governor Smith urging a vast public works program, National, State and local, to be financed from the Federal Treasury.
Governor Smith has shown such a breadth of view and courage in his
recent public statements and brings such valuable support by his outspoken declaration in favor of the rest of the President's program that
I dislike to find myself in disagreement with him on this point. But this
phase of the program upon which we differ is so vitally important that I
feel obliged to call attention to it in the hope that if he will but study the
problem anew with the intelligent detachment of which he Is capable,
and the non-partisan spirit which he has shown, Governor Smith may
be iIling to reconsider his Position.
As I view it, the public works program which he suggests, financed from
the Federal Treasury, would destroy what the President, supported by
the Congressional leaders of both parties, has insisted on as the one indispensable foundation for recovery—a balanced budget and an unimpaired
National credit.
Says Governor Smith's Proposals Would Unbalance Budget.
To be sure,in a briefsentence Governor Smith states he favors a balanced
budget, but he then goes on at length to elaborate a plan which would
involve an unbalanced budget on a large sale.
What do we mean by a balanced governmental budget? Exactly
what we mean by a balanced household budget, that expenditures shall
not exceed receipts. If, after balancing the budget through reduced
expenditures and increased taxes, the Congress then authorizes large
expenditures for public works of an unproductive character, the budges
becomes unbalanced by just that amount; and since no revenue is available
to meet the expenditures the Government is compelled to borrow.
From a budgetary standpoint it makes no difference for what purpose the additional funds are expended, whether for increasing the size
of the army, or doubling the number of Government employees, or increasing their salaries, or for public works. The effect on the budget
is the same, irrespective of their character.
Capitalizing these expenditures is simply a high-sounding method of
eliminating them from the current budget through the creation of an
extraordinary budget, a device tried by foreign countries and which in-
3914
Financial Chronicle
evitably brought their finances to the brink of disaster. With the sinking
fund provisions applicable to the existing debt inoperative for the fiscal
years 1931, 1932 and 1933. there can be no conceivable justification for
capitalizing these expenditures, leaving aside all the other basic objections
to the abandonment of the policy consistently followed by the Federal
Government.
Productive and Unproductive Loans.
Governor Smith professes to be unable to distinguish between a socalled productive and an unproductive loan, the funds to be obtained
in the first case by the sale of Reconstruction Finance securities and in
the second by the sale of Treasury obligations. The difference is fundamental, yet simple. In bath cases the funds must be obtained from the
public. But in the case of productive loans Federal credit is only indirectly invoked in the first instance, and first and last the loan does not
constitute a charge on the public funds. For the loan is not made from
the Treasury's general fund and the obligations issued are not paid for
at maturity from taxes, but from the earnings of the enterprise. Any
loss suffered would be a charge against the resources of the Reconstruction
Finance Corporation, and perhaps ultimately against its capital. But
this capital has already been fully paid in and is included in this year's
budget.
It is clear, then, that this kind of a loan should not be charged against
next year's or future budgets.
In the second case, involving unproductive loans made by the Treasury,
the initial loan is paid out of the general fund as the result of a current
appropriation. The funds are obtained from the sale of Treasury obligations, the interest on which and the redemption of which must be secured
from taxes. They are a direct charge on the Treasury, and under our
well-established system of budgAing must be reflected in the 1933 budget.
Beer and Sales Taxes Rejected by Congress.
Governor Smith seeks to overcome the objection of unbalancing the
budget, which he recognizes, by talking vaguely of a beer tax and a general
manufacturers' sales tax to cover the cost of public works. The first
proposal has twice been decisively beaten in both the Senate and the House.
As to the manufacturers' sales tax, no one has suggested superimposing
it on the selective sales or excise taxes proposed in the pending revenue
bill, and it would be unfair to do so. The manufacturers' sales tax has
been proposed as a substitute for these taxes, and as such would not furnish the additional revenue for public works. These are inescapable facts.
Public works, then, mean public borrowing, an unbalanced budget, and
a shock to public confidence, for the country has relied on the definite
assurance of the Administration and of the Congressional leaders that
the budget would be balanced The only wise and sound course to pursue
is to balance the budget and put an end to borrowing. We have been
striving to reach this objective for six months. Are we to throw up our
bands now? No matter how earnest, sincere and moving the plea, the
Treasury Department cannot surrender on this fundamental principle.
The greatest field for the revival of employment is in private industry,
and it is that employment that must be revived.
Governor Smith says business cannot get under way on its own initiative.
I believe he is wrong. Business can and will get under way. After talking
with many business men and canvassing the situation, I am confident that
the biggest barrier to-day to a return of confidence and to a gradual recovery Is the fear of an unbalanced budget and the Government's continuing on the course of borrowing that has led nations and individuals
to disaster.
Public Works Program Would Put Few Unemployed to Work.
At best, a public works program can put comparatively few of these
unemployed to work during the course of the next 12 months.
The pending $132,000,000 road bill would furnish work to but 35,000
men directly. We spend $30,000,000 on flood control on the lower
Mississippi and give work to 8,000 men. The President, after a careful
survey of the situation, has estimated that only $100,000,000 additional
can usefully be spent by the Federal Government(luring the next 12 months
over and above the $575,000,000 provided for in the budget for public
works.
The one way to give real relief to the American people is to restore
confidence and get business going. Give business a chance. Then, with
confidence restored, the effective stimulation to productive works, private
and public, that can be effected through loans by the Reconstruction
Finance Corporation in addition to the work it is now doing, the openmarket policy of the Federal Reserve System and the co-operative measures
to be taken by business men themselves as developed by the Young Committee in New York, the Avery Committee in Chicago and other slmflse
committees now being formed. may well break the vicious circle of contraction and start the upward movement.
The destructive effect of an unsound financial program, shaking, as
it would do, the confidence of the country, would far outweigh the benefits
to be derived from unproductive public construction, for it would retard
business recovery and increase rather than decrease unemployment
C. T. Revere of Munds, Winslow & Potter Believes
Revival of Defense Council Would Solve Nation's
Problems—Could Serve as Democracy's "Man on
Horseback"—No New Legislation Needed to Reinstall Such Commission.
Revival of the Federal Council of National Defense in
the form of a peace-time commission would do much in
solving the problems now facing the country. This is the
opinion expressed by C. T. Revere of Munds, Winslow &
Potter, members of the New York Stock Exchange, in an
open letter issued May 19. The letter says:
If any country in continental Europe were confronted by a crisis of the
character indicated in the United States to-day, there probably would
be a demand for a dictator. Unless conditions improve—and improve
very soon—we are not certain that we ourselves may not be involved
In a situation that will call for just such a radical step.
We do not believe that America, like continental peoples of Europe,
would countenance the coming of a dictator, but the creation of a commission similar to the Federal Council of National Defense which was
created by Congress in 1916, can, in the opinion of Mr. Revere, act as
Democracy's "Man on Horseback." It requires no action by Congress
to re-establish such a commission, for the legislative machinery is already
in existence.
We believe it would be impossible to over-estimate the constructive
importance of such a step. The appointment of this body, selected from
the experienced talent in which our Nation is so rich, would exert an
influence upon National psychology that would be electrical in its effect.
May 28 1932
Undoubtedly the commission would be capable of dealing constructively
with emergency problems relating to unemployment, banking and financial
conditions, railroads and agriculture. It should be non-partisan, or, so
far as possible, bi-partisan in composition. The President undoubtedly
would be given credit for initial leadership that could not be reasonably
denied, for the magnanimity involved in transferring to the advisory commission the details of rehabilitation would be recognized by a greatful
Nation.
Such a body of outstanding American citizens would command the
attention, the respect and practical obedience of the whole country. It
would be Democracy's way of meeting a crisis instead of a resort to
autocracy.
Quite apart from working out the details of mobilizing National resources and solving individual problems, the advisory commission, alter
making its own study of fundamental questions, could make recommendations of policy that would be immediately accepted by a majority of the
whole people. Its judgment on economy, prohibition, war debts and
tariffs, for example, would receive such endorsement from an aroused and
co-operative public opinion that no candidate for Senate or Congress would
rise in partisan opposition except at the risk of his political future.
It is in respect to the dealing with our great fundamental problems
that the advisory commission would be able to perform its supreme service
for the country. These problems are largely economic, not political, and
some of them should be taken forever out of the realm of National political
consideration and removed as confusing issues. The commission would
be the most effective instrument possible for directing and unifying public
opinion on the great problems that confront us.
It is to be assumed that if the President sees fit to take such a step his
selections will be made with a view to obtaining superlative service, by
the appointment of men whose standing and character would give their
recommendations unquestioned authority.
Herein lies an opportunity for leadership—leadership by the President
in taking effective recognition of a way out of crisis—and leadership through
a non-partisan agency to solve the Nation's problems.
Tax Bill Before Senate—Sales Tax Proposal by Senator
Walsh—Export Debenture Defeated—Copper, Oil,
Lumber and Coal Tariffs Voted—Beer Tax Again
Rejected.
An amendment to the tax bill providing for a general
manufacturers' sales tax of 1.75% was introduced in the
Senate on May 27 by Senator Walsh (Dem.) of Massachusetts, Associated Press accounts from Washington
yesterday (May 27) as given in the New York "Sun" said:
Going ahead with the remaining rate schedules, the Senate restored
a 10% tax on furs, adding $15,000,000 to the measure which is still about
-balancing goal.
$50,000,000 short of its budget
By the overwhelming vote of 72 to 3, it also concurred in the Finance
Committee's decision to strike from the House bill a provision allowing
revaluation of estates for purposes of fixing the inheritance tax.
The House proposal would have permitted revaluation of those estates
whose owners died just prior to the start of present economic conditions
in order to permit an allowance for depreciated values.
Although advocates of the sales levy claimed a bare majority, this
was sharply disputed by the opposition. A showdown is not expected
before Monday.
Walsh Bill Provisions.
The Walsh amendment provides for collecting the sales tax by licensing
manufacturers and taxing any articles passing from a licensed manufacturer to any one unlicensed. No tax would be levied on a product
transferred from one licensed manufacturer or producer to another.
Exemptions under the Walsh amendment are as follows:
Food for human or animal consumption.
Medicine, other than patent or proprietary.
Wearing apparel, except shoes sold for more than $5 or anything else
for more than $35.
Agricultural products, implements and machinery, fertilizer or ingredients.
Workmen's hand tools.
Any article on which an internal revenue tax is imposed.
Newspapers, magazines, books and other periodicals.
Religious articles.
Manufacturers and producers would not have to obtain a license if
their productions for the preceding year sold for leas.
The previous day (May 26) with Senator Walsh claiming
that his general sales tax amendment was "gaining strength,"
the Senate followed the lead of its Committee on Finance.
and accepted House proposals to levy a manufacturers'
sales tax upon numerous items in the pending revenue bill.
The "United States Daily" of May 27, indicating the action
taken May 26 said:
The result of the day's action, according to Senator Smoot (Rep.) of
Utah, Committee Chairman, was to increase the revenue-producing
capacity of the measure by about $58,000,000.
Excise Levies Restored.
The Committee, prior to the Senate session, completely reversed its
position respecting the so-called luxury or nuisance taxes which the House
had passed after it had turned down the sales tax. Through Senator
Smoot, the Committee submitted to the Senate a new set of recommendations which resulted in restoring virtually all of the House provisions
for excise levies.
Most of these were accepted by the Senate without debate, and were
approved as speedily as they could be formally offered and read. Controversies arose over several, however, but the delay was temporary in
each instance.
Only in the case of admission taxes and the communications tax was the
Committee turned back. The Committee provision to strike out the
exemption for press facilities from tax, as carried by the House bill, was
rejected and the House exemption restored.
Admission Tax Changed.
On admission taxes, the Senate made its own rate through an amendment offered by Senator Johnson (Rep.) of California, exempting admissions of 40c. or under from tax. The House had proposed 45c. exemption and the Senate Committee recommended 30c. exemption before the
tax of 10% applies.
Volume 134
Financial Chronicle
Senator Walsh stated orally that there was,in his opinion, a "considerable
gain" for his proposal of a general sales tax. As the revenue measure moves
forward, he said, many Senators recognize the inequities that are the
obvious results of attempting to select "spots" for the manufacturers'
tax. He declared it could not go on that way, and that when the general
sales levy is offered, it will have many more supporters than any one
heretofore has supposed.
Senate Action on Provisions.
The Senate action (May 26) included the following:
Toilet preparations: House rate of 10% restored, but certain articles
exempted.
Jewelry: House rate of 10% restored, with exemption of articles selling
for less than $3.
Automobile parts and accessories: House rate of 1% increased to 2%.
but tires and tubes separately taxed.
Mechanical refrigerators: House rate of 5% restored.
Sporting goods: House rate of 10% restored.
Firearms, shells and cartridges: House rate of 10% restored.
Cameras: House rate of 10% restored, with aerial cameras exempted.
Matches: House rate of 4c. per 1,000 changed to 2c. per 1,000 on wooden
matches and Jic. per 1,000 on paper matches.
Candy: House rate of 5% reduced to 3%.
Cereal beverages: House rate of 2c. per gallon reduced to 134c. per gallon;
grape juice taxed separately at 5c. per gallon, and House rate of 9c. per
gallon on fountain syrup reduced to 6c.
Boats: House rate of 10% of manufacturers' selling price stricken out
and a new license tax on an annual basis substituted.
Rubber: House provisions stricken out and tax of 214c. per pound on
tires and 4c. a pound on tubes accepted.
Telephone, telegraph, radio and cable facilities, telephone conversations:
Charge of 50c. to $1, 10c.; $1 to $2, 15c.; $2 or more, 20c. Telegraph
dispatches, 5c. Cable and radio messages, 10c. House rates changed
in these items, but House exemption for press dispatches and facilities
restored. Leased wires, 5% instead of the House rate of 10% of the
amount paid, except for broadcasting non-commercial programs.
Admission tax: House rate of 10% accepted, but exemption reduced to
40c. from House figure of 45c.
The Senate, accepting its Committee's recommendation, struck from
the bill the increased stamp tax on sales of produce for future delivery,
which the House had provided. Senator Frazier (Rep.) of North Dakota,
gave notice he would file a motion to reconsider.
On May 25 the Senate without debate, rejected the
Committee rate of 4% as an excise tax on the manufacturers'
selling price of automobiles, leaving the rate at 3% as fixed
by the House, and rejected amendments to place a tax on
beer and an import duty on vegetable oils, while its Committee on Finance made changes in its earlier recommendations on rubber and toilet preparations. Recording the
Senate action, May 25, the "United States Daily" said:
The vote on the automobile tax was 29 ayes and 42 nayes„ thus making
the second time in two days in which a Committee recommendation was
overthrown. At the preceding night session the Committee rate on automobile trucks was reduced by the Senate from 3% to 2%.
Rubber Action Reversed.
The Committee, reversing itself for the third time on the rubber paragraph,
approved an excise tax of 4 cents per pound on tubes and on-half cent per
pound on on tires, instead of a 10% ad valorem rate on the wholesale price.
The Committee also proposed ot the Senate restoratioJ of the excise tax
on toilet preparations, which it had once stricken from the bill. The
Senate had sustained the Committee recommendation in this regard May 24.
Butter Tax Defeated.
After rejecting the amendment to legalize and tax beer, the Senate defeated an amendment by Senator Norbeck (Rep.), of South Dakota. to
place a tax on imports of butter of 4 cents per pound and also rejected an
amendment by Senator Hull (Dem.), of Tennessee, under which the United
States would have agreed to hold its tariff duties without increases during
the next two years providing other.nations agreed. The Hull amendment
was defeated by a vote of 34 to 42.
Beer Tax Discussed.
The proposal to place a tax on beer as an amendment to the revenue
bill introduced by Senator Bingham (Rep.), of Connecticut, together with
the question of national policy respecting United States possessions mainly
occupied the attention of the Senate during the day.
At the preceding night session the Senate voted a rate of 2% on the
manufacturers' price of authomobiles, and thus refused to sustain its
Committee for the first time on a major item. The Committee had recommended a rate of 3%.
Senator Bingham offered the amendment to legalize the beer proposal
and place a tax of $6 a barrel. Ho figured that it would return an annual
revenue of at least $366.000,000 on the basis of records of beer consumption
In proprohibition years.
Senator Binham's amendment as well as his argument met with rebuttal
from Senator Borah (Rep.), of Idaho, and Senator Robinson (Rep.), of
Indiana, but the Connecticut Senator had support from Senator Blaine
(Rep.), of Wisconsin, and others as the discussion continued into a night
session. The amendment was rejected, 25 to 55.
The Connecticut Senator also brought up the question of tariff policy
respecting the Philippines and other territories with an announcement that,
as written, the House bill would force a change in a long standing policy
of not exacting import duties on consignments to the United States.
Exemption in Oil Tariff.
He made reference to it in connection with discussion of the amendment
by Senator Shipstead (Farmer-Labor) of Minnesota, to lay an Import tax
an imports of vegetable oils. Elimination of the language that would
accomplish a change in policy will be proposed at the proper time. Senator
Bingham said.
After general discussion of the qeustion, the Senate adopted an amendment
to the Shipstead vegetable oils tariff to exempt Philippine products from
Its application, and voted down the Shipstead proposal as amended by
33 to 48.
Amendment Is Supported.
The Shipstead amendment was supported by Senator Hastings (Rep.),
of Delaware, who said, if passed, it will raise $25,000,000 in revenue. A
tariff on vegetable and fish oils, on copra and certain seeds and nuts, he
said, would not increase the price of soap, although used in soap manufacture.
Exemption of products of the Philippine Islands, Mr. Hastings said,
would still leave the amendment with "enough merit to do some good to
3915
the farmers and to the fishing industry." The return from Philippine
Imports would be about $11,000,000, he explained.
An amendment to exclude Philippine products was introduced by Senator
Hawes (Dem.), of Missouri. A proposal to exclude products of possessions
of the United States was submitted in the form of an amendment to the
amendment by Senator Hawes (Dem.), of Missouri.
Senator Howell (Rep.), of Nebraska, contended that the Shipstead
proposal would both produce revenue and help agriculture.
Senator Borah Opposes Proposal.
Senator Borah (Rep.), of Idaho, said he did not regard the amendment
"as reaching the real problem of agriculture." He emphasized, however,
that he does not favor further dealy of action on Philippine independence
and objected to imposing the additional burden of free competition on
the Philippines in the instance of certain farm products.
Senator Hawes (Dem.), of Missouri, said it would "be most unfair to
discriminate against these people at this time, because probably within
the next 30 days their status with respect to the United States will be
definitely determined."
Incorporation of tariff items in the tax bill should be condemned, Senator
Robinson (Dem.), of Arkansas, said, declaring that it was "particularly
objectionable to impose a tax on imports from the possessions of the United
States."
Consideration for Philippines.
Senator Pitman (Dem.), of Nevada, argued against "disturbing" conLions in the Philipines by any such amendment at this time.
Senator McNary (Rep.), of Oregon, said that, in view of pending independence legislation, he did not believe the Shipstead amendment should
be incorporated in the tax bill at this time.
Senator Bingham announced that he expected later to seek elimination
of the House provision making import taxes apply to imports from United
States' possessions.
Shipstead Amendment Defeated.
The Senate adopted an amendment by Senator Hawes (Dem.), of Missouri, by which the products of the Philippines would be exempted from
application of a levey on vegetable oils, by a vote of 56 to 23. The Senate
then proceeded to defeat the Shipstead amendment by a vote of 33 ayes
to 48 nays.
Before that vote was taken, Senator Tydings invited Senator Smoot to
"take the lead and offer to throw out all tariff amendments. . . .
The export debenture plan, proposed as an amendment
to the tax bill, was defeated in the Senate on May 24 by a
vote of 46 to 33. From the Washington dispatch May 24
to the New York "Times" we take the following:
Following this ballot the Senate made quick work of eliminating the
House provisions for excise levies on cosmetics, furs and jewelry; passed
over the section dealing with the proposed rubber tax and took up the
next controversial item in the bill, the excise on automobiles, trucks and
accessories.
As soon as the automobile section was reached Senator Bingham proposed to substitute a tax on 2.75% beer by weight. Senator Vandenberg
moved to strike out the entire section, and so the fight on the automobile
tax was formally launched.
The Senate gave the first reversal to its Finance Committee by voting
38 to 30 against an amendment raising the House excise on automobile
trucks from 2% to 3%. The House provision for the 2% tax was restored.
Immediately after this action the Senate voted down Senator Vandenberg's motion, 40 to 29.
The next vote was for a 4% tax on passenger cars and 2% on parts and
accessories.
The House bill carried rates of 3% and 1%, respectively
The Senate recessed at 10.20 P. m.
Norris Urges Debenture.
The tariff barrier, which had held up progress on the bill since last
Tuesday night (May 17). crumbled to-night with a vote on the export
debenture amendment. It had no more than been defeated when Senator
Shipstead offered another "farm relief" amendment, proposing an import
duty on vegetable oils and seed of oil-producing plants. He was quickly
persuaded to let this go over until to-morrow under an agreement to vote
at that time.
Already vetoed by one President and excluded from both the Farm
Marketing and Hawley
-Smoot Tariff Acts of 1930, the debenture plan was
offered yesterday by Senator Norris as a challenge to the high protectionists to turn the revenue measure into real tariff revision.
He argued that the tariffs on on, coal, lumber and copper, as voted by
the Senate, would add to the burden of the farmers and it was no more
than just that they should receive some benefits by a tariff adjustment.
Debenture Plan.
The debenture plan provided, in brief, for a bounty to American farmers
on products grown by them for export. The plan was to return to the
farmer one-half of the amount of tariff that would be collected on imports
of commodities exported by him.
Defeat of the amendment, which again showed the strength of the tariff
coalition, followed an attempt of Senator Frazier to make the export
bounty 100% of the equivalent tariffs on like imported products. The
Frazier proposal was voted down, 65 to 16, giving ample time for the
opposition to the whole plan to mobilize those who were opposed to any
further tariff provisions.
Until the tariff jam broke of its own weight, all the coaxing of leaders
could not entice the Senate back to consideration of taxes. The Republicans did not speak openly at ad, but Senator Robinson of Arkansas,
the Democratic helmsman, took the floor in attempt to persuade the
Senate to forego further tariff bickerings.
He told the farm relief advocates that he would join them in some other
piece of legislation aimed at a similar purpose.
"This Congress cannot quit its labors without considering legislation
dealing with the farm situation," he said. "But in my judgment it is
unwise to attach this amendment to this bill. Those who are pressing
for tariff measures now may be held responsible for defeat of this legislation."
He recalled that the debenture plan had been vetoed by President
Coolidge and was opposed by President Hoover. He warned its advocates
that a veto migh be placed on the whole revenue bill if the debenture
,
provision NS ere included in it.
Senator Norris denied that those behind the debenture were in any
way responsible for delay. . . .
Deserted by Former Friends.
Senators Glenn, Glass, Sing and others who formerly had favored the
export debenture explained that they could not support an amendment
placing it in the tax bill.
"The bill is already carrying tariffs that have no place in it," Senator
Glenn said. "If things keep going as they have here for the last few
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Financial Chronicle
days. I don't know but what the birth control amendment will be made
a part of the emergency tax bill."
Senator Glass explained that he did not propose "to add to the political
tragedy enacted in this chamber last week."
The 46 votes against the debenture plan were cast by 30
Republicans and 16 Democrats. Those voting for the
amendment (33) were: 21 Democrats; 11 Republicans, and
1 Farmer-Laborite.
Duties on oil and coal, hitherto denied in tariff revision
even as general as the Hawley-Smoot Act, were written into
the tax bill in the Senate on May 20, while the essential
revenue features of the bill were shunted aside, said a
Washington dispatch on that date to the New York "Times"
from which we also take the following:
The vote on the oil tariff was 43 to 37, and on the coal tariff 39 to 34.
Eighteen Democratics joined with 25 high-protection Republicans on the
former and 14 on the latter. The second Democrat to vote for the tariffs
in each case was Senator Barkley, selected as keynoter at the National
convention next month.
The votes increase the possibility of turning the tax bill into a general
revision of the tariff.
As soon as the vote on oil was announced Senator Tydings, torch-bearer
of the fight against the duties, introduced 504 amendments proposing
changes in existing tariffs. Senator Norris immediately presented the old
export debenture amendment, which contributed to the long stay of the
Hawley-Smoot bill in the last Congress.
Senator Tydings also changed his vote on the oil tariff from "no" to
"aye" as a technical preparation for moving reconsideration. He later
entered a motion to reconsider the vote, thus forewarning of another possible
long fight.
George Warns Protectionists.
Another night session wore on to an oratorical finish, in debate over
the proposed lumber tariff. At one point Chairman Smoot of the Finance Committee interrupted "to give notice to the Senate and to the
country that every day's delay on the tax bill is costing the Government
$2.000.000."
This remark brought Senator George of Georgia to his feet. He charged
Senator Smoot and his colleagues were responsible for the delay by inserting the tariff items in the emergency revenue measure.
Mr. George warned the Republican leaders that they could make up their
minds whether to take out the tariff items or accept the war-time income
tax rates.
"If these duties remain in the bill, my course lies straight before me,"
declared the Georgian. "That course is to vote for the 1918 income tax
rates."
Only nine votes need be changed to reconsider and adopt the Couzens
war-time rate amendment, and low tariff Democrats, chafing under the
actions of to-day, were considering following Senator George's lead and
placing upon the Administration leaders responsibility for "soak-the-rich"
income levies because of their insistence for the "four and no more" tariffs.
In voting on the oil duty the Senate merely repeated the action of the
House when protectionists took control of the tax bill and began writing
a tariff measure. The particular proposal was an amendment to the House
bill, which itself provided for a duty of 1 cent a gallon on oil, gasoline and
other oil products.
Senate Amendment's Provisions.
The Senate amendment provided for a graduated duty on imported
petroleum and its products as follows:
Crude petroleum, Mc. a gallon.
Fuel oil, gas oil and all liquid derivatives of crude petroleum except
lubricating oil and gasoline, Mc. a gallon.
Gasoline. 2.34c. per gallon.
Lubricating oil, 4c. a gallon.
Paraffine and other oil wax products, lc. a pound.
Natural asphalt and asphalt bitumen derived from petroleum, 10c.
per 100 pounds.
Encouraged by their success to-day, proponents of the oil tariff were
scanning the rules of parliamentary procedure to-night for plans to amend
the Senate provision in order to raise the tax on crude oil to lc. a gallon,
or 42c. a barrel.
The fight over the oil duty was so close that both sides claimed victory
right up to the last. Opponents of the amendment conducted an open
filibuster until mid-afternoon in the hope that some Senators might change
their stand.
Stating that the Senate continued in a jam on Saturday
(May 21) over the remaining tariff items in the measure
the "Times" in its report from Washington, May 21 added:
Three hours were whiled away in futile debate on the pending tariff
amendments and a general discussion of conditions in the country. Leaders
heard that still other volumes of oratory were planned by supporters of
the import taxes.
Noting that a two-day deadlock on tariff schedules was
broken at night, Monday, May 23, when the Senate voted
for import duties on lumber and copper, the "Times" in
its account from Washington, May 23, stated:
The coalition mustered 36 votes to 24 for an additional duty on lumber
of $3 per 1,000 board feet, and 45 votes to 22 for an import tax of 4c. a
pound on copper.
The ballots came at the end of a filibuster staged by opponents of the
tariff items in an effort to force Senate leaders to exclude the import duties
from the tax bill.
Senator Tydings, leader of the fight against the duties, started to make
good his threat to call up 504 separate tariff amendments and force a rollcall on each.
Four Efforts Unsuccessful.
After four unsuccessful attempts to write changes in the Hawley-Smoot
tariff law through amendments to the tax bill Mr. Tydings temporarily
abandoned his fight.
Senator Vandenberg. of Michigan, chief proponent of the copper tariff,
jumped in when the opportunity offered and proposed an immediate vote
on the copper duty. A few minutes later the Senate voted the lumber
duty. . . .
Votes were taken during the afternoon on two amendments to the lumber
tariff. In one, Senator Trammell's proposal to place a duty of Sc. a 100
pounds on lphosphate rock was voted down 61 to 15. An attempt by
Senator Copeland to have rough lumber exempted from the proposed duty
of $3 per 1,000 feet was defeated, 47 to 26.
May 28 1932
Appeal to Congress by Democratic and Republican
Leaders for Immediate Action on Budget and Tax
Bill—Nicholas Murray Butler and Alfred E. Smith
Among Signers—Reply by Senator Robinson.
An appeal to members of both branches of Congress to
lay aside every form of partisanship and unite quickly to
adopt a balanced Federal budget and to enact a sound and fair
plan of taxation was made public on May 22 over the signatures of 11 prominent citizens, 6 of them, Republicans and
5 Democrats, said the "Herald Tribune" of May 23 from
which the following is also taken:
The appeal was in the form of a brief letter posted on Saturday to the
majority and minority leaders of both the Senate and the House of Representatives.
Text of Appeal.
The letter follows:
"May 21 1932.
"Hon. James E. Watson, Majority'Hon. Charles R. Crisp, Majority
I Leader House of Representatives.
Leader United States Senate.
"Hon. Joseph T. Robinson, Minor- Hon. Bertrand H. Snell, Minority
ity Leader United States Senate. I Leader House of Representatives.
"The undersgined view with so much concern the possible effect upon our
social and polltical institutions of the grave economic and financial problems
which confront the American people that on behalf of vast numbers of our
fellow citizens, we appeal through you to the members of the Senate and of
the House of Representatives to lay aside every form of partisanship and of
possible partisan advantage and quickly to unite to adopt a balanced
Federal budget for the coming fiscal year, as well as to enact a plan of
taxation which shall be economically sound, fair to every group and calling
and without discrimination or privilege or class or sectional advantage of
any kind.
"It is our judgment that conditions are so grave that this action should
be taken at the earliest possible moment.
Nicholas Murray Butler, New York. Alfred E. Smith, New York.
Wilbur L. Cross, Connecticut.
William H.Crocker,California.
Joseph B. Ely. Massachusetts.
John Grier Hibben,New Jersey.
Roland S. Morris, Pennsylvania,
Alanson B. Houghton, New York.
Albert C. Ritchie. Maryland."
Frank 0. Lowden,Illinois.
OF arles Nagel, Missouri.
Speaks for Self, Says Butler.
Asked last night for his comment on the appeal. Dr. Butler said:
"It speaks for itself. It wan purposely made brief and confined to two
controlling princir les rather than extended to urge any specific application
of those principles.
"The dawdling of the Congress and the pathetically childish and irrelevant proposals and discussions which are wasting time and contributing not
only to prolong but to increase the economic and financial crisis, are rousing
the entire country to strong protest. Our national credit abroad and our
national reputation are at stake. It was our purpose to make a simple and
direct appeal for prompt action on sound principles which all good citizens
could support regardless of party names and personal preferences."
It was only last Thursday night that Dr Butler, in a public address,
voiced the opinion that "we are drifting steadily and not so very slowly
toward the edge of a political precipice." He told the annual meeting of the
National Industrial Conference Board that a recent trip through 24 States
had convinced him that "the thoughtful people of the United States are profoundly alarmed at conditions in Washington and at what is going forward
politically in the country, and that, if a chance were given them to follow a
real leader of large intelligence, demonstrated administrative capacity and
intellectual courage, they would rise and sweep the whole discredited fabric
of our present-day national political machinery into the dust
-bin."
In giving a reply made to the above, by Senator Robinson,
Washington advices May 23 to the "Herald Tribune" said
in part:
The letter of a group of educational and political leaders, including
Nicholas Murray Butler, former Governor Alfred E. Smith of Ncw York,
and Governor Albert C. Ritchie of Maryland, calling on Congress for immediate non-partisan action on the tax bill and on the balancing ofthe budget,
drew sharp fire to-day from leaders in the Senate.
From both sides of the Chamber,came expressions in no uncertain terms
of belief that the prominent personages who had signed the letter were
ignorant of what was going on in Congress.
Senator James E. Watson, Republican leader, was particularly caustic
in remarks on the floor, while Senator Joseph T. Robinson, Democratic
leader, replied in a letter in which, between the lines, he intimated there
was no occasion to admonish Congress to lay aside politics. Senator Robinson put into the record his letter ofreply and said he would make no further
comment. . . .
Senator Royal S. Copeland. Democrat of New York, backed up Senator
Watson and held it was unfair for those outside of Congress to criticize the
Senate. He criticized the flood of propaganda which is descending on
Congress, and told of getting 1,200 letters signed by employees of one concern urging him to vote to balance the budget.
Senator Simeon D. Fess of Ohio, Chairman of the Republican National
Committee, said the country had no conception of the problems before
Congress, and all he could see for Congress "is tc go ahead and do the best
we can."
Senator Ellison D. Smith, Democrat, South Carolina, pointed out that
many of the letters which urged balancing of the budget also urged that
excise taxes in the bill be put on some one else or some other industry.
Puts Economies at 750 Millions.
The discussion branched off into the question of economies, and Senator
Vandenburg, Republican of Michigan, emphasized that this
Arthur H.
Congress is effecting much greater economies than those in the one economy
bill. He declared he would be disappointed if the economies in the various
appropriation bills and tbe economy bill did not total $750,000,000.
The letter of Senator Robinson follows:
"May 23 1932.
"The Honorable Nicholas Murray Butler,
"Broadway at 116th St.. New York City.
"My Dear Mr. Butler:
"I am in receipt of a letter signed by you, W. H. Crocker, California;
John G. Hibben, New Jersey; Alanson B. Houghton, New York; Frank 0.
Lowden, Illinois; Charles Nagel, Missouri; Alfred E. Smith, New York;
Wilbur L. Cross, Connecticut; Governor Joseph B. Ely, Massachusetts;
Roland S. Morris, Pennsylvania, and Governor Albert 0. Ritchie of Maryland, addressed to Senator Watson as majority leader, myself as minority
leader in the Senate. the Honorable Charles R. Crisp as majority leader in
Volume 134
Financial Chronicle
the House of Representatives, and Honorable Bertrand H. Snell, minority
leader in that body.
"The members of the Senate and the House are requested in the message
'to lay aside every form of partisan advantage and quickly unite to adopt a
balanced Federal budget for the coming fiscal year, &c.'
Partisanship Laid Aside, He Says.
"May 1 say in reply that from the beginning of the present session of
Congress a sincere effort has been made to pursue the course suggested,
and it is my belief that a fair review of the proceedings in both bodies disclose practical unanimity of purpose to balance the budget without regard
to partisan advantage.
"Tkis policy has been rendered somewhat difficult by the continuous
delivery of partisan addresses and announcements by members of the
President's Cabinet and others occupying high places in the National
Administration. The Injection of tariff provisions in the revenue bhl has
without doubt resulted in some confusion and is calculated to cause delay
in the passage of the revenue bill. The differences which from time to time
have arisen touching the legislation seem not so much attributable to sectional or partisan controversies as to varying economic viewpoints.
"Recognizing the grave conditions which prevail it is my purpose, in so
far as I am able, to continue to contribute so just and fair conclusions
touching the very important subjects referred to in your message.
"Please be kind enough to advise those who joined in your message on
this reply.
Sincerely,
JOS. T. ROBINSON."
Comedy of Errors at Capital—President Hoover and
Dr. Nicholas Murray Butler Involved.
The New York "Herald Tribune" in a Washington dispatch May 23 had the following to say:
Official Washington found amusement to-day in the errors, clerical or
otherwise, which crept into the two important public statements on Government issues which were given out yesterday and printed in the front page of
all morning newspapers.
President Hoover, who utilized a letter to the American Society of Civil
Engineers to state his thorough disagreement with proposals to finance a
public works program by Federal bonds, addressed his letter to Richard S.
Parker as President of the Society. He should have written to Herbert S.
Crocker who really is the President. Beseiged by complaints that Mr.
"Parker" could not be located, the White House admitted the error and
attributed it to a stenographic mistake. The letter was presumably mailed
to Mr."Parker" and possibly it is still unopened.
In writing to the leaders of Congress in an appeal for a balanced budget and
an end of partisanship, a committee which included Dr. Nicholas Murray
Butler, head of one of the greatest universities and an authority on public
affairs, made the error of addressing Representative Charles R.Crisp as the
"Majority Leader, House of Representatives."
Although the signers of the appeal included Alfred E. Smith, titular
leader of the Democratic party, and several Democratic Governors, they
did not correct the letter by sending it to Representative Henry T. Rainey,
who actually is the Democratic floor leader of the House. Mr. Crisp is
Acting Chairman of the Ways and Means Committee.
President Hoover's erroneously addressed letter was the subject of considerable chaffing in the Senate. Pointing out that the President had more
secretaries than former occupants of the White House, Senator Pat Harrison.
Democrat of Mississippi, observed that "it is strange there is not more
efficiency there."
"It would seem that the President, being a great engineer, ought to keep
better tab on who is the President of an organization like the American
Society of Civil Engineers." he added.
Dr. Butler said last night that the addressing of the letter to Representative Charles R. Crisp instead of to Henry T. Rainey was a "mistake that
wasn't noticed until the letter was gone" and that then nothing could be
done about it.
"It didn't make much difference anyway," Dr. Butler said,"because Mr.
Crisp is Chairman of the Appropriations Committee," (Joseph W. Byrns
of Tennessee, is Chairman of the House Appropriations Committee, of
which Charles R. Crisp is not a member.—Ed."Tribune.")
President Hoover Gratified at Appointment in New
York of Committee of Twelve to Co-operate with
Reconstruction Finance Corporation to Further
Credit Expansion.
President Hoover on May 20 issued a statement expressing
his gratification at the action taken in New York in the
appointment of a committee of twelve bankers and industrialists to co-operate with the Reconstruction Finance Corp.
and other agencies to widen the use of Federal Reserve
Credit. The appointment of the committee under the
chairmanship of Owen D. Young, was noted in our issue of
May 21, page 3751. President Hoover's statement of May
20 follows:
/ am much gratified at the action taken in New York by which a joint
committee has been appointed representing financial and industrial leaders of that city for the purpose, among other things, of securing that the
expansion of credit facilities made available through the Federal Reserve
Banks and the Reconstruction Finance Corp. shall be translated into
Industry, employment and agriculture.
I am in hopes that similar action may be taken in other Federal Reserve
Districts. It would seem desirable that the Governors of the different
Federal Reserve Banks should proceed in a similar manner, and as soon as
the Chairmen of such Committees are known I shall be glad to invite them
to Washington in order that the whole program may be set up on a National
basis.
From the "United States Daily" of May 21 we quote:
Other Committees.
Other committees of industrialists and financiers such as that formed in
New York May 19 by Governor Harrison of the New York Federal Reserve
Bank may well be organized In other reserve districts, but the New York
committee is not necessarily restricted to that district, Ogden L. Mills
the Secretary of the Treasury, stated orally May 20.
The committee formed in New York has more potential power for stimulating business recovery than even the Reconstructive Finance Corp.
purchasing power of the people
but its long-time success depends upon the
3917
and the country's freedom from fear, according to oral statements May 20
at the Federal Reserve Board and the Treasury Department.
Purposes of Committee.
If the committee succeeds only In encouraging replacement and rehabilitation work long overdue, it will begin credit expansion and commodity
price stabilization, it was said. Additional information was made available
as follows:
It is assumed that the committee will survey the field and discover which
industries can best use credit to inaugurate a new era of activity.
Composed of private citizens, the committee has no power to dictate the
use of credit piled up in the Federal Reserve Member Banks during the last
six weeks by Reserve bank open market operations, but it will mobilize
industry and finance to direct and encourage the best use of that credit.
Effect on Industry.
Men on the New York committee represent large financial and industrial
interests. If they decide that the time has come to start the wheels of industry turning, they can exert a tremendous influence. Whether their
power starts a prolonged upward trend, will depend on whether after
beginning production, they can find a market for the products.
The problem is largely one of passing on purchasing power. Some economists maintain that launching of production will give people work thereby
enabling them to buy and to absorb the goods produced.
Success for the committee will also depend to a large extent upon the
Psychological attitude of the people. If they take the scheme as a sign
that the country no longer needs to be afraid and that the Nation is on the
way out of the depression, it probably will be.
Powers Considered.
Loans stimulated and guided by the New York committee will be more
effective in starting industry than loans made by the Reconstruction Finance
Corporation. Advances by the corporation, with the exception of a few to
large railroads, have been to relieve distressed conditions rather than to
finance new enterprises. Many of the corporation's loans have been to
small banks, and this type of credit is not as helpful in stimulating business
as loans to be arranged by the committee.
Undoubtedly there are some cases in which individual industries do not
want to borrow money because they see no chance to make a return on
the money. But others do want credit, and, although many are not good
risks, some are. The committee can guide the banks in making loans out
of the idle reserve resulting from the Federal Reserve Bank open market
operations. In the last six weeks these operations have increased the reserve bank holdings of Government securities by $581,000,000 and member
bank reserves by $250,000,000.
In the course of time the open market operations would become effective
anyway. The time element, however, is vitally important now. To start
the credit stream, someone must answer the banks who say that they are
not getting the type of loan application that they want. They must
have the co-operation of business such as the committee can furnish.
Meeting in New York of Committee of Twelve Under
Chairmanship of Owen D. Young Named to Assist
Government Agencies in Furthering Credit—Subcommittees Named—Reported Studying Bond Pool.
The newly formed committee of bankers and industrialists
of which Owen D. Young is chairman, was called into sessibn
on May 23 for the first time since its formation on May 19.
The appointment of the committee was referred to in our
issue of May 21, page 3751. The New York "Evening Post"
of May 23 said:
A preliminary session was held at the Federal Reserve Bank this irorning
by several members of the committee, and a full session was to be held later
this afternoon.
It is understood that one of the plans to be discussed in an attempt to
put to work the vast credit built up by the Reserve Bank deals with the purchase of corporate bonds.
The reported plan, however, is almost a refutation of the pool idea.
It is to the effect that when and if the committee decides to buy corporation
bonds as a move to stabilize the bond market, the Federal Reserve authorities will buy as nearly simultaneously as possible Government securities on
a co-operative basis.
It has been the apparent determination of the Federal Reserve authorities
to maintain an increase credit base of some $250,000,000 to $300,000,000
brought about by the purchase of Government securities and further purchases would serve to offset the utilization of the extended credit by the committee if they buy large quantities of the better grades of corporation bonds.
This, in the opinion of some observers does not mean the creation of buying poolsso much as it does a co-ordination of buying which will maintain the
increased credit position, while the bond market is receiving support.
According to the New York "Journal of Commerce"
of May 24 a group of subcommittees to evolve and perfect
specific projects for putting excess bank reserves to active
use was appointed by the Young committee of bankers and
industrialists yesterday at its first meeting. From the
same paper we take the following:
Following the meeting, which was held in the building of the Federal
Reserve Bank, an unofficial spokesman briefly stated that subcommittees
had been formed and that the group would meet again to-morrow afternoon.
He said that at the present time no statement could be made as to how
far specific projects have been perfected for subcommittees to work upon,or
whether they were formed in order to explore the possibilities of vague projects which the entire group might be called upon later to consider.
Indicating that the proposal to form a bond pool, which has
been under discussion by leading bankers for months, will be
brought before the Young Committee, at an early meeting
the "Journal of Commerce" of May 27 stated:
rA special subcommittee was appointed last week to study and to report
upon the question of whether the formation of a bond pool would be practical
at the present time, and it is expected that the report will be delivered to the
general committee.
It was pointed out that a favorable subcommittee report would not necessarily indicate that the entire committee would favor such a plan. It
has been frequently indicated that the different members of the Young committee hold conflicting views on whether organized bond purchases are
desirable at all. Among those who favor such purchases, there are varying
opinions as to the methods by which the buying should be carried on.
3918
Financial Chronicle
Four Subgroups Formed.
It was learned that the Young committee has to date formed four subcommittees. One of these committees is to study the question of securities
purchases, and is still to make its report. There are two subcommittees
studying methods for avoiding real estate foreclosures, and for stimulating
real estate construction. It was indicated that these two committees combined their work in formulating the plan under which the bonds of the Savings & Loan Bank of the State of New York would be underwritten, the
proceeds to be used to refinance maturing mortgages and to keep mortgaged
homes in good repair.
The fourth committee, which was formed to find means for expanding
credit to business, has already come out in favor of promoting ti e use of
trade acceptances rather than open accounts in the financing of industrial
sales. The subcommittee is to report on this to-day to the entire committee.
It was expected that the Young committee would favor the plan.
To Continue Study.
It was indicated that the work of the subcommittees which already have
offered plans will not have been completed when these plans are put into
effect. Each subcommittee within its own field will continue ta study new
measures for accomplishing the ends for which it was appointed.
On the question of whether the banks should use their excess reserves
In the organized purchases of securities, there has been a sharp division of
opinion among bankers for months. Such plans have been forcefully advanced by some of the members of the Young committee, but up to the
present time have failed to win the general indorsement of the banking community. It was said that the division of opinion arises not only from details
as to the form which organized buying should take but also the question
of whether it is not more desirable that each bank pursue separately its
own investment policies.
Plan to Refinance Home Mortgages Proposed by Young
Committee Group—Leading Banks to Subscribe to
Bonds of Savings & Loan Bank of New York to
Provide the Funds—Proposed Use of Trade Acceptances.
It is learned that arrangements have been made, as the
first step in the plans of the Young Committee for making effective the credit-expansion program of the Federal Reserve
System, to place funds in the hands of the savings and loan
associations of this State which will enable them to refinance
the maturing mortgages of the small home owners of the
• State. As to the proposal we quote the following from the
New York "Times" of May 26:
The funds are to be supplied through the subscription by a group of leading banks to bonds of the Savings and Loan Bank of the State of New York,
the central bank of the savings and loan associations. The exact amount of
the funds to be subscribed was not revealed. It was said that the bond issue
would be of an "open-end" variety, so that the Savings and Loan Bank
could sell the securities to the subscribing banks from time to time as it
required the funds.
The full Young Committee of twelve held another meeting yesterday
at the Federal Reserve Bank at which additional plans were considered
and turned over to a subcommittee for study. One of these plans involves
a proposal backed by a number of important industrialists, including some
who are members of the Young Committee, for the increased use of trade
acceptances in financing domestic business.
Plan Credited to du Pont.
The proposal, which is credited to Irenee du Pont, Vice-Chairman of
E. I. du Pont de Nemours & Co., is for the large industrial concerns such
as the General Electric Co., the Westinghouse Electric & Manufacturing
Co. and the General Motors Corp. to buy and sell not for cash or through
the use of open-book credits, but by means of trade acceptances which
could be discounted in the open market and thus supply a new source
of negotiable instrun ads of credit to form the basis of bank ins estments
and to enlarge the amount of bank credit outstanding.
The advantages of the plan, apart from its value in supplying a more
attractive outlet for bank funds than the customary loans against accounts
receivable, according to its sponsors, are manifold. A trade acceptance, it
Is pointed out, is a much more satisfactory obligation for a creditor to
bold than an cedinary commercial loan- It provides documentary evidence of a type which in the event of insolvency of the debtor has been
held by the courts to entitle the lender to a preferred claim. In addition.
It was said, the use of trade acceptance credits rather than open-book
credits would benefit the ordinary business man by restraining him from
Injudicious purchases. A clever salesman, it was said, can usually oversell
the average small business man, but the latter, if be had to sign an acceptance, obligating him to pay at a specific date, each time he made
a purchase would be inclined to go more cautiously.
Plan to Aid Home Owner.
The announcement of the plan for providing funds to take care of distressed home mortgages was announced by William H. Judson. President
of the Savings & Loan Bank, which is located at 220 Broadway.
Mr. Judson's statement follows:
The Savings & Loan Bank of the State of New York has made an arrangement with the Young committee of bankers and industrialists by
which a group of banks will underwrite an issue of bonds by the Savings
and loan Bank as and when that institution requires funds either (a) to
make advances to its 166 member savings and loan associations throughout
the State for the purpose of relieving the hardships that in many Instances
are suffered by solvent and deserving home owners through their inability
under present conditions to refinance maturing mortgage obligations, where
payment has been called by the holders of such obligations, or (b) to make
reasonaole advances to its member associations for the purpose of making
funds available for repairing and reconditioning owner-occupied dwellings
now mortgaged to savings and loan associations when such advances are
adequately protected.
It is the aim of the bankers to use the facilities of the Savings & Loan
Bank of the State to provide savings and loan associations with additional
funds that may enable worth3 families having adequate: security in the
ownership of their home premises to be relieved from the anxiety of threatened foreclosure in those cases where financial ability to meet the savings
and loan payments on a new mortgage contract is in evidence.
This program should make further opportunities for emplo3ment in
many communities in the State.
Status of Loan Bank.
The Savings & Loan Bank of the State of New York. which was founded
In 1916, occupies the unique position of a central bank for savings and
loan banks, comparable in its offices to the position of the Federal Reserve
Bank with respect to the commercial banks. As the 166 savings and loan
associations which are members require funds to carry on their work they
bring the mortgages they hold to the Savings and Loan Bank which de-
May 28 1932
posits them with the Comptroller of the State, Morris S. Trcmaine, and
Issues against them its own bonds in the amount of $100 of bonds for each
$125 of mortgages pledged.
These bonds are 10
-year serial issues, carrying 5% interest and redeemable at the rate of 10% each year. Since its inception the Savings &
Loan Bank has issued $27,415,000 of such bonds and at present it has
outstanding about $16,000,000. In view of the comparatively small volume
of this business (compared with the huge sums dealt in by the Wall Street
banks), it was thought likely last night that the bonds to be purchased by
the downtown banks under the plan of the Young Committee would'not
be likely to exceed $5,000,000 or so in principal amount, although there
were reports that the total might go as high as $15,000.000.
Under ordinary circumstances the Savings & Loan Bank sells its bonds
to savings banks and other institutions. One of the largest purchasers
Is Comptroller Tremaine himself, who purchases the bonds as investments
for the sinking fund. At present, however, the entire capital market is
demoralized and it was evidently considered advisable to insure the institution of a sure and ready market for its bonds so as to permit it to go
ahead with its work.
Bank Official Praises Move.
In commenting upon the usefulness of the plan and its value in relieving
the distress of small home owners, former State Senator Charles O'Connor
Hennessy, who is Chairman of the executive committee of the Savings &
Loan Bank, said:
"The action of the committee of Bankers and industrialists headed by
Mr. Young in interesting a notable group of powerful New York banks
in the work of financial aid to distressed home owners throughout the
State seems to me to be a move of a highly practical and constructive
character. The Savings & Loan Bank, the central credit organization
of 166 of the leading co-operative savings and loan institutions throughout
the State, was the natural medium for doing the essential job that the
Young committee had planned. That job, in arief, was, primarily, to
put an end to the despairing psychology which, in many parts of the State,
had been caused by the inability of solvent and worthy home owners to
meet calls upon them for payment of overdue mortgages held by private
lenders or by institutions other than savings and loan associations.
"It may now, I think, be reasonably assumed that in all cases of
occupied small dwellings the owner who has adequate security and ownerto show his :laity to carry a long-term savings and loan associationis able
mortgage should have no difficulty in refinancing his mortgage dent, and thus
be relieved of the danger of losing his home through foreclosure. The
suggestion of the banker group that the funds made available might also be
used by present borrowing members of savings and loan associations for
necessary repairs and rehabilitation of their dwelling houses we also consider to be highly constructive, for, obviously, it should tend considerably
to reduce unemployment in many communities throughout the State."
Division on Acceptance Plan.
The plan for a wider use of trade acceptances is one that has been under
discussion from time to time for many months but which has thus far
failed to obtain unanimous support of the financial community. It has
behind it, however, a large number of influential industrialists and bankers,
and it was thought likely last night that the Young Committee might
give the proposal its formal endorsement. Sponsors of the plan said that
this was all that was needed to set it going.
In addition to Mr. du Pont, the indust:iallsts chiefly interested In the
plan are reported to be:
A. P. Sloan, Jr., President of the General Motors Corp.
A. W. Robertson, Chairman at the board of the Westinghouse Electric
& Manufacturing Co.
Walter C. Teagle, President of the Standard Oil Co. of New Jersey.
Eugene G. Grace, President of the Bethlehem Steel Corp.
Owen D. Young, Chairman of the General Electric Co.
Gerard Swope, President of the General Electric Co.
Myron C. Taylor, Chairman of the board of the United States Steel Corp.
Among the bankers who are reported to have endorsed tne plan are:
Percy H. Johnston, President of the Chemical Bank & Trust Co.
Lewis E. Pierson, Chairman of the board of the Irving Trust Co.
George W.Davison, President of the Central Hanover Bank & Trust Co.
A. A. Taney, Chairman of the board of the Bankers Trust Co.
Not all of these men could be reached yesterday, as several are abroad
or out of town. A number of others said that they were familiar with the
proposal and that they considered it would be a helpful move.
Plan Tested Before.
•
Percy H. Johnston, President of the Chemical Bank & Trust Co., in
discussing the proposal, called attention to the success that had attended
the introduction of the bankers' acceptance in this market 15 years ago.
At that time, Mr. Johnston said, efforts were made to establish the use of
trade acceptances also, but they were unsuccessful because of the difficulties
encountered in changing the habits of business men in general.
Among the most active sponsors of the plan, it is understood, have been
Robert H. Bean, Executive Secretary of the American Acceptance Council:
William W. Orr, Secretary and Manager of the New
York Credit Men's
Association, and Henry H. Heimann, Executive Manager
of the National
Association of Credit Men.
The plan was discussed at a number of meetings held recently
by bankers
and industrallsts, including a recant gathering at the home
of Ogden L.
Mills, when, it is understood, the proposal for the
Young Committee was
first put forward.
As a result of these conferences, ills understood, Mr. Orr was authorized
to canvass the views of loading trade organizations, industrial companies,
banks and department stores.
The trade acceptance at the present time has only
a limited use in this
country. although there is some paper of this
type in the market, and
bill dealers customarily trade in it at rates about
three-eights to five-eights
of 1% above the discount on prime bankers' bills.
Such acceptances arise
when the seller of merchandise draws a bill
upon the buyer instructing
him to pay a specified amount upon a specified date,
say 60 to 90 days in
the future, and the buyer "accepts" this obligation
by writing his endorsement across the face of the bill.
Having been accepted, the bill becomes negotiable and may be discounted in the money market by the seller in order
to secure immediate
funds. If the bill subsequently acquires a bank's endorsement, it becomes
eligible for purchase by the Federal Reserve Bank under
their Present
regulations.
Notices of Program Broadcast.
Circulars announcing the arrangements for placing funds at the disposal
of the savings and loan associations are being sent out to each of the 302
such institutions in the country. Although only 166 of them are at present
members of the group which owns the Savings & Loan Bank, others are
eligible and may Min upon fulfilling the requirements. At present there
are outstanding 3380,000.000 of mortgages made by all savings and loan
associations in the State.
The purpose of the move, as it was described by officials of the Savings
& Loan Bank, is primarily to enable the member institutions of this organization to aid home owners who are being Pressed for payment of their
maturing mortgages by institutions or individuals outside the group.
Under present conditions, it was pointed out, lenders of mortgage money
Volume 134
Financial Cl:ro- if '-
are frequently themselves pressed for funds and consequently demand even
when the security is good and the borrower in good standing.
Ordinarily it would be simple enough for the home owner to get his
mortgage transferred to another borrower, but at the present time this is
extremely difficult. Under the arrangement for having the downtown
banks subscribe for bonds of the Savings & Loan Association it will now be
possible for such distressed home owner to apply to the savings and loan
association in his neighborhood, and provided the security for the mortgage
Is sound the Association can get funds to finance it by pledging its mortgages with the Savings & Loan Bank.
Committee of Eleven Named in Chicago to Co-operate
with Government Agencies to Further Credit
Expansion.
At the meeting of representative bankers and business
men at the Federal Reserve Bank of Chicago on May 25
it was decided to appoint a committee to consider ways and
means of making more effective the Federal Reserve System's
open market policy and of stimulating business. We quote
from the Chicago "Journal of Commerce" of May 26, which
further reports:
In accordance with this decision, James B. McDougal, Governor of the
Chicago Reserve Bank, appointed a committee of 11 members, headed by
Sewell L. Avery as Chairman.
In addition to the bankers and industrialists from the Seventh Reserve
District and officials of the Chicago Reserve Bank present at the meeting.
tbe conference was attended by Ogden L. Mills, Secretary of the Treasury.
and Eugene Meyer, Jr., Governor of the Federal Reserve Board.
Return to Washington.
Mr. Mills and Mr. Meyer came to Chicago at the request of the local
group and boarded a train shortly after the close of the meeting to return
to the national capital. Prior to the conference Mr. Mills stated that he
and Mr. Meyer had come to Chicago with the expectation of laying before
the local group their opinion on the outlook from the Washuigton viewpoint. It was planned, also he said, to discuss prospects in reference to
balancing the budget and the open market policy of the Federal Reserve
System.
Members of the Committee appointed by Governor McDougal are:
George A. Ranney, Vice-President and Treasurer of International
Harvester Co.
General Robert E. Wood, President of Sears, Roebuck & Co.
John Stuart, President of Quaker Oats Co.
D. F. Kelly, President of The Fair.
Fred W. Sargent, President of Chicago & North Western Railway Co.
George M. Reynolds, Chairman of the Board of Continental Illinois
Bank & Trust Co.
Melvin A. Traylor, President of First National Bank of Chicago,
Albert W.Harris,Chairman of the Board of Harris Trust & Savings Bank.
Philip It. Clarke, President of Central Republic Bank & Trust Co.
Solomon A. Smith, President of Northern Trust Co.
Chairman, Mr. Avery, who is President of Montgomery Ward & Co.
and of United States Gypsum Co.
Not Admtnistration Protect.
Although the Federal Reserve authorities were instrumental in bringing
about creation of this Committee to hasten the recovery of trade, it Is
In no sense an administration project and the affairs of the group appointed
will be directed by the membership.
Mr. Avery has not signified the date on which he plans to convene the
Chicago group and no definite plan of action has been formulated.
To date steps have been taken in three Reserve districts to organize
banking and business leaders for the purpose of devising measures to utilize
some of the credit created by the System through the liberal buying policy.
Besides the New York committee headed by Owen D. Young and the
Chicago group, similar action has been taken in St. Louis.
While some degree of co-operation between the several groups is logical,
the variation in problems to be solved in the 12 Districts indicates that no
closely-knit central organization of the various committees will be developed.
Opinion still persists that one of the steps which will be taken by the
New York and Chicago groups will be a move to obtain funds to counteract
the downward trend in bond prices by a concerted buying movement.
With the exception of Mr. Ranney and Mr. Sargent, all members of the
Committee appointed by Governor McDougal were present at the conference.
Others at Conference.
Others in attendance in addition to Mr. Mills and Mr. Meyer were:
Rufus W. Abbott, Chairman of the Board, Illinois Bell Telephone Co.:
Eugene J. Buffington, President, Illinois Steel Co.; D. A.Crawford, President, Pullman Co.; Alexander Legge. President, International Harvester
Co.; John McKinlay, President, Marshall Field & Co.; Charies W. Nash,
President, Nash Motors Co.. Frederick H. Scott. Vice-President, Carson
Pixie Scott & Co.; George E. Scott, President, American Steel Foundries;
William M. Scudder, Vice-President, American Radiator Co.; W. B.
Storey, President, Atchison, Topeka & Santo Pe Railway Co.; Frederick
H. Rawson, Chairman of the Board. First National Bank of Chicago:
Stanley Field, Chairman, Executive Committee, Continental Illinois Bank
& Trust Co.; John Ballantyne, director, Detroit branch, Federal Reserve
Bank of Chicago; E. R. Estberg, banker, Waukesha, Wis., and director,
Federal Reserve Bank of Chicago; George J. Schaller, banker Storm Lake,
Iowa, and director, Federal Reserve Bank of Chicago; Max W. Babb,
President, Allis-Chalmers Manufacturing Co., and director, Federal Reserve Bank of Chicago; Eugene M. Stevens, Chairman of the Board,
Federal Reserve Bank of Chicago, and Mr. McDougal.
Proposals Studied to Expand Credits—Secretary of
Treasury Mills Says Bill to Extend Borrowing
Power of Reconstruction Finance Corporation
Will Be Drafted.
The new steps for economic rehabilitation will be taken
soon with the drafting of a bill to enlarge the borrowing
power of the Reconstruction Finance Corporation and with
the development of a constructive program by the committee
of industrialists and bankers formed in New York last week,
Ogden L. Mills, the Secretary of the Treasury, stated orally
3919
May 24. The "United States Daily" of May 24, went on
to say:
After conferring on that date with Charles G. Dawes, President of the
Reconstruction Finance Corporation, and Eugene Meyer, Chairman of
the Corporation's board, Secretary Mills said they had discussed the proposal to enlarge the borrowing power of the Corporation to $3,000,000,000
and to use some of the funds for relief.
The New York committee of industrialists and bankers will, in his
opinion involve some constructive program to supplement the Government's policies, he said.
No Treasury Department program was submitted to the committee,
he explained, but the group was left with the responsibility of working out
some scheme. Sub-committees have been appointed, and the study really
launched, the Secretary said.
Proposal that President Hoover Appoint "War Industries Board Against Depression" to Effect Immediate Relief from Present Uncertainty—D. L.
Hoopingarner of American Construction Council
—Says Billions of Dollars for Construction Awaits
Adoption of Definite Program by Government and
Business.
Billions of dollars of private capital for construction await
only the adoption and application of a definite working agreement between Government and business, says Dwight L.
Iloopingarner, Executive of the American Construction
Council, in an open appeal to President Hoover and both
Houses of Congress issued May 25 urging on behalf ofthe
construction industry of the country as a whole, immediate
relief from the present uncertainty of threatened competition
between public and private credits if the "unemployed in
construction and allied industries are to be taken from the
• park benches before Thanksgiving."
The plan urged comprises the immediate formation of a
workable coalition between both branches of the Government
and business through a "War Industries Board Against
Depression" appointed by the President in co-operation with
Congress, this tripartite board to be made up of representatives of the executive and legislative branches of the Federal
Government as well as representatives of an effective number
of outstanding organizations in industry and commerce.
This board would define, allocate and co-ordinate present
and future efforts to stimulate business, especially in the
field of construction, and work out the best relationsjip
between public and private credits. "It would," says
Mr. Hoopinga,rner, "serve to locate and repair .the short
circuit, still existing between Government and industry,
which has for more than thirty months disrupted the currents
of credits and confidence."
The appeal -warns of menace in further delay at getting a
proper nationwide program of construction under way.
"Unless something be done at once the best we can hope
for this calendar year will be only minor results and another
winter of suffering and economic loss must result," he adds,
"so far as the greatest benefits of construction are concerned.
On the other hand it will serve no good purpose to rush
blindly into a widespread program of construction. Consideration must be given to plans which will assure the
greatest good to the greatest number of persons. The outstanding need, however, is for speedy action along rational
lines. The present proposal suggests a general approach
to the problem for working out such plans. The plan, the
author makes clear, would in nowise conflict with any
specific program already offered or now in operation. On
the contrary, he says,it would clarify, unify and give impetus
to these efforts. Mr. Hoopingamer says:
Such a board sal have in mind should speedily be able to suggest a threefold plan for enactment of the necsssary legislation by Congress, means
for effective enforcement by the executive agencies of the Government and
a concrete proposal for industry to reassume its share of initiative and
responsibility, without which any general improvement in business will be
impossible. Specifically, this board would pick out in joint conference
around a common conference table, the types and scope of each activity
most feasible on the one hand for the Government to pursue as emergency
measures without infringing upon our private institutions, and on the
other hand the types of enterprise affected with a public interest for private
business to undertake at this time, and then formulate a definite plan of
co-operation and mutual support between these two lines of endeavor
with respect to toe financial support, supervision and control of such
projects.
Such an entente cordiale with a joint sharing of plan and responsibility
should bring an end to the deadlock now existing between Congress and
business, neither of which is able to proceed in a conclusive manner witn
constructive measures because of the uncertainty as to the possible action
to be taken by the other. The result to date has been chaos and a stagnation
of new business endeavor and a further hoarding of funds.
Literally hundreds of millions if not billions of dollars of now housing
construction on the part of private business enterprise has been scared
back into hiding by the combined effect of the present uncertainty and the
threat of being forced to compete with direct Government housing subsidies.
To my own knowledge projects on new housing construction totalling over
fifty millions of dollars have been indefinitely postponed because of this
very uncertainty. This beclouded atmosphere must be clarified before
progress can be made. The present uncertainty must be supplanted by a
certainty and faith that can be born only of complete co-operation between
Governmental and business functions, each fully understood by the other
3920
Financial Chronicle
For example, an enlarged scope of activity for the Reconstruction Finance
Corporation would be a fit subject for action by this joint "Ward Board."
Likewise the exact scope, nature and size of any public works program
receiving Federal support would come under its purvey as would the various
proposals for relief measures that are so closely interwoven with a consideration of public works at this time. Still another field would be the
adoption of exact ways and means to initiate a nationwide quasi-public
works program of low-priced housing for families of moderate means and
especially on slum clearance. This might well contemplate the possibility
of Governmental credits for rediscounting purposes extended through Proper
channels and with adequate safeguards for quasi-public works in co-operation with private enterprise but without jeopardizing the institution of
private property. Certainly this is a field where a partnership between
business and Government through wnich Government can lend support
and help stabilize but in a manner that private investment will not be
Jeopardized, can be satisfactorily accomplished. It might be found feasible,
by way of suggestion, to formulate a joint program to furnish the equity
financing for low-priced housing through the establishment of a proper
relationship between the Reconstruction Finance Corporation and a System
of Intermediate Credit Housing Banks, and private capital. It might also
be found proper to provide additional support to existing agencies of credit
in home ownership and in the building field so as to protect the investments
of millions of our citizens in that as well as in other fields of savings.
Without endeavoring to suggest at this moment the complete make-up
of the personnel of this board, tne following, other than those in Gownment positions, would be typical of the National business, industrial and
welfare organizations to be called in:
American Bankers' Association.
American Construction Council.
American Economics Association.
American Engineering Council.
American Farm Bureau Federation.
American Federation of Labor.
American Institute of Architects.
American Legion.
American Railway Association.
Chamber of Commerce of the United States.
Investment Banke.s' Association of America.
Mortgage Bankers' Association of America.
National Association of Building Owners and Managers.
National Association of Life Underwriters.
National Association of Mutual Savings Banks.
National Association of Real Estate Boards.
National Automobile Chamber of Commerce.
National Farmers' Union.
National Grange,
National Manufacturers Association.
National Retail Dry Goods Association,
United States Building & Loan League, and other agencies of a general
rather than of a special or localized nature which would have a voice
through these more general bodies.
The joint sharing of the financial burden through the adoption of suca a
plan should also aid greatly in helping to balance the National budget.
'Five-Year Plan" for Revival of Business Proposed by
Department of Economics of University of Chicago
—Said to Have Been Drawn at Request of Member
of House Committee—Bonus Payment Plan Rejected—Alternative Inflationary Devices Advocated—Government Bond Sale Urged.
A "five-year plan" for the revival of business, calling for
a drastic but temporary fiscal inflation, has been framed and
endorsed unanimously by members of the Department of Economics at the University of Chicago. Drawn up as a memorandum at the request of a member of the House Committee on
Military Affairs in Washington, which has been considering
immediate payment of veterans' bonus, the document discusses the financial situation as a whole, rejects the bonus
payment plan, and proposes alternative inflationary devices.
Permission to make the memorandum public has now been
given. "We are persuaded," the Chicago economists reported to the Committee, "that automatic adjustments in
the economic situation have already proceeded to a stage
where the necessary inflationary expenditures would be
handsomely rewarded, in greater production, larger employment and higher tax revenues."
The memorandum is signed by Professors Garfield V.
Cox, Aaron Director, Paul H. Douglas, Harry D. Gideonse,
Frank H. Knight, Harry A. Millis, Lloyd W. Mints, Henry
Schultz, Henry C. Simons, Jacob Viner, Chester W. Wright
and Theodore 0. Yntema.
The deflation continues, these observers agree, because
costs remain high, relative to commodity prices. This
fundamental cost-price maladjustment is aggravated by
resistance to the downward swing on the part of wages,
rents and other fixed charges involved in production, particularly in the case of goods and services provided by public
utilities and other business characterized by "an exceeding
politeness of competition."
The major recommendation calls for "generous Federal
expenditures, financed without resort to taxes on commodities or transactions." Large-scale sale of Government
bonds to the Federal Reserve banks is suggested, the funds
thus created being expended heavily for unemployment
relief and for public and semi-public improvements which
can be readily started and stopped.
This method of inflation, the economists assert, "can now
be productive of tremendous gains, with no possible losses
May 28 1932
of compensating magnitude." Too meager or too shortlived inflation would be dangerous, they believe, but once
the upward swing of prices and production has begun, no
attempt should be made to stabilize at a specified level.
Inflationary support should be cautiously but promptly
withdrawn, so that no boom might ensue. The unlikely
but conceivable possibility that America might be forced
off the gold standard during the inflationary process they
regard without alarm. The document continues:
Severe depression and deflation can be checked, and recovery initiated,
either by virtue of automatic adjustments, or by deliberate governmental
action. The automatic process involves tremendous losses, in wastage
of productive capacity and in acute suffering. It requires drastic reduction of wage-rates, rents and other "sticky" prices, notably those in
industries where readjustments are impeded by monopoly. It must also
involve widespread insolvency and financial reorganization, with consequent reduction of fixed charges, in order that firms may be placed In
position to obtain necessary working capital when and where expansion
of output become profitable.
Given drastic deflation of costs and elimination of fixed charges, business
will discover opportunities for profitably increasing employment, firms
will become anxious to borrow, and banks will be more willing to lend.
As long as wage-cutting is evaded by reducing employment, and as long
as monopolies, including public utilities, resist pressure for lower prices,
deflation may continue indefinitely. The more intractable the "sticky"
prices, the further credit contraction will go, and the more drastic must
be the ultimate readjustment.
We have developed an economy in which the volume and velocity of
credit is exceedingly flexible and sensitive, while wages and pegged prices
are highly resistant to downward pressure. This is at once the explanation
of our plight and the grounds upon which governmental action may be
justified. Recovery can be brought about either by reduction of costa
to a level consistent with existing commodity prices, or by injecting enough
new purchasing power so that much larger production will be profitable
at existing costs. The first method is conveniently automatic, but dreadfully slow. The second, while readily amenable to abuse, only requires
a courageous fiscal pollcy on the part of the central government.
Heavy contributions toward relief of distress is the most
urgent, and, for reflation, perhaps the most effective priceraising measure, the economists believe. Large appropriations for public improvements are also an attractive expedient, provided projects are chosen which can be quickly
started and opportunely stopped. Federal unemployment
relief and bonus legislation, "both involve a sort of outright
gift," but the former "involves allocation according to need,
when need is dreadfully acute; the other ignores this criteriox
completely. Funds spent for relief would certainly be spent
for commodities, and very promptly, while less needy veterans might only use additional cash further to increase
hoarded savings." The document also says:
One should recognize at the outset a danger that any measures of fiscal
inflation might be too meager and too short-lived. Parsimonious inflation
is an illusory economy. We might experience temporary revival and then
serious relapse. If we endorse inflation, we should be prepared to administer heavy doses of stimulant, if necessary, to continue them until
recovery is firmly established. It is obvious that bonus measures fall
,
utterly to provide this necessary flexibility.
Political expediency calls for a method of inflation which
will not be alarming, the report states. It adds:
The issue of Greenbacks seems most expedient; but this method must
be ruled out unless one is ready to abandon the gold standard, for it would
create the greatest danger of domestic drain. Large sales of Federal
bonds in the open market would be much leas alarming; but the probable
effect upon the price of such bonds must give us pause, especially since
a marked decline might Jeopardize the position of many banks. It would
certainly be better for the Government to sell new issues directly to the
Reserve banks, or, in effect, to exchange bonds for bank deposits and
Federal Reserve notes. Much may be said for issuing the bonds with
the circulating privilege.
We must be prepared to see a sort of race between depletion of the gold
holdings of the Reserve banks and improvements of business. If the
time comes, as it probably will not, when we may choose between recoven. and convertibility, we must then abandon gold, pending the not
distant time when world recovery would permit our returning to the old
standard on the old basis. The supposedly awful consequences of departure from gold are, as England has shown, nothing but fantastic illusions.
With improvement of business, Federal revenues will automatically
Increase. Indeed, one might maintain that temporary inflation is the most
promising means to restore a balanced budget. Congress should record
the intention of balancing expenditures and revenues over a period of,
say, four or five years.
We have suggested that for the period of the ensuing five years all
Federal expenditures, including those of an emergency character, should
be covered by tax revenues. To minimize the total necessary outlay,
outlays should be very generous now. It would be wise to avoid any
new taxes which fall at the producer's (or dealer's) margin. The levies
on income, however, should be advanced immediately to the maximum
levels which an imperfect, but improving, administrative system can
support.
Even after recovery, additional commodity taxes should be resorted
to only if more equitable levies prove inadequate to full completion of the
"five-year plan." Indeed, by 1940, our Federal debt should stand at a
figure far below that contemplated by existing legislation. We should
have high income taxes when incomes are high. Such taxes would now
have no serious deterrent effect on business, and they could be levied at
the present time with least political resistance.
Successful resort to fiscal methods for terminating deflation will present
the very serious problem of keeping recovery within safe bounds. A merely
salutary inflation-treatment will fall to satisfy many groups. There will
certainly be demand for more inflation and /awe "prosperity" than we
can afford or sanely endure. Inflation should be abandoned, and reversed, long before many individual Industries and classes have obtained
the measure of relief which justice might prescribe. It should not be
viewed as a method of solving the agricultural problem or deflating the
realer.
Financial Chronicle
Volume 134
There is no Immediate problem of excessive inflation—rather a danger
of doing nothing or of a too modest beginning. Once there Is clear evidence
ofrevival, however,the mechanism of credit expansion will begin to operate.
As soon as this happens, retrenchment must be started. We should not
attempt to bring prices to any level we choose to regard as normal. Once
recovery is given a sure start, the real task will be that of preventing the
recovery from becoming a boom. The seeds of booms are sown by innocent
expansion of credit during years of seemingly wholesome revival.
Call for World Economic Conference by President
Hoover Advocated by Otto H. Kahn and John
Henry Hammond.
The calling by President Hoover of a world economic conference to hasten recovery from the depression is favored by
Otto H. Kahn, a partner in Kuhn, Loeb & Co. and John
Henry Hammond, a partner in Brown Brothers & Co. Their
views have been expressed in reply to a questionnaire issued
recently by Dr. Nicholas Murray Butler, as Chairman of
the Advisory Council of the League of Nations Association.
Mr. Hammond suggested that either •President Hoover or
Ramsay MacDonald issue the call for such a conference;
Mr. Kahn advocated that the President take the initiative
in calling an international economic conference said the
New York "Journal of Commerce" of May 25, from which
the following Is also taken:
First Replies Received.
The replies of Mr. Hammond and Mr. Kahn were the first received to
the Butler questionnaire which sought an opinion from representative business men and economists on the best means for combatting the depression.
Replying to question two which read, "Do you believe that organized and
effective intergovernmental co-operation on the part of interested Governments is necessary in order to find reasonable solutions for outstanding
International financial and economic problems—and if so, how should it
be initiated?" Mr. Hammond said:
"I think the initiative should be taken by the President of the United
States and that he should act in conjunction with the representatives of
England, France, Germany and Italy. Remedial measures must be political, economic and financial.
"The present emergency, in my opinion, is one of the greatest the
world has ever faced. This emergency may create, however, a great opportunity for constructive action. Unfortunately, it is a Presidential year,
but partisan political and personal considerations must be disregarded. I
believe that the President should ask the Republican Party, the Democratic Party and the Progressives to each appoint a representative to
confer with him and that he should take them entirely into his confidence.
Proposes World Action.
"In addition, he should take into his confidence, as far as possible the
people of this country and of foreign nations. Let him then request England, France, Germany and Italy each to appoint representatives to meet
the representatives from the United States and consider the world situation—politically, economically and financially—to recommend remedies for
existing evils, if possible, and to inaugurate an era of prosperity, peace
and good will. The ultimate remedy may not be found out but the effort
should be of value.
"I do not pretend to be wise enough to point the way, but it seems to
me that a committee headed by President Butler and associated with, for
Instance, Sir Arthur Salter, Walter Lippmann, Dr. Ouno, a broadminded
and representative Frenchman and an Italian, should be able to suggest the
procedure.
"With the present rapid means of communication and transport the
world is hardly larger than the United States when our Constitution was
adopted. A representative committee might be able to accomplish as
much this summer as the convention which inaugurated the Federal Constitution. The other nations of the world should then be given an
Opportunity to consider the recommendations of the committee."
Pica-Power Parley.
In reply to the question asking whether he thought unofficial international organizations might help, Mr. Hammond said:
"A small committee appointed by the International Chamber of 0001.
merce, working with the representatives of the five Governments should
be of considerable assistance. Possibly the United States Chamber of
Commerce and other representative organizations in the various countries
should be represented. The National Industrial Conference Board and
other fact finding organizations in various countries should be of assistance in compiling accurate statistics—and representatives of the Central
Banks should assist in considering the financial questions Involved. The
League of Nations should be asked to appoint a small and representative
committee to keep in active contact with the conference."
The last question, dealing with the relation of disarmament to the depression, brought this reply from the writer:
"Relieving the present economic strain should in itself lessen the probability of war. With the inauguration of an era of good-will, armaments
should be reduced. Some way should be found to relieve France of the
fear of invasion. The Committee should, of course, consider doing away
with some of the manifest injustices created by the Treaty of Versailles."
Mr. Mahn's Reply.
Mr. Kahn's reply to the questionnaire read as follows:
"I am not wholly sure that collective action is absolutely necessary in
the case of all the principal nations, but I am quite sure that such action is
eminently desirable and that it will greatly facilitate and hasten emergence
from the depression.
"Same answer as to the word 'necessary.' I think the best medium for
endeavoring to inaugurate such co-operation is the League of Nations,
through the appointment of a special committee, unless the President of
the United States can and will take the initiative with the approval of
Congress.
"Such help is undoubtedly desirable and should be initiated by the
International Chamber of Commerce in concert with other appropriate unofficial bodies, including perhaps, organizations representing labor and
agriculture.
"I doubt whether it would be wise to make the attempt to inject into
the problem of establishing 'a satisfactory international economic program'
the highly complex and controversial problem of devising 'measures
designed to lessen the probability of war.'
3921
"As to measures toward aiding the accomplishment of the latter purpose, I make free to quote the following extract from a speech which I
made some time ago:
"'What, then, is the answer? Are the results of the handiwork of
those who 'bungled the task of making a peace which should bring the
dawn of a nobler day, so incorrigibly faulty that the high aspirations
which animated the peoples of the Allied nations during the war and
steeled them to untold sacrifice and heroic endurance, are doomed fatally
to be frustrated?
Must United States Stand Aloof?
"'Must the fine and universally acclaimed purpose to substitute fair
dealing and goodwill among the nations for the hideous brutality of war, and
to cut the ground from under the sinister growths of international fear,
suspicion, covetousness and animosity—must that high purpose be once
more abandoned and the world sullenly and hopelessly, confess itself impotent to deal with discords and rivalries between nations otherwise than
by the horrors of armed conflict?
"'Must America stand aloof and abstain from giving ear to the plea
of those in Europe who call upon us —our views and sentiments unclouded
by fear of anybody or by racial animosities nurtured through centuries—to
bring our disinterested judgment, our well-meaning intent, and our practical co-operation to bear upon the problems the unsettled state of which
keeps the old world in distress, turmoil and rancor?'
"With due diffidence I venture to suggest the following as indicating
what seems to me a line of approach to an answer to these questions:
Would Repudiate Force.
"Let the League of Nations set the example of that repudiation of force
which constitutes the true underlying purpose and justification of such an
organization. Let it cut out from the covenant everything which smacks
of compulsion. Let it confine its political functions solely to bring a
body to which any nation that feels itself aggrieved or menaced or troubled,
can carry its case, and which will examine suds case fearlessly and fairly
and seek to find redress by no other means than the use of its good offices,
the might of public opinion and the appeal of justice.
"Some of the devoted advocates of the League say that this is, in fact,
Its platform and that it does not mean to avail itself of the power of coercion conferred upon it by the covenant; that, in fact, that power could not
be called into operation even if wanted. If that be so, then let the
covenant say that this is its meaning. Let it formally and unmistakably
eschew all thought and potentiality of coercion.
"Let the League reject every aid and instrumentality but that of
rightly informed public opinion. Let it rely upon that, and that only, to
prevent aggression, to deflect menaces and to right wrong. It needs no
other weapon. It can find none other as powerful for good.
Up to League.
"That is not the talk of a sentimentalist. All history shows that the
mills of the Gods do grind, and that the nation which defies the conscience of the world and scorns justice will ultimately pay the penalty,
as Germany did, in spite of all her Beamingly invincible power.
"If that were done, if the League voluntarily and unmistakably stripped
Itself of every means of action but that of reliance upon public opinion,
It it surrendered every attribute which smacks of 'erupergovernment,' if it
were relieved of peremptory 'involvements' in the peace of treaties, then
I, for one, venture to think that America's just objection would be overcome and that she could and should take her place in such a council of the
nations. And I feel well assured that such a council, in due course of time,
would develop effectively into that blessed instrumentality for peace and
righteousness among the nations which is the hope and aim of all right
minded men."
President Hoover Submits 12-Point Program in Which
Government Can Aid in Business Recovery—Declares Against Issue of Government Bonds to
Finance Expansion of Public Works Construction
—Views Indicated in Letter to President of American Society of Civil Engineers.
Opposition to a suggestion that "the depression can be
broken by a large issue of Federal Government bonds to
finance a new program of huge expansion of 'public works'
construction, in addition to the already large programs now
provided for in the current budgets," Is voiced by President
Hoover in a letter addressed to the President of the American Society of Civil Engineers. President Hoover, who
Indicates that the suggestion for a new bond issue came
from a subcommittee of the Society, declares that "the back
of the depression cannot be broken by any single Government undertaking. That can only be done," he adds, "with
the co-operation of business, banking, industry and agriculture in conjunction with the Government." The President
lists 12 procedures wherein the Government may aid In
effecting business recovery, viz.:
(a) The quick, honest balancing of the Federal budget through drastic
reduction of less necessary expenses and the minimum increase in taxes;
(b) The avoidance of issue of further Treasury securities as the keystone
of national and international confidence upon which all employment rests;
(c) The continuation of the work of the Reconstruction Finance Corporation, which has overcame the financial strain on thousands of small
banks, releasing credit to their communities, the strengthening of building
and loan associations, the furnishing of credit to agriculture, the protection
of trustee institutions and the support of financial stability of the
railways;
(d) The expansion of credit by the Federal Reserve banks;
(e) The organized translation of these credits into actualities for business and public bodies;
(f) Unceasing effort at sound strengthening of the foundations of
agriculture;
(g) The continuation of such public works in aid to unemployment as
does not place a strain on the taxpayer and do not necessitate Government
borrowing;
(h) Continuation of national community and individual efforts in relief
of distress;
(i) The introduction of the five-day week in Government which would
save the discharge of 100,000 employees and would add 30,000 to the
present list;
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Financial Chronicle
(j) The passage of the Home Loan discount bank legislation which would
protect home owners from foreclosure and would furnish millions of dollars
of employment in home improvement without cost to the Treasury;
(k) Financial aid by means of loans from the Reconstruction Finance
Corporation to such States as, due to the long strain, are unable to continue
to finance distress relief;
(I) The extension of the authority of the Reconstruction Finance Corporation not only in a particular I called attention last December—that is,
loans on sound security where they would sustain and expand employment—but also in view of the further contraction of credit to increase its
authority to expand the issue of its own securities up to $3,000,000,000
for the purpose of organized aid to "income producing" works throughout
the nation, both of public and private character.
According to the President, "the vice in that segment of
the proposals made by your Society and others for further
expansion of 'public works' is that they include public works
of remote usefulness; they impose unbearable burdens upon
the taxpayer; they unbalance the budget and demoralize
Government credit. A larger and far more effective relief
to unemployment at this stage can be secured by increased
aid to 'income-producing works.' The proposal to build
non-productive 'public works' of the category I have described," says the President, "necessitates making increased
appropriations by the Congress. These appropriations must
be financed by immediate increased taxation or by the issuance of Government bonds. . . . If such a course is
adopted beyond the amounts already provided in the budget
now before Congress for the next fiscal year, it will upset
all possibility of balancing the budget; it will destroy confidence in Government securities and make for the instability of the Government which in result will deprive more
people of employment than will be gained."
While the letter, as given out at the White House on
May 22, is addressed to "Richard S. Parker, President of
the American Society of Civil Engineers," it appears that
Mr. Parker is not President of the Society. As to this we
quote the following (United Press) Washington dispatch
to the "Wall Street Journal" of May 23:
President Hoover's week-end letter condemning bonded public works
programs was addressed to the wrong man, it developed to-day.
The announcement of the President's attacks on proposals for huge
bond issues carried the statement that the letter was sent to "Richard S.
Parker, President American Society of Civil Engineers."
The President of the Society is Herbert S. Crocker.
"Just a mechanical error," one of Mr. Hoover's secretaries explained.
"A stenographer made a mistake."
In a Washington account, May 22, to the New York
"Times," it was stated that the letter was prepared by President Hoover at his Rapidan camp, where he had been spending the week-end, and was sent to Washington by a courier.
It was issued at the White House soon after 4 p. m., May 22,
after Secretary of the Treasury Mills had gone over it to,
verify fiscal figures.
The letter, as made public in Washington, follows:
May 21 1932.
Richard S. Parker,
President American Society of Civil Engineers,
New York, N. Y.
My dear Mr. Parker: I am in receipt of your kind letter of May 19,
and I have also the presentation of the subcommittee of the Society suggesting that the depression can be broken by a large issue of Federal
Government bonds to finance a new program of huge expansion of "public
works" construction, in addition to the already large programs now provided for in the current budgets. The same proposals have been made from
other quarters and have been given serious consideration during the past
few days.
The back of the depression cannot be broken by any single Government
undertaking. That can only be done with the co-operation of business,
banking, industry and agriculture in conjunction with the Government.
Twelve-Point Aid By Government.
The aid the Government may give includes:
(a) The quick, honest balancing- of the Federal budget through drastic
reduction of less necessary expenses and the minimum increase in taxes.
(b) The avoidance of issue of further Treasury securities as the very
keystone of national and international confidence upon which all employment rests.
(c) The continuation of the work of the Reconstruction Finance Corporation which has overcome the financial strain on thousands of small
banks, releasing credit to their communities; the strengthening of building
and loan associations, the furnishing of credit to agriculture, the protection
of trustee institutions, and the support of financial stability of the
railways.
(d) The expansion of credit by the Federal Reserve banks.
(e) The organized translation of these credits into actualities for business and public bodies.
(f) Unceasing effort at sound strengthening of the foundations of
agriculture.
(g) The continuation of such public works in aid to unemployment as
does not place a strain on the taxpayer and do not necessitate Government
borrowing.
(h) Continuation of national, community and individual efforts in relief
of distress.
(i) The introduction of the five-day week in Government, which would
save the discharge of 100,000 employees and would add 30,000 to the
present list.
(j) The passage of the Home Loan Discount Bank legislation, which
would protect home owners from foreclosure and would furnish millions of
dollars of employment in home improvement without cost to the Treasury.
(k) Financial aid by means of loans from the Reconstruction Finance
Corporation to such States as, due to the long drain, are unable to continue to finance distress relief.
May 28 1932
(1) The extension of the authority of the Reconstruction Finance Corporation not only in a particular I called attention to last December—that is,
loans on sound security to industry where they would sustain and expand
employment—but also in view of the further contraction of credit to
increase its authority to expand the issue of its own securities up to
$3,000,000,000 for the purpose of organized aid to "income producing"
work throughout the nation, both of public and private character.
Distinction Between Income-Producing Works and Those Non-ProductiveI. The vice in that segment of the proposals made by your Society and
others for further expansion of "public works" is that they include public
works of remote usefulness; they impose unbearable burdens upon the
taxpayer; they unbalance the budget and demoralize Government credit.
A larger and far more effective relief to unemployment at this stage can be
secured by increased aid to "income-producing works." I wish to emphasize
this distinction between what for purposes of this discussion we may term
"income-producing works" [also referred to as "self-liquidating works")
on the one hand and non-productive "public works" on the other. By
"income-producing works" I mean such projects of States, counties and
other subdivisions as water works, toll bridges, toll tunnels, docks and any
other such activities which charge for their service and whose earning
capacity provides a return upon the investment. With the return of normal
times, the bonds of such official bodies based upon such projects can be
disposed of to the investing public and thus make the intervention of the
Reconstruction Corporation purely an emergency activity.
I include in this class aid to established industry where it would sustain
and increase employment, with the safeguard that loans for these purposes should be made on sound security and the proprietors of such industries should provide a portion of the capital. Non-productive "public
works," in the sense of the term here used, include public buildings,
highways, streets, river and harbor improvement, military and naval
construction, Sze, which bring no income and comparatively little relief
to unemployment.
Loan to Pennsylvania RR.
2. I can perhaps make this distinction clear by citing the example of
the recent action of the Reconstruction Finance Corporation in the matter
of the Pennsylvania RR. Co., on one hand, and the recent bill passed by
the House of Representatives for increased road building on the other.
The railroad company applied to the Reconstruction Finance Corporation
for a loan of $55,000,000 to help finance a fund of over $68,000,000 needed
to electrify certain of its lines. By so doing it would employ directly and
indirectly for one year more than 28,000 men distributed over 20 different
States. An arrangement was concluded by which the Reconstruction
Finance Corporation undertook to stand behind the plan to the extent of
$27,000,000, the railway company finding the balance. This $27,000,000
is to be loaned on sound securities and will be returned, capital and interest,
to the Corporation.
The Reconstruction Finance Corporation is acting as agent to make
available otherwise timid capital for the Pennsylvania RR. in providing
employment. There is no charge upon the taxpayer. On the other hand,
the proposal of the House of Representatives is to spend $132,000,000 for
subsidies to the States for construction of highways. This would be a
direct charge on the taxpayer. The total number of men to be directly
emnloved is estimated at 35.000. and indirectly 20,000 more. In otner
words, by this action we would give employment to only 55,000 men at
the expense by the Government of $182,000,000, which will never be
recovered.
In the one instance we recover the money advanced through the Reconstruction Finance Corporation; we issue no Government bonds; we have
no charge on the taxpayer. In the other instance we have not only a
direct cost to the taxpayer but also a continuing maintenance charge;
and, furthermore, the highways in many sections have now been expanded
beyond immediate public need.
3- These proposals of huge expansion of "public works" have a vital
relation to balancing the Federal budget and to the stabilizing of national
credit. The financing of "income-producing works" by the Reconstruction
Finance Corporation is an investment operation, requires no Congressional
appropriation, does not unbalance the budget, is not a drain upon the
Treasury, does not involve the direct issue of Government bonds, does not
involve added burdens upon the taxpayer, either no' or in the future. It
Is an emergency operation which will liquidate itself with the return of
the investor to the money markets.
The proposal to build non-productive "public works," of the category
I have described, necessitates making increased appropriations by the
Congress. These appropriations must be financed by immediate increased
taxation or by the issuance of Government bonds. Whatever the method
employed, they are, inescapably, a burden upon the taxpayer. If such a
course is adopted beyond the amounts already provided in the budget now
before Congress for the next fiscal year, it will upset all possibility of
balancing the budget; it will destroy confidence in Government securities
and make for the instability of the Government, which, in result, will
deprive more people of employment than will be gained.
All Branches of Government Have Expanded Public Works.
4. I have for many years advocated the speeding up of public works
In times of depression as an aid to business and unemployment. That has
been done upon a huge scale and is proceeding at as great a pace as fiscal
stability will warrant. All branches of government—Federal, State and
municipal—have greatly expanded their "public works" and have now
reached a stage where they have anticipated the need for many such works
for a long time to come. Therefore, the new projects which might be
undertaken are of even more remote usefulness.
From January 1930 to July 1 1932 the Federal Government will have
expended $1,500,000,000 on "public works." The budget for the next
fiscal year carries a further $575,000,000 of such expenditures [compared
with about $250,000,000 normal), and includes all the items I have felt
are justified by sound engineering and sound finance. Thus by the end
of next year the Federal Government will have expended over $2,000,000,000
on public works, which represents an increase over normal of perhaps
$1,200,000,000.
Thus we have largely anticipated the future and have rendered further
expansion beyond our present program of very remote usefulness and
certainly not justified for some time to come, even were there no fiscal
difficulties. They represent building of a community beyond its necessities.
We cannot thus squander ourselves into prosperity.
5. A still further and overriding reason for not undertaking such programs of further expansions of Federal "public works" is evident if we
examine the individual projects which might be undertaken from an
engineering and economic point of view. The Federal "public works"
now authorized by law cover works which it was intended to construct
over a long term of years and embrace several projects which were not of
Immediate public usefulness. In any event, the total of such authorized
projects still incomplete on the first of July will amount to perhaps
$1,300,000,000.
If we deduct from this at once the budgeted program for the next fiscal
year—$575,000,000—we leave, roughly, $725,000,000 of such authorized
Volume 134
Financial Chronicle
3923
works which would be open for action. If we examine these projects in
detail, we find great deductions must be made from this sum.
Construction of many projects physically requires years for completion,
such as naval vessels, buildings, canalization of rivers, &c., and therefore
as an engineering necessity this sum could only be expended over four or
five years; a portion of the projects not already started will require legal
and technical preparation and therefore could not be brought to the point
of employment of labor during the next year; a portion of these authorized
projects are outside the continental United States and do not contribute
to the solution of our problem; a portion are in localities where there is
little unemployment; a portion are in the District of Columbia, where we
already have a large increase in program for the next fiscal year and
where no additional work could be justified. A portion are of remote
utility and are not justified, such as extension of agricultural acreage at
the present time.
Deducting all these cases from the actual list of authorized Federal
public works, it will be found that there is less than $100,000,000 rand
this is doubtful] which could be expended during the next fiscal year
beyond the program in the budget. That means the employment of, say,
less than 40,000 men. Thus the whole of these grandiose contentions of
possible expansion of Federal "public works" fall absolutely to the ground
for these reasons if there were no other.
If it is contemplated that we legislate more authorizations of new and
unconsidered projects by Congress, we shall find ourselves confronted by a
log-rolling process which will include dredging of mud creeks, building of
unwarranted postoffices, unprofitable irrigation projects, duplicate highways and a score of other unjustifiable activities.
6. There is still another phase of this matter to which I would like to
call attention. Employment in "public works" is largely transitory. It
does not have a follow-up of continued employment as is the case with
"income-producing works." But of even more importance than this, the
program I have proposed gives people employment in all parts of the
country in their normal jobs under normal conditions at the normal
place of abode, tends to re-establish normal processes in business and
Industry, and will do so on a much larger scale than the projects proposed
In the so-called "public works" program.
municipalities that may be issued to finance necessary and useful public
works. It is possible that this function might be assigned directly to the
Reconstruction Finance Corporation or to some affiliated agency. If this
be not feasible, an independent but analogous agency should be set up
for this purpose. . • •
"'In operation, a Federal credit corporation, as here proposed, would
examine and pass on State, county and municipal projects for which money
cannot now be raised. If these projects were found to be economically
sound, properly planned and administered, it would purchase the necessary
bonds or other approved obligations of the States or municipalities at
reasonable interest rates and would hold them until such time as they
could be sold in the public market without loss. The Federal Government
thus would be eventually reimbursed, the cost of improvements assessed
on the beneficiaries and supervision would be provided to curb wasteful
expenditure.'
Society's Stand on Public 1Vorks.
"The American Society of Civil Engineers did not advocate a huge
increase in the Federal program of public works, but made the following
statement in its memorandum:
"'Federal public works alone, however expanded, cannot possibly meet
the requirements of the situation. The major effort must be exerted
through the State, county and municipal programs, which normally provide the bulk of our public works construction. But it is the municipalities
and some of the States which have found great difficulty during recent
months in raising sufficient funds at reasonable interest rates to finance
their 1932 programs, and this is despite of urgent need for many such works,
for which plans are already prepared and construction organizations in
existence.'
"While Federal public works have been expanded during the current
depression, State, county and municipal public works, for which the normal
expenditures during the last eight years were $2,500,000,000, will not
exceed $800,000,000 for the current year, on account of the difficulty
experienced by these latter subdivisions in obtaining money at reasonable
rates of interest. The net effect of this decrease will be that more than a
million additional people will be thrown out of work during the present
year on the work itself and in the industries furnishing materials.
Balancing of Budget Indispensable to Recovery.
7. To sum up, it is generally agreed that the balancing of the Federal
budget and unimpaired national credit is indispensable to the restoration
of confidence and to the very start of economic recovery. The Administration and Congress have pledged themselves to this end. A "public works
program," such as is suggested by your Committee and by others, through
the issuance of Federal bonds, creates at once an enormous further deficit.
What is needed is the return of confidence and a capital market through
which credit will flow in the thousand rills with its result of employment
and increased prices. That confidence will be only destroyed by action in
these directions. These channels will continue clogged by fears if we
continue attempts to issue large amounts of Governments &Rids for purposes of non-productive works.
Such a program as these huge Federal loam for "public works" is a
fearful price to pay in putting a few thousand men temporarily at work
and dismissing many more thousands of others from their present employment. There is vivid proof of this since these proposals of public works
financed by Government bonds were seriously advanced a few days ago.
Since then United States Government bonds have shown marked weakness
on the mere threat. And it is followed at once by a curtailment of the
ability of States, municipalities and industry to issue bonds and thus a
curtailment of activities which translate themselves into decreased employment.
Mystified by One Sentence.
"The Committee is at a loss to know what is meant by the first sentence
under Topic 1 of the President's letter, which states that 'the proposals
made by your Society and others for further expansion of public work
include public works of remote usefulness.' The Society submitted no lid
of projects but urged 'the enactment of the necessary legislation to extend
Federal credit facilities to solvent States, counties and municipalities to
enable them to carry out their programs of necessary and productive
public works.'
"The Society in its memorandum thus emphasized the point made by
the President that any works undertaken by the States, counties or
municipalities should be of a productive or self-sustaining nature. Many
types of public works not ordinarily self-sustaining, from the point of
view of revenue, can be made so by allocating a sufficient portion of the
revenues created by such projects to the service charges and amortization
of the securities issued against them. Thus, in the States of Missouri and
North Carolina, a portion of the gosaline taxes has been definitely allocated
to the service charges and amortization of the bonds issued against roads.
Effect on Foreign Countries of Resort to "Extraordinary Budget."
It will serve no good purpose and will fool no one to try to cover appearances by resorting to a so-called "extraordinary budget." That device
Is well known. It brought the governments of certain foreign governments
to the brink of financial disaster. It means a breach of faith to holders
of all Government securities, an unsound financial program, and a severe
blow to returning confidence and further contraction of economic activities
In the country.
What you want and what I want is to restore normal employment. I am
confident that if the program I have proposed to the Congress is expeditiously completed and we have the co-operation of the whole community,
we will attain the objective for which we have been searching so long.
Yours faithfully,
HERBERT HOOVER.
Engineers, in Reply to President Hoover, Clarify
Stand—Statement Disowns Quotations Attributed
to Society in Letter Barring Bonds—Never Asked
Relief Bonds.
Complete accord with President Hoover in his insistence
upon the need for actual and rapid balancing of the budget
and for extension of credit relief was expressed in a statement issued here in New York on May 23 by the American
Society of Civil Engineers, to which the President addressed
his letter of May 22 regarding the proposals for Federal
bond issues to finance a huge expansion of public works as
part of a relief program. The New York "Herald Tribune"
of May 24, from which we quite, continued:
At the same time, the Society pointed out that several statements which
the President's letter mentioned as coming from it did not in fact originate
with the Society.
The statement, issued over the signature of John P. Hogan, Chairman of
a Committee of the Society, was as follows:
"The Committee is in complete accord with the President on the necessity of a quick, honest balancing of the Federal budget, and the provisions
for the extension of credit relief. There are, however, in the President's
discussion several statements attributed to the Society which must have
originated from some other source.
"Referring to the first paragraph of the President's letter, the American
Society of Civil Engineers did not suggest 'that the depression can be
broken by a large issue of Federal Government bonds to finance a new
program of huge expansion of public works construction.' While the
Society, in its program, discussed various methods of financing, it declared
Its preference for the following method as quoted from the memorandum
presented to the President:
'The legislation necessary to effect the purpose proposed could be
"
based upon that which has already found successful application in the
Reconstruction Finance Corporation, i.e., the credit of the Federal Government could be extended to reinforce the securities of States, counties and
Favors Housing Projects.
"It is the universal experience after a depression that the first revival in
building is in construction of cheap housing- either in individual dwellings
or in low-priced apartments. The initiation of this work is universally
recommended, both in the President'e program and all of the various
programs or bills which have been submitted to date. Such programs
cannot go forward unless financing is provided for the necemary municipal
improvements, such as water supply, sewerage and street paving. Normally
this work is done through special assessments repaid by the property owner.
Special assessments of this character should be included in any Program
of Federal credit since it encourages private work several times the amount
of municipal improvements and unless municipal work of this character is
permitted to go forward, it will be very difficult to finance the housing
projects.
"The Committee reiterates the concluding statement of the memorandum
of the American Society of Civil Engineers. 'Steps should be taken at once,
therefore, to embody a program of public works construction in appropriate
legislation, either as an amendment to existing law, as a new bill or as a
provision of some appropriate bill now under the consideration of Congress.
There is urgent need for the trade stimulus that can be realized through a
public works program, soundly planned and adequately safeguarded as
here proposed. The guaranty of Federal credit has been a healthy influence
in restoring the security and stability of the financial structure; now is
"
the opportunity to apply it to the actual stimulation of business recovery.'
Colonel Herbert S. Crocker, the President of the Society, is in the Wort,
and could not be reached yesterday.
House Caucus Adopts Garner Unemployment Relief
Bill Calling for Federal Aid of $2,100,000,000—
Majority Approves Two-Billion Plan Drafted by
Speaker.
In a caucus of the majority members of the House, May
26, the $2,100,000,000 proposed emergency relief program,
sponsored by Speaker Garner (Dem.), of Uvalde, Tex.,
was approved. The "United States Daily" of May 27 said:
The Speaker stated orally that the bill will be introduced by Majority
Floor Leader Rainey (Dem.), of Carrollton,
on May 27 and hearings
will be started before the Ways and Means Committee on May 30.
The bill proposes an authorization of $100,000,000 to be given to the
President for his use in relieving distress throughout the country;
Provides $1,000,000,000 additional capital for the Reconstruction Finance Corporation to be used in making loans to stimulate employment, and
Provides for a bond issue of 51,000,000,000 to make money available
for rivers and harbors projects already and to be authorized,public buildings,
roads and flood control.
After a conference with President Hoover at the White House May 26 on
the legislative situation in Congress, Representative Crisp (Deco.)
,of
Americus, Ga., acting Chairman of the House Ways and Means Committee,
said he told the President that in his opinion some form of unemployment
relief would have to be adopted before adjournment.
"Something must be done," said Mr. Crisp following his conference with
President Hoover. "I feel sure we won't adjourn until we do get a relief
measure passed." Mr. Crisp expressed the belief that there was hope of a
compromise between the relief program suggested by Mr. Hoover and
the plans advocated by the leadership of his party in Congress. He declined, however, to say what form he thought the compromise might take.
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Financial Chronicle
Mr. Crisp said he also had talked over the general legislative program
but had made no specific mention of the manufacturers' sale tax which
he supported when the Ways and Means Committee formulated its tax
bill. He said he had received reports that about 30 Representatives who
voted against the sales tax would favor It if they were given an opportunity
to:vote on the proposal again. He voiced the opinion that if the sales
tax were placed before the House again it would have an execellent chance
of passage.
$2,300,000,000 Asked for Unemployment Relief in Senate
—Wagner Presents Democratic Measure, Calling
for $500,000,000 Works Bond Issue—$300,000,000
State Loans—$1,500,000,000 Would Be Used for
Self-Liquidating Enterprises Through Reconstruction Finance Corporation.
Senator Wagner, Chairman of a special Democratic
committee of the Senate, introduced on May 25 the party's
relief bill providing $2,300,000,000 for immediate State
loans for unemployment, Federal works and loans for selfliquidating enterprises. It was referred to the Banking and
Currency Committee, pending disposal of the tax and
economy bills. According to a Washington dispatch May
26 to the New York "Times" which likewise said:
The bill embodies provisions previously announced by Senator Robinson
of Arkansas, the minority leader, and includes detailed instructions concerning the use to which the money for public works Is to be put.
Chief Provisions of the Bill.
I The principal provisions of the bill are:
IF 1. The Reconstruction Finance Corporation is authorized to prorate a
$300,000,000 fund among the States in proportion to their population in
loans for immediate relief, the Corporation to be reimbursed from Federal
highway grants to States, beginning in 1937.
2. The Reconstruction Finance Corporation is authorized to issue securities amounting to $1,500,000,000, from the proceeds of which $1,460,000,000 will be used for loans for self-liquidating enterprises, such as bridges,
tunnels and slum-clearance projects, and $40,000,000 will be advanced to
the Secretary of Agriculture for financing agricultural exports.
3. A Federal emergency construction bond issue of $500,000,000, maturing in 25 years is authorized for use to the extent of $309,000,000 on
specified projects, the remainder to be devoted to projects selected by the
President.
The projects specified in the bill to which most of the public works bond
issue would be devoted are:
(a) Additional highway grants to States, $120,000,000.
(b) Emergency public road construction, $16,000,000.
(c) Authorized river and harbor projects, $30,000,000.
(d) Authorized flood control projects, $15,500,000.
(e) Hoover Dam construction, $10,000,000.
(f) Air and ocean navigation facilities, $7,500,000
(g) Authorized naval yards and docks, $10,000,000.
(h) Public buildings outside of the District of Columbia, but in the
continental United States, $100,000,000.
Some Compromise With Hoover.
The bill was written by a subcommittee of the Democratic steering
committee, whose membership included, in addition to Senator Wagner,
Senators Robinson, Walsh of Montana, Pittman and Bulkley.
The first and second provisions are generally in harmony with the proposals made by President Hoover. The public works item is strongly
opposed by the President on the ground that a bond issue at this time
is inadvisable.
The Democrats compromised to the extent of reducing
expenditures under this head from $1,100,000,000 to $500,000,000.
A House Democratic bill will be introduced to-morrow by Speaker
Garner. This will advocate a $2,100,000,000 bond issue, of which $1,000000,000 would be devoted to public works,$1,000.000.000 to self-liquidating
enterprises and $100,000,000 turned over to the President for use as he
might see fit.
Senator Wagner defended a bond issue when he introduced the bill,
saying:
"In view of the Irrepressible need for employment and trade revival;
in view of the saving which can be effected by the Federal Government
in securing its necessary construction at present low costs; in view of the
savings which can be effected by removal from high-rental quarters to
economically constructed government buildings, and in view of the policy
we have laid down in the Employment Stabilization Act of 1931,it is my
Judgment that borrowing in such circumstances is the essence of economy.
In that view I am supported by the weight of opinion of those who speak
with authority on the subject."
Wage Inequalities Hindering Return to Prosperity
According to Administrative Board of American
Engineering Council—Unlikelihood of New Bond
Issue for Public Works While High Wages of Construction Industry Remains Out of Harmony With
Wages in Other Fields.
Wage inequalities are hindering the return to prosperity,
declares the Administrative Board of the American Engineering Council, public service body of the nation's engineering
profession. Commending President Hoover's compromise
relief plan, the Board adopted a report of its Committee on
Governmental Expenditures, which asserts that the business
of the Government should be controlled by the same principles which govern all other sound business. The report
said:
The Committee believes that one of the most serious obstacles now
retarding recovery from the prevailing depression is the disparity between
the wage scales of certain highly paid groups of workers on the one hand,
and the wages received by other groups and the reduced income of the
average citizen on the other.
The public cannot be expected to vote bonds for new public work on any
large scale until the present relatively high wages of the construction
industry are brought into harmony with wages paid for comparable services
In other fields.
May 28 1932
The Committee, of which John Lyle Harrington of Kansas
City, Mo., Vice-President of the American Society of
Mechanical Engineers, is chairman, urged that all Governmental budgets, Federal, State, and municipal, be properly
balanced. The report continued:
These budgets should be balanced by a courageous and intelligent reduction of Governmental expenditures. Taxes should be increased as a last
resort when necessary to balance sound and economical budgets.
The functions of the Reconstruction Finance Corporation should be so
broadened that, with proper safeguards, it may make credit more readily
available to industry.
We endorse in substance the pending legislation in Congress for the creation of Federal Home Loan banks The Committee is of the opinion that
the effect of this legislation would be to provide, through proper channels
an upon liberal terms as to time and interest, the funds necessary to take
care of maturing mortgages on many homes and to encourage the building
of homes under liberal but financially safe terms.
We approve in principle a normal program of Federal, State, and municipal public works construction as an effective and immediate means of
increasing purchasing power, stimulating trade recovery and reviving
employment. No Governmental public works should be undertaken which
would essentially be in competition with private business.
Other members of the Council's Committee on Governmental expenditures are Frank M. Gunby of Boston, R. C.
Marshall Jr., of New York, C. E. Stephens of New York,
L. B. Stillwell of New York, Francis Lee Stuart of New
York, and Edwin F. Wendt of Washington, D. C.
The American Society of Civil Engineers has sought the
aid of the Council, which represents 62,000 professional
engineers, in effecting a public works plan. The Society,
it was explained, has approved in principle a normal program
of public works construction as the most effective immediate
means of increasing purchasing power, stimulating trade
recovery, and reviving employment.
The Society has asked the Council, of which it is a constituent body, to join with it in urging on Congress "the
enactment of the necessary legislation to extend Federal loan
facilities to solvent States, counties, and municipalities to
enable them to carry out their normal programs of necessary and productive public works."
President Buckland of Railroad Credit Corporation
Advises Inter-State Commerce Commission That
Needs of Roads Cannot Be Met Unless Additional
Funds Are Provided—Yield from Increased Rates
Not Up to Expectations.
Pointing out that receipts from increased rates granted
by the Inter-State Commerce Commission in Ex Parte 103,
have not been up to expectations, E. G. Buckland, President
of the Railroad Credit Corporation, told the Commission on
May 25 that his organization can not meet the requests of
the various needy railroads for loans unless additional funds
are forthcoming.
He urged that States which so far have not adjusted
their intrastate rates so as to conform to the increases allowed by the Commission, be required to do so in order that
the financial relief intended by the Commission can be provided for needy roads to the fullest extent possible under
the decision.
Mr. Buckland appeared in furtherance of the investigation which the Inter-State Commerce Commission has instituted due to the refusal of the regulatory bodies in ten
States to permit increases in intrastate rates similar to
those permitted by the Commission. The States are Arkansas, Idaho, Kentucky, Louisiana, Minnesota, Montana,
Nebraska, Oklahoma, Texas and Utah. Mr. Buckland said:
"In its decision handed down on December 5 1931, the Inter-State
Commerce Commission authorized comparatively small increases in rates
and permitted the carriers to proceed with the plan which they had proposed. In the decision, the Commission expresses its reliance on the
carriers to apply the funds derived from the authorized increases in
rates according to the representations that had been made.
"The necessary assents having been signified, the Marshalling and
Distributing Plan, 1931 was declared effective January 1 1932. Master
tariffs were filed making the interstate rate increase effective January
4 1932. Some intrastate rates became effective on the same date.
"The Railroad Credit Corporation was incorporated on December 14
1931, and is the medium through which the increased revenues, Ex Parte
103, are to be marshalled and distributed to needy carriers.
"The funds collected by The Railroad Credit Corporation have been
used for making loans to prevent defaults in fixed interest obligations in
accordance with the terms and conditions of the Marshalling and Distributing Plan.
"The first problem which confronted the Railroad Credit Corporation
was the rendition of relief before it had any money to administer.
Fortunately, provision had been made for the interest requirements of
the carriers due in January. February requirements did not amount to
a great deal. The interest obligations to be made on March 1st were
large. The Credit Corporation gave assurances by resolutions that if and
when funds were available, it would take over any loan which the Credit
Corporation would have made if it had then been in funds. This, while
not constituting discountable bank paper, was accepted by some banks
interested in the affairs of certain railroads, but the most assistance came
from the fortunate organization of the Reconstruction Finance Corpora.
tion in season to help with the March 1st maturities.
"The Inter-State Conmierce Commission's estimate of yield from the
increased rates during the fifteen months period was between $100,000,000
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Financial Chronicle
and $125,000,000. In making this estimate, the 1930 freight revenue was
apparently used as a basis, the 1931 reduction trend being applied thereon. The estimate contemplated that the increases would be applicable
not only to interstate business, but also to all traffic handled in intrastate business. The estimate did not contemplate the drastic reductions in
railroad traffic thus far occurring in 1932.
"The Railroad Credit Corporation will receive, during the year 1932,
the increased rates accruing to the participating carriers during the
period from January 4 1932 to October 31 1932 inclusive. Our present
estimate is that the ten months period will make available to the Credit
Corporation, for purposes of the Plan, the approximate sum of $60,000,000.
"According to present indications, requirements for loans to meet fixed
Interest obligations during the year 1932 will exceed $100,000,000."
Advancing of Date for Pennsylvania RR. Loan Asked—
Five Installments of Reconstruction Loan Before
Oct. 1 Requested in Application to Inter-State
Commerce Commission.
Due to inability to sell its securities at a reasonable cost
at this time, the Pennsylvania R.R. filed with the InterState Commerce Commission and the Reconstruction Finance
Corporation on May 25 an amended application seeking to
secure the $27,500,000 loan from the Corporation approved
by the Commission In five installments, starting June 1,
Instead of the entire sum on Oct. 1, as originally planned.
The "United States Daily" of May 26 in its report of the
matter states:
The road requests that the $27,500,000 be delivered to It in installments
of $5,000,000 on June 1; $9,000,000 on July 1; $4,500,000 on August 1;
$4,000,000 on Sept. 1; and $5,000,000 on Oct. 1.
The amended application states:
"Owing to changed conditions which have made it impracticable to make
a public offering of securities at this time at reasonable cost, the Pennsylvania R.R. hereby further amends its application now before the Reconstruction Finance Corporation in the following particulars, to the end
that the construction program therein outlined may proceed."
The application then proceeds to enumerate the installments it desires
and the dates thereof. It then states:
"The company has undertaken to raise an additional $27,500,000 necessary for its 1932 construction work program, by sale of securities through
banking and investment channels before the end of the year if the business
and financial conditions make it possible to do so upon reasonable terms."
Railroad Securities Pledged.
As security for the loan sought, the Pennsylvania proposes in its
amended application to pledge $18,500,000 of 7% common stock of the
Pittsburgh, Fort Wayne & Chicago R.R.; $5,280,000 of Pittsburgh, Cincinnati, Chicago & St. Louis Railway 5% bonds; and $2,500,000 of 5%
capital stock of the Pittsburgh, Cincinnati Chicago & St. Louis Ry.
The railroad originally had sought a ' of $55,000,000 for a threeloan
year term, of which approximately $47,000,000 was to be used for the
electrification program between New York, Philadelphia and Washington,
and some additional money for improvement work at Newark, Philadelphia
and Baltimore.
By amended application the railroad declared that it would cut the
amount sought to $27,500,000 and finance the balance itself if the Reconstruction Finance Corporation would definitely "commit itself at this
time" to deliver the $27,500,000 to the Pennsylvania on Oct. 1.
It now proposes to secure most of the money before that date.
Full details regarding the approval of the $27,500,000
loan from the Reconstruction Finance Corporation were
given In "Chronicle" of May 21, page 3762.
Aggregating $2,598,500 from Reconstruction
Finance Corporation Approved by Inter-State
Commerce Commission to Two Railroads—Application Filed by Three Additional Roads Totalling
Loans
$1,156,000.
Loans aggregating $2,598,530 to two additional roads from
3925
applied for to redeem the receivers' certificates, and hold them as part
security for the loan.
The applicant represents that because of the prices at which railroad
securities are now selling and the consequent high cost of carrying indebtedness represented thereby, it can not through customary channels
obtain funds to meet its obligations maturing in 1932. It is our view that
the question of the ability of the applicant to obtain funds upon reasonable
terms through banking channels or from the general puolic is committed
by Section 5 of the Reconstruction Finance Corporation Act primarily to the
corporation.
Necessities of the Applicant.
The applicant's requirements for 1932 are stated in the application as
follows:
Receivers' certificates, issued by receivers of the Chicago &
Alton RR.,assumed by applicant, due April 30 1932
$1,500,000
Demand notes, covering deferred equipment trust obligations
of the Chicago & Alton RR., assumed by applicant
600,000
State of Illinois, taxes due and payable May 1 1932
587,376
Payment of principal of maturing equipment obligations, issued
by receivers of the Chicago & .Alton /4R. and assumed by the
applicant, due May 15 1932
200.000
Payment of principal of maturing equipment obligations issued
by receivers of the Chicago & Alton RR.assumed by the applicant, due Nov. 15 1932
200,000
$3.087,376
Total
In addition to the above, the applicant had on April 30 1932 unpaid
vouchers amounting to $382,732. It reports no loans or bills payable or
receivable as of that date. It expects to provide for the items not covered
by the loan out of earnings during the latter part of the year.
The applicant is a party to the "Marshalling and Distributing Plan,1931"
of the Railroad Credit Corporation. None of its listed requirements for
which a loan is sought are interest obligations and none therefore constitute
a proper basis for loans from that organization. The applicant states that
as yet it has not applied for or received loans from that body, and that it
will make such application only In the event of unforeseen contingencies.
Security.
As security for the loan applied for, the applicant offers the following:
$1,500,000
Receivers' certificates
Joliet & Chicago RR. guaranteed 7% stock, 6,494
$649,400
shares, par value
Kansas City St. Louis & Chicago RR.guaranteed 6%
preferred stock, 3,072 shares
307,200
Common stock, 25 shares, par value
2,500
Louisiana & Missouri River BR. guaranteed preferred
7% stock, 1,250 shares, par value
125,000
Preferred stock, 164 shares, par value
16.400
Common stock, 329 shares, par value
32,900
Alton Grain Elevator stock, par value
105,500
Monongahela Ry.stock, par value
1,666,666
Total
Alton Grain Elevator Co. notes
Kansas City Terminal By. notes
$2,905,566
44,939
421,650
Total
$4,872,155
In addition, the applicant offers the unconditional guaranty by the
Baltimore & Ohio RIL., owner of all of its capital stock, of payment of the
notes given for the loan.
As of Dec. 311931,the applicant's capital obligations consisted of capital
stock of a par value of $25,000,000, and long-term debt in the amount of
$50,307,567. The latter is composed of $45,350,000 of refunding mortgage
3% 50-Tear gold bonds; $1,500,000 receivers' certificates; equipment obligations totalling $3,284,400, and 3173,167 debts to affiliated companies on
open account.
Conclusions.
Upon consideration of the application and after investigation thereof.
we conclude:
(1) That we should approve a loan of $2,500.000 to the Alton RR. by
the Reconstruction Finance Corporation, for a period not to exceed three
years from the date thereof, to be used for payment of matured receivers'
certificates, $1,500.000. principal of matured and maturing equipment
obligations, 6800,000; and taxes, $200,000:
(2) That the applicant should pledge with the Reconstruction Finance
Corporation, as collateral security for the loan, 11.500,000 of the receivers'
certificates issued by the receivers of the Chicago & Alton RR. and assumed
by the applicant; 6,494 shares of the guaranteed 7% stock of the Joliet &
Chicago RR., 3,072 shares of the guaranteed 6% preferred stock of the
Kansas City St. Louis & Chicago RR., 1,250 shares of the guaranteed 7%
preferred stock of the Louisiana & Missouri River RR. and stock of the
Monongahela Ry. CO., par value. $1,666,666:
(3) That the Baltimore & Ohio RR.should:(a) Endorse and pledge with
the Reconstruction Finance Corporation all notes now heid by or which
may be delivered to the railroad company during the life of the loan evidencing indebtedness to it of the Monongahela By., (b) assign to the
Reconstruction Finance Corporation all claims of the said railroad company
upon the Monongahela Ry. on account of advances or open accounts, and
(C) agree with the Reconstruction Finance Corporation that if any of the
aforesaid claims or any indebtedness of the Monongahela Ry. evidenced by
a note be funded during the life of the loan, the bonds issued thereunder
will be pledged as additional security for the loan;
(4) That the loan should be further secured as to both principal and interest, by the unrestricted endorsement and guaranty of the Baltimore &
Ohio RR.; and
(5) That the applicant should be required to notify the Reconstruction
Finance Corporation and this Commission, in writing, within 30 days
from the time the funds are made available to the applicant, of the expenditure thereof for the purposes for which the loan is authorized.
the Reconstruction Finance Corporation have been approved
by the Inter-State Commerce Commission bringing the total
approved to date to approximately $167,200,000 to 38 railroads. The roads receiving approval are the Alton RR.
for a loan of $2,500,000, being the amount sought and the
Wisconsin & Michigan RR. for a loan of $98,530. This
road originally asked for a loan of $200,000, but amended
its application by eliminating $24,470, making the net
amount asked for $175,530.
Applications have been filed by three additional roads for
authority to borrow $1,156,000 from the Reconstruction
The report of the Commission in approving the loan of
Finance Corporation. This brings the total amount sought $98,530 to Wisconsin & Michigan RR., in part, follows:
by the railroads to about $347,999,000, taking into conThe Application.
The applicant requests a loan of $175,530 for the full term of three
sideration the amended applications of some of the roads
years, and desires that the entire amount be made available on or before
reducing their original requests.
May 1 1932. The purposes for which the loan is requested are classified
The report of the Commission approving the loan of as follows:
Overdue vouchers
$2,500,000 to the Alton RR. says in part: •
$27,396.54
The Application.
The app'icant requests a loan of $2,500,000. to be repaid three years
to bear interest at a rate to be fixed by the corporation.
from date and
The loan is sought for the following purposes:
Payinent of receivers' certificates
$1,500,000
payrnent of principal of overdue equipment obligations
600,000
Payment of maturing equipment obligations
200,000
200.000
To aid in payment of taxes
$2,500,000
Total
The applicant requests that $1,000,000 of the loan be made available to
it Immediately, and that the corporation use the remaining $1,600,000
Accounts payable
Loans and bills payable
Federal income taxes overdue
25,546.62
102,000.00
20,587.14
Total
$175.530.30
An itemized statement of the overdue vouchers, filed in support of the
application, shows amounts ranging from $0.23 to $11,325.12, due to
106 creditors, including certain railroad companies. About one-half this
indebtedness was incurred prior to Dec. 1 1931. The accounts payable,
which are also shown in detail, are mainly with railroad companies and
private car lines, and include 57 items, in many cases overdue for more
than 90 days. The accounts receivable amount to 113,022.37, but because
of the receivership of the Ann Arbor RR. and other companies there will
3926
Financial Chronicle
be delay in collection. The loans and bills payable consist of a note of
April 15 1932. a note of $10,000 to the Commercial Bank of Menominee due
$15,000 to the First National Bank of Menominee, due May 5 1932, and a
note of $77,500 to John Marsch. Inc., due May 1 1932. The latter debtor
Is a contracting company, but Marsch. as has been stated herein, is the
applicant's President. Various amounts have been borrowed from the
contracting company since June 1929, and interest at 6% was paid up to
Nov. 1 1931, when a note for $77,000 was executed to cover the balance
then due. It is represented that the contracting company is in urgent need
of this money. All the loans mentioned are unsecured. The loans and
bills receivable consist of the amount of $41,771.75 due from a sand and
gravel company for rails and other materials furnished by the applicant.
No payments on this amount are expected until the fall of 1932.
The item of Federal income tax overdue, $20,587.14, has been explained
hereinbefore as a claim of the Government for income tax payments covering the applicant's operations during hte years 1924 and 1925. The Government also had a tax claim for 1926 and 1927. The latter was brought
before the Board of Tax Appeals and,since the filing of the application, was
settled by stipulations requiring the applicant to pay the Government a
total of $20,966.65 to fully discharge all income tax claims for the period
1924-27.
The applicant has not become a party to the "Marshalling and Distributing Plan, 1931," of the Railroad Credit Corporation created to carry out
the purpose of our order in Fifteen Per Cent Case, 1931, and is not eligible
to receive any benefits from the Railroad Credit Corporation. The increase in revenue from the advances in rates permitted by our decision cited
above is estimated not to exceed $3,200 during the year 1932.
Necessities of the Applicant.
The applicant's gross revenues have declined almost uniformly each year
since 1925. and in 1931 were not much more than sufficient to cover tax
accruals, despite a substantial reduction in maintenance expenditures. The
total gross income was $4,975, while hire of freight cars amounted to $5,224,
joint facility rents were $6,465, and interest on unfunded debt was $6,392.
This resulted in a deficit of $13,105 in the net income of 1931. On Dec. 31
1931, total current liabilities exceeded total current assets by $73,522.
Borrowings were begin in June 1929, when $50,000 was advanced by
John Marsch, Inc. A general reduction of 15% in salaries was made in
July 1930, and on Jan. 1 1931, a further reduction of 12.5% was put into
effect. The salary of the President had been reduced to a nominal sum in
1928. The decline in earnings has been about proportional to that of
several other carriers in the same general territory.
Security.
As security for the loan, the applicant offers to pledge a requisite amount
of its 5% gold bonds, maturing May 1 1935. Such bonds are proposed to
be issued under a general mortgage, dated May 1 1932,in whicn the Reconstruction Finance Corporation is named as mortgagee. This mortgage will
constitute a first lien on all the applicant's properties and assets. A copy
has been filed in Finance Docket No.9321,in whicts proceeding the applicant has sought our authority to issue $200,000 in bonds.
Conclusions.
Upon considesation of the application and after investigation thereof,
we conclude:
(I) That we should approve a loan of $98,530 to the applicant, for a
term not exceeding three years, by the Reconstruction Finance Corporation, for the purpose of paying overdue accounts, loans, bills and Federal
Income taxes, as described in the application and tnis report;
(2) That the applicant should pledge with the corporation $99,000,
principal amount, of its bonds, issued under a first mortgage which shall
be in form satisfactory to toe corporation;
(3) That before any advance upon the loan is made the applicant should
deposit with the Reconstruction Finance Corporation evidence satisfactory
to that Corporation that the note of $77,000 to John Marsch, Inc., will be
extended to a maturity date not earlier than the maturity date of the loan
herein conditionally approved;
(4) That tne applicant should be required to report to the corporation
and to us, in writing, within 30 days from the making of the loan, the
expenditure of the proceeds thereof for the purposes for which the loan is
authorized.
The following additional roads have filed applications with
the I.-S. C. Commission to borrow from the Reconstruction
Finance Corporation in the amounts shown:
Carlton & Coast RR
Georgia Southwestern & Gulf RR
Nelsonville Athens Electric Ry
$981,000
60,000
115,000
Carlton & Coast RR.
The road has asked for a loan of $981.000 for a three-year period. The
loan would be secured by a mortgage on property of the road and funds
used to pay bonds, purchase equipment and construct extensions.
Georgia Southwestern & Gulf RR.
The company has asked permission to borrow $60,000 for three years
and use the funds to pay taxes, interest and inter-line freight balances.
It offers stock of Albany Passenger Terminal Co. and its first mortgage
bonds as collateral security.
Nelsonville Athens Electric R.
The company seeks approval to borrow $115,000 for three years to pay
accounts payable, notes, wages, bonds, interest and taxes. A first mortgage on its property is offered as security.
Resolution Adopted by House Directing Opening to
Public Inspection of Payrolls of House of Representatives
On May 20 the House of Representatives adopted unanimously the following resolution, introduced by Representative Warren (Democrat) opening to public inspection the
payrolls of the House:
Resolved, That the Clerk of the House of Representatives is hereby
authorized and directed to keep open for public inspection the payroll
records of the disbursing officer of the House of Representatives.
With regard to the resolution, Washington advices, May
20, to •the New York "Times" said:
South Trimble, Clerk of the House, almost immediately made public the
April payroll, the last one prepared by his office, revealing that 100
members employed office help with the same names as theirs.
No relationship was shown by the payroll names, and clerks of the House,
who were believed to have known the "family connections," would not
commit themselves when questioned. It was therefore necessary for the
May 28 1932
reporters to copy names of only those employees whose names were identical
with that of the Representative in whose office they are engaged.
Garner Aids Passage.
Representative Warren of North Carolina introduced the so-called anti.
nepotism resolution three days ago. He is Chairman of the Accounts Committee and the resolution was referred to that Committee. It was adopted
by the Committee yesterday and Mr. Warren, with the assistance of
Speaker Garner, elected to bring it up for consideration when the House
convened to-day.
His move caught some members by surprise, but before objection could
be voiced, Speaker Garner declared the bill would be considered as passed.
Mrs. Garner, who is one of the hardest working secretaries about the
Capitol, was the most prominent name discovered on the list. The April
payroll also carried the name of Tully Gamer, the Speaker's young son,
but it was said that he is not now carried on the rolls. Mrs. Garner's
salary was $325, while that paid to Tully in April was $91.66.
Two New York Republicans, Mr. Cook of Alden and Mr. Crowther of
Schenectady, have persons of the same name employed in their offices,
while Representative Griffin, Democrat, of New York City, was shown by
the records to employ Katherine L. Griffin at a salary of $166.66 per
month.
None of the other New York Representatives apparently employed persons
of the same name. Camilo Osias, Resident Commissioner of the Philippine
Islands, employed Ildefonsa Osias at a salary of $208.33 a month, and
James Wickersham, Delegate from Alaska, employed Grace E. Wickersham
at a salary of $91.66.
Blanton Causes Surprise.
Republicans had a slight edge on the Democrats in the list made public,
but neither side of the House elected to bring the matter to the attention
of Congress during the day.
One of the Democrats who has consistently opposed double pay for
employees of the Veterans' Bureau who are drawing salary and disability
pay was shown to have a clerk of the same name. He was Representative
Blanton, of Texas, and the revelation that Anne L. Blanton was drawing
$250 a month caused surprise in the House. Another prominent Democrat,
Representative Bankhead, of Alabama, the record showed, employs Florence
Bankhead at a salary of $166.66 a month.
Several members privately showed concern over the action of the House
in adopting the resolution, and others commented that publication of the
names might defeat more than one Representative in the fall campaign for
re-election.
Board of Governors of Investment Bankers Association
Declares That Right of Member Banks in Federal
Reserve System to Deal in Securities Is Essential
to Economic Welfare of Country.
The underwriting and distribution of securities by member
banks of the Federal Reserve System is essential to the
economic welfare of the United States, the Board of Governors of the Investment Bankers' Association of America
unanimously declared at its annual meeting on May 17 at
White Sulphur Springs, W. Va., according to telegraphic
adviees to the New York "Times," which also reported:
After consideration of the apparent effects of the Glass bill, the Board
adopted this resolution:
"The Board of Governors of the Investment Bankers' Association of
America hereby record their unanimous conviction that the right now
held by member banks of the Federal Reserve System of underwriting and
merchandising securities is essential to the economic welfare of this country,
and that experience, here and abroad, has shown that these functions,
properly safeguarded, are a vital factor in providing for the normal and
necessary flow of capital into business and commerce."
F. W. Mathison Elected President Chicago Financial
Advertisers.
F. W.Mathison, Assistant Vice-President of the Security
Bank of Chicago, was elected President of the Chicago
Financial Advertisers, Chicago chapter of the Financial
Advertisers Association, at the annual meeting held May 11.
Other officers elected are:
First Vice-President, Samuel Witting, 2d Vice-President, Continental
Illinois Bank & Trust Co.
2d Vice-President, Guy W. Cooke, Asst, Cashier. First National Bank,
Chicago.
3d Vice-President, A. E. Bryson, Vice-President, Halsey, Stuart & Co.
Recording Secretary, Ruth H. Gates, Advertising Manager, State Bank
& Trust Co., Evanston.
Treasurer, Dorothy Trevino, Advertising Manager, Personal Loan &
Savings Bank.
Directors elected are: J. F. Gardiner, H.M.Bylesby & Co.;
Carl A. Gode, Continental Illinois Bank & Trust Co.;
R. R. Jeffris, Harris Trust & Savings Bank; Chester L.
Price, Central Republic Bank & Trust Co.; E. T. Cunningham, Halsey, Stuart & Co.; G. Prather Knapp, Rand,
McNally & Co., and Charles Frye, Chicago "Journal of
Commerce." The by-laws were amended to permit sellers
as well as buyers of financial advertising space to become full
members.
Plans for Re-opening of Federation Bank & Trust Co.
of New York---14 Business and Union Leaders
Proposed for Board of Institution— New Capital
Reported Pledged.
The re-opening of the Federation Bank & Trust Co. of
New York, which was closed last October because of the
non-liquidity and depreciation of its assets, was advanced
materially on May 24 (said the New York "Times") with the
submission to Joseph A. Broderick, State Superintendent of
Banks, of the proposed board of directors of the reorganized
Volume 134
Financial Chronicle
institution. The list includes seven industrialists and an
equal number of labor union executives. The "Times"
says:
With the submission of the proposed board, the reorganization committee informed the Banking Department that the group interested in
reopening the bank had raised in cash and pledges the required $2,000,000
new capital. The re-opening of the bank under the plans discussed with
Mr. Broderick was contingent on the raising of the $2,000,000 and the
assurance that the board of directors would include men of -unquestioned
standing and experience.
The 14 Proposed Directors.
The 14 men proposed as directors are:
J. Homer Platten, Westinghouse 'Electric & Manufacturing Co.
Philip D. Reed, General Electric Co.
Allston Sergeant, Campbell Metal Window Co.
Charles J. Hardy, American Car & Foundry Co.
Louis A. Zahrn, General Food Corp.
Jeremiah D. Maguire, Industries Development Corp.
Richard E. Dwight, Hughes, Schurman Dwight, lawyers.
William Green, President American Federation of Labor.
Edward W. Canavan, President International Association of Musicians
of North America.
Edward W. Edwards, President New York State Allied Printing Trades
Council.
John Sullivan, President New York State Federation of Labor.
Louis Gebhardt, President New York Building Trades Council.
John J. Mulholland, Vice-President Central Trades and Labor Council.
Frank X. Sullivan, attorney for the New York State Federation of Labor.
The approval of the list by the Banking Department and the Supreme
Court, it was indicated yesterday would follow as soon as those sponsoring
the re-opening of the bank presented the formal petition. The plan for the
reorganization and re-opening of the bank provided for the raising of the
$2,000,000 by financial, industrial and civic leaders, for the purchase of
40,000 shares of the new stock (par value $20) at $50 per share, or that
number of shares which remain to be purchased after the stockholders have
exercised their right to purchase.
The reorganization plan included the following features:
The par value of the outstanding stock of the bank shall be reduced
from $100 to $20 a share.
An additional 55,000 shares of stock (par value $20) shall be issued at
$50 a share.
Fifteen thousand shares shall be purchased by the application of a portion of the deposits in the bank under the following arrangement: The
depositors will consent to the setting aside of one-third of their deposits in
the bank and will authorize the reorganization committee of the bank to
employ,in its discretion ,said one-third of the deposits or any portion thereof
as follows: (a) to augment the capital structure by the purchase of shares
of new stock at $50 per share (for which purpose it is likely $750,000 may
be employed), or to issue to such depositors the bank's certificates of deposit
In the amount of that portion of said one-third not applied to the purchase
of stock aforesaid, such certificates of deposit to be payable two years from
date of issuance thereof with interest at the rate of 2% per annum and (or)
participation certificates.
Each stockholder shall receive one share of the new stock in exchange
for each share of the old stock and shall have the right to buy so many
additional shares at $50 a share as will give to each stockholder the same
proportionate stock interest in the new issue as he now holds in the old
stock issue.
Had 30,000 Stockholders.
When the bank was closed it had about 30,000 depositors and its deposits
on Sept. 29 were $12,170,000. The institution, which was the largest
bank founded with labor union support, was established in 1923 by Peter
J. Brady,labor leader, who was killed in an aviation accident last September
on Staten Island.
Items regarding plans for the reorganization appeared in
these columns March 26, page 2275, and April 23, page 3038.
Dismissal of Indictment Against Former Judge Mancuso
Growing Out of Charges Incident to Closing of
City Trust Co.
Justice Bleakley dismissed on May 23 in the Criminal
Term of the New York Supreme Court an indictment charging Francis X. Mancuso, former judge of General Sessions,
with participation in the fraudulent insolvency of the City
Trust Co. in 1929. Justice Bleakley previously had directed
a verdict of acquittal, said the New York "Herald Tribune"
of May 24, which also stated:
The Court held that the prosecution was outlawed, not having been
instituted within the two years required under the statute of limitations for
misdemeanor cases. An indictment which had been found earlier had
been dismissed by Justice Bleakley because it failed to show the Insolvency
of the City Trust Co.
"It is to be regretted," said Justice Bleakley, "that this proceeding cannot
be terminated after a trial upon the merits. As pointed out by the Court
In a prior decision, the failure to offer proof before the grand jury of the
insolvency of the corporation, a most material element of the crime, is the
direct and sole reason for this most undesirable termination of the Pending
proceedings. The answer must be made by those upon whom the law
placed the burden of offering proof.
"It is unfortunate that you gentlemen had to sit here and listen to this.
tinder the law it was necessary for the people to put in its case before the
Court could rule on the motion."
Judge Mancuso was acquitted on March 7 of a charge of perjury relating to testimony he gave during investigation of the failure of the City
Trust Co. A similar indictment is pending, the dismissal of which Hiram
C. Todd, Assistant District Attorney, said be would recommend.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c,
Arrangements were made May 26 for the sale of a New
York Stock Exchange seat at $73,000, off $7,000 from the
previous transaction and the lowest since 1919.
At a meeting of the Governing Committee of the New York
Stock Exchange held May 25 the petition of the members to
close their Exchange to-day (May 28) was denied. The
3927
Board of Governors of the New York Hide Exchange voted
to close the Exchange to-day, May 28. This action gives
the Exchange a three-day holiday as it will be closed on
Monday, Memorial Day. The Board of Governors of the
Rubber Exchange also voted to close their Exchange to
trading to-day. Members having rubber to deliver or receive have been requested to keep their places open for
completion of such deliveries.
The stockholders of the Hibernia Trust Co. approved on
May 25, a proposal of the directors that the name of the
company be changed. The New York "Sun"from which we
quote, also said:
The proposed new name is the Colonial Trust Co.. but the board of
directors is authorized to pick some other name if that one proves unavailable.
A letter to the stockholders calling the meeting said that the directors
and officers of the company felt that the present name has been a handicap
to them in developing Its business.
The Fort Hamilton office of the Brooklyn Trust Co., at
8619 Third Ave., Brooklyn, N. Y., will be discontinued
to-day (May 28) and its business consolidated with that of
the Bay Ridge office, 7428 Fifth Ave. The Fort Hamilton
office was opened June 18 1930.
Robert S. Donaldson, President of the Erie County Savings
Bank of Buffalo, N. Y., for nearly 25 years, died at his
home in Buffalo on May 24 at the age of 80 yelars. The deceased banker was born in Buffalo and received his education in public and private sdhools in that City. In 1868,
when 17 years old, he entered the employ of the Erie County
Savings Bank as a messenger and rose steadily by successive
stages until in 1886 he was appointed Treasurer. He served
in this capacity for 22 years, or until 1908, when he was
chosen President, the office he held at his death. Aside from
his banking interests, Mr. Donaldson was active in the civic
and social affairs of Buffalo. For many years he was a
member of the Chamber of Commerce and always supported
civic projects which be held to be of benefit to Buffalo.
Allen Wheelock Johnston, Executive Vice-President and
Secretary of the Schenectady Savings Bank of Schenectady,
N. Y., died on May 23 at his home here at the age of 85.
Mr. Johnston became associated with the Schenectady Savings Bank in 1894. He had been a trustee of the bank since
1901. In 1912 he started the Schenectady system of school
savings, said to be one of the earliest plans for systematic
savings in the schools of the country.
'The First National Bank of South Glens Falls, N. Y.,
capitalized at $25,000, closed its doors on May 23, according
to Associated Press advices from that place, which added:
Directors announced that business had been suspended to protect the
Interests of depositors. Deposits totaled approximately $250,000.
It is learned from the Bos- ton "Transcript" of May 26
that following the decision of the Lee, Higginson Trust Co.
of Boston to discontinue operations (noted in these columns
to-day), announcement was made on May 26 by Robert H.
Gardiner, President of the Fiduciary Trust Co. of Boston,
that three senior officers of the Lee, Higginson Trust Co.—
Francis C. Gray, David H. Howie and Malcolm C. Ware—
would become officers of the Fiduciary Trust Co.immediately
upon the termination of their present duties. The present
officers of the Fiduciary Trust Co., in addition to Mr.
Gardiner—as named in the "Transcript"—are as follows:
Edward F. MacNichol, Vice-President; James 0. Bangs,
Treasurer, and F. Haven Clark, Richard C. Curtis, Frederic S. Goodwin, Francis Gray, Charles Higginson, Richard
C. Payne, John G. Palfrey and W. Rodman Peabody.
A Boston dispatch to the New York "Journal of Commerce," reporting the matter, gave the following additional
information:
It is also understood in banking quarters that accounts of Lee, Higginson
Trust Co. will go to the Fiduciary Trust.
Announcement was made early Wednesday morning, May
25, by Francis C. Gray, President of The Lee, Higginson
Trust Co. of Boston that the trust company would discontinue operation as soon as depositors could be paid off and
arrangements made for turning over the assets of trusts
in its dharge. Cash for the full amount of deposits was on
hand, it was stated. Boston advices to the New York
"Times", from which the above information is obtained,
went on to say:
The investment banking firm of Lee, Higginson & Co. will continue its
usual activities, a supplementary announcement on its behalf stated. The
trust company was affiliated with the banking house but was operated
as an independent institution.
3928
Financial Chronicle
The latest statement of the trust company, as of March 31, showed
total resources of $9,956,582.98. Included were cash and due from banks,
$1,992,043.03; United States bonds, $1,540,512.12; other bonds and
securities, $3,924,861.26; loans and discounts, $2,141,647.90; customers'
liabilities and acceptances $200,000, and other assets $157,418.67.
Deposits were listed as $7,671,413.25. Capital. was $500,000; surplus
and undivided profits, $805,393.05; reserves, $779,776.68, and acceptances,
$200,000. . . .
Among its directors are former Governor Allen of Massachusetts, Thomas
N. Perkins, Chairman of the Board of the Boston & Maine RR., and L.
Edmund Zacher, President of the Traveler Insurance Co. George C. Lee
Is Chairman of the Board.
When the trust company was organized, in the fall of 1927, it was
announced that Ivar Kreuger, late Swedish financier, would be a member
of its Board of Directors.
Supplementing our item of last week (page 3769) relative
to the taking over by the Rockland Trust Co., of Rockland,
Mass., of the Cohasset National Bank of Cohasset, Mass.,
we are advised that the enlarged trust company has combined capital, surplus and undivided profits of $511,095;
aggregate deposits of $4,801,394, and total resources of
$5,867,338. The personnel is as follows: Alfred W. Donovan, Chairman of the Board; Frank H. Wright, President;
John F. Spence and Albert S. Peterson, Vice-Presidents;
James H. Hunt, Treasurer; Arthur R. Brewster, Elliott W.
Crowell and Roy E. Litchfield, Assistant Treasurers, and
C. Elmer Asklund, Trust Officer.
Depreciation, in some cases as much as 46% in the assets
of the Hamden Bank & Trust Co. of Hamden, Conn., which
closed its doors Dec. 17 last, was shown in an appraisal
filed on May 24 in the Civil Superior Court, according to
a dispatch by the Associated Press from New Haven on that
date, which went on to say:
The appraisal listed a book value on bank stocks, first mortgage loans
cash items, cash on hand and other financial assets of $707,785.83, with
an appraised value of $594,097.75. The appraised value of commercial
department assets was estimated at $594,097.75, as against a book value of
$1,088,047.83.
Concerning the affairs of the Asbury Park and Ocean
Grove Bank of Asbury Park, N. J., which has been closed
since December 1931, an Associated Press dispatch from
Trenton on May 23 stated that a proposal to abandon plans
to reopen the old institution and establish a new bank,
made by the New Jersey State Banking Department, had
been favorably received by a depositors' committee on that
day. The dispatch went on to say:
After a conference with William H. Kelly, Banking Commissioner, and
George Compton, Chief Banking Examiner, Howard Hulick, Chairman of
the Committee, said a new bank would very possibly be formed with a
capital and surplus of $200,000. The Asbury Park and Ocean Grove Bank
was closed last Dec. 24, after shrinkage of assets.
Mr. Compton said it was probable liquidation of the bank would continue
with a dividend paid shortly to depositors. Merritt Lane, counsel to the
Committee, said the new bank would probably make use of the name and
property of the present institution.
The failure of the institution was recorded in the "Chronicle" of Jan. 2, page 79, and reference was made to its
affairs in our April 9 issue, page 2657.
The plan looking towards the reopening of the Petnnsylvania Bank & Trust Co. of Pittsburgh, Pa. (one of the
Pittsburgh banks which closed in September 1931) has been
abandoned, according to the Pittsburgh "Post Gazette" of
May 24, which stated that announcement was made late
the day before by Thomas McCaffrey, Jr., Chairman of the
reorganization campaign, that money subscribed for the reopening of the institution would be returned to the subscribers under a plan to be adopted at a mass meeting to
be held next week, and that the reopening move would be
dropped "unless we decide to make a brand new start under
the Enabling Act of 1930." The paper mentioned furthermore said In part:
The bank at the "Forks of the Road," Penn Avenue, Thirty-fourth and
Butler Streets, is in as good financial condition as any of the closed State
banks, McCaffrey said. Lack of co-operation of the State banking department, which "changed appraisals and new money quota requirements
as the stock and bond market fluctuated," was blamed by McCaffrey,
Butler Street realtor, with failure of the reopening efforts.
"Another factor," he said, "was that our plan embraced a guarantee
of 100% return of the more than $2,000,000 deposits to our 7,600 depositors. No State bank in Pennsylvania has been able to reopen on that
basis. . . .
"If the State Banking Department had listened to our plea six months
ago, we should non' have our bank open as a going institution. The department first told us we must raise $320,000 'new money,' which meant
the sale of 4,000 shares at $80. We worked on that and reported progress
when we had sold 1,100 shares, but received no reply from the department to our letter.
"Later we were informed we must raise $400,000 of 'new money.' We
were at work on that, with good prospects of success and not until 10
days ago did we learn this would not satisfy the Department. Then the
State Secretary of Banking, Dr. William D. Gordon came to Pittsburgh
and told us the bank's assets had depreciated a little more than an additional $100,000 during the preceding three weeks, and that we would
have to make another setup.
"We prepared a new setup, calling for raising $560,000 of 'new money'
through the sale of 7,000 shares at $80. We felt that would be a hard
May 28 1932
goal to reach, but we hoped that if conditions improved within 60 or 90
days the Department would grant us easier conditions. But we were
simply told our plan was impractical."
A press dispatch from Media, Pa., on May 19 to the Philadelphia "Ledger". contained the following regarding the
defunct Suburban Title & Trust Co. of Upper Darby, Pa.:
Assets of the Suburban Title & Trust Co., Upper Darby, which closed
May 19 1931, were $869,622 on April 22, sufficient to pay approximately
40% on depositors' balances. This is revealed in a report filed by Gerald
11. Effing, special deputy in charge of the closed bank. The depositor
claims total $2,370,573, of which $356,199 has already been paid.
That a stock-selling campaign will start June 1 for a
new State bank at Washington, Pa., which is to replace
three closed banks in that borough, is indicated in the Pittsburgh "Post Gazette" of May 24 from which we quote below:
With the Colonial Trust Co. of Pittsburgh designated as trustee depository,
plans for a stock-selling campaign for a new state bank at Washington,
Pa., starting June 1, were completed yesterday (May 23). James C.
Chaplin, Colonial Trust Co. President, and J. D. Swigart, State Bank
Examiner, were designated by State Banking Secretary W. D. Gordon
to assist a committee of Washington business men, headed by John M.
SpriggsAssets and holdings of the Union Trust Co. of Washington, Pa., are to
be the foundation of the new bank, designed to replace three closed state
banks in the Washington County seat. Under the reorganization plan,
the original stock will be split 60-40, the present stockholders to receive
the latter share. The 60%, or 3,000 shares, is to be sold to raise capital
for the new bank, which will have a total capital of $340,000, its sponsors
state.
_4.—.
The probable reopening in the near future of the Central
Trust Co. of Frederick, Md. (the closing of which on Sept. 5
last was noted in our issue of Sept.9, page 1871),is indicated
in the following Associated Press dispatch from Frederick,
under date of May 18:
Depositors representing more than half of the $11,252,000 on the books
of the closed Central Trust Co. of Frederick and its 11 branches, that suspended last September, have signed a reorganization program, Benjamin B.
Rosenstoek, Secretary of the Executive Committee for reorganization of the
bank, said to-day (May 18).
Under the provision of the plan, Rosenstock said, a realization company
would be organized, "to be controlled by the depositors and will own all
of the assets of the Central Trust Co. and will sell to the new bank the
good assets, as appraised by the appraisal committee, for which the
depositors will be paid by having entered to their credit in the new bank
the proportionate share of the value of the good assets as assessed by the
appraisal committee."
Sponsors of the program said they had been working on the plan since
December and will continue in an attempt to obtain the signatures of 80%
of the depositors so that the plan can be carried out.
The company, when it closed its doors, had 19,000 depositors and 25,000
accounts.
Since September some of the branches have taken individual steps to
reorganize, and others have sought through the courts to have their merger
with the bank set aside on the ground of fraud and misrepresentation by the
officials of the Frederick company.
State Senator Emory L. Ooblentz, President of the bank; George W.
Page, State Bank Commissioner, and four officers of the Frederick bank
now are under indictment in Howard County, where one of the branches
was located.
Norman Bell, President of the Seaboard Citizens' National
Bank of Norfolk, Va., died of heart disease at Virginia
Beach on May 22. Mr. Bell was a lifelong resident of
Norfolk. He was 55 years of age.
The reopening, on May 18, of the Dollar Savings & Trust
Co. of Youngstown, Ohio (an institution with resources of
approximately $20,000,000, which closed Oct. 15 1931), was
reported in a dispatch by the Associated Press from Columbus, Ohio, on the date named, which said:
Reopening Wednesday of the Dollar Savings & Trust Co. of Youngstown,
Ohio, was hailed by State bank officials as an achievement which they
believe will have a wholesome effect upon the Ohio banking situation.
Rehabilitation of the bank, the largest to be reopened in the history of
the State, was effected under a plan formulated by Ira J. Fulton, State
Superintendent of Banks.
Youngstown advices to the "Wall Street Journal" on the
day of the opening contained the following additional information:
The bank is the largest in Ohio to reopen during the present economic
depression without a merger or assistance from another institution.
Approximately $5,000,000 in time and demand deposits was freed by the
reopening. All time deposits of $100 or less and all demand deposits
are fully available, while $100 plus 10% of deposits in all savings accounts
over $1,000 can be withdrawn on demand.
A civic holiday accompanied the bank's opening. Only one bank now
remains closed in Youngstown. Steel plant whistles, flags, a parade and
other demonstrations marked the event.
A Youngstown dispatch, on May 19, appearing in the
Cleveland "Plain Dealer," stated that personal felicitations
had been received from President Hoover on the reopening
of the institution. We quote in part from the advices as
follows:
"I was delighted to receive your telegram this morning. The work which
you and your committee have accomplished represents that co-operation
between citizens of local communities and the Government, which is the way
out of our present difficulties," Mr. Hoover wired.
Only about 700 of the 30,000 depositors in the bank appeared on the
opening day to ask for money, and their demands for savings deposits
Volume 134
Financial Chronicle
totaled only $44,000. Bank officials expressed great pleasure at the outcome. Several new accounts were opened.
The officers and directors of the Fifth Third Union Trust
Co. of Cincinnati, Ohio, announce that the formal opening
of the institution's new main office at the North West corner of Fourth and Walnut Streets, Cincinnati, will take
place on Wednesday of next week, June 1, from 9 A. M. to
5 P.M.
The Marine Trust Co. of Carthage, Ill., reopened for busiMarine
ness recently after having been closed for five months. The
Institution is capitalized at $50,000, with surplus and undivided profits of $11,193, and has deposits of $174,222 and
total resources of $235,073. The officers are as follows:
B. M. Cavanagh, President; R. W. Ferris, Vice-President;
Frank D. Thomas, Cadhler, and Loy Lovitt, Assistant
Cashier.
Effective May 7 1932, the First National Bank of Bessemer,
Mich., capitalized at $100,000, was placed in voluntary liquidation. The institution was succeeded by the Bessemer
National Bank of the same place.
TheFirst National Bank of Winnebago, Minn., with
First
capital of $25,000, went into voluntary liquidation on May
12 last. This bank has been taken over by the Blue Earth
Valley National Bank of Winnebago.
The Stewartville National Bank at Stewartville, Minn.,
was granted a charter by the Comptroller of the Currency
on May 18. C. E. Fawcett is President and Homer Wooldridge, Cashier of the new institution, which is capitalized
at $35,000.
It is learned from the "Commercial West" of May 21 that
is
the last legal obstacle to the reorganization and opening of
the Davenport Bank & Trust Co. of Davenport, Iowa, as
successor to the closed American Savings Bank & Trust Co.
was passed when technical objections to the plan were removed May 7 by the Walsh interests of Burlington, Iowa.
Reference was made to the affairs of this institution in
our issue of Dec. 26 last, page 4273.
That May 21 had been set as the tentative opening date
of a new bank in Alliance, Neb., under the title of the
Nebraska National Bank, was indicated in the "Commercial
West" of May 21. The new institution has combined capital
and surplus of $110,000. Officers were given as follows:
W. A. Rose of Florence, Colo., President; E. M. Eldred,
Vice-President; Harlan Wells, Cashier, and Carl Hees,
Assistant Cashier.
3929
towards the reopening of the branch in Burlington of the
United Bank & Trust Co., the head office of which is in
Greensboro, N. C. The paper mentioned stated that workers in the campaign have signed up more than 90% of all
former depositors, and it was expected that their work
would be completed within a week, placing the local branch
"in an advantageous position in the plan now in progress
for the parent and branch banks." The closing of the
United Bank & Trust Co. of Greensboro on Dec. 30 last was
noted in our issue of Jan. 2 1932, page 80.
The closing on May 18 of a small North Carolina bank,
the Bank of Badin, at Badin, was reported in the Raleigh
"News and Observer" of May 19, which said in part:
The bank had $100,000 in deposits on the date of the last report, Dec. 31
1931, but the amount is understood to have decreased appreciably due to
curtailment of operations in the aluminum plants. The bank was capitalized
at $25,000, and had total resources of $144,328.17 on the last report date.
The Comptroller of the Currency on May 18 issued a
charter for the State National Bank of Iowa Park, Texas.
The institution is capitalized at $40,000, John Hirsch' is
President and H. A. Mills, Cashier.
The Roby State Bank, at Roby, Tex. (representing a reorganization of the closed First State Bank of Roby), opened
recently. The institution is capitalized at $25,000, with
undivided profits of $6,000, and has deposits of $74,000.
J. J. Steele is President; Marvin Quill% Cashier, and Hobert Lewis, Assistant Cashier.
M. D. Mountain, formerly of Forsyth, Mont., has been
elected Vice-President and a director of the First State
Bank of Shelby, Mont., according to the "Commercial West"
of May 21.
Consolidation of two San Francisco, Cal., banking institutions, the Anglo & London-Paris National Bank and the
Anglo-California Trust Co. (affiliated institutions) has been
recommended by their respective directors, subject to the
approval of the stockholders at special meetings to be held
June 24 next. The new organization will have a capital of
$10,400,000, consisting of 520,000 shares of the par value of
$20 each; surplus of $2,600,000 and undivided profits of
$3,000,000. San Francsico advices to the New York "WorldTelegram" on May 26, reporting the above, went on to say:
The consolidation will be effected on basis of eight shares of new bank
stock for one share of $100 par of Anglo-California Trust Co. and four
shares of new stock for one share of Anglo and London.
Herbert Fleishhacker, President of Anglo & London-Paris, will be the
President of the new bank, and Mortimer Fleishhacker, President of
Anglo-California Trust Co., will be Chairman.
The Union State Bank of Clinton, Clinton, Mo., a newly
organized institution, opened for business recently. At the
close of business, May 16, a statement of condition showed
combined capital and surplus of $55,700; total deposits of
$88,315, and total resources of $144,050. George W. Schweer
is Chairman of the Board of Directors; Emory Hurt, President, and H. C. McDowell, Cashier.
The Magnolia Park National Bank of Burbank, Calif.,
capitalized at $100,000, was placed in voluntary liquidation
effective April 18 last. It has no successor institution.
The National Bank of Burlington, Burlington, N. C., organized as a successor to the First National Bank of Burlington, which closed its doors Dec. 16 1931, was formally
opened on May 16. The new organization, which has acquired the assets and assumed the liabilities of the old
bank, is capitalized at $100,000 and has a paid-in surplus of
$50,000. The officers are as follows: J. M. Fix, Chairman
of the Board of Directors; R. H. Whitehead, President;
L. J. Blakey (who was the receiver for the First National
Bank), Vice-President and Cashier, and C. V. Long and
B. S. Stack, Assistant Cashiers. The opening was a gala
event in Burlington, the citizens celebrating the day as
"Burlington Progress Day." President Hoover, in recognition of the successful efforts of the people of Burlington
to reopen the closed bank, sent a congratulatory message
from Washington, which was received May 14. The President's message (as printed in the Burlington "Daily TimesNews") was as follows:
I have learned with much gratification of the reopening of the banks in
Ready ability to meet rapidly changing conditions and at
the same time to maintain its uniformly strong position is
shown by the Bank of Montreal (head office Montreal,
Canada) in its semi-annual statement issued this week.
The statement, which covers the six months ending April
30 1932, shows total assets at $748,612,481, as compared with
$786,897,706 a year ago. Of this amount quickly available
assets are $385,483,225, or equal to 57.34% of all liabilities
to the Public. Included in these liquid assets is cash in
vaults and in central gold reserves amounting to $78,491,119,
equal to 11.67% of public liabilities.
The most important change in liquid assets is represented
by an increase in Government and other bonds and debentures to a total of $228,901,146. Included among them are
Dominion and Provincial Government securities of a value
of $174,730,246, up from $149,229,626 a year ago. Call loans
outside of Canada are $20,262,324 and are secured by bonds,
stocks, and other negotiable securities.
Call loans in Canada secured by bonds and stocks of
greater value at current quotations than the loans stand at
$5,645,610, as compared with $11,347,487 at the same date
last year. The total of current loans made to manufacturers,
farmers, merchants and others, is reported at $336,572,388.
Deposits have held up remarkably well under prevailing
conditions. Total deposits are reported at $626,701,081.
Burlington, N. O., in response to the splendid community spirit of the
people and their practical faith in the future. This is indeed a heartening
evidence of the true American spirit.
HERBERT HOOVER.
It is learned from the Burlington (N. C.) "Daily Times
News" of May 14 that a campaign is under way looking
The Hon. John Hulholland and Benton Jones have been
appointed directors of Westminster Bank, Ltd., London,
England.
3930
Financial Chronicle
Total assets of $748,612,481 are available to meet payment
of liabilities to the public of $672,310,882, which leaves an
excess of assets over these liabilities of $76,301,599. The
profits for the six months amounted to $2,589,292, as compared with $2,771,753 for the corresponding period last
year. These were allocated as follows: dividends,$2,160,000;
provision for taxes Dominion Government, $228,316, and
reservation for bank premises, $100,000, leaving a balance of
$100,976, which when added to the balance carried forward
at the end of the fiscal year brought the total at the credit
of profit and loss to $1,204,403.
May 28 1932
stocks. The principal changes were on the side of the
decline, and included such popular issues as American Tobacco, which yielded 2% points to 51%; Brooklyn Union
Gas, 2 points to 65; Drug, Inc., 2% points to 31; International Business Machine, 3% points to 69%; Pacific Tel.
2
1
/
& Tel., 2 points to 65; Norfolk & Western, 2 points to 68;
,
1
/
Union Pacific, 2% points to 382 and a host of preferred
stocks in which losses ranged up to 6 or more points.
The market continued its downward swing during the
first hour on Thursday, reaching, in many instances, new
low levels for the current movement. As the day progressed
a sharp rally developed and much of the early losses were
cancelled. Among the market leaders closing on the side of
the advance were Air Reduction, whieh advanced 21% points
to 38%; Allied Chemical & Dye, which moved ahead 2%
2
1
/
points to 52 , and American Can pref., which gained 4
points and closed at 1.05. Other noteworthy advances were
American Tel. & Tel., 1% points to 94%; Atchison, 1%
points to 27%; Auburn Auto, 2 points to 33%; Canadian
Pacific, 1% points to 9%; du Pont, 11% points to 27%;
National Biscuit, 1% points to 30%; People's Gas, 2%
points to 60, and Public Service of New Jersey, 1% points
to 39%. The trend was again downward on Friday, though
the trading during the first hour was fairly steady and
showed some modest gains, but following the announcement
of the cut in the General Electric dividend, which caused a
severe break in that stock, most of the pivotal issues turned
abruptly downward. Liquidation was again in evidence
in a number of the market leaders like American Tel. & Tel.
and United States Steel, both of which were down on the
day. The turnover was small owing to the many absentees
as a result of forthcoming holidays. The major part of the
changes of the day were on the side of the decline. These
Included, among others, Air Reduction, 2% points to 36%;
1
/
American Can, 12 points to 35%; American Tel. & Tel.,
2% points to 92; American Tobacco, 214 points to 47%;
Atchison, 2% points to 25%; Auburn Auto, 2 points to 31%;
1
/
General Electric, 22 points to 10; Union Pacific, 1% points
%. The market
to 3714, and Western Union,1% points to 181
was weak at the close, and stocks were at their lows for
the day.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Distress liquidation played an important part in the
movements of the stock market during the present week,
and as a result prices gradually drifted downward until
Thursday, when the trend turned upward, following the
rumor that the leaders in Congress were optimistic regarding the early passage of the tax bill for balancing the
budget. Tobacco stocks have been weak, and so have
food issues and public utilities. Railroad shares have
been under severe pressure and traction issues have shown
2
1
/
little activity. Call money renewed at 2 % on Monday,
and remained unchanged at that rate on each and every
day of the week.
Following the downward drift during the early trading
on Saturday, the market held fairly steady, and some of
the early losses were cancelled before the close. Railroad
shares were dull and moved toward lower levels, the weak
spot being Norfolk & Western, which dipped about 4 points
to 76. Atlantic Coast Line was weak, due to some extent
to the dividend omission, and there were numerous fractional recessions throughout the group. Changes, on the
whole, were small and within a narrow range, the principal
recessions being among the preferred stocks. These included
American Locomotive preferred, which dropped 2% points
to 32%; American Sugar pref.8 points to 58; Electric Power
1
/
& Light 3% points to 16; J. C. Penney pref. 22 points to
75Y,, and Tide Water Oil pref. 2 points to 38. On Monday
trading was down to the minimum, the turnover being the
smallest in several weeks. In the morning prices moved
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
around somewhat uncertainly, but later in the day steadied
DAILY, WEEKLY AND YEARLY.
to some extent, and the market closed with gains ranging
Total
United
State
Railroad
Stocks,
from fractions to a point or more. The feature of the
Bond
Slates
Number of and Miscell. Municipal &
Week Ended
Sales.
Bonds.
Poen Bonds.
Bonds.
Shares.
May 27 1932.
day was Consolidated Oil pref., which, at one period, showed
305,170 $2,417.000 $1,235,000 $2,730,500 $6,382,500
Saturday
a gain of 6 or more points. Most of the changes were on
5,853,000 11,149,000
2,086,000
3,410,00
557,840
Monday
3,389,000 10,614,000
2,884,000
4,381,000
983,297
the down side, and were again in the preferred group, the Tuesday
3,341,000 11,863,000
2,618,000
5,904,000
1,302,142
Wednesday
declines including, among others, Atchison pref., Which
2,980,500
3,471,500 14,133,000
7,681,000
1,853,160
Thursday
5,907,000 14,005,000
2,871,000
5,227,000
900,595
/
dripped 112 points to 47; Brooklyn-Manhattan Transit pref., Friday
5002 204 220 020 000 214 RA4 500 524 472 0002 RR 145 Ann
rnta1
,
which tumbled 3 points to 60; A. M. Byers pref., Which
receded 4% points to 35%; Westinghouse pref., which
Jan Ito May 27.
Week Ended liiay 27.
Sales at
New York Stock
/
dropped 2% points to 5812; Studebaker pref., which fell
1931.
1932.
1931.
1932.
Exchange.
off 2 points to 47; National Biscuit, which declined 2%
5,902,204 11,403,773
-No, of shares_
151,478,285
273,349,666
Stocks
points to 31%, and General Gas & Electric pref., which
Bonds.
3330,060,900
$73,173,050
Government bonds_ _ _ $24,472,000 $4,653,500
receded 9% points to 10%.
312,482,500
14,654,500 18,120,000
316,203,600
State & foreign bonds _
618,539,300
759,752,000
Trading continued dull on Tuesday, with the tobacco stocks Railroad & misc. bonds 29,020,000 36,772,000
268,146,500 $59,545,500 $1,261,082,700 21.149,128,650
Total
and public utilities leading the way downward. During
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
the first hour the market was fairly steady, but the opening
BALTIMORE EXCHANGES.
levels were not maintained and prices gradually slipped
backward during the rest of the day. Tobacco shares bore
Philadelphia,
Boston.
Baltimore.
Week Ended
the brunt of the recessions, though railroad issues quickly
Shares. Bond Sales Shares. Bond Sales. Shares. Bond Sales.
May 27 1932.
on car loadyielded on the appearance of the weekly report
4,287
Saturday
8,260
$28,000
$6,000
441
ings, showing a shrinkage of over 16,000 cars as compared
12,501
11,722
Monday
7,200
6.000
25,000
912
17,926
24.546
4,000
24,900
696
The losses ranged from 1 to 3 or more Tuesday
with a week ago.
41,582
22,000
28,039
6,000
Wednesday
27,200
3.651
36.228
4,500
50,086
Thursday
4,300
6,000
975
points, and included, among others, such prominent issues Friday
14,000
7,036
2,000
31,300
1,129
as Westinghouse, which yielded 1 point to 23; Western
109,990
346,500 163,523 8111,100
Total
7,804
.
$29 500
/
Union, which declined 112 points to 18%; Studebaker pref.,
841.000
ft 119A
which dropped 9 points to 38; Public Service of New Jersey, Prey. wk. revised_ 98.800 355.400 91.052 82025(10
which tumbled 2% points to 38; Pan American Petroleum,
CURB EXCHANGE.
which receded 3% points to 38%; Air Reduction, which
dipped 3 points to 36%, and American Can, Which declined
Declines again outnumbered the advances during the
1% points to 36%. Other recessions included American
dealings on the New York Curb Market this week and at
Tobacco, 4% points to 54%; Brooklyn-Manhattan Transit, times heavy losses have been recorded by some of the more
2% points to 31%; Columbian Carbon, 2 points to 17; Corn active leaders. Public utilities have been especially weak
Products, 2% points to 30%; Eastman Kodak, 1% points and have, in many instances, dropped to new low levels.
to 41%; du Pont, 1% points to 28%; General Food Corp., 2 On Thursday, the market moved sharply upward, cancelling
points to 24%; Jewel Tea, 2% points to 18; Norfolk & a part of the losses of the early part of the week. Renewed
2
1
/ points to 70; General Railway Signal, 1% offsrings in the oil group were in evidence during the fore
Western, 5
points to 10%, and American Power & Light 6% pref., 3% part of the week reflecting to some extent the lower gasoline
2
1
/
points to 20 . Lower prices again prevailed on Wednesday, prices instituted by the Standard Oil Co. of New York.
and while liquidation was apparent among some of the Electric Bond & Share was noteworthy for the repeated
waves of selling that carried trio issue slowly but consistently
pivotal Issues, trading was somewhat more active than on
previous sessions during the present week. Railroad shares downward day after day. Great Atlantic & Pacific Tea Co.
was also noteworthy for its sharp break on Wednesday when
were under pressure, and public utilities were the weak
Financial Chronicle
Volume 134
it dippedimore than 5 points. Parker Ru.,t Proof also sustained a severe loss on that day dropping more than 8 points
to 23. On Thursday the rebound came after stocks had been
subject to steady liquidation and moved to lower levels
during which the preferred issues suffered severe losses.
Industrial changes were somewhat mixed, though the general
tendency throughout the week was toward lower levels.
On Monday it was announced that Atlas Utilities had
virtually consummated the deal whereby it will acquire
Atlantic Securities, making the eighteenth acquisition in the
last two years. It was reported that more than 92% of
the stock of the Atlantic Securities had been deposited.
The changes for the week were generally on the side of
the decline and included most of the active speculative
favorites. Prominent in the week's recessions were such
outstanding issues as Singer Mfg. Co., which receded from
81 to 80; Aluminum Co. of America, which declined from
24 to 223'; New York Telephone pref., which slipped back
from 110% to 1093 ; New Jersey Zinc, which tumbled from
%
19 to 183(; Deere & Co., which moved down from 53' to
53i; Swift & Co., which fell back from 99 to 93.4; Horn &
Hardart, which declined from 93 to 9; Ford of Canada A,
4
which receded from 63.4 to 6%,and Great Atlantic & Pacific
Tea Co.,from 112 to 105. Public utilities were represented
on the side of the decline by Electric Bond & Share, which
fell off from 934 to 63 ; Cities Service, from 35% to 33;
%
5
Niagara Hudson Power, from 334 to 3/s; American Superpower, from 15 to 13/3; United Light & Power A,from 2%
%
to 234; Pennroad Co., from 134 to 1%; Commonwealth
Edison, from 6434 to 60; Consolidated Gas of Baltimore,
from 52 to 45; American Gas & Electric, from 24 to 163 ;
4
American Light & Traction,from 15 to 12, and Colorado Gas
& Electric prof. from 5234 to 48. Oil shares were also off.
Standard Oil of Indiana dipping from 183 to 1734; Humble
%
Oil from 3934 to 3634, and Gulf Oil of Pennsylvania, which
dropped from 30% to 28%.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
May 27 1932.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Curb
Exchange.
Stocks
(Number
of
Shares).
Bonds (Par
Foreign
Foreign
Domestic. Government. Corporate.
z54,630 31,173,000
x135,280 1,547,000
z141,900 1,829,000
5195,704 2,654,000
5253,490 3,305,000
z141,935 2,233,000
:922,939 $12,741,000
345,000
99,000
66,000
103,000
77,000
28,000
1931.
Stocks--No.ofsbanas_
922,939
2,246,313
Bonds.
Domestic
312,741,000 $20,680,000
Foreign Government-.
418,000
804,000
Foreign corporate
1,129,000
855,000
Total
Total.
3137,000 x$1,355,000
140,000 51,786,000
289,000 x2,184,000
182.000 :2,939,000
242,000 :3,624,000
139,000 x2,400,000
$418,000 $1,129.000 5314288,000
Week Ended May 27.
1932.
value).
314.288.000 $22,339,000
Jan. 1 to May 27.
1932.
1931.
21,214,304
55,021,235
$298,798,100
12,006,000
30,626,060
$390,876,000
11,734,000
17,458,000
$341,430,100
$420,068,000
z Unofficial.
THE ENGLISH GOLD AND •SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 11 1932:
GOLD.
The Bank of England gold reserve against notes amounted to £120,816,341
on the 4th inst. as compared with E120.815,666 on the previous Wednesday.
The moderate amounts of gold which have been offered in the open
market have been taken for the Continent and for a destination not disclosed.
The SS. Rawalpindi and the SS. Britannia which left Bombay last week
carry gold to the value of about £570,000 and £250,000 respectively.
Quotations during the week:
Per Fine
Equivalent Value
Ounce.
of L Sterling.
May 5
112s. 9d.
155. 0.8d.
112s. 8d.
May 6
15s. 1.00.
May 7
112s. lid.
15s. 0.6d.
112s. 8d.
May 9
15s. 1.0d.
112s. 9d.
May 10
155. 0.8d.
May 11
112s. lid.
15s. 0.64.
Average
112s. 9.34.
155. 0.84.
The following were the United Kingdom Imports and Exports of gold
registered from mid-day on the 24 inst. to mid-day on the 9th that.
Imports.
Exports.
£1,694,551 France
British South Africa
£702,272
50,104 Netherlands
British West Africa
735,773
1.233.592 Belgium
British India
52,587
United States of America- 136,612 Switzerland
29,351
Settlements and
Czechoslovakia
Straits
13.300
96,314 Austria
Dependencies
8,585
10,257 Other countries
countries
Other
5,232
£3,221,430
£1,547.100
The Transvaal gold output for the month of April last amounted to
949,796 fine ounces, as compared with 960,035 fine ounces for March 1932
and 882,337 fine ounces for April 1931.
SILVER.
During the week under review the market has been steadier and these
has been some improvement in prices.
Support has been better. the Indian Bazaars showing some disposition
to buy while boar covering orders were received from China. America
sold throughout the week and China was also a seller at the higher rates.
3931
The market continues rather quiet and the undertone appears steady,
but there are no indications of any important change for the time being.
The following were the United Kingdom Imports and Exports of silver
registered from mid-day on the 2d inst. to mid-day on the 9th inst.:
Imports.
Exports.
France
£30,387 Hongkong
£35,660
British India
24,700 British India
23,271
Japan
7,510 Belgium
10,900
Canada
12,530 France
4,833
Australia
3.044
8,903 Straits Settlements
British West Africa
9,214 Germany
2,400
Belgium
2,580 Other countries
4.072
Other countries
3,630
£84,180
£99,454
Quotations during the week:
IN NEW YORK.
IN LONDON.
Cents per Oz.
Bar Silver per Ounce Standard.
2 Mos.
.999 Fine.
Cash.
May 5
27
16 11-16d. 16 13-16d. May 4
May 6
27
16 9-16d. 1611-164. May 5
May 7
27
16 11-164. 16 13-16d. May 6
May 9
16%cl.
27
16 15-16d. May 7
May 10
27
17d.
17 1-16d. May 9
May 11
-28
17 1-16d. 173-164. May 10
Average
16.812d. 16.916d.
The highest rate of exchange on New York recorded during the period
from the 5th inst. to the 11th inst. was 33.69K and the lowest $3.66.
INDIAN CURRENCY RETURNS.
(In lacy of rupees.)
April 22.
April 30.
April 15.
Notes in circulation
16,831
17.058
17.294
Silver coin and bullion in India
11,028
11,050
11,012
542
Gold coin and bullion in India
542
553
Securities (Indian Government)
5.238
5,228
5,390
Bills of exchange
250
350
The stocks in Shanghai on the 7th inst. consisted of about 62,300,000
ounces in sYcee, 202,500,000 dollars and 4,140 silver bars, as compared
with about 61,900,000 ounces in sycee, 196.000.000 dollars and 4,240 silver
bars on the 30th ultimo.
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Mon.,
May 21. May 23.
Silver. per oz__ l6Kd.
16,14.
Gold, p.fine oz.112s. 10d. 112s. 9d.
Consols,2
,1% _ 64K
64,1
British 5% _ _
101K
British 4,1% 101,t
French Relates
Paris)3%._.Zr.
98.30
French War L'n
Paris)
114.50
Thurs.,
Tues.,
Fri.,
Wed.,
May 24. May 25. May 26. May 27.
16 13-164. 16 15-16d. 1611d.
16314.
112s. 7d. 1125. 84. 112s. 64. 1125. 6d.
6331
63,1
62
63K
101
101K
101%
10134
101,1
101,1
101%
101,1
96.50
96.00
72.80
96.30
114.80
114.90
115.30
115.40
The price of silver in New York on the same days has been:
Silver in N. Y.,
per oz
2731 cts. 27K cts. 2731 cts. 2734 cts. 2731 cts. 2731 cts.
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, May 28), bank exchanges for all the cities of
the United States from which it is possible to obtain weekly
returns will be 34.9% below those for the corresponding
week last year. Our preliminary total stands at $4,306,726,460, against $6,615,700,033 for the same week in 1930.
At this center there is a loss for the five days ended Friday
of 49.6%. Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ending May 28.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louts
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1932.
1931.
32,146,835,237 $4,257,142,079
165,310,672
349,146,802
338,000,000
205,000,000
305,000,000
157,000.000
48,943,692
65,120,537
56,500,000
80,700,000
72,425,000
106,421,000
No longer will re port clearings.
65.329,761
114,144.488
58.366,844
109,186,025
51,826,114
77,164,808
.40,042,327
64,534,001
21,594,930
32,099,536
Per
Cent.
-49.6
-52.7
-39.3
-48.5
-24.8
-30.0
-31.9
-42.8
-48.5
-33.1
-38.0
-32.7
Twelve cities, five days
Other cities, five days
33,088,974,577
500,130,805
35,898,659,276
611,615,370
-47.6
-18.2
Total all cities, five days
All cities, one day
33,589,105,382
717,621,078
36,510,274,646
105,425,387
-44.9
-31.9
Total all cities for week
34.308.728.460
341.615.7011.033
-349
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous
-the week ended May 21.
For that week,there is a decrease of 47.6%, the aggregate
of clearings for the whole country being $4,660,722,027,
against $8,892,220,246 in the same week in 1931. Outside
of this city there is a decrease of 39.4%, the bank clearings
at this center recording a loss of 51.7%. We group the
Financial Chronicle
3932
cities now according to the Federal Reserve districts in
which they are located, and from this it appears that in the
New York Reserve District, including this city, the totals
record a contraction of 51.3%, in the Boston Reserve
District of 44.3% and in the Philadelphia Reserve District
of 40.0%. In the Cleveland Reserve District the totals
show a diminution of 37.3%, in the Richmond Reserve
District of 25.7% and in the Atlanta Reserve District of
28.4%. The Chicago Reserve District suffers a loss of
51.1%, the St. Louis Reserve District of 28.9% and the
Minneapolis Reserve District of 23.9%. In the Kansas City
Reserve District the decrease is 28.0%,in the Dallas Reserve
District 30.4% and in the San Francisco Reserve District
34.4%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1931.
1932.
1930.
%
-44.3
-51.3
-40.0
-37.3
-25.7
-28.4
-51.1
-28.9
-23.9
-28.0
-30.4
-34.4
$
481,808,295
6,450,307,276
530,087,011
394,231,260
153,267,337
146,651,788
881,146,582
176,999,486
106.764,436
180,487,850
59,957,113
314,719,612
$
229,672,352
2,946,230,809
271,942,672
196,040,583
102,376,339
87,913,002
352,193,830
91,103,039
66,939,323
100,105,295
37,070,686
179,134,097
$
412,684,505
6,050,484,399
453,074,478
312,865,275
137,818,605
122,712,117
720,851,615
128,167,035
87,987,015
139,114,463
53,297,377
273,162,862
118 cities
Total
Outside N. Y. City
4,660,722,027
1,803,934,105
8,892,220,246 -47.6
2,975,712,659 -39.4
240 010751
375.342.487 -36.0
$
496,993.853
8,245,466,561
567,653,095
442,501,560
161,099,750
166,520,153
987,652,397
190,582,201
116,491,925
197,706,202
74,603,998
357,143,540
9,876,428,044 12,004,415,235
3,590,732,529 3,936,111,755
414.930.033
490 1cc ni13
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Weelc Ended Map 21.
Clearings at
1931.
First Federal Reserve Dist rIct-Boston
568,533
400,919
Maine-Bangor _
2,932,885
2,206.977
Portland
Mass.
-Boston._ 197,901,084 371,092,561
1,016,613
845,817
Fall River_ _ _ _
516,215
434.974
Lowell
760,577
628,293
New Bedford_ _
2.958.242
3,932,173
Springfield. _ _ _
2,714,826
2,207,852
II1Worcester
10,466,328
7,830.817
-Hartford
Conn.
5,324,572
7,558,746
, New Haven_ _ _
1 4,
8,515.500
10,675,100
R.I.-Providence
417,305
449.948
N.11.-ManTr _
Inc. or
Dec. .
Seventh Feder al Reserve D 'strict-Chi cago-Mich.
-Adrian _
119,022
159,841 --31.8
620,774 --25.4
Ann Arbor_ _ _ _
463,090
Detroit
71,663.984 153,432,373 --53.3
4,393,366 --43.4
Grand Rapids.
2,486,082
2,555.344 --14.1
Lansing
2,196,000
2.630,226 --40.5
-Ft. Wayne
Ind.
1,565,630
16,559.000 --13.7
Indianapolis_ _ _
14,283,00,
2,449,925 --31.1
South Bend...
1.688,986
3,982,722 --21.5
Terre Haute__
3,124,456
20,648,812 --28.8
14,702.485
Wis.-Milwaukee
726.629
2,572,601 --71.8
Ia.-Ced. Rapids
6,465.003 --14.1
Des Moines...
5,555,417
2,252,041
4.008.828 --43.8
Sioux City....
261,119
623,959 --58.2
Waterloo
Ill.-Bloom'g'n_ _
1,047,681
1,615,011 --35.1
225,095.632 488,078,937 --53.9
Chicago
577,053
811,722 --28.9
Decatur
2,396.320
3,894,523 --38.5
Peoria
676,027
3,111,864 --78.3
Rockford
2,236,784 --40.8
Springfield_
1,323,176
1930.
1929,
--29.'
--24.8
--46.7
--16.8
--15.7
--17.4
--24.8
--18.7
--25.2
--29.6
--20.2
--7.3
549,875
3,331,534
433,288,262
1,146,914
945,315
912,336
3,908,795
3,082,093
12,128,476
8,829,841
12,730,200
954,654
562,808
3.705,959
439,063,718
1,197,753
1,133,577
1,203,053
5,683,181
3,513,360
16,934,184
8,538,758
14,662,200
795,302
229.672,352
412,684.505 --44.3
481.808,295
York
8,133,363
--15.1
5,828.556
1,242,922
--35.9
1,210.082
50,952,717
--34.1
59,089,255
735,145
--41.7
1,176.083
1.140,227
--31.1
1.315,483
__51 76,285,695,515 8,068,303.480
9.267,299
---48.6
13,792.248
5.290,274
--27.6
7.883,728
--27.2
4.042,866
4,749,511
--18.1
1,767,691
952,124
--28.3
36,755.176
34.289,518
--35.5
46,284,079
46,876,493
Total(12 cities) 2.946,230,809 6,050,484,899 -51.3 6,450,307,274 8,245,466,561
Third Federal Reserve Dist rIct-Philad elphla
626.270 -25.9
464,343
-Altoona _ _ _
Pa.
3,177,501 -34.4
2,083,548
Bethlehem_ _ _ _
902.756 -52.4
430,147
Chester
2,289,069 -42.6
1,312,839
Lancaster
Philadelphia _ 258,000.000 431,000,000 -40.1
3,074,285 -29.4
2,171,858
Reading
3,945,677 -40.6
2,342,473
Scranton
3,168,531 -47.4
1,666,604
Wilkes-Barre_ _
1,619,389 -29.4
1,143,860
York
3,261.003 -28.9
2,327.000
N.J.
-Trenton..
271,942,672
Fourth Feder al
Ohio-Akron.
Canton
Cincinnati - _
Cleveland
Columbus
Mansfield
Youngstown _ _
Pa.
-Pittsburgh.
453,074,478 -40.0
1.300,979
4,308,827
1,236,408
1,842,986
505,000,000
3.817,270
4,220.506
2,899,335
1,828,700
3,632.000
530,087.011
1,599,270
5,176,622
1,316,533
1,751,042
538,000,000
3,999,191
6,162,029
3,513,436
1.963,461
4,171,511
567,653,095
Reserve D istriet-Clev eland
2.645,000 -84.2
d419,000
4,461,000
7,242,000
-26.4
-37.1
-48.4
-29.3
60.845,229
130,163,368
13.706,400
2,214,465
72.717,400
148,597,995
14,798,109
1,914,906
42,955,176
65,999,432
7,811.600
c1,082,937
58;324,459
104,856,912
14,578,100
1,531,939
77,772,438
130.928,865 -40.6
182.840,798
197,231.159
196,040,583
312,865,275 -37.3
394,231,260
442,501,560
Fifth Federal Reserve Dist rict-RIchm ond684,708 --37.8
425,659
W.Va.-Hunt on
2,510,605
3.799,817 --33.9
Va.-Norfolk....
25.911.338
32,415,573 --20.I
Richmond
753,233
1,647,186 --54.3
-Charleston
S. C.
75,873,797 --28.8
53,995,504
Md.-Baltimore_
23,397,524 --19.7
18,780,000
D. C.-Washlon
1,045,186
3,638,306
41,288,000
2,185,097
80,959,094
24.161,654
1,138.509
4,091.997
39,034.000
1,924,787
88,991,325
25.919,132
161.099,750
Total(6 cities).
137,818.605 -25.7
153,267,337
Sixth Federal Reserve Dist rict-Atlant a-2.700,529
*2,000,000 +35.0
-Knoxville
Tenn.
12.581,312 --17.1
10,429,916
Nashville
38,566,829 --22.7
29,800,000
Ga.-Atlanta
1,312,714 --41.4
769.403
Augusta
719,735 --48.3
372.458
Macon
13,110,066 --29.3
9,271.947
14.731,286 --39.2
8,956.185
Ala.-Birm*ham _
1,432,567 --40.7
849,426
Mobile
1,380,372 --33.9
912,000
Miss.-JacksOn
122,199 --24.1
92.798
Vicksburg
36,755,037 --35.4
23,758,340
-New Orleans
La.
2,251.743
20.762.717
44,817,930
1,458,643
1.172,509
14,185,429
19,839.075
1.715,760
1,744,315
128,695
38.574.972
122,712,117 -28.4
146,651,788
Total(6 citles)-
Total(11 cities)
102,376,339
87,913,002
200,237
277,642
673,303
1,257,912
220,908,369 271,443,239
5,460,214
6,169,217
3.212.000
4.395,000
3,520,096
3,629,740
21,501,000
23,076,000
2,194,834
3,008,078
4,670,567
5,014,068
28.210,509
30,985,190
2.766,999
2,854,888
7,163,218
9,444,459
5,308,820
6.251,012
1,310,031
1,415.554
1,889,098
1,834,714
559.870,192 604.406,863
1,191,935
1,108,418
5,374,482
5,096,649
3,114,107
3,660.899
2,606,571
2,333,365
881,146,582
987,652,397
118,100,000
41,078,748
137,000,000
33.173,041
16,430,860
186,728
1,203,160
18,612,199
375.950
1,421.011
128,167,035 -28.9
176,999.486
190,582,201
4,067,713
74,367,386
22,152,781
1,763,283
1,016,989
609,161
2,787,123
7,391,646
77.577,804
24,395,305
1,956,857
1,186,841
603,472
3,380,000
87,987,015 -23.9
106,764,436
116,491,925
BS City
-18."
-52.7
-18.8
-34.3
-34.3
-22.2
25.3
-34.6
-32.2
a
-35.5
301,626
386,641
3,075,062
42,008,243
3,567,297
6,246,500
116,714,243
5,505,682
1,178,591
a
1,473,065
277,178
508,962
3,429,864
42,926,298
2.915,073
7,263,209
131,025,579
6,500,000
1,320,584
a
1,539,355
139,114,463 -28.0
180,487,850
197,706,202
Eleventh Fede ral Reserve District
-Da has
Texas
-Austin_
1,265,188
+5.8
1,338.153
26,237,341
38,286,882 -31.5
Dallas
Fort Worth...
5,086,055
7,857,051 -35.3
Galveston
2,347,000 -8.1
2,156.000
La -Shreveport _
3,541,256 -36.4
2,253,137
1,233,153
40,500,450
10,663,808
2,390,000
5,169,702
1,345,174
50.583,487
13,886,395
4.158,000
4,630.942
59.957,113
74.603,998
Total (5 cities).
Total(7 dues).
91,103.039
66,939,323
-Kann
Tenth Federal Reserve Die trict
223.935
182,616
Neb.-Fremont..
302,942
143,142
Hastings
2,663,294
2,163,089
Lincoln
36.174,313
23,770,192
Omaha
2,541,258
1,669,200
Ran -Topeka..
4,701,616
3,659,257
ichlta
86,476,515
64,561,298
Mo.-Kan. City.
4,015,858
2,627,450
St. Joseph-924,679
626,506
Col.-Col. Spegs
a
a
Denver
1,090,023
702,545
Pueblo
496,993.853
-New
Second Feder al Reserve D 'strict
4,290,966
5.055,657
N. Y.
-Albany.
708.145
1,105,021
Binghamton_ _ _
25,627,383
38,908,162
Buffalo
645,682
1,106.902
Elmira
546,984
794,246
Jamestown _ _ _ _
New York__ _ _ 2,856,787,922 5,916,507,587
10,729,013
5,510.655
Rochester
5,393,633
3,903,721
Syracuse
3.362,809
2,448,607
-Stamford
Conn.
703,044
.575,500
-Montclair
N. J.
20.530,189
28,619,754
Newark
38.198,771
24,655,055
Northern N. J_
Total(10 cities)
720,851,615 --51.1
1929.
-Minn ea polls
Ninth Federal Reserve Dis trict
3,481,212 --40.2
2,082,081
Minn.
-Duluth..
44,962,414
59.605,776 --24.6
Minneapolis...
19,244,768 --19.0
15,585,644
St. Paul
1,805,227 --12.3
1,583,926
N. Dak.-Fargo_
874,714 --25.5
651.250
S.D.-Aberdeen _
547,153 --39.2
332,543
Mont.-Billings _
2,428,165 --28.3
1,741,465
Helena
Total(10 cities)
Total(5 cities).
Total (12 cities)
352,193,830
Eighth Federa Reserve Dis trict-St.Lo nisI,
ta
Ind.
-Evansville
62,800,000
93,100.000 --32.5
Mo.-St. Louis..
22.240,732 --19.7
17,853,614
Ky.-Louisville
Owensboro_ __ _
9,802,401
11,843,530 --17.2
Tenn.- Memphis
126,224
129,366 -2.4
111.- Jacksonville
853,407 -39.0
520,800
Quincy
1930.
100,105,295
37,070,686
53,297,377 -30.4
Twelfth Feder al Reserve D Istrict-San Francl sco-Wash -Seattle..
32,206,641 -29.6
41,001,341
22,680.707
Spokane
10,518,000
5,598,000
8,007,000 -30.1
Yakima
43.2
424,611
747,853
879,779
Ore -Portland..
34,697.388 -43.9
41,717,423
19,450,463
Utah.
-S. L City
14,048,359 -36.2
16,528,313
8,964,568
Calif
.-L.Beach.
6,104,466 -53.7
7,115,525
2,828.968
Los Angeles_ _ _ No longer will report clearin gs.
4,378,133 --24.8
5,362,983
Pasadena
3,290,836
6,760,328 --10.4
6.015,849
Sacramento _ _
6,059.345
San Diego_ _ _
3,690,324 --21.3
4,611,783
2,905,475
San Francisco. 102,229,428 155,356.232 --34.2 172,661,235
San Jose
2,105,070 --25.5
2,595,461
1,567,501
Santa Barbara.
1,112,407
1,809,474 --38.5
2,039,700
1,581,594 --39.3
Santa Monica_
959,699
1,775,320
Stockton
1,162, 89
1,670,000 --30.4
1,896,900
48,735,505
11,938,000
1.279,644
41,551,426
18,304,682
8,931.869
*6,600,000
6,256.326
5,641,484
197,185.160
3.063.215
2,011,177
2,902,252
2,741,800
Total(14 cities) 179,134,097 273,162,862 -34.4 314,719,612 357,143.540
Grand total (118
4 660,722,027 8,892,220,246 -47.6 9,876,428,044 12004,415,235
cities)
Outside NewYork 1.803.934,105 2,975,712,659 -39.4 3,590,732,529 3,936,111,755
Week Ended May 19.
' Clearings at
1932.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Sasktaoon
Moose Jaw
Brantford
Fort William_ _
New Westminster
Medleine Hat...
Pcterborough__ _
.
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Sarnia
Sudbury
$
72,452,914
74,828,168
37,237,142
12,788.454
4,285,273
4,665,142
2.165,263
3,689,133
4,211,136
1,709.926
1,316,339
2,285,739
3,677,785
2,828,584
392,752
311,582
1,449,171
513,801
718,547
606,627
459,681
169,476
584,318
609,406
803,866
2,473,337
348,333
724,593
555,460
429,740
262,565
478,498
1931.
$
160,477,210
137,490,469
43,805,594
16,525,833
7,217,722
6,463,748
4,590,611
5,254.830
5,794,993
2,444,047
2,043,356
2,887,567
4,657.680
3,816,720
384,623
403,515
1,697,551
827,685
1,107,707
741,083
581,492
237,813
751,372
922.122
1,024,328
3,415.495
409, 52
793,656
672,556
443,687
594,407
669,557
Inc. or
Dec.
%
-54.9
-45.6
-15.0
-22.6
-40.6
-27.8
-52.8
-29.8
-27.3
-30.0
-35.6
-20.8
-21.0
-25.9
+2.1
-22.8
-14.6
-37.9
-35.1
-18.1
-20.9
-28.7
-22.2
-330
-21.5
-27.0
-14.8
-8.7
-17.4
-3.1
'-55.8
-28.
1930.
1929.
$
144,669,314
177,800,725
57,612,624
25,322,539
8,018,801
7,712,407
3.858,336
7,068,115
11,747,384
3,450,867
3,062.868
3,929,641
6.774,331
5,999,755
669,290
481,084
2,584.705
1,408,534
1.580.180
1,128,636
930,084
455,060
992.376
1,189,687
1,419,116
6,335,234
489,821
1,096,197
736,172
769,290
762.807
3,000,000
20,914.622
53,136,502
1,741,846
1,621,647
15,757,557
22,269,328
1.605,369
1,524,000
490,155,980
Total(32 cities) 240,032,751 375,342,487 -36.0
252,398
44.696,884
166,520,153a No longer reports weekly clearings. b Clearing house not functioning at present.
c Clearing house reopened in February. d Figures smaller due to merger of two
largest banks. • Estimated.
W
1932.
Inc. or
Dec.
W
,,,0,
.
,
41-,w.
IWWWW0. .
-.. -.W0t*
0 tsoPW..1W00N.O.,
__ __22 ritiox
1929.
1931.
- 01D0
.opl.ab:.. - 0
0
,
b 04'.1,,loole-40"0 0-.4ww
w 0,b.wow0ww.aw000ww.w0ww0-4140,,
W0W..•....10WW0.4.PWWW04..s400.-403-00.0.
rsoksteln
1932.
Total (20 cities)
Inc.or
Dec.
Federal Reserve Discs.
1st Boston_ ..12 cities
.
2nd New York_12 "
3rd Philadelpla 10 "
4th Cleveland__ 6 "
5th Richmond _ 6 "
6th Atlanta___ _11 "
7th Chicago__ _20 "
8th St. Louts-- 5 "
9th Minneapolis 7 "
10th KaosasClty 10 "
11th Dallas
5 "
12th San Fran--14 "
Week Ended May 21.
Clearings at
..
4.
.0.4.
0.
4..0wwt4.40ww.4=04-4
..w
. .
-,
'w lawc..41:31-wwwwwww.lolollz:;.b14044
p.c
0
WWWWW
O0,..00000
-40W0WW,
Week Ended May 211932.
May 28 1932
Financial Chronicle
Volume 134
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:
May 21 May 23 May 24 May 25 May 26 May 27
1932.
1932.
1932.
1932.
1932.
1932.
Francs. Francs. Francs. Francs. Francs. Francs.
11,000 11,000 10.700 10,800 11,700
Bank of France
1.140
1,140
1,130
1,170
1,170
Banque de Paris et Pays Bas
315
302
298
323
Banque de Union Part:Menne-214
24
8
191
206
Canadian Pacific)
13,176 13,200 12,915 12,830
Canal de Suez
1,900
1,897
1,920
1,940
Cie Distr d'Electilcitle
1,820
1,820
1.790
1,800 1,2242
Cie General d'Electricitie
314
311
301
300
Citroen 13
1:110
1,010
1,010
1,020
1,010
Comptoir Nationale d'Escompte
220
220
220
220
220
coty DIO
335
339
330
300
Courrieres
582
565
575
590
Credit Commerciale de France
4,570
4,530
4,230
4,120 4lio
Credit Fonder de France
1,640
1,640 1.610
1,600
1,620
Credit Lyonnais
1,910
1,940 1,900
1,900
1,800
Distribution d'Electricitie la Par
2,040
2,070
2,020 2,010
2,010
Eaux Lyonnais
____
582
Energie Electricitle du Nord
598
592
592
981
892
Energie Electricide du Littoral
882
892
86
French Line
86
86
83
io
82
81
81
Gales Lafayette
85
82
760
760
750
740
740
Gas Le Bon
Kuhlmann
HOLI370
380
370
380
380
L'Alr LiquIde
600
DAY
610
590
590
600
Lyon (P. L. M.)
1,009
996
981
952
Mines de Courrieree
330
340
330
330
-550
Mines des Lens
410
410
440
400
400
NordRY1,430 1,380
1,340
1,330
Pads, France
1.220
1,260
1,250
1,250
1,250
Pathe Capital
103
102
100
96
Pechiney
1,020
1,030
1,040
1,030 1,020
Rentes 3%
73.20
73.20 72.90 72.80 72.80
Rentes 5% 1920
114.50 114.80 114.90 115.30 115.40
Rentes 4% 1917
88.90 89.00 89.30 89.60 90.10
Rentes 5% 1915
96.30
96.50 96.00 96.20 96.30
Rentes 6% 1920
103.20 103.50 103.40 103.30 103.50
Royal Dutch
1,170
1,170
1,190
1,210
1,210
Saint Cobb C. & C
1,792
1,830
1,905
1,800
Schneider & Cle
1,139
1,130
1,100 1,065
Societe Andre Citroen
iio
310
300
300
310
Societe General Fonciere170
168
172
169
Societe FrancaLse Ford
101
99
105
"ioi
106
Societe Lyonnais
2,005
2,050
2,070 2,035
532
Societe Marseillaise
575
565
560
Suez
13,200 13,200 12,900 12,800 12,800
120
Tubize ArtifIcial Silk, pref
127
121
124
Union d'Electricitie
790
790
780
800
820
200
Union des Mines
210
200
220
210
Wagon-Lits
60
74
71
59
PRICES ON BERLIN STOCK EXCHANGE.
The Berlin Stock Exchange resumed trading on Friday,
April 29 1932 after having been closed by Government decree
since Sept. 18. Prices suffered heavy declines. Closing
prices of representative stocks as received by cable each day
of the past week have been as follows:
May
21.
May
23.
Reichsbank (12%)•
113
Berliner Handels GeselLschaft(
85
4%)*
Commerz-und-Privat Bank A. G.(0%)•
16
Deutsche Bank und Disconto-Gee.(0%)*
35
Dresdner Bank (0%)'
19
Allgemelne ElektrizHaeta Geo.(AEG) (0)s_
22
Gesfuerel (4%)•
Holt- 47
Siemens & Halske (9%)•
day 103
I. G. Farbenlndustrle (7)•
82
Salzdethfurt (15%)•
144
Rhelidsche Braunkohle (10%)•
152
Deutsche Exdoel (5%)*
54
Mannesmann Roehren(6%)*
34
Hanag (0%)•
10
North German Lloyd (0%)*
12
May May May
24.
25.
26.
Per Cent of Par
115
113
112
85
85
85
16
16
16
35
34
34
19
19
19
22
22
22
49
50
47
106
106
108
82
82
82
144
146
148
153
153
156
56
56
55
37
36
34
10
11
12
11
12
12
May
27.
113
85
16
34
19
19
48
108
83
149
156
56
34
11
12
•Last dividend.
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of May 27:
Anhalt 7s to 1946
Argentine 5%, 1945, $100-pleces
Autioquia 8%, 1946
Bank of Colombia 7%, 1947
Bank of Colombia 7%, 1948
Bavaria 6345 to 1945
Bavarian Palatinate Cons. Cit. 7% to 1945
Bogota (Colombia) 034%. 1947
Bolivia 6%, 1940
Brandenburg Electric 6%,1953
Brazil Funding 5%, 1931-1951
British Hungarian Bk. 734s, 1962
Brown Coal Ind. Corp. 634s. 1953
Call (Colombia) 7%, 1947
Callas (Peril) 734%, 1944
Central German Po: of Madeburg 6% 1934
City Savings Bank Budapest 7s, 1953
Dortmund Municipal Ut11. 6)4%, 1948
DUisberg 7%. to 1945
Dusseldorf 7s to 1945
East Prussian Power 6%. 1953
European Mortgage & Investment 734s. 1966
French Government 534s, 1937
French National Mail S. S. Line 6%, 1952
Frankfurt 7s to 1945
German Atlantic Cable 7%, 1945
German Building & Landbank 634%, 194
8
Hamburg-American Line 634s to 1940
Housing Jr Realty Imp. 78, 1946
Hungarian Central Mutual 75, 1937
Hungarian Discount & Exchange Bank 7e, 1963
Hungarian Italian Bank 7 A %.1932
Koholyt 6345, 1943
Land Mortgage Bank. Warsaw 8%. 1941
Leipzig Overland Power 634%, 1946
Leipzig Trade Fair is, 1953
Mannheim & Palatinate 7s. 1941
Munich 7a to 1945
Municipal Bank Hessen 7% to 1945
Municipal Gas & Elec. Corp. Recklinghausen, 78, 1947
Nassau Landbank 6 Si%. 1938
National Central Savings Bank of Hungary 734s, 1962
Natl. Hungarian .t Ind. Mtge. 7%, 1948
Oberpfalz Electric 7%, 1946
oidenburg-Free State 7% to 1945
Pomerania Electric 6%,1953
Porto Alegre 7%, 1968
Protestant Church (Germany) 75, 1946
Provincial Bank of IVestphalla 6%. 1933
Rhine Westphalia Electric 7%,1936
ROman Catholic Church 634%, 1946
Roman Catholic Church Welfare 7%, 1946
Safutruecken Mortgage Bank 63, 1947
Bid.
17
58
Ill
/21
121
18
16
18
12
22
28
22
18
/5
14
21
24
12
16
16
26
27%
107
103
18
30
18
25
31
/18%
1434
/67
20
50%
2734
20
21
20
15
16
28
123x
f26
20
15
18
153.4
20)4
28
23
44
25
59
Ask.
21
60
14
23
23
21
19
11
5
25
31
24
24
7
9
25
2531
15
20
20
2734
2834
110
10331
22
38
21
32
34
2034
16%
69
2254
52%
29
25
24
22
18
19
29%
25
27
30
19
20
93.4
22%
32
28
46
27
62
3933
Bid.
f5
14
f9
fait
26
145
1534
2734
20
6134
12
25
Salvador 7%,1957
Santa Catharine (Brazil) 8%, 1947
Santander (Colombia) 7%, 1948
Sao Paulo (Brazil) 6%, 1947
Saxon State Mortgage 6%, 1947
Siemens & Halske debentures 6%.2930
South American Railways 6%, 1933
Stettin Public Utilities 7%, 1946
Tucuman City is, 1951
Vamma Water 534%, 1957
Vestas Electric Railway 7%, 1947
Wurtemberg 78 to 1945
1 Flat price.
Ask
,
8
6
11
9
2734
160
1734
29
23
63
15
30
-Complete Returns
Public Debt of the United States
Showing Net Debt as of March 31 1932.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued March 31 1932
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
comparison with the same date in 1931:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS,
Mar.31 1932. Mar.31 1931.
5
Balance end of month by daily statements,&o
647,420,772
542,428,598
Add or Deduct-Excess of deficiency of receipts over
or under disbursements on belated Items
-31,258,186
-3,250,188
616,162,586
Total
539,178,410
23,257,611
92,079,489
4,486,340
2,000,484
21,006,579
149,126,830
4,852,805
4,791,520
121,823,924
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount secured on War Savings Cettificates
Settlement on warrant checks
179,777,735
Balance, deficit(-3 or surplus(
+494,338,662 +359,400,675
INTEREST
-BEARING DEBT OUTSTANDING.
Interest Mar. 311932. Mar. 311931.
Title of LoanPayable.
5
5
28 ConsoLs of 1930
599,724,050
Q.
-J. 599,724,050
28 of 1916-1936
48,954,180
-F.
48,954,180
Q.
2s of 1918-1E38
Q.
-F.
25,947,400
25,947,400
35 of 1961
Q.
-M.
49,800.000
49,800,000
3$ conversion bonds of 1946-1947
28,894,500
28,894.500
-J.
Q.
Certificates of indebtedness
J.2,567,685,800 2,227,973,500
3345 First Liberty Loan, 1932-1947
_.._J.
-J. 1,392,231,850 1,392,246,350
43 First Liberty Loan converted 1932-1947_ _ _J.
5,003,950
.
-D.
5,002.450
431s First Liberty Loan, converted 1932-1947...J.
-D. 532,491.650
532,794,850
4346 First Liberty Loan, 2d cony.. 1932
-1947-J.
-D.
3,492,150
3,492,150
431s Fourth Liberty Loan of 1933-1938
A.-0. 6,268.106.950 6,268,232,450
431s Treasury bonds of 1947-1952
758,983,300
758,984,300
43 1reasury bonds of 1944-1954
1,036,834,500 1.036,834,500
489,087,100
334s Treasury bonds of 1946-1956
489,087,100
476,412,250
334s Treasury bonds of 1943-1947
493,037.750
355.356,450
334s Treasury bonds of 1940-1943
359,042,950
577,536,550
593,808,000
3348 Treasury bonds of 1941-1943
821,403.500
334s Treasury bonds of 1046-1949
800,424,000
Is Treasury bonds of 1951-1955
36,247,260
22,834,660
234s Postal Savings bonds
795,547,200 1.129,382,450
Treasury notes
c50,175,000
Treasury bills, series maturing Apr. 13 1932
c50.937.000
Treasury bills, series maturing Apr. 27 1932
c76,399,000
Treasury bills, series maturing May 11 1932
c75,689,000
Treasury bills, series maturing May 18 1932
c62,851,000
Treasury bills, series maturing May 25 1932
c101,412,000
Treasury bills, series maturing June 1 1932
c102,169,000
Treasury bills, series maturing June 29 1932
30,000,000
c
Treasury bills, series maturing May 4 1931
30,000,000
c
Treasury bills, series maturing May 5 1931
154,281,000
c
Treasury bills, series maturing May 18 1931
18,189,798.090 16,280,356.090
231,152,700
269,947,609
71,375,995
46,972,245
Aggregate of Interest-bearing debt
Bearing no interest
Matured. Interest ceased
018,506.717,944 16,582,884,785
Total debt
Deduct Treasury surplus or add Treasury deficit -___ +494,338,662 +359,400,675
Net debt
518,012,379,282 16,223.484,110
a Total gross debt Mar. 31 1932 on the basis of daily Treasury statements was
818,506,720,307.39, and the net amount of public debt redemptions and receipts
in transit, &c., was 82,363.50.
b No reduction is made on account of obligations of Foreign Governments or
Other Investments.
Maturity value.
Cominercialand
scUanonsnews
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, May 21 to May 27,
both inclusive, compiled from official sales lists:
Stocks-
sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares
10
Bolsa Chloe 011 A
Claude Neon Elea Prod_'
*
Chrysler
Douglas Aircraft Inc
*
Emsco Drrick dc Eq Co_ •
Farm & Mer Nat Bank 100
Golden State Co Ltd_ ___25
Goodyear T & Rub pt_ _100
Goodyear Textile pref _100
Hancock 011 corn A
25
Los Angeles Gas & El pf100
Los Angeles Invest Co__10
Monolith Port Cem pf10
Mortgage Guarantee Colts)
Pacific Am Fire Ins Co__10
Pacific Fin Corp com___10
Preferred series A __10
Series C
10
Series D
10
Pacific Gas & Elec com__25
let preferred
25
Pacific Lighting corn
*
Pacific Mutual Life Ins_10
Pacific Public Serv 1st pf_*
Pacific Western 011 Co_ •
Republic Petroleum Co_10
Republic Supply Co_...._'
Richfield Oil Co com____*
Preferred
25
Rio Grande Oil corn_ __ _25
San Joaquin L & P7% prior preferred--100
Seaboard Nat Bank_ __ _25
Seaboard Nat Sen Cnrn 25
I%
431
4
70
434
831
1934
21%
21%
26
A
134
6834
Range Since Jan. 1.
Low.
High.
Jan
134 Apr
4
1,400
134 3
4A May 1034 Mar
4% 434 1,200
Apr 15% Jan
6
200
634
6
May 13% Feb
400
6
0
634
Jan
334 Feb
200
3
3
3
May 250
Jan
210 210 oddl't 5 210
Feb
May
8
4
100
4
4
40 25
May 5734 Mar
2534 26
Apr 77
Jan
351 62
6834
67
431 May
7
Jan
5% 5%
100
May 100
Jan
544 70
8134
70
Feb
7
434 May
434 434 1,400
334 Max
131 May
134
100
134
May 115
Jan
85 20
20
20
100
7A May 25
Jan
734
734
700
431 May
734 Jan
434 5
934 Apr
500
834 May
894 831
731 Feb
7/4 734
500
634 Jan
831 Apr
Apr
700
8
8
8
Feb
1931 2234
700 1931 May 37
May 26
Jan
600 21
21
2134
21% 26%
800 21% May 4034 Feb
May 39
Max
25
2834 3.950 25
May 13
400
6
Max
6
634
634 Jan
1,100
331 Apr
331 331
34
34
100
34 Jan
1% Feb
5
May
100
5
May
5
5
300
34 May
31 Jan
A
A
M
34 Max
100
31 Apr
14
500
1% 2
134 AM
234 Max
6834 82
3234 3234
31
31
166
100
50
6834 May 108
Jar
31
Feb38
Max
nn
Feb 3711 Jar
Financial Chronicle
ersmay
al408
Last Week's Range
Sale
ofPrices.
Stocks (Concluded) Par. Price. Low. NOB.
Security First Nat Bank
of LA
25 3834 3834 4034
Shell Union Oil Co com_25
234 234
Signal Oil dr Gas A
25
134 2
So Calif Edison com--25 1834 1834 22
Original preferred__ _25
3434 3434
7% preferred
25 2134 2134 2334
6% preferred
25 1834 1834 2034
534% preferred
25 18
18
19
So Calif Gas series A pf.25 1834 1834 1834
Southern Pacific Co___100
7
734
Standard OR of Calif
* 18
1734 1934
Superior 011 corn
25
9
9
9
Taylor Milling Corp
•
4
4
Title Ins dr Trust Co--25 25
25
25
Trans-America Corp__--*
234 334
234
Union Oil Associates_-25
8
734 834
Union Off of Calif
25
934
834 934
Union Bank dc Trust Co100 325
325 325
Van De Kamps corn
•
634 634
Weber Showcase & Fix pf • 4
4
4
West Pipe ez Steel corn_ _10
834 1034
•No par value.
for
Week.
Shares.
Range Since Jan. 1.
Lets.
4,200 3834
100
234
1,000
134
6,700 1834
200 3334
1,600 2134
2,800 1834
4,200 18
100 1834
200
7
4,700 17
odd
lot 50 12
100
4
572 25
15,600
234
2,800
714
834
4,600
2 325
100
634
80
4
814
400
May
Apr
Apr
May
Mar
may
May
May
May
May
Apr
High.
65
4
534
3234
43
2734
25
23
2334
37
27
Mar
Mar
Mar
Feb
Jan
Jan
Mar
Jan
Feb
Jan
Feb
Feb 12
May
8
May 55
Jan
6
May 1234
May 1334
Jan 325
May 11
Apr
514
May 1034
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Mar
May
Milwaukee Grain & Stock Exchange.
-Following is
the record of transactions at the Milwaukee Grain & Stock
Exchange, May 21 to May 27, both inclusive, compiled
from official sales lists:
f rway
Stocks-
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Carnation Co
*
Firemen's Ins
10
*
Harnischfeger
Hecia Mining
25c.
Insurance Securities_ -10
Line Material
•
Milw Gas pref 7%
100
Outboard Motors A
•
B
•
Waukesha Motor
•
Wisconsin Bankshares10
Wisconsin Investment A...*
Wisconsin Tel pref 7%_100
1034
5
4
234
34
3
95
134
35
20
234
134
98
1234
5
4
234
3.4
3
95
134
35
20
234
134
98
Bonds
Wisconsin G & E 5s___1952
So Wisconsin Power 58 1938
•No par value.
95
95
96
95
75
30
100
200
100
100
10
200
100
90
300
50
15
$2,000
2,000
Range Since Jan. 1.
Low.
High.
1034
5
4
234
14
3
95
134
34
20
234
134
98
May 19
May 1134
Jan
5
May
5
May
234
May
6
May 108
May
234
May
1
Apr 35
Apr
4
May
234
May 11034
Jan
Jan
Mar
Jan
Jan
mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
95
95
May
May
Jan
may
98
95
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, May 21 to May 27,
both inclusive, compiled from official sales lists:
Stocks-
Friday
awes
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Alaska Juneau Gold Min_
Anglo dz London P Nat Bk_ 73
Assoc Insurance Fund Inc_
Bank of Cal N A
105
Bond & Share Co Ltd
Byron Jackson Co
%
Calamba Sugar coin
7
7% prat
California Copper
Calif Ore Pow 7% prei
______
California Packing Corp__.
434
Caterpillar Tractor
Clorox Chemical Co A..
Cons Chem Indus A
Crown Zellerbach v t o
154
Preferred A
Preferred B
Eldorado 011 Works
Firemans Fund Indemnity_ 1234
Firemans Fund Insurance- 2234
Food Mach Corp corn
______
Galland Merc Laundry
4
Golden State Co Ltd
1934
Hawaiian C & S Ltd
Hawaiian Pineapple
Home F & M Ins Co
534
Honolulu 011 Corp Ltd____
Honolulu Plant/AIM
634
Langendorf United Bak A_
714
-Salt Co
Leslie Calif
Los Ang Gas & El Corp pfd 7034
Lyons Magnus Inc A...
14
Magnavox Co Ltd
I Magnin & Co corn
4734
preferred
8%
Natomas Co
No Amer Inv 6% prat-534% preferred
North American Oil Cons
214
Occidental Insur Co
Oliver United Filters B.
Paciffc Gas dc Elec com____ 1934
6% 1st preferred
2034
534% preferred
1834
Pacific Lighting Corp corn, 2134
6% preferred
65
Pae Pub Serv non-vot com_
134
Non-voting pref
654
Pacific Tel & Tel corn
6334
6% preferred
86
Paraffine Co corn
6
Ry Equip & Realty 1st pfd
Rainier Pulp & Paper Co__ ______
Richfield oil common
7% preferred
Roos Bros corn
Preferred
San Joaq Lid'7% pr pref
Schlesinger & Sons B F pfd
1
Shell Unoin 011 corn
234
Sherman Clay & Co pr prof 47
Southern Pacific Co
741
______
So Pac Golden Gate A
B
18
Standard 011 of Calif
Telephone Inv Corp
Thomas Alice Corp A
Tide Water Assd 011 coin_
234
6% prof
Transamerica Corp
234
8
Union Oil Associates
Union Oil Co of Callf
Un Sugar Co tom
Wells Fargo Bk & U T.- 160
West Amer Fin Co 8% pf ______
21A
934 934
135
80
1
1
100 110
114 114
31 1
7
731
814 834
h
34
70
7034
434 5%
434 534
12
1234
834 934
134 134
8% 10
834 934
934 934
1254 15
2134 2334
4
434
24
24
4
534
1935 2034
434 454
1334 1334
5
554
2734 2734
634 634
734 734
7034 80
334 334
14
14
214 214
4734 50
9
9
11
10
10
10
234 274
5.14 514
1
1
1934 2234
2034 2134
1834 1934
2134 28
65
78
19-4 134
554 634
6334 66
85
8734
7
5
834 834
634 634
14
14
34
34
3
3
38
38
70
9314
134
1
234 3
47
48
734 834
7% 734
334 334
1734 1934
30
30
3
3
234 234
29
30
234 334
734 854
9
934
1
1
14034 180
1
1
211
MIL
200
98
700
150
200
721
260
250
1,745
19
3,474
7,707
658
1,070
1,095
395
292
310
78
1,926
900
175
1,023
890
200
325
1,860
8.5
100
840
245
355
2,330
925
165
200
20
5
924
33
160
19.903
8,442
2,178
9,999
879
1,183
3,975
305
696
3,331
50
200
100
130
100
10
184
55
1,894
85
2,067
100
100
9,197
10
350
2,350
115
40,807
2,289
1,858
500
80
550
, lAK
f
Range Since Jan, 1.
Low.
High.
834 Apr
65 May
Apr
1
99 May
134 May
54 May
7
Apr
834 May
34 Jan
70 May
43-4 May
454 May
12 May
834 May
134 May
8% May
834 May
9% May
1134 May
2134 May
4 May
24 May
4 May
1934 May
4 May
13 May
434 May
2714 May
6
Apr
834 Jan
70% May
254 Jan
14 Jan
214 May
4754 May
9 May
10 May
10 May
234 May
554 May
1 May
1934 May
2034 May
1834 May
2134 May
65 May
134 May
534 May
6354 May
85 May
5 May
814 May
634 Feb
34 May
34 Jan
3 May
38 May
70 May
1
May
234 Apr
Apr
40
734 May
634 May
2 may
1734 Apr
30 May
8 May
2
Apr
20
Feb
234 Jan
714 May
834 May
1 May
139 May
1 May
1634 Jan
114
Jan
234 Feb
162
Jan
334 Feb
234 Mar
934 Jun
1234 Mar
% Mar
101
Jan
1134 Feb
15
Jan
15
Jan
1734 • Feb
234 Jan
1834 Jan
Jan
15
1034 Feb
2034 Jan
4834 Mar
11
Feb
35
Feb
834 Feb
36
Jan
934 Jan
21 IMar
1034 Jan
38
Jan
934 Mar
914 Apr
100
Jan
3.14 Mar
1% Feb
6
Mar
8334 Jan
1214 Apr
1534 Mar
15
Feb
534 Feb
1234 Feb
211 Mar
3634 Feb
2634 Jan
2434 Jan
4134 Feb
95
Jan
314 Mar
1434 Mar
Mar
104
Jan
112
2534 Jan
1134 Jan
934 Jan
34 Feb
34 Feb
534 Jan
Jan
50
Jan
107
Feb
11
4
Mar
51
Mar
3734 Jan
113-4 Mar
1034 Mar
2734 Feb
Jan
50
414 Feb
314 Jan
30 May
Feb
8
1254 Jan
14
Jan
2
Feb
200 Mar
2
Jan
2
22..
on
17...
May 28 1932
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital,
May 18
-The State National Bank of Iowa Park, Texas
$40,000
President, John Hirschi; Cashier, H. A. Mills.
May 18
-The Stewartsville National Bank, Stewartville, Minn_
35.000
President, C. E. Fawcett; Cashier, Homer Wooldridge.
APPLICATION TO ORGANIZE APPROVED, WITH TITLE
REQUESTED.
May 17
-The First National Bank of Belvidere. N. J
100,000
Correspondent, Harry Runyon, Belvidere, N. J.
VOLUNTARY LIQUIDATIONS.
May 16
-The First National Bank of Bessemer, Mich
100,000
Effective May 7 1932. Lb. Agent, Walter R. Olson,
Bessemer, Mich. Succeeded by the Bessemer National Bank, Bessemer, Mich.
-The First National Bank of Winneago, Minn
May 18
25,000
Effective May 12 1932. Liq. Agent, J. E. Rorman,
Winnebago, Minn. Aosorbed by the Blue Earth
Valley National Bank of Winnebago.
May 17
-The Magnolia Park National Bank of Burbank, Calif_ 100.000
Effective April 18 1932. Liq. Comm., Homer Reed,
Floyd H. Schenk and James J. Gahan, care of the
liquidating bank. Liquiadting bank not absorbed
or succeeded by any other banking association.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ per Sh.
$200 Consolidated Smelting Co.
scrip 58, due 1939; 150 Bonanza
Creek Gold Mining Co.. par 85;
2,100 Consol. Arizona Smelting
Co., par 85; 30 Copper Hill MinBig Co., par $10, 100 Inspiration
Needles Copper Co., par $1; 240
Tommy Burns Gold Mining Co.
common, par $1
$3 lot
50,000 Grandeur, Inc
$30,,000 lot
108,000 Fox Film Corp. class A
common v. t. 0
$15,000 lot
50 Minas Santa Ana,S. A.,of Mexico City, Mexico
$2,500 lot
24 Fox Film Corp. class A corn.;
50 The Maytag Co., common_ 375 lot
Shares. Stocks.
2,000 (founder's shares) Compagnieer sh.
lP
Mlniere de Santiago y Anexas
(Societe Anonyme Francalse).
with coupons Nos. 1 to 40, incl.,
attached
Bonds$27Celot
P
nl
.
$1,000,000 Atlantis Fruit & Sugar
Co. 1s1 mtge. 7% gold bonds,
series A
lot
$667,000 Atlantic Fruit & sugar Co.
.
lag mtge. 7% gold bonds,
series A
$33,350 lot
$400 Lutherland Conference Hotel
Corp. 6% gold bond, due Dec. 1
1942
$35 lot
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per Sh. Shares. Stocks.
42 United States Trust Co., Boa300 United States Trust Co., Bos- Sh.
S per
6
ton, par $10
ton, par $10
5
By Wise, Hobbs & Arnold Boston:
Shares. Stocks.
$ per Sh.
10 Malden Trust Co., Malden,
15
4 First S1at. Bank, Haverhill
par N0
2
103 United Associates Inc. 634%
pref.; 1,025 United Associates,
Inc., pref. (old)
70. lot
Shares. Stocks.
$ per Sh.
4 Columbian Nat. Life Ins. Co----115
16 units First Peoples Trust
Bonds
Per Cent.
81.460,000 Caracas Sugar Co. 20year 1st mtge. sinking fund 88.
due 1941
,--$1,000 lo
-
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Sh.
21,335 promissory note of George
E. Shomo to order of himself,
dated Nov. 21 1930, payable 15
days after date; endorsed by
George E. Shomo, together with
all attendant rights of action
thereon
$4 lot
Shares. Stocks.
$ per Sh.
10 Philadelphia Nat. Bank, par $20 50
7 Northwestern Nat. Bank & Trust
Co., par $20
32
2 Fidelity-Philadelphia Trust Co 380
10 Provident Trust Co
375
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per Rh. Shares. Stocks.
10 International Rustiest° Iron,
5 2enda Gold Mines, par $1
par $1
36e.
Per Rh,
17c.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Railroads (Steam).
Atlantic Coast Line RR.common passed divide nd.
Boston & Albany RR.Co., cap.stock.. 254 June 30 Holden of ree. May 31
Consolidated RR. of Cuba, pref.-No at tion ta ken.
Cuba RR., pref.-No action taken.
Little Miami RR.(orig. capital)
*$1.10 June 10 *Holders of rec. May 26
Pa Spec. guaranteed
*50c. June 10 *Holders of rec. May 26
Mobile & Birmingham RR.Co.. pref.
July 1 Holders of reo. June 1
$2
Morris & Essex (S. A.)
*$11( July 1 *Holders of rec. June 6
N.Y. Lackawanna & Western (guar.).- *$114 July 1 *Holders of rec. June 15
Southern Pacific Co.
-Dividend omitted •
Public Utilities.
Alabama Water Service $6 pf. (quar.)- - *$114 June 1 *Holders of rec. May 20
American Electric. Scour. pref.(bi-mthly) 250. Aug. 1 Holders of rec. July 15
Arkansas-Missouri Power 7% pf. divides d actlo n deferr red.
Bell Telephone Co. of Canada corn, (qr.) $114 July 15 Holders of rec. June 23
Binghamton Lt., Ht. & Power 88 Pf.(qti) *$134 July 1 *Holders of rec. May 31
Common (cmar.)
4114 July 1 *Holders of roe. May 31
Boston Elevated Hy., common (Guar.)-- 4134 July 1 *Holders of rec. June 10
Buffalo, Niagara dr Eastern Power
26 preferred (guar.)
*El% Aug.
*Holders of rec. July 15
Canadian Gen.El.Co., Ltd.;7% pf.(qu) ./13i July
Holders of rec. June 15
Common (quar.)
Holders of rec. June 15
$1 July
*Holders of rec. May 14
Chicago District Elect. Gen.$6 pf.(qr.)_ *$134 June
Commonwealth & Sthrn. Corp. pf.(qr.)_ $134 July
Holders of rec. JUDO 10
Compagnie General D'Elect., Amer. dep.
to* 40.9fra June 16 *Holders of rec. June 9
dep. rec. A (quar.)
Compania Hispano Americana de Elect.
Amer. dep. rec, for ser. E (S. A.)-w'8 Sickish. June 7 *Holders of rec. May 31
se pesetas June 1
Series D & E (S. A.)
Amer. de Elec.,ser. A, B &C (S.A.).* 30 pea. June 1
Connecticut Elec. Service Co., corn.(qu) 750. July 1 Holders of rec. JUDO 15
Continental Passenger fly. (s.-a.)
$214 June 30 Holders of rec. May 21
East. G.& Fuel Assoc. 4%% pf.(qu.)*8 1.1234 July 1 *Holders of rec. June 15.
*8114 July 1 *Holders of rec. June 25
8% preferred (quar.)
June 10
Elec. Pow. & Lt. Corp. $7 pt. (quar.)__ $114 July 1 Holders of rec. June 10
$114 July 1 Holders of rec.
20 preferred (guar.)
6
Empire Power Corp. partic. pref. (quar.)*58c. July 1 *Holders of rec. June 18
$6 pref.(qmar.)
$1% July 1 Holders at rec. June
Gen. Gas & El. Corp. cl. A corn, omitted.
3
*$134 June 15 *Holders of tee. June 3
$8 pref. A & B (quar.)
June
*8154 July 1 *Holders of rec. June 3
7% preferred A (guar.)
July 1 *Holders of roe.
*22
8% preferred A (oust.)
$1% July 1 Holders of rec. Jtme 20
Gulf Power Co., 86 prof. (quar.)
Financial Chronicle
Volume 134
Name of Corn pang.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
3935
When
Per
Cent. Payable.
Books Closed
Days Mau/frt.
Miscellaneous (Concluded).
$154 June 30 Holders of rec. June 17
Gold Dust Corp., pref.(guar.)
•134 June 1 *Holders of rec. May 28
Granger Mfg., 7% pref.(guar.)
*50c. July 1 *Holders of rec. June 23
Gorton-Pew Fisheries (guar.)
Great Western Sugar Co., prof.(quar.)
'134 July 2 *Holders of rec. June 15
• 133-5e May 31
Grouped Income Shares,series A
Guarantee Co. of No. Amer. (guar.).-*$154 July 15 *Holders of rec. June 90
*S254 July 15 *Holders of rec. June 30
Extra
*250. July 1 *Holders of rec. June 15
Halold Co., common (guar.)
*3134 July 1 *Holders of roe. June 15
Preferred (guar.)
*25c. July 1 *Holders of rec. June 15
Extra
•1H July 1 *Holders of rec. June 15
Hammerrnill Paper,6% pref. (quar.)
$154 July 1 *Holders of rec. June 10
Helme(Geo. W.)Co., common (quar.)
5154 July 1 Holders of rec. June 10
Preferred (quar.)
50c..11/110 26 Holders of rec. June 14
Hercules Powder, common (guar.)
0
25c. June 10 *Holders of rec. May 31
Honolulu Plantation (monthly)
50c. July 1 Holders of rec. June
Humble Oil dr Refining Co.(guar.)
Imperial Tobacco Co. of Canada, Ltd.
•19,4 June 30 *Holders of rec. June 1
Ordinary shares (Interim)
International Harvester Co.(guar.).
- 45c. July 15 Holders of rec. June 20
July 1 Holders of rec. JUDI 14e
$1
International Sliver Co., pref.(Quer.)
Internat. Business Mach. Corp.(quar.)- 5154 Ally 11 Holders of rec. June 22
8134 Oct. 10 Holders of rec. Sept.22
Quarterly
Internat. Cement Corp., commorr-Divi dend p eased.
June 15 *Holders of rec. June 1
*$2
Internat. Power Secure.$13 prof. A
July 1 *Holders of rec. June 18
*51
Johansen Bros. Shoe, pref.(guar.)
Jersey Mortgage & Title Guarantee-Div idend omitted
Johnson-Stephens-Shinkle Shoe Co.(qu.) *250. June 1 *Holders of rec. May 25
*20c. June 1 *Holders of roe. May 25
Kekeha Sugar (monthly)
July 2 *Holders of rec. May 25
*52
Landed Banking & Loan (gnu.)
Lane Bryant, Inc., common-Dividend o mitted
Leader Mercantile 7% pref.-Dividend o mined
250. June 30 Holders of rec. June 11
Leasing, Inc. (guar.)
134 July 1 Holders of rec. June 10
Liggett dr Myers Tobacco Co., pref
•1754c June 13 *Holders of rec. June 4
Lindsay Light Co., pref. (guar.)
Loudon Packing, common (guar.)
62 He July 1 Holders of rec. June 15
Mathieson Alkali Works, corn. (gr.)_ _ _ 3754e July 1 Holders of rec. June 13
July 1 Holders of rec. June 10
McKeesport Tin Plate Co., Inc.(quar.)_ $1
*50e. June 1 *Holders of rec. May 25
Merrimac Hat (guar.)
Metal Package Corp.. corn. (guar.)---$1 July 1 Holders of rec. June 10
Midvale Co. capital stock (guar.)
e$1. July 1 Holders of rec. June 18
11134 July 2 *Holders of rec. June 16
Mitchell
S.) & Co., pref.(guar.)
Monsanto Chemical Works (St. Louis)
3134c. July 1 Holders of rec. June 10
(guar.)
Montreal Cottons (guar.)
8154 June 15 Holders of rec. May 31
$1.34 June 15 Holders of rec. May 31
Preferred (guar.)
National Breweries, Ltd., corn.(guar.)
40c. July 2 Holders of rec. June 15
Preferred (guar.)
July 2 Holders of rec. June 15
*44
.1.00. June 1 *Holders of rec. May 28
National Casualty (Detroit) (guar.)-National Distillers Products, pref.(gu.)- '0254c July 1 *Holders of rec. June 21
National Finance of America tom.(oil.). .1.5c. July 1 *Holders of rec. June 10
4
.1.50. July 1 *Holders of rec. June 10
Preferred (guar.)
*15c. July 1 *Holders of rec. June 10
Preferred (extra)
National Gypsum Co., prof. (quar.)._- $134 July 1 Holders of rec. June 15
National Lead Co., common (quar.).-- 41154 June 30 *Holders of rec. June 17
Preferred class B (guar.)
*513,4 Aug. 1 *Holders of rec. July 22
National Standard Co
20e. July 1 Holders of rec. Jane 20
New England Fuel Oil(liquidating)
*750. June 15 *Holders of roe. June 1
New Method Co., Ltd., 054% pt.(au.) _ .
0134 June 1 *Holders of rec. May 25
New York Investors 1st pref.-No action taken.
Niagara Shares Corp. of Md., class A,
Prof. (guar.)
$154 Oct. 1 Holders of rec. Sept. 16
Class A preferred (guar.)
$134 Jan3'33 Holders of rec. Dec. 18
Oahu Sugar Co., Ltd.(qual.)
10c. June lb Holders of rec. June 6
Banks.
Corn. Nat. Ilk. & Tr. Co. of N.Y.(qu.) $2
Pacific Indemnity Co.(guar.)
*35e. July 7 *Holders of rec. June 15
July I Holders of rec. June 15
Pacific Southwest Discount A (quar.)-__ *10c. June 15 *Holders of rec. June 1
Fire Insurance.
*10e. June 15 *Holders of rec. June 1
Common B (guar.)
Springfield Fire dr Marine Ins. (guar.).- *S1.12 July 1 *Holders of rec. June 15
8% preferred (guar.)
June 4 *Holders of rec. June 1
*2
Parke, Davis & Co.(quar.)
250. June 30 Holders of rec. June 18
Miscellaneous.
Penney (J. C.) Co., common (quar.)60c. June 30 Holders of rec. June 20
Acadia Sugar Ret.Co.,Ltd.6% pf.(s.-a.) *150 June 15 *Holders of rec. June 1
Preferred (quar.)
$134 June 30 Holders of rec. June 20
6% preferred
Peoples Drug Stores, Inc.(guar.)
h*5c June 15 *Holders of rec. June 1
25c July 1 Holders of rec. June 8
Alpha Portland Cement Pt.(qu.)
1% June 15 Holders of rec. June I
Preferred (guar.)
41134 June 15 *Holders of rec. June 1
Aluminum Co. of America, pref. (quar.) *75c July
Perfect Circle Co., corn. (guar.)
50c July 1 Holders of rec. June 18
*Holders of rec. June 15
Powell River Co., Ltd., 7% pr. (guar.)_
American Bank Note, pref. (quar.)
*1H June 1 *Holders of rec. May 15
75o July 1 Holders of rec. June 10
American Cigar Co., corn.(guar.)
Pure Oil Co., 8% pref. (quar.)
June
2 July 1 Holders of rec. June 10
Holders of rec. June 4
52
Preferred (guar.)
6% preferred (quar.)
134 July 1 Holders of rec. June 10
Holders of rec. June 20
$154 July
American Factors, Ltd. (monthly)
534% preferred (guar.)
13
‘July 1 Holders of rec. June 10
,
*100 June I *Holders of rec. May 31
American Hawaiian Steamship Co.(qu ) 25c July
Quaker Oats Co., common (guar.)
July 15 Holders cf rec. July 1
Holders of roe. June 15
$1
American Mfg., pref. (guar.)
Preferred (guar.)
$1 54 Aug. 31 Holders of rec. Aug. 1
41134 July
*Holders of rec. June 15
American Safety Razor (guar.)
Rapid Electrotype (qua?.)
'$134 June 15'Holdersof rec. June 1
75e. June 3 Holders of rec. June 10
Reeves (Daniel), Inc.,654% pref.(qu.)_ *15i June 15 *Holders of rec. May 31
American Sugar Ref. Co., corn. (qu.)
Holders of rec. June 4
H of 1 July
Preferred (quar.)
$1% July
134 June 15 Holders of rec May 31
Holders of roe. June 4a Reliance Grain Co., Ltd., Prof.(quar.)_ _
American Tobacco Co., pf.(qu.)
Rosenbaum Grain Corp.$3 PI.(quar.)-- *75c. May 12 *Holders of rec. May .5
13.4 July
Holders of roe. June 10
Armour & Co. of Delaware. prof.(guar ) *1H July
Rubenstein (H.), Inc.,$3 pref.(quar.)
75c. June 1 Holders of rec. May 20
*Holders of roe. June 10
Associated Co. of New Jersey-Action de Ierred
Ruberold Co., corn.(qua?.)
50e. June 13 Holders of rec. June 1
Associated Rayon, pt. (qu.)
*$13( July 1 *Holders of rec. June 17
Safeway Stores, Inc., COM. (
'$1 54 June 1 *Holders of roe. May 27
(Van)
Babcock & Wilcox Co.(corn.) (gu.)---411,4 July 1 *Holders of rec. June 17
50o July 1 Holders of rec. June 20
7% Preferred (guar.)
Baldwin Co., pf. A (qu.)
July 1 *Holders of rec. June 17
'5154 June 15 *Holders of rec. May 31
6% Preferred (guar.)
Bendix Aviation Corp. common dIviden d omit ted.
Scott Paper, corn. (guar.)
35c. June 30 Holders of rec. June 16
Beneficial Loan Society (quar.)
Scovill Mfg. Co.(guar.)
no. June 1 *Holders of rec. May 20
*3754e July 1 *Holders of rec. June 15
Black & Clawson, cont, dividend omitte d.
Seaboard Oil Co. of Delaware
10c. June 15 Holders of rec. June 6
Preferred (quar.)
' June 1
Second Twin Bell Oil Synd.(monthly)_ _ *20c. June 5 *Holders of roe. May 31
5154
Blumenthal (Sidney) dc Co., pt. (guar.). *UM July 1 Holders of rec. June 15
Seven Baker J. Brae., pref. (8.-11.)
*$354 May 3 *Holders of rec. May 31
13obbs Merrill con). div. omitted.
Shepard-Niles Crane de Hoist CorIL(qu.) *25c. June 1 *Holders of roe. May 21
Bon Ami Co., class A (guar.)
July 31 *Holders of roe. June 15
*$1
South West Pennsyl. Pipe Lines (quar.)Si July 1 Holders of rec. June 15
Class B (guar.)
*500 July 1 *Holders of rec. June 19
Standard Brands, Inc., corn. (qual.)--30e. July 1 Holders of rec. June 6
Boston Elevated, corn. (guar.)
JIM July 1 Holders of rec. June 100
134 July 1 Holders of rec. June 6
Preferred ser. A (guar.)
*3154 June 15 *Holders of roe. June 4
Boston Inv. common (8.-a.)
Sun Realty pref.-Div. omitted.
Bourjois, me., corn
25e. June 15 Holders of rec. June 1
Thomson Electric Welding (guar.)
.16H June 1 *Holders of rec. May 24
Bridgeport Hydraulic Co.(guar.)
40c. July 15 Holders of rec. June 30
Thomson-Houston Electrical Co. of Fran co
-D vidend omitted
British-American Tobacco Co., Ltd.
.
Thompson Products, Inc., pf.-No actio n take n
Amer. dep. rec. ord. reg. (interim)._ tolOd July 8 Holders of roe. June 3
*sig July 15 *Holders of rec. June 30
Tuckett Tobacco., pref.(guar.)
13urrnah 011, Ltd., ord. roe
*1254 June 10 *Holders of roe. may 11
+12
Twin Bell Oil Synd.(monthly)
June 5 *Holders of roe. May 31
Canadian Permanent Mtge.(qUar.)- -- *53 July 2 *Holders of roe. June 15
300. July 1 Holders of rec. June 3
Union Carbide & Carbon Corp.(guar.).
Central Manhattan Properties A (guar.) *54c. June 1 *Holders of rec. May 21
U. S. Dairy Prod. Corp., cl. A (quar.) *50c June 30 *Holders of rec. June 8
30c. June 4 Holders of rec. June 1
City & Suburban Homes (s-a)
1st preferred (guar.)
4
11H June 1 *Holders of rec. May 25
Clorox Chemical Co.(qu.)
50o. July 1 Holders of rec. June 30
June 1 *Holders of rec. May 25
2d preferred (guar.)
*$2
Commercial Credit corn.(guar.)
'1254c June 30 *Holders of roe. June 10
United Stares Leather Co., prior pt.(qu.)
134 July 1 Holders of rec. June 10
Commercial Solvents Corp., corn.(qu.)_
15c. June 30 Holders of rec. June 4
United States Shares Corp.,ser. D
26c. June 15 Holders of rec. May 14
Commonwealth Loan Co.. pf. (qu.)-___ $134 June 1 *Holders of roe. May 20
Venezuelan Oil Conceeelon, ord
June 1 *Holders of rec. May 18
*10
.
700. June 24 *Holders of rec. June 14
Crowell Publishing Co.(au.)
June 1 *Holders of rec. Mar 31
Preferred
*10
July 1 Holders of rec. June 13 (Hiram) Walker-Gooderham & W01113
Crown Willamette Pap. Co., 1st PL(clu.) $1
- •
Devoe de Reynolds class A &B corn-Div Wend omitted
Preferred (guar.)
I 25c. June 15 Holders of roe. May 27
*$194 July 1 *Holders of rec. June 20
Wellington Oil, Ltd. (guar.)
let and 2d pref.(guar.)
ne. *Junelb *Holders of rec. May 31
'
Dominguez 011 Fields
734o. June 1 *Holders of roe. May 24
Warner Co. 57 1st pref.-Dividend acti on dela rred.
30c. July 1 Holders of rec. June 15
Dominion Stores Ltd., corn. (qu.)
Woolworth(F.W.)&Co.,Ltd.(interim) xic 15 ed.
50c. July 1 Holders of rec. May 28
Yale & Towne Mfg. Co
Draper Corp. (guar.)
25c. July 1 Holders of Ma. June 10
Dunean Mills, common-Div.=Mad.
2.5e. June
Holders of rec. May 27
Durham Duplex Razor It pr. pf. (qu.)
Below we give the dividends announced in previous weeks
1H June
Holders of roe. May 16
Eastern Utilities Invest., $7 pt.(guar.)._
'13.4 June
Holders of rec. May 16
and not yet paid. This list does not include dividends an66 preferred (guar.)
*Holders of rec. June 20
Electric Controller de Mfg. Co., com.(gu) *75c. July
nounced this week, these being given in the preceding table.
75e. July 1 Holders of roe. June 11
Electric Storage Battery Co.. corn.(qu.)
75c. July 1 Holders of roe. June 11
Preferred ldllAr.)
Books Closed.
Per
When
Famous Players Can. Corp., corn. (qu.).. *50e. June 25 *Holders of roe. Juno 2
Name of company.
Days Induelen.
Cent. Payable.
First Holding (Colo.). 8% prof. (guar.)- '134 June 1 *Holders of Pea. May 20
First National Stores, Inc., corn.(qu.) '0254c July 1 *Holders of roe. June 4
Railroads (Steam).
•1H July 1 *Holders of roe. June 4
7% 1st preferred (quar.)
Alabama Great Southern, pref
*20c July 1 *Holders of roe. June 14
3
Aug. 15 Holders of rec. July 9
8% preferred (guar.)
Albany & Susquehanna (s. a.)
.4H July 1 *Holders of roe. June 15
*3154 June 1 *Holders of rec. May 21
Florence Lt. Co., pref. (quar.)
Holders of rec. May da
Atchison Topeka & Banta Fe. corn.(on.) 21 j e
July 1 Holders of roe. June 13
uLv
Jun
3
$134
Foster Wheeler Corp., Pref.(guar.)
Atlanta Birming.& Coast,5% pf.(La.).
Holders of reo. June 13
54
French-Thompson-Huston-Dividend o mitted
Augusta et Savannah
4
134 July 5
A.)& Co.,$6 prior pref.-D Widen d omitt ed.
Fuller (Geo.
4,
250. July 5
Extra
-Dividend omitted.
$6 partic. prof.
Semi-annual
4
234 Jan5113
25e. July 1 Holders of roe. June 10
General Ky. Signal Co., corn. (guar.)._
415e. Jan5'33
Extra
5134 July 1 Holders of rec. June 10
Preferred (guar.)
Bangor & Aroostook, corn. (guar.)
50e. July 1 Holders of rec. May ZL
25c. June 30 Holders of rec. June 1
Gillette Safety Razor Co. (guar.)
Preferred (guar.)
1,‘ July 1 Holders of rec. May at
5154 Aug. 1 Holders of rec. July 1
Preferred (guar.)
Chesapeake Corp.(guar.)
50e. July 1 Holders of rec. June 8
Holders of rec. June 17
5134 July 1
Glidden Co.. prof.(qual.)
Chesapeake & Ohio, corn.(guar.)
62%c July 1 Holders of rec. June 8
*El% June 1 *Holders of rec. May 20
Democrat, pref. (guar.)
Globe
4
.1134 July
*Holders of rec. June 8
Preferred (guar.)
'
5154 July 1 *Holders of rec. June 10
Goldblatt Bros. (guar.)
Public Utilities (Conchidal).
Georgia Power Co.,$6 pref.(guar.)
$134 July 1 Holders of rec. June 15
$1M July 1 Holders of rec. June 15
$5 preferred (guar.)
4.54
Hudson County Gas Co.(s.-11.)
June 1 *Holders cf rec. May 21
Illinois Water Service 6% pref.(guar.)
- •50o. July 1 *Holders of rec. June 15
Kings County Lighting Co., 7% pf.(111.)
July 1 *Holders of rec. June 18
el% July 1 *Holders of rec. June 18
6% preferred (guar.)
5% preferred (guar.)
July 1 *Holders of rec. June 18
4.1% July 1 *Holders of rec. June 18
Common (quar.)
Lexington Utility 634% pref. (guar.)... *I% June 15 *Holders of rec. June 1
Lone Star Gas Corp. corn.(guar.)
16e June 30 Holders of rec. June 15
Long Island Lighting Co..7% pt. A(MO 154 July 1 Holders of rec. June 16
6% preferred B (guar.)
15‘ July 1 Holders of rec. June 16
Metropolitan Edison Co.,corn.(quar.)
ail June 30 *Holders of rec. May 31
*1H July 1 *Holders of rec. May 31
$7 preferred (quar.)
$6 Preferred (guar.)
' July 1 *Holders of rec. May 31
$134
*5134 July 1 *Holders of rec. May 31
$5 Preferred (guar.)
Monongahela West Penn Public Service
7% pref. (quar.)
1,4 July 1 Holders of rec. June 15
Nassau & Suffolk Ltg. Co. 7% of.(au.).
13,4 July 1 Holders of rec. June 16
National Elec. Pow. Co.6% pf.-Div. o mitted
7% preferred-Dividend omitted.
Nat. Pub. Serv. Cl. A & B com.-Diva. o muted
$354 preferred-Dividend omitted.
7% preferred series A-Div. omitted.
New England Gas & Elect. Association
$554 Pref. (guar.)
$154 June 1 Holders of rec. May 25
New England Power Assoc., corn.(qu.).
500. July 11 Holders of rec. June 10a
6% preferred (guar.)
154 July 1 Holders of rec. June 100
$2 Preferred (guar.)
50c. July
Holders of rec. June 100
New Jersey Power & Light $6 pf.(guar.) 5154 July
*Holders of rec. May 31
'
$5 preferred (guar.)
*$1H July
*Holders of rec. May 31
N. Y. & Queens El. Lt. dr Pr.(quar.) '$134 June 1 *Holders of rec. June 3
Preferred (guar.)
June
*Holders of rec. May 20
New York Central Electric Corp.
six July 1 *Holders of rec. May 31
7% preferred (guar.)
Northern State Power pref.(guar.).--- 154 June 1 Holders of rec. May 20
Ohio Edison Co., $734 prof.(guar.)._ 51 4-5 July 1 Holders of rec. June 15
$7 preferred (quar.)
$1H July 1 Holders of rec. June 15
$6 3-5 preferred (guar.)
$1.65 July 1 Holders of rec. June 15
$6 Preferred (quar.)
$154 July 1 Holders of rec. June 15
$5 preferred (quar.)
$134 July 1 Holders of rec. June 15
Penn Central Lt. & Pow.,$5 pt. (guar.) 134 July 1 *Holders of rec. June 10
'
Penn. Water & Power Co., corn. (guar.)
750. July 1 Holders of rec. June 15
Phila. Elec. Pow. Co..8% Pt. (qu.)...We. July 1 Holders of roe. June 10
Public Service Co. (Colorado) 7% pref.
(monthly)
7-12ofl July 1 Holders of rec. June 15
6% Preferred (monthly)
642011 July 1 Holders of roe. June 15
5% preferred (monthly)
5-12ofl July 1 Holders of rec. June 15
Ponce Electric Co.. pref. (quar.)
*1
July 1 *Holders of rec. June 15
Rochester Cent.Pr. Corp.6% pref.(qu.) '154 July 1 *Holders of rec. May 31
2d & 3d Streets Passenger Ky.(guar.) *$3
July 1 *Holders of rec. June 1
July 1 Holders of rec. June 15
Union Passenger Ky.(s.
54
-a.)
United Gas& Elec. Corp.(Conn.)pf.(gu.) •1% July 1 *Holders of rec. June 16
United Gas & Elec. Corp.
(N
(qtr.) 134 July 1 Holders of rec. June 16
West Phila. Passenger Ky. Co. (8.
-a.)-- $414 July 1 Holders of rec. June 15
Wisconsin Power dr Light, 7% pf. (qu.) 1)( June 15 Holders of rec. May 31
0% preferred (guar.)
$154 June 15 Holders of rec. May 31
Wisconsin Michigan Pr. Co.6% pf.(qu.) 154 June 15 *Holders of rec. May 31
'
Wisconsin Pub. Serv. Corp.,7% Pf.(gu.) $134 June 20 Holders of rec. May 31
$1,4 June 20 Holders of rec. May 31
054 preferred (guar.)
$154 June 20 Holders of rec. May 31
6% preferred (guar.)
3936
Name of Company.
Financial Chronicle
Per
When
Cent. Payable.
Rooks Closed.
Days Inclustre.
Railroads (Steam) (Continued).
Chestnut 11111 (quar.)
75c. June 4 Holders of rec. May 20
CM.N.O.& Texas Pacific Ry.com.(s.a.) 4
June 24 Holders of rec. June 6
•oi June 1 *Holders of rec. May 16
5% Preferred (Qua.)
Cleveland & Pittsb'g RR..7% gtd.(qu.) 8735c. June 1 Holders of rec. May 10
Special guaranteed (quar.)
500. June 1 Holders of reo. May 10
Columbus cc Xenia (quar.)
•$1
June 10 *Holders of rec. May 25
v Connecticut & Passumpsic Rivers
Delaware & Hudson Co., corn. (quar.)
231 June 20 Holders of rec. May 28
Delaware RR. Co.(s. a.)
*S1
July 1 *Holders of rec. June 15
Erie & Pittsburg (quar.)
8735c. June 10 Holders of rec. May 31
Georgia RR. dc Banking Co.(guar.)- -- 231 July 15 Holders of rec. July I
Hudson & Manhattan RR.. corn. (s-a)
1% June 1 Holders of reo. May 160
Illinois Central Co. (leased line) (s. a.)_. 2
July 1 Holders of reo. June 17
Kansas Oklahoma & Gulf Hy
Series A 6% cum. pref. (s. a)
3 June 1 Holders of rec. May 25
Series B 6% non-cum. pref. (s. a.)3 June 1 Holders of rec. May 25
Series C 6% non-cum. pref. (s. a.)--131 June 1 Holders of rec. May 25
Norfolk Western HY- corn.(guar.)
234 June 18 Holders of rec. May 31
(N. J.) 4% gtd.(quar.)-- *1
Northern RR.
June 1 *Holders of rec. May 14
Ontario & Quebec By. corn. (s.-a.)
•$3 June 1 *Holders of rec. May 2
Debenture stock (s.-a.)
•235 June 1 *Holders of reo. May 2
Phila., Germantown & Norristown (au.) $135 June 4 Holders of rec. May 20
Pitts. Bessemer & Lake Erie,6%Pf.(s.
-a.) SI% June 1 Holders of reo. Slay 14
•134 July 1 *Holders of rec. June 1
Pittsb. Ft. Wayne & Chic. corn.(au.)
5134 Oct. 1 *Holders of reo. Sept. 10
Common (quar.)
Common ‘quar.)
•134 Jan 233 *Holders of roe. Dec. 10
•134 July 5 "Holders of reo. June 10
Preferred (quar.)
•135 Oct. 4 *Holders of reo. Sept. 10
Preferred (quar.)
•134 Jan 3'33 *Holders of rec. Dec. 10
Preferred (guar.)
Pittsburgh, Youngstown & Ashtabula Co
131 June 1 Holders of rec. May 20
Preferred
50c June 9 Holders of rec. Slay 19
Reading Company, let pref.
$234 dJuly 1 Holders of rec. June 1
of Georgia (s. a.)--(quar.)-Sothwesn
$135 July I Holders of rec. June la
Union Pacific Co., corn
$235 July 10 Holders of reo. June 20
United N. J. RR. & Canal (quar.)
West Jersey & Seashore RR.
*135 June I *fielders of rec. Slay 15
-an.)
6% special guaranteed (s.
June 30 Holders of reo. Juno 20
- $2
Western Railway of Alabama (s.-a.)
Public Utilities.
Amer.Power & Light Co., corn.(quar.)25c. June 1 Holders of rec. May 14
American Telep. & Teleg. Co.(quar.) _ $2% July 15 Holders of rec. June 20
Amer. Vat. Wks.& El.Co. lot pt.(qu.)_ $135 July 1 Holders of rec. June 10
Baton Rouge Elec., $6 pref. (qUar.)-- *51% June 1 *Holders of roe. May 13
Birmingham Water Works,6% pf. (qu.) •134 June 15 *Holders of rec. June 1
Blackstone Vail. Gas & Electric Co.
June 1 *Holders of reo. Stay 16
Preferred (semi-ann.)
.$3
June 1 Holders of reo. Apr. 30
Brazilian Traction, Light & Power corn-- /2
June 1 Holders of rec. May 10
Brooklyn Edison Co. (quar.)
$2
Brooklyn & Queens Tran. $6 pf. (guar.)
134 July 1 dilolders of rec. June 15
Brooklyn Union Gas Co., corn. (quar.) _ $131 July 1 Holders of rec. June 1
15( June 15 *Holders of rec. June 1
Butler Water Co., 7% pref. (quar.)- - •
Canadian Hydro-Elea. Corp.
1st 6% preferred (quar.)
134 June 1 Holders of reo. Apr. 30
Cana. West Natural Gas. L., H. & P.*1% June 1 'Holders of rec. May 10
6% preferred (quar.)
1% June 1 Holders of rec. May 16a
Central Ark.Pub.Serv. Corp., p1.(au.)_
Central Gas & Elec. Co.$631 pf.(qu.)_ _
June 1 Holders of rec. May 14
Central Indiana Power 7% cum.pf.(qu.)
June 1 fielders of rec. May 20
Central Mississippi Valley Elec. Prop.
•135 June 1 'Holders of rec. May 14
6% preferred (quar.)
Central Ohio 1.Ight & Power, $6 pt.(MO *$135 June I *Holders of rec. May 16
235c June 1 Holders of rec. May 140
Cities Service Co., corn.(monthly)
Common (In stock)
15i June 1 Holders of rec. May 14a
50c. June 1 Holders of rec. May 14a
Preferred & pref. BB (monthly)
Sc. June 1 Holders of rec. May 14a
Preference B (monthly)
50o. June 1 Holders of rec. May 14
Cities Service Co.. bankers sus. (mthly.)
34 of 1 June 1 Holders of rec. May 14
Bankers shares (in stock)
Cities Service Power & Light Co.
58 1-3c June 15 Holders of ree. June la
$7 cum. pref. (monthly)
500. June 15 Holders of reo. June la
$6 cum. pref. (monthly)
41 2-3c June 15 Holders of rec. Juno la
$5 cure. pref. (monthly)
*131 June
1 *Holders of rec. Slay 20
Citizens Gas Co.(Ind.)5% pref
1% June 1 Holders of rec. May 14
Cleveland Elect. Illum.,6% pf. (quar.)_
Coast Counties Gas & Elec., 1st pf.(au.) 5t31 June 15 Holders of rec. May 25
Commonwealth Utilities, $635 pf.
41.625 June I Holders of reo. May 14
•$4
Concord Gas, common
June 15 'Holders of rec. June 5
1% June 1 Holders of rem May 14
Conn. lAght Sz Power 635% pref.(au.)
531% preferred (quar.)
131 June 1 Holders of rec. May 14
Connecticut Power Co., common
6235e. June 1 Holders of rec. May 14
Consolidated Gas Co.(N. Y.) corn.(au.) $1
June 15 Holders of rem May 10
Consol. Gas, Elec. Lt. & Pow. Co.(Balt.)
Common (quar.)
90c. July 1 Holders of reo. June 15
131 July 1 Holders of rec. June 15
5% preferred series A (quar.)
135 July 1 Holders of rec. June 15
6% preferred series D (guar.)
1% July 1 Holders of rec. June 15
535% preferred series E (guar.)
134 July 1 Holders of roe. June 15
Consumers Power CO..5% Pref.(quar.)134 July 1 Holden of roe. June 15
6% preferred (quar.)
1.65 July 1 Holders of roe. June 16
6.6% preferred (quar.)
134 July 1 Holders of reo. June 15
7% preferred (guar.)
60o. June 1 Holden of roe. Slay 16
8% preferred (monthly)
505. July 1 Holders of reo. June 15
6% preferred (monthly)
550. June 1 Holders of rec. May 16
6.6% preferred (monthly)
55e. July 1 Holders of reo. June 15
8.6% preferred (monthly)
Cunninglian Nat'l Gas, cl. A marn •(911•)- 5135c. July 1 "Holders of rec. June 15
500. June 1 Holders of roe. May 20
Dayton Pow.& Lt. pf. imthlY)
- 134; July 15 Holders of rec. June 15
Duquesne Light Co.5% pref. (quar.).
East St. Louis & Interurban Water Co.
'131 June 1 *Holders of rec. May 20
7% preferred (quar.)
*135 June 1 *Holders of rec. May 20
6% Preferred (quar.)
East Shore Pub.Serv., $631 pf.(quar.).. •134 June 1 *Holders of rec. May 10
$6 preferred (guar.)
'$1 34 June 1 *Holders of reo. May 10
*134 June 1 "Holders of rel. May 22
El Paso Natural Gas,7% pref. (quar.)
Electric Bond & Share Co., corn. (quar.) 1135 July 16 Holders of rec. June 6
$I% Aug. 1 Holders of rec. July 5
$6 preferred (quar.)
$134 Aug. 1 Holders of rec. July 5
$5 preferred (quar.)
June 1 *Holders of reo. Slay 21
Empire & Bay State Tel. (guar.)
*$1
Empire Dist. El. Co.,6% pf. (mthly)60c. June I Holders of reo. May 14
6% preferred (monthly)
50c. July 1 Holders of rem June 15
Empire Gas & Elec. 6% pf. A (quar.)_ _ _ '134 June 1 *Holders of rec. Apr. 29
•135 June 1 *Holders of rec. Apr. 29
7% prof. C (ausn)
6% pref. D (quar.)
'134 June 1 'Holders of ree. Apr. 29
Empire Gas & Fuel,8% pref.(monthly). 18 of! June 1 Holders of rec. May 14
7% preferred (monthly)
lu of 1 June 1 Holders of reo. May 14
635% preferred (monthly)
Hu of 1 June 1 Fielders of reo. May 14
6% preferred (monthly)
35 of 1 June 1 Holders of roe. May 14
Engineers Public Service Co., corn. (qu.)
250. July 1 Holders of rec. June 170
45 cony. pref.(quar.)
3131 July 1 Holders of rec. June 17a
$531 pref. (quar.)
5135 July 1 Holders of rec. Juno 17a
$6 pref.(quar.)
$131 July 1 Holders of rec. June 170
Essex & Hudson Gas Co.(s. a.)
*El June 1 *Holders of rec. May 21
Eseanaba(Mich.)Pow.&Tr.,6% p .(au.) '131 Aug. 1 *Holders of roe. July 27
6% preferred (quar.)
'131 Nov. I *Holders of reo. Oct. 27
Federal Lt. & Traction corn. (quar.)__ _ 3734c July 1 Holders of roe. June 130
Common(payable;in common stock)_ _ fl
July 1 Holders of rec. June 130
Preferred (quar.)
$135 June 1 Holders of reo. May 140
Florida Power Corp.7% A (guar.)
•I 34 June 1 *Holders of rec. May 10
7% pref. quar
•8735 Juno 1 *Holders of rec. May 10
Gai & Elec. Secur. Co., corn. (mthly.)-50c. June 1 Holders of rec. May 14
Extra an stock)
35 of 1 June 1 Holders of reo. May 14
Preferred (monthly)
7 12 of) Juno 1 Holders of rec. May 14
Gas Securities Co., corn. (monthly) -- 35 of! June I Holders of roe. May 14
Preferred (monthly)
500. June 1 Holders of reo. May 14
Green Mountain Power Corp.$6 pf.(qu.) 3131 June I Holders of rec. May 16
Gulf State Utility Co.,$6 pref.(guar.)._ '$131 June 15 *Holders of rec. June 1
$535 preferred (Guar.)
45134 June 15 Holders of rec. June 1
Hackensack Water Co.(seml ann.)
750. June 1 Holders of reo. May 18
Huntington Water corp., 7% pf. (qu.)_ '134 June 1 *Holders of rec. May 20
6% preferred (quar.)
•135 June 1 *Holders of rec. May 20
Ind. Hydro-El. Pow. Co., 7% Pt (au.).
131 June 15 Holders of rec. May 31
Indianapolis Water Co., 5% pf. A (qu.)
134 July 1 Holders of rec. June 110
Name of Company.
May 28 1932
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Ironwood & Bessemer Hy. & Light
7% preferred (quar.)
•134 June 1 *Holders of rec. May 1
K.C.Pow.& Lt. Co.ser B pt.(qu.)_
1 35 July I Holders of rec. June 1
*134 June 1 *Holders of rec. Slay
Key West Electric, pref. guar.)
Laclede Gas light, cons. (guar.)
5135 June 15 Holders of rec. June
Preferred (S. A.)
5235 June 15 Holders of reo. June
Lake Superior Gist. Pow.,6% pf. (au.)_ •135 June 1 *Holders of rec. Slay 1
7% preferred (quar.)
'134 June 1 *Holders of rec. May 1
Lexington Water Co. 7% cum. pt.(qu.) _ "134 June 1 *Holders of rec. May 2
Louisville Gas & Elec.(Del.). cl.A (au.)_ 4334c June 25 Holders of rec. Slay 3
Class 13 common (quar.)
4334c June 25 Holders of reo. May 3
Milwaukee Elec. Ry.& Lt..6% Pf.(au.) *I% June 1 *Holders of rec. May 1
Muncie Water Works Co.. 8% Pf. (au.) *2
June 15 *Holders of rec. June
National Light & Power (attar.)
'
$134 June 1 *Holders of reo. May
Natl. Power & Light. common (quar.)..
25e. June 1 Holders of rec. May
Nebraska Power Co., 7% pref.(quar.)..
134 Juno 1 Holders of rec. Slay 1
6% preferred (guar.)
134 June 1 Holders of rec. Slay 1
Newark Telep. Co. (Ohio), corn. (au).. .$135 June 10 *Holders of rec. May 3
New England Telep. & Teleg. Co.(au.)- $2
June 30 Holders of rec. June I
New Rochelle Water 7% cum. pf.(quar.) •134 June 1 'Holders of rec. May 2
New York Steam Corp. (quar.)
65e. June 1 Holders of rec. May 1
10c. June 30 Holders of rec. May 2
Niagara Hudson Power Corp. (quar.)_ _
North American Co., corn. (quar.)
f235 July 1 Holders of rec. June
Preferred (guar.)
75e July 1 Holders of reo. June
North American Edison Co. pf. (quar.)_ $134 June 1 Holders of rec. May 1
North Am. Lt. &Power $6 pf. (auar.)_ _ $135 July I Holders of reo. June 2
Common (quarterly)
fl
June I Holders of rec. May
•134 July 1 *Holders of rec. June 1
r
Norrefellaede Gas,.pref. (guar.)
pth E rrer ( mr)
"134 Oct. 1 *Holders of rec. Sept. I
Northwestern Pub.Srv., 7% pf. (au.) _ *I% June 1 'Holders of rec. May 2
67o
(quar.)
"134 June 1 *Holders of rec. May 2
Nova Scotia Lt.& Pow.Co.,Ltd.pf.(au.) 135 June 1 Holders of rec. May 1
*134 June 1 *Holders of roe. May
Ohio Power Co., pref. (quar.)
Ohio Public Serv. 7% pref. (monthly) 68 1-3c June I Holders of rec. May 1
50c June 1 Holders of rec. May 1
6% preferred (monthly)
412-3c June 1 Holders of rec. May 1
5% preferred (monthly)
5818c. July 1 Holders of rec. June 1
) )
rre onthon
6„70% prof.ref (md (m l y th 1 y
7
50c. July 1 Holders of rec. June 1
5% pref. (monthly)
4118e. July 1 Holders of rec. June 1
Oklahoma Gas & Elec. Co..6% Pt. (au.) 134 June 15 Holders of rec. May 3
134 June 15 Holders of rec. May 3
7% Preferred (guar.)
Oregon-Washington Water Service Co.
*5135 June 1 *Holders of rec. May 1
46 preferred (quar.)
Otter Tall Power Co., founders (quar.). *UK June 1 *fielders of rec. May 1
Pacific At Northwest Public Service
*$135 Jane I *Holders of rem May 1
$6 1st preferred (quar.)
•135 June I *Holders of rec. May 1
6% 2nd preferred (quar.)
Peninsular Telephone corn. (quar.)---- •350. July 1 *Holders of roc. June 1
•35o. Oct. 1 'Holders of rec. Sept. 1
Common (quar.)
•350. Jan 1'33 "Holden; of rec. Dec. 1
Common (quay.)
•134 Aug. 15 *Holders of reo. Aug.
7% preferred (quar.)
•154 Nov. 15 'Holders of roe, Nov.
(quar.)
7% preferred
•134 2-15-33 *Holders of roe. Feb.
7% preferred (quar.)
Pennsylvania Power Co., $6 Pref. (au.). $1.50 June 1 Holders of reo. May 2
550. June 1 Holders of reo. May 2
$6.60 preferred (monthly)
Penna. State Water. $7 cum. pf. (quar.)- *134 June 1 *Holders of roe. May 2
Peoples Telephone Corp., pf. (quar.)... *5134 June 1 *Holders of reo. May 3
35e. July 25 Holders of rec. July
Philadelphia Co. common (quar.)
$134 July 1 Holders of rec. Juno
$5 preference (quar.)
$6 preferred (quar.)
$134 July 1 Holders of rec. June
Phila.Suburban Water Co.. pref.(an.)..
135 June 1 Holders of reo. May 1 a
Potomac Elea. Pow., 534% pf. (guar.)._ *134 June 1 *Holders of rec. Slay 1
Public Elect. Light, pf. (quar.)
•135 June 1 *Holders of reo. May 2
Public Fiery. Co.of Colo.7% Dfd.(mthlY) 581-Sc June 1 Holders of reo. May 1
6% preferred (monthly)
50c. June 1 Holders of rec. May 1
5% preferred (monthly)
41 2-3c June 1 Holders of rec. May 1
Public Service Co.of N. H.,$6 pref. (au) *3134 June 15 *Holders of recs. May 3
$5 preferred (quarterly)
*$131 June 16 *Ifolders of reo. May 3
Public Service Corp.(N.J.) corn.(guar.)
850. June 30 Holders of rec. June
8% preferred (quar.)
2
June 30 Holders of rec. Juno
7% preferred (quar.)
134 June 30 Holders of rec. June
$5 preferred (altar.)
$131 June 30 fielders of reo. June
500, May 31 Holders of reo. May
6% Preferred (monthly)
6% preferred (monthly)
500. June 30 dllolders of reo. June
Public Service Electric & Gas Co
7% preferred (quar.)
134 June 30 Holders of rec. June
$5 preferred (quar.)
$131 June 30 Holders of reo. June
Rochester Gas & Elec. 7% pref. B (q11.).
154 June 1 Holders of reo. Apr. 2
6% preferred C (quar.)
134 June 1 Holders of rec. Apr. 2
6% preferred D (quar.)
134 June 1 Holders of rec. Apr. 2
Savannah Elec.& Power8% pf. A (qu.)_
*2 July 1 *Holders of rec. June 1
*134 July 1 *Holders of rec. June 1
734% pref. B (quar.)
7% pref. C (quar.)
*134 July 1 *fielders of rec. June 1
*I% July 1 "Holders of rec. June 1
634% pref. D (guar.)
Savannah Gas Co., 7% pt.(guar.)
'
4334c June 1 *liolders of rec. May 1
Seaboard Public Service. $6 pf.(quar.).. $131
June 1 floldera of rec. Slay 1
81340. June 1 Holders of rec. May 1
334 pf. (quar.)
Second & 3d Sta.(Phila.) Pau. Ry.(qu.) •53
July 1 *Holders Of reo. June
.$3
Oct. 1 *Holders of ree. Sept.
ro '
rly
talley Water Co.,6% pf.(qu.) "1 35 June 1 *Holders of rec. Slay 2
Somerset Union & Midd. Ltg. Co.(s.
ShenUara"
June I *Holders of rec. May 2
-a.) *82
South Jersey Gas, Elec. & Tr. Co.(se.).
5$4 June 1 'Itolders of rec. May 21
Southern California Edison
7% preferred A (quar.)
134 June 15 Holders of rec. Slay 20
6% preferred B (guar.)
134 June 16 Holdersl of rec. May 20
Southern Calif. Gas Corp.. $6.60 pf. (au) 51.625 May 31 Holders of reo. Apr. 30
Southern Col. Power. 7% pref. (quar.)_
134 June 15 lioldeni of rec. May 31
Standard Gas & El. Co.$4 pf. (guar.)._ _ $1
June 15 Holders of rec. May 31
Standard Power & LIght, corn. (quar.)..
50o. June 1 Holders of rec. May 110
Clans B (quarterly)
500. June 1 Holders of reo. may 110
Standard Power & Light (Del.), corn_ _
50e. June 1 Holders of rec. May 11
Common series II
500. June 1 Holden of rec. May 11
Susquehanna Utility Co., let pref. (qu.) *134 June 1 "Holders of rec. Slay 20
Tampa Gas Co.. 8% Pref.(guar.)
*2
Juno 1 *fielders of rec. May 20
7% preferred (quar.)
5134 June 1 *Holders of rec. May 20
Tennessee Electric Power Co.
5% first preferred (quay.)
134 July 1 Holders of reo. June 15
6% first preferred (guar.)
134 July 1 Holders of reo. June 15
7% first preferred (quar.)
134 July I Holders of reo. June 15
7.2% first preferred (guar.)
1.80 July 1 Holders of rec. June 15
6% first preferred (monthly)
500. June 1 Holders of rec. May 15
6% first preferred (monthly)
Mo. July 1 Holders of reo. June 15
7.2% first preferred (monthly)
60o. June 1 Holders of roe. May 15
7.2% first preferred (monthly)
600. July 1 Holders of rec. June 15
Terre Haute Water Works Co.
7% preferred (guar.)
•134 June 1 *Holders of reo. May 20
Texas Utilities, pref. (quar.)
.$134 Juno 1 *Holders of rec. May 21
Tide Water Power Co.. $6 Pf.(quar.).-- .$135 Juno 1 *Holders of rec. May 10
Toledo Edison Co.,7% pt. (monthly),.... 58 1-3c June 1 Holders of reo. May 14
50o. June 1 Holders of roe. May 14
6% preferred (monthly)
5% preferred (monthly)
• 41 2-3c Juite 1 *liolders of reo. May 14
Tri-State T.& T., pref. (guar.)
15o. June 1 holders of rec. May 16
United Corporation,$3 Prof. (quar.)__ _ _
750. July 1 Holders of rec. June 3
10c. July 1 Holders of rec. June 3
Common (quar.)
United Gas Corp.,$7 pref.(quar.)
$131 June 1 Holders of rec. May 17
United Gas Improvement Co. corn. (qu.)
30o. June 30 Holders of rec. NI
M
:: 21
3
Preferred (quar.)
51% June 30 Holders of rec. May 31
United Light & Rys. Co.(Del.)
7% preferred (monthly)
• 58 1-3c June 1 *Holden of reo. May 15
6 3-10% prior preferred (monthly)... *53o. June 1 "Hoidens of coo. Slay 16
6% prior preferred (monthly)
a.
.
*1 35 June 20 *11olders of ;L May 15
00.
1 1 dara
Virginia Elec. & Pow., $6 pref. (guar.). $5
Washington RY dt Elec. Co., corn. (au.) "El% June 1 *Holders of rec. May 14
5% preferred (quar.)
•5134 June 1 *Holders of rec. May 14
1 .4
Washington Water Power. $6 Prof. (an.) • 35 June 15 *Holders of rec. Slay
7
West Coast Tel. Co.,6% pref.(quar.).. :17:c Julie 1 *Holders of rec. May 20
14
5
Holders of rec. Stay 2
June
%Vera Ohlo Gas Co.. class A Prof.(qu.)..
June 1 *Holders of rec. M ay
Wheeling Electric Co., pref. (guar.).
"1 35
1
e 1 *Holders of rec. Slay 20
Williamsport Water Co.,$6 cum. pf.(au)
'holdersof coo. June 15
July
Wisconsin El. Pow. Co.. 635% 111. (au.)
*Holders of rec. June 15
•
July
6% preferred (guar.)
Name of Company.
3937
Financial Chronicle
Volume 134
When
Per
Cent. Payable.
Books Closed.
Days Indusfee.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclustre.
Miscellaneous (Continued).
Cleveland Quarries Co., corn.(quar.). _ _ *10c. June 1 *Holders of rec. May 16
Coats (J. P.) Ltd., Am.dep, rec, for reg_ xv2.6d. dJul y 8 Holders of rec. Slay 20
40e. July 15 *Holders of roe. July 5
Cod Cola Bottling Co.of St. L.(quar.)_ •
40o. Oct. 15 *Holders of rem Oct. 5
•
Quarterly
Miscellaneous.
$134 July 1 Holders of rem June 14
Coca Cola Co., corn. (guar.)
25o. July 1 Holders of ree. June 14
Extra
1 *Holders of roe. May 20
•50o. June
Abbotts Dairies, corm (guar.)
5134 July 1 Holders of rec. June 14
Class A (8.-a)
*5134 June 1 *Holders of rec. May 20
June 14
let preferred (quar.)
.
'
Coca-Cola Internat Corp., corn.(guar.) 45334 July 1 Holders of rec. June 14
*5134 June 1 *Holders of rec. May 20
50c. July 1 Holders of roe.
2d preferred (guar.)
Common (extra)
June 15
014 July 1 *Holders of rec.
Agnew Surpass Shoe Stores pf. (quar.)
July 1 Holders of rec. June 14
53
Class A (s.-a.)14 June 1 Holders of rec. May 14
10
Allegheny Steel Co. 7% pref. (guar.).
Colgate-Palmolive-Peet, pref. (quar.).. '134 July 1 Holders of rec. June 20
114 June 1 Holders of rec. May 28
Alliance Realty 6% pref. (guar.)----14 June 1 Holders of rec. May
Collins & A ikrean Corp., pref.(guar.) _ _ _
*514 July 1 *Holders of rec. June 21
Aloe (II. G. Co., pref. (guar.)
June 1 *Holders of rec. Mayr31
*$2
Columbia Building de Loan Assn. (5.-a.)..
Oct. 1 *Holders of rec. Sept. 21
*$1
Preferred (guar.)
75e. June 1 Holders of rec. May 19
Columbia Pictures Corp. cony. pt.(qu.)
34 June 1 Holders of rec. May 14
Aluminium Ltd.,6% pref. (quar.)
Commercial Investment Trust Corp.
15e. July 1 Holders of rec. June 20
Aluminium Goods Mtg., corn.(au.)
1 34 July 1 Holders of rec. June 40
7% tat preferred (guar.)
1234e June 15 Holders of rem May 31
Aluminum Industries, Inc.(guar.)
144 July 1 Holders of rec. June 40
634% 1st preferred (guar.)
Holders of rec. June 40
Aluminum Manufactures, corn. ((Ill.).- - *500. June 30 *Hoidens of roe. June 15
Cony. pref. opt, series of '29 (quar.)_. IS1 34 July 1
•50o. Sept. 30 *Holders of rem Sept. 15
Common (quar.)
50e. July 1 Holders of rec. June 4a
Common (quar.)
rem Dec. 15
•500 Dee 31 *Holders of
Common (guar.)
Class A (guar.). •1234e June 30 "Holders of rec. June 24
Community State Corp..
•
134 June 30 "Holders of roe. June 15
Preferred (guar.)
•1234c Sept. 30 'Holders of roe. Sept. 26
Class A (quar.)
*134 Sept.30 *Holders of reo. Sept. 15
Preferred (guar.)
•124c Dee. 31 *Holders of rec. Dee. 27
Class A (quar.)
*334 Deo. 31 *Holders of rec. Deo. 15
Preferred (guar.)
Compressed Industrial Gasses, Inc.
250. June 1 Holders of rec. May 20
American Arch Co.(guar.)
35e. June 15 Holders of rec. May 31
Common (guar.)
50e. July 1 Holders of rem June 11
Americal Chicle Co (guar.)
25e, June 15 Holders of rec. -une 1
Congoleum-Natrn, Ins., COLO. (guar.).
25e. July 1 Holders of roe. June 11
Extra (guar.)
*14 June 1 *Holders of roe, Afar 15
Preferred (guar.)
Amer. Crayon Co.,6% pref. (quar.).... rr1}i Aug. 1 *Holders of roe. July 20
June 1 *Holders of re.r. Apr. 30
-a.) •$4
Conservative Credit System, pref. (s.
Nov. 1 *Holders of rec. Oct. 20
6% preferred (guar.)
I Holders of rec. May 16
Cense!. Cigar, 7% preferred (quar,).._. 134 June 1 Holders of rec. afayd14
June 1 Holders of rec. May 20
*$2
American Dock Co. pref.(guar.)
50e. June
Continental Chicago Corp., pref. (cm.).
American Envelope, 7% pref. (quar.)_ •13( June 1 *Holders of roe. May 25
50e. June 1 Holders of rec. May 20
Como Mills Co.(guar.)
•134 Sept. 1 *Holders of roe. Aug. 25
7% preferred (guar.)
June 1 "Holders of rec. May 10
Creameries of Am.,Ine.,534 A pt. (qu.) *8734c
•134 Dee. 1 *Holders of roe. Nov. 2$
7% preferred (guar.)
1 *Holders of rec. Stay 10
Crow's Nest Pass Coal Co.. Inc.(guar.) _ '75e. June 15 Holders of rec. May 3I0
10c. June 1 Holders of rec. May 14
Amer. de Gen. Secur. Corp. CIA (guar.).
68e. June
Crown Cork & Seal Co., Inc. pf. (guar.)75e. June 1 Holders of rec. May 14
Cum. 1st pref. (guar.)
30e. June 20 Holders of rec. May 31a
Common (quar.)
35c. June 1 Holders of roe. May 14a
American Home Products Corp.(mthly.)
51.50 July 28 Holders of roe. July 80 Crown, Zellerbach Corp.
American fee, pref. (guar.)
3734c JULIO 1 Holders of rec. May 13
Class A and B cony. pref. (quar.)-51.50 Oct. 25 Holders of roe. Oct. 70
Preferred (guar.)
Crucible Steel Co., pref. My. omitted.
*15c. June 1 *Holders of rec. May 20
Amer. Invest. (Ill.) 13 (guar.)
*14 May 31 *Holders of rec. May 20
Crum & Forster Ins. She., pref.(guar.)
30e. June 1 Holders of rec. May 20
American Laundry Mach. Co. (quar.)
*200. May 31 *fielders of rec. May 20
A & B (guar.)
May 31 to June 15
American Locomotive Co.. pref.(gu.) _ $14 Juno 30 Holders of rec. Rine 13
June
Line Co.(liquidating)_ 5234 dune 15 Holders of rec. June 1
Cumberland Pipe
15
5134 July 1 Holders of rec. June 15
American Mfg. Co.. pref.(guar.)
134
Cuneo Press, 634% preferred (guar.)...
1
Amer. Natl. Co.(Toledo). prof. A (qu.)_ • 54 July 1 *Holders of rec. June 20
50e. June 6 Holders of rec. Ma4 20
Curtis Publishing Co (guar.)
June 20
*134 Oct. 1 *Holders of rec. Sept. 20
Preferred A (quarterly)
Si34 July 1 Holders of rec.
Preferred (guar.)
Janl 33 *Holders of roe. Doe. 20
•1 54
June 1 *Holders of rec. Slay 16
Preferred A (quarterly)
*51
Cushman's Sons,Inc., Corn.(quar.)
14 July 1 *Holders of rec. June 20
•
Preferred B (quarterly)
June 1 Holders of rec. May 16
52
$8 pref. (guar.)
*14 Oct. 1 *Holders of roe. Sept. 20
Preferred B (quarterly)
144 June 1 Holders of rec. May 16
7% pref.(guar.)
et% Jan 1'33 *Holders of roe. Dee. 20
1 *Holders of rec. May 21
Preferred B (quarterly)
Daniels & Ms& Stores 634% pf. (quar.). •14 June
Amer. Radiator & Standard Snit. Corp
•$134 June 1 *Holders of rec. May 9
Dartmouth mfg. Co., pref.(guar.)
14 June 1 Holders of rec. May 16
Preferred (guar.)
1 Holders of rec. May 16
15e. June
Davega Stores Corp.(guar.)
Amer. Smelting de Refg. Co.
5134 June 1 "Holders of rec. May 20
Decker (Alfred) & Cohn, Inc., pf. (qu.)- •
1% June 1 Holders of rec. may
7% Preferred (guar.)
100, June 1 Holders of rem May 14
Deere & Co., 7% pref. (guar.)
134 June 1 Holders of roe. May 0
6% 26 preferred (guar.)
*z46. June 1
Dennis Bros., Ltd., ordinary reg
•13.4 June 30 *Holders of rec. June 15
American Steel Foundries pref.(guar.)
rex4d. June 1 Holders of roe. Apr. 29
Amer. dep, receipts for ord. reg
50e, July 1 Holders of roe. Juno 15
May 16
American Stores Co.(guar.)
-a.) 234 July 1 'Holders of rec. Slay 16
50c. July 2 Holders of rec. June 40 Deposited Bank Shares (N.Y.), A (s. '
American Sugar Refining Co. corn.(au.)
25c, June 1 Holders of roe.
Diamond Match Co., corn. (altar.)
•8734e July 1 *Holders of rem June 20
Amer. Thermos Bottle. pref. (quar.)
June 1 Holders of rec. May 20
2
Dictaphone Corp., 8% pref. (quar.)_
-an.).... _ 1234c July 1 Holders of rec. May 31
A merican Thread Co., pref. (s.
250. July 1 Holders of rec. June 20
Distributors Group. Inc. (guar.)-June 1 Holders of rec. May 10
5
American Tobacco Co.. COM
•30e. June 1 *fielders of rec. May 15
Doctor Pepper Co.(guar.)
June 1 Holders of rec. May 10
5
Common B
•30e. Sept. 1 'Holders of rec. Aug. 18
Quarterly
*El July 2 *Hoidens of reo. June 18
Amookeag Co., common
•30e. Doe. 1 *Holders of rec. Nov. 18
Quarterly
•$2.25 July 2 *Holders of rem June 18
Preferred
250. July 20 Holders of rem June 30
Dome Mines, Ltd., corn. (guar.)
June 14 Holders of rec. May 31
Andlan Nat'l Corp., Ltd., cap.stk.(5.-a) u$1
20e, Ally 20 Holders of ree. June 30
Extra
June 14 Holders of coupon No. 7
Si
Bearer shares
114 July 2 Holders of rec. June 15
corn.(guar.)
Dominion Textile
25c. June 1 *Holders of rec. May 21
•
Archer-Daniels-Midland Co
14 July 15 Holders of rec. June 30
Preferred (guar-)
134 June 1 Holders of rec. May 13a
Associated Dry Goods, let pref. (quar.)
July 1
•54
-a.)
14 June 1 Holders of rem May Illa Dover Mills, 8% pref. (s.
Second preferred (guar.)
75e. June 1 Holders of rec. May 21
Dresser(S. R.) Mfg. Co.class A (quar.)_
June 30 Holders et rec. June 20
$1
Associates Investment (guar.)
*114 July 1 *Holders of rec. June 6
Driver Harris 7% pref. (guar.)
$14 June 30 fielders of rec. June 20
Preferred (guar.)
June 1 Holders of rem May 160
51
Drug Incorporated (guar.)
25c. June 15 Holders of rec. May 21
Atlantic Refg. Co. common (guar.)
75e. June 15 Holders of rec. May 25
DuPont de Nemours&Co.,Inmeom.(qu.)
25e. June 10 Holders of roe. May 31
corn.(quar.)
Atlas Powder Co.,
134 July 25 Holders of rec. July 9
Debenture (quar.)
78e. June 1 Holders of rec. May 20
Atlas Utilities Corp.. 53 pf. A (qu.)._
500. June 1 Holders of roe. May 15
Durham Hosiery Mills 6% prof
*4134e Juno 1 *fielders of rec. May 20
Auto Gear Works, pref.(guar.)
- 76o. July 1
Eastern Food Corp.. class A (guar.).
Automotive Gear Works, pref. (quar.) *414c June 1 *Holders of rec. May 20
•500. June 1 *Holders of roe. Apr. 30
Ltd., corn.(quer.).
Eastern Theatres,
Balaban dr Katz corn. vet. tr. otta. (qu.). 37340 July 2 Holders of rem June 18
July 1 Holders of rec. June 4
Eastman Kodak Co., common (guar.)._ 513.4 July 1 Holders of rec. June 4
14 July 2 Holders of roe. June 18
7% Preferred (guar.)
514
Preferred (guar.)
Bamberger(L.)& Co..64% cum.pf.(qu) 14 June 1 Holders of roe. May 13
*50c. June 1 *Holders of rec. May 16
Edwards Dental Supply (guar.)
*Holders of rec. May 1
*SI 34
Barcalo Mfg. Co., pref.(guar.)
3734c June 15 Holders of rec. May 31
El Dorado 011 Works (guar.)
12340 June 1 *Holders of reel. May 31
Beaton & Caldwell Mtg.. corn. (mthly.) •
*552 May 28 *Holders of roe. Apr. 20
Electric Ferries. Inc.. prof
•1234e July 1 'Holders of roe. June 30
Common (monthly)
June 1 Holders of rec. May 50
Electric Shareholdings Corp..$6 pf.(qu.)
75e, July 1 Holders of rec. June 13
Beech-Nut Packing Co.,corn.(quar.)
Aug. 1 *Holders of rec. July 25
'2
EPpens, Smith & Co
Belding-Corticelli, Ltd.,7% pref.(guar.) 114 June 15 Holders of roe. May 31
3734c July 1 Holders of rec. June 15
Equitable Office Bldg. Corp., COM•(qO.)
*55
Bell View 011 Synd. (extra)
14 July 1 Holders of rec. June 15
Preferred (quar.)
$14 July 1 Holders of roe. June 3
Bethlehem Steel Corp., prof. (guar.)._
June 1 liolders of rec. May 11
$3
Essex Co.(s.
-a.)
•
3734e Aug. 15 *Holders of roe. Aug. 10
Block Bros. Tobacco, corn. (guar.).
Ever-Ready (G. B.) Co., Ltd.
•37140 Nov. 15 'Holders of reo. Nov. 10
Common (guar.)
zw25% June 8 Holders of rec. May 4
•1 34 June 30 *Holders of rem June 24
American dep. ord. reg. (final)
Preferred (quar.)
• =25% June 1 *Holders of rem May 4
Ordinary reg (final)
•14 Sept. 30 *Holders of rec. Sept. 24
Preferred (guar.)
60c. Aug. 15 Holders of rec. Aug. 5
Ewa Plantation Co. (guar.)
*1 4 Deo. 31 *Holders of rem Doe. 24
Preferred (guar.)
50e. June 1 Holders of rec. May 20
Blue Ridge Corp. $3 cony. pref. (guar.). 0750 June 1 Holders of rec. May to Faber Coe & Gregg (guar.) Inc.
Fanny Farmer Candy Shops,
750 June 1 Holders of rem May 14
Borden Co., common (guar.)
*60e. July 1 *Holders of rec. June 5
Preferred (guar.)
53
June 30 Holders of roe. June 1
of rec. May 21
Boston Wharf Co., corn. (s.-a.)
Fed. Compress & Wise, Co. corn.(au). 40e. June 1 Holders of rec. June 1
10c June 1 Holders of rec. May 14
Brach (E. J.) dr Sons (guar.)
*fielders
$1
.
Fidelity Invest. Assoc.(guar.)
14 June 1 Holders of roe. May 17
Brill Corp., 7% met.(guar.)
16c. June 29 Holders of rec. June 15
50o July 1 Holders of rec. June 150 Fifth Ave BIL9 Sees. Corp.(guar.)
Brillo Mfg. Co., Inc., el. A (quar.)
15
15c July I Holders of rec. June 150 Finance Service Cori).
Common (guar.)
nee. June 1 *Holders of rec. May
Common class A and B ((mar.)
-Amer. Tob. Co., Ltd. )Interim) - rated dJuly 8 holders of rec. June 3
Brit.
•1734c June 1 'Holders of ree. May 16
Preferred (guar.)
British United Shoe Machinery
134 June 1 'Holders of rec. Mayd14
Firestone Tire & Rubber. 6% pref. (qu.)
734 June 8 Holders of roe. May 17
Am,dep. rota, for ord. reg. shares..
500, June 1 Holders of rec. May 21
FitzSimons & Con. Dredge & Dock (qu.)
30e. May 31 Holders of rec. May 14
Brown Fence & Wire Co. A (guar.)
134 July 1 fielders of roe. June 15
Florsheim Shoe Co., pref. (guar.)
750. June 1 Holders of rot. May 20
Brown Shoe Co., corn. (guar.)
15 *Holders of rem June 10
Food Machinery, preferred (monthly)... •50o. June 1 Holders of rec. May 13
June 15 Holders of roe. Apr. 25
51
Buckeye Pipe Line (guar.)
500. June
Freeport Texas (Sulphur) Co. (quar.)
Burma11011Co.,Ltd.,Amer.dePree.(final) w124 Juno 17 Holders of rec. May 16
8734c June 1 *Holders of reo. May 5
•
Cialland Mercantile Laundry Co. (qu.).
5
20e. June 4 Holders of roe. May 3
Burroughs Adding Machine (guar.).$134 June 15 Holders of rec. June
Gamerdell Co. preferred (guar.)
40e. July 1 Holders of rec. June 18
•154 June 1 *Holders of rec. May 16
Calanaba Sugar Estates, corn.(guar.)._ _
Gates Rubber Co., 7% pref.(guar.).•35o. July 1 *Holders of rec. June 15
7% preferred (quar.)
25e. June 15 Holders of rec. June la
General Asphalt Co.. corn.(Mar.)
50e. July 1 Holders of rec. June 20
California 11.k Co.,el.A & B corn.(guar.)
June 1 Holders of roe, May 23
General Cigar Co., Inc..7% pref.(guar.) 14 June 13 Holders of rec. Slay 14
50e. June 1 Holders of recs. May 14
Canada Bread, pref. B (guar.)
25c.
General Motors Corp., corn.(guar.)._
5
Canada Cement Co., 634% pref.(guar.) 14 Juno 30 Holders of rec. May 31
5134 Aug. 1 Holders of rec. July 20
$5 preferred (guar.)
Canada Permanent Mtge- Corp.
50c July 1 Holders of rec. June
Gibson Art Co. common (quarterly).- 3
July 2 Holders of roe. June 15
Capital stook (guar.)
July 1 Holders of rec. June 18
8734o
Gilbert(A. C.)$334 pref.(quar.)
Canada Vinegars, Ltd., corn.(quer.). _ .40e. June 1 *Holders of rec. May 14
•35c July 1 *Holders of rec. June 15
0oderich Elev.& Trans. Co., Ltd.(qu.)
10
Canada Wire de Cable Co., Ltd.
•3734c July I *Holders of rec. June 31
Goldblatt Bros. (guar.)
151
June 15 Holders of reo. May 31
A common (guar.)
40e June 10 *Holders of rec. May
•
Golden Cycle Corp. (guar.)
•14 June 15 *Holders of roe. May 31
of rem June 1
Preferred (guar.)
Rubber let pref.(guar.) 134 July 1 Holders of rec. May 16
Goodyear Tire &
Canadian Canners. Ltd., 1st pf.(guar.) 514 July I Holders of rec. June 15
40e June 1 Holders
Gorham NIfg. Co., corn, v, t. e. (quar,).
10c. July 1 Holders of rec. June 15
2nd preferred (quar.)
14 July 1 Holders of rec. June 20
Gottfried Baking Co.lot.. Prof.(quar,).
Canadian Car & Foundry, corn. (guar.). 115o. May 30 Holders of roe. May 16
14 Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
-- $134 July 4 Holders of rec. June 18
Canadian Cottons Ltd. pf.(guar.).
14 Jan 2'33 Holders of rec. Dec. 20
Preferred (guar.)
July 1 *Holders of rec. June 20
52
Canadian 011 Coe. Ltd., pref.(guar.)
June 30 Holders of rec. June 29
3
(W.R.) dr Co., 6% pref.(s. a.)
Grace
Canadian Silk Products Corp., el.A(gu.) 3734c June 1 Holders of rec. May 15
Deo, 29 Holders of rec. Dec. 28
3
•31
6% preferred (a.a.)
June 30 *Holders of roe. June 20
Canfield 011, common (quar.)
June 30 Holders of rec. June 29
2
Preferred A & B (guar.)
of roe. June 20
•134 June 30 *Holders
7% preferred (guar.)
Sept.30 Holders of rec. Sept. 29
2
B (guar.)
Preferred A &
•1
Sept. 30 *Holders of rem Sept. 20
7% preferred (quar.)
Dee. 29 Holders of rec. Dee. 28
2
Preferred A & B (guar.)
•154 Deo. 31 *Holders of roe. Des. 20
7% preferred (guar.)
•75o June 1 *Holders of rem May 10
Grand Union Co.. pref. (guar.)
5134 July 1 Holders of rec. Juno 12
Case (J. I.) pref. (guar.)
5134 June 1 Holders of rec. May 6
Gt. Atl. & Pac. Tea Co., corn.(guar.)
1234e May 31 Holders of rem May 14
Caterpillar Tractor Co. (guar.)
25e. June 1 Holders of rec. May
Common (extra)
May 22
Central Manhattan l'rop., el. A (quar.). .54e. June 1 *Holders of rec.
154 June 1 Holders of rec. May L
7% preferred (guar.)
15c. Aug. 15 Holders of rec. Aug. 8
Centrifugal Pipe (guar.)
60e. June I Holders of rec. May 2G
Great Northern Paper Co. (guar.)
15e. Nov. 15 Holders of rec. Nov. 8
25o. June 1 Holders of rec. May 16
Quarterly
Hale Bros. Stores, Inc.(guar.)
14 June 1 Holders of roe. May 20a
May 31
Century Ribbon Mills pref. (quar.)_ _
Pt. (qu.). 514 June 3 *fielders of rec. May 15
Hamilton United Theatres 7%
1 Holders of rec.
Coated Paper Co.
Champion
Hancock 011 Co. of Calif.(Del.) A (qu.). •100. June 1 *Holders of rec. May 15
.$14 July 1 *Holders of rec. June 20
•10o. June
Special preferred (guar.)
Common B (guar.)
.$13-4 July 1 •Holders of rec. June 20
5134 June 20 Holders of rec. June 4
First preferred (guar.)
Hanna (M. A.) Co., pref. (guar.)
July 1 *Holders of rem June 20
Holders of rec. .111ly 9
Champion Fibre Co., 7% pref. (quar.).. •134 June 1 *Holders of rec. May 2
Harbison-Walker Refrac.,6% pi.(quar.) 134 July 20 'Holders of rec. May lb
_ $134
•134 June 1
Chartered Inv., Inc.. $5 pref. (guar.). '
Hardesty (a.) Mfg,7% Pref.(Guar.)
June 30 Holders of rec. Juno 9
_ $1
*154 Sept. 1 *Holders of rec. Aug. 15
Mfg., Cense]. (guar.) _
Chesebrough
7% Preferred (guar.)
50c. June 30 Holders of rec. June 9
•154 Dee. 1 *Holders of rec. Nov. 15
Extra
7% preferred (qier.)
50e. June 1 Holders of rec. May 20
of rec. May 16
Hathaway Bakeries, $3 cum. el. A (au.). 3734e June 1 Holders
Chicago Yellow Cab (guar.)
25c. June 30 Holders of rec. June 1
14 June 1 Holders of rec. May 16
(guar.)
Chrysler Corp., common
Preferred (guar.)
90c. May 31 dHolders of ree. May 16
15o June 24 Holders of rem June 17
Hubbard.Spencer. Bartlett & Co.(mthly)
lee & Fuel Co.(guar.)
City
14 June 1 dHolders of rec. May 16
50o June 1 Holders of rec. May'14
4% pref. (quar.)
Hires (Ches. E.) Co., class A corn. (qu.)
- _ .$14 June 15 •Holders of rec. May 31
Clark Equipment Co., pref. (guru%)
Banks.
Bank of Montreal (quar.)
Continental Bank & Trust (N.Y.)(au.)
1E3 June 1 Holders of roe. Apr. 30
30e. June 15 Holders of rec. June 3
3938
Name of Company.
Financial Chronicle
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
may
28 1932
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Conl)oned).
Hewitt Bros. Soap, pref. (quay.)
*2
July 1 *Holders of rec. June 20
Muskogee Co., corn.(s.-a.)
Preferred (quer.)
50c. June 15 Holders of rec. June 4
*2
Oct. 1 *Holders of roe. Sept. 20
6% cum. preferred (guar.)
Preferred (quay.)
134 June 1 Holders of roe. May 20
*2
Jun113 *Holders of rec. Doe. 20
National Biscuit, common (guar.)
Hobart Mfg. Co.((Mari
700. July 15 Holders of roe. June 17
40e. June 1 Holders of roe. May 18
Preferred (quarterly)
Holt(Henry) & Co.. cl. A (guar.).
134 May 31 Holders of rec. May 13a
National Bond & Share Corp.(guar.)
Heyden Chemical Corp. corn.(quar.)--- 2234e June 1 Holders of roe. May 11
2.50. June
*25e. June 1 *Holders of rec. May 20
National Dairy Prod., corn.(quiz.).... 65e. July 15 Holders of rec. June 1
Preferred (quay.)
1 Holders of rec. June 3
'$134 July 1 *Holders of rec. June 20
Preferred A & B (quay.)
Hooven & Allison Co.. pref. (guar.).
13' July 1 Holders of rec. June 3
-'81)4 June 1 *Holders of roe. May 14
National Lead Co., pref. A (guar.)
Horn & Hardart Co.(N. Y.). prof
June
Nat. Life & Accident Insur. Co.(guar.) 81% June 15 Holders of reo. May 27
Household Finance Corp. pref.(qu.)_ _ _ _ $134 June 1 Holders-of rec. May 12
*40e.
1 *Holders of reo. May 20
$1.05 July 15 Holders of rec. June 300 National Sugar Refining
Common clan A & B
Co.(N. J.)
900. July 15 Holders of rec. June 300
Capital (guar.)
Imperial Chemical Industries. Ltd.
50e. July 1 Holders of rec. June 1
National Transit (guar.)
Amer. dep. rcts. for ord. reg
25e. June 15 Holders of reo. May 31
arta June 8 *Holders of reo. Apr. 15
Neiman-Marcus Co., prof. (quay.)
Imperial 011. Ltd.(guar.)
'$1 34 June 1 *Holders of reo. May 20
112340 June 1 Holders of rec. May 14
Nelson, Baker & Co.(guar.)
Importers & Exporters Insurance
*15e. June 30 *Holders of tee. June 26
*25e. June 1 *Holders of rec. May 21
Quarterly
Industrial de Power Securities (guar.).
4,15e. Sept.30 *Holders of roe. Sept.24
- 250. June I Holders of reo. May
Neptune Meter, pref. (quit.)
Quarterly
2
Aug. 15 Holders of roe. Aug. 1
25e. Sept. I Holders of rec. Aug. 1
Preferred (quiz.)
Quarterly
Nov. 16 Holders of reo. Nov. 1
250. Dee. I Holders of roe. Nov. 1
New Bedford Cordage (guar.)
Ingersoll-Rand Co., corn. (quiz.)
*12)4e June 1 *Holders of rec. May 14
750. June 1 Holders of reo. May 12
Preferred (guar.)
Preferred (semi-annual)
*1% June 1
3
July I Holders of rec. June 8
New England Grain Prod.,$7 pref.(pu.) 081.75 July 1 *Holders of rec. May 14
Inter-Island Steam Navigation(mthly.). 0100. May 81
*Holders of reo. June 20
Holders of rec. May 24
87 preferred (guar.)
Monthly
0$1.75 Oet. 1 *Holders of roe. Sept.20
010e. June 30 *Holders of rec. June 24
27 preferred (quer.)
Monthly
*111.75 Ja.2
'33 *Holders of roe. Dee. 20
*100. July 31 *Holders of rec. July 24
$6 preferred A (guar.)
Monthly
*51.50 July 15 *Holders of rec. July 1
*10e. Aug. 31 *Holders of rec. Aug. 24
26 preferred A (quay.)
Monthly
*31.50 Oct. 15 *Holders of roe. Oct. 1
*10e. Sept.30 *Holders of rec. Sept.24
$6 preferred A (guar.)
Monthly
081.50 Ja 15'33 *Hold, of rec. Jan. 1 '38
*10o. Oct. 31 *Holders of tee. Oct. 24
New York Transportation Co.(quay.).. 50o.J une 28 Holders
Monthly
of rec. June 15
*10e. Nov.30 *Holders of roe. Nov. 24
Newberry J. J.) Co., corn.(guar.)
2734c July 1 Holders of rec. June 16
Monthly
*10o. Dec. 31
7% preferred (guar.)
Internist!. Harvester Co. Prof. (quay.)... $13' June 1 *Holders of rec. Dec. 24
134 June 1 Holders of reo. may 10
Holders
Niagara Shares Corp.(Md.)International Milling Co., 1st pf.(guar.) oil% June 1 *Holders of roe. May 5
of rec. May 20
Common B
First preferred A (guar.)
e234 July 15 Holders of roe. June 24
*31% June 1 *Holders of rec. May 20
$6 preferred (guar.)
International Petroleum Co., Ltd. (qu.) u250. June 15
58134 July 1 Holders of roe. June 17
New preferred (guar.)
Internat. Proprietories, Cl. A (guar.).--- f65c. June 15 Holders of rec. May 310
5134 July 1 Holders of rec. June 17
Holders of roe. May 25
North Central Texas Oil Co., Inc.
Internat'l Safety Razor Co., ol. A (qu.) *600. *June
preferred (guar.)
International Salt Co., cap. stk. (guar.) 87340. July 1 Holders
21% July 1 Holders of rec. June 10
1
International Shoe. pref. (monthly)..... *50e. June 1 *Holders of ree. June 150 North River Insurance Co.(quse.)
*25o. June 10
of tee. May 14
Northern Pipe Line Co., cap.stk.(ds.-a.) 25c. July 1 *Holders of rec. June 1
IronFireman Mfg.((Mar.)
Holders
100. June 1 Holders of tee. May 16
Northam Warren Corp.,cony. pt. (gur.) 750. Awe 1 Holders of rec. June 17
Ivanhoe Foods.Inc., prof.(guar.)
• 87%c. July 1 *Holders of
of
reo. June 10
Norwalk Tire & Rubber. prof.(quay.).. 8732c July 1 Holders of rec. May 14
Jantzen Knitting Mills. 7% prof.(guar.) '134 June 1 *Holders
of reo. May 25
Ogilvie Flour Mills Co.,Ltd.,7% pf.(qu) II% June 1 Holders of rec. June 22
Jewel Tea Co.. Inc., common
rec. May 20
81 July 15 Holders of roe. July 1
Ohio Oil Co.(quay.)
Jones & Laughlin Steel 7% pref.(qua:.). $1
200. Alas 15 Holders of rec. May 17
July 1 Holders
6% preferred (guar.)
Kalamazoo Vegetable Parchment (qu.). *15o. June 30 *Holders of roe. June 13
1% June 15 Holders of roe. June 6
of rec. June 20
Omnibus Corp., 8% pref.(guar.)
$2
Quarterly
July 1 Holders
*150. Sept.30 *Holders of roe. Sept.20
Oneida Community, Ltd., prof.(guar.). 25c. June 15 Holders of rec. June 15
Quarterly
of rec. May 31
*150. Dec. 31 *Holders of roe. Dee. 21
Oshkosh Overall Co., pref.(guar.)
Katz Drug (guar.)
*50c. June 1 *Holders of reo. May 20
500. June 15 Holders of rec. May 31
Owens Minds Glass prof.(guar.)
Preferred (guar.)
21% July 1 Holders of reel. June 15
1% July I Holders of rec. June 15
Package Machlnerr. (guar.)
Kaufman Dept. Store, Inc., pf. (qu.).-- 1% July 1 Holders
*51.50 June 1 *Holders of tee. may 20
1st preferred (quay.)
Kendall Co. cum. ds part. pf. seg. A(1u.) 2134 June 1 Holders of rec. June 10
•1% Aug. 1 *Holders of Teo. July 20
of roe. May 10
First preferred (guar.)
Kemper-Thomas Co.„ corn.(guar.)
'134 Nov. 1 *Holders of rec. Oct. 20
*1214o July 1 *Holders of roe. June 20
Patterson-Sargent Co., corn. (quiz.)...
Common (guar.)
25e. June I Holders of rec. May 18
Oct.
*12)40
*Holders of roe. Sept. 20
Perfection Stove Co.(monthly)
Common (guar.)
18%c May 31 Holders of reo. May 20
*12)40 Janr83*Holders of reo. Dec. 20
Pet Milk Co.. pref. (guar.)
Preferred (guar.)
July 1 Holders of roe. June 10
*I% June 1 *Holders of rec. May 20
Petroleum Exploration (guar.)
Preferred (guar.)
25c June 15 Holders of reo.
*1)4 Sept. 1 *Holders of roe. Aug. 20
Pander(D.) Grocery CO.,01. A ((PAM-- 87%0 June 1 Holders of tee. June 2
Preferred (guar.)
*1% Dec. 1 *Holders of roe. Nov.20
May 20
Penick & Ford Co., Ltd.(quiz.)
Keystone Cold Storage
250. June 15 dHolders of rec. May 28
111.25 Oct.
*Holders
Wandler Co., pref. (guar.)
Kidder Participations, Inc.. 4.4% met_ *h50c June 1 *Holders of rec. Sept.20
*al% June 1 *Holders of rce. May 20
1
of rec. May 10
Photo Engravers & Electra.. Ltd.(qu.). *50e. June 1 *Holders of ree.
No. 2, 4%% preferred
*h50o June 1 *Holders of roe. May 10
May 170
Piedmont Mfg. Co. (0.-a.)
No. 3, 5% preferred
July 1
*33
*h50c June 1 *Holders of reo. May 10
Pillsbury Flour Mills,Inc.. corn•(quay.).
Klmberly-Clark Corp.. pref. (quar.)
50o June 1 Holders Of roe. May 14
1% July 1 Holders of roe. June 11
Pioneer Mill Co., Ltd., monthly
Common (guar.)
*10o. June 1 *Holders of reo.
25c July I Holders of reo. June 11
Pittsburgh Plate Glass Co.corn.(qu.)... 250 July 1 Holders of roe. May 20
Klein (D. Emil) oom. (guar.)
250.
June 10
1 Holders
PlimptonMfg. Co. (guar.)
Knudsen Creamery, clans A & B (guar.). 537 340 July 20 *Holders of rec. June 29
*81% June 1 *Holders of rec. May 25
Aug.
of rec. July 31
Plume & Atwood Mfg.((War.)
Class A and B (guar.)
•50e July 1 *Holders of tee. June 25
•3714c Nov.
Kroger Grocery & Bak. Co.. cons.(qu.). 250. June 20 *Holders of roe. Oct. 31
Quarterly
*500. Oet. 1 Molders of Tee. Sept.211
1 Holders of roe. May 10
Plymouth Oil Co., common
8% 1st preferred (guar.)
250. July 1 Holders of roe. June 16
*1% July 1 *Holders of roe. June 20
Pollock Pap.& Box, pref.(guar.)
2% Id preferred (guar.)
*UM June 15
*1% Aug. 1 *Holders of roe. July 20
Preferred (guar.)
Lake Shore Mines, Ltd (guar.)
*81% Sept.15
f50c. June 15 Holders of roe. June 1
Preferred (guar.)
Extra
0
$15( Dee. 15
(500. June 15 Holders of rec. June 1
Powdrell & Alexander, pref. (quay.).... 1
Landers. Frary & Clark (qr.)
11% July 1 *Holders of roe. June 16
*132340 June 30 *Holders of roe. June 20
Procter & Gamble Co., 5% pref.(guar.)
Quarterly
*6234e Sept.30 *Holders o free. Sept.20
134 June
Providence Dye.. Bleach. & Cal.Co., pf. $1 34 June 15 Holders of tee. May 254
Quarterly
1 Holders of rec. May 15
'6234e Dee. 31
of
Purity Bakeries Corp. (guar.)
Lanston Monotype Machine CO.(quiz.) 1)4 May 31 *Holders of roe. Dee. 21
25e. June 1 Holders of ree. May JO
Holders
rec. May 21
Quaker Oats. 6% preferred (guar.)
Lehigh Coal & Nay. Co.. coin.(quar.)-134 May
25o May 31 Holders of rec. Apr. 30
Railway Equip.& Realty 1st prof (guar.) 037340 June 81 Holders of rue. May 2
Lehn & Fink Prod. Co., cons.(quar.)50e June 1 Holders of rec. May le
1 *Holders of rec. May 1
Raybestos Manhattan, Inc. (quar.)--Liggett & Myers Tobacco coin.(guar.)._ $I
Mc. June 15 Holders of rec. May 31
June 1 Holders of roe. May 16
Reliance Grain Co., Ltd., pref.(quay.)..
Class B (guar-)
June
81
June 1 Holders of reo. May 16
Reliance International Corp.cum. pref.. *1% June 15 *Holders of roe. May 31
Lily-Tulip Cup Corp. corn.(guar.)
50c.
3734c June 15 Holders of rec. June 1
1 Holders of rec. May 20
Reynolds Metals Co. (quay.)
Lincoln Stores, common (guar.)
37)40 June 1 Holders of roe. May 16
*25e. June 1 *Holders of reo. May 24
Rich's, Zoo.. 834% prof. (guar.)
Preferred (guar.)
1% June 30 Holders of roe. June 15
*81)( June 1 *Holders of ree. May 24
Rolland Paper Co.. Ltd. pf. (guar.).
Lindsay (C. W.) & CO., Ltd.
- •1ti June 1 *Holders of rec. may 16
6% cum. preferred (guar.)
634% preferred (quarterly)
1)4 June 1 Holders of reo. May 16
1% June 1 Holders of roe. May 14
Link-Belt, corn. (guar.)
4.6
30o June 1 Holders of reo. May 140 Royal Dutch Co.(final)
Schiff Co., 7% pref.(quit.)
Preferred (guar.)
13-i June 15 Holders of rec. May 31
*144 July 1 *Holders of rec. June 15
Common (guar.)
Loblaw Groceterlas, Ltd.,Cl. A & B (qu.) f200 June 1 Holders
50c June
Schine Chain Theatres, Inc., $3 pf.(qu.) *75o June 15 Holders of rec. May 31
Lock Joint Pipe Co., corn. (monthly)-.. *670 May 31 *Holders of rec. May 12
1 *Holders of rec. May 18
of rec. May 31
Second Investors Corp. (It. I.)Common(monthly;
*860 June 30 *Holders of reo. June 30
23 prior pref. (guar.)
Common (monthly)
*750. June 1 *Holders of roe. May 14
*67c July 31 *Holders of tee. July 31
Secord (Laura) Candy Shope(quay.).... *750 June 1
Common (monthly)
*87c Aug. 31 *Holders of rec. Aug. 31
*Holders of roe.
Selected Managements. Inc
Common (monthly)
*1 0.637e Jan. 15 *Holders of ree. May 15
*66c Sept.30 *Holders of roe. Sept. 30
Dec.
Serve!, Inc., preferred (guar.)
Common (monthly)
*81.75 Aug. 1 *Holders of reo. July 31.
*670 Oct. 31 *Holders of roe. Oct. 31
20
Preferred (Misr.)
Common (monthly)
*31.75
0670 Nov.30 *Holders of roe. Nov.30
Shell Transp. & Trad. Co., Ltd. (final) *7% Nov. 1 *Holders of tee. Oct. 20
Common (monthly)
*1360 Dec. 31 *Holders of roe. Dee. 31
Sherwin-Williams Co. (Cleveland)
Preferred (guar.)
July 1 *Holders of roe. July 1
6% preferred "AA" (guar.)
Preferred (guar.)
1% June
*82
Oet. 1 *Holders of rec. Oct. 1
Simon (Franklin) & Co., Inc., pref.(qu.) 1% June 1 Holders of roe. May 14
Preferred (quay.)
1 Holders of rec. May
J'n1 '33 *Holders of roe. Jan. 1
Simon (H.) & Sons, Ltd., pref. (guar.).
Loew's. Inc., Common ((Mar.)
134 June 1 Holders of roe. May 17
75o June 30 Holders of rec. June 13
Socony Vacuum corp.(guar.)
Lord & Taylor, common (guar.)
200. June 15 Holders of reo. May 20
8234 July 1 Holders of rec. June 17
6
Southern Pipe Line Co.(guar.)
First preferred (guar.)
35e. June 1 Holders of rec. May 16
$1% June 1 Holders of reo. may 17
Spalding (A. G.)& Bros., 1st pref.(au.)
Ludlow Mfg. Associates 01uAri
1% June 1 Holders of roe. May
1)4 June 1 Holders of rec. May 7
16
2nd preferred (guar.)
Lankentielmer Co., preferred (quit.).... 0
2 June 1
1% July I *Holders of roe. June 20
Sparks, Withington Co., pref.(quar.)- '134 June 15 Holders of reo. May 16
Preferred (guar.)
•1,4 Oat. 1 *Holders of
*Holders of reo. June 8
roe. Sept.20
Spencer Kellogg & Sons (guar.)
Preferred (quit.).....
June
0
1% Jan ru *Holders o reo Dee. 22
Spicer Mfg. Corp.. pref. ser. A (guar.). d75c July 30 *Holders of rec. June 15e
Magnin (I.) ac Co..6% prof.(quiz.)-... '134 Aug. 15 *Holders of res. Aug.
15 Holders of rec.
6
Standard 011 (California) (guar.)
8% preferred (guar.)
50e June 15 Holders of roe. July 1
'1)4 Nov. 15 *Holders of
May
Standard Oil Co.(Ind.) (quay.)
Manischev‘itz (it.) & Co., cum.(guar.). 45c June 1 Holders of rec. Nov. $
25e June 15 Holders of rec. May 16
rec. May 20
18
Standard 011 Co.(Neb.) (guar.)
Mapes Con•olidated Mfg. Co.,(guar.). 750 July
25c June 20 Holders of rec. May 28
1 Holders of rec. June 15
Standard 011 Co.(N.J.) $25 pet (gu„).
Extra
250 June 15 Holders of roe. May 16
25e July 1 Holders of rec. June 15
2100 par (qM%)
Marine Midland Corp. (guar.)
21
June 15 Holders of roe. May
200 June 30 Holders of rec. June lo
Extra $25 par
May Dept. Stores, common (quay.)
25o June 15 Holden of rec. May 16
45o June 1 Holders of rec. May 16
16
Extra 5100 Par
May Hosiery Mills, Inc., $4 pref
21
June 15 Holders of Teo. May 16
50c June 1 Holders of rec. May 20
Standard Steel Cons.. class A (guar.).- *75e July
Mayflower Associates, Inc.,corn.(guar.)
1
SU/ Baer & Fuller. 7% prof.(quay.).... '433'e June 30 *Holders of rec. June 15
MeCahan (NV .J.) sugar Ref.& molasses. 50o June 15 Holders of rec. June 1
*Holders of rec. June
7% preferred (guar.)
preferred (quar.)
*43ge Sept.30 *Holders of ree. Sept.15
1% June 1 Holders of rec. May 21a
15
7% preferred (guar.)
McCall Corn (quay.)
*433(43 Dec.
50c Aug. 1 Holders of rec. July 15
Strawbr. & Clothier,6% pr. Pt. A (gu.)- 41114 June 31 *Holders of rec. Dec. 15
McClatehy Nes,openers,7% pref.
1 *Holders of rec. May 16
(qu.)
Stromberg-Carlson Telep. Mfg. Co..
McColl Frontenao 011 corn. (guar.)-- - 04334c June 1 *Holders of rec. May 28
15e. June 15 Holders of reo. May 14
-634% pref.(quay.)
McIntyre Porcupine Mbar,Ltd.(qu.).. 250.
1.1% June
June 1 Holders of roe. May 2
Studebaker Corp., 7% pref. (quiz.).... 1% June 1 *Holders of rec. May 16
Mead Corp., pref.(guar.)
1 Holders of roe. May 10
Bun Oil Co., common (guar.)
Mergenthaler Lino Co.cap.stk.(qu.)__. 31% June 1 Holders of rec. May 15
25e June 15 Holders of reo. May 25
40c June 30 Holders of rec. June la
Preferred (guar.)
Capitalstook (qua:.)
134 June 1 Holders of roe. May 10
Me Sept.3 Holders of rec. Sept. 7a Superior Portland
Mesta Machine Co.,corn.(guar.)
Cement, el A (mtbly.) 27%o
25e July
Holders of rec. June 16
Swedish Ball Bear. Co. el. B Am.she 41.33 June 1 Holders of rec. May 23
Preferred (quay.)
Holders of rec. June 16
Metal Textile Corp., partic. pref.(guar.) $134 July
Sylvanite Gold mines. Ltd.(s.-a.) -1420. June 30 Holders of rec. May 31
81%e June
Holders of rec. May 20
Meteor Motor Car
Extra
aile June 30 Holders of rec. May 31
Arne
*Holders of rec. May 20
Tacony-Palmyra Bridge Co.
Metro-Goldwyn Pictures Corp.. pf.(pu.) *10o. June
-14i
1 Holders of rec. May 27
Metropolitan Ice. pf. extra
Clue A and common (quiz,)
750. June 30 Holders of rec. June 10
*300.
*Holders of roe. June 15
Meyer(H.II.) Pkg.,634% pref.(qu.). '1)4 July
Texas corporation (guar.)
250 July 1 Holders of roe. June $
June
*Holders of rec. May
Texas Gulf Sulphur (quay.)
M-G-M Pictures, pref.(qua:.)
4734c June 1 Holders of rec. May 20
50c June 1 5 Holdra of rec. June 1
Midland Grocery Co.. Pref.(a.
27
Tex-O-Kan. Flour Mills. 7% Dt. (guar.)
-an.)
*3
July
June 1 *Holders of rec. May14
*Holders of roe. June 20
Miller & Hart, Inc., 23% pref.(guar.)._ *I5c. July
Thew Shovel Co.. Prof. (qua:.)
'13-4 June 15 *Holders of roe. June 10
*Holders of rec. June 15
Mohawk mining Co.(guar.)
Thirty-Nine B'way, Inc., pref.(5.-A.)
250. May 3 Holders of rec. Apr.
0$1
June 1 *Holders of reo. MAY 6
30o Timken Detroit Axle Co., pref. ((May,)..
Special
May 11 :Holders of reo. May
$5
13-4 June 1 H0iders 0 tee kiay 2
0
o
:
Hl cle 11 m May 2
14a Timken Roller Bearing Co. (guar.)
Morrell(John) & Co., Inc., corn.(guar.)
50c. June 1
3734e June 6
Title Insurance of St. Louis (guar.).- •12
Monroe Loan Society, pref. (quar•)---- 41% June 1 Holders of rec. May 21
May 31
*Holders of rec. May 20
Tublze-Chatillon, $7 pref. (guar.)
Montreal Loan & Mtge. Co.(quar.)_
- *75e. June 1 *Holders of rec. May
134 July 1 'Holders°rs of rec.. June 20
Ma 21
f
Unexcelled Mfg. Co.. Inc. (guar.)
Motor Finance Corp. (guar.)
*25c. May 3 *Holders of rec. May 31
10c. June
24
Underwood-Elliott-Fisher CO., com.(qu) 25c. June 1 Holders of roe. May 21
Motor Products Corp.(guar)
50o. July
Holders of roe. June 20
30 Holders of rec. June 110
Preferred (guar.)
Mt. Diablo Oil Min. & Havel. Co.(Qui
'Sc. June
$134 June 30 Holders of roe. June lie
*Holders of rec. May 14
Unilever N. V., final for ord. share,.... *z4
Munaingwear. Inc.(guar.)
250. June
Holders of roe. May 16
UnionCentral Life Ins. Co. (8.-A.).... •4714c
Murphy (G. C.) Co., corn.(guar.)
40c. June
Holders of rec. May 21
Union Storage (guar.)
Muskegon Motor Co.. special A (guar.)50e. June
Holders of rec. May 20
'6334e Aug. 10 *Holders of fee. Aug. 1
Quarterly
.62j40 Nov. 10 *Holders of tee. Nov. 1
3939
Financial Chronicle
Volume 134
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Data* Inclusive.
The New York "Times" publishes regularly each week
number of banks and trust companies which are
Etot members of the New York Clearing House. The Public
1 ational Bank & Trust Co. and Manufacturers Trust Co.,
York
1 ving been admitted to membership in the New
r learing House Association on Dee. 11 1930, now report
•
s
.op eekly to the Association and the returns of these two banks
a re therefore no longer shown below. The following are
.
Zhe figures for the week ending May 20:
returns of a
Miscellaneous (Concluded).
350. June 1 Holders of roe. Mayd16
JixIon Tank Car Co., cap. stk. (guar.) _
Jutted Aircraft & Transport Corp.. 6%
750. July 1 Holders of rec. June 10
prof.(guar.)
500. June I Holders of rec. May 16a
Jnited Biscuit of Amer..cons.(guar.).50c. Sept. I Holders of rec. Aug. 16
Quarterly
$11.4 Aug. 1 Holders of rec. July 15
Preferred (guar.)
10c. June 24 Holders of rec. June 9
Elastic Corp. (guar.)
Jolted
50c. July 1 Holders of rec. June la
Jolted Fruit Co. common (guar.)
•50o. June 1 •FIolders of rec. May 16
Jolted Milk Crate Corp., class A (gu.)
154 July 1 Holders of rec. June 200
Jolted Piece Dye Works, pref.(guar.)_
11.4 Oct. 1 Holders of roe. Sept.20a
Preferred (guar.)
1H Jan 2'33 Holders of rec. Dec. 200
Preferred (guar.)
WITH THE CLOSING OF
I STITUTIONS NOT IN THE CLEARING HOUSE
Jolted States Foil Co.20 1932.
71.4c July 1 Holders of rec. June I5a
BUSINESS FOR THE WEEK ENDED FRIDAY MAY
Common class A & B (guar.)
$134 July 1 Holders of rec. June I5a
-AVERAGE FIGURES.
Preferred (guar.)
NATIONAL BANKS
30 Holders of rec. June 15
400. June
Jolted States Gypsum Co.(guar.)
134 June 30 Holders of rec. June 15
Preferred (guar.)
Other Cash Res. Dep., Dep. Other
500. July 20 Holders of rec. June 300
Loans,
P. S. Pipe & Fdy.. Isom. (guar.)
Gross
50o. Oct. 20 Holders of rec. Sept. 30a
Gold. Including N. F. and Banks and
Disc. and
Common (guar.)
Bank Notes Elsewhere. Trust Cos. Deposits.
50o. Ja.20133 Holders of rec. Dec. 31a
Investments
Common (guar.)
30o July 20 Holders of roe. June 30a
First preferred (clung.)
8
$
$
$
gOo Oct. 20 Holders of rec. Sept. 30a
3
3
First preferred (quay.)
80o Ja.20'33 Holders of rec. Dee. 31a
Met preferred (guar.)
Manhattan
695,315 13,626,43:
1,299,148
rec. June 20
87,839
871.4e July 1 Holders of
3.8. Playing Card Co.(guar.)
Grace NationaL 17,162,778 3,500
U. S. Shares Corp., ger. H & roe• 128750 June 1 *Holders of rec. Apr. 30
20
united States Steel Corp..7% pt. (gtL). 194 May 28 Holders of roe. May 250
Brooklyn.27.000 5,570,001
383,000
72,000
50c. June 1 Holders of rec. May
United States Stores Corp.. 1st pref--Peoples Nat'l-. 6,230,000 5,000
I
8134c June 15 Holders of roe. May 25
[Jolted Stores Corp.. pref.(guar.)
rec. May 16
Utility Equities Corp.,$5H prlor(s.-a.)_ $254 June 1 Holders of
Van Raalte Co., Inc., 1st pref.(guar.)._ 451 St June 1 Holders of rec. May 18
60c. June 15 Holders of rec. June 1
Viking Pump, preferred (guar.)
70
-AVERAGE FIGURES.
TRUST COMPANIES
Vulcan Destining Co., pref.(guar.).- 1H July 20 Holders of row. July 10
1294c June 1 Holders of rec. May
Elec. Corp.. corn. (guar.)
Wagner
of rec. May 16
50c. June 1 Holders
Waitt & Bond. Inc.. class A (guar.)___.
Res've Dep., Depos.Other
Loans,
37 tic. July 1 Holders of rec. June 20
Gross
Waldorf System.Inc..cam.(guar.)
N. F. and Banks and
Disc. and
July I Holders of rec. June 17
$1
Ward Baking Corp., pref. (guar.)
Elsewhere. Trust Cos. Deposits.
Cash.
Investments.
250. May 3 Holders of rec. May 16
Welch Grape Juice (guar.)
$154 May 3 Holders of recs. May 16
8
$
Preferred (guar.)
$
$
$
ManhattanHolders of roe. May 14
June
.
Wesson Oil & Snowdrift, oonv. pf.(gu.)_ $1
Brooklyn
Holders of rec. May 20
25c. June
2,253,300 57,651,200
Western Auto Supply Co., el. A&B (qui
55,033,100 *2,896,300 11,628,500
Holders of rec. May 10
Emigre
962.600 16,666,100
Western Dairy Products,$6 pf. A (guar.) 11.4 June
990,100
17,298,800 '2.178,900
Holders of rec. May 25
Fulton
50c. June
59,169,659
Western Pipe & Steel Co. corn.(guar.)_ ..
1
62,456,313 6.483,333 16.856,405
United States
Holders of roe. May 16
250. June
Co.. com-Westvaco Chlorine Products
of rec. June 20
'Holders
•194 July
Whitaker Paper Co.. pref.(guar.)
Brooklyn
•154 June 3 *Holders of roe. June 13
379,000 110,472,000
White Motor, pref. (guar.)
87,669,000 2,341,000 42,011,000
l
Brooklyn
26,978,819
Will & Baumer Candle Co.,Inc.25,970,836 1,882,137 5,786,021
Holders of roe. June lba Kings County
July
$3
Preferred (guar.)
qv
Willards Chocolates (134% pre
Holders of roe. May 14
June
Empire. $1,681,900; FutWindsor Hotel, Ltd..634% Pref. (guar.) 8434o
* Includes amount with Federal Reserve as follows:
*Holders of roe. July 15
Aug.
•2
Winsted Hosiery (guar.)
o on, 82,032,600.
Nov. *Holders of roe. Oct. 15
•2
Quarterly
'Holders of rec. May 13
•51H June
Wolverine Tube Co., pref.(guar.)
Holders of rec. Apr. 18
600. June
Woolworth (F. W.),common (guar.)
'Holders of rec. May 10
szto3 June
6% preferred (8.-a.)
Holders of reo. May 20
500. June
Wrigley (William) Jr. Co.(mthly.)
Holders of roe. June 20
250. July
-In the folMonthly
Boston Clearing House Weekly Returns.
'Holders of roe. Ian. 10
•111 July
Wurittser(Rudolph) Co..7% Pt.(gu.)
.
•15c. June 1 "Holders of rec. June 2
we furnish a summary of all the items in the Boston
Products Corp.(guar.)
owing
Zontte
Stock Exchange has ruled that
learing House weekly statement for a series of weeks:
• From unofficial sources. t The New York and not until further notice.
ex-dividend on this date
stock will not be quoted
not be
ruled that stock will
t The New York Curb Exchange Association has notice.
BOSTON CLEARING HOUSE MEMBERS.
further
quoted ex-dividend on this date and not until
books not closed for this dividend.
a Transfer
Week Ended Changesfrom Week Ended Week Routed
d Correction. e Payable in stock.
May 11
May 18
Previous
May 25
On account of accumulated
1932.
1932.
Week.
f Payable In common stock. g Payable in scrip. la
1932.
dividends. I Payable in preferred stock.
of a share
stock is 44-1000ths
$
$
$
$
1 Electric Shareholdings Corp. div. on the $6 pref. is advised by May 15, 81.50
80,400,000
80,400,000
-500,000
79.900,000
of common stock or, at holders option if company
Capital
74,619.000
74,619,000
-784,
73,835.000
In cash.
Surplus and profits
1-32nd of a share of corn, stock. Loans, &sets & invest'ts_ 803,215,000 -11,008,000 814,223.000 834,302,000
o At option of holder, or in stock at the rate of
537,476,000 527,499,000
Blue Ribbon Individual deposits
531,225,000 -6,251,
g At the new rate of 65-5% Per annum, pursuant to agreement with
133,066,000 134,507,000
126,514,000 -6,522,00
Due to banks
Corp., Ltd.
201,363,000 204,125,000
-2,868.
198,495,000
Time deposits
32,660.000
27,281,000
I Payable in Canadian funds.
23,252.000 -4,029,
States deposits
United
10,682,000
10,661,000
-701,000
9,960,000
u Payable in United States funds.
Exchanges for Cis. House
122,899,000 117,659,000
+109,000
Due from other banks.-- 123,008,000
w Less deduction for expenses of depositary.
72,909,000
87.758,000
80,413,000 -7,345,000
deposities
Res've in legal
8.851,000
z Less tax.
9,506,000
-576,000
8,930,000
City Bank, 55 Wall St.. Cash in bank
10.393.000
24.589.000
z Coupon No. 10 may be presented at The National
18.201.000 -6.388.000
Rea.in excess in F.R.Bk.
New York City,
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, MAY 21 1932.
Clearing House
Members.
Bank of N. Y.& Tr. Co_
Bank of Manhat. Tr. Co.
National City Bank-Chemical Bk.& Tr. Co__
Guaranty Trust Co
Manufacturers' Tr. Co...
Cent. Hanover Bk.& Tr.
Corn Exch. Bank Tr. Co.
First National Bank
Irving Trust Co
Continental Ilk. & Tr.Co
Chase National BankFifth Avenue Bank
Bankers Trust Co
Title Guar. Ss Trust Co...
Marine Midland Tr. Co_
Lawyers Trust Co
New York Trust Co--Cornet N.13k.& Tr. Co.
Harriman N.B.& Tr.Co.
Co__
Public N. B.& Tr.
*Capita
*Surplus and Net Demand
Deposits,
Undivided
Profits.
Average.
$
6,000,000
22,250,000
124,000,000
21,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
148,600,000
500,000
25,000,00
10,000,00
10,000,000
3,000,000
12,500,000
7,000,000
2,000,000
8,250,000
$
9,866,800
44,436,300
101,347,500
44,895,100
194,963,400
27,122,900
75,023,500
22,710,400
112,537,200
75,564,900
6,747,800
143,075,000
3,630,500
76,307,900
21,193,200
7,022,000
2,498,000
26,928,600
9,235,600
2,863,200
7,876,40
$
77,521,000
256,743,000
2958,691,000
203,104,000
6745,233,000
258,228,000
421,705,000
170,759,000
308,704,000
290,014,000
21,669,000
1,017,261,000
33,042,000
d421,284,000
30,719,000
39,211,000
12,340,000
184,185,000
42,214,000
28,726,000
35,095,000
Time
Deposits,
Average.
-Beginning with the return for the
Philadelphia Banks.
ended Oct. 11 1930, the Philadelphia Clearing House
week
new
Association began issuing its weekly statement in a
The trust companies that are not members of the
form.
separately,
Federal Reserve System are no longer shown
companies
but are included with the rest. In addition, the
to membership in the Association are
recently admitted
Instead of
included. One other change has been made.
"Reserve with Federal Reserve Bank" and "Cash
showing
combined under
in Vault" as separate items, the two are
designation "Legal Reserve and Cash."
Reserve
Reserve requirements for members of the Federaltime deon
System are 10% on demand deposits and 3%
Bank. "Cash
posits, all to be kept with the Federal Reserve
legal reserve. For trust comin Vaults" is not a part of
System the
panies not members of the Federal Reserve
on demand deposits and includes
reserve required is 10%
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
showthe Philadelphia Clearing House Association discontinued
reserve required and whether reserves held are above or
ing the
below requirements. This practice is continued.
$
10,956,000
36,376,000
180,939,000
24,095,000
61,618,000
84,659.000
42,962.000
24,741,000
23,162,000
40,622,000
2,388,000
112,010,000
3,224,000
37,693,000
603,000
5,493.000
1,073,000
21,445,000
2,391.000
5,583,000
28,557,000
Week Ended Changesfrom Week Ended
May 14
May 21
I Previous
I
1932.
Week.
1932.
Week Ended
May 7
1932.
$
$
$
$
0
.052.0 0
77
77,052,000
77,052,000 Unchanged
Capital
205,718.000
205,718.000
205.718,0001 Unchanged
Surplus and profits
0 1,154,540,000
discts. and invest_ 1,142,718,000 -7,024,000 1,149,742,00
Loans,
16,806.000
-477,0001 15,223,000
14,746,000
Exch.for Clearing House_
-313,000 112,090,000 125,700.000
111,777,000
Due from banks
158,633,000
622.435,000 1,015,846,200 5,556,448,000 750,590,000 Bank deposits
161.268,000 +2,627,000 158,641,000 621.582,000
Totals
606.062,000 -8,633,000 614,695,000 263,882,000
(a) $219.546,000;(b) $53,825,000; (c) $50,- Individual deposits
+164.0001 262,244,000
262,408,000
Time deposits
Includes deposits in foreign branches
00
$22,220,000.
1,029,738,000 -5,842,000 1,035.580,000 1,044.097,0
Total deposits
914,000; (d)
87,628,000
88,222,000
State, March 28 1932; trust Ree've with F.R.Bank
--601,000
87,621
official reports: National. Dec. 31 1931;
• As per
1932.
companies. March 28
I
•••111
gm'Imimmrifirmilmimmmmmilimm
nancral Chronicle
May 28 1932
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board
Thursday afternoon, May 26, and showing the condition
of the twelve Reserve banks at the close of business on Wednes
as a whole in comparison with the figures for the seven precediday. In the first table we present the results for the System
The second table shows the resources and liabilities separately ng weeks and with those of the corresponding week last year.
for
Accounts (third table following) gives details regarding transact each of the twelve banks. The Federal Reserve Agents'
Reserve Agents and between the latter and Federal Reserve ions in Federal Reserve notes between the Comptroller and
banks. The Reserve Board's comment upon the returns for the
latest week appears on page 3897, being the first item in our departm
ent of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF
THE FEDERAL RESERVE BANKS AT THE CLOSE
OF BUSINESS MAY 25 1932.
RESOURCES.
Gold with Federal Reserve agents
Gold redemption fund with U. S. Treas
111fay 25 1932 May 18 1932. May 11 1932. May 4 1932. Apr. 27
1932. Apr. 20 1932. Apr. 13 1932. Apr. 6 1932. May
27 1931.
2,113,407,000 2,177,750,000 2,219,609,000 2,269,181.000 2,269.856,
000 2,223,947,000 2,192,997,000 2,181,047,
40,368,000
000 1,792,364,000
36,054,000
34,838,000
35,510,000
36,100,000
41,070,000
41,830,000
32,514,000
43,201,000
Gold held exclusively agst. F. R. notes_ 2,153,775,000 2,214,704.
000 2.254.447,000 2,304.691,000 2.305,956.000 2,265,017,
Gold settlement fund with F. R. Board
000 2,234,827,003 2.225.148,000 1,824,878,000
362,593,000 370,787.000 335,320,000 321,685,000 313,878,00
0
Gold and gold certificates held by banks_ 340,713,00
0 333,541,000 366,650,000 366,045,000 394,700,000 297,297,000 317,085,000 318,494,000 579,154,000
461,415,000 480,400,000 488,560,000 855,241,000
Total gold reserves
2,857,031,000 2,919,032.000 2,956,417,000 2,092,421,000 3,014.531.
000
Reserves other than gold
207,131,000 203,123.000 207,733,000 210,825,000 218,502,00 3,023,729,000 3,018,312,000 3,032.202,000 3,259,273,000
0 212,969,000 214,737,000 212.544,000 173,241,000
Total reserves
3,064,212,000 3,122,155,000 3,164,150,000 3,203,246,000 3,233,036.
Non-reserve cash
000 3,236,698,000 3,233,049,000 3,244,748,000 3,432,514,000
76,136,000
72,905.000
77,209,000
72,354,000
80,448,000
Bills discounted:
78,815,000
78,994,000
74,062,000
70,730,000
Secured by U. S. Govt. obligations
190,168,000 189,083,000 190,555,000 220,079,00
0 239,458,000 267.366,000 316.088,000
Other bills discounted
281,099,000 275,860,000 280,818,000 285,722,00
50,489,000
0 292,366,000 297,157,000 312,514,000 319,796,000
315,478,000 102,363,000
Total bills discounted
471,267,000 454,943,000 471.373,000 505,801.000 531,824,00
0 564,523.000 628.602,000 835,274,000 152,852,000
Bills bought in open market
38,373,000
40,643,000
42,719,000
44,522.000
45,874,000
U. S. Government securities:
48,547,000
51,809,000
57,946,000 124,501,000
Bonds
374,784,000 358,653,000 346,147,000 348,149,00
Treasury notes
166,372,000 1(15,422,000 153,740,000 111,222.000 346,399,000 346,198,000 321,183,000 318,690,000
69,085,000
0
95,447,000
Special Treasury certificates
85,446.000
85,448,000
52,227,000
84,395,000
Certificates and bills
984,040,000 912,323,000 885,380,000 829.510.00
0 749,386,000 846.486,000 578.395,000
481,929,000 487,056,000
Total U. S. Government securities 1,525,196,000 1,466,403,000
1,385,267,000 1,280,881,000 1,191,232,000 1,078,130,000 985,024,00
Other securities
0 885,014,000 598,368,000
5,220,000
5,023,000
5,042.000
4,929,000
4,815,000
Foreign loans on gold
4,501,000
4.476.000
4,321,000
768,000
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks__
Uncollected items
Bank premises
All other resources
2,040,056,000 1,977,012.000 1,904,401,000 1,842,133,
000 1,773.745,000 1,695,701.000 1,889,911,000 1,582,555.
4,614,000
000 876,489,000
4,629,000
4,699,000
5,692,000
5,695,000
6,883,000
8,869,000
14,624,000
6,644,000
699,000
14,733,000
14,994,000
14,392,000
14,014,000
16,305,000
14,107,000
337,924,000 393,311,000 354,586,000 370,840,00
14,810,000
15,463,000
0 347,315.000 388,362,000 610,810,000 362,758,00
58,084,000
0 451,313,000
58,084,000
58,082,000
58,083,000
57,855,000
57,855.000
57,854.000
39,541,000
58,580,000
57.853,000
38,457,000
37,519,000
37,178.000
35.100.000
34,118.000
37,960,000
36.602,000
19,393.000
Total resources
5,635,221,003 5,881,286,000 5,615,640,
000 5,603,918,000 5,548.108,000 5,512,537,000 5,509,354,000
LIABILITIES.
5,380,030,000 4,925,181,000
F. R. notes in actual circulation
2,532,714,000 2,558.107,000 2,551,363,
000 2,501,046,000 2,526,572,000 2,544,764,000 2,537,075.000 2,561,573,
Deposits:
000 1,551,808,000
Member banks
-reserve account
2,214,384,000 2,192,403,000 2,144,373,
000 2,147,148,000 2,114.423,000 1,978,642,000 2,010,899,000
Government
36.366,000
1,942,268.000 2,424,670,000
26,429,000
51,075,000
12,837,000
Foreign banks
49,155,000
52,494,000
78,334,000
40,706,000
19,267,000
28,137,000
45,578,000
44,177,000
45,063.000
Other deposits
49,598,000
47,317,000
41,137.000
29,319,000
29.712,000
7,396,000
25,125,000
33,350,000
32,054,000
21,024,000
19,435,000
27,078,000
19,772,000
20,044,000
Total deposits
2,320,775,0002.280.535,000 2
,272,975,000
Deferred availability items
334,481,000 387,068,000 344,884,00 2,237,102,000 2,234,200,000 2,131,371,000 2,123,965,000 2.020,161,000 2,471,105,000
0
Capital paid in
154,719,000 154,784,000 154,806.000 359,198,000 341,318.000 390,708.000 401,809,000 353,218,000 442,526,000
Surplus
259,421,000 259,421.000 259,421,000 154.892,000 155,240,000 155.376,000 155,458,000 155,558,000 168,428,000
259,421,000 259,421,000 259,421,000 259,421,000 259.421,00
All other liabilities
33,081,000
0 274,636,000
32,371,000
32,191,000
31,659,000
31,357.000
30.897.000
31,626,000
30,099,000
16,678,000
Total liabilities
5,635,221,000 5,681,286,000 5,015,840,000
5,603,918,000 5.548.108,000 5.512.537,000 5.509,354.000 5.380.030,
Ratio of gold reserve to deposits and
000 4,925,181,000
F. R. note liabilities combined
58.7%
80.2%
61.2%
62.3%
Ratio of total reserves to deposits and
83.3%
84.6%
84.7%
66.1%
81.0%
F. It. note liabilities combined
83.1%
84.4%
65.6%
66.8%
Contingent liability on bills purchased
87.9%
69.2%
89.4%
70.8%
85.3%
for foreign correspondents
216.402,000 239,948.000 270,741,000
278,042,000 297,735.000 308.843,00
0 325.684,000 335,312,000 381,570,000
Maturity Distribution of Bills and
Short-Term Securities
1-15 days bills discounted
334,792,000 331,176,000 332,185,000
368.450,000 388,169,000 418,471,00
16-30 days bills discounted
32,074:000
0 474,040.000 481,735,000
86,762,000
3
31,644,000
4,455,000
33,571,000
31-60 days bills discounted
35,894.000
50;172,000
38,057,000
40,106,000
49,932,000
13,313,000
39,618.000
50,427.000
51,976.000
61-90 days bills discounted
50,743,000
52,269,030
24465
67,400,000
4000
23,513,000
56,819,000
28.685,000
30,758,000
30,923,000
Over 90 days bills discounted
37,239,000
38,617,000
38,809,000
24.764:000
12,864,000
39,210,000
23,526,000
23,548.000
22,881.000
19,779,000
19,109,000
18.247.000
17,892,000
16,400,000
Total bills discounted
471,267,000 464,943,000 471,373.000 505,801.00
1-15 days bills bought in open market-.
0 531,824,000 564,523,000 828.602,000
6,054,000
835,274,000 152,852,000
8,042,000
11,410,000
18-30 days bills bought in open market_.
11,160.000
8.567,000
8,336,000
10,092,000
15,188,000
26,913.000
7,600.000
46,582,000
4,953,000
31-60 days bills bought in open market
6,583.000
10,789.000
8.277.000
7,688,000
10,095,000
8.349,000
12,830,000
30,805,000
8.049,000
81-90 days bills bought in open market
9.584,000
6,988,000
9,272,000
11,892,000
14,890,000
12,871,000
11,931,000
42,768,000
18,067,000
16,928.000
Over 90 days bills bought in open market
19.280,000
13,758,000
22.375,000
240,000
9,574,000
240,000
3,818,000
240,000
267,000
270.000
287,000
285,000
239,000
498,000
Total bills bought in open market
38,373,000
40,643.000
42,719.000
44,522.000 45.874,000
1-15 days U. S. certificates and bills
48,547,000
51,809,000
54,500,000
57,916.000 124,501,000
81,980.000
53,591,000
50.966.000
18-30 days U. S. certificates and bills-24,855,000
3.800,000
7,005,000
39,550,000
3,500,000
40,550,000
54,500,000
80,980,000
31-60 days U. S. certificates and bills-- 152,025.00
53,591,000
45,436,000
23,325,000
0 112,050.000
3,800,000
65,375,000
70,100,000
95,784,000
81-90 days U. S. certificates and bills_ _
99,050,000 122,530,000
88,591,000 109.916,000
187,816,000 159,525,000 213,025.000 213.025,00
52,300,000
Over 90 days certificates and bills
74,300,000
550,143,000 548,218,000 485,064.000 388,755,000 152,525.000 110.550,000
74,300,000
57,550,000
0 419,365.000 364,170,000 387,174,000
290.413,000
831,000
Total U. S. certificates and bills
984,040.000 942,323,000 885,380,000 829,510.00
0 749,386,000 646,488,000 578,395,000
1-15 days municipal warrants
3,656,000
481.929,000 176,056,000
3,819.000
4,726,000
4,613,000
16-30 days municipal warrants
3,202,000
3,241,000
4,2113,000
1,419,000
1,031 000
4,186.000
111,000
111,000
31-60 days municipal warrants
1,388,000
1,003,000
110,000
110.000
142,000
107,000
61-90 days municipal warrants
52,000
52.000
20,000
28,000
20.000
Over 90 days municipal warrants
110,000
110,000
142,000
35,000
35,000
107,000
63.000
18,000
98,000
83,000
98,000
98,000
28,000
Total municipal warrants
5,220,000
5,023.000
5,042.000
4,929.000
4,815.000
4.501,000
4.476,000
4,321,000
18,000
Federal Reserve Notes
Issued to F. R. Bank by F. It. Agent
- 2,758,223.000 2.762.673,0002.765.345,000 2,735.601.
000 2,762,874,000 2.778,214,000 2,781,688,000
Held by Federal Reserve Bank
225,509,000 204,566,000 213,982,000 173,955,000
236,102,000 233,450,000 244,811,000 2,796.501,000 1,957,603,000
234,928,000 405,795,000
In actual circulation
2,532,714,000 2,558,107.000 2,551,363,000 2,561,646.000 2,526,572,
000 2,544.784.000 2,537,075,000 2,581,573,000
1,551,808,000
Collateral Held by Agent as Security for
Notes Issued to Bank-BY gold and gold certificates
880.812.000 915,160,000 955,969,000 968,651,000 986,726,00
Gold fund-Federal Reserve Board___
1,232,595,000 1,262,590,000 1,263,640,000 1.302,530,000 1,303,130, 0 912,217,000 863,267,000 861,567,000 616,884,000
By eligible paper
000 1,311,730,000 1,329,730,000 1,320,380.000 1,175,480,
489,274,000 465,844,000 474,219,0001 510,044,000
000
U. S. Government securities
539,868,000 575,382,000 642.702,000 855,623,00
196,400,000 148,300,000 97.300.000
0 267,779,000
Total
2,779.041,0002.791,894.000 2,791.128.000 2.770.225.
000 2,809,524,000 2,799.309 000 2,835,699,000
.Revised figures.
2,837,570.000 2,060,143,000
WEEKLY STATEMENT OF RESOURC
ES AND LIABILITIES OF EACH OF THE 12 FEDE
CAL RESERVE BANKS AT CLOSE OF BUSINES
Two Ciphers (00) omitted.
S MAY 25 1932
Federal Reserve Bank of
Total.
Boston. 1 New York. Phila. Cleteland. Richmond
Atlanta. Chicago. St, Louis. Minneap. Kan.City. Dallas. San Fran.
RESOURCES.
1
Gold with Federal Reserve Agent
S
$
1
$
$
8
$
$
$
$
6
$
S
Gold redo fund with U. S. Treas._ 2,113,407,0187,027,0 530,882,0170,780,0 204,
470.0 49,200,0 68,000,0557,795.0 71.405,0
40,368,0 1,599,0
10,151,0 4,434,0 4,972,0 2,439,0 3,451,0 2,818,0 1,697.0 41,820,0 53,080,0 23,485,0 174,863,0
1,750,0 2,234,0
956,0 3,867,0
Gold held excl. agst. F. R. notes
Gold settle't fund with F.R.Boar 2,153,775,0189,226,0 541,033,0175,214,0 209,442,0 51,639,0 71,451,0 560,613,0 73,102,0 43,570.0 55,314,0 24,441,0
362,593,0
Gold and gold ctfs. held by banks_ 340,713,0 8,878,0 185,818,0 7,918,0 23,862,0 1.870,0 7,859,0 78,950,0 3,717,0 10,145,0 10,188.0 5,122,0 178.730,0
18,270,0
, 17,356,0 200,431,0 10,455,0 17,704,0
8,268,0 7,843,0 28,359,0 11,108,0 2,842,0 11,087,0 4,231,0 23,019,0
Total gold reserves
2.857,081.0195,458,0' 927,280,0193,587,0
Reserves other than gold
251,008,0 59,777,0 87,153,0 667,932,0 87.927,0 56,557,0 76,580,0 33,794,0
207,131,0 21,542,0
52,791,0 28,442,0 17,799,0 12,945,0 5,791,0 24,417,0 10,650,0 4,062,0 7,344,0 11,266,0 220,019,0
10,082,0
Total reserves
3,084,212,0217,000,0 980,071,0222,029,0 288,807,0
Non-reserve cash
72,722,0 92,944,0 692,349,0 98,577,0 60,619,0 83,933,0
76,136,0 6,006,0
21,999,0 3,085.0 3,623,0 3,771,0 5,630,0 13,063,0 4,340,0 2,119,0 2,280,0 45,060,0 230,101,0
Bills discounted:
3,969,0 6,251,0
i
1
Sec. by U. S. Govt. obligatIon.s_ 190,168,01
14,502,0
61,120,0 20,307,0 24,039,0 4,581,0 7,372,0 11,517,0 7,920,0 4,695,0 4,180,0
Other bills discounted
281,099,0 15,737,0
38.818,0 42,143,0 27.769,0 19,785.0 24,783,0 15,993,0 6,089,0 9,205,0 20,636,0 1,813,0 28,122,0
9,998,0 50,343,0
Total bills discounted
471,287,0 30,239,0
99,738,0 62,450,0 51,808,0 24.386,0 32,155,0 27,510,0 14,009,0 13,900,0 24,810,0
Bills bought in open market
11,811,0 78,465,0
38.373.0 2.3440
12 71R n 5 285 11 3 164 0 2 364 0 1.423.0 4.614,0
1,005.0
632.0
891.0
988.0 5.009,0
Financial Chronicle
Volume 134
Two Ciphers (00) omitted.
RESOURCES (Concluded)
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total.
Boston. New York.
$
$
Phila.
$
$
3941
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan.City. Dallas. San Fran.
$
$
$
$
$
$
$
$
$
374,784,0 19,062,0
166,372,0 11,512,0
984,040,0 6.5,556,0
166,871,0 25,670,0 20,309,0 9,308,0 8,376,0 54,022,0 8,515,0 15,231,0 9,206,0 14,860,0 13,754,0
67,364,0 13,468,0 17,728,0 5,631,0 4,999,0 19,614,0 4,849,0 4,606,0 5,343,0 2,938,0 8,320,0
418,225,0 77,003,0 101,359,0 32,194,0 28,578,0 112,141,0 27,725,0 26,332,0 30,561,0 16,798,0 47,568,0
Total U. S. Govt. securItles.... 1,525,196,0 96.730,0
Other securities
5,220,0
652,460,0 116,141,0 148,396,0 47,133,0 11,953,0 185,777,0 41,069,0 46,169,0 45,110,0 34,596,0 69,642,0
3,545,0 1,675,0
Total bills and securities
Due from foreign banks
F. R. notes of other banks
Uncollected Items
Bank premises
All other resources
2,040,056,0 129,313,0
1,644,0
375,0
14.624,0
339,0
337,924,0 41,268,0
58,084,0 3,336,0
39,541,0 1,760,0
768,459,0 183,549,0 203,308,0 73,863,0 75,531,0 217,901,0 56,103,0 60,701,0 70,817,0 47,395,0 153,116,0
1,638,0
508,0
475.0
20,0
188,0
174,0
662,0
12,0
136,0
132,0
324,0
4,218,0
298,0
854,0
316,0 1,424,0
985,0 1,045,0 1,616,0 1,698,0
243,0 1,588,0
94,826,0 30,104,0 32,658,0 25,514,0 8,340,0 40,299,0 13,724,0 6,512.0 16,755,0 10,528.0 17,396,0
14,817,0 2,873,0 7,966,0 3.612,0 2.489,0 7,827,0 3,461,0 1,834,0 3,649,0 1,787,0 4,433,0
20,244,0
839,0 1,672,0 4.064,0 3,702,0 1,429,0 1,337,0 1,400,0 1,094,0 1,284,0
716.0
Total resources
Lid BIL1TIES.
F. R. notes in actual circulation
Deposits:
Member bank reserve account
Government
Foreign bank
Other deposits
5.635,221,0 399,397,0 1,906.272,0 443,285,0 519,363,0 181,719,0 189,855,0 975,146,0 179,260,0 133,513,0 180,088,0 110.398,0 413.925,0
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
2,320,775,0 134,937,0 1,115,492,0 123,425,0 151,427,0 52,948,0 48,835,0 326,545,0 58,441,0 43,994,0 70,522,0 19,860,0 141,349.0
334,481,0 41,336,0
89,558,0 29,432,0 32,463,0 24.844,0 8,344,0 39,822,0 15,344,0 6,318,0 16,614,0 11,737,0 18,669,0
154,749,0 11,526,0
59,130,0 16.231,0 14 215,
.
0 5 218.0 4,876.0 17,307,0 4,479,0 2,926,0 4,089,0 3,960,0 10,792,0
,
259,421,0 20,039,0
75,077,0 26,486,0 27,040,0 11,483,0 10,449,0 38,411,0 10,025,0 6,356,0 8,124,0 7,624.0 17,707,0
33,031,0 1,104,0
10,729,0 2,078,0 3,022,0 1,142,0 2,619.0 4,110,0 1,407,0 1,576,0
836,0 2,062,0 2,396,0
2,532,714,0 190,455,0
556,286,0 245,633,0 290,596,0 89,084,0 114,732,0 548,951,0 89,564,0 72,343,0 79,903,0 35,155,0 220,012,0
2,214,384,0 130,070,0 1,072,561,0 116,663,0 141,807,0 49,254,0 45,426,0 315,178,0 55,212,0 40,686,0 68,242,0 45,346,0 133,939,0
30,366,0 1,688,0
12,671.0 2,412,0
2,137,0 1,842,0 1,753,0 5,058,0 1,018,0 2,018,0
982,0 2,364,0 2,423,0
40,706,0 3,100,0
13,214,0 4,201,0
4,120,0 1,632,0 1,509,0 5,466,0 1,428,0
897,0 1,183,0
1,142.0 2,814,0
29.319,0
79,0
17,046,0
149,0 3.363.0
393,0
115,0 1,008,0 5,173,0
783,0
843,0
220,0
147,0
Total liabilities
5,635,221,0 399,397,0 1,906,272,0 113.285,0 519,363,0 184,719,0 189,855,0975,146,0 179,260,0 133,513,0 180,088,0 110.398,0 413,925,0
Memoranda.
Reserve ratio (per cent)
63.1
66.7
53.6
53.0
60.2
63.2
55.8
60.8
52.1
51.2
79.1
66.6
56.8
Contingent liability on bills purchased for foreign correspondls 216.4020 16 770 0
57 nen il 99 79A n 99 9An n A COO n 9 ire n oe qn‘a n 7 79'1 n a ft5A 0 6 390 0 6 176 0 15225.
FEDERAL RESERVE NOTE STATEMENT.
La
Federal Reserve Agent at-
Total.
Boston.
New York.
Phila.
5
s
Two Ciphers (00) omitted.
$
$
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt- 2,758,223,0 208,860,0
Held by Federal Reserve Bank_ 225,509,0 18,405,0
$
s
Chicago. St. Louts. Minneap. Kan.City. Dallas. SanFran.
$
$
$
$
s
s
$
626,818,0 259,372,0 303,369,0 97,394,0 132,041,0 581,584,0 93,106,0 76,085,0 87,829,0 40,422,0 251.013,0
70,532,0 13,739,0 12,773,0 8,310,0 17,309,0 32,633,0 3,842,0 3,742,0 7,920,0 5,267.0 31,031,0
In actual circulation
2,532,714,0 190,155.0
Collateral held by Mt. as security
for notes issued to bank:
Gold and gold certificates
880,812,0 47,010,0
Gold fund-F.R. Board
1,232,595,0 120,617,0
Eligible paper
469,274,0 30.212,0
U. S. Government securities
196,400,0 13,000,0
556,286,0 245,633,0 290,596,0 89,084,0 114,732,0 548,951,0 89,564,0 72,343,0 79,903,0 35,155,0 220,012,0
400,882,0 74,920,0 71,970,0 13,270,0
130,000,0 95,860,0 132,500,0 35,930,0
101,094,0 62,370,0 51,627,0 25,441,0
27,000,0 50,000,0 23,000,0
2.779.081.0 210,839,0
Total collateral
Cleveland. Richmond Atlanta.
14,000,0 122,795,0 16,005,0 13,120,0 10,280,0 13,460,0 83,100,0
54,000,0 435,000,0 55,400,0 28,700.0 42,800,0 10,025,0 91,763,0
31,845,0 27,689,0 13,181,0 13,498,0 24,374,0 11,688,0 76,255,0
33,000.0
9,000,0 21,900,0 14,000,0 5,500,0
631,976,0 260,150,0 306,097,0 97,641,0 132.845.0 585.481.0 93.586.0 77.218.0 91.454.0 40.673.0 251.118,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 3898,immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929. the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement, and include
all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were included with loans, and some
of the banks included mortgages In Investments. Loans secured by U. S. Government obligations are no longer shown separately, only the total of loans on securities
being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial
Pal)'. only a lump total being given. The number of reporting banks is now omitted; in its place the number of cities Included (then 101), was for a time given, but beginning Oct. 9 1929 even this has been omitted. The figures have also been revised to exclude a bank In the San Francisco district with loans and Investments of $135,000,000
on Jan.2 1929, which had then recently merged with a non-member bank. The figures are now given in round millions instead of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING M .MBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MAY 18 1932 (In millions of dollars).
Federal Reserve District-
Total.
Boston. New York
Loans and investments-total
$
19,037
$
1,208
$
7,650
-total
Loans
11,661
792
4,950
6.711
306
486
On securities
All other
Cleveland. Richmond Atlanta. Chicago. St. Louis. Mtnneap. Kan.City. Dallas. San Fran.
1,104
$
1,942
4,534
658
2,118
2,416
331
327
3
$
580
514
$
2,458
1,190
341
338
543
647
130
211
110
228
$
563
337
543
390
5
1,748
1,716
328
198
278
249
1,036
796
020
127
201
56
142
81
197
76
173
276
760
$
5
3
7.376
3,116
446
752
236
176
742
235
139
265
141
712
224
192
1,894
1,222
405
347
112
121
90
86
420
322
102
133
66
73
138
127
83
58
383
329
1,718
207
11,134
5,674
320
1,233
2,756
1911
103
17
710
418
27
123
125
1
901
54
5,553
1,214
130
109
1,154
97
•- C41 D=.1*C5C
, ,,
11 ....c0C•300
.
.-•
<OCI
Reserve with IF. R., Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
iinrnntvincra Cram ti 1/ 11r.”1,
410
4,093
3,283
U.S. Government securities
Other securities
I CDC.
1 1--.
...CI
Investments-total
Phila.
$
107
25
838
821
18
74
211
9.
34
12
276
225
12
69
83
'
29
7
226
195
24
68
80
1-
254
35
1,312
977
27
251
336
,1
36
6
284
209
6
80
103
0
21
5
170
147
2
41
59
a
90
46
26
15
13
6
559
234
355
897
127
178
23
4
11
125
107
87
167
80
139
Inas
1
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business May 25 1932, in
comparison with the previous week and the corresponding date last year:
May 25 1932. May 18 1932. may 27 1931
May 25 1932. May 18 1032. May 27 1931.
.
Resources$
530,882.000
10,151,000
$
.
467.965.000
10,489,000
$
386,919,000
13,092,000
Gold held exclusively agst. F. R. notes 541,033,000
Gold settlement fund with F. It. Board_ 185,816,000
Gold and gold ctfs. held by bank
200,431.000
927,280,000
Total gold reserves
52,791,000
Reserves other than gold
478,454,000
160,037,000
185,698,000
400,011,000
224,103,000
568,217,000
Gold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury_
Total reserves
Non-reserve cash
1311Is discounted:
Secured by IJ. S. Govt. obligations...
Other bills discounted
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Special TreasurY Certificates
Certificates and bills
980.071,000
21,999,000
Resources (Concluded)Due from foreign banks (see note)
Federal Reserve notes of other banks
Uncollected items
Bank premises
An other resources
Total resources
824.189,000 1,192,331,000
61,543,000
51.177,000
875,366,000 1,253,874,003
18,538,009
20,519,000
61.120.000
38,618,000
61,531.000
36,603.000
14,567,000
12,432,000
99.738,000
12,716,000
98,194,000
13,878,000
26,999,000
27,454,000
166,871,000
6T,364,000
178,234.000
78.195,000
15,023,000
11,380,000
418,225.000
463,519.000
118,767,000
652.460,000
3,515,000
719,948,000
3,320,000
145,170,000
750,000
1.628,000
4,540,000
111.930,000
14,817,000
19,193.000
231,000
4,772,900
125,136,000
15,240,000
5,929,000
1.906.272,000 1,883,333,000 1,624,093,000
Li/t!ittesFed. Reserve notes in actual circulation- 556,286,000 565,980,000 273,231,000
-Member bank reserve acel- - 1,072,561,000 1,027,272,000 1,065,960,900
Deposits
Government
2,465,000
9,331.000
12,671,000
Foreign bank (see note)
15.053,000
13,214,000
3,634.000
Other deposits
9,442,000
13,226,000
17,046,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
Total U.S. Government securities_ Other securities (see note)
Foreign loans on gold
S
1,638.000
4,218.000
94.826,000
14,817,000
20,244,000
1,115,492,000 1.064,882,000 1,081,501,900
89.558,000 107.808,000 118,537,000
65,456,000
59.134.000
59,130,000
75,077,000
75,077,000
80.575,000
10,729,000
10.452,000
4.797.000
1,906.272.000 1,883,333.000 1,624,093,000
Ratio of total reserves to deposit and
Fed. Reserve note liabilities combined_
53.7%
58.6%
92.6%
Contingent liability on bills purchased
for foreign corresDondentS
768,459,000 835.340.000 200,373,000
67.680.000
74,798,000 123,777,000
Total bills and securities (see note)
NOTE.-BeginnIng with the statement of Oct. 17 1925, two neW items were added in order to show separately the amount of balances held abroad and amounts due to
made up of Federal Intermediate Credit Bank debentures was changed to "Other
foreign correspondents. In addition, the caption "All other earnings assets," Previously
securities," and the caption,"Total earnings assets" to "Total bills and securities.- The latter term was adopted as a more accurate description of the total of the discount
acceptances and segurItles acquired under the provi3lous of Section 13 and 14 of the Federal Reserve Act, which it was stated are the only items included therein.
3942
Financial Chronicle
Quotations
•
Tire' z—
1
Tamingo:1 1
ovIr ginanriatb
ar_xrittrie
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
Including Postage—
6 Mos.
12 Mos.
Within Continental United States except Alaska
26.00
$10.00
In Dominion of Canada
6.75
11.50
South and Central America, Spain, Mexico, U. S.
Possessions and Territories
7.75
13.50
Great Britain, Continental Europe (except Spain). Asia,
Australia and Africa
8.50
15.00
The following publications are also issued:
COMPENDIUMS—
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The subscription price of the Bank and Quotation Record and the
Monthly Earnings Record is $6.00 per year each; for all the others is
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NOTICE.—On account of the fluctuations in the rates of exchange.
remittances for foreign subscriptions and advertisements must be made
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Cnicsoo Orytca—In charge of Fred. H. Gray. Western Representative.
208 South La Salle Street. Telephone State 0613.
LONDON Orncn—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert: Business Manager, William D. Riggs:
Tress., William Dana Seibert: Sec.. Herbert D.Seibert. Addresses of all, Office of Co.
Wall Street, Friday Night, May 27 1932.
Railroad and Miscellaneous Stocks.—See page 3930.
The following are sales made at the Stock Exchange not
represented in our detailed list on the pages which follow:
I Sales
KrucKB.
Peek Ending May 27. for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Railroads—
Par. Shares. $ per share. 2 per share. 2 per share.8 per share.
do Sou lot pref___100
230 10 May 26 10 May 26 8
Mar 14
Mar
ud & Manhat pIth 1001
200 243.4May 26 25 May 26 2434 May 48
Jan
Ii' Cent prof
10
100 12 May 26 12 May 26 12 May 2634 Jan
Leased linas
100
220 2034May 26 22 May Iii 2034 Apr 36
Jan
Int Rys of Cent Am 0,
200 134May 27 134May 26 134 May 3
,
Jan
Preferred
30 34May 27 4 May 271 334 May 1044 Jan
i
anhat Elev guar 1Ol
320 25 May 26 31 May 211 25 May 4634 Mar
Si RY
aciot
100
60
34May 27
34May 27
34 May
A Jan
InnStP&SSM
Leased line
1
40 834May 23 834May 23 7
Jan 14
Mar
Preferred
200 1 May 26 1 May 26 1
1001
May 334 Jan
ash Chat & St L 1001
20 734May 27 8 May 27 734 May 2734 Jan
Rims & Saratoga__ _1
20 75 May 27 753jMay 27 75 May 90
Apr
'Aland RR pret,...,. 1001
200 33jMay 2
334May 25 334 May 734 Feb
Sc pi Ry M &0 cus_100
200, 13 May 24 15 May 24 13 May 25
Feb
Indus. & Miscall.
I
A Tillated Products...*
434May 26 634May 21 434 May 1634 Mar
A n Agric Chem of Conn 7,9001
Preferred
*
1
434May 26 43IMay 26 434 May 6
Apr
nerlcan Ice Pref__100
2
48 May 261 51 May 2 48 May 68
Mar
nerlcan News
pref___10
•
7 21 May 26 22 May 23 21
May 33
Jan
labor Cap Corp pt..*
10 40 May 2 40 May 24 40 May 74
Mar
.tioom Corp
16 46 May 2 49 May 25 46 May 50
1001
Jan
.t Metal Construc..1
2
4 May 26 4 May 26 4 May 734 Feb
woe Dry Gds lot p1100
200 27 May 24 28 May 23 27 May 3434 Apr
satin Nichols prior A *
19 12 May 26 12 May 26 12 May 16
Jan
:own Shoe
1 110 May 23111e May 23 110 Ma 11934 Jan
odd (R 0) Pref_100
ii 6 May 24 6 May 24 434 May 14
Jan
tY Investing
1i i
21 48 May 26 50 May 25 48
Ma 85
Jan
alum Pict v t o
II 434May 26 5 May 27 434 May 734 Mar
•
cgn Cred Pref (7)__25
111 14 May 25 15 May 21 14
May 2134 Mar
om Inv Tr pf (7)-100
160 95 May 25 96 May 24 93
Feb101
Mar
rown Cork & Seal pf_•
1 i o 1834May 25 1834May 25 18
Jan
May 24
rown W'mette lat pf•
21 25 May 2. 2534May 24 2334 Jan 37
Mai
ohm Sons pf (7)..100
1 1 67 May 25 7034May 23 67 May 90
Mai
Preferred (8%)
10 5634May 25 5134May 25 664 May 76
*
Mal
avers Stores
5
200 434May 26 444May 21 434 May 5
AP:
evee &Rayn 1st pf100
May 95
1 1 70 May 24 70 May 24 70
Fel
resser Mtg ci A
•
100 934May 25 934May 251 934 May 23
Pet
uplan Silk pret___100
May 10134 Jar
11 83 May 27 83 May 27 81
ash Park ASSOC pf_ 100
140 5 May 26 544May 23 234 A' 71.4 Jar
Pod Machinery
*
200 4 May 26 4 May 26 4 May 1034 Fel
ma 101
eller& Cigar pref....100
Fel
231 86 May 27 89 May 24 88
en Gas &Elea pf A(7)*
A. 2934 Fel
6
30 1034May 23 12 May 2
en Steel Castings prep
Jar
Mar 16
70 9 May 23 9 May 23 8
rand Stores pref..] i 1
20 134May 23 134May 25 134 Ma
334 Ma.
at Corp class A
134 May 234 Mar
1
110 134May 27 134May 2
eith-Albee-Orpheum Preferred
Fel
111 7 May 24 7 May 241 7 May 25
10
ally-Springfield me
8% Prof arts
.11 10 May 26 1034May 24 10 May 1144 Mai
100
*
su I
%May 25
34May 26
Ma3
A May 1
Certificates
6% Pref Ms
300 16 May 26 18 May 26 16 May 30 Ma3
100
A•
:range Dept Stores_ •
5
Ma:
20 1 May 21 1 May 21 1
70 19 May 25 20 May 21 19 May 3334 Fel
Preferred
joo
:resge (S 8) Co p1..1
Ma
I 90 May 26 90 May 26 88 Ma 110
May 11534 Jai
100106 May 26 106 May 26 106
000e-WilesBisls$p11001
1 22 May 24i 30 May 25 20 May 38
fengel Co OraL. i00l
Jai
festa Machine Co__6I
300 6 May 251 7 May 25 6 May 1934 Jai
rewport Industries_ _I 1,600 2 May 21 2 May 21 2
Jan 234 Ma
211 2244May 231 22%May 23 2234 May 3234 Fel
rat Distillers Pro pt i01
I Y ShlPbullding____*I
700 2 May 251 234May 23 2 May 634 Fel
Ii 30 May 261 30 May 26 30 May 57
Preferred
Ma
io01
forwalk T &Rub pfl
2 15 May 211 15 May 21 15
A. 1834 Fel
minibus Corp preLIOej
111 58 May 241 58 May 24, 5534 Jan 71
Ma
ipp
115 9834May 241 9834May 24 98% May 110
.utlet Co prof
Jai
Common
*
130 35 May 251 35 May 25 25
Apr 46
AP
Jai
1
85%May 26 8834May 24 85A May109
' Tel & Tel pret_100
ac
'
anhandie Prod & Refg
Jai
Preferred
3%May 21 331May 21 334 Apr 8
4
100
Jai
hila Co 6% pref news
3
50 May 27 51 May 21 50 May 73
Jai
lerce-Arrow Co pf_100
20 May 25 20 May 25 14 May 41
1
200 2344May 26 23%May 25 23% May 31% Ma
irelli Co of Italy
Mar 103
Jai
70 92 May 26 9234May 26 91
roctor & Gamble pf100
10 May 27 10 May 1334 Jai
:bine Weetph El di Pr.
Fel
300 2134May 27 3134May 23 21% May 42
cott Paper
•
Jai
10 834May 25 834May 25 734 Mar 14
loss-Sheft St & It. pt100
Jai
120 15 May 27 16 May 25 15 May 30
pear & Co prel_100
nderwood-Elliott-Fish,
Ma
May 101
40 85 May 27 8834May 24 85
Preferred
100,
1$ Apr 134 ma
'lilted Dyewood...100
90 134May 24 !34May 24
rnit Piece Dye pf_100
300; 70 May 24 70 May 24 70 May 9334 Jai
Ap
110 95 May 24 95 May 24 95 May 104
'S Gypsum pref._ _100
Jai
an Raalte 1st pref_100
10 23%May 27 23%May 27 2334 May 35
Jan 72
AP
100 70 May 26 70 May 26 70
Talgreen Co pref 100
1.,....
V.I.... ••..Z.
I 1 III%
an 0121,1A'alp OR 90 147vfav 28 204 Jan 29% Mal
• No par value.
May 28 1932
for United States Treasury Certificates of
Indebtedness, &c.
Maturity.
In:.
Rate.
Bid.
Sept. 15 1532...
Mar. 15 1933...
May 2 1933—
June 151932...
Sept. 15 1932...
May 2 1934--
134%
2%
2%
234%
3%
3%
100'33
100,41,
1002,
3:
100'12
1003
782
101•1112
Asked.
futurity.
100"n Aug. 1 1932..
100
03, Oct. 10 1932 _
100nn Dec. 151932...
Feb. 1 1933..1001322 Mar. 15 1933_
101•4:
in:.
hate.
Bid.
Asked.
334%
334%
334%
344%
344%
100on
101",,
1011312
10213:
102722
100n32
10142
1011032
1021n
1021032
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions in
Liberty Loan bonds and Treasury certificates on the New
York Stock Exchange. The transactions in registered bonds
are given in a footnote at the end of the tabulation.
•
Daily Record of Ti, S. Bond Prices. May 21 May 23 May 24 May 25 May 26 May 27
First Liberty Loan
High 1001022 1001322 1001332 100133 100",,
314% bonds of 1932-47._ Low_ 100"31 100'n 100nn 10093 100nn
(First 3%s)
Close 100n,, 100nn 1001433 1001,3 100
9n
Total sales in $1,000
18
113
_
387
289
145
Converted 4% bonds of1
(High
units- 100332 100122
1932-47 (First is)._ Low_ 10012: 10042
Clos 100122 100 32
,
Total sales in $1,000 units.4
Converted 434% bOndsH1gb 1011133 1019 101;Z3 101- ,
n
- an 101- an
of 1932-47 (First 44(s) Low 101143 101",,101,63 1011 33 10143:
,
(Close101"33 1011.12 101153 101",, 101 133
Total sales in $1,000 units_
18
1184
299
54
82
Second converted 434%1111i
bonds 01 1932-47(Firs-1
.
Lew
---------------Second 43430
Total sales in $1,000 units_ - ---Fourth Liberty Loan
(High 102 2 2 111248 2 lb-"32 102'; I 10213
.
2
431% bonds of 1933-38._ Low_ 101",, 1024,2 102482 102'82 1012 13
,
(Fourth 434s)
Close 1021322 102•23 102332 102732 102332
Total sales in $1,000
438
_
919
1156,
549
520
Treasury
units_- 102n: 103n3 103n33 103321 1031332
{High
434s, 1947-52
Low_ 102332 102n3 103no 1023122 102:122
Close 1022s, 1031,2 103
103
1033•2,
Total sales in $1,000 units__
438
470
656
211
368
r1gli
100 33 100 33 100,033 100, 100,133
,
,
33
4s, 1944-1054
100,
Low_ 990,a, 100
33
99,0n 100133
100332 100'22 100 33 100",,
Close 100
,
Total sales in $1,000 units_
140
264
144
507
826
risifi 9724, 98',, 02482
989
33
98 33
,
3$45, 1946-1956
931 97",,
97",,97
Low_ 07',, 97ns
Close 97103
9833: 973132 971122 981322
Total sales in 51,000 units_
257
938
169
599
529
96n32 96"n 97
riiii 96
96322
3448, 1943-1947
Low_ 95133
96832
96'n
96332
96332
961,13 96":3 97
96323
Close 96
Total sales in $1,000
762
375
59
13
_
369
units_{High 90
902122 9003: 96132
90n2
35. 1951-1955
Low. 891.
89"33 89"33 89"3
,
11
90 33
90933
33
90,
Close 90
90", 90332
Total sales in $1,000 units-178
66
100
310
28
(High 96332
96'ln 97
97
97
3145, 1940-1943
'n
961422 981
96122
Low_ 95232
96332
96H32 97
96243
Close 96'32
,
96'22
Total sales in $1,000 units,,-10
50
14
69
184
(High 96
96113
961332 06,332 97
334s, 1941-43
Low_ 95143
96 32
,
96 31
98 33
,
,
96'
n
96", 97
Close 96
96113
96112
Total sales in $1,000
289
125
_ _
629
48
27
911622
units(High 90233
91132
92112
92
314s, 1946-1949
91
90n22 90133
91
Low_ 90322
33
911,
91,
Close 90333 91H2
31
9171.3
Total sales in $1,000 units—
126
616
91
113
95
100"33
1001 322
.
1001,11
150
- 33
1011,
101"32
10!",,
159
-—
---1021,
31
102 33
,
1021331
2,600
103"3:
103nu
103".1
281
100,831
100'n
100",,
567
9818.1
983
0
98131.
390
97333
961321
96nt
401
902413
90 n
,
90u*
3I4
9710t
97
9732:
21
97133
96,
34
98"3.
26i
92111
m u.
91",
561
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st 44431
101122 to 1013s2
84 4th 434s
101n22 to 102 29
,
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 3.6S34@
3.6934 for checks and 3.6834(413.69 A for cables. Commercial on banks,
sight, 3.6734 @3.68 A ; sixty days, 3.6754 63.67 A; ninety days, 3.8634@
3.8834, and documents for payment 3.6734 @3.68 A . Cotton for payment.
3.6834, and grain, 3.6834.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.94 11-16
@3.94 15-16 for short. Amsterdam bankers' guilders were 40.53(0)40.56.
Exchange for Paris on London. 93.28; week's range, 93.45 francs high
and 93.10 francs low.
The week's range for exchange rates follows:
Sterling, Actual—
Checks.
Cables.
High for the week
3.6934
3.6934
Low for the week
3.6734
3.6734
Paris Bankers' Francs—
High for the week
3.95 1-16
3.95A
Low for the week
3.9434
3.94 11-16
Germany Bankers' Marks—
High for the week
23.86
23.8334
Low for the week
23.64
23.66
Amsterdam Bankers' Guilders—
High for the week
40.57
40.58
Low for the week
40.49
40.45
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 3930.
A complete record of Curb Exchange transactions for the
week will be found on page 3959.
CURRENT
NOTICES.
—F. R. Henderson, former President of the Rubber Exchange of New
York, has returned to the rubber business after an absence of two years
and is now manager of the rubber department of Clark, Childs & Co., at
11 Broadway. In addition to his close association with the rubber industry
for many years, Mr. Henderson was also active in the organization of the
Silk, Hide and Metal Exchanges. Clark, Childs & Co., who have memberships in twelve exchanges, also announced the appointment of Claude M.
Smith, member of the New York Hide Exchange, as manager of their hide
department.
_clerk Williams & Co. announce that Arthur J. O'Neill has joined
their Fordham office as Manager of the Investment Department. Other
additions to the Fordham Office include Earl W. Graham, John A. Laurla.
Ray X. Morreale.
—Douglas V. Macpherson, formerly Vice-President of Bancamerica
Blair Corp., has been appointed manager of the new municipal bond
department of S. W. Straus & Co.. 565 Fifth Ave., New York.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages- Page One
121" FOR SALES DURING THE WEEK OF
STOCKS NOT RECORDED IN THIS LIST. SEE PAGE
PRECEDING.
HIGH AND LOW SALE PRICES PER SHARE,
NOT PER CENT.
Sales
STOCKS
for
NEW YORK STOCK
Monday
Tuesday
Wednesday
Thursday
Friday
the
EXCHANGE.
May 23.
May 24.
May 25.
May 26.
May 27.
Week.
S Per share
per share $ per share
per share S Per share $ per share Shares
Railroads
Par
2812 2918 285 297
8
3 2713 29 3 253 263
,
4
4 2518 2818 2518 273 37,700 Atch Topekn & Banta Fe_ _100
*451. 48
47
4518 4518 45
47
46
4414 45
45
45
1,100
Preferred
1012 1012 10
100
1012 1014 1012 1014 103
8
9 4 1012 10
,
101
2,900 Atlantic Coast Line RR 1011
512 53
514 53
3
4
53
3 55
8
412 514
518 53
4
43
4 51 16,850 Baltimore & Ohio
100
73
4 7 4 *7
712
3
7
714
7
7
634 7
7
7
1,800
Preferred
*13
100
1958 *1314 18
*1314 1712 *1314 147
4 147 147 *1253 15
8
8
100 Bangor & Aroostook
62
*57
50
*57
62 '57
62
55
57
55
55
*50
62
Preferred
90
*4
100
1012 *4
1012 *4
1012 *4
1012 *4
1012 "4
101
Boeton & Maine
100
*5
911 *
6
7
914 *6
514 6
514 514
5
5
500 Brooklyn & Queens Tr_No par
04512 48
45
4514 *41
45
*41
45
41
41
35
35
400
Preferred
3312 3512 3318 3412 31
No par
333
4 273 3014 255 287
4
8
8 263 285 57,400 Bklyn-Manh 'Fran v t e Na par
4
8
63 63
61
60
*55
57
50
55
5112 53
5114 5114
1,700
Preferred v t c
No par
*5
8
1
*5
8
1
*53 1
*53 1
*5
8
34 '
Brunswick Ter&Ry See No par
3
4
5
8
10
1014
97 10
8
758 8
814
74 918
913
73
8
4 85 28,500 Canadian Pacific
25
*40
65
*40
65
*40
65
*40
65
*40
65 '40
65
Caro Clinch & Ohio stpd_ _100
1414 143
4 1458 15
134 144 127 1358 1213 1312 1218
4
127 31,900 CheeaPeake & Ohio
8
25
13
4 13
13
4
4 13
4
4 *13
14
112 15
Pe
13
8 '112 15
4
8 1,300 Chicago Great Western_ _100
*453 5
5
5
*453 5
212 472
313 4
*314 4
3,400
Preferred
100
1
1
1
1
•1
113
1
1
7
8
1
78
1
•13
8 112
4,200 Chicago Milw St Paul & Pee__
112 112
112
112 • 114
13
8
112
141
114
13
2
5,100
Preferred
278 3
23
4 3
23
4 3
23
4 278
212 23
8 7,200 Chicago & North Western _100
4
212 25
*6
812 "6
8
7
7
6
7
• 8
57
*57
7
8 82
200
,
Preferred
100
212 212
2
23
4
2
2
2
1121 13
2
4
214 214 2,100 Chicago Rock DI& n445100_100
43
4 43
4 *412 612 *412 512
412 412
414 414
43
3 43
8
7% preferred
700
100
*4
5
5
*4
312
312
2
2
273 27
3 *314 4
6% preferred
700
100
*512 1612 *512 1612 *512 1612 •512 1612 *812 1812 *512 161
.
Colorado & Southern
100
67
4 *2
678 "2
6
6
*2
"2
512 *2
512
Congo' RR of Cuba pref 100
*49
50
4812 4812 47
47
48
47
47
46
246
46
1,200 Delaware & Hudson
100
*1012 11
1012 1012 1018 1014 1013 103
s 10
10 4 10
,
1014 3,500 Delaware Lack & Western_ _50
214 '114 212
2
212 212 •114 258
153 153 *212 24
400 Deny & Rio Or Wen pref_100
*213 3
212 212
214
214
218 218
218
214
214 214 1,800 Erie
100
*3
312 •3
312 *3
3
34
3
3
3
3
3
3
700
First preferred
100
'2
23
4 *2
234
23
4 *2
2
2 18 *114 214 *114 212
300
Second preferred
100
84 84
,
,
83
8 812 6,700 Great Nortlynn preferred....100
81s 8 4
7
8
,
553 63
77
8
8
4
*112 8
*112 6
*112 6
*13
4 6
*112 6
*112 5
Gulf Mobile & Northern_ _ _100
*3
414 *3
414 *3
414 *3
414 *3
414 *3
414
Preferred
100
*153 1714 *153 1712 153 153 "1314 147
4
4
4
4
1314 08
3 12
10
300 Hudson & Manhattan__ -100
7
7
7
63
714
8 7
6
6 12
55
3 62
,
7 3 5.100 Illinois Central
54 57
100
*418 77
*413
8 *413 7
*413 7
*413 7
*418 7
RR See stock eartificates_-6
4'
63
2 58
613 612
3
513 6
,
414 513
5
5 14 6,700 1nterboro Rapid 'Fran v 1o100
412 412 .412 912 •412 9!2
412 412
4
4
*3
5
500 Kansas City Southern
100
*9 4 93
,
4 *914 93
4 *812 87
8
812 812 *8
9 4 *7
,
814
100
Preferred
100
8
*7
•7
734
7
7 11
7
7
7
7
7
74 2,400 Lehigh Valley
50
814 81 1 *814 83
814 811
4
8
8
712 818
84 812 2,400 Louisville & Naahville_ _ _ _100
712 8
65
73
8 8
4 8'4
514 612
5
62
514 6
,
20,800 Manhat Kiev modified guar 100
4
4
4
4
*4
4
412
4
*4
412 *4
412
300 Market St RI prior pref_100
4.13
14
•18
14
14
4.13
*18
14
*18
•18
14
Minneapolis & St Louis._ _100
*3
4 114
.
3
4 11 1
*3
4 114
•34 114
114
*4
*3
4 114
Minn 5t Paul & 8 El Marle_100
2
*2
2
214
2
218
112 17 . 114
8
112
112 112 3,300 Mo-Kan-Texas RR_ ___No Par
5
612 612 *512 512
558
412 43
4
414 412
4
43
4 2,500
Preferred
100
*213 258 "2
211
2
2
112 17
8
112
15
8
13
8
13
4 1,700 Mt/soar! Pacific
100
4
4
33
4 33
35
8 37
.
8
3
3 8 33
3
318 5,500
4
212 318
Preferred
100
*18
14
•18
14
.18
14
.18
*18
14
14
*18
14
Nat Rye of Mexico 2d pref _100
ills 1112 1112 1214 105 1112 1018 105
8
8
912 11
912 1053 46,500 New York Central
100
112 1,2
*112 211
13
4
134 2
13
4
2
2
*13
4 2
500 N Y ChIc & St Louis C. 100
*212 3
3
•213 33
3
8 *212 314
3
3
•212 3
200
Preferred
100
8714 90
8718 887 "87
3
887
3 8712 8912 8912 891
87
83
240 N Y & Harlem
5
814 814
83
8 812
712 814
614 712
6
714
653 6 4 9,200 N Y N H& Hartford
,
100
•16
1912 17
143 161
17
4
144 147
8 147 15
8
*15
167
8 1,500
Preferred
512 5 2
5 4 53
3
,
53
4
3 53
4
514 512
514 51
53
s 53
s 2,300 N Y Ontario & Weetern__100
•14
3,
*14
3
4 '
14
4
14
*1.1
3
4
11
100 N Y Railways pref
3
*18
4
per
4.48 1
*3
8
*52
1
5
8
3
8
*12 13
100 Norfolk Southern
*12 13
4
100
76
76
7512 7512 70
75
66
70
66
68
68 68
3,600 Norfolk & Western
100
72
.70
70 70
70
70
70
70
70
70
70
70
290
Preferred
100
7 3 77
8
7
8
8
73
8 731
63
8 714
512 61
57
8 63 10,400 Northern Pacific
4
100
*14 214
*14 214
*14 214
*14 214
*14 214
*14 214
Pacific Coast
100
914 93
3
9
912 97
93
8
8
3
712 814 25,400 Pennsy1 vania
9
7 3 83
3
4
50
.72 478
•
73 478
*7
8 478
7
8
• 8 47
7
7
8
3
•73 474
100 Peoria & Eastern
100
*33
4 5
*318 5
*318 4
*33
4 513 *34 514
*318 4
Pere Marquette
100
8
*6
•512 8
8
*5
4
5
33
4 4
*353 612
130
Prior preferred
100
7
*5
•3
518 518
4
4
5
4
7
3
3
120
Preferred
100
*2
8
•2
8
8
*2
•2
8
*2
8
'2
8
Pittsburgh & West Virginia 100
'16
1612 •16
1612 16
16
15
15
15
154 *15
19
900 Reading
50
24 •18
*18
24
•18
20 •1412 20
*15
20
•15
20
lat preferred
60
223 •19
s
•19
23
18
19
*15
1814 *15
19 .
15
19
200
2d preferred
50
•1
1
1
18
1
1
3
4
118
3
4
1
2,600 81 Louie-San Fritheisco___100
3
4 1
*112 2
*118 2
112 112
112 15
8
112
114
113 118 1,300
1st preferred
100
3
3
"23
8 3
*13
4 5
•134 4
5
*2
5
*2
200 Si Louis South western__ _100
*514 21
.514 21
4
*514 20
'5, 21
*514 20
'514 21
Preferred
100
14
14
14
14
14
14
14
1,
.14
:1
8
*14
3
8
600 Seaboard Air Line
*3
8
No Par
•14
1
*IA
1
•14
*14
38
3
8
1.4
58
100
Preferred
100
8
81
712 818
814 87
718 73
3
63
4 778
73
3 81 22,100 Southern Pacific Co
100
3
312 31_
333
278 314
27
8 3
27
8 314 •3
3 t 5,400 Southern Railway
,
100
5
•4I2 71
5
5
5
452 5
434 512
43
4 434
900
Preferred
100
•5
25
•5
•5
25
25
*5
25
•
5
25
•5
25
Texas & Pacific
100
713 718 •712 9
414 612
7
7
413 5
414
5
10,100 Third Avenue
100
*2
21
2
2
"2
•13
4 218 *13
3
4 212 *13
4 212
100 Twin City Rapid Transit_ _100
*8i2 12
.912 10
9,
2 91
*913 10
9
9 12
8
9
80
Preferred
100
4232 43
4034 424 3814 4014 355 393
7
4112 423
4
8
4 3613 383 50,500 Union Parini
4
100
51
50
52
491
*46
46
*51
46
*42
45
*42
45
400
Preferred
100
1
114 *Ds
113 *1
11
118
1
1
1
1
1
1,100 Wabash
100
11. 11
*114 21_
112 112 *112 212
114 •114
114
134
700
Preferred A
100
212 212
21
; 21 4
*212 2 4
3
13
4 218
13
4
Vs
14 14 3,400 Western Maryland
100
•212 4
212 212 *2
4
*212 4
2
2
•114 4
300
2d preferred
100
•1
2
*1
2
•1
2
*1
2
1
1
*12 1
100 Western Pacific
100
8 212
212 •13
1
las
17
1 13
8 •1
1
1
•1
11
1,600
Preferred
100
Saturday
May 21.
1
*33
4
.
12
*76
214
43
*18
•1014
.134
3714
*1
912
•7
8
7
8
11.
•11:
2
.1
.5
*74
118
1
1
1
318 318
318 313
353
1413 1412
15
*12
15
993
4 80 80
993 *75
23
3 24
214 24
23
8
43 •35
423
*36
43
•1714 25
18
18
181
1010 1014 101 •1014 101
*13
4 2
•13
4 2
2
4
4 364 383
394 393
38
114
51
14 *1
11
058 1018
95 1013
8
95
8
*4 2
*74 2
2
7
7
3
7
8
1
7
1 8 188
,
112
112
11
•112 2
17
•112 2
•1
2
*1
21
17
.512 73
4 *512 71
73
1
3
*12
.75
2
35
*1712
101 4
134
3534
1
931
*58
53
112
*112
*I
.
512
1
1
3
134 *12
993 .75
4
2I3
2
351
3314
24
1714
101
1014
13
134
363
4 3513
1
1
10
95
8
"53
2
5
7
8
8
13
112
8
2
1,
2
1
21i
•512
10
1
3
13
993
4
24
3314
171
1014
13
3912
1
1018
2
7
8
13
s
112
1
73
4
1
'153
*12
•75
2
*3314
.17
101 1
13
4
353
4
*1
973
'
5
8
5
8
.114
*13
8
•12
5
Lowest
Highest
per share
2514May 26
1114Nlay 26
93
4May 26
412May 26
4May 26
63
12 May 16
55 May 25
5 May 4
5 Nfay 27
35 May 27
253
4Nlay 26
50 May 25
12 Apr 13
74May 13
43 May 17
1214N1ay 26
112May 26
212Nlay 2
sMay 26
-7
113May 26
212May 26
6 May 25
112May 25
4I4May 26
2 May 25
5 May 18
6 Apr 15
46 May 26
10 May 26
14May 26
214May 25
24May 19
2 May 25
54May 26
2 May 3
414May 13
12 May 26
54May 26
4 May 6
414May 26
4 May 26
812May 25
63
4May 13
712Nfay 26
5 May 26
4 May 21
Is Jan 12
7
3Nfay 13
114May 26
4 May 27
112May 25
212May 26
4 Feb 9
912May 26
112Nlay 18
218May 19
8214May 18
6 May 26
1414Nlay 25
514May 25
4 Apr 19
4Nlay 25
66 May 25
6712 Jan 2
512Nlay 20
1 Mar 17
74May 26
7
8May 27
4 Apr 13
334May 26
3 May 27
9 Apr 2
15 May 25
19 May 15
16 May 2
3 ay 25
46f
1 May 2
3 'May 21
9 Apr 15
Jan 2
1, jail 4
634Nf ay 26
212May 16
412Nlay 17
15 May 12
44May 26
13 Apr 20
3
8 May 27
3533May 26
46 May 25
1 Jan 4
114N1ay 26
13
3May 27
2 May 26
1 May 4
1 NIay 25
Industrial & Miscellaneous
1
1,100 Abitibi Power & Paper_No par
7 Apr 29
3
3
500
Preferred
100
3 May 25
13
100 Abraham & Straus__No pa
137
8May 17
9931
10
Preferred
100 80 May 11
2
8,000 Adams Express
No par
2 May 6
35
70
Preferred
100 3314MaY 26
25
400 Adams Millis
par
1618N1ay 4
1014
600 Addressograph lot Corp o par
l
1014 Apr 14
13
4 1,000 Advance Rumely new.No pa
,
134May 25
385 17,700 Air Reduction Ins.
8
No par 3414May 4
11
500 Air-way Elee Applianee No par
1 Apr 4
10
15,900 Alaska Juneau Gold Min_ __II)
814 Apr 29
2
A P W Paper Co
No par
2 Apr 22
53 5,900 Allegnany Corp
5
8MaY 25
2
700
Prat A with $30 warr_N 100
8May 24
__o_ par
13
2
200
Pref A with $40 wart__ _ _100
112May 26
1
100
Pref A without warr____100
1 May 26
5
20 Allegheny Steel Ce
5 May 27
No pa
,
• Bid and asked prices: no sale on this day. 8 Ex-dividend and ex-rights
PER SHARE
Range for Year 1932
On basis of 100
-share lots
r 60% stock clivid.nd paid
• Er-61vIdencl
PER SHARE
Range for Precious
Year 1931
Lowest
Highest
$ per share
per share $ per share
94 Jan 1
7914 Dec 2033 Feb
3
86 Jan 1
z75 Dec 10814 Apr
4112 Jan 1
25 Dec 120 Jan
213 Jan 2
8
14 Dec
874 Feb
4112 Jan 1
25 Dec
8013 Feb
244 Jan 1
18 Dec
653 Feb
4
7912 Jan 1
80 Dec 11312 Mar
1413 Jan
10 Dec
66 Feb
1014 Mar
613 Oct
3June
133
58 Mar
45 Dec
4June
643
5014 Mar
3113 Oct
3
693 Mar
3
783 Mar
63 Dec
9414 Feb
2 Jan 1
133 Dec
912 Feb
204 Mar
1034 Dec
464 Feb
70 Feb
72 Dec 102 Apr
3112 Jan 1
233 Dec
8
4612 Feb
43 Jan 1
3
211 Dec
773 Feb
pi Dec
1512 Jan 2
27'3 July
314 Jan 1
14 Dec
84 Jan
614 Jan 1
1538 Feb
212 Dec
124 Jan 1
5 Dee
4514 Feb
31 Jan 2
1312 Dec 116 Mar
163 Jan 2
3
74 Dec
6513 Jan
274 Jan 1
14 Dec 101 Mar
2413 Jan 1
104 Dec
90 Jan
17 Mar 5
48 Jan
712 Dec
1112 Jan 2
4212 Feb
10 Dec
8912 Feb 13
64 Dec 15714 Feb
283 Jan 13
4
173 Dec 102 Jan
4
313 Dec
9 Jan 15
454 Feb
10 Jan 22
893 Feb
5 Dec
4
1313 Jan 28
6113 Dec
4511 Feb
913 Jan 11
4013 Jan
5 Dec
25 Jan 14
153 Dec
3
4
693 Feb
8 Jan 14
313 Dec
2714 Feb
144 Jan 21
19 Dec
75 Jan
304 Jan 18
2614 Dec
4413 Feb
1814 Jan 22
913 Dec
89 Feb
1413 Jan 28
7 Dec
61 Jan
144 Mar 7
Ps Dec
84 Mar
1314 Jan 22
54 Dec
45 Feb
233 Jan 18
4
15 Dec
64 Feb
18 Jan 12
8 Dec
61 Jan
323 Jan 14
3
2014 Dec 111 Feb
203 Mar 8
4
57 Dec
8
89 Feb
9 Jan 28
512 Dec
22 Feb
as Mar 2
Dec
3 Jan
4
314 Jan 16
1 Dec
1112 Feb
73 Jan 22
4
37 Dec
3
263 Jan
4
217 Jan 22
8
1013 Dec
85 Jan
11 Jan 22
64 Dec
4
423 Feb
26 Jan 26
12 Dec 107 Feb
38 Jan 12
Oct
12 Jan
863 Jan 15
3
2473 Dec 13214 Feb
94 Jan 12
213 Dec
88 Feb
153 Jan 22
3
94 Ma
5 Dec
125 Jan 15 2101 Dec 227 Fe
313 Jan 21
3
17 Dec
944 Fe
783 Jan 14
4
52 Dec 1193 Fe
3
83 Jan 22
4
514 Oct134Jun
1 Feb 26
53 Dec
2 Fe
24 Jan 14
84 Jan
3 Dec
4
1315 Feb 17
1053 Dec 217 Feb
3
78 Jan 22
654 Dec
93 Mar
2314 Jan 22
1412 Dec
504 Jan
111 Feb 18
114June
7 Mar
8
64 Feb
233 Jae 21
1514 Dec
3 Jan 14
14 Dec
94 Jan
6 Dec
13 Jan 14
85 Feb
813 Dec
19 Jan 14
9214 Feb
513 Dec
80 Jan
1714 Jan 14
15 Jan 11
11 Dec
85 Jan
62 Jan 14
9712 Feb
80 Dec
83 Jan 29
45 Jan
28 Dec
30 Jan 22
47 Jan
374 Dec
8 Dec
6234 Jan
653 Jan 14
9 4 Jan 22
3
44 Dec
76 Jan
1113 Jan 25
414 Dee
3312 Jan
2013 Jan 26
614 Dec
60 Fe
14 Dec
73 Jan 28
14 Jan
73 Feb 2
4 Dee
24 Jan
374 Jan 21
3513 Dec 10913 Feb
13 Jan 14
6118 Dec
654 Feb
83 Fe
204 Jan 22
10 Dec
33 Feb 2
22 Dec 100 Jan
14 Mar 8
613 Apr1514 Jul
4 hut 25
2 Dec
1772 Fe
2412 Jan 25
114 Dec
52 Feb
944 Feb 13
704 Per 3054 Feb
87 May
68 Jan 18
51 Dec
Dec
28 Jan
4 Feb 2
113 Dec
51 Jan
6 Jan 28
73 Jan 22
5 Dee
4
193 Feb
8
5 Dec
818 Jan 22
20 Feb
4 Jan 14
14 Dec
167 Feb
1
3 Dec
63 Jan 22
2
313 Feb
8
$ Feb 13
914 Jan 15
24 Jan 13
98 Mar 1
53 Jan 11
4
70 Mar 3
303 Mar 8
3
13 Feb 11
315fst 7
521s Mar 8
2 Mar 3
163 Jan 21
8
4 NIar 15
34 Jan 14
73 Jan 22
3
eh Jan 22
614 Jan 15
13 Jan 7
p Er-rischte.
2 Dec
144 Feb
52 Feb
44 Dec
18 Dec
39 Aug
95 Dec10614Mav
Ills Dec
3313 Feb
504 Dec
92 Apr
334 Aug
224 Jan
2312 Feb
10 Oct
114 Mar
2 Sept
674 Dec 1094 Feb
s
14 Dee
103 Feb
204June
7 Jan
24 Dec
9 Aug
123 Feb
4
111 Dee
2 Dec
594 Feb
13 Dec
4
59 Feb
14 Dec
554 Feb
10 Dee
4514 Feb
New York Stock Record-Continued-Page 2
3944
OTFOR 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
May 21.
Monday
May 23.
Tuesday
May 24.
IWednesday
May 25.
Thursday
May 26.
Friday
May 27.
Sales
for
the
Week.
$ Per share $ per share
5214 53 8 53
3
547
8
*105 1173 *10518 1173
4
4
6
6
512 6
*612 712 *612 74
1512 1512 1512 16
*4
478
414 414
714 714 *718 712
31
31
*31
35
*14
12
*2
8
12
*1
3
*1
3
*7
10
7
7
50 50
50
50
3714 381* 375 39
8
*101 105 *101 105
*412 5
412 412
20
2018 20
2014
*212 4
*212 4
*2512 2658 2514 2512
*3
9
*3
6
*1312 1412 *1338 14
*114 2
*114 2
*338 478 *314 43
4
234 27
8
258 27
8
7
7
7
7
*414 43
4
4
414
*7
714 *612 87
8
*33
4 4
4
4
*1
114 *I
114
*614 64 *53
4 64
*353 375
4
8 3612 37
153g 153
8 1514 1512
33
4 37
8
37
8 418
*14
3
8
14
14
*112 218 *112 218
*51, 514
5t, 518
3218 3218 3414 35
1112 1112 1012 1114
*112 2
5112 2
214 214 *218 214
014 10
*912 13
---- -----Lis --f- 512 6
(
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 100
-share logs
Lowest
Highest
PER WARN
Range for Praetors
Year 1931
Lowest
Highest
$ per share $ per share $ per share $ per share Shares Indus. & Miscall. (Con.) Par $ Ver stars
per share 5 per share $ per stare
5118 53'2 504 5114 4918 53
/
1
64 Dec 1823 Feb
50
525 78,300 Allied Chemical & Dye_No par 49 May 16 8712 Mar 8
8
105 105
Preferred
100 9612 Apr 14 119 Mar 11
104 104
104 1043 *104 105800
100 Dec 126 Apr
4
6
6
472May 26 135 Jan 18
8
53
8 53
8
47
104 Dec
8 53
8
4,000 Allis-Chalmers Mfg......_No par
425 Feb
47
8 5
4
•65
8 712 *65
Alpha Portland Cement No par
6 Apr 19 10 Jan 11
8 712 *65
8 712 *08 712
75 Dec
8
In Feb
8May 12
*1512 1614 1412 1512 145 145
No par 12 Jan 25 165
1114 Dec
8
8 14
1412 2,700 Amerada Corp
23 Mar
*4
47
8
33
7 Jan 16
12
4
700 Amer Agrio Chem (Del) No par
4May 26
Ws Oct
4
33
4 4
8
293 Feb
4
37
8 37
10
6 May 26 184 Jan 14
1214 Dec
63
4 74
612 658
6
623 Feb
4
612
6
6 18 2,400 American Bank Note
Preferred
*31
36
60 303
8May 27 47 Feb 15
*31
34
303g 3160
35 Dec
*31
35
6614 Feb
*3
8
12
*3
8
12
*3
8
12
14 Apr 29
N Jan 9
100 American Beet Sugar_No par
11 Dec
58
58
43 Jan
4
31, Jan 12
14 Dec
*1
3
100
1 Apr 29
*112 3
*1
3
*1
3
7% preferred
177 Jan
2
1312 Dec
63
4May 20 1512 Jan 15
7
7
*63
4 7
4 1,200 Am Brake Shoe & Fly _No par
38 Feb
63
4 63
4
63
4 63
100 4712May 25 90 Feb 18
Preferred
71 Dec 1244 Mar
484 497
/
1
8 4712 4812 48
50
4312 4812
420
7
25 343
4May 16 73 2 Mar 8
36
377
8 354 363
8 3538 375 122,600 American Can
5818 Dec 12911 Mar
8
/
4
4 3518 377
Preferred
100 100 May 6 129 Mar 14 115 Dec 1524 Apr
101 101 *100 110
1047 105 *101 108300
8
884 Mar 8
312May 26
4
44 Dec
418 414
418
34 4
312 358 2,900 American Car & Fdy___No par
38N Feb
20
100 20 May 20 397 Mar 9
203 Dec
8
2014 20
Preferred
8
20
20
20
20
21630
86 Mar
6 Jan 13
*212 4
*212 4
No par
178 Apr 22
*212 312 *212 312
American Chaln
5 Dec
433 Feb
4
No par 2212May 27 373
304 Dec
2Mar 8
*2558 265
24
2212 23
/
1
8 24
2514 23
2,600 Amerlean Chicle
4352 Mar
3 May 27
6 Jan 13
5 Oct
'
03
6
*3
6
*3
6
3
3
200 Amer Colortype Co__ No par
211 Feb
/
4
15 May 18
1312 11
*13
133
4 12
1214 1118 12
2,500 Am Comml Alcohol new__ _20 11 May 2
1 May 2
5 Jan 9
*114 2
*114 2
1
114 *1
23 Dec
2
2
16 Mar
700 Amer Eneaustio Tiling_No par
4
1012 Jan 10
23 Apr 1
75 Dec
8
*314 414 *35
8 45s
33
100 Amer European Seo's_No par
3318 Feb
8 318 *318 438
214 Apr
914 Jan 14
238 212
212 278
214 23
64 Deo
8
23
8 238 8,100 Amer de For'n Power_ _ _No par
513 Feb
,4
6 May 2
20 Dec 100 Mar
3812 Jan 21
Preferred
No par
612 612
63
4 9
6
614
618 618 1,500
23
451ay 2
10 Dec
1714 Jan 14
358 358
23
4 3
No par
35
8 33
4
27
8 3
2d preferred
2,400
7912 Feb
33 Jan 18
No par
7 Apr
18 Dec
53
4
*5
63
3 *512 63
8 *33
4 612 *4
56 preferred
90 Feb
400
6 Feb 17
3 May 2
d Dec
10
*33
8 4
312 33
8 *2
312
3
3 38
900 Am Hawaiian II 13 Co
1033 Jan
213 Jan 7
*1
114 *1
114
118 118
118
1 18
14 Apr 3
1 Sept
8 Mar
500 Amer Hide & Leather_No par
12 Jan 6
100
47
8May
5
53
4 *412 612
Preferred
74 Dee
30 Apr
4 *53
4 612
*53
4 63
500
513 Mar 9
8
Amer Home Products_No par 2318Nlay 2
37 Oct
3018 3438 2818 31 18 2818 313
64 Mar
3518 36
4 9,000
No par 12 Jan
21N Mar 8
1012 Oct
1512 154 1514 1512 143 1514 1414 1412 3,400 American Lie
315 Feb
8
4
23
4May 2
812 Feb 19
318
27
8 3
24 3
26 Feb
5 Dec
3
33
4
3
12,100 Amer Internal Corp_ _ _No Dar
3
8
*14
2
8
14
3
2
3
8
*14
14
11 Jan
N Jan 12
112 Jan
/ Dec
1
4
300 Am L France&FoamIte_No par
4 Feb 3
14 Dec
*112 218 *17
8 218
Preferred
100
112 Apr
15 July
17
8
20
17
8 *112 218
5
5
5 Apr
94 Jan 18
5 Dec
5
5
6
5
5
5
301 Feb
/
4
3,900 American L000motive_Ne par
4458 Mar 7
35
34
34
33
33
*3214 35100 3014 Jan
2912 Dec
35
Preferred
4
843 Mar
800
4Nlay 2
2214 Jan 14
93 10
4
83
16 Oct
1012 1012 10
1012
83 10
4
434 Mar
/
1
13,600 Amer Mach & Fdy new_No par
3N Mar 9
112 *114
134 *13
114 Apr
114 Oct
*114
8 2
*IN 2
7 Mar
Amer Mach & Metals_ _No par
218
134NIay 2
2
134
47s Dec
65 Jan 11
8
13
4 *13
4 17
8 *13
4 2
233 Feb
4
1,500 Amer Metal Co Ltd__ _No par
*012 13
*912 13
1912 Jan 14
*912 13
9 May 2
14 Dec
9
100
8912 Feb
958
150
6% preferred
14 Jan 11
1 Oct 397 Jan
1 Jan
2
Amer Nat Gas pref._ __Ne par
---- -- -,458May 2
1152 Dec
1672 Jan 13
647 Feb
2
43
4 5'4
434 514 -.. 8 -1 i3
18
21
-1- -- OOOOO Am Power & Light-- _No par
*25
20
4412 Dee 102 Mar
253
4 24
243
4 20
23
1912 203
2012 21
21
Preferred
No par 1912May 23 58 Jan 14
4,300
4
*2214 234 20
2214 1412 20
16
173
1512 16
163 163
4
4 2,000
No par 1512May 26 4.93 Jan 16
$15 Preferred
135 Apr
35 Dec
_..4_ 8 ir8
1
No pa
Pref A stamped
41
312 4 2112 Mar
4
418
4
4 18
4
6 Dec
84 Jan 8
312 -14 312May 26
3 21,866 Am Had & Stand Ban'y_No pa
123 Feb
2
114 Dee
Feb 19
/ Apr 29
1
4
American Republies
Ne pa
37 Feb
/
1
4
78 Dec
2
--iia - 8 --i14 -. 1 --A -14 --5- ---3i -51 -1- --5i2 -- -0,56 O American Rolling MIII
17;f37
1
3
3 May 25 13 Mar 3
4
25
i- 1-8
8
66 Feb
1914 Dee
1418 1414 *1412 1512 153 1512 143 1438 1418 1414 *1418 16
800 American Safety Razor_ No par 14 May 14 22914 Mar 7
*118
2
*118 2
*118 2
9 Feb
15 Dee
8
*118 2
118
1 18
*5
8 2
212 Jon 21
1 May 2
100 Amer Seating'to
No par
13 Feb
2
/ Dec
1
4
12 Jan 6
*4
14
*18
A p; 22
A 13
14
*18
14
*18
14
*18
14
*18
14
Amer Ship & Comm_ __No pa
*14
15
*14
143
4 14
14
14
14 .12
15
*12
15
42 Jan
20 Oct
2518 Jan 14
100 Amer Shipbuilding new_No pa
1441
712
7
618 714
814 812
5812 Feb
1712 Dec
810 838
77
8 814
2
6,
8 65
8 9,800 Amer Smelting & Refg_No pa
618May 26 185 Jan 2
*40
4212 *40
4212 40
40
36
36
36
36
35
35
75 Dec 18812 Mar
500
Preferred
100 35 may 27 85 Jan 29
*22
20
2318 *22
183 1912 1,600
4
2318 *22
45 Dee 102N Mar
2318 2014 2112 20
4May 27 65 Feb 19
2d preferred 6% cum_ _100 183
*2858 29
*2814 29
6214 Mar
2833 283
8 27
2818 27
2718 2612 2612 1,400 American Snuff
28 Oct
25 9: Ma y 27 3438 Mar 3
2814 a 111851
0 8 ea
2
*95
96
r95
96
*95
96
*95
96
*95
96
0 95
'
96
974 Dec 1104 July
103 Mar 14
Preferred
____ ____ ____ - --- ---- ---- ---- - --- ---- ---- ---44 Feb
11 Jan 14
Amer Solvents & Chem_No par_
/Nov
1
4
1112 Feb
N Dec
114 Jan 20
Preferred
No pa
32
3114 Feb
*414 5
3;8 -- -5 --312 -- 13;
900 Amer Steel Foundries_ _No par
5 Dec
8 Jan 21
/
1
4
-'414 -1 --its -14 '
12
14- -1- 312May 27
____ 5
0 _ _ _ 58
._
' _ __ 58
0_
*31
58
*__ __ 56
____
Preferred
68 Dec 113 Feb
100 58 May 4 80 Feb 18
28
31
303 304 304 303
4
*303 3112 31
4
4 2812 30N 25
4814 Mar
33 Dec
4
17,200 American Stores
No par 25 May 27 863 Mar 3
1512 14
15
15
15
*1612 173 *17
1712 16
4
167
8 15
60 Mar
1,300 Amer Sugar Refining
100 14 May 26 3914 Jan 13
3412 Oct
5018 5018
50
58
58
58
58
56
56
50
54
50
900
Preferred
544 Dec 10812 Mar
100 60 May 2' 884 Jan 13
314
314
*2 4 4
3
44 414 *314 414
318 418
*318 4
1,100 Am Sumatra Tobacco_ _No par
2 4 Apr 29
3
1118 Feb
312 Dee
6 Jan 7
943 169,600 Amer Telep & Taloa
9412 96
9512 9738 9414 9614 931s 944 9214 943
4 92
8
/
4
4
1121 Dee 2013 Feb
/
4
100 92 May 27 1371 Feb 1
5134 5434 47
59
54N 57
473 5014 12,800 American Tobacco new w 1_25 47 May 26 863 Mar
58
504
4
*5718 59
4
4
6012 Dee 1283 Apr
5512 5778 505 547
8
8 5118 53
/
4
6014 6114 603 623
8
4 5818 61
78,400
Common class B new w 1_25 5058May 26 89N Mar
64 Dec 1321 Apr
*10112 103 *10112 103 *10112 1013 102 102
4
101 101
10018 101
Preferred
700
100 99 Apr 13 11012 Jan 2
98 Dec 132 May
*512 9
*512 9
*512 9
*512 718 *512 54 *512 714
American Type Founders--100
19 Dee 105 Jan
6 May 18 25 Jan 2
"16
17 '
016
17
16
16
*14
16
•14
16
*14
16
10
Preferred
100 16 May 3 70 Jan
72 Dec 1104 Feb
1512 1212 141
*153 1512 15
8
115 1212 11
8
13
113 124 12,600 Am Water Wks & Elee_No par
4
11 May 2C 344 Mar
803 Feb
4
2312 Dec
*15
20
15
15
13
15
12
13
1112 12
11
11
Cam vot tr etre
9,200
80114 Feb
213 Dec
4
No par 11 May 27 31 Mar
42
*35
60
*35
51
*35
51
*35
43
*35
42
*35
let preferred
844 Dee 107 Mar
75 Jan 1
15
8
158
13
2
2
*2
214
17
8 2
158
*13
4 1711 1,300 American Woolen
25 Dee
8
1581111y 2
1r 16
5
117 Jan
2
55 Feb 2
8
No par 50
2212 2212 227 23
8
2114 22
2012 2113 1914 207
8 193 2014 8,300
4
Preferred
100 154 Jan 4 304 Mar
40 July
1514 Dec
18 Dec
Am Writing Paper ctfa_No par
14May 10
Jan
*14
12
*14
3
4
*14
3
*14
3
*14
3
*14
3
4
33 Jan 1
212 212 .212 312
212 21
*212 312
212 21
Preferred certificates_ _ _100
212May 2
2 Dec
5 Apr
300
18 Feb
/
1
4
*212 312
114
114
2
2
13
8
13
8
13
4
112 112
13
8 13
8 1,400 Am Zino Lead & Smelt_No par
33 Jan
8
13
4
114May 2
24 Dee
833 Feb
*14
15
*14
15
14
14
*13
14
12
13
*11
14
300
Preferred
25 12 May 26 23 Jan!
1912 Dee
454 Aug
4
414 412
4
45
8
458 43
4
412 43
33
4 4
123 Jan 1
8
412 43
4
33,400 Anaconda Copper MInIng_150
33
4May 2
431 Feb
/
4
/
1
4
9 Dec
*312 412 *312 318
*312 414 *35
8 4
9 Feb 1
312 31
*35
8 41
100 Anaconda Wire & Cable No par
3 Apr 11
2614 Mar
8 Dec
8
814
712 75
8
712 8
*8
174 Mar
812 812
812
800 Anchor Cap
No par
514Nlay
13 Sept
36 Feb
8
*712 87
Andes Copper Mining_ _No par
4 *112 23
4 *112 234 *112 24
4 Jan
/
1
4
•IN
23
4 *17
8 23
4 *17
8 23
13
4May 16
1912 Feb
• Dec
7
1,700 Archer Daniels MidI'd_No par
7
7 Apr 18 12 Feb 1
4
714 7 8
5
718 714
18 Feb
8 May
4 8
73
4 73
*73
4 81, *73
1,100 Armour & Co (Del) prat_ _100 2414May 1
64 Mar
2514 2514 2514 2612 25
20 Oct
2512 2412 2412 2414 2412 *2414 25
72 Jan
3
2 Mar
4
4 1,300 Armour of Illinois class A _ __25
4May 2
*7
8
1
7
8
7
8
7
8 ' 3
d12 Jan
3 Dee
4
*7
8 1
7
8
7
8
7
8
12
12
12
12
12 5,400
Clam B
112 Marl
12
25
Is Jan 7
*12
13
12
5
8
3
4
27 Jan
2
12
Is Oct
Preferred
43
4 43
4 1,200
100
4Ntay 25 1414 Mar 9
4
43
67 Jan
518 DSc
43
4 43
4
43
4 612
*512 554
512 512 *512 63
*114
2
Arnold Constable Corp_No par
3 Feb 1
•114 2
*114 2
1 May 3
*114 2
152 Dec
*114 2
*1 18 2
9 July
3
Artloom Corp
212 Apr 19
No par
• Oct
514 Apr 4
3
1012 Feb
3
118
118
200 Associated Apparel Ina_No par
112
1 Apr 21
114 Dec
252 Jan 7
*1
118
118
118 *1
112 *1 18
287 Feb
2
112 *1.
*314 312
314 358
312 312 3,300 Moot Dry Goodi
3 May 16
203,Mar
*318 312
No par
53 Dec
4
814 Jan 15
318 314
3
3
Assoclated Oil
25
63 Apr 13
0 Jan 2
34
4
811 Deo
/
4
*712 25
*712 25
31 Feb
*712 25
*712 25
*712 25
*713 25
All 0 & W I SS Line_ __No par
7 Apr 29 104 Jan 22
10 Dec
*612 13
*612 13
*612 13
39 Jan
*612 13
*612 13
*612 13
Preferred
1512 Jan 27
*8
10
100
15 Dec
*8
10
534 Jan
*9
1112 *9
11
*9
11
9
9
166
2
8 81'. 11a Y 25 127 Mar 9
25 1 eb 9
2
85 Dec
8
113 1158 1158 1112 1114 1112 105 1114 1018 103 10, 1058 15,600 Atlantic RefinIng
8
4
235 Feb
8
8
No par
8 May 20 2513 Feb 2
18 Dec
400 Atlas Powder
8
1014
54 Feb
*8
1014 *8
1014
818 '8
1014 *8
1014 *8
Preferred
100 5212May 26 794 Jan 13
994 Jan
250
771 Dec
/
4
*533 65
4
*533 55
4
533 54
4
5212 5312 5212 52N
*53
55
Atlas Stores, Corp
No pa
24 Deo
418 Apr 12
134 Feb
5 Feb 18
/
1
4
3 Ia y 16
2
-5214 -335- -55 8 -5- " "3i78 8 . ..
324
8
5518
ii- -5i- --- -61 -3458 -5i58 - . 51,65 Auburn Automobile No par 2814Npeb9 15134 Jan 14 8412 Oct 59512 Apr
No pa
/
1
3 Jan 12
4
200 Austin Nichols
24 Mar
12/3e1)
*5a
3
4
*5
8
3
4
5
At
8
5
8
*1
3
4
*5
8
84
"a
71 Jan 8
18May 17
2'2 July
No par
500 A utosalea Corp
h Dec
*13
14
Is
14
,
s
*18
*18
14
*18
14
*18
14
*12 1Preferred
1 Dec
2 Jan 11
*12 1
50
7 Mar 30
5 Feb
2
*12
1
*12 1
*12 1
*12 1
618 Mar
214 238
2 Dec
34 Jan 2
218 238
Na par
218 218
2
2
IN
2
13
4
1345,lay 26
13 10,800 AvtatIon Corp
4
2772 Mar
45 Dec
8
813 Jan 14
212May 26
*34 312
/
1
313 31s
31s 318
23
4 318
212 27
s *212 2713 2,700 Baldwin Loco Works. No pa
*1312 17 . 134 1312 *12
10412 Mar
115 De
17
8 8100 8 May 27 2812 Jan 15
Preferred
10 4 12
3
9
1012
390
7312 74
*74
80 "7414 80
35 Dec 207 Feb
7412 7412 7312 7412 73
7312
330 Bamberger (L) & Co prel-100 73 May 27 99 Feb 25
7
8
7,
*3
8 2
•72 2
*7
8 2
10 Jan
*7
8 2
111 Oct
/
4
*N
2
50 Barker Brothers
Na pa
214 Jan 4
Is Apr 9
57 Jan 14
4
418
4
4 14
144 Feb
4
4
418
4
4 Dee
414
4
4
418 7,800 Barnsdal Corp elan A__ _ 25
33 Apr 11
4
*4
8
*4
8
*4
33 Jan
8
*4
8
*4
8
*4
8
14 De
Bayuk Cigars Inc
8 May 3 1$ Feb I
No pa
*36
37
36
36
"36
38
90 Mar
*36
3612 36
36
*36
3612
170
60 De
1st preferred
100 36 May 16 59 Jan 7
18
18
173 17 8 1714 173
8
81 Mar
7
4 17
173
8 167 17
8
1714 1714 2,000 Beatrioe Creamery
37 Oct
50 1618May 17 434 Jan 14
72
*70
83
111 Mar
*70
*71
7214 *7112 72
71
7112 "70
72
90 De
200
Preferred
100 70 May 20 95 Jan 18
*37
38
*37
38
3612 3612 *36
62 Apr
38
36
36
30
3512 3,000 Beech-Nut Packing Co____20 30 May 27 443 Mar 14
374 Oct
4
3.1
84 Aug
48 Fob 25
314 314
4.1un
*314 33
4 *314
18
314 314
314 314
314
33
8 2,100 Belding Hem'way Co__No par
2. Jan 4
803 Jan
4
.1
4
4
547 De
2
*6012 623 *6012 6138 593 593 *59
60
584 5814 *5838 60
/
1
300 Belgian Nat Rye part pref.__
8
5814May 26 623 Jan 18
47
5
512
458 47
8
412 43 18,400 Bend's Aviation
8
$54 Feb
5
8
512 53
4
125 Oct
8
53
4 53
par
412May 27 1834 Jan 14
No
4614 Mar
77
8 77
s
73
4 73
4
63
4 78
5
614 64
6
7
193 De
4
65
8 63
4 5,700 Beet & Co
2
6 May 26 247 Feb 19
No par
12
13
703 Feb
8
1158 1212 1014 113
125 1314 1234 133
8
1714 Dee
4 103 115 13,600 Bethlehem Steel Corp_No par 1014May 26 241 Feb 19
4
8
/
4
32
3112 3112 31
1234 Mar
4 32
3114 30
323 323
4
304 30
30
1,100
100 30 May 26 74 Jan 9
60 De
7% preferred
29 Feb
414 414 *37
8 414
37
4 4
6 De
/) 414 *33
*33
300 Blaw-Knox Co
83 Jan 14
4
4 4
No par
37
8May 25
*37
8 412
*614 12
21 Nov
*64 12
*614 12
*61 12
/
4
*614 12
Bloomlngdale Brothers_No par 14 Feb 15 14 Feb 16
15 Oct
*614 12
95 Jan
6112 *50
6112 *50
6112 *50
6112 *50
6112 *50
Preferred
75 De
*50
6112
100 50 Apr 22 61 Jan 6
43 Aug
53
4 612
518 514
6
514 2,400 Bohn Aluminum & BeNo par
21512 De
612 612 *612 714 *612 7
5 May 27 2214 Jan 14
5112 41
41 "____ 5112 *____ 42
42
5112 *41
200 Bon Aral class A
49 Oct 28614 Apr
*41
No par 41 May 14 5114 Mar 9
14
*Is
14
*18
14
*18
14
*18
14
*18
14
*18
3 Feb
14 De
Booth Flaheries
No Dar
N Feb 1
'allay 13
171 Feb
/
4
*12
112
*12 112
*12 112
*12
112
*12 112
112 De
let preferred
*12 113
11 Jan 5
/
4
1017
12May 11
764 Mar
2412 2614 22N 2514 23
245 48,200 Borden Co
3512 De
28
2712 2814 2612 28
28
25 2233May 26 431g Nntr 9
300 Feb
Vs 4
413
33
4 34 4,200 Borg Warner Corp
9 De
438 413
411 412
4
412 412
10
358May 26 1258 Mar 5
*14
1
14
33 July
4
14
IS De
300 Botany Cons Mills elase A_ _50
3
4
3
8
118 Mar 9
1
*14
0
8
*12
14 Apr 26
"
14
34
323 Mar
4
43
312 418
314
4
312 4
37
8 9,900 Briggs Manufactur1ng_No par
712 Dec
414 414
412
418 412
3 4May 27 113 Mar 5
,
• Bid and asked micas: no SR .e on this day. x Ex-dividend. p Ex-rights.
,
New York Stock Record-Continued-Page 3
3945
I
tar 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
May 21.
Monday
May 23.
Tuesday
May 24.
Wednesday
May 25.
Thursday
May 26.
$ per share
414 414
"4
12
*Ds 13
4
65
654
*2614 283
4
"112 214
*25
8 27
8
*33
4 414
*4314 4812
3
4
3
4
*114
112
*138 3
212
212
7
7
4
43
4
20
22
363 363
4
4
*4
3
4
'58
5
8
*112 2
738 712
*3514 393
4
5
514
14
14
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share
4
4
''ti
12
'1
13
4
63
64
"2614 2712
112 112
214 252
*33
4 4s
,
*4314 4812
3
4
3
4
53 114
*15
8 3
212 212
63
4 73
8
4
4
"18
20
3614 3612
5
8
5
8
12
12
*112
17
718
73
4
*3514 3934
43
4 5
*18
14
Friday
May 27.
PER SHARE
Range for Year 1932
On bast: of 100
-share lots
Lowest
3 per share Shares Indus.& Nflacell.(Coil.) Par 8 per
share
*4
512
700 Briggs & Stratton
NO Par
4 af ay 26
38
3
8
200 Brockway Nfot Truck NO par
4 Mar 11
"1
13
4
7% preferred
100
112 Apr 22
62
63
900 Brooklyn Union Gas___Ne par 63 May 26
'2612 2712
Brown Shoe Co
No par 25 Apr 29
*118
112
100 Bruns-Balke-Collender_No par
13 Apr 14
8
2
2
900 Bucyrus-Erie Co
10
2 May 27
33
4 33
300
I referred
4
10
331N1ay 27
4314 445
8
30
7% preferred
100 4314N1ay 27
3
4
900 Budd (E 0) Mfg
3
4
No Par
12 Apr 9
118
118 3,600 Budd Wheel
No par
58May 26
*15
8 3
Bulova Watch
No par
118 April
212 212
700 Bullard Co
No par
24may 17
65
8 713 5,700 Burroughs Add Mach.._NO par
658May 27
438 43
8 1,700 Bush Terminal
No Par
4 alay 16
*18
20
140
Debenture
100 17 May 16
'
332
38
110 Bush Term Bldge pref
100 263
4May 19
3
4
*58
100 Butte & Superior Mlning___10
hi Jan 8
*12
5
100 Butte Copper & Zhao
5
13 Apr 5
*15
8 17
8
100 Butterick Co
No par
2 May 20
712 818 3,100 Byers & CO (A M)
No par
7 May 10
3514 3514
20
Preferred
100 3514May 23
*43
4 514 1,600 California Packing____No par
4May 26
43
100 Callahan Zlno-Lead
*18
14
10
14 Feb
___
Calumet & Arizona Minh:14_20
*2
214
2
218
2
218
2
2
P4 2
112 113 2.700 Calumet de Hada
*118 4
25
*118 4
113May27
"3
312 *3
312
3
3
*212 234
100 Campbell W & C Fdy__No par
714 714
3 May 17
74 714
7
7
7
718
67
8 712
7
718 2,900 Canada Dry Ginger Ale No par
1434 1484 "1458 143
Apr 6
4 145 145
8
8 143 1412 1414 1414 137 1418
8
8
800 Cannon Mills
No par
'34 4
137
4May 26
*314 4
314 314
318 34
25
8 3
3
3
1,000 Capital Adminls cl A No par
*25
27 "25
27
218 Apr 8
"25
27
2518 2514 253 26
4
243 25
4
1,200
Preferred A
1914 20
50 2012 Apr 8
2014 2114 19
2034 183 193
4
8 183 203
8
8 19
193 40,700 Case (J I) Co
4
3514 3514 32
100 1718Nlay 16
3312 32
3312 *32
3512 "3218 3512 32
32
120
Preferred certificates
100 30 May 17
53
4 57
53
8
4 53
4
53
5 53
518 53
4
8
412 47
8
45
8 47
8 4,900 Caterpillar Tractor. -No par
412May 26
or
114 Jan 7
Preferred
*2
212 -100
52
7 Jan 12
214222
212
2
2
•14 300 Celanese Corp of Am__No par
2
•1
112 *1
2 May 19
112 *1
112 *1
14 *1
112
1
1
100 Colotex Corp
No par
1 Slay 27
Certificates
•____
No par
1 Feb 8
*--,312 *iT2 312 ' ‘
31f2 312 *--,7
312 *-7,.,
312
Preferred
*8
No par
9
2 May 19
.8.
9
*814 834 *814 812
84 814 '814 812
200 Central Aguirre Asso No par
814May 26
"3
312 '3
212 3
*212 412 .212 412
312 *3
412
400 Century Ribbon Mills_No par
212May 25
*7014 86
*7014 86
*7014 86
*7014 86
*7014 83
*7014 83
Preferred
'614 65
8
614 634
512 618
5
514
418 41
44 412 9,300 Cerro de Pasco Copper_No 100 70 Mar 113
•112 134 *112 131 "112 13
par
418Nlay 26
4 *112 13
113
1
4
1
1
1,700 Certain-Teed Produota_No par
*6
1 May 26
912 "8
912
8
8
*7
912 *7
91
*7
912
100
7% preferred
16
100
16
8 May 24
15
16
15
1518 *1512 1614 154 1512 1514 1514 2,700 City Ice
& Fuel
No par
5912 5912 5912 5912 5912 5912 58
15 Apr 13
58
*555 58
8
*553 58
4
90
Preferred
100 55 Apr 13
'314 312 *314 312
3
3
3
3
213 3
8 3
"25
800 Checker Cab
No par
8
212N1ay 26
812
818 84
73
4
74 8
7
73
63
8
4
7
712 3.600 Chesapeake Corp
•1
No par
2
*112 2
el: Apr 12
*112 2
1
134 *1
13
*1
13
4
500 Chicago Pneumat Tool_No par
*23
4 4
.234 4
1 May 25
*3
318
23
4 3
*1
31
*24 318
300
Preferred
No par
"8
23
45lay 25
10
*8
1012 *712 101
*8
101
*8
1058
8
8
20 Chicago Yellow Cab
No par
9 Apr 12
'67
8 7
*612 7
8 7
*67
*64 7
*67
7
8
64 63
4
100 Chickasha Cotton 011
*218 278 *218 23
10
6 Apr 12
4 *218 2s
2
2
*2
218
2
2
200 Childs Co
No par
2 May 25
6
018
012
6
6 14
6
512 6
518 53
514 54 51.000 Chrysler Corp
No par
518Nfay 26
12
5
8
"8
3
12
'88
3
3
5
,
5
*3
8
12
*3
8
12 1,400 City Stores DIM
*5
55
No par
8 *5
55
8 *5
se Apr 14
55
*5
55
8 *5
558
5
5
200 Clark Equipment
*1034 13
*103 1214 103 103
No par
4
5 May 27
4
10
1014 10
10
10
1014 1.400 Cluett Peabody & Co No par
95
95 .95
96
10 Apr 14
95
95
*95
9514 '90
95
*90 9560 Preferred
9412 943
4 9412 954 923 95
100 95 Jan 5
4
9118 9234 887 9318 9014 92
8
43.000 COCA Cola Co
•45
46
*4514 46
No par 8814Nlay 4
4514 4511 •4514 473
4 4514 4514 4512 453
4
400
Clan A
133 143
4
4 1414 1473 1414 1434 1312 1411
No par 44 4May 19
/
133 1412 122 14
8
4
17,600 Colgate-Palmolive-Peet No per
*79
8018 8018 8018 "79
123
4May 14
8014 79
79
*75
7912 "70
7612
200
6% preferred
*414 412 "414 412
100 78 Apr 14
4
414 *312 33
4
312 3 2
,
3
3
1,100 Collins A Altman
NO par
3 May 27
.65
69
*6512 70
6612 6612 6512 6512 *60
67
*60
647
8
200
Non-voting preferred___10
6512May 25
*93 1084 ' 103
4
934
4 10
10
1014 1012 10
10
*93 10
4
2,200 Colonial Beacon 011Co_No par
*412 5
458 458
414 412
9 Jan 11
37
8 414
353 34 *314 4
1,100 Colorado Fuel & Ir new_No par
•1712 1812 1812 19
3 8May 26
5
17
18
1618 17
1514 1712 154 1718 5,800
Columbian Carbon v to No par 1514NIay 26
712 8
75
8 73
4
714 712
63
8 714
638
718
6
7
29,500 Columbia Gas & Eleo NO par
*54
60
54
6 Nfay 27
54
53 4 54
3
5312 535
8 523 5312 5212 5212 1.600
4
Preferred series A
100 40 Apr 8
53
8 53
8
4 54 '54 5 8
53
5
5
55
8
5
53
8
5
51s 3.200 Commercial Credit____No par
*13
1912 *15
43
8May 5
19 .15
1912 *15
19
13
15
13
13
500
Clam A
•13
15
*14
50 13 May 26
15
*13
15
13
13
*13
144 13
13
60
Preferred B
50
50
25 13 May 25
5014 5014 *494 5312 4914 4914 4912 50
*48
50
160
6.4%
14
14
100 47 May 5
*1334 14
1312 1334 12
1212 117 1212 117 1212 5,400 Comm let preferred
8
8
Invest Trust___No par
'62
6414 62 62
1 174May 28
.61
6414 *61
6218 61
61
'61
617
8
200
Cony preferred
*89
90
No par 58 Jan 4
*89
90 .89
90 '89
90
*89
90
89
80
50 64% let preferred
518 514
514
5
100 89 Mar 2
5
518
43
4 518
412 518
412 5
29.600 Commercial Solvents__No par
212 21
412May 26
238 21
214 21.
214 23
8
2
214
2
2 14 72,000 Commonw'Ith & Sou__ No par
*4114 43
40
2 Stay 26
414. 38
38 - 36
38
34
37
34
36
2,500
86 preferred serietiNo par 34 May 26
*6
13
*6
13
*6
7
5
5
*2
13 *____ 13
100 Conde Nast Publicens_No par
5 Slay 2'
74 75
8 *77
8 8
*75
8 74
74 752
73
3 73
4
7
73
8 6,700 Congoleurn-Nairn Ino__No par
*412 6
*412 5
7 May 27
4
412 412 *4
''2 43
6
*4
5
100 Congress Cigar
*7
No par
812 "7
412alay 25
812 *7
7
7
812
6
7
7
7
400 Consolklated Cigar
30
No par
30
6 May 26
29
29 •__ 30
27
28
25
25
20
20
190
Prior preferred
112 158
100 20 May 27
114
13
8
1 14 114 *114 2
1 18 14 918 2
1.000 Consol Film Indus____No par
412 6
318 43
8
14MaY 26
3
312
314 312
34 34
314 31
8,800
Preferred
No par
3 May 24
4518 4614 4512 405
8 4334 46
4214 44
4014 4314 40
425 131.200 Consol Gas N Y)
8
*8314 8414 '8314 8414 83
No par 40 May 27
8312 83
83
8014 8212 8014 81
1.500
Preferred
6
Na par 8014May 26
6 11
614 614
64 618
6
6
53
4 514
53
4 6
3,300 Canso! Laund Corp
534May 26
5
No par
53
8
47
8 518
43
4 5
45
8 47
412 43
4
413 43 31.100 Coniol Oil Corp
No par
418 Apr 13
82
83
8612 89
*88
89
8712 83
87
87
87
87
2.000
8% pref
100 79 Feb 6
It
14
13
11
14
14
14
14
14
14
14
14 2,600 Consolidated Textile___NO par
•7
8 1
*4 1
4 Mar 22
*7
8 1
3
4
7
14
3
4
34
34
600 Container Corp A vot__No Par
4N1
•I4
, ay 25
12
14
*14
3
8
•14
3
8
24
14
14
*14
200
,
s
Class It voting
No pa
14May 3
*33
4 4
*334 4
4 4
*33
312 334
3
314
3
3
1.300 Continental Bak el A No Par
•12
3
8
4
5
8
•12
3
8
3 May 4
12
1
12
12
12
12 2.500
Clam ll
No par
032
33
32
4 Apr 7
32
3112 315
8 3112 3112 31 14 3112 32
32
2.000
Preferred
100 2814 Apr 12
213 217
4
8 2214 225
8 2012 22,
8 2018 21
193 22
4
204 21 14 13,400 Continental Can Inc___No par
34 314
314 314
1934Nlay 26
314 34
314 314
34 34
34 318 1.701 Conti
Diamond Fibre_No par
3 Apr 6
812 812
8
814
718 8
63
4 7
7
712
73
8 8
7.100 Continental Inc
10
634May 25
7
8
7
8
7
72
4
7
4
7
8
*34
7
8
3
4
3
4
ks
3
4 4.300 Continental alotoro___No par
5
54
5
51 1
5
8May 27
5
53*
43
4 5
45
8 47
8
412 43 12.800 Continental 011
4
14
14
/18
2
4
14
14
No par
‘125,1ay 5
24
14
1,
14
14
7.300 Continental Shares
N
No par
'*May 4
3312 3014 3234 293 3012 283 3114 2914
3214 325* 33
4
4
28.800 Corn Products Reflning_-__25 2834May 26
3053
11214 11214 11214 11214 11012 112
•11214 115
110 11014 *108 11214
350
Preferred
100 104 Apr 14
2
2
*2
214
214
2
2
2
17
8 2
2
2
7,30 Coty Ina
No par
*17
19
17 ay 26
*17
8Nf
18
•144 19
*15
1712 *15
1612 15
15
200 Cream of Wheat
No Per
15 May 27
17
*17
1834 184 17
19
*1714 19 '1714 183 •1714 19
8
30(1 eras Carpet
100
*214 21 '
214 214 *24 212 "214 212
2
4 213 *24 212
200 Croaley Radio Corp____No par 1014 Jan 5
214May 3
918 918 *918 97
•918 97
.918 97
8
8 *918 978
*912 97
200 Crown Cork h Seal__No per
83
8May 14
15
1 8 .114
,
114
5114 158 *158
11
*1
15
8 •1
15
8
100 Crown Zell/eh:Leh
No par
14May 25
7
714 *012 7
612 61
*714 8
612 612 '612 7
800 Crucible Steal of Anserica__100
612May 25
18
1612 173
4 163 18
1812 18
4
18
17
17
1612 17
1.140
Preferred
100 1514Nfay 19
.58
•52
7
8
5
,
I
8
•12
3
.12
8
4
.12
3
4
53
100 Cuba Co
No Per
8
58Nf ay 14
4,
4
•18
14
et8
14
*18
1
4
18
•18
4
100 Cuba Cane Producta
No par
la Apr 19
4
12
12
12
12
12
3
8
4
4
4
12
12 3.100 Cuban-American Bugar_.._10
8Nlay 25
3
44
5
*4
5
4
4
4
4
312 4
*312 6
630
Preferred
100
312May 26
Cuban-Domia Sugar__No par
4
-2ii 214 .21 18 214 213 213
- 8
4 21
2012 20
21
-0
20n2.500 Cudahy Panning
h
20 May 26
:15 - 1512 *1514 1512 1514 1514 1412 15
*14
1412 *1312 15
400 Curtis Publishing Ge___No par
1412May 25
563
.56
55
4 55
57
53
55
55
55
55
*54
55
1.400
Preferred
No par 55 May 23
/
7
8
118
1
1
1
1 18
1
1
1
78
1
12.400 Curtise-Wrigbt
No per
74May 5
rs
17
3
13
4
152 17
15
8
8 15
112
8
13a
112
134
13
4 5,300
Class A
100
14 Mar 28
43
5
418 418
412 42 *4
34 4
*212 4
700 Cutler-Hammes MfgNo par
5
3 8Nlay 26
5
112 134
114 112
1
14
.14 214 .14 2'a
13
13
8
8 3.200 Davison Chemical
No par
1 May 26
34 23
134
13
4
4 13
13
112
112
3011 Debenham Securitles___5 Bch
11.af ay 27
*134 3
"34
67
467
8 67
8 7
500 Deere & Co pref
-May 19
74 741 *673 3 "
20
64
T
7
71
7
7
7518 7518 77
4
76
71
74 4 7518 1,300 Detroit F,d14on
,
100 74 NJ ay 26
804 8018 804 80,8 *7512 79
*7
.7
I
9
'7
3
9
10
*7
9
*6
8
300 Devoe & Raynolde A__No per
7 May 26
8
123 123
4
4 12 2 12 4 1212 125
4 123 127
4
8 4.500 Diamond Match
8 123 123
No par 12 Apr 9
1214 125
8 2052 205 '2012 21 12 1.800
4205 2114 205 205 '2012 211
8
8
8
8
205* 205
Preferred
25 2012Nfay 13
$ per share $ Per Share
*412 512
5
5
*4
12
*4
4
*114
13
4 *118 13
4
*66
67
67 67
*2614 29
*2612 29
•112 2
*112 24
212
212 *212 258
*414 44 "414 43
8
•___._ 49 *_.....„ 4812
*3
4 1
*3
4
7
8
*112 15
8 *112 14
*15
8 3
*15
8 3
*212 338 •218 338
712 712
712 712
614 614
5
614
*22
45
22
22
'31
40
"35
42
*5
8
4
"
53
4
*12
5
*12
8
5
8
"2
212 *2
24
*73
8 8
77
8 818
*3514 40
3514 3514
.54 54 .514 51
*14
3
2
*14
3
3
$ per share
*414 512
*3
8
1
*14 188
"65
6634
*264 29
*112 214
*212 27
8
414 43
8
*4314 4812
*3
4
7
8
14 112
"158 3
*212 33
8
718 73
8
*5
512
22
23
35
40
*4
3
4
*12
53
2
2
73
4 8
*3514 393
4
54 514
*14
3
8
• old and asked priced na sales on tble day. 2 Et-dividend. / Es-dividend aril et-righu
Highest
$ per share
1012 Jan 14
1 Jan 23
57 Jan 9
4
8912Mar 8
36 Feb 15
3 Mar 2
5 Jan 9
814 Mar 7
75 Feb 4
23 Jan 14
4
412 Jan 14
312 Jan 25
72 mar 7
8
13 Mar 7
2t84 Mar 9
65 Mar 9
88 Jan 7
7
4Mar 8
114 Jan 14
44 Mar 7
19 Feb 19
61 afar 19
117 Feb 13
4
is Jan 15
PR SHARE
Range for Previous
Year 1931
Lowest
Highest
$ per share 3 per share
244Mar
8 Sept
514 Mar
4 Dec
26 Feb
212 Oct
3
723 Dec 129 2 afar
8
451k July
3234 Jan
15 Feb
214 Dec
204 Feb
314 Dec
3474 Feb
488 Dec
75 Dec 114 Apr
112 Dec
53 Feb
2
13 Feb
24 Dec
153 Jan
4
34 Dec
352 Dec
23 Feb
324 Feb
10 Oct
153 Dec
31 Feb
4
49 Dec 104 Jan
85 Dec 113 Mar
4Ma7
114 Feb
214 July
1 Dec
3 Dec
205 Feb
8
107 Dec
693 Feb
4
4
68 Oct 1067 Feb
4
8 Dec
53 Feb
14 Oct
11 Mar
8
s21 Oct
433 NIar
8
3 Dec
4 Jan 13
114 Feb
514 Dec
74 Jan 7
165 Mar
8
1312 Jan 14
104 Dec
65 Juna
17 Jan
20 Mar 21
25 Mar
412 Dec
612 Feb 19
16 Feb
24 Dec
30 May 10
3618 Feb
3314 Oct 13112 Feb
433 Jan 18
8
53 Sept 116 Mar
75 Jan 12
1014 Dec
15 Jan 18
5212 Feb
4 Dec
4 Feb
4 Feb 11
4
223 Feb 11
53 Dec
26 Mar
8
16 Feb
24 Dec
5 Jan 14
143 Mar
8
218 Dec
33 Jan 18
8
15 De
24 Feb 29
133 Mar
8
4
73 DeC
374 Mar
2
712 Mar 15
2514July
11 Dec
1212 Jan 4
312 Jan
64 Jan 9
81413ept
85 Jan 23
50 May
90 Sept
97 Sept
:15 Jan 14
3018 Feb
34 Feb 17
214 Jan
714 Mar
154 Feb 23
11 Jan
35 Aug
2818 Feb 19
8
373 Feb
2512 Dec
90 Apr
6312 Dec
68 Jan 5
314 Sept
7 Jan 14
2314 Feb
134 Dec
205 Jan 14
544 Feb
8
1518 Feb
4
34 Oct
63 Jan 22
1178 Jan 22
638 Dec
35 Feb
14 Mar 12
8 Sept
23 Jan
9 Mar 28
8 Dec
1214 Mar
712 Jan 13
514 Dec
3334 Feb
153 Jan 14
4
1114 Oct
253 Mar
4
24 Jan 14
14 Dec
43 Feb
8
83 Jan 7
4
812 Dec
227 Mar
8
22 Mar 5
3418 Feb
15 Dec
96 Feb 15
92 Dec 105 July
120 Mar 8
974 Oct 170 Feb
5312June
50 Mar 22
453 Dec
2
24 Dec
3112 Mar 9
504 Mar
95 afar 11
794 Dec 10418Seld
104 Mar 7
64 Dec
1712June
95 Aug
68 Dec
80 Mar 17
712June
1012 Nov
11 Apr 26
1912June
8
123 Jan 14
64 Dec
4
82 Dec 1115 Feb
417 Mar 9
8
1618 Mar 9
45 8 Mar
5
114 Dec
79 Jan 16
7218 Dec 10912 Mar
11 Mar 5
8 Sept
2314 Feb
2614 Mar 7
8
194 Dec
357 Feb
2412Ju17
15 Oct
203 Jan 22
4
52 Dec
6874 Mar 14
92 Smt
151sSept
2774 Mar 3
34 Mar
60 Dec
77 Mar 2
90 Jan
95 Mar 11
94 Dec 106 Atli
1014 Mar 8
634 Dec
2112 Feb
478 Jan 14
3 Dec
12 Feb
:
46 Dec 1004 Mar
681 Mar 11
10 Dec
10 Jan 6
3414 Feb
11 Feb 13
674 Jan
1414 Aug
63 Dec
93 Mar 8
8014 Mar
4
8
4June
20 Sept
244 Jan 8
373
60 Mar 7
73 Mar
42 Dec
1114June
15 Feb
54 Jan 11
114 Mar 7
187 Feb
8
73 Oct
4
6834 Mar 8
5714 Dec 1095 Mar
8
88 Dec 4107 July
95 Mar 3
814 Dec
1574 Mar
4
107 Jan 13
7,8 Jan 7
157 Feb
8
44 Dec
64 Dec 103 Mar
96 Mar 24
14 Jan
11 Mar
4
1 Jan 20
4
8
212 Feb 19
7 Dec
812 .1111
4 Dec
14 Jan 18
3 Jan
7 Jan 14
all Dec
30 Feb
h Dec
1 Jan 8
34 Feb
4714 Mar 6
40 Sep
774 Feb '
4
411 Mar 8
623 Mar
3014 Dec
414 Feb 17
34 Dec
167 Feb
4
5174 Feb
184 Dec
204 Mar 8
14 Jan 14
44 Feb
1 Doc
5 June
7 Mar 8
12 Feb
13 Feb
14 Dec
3 Jan 13
4
473 Nlar 8
8
8614 Oct
863 Feb
3
12912 Jan 11
118 Dec 1524 AD?!
18 Feb
24 Dec
414 Jan 16
23 Mar 9
20 Sept
3412 Mar
1018 Mar 21
1014 Nov
1954 Apr
44 Jan 7
24 Dee • 81 Feb
4
am, Feb
157 Mar 5
4
4
131 Dec
118 Dee
214 Feb 15
674 Jan
20 Dec
2314 Jan 14
63 Feb
4974 Jan 14
867 Dec 106 Jan
1
4 Dee
134 Jan 14
574 Jan
4 Dec
18 Jan 15
252 Jan
11 Jan 11
4
1 Dee
53 Mar
4
812 Jan 18
6 Dec
35 Jan
IA JOY
118 Jae
$514 Mar 9 s29 Oct4187 Mar
4
20 Dee 100 Feb
31 Jan 15
86 Jan 14
70 Dec 118 2 Mar
1
24 Feb 2
1 Dec
57 Feb
4
34 Feb 1
1/4 Dec
814 Mar
10 Jan 21
7 Dec
41 Jan
814 Dee
514 Jan IR
23 Feb
4May 25
13
158Betrt
1212 Jan
1514 Jan 15
2
133 Dec
22 Jan
122 Jan le. 11014 Doc 195 Feb
1314 Feb 24
814 Dec
1914 Feb
157g Mar 10
105 Dec
8
23 Ma
2412 Mar 18
194 Dec
2812 Au
New York Stock Record-Continued-Page 4
3946
rge FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES PER SHARE, NOT PER CENT.
Saturday
May 21.
Monday
May 23.
S per share $ per share
934 10
93
4 94
.14
1411 *133 1414
4
*618 612 *6
71
/
4
3418 343
4 3412 35
*I
114 *1
114
*612 712 *
612 712
*87
92
92
92
118 118
*18
114
423 4314 427 4414
8
8
.109 110 *108 110
412 412
412 412
29
293
4 291 3013
/
4
.90
90 4 90 4 91
3
3
*14
3
8
*14
3
8
*2 8 4
5
*25
8 4
11
11
4 1114
103
*6318 70
*64
70
*1 1
/
4
1
1
114 P4
13
8 13
8
5
5 14
414 51
/
4
21
21
18
203
4
16
16
16
16
*1714 19
1818 1818
Tuesday
May 24.
Wednesday
May 25.
Thursday
May 26.
Friday
May 27.
$ per share $ per share $ per share $ per share
93
4 97
8
912 97
8
938 912
014
9
/
1
4
*1312 14
*1312 137
8 1318 1312 1318 1318
*6
7
512 6
6
6
6
6
33
3412 31
33
284 3114 28
3018
1
1
*I
114
1
1
*1
11
/
4
612 612 *6
613
*612 712 *612 712
917 917 *88
8
8
*87
92
*87
92
92
114
114
*34
114
*3
4
*3
4
114
114
4014 4212
41
4212 403 413
4
4 393 43
4
108 108 *107 110 *107 110 *107 110
4
334 4
338
412
312 *35
8 33
4
2718 2558 29
265 275
8
8
28
297 x26
8
90 90
88
90
8314 88
*8314 89
*14
3,
*14
5
8
*14
3
8
*14
3
8
*25
8 4
*258 4
*25
8 4
*25
8 4
1014 107
8
93 101
8
8
912 1014
/
4
914 105
*64
70
*64
70
*64
70
*64
70
/
1
4
7
8
7
8
7
8
7
8
7
8
*7
8 1
114 13
8
111
114
114
114
114 114
33
8 4
33
8 334
3
/ 3
1
4
/
1
4
3
/ 414
1
4
1512 155
8
1214 15
15
1712 1413 16
4
143
4 1218 1314 123 1312
1012 1114 14
18
163 17
4
1818 1818 17
17
17
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 Previous
Year 1931
Lowest
Highest
Indus.$ Miscell.(Con.) Par 3 per share $ per share $ per share $ per share
Dome Mines Ltd
No par
7 Jan 4 115 Mar 5
/
1
4
8
852 Oct 21312 Mar
Dominion Stores
No par 13 Jan 5 18 Mar 6
11 Oct
24 Apr
Douglas Aircraft Co Inc No par
512May 25 1378 Feb 1
7 Dec
/
1
4
2114June
No par 28 May 27 57 Feb 13
Drug Inc
428 Oct
4
4
783 Mar
Dunhill International No par
1 Mar 28
112 Feb 4
112 Dec
814 Mar
Duplan Silk
No par
612May 26 101 Jan 23
/
4
10 Sept
143 Feb
4
Duquesne Light lat pref__ _100 89 Feb 10 97 Mar 14
92 Dec 10712 Aug
/
1
4
Eastern Rolling Mill
514 Mar 5
No par
118May 21
2 Dec
/
1
4
1314 Mar
Eastman Kodak Co__ No par 383
4May 16 873 Jan 14
4
77 Dec 1858 Feb
4
6% cum preferred
100 99 Jan 22 11912 Feb 18 103 Dec 135 Sept
33
Eaton Mfg Co
No par
8May 26
8 Feb 19
53 Dec
8
211 Mar
/
4
E I du Pont de Nemours___20 2512May 16 5954 Feb 19
60 Dec 107 Mar
100 8314May 26 105 Mar 17
6% non-voting deb
94 Dec 1241 Aug
4
No par
Eitingon SchIld
14 Apr 12
114 Jan 6
1118 Feb
12 Dec
100
214May 9 1212 Jan 6
6 A % preferred
74 Dec
/
1
89 Feb
No par
914May 26 3234 Mar 7
13,600 Electric Autollte
20 Oct
743 Mar
8
100 64 May 12 1001 Feb 16
/
4
Preferred
94 Dec 110 Jan
415 July
No par
8May 24
212 Jan 6
7
700 Electric Boat
4 Dec
5,200 Elea & Mus Ind Am shares114May 19
4 Jan 8
212 Sept
97
8July
314May 24 153 Mar 9
8
9 Dee
27,500 Electric Power & Light_No par
603 Feb
4
121434ay 24 64 Jan 14
No par
41 Dec 10818 Mar
5,900
Preferred
1012May 24 5512 Jan 14
No par
32 Dec 98 14 Mar
1,900 $8 preferred
8
23 Dec
66 Mar
1,700 Elec Storage Battery_No par 185 Apr 13 3314 Mar 7
/ Jan 13
1
4
14 Jan 13
Elk Horn Coal Corp___No par
114 Feb
18 Dec
____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____
Emerson-Brant el A___No par
14 Dec
24 Mar
/
4
.2512 3412 *2513 341 *26
3458
3412 25
------ ----2312 Dec
400 Endicott-Johnson Corp__50 2458May 26 361 Feb 15
/
4
458 Sept
8
100 9812May 26 10714 Mar 17
x985 Dee 115 Aug
8
*991 10012 991 9912 99
/
4
99
9812 9812 *98 102
Preferred
300
/
4
09
913 101
7 May 26 25 Feb 16
8
*5
10
15 Dec
10
.8
10
*8
10
*8
10
7
49 Mar
*8
200 Engineers Public Elerv_No par
No par 25 May 24 51 Feb 23
*2212 30
42 Dec
30
*27
30
25
25
*21
32
*2212 30
30
200
87 Jan
$5 preferred
62 Dec
33
No par 27 May 24 57 Mar 18
27
*24
33
*24
33
*24
91 Mar
.30
35
30
30
27
200
$534 preferred
14 May 24 19 Jan 4
1818 Oct
*15
14
14
14
14
14
355 Jan
8
1514 15
14
144 14
2,400 Equitable Office Blcig_No par
15
26
714 Mar 29
218May
*218 234 .2
218 212 *2
23
4
3 Dec
/
1
4
123 Mar
4
3
700 Eureka Vacuum Clean_No pox
212 212
212 212
12
7
8
3
4
3
4
*12
7
8
12
*12
/
1
4
*1
/
4
5
12May 26
21 Mar 5
/
4
1 Dec
8 Feb
/
1
4
200 Evans Auto Loading
7
8
*12
103 *10
4
1034 10
10
9 4 Jan 30 113 Jan 11
3
4
1034 *10
*10
10 Dec
25 Jan
*10
103 *10
4
103
4
200 Exchange Buffet Corp_No par
•
/ 23
1
4
/Sept
1
4
4 *214 23
25
3 Mar
4 *114 23
*14 23
Fairbanks Co
4 *114 234
4
*14
23
4
100
113 Mar 31
314 Mar 31
2 Dec
*1
314 .1
314 *1
314 *1
Preferred
13 June
314 *1
314 •1
3,
4
312 Dec
3 May 25
53 Jan 19
4
3
3
*3
312
312 35
8 3,700 Fairbanks Morse
No par
294 Mar
/
1
*3
31 *3
/
4
312 *3
312
100 20 May 6 4754 Mar 8
40 Dee 1091 Feb
193
4 *2
/
4
•____ 193 *__ 193 *____ 193 *___
4
4
4
193
4 *2
Preferred
1934
*12 114
134 Jan 25
1 Apr 12
1 Dec
11 *1
/
4
13
8
612 Feb
*13 114 *118 114
1r8
1
1
200 Fashion Park Assoc____No par
*7
15
*7
15
15
94 Apr 20 22 Jan 25 215 Dee
/
1
/
1
4
49 Feb
/
1
4
*712 1412 *712 1413 *7
1413 *63 15
4
Federal Light & Trao
48 Dec
92 Mar
35
35
*35
37
36
36
No par 35 May 25 64 Mar 11
48 *__- 48 *____ 48
Preferred
30
352 Feb 6
218 Dec
112 112 *112 11
112May 26
75 Feb
8
8 .113 11
/
4
/
4
/
4
400 Federal Motor Truck No par
"
112 24 *112 11 *113 17
2 Jan 14
11 Dec
/
4
151 Feb
/
4
*1 1
/
4
12May 23
*12 1
*12 1
*3
8 1
100 Federal Screw Works No par
12
*1 1
/
4
12
/
1
4
3 Dec
30 Jan
*312 4
312 33
4
314 312
3
/ 312
1
4
318 35
8 2,600 Federal Water Berv A No Dar
3 Jan 4 1038 Mar 16
*312 4
101 Dec
/
4
3718 Aug
*8
123
4 *8
103
4 *8
103
4 *8
918
8
8
*73
4 8
8 May 26 14 Jan 7
100 Federated Dept.Stores_No par
20 Dec
5814 Feb
612May 27 2784 Jan 15
73
4 813
7
84 85
/
1
8
814 812
712
7
713
61 73
/
4
8 6,100 Fidel Phen Fire Ina N Y___10
9 Feb
812 Mar 8
51 Oct
/
4
812 Feb 18
No par
*65
8 712 "Vs 712 *65
8 67
8 *6
/ 67
1
4
8 *6
/ 61 *64 61
1
4
/
4
/
1
/
4
Fifth Ave Bus
8 May 19
24 Aug
1514 Oct
*714 20
*7
*714 20
*74 20
20
*7
7 alar 31
20
*7
20
No par
Filene'e Sons
8514 Feb 104 May
8212 •82
83
83
83
*81
83
83 83
*81 100
82
100 80 Apr 14 94 Jan 18
150
Preferred
20 June
124 Dee
/
1
8
117 12
4
117 117
8
8 117 12
8
111 117
/
4
8 113 117
4
8 1112 113
4 2,200 Firestone Tire & Rubber___10 1112May 3 153 Mar 8
495 Dec
8
8618June
/
4
4812 4812 4813 4813 4814 481 1 473 48
4
473 473
4
4 47
473
4 2,800
100 47 May 27 591 Jan 26
Preferred
42
3918 411 381s 3914 371 4114 37
41 Jan
83 Aug
41
4018 41
/
4
3913 12,800 First National Stores_No par
/
4
37 May 27 63 Mar 7
*1
/
4
14
*1
/
4
14
*18
14
/
1
4
18
14
14
*1
/
4
14 2,000 Fisk Rubber
/ Feb
1
4
38 Jan 11
/Sept
1
4
18 Feb 1
No par
*14
12
*14
12
*14
12
*1
/
4
12
*14
12
*14
12
3 Feb
12Sept
7L4 Jan 9
4 Feb 2
let preferred
100
4
311 Mar
*38 114
112 Apr 13
*38
114
*38
114
*38 114
14 Feb 8
12SePt
*3
8 11
100
*1 11
/
4
let pref convertible
/
4
3512 Jan
77 Dec
8
*514 10
*6
*6
8
*6
8
10
*514 8
41 Apr 29 10 Feb 20
/
4
'514 8
Floreheim Shoe class A _No par
80 Dee 10212 Mar
.S0
85
*80
85
*80
85
*80
85
*80
85
*80
85
100 65 Feb 5 8212 Apr 14
8% preferred
1954 Feb
712 Mar 7
4 Doc
*3
5
*3
412 *214 3
*214 3
3 Apr 30
5
*3
5
*3
No par
Follansbee Bros
6412 Feb
412 412
8 Dec
412 412
418 412
3
3
3
3 18
3 May 25 12 Mar 10
3
/ 314 1,900 Foster-Wheeler
1
4
No par
1812 Mar
212 Dec
114 114 *118 2
*118 2
*lig
2
*11 2
/
4
*118 2
415 Jan 14
1 13 Apr 11
100 Foundation Co
No p07
8
3212 Feb
1412 1412 144 15
/
1
1414 143
14
134 14
1
4May 27 21 12 Mar 9 2155 Dec
4 14
1414 14
133
2,000 Fourth Nat Invest w w
383 Feb
8
212 Dec
112 112
112 15
1 18
112 4,200 Fox Film class A
112
1 18May 27
53 Jan 14
8
8
114
No par
113 1,2
112 112
6314 Mar
181 Oct
/
4
13
/ 134 1314 1313 1314 1312 13
1
4
131 113 123
/
4
8
4 103 1113 9.500 Freeport Texas Co
4
No par
103
4May 27 1912 Jan 15
83 Feb
8
1 Dec
*5
8 1
*5
8 1
5
8
*5
8 1
*5
8 1
8May 21
17 Jan 4
400 Gabriel Co (The) el A No par
5
8
*5
8 1
5
2
15 Dec
60 Feb
*61 612 *614 7
/
4
*614 7
*614 612
6
6
6
6
6 May 20 17 Jan 11
300 Gamewell Co
No Par
24 Mar
/
1
38 Oct
Gardner Motor
5
7 Mar
/
1
4
212 Dec
*158 218 *13
8May 17
35 Jan 14
8
4 218
15
13
4 13
4
13
4 13
4
15
8
152 *11 2
/
4
400 Gen Amer Inveetors__No par
88 Mar
45 Dec
*25
5018 *25
5018 *25
5018 *25
100 41 May 10 01 Feb le
5018 *25
5018 *25
Preferred
301
/
4
7518 Feb
/
1
4
28 Dec
13
13
12
13
11 May 28 35 Mar 8
1214 123
1112 5,800, Gan Amer Tank Car___No par
4 123 123
11
8
8 11
1214
47 Mar
9 8Sept
5
812 812 *8
7 May 27 1512 Jan 15
812
No par
73
4 858
7
7 / 2,000 General Asphalt
1
4
714 712
714
714
912 Dec
2552 Apr
8
*12
1214 1134 12
1112 1113 11
5 1078May 26 195 Mar 4
4 4,800 General Baking
8
1112 107 1112 1114 113
095 100
95 Dec 114 Mar
/
4
'95 100
*95 100
No par 90,May 4 1051 afar 11
*95
9813 *95
9713 *95 100
$8 preferred
912 Feb
338 Jan 8
11 Dec
4
*114 2
*114 2
1 May 24
1
114
No par
1
1
1
1 *__11 1,000 General Bronze
/
4
11 Dec
/
4
13 Feb
*12 11
234 Feb 1
/
4
*1 11
/
4
4May 14
3
/
4
No par
*1 11
General Cable
/
4
/
1
4
*3
8
7
8
/
4
*3
8
7
8
"4
3
21 Dec
/
4
2512 Feb
512 Jan 13
0112 21 *112 218 *112 2
/
4
112May 14
No par
*112 2
Class A
*118
11 *113 214
/
4
100
5 may 26 1612 Jan 4
/
1
4
111 Dec
/
4
85 Jan
6
6 18 *8
9
6
6
7% curn preferred
614 614
*55
8 6
300
518 6
25 Oct
4812 Feb
2514 2514 251 254 25
/
4
/
1
4May 26 3838 Mar 10
2518 2418 241 224 2413 23
No par 223
/
4
235
8 1,700 General Cigar Inc
8
545 Feb
4
4af
93 ay 27 2618 Jan 14 2227 Dee
1314 1312 1338 137
No par
General Electric
8 127 131 1214 121 1112 127
2
/
4
4
4
/
4
8
03 123 147,600
1218 Jan
107 Dec
8
4
10 103 Apr 22 1114 Jan 14
107 107
8
; 104 11
/
1
107 11
8
1078 11
107 11
8
107 11
8
13,800 [Veda'
284 Dec
/
1
56 Apr
8alay 25 4012 Mar 9
264 2714 265 2712 241g 2612 211 2312 211 24
/
1
8
Never 215
215 24
8
53,100 General Foods
/
4
/
4
/
1
4
114 Dec
812 Feb
2 Feb 17
4May 27
3
No par
/ 1
1
4
7
8 1
1
*1 1
/
4
1
78
1
/ 3,300 Gent Gas & Eleo A
1
4
3
4
143 Dee
4
4
763 Mar
4
6 afay 19 243 Jan 14
No par
Cony pref ser A
.6
13 8/
,1
4
614 614 *6
9
300
*6
912 *6
712
6
614
20 8 Dee
3
353 Mar
4
1818 Apr 29 25 afar II
Gen Bra Edison Elea Corp____
.18 4_ _ *183
3
__
183 184 183 184 *1814
/
1
300
4 ___ *1838
8
/
1
8
2918 Dec
50 Mar
NO par 2814May 27 87 Feb 15
*311 - / 3112 3114 - 8 31 1s --, 31
4
313
2814 -- .1z 14,300 General Mills
3
0
31 8
31
3014 31
85 Dec 100'4 Sept
100 8214May 27 88 Jan 29
Preferred
100
*S2
/ 844 0
1
4
/ 8214 8358 *821 8318 *8214 8318 *8214 8312 8214 8214
1
/
4
311 Dee
/
4
48 Mar
912May 26 2452 Jan 14
10
1018 1014 10
94 10 173,200 General Motors Corn
/
1
1014
913 10
93 10
4
95 10
8
79 Dee 1034July
/
1
4
/
1
4
823 Apr 8 8714 Mar 12
No par
$5 preferred
6712 6712 664 6714 1,300
*68
6914 68 68
68
68
68
68
9 Feb 13
5 Oct
/
1
4
38 Jan
5 Apr 12
900 Cleo Outdoor AM* A_ No par
6
*514 53
4
54
/
1
*612 7
*612 7
618
612 612 *6
4 Jan 5
84 Oct
/
1
1014 Fab
3 Feb 9
/
1
4
No par
Common
33
4 5,300
*312
3
/ 4
1
4
*313 3
/
1
4
4
3
5s 4
*313 33
4 *312 33
1014 Oct
31 Mar
512May 14 14 Jan 28
50 General Printing Ink No par
/
4
8 812 *5 8 812
5
513 512 *51 812 *512 812
5
/ .5,
1
4
2 *55
4318flept
76 Jan
No par 3358May 28 60 Feb 18
$6 preferred
310
4 3358 3358
335 353
8
4
*374 43
/
1
4
*353 40
*375 40
8
*353 40
258 Dec
5 Jan 13
23 Feb
1 May 4
Public Service_ No par
700 Gen
112
/
4
8
11 112 *114
/
4
112 112
112 112 *11 15
14 134
21 Dec
0 May 25 2858 Jan 14
8418 Mar
No par
9
3,200 Gen RY Signal
9
914 938
9
1014
10 4 103
3
4 1112 1112 103 11
8
100 75 Mar 81 90 Jan 13
81 Dee 114 Mar
6% preferred
*--__ 77 *___ _ 77 *____ 77 *____ 77 •___ 77 •_ - -_ 77
114 Mar 5
14May 19
91 Mar
/
4
52 Dec
3
8 1,100 Gen Realty & UtIlities_No par
*14
14
14
14
14
3
8
*14
3
8
14
*14
/
1
4
/
1
1352 Dec
518afay 16 184 Feb 19
7418 Mar
No par
$6 preferred
53
4 53
4 1,200
6
6
6
6
*6
912
512 6
*6
9
4
12 Dec
No par
334May 5 143 Jan 9
57 Feb
/
1
4
600 General Retractorles
33
4 33
4
*33
4 4
412
4
4
412
412 41 *4
/
4
84
11 Jan 11
/
4
14 Apr 5
1512 Feb
12 Dec
14 3.100 Gen Theatres Equip v t oNo par
14
14
14
/
1
4
14
14
14
14
14
14
11
2414 Mar 3
94 Oct
883
4May
8
/
4
131 1212 1412 1312 143 21,900 Gillette Safety Italor_No par 1038 Jan 5
4
135 138 133 1412 1314 1414 13
8
45 Dee
No par 48 May 26 6812 Mar 3
preferred
767
8Mar
Cony
600
50
48
50
48
*50% 5112 *4914 50
*5018 5318 5012 52
1 May 26
212 Jan 14
11 Dec
/
4
7 Feb
/
1
4
No par
1
118 1,600 Gimbel Brea
1
118
112
112 *118
*113 112 •113 112 *114
100
8
/
1
4May 11 31 Jan 13
2618 Dec
52 July
Preferred
9
100
9
*8
*8
9
914
9
91 *9
/
4
10
*9
*9
7 Mar 9
412 Oct
312May 26
1818 Feb
No par
8 35
8 1,600 Glidden Co
35
0334 4
33
4 4
34 4
3
312 35
8
*33
4 4
40 Dec
100 35 Apr 28 54 Feb 13
82 Aug
Prior preferred
60
3518 38
*35
40
40
40
*39
40
40
40
*35
*3.5
61 Jan 21
/
4
94 Mar
/
1
8May 14
35 Oct
8
No par
25
3,500 Gobel (Adolf)
3
318
8
25
8 314
23
4 27
2
/ 3
1
4
314
3
3
3
144 Dee
/
1
8May 26 1958 Mar 9
4218 Mar
No par
95
3
95 1012
8
97 101 18.600 Gold Dust Corp v t o
8
/
4
1038 1218 1018 10 4
/
4
1114 111 1114 12
85 Dec 11712MaY
89
$8 cony preferred____No par 83 May II 95 Feb 6
89
*60
*60
*50
89
89
89
*50
*50
*50
89
111 Dee
/
4
207 Feb
2
212May 27
/
1
4
5 Jan 14
212 23
4 3,400 Goodrich Co (B F)--__No par
314 314
314 314
23
4 314
314 314
3
3 14
88 Feb
10 Deo
8 Apr 8 17 Jan 8
100
Preferred
200
8 8
818 814 *75
8 8
*75
*814 13
*814 13
133 Dec
4
5212 Feb
53
4May 27 184 Mar 9
5,700 Goodyear Tire & Rub_No par
8
7 8 75
3
8
53
4 678 7
/
1
4
71 7,
/
4
2
64 7
/
1
8
75
73
8 75
No var 24 May 27 61 Mar 10
35 Dec
91 Feb
let preferred
24
1.900
24
2412 25
25
26
25
25
27
*2512 29
26
1834 Apr
81
/
4Bept
714 Jan 6 14127,tay 8
No par
3,800 Gotbam Silk Hose
/
1
/
4
113 12
4
1214 123
4 1214 1214 124 1212 1134 1214 111 12
72 Apr
100 5014 Jan 11 6512 Mar 1
50 Jan
Preferred
220
5912
*59
*59
63
59
59
63
59
59
*59
63
*59
3851ay 2
1 Jan 11
1 Dec
4
65 Feb
8
No Dar
Gould Coupler A
his
*3
8
*3
8 115
*
/ 118
1
4
*3
4 11
/
4
*3
4 118
*
/ 11
1
4
/
4
1 May 27
45 Jan 12
8
17 Sept
8
812May
1
114 11,300 Graham-Paige Motora_No par
114
13
8
114
114
118
8
13
8
11 13
/
4
8
11 13
/
4
24May 26
/
1
73 Jan 14
4
514 Dec
3258 Feb
/
1
2
/ 24 3,900 Granby Cons M Bm & Pr__100
1
4
/
4
,
8
2
/ 31
1
4
8 3
/
1
4
3 2 313
,
3 8 33
3
/ 35
1
4
8
35
No par
112 Dec
,M& 21
8 Jan 22
2512 Mar
8 1,500 Grand Silver Storei
I.
3
*14
3
8
3
8
3
8
3
8
3
8
3
8
*38
3
8
's
No par
33
45113y 17
93 Mar 4
4
7 Oct
187 Mar
8
000 Grand Linton Co
*3
/
4
/ 41
1
4
3
/ 31
1
4
4
4
4
33
4 33
4
33
4 33
/
4
412 412
4May 13 3514 Mar 7
No par 223
48 May
Preferred
21 Dec
1,100
25
241 25
/
4
2418 25
24
24
24
34
*24
31
*24
No par
91 101 1,100 Granite City Steel
/
4
914May 27 13 Feb 23
/
1
4
/
4
111 Dec
/
4
29 Feb
/
1
4
11
1112 11
1012 1034
11
*1112 13
*1112 12
42 Aug
No par 143
4MaY 27 3014 Mar 8
241 Dec
/
4
155
8 144 1514 3,900 Grant (W T)
15, 1658 15
2
4 163 17
4
1714 1714 1718 173
8 May 3 1314 Jan 14
/
4
231 Apr
10 Dee
8 1,300 at Nor Iron Ore Prop No par
612 65
714 714
7
/ 74
1
4
/
1
63
4 64
/
1
4
/
4
*71 7
*6
/ 8
1
4
4
117 Jan
314 Apr 5
612 Jan 8
1,600 Great Western Bugar_No par
53 Oct
4
/
1
4
4 *35
8 3
4 33
4
3
/ 33
1
4
33
4 34
/
1
33
*37
8 4
*3
/ 4
1
4
9612 Jan
Preferred
100 53 May 20 8114 Jan 5
73 Dec
380
55
*54
60
60
56
4
4
543
4 543 543 *55
543 *54
4
*53
3
4
5
8
3
4
5
8
61 Mar
/
4
5
8
58 4,700 Ortgeby-Grunow
No par
12 Apr 13
3
4
134 Jan 11
1 Dee
3
4
4
3
3
4
3
4
3
4
/
4
058
11 Jan
Guantanamo Sugar___No par
Is Mar 7
14 Jan 12
/ Dec
1
4
5
8
58
*Is
*18
4
58
*18
53
018
53
*1
/
4
3712 Feb
4 Apr 30
4 Deo
No par
8 Feb 16
4
*3
412
200 Gulf States Steel
412 *418 412
4
81 *4
/
4
.418 812 *4
80 Mar
15 Dec
Preferr I
100 20 Mar 8 20 Mar 8
*6
20
*6
20
20
*6
20
*6
20
*6
20
*6
/
4
32 Dec
301 Mar
400 Hackensack Water
25 15 May 27 23 Jan 12
163
8 15
15
8
8
4 163 163 *15
8
4
*163 183 *163 184 165 163
4
4
30 Apr
261 Sept
/
4
25 19 May 27 28 Apr 26
19
10
7% preferred class A
*19
21
19
24
244 *19
4
243 *19
244 *19
*19
93 Mar
4
114 Dec
1
7
8
N par
7
811lay 16
24 Jan 14
/
1
7
8
7
8
1
*7
8
1
1,100 Hahn Dept Stores
7
8
7
8
*7
8 1
7
8
837 Mar
8
14 Dec
Preferred
100
8 May 27 19 Jan le
84
8
8
1,300
/
4
818 81 *8
4
83
*8
9
914 *8
*8
19 Mar
/
1
4
/
1
4
8 74 *65
/
1
8 7
11 Sept
/
1
/
1
Hall Printing
71 *64 74 *63
/
4
10
6 Apr 23 1112 Jan 7
/ 561/4
1
4
*91 7
/
4
758 *7
• Bid and asked prices1 no sales 00 this day. a Ex-dividend.
Shares
4,700
400
1,100
33,300
800
100
20
200
19,300
10
3,800
93,400
4,100
N Ex-rights. 9 Ex-dividends.
New York Stock Record-Continued-Page 5
3947
Pr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FIFTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES PER SHARE, NOT PER CENT.
Saturday
May 21.
Monday
May 23.
Tuesday
May 24.
WednesdayI Thursday
May 2,5.
May 26,
Friday
May 27.
Saks
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1932
On basis of 100-24are lots
Lowest
$ per share 8 per share 8 per share $ per share $ per share 8 per share Shares Indus. & 5114cell. (Cos.) Par $ per Mare
*____ 70 •.. __ 70 *_ 70 •____ 70 *---- 70 .---- 70
Hamilton Watch prof
100 30 Mar 7
37
37
37
37
36
*36
*36
36
36
36
35
35
No par 35 May 27
70 Hanna pref new
*7
73
8 *7
73
8 *7
73
73
8
8 *7
7
7
*7
914
7 Slay 26
500 Harbison-Walk Refrao_No par
7*3*
*3
4
7
8
*3
4
7
8
*3
4
7
8
3
4
3
4
*34
hs Apr 18
100 Hartman Corp class B_No par
7
8
*114 2
*118 2
114 114
*114 2
*118 2
*118 2
Class A
114 Mar 15
100
No par
*414 45
8 *4
*414 458
45
45
8 *4
48 *4
*4
3
3 4Slay 9
48
Hawaiian Pine1311Dle Co Ltd_20
*12
3
4
*12
5
8
12
*12 1
12
12
12
34
*12
200 Hayes Body Corp
No par
12 Apr 13
*56
66
*57
65
65
56
*57
57
55
55
52
52
400 Relme (0 W)
25 52 May 27
*514 53
4 *514 6
*514 618 *514 618 *514 61a
400 Hercules Motors
No par
514 Apr 27
514 514
*1512 16
*1512 18
*1513 16
*1512 18
*1512 18
*1512 18
No par
16 May 4
Hercules Powder
71
71
71
*71
71
75
*71
75
*7112 75
72
72
200 Berenice Powder 57 cum p1100 71 Slay 20
*5212 541 1 5313 5312 5212 53
50
493 52
4
50
*49
451ay 25
5012 1,400 Hershey Chocolats
No par 493
4 61
*61
61
633
*63
67
6114 6212 6014 61
*60
Preferred
66
900
No par 0014May 26
414
114
414
112
*14
112
*14
112
112
*14
*14
jacr par
14 Apr 1
Hoe (Ft) & Co
112
.814 914 *314 914
8
8
8
814
*812 10
*83 10
4
8 May 24
800 Holland Furnaoe
No par
*358 33
*318 4
4
4
4 *318 314 *318 33
314May 27
300 Hollander & Sons(A)No par
4
314 314
125 125 *12412 12812 *125 12812 124 125
122 124 *12212 125
700 Homeetake Silmng
100 110 Feb 15
*112 14
15
13
8
4
1
112 15
113
1
114
114
1 May 25
114 2,300 Houdaille-Ilershey el B No par
*43
4518 *43
4312 43
43
*43
47
*43
448 *43
200 Household Finance part pf_50 43 May 13
45
*11 18 117
8 1214 13
113* 12
103 11
4
.1014 1112 1012 1114 2,900 Houston Oil of Tex taro ctfs100
4May 2
91
213 212
212 212
214 212
23
4 23
4
2
23
8 *2
214 4,700
Voting trust etla new_ _25
118May 4
*6
618 *6
618
6
6
51
6
6
6
6
45t8y 27
53
No par
53
4 1,400 Howe Bound
33* 353
353 35
8
3 4 33
3
4
312 358
3
312
3 May 26
318 3 8 2,300 Hudson Motor Car_No par
,
*17
8 2
2
2
14 2
13
8 13
4
112
13
112May 26
112 153 3,400 Hupp Motor Car Corp
10
4
412
3
4
*12
5
8
12
12
12
12
12
12
5
8
58
12May 14
900 Indian Motocycle
No par
*1
118
1
1
1
1
1
1
1
1
118
*1
1 Apr 1
900 Indian Refining
10
18
1812 1412 1612 1158 1234 103 113* 1114 1212 113 1212 13,900 Industrial Rayon
4
4May 25
4
103
No par
17
17
17
17
1612 1613 153 16
4
153 163* 16
4
1612 2,700 Ingersoll Rand
No par 143* Apr 29
•11
14 .11
14
*11
1218 *11
1218 *11
1218 *11
Inland Steel
14
No par 11 Apr 30
*1
113
13
8
112 112
13*
3
4
1
2,600Inspiration Cons Copper_ _20
451ay 25
1
1
3
'8
1
214 214
218 218
218 214
218
218
2
2
*2
218, 1,600 Insuranshares Ctfs Ino_No pa
2 May 26
4% 4%
45
8 47
8
43
8 458
414 5
48 48
418 45
8' 1,600 Insuranshares Corp of Del-_i
418Slay 27
*3
8
3
4
*3
4
3
4
*3
8
3
4
38
3
8
% Apr 8
*3
8
300 llitercont'l Rubber
3
81
3
4
3
8
No par
*218 212 *218 212 •2% 213
218 218
2
2
2
218
900 Interlake Iron
2 May 26
No pas
412 1
*12 1
*13 1
14 Apr 7
3
12
12
12
100 Internal Agricul
*3
No par
*3
8
12
*35
6
4
*318 6
4
4
4
*35g 6
100
334 Apr 18
6 I
Prior preferred
*35
300
74
743
8 75
76
4 6914 72
728 733
6714 714 684 71
12,600 Int Business Machines No par 6714May 26
14
13
4 *15
8 2
*15
*13* 2
8 2
*15
8 2
8Nlay 27
600 Internal Carriers Ltd._No pa
15
8 15
8
15
712 71:
2
718 718
514 6 I 2,800 International Cement..
6
618 614
63* 7
618
514May 27
.No par
38
5
8
13
12
5
8
5
8
5
8
12 2,900 Inter Comb Eng Corp_.No par
12
12
12
12
12MaY 23
47 Jan 6
8
*7,
*7
2 9% *63
4 97
8
63
4 64 *714 97
100
Preferred
81
8 *714 97
100
17
1712 177 1813 1612 18
16
1612 1558 1612 1534 1613 8,200 Internet Harveeter____No par 153
851ay 26
*74
80
*74
80
*75
7712 75
4
771
. 743 75
.75
7713
Preferred
400
4May 26
100 743
6
6
6
6
5% 6
512 534
414 533
43
4 518 5,100 lot Hydro-El Sys el A _ _No par
41451ay 26
____ ____ ____ ____ ____ ____
____ ____ ---_ ____ ____
International Match pref___35
14 May 2
112
112 *15
8 13
4
1%
1%
*114
300 Int Mercantile Marine e175_100
1 13
2
117 *114 2
112May 18
47
8 47
4% 518
412 48
378 418 44,700 lot Nickel of Canada_ _No par
33
418 412
4 412
3 4May 26
3
''.._ -_ 69
65 •
*58
6212 *54
63
*55
65
*56
5912
Preferred
100 71 May 8
8 35
8 *312 .512
35
33
*312 6
8 31 8
40 Internat Paper 7% pref_100
33
4 33
4 *33
4 512
31234BY
.
7
8
1
*5
8
7
8
1
1
*7
8
1
200 Inter Pap & Pow el A _ _No par
*53 1
7
8
7
8
%Slay 25
*14
7
8
*3
4
100
7
8
*14
Class B
14
%
*12
*14
14
7
8
7
8
14May 25
No par
*14
%
%
14
*14
14
*14
3
8
3
8
600
*14
14
Class C
14
% Apr 14
No par
7
314 *314 3%
*313 3
4
312 3
33* 33
314 1,400
,2
3
314
Preferred
3 Slay 27
100
*418 412 *418 412
418 413
413 418 *413 5
*418 5
600 Int Printing Ink Corp_No par
418/May 16
*35
38
*37
35
38
35
37
37
35
37
35
37
90
100 22414 Jan 15
Preferred
1312 1312 *13
1312 13
13
1012 1214 103 11 18 2,400 Internr clonal Salt
1212 13
4
100 1012May 26
*353 35% 3514 36
8
353 353
8
4 3518 357
8 351 365
8 3514 367g 7,900 International Shoe_ __ Na_
par 35 May 17
•123 1312 13
8
9
8
1312 123 1238
1012
914 03
4
014 014 2,600 International Silver
100 . 9 May 26
*3014 35
30
*3014 39
*3014 39
3014 32
32
*32
39
200
7% preferrred
100 26 May 7
358
234 314
3
23
4 314
312 4
37
8 4
23
4 314 57,600 Inter Telep & Teleg_. No par
4May 25
23
2
*2% 213
2
218
*112 2
2
*112 17
8 *112 17
8
700 Interstate Dept Stores_N„) par
2 May 23
*27
28
32
*24
*27
27
*21
2112 2113 *2118 27
25
10
100 2112May 26
Preferred ex-warrants
*33* 412 *4
414
4
4
•35
8 4
*35
8 4
33 Apr 12
*35
8 5
200 Intertype Corp
No par
*I
114
1
11
1
1
1
7
3
7
8
3
4
7
8
5
8
3
4 3,000 Investors Equity
No par
5
8May 27
*1012 12% 1012 1012 11
11
.11
1213 1012 11
*1014 123
8
400 Island Creek Coil
1
1014 Apr 18
2013 2018 *20
21
18
20
17
1658 1618 1614 3,800 Jewel Tea Inc
177
8 16
No par
16 Slay 26
1113 11% 115 1238 11% 12
8
103 107
4
8
8 105 1112 1012 1118 10,100 Johns-Manville
1014 Apr 13
NO par
55
*54
*5312 58
55
58
*54
62
*5218 62 .50
62
10
Preferred
100 52 May 19
*42
48
.42
4212 42
42
*4014 43
41
4214 393 41
4
160 Jonte e2 Laugh steel pref 100 41 May 26
*95 100
*95 100
*95 100
*95 100
*95 100
*95 100
K C P & Lt let pf ear B_No par 9012 Apr 8
*3
3
5
8
*3
8
5
8
"8
3
%
*3
3
53
*3
8
5
8
53
*3
8
Karatadt (Rudolph)
is Apr 11
3
312
314 37
33
8
3
318 33
3
3
33
8
3
2,400 Kaufmann Dept Stores 812.50
3 May 21
.
.55
8 6
55
8
512 55
55
8
512 512
53* 6
53*
512May 25
558 3,300 Kayser (J) Co v t a__ _No par
1
1
1
.78
1
1
3
4
3
4
7
8
7
8
3
4
'8 4,100 Kelly-Springfield TIre_No par
3
41May 25
*1012 12
10
1012 1013 *1014 12
1014
914 10
914 914
700
63 Jan 6
4
100
8% preferred
*25
35
*25
35
30 .25
25
25
*1618 25
*1614 28
100
6% preferred
100 20 Jan 2
•118
133
118
118 *118
118
133
113
118
118
1
118
800 Kelsey BLayee Wbeel___No par
1 Apr 8
312 33*
33* 38
314 3%
314
3
3
318 314
318 7,400 Kelvinator Corp
234515y 18
No par
.2218 2612 *2218 24
21
2012 21
22
22
2112 2312 2312
130 Kendall Co prof
No par 2012Slay 25
61
612 63
8
4
512 0
614 65
512 57
34,300 Kennecott Copper
8
55
4 613
613
512 Apr 12
No par
*12
1234 *12
123 *12
4
13
1212 1212 *12
123
4 13
13
200 Kimberley-Clark
No par 1214May 14
*7
8
1
1
1
*7
8 1
1
1
.1
113 *1
112
300 Kinney Co
% Apr 4
No par
5
518 4518 8
518 55
8 .518 512
57
8 57
8 .558 8
60
Preferred
8 Apr 12
No par
9% 10
10
10
914 93
4
84 9
87
8 914
83
8 8% 13,100 Kresge (S S) CO
10
83* Apr 7
*20
30 .26
30
2212 24
2418 26
*26
30
2112 2212 1,300 Kress Co
No par 2112May 27
18
is
13
14
18
18
122
18
182
11
14.
114 79,600 Kreuger & Toll
',,Slay 25
1213 1213 1212 123* 1112 1214
1115 1112 10% 113
4 103 1114 14,400 Kroger °roe & Bak___No par
4
105
8May 26
3112 317
4 3212 337
8 3113 323
8 30
315
3014 3214 6,800 Lambert Co
3114 315
No par 30 May 26
*2
37
.2
*2
31
2
312
2
12 31 2
3
'2
2
*1
200 Lane Bryant
2 May 26
No par
213 218
•218 21 4
2
218 218
2 18
213 214
214
214
1,900 Lee Rubber & Tire_ __No par
las Apr 12
4
41
4 18 .4
4
4
4
418
4
4
*4
412
800 Lehigh Portland Cement_50
35* Apr 8
49
49
50
49
49
493 493 *49
*48
4
4
50 .49
21
50
7% Preferred
100 49 May 19
113
114 *114
1 14
1
114
118
158
1
1
.1
114
1,701 Lehigh Valley Coal__-_No par
1 May 14
*318 314 *318 314
318 318 *3
314 *3
31
*3
314
100
3 Apr 22
bt)
Preferred
3514 3514 343 35)4 3413 3533 33% 3418 3234 335
4
8 327 336
* 5,500 Lehman Corp (The).__No par 313813lay 3
8
913
1018 1213
1314 13,
4 1314 14
6
125 131
812 913 5,100 Lehr' dr Fink
6 May 26
No par
414 41 i
45 4!
.414 5
*414 5
418 41
418 418
900 Libby Owens Glass
4May 13
33
Ne par
4014 4034 3812 4014 3558 38
3313 361 *35
4014 42
36
5,200 Liggett & Myers Tobaaeo25 3312May 26
4214 43
4012 42
4212 438
373* 4013 3518 3814 3612 3712 18,900
25 3518May 26
Series B
4115 *106 115 '10558115 *100 115 .100 110
.1063 120 *1003
4
4May 18
100 1063
Preferred
.153 163* •155 16% •153* 16
8
8
155 1.538 15% 1518
*15% 16
8
200 Lily Tulip Cup Corp___No par
151aNlay 27
•10
1018
1014 *10
4
93 10
03
4
4 93
93 10
4
*10
2,300 Lima L000moll Workallo par
101
83* Apr 4
8
1113 *7
7
7
1113 *7
*7
*7
1112
7
500 Link Belt Co
7
Na par
7 May 3
1114 117
12
*1212 1314 1214 1217 12
1013 1114 3,200 Liquid Carbonic
1012
No pa
9 May 3
18% 178 1814 1618 1814 1612 1714 31,900 Loew's Incorporated
1914 18
1758 18% 18
16%May 26
No par
51312 5612 56
5114 5918 *5612 58
56
52
55
50
54
2,000
No par 50 May 27
Preferred
218 2%
218 2%
218 213
212 212
2
218
218
2% 4,000 Loft Incorporated
No par
2 May 26
414
1
443 2
14
*14 2
*14 2
14
.18
1
200 Long Bell Lumber A No pa
14May 26
2118 1612 194 17
1812 18
1823 18
20
1813 187 198 12,800 Loose-Wiles Biscuit
8
25 1612May 23
95 1114
1114 1178
91 1012
4
1214 1212 113 1212
95 1014 44,600 Lorillard
8
No pa
918/May 26
8518 8518 86
*8518 88
86
88
86
86
*85
*85
88
1,200
7% preferred
100 731k Jan IS
8
1
*3
4 17
1
03
4 1
1
*31
•3
4
1
•84 I
200 Louisiana 011
No par
34May 2
.10
24
*913 24
912 912 *10
4912 24
24
*10
24
10
Preferred
100
8 May 18
1612 143 153
01614 1613 16
4 133 14
1414 1414 2,000 Louisville 0 & El A____No par
133
.1617 17
4NlaY 26
25
8 253
3
212 212 .2
3
•3
318
2
2
3
1,200 Ludlum Steel
No par
112 Jan 5
1612 *9
1712 *9
40
1712 *9
1612 *9
61 Jan 5
*9
16
16
Preferred
No par
010
14
14
*10
*10
14
14
10
600 MacAndrewa & Forbee_No par
10
10 Apr 7
10
.10
10
90
90 .60
*60
90
*60
90 •60
90 .60
100 5712May 3
90
8% preferred
*60
13
13
1318 1318 128 1318 123 1233 12
8
1212 1218 12'2 7,800 Mack Trucks Ins
No par 12 May 26
0 48 25
,
253 268
4
8 2412 2514 24
25
237 255
No par 237
8
8 2518 2512 5,200 Mae) Co
.
851ay 26
312
35 314 *318 312 2,600 Madison Se] Gartlen..„No par
314
312 312
3% 314
4314 33
2% Jan 8
,
514 57
*514 6
5% 5 4 *43
4
,
413 43
4 514 *434 514
300 Magma Copper
No par
411 Apr 14
43
034
4
7
8
7
8
7
8
7
*1,,
3
*3
4
4
7
8
24
2
300 MaIllson (II It) & Co_.No par
12 Jan 6
18
18
*18
3
8
*18
20 Manati Sugar
100
18 Mar 2
*18
.108
3
8
23
3
8
3
*18
114
*14 11
.
13
*14
*14
11
114
*14 11
*14 114
100
Preferred
14 Apr 13
113 11
*1
No par
*112 134
,
11
112May 23
*1
200 Mandel Brom
4 0112 13
112
112 13
438 5
443
.
8 412 412 41.
43
414 41
8 48
.414 43
500 Manhattan Shirt
25
8
4 Apr 20
*8
8
a
•ts
3
*5
8
3
4
.38 -1
.
Maracaibo Oil Explor__No par
5
8 1
12 Apr 9
42
8 1
67
77
7l
7%
64 73
73
8
19,300 Marine Midland Corp
7
10
7
45lay 26
63
773 8
4 6
4 6
l
VI 8
*53
*53
No par
*53
4 6
8 May 5
600 Marlin-Rockwell
634 63,3 *9
7
63- 63
.38
3
4
4
1
*5, 1
05
*5
8
8 1
4
12 Apr 21
100 Marmon Motor Car
No par
*3
4 1
334 4
35
8May 27
.35
No par
8 4
437
8 4
35
8 4
378 4
700 Marshall Field & Co
•37
8 4
Martin-Parry Corp
14 Apr 19
No Par
5
8
5
8
5
8
*12
*12
•12
5
8
*13
"2•12
5
8
5
8
• Bin anti anted prime: no sales on this lay
a Ex-dividend
r F,x-righta
Highest
PER SHARE
Range for Precious
Year 1931
Lowest
Highest
5 per share 4 per satire 5 per share
30 Mar 7
94 June 103 Jan
70 Jan 14
94 Feb
67 Dec
15 Jan 6
111, Dec
4414 Feb
1% Jan 15
7% Feb
la Dec
a Mar 8
17 Dec
8
105 Feb
8
10 Jan 12
8% Nov
4213 Jan
118 Jan 12
1 Dec
8 Mar
78 Mar 9
60 Oct 100 Feb
812 Jan lb
5 Dec
18 Mar
2818 Feb 18
26 Dec 558 Mar
95 Jan 12
95 Dec 11912 Mar
83 Mar 9
68 Dec 103% Mar
83 Mar 8
7012 Dec 104 Mar
134 Jan 12
812Mar
15* Dec
117 Jan 11
8
1014 Dec
37 Feb
8
103 Mar 10
514 Dec
1918 Apr
131 May 16
81 Jan 138 Dec
4 Mar 5
318 Dec
914 Mar
571* Jan 5
5212Sept
65 Mar
243* Mar 8
8812 Feb
1514 Dec
518 Mar 8
3 Dec
1418 Feb
1611 Jan 12
2911 Feb
1112 Dec
1154 Jan 8
25 Jan
73* Oct
53 Jan 11
8
4
131a Feb
33 Oct
7 Dec
8
414 Feb
13* Jan 9
13 Jan 21
8
118 Dec
45 Feb
8
3838 Mar 7
21 Oct
85 Feb
3912 Feb 19
4
251 Dec 182 Jan
24 Feb 13
71 Feb
197 Dec
*
41* Jan 14
111* Feb
3 Dec
3% Jan 7
214 Dec
918 Feb
1214 July
414 Dec
8 Jan 12
14Sept
412 Feb
% Jan 19
15 Jan
414 Jan 22
27 Dec
8
1% Jan 9
514 Fet
1 Dec
5114 Feb
412 Dee
718 Jan 18
92 Oct17914 Feb
117 Mar 9
612 Jan 13
3 Dec
123* Feb
6212 Feb
18 Dec
18% Jan 14
17 Jan 15
12 Oct4 Feb
893 Feb
11% Dec
4
21 Jan 15
6013 Mar
29 Jan 18
223 Dec
14
8
108 Jan 8 105 Dec 14312 Mar
91 Dec
31 Feb
1158 Mar 9
2412 Feb19
7314 Mar
11 Dec
4 Jan 7
1613 Jan
213 Dec
914 Mar 7
2013 Feb
7 Dec
86 Mar 7
80 Dec 123 Mar
42 Mar
7 Dec
10% Jan 15
1014 Feb
17 Oct
8
213 Jan 21
11 Jan 21
8 Jan
12 Dec
412 Feb
% Jan 4
la Oct
..o•s mar
11 Jan 15
6% Dec
8% Mar 10
161* Feb
414 Dec
40 Apr 15
25 Dec
6912May
23% Feb 17
18 Dec
42 Feb
443 Jan 15
87 Dec
54 June
51 Mar
8
247 Mar 10
157a Dec
65 Feb 13
9018 Mar
50 Dec
1214 Feb 19
71a Dec
335* Feb
8 Dec
11 Jan 9
215* Feb
,
6713 Mar
521 Jan 8
52% Dec
45 Dec
1812 Feb
7 Apr 1
914 Feb
114 Dec
23 Jan 14
8
51 Jan
18 Jan 14
145* Dec
35 Feb 13
24 Oct6712 Feb
251, Feb 19
4
801 Mar
15% Dec
8314 Dec 136 Apr
998 Jan 22
84 Jan 5
68 Dec 12312 Mar
113 Jan 23 11114 Oct11512 Apr
14
1% Jan 6
14 Dec7 Jan
914 Mar 7
18 Feb
512 Dec
97 Feb 19
2432 Mar
714 Dec
84 Oct3
278 Mar 7
12May
518 Oct26 Mar
2278 Mar 8
45 Mar 9
10 Sept45 Mar
414 Jan 14
3 Dec29% Feb
6 Sept1512 Mar
105* Feb 19
60 Apr
88 Feb 23
20 Jan
13 Jan 14
95a Dec5113 Feb
137g Dec41 Jan
1912 Jan 9
218 Jan 22
112 Dee
2012 Jan
131, Jan 23
5 Dec70 Jan
15 Dec
19 Jan 14
295 Aug
:
55 Feb
2614 Dec
37 Jan 21
91 Jan 26
27% Mar
414 Dec
18% Mar 8
1213 Dec 13512May
40% Oct
877 Mar
a
564 Jan 14
,
171 Jan
4 Apr 1
314 Dec
414 Mar
21451ay 17
1% Oct
181 Feb
4
5 Dec
612 Jan 28
72 Dec 10158 Feb
75 Jan 12
8% Jan
812 Jan 8
15* Dec
SO July
6 Dee
9 Jan 9
465 Mar 7
8
35 Oct
695* Feb
34% Feb
2458 Mar 7
1812 Oct
,
207 Apr
8 Jan 20
612 Dec
91 Feb
6978 Mar 7
39 Oct
915* Feb
8134 Mar 8
40 Oct
11812Mar 7 110 Dec 146 May
21 Mar 8
16 Sept26%June
34% Feb
123* Dec
16% Jan 14
14 Dec33 Feb
14 Mar 9
55% Feb
1312 Dec
22 Mar 8
6311 Feb
34 Mar 5
23% Dec
72 Feb 19
56 Dec
99 Mar
43 Mar 12
2312 Oct812 A Pr
8
* July
4
4 Jan
118 Jan 29
72
363* Feb 17
2972 Dec54 Mar
8
10 Oct217 July
18, Mar 10
9314 Mar 8
74% Dec 10211 Aug
158 Mar 8
1 Dec
412 Feb
18 Jan 9
55 Jan
20 Dec
8
353 Feb
177 Dec
,
231a Mar 8
19 Mai
5
4 Dec
Jan 21
20 Mar 3
534 Feb
10 Dec
1514 Feb 17
13 Dec
25 Feb
6218 Jan 6
60 Sept 10012 Ala
1818 Mar 4
437 Feb
12 Dec
2
6012 Jan 14
60 Dec 10614 Feb
72, Mar
3
3 4 Mar 9
2 Sept
854 Jan 14
718 Oct
273* Feb
45* Mar
11: Jan 18
12 Dec
1 Jan 11
%Nov
5 Mar
2 Jan 28
54 Dec
127 Jan
8
3 Jan 5
3 Sept
8 June
4% Dee
7 Jan 15
12 Feb
1 Mar 14
',Sept
314 Feb
1214 Jan 14
914 Dec
2414 Feb
1112 Star 8
93* Dec
3212 Feb
2 Jan 9
114 Dec
10 Feb
1312 Jan 14
912 Dec
3258 Feb
14 M ar 23
12 Dee
3112 Jan
..
i.3948
New York Stock Record-Continued-Page 6
rr 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
May 21.
Monday
May 23.
Tuesday
May 24.
Wednesday
May 25.
Thursday
May 26.
Friday
May 27.
$ per share S per share $ per share 2 per share $ per share $ per share
101z 1012 *10
014
934
914 958
93 10
4
2
914 0 4
3
•92 100
*92 100
91
91
*90 100
*90 100
*90 100
•12
1214 117 12
8
1112 1112 11
1112 11
111 1
11
11
*112 2
*112 17
8 *112 15
8 *112 15
112 112 *112 2
8
*312 37
8 *312 37
8 *312 37
8 *312 37
8
312 312
312 3'2
*_ _ 33 *_ _ 33 *
_ 33 •_
33 •_ _ 33 *_ _ 33
ii
12
iti
12
;iti
13
i
12
iti
HT4
1214
1314
*12
15
1112 1112 *10
1314 *10
1314 10
1314
10
*10
*10
12
*10
12
*10
12
*10
12
10
10
*10
12
2478 247
8 24
25
25
26
2314 2314 25
25
25
26
*22
412 *258 412 *25
8 412 *234 412 *23
4 412
25s 258
1314 1312 1318 1318 *13
13
13
1314 1314 1314
131
; 13
313 32
4
32
3314 3118 3314 3
012 31
30
3214
32
31
112 178
112 112
13
8 15
8
114 13
114
114
8
114
13
8
514 64 *5
412 412
8
612
512 618
458 518
412 47
*12
8
112
138 138
1% 118 •1
1
1
112
*118 112
*10
15
*10
914 914
15
*812 10
10
10
8
9
*112 178 *112 17
8
112 112 *112 15
112 112
112 112
8
17
17
*1618 173 *1618 1714 1618 168 16
4
16
*16
1612
7
2
2
2
2
2
2
17
8 218
.1
1
17
8
13
4 13
51
478 514
5
434 47
414 43
8
43
412 43
4
4
4 43
4
258 258 *212 3
212 238
212 212
212 212
*212 334
*30
40
*30
40
35
*20
30
*20
35
30 30
*20
*13
15
*13
1212 *12
15
*13
15
13
12
15
13
*1
118
1
1
1
1
3
4
3
4
"4 1
7
8
7
8
*614 8
*514 8
*814 618 *514 618 *514 6
8
53
4
*63
4 6% *63
614 614
4
612 612
614 6%
4 67
8
612 63
*193 2012 2014 2014 19
8
18
19% 1858 185s 1712 18% *17
612 618
414 434
558 6
8
438 53
8
414 43
4
514 55
no
25
*20
25
*20
25
*20
25
*20
25
*20
25
18
*18
14
*18
18
14
14
14
*14
3
8
14
18
*14
12
*14
12
.14
12
*14
3
8
*14
12
*14
12
*13
15
*13
*1214 13
1218 1212 *11
13
143
4 13
13
3
3
3
3
3
3
3
3
3
3
27
8 3
412 44 *412 5
318 318
44 412
37
8
4
412
3
1312 1312 1312 1312 *10
_ 13 •_ _ 13
1314•_ _ 13 •
*10
11
10
10
*10
11
*io
11
;i5
11
*iii
11
*312 4
314 312
258 314
23
4 3
212 23
4
25
8 25
8
*10
16
*10
16
*10
16
*10
16
16
*10
*10
16
1018 10% 1012 1012 10
1018
9
93
8
912 93
4
85
8 012
13
4 17
112 112 *112 17
8
114
112 *112 13
4 *112 2
*38
1
*82 1
*8
8 1
Is
3
2
*18
1
327 3312 3114 337
8
8 2958 3212 283 3
4 014 28
307
8
•113 11512 11512 11512 115 115 *100 11412 *100 113
*814 83
4
814 83
8
812 85
8
8
8,
8
712 814
1912 193
4 1914 197
164 195
8 1514 16
15
1714
•18
12
.18
12
*18
12
*18
12
*18
12
*3
4
3
3
*212 4
*212 4
*212 4
*1653 17
1638 1612 *15
16
1412 16
1638 17
7
*5
6
*4
0
*47
8 9
412 47
8
4
43
8
*60
64
*60
64
60 60
60
60
60 60
103 103
1013 10212 1013 1013 102 1023 102 102
4
4
4
4
*8612 89
87 87
*8512 87
85
86
85
85
1014 1012
9
52 103
2
912 10
87
2 914
852 97
8
1518 15'3
*4
8
151 1618
512 512
•47
8 514
*112 2
313 312
-*i2
.
*518
*2
•10
*7
8
*83
*97
1238
191
37
13
4
71
*3
18
1
73
4
*5
8
•214
*212
•5
*514
1118
*86
153
414
•19
213
4
28
.5
6818
2
*304
*3212
*218
*3
8
"8
178
*5
8
*14
•18
4
*414
•114
2114
2013
- 1
53
8
104
35
114
89
101
1253
20
377g
13
4
71
41
18
1
818
7
8
4
3
8
6s
,
1118
90
2
414
20
22
28
6
6818
218
35
3312
312
12
04
2
3
4
3
2
2
514
112
2114
2014
.......
1582 -- -3- 15
15 2
15
*4
8
4
4
1412 15
*141g 144
53 553
5
514 514
412 5
*412 5
'1I2 2
*112 2
313 33
4
3
312
-- - - 5
1
5
518
*2
1012
*10
35
"2 1
8312 8312
*97 101
1238 13
1938 2
014
*37
3711
17
•13
4
694 70
*3
418
18
18
*1
1%
7 4 814
3
*%
7
8
*212 4
*23
4 27
8
54 512
*5 4 614
,
11
113
8
*86
90
112
153
312 3t2
20
2053
217 22
8
2734 2814
*5
6
6712 6818
2
218
•303 3418
4
31
31
.212 312
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8
1,
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8
31
17
8 2
*53
3
4
12
12
2
2
*414 514
'114
112
21
21
4
2018 203
7612
*12
412
*15
...___
5912
*612
33
43
4
76 2 .78
,
5
8
*12
418 *4
20
*15
743 •
4
60
60
1038 1.912
35
8
38
5
5
43
4
;538
238
8
*4
•10
418
05
*2
"4
41
*5
8
*1614
-- -1
32;
28
8
83
4
14
418
538
4
12
438
31
17
- ;ti
5
*2
*15
1
*83
99
1212
1814
3612
13
4
6912
3
*18
*1
712
"8
212
212
*43
4
*514
11
*87
112
312
19
21 18
2614
*5
6712
2
313
8
3112
•21s
38
"8
17
8
*53
*14
178
452
*114
21
20
80
78
*13
54;
518 *4
20
*15
743 *
4
61
69
10 8 •912
,
33
4
312
5
48
-
112
5
104
35
1
83
99
12)2
1912
37
13
4
6912
318
24
118
818
7
8
212
23
4
9
6
1114
90
112
312
197
8
213
4
2712
6
6712
218
313
8
32
33
3
2
3
4
2
3
4
12
212
45
8
112
2114
2012
1W
15 *4
8
1418 1418
5
514
419 412
*112 2
23
4 312
143 - 4 1
4
4
1312 14
5
5
312 4
*112 2
25
8 27
2
STOCKS
NEW 'YORK STOCK
EXCHANGE
PER WARE
Range for year 1932
On basis of 100
-share tots
Lowest
78
77'2
•12
52
5
4
15
20
73 *___
583
4 5612
103
8
912
312
314
4
5
Lowest
Highest
Shares
3,000
50
3,100
300
500
No par
Class A
50
-- - - - -- - _ - -- - - ___
iiio Newton Steel
No par
2 Apr 6
22222 /8
7
5 May 23
*5
5
5
5
5
53
8
500 N Y Air Drake
No par
*2
1012 *4
New York Dock
100
6 Apr 13
1012 *4
1012
Preferred
*15
35
•15
35
*15
35
100 20 Apr 9
.78
900 NY Investors Ina
No par
tis May 10
114
"8 73 4
13
6
7
79
83
775 79 8 73
Ns par 73 May 27
110 NY Steam $6 pref
97
No par 9014May 27
97
120
37 1s1 preferred
95
9514 0014 93
1218 1214 12
• 1114May 4
1214 1218 123
8 5,500 Noranda Mines Ltd
1612 1814 1410 1712 l5' 1612 82,000 North American Co_ _ N. par 1418May 26
Preferred
50 3018May 26
35
3614 3018 3412 32
3212 2,500
112May 26
5
13
4 13
4
112 134
112 112 4.800 North Amer Aviation
1,800 No Amer Edison pref_No par 60 May 27
*60
7018 *60
69
60
60
3 May 24
200 North Garman 1Joyd
*3
414 *212 414 *212 5
18
210 Northwestern Telograph___50 18 May 5
18
18
18 *___ 24
34 Feb 9
*1
118 *1
118 *1
1%
300 Norwalk Tire & RubberNo per
5 Jan 5
No par
714 75 14,700 Oh10 011 Co
8
714 712
718 772
4 Apr 28
"8
7
8
12
5
8
12
12 2,100 Oliver Farm Equip new No par
212May 24
Preferred A
No par
*214 4
200
*212 4
212 212
113 Jan 4
No par
8 1,700 Omnibus Corn
23
3 212
214 214 *214 27
5 Mar 29
100 Oppenbelm Coll & Co_ _No par
*43
4 9
*412 9
*413 0
5 May 26
120 Orpheum Circuit Inc pref__100
.514 614
5
54 *3
5
3
No par 10 4May 26
11
4,800 Otte Elevator
1114 103 1114 1114 12
4
100 90 May 26
Preferred
90
250
*88
*87
90
00
90
1145lay 27
No par
113 112
13
112
114 04 2,100 OM Steal.
312 312
Prior preferred
100
318May 19
4
4
33
4 33
4
120
184 19
1,500 Owens-Illinois Gloss Co--__25 1812May 26
1812 19
19
19
35 1914May 26
8
8
1914 2012 l97 205 11,400 Parana Gan & Elwin°
20's 21
NO IOW 21 18May 26
7,800 Pacific Ltg Corp
2133 23
233 2512 211 23
4
314May 26
100
160 Pacific Mills
5
314 5 *--__
5
5
4May 26
6412 2.650 Pacific Telep & Teleg
100 633
4 64
65
67
63°4 643
2 Apr 8
2
218 14,200 Packard Motor Car____No par
2
2
218
2
301) Pan-Amer Pair & Trans____50 17% Mar 18
,
.3
•313 32
4
3 8 305 *305 33l2
05
Class 13
60 16 Feb 6
2.000
315 317
8
8 3012 3112 3114 32
No par
2 Apr 28
200 Park-Tilford Inc
33
4
212 212 .2
•24 318
%May 12
400 Parmelee Transporta'n No par
12
*14
3
3
2
8
3
8
as
13 Jan 23
100 Panhandle Prod & Ref_No par
54
*12
04
52
4
*12
No ear
153May 26
4
138
13
Pa
152 13 23,202 Paramount Publix
4 2
1
8 Apr 14
8
500 Park Utah C M
3
4
*5
s
52
5
8
52
f's
No par
14
400 Paths Exchange
14alay 12
14
*32
12
*4
3
8
Class A
No par
114 Janll
500
13
4
17
8
104
17
8
184 184
33 Apr 8
500 Patino Mines & Enterptlyo par
8
•414 43
41
414 *414 47
4
3 xl May 9
200 Peerless Motor Car
11 4
1 14
114
114
112
*114
No par z18 May 27
1834 3.400, Penick & Ford
191 y z18
2012 203
4 10
No par 167
2May 27
8
197 20's
2
1714 194 167 1814 19,8001 Penney (.1 C)
*70
78
5
8
*12
5
*4
20
*15
73 •____
60
5712
10-33 *912
33
4
312
514
48
Highest
PER WARE
Range for Praetors
Year 1931
Indus- & Miscall. (Con.) Par I per share 5 per share 3 per shore 3 per share
Mathieson Alkali WorksNo par
914May 25 2078 Mar 10
12 Dec
3113 Jan
Preferred
100 898 Apr 13 105 Jan 13 104 Oct 12588 Mar
4
May Dept Stores
25 11 May 25 20 Jan 13
15% Dec
39 Mar
Maytag Co
No par
112May 26
3 Jan 14
14 Dec
88 Feb
Preferred
No Par
3 Apr 14
81.4 Jan 13
5 Sept
2433 Mar
Prlor preferred
No par 34 Mar 24 354 Jan 7
35 Dec
7112Mar
No par
2,400 McCall Corp
12 May 21 21 Jan 14
1512 Dec
36 Jan
200 MoCrory Stores class A No par 10 May 26 16 Apr 18
15 Dec
513 Feb
4
Class 13
10
No par 10 May 19 19 Jan 14
144 Dec
515 Feb
8
Preferred
310
100 22 Slay 20 02 Feb 18
64 Dec
9312 Mar
212May 13
100 MSOraw-11111 Publtea'a No par
712 Jan 7
6 Dec
211 Feb
1,100 MoIntyre Porcupine Mines_5 13 May 25 1612 Mar 16
12 Oct
2612 Mar
11,000 McKeesport Tin Plate_No par 30 May 26 5214 Feb 19
3812 Oot 10312 Apr
5,000 McKesson & Hobbins__No par
114May 25
512 Feb 15
33 Dec
2
17 Jan
Preferred
50
418 Apr 12 23 Feb 13
2,700
15 Dec
373 Feb
3
No par
1 May 26
600 McLellan Stores
4 Mar 15
112 Dec
104 Mar
800 Melville Shoe
No par
8 May 25 18 Jan 9
1412 Dec
34 Mar
118 Apr 8
500 Mengel Co (The)
No par
23 Jan 8
4
2 Sept
814 Feb
300 Metro-Goldwyn Pat pref-.27 16 May 26 2214 Jan 14
15 Dec
27 Apr
6
13
4May 27
414 Jan 13
1.500 Miami Copper
23
413ept
1058 Feb
612 Mar 8
No Par
4
8,000 Mid-Cont Petrol
33 Apr 9
5 Oct
1634 Jan
212 Apr 4 10 Jan 14
No par
900 Midland Steel Prod_
7 Oct
3112 Feb
100 30 Apr 7 11.14 Mar 9
8% cum let prof
200
35% Oct
94 Feb
12 May 26 234 Jan 18
600 Minn-Honeywell Regu_Na par
15 Dec
5812 Feb
800 woo-mane pow Impl No par
3
4May 26
238 Jan 18
114 Dec
712 Feb
Preferred
No par
5 May 27 11 Jan 25
200
618 Dec
48 Mar
614May 26 103 Jan 20
600 Mohawk Carpet Milla_No par
4
73 Dec
4
2138 Mar
Monsanto Chem Wks No par 1712May 26 3038 Mar 8
1,400
1614 Oct
283 Aug
4
414May 26 1114 Mar 5
51.800 Mont Ward Co Ill Corp Na par
2914 Feb
638 Dec
No par 20 May 14 3514 Mar 12
Morrel (T) & Co
28 Dec
58 FeD
18May 20
3 Jan 4
2
600 Mother Lode Coalition_No par
14 Sept
8 Feb
4
14 Apr 22
MotoMeter GaagelrE0 No par
1 Jan 9
83 Dec
412 Mar
300 Motor Products Corp_No par 1218May 26 2612 Mar 2
15 Oct
4788 Apr
No par
233May 27
612 Jan 14
3,300 Motor Wheel
5 Dec
1978 Feb
3 May 26 133 Jan 13
No par
2
1.500 Mullitu) Mfg Co
81.4 Dec
3678 Mar
Preferred
No par 1312May 21 27 Jan 13
20
20 Dec
7212 Mar
No par
10 May 23 15 Feb 25
100 Munsingwear Ina
11 Dec
8114 Jan
212May 26
VA Mar 2
No par
8,200 Murray Body
6 Oct
18% Mar
Myers F & E Bros
No par 12 Apr 27 19 Feb 13
20 Oct
4512 Mar
No par
853May 26 1911 Jan 14
15 Dee
13,100 Nash Motor* Co
407 Mar
8
1145fay 25
3% Jan 14
2% Dec
600 National Acme stamped____10
4
103 Mar
Nat Air Transport
No par
Pa Jan 5
74 Jan 21
6 Sept
13 Mar
14 Mar 17
14 Jan 5
78 Dec
10 Feb
Nat Hellas Hess
No par
37 1)ec
8 Feb 17
%May 25
32 Feb
*Is
Preferred
1
100
300
3688 Dec 833 Feb
4
10 28 May 26 4672 Mar 7
29
3012 44,200 National Biscuit new
110 110
100 110 Slay 27 130 Feb 19 11912 Dec 15314Ma7
7% cum pref
400
712 Dec
393 Feb
4
714 Jan 5 1488 Mar 7
712 78 9,667 Nat Cash Register A w INo par
20 Dec
503 Mar
4
No par 15 Slay 26 8138 Mar 8
153 163 144,100 Nat Dairy Prod
4
12 Dec
712 Feb
12 Apr 19
1 Feb 19
*Itt
12
Nat Department Stores No par
414 Doc
60 Jan
8 Jan 2
.212 4
100
24 Apr 6
Preferred
20
363 Feb
8
16 Dec
153 153
4
4 2,400 Nat Mall Prod etfs___No par 14125lay 26 2412 Mar 8
2772 Feb
514 Dec
4 May 26
8 Jan 21
*37
8 438
800 Nat Enam & Stamping_ __ _100
59
59
100 4914May 2 92 Jan 8 z7812 Dec 132 Jan
800 National Lead
111 Dec 143 June
10012 10214
3
Preferred A
100 99 4May 5 125 Mar 11
780
84
84
410
Preferred B
100 84 May 27 105 Jan 13 100 Dec 1203 July
4
4414 Feb
852 912 21,200 National Pr & Lt
3
1014 Dec
8% Apr 6 163 Mar 8
No par
1284ay
Di Feb
38 Sept
2% Jan
Preferred
No par
15 li
58% Feb
4May 26 234 Jan 8
1812 Oct
-2,300 Nat Steel Corp
No par 143
7014 Feb
914 Mar 4
*4
8
5 Dec
300 National Supply
50
4 May 24
.1312 14
20 Dec 111 Feb
160
Preferred
100 1312May 25 84 Mar 5
7612 Mar
*47
8 7
2,600 National Surety
8
50
5 May 25 173 Jan 14 310 Dec
2478 Mar
614 Dec
4
4
No par
312May 26 10 Mar 8
2,800 N112101101 Tea Co
*112 2
2514 Feb
512 Jan 14
3 Dec
Heaney Bros
112 Apr 26
No par
1484 Feb
23
4 23
4 7,200 Nevada Como! Copper No par
2 8May 26
5
a% Dec
638 Jan 14
77l2 '88
*12
5
2
4
*33
4
*1312
15
73 •__
5814
60
912 *9
314
312
43
8
412
- 8
25i4 -ii;2538 W.. -25F8 0 ;25T8 - ; - Li:i "
31
1
23
8
2% 25
2% 212
8
212 25
8
212 212
4
*73
4 8
038 *8
914 *8
.8
938 *73
.4
83
4 •4
83 *4
831 *4
83
4 *4
14
*10
14
*10
*10
*10
14
*10
14
312
4
33
4 4
312 33
4
41 1
34 4
3
47 •-- __
8
5
04
5
5 *._ _ _
*5
53
4 *5
4
*2
*2
4
*2
4
*2
4
*2
14
*14
11
8
3
8
14
14
*14
12
3
4 *312
35
8 33
8 5
33
4 338 *37
*33
4 5
"2
5
8
12
.12
%
,
s
12
*5
8
31
1514 134
161 1 1614
4 14
1614 1614 1512 153
Preferred
100
500
75
Penn-Disle Cement.....N. par
5
8
Preferred
100
4
300
15
100 People's Drug Store___Ne par
6;4% eon, preferred_100
73
4.500 People's(3 L 40(01214)___100
60
No par
200 Pet Milk
912
353 12.500 Petroleum Corp of Am_No par
25
,
4 2 9,800 Phelps-Dodge Corp
Philadelphia Co (Plash). _50
506
6% preferred
.. ii
50
23
8 4,500 Phil* & Read 04 I____No par
100 Phillip Morris & Co Ltd
8
10
Ph111103 Jones Corp__ __No par
83
4
PhillIpe Jones prof
14
100
8,800 Phillips Petroleum_ _ __No par
4
10 Phoenix Hosiery
5
47
8
Pleree-Arrow class A....No par
4
500 Pierce 011 Corp
25
3
8
Preferred
700
5
100
700 Pierce Petroleum
No par
3
4
133
4 1.300 Pillsbury Flour 24111.e No par
•1319 and linked prices. BO Wait On IMO day. 8 Ex-dIvidena ADO a
Sales
for
the
Week.
vas
s hx-olytootto.
8
47 Jan 18
3 Feb 26
714 Jan 2
20 Apr 9
2 Jan 14
98 Feb 6
10918 Mar 14
8
177 Mar 15
40 Feb 19
473 Mar 3
4
4% Feb 1
864 Jan 18
8 Jan 21
28 Jan 29
134 Mar 10
814May I()
2 Jan 16
54 Jan 15
43 Mar 8
9 2 Jan 21
7
1414 Jan 13
2212 Jan 8
105 Jan 15
414 Jan 7
14 Jan 16
27 Feb 19
37 Feb 13
41% Mar 7
1014 Jan 11
104% Mar 5
514 Jan 11
313
8alay 24
348 7
,lay 11
412 Jan 13
2 Jan 8
11 Jan 15
1112 Jan 14
114 Jan 4
1 Feb 17
5 4 Feb 17
3
9 Feb 13
484 Apr 12
11234 Mar 8
34II Mar 8
7812May 21 91 Mar 5
12 Apr 14
1% Jan '2
33 Feb 13
4
6 Mar 22
15 May 26 1612hlay 17
75 Jan 7 95 Feb 26
5014 Apr 14 121 Jan 15
912May 19 124 Jan 7
23
4May 5
47 Jan 7
8
4 Apr 5
84 Jan 8
25 May 27
23 Ayr 8
1
8 Apr 7
311 Apr 25
10 Apr 26
312May 5
312 Mar 23
3 Apr 7
14 Jan 2
312 Jan 5
'May 17
4May 27
133
41 Mar 10
512 Feb 20
10 Mar 8
9% Jan 5
82 Feb 10
612 Mar 8
4May 19
53
9 Jan 13
II Jan 8
714 Mar 8
14 Jan 7
3213 Jan 9
8
207 Mar
101sJune
5514 Oct
41 June
24 Feb
214 Dec
412 Dec
25 Jan
714 Dec
3734 Jan
80 Jan
20 Sept
Da Deo
1214 Jan
8018 Dec 1073 Mar
4
94 Dec 118 Apr
10 Oct
2912MaY
26 Oct
9014 Feb
4013 Dec
57 Mar
2% Dec
11 Apr
79 Dec 10712 Aug
4 Dec
353 Apr
8
21 1)ec
4712May
13 Jan
2 Nov
518 Dec
1912 Jan
5% Feb
53 Dec
24 Dec
26 Jan
18 Oct
8
612Mar
818 Dec
2812 Feb
Ala Dec
72 Mar
1614 Dee
5812 Jan
97 Doc 12912 Mar
312 Dec
163 Feb
2
8 Dec
694 Feb
20 Dec
393 Jan
4
2938 Oct
5478 Mar
35 Oct
69 2 Mar
,
78 Dec
4
264 Mar
29314 Dec 131114 Mar
818 Dec
1118 Feb
20 Oct
3512 Jan
18 Dec
364 Jan
8 Sept
11 mar
41 Jan
1 Dee
414 Feb
112 Dee
50% Feb
512 Dec
72 Sept
214 Mar
218 Fab
14 Dec
Di Dee
8o July
1512 Feb
4128ept
488 Feb
2 Oct
464 Feb
22 Oct
263 Dec
4
443 Aug
7984 Deo
% Dec
314 Dee
18 Dec
78 Dee
107 Doc
9 Dec
27 Dec
Ps Dec
150 May
30 Dec
238 Dec
8 Dec
9 Dec
12
36 Dec
4 Dee
312 Dec
54 Oct
4 Dec
312 Dec
4 Dee
194 Dec
1004Sent
54 Feb
29 Jan
354 Mar
10414 Aug
250 Feb
174 Jan
*
107 Feb
25158 Feb
155 June
5612 Mar
124 MU
1253 Aug
2
147 Nov
52 Jan
4
158 Jan
1014 Apr
3718 Feb
112 Feb
2384 Feb
31* Feb
37 Mar
New York Stock Record-Continued--Page 7
3949
Iv- FOR SALES DURING THE WEEK OF STOCKS NOTIRECORDED INITHIS LIST, SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES PER SHARE, NOT PER CENT.
Saturday
May 21.
Monday
May 23.
Tuesday
May 24.
Wednesday
May 25.
Thursday
May 26.
Friday
May 27.
Sales
for
the
Week.
$ per share 5 per share $ per share $ per share $ per share $ per share shares
*3I
*438 6
6
*412 6
*3
6
*3
*44 6
*1712 2318 *1712 2318 *1712 2318 *1712 2018 2018 204 2318 2318
200
*212 3
*212 278 *212 234 *212 23
4 '23
8 23
4 *2% 23
4
*1212 15
1212 13
*13
15
*1314 15
*1314 15
10
1212
330
13
*114
112 0114
114 114
114 114 "118
300
I% *118
13
8
4
4
4
*15, 19,2 *153 1912 *153 1912 *153 194 *153 1712 153 153
4
4
4
4
20
*12 3
*4 3
*12 3
*4 3
*4 3
*13 3
*134 2
13
4 13
4
218
300
13
4 13
8
4
14 112 *17
218 *17
2
*112 2
*112 2
*112 2
*112 17
8
112
112
800
114
112
*34 1
*3
4 1
100
*3
4
7
8
3
4
84
3
4
3
4
*54
7
3
*4
5
*4
5
4
4
*312 4
*312 4
*312 412
200
*438 514 *4
45
512
45
8 *412 6
200
*44 6
438 458
67
67
7
714 *63
4 712
63
4 63
4 *614 63
4
612 612
900
*1
118 *I
118 *1
118
1
I
1
1
*34
1
1,300
*3
4
*3
4
*3
4
*3
312
3
3
*2
4
100
283 2914 29
3
29
28
29
274 28
27
8,600
29
2714 29
14
14
*18
14
*18
14
18
18
*18
14
*18
300
14
*112 13
4 *118
13
4 *1 18 13
4 *118 13
4 *114
13
4 *114 13
4
403 41
4
3958 4118 373 4014 3718 383
4
8 364 3912 36
59,800
39
*7214 733 *723 733
4
4
4 71
723
4 70
70
70
70
6912 6913
700
813 813 *80
4
82
SO
80
__ 80 •____ 79 *__ 79
_
200
*95
99
*05
09
*9412 96
9412 943 *9212 99
4
924 9212
500
._11412 •._ _ 11412 *100 1141 *
_ 1141 •____ 110 •____ 110
•5634 92
*8,i
95
*85
87
92
'igi
*85
93
100
86
86
1312 135
8 133 143
4
8 1314 133
4 1212 13'4 1114 123
8 118 1212 8,400
4
---- ---- ---- ---- 4
4
33
4 4
33
4 4
3% 33
4
312 33
4
312 33
4 5,500
54
54
544 5414 53
54
52
53
440
5012 54
5114 53
47
*43
4 68
513
45
512 534
438
478
53
8
47
8 513 7,900
33
4 37
334 37
38 4
5
3
35
8
212 3
23
4 318 39,400
16
16
*15
16
15
15
1414 1414 13
500
1314 *13 4 1414
,
64 614
57
63
4 6%
614 612
0
518 618 4,900
612 612
*2
*2
23
2
27
2
2
2
8 2,600
18 2
14 17
53
8 1,200
512 *5
*514 612
512 512 *512 61
518
512 512
*35
8 4
4
4
3 8 37
5
312 35
2,000
8
3
3 12
3
3
*1014 117 *1014 117
8
8 1014 101
120
1014 1012 10
103
8
1014
10
*18
14
18
18
*28
1
*18
14
*18
14
*18
14
100
•2
23
4 *2
23
4 *2
234 *2
234 *2
23
4 *2
23
4
•I3
4 2
13
4 13
112
118
13
8 8,000
4
112
114
14 134
138
*65 1014 *68
8
8
6
*5
7
200
*65 10'4
8
6
6
6
•____ 12 •____ 12 *____ 121 1 ....._ 1214 •____ 1214 •„-- 1214
17
17
13
4
8 1,400
o
14 15
17
138
13
4
4 13
4
13
4 13
4
13
278 3
3
318
2
238 5,000
278
8
3
23
8 278
214 25
•7
712
712 734
6
6
1,100
6
7
7
6
58 58
*112 4
*112 3
*112 4
*112 4
*112 4
*112 3
100
*4
40
*212 4
*4 ___
4
4
*4
6
*4
6
800
614 614 *63
6
7
*63
4 6%
8
4 714
638 614 *618 63
43
900
412
4
4
.414 412
414 414
412 412 *412 45
8
31
3114 304 3118 30
3012 2912 3012 274 2914 274 2818 249,400
06518 70
6518
900
6518 65
*6518 67
654 6518 6518 6518 65
*3
8
5
8
12
12
12
12
12
12
12
*12
5
8
400
12
218
218
2
218
2
2
6,400
*2
218
24 24
218 218
6
*5
6
*5
6
'5
7
*5
6
*5
6
*5
*212 312
2
2 14
15
8 17
8
IN
13
4 1,900
23
2% *214 3 4
,
8 1518 15% 1514 153
154 155
154 1618 153 16
4 1518 1512 13,300
512 512
5.4 512
53
8 5 2 3,100
,
4 *512 612 *512 6
538 53
4312 44
8
44
4412 413 4312 393 413
4
4
4 3712 41
3738 393 23,300
210
*71
727 *72
8
727
8 68
713 *65
4
71
60
65
6012 8518
81
*79
81
79
79
130
•7912 81
*79
4
7538 7712 773 773
4
*218 3
*212 3
200
3
3
212 212 .2
23
4 *218 3
•13
8 14 *138
112
1% I%
114
114
600
13
8
1
1
•1
80
*10
16
*10
16
*10
13
10
10
10
10
10
10
8 4 85
,
8
83
8 81
83
8 85
8
8
4 814 10,900
813
73
4 818
73
112
112 *1
112 *I
112 *I
13
4 *1
•
1
13
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175
8 153 1638 1518 1638 15
8
16
38,900
17 4 173
,
4 178 184 16
13s
100
13
8
*3
4
*7
8 1
*3
4 1,18
*3
4
3
4
*3
4 13
8
5
4
*2614 31
200
*2614 31
•2314 26
2614 26 4 26
,
26 •____ 26
14 2.500
*18
14
*18
14
*4
14
'4
%
4
•18
14
2
2 18
218 214
2
218
17
8 2
14 14
13
4 14 6,700
*614 67
8
614 612
6
6
514 58
514 54 5,000
51s 514
2
2
*218 212 *2
212 *112 212 *112 212 *112 212
100
*2
214
214 214 *2
23
4 .2
212
2
2
*2
214
300
*133 20
4
*1514 23
*1514 23 •I514 23
*1514 18
*1514 18
3
3
27
8 3
25
8 2% 4,300
23
3
23
4 23
4
23
4 3
*2312 29
*2312 25
233 233
8
8 22
2218 21
22
*2112 2314
800
*14
3
8
14
14
•18
14
*18
3
8
*18
14
*18
14
200
*34 4
*34 4
312 33
4
34 37
33
4 33
4
38 338 2,900
35
*372 4
4
4
1,200
4
4
4
34 3 8 *34 4
5
314
•1812
08
*3
4
814
*3812
*53
4
*88
2114
•13
4
•612
*50
*212
•____
*118
*8
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.113
8
•112
11
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1038
2014
.32
'35
03
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---*33
4
18
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17
214
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4
46
27
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•114
103
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12 21 2
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812
818 814
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423 *3812 45
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404
6
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618
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22
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212 *17
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50
50
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32 •____ 32 •____
114
114
114
114
812 "8
812 *8
538 *5
5
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37
37
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84
84
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1014 *714 1014
7,2
243
4 2418 2518 2418
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314
318 - -18 *3
318
312
1812 1814 1814 •18
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212
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8712 8712 8612
2152 1938 2018 1814 1953 1812
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32 •__ __ 32 •_ ___
114
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8
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58
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107
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1164 *114 1167 113 114 *112
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134
138
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104
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8
1634 1354 157
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3834 31
3112 2912 30
30
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843 8434 84
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1834 18
184 175 1812 173
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738 712
247
8 232 2414 2312 217
8 237
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1634
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164 16
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218 214
714
512 6
54
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212 212
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312
334
47
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318
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84
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133
4
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700
318
200
19
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212
712 37,100
900
38
553 2,700
60
864
193 13,100
8
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9
20
54
11
32
114
900
8%
500
5
900
1518
200
200
13
8
1018 46,900
1153
4
300
138
400
1012 29,400
1438 3,000
3112
30
1,000
12
833
4 1,100
185 21,400
8
712
600
243 117,100
4
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Highest
PER SHARE
Range for Protons
Year 1931
Lowest
Highest
Indus. & Miscell. (Con.) Par $ per share $ ye- share $ per share $ per share
100
3 May 4
74 Jan 14
Pittsburgh Coal of Pa
284 Jan
4 Dec
100 1812May 20 40 Jan 28
273 Dec
4
80 Jan
Preferred
2 Apr 12
Pittsb Screw & Bolt__ _No par
4 Feb 18
1514 Feb
3 Dec
Pitts Steel 7% cum pref___100 10 May 27 24 Jan 18
217 Dec
8
87 Jan
25
I Jan 4
212 Mar 8
1 Dec
15 Feb
Pittsburgh United
100 14 May 17 40 Jan 21
40 Dec
994 Feb
Preferred
No par
58 Dec
8
Pittston Co
1814 Jan
112May 25
43 Jan 14
8
133 Jan
4
Poor de Co class B
No par
3 Oct
514 Jan 16
114May 27
2 Sept
27 Feb
Porto Rican-Am Tob(21A__100
No par
%May 6
14 Jan 14
%Sept
Class B
8 Feb
312 Apr 11
9 Jan 14
6 Dec
3912 Jan
Postal Tel & Cable 7% pref 100
74 Mar 8
25
4 Apr 10
44 Dec
203 Feb
2
Prairie Oil & Gas
57 Dec
924 Mar 8
25
53 Apr 12
4
2612 Feb
Prairie Pipe Line
I May 25
25 Jan 14
8
114 Dec
74 Feb
Pressed Steel Car
No par
100
3 May 26 11 Jan 14
512 Dec
475 Feb
8
Preferred
363 Dee
s
7114 Mar
No par 2512 Apr 11 4234 Jan 14
Procter & Gamble
18May 25
15 Mar 9
8
I Dec
6 Feb
Producers & Refinere Corp_ _50
1 May 10
984 Mar 30
3 Dec
16 Feb
50
Preferred
494 Dec
9812 Mar
Pub Sec Corp of N J___No vor 36 May 27 60 Mar 7
78 Dec 10212MaY
No par 6912May 27 87 Mar 7
35 preferred
92 Dec 12014 Aug
100 80 May 24 1038 Mar 11
6% Preferred
4
100 9212May 27 114 Mar 10 11212 Oct 1323 Aug
7% preferred
100 11012 Apr 14 1304 Mar 5 118 Dec 18012 Aug
8% preferred
4
873 Dec 1074 Aug
Pub Filer El & Gag pf $5_No per 86 Jan 5 96 Mar 9
5812 Feb
1514 Dec
No par 1114May 26 25 Jan 14
Pullman Inc
14 Aug
2 Jan
50
Is Feb 17
% Jan 2
Punta Alegre Sugar
1178 Jan
54 Jan 15
314 Dec
25
314 Apr 12
Pure 011 (The)
534 Dec 1014 Jan
100 50 Jan 5 8012 Jan 14
8% preferred
8Nlay 25 15% Mar 7
103 Dec
4
554 Mar
43
No par
Purity Bakeries
2712 Feb
54 Dec
212May 26 1052 Feb 19
No par
Radio Corp of Amer
554 Mar
2
20 Dec
50 13 May 26 327 Jan 12
Preferred
60 Mar
8
912 Dec
518May 27 187 Jan 14
Preferred B
No par
4 Dec
23 Dec
4
1.5
8May 27
7 Jan 14
Radio-Keith-00h
No par
47 Apr 19 1138 Feb 15
2912 Mar
812 Dec
Raybestos Manhattan_No par
30% Feb
s
17 Dec
10
214 Jan 4
51 Mar 12
Real Silk Hosiery
90 Feb
5 Dec
100
8 May 12 18 Afar 14
Preferred
4
17 Jan
12 Jan 12 . Dec
No par
18 Apr 12
Reis (Robt) & CO
13 Apr
4 Feb 4
8 Sept
4
let preferred
100
13 Apr 15
17 Dec
193 Feb
4
118Nlay 27
33 Jan 14
8
Remington-Rand
No par
88 Jan
84 Dec
let preferred
100
6 Nlay 25 1312 Nf ar 24
98 Jan
10 Dec
100
57
8May 17 12 Jan 21
2d preferred
27 Dec
1018 Feb
3
10
14 Apr 4
3 8 Jan 8
Reo Motor Car
8
2.53 Feb
418 Dec
012 Jan 14
2 May 27
Republic Steel CorP___No par
54 Feb
84 Dec
3
6% cony preferred
100
57
8May 27 15 8 Mar 5
314 Jan 29
13 Jan
24 Dec
Revere Copper & Braso_No par
2 May 2
30 Jan
8 Dec
Class A
212MaY 3
6 Jan 30
No par
8
223 Mar
Reynolds Metal Co
7 Sept
No par
6 Apr 21 10 Mar 3
184 Mar
Reynolds Spring new No par
3 Feb 23
54 Jan 14
212 Oct
8212 Deo
6412June
Reynolds (It J) Tob class B_10 2714May 26 4014 Jan 14
Claes A
7512 Feb
10 64 May 2 69 Jan 2
89 June
Richfield 011 of Calif___No par
83 Jan
8
3
8May 5
% Jay 11
3 Dec
2
Rio Grande 011
No par
17
8May 16
1014 Feb
114 Nov
212 Mar 18
Ritter Dental Mfg
No par
5 May 19
41% Mar
8 Jan 9
5% Dec
R088Ist Insurance CO
10
158May 26
812 Jan 14
26 Feb
314 Dec
Royal Dutch Co (N Y shares) 1218 Apr 21 23 Mar a
13 Dec
4238 Feb
10
54 Apr 11
1012 Feb 16
St Joseph Lead
303 Feb
2
7 Dec
No par 3712Nfay 26 594 Mar 5
Safeway Stores
8912 Aug
385 Jan
8
100 60 May 26 84 Mar 8
8% preferred
984 Sept
8314 Dec
100 75 Jan 4 94 Jan 16
7% preferred
71 Dec 10812 Aug
73 Feb 1
Savage Arms Corp____No par
2 May 6
34 Dec
2014 Feb
1 May 26
Ills Mar
Schulte Retail Stores__No par
4 Jan 13
3 Dec
Preferred
100 10 Apr 12 80 Jan 5
30 Dec
85 Mar
51 Oct
20% Apr
Seaboard 011(70 of Del_No par
97 Mar 8
8
68 Apr 12
No par
Seagrave Corp
1 Apr 12
23 Jan 21
4
34 Dec
11 Feb
Sears, Roebuck & Co No Par 15 May 4 8738 Jan 18
304 Dec
6314 Feb
1
%May 25
Second Nat Investors
15 Jan 12
8
54 Dec
812 Feb
1 28 May 2S $2 Jan 2
5818 Feb
Preferred
37 Dec
14 Sept
No per
18 Feb
Seneca Copper
18May 4
12 Jan 4
1134 Apr
No par
13
4May 4
548 Jan 13
312 Dec
Serval Inc
814 Dec
No par
518May 26 123 Mar 8
4
2912 Feb
Shattuck (F 0)
Sharon Steel Hoop
No par
15
8May 20
5 Jan 14
24 Dec
137 Feb
8
No per
2 Apr 11
Sharp & Dolime
53 Jan 13
4
84 Oct
21 Mar
No per 17 May 11 8014 Jan 18
Preferred
28 Dec
8112 Mar
212 Apr 23
104 Jan
Shell Union 011
No par
418 Mar 9
24 Dec
100 19 Jan 2 31 Mar 7
Preferred
16 Dec
78 Feb
93 Mar
Shubert Theatre Corp_No par
14 Jan 4
3 Jan 14
4
18 Dec
Simmons Co
No par
233 Feb
4
33 M ay 27 1012 Mar 5
157 Dec
8
Simms Petroleum
84 Dec
10
314 Apt 8 8
Feb 19
11 FeL
Sinclair Cons 011 Corp_No par
44 Dec
414 Jan 4
157 Feb
2
74 Jan 7
100 79 Feb 8 06 Mar 24
64 Dec 103 Mar
Preferred
Skelly 011 Co
25
24 Feb 8
2 Dec
127 Jan
8
44 Mar 8
100 12 Jan 4 19 Mar 12
62 Jan
Preferred
10 May
No par
Snider Packing
4 Apr 18
1 Jan 11
%Sept
4114 Feb
1l Mar 8
No par
44 Jan 11
2 Oct
154 Feb
Preferred
25
7 May 26 1034 Feb 18
85 Dec
8
Socony-Vacuum Corp
21 Aug
40 Dec
95 Mar
Solvay Am In 1. ,it pref_100 3714May 27 63 Jan 19
82 Jan 14
6% Dec
1712 Jan
Bo Porto Rico Sug,•r_-_No par
412 Apr 12
87 Oct 11212.hily
100 8612May 27 93 Jan 5
Preferred
5412 Feb
283 Oct
2
25 1814May 28 323 Feb 19
Southern Calif Edison
212 Sept
5 Mar
21sMaY 5
3 Feb 28
Southern Dairies Cl 11__No par
38 Jan
8 Dec
No par
5 May 26 12 Jan 12
Spalding Bros
94 Dec 11512May
100 45 May 26 95 Jan 9
let preferred
1)84 Mar 3
2712 Feb
938 Dee
SpangChallant&CoIne_No par
88 Mar 7
4
41812 Oct
9212 Jan
100 40 Mar 9 4812 Jan 2
Preferred
84 Jan 14
2 Dec
178May 27
132* Mar
Spark, Withington____No par
1612 Mar
9 Sept
8 May 4 10 Jan 16
Spencer Kellogg & Sons No par
Ws Feb 19
6 Sept
17% Feb
No par
5 Apr 20
Spicer Mfg Co
1114 Dec
3312 Feb
No par
11 51ay 25 15 NIar 22
Preferred A
1712 Mar
112May 25
33 Jan 14
8
3 Dec
Spiegel-May Stern Co_No par
204 Dec
2012 Feb
14 Mar 5
4
No par
93 Apr 11
Standard Brands
No par 112 May 6 11912 Jan 22 11438 Dec 124 July
Preferred
184 Dee
4 Feb
1 Jan 4
1 May 25
Stand Comm Tobaeco_No par
8
254 Dec
883 Mar
87 , ay 25 3414 Mar 8
221.1
Standard Gas & KICo_No par
2
2972 Dec
647 Mar
No par 13 Nfay 26 4114 Jan 1,.
Preferred
40 Dec 101 Mar
$6 cum prior pref____No par 33 May 16 0412 Jan 11
55 Dec 109% Mar
$7 cum prior pref____No par 2912May 26 75 Jan 15
% Dec
414 Feb
4 Jan 13
3 Mar 26
8
Stand Investing Corp__No par
874 Dec 106 Sept
Standard 011 Export pref__100 83 May 8 914 Jan 9
2318 Dec
513 Feb
4
Standard 011 of Calif ___No par
163 Apr 14 2714 Mar 9
4
19 Jan
Standard Oil of Kansas____25
7 Apr 7 122 Jan 21
738 Dec
28 Dee
5212 Feb
Standard 011 of New Jersey-25 197 Apr 23 314 Mar 9
5
Standard 01101 New York_ _25
100 Starrett Co (The) L S__No par
4
*33
4 4
3
8 3,000 Sterling Securities el A_No par
014
12
Preferred
No par
1
*I
14
500
153
1514 1514
900
Convertible preferred____60
-Warner Speed Corp 10
2
14 218 3.800 Stewart
No par
614
53
4 257 10.700 Stone & Webster
8
32
3
318 8,800 Studebaker Corp (The) No par
100
34
.30
50
290
Preferred
281 1
2612 2612 1,100 Sun 011
No par
100
73
50
Preferred
*70
72'2
812
700 Superheater Co (The)__No par
84 '8
*38
100 Superior (111
No par
38
,
s
214 *214 4
600 Superior Steel
100
3
2
3
300 Sweets Coot America
60
Symington
No par
14 '
13
14
100
Class A
No par
12
*12
,
s
No par
9
83
4 84
600 Telautograpb Corp
114 *1
1 18 3.000 Tennessee Corn
No par
104 1018 105 30.200 Texas Corporation
8
25
147
133 144 18,900 Texas Gulf Sulphur____No par
4
2
14 2
1,200 Texas Pacific Coal & 011
10
•Bid and asked prices; no salee on this day. z Ex-dividend. p Ex-right/1.
PER SHARE
Range for Year 1932
On basis of 100
-share lots
-
37
8Nfay 25
738 Jan 22
18May 21
14 Jan 9
1 May 26
3 Mar 6
1514May 27 2312 Jan 2
17
8May 26
85 Jan 14
8
514May 86 155 Mar 10
8
3 May 23 1314 Jan 14
32 May 25 104% Mar 31
242 Apr 13 32 Mar 1
70 Apr 14 87 Mar 16
8 May 26 1312 Jan 18
52 Jan 18
14 Jan 5
74 Feb 13
214Nfay 26
2 N1ay 27 11 Jan 4
4 Mar 31
522 Jan 21
2 Jan 19
12N1ay 26
4
834May 27 133 Mar 23
25 Jan 18
1
1 May 25
2
10 Feb 9 137 Jan 14
4
133
4May 26 263 Feb 17
93 Jan 15
8
112 Apr 12
137a/tine
8 Des
4 Dec
138 Dee
184 Dec
43 Sept
4
97 Dee
9 Oct
75 Dec
263 Oct
4
75 Dec
11 Dec
14 Dec
27 Dec
8
104 Dec
4 Dec
1 Oct
114 Dec
2 Dec
97 Dec
1012 Dec
17 Dec
26 Feb
3414 Feb
57 Feb
934 Feb
40 Ma
8
217 Mar
5412 Mar
26 Mar
118 4 AP
,
4514 Feb
10412 Feb
40% Feb
,
15 Feb
187 Mar
8
1572 Aug
34 Feb
612 Jan
2112 Mar
94 Jan
357 Jan
8
551 Feb
Vs Jan
New York Stock Record-Concluded-Page 8
3950
•
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES PER SHARE, NOT PER CENT.
Saturday
May 21.
Monday
May 23.
$ per share
35o 312
*214 418
*2212 25
*414 518
*114 112
*1034 12
*9
912
*314 4
*12
7,
*13
14
214 238
2834 2834
*7
9
38
38
*258 3
133 133
4
4
$ per share
314 334
*238 44
*2212 25
414
414
*114 112
*1034 11
914 914
*314 4
*12
7
8
13 13
214 212
*2878 31
*7
9
*38
50
*258 3
1312 1418
Tuesday
May 24.
Wednesday
May 25.
$ per share $ per share
338
338
318 338
*238 418 *238 418
*2212 25
*2212 25
*414 518 *414 54
*114 112 *1
112
1012 103
4 1018 1018
*9
978 *9
978
*314 314 *3
4
*12
7
8
*12
7
8
13
13
1212 1212
238 238
214 214
*2818 30
29
29
*7
9
*518 9
38
38
*37
3814
258 238
234 2 4
3
125 1318
14
14
8
Thursday
May 26.
Friday
May 27.
Sales
for
the
Week.
isTOOKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Nance for Year 1932
On basis of 100
-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1031
Lowest
Highest
Shares Indus.& Miscall.(Cond.)Par 11 Per share I per share I per share $ per share
6,000 Texas Pacific Land Truet---1
64 Mar 8
3 May 26
414 Dec
1758 Feb
2 Apr 5
No par
500 Thatcher Mfg
44 Jan 16
378 Dec
22 Feb
Preferred
No par 2218 Apr 19 29 Jan 21
2458 Dec
41 Mar
No par
4 May 17
500 The Fair
7 Jan 12
538 Dec
23 Jan
No par
1 Apr 12
200 Thermoid Co
8 Jan 12
lls Dec
9 Feb
1 1018May 25 1612 Mar 3
500 Third Nat Investors
1114 Dec
27 Feb
25
200 Thompson (.7 ji) Co
814 Feb 9 1634Mar 5
12 Dec
85 Mar
314May 24 10 Feb 29
100 Thompson Products Ino No par
618 Oct
18 Feb
Thompson-Starrett Co_No par
12 Apr 9
l's Jan 9
838 Mar
4 Dec
1411 Dec 844 Mar
No par 1212May 25 144 Jan 30
23.50 oum pref
1,000
34 Feb 13
2 Apr 8
-No par
12,900 Tidewater Assoc 011.
218 Dec
9 Jan
Preferred
100 20 Feb 3 304May 12
600
201s Oct 65 Jan
100
518May 27 x9 Mar 18
400 Tide Water Oil
978 Nov
18 Mar
Preferred
100 30 Feb 9 41 Mar 11
200
80 Dec 83 Feb
238 Apr 25
10
5 Jan 6
300 Timken Detroit Axle
312 Dec
12 Feb
5,400 Timken Roller Bearing-No Par 1218May 28 23 Jan 9
59 Feb
1612 Dec
Tobacco Product° Corp No par
278 Jan .5
63 Mar 6
8
15
8June
412 Nov
No par
Class A
838 Jan 4
9 Mar 3
6 Dec
14 Apr
i
118
2i 118
8
ii -s 2
7i
$7 ii
3
218 Jan 2
6 Feb 17
24 2
28 - -3 -1;6156 TranuamerloaCoro___..Nopar
2'.2 2;
2 Dec
18 Feb
*34 67
8 *318 4
5 Mar 4
100 Transue & Williams Sri No par
23 Apr 11
4
*34 4
34 318 *234 313 *234 312
278 Dec
174 Mar
178 2
178 2
178 2
112May 26
414 Jan 14
134 13
4
112 17
8
13
4 13
4 6,400 'Fri-Continental Corp-No par
2 Dec
1134 Feb
52
5312 5234 5314 523 53
5112 5212 5012 5112 50
8
4
5012 8,000 6% preferred
No par 427 Jan 2 5634 Mar 8
364 Dec
9414June
*21
22
22 22
2118 2118 *203 2112 1912 2012 2018 2012 2,000 Trioo Products Corp
4
No par 1912May 26 3112 Mar 9
24 Dec
4558 Feb
*14 114
*14 14
*14 114
14May 27
*14 114
No par
318 Jan 14
*14 114
1 Dec
14
200 Truax Tracy Coal
14
10 Jan
10
2 Apr 19
658 Jan 12
*34 37
s
37
8 34 *314 338
318 314 *3
312 *3
312
300 Trusoon Steel
54 Dec
24 Feb
leMay 4
3 Jan 13
No par
2 Dec
*12
4
12
*12
5
8
100 Ulen & Co
*4
sa
5
8
12
2134 Mar
"
12
5
8
*4
10
10
9123,Iay 26 2312 Mar 7
93
4 98
7
912 94
912 93
4 1.800 Under Elliott Fisher Co No par
1338 Dec
94 9 /
5
94 958
7534 Feb
*64 77
8 *63
614May 5 1014 Jan 20
4 734 *63
4 74
700 Union Bag&Paper Corp No par
5 Dec
7
7
14 Aug
65
8 63
4
65
8 65/1
1738 1734 1712 18
8
274 Dec
163 173
4
4 164 1714 1612 174 165 1712 73,400 Union Carbide & Carb_No par1612May 3 8638 Mar 7
72 Feb
California
25
9 May 14 1378 Jan 7
11 Dec
914 914
914 912
918 914
9
9313
914 912
94 9 2 6,100 Union 011
,
2858 Feb
*13
134 *13
1312 13
1212 1234 *124 1314 1,400 Union Tank Car
1314 1234 13
No par 12 May 4 1914 Jan 2
16 Dec
2518 Jan
7 May 16 164 Feb 17
758 734
71:3 758
7
74
3
714 74 24,200 United Aircraft & Tran_No par
94 Dec
73
4 74
7 4 83
3
:3
384 Mar
3814 3814 3814 384 *37
3818 374 3818 3714 3712 36
37
Preferred
50 3014May 13 46 Feb 16
40 Oct
1,400
6114 Aug
*1712 1912 19
No par 15 May 26 2812 Mar 4
1912 1712 18
15
16
1578 157
1612 17
8 1,500 United Hisoult
18 Dec4134Mar
*90
9314
9314 *90 9314 *90 93
100 8814May 25 103 Mar 23
Preferred
90 Dec 122 Mar
8814 90 *50 88 *89
30
No par
712 Apr 23 14 Mar 8
*818 9
*84 9
4 8
73
8 734 2,200 United Carbon
*818 84
84
73
618 Oct
8
2814 Feb
3
8
12
3
8
12
3
8
3
8
*3
8
12
*3
8
12 3,900 United Cigar Storee----No Dar
3 Apr 5
s
11 Jan 11
4
118 Dec
74 Apr
8,. 12
218 24 *2
*24 558 *214 54
558
3 3
214 214
100
218May 21 20 Jan 11
400
Preferred
20 Dec s76 Apr
412M9,y 26 104 Jan 15
5 5 14
47
8 54
44 47
54 54
518 54
8
412 47 69,400 United Corp
8
No par
74 Dec
3114 Mar
*2914 3018 2914 2914 27 27
2618 2658
2518 263
4 26
26
4
2618 Dec
5218 Mar
4,600
Preferred
No par 2518May 26 883 Mar 7
212May 27
558 Mar 23
3
3
212 3
2,400 United Electric: Coal-No par
3 8 318
,
314 314
3 3 314
,
318 314
3 Jan
12 Feb
1518 1514 15
1514 15
1418 144 14
147
15
1418 15
8 8,500 United Fruit
No par 14 May 27 304 Mar 9
174 Dec 67 Feb
/
1
4
1558 1412 15
1312 1434 1313 1438 67,200 United Gas Improve
1538 1578 1558 1578 15
4
1538 Dec 8714Mar
No mu 1312May 26 213 Mar 8
824 8212 814 8158 814 82
*8114' 83 *8114 83
82 82
No par 8012May 18 94 Mar 10
83 Dec 1061 Aug '
1,000
Preferred
4
*14 1
*14 1
2 Sept
314 Jan
*14 1
*14 1
*14 1
*14 1
United Paperboard
100
*63
4 8
*63
4 8
612 634
5
614
412May 27 11 Jan 6
914 Dec
3134 Feb
518 53
8
412 518 1,700 United Piece Dye WIte_No par
1
1
34 1
958 Apr
',May 23
3 Jan 28
11 Dec
/
4
3
4 1
1
1
3
4 1
7
8
7
8 3,300 United Stores class A_ _No par
*35
38
36
36
*354 3618 x3438 3412 31
52 Apr
33
21 Oct
*30
3412
600
No par 27 Jan 4 4814 Mar 9
Preferred class A_
*1538 17
154 1538 *1558 1614 1558 16
4112 Apr
8
1418 15
14
157 Oct
1414 1,400 Universal Leaf Tobacco No par 14 May 27 20 Jan 7
*26
30
26
5713 Aug
26
30
30 *28
24 May
30
27
2914 27
27
760 Universal Picturee lst pfd_100 24 May 3 60 Jan 27
•12
5
8
*12
5
8
12
12
*12
3
4
*12
3
4
*12
3
4
4 Feb
1 Feb 2
12 Oct
400 Universal Pipe & Rad_ _No par
It Apr 7
8718 Mar
874 0
84 FM
8
10 Dec
9 4 914
,
9 4 914
,
914 914
85
8 5,400 U13 Pipe & Foundry
8 May 27 154 Jan 21
20
1212 1258 *1212 15
I2y 1 1
, , 1,
2014 Mar
1k.4
3.: 6 1.1 ty 12,3 1238
1834 Dec
800
let preferred
No par 1214 Apr 14 154 Feb 3
*2
5
*2
5
*2
5
*2
5
*2
5
4 Dec
10 Mar
*2
5
3 4 Jan 27
3
US Distrib Corp
34 Jan 27
No par
*18
12
*13
12
*18
12
*18
12
*18
12
*18
12
134 Jan
Is Dec
38 Jan 28
14 Jan 15
11 ft Express
100
3012 Mar
312May 27
612 Dec
*34 33
4 *33
4 4
33
4 33
4 *312 4
8 Jan 14
*313 33
4
34 3 4
1
300 U El Freight
N. par
*134 178
178 178 *134 178
134 134
1212 Feb
134 13
4
13
4 13
134May 5
14 Oct
4
312 Feb15
600 U 8& Foreign Beans No par
35
3518 34
34
*3314 36
*3314 35
33
3314 3314 3314
90 Feb
900
40 Dec
Preferred
No par 29 May 3 611a Mar 11
1534 153 *15
4
16
1534 1534 15
15
1434 1434 14
1414 1,100 U 8 Gypsum
144 Dec
60 Mar
20 14 May 27 2514 Mar
*138 2
*138 2
2
2
138
138 *114
113 *114 2
200 U S Hoff Mach Corp-No par
1238 Apr
3 Apr 29
4
4 Feb 1
24 Dec
1534 1578 16
1638 1514 16
1438 1518 1334 147
8 134 145 10,300 US Industrial Aleohol_No par 133
3
4May 26 8118 Mar
2018 Oct
774 Feb
*1
134
14 14
134 13
4
158 158
112
112
14 13
8 1,100 US Leather
I38May 27
31/ Mar
15s Del
10 4 Mar
1
No par
312May 24
Class A
74 Mar
314 MO
1578 Mar
33
4 3 4 *312 334
3
No par
312 312
34 312
313 34
33
4 33
4 1,000
*60 62 *58 65 *54 65 *58
65
861j July
58
58
*58
65
5714 Dec
100
Prior preferred
100 65 Apr 14 65 Marl
34 312
334 334 *312 4
3
278 27
8 1,200 U S Realty & Imp8.---Ne per
3
234 3
8614 Feb
2 4May 26
3
813 Feb 1
512 Dec
*23
4 27
8
27
8 3
27
8 27
8
2 4 27
3
8
218 212
214 23
4 5,900 U S Rubber
No par
218May 26
518 Jan 1
Els Dec
2038 Mar
478 478
434 5
414
43
4 47
8
412 458
4
4
4
2.000
ist preferred
384 Mar
100
4 May 26 ills Mar
64 Dec
1214 1214 1214 1212 1178 1214 1134 12
11
1112 1114 1114 3,800 US Smelting Ref & Min____50 11 May 26 1978 Mar
1258804
2534 Nov
*3412 354 344 3412 3414 343
4 3434 3414 333 34
*3312 34
Preferred
50 333
4May 26 39 Mar
900
35 Sept
47 Apr
4
2834 2934 277 2918 274 28
8
86 Dec 15238 Feb
2814 29
2713 283
100 2618May 16 5258 Feb 1
4 263 2812 118,800 U S Steel Corp
4
714 713
4 714 7213 70 4 72
3
71
7118 704 714 6914 72
8,500
Preferred
100 6514May 4 113 Feb 1
94 Dec 150 Mar
5512 5834 *5812 59
5812 5812 58
No par 57 May 26 66 Apr 2
5812 57
574 *5612 59
2,700 US Tobacco
58 8 Dec
7
7178 Mar
238 253
218 212
212 258
112 2
No par
lisMay 25 104 Jan 1
31 Feb
14 134 8,000 Utilities Pow & 1,1 A
ra Dec
14 17
8
12
a
l
12
12
4
ma
5
8
3
8
3
8
*38
14 Mar 3
4 Jan
38 Dec
2 Feb
12 1,100 Vadsoo Sales
No par
'2
16
18 *15
1658 *15
1638 *15
14 May
1658 14
100 14 May 26 20 Jan
28 Feb
15
*13
144
600
Preferred
7
7
7 7
63
4 7
614 658
11 Dec
No par
53
4May 26 187s Feb 1
7634 Mar
53
4 63
8
6
614 7.000 Vanadium Corp
*2
8 1
1
1
1 May 21
12 Mar 14
4 Oct
314 Feb
7
8
7
8
*3
4
7
s
3
4
7
8
3
4
700 Virginia-Carolina Chem No par
3
4
618 64
64 64
514 6
*458 6
518 Feb 28
63
8May 23
21 Dec
4
*438 5
100
17 Feb
412 5
1,000 6% Preferred
35
36 *3314 343 *304 3412 *3014 3314 3014 3014 *281s 30
4
100 20 Apr 12 3912 Jan 14
84 Dec
7134 Jan
300
7% preferred
73
70
73 7318 *70
7012 6912 6912 65
81 Dec 109 May
*73
76
65
100 Virginia El & Pow $8 pit No par 65 May 26 888 Jan 22
100
958May 26 2978 Jan 12
124 *1214 134 1318 1318 11
12
958 11
2014 Dec
12
104 1012
7138 Feb
890 Vulcan Detinning
No par
712May 26 19 Jan 2
*9
10
9
9
834 94
814 814
174 Oct
277 Feb
74 814
73
8 8
2,200 Waldorf System
8
*118 138 *14 138 *118 13
No par
4 Apr 8
3 Jan 14
14 Dec
8
118 118 *1
14 "1
118
400 Walworth Co
15 Feb
214May 14 1014 Jan 13
614 Apr
13
*3
13
*3
13
3
3
*23 13
4
100 Ward Bakeries aims A_No par
*3
13
*3
2711:Mar
•7
8 1
*7
8 1
3
4May 7
2158 Jan 14
112 Dec
Class B
No par
400
85 Jan
8
3
4
3
4
*3
4 1
3
4
3
4
7
s
7
8
15
161 *1411 207 *144 204
8
Preferred
100 1312May 14 404 Mar 18
24 Apr
900
*1612 22 *1612 20 *1612 20
5711 Jan
1 May 21
418 Jan 13
1
1
1
1
1
1
14,600 Warner Bros Pletures_No par
14
1
1
218 Dec
1
118
1
2038 Feb
10
*4
10
100
Preferred
5
5
*4
No par
5 May 25 20 Feb 1
81 Dec
,
10
*4
10
*4
10
*4
4013 Jan
*11 1
3
4
*ss
3
4
5
8
es
12
12
12May 26
No par
14 Jan 11
500 Warner Quinlan
*5,
7 Dec
8
53
8
4
74 Feb
No par
2 May 23
7 Feb 19
900 Warren Bros new
88 Dec
2
2
*13
8 112
4
214 214
2
212 *2
2
2
4638 Feb
24
,
Convertible peal-- Ns par
4 May 26 1712 Jan 14
310
1214 Dec
*434 54
5
5
4
4978 Feb
458 434 *4
414
4
4
*2
43
712May 13 14 Feb 3
100 Warren Fdy & Pipe---No par
1814 Dec 82 Feb
712 74
*74 9
*712 10
*712 10
*Vs 10
*74 10
1
4
No par
33May 4
2 Jan 18
200 Webster Elsenlohr
14 Dec
•58
6 Feb
5
8
3
4
5
8
3
4
*5
8
*511
7
8
3
4
*
4 1
934 9 4 6,100 Wesson 011 & Snowdrift No par
04 Apr 8 Ma Jan 14
12 Dec
2614 Mar
10
10
3
10
10
10
10
4
94 934
9 4 93
3
No par 46 May 17 50 Jell 6
Preferred_
46
800
4414 Oct
574 Feb
46 4614 46
*48
61
*46
51
46
46
*46
51
8811 Dec 15034 Feb
3a
18 4 19 12,700 Western Union Talegraph_100 17141,fay 16 50 Feb 19
,
1914 194 1914 2014 181/ 20
1814 183
4 171/ 20
914 Apr 8 1714 Feb 13
5,200 Westinghle Air Brake_No par
11 Dec
94 10
3518 Feb
*10
11
978 1012
978 10
978 10
912 10
2218 Dec 1071 Feb
1918 234 91,200 Westinghouse El & Mfg___50 1918May 27 854 Feb 19
2218 24
4
235 2412 24
8
2478 2234 244 2158 23
50 5818May 23 724 Jan 20
250
let preferred
6014 Dec 1194 Feb
8 5818 59
8
604 60 4 584 581 *584 60 4 "5814 60 4 587 587
3
3
3
212 Apr 8
200 Weston Elee Inetrurn't_lis par
9 Feb 19
14
6 Dec
414 414
28 Feb
*4
8
*4
8
*4
5
*4
5
*4
5
Clam A
No par 1314 Apr 8 19 Jan 19 119 Dec
1534
4
3614 Jan
*14
1514 *14
153 *14
1534 *1418 15 4 *14 154 *14
3
310 West Penn Elea elms A-N par 25 May 27 70 Feb 14
25
5018 Dec 10514 Apr
25
25
35 35
*35
38
32 35
30 30 *20
Preferred
100 35 May 25 76 Jan 11
210
37
55 Dec 112 Mar
4014 40 8 39
39
37 39
35
3712 3612 363
4 36
3
100 29 May 27 70 Jan 12
8% preferred
29
110
29
4982 Dec 103 Mar
31
31
34 34
*30 3712 *31
3712 30 30
230 Went Penn Power pret---100 9112May 18 110 Mar 17
9314 Dec 120 Feb
9214 9314 9214 9214 9112 924 *91
9214 9214 *93
95
95
100 81 May 10 1013 Mar 28
4
6% preferred
270
8312
88 Dec 11312July
85
81
83 *75
8312 8312 *83 85 *83
18312 85
74May 17 1612 Mar 3
West Dairy Prod oi •...NO per
4412 Feb
*311 7
84 Dec
*312 812 *312 67
8 *34 7
"312 7
*34 7
No par
112May 14
Clam B
43 Mar 4
8
218 Dec
*112 2
112 112
14 178
112 14 *114 15
8
14 113 1,400
1278 Mar
4 May 26 1258 Mar 9
800 Westvaco Chlorine PrallVo par
412
4
40 Mar
478
478 *478 104 1
:478 1012 *478 5
4
434
758 Dec
•
Wheeling Steel Corp--No par
6 Apr 8
618 Apr 9
201*,July
6
9
Dec
9 *____
618 •____
618 *____
6 *--6 *--No par
7 May 27 12 Mar 5
-;i712 912
713 714
8
712 712
7
7
2,000 White Motor
8
712 712
7 Oct
/
1
4
2614 Jan
400 White Rock Min Spring e1f_50 15 May 26 281:Mar 7
16
4734 Mar
*17
1714 *17
16
1714 1612 17 *15
16
15
15
20 Dec
*14
12
*14
14
*14
*14
5
8
14
14
*14
3
8
14 Apr 8
400 White Sewing Machine_No par
1 Jan 2
4 Dec
5 Apr
53
*7
8 I
*7
8 1
*7
8 1
*7
8 1
No par
*7
8 1
7
8
7
8
Preferred
100
3 Apr 8
4
178 Feb 3
1 Dec
1034 Apr
*318 312
314 35
8
No par
3i2 312
234MAY 4
314 314
534 Mar 8
94 Mar
3
334
338 312 2,900 Wilcox Oil & Gas
284 Dec
100 Wilcox-Rich el A tionv_No par 15 May 2 2012 Mar 17
15 2312 *15
2312 *15
2312 *15
2312 15
15
*15
20
30 Mar
1714 Dec
5
158May 24
8 Jan 13
4
8 Mar
3 10,700 Willys Overland (The)
134 Oct
Es
7
8
7
8
3
4
3
4
ki
1
4
5
8
3
4
7
8
7
8
Preferred
100
100
7 Apr 13 25 Jan 28
20
*7
20
*7
20
7
7
*6
9
*8
2012 *8
1412 Oct
11614MAY
*2
4 1
3
4
3
4
No Dar
SA Jan 11
400 Wilson & Co Ins
13 Mar 14
4
4 1
4
*3
3
4 Feb
4 1
3
4
*3
Is Oct
*3
4 1
Clem A
No par
*134 2
600
14May 25
*178 2
14 2
*134 2
*178 2
414 Mar 9
1034 Feb
*14 2
134 Oct
Preferred
100
700
8 Jan 7 31 Mar 10
15 *15
17
15
15
15
15
1514 1514 15
3134 Jan
*15
17
18 Oct
10 253
4
8May ea aass Mar 8
2538 2812 283 273 71,800 Woolworth (F W) Co
8
2834 2914 2834 2912 2714 2938 2834 2758
7284 Aug
35 Dec
*8
812 *818 83
100
612M84 27 234 Feb 19
8 8
7
712
612 714 1,300 Worthington P et 84
,
4
8 4 814
,
1514 Dec 1064 Fe.)
Preferred A
400
100 1612May 17 41 Jan 15
30
17
17 *164 30
1612 1612
30 *17
18 *17
95 Mar
18
884 Dec
Preferred II
200
100 12 May 27 3013 Jan 11
15 *13
15
12
12
23 Dec
834 Mar
*1213 20 *13 20 *13 20 *13
Wright Aeronautical--No par
3 8 Apr 8
1
8 83
4 *5
83
4 *5
83
4
84 Jan 14
74 Dec
27 Feb
4 *438 834 *434 834 *43
83
*5
3,400 Wrigley(Wm)Jr (Del)-No pay 2814May 27 57 Jan 18
354 30
32
2814 30
sots mar
11.6 Dec
3512 3614 *3514 3612 33
38
*36
1,200 Yale & Towne
74 73
8 *712 8
25
71218ay 26 1012 Jan 18
734 73
4
74 74
80 Jan
8
814 Dec
8
84
*8
173 2
17
8 2
134 2
134May 21
15s Mar
17
fl 17
8 9,600 Yellow Trim* & Coach Cl B_10
5 Jan 14
3 Dee
134 134
134 178
16
16
180
Preferred
16
*164 20
76 Mar
16
100 12 May 17 24 Jan 12
16
15Ie Dec
16
*1212 16
*1212 16
34 312
34 34
600 Young Spring & Wire_No par
29 Feb
5g
318May 26
6 Dec
91s Mar 8
33
4 33
4 *312 3
*33
4 4
*334 4
*514 7
500 Youngstown Sheet & T_No par
*514 7
78 Feb
7
4 May 25 1714 Feb 17
4
12 Dec
*5
91, *514 912 *514 7
514 Feb
7
8
300 Zenith Radio Corp----Ne Dar
s,
si
*58
7
8
*58
5
8
58
58
*12
7
8
*12
le Dec
12May 17
2 Jan 22
14 June
5
5
6,500 Zonite Products Cons
5
5 18
6 4 Dec
3
5
5 14
1
5 May 25
978Mar 8
5,1 518
5:2 518
512 51,
$ per share
3
314
238 238
*2212 25
414 414
*1
114
1014 1014
*9
97g
*3
312
*12
7
8
*1212 20
214 238
*29
31
*6
9
*37 40
*25
8 23
4
1218 1258
$ per share
3
318
238
238
*2212 25
4
4
1
1
*1018 117
8
9
9
*3
314
*12
7
8
*1212 20
214 238
29
2914
518 518
*37
38
25
8 24
3
124 1238
• Bid and asked priess: no sales on Ibis day. a Ex-dividend. I Ex-rights.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Os Jaw. 1 1905 the Exchange method Of Cu(*Ina bonds was changed and grime are now
7.1.,•
.
BONDS.
ts
N. Y. STOCK EXCHANGE .....
Week Ended May 27.
44,
Price
Friday
May 27.
Week's
Range or
Last Sale.
""
O1
,
44
Range
Since
Jan. 1.
High
Ns. Low
High
Bt1
Ask Low
U. S. Government.
First Liberty LoanI
J D 1001442 Sale 100442 1001622 2270 94122 101 222
of 1932-47
331%
0il
4
/
J D 100 100,422 10012 1001
Cony 4% of 1932-47
.
4
/
J D 10112 Sale ei01442 1012022 1850 972222 102112
Cony 434% of 1932-47
J D _-- ---- 1011.42809'31 ____ ____ ____
2d cony 434% of 1932-47
Fourth Liberty LoanA 0 1021334 Sale 10131/421021422 5978 984410220n
434% of 1933-38
.
1947-1952 A 0 103 0 Sale 102,132 1032422 2377 982042 10611n
Treasury U.4.
42
1944-19543 D 100148 Sale 99,0221001222 2075 94 103.
Treasury 422
4
/
4
/
1946-1956 81 El 98112 Sale 97122 98.22 2307 891422101112
Treasury 334.
4
/
1943-19473 0 6631,2 Sale 9513,4 97312 1950 87.2299112
Treasury' 3343
42
/
Treasury 3s___Sept 15 1951-1955 M 13 901222 Sale 892022 902242 994 821 951122
Treasury 13348 June 14 1940-1943 3 D 97022 Sale 952732 9710n 353 87.2299.22
1941-1943 M 8 961121 Sale 954, 97422 1402 88142 991022
Treasury 33122
4
/
962224
Treasury 338s_June 15 1946-1949 3 D 91312 Sale 901222 921422 1267 88
Stele and City SeeurItle..
N Y 0 834s Corp stk__Nov1954 Si N
1955 5/ N
334.
es registered
1930 51 N
414 reglatered
1955 M N
1% corporate Mock
1957 MN
434% corporate stock --1957 M N
434% corporate etock
1957 MN
a% corporate stock
1958 MN
1% corporate stock
1959 M N
444% corporate stock_ _ _1980 64 El
414% corporate stock _
1963 M 8
414% corporate stock
1965 3 D
New York State 4345
1963 M 5
--------92 Nov.30
--------9234 Apr'31
____ __ 10012 Apr'31
--- ---- 9912 July'31
--------102 51ar31
--------9812 Dec'31
--------109 May'31
--------10012 Apr'31
---- ---- 10012 Sept'31
---- ---- 9912 Oct'31
--------10614 Dec'30
--------10512 Dec'30
Jan'31
--------112
____
____
_____
____
____
____
___
____
____
____ ____
____ ____
___
____
____ ____
____ ____
____ ____
____ ____
____
N
3951
-except for income and defaulted bonds.
and interest-
BONDS
Y. STOCK EXCHANGE
Week Ended May 27.
:I •
;...!
i' r
...O..
Price
Friday
May 27.
Week.
Range oe
Last Sale.
;,' •
O ,1
ni 62
Range
Since
Jan. 1.
IfIgh No. Low
Ask Low
Bid
High
Cundlnamarca (Dept) Colombia
19
5
3 8 17
7
5
35
6 Sale
1959 MN
External I t 8348
8
75 100
77
75
78
Csechoeloyakla (Rep of) 85_.1951 A 0 75
77 10012
79
4
6
1952 A 0 ____ 763 77
Sinking fund 86 see B
94
72
6118 87
Denmark 20-year extl es___ _1942 J J 68 Sale 6718
26
70
67 06612
64
3
85 4
1955 P A 66
External gold 534o
8 57 a53
573
71
External g 4345__Apr 16 1962 A 0 5314 Sale a53
6712 7512
22
65
8
0a
Deutsche Bk Am part cif 68_1932 M S 60 Sale 605
41
6
4
/
38
5512
Dominican Rep Cust Ad 534e '42 M S 401 44 83914
35
.32 __
50
1942 M 8 03518 Sale 50 Feb
2d serlee a f 53.4a
36
in so 45
A 0 36 Sale 32
1940
1st ser 530 of 1928
36
44
14
32
20 series sink fund 5345_ 1940 A 0 36 Sale 32
34
7
4
243 45
2
3
33
32
Dresden (City) external 70_1945 51 N
92
49 a81
a87
Dutch East indica anti 622_1947 J J 86 Sale 86
5 20
815
4
/
771 89
1982 m 8 81 Sale 8012
40
-year external 68
6
76 a87
7712
7712
4
30
-year ext 534s____Mar 1953 21 8 7612 80
2
8
75
775
8
775
8712
7612 78
-year ext 5321____N0• 1953 M N
80
20
2318 14
61
4
El Salvador (Republic) 8'...1948 3 1 223 Sale 20
8 12
383
3212 591
4
Estonia (Republic of) 7s- 1967 3 J 3618 3812 37
10
11
49
561
41
4
/
Finland (Republic) extl 68._1945 M S 4012 45
9
4318 594
5314
1
/
4512
External sinking fund 7s 1950 M El 4512 Sale 4014
4014 58
4518 17
1
/
External sink fund 634s.1958 M S 404 Sale
23
8518 52
47
4214 Bale 4214
External sink fund 634..1958 F A
9
4114 5414
45
4114
Finnish Stun Loan 6345 A_ _1954 A 0 ____ 47
41
5418
50 Apr'32 ____
External 634, series B_-- -1954 A 0 --__ 46
28
1518 30
17
1612 Sale 1518
Frankfort (City of) s t 6 Hs 1953 M N
8
1215 153 1106 1231 2
8
French Republic ext1 7345-1941 J II 121 Sale 12014
4
1113 191 010818 118
1949 3 D 11312 Sale 11314
External 722 of 1934
____
____
____
---__-_
____
____
____
____
____
____
___
____ German Goven3ment Interna8
373 4458
3012 981
tional 85-yr 5148 of 1930 1985 J D 28 Sale 2738
445
4214 6514
46
4
1949 A 0 443 Sale 4214
German Republic extl7s
Foreign Govt. & Munlelpids.
2212 28
Communal 13ke
33
German Prov &
22
Agrio Mtge Bank of 6e
11
8
235
28
1947 F A
14
1
/
334
1714 41
16 Sale 14
233
83
(Cons Agric Loan)6 He_..1958 3 D
8
23
26
7
Sinking fund es A _ _Apr 161948 A 0 2212 26
3512
4
2818 60
8
5712 12
1954 M N __ __ 337 34
4
Gras (MunicIpallty )88
49% 63
Akershus (Dept) ext 58
1963 M N 5712 Sale 563
10604 1243 428912 1061,
10412 Sale a103
5
512 30
1612 cit Brit & Ire(U K of)530-1937 F A
Antioqula (Dept) col 70A
514 15
1945 J 1
5
100 102
---le
F A --------102
5
1
/
154
7
4
5
512 23
Registered
43
External e t loser 13
1945 J 1
8 32 *556 •a767
2
2727
5
5
15
6
.4% fund loan i opt 1960_1990 M N ' 8 7314 07314 a743
512
4
43 10
External 8 1 7s sec C
19453 J
4•a77
4747
4
1
47514 Sale / 8 a7514 12 •a2353
4
1
3% War Loan g opt 1929_1947 J D /
4
1
/
5
15
5
6
13
5 Sale
External Of 75 oer D
19413 1
9812
3
72
75
5
1212 Greater Prague (City) 730.1953 M N 73 Sale 72
5 12 11
7
5
5
8 f 78 lat ser _1957 A 0
External
.
17
20
6312
4
1212 Sale 20
51
4
/
514 Sale
514
4
6
514 143 Greek Government 6 f oer 76_1964 MN
External sec a f 76 2d ser.1957 A 0
15
1212 48
14
1212 Sale 1212
1968 F A
Sinking fund see 622
514 14
1
5
512
704 512
External see a t 7e 8d /ter 1957 A 0
4
5612 661
4
57
/
5612
58
1952 A 0 55
4
1
/ 6718
69
69
12 a65 r77
Haiti (Republic) of 131
Antwerp (City) external 412 -.19583 D 6812
23
1614 36
22
20
22
1946 A 0 20
4412 33
68
4
Hamburg (State) 66
40
Argentine Govt Pub Wks 68_1980 A 0 423 Sale 40
20
86
2
2512
8
253
Heidelberg(Germany)enl 7 Ho'50 J J 2512 31
Argentine Nation (Govt of)45
15
84
52
8 68
443
39
4
/
671 Helsingtors (City) ext 8 He_ _1960 A 0 42 Sale 42
Sink funds toot June 1920-1959 1 D 42 Sale 39
4
/
64
25
8
123 251
8
123 Sale 1238
4412 60
39
67
Hungarian Munk Loan 7348 1945 J J
Extl s f 622 01 Oct 19251959 A 0 42 Sale 39
12
25
12 May'32 ___
4412 48
39
42 Sale 39
19463 J ____ 13
68
External 6 f 75- - __Sept I
1957 M 5
Extl 8 f 65 series A
2212 19
4
/
80
17
441 75
3914 67
Hungarian Land NI Inst 71424 '61 M N 21 Sale 17
External (122 aeries B_Dee 1958 J D 4214 Sale 3914
143 31
2212 66
4
8 77
445
8
40
1961 M N 217 Sale 17
87
Sinking fund 7348 see B
Extl a t 68 of May 1926__ A960 M N 4218 Sale 40
2
25
1812 55
8
1412 213 2478
19
44
Hungary (Ktngd of) s f 7346_1944 F A
3912 67
External a t 622 (State R7)-1560 M $ 43 Sale 3912
76
13 a69
75
4312 30
19430 M N 75 Sale 74
31/18 67
Irish Free State extls f 6e
Exti fie Elanitl: -.,. '-‘'orke _ _1961 F A 42 Sale 3908
4
/
88
911
129 a82
4412 16
67
40
40
41
Italy (Kingdom of) extl 75_ _1951 J 0 8514 Sale 8434
Sail 68 Du • ...ilc, 51,727).1961 MN 40
.
8614 31
82 100
4
1
/ Italian Cred Consortium 7e A '37 M El 86 Sale 8518
59
35
4 66
383
,
Public Vic,r6, ,-421 .5.32 i._ too't A 37 Sale 35
7012 83
1
/
764 44
External see of 7e aer B_ BM M 8 7218 Sale 7218
4
5412 67
6012
Argentine T. :-,.:ry •,.:. 5_, _ PO4:,151 5 8012 6212 6014
66
40
..
4
1
/ 77
60
633
63
62
204
4812 6212 Italian Public Utility esti 76_1952 J .1 60
__juiy 15 19543 1 6011 Sale 59
Australia 80-.'
4
/
671 203
63
84
6314 Sale 63
6214 119
4612 0212 Japanese Cloy 30-Yr a f 634e-1954 F A
a
External 522 ca 4927_6094 1967 M 5 80 Sale 59
56
104
50
7314
1966 M N 50 Sale 50
5612 86
MN 5412 Sale 5314
5612
Ext1 sinking fund 534s
41
1958
External g 434e of 1928
8212 87
,
7013 98
Jugoslavia (State Mtge Bank)
1943 1 D 70 4 Sale 7014
Austrian ((lost) s f 78
3312 37
80 8 43
1
4
1957 A 0 313 Sale 3038
27
32
20
65
Secured 8 f g 722
1957 J 1 22 Sale 20
Internal s f 75
20
35
1
20
8
227 20
15
1947 F A
Lellnlig (Germany) s f 7s_
50
3
33
37
29
65
27 r43
Lower Austria (Prey) 7 Hs_ _1950 .1 0 3512 Sale 3512
Bavaria (Free State) 6 Hs1945 F A 28 Sale a27
4
/
4
1
/ a1041 54
988 104'o,
4
1
/
4
1
/ 29
93
83
95
-year 68_1934 M N 104 Sale 103
Lyons (City of) 15
Belgium 25-yr extl6 he
1949 M S 934 Sale 9118
8912
60
8
8614 240
External s t 2322
1955 1 3 8558 Sale 887
0'10.114
983
4
Marseille.(City of) 15-yr 88_1934 M N 104 Sale 1033 r10514 69
154
9130101
98
External 80-year, t 7s_ _ _1955 1 D 97 Sale 9518
83
4 18
8
6
1812
812 8
4
/
9712 125
4
/
911 1011 Medellin (Colombia)6348__.1954 J D
Stabilization loan 78
1966 MN 9718 Sale 9518
4
/
21 34
__
218 Feb'32
214 4
Mexican lrrig Asotng 434.1943 51 N
Bergen (Norway)Apr'30 ____ ____ _ _
63
63
Mexico (US) esti 5. of 1899 i '45 Q 3 --------26
55
55 May'32 ____
Extleink funds 5s_Oct 15 1949 A 0 53
1
2
2 May'32 __
112 10
1945 ---48
58
50
9
5414
65
Assenting 68 of 1899
External sink fund 548_ _ _ _1960 M 5 58
112 5
1-2
4 RI
13
112 6
8
1814 15
317
17
Assentire2 48 large
Berlin (Germany)if 634e
5950 A 0 17 Sale 17
1
/
114 24
138 May'32
3
2
16 Sale 16
1
/
284
24
Assenting 48 of 1904
16
4
1
/
17
External of 68_ _Jun 15 1958 .11 D
4
1
/ 45,
2
314 Apr'32 ___
112 2
9
11
7
9
2
Assenting 45 of 1910
1
/
84 422
Bogota (City) e1115 t 8s
1945 A 0
2
212 11
5
2
---- ____ ____
314 10
312 4
Assenting 48 of 1910 large
5 24
Bolivia (Republic of) art! 86_1947 M N
32
314
2118
8
15
212 29
be
4
/
11 Sale
---Assenting 4s of 1910 small
4
/
21 818
3
21
4
/
21
2 Sale
4
1
/
External secured 75 (.fiar) _1968 .1 J
8 3
25
212
812
2
212 Sale
3
38
'Traria tle of'18 assent(large)'33 J J --------258 May'32 ____
External of 7e Wan
1969 M 8
1
/
24 5
214 May'32 __
Small
101 Sale 1035
1043 110
8
8
4
583 1042
Bordeaux (City of) 15-yr 622_1934 51 N
8
4
4
6412 62
4
583 70
4
1
/
Milan (City, Italy) extl 8345 1952 A 0 593 Sale 583
81 18 Minas Germs (State) Brash58
le
20
Brasil(U Sof) external 8s.._1941 ./ D 18 Sale 17
121 58
4
/
8
,
1958 M 8 1018 Sale 10
16 2
33
External s f 634.
1312 r2512
17
Externals f 6345 of 192(L_1957 A 0 16 Sale 16
812 17
1038
1318 16
Extl oeo 634e series A____1959 M S 1018 11
2538
54 a14
17
External at 6148 of 1927 _1957 A 0 1618 Sale 1618
4
73
2814
9
7
7
7 Sale
Montevideo (City of) 7e____1952 1 D
1218 25
75 (Central Ry)
1504 10
1952 1 D 15 Sale 15
712
1
/
84 sale
10
10
712 25
4
1
/ 86
65
76
3
External Of 66 series A1959 MN
734e (coffee emir) £(Hai)A952 A 0 76 Sale 76
5712 149
8012 58
5414 Sale 54
8
283 4312 New So Wales(State) extles 1957 F A
20
35
Bremen (State of) ext171
M S 2532 Sale 2838
1935
5714 181
29
4
1
/ 5714
Apr 1958 A 0 5418 Sale 54
4
1
/
1
/
444 19
External a f Se
1
/
334 4858
Brisbane (City) i f 642
1957 M 8 40 Sale 36
84
70
79
11
4
/
7718 Sale 771
1943 F A
1
/
4 39
433
4814 Norway 20-year extl es
sinking fund gold 5e
82
1958 F A 40 Sale 384
8
4 25
7118 84 2
773 Sale a765
773
,
8
1944 F A
Salo 475
20-year external 68
5712
20
87
26
-year s t 13/2
8
50
1950 3 D 48
84
70
4
1
/ 24
77
4
1952 A 0 753 Sale 7512
80
4
13
163 214
4
/
261
-year external 68
Budapest (City) anti a I 66 1962 3 D 13 Salo 13
6418 79
29
7214
74
1986 3 D 7358 78
42
4812
:35
Buenos Aires (City)634s 2 B 1955 3 J 35 Sale 35
-year of 534.
21
40
4
1
/ 17
72
6314 7604
71
36
2
36
40
External a f 5s___Mar 15 1963 M 8 7214 74
External 016.ser C-2 _
1960 A 0 35
- 36
2
597 71
4
7012
33
33
1
65
3312 33
Municipal Bank extl e f 55_1967 J 0 7012 Sale 6958
External 016. war C-8_
1960 A 0 ____ - 4
643 73
4
8
707
8
695
80
871
51.19703 D 70
24
Buenos Aim (Pros) ext1 66_1961 M 13 24 Sale 24
4
27
/
65
Municipal Bank extl a f
15
1518, 12
3112
15 Sale 15
Esti 6 t 634s
2618 31
1961 F A 40 Sale 24
2314 87
Nuremburg (City) art'88_1952 F A
8
433 72
4 28
513
1
/
Bulgaria (Kingdom)at 712__A967 1 J
1953 M El 4312 Sale 434
8
11 1 2 84
1312 Sale 1212
135
6
Oriental Devel guar 622
4812 53
41
4
681
Stabil] o f 7)4s___Nov 15 1968 51 N
18
1958 M N 41 Sale 41
I 01412 411
18
4
/
21
Exti deb 534s
18
75
60
6618 15
Oslo (City) 80
-year et 66----1955 MN 66 Sale 65
918
934 Salo
Caldas Dept of(Colombla)734s'46 J 1
11
2014
25
9
9712
85
15
93
92
94
Panama (Rep) extl 634s_._1953 1 0 90
71
7818 96
81
Canada (Dona'n of) 80-yr 422_1960 A 0 76 Sale 75
4.5
60
6412
2
50
51
9312 112
65
87
8
963
1952 M N 9212 Sale 9212
Extle 1 5,8 eer A __May 15 1983 M N 47
458 9
7
8
47
4
1
/
414 43
4 412
43421
93 12 55
9618 Pernambuco (State of) exti 75'47 64 S
86
1938 F A 9318 Sale 93
4
1
/ 1458
3
658 10
5
5 Sale
1
/
Carlsbad (City) o f 8.
71
72
90
7
Peru (Rep of) external 7s.-.1059 M S
1944 1 J _.__ 704 71
3
Pe
414 55
3
412 Sale
Cauca Val (Dept) Colom 73046 A 0
9
2
7
1912
Nat Loan exit s ft. let ser 1960 J 0
712 10
7
712
3
412 32
3
4 Sale
Central Agri° Bank (Germany)Nat loan extl of 62220 ser_1981 A 0
51
18
48
,
80 4
4
1
/
Farm Loan if 78__Sept 152950 M 8 263 Sale 5254
4
4 99 02518 477 Poland (Rep of) gold 6s__ _1940 A 0 463 Sale 48
8
273
4
/
4414 138
581
41
Farm Loan if 65_,..fuly 15 1960 3 J 24 Sale 213
1947 A 0 4134 Sale 41
2114 411
4
/
124
4
24
Stabilization loan.I 7s
8
4
463 64
Farm Loan s t (124_ _Oct 15 1960 A 0 235 Sale 22
8
48
235 109
91
4
8
215 421
4
/
External elnk fund g 842_1950 1 J 4712 Sale 463
16
10
5
8
103
1
/
4
Loan esser A Apr 151038 A 0 233 Sale 23
113 104
8
Farm
4
2412 84
23 r43
Porto Alegre (City of) 8s-._.1961 3 0 103
512 1158
7 Salo
19.12 MN
19
7
512
8
5
612
712 13
612 19
Chile(Rop)-Ext a f 75
Extl guar sink fund 7346 1966 .1 J
85
17
1812 32
318
412 Sale
652 32
4
/
31 15
4
/
External sinking tuml 622_1960 A 0
Fruaela (Free State) ext1 63.4e '51 M 5 171 1812 17
1512 833
4
18
61
4 Sale
External sinking fund 63_1961 F A
4
4
612 26
1
/
144
1952 A 0 161. Sale 1512
Externals f 6s
6014 88
4
1
/ 32
78
1
/
4 Sale
4
Ry rot esti 6 t Ile
1961 1 J
4
15
Queensland (State) aril it 75 1941 A 0 754 sale 7512
4
1
/ 31
7
69
59
47
64
612 9
M S
es
1961
Extli oinking fund
5
614 10
4
1947 F A 6114 Sale 60
1514
25
-year external 612
912 512
8
1962 M El
512 1412
Exit sinking fund fle
11
714
4
1
/ 24
5
4
/
261 55
4 Sale
14
30
4
4
1963 M N
1412 Rhine-51aln-Danube 7. A
2612
1950 M S 2534 29
Esti sinking fund 68
912 21
5
912
1012 25
512 Sale
20
Rlo Grande do Sul exit It 86_1946 A 0 10 Sale
5
4
/
Chile Mtge 13k 634s June 80 1957 J D
61 33
718 46
412
412 1114
19 r32
25
29
5 Sale
External sinking fund 8e 1968 1 D
St()He of 1226 _June 30 1961 J D 22 Sale 2112
1414
6
5
12
612 Sale
7
612 84
1986 M N
518 612 6
5
Apr 80 1961 A 0
1512
External 5 f 7s Of 1926
Guar a f 65
4
/
71 15
74
13
.1
1
/
712 Salo
2
5 Sale
614
8 29
95
4
1
/
1962 61 N
5
External e t 75 munio loan_1967 J D
Guar 6 f es
18
7
8
4
8
3
5
13
42
24
612 7
8 4
1980 M S
7
Rio de Janeiro 25-year s f 86_1946 A 0
Chilean Cons Munic 76
5
6
5
1234
8
75 12
5
758
1953 F A
13
4
4
1
/ 18
7
6
734
External at 6145
Chinese(Hukuang Ry)5s..1951 J D
62
66
7414
71
66
1952 A 0 94 Sale 62
66
75
.5
Rome (City) extl 6148
Christiania (Oslo) 29-yr 6 es '54 M 13 66 Sale 66
4
843 94
92
2
1964 M N
Rotterdam (City) esti 6s
9118 ____ a91
2834 56
39
16 '3812 Roumania (Monopolies) 78_1959 F A 29 Sale 2834
1712
31
18
1
Cologne(City)Germany 634. 1950 M 13 1714 21
80
40
27
9
8
137 30
1961 J J 2412 Sale 23
60 7.Iay'32 ____
Saarbrueeken (City) es
1953 1 .1 60
59
(Republic) 1322
Colombia
11
23
273 103
2
4
1312 30
11
Sao Paulo(City).t 8s_ _NIar 1952 MN
1961 A 0 25 Sale 23
11
11
12
External 22 f (le of 1928
10 rI7
2318 103
6
1812 2712
12
External.1 634s of 1927 1957 M N 104 1112 1018
1
/
Colombia Mtge Bank 634e of 1947 A 0 2214 Sale 22
18
2358 29
27
3012 60
San Paulo (State) 010 If 86_1938 1 3 3014 Sale 3014
2358 Sale 22
5 11
313
1946 Si N
Sinking fund 722 of 1926
25
10
18
4
/
281
28
4
10
1950 1 J
25
External sec s f 1322
1112 16
11
10
Sinking fund 7.01 1937_1957 F A 2418 Salo 233
18
29
10
4
/
551 71 19
62
External a f 78 Water L'n_1956 M $ 11
60
62
8
1952 1 D 60
127 12 May'32 ____
Copenhagen (City) Si
9
g sale
17
8
60
1988 3 J
67
15
External 5 f 66
5
9 8 10
1
/
56
1953 M N 534 5512 5412
25-yr g 4 he
6404
48
3
15
6112 58
1940 A 0 59 Sale 59
16
34
Secured s f 75
1512
14
17
1957 F A
(City) exti Of 7s
Cordoba
15
2
4
/
811 4512
32
36
37
46
Santa Fe (Pros Arg Rep) 722_1942 M S 3412 Sale 3412
4
443 37
External a! Te__Nov 15 1937 MN 38
RA.
1.1
AA
le3
, -, 2 ---4
19 sate 1612
'45 F A
-4 .
Saxon Pub Wks(Germany) 7,
014 42
3
3612 35 May'32 ---4
1
/
Cordoba (Prov) Argentina 721 '42 J J 36
27
13
38
1
/
254 r45
1714 24
1951 161 N 13 Sale 13
3212 25
Gen re: guar 634.
7s_ _1951 MN 2518 27
Costa Rica (Repub) Intl
3434 48
4
38
87
19453 0 251 38
90
,
23
4
8
/
783 196
37
Saxon State Mtge Inst 7'.
89 Sale
Cuba(Republic) 55 of 1904_1944 M 8
1
/
4
/
211 424
6
35
1
/
84
4
/
921
8
Sinking fund g 6 He Dec 19463 0 354 ___- 36
8
87
External es of 1914 sec A 1949 F A 867 Sale 8612
50
30
3412 62
74
Serbs Croats & Slovenes 851962 MN 33 Sale 32
52
6712 29
4
/
External loan 434s ser C 1949 F A 651 Sale 65
47
27
1962 M N
4
/
311 Sale 31
3314 83
80
Externai me To see B
70
31
77
sinking fund 53422 Jan 15 1953 .11 J 74 Sale 74
83
34
40
125
39
Public wke 5345 June 80 1945 J D 37 Sale 3518
5 At the exchange rate of 54.8885 to the l steeling, a Deferred delivery.
r Cash sale.
New York Bond Record—Continued—Page 2
3952
BONDS
N. Y STOCK EXCHANGE
Week Ended May 27.
I *iv;
A!
Pried
Friday
May 27.
Week's
;•
Range or
Last Sale.
ge
E7,
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 27.
vi
Pries
Friday
May 27.
Week's
Range or
Last Sale.
<53
Range
Since
Jan. 1.
Foreign Govt. &Municipals.
BM
Ask Low
High No. Low
High
Bid
Ask Low
High No. Low
High
Silesia (Prov or) extl 72
1958 J D 307 Sale 307
8
8
69
307 47
2
33
Chic Burl & Q—IllDly 3341-1949 I, 7478 Sale 73
8312, 72
73
84
Silesian Landowners Aesn 62_1947 FA 14
22
3
16
16
16
28
Registered
Ii
91
Jan'311 ____
Soissons (City of) MI 66
1936 M N 010412 Sale 10414
1043
97 1043
4
4 15
Illinois Division 42
1949 Ii 76 Sale 76
8512'
"78" Ws"
Styria (Prey) external 72._1946 FA
1
30
30
2858 42
General 41
1959 M
48
78 Sale 78
82
36
78
8851
Sweden external loan 5341_1964 MN ifis Sale a763
8114 03
75
92
8
let & ref 434eser 13
1977 FA ____ 793 813
4
813
8
4
81% 881
Switzerland Govt ext16346.._1946 AO 1047 Sale al0418 10512 93 101 10512
8
let & ref 56 wiled A
1971 FA 7712 Salo 7712
86
13
7712 0912
Sydney (City) 91 5340
4112 Bale 40
1955 FA
4514 61
34
50
Chicago & East III lot 66__1934 AG ____ 6812 5014 May'32
50
7012
C & E III Ry (new es) gen 52_1951 MN
8 Salo
73
4
912 127
3
Taiwan Elee Pow sI 5342_1971 I, 41 Sale 41
7 4 17
41
4812 41
673 Chic & Erie let gold as
4
_ 797 8212 Mar'32
8
1982 MN
80
87
Tokyo City 52 loan of 1912_1952 MS 3512 s21,2 357
61 42
36
85
4512 Chicago Great West let 4s 1959 MS 2934 Sale 293
8
4
313
8 80
293 563
4
4
External e I 5342 guar
1961 AO 40
443 45
6
4
45
70
Chic Ind & LOUbIT ref 62
50%
3712 45
1947 J
52 May'32
46
BO
Tolima (Dept of) extl 79
1947 MN
2
512 18
612
612
Refunding gold 56
43
42 May'32
1947• J 35
42
50
Trondhjem (City) let 5346.-1957
N 45
4514
50
1
4514
41's58
Refunding 41 series C __ _19 8 J 1
59
91
19 7
8
4
Apr'31
Upper Austria (Frew) Ts__ 1945 J D 20 Salo 20
20
2912 13
41
lat & gen 66 series A
MN
25 May'32
2458 42
External 6 f 6346_June 15 1957 J D
19
20
1
20
3812
20
let az gen 61 ger B._.May 1966 J J
2812 28 May'32
28
40
Uruguay (Republic) extl 81_1946 P A
3812 36
3 a3132 50
3912
Chlo Ind az Sou 50-yr 45
1956 .1 J
70
80 Mar'32
80
80
External 6 f 62
1960 MN 263 Sale 2614
4
2312 3514 Chic LB & East let 434e
273
4 28
03
1969 3D 85
93 Dec'31
Extls 16e
May 11984 MN 2612 Sale 26
24
347 Ch M & St P gen 42 A.May 1989 J J 47
2714 21
8
5214 5218
5312 29 "iiT8 IfVenetian Pro, Mtge Bank 76 '52 AO 885 Sale 87
885
8
6
801 9112
,
8
Gen g 8342 ger B___May 1989 II
55
55 Apr'32
51
58
Vienna (City of) extl s I 62_ _1952 MN 2814 Salo 31
31
4012 42
643
4
Gen Oil series C__May 1989 J
52
60 60
60
2
60
72
Warsaw (City) external 72_1958 FA 2712 Sale 2712
2712 45%
32
70
Gen 4346 series E___May 1989 J J 52
60
6012
6012
1
5812 7112
Yokohama (City) esti 66_1961 J O 473 Sale 4512
4512 75
8
52
45
Gen 4346 series F_May 1989 II
68
68
Apr'32
59
73
Chic Milw St P & Pao Be__ A975 FA
16 Sale 1512
1812 151
1512 42
Railroad
Cony ad) 52
314 Sale
Jan 1 2000 A0
3
33 144
8
3
111
4
Ala at Sou lit cons A 62____1943 ID
05 Sept'31
Chic & No West gen g 334e 1087 MN
45
44%
45
3
4414 61
let cone is ser B
J O
1943
834 8012 Feb'32
-iii - -8-3-8-4
Q F
Registered
44
7912 Mar'31
Alb & (Rum let guar 3341_1946 AO
67% 7014
7014 Feb'32
General 41
4412 22 "RI 'YO"
1987 MN 40 Sale 40
Alleg & West let g Cu 4s
1998 AO
71
Feb'32
71
71
Stpd 46 non-p Fed Ina tax '87 MN ____ 50
5014 May'32
5014 70
Allele Val gen guar g 4s
1942 M
1
78
78
78 Sale 78
89
Gen 431e stpd Fed Inc tax,1987 MN 60
67
60 May'32 _
60
72
Ann Arbor let g 4s_ ___July 1995 Q J
1312 26
1618
13
1812 1312
3
Gen 52 stpd Fed Inn tax
65
1987 MN 57
57
57
1
5018 83
Atch Top & 8 Fe—Gen g 48_1995 AO 7812 Sale 7812
82
464
781s 91
Sinking fund deb 52
_ 55
55
1933 MN 62
1
55
85
•0
Registered
3
77
77
77
MN
8612
Registered
72 Feb'32
_ 60 75
Adjustment gold 4s__July 1995 Nov 65 Salo 70 May'32
70
8412
15
-year secured g 6346 ___1936 M
55
63
55
63
17
55
87
Stamped
July 1995 MN a66% Bale 65
681s 33
65
86
let ref g 52
May 2037 ID 25 Salo 30 May'32
2918 57
MN
Registered
80
80 Mar'32
80
_ 24
let & ref 4346
2358
May 2037 J D
25
23
5
48
Cony gold 42 of 1909____1955 ID 62 Sale 62
62
62
2
84
let & ref 430 ser (3 .May 2037 J D 27 Salo 20
27
36
20
46
Cony 42 of 1905
1955 J D 6012 Salo 6012
6312
5
6812 8412
20
73 4
Cony 4 Ns series A
9 Bale
9
1949 MN
113 155
4
9
89
Cony g 42 issue of 1910_1960• D
Jan'32
817 74
8
Cony deb 4348
ID 71 Salo 69
7412 62
1948
69 094
Chic R I & P Railway gen 45 1988 J J 68 Salo 513
5914 21
55
80
Rocky Mtn Div let 42_1965 ii
79 May'32
79
II
82
Registered
58
71 Nov'31
Trans
-Con Short L lgt 49 1958 J J
8512 7734 May'32
873 89,,
7 4 92
,
Refunding gold 42
1934 AO 2112 Salo 20
27
85 "20" 11"
Cal-Ariz let & ref 430 A_1962 33
80
80 Sale 80
4
AO
9614 Apr'31
Registered
_
A ti Knoxy & Nor let g 54_1946 JO
10312 Feb'31
Secured 4346 serles A
1952 MS 19 Salo 19
2212 47 sio"
& Char! A L Ist 434s A__1944 Ii
8014 Apr'32
1014 Sale 1014
Cony g 4342
1960 MN
1014 50
1314 104
let 30-year as series 8L___1944 J J 50
75
3
60
6
60
90
Ch St L & N 0 52__June 15 1951 113 6012 81
62 May'32
46
75
Atlantic City lit cone 4e_ _1951 ii
89 Mar'31
6.112 6412 May'32
ID
Registered
6412 6412
AU Coast Line let cons 42July '52
S 6152 7014 62
65
611 85 8
19 - 8 -- .1ID 401- 75
4
Gold 3342
8512 May'31
General unlined 430
1964 ID
577 70 Apr'32
8
70
J D 60
82
Meznphts DI, let .1664 11 _1931
7214 50 Mar'32
0 59
2
242__ _ 195
1
L & N coil gold 4e____Oct 1952 MN 29
347 347
s
8
4
347 L5
18 8
347
8
Ch St L & P let cons g 5a_-__1932 A0 993 Sale 993
4
9914 10014
4
993
4
1
Atl & Dan 1st g 42
1948 J J 16 Sale 16
16
1
A0
_
Feb'31
101
Registered
2d 42
1948 J J
12
10
10
10
1
30
Chic T II & So East 151 66_ _ _ 1960 JO 32
36
32
32
4 ":"35" 16"
Atl & Yael let guar 46
1949 AO
9
25
64 Sept'31
18 Salo 18
Ino gu 52
17
37
1812
5
Deo 1 1960 M
Austin & N W let flu g 56-1941 J J
98 104 Mar'31
---- ___ Chic Un Sta'n 1st gu 4346 A..1983 J
94
91 Sale 8934
86
92
9
let rs series B
93 10218
10012 27
1963• J 93 Salo 93
Bait & Ohio let g 41___July 1948 AO 6012 Sale 60
58
63% 37
8612
J O 86
963 94
8
94
99
95
Guaranteed CS.
10
Registered
July 1948 Q
78
80
80 Mar'32
81
bit guar 6 ha series C
109
13 106 11114
1963 J J 106 Sale 106
944
20-year cony 430
1933 MS 3412 Sale 3412
40
143
3412 87
Chic & West Ind con 42
79
69
57
6112 59
69
7
1952 J
Refund & gen as series A.1995 J O 2978 Sale 287
28
63
8
35
7112
lit ref 5342 series A
87%
71
70 Salo 70
68
5
1962 M
let gold 52
July 1948 AO 6618 Salo 6312
6313 96% Chess Okla & Gulf cons 52
67% 20
80 Dec'31
1952 MN ---- 77
2
Ref & gen 62 eerles C____1995 J O 33 Sale 33
33
3912 75
79 4 Cln H & D 20 gold 4342
3
"in" "9-6"
90
1937 J J
P LE& W Va Sys ref 4a__1941 MN 4118 50
5
8
6158 21 4078 821: C I St L & C hit g 42...Aug 2 1936 Q F 70 89 03 May'32 _
so
80
Apr'32
95
91
Southw Div let 5e
1950 J J 40
483 487
4
19
8
55
Registered
Jan'32 _
85
85
Aug 2 1936 Q F
---- 85
Tol & Cin Dl, let ref is A_1959 J J 35 Sale 35
35
37
82
5
Cln Lab & Nor lit oon gu 42_1942 MN - - ---- 77 Mar'32
77
75
Ref & gen 5e series D
M
2000
28
32
28
0
71
3012
35
CM Union Term 1st 4lis2020 J J
893 93 May'32
4
95
_
85
Cony 434e
1960 FA
16
20
16 Sale 16
59
207
let m 5e series B
95 Salo 95
98
2020 J
99
30
95
Bangor & Aroostook let 94 1943 Ii 71 10112 72 May'32
70
88
Clearfield & Nfah let gu 62_2949
1
.•
80
9814 Apr'31
1 23
Con ref 42
1951 I, 46% 5112 48
48
51
6
6612 Cleve Cln Ch de St Lien 4e 1993 ID 70 Sale 70
70
2
63
77
Battle Crk & Stilt let gu 36_1989 J O
61 Feb'31
General raz ezeries B
95
97 Nov'31 _ _
1993 ID
Beech Creek lot gu g 46__1936 J J
-lii -9-2-1-2
.
"fed 92 Mar'32
Ref & Impt fis ser 0
70
75 May'32
871
1943• J
71 99
2c1 guar g as
1936
Jan'30
00
Ref & impt5s ger D
_ 5012 5012 5may'32
J J
5012 84
Beech Crk ext let g 346_1951 AO
88 Mar'31
Ref & impt 43 ger E
35 Sale 2814 35
42
9
197 J
2814 7112
Belvidere Del cons gu 3342_1943 J J
Calro Div let gold 49
803 May'32
8
1939 1 J
75
85
Big Sandy let 4e guar
1944 ID
-nil{ 1812
- 853 Jan'32
Chi W & 131 Div let g 42_1991 I .1
4
75
61 Mar'32
61
70
Boaton & Maine let be A C.1967 M S _70 - 45
4i 45
49
62
7814
St L Div let colt tr g 4s___1990 MN 71
_ __ 74 Mar'32
_
65
7412
let 51 66 series 2
1056 MN i6T4 Sale 46
40
77
43
40
Apr & Col Div let g 4s____1940 NI
7112 Salo 7113
7112 71 12
7112
1
let g 414e ser JJ
1961 AO
533 74
527 533
s
4
533
4
1
4
W W Val Div 1st g 42
98
9734 July'31
1940 J J
Boston & N Y Air Line let 461955 FR ---- 7012 52 May'32
She 75
Bruns & West let Cu g 48_1933 jJ
Oct'31
88
C C C & I gen cons ge 62____1934 J J
99 10014 Apr'32
94 10014
Burt Roch & Pitts gen g 56._1937 MS -_-_-_-_ - — 87 Apr'32
13
"iii 90 Clay Lor & W con let g 62___1933 A0
98
90 Apr'32 00
97
Consol 434s
1957 MN
_ 29
28
30
10
28
61
Clevel & Mahon Val g 52____1938• J
95 101 Sept'31
Burl C RA Nor 1st & coil 56_1934 AO "45 Sale 45
40
83 4 CI az Mar let gu g 43411
2
45
3
9912 Oct'31
1936 MN
Cleve & P gen Cu 434e ger D_1942 A0 8812 -_-- 10134 5Iar'28
Canada Sou cons gu 5.8 A
1962 A 0 7618 80
793
4
793
4
1
76% 893
4
Series 13 8342
1412 A0 8012 ____ 97 Mar'29
Canadlau Nat 434s_Sept 15 1954 M S 77
78
68
68
773
2 18
8312
Serie@ A 4 As
_ _ 98 Dec'30
1942 II 881
80
-year gold 43.4.
1957 .1 J 7638 Sale 757
7714 32
8
731s 8312
Series C 3340
733 80
8
28014 Dec'31
1948 SI
Gold 434s
1968 J D 753 Sale 753
72% 82%
4
77
4
Series D 3 Ms
67
1950 AF 7212 ____ 8618 Apr'30
Guaranteed g 52____July 1969 J
83 Sale 8234
80
8358 22
90
Gen 4 tie ser A
1977 FA 8912 Sale 8912
8912
1 891- 89 2
2
-1Guaranteed g 5s
Oct 1969 A 0 83 Sale 08112
84
8018 90
69
Cleve Shor Line let gu 4344_1961 AO
75
8718 May'32
80
8718
Guaranteed g 56
8
823 Sale 8218
81
8252 18
8814 Cleve Union Term let 5342_1972 A0
70
71
755
11
71 103%
Guar gold 4 Sts___Jime 15 1955 1 D 7914 Sale 7812
70 F A
75
85
793
4 61
1st a f 62 series 13
1973 A0 60 Salo 5912
68% 18
5912 93
Guar g 414s
1956 F A
73
7714 33
767 Sale 7618
8
8314
let if guar 434s serifs C 1977 AG 5512 Salo 55
61
55
8412
75
Guar g 4342
8
Sept 1051 51
7818 37
7512 8312 Coal River fly lit gu 4s
8
767 Salo 767
82
82
82
1945 ID 70
82
8812
20
Canadian Nortn deli. 1 72_1940 J D 95 Sale 9434
92
9912 Colo & South ref & eat 434.1935 MN 6018 677 65
955
8 81
s
70
9
65
93
25
-year s f deb 6346
8
19461 J 957 Sale 953
91% 102
9614 42
Gent m 4341 ear A
4
N 3412 423 42
4
427
8 32
1980
42
70
10-yr gold 4342___Feb 15 1935 F A 915 Sale 9114
83
8
933 Col le II V 1st ext g As
9158 41
4
1948 AG 7312 833 75 Feb'31
4
75
75
Canadian Pac Ry 4% deb stock__ J J 5312 Sale 5012
5012 6914 Col & Toilet ext 46
5512 110
79
1935 P A
80 Apr'32
80
77
Coll tr 434.
1946 M S 6112 Salo 6112
61 12 81
Conn dr Passum Riv Brt 4s1943 A0
6312
5
Se equip tr afs
1944 1 .1 70
70
88
7712
7712
77
Consol Ry non-cony deb 44..1954 .1 1 30
1
497 50
8
Jan'32'._
EEC IC
Coll tr g 56
6714 Sale 67
647 8314
2
683
4 18
Non-conv deb 42
1255 II 30 39 411: Apr'32 _
411/ 5714
Collateral trust 4341i
60
De° 1 19 j
60 J
64
8014
60
6312 18
Non-cony deb 46
61
56
44 Dec'31
1955 A0
Caro Cent lit cons g 4e
17
21
May'32
1949 I 1 17
Non-oony deb 42
70
17
1956 J J 30
35
45 Dec'31
Caro Clinch &0 let 30-yr 52_1938 J D
86
90
Apr'32
Cuba Nor Ry let 5344
89
1712 1612
1442 ID 17
17
ifO"
23
1st & con g els ser A _Deo 15'52 J D 50
94
59
Cuba RR let 50
60
59 May'32,
-year 5s g
4
1952 II 223 Salo 2114
2312
6
2114 45
Cart & Ad 1st gu g 42
Oct'31 _
lit ref 734s series A
80
D 20
33
1938
29
34
29
4114
12
Cent Branch U P let g 41...1 9 1 j
38
94
88
47
Apr'32 _
____ 35
1st lien & ref 62 ser D
38
1936 JO 29 Salo 29
31
29
88
7
Central of Oa lot g fze_Nov 1945
63 r81
5018 60
63 May'32 - Consol gold 52
1946 M N 20 Sale 20
20
55
Del & Hudson( it & ref 4o 1943 M N 64 Salo 63
3012
9
723
4 63
63
87
Ref & gen 5342 series 13
1959 A 0
25% Al
30-year cony Ss
197 30 Mar'32
8
1935 AG 87
93
87
87
8212 91
1
Re( az gen 54 series C
1959 A 0 1514
15
38
15
-year 541
18
6
15
1937 MN
__ 8352 8434
843
4
84% 95
5
Chatt Dl, pur money g 42_1951 J D 15 Sale 75 Sept'31
D RR & Bridge lit gu g 42._1936 P A ____
5018
Oct'31
90
Mao az Nor Dly let g 56_1946 J J
9314 June'31
Dem & R G Ist oon6 2 4s1935 ▪ J 37
373 37
4
373
4
3 "ai"
MldGa&AtlDivpurmSa4lJ J
Consol gold 434s
- 0212 Nov'30
1936 J 1 3512 42
70
38
38
5
38
Mobile Div let g Si
1946 J J 15 16" 95 Sept'31
Den & Ito Weet gen Se Aug 1955 P A
9 Sale
8
88
8
11
87
Ref &!mot 55 ser 5_ __Apr 1978 A 0 1212 Salo 1211
1412 41
1212 693
4
Cent New Eng let gu 46_1961 J
60% 73
Des M & Ft D let gu 42
697 6034 Apr'32
8
212 25
1935 ▪ J
8
8 Feb'32
8
Cent RR & Mg of Oa coil 5s 1937 M N
36
35
50
Certificates of deposit
J J
5
2
25
4 Feb'32
Central of NJ gen gold Se_ 1987 J J 76 Sale 35 May'32
75
98
Des Plaines Val lit gen 430_1447 MS 25
76
79
6
45
99 Noy'30
Registered
1987 Q I
80
8712 r94
Del a Mao 1st lien g 4s
90 Mar'32
Apr'32
50
24
24
1955 ID_...,34
General 42
1987 1 .1
80
76
78
Gold 42
76 Feb'32
25
25
1995 ID....,35 25 Mar'32
Cent Pao let ref gu g 4e
1949 F A 5614 Sale 5614
614 85
6314 79
Detroit River Tunnel 4344_1961 MN
89
78
783
4
7812 78
8
Registered
F A
9614 July'31
9815 Feb'32
Dui Mambo.& Nor gen 62 1941 J J 101)
98
9812
Through Short L let gu 4e 1954 A 0
63
"ii 7713 Dui & Iron Range 1st Si.._ .1937 A0 95 98 96
965
8
5
96 100
Guaranteed g5.
1960 F A 3 4 Salo 30 May'32 32
.
61355
30
79
8
17
3212
Dal Sou Shore & AU £58 _1937
17 May'32
Charleston & Sav'h let 72_1936 J J
111 June'31
East Ry Minn Nor Div let 4s '48 1 0 14
4
A 1
17 - 973 July'31
Chef & Ohio let con g 52____1939 M N 953 Sale 953
4
6612
9224 103
4
6612
99
2 "(IF 87
East T Va & Ga Div 1st 6s1956 SI N 6611 72
40
Registered
M N
OS
98 Apr'32
84 95
9012 Apr'32
85
977 98
2
Elgin Jollet & East let g 6s 1941
N
General gold 4346
1992 M S
7478 77
98 Sept'31
8014 28
90
77
9312 El Paso & 8 W let be
1965
Registered
M
83 Feb'32
75 2
67
Sal
61 -6/ -- -183
57
83
Erie let cony g 4e prior
1996
Ref & impt 4346
1993 A 0 605 Sale 605
8
6612 681s
8
605 85
8
67
e 6612 Feb'32
_
14
1 J
11
Registered
1996• 1 _67_
Ref & impt 434i ser B
1995 J J 62 Sale 62
62
67
3112 6314
50
8614
37
32 Sale 3112
26
lit consol gen lien g 4•
1996
Craig Valley lit 52_ May 1940 J .1
9912 9034 Feb'32
9934 9934
4813 58
57 Mar'32
1996 .1
Registered
Potts Creek Branch let 46_1946 J J
9912 9912
8812 945 Aug'31
9912
8
9912
4
Penn coil trust gold 4a
1951 FA.
R & A Div let con g 41_1989 J J 72 Sale 72
all
25
5112
7 WI; 50-year cony Miseries A 1953 AO
26 May'32
2 -7 5
26
1 J 54
2d conaol gold de
1989
70
70 Apr'31
49%
28
26
70
9
1953 A 0 __ 2611 26
79
Series It
Warm Spring V let g 52_1931 M 133
1043 Mar'31
4
62
1953 A0
6711 AUg'31
Gen cony 42 series D
Chic & Alton RR ref g 32_1949 A 0 3852 40
1514 49
39 May'32
1514
19
3811 /R112
11167
l5
Ref & inlet 136
Railway first
J J
7914
143 119
8
"
7914 13
8
O 1
183
4 60
1975 A N 1 5% FIa e 145
75
Ref & lmpt 56 of 1930
7914
lial n
l
93
75
76
76 Sale 75.
1
1935 J J
Erie & Jersey let et as _
7534 91
80
1
77
(lenessee RiVer int e t 62_ _1957• J
78
80
r Cesn sale. a Deferred delivery,
-fir, -8-E:-
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 27.
Price
Frtaav
.
May 27
Week's
Range Of
Last Sate.
al al
Range
Since
Jas. 1.
BONDS
N. T. STOCK EXCHANGE.
Week Ended May 27.
3953
Price
Friday
May 27.
Week's
Range or
Last Sale
•
El
Range
Since
Jan. 1.
1.110k
Biel
Ask Low
High No. Low
High
High No. Low
Ask Low
Bid
212 Dec'30
Mel Internal let 41 asst.:I-1977 MS
83
Jan'32
83
83
Erie & Plttff KU g 51.4. aer 13.1940 .1 .1 5712
98 A Aug'31
_
-Mich Air L 48...1940 J J
Mich Cent
1940 3 J 8514 ---- 0518 July'31
Series C 3%i
_
4212
79 Lalay'26
Jack Lana & Sag 11348____1951 MS
30
32 May'32
35
30
Fla Cent & Pen let cons g Si '43 1
7011 77
1952 MN 73 Sale 73
73
1
lit gold 894s
6418 60
D
47
16
475a
Florida East Coast let 4942_1959
45
52
712
3
25
1979 33 4712 90 ,48
52
Ref & Inapt 4348 ger C
314
4
S
13
314 Sale
1974M
let & ref ba series A
42
42
42
5
142
1940 AO
234 May'32
4 612 Mid of N J lit ext 58
23
212 31
Certificate' of deposit ______
78
76
Jan'32
75
8 May'32
Pi
Mil dr Nor le ext 434i(1880)1934 3D
714 81
Fonda Johns & Gloy lit 4 345 1952 al2112
7434 50 Apr'32
50
912 Apr'32
Cone ext 4%i (1884)-1934 ID
512 8
74 912
(Amended) le cons 434..._l982 MN
6918
51
5
51
151
1947 M
Oct'31
Mil Spar & N W 1st gu 48
96
Fort Bt U D Co let g 4348_1941 J J
90 Apr'28
Milw & State Line lit 8141_1941 33
961 81 May'32
1961 J D
-ai- 82
Ft W 54 Den C lit g 5945
312 26 --5/
5
212
212 4
941 90 May'32
Minn & St Louis let eons 521_1934 MN
8612 96
Prim Elk & Mo Val lit 68._1933 A 0
312 4
4
5
4
1
4
1934 MN
Ctrs of depoet
65 Mar'32
66
1933 A 0
65
Gait nous & Head lit 5s
1
12
21s
1
212 1
1
41_1949 MS
814
814
818 38
let & refunding gold
1
314 IS
Oa & Ala Sly lit cons Si Oct 1945 J J
5
8
5 Mar'32
8 8
7
1962 Q F
Ref & eat 50-yr 5a ler A
Ga Caro & Nor lit au a 5s '29
Q F
5
5
5 Mar'32
14
45
20
20
15
20
Certlficatee of deposit
5
Extended at 6% to July 1_1234 J J 20
37 a50
12
41
1.1 St P &SS M eon g 42 Int 1111 '38 3, 37 Sale 37
83
1946 A 0
63
Georgia Midland let Si
498 63 Mar'32 __
18
59
20 May'32
24
13
1933 j
100 Jan'31
let cone 58
Gout & Oswegatchle lit 55_1942 J D
35
8
5114
42
35
4112 42
1238 J
85 Apr'32
let cone 5a ftl aa to int
15- 16Gr 11 & I ext let au g 434.._1941 3 3
18
224
20 May'32
112
-8 24
955
1946 J J
9288 99
let & ref 6a seriee A
Grand Trunk of Can deb 71_1940 A 0 -6,- fiile 94
al3
81
1314 May'32
1949 M
8
1930 M S 925 sale 9113
9314 128
-year a f Ba
25
15
8712 69714
-year 53.4.
45
8
8618
48
46
46
1978 j j
96 Nov'30 ____
1947 J D
Grays Point Term let 51
let ref 53.4, ser B
8 113ee'30
955.
4
62
503 fi;1e- 503
4
i
7 akt
81 -50i3 lit Chicago Term if 41- _1941 MN
Great Northern den 7eser A_1936 J
WA
9712 Oct'31
J
_
Registered
80
72
72 May'32
85
70
lit & ref 445 series A____1961 J J -i15- (We 6514
Misalsalppi Central let 52_1249 .1 .1 72
23 -E:if4 85
1412 62
23
7
473 54 May'32
1959 3 3 20 Sale 20
4
General 54i series B____1952 J
Mo-III RR lit 55 ser A
85
54
80
58
15
52
J 13 583 62 63
8
8
_ 503 56 May'32
General 58 merles C
1973 J .1
56
7812 Mo RA11 & Tex lat gold 42-1990
4018 79
4118
4018
4
40
32
49
43 May'32
49
General 4 44s eerie. D
1976 J
734 Mo-K-T RR pr lien 55 ler A_1962 .1
68
4118
37
6
37
4
1262 ▪ J
493
8
437 49
7
General 434i aeries E
42
-year 45 series B
40
7412
1977 J J
4118 6912
1
4118
4118
40
32
1978
Prior lien 43.4. ser D
Green Bay & West deb MU A___ Feb -55- 40 6712 Apr'31
80
14
27
al8
5
2
2
1
2
Feb
Debenturee ctfa B
Cum adjust 58 men A_Jan 1967 AO 15 Bale 14
2714 17
15312
23
1965 FA 25 Sale 25
Mo Pao lit & ref Sc ser A
Greenbrier Sly let au 48_1940 M N 8712 ____ 9538 alar'31
713
914 Bale
1112 176
712 6112
1975 M
20
32
20
5
Gulf Mob & Nor let 5948_1950 A 0 10
General 4a
50
20
4
263 147
2312 60
2312 Sale 2312
497 Mar'32 _
20
1977 M
10
8
lat 191 55 aeries C
lit & ref Se aeries F
ao
1950A 0
so
60
25
8 24
267
251 25
204 22
1978 MN 24
2212
Gulf & S I lit ref & ter 55_Feb '52 J J
5
40
22
lst & ref a 55 ear 0
.
612 961
912 127
612
-65- 72
1949 MN
68
Hocking Val lit cons a 4148_1999 J
6614
712 Sale
1
Cony gold 53.4e
65
8811
2314 60
4 31
263
* 0 2314 Bale 2314
_ 10012 Apr'31 _
1880
Realetered
let ref g 55 aeries H
1999 J J
2912 57
2312 00
1981 FA 2312 Sale 2312
8
88 May'32
1st & ref fai ser I
Housatonic Sly cons g Si..-- _1937 MN 797 88
-56- 18'
H & T C 1st g 5a Int guar_ 1937 J J 864 100 08518 Apr'32 __ __ 18011 0854
53
53
841 53 Apr'32
8412 May'32
4
843 95
Mo Pao 3d 78 ext at 4% July 19381M N 52
Houton Belt & Term lit 51_1937 J
8112 89
95 Aug'31
9434 Jan'32
90
Houston E & W Tex let it 50_1933 M N
9414 9414 Mob & fir prior lien g 58____1995 3
97 Sept'31
8
097 94 May'32
let guar 521 redeemable.._ _1933 M N
98
94
69 Nov'31
72
1945 J
65
Hud & Manhat lit 5aser A_1957 F A 654 Sale 66
let M gold 42
81)
66
302 112
____
---- 55 81 July'31
Small
64
27
Adjustment income 5a Feb 1957 A 0 29 Sale 27
80 May'31
Mobile & Ohio gin gold 45_1938
4912 9512 Sept'31
82
77 May'32
70
Illinois Central le gold 4a
Montgomery Div bit g 68-1947 FA
1951
77 a88
-a14 /8 2
3
-14
73
614
612 Sale
80 70 Dec'31
62
1977 51 S
Ref 5c Inapt 4348
lot gold 390
1951
2
11
8614 June'31
1012 912
911 28
See 5% notes
1938 MS
33
Registered
754
67
6118 May'32
67 Apr'32
Mob & Mal let go gold 48_1991 M S
6118 6118
Extended lit gold-3348...1051 AO
9314
a90
73 Mar'30
4
963 a90 May'32
1937 3, 00
Mont C let go 65
let gold 38 sterling
1951 MS
90
82
32
37
14
82 May'32
84
_ 36
lit guar gold 15a
1937 I J
32
67
Collateral trust gold 48
1952 *0
8
733
69
17
Sale 35
71
3512 21
7014
35
58
Morris es Essex let go 11998_2000 J o 6712 73
let refunding 45
1955 MN 3514
86
86
8412 July'31
40
86 Feb'32
1955 MN
4
1
/
Coner 1 1 58 men A
1952 33
Purchased lines 3345
794
30
70
17
30 Bale 26
7112 May'32
528
26
2
1955 51 N
Conatr M 41.4. ser B
Collateral true gold 4I
1953 MN
55 May'32
55
46
60
1955 MN
Refunding Si
7012
47
46
46
3
46
41
824 Nsu3h Chatt & St L 4s ser A _1978 P A 4812 55
15
-year secured 6341 11-1936 JJ 41 Sale 41
---26
120
821 99 Dec'31
2012 Sale 2012
1937 P A
2012 52
N. Fla & 1,2 gu a 5s
1,0-year 4 385
Aug 11968 FA
---- ---3
18 July'23
'
Nat By of alex pr lien 4 948 1957
.50
56
Cairo Bridge gold 4i
1950 3D 4812 ---- 50 May'32
70 Sept'31
---4
183 July'23
J
July 1914 coupon on
LItchfleld Div lot gold 88_1951
lie
50 May'32
112 14 Apr'32
55
112
30
55
50
Assent cash war ref No. 4 on
Louise Div & Term g 3948 1953
42
42
45
1234 July'31
..l977 ;CO
42
45
1951 PA
Guar 48 Apr'14 coupon.
Omaha DI, lit gold 88
Sc
- 7218 Sept'31
,
15
2 May'32
No.5 on
Assent cash war rct
St Lou!' Div & Term g 341_1951 33
if 50 May'32
3512 July'28
if- Nat RR Me: pr lien 43.4. Oct '26
1951 33 35 60 Gold 13548
Apr'32
1
50
7812 85 Sept'31
1
Springfield Div le g 8448_1951 .1
Assent cash war rot No. 4 on
5112 Apr'32
22 Apr'28
1951 1 15
Western Lines lit g 4a
let conaol 41
1951 FA 5113 85
4818 5112
9012 July'31
118 May'32
FA
Assent cash war rot No.4 on
Registered
24
66 Dec'31
111 Cent and Chic St L & N 0
Naugatuck RR lit g 48
118S4
30
100 Sept'31
39
Joint le ref 5a series A___1983 3D 27 Sale 27
New England RR C0119 58_1945 33
54
27
28
90 Sept'31
4
1945 J , -55- 70
D 2712 Bale 2712
let & ref 49452.86m C
1963
Consol guar 48
2712 52
82 Nov'30
- - 80 Dec'31
Ina Bloom & West lit ext 41_1940 *0
N J Juno RR guar lit 4n__ _ _1936 FA
587k
8514 91 Sept'31
29
30 May'32
45
Ind III & Iowa 1st g 48
NO & NE lit ref & impt 43.4i A'52 J J 24
1950 33 _
____ 7212 45 Mar'32
68
60
61 May'32
1993 3'
New Orleans 'Cerra let 48
Ind & Louisville lit go 48
45
1958
45
79 May'32
5
397
30
20
35
30
Ind Union Ry gen Suer A 1965
NO Tex & Mel n-o be 58_1935 A0
70
79
10318 Oct'31 -_-_-_-_
23
21
1712 41
1954 * 0 io- Sale 18
Gen & ref 62 series B
1st be aeries B
1905
2212
19 Sale 19
21
1858
9
8
135 8978
8
FA
23
17
1958
lot & On Nor let 8a ser A 1952
'3
lit 5e aeries C
60
le
212 Bale
Ws
312 69
18
20 May'32
1956 FA
80
2
let 4%i series D
Adjustment 68 eer A_July 1952 AG
20
22
45
22
19
64
1954 * 0 19 Sale 19
let Si series B
1312 50
18t 534s aerie" A
1956 33 18 Bale 1312
20
20
8212
20
8212 Feb'32
1
80
4812 N & C Mtge gem guar 4 345-.1945 J J 6712 89
lst g fla series0
20
1956 J J
9412 9412
4
383 28
31
16
Int Rya Cent Amer 1st 58_1972 MN 30
8
245 84
NYB&MB Bacon g 52.._1935 AO -_-- 9714 9412 Jan'32
3014 13
let coil Or 8% notes
2714 51314
1941 MN 274 Sale 274
2014 18
18
92
48
50
36
2
1935
36 Sale 36
N
NY Cent RR cony deb 58
let lien & ref 034.
26
18
1947 FA 18
8 512 25
25
8
3
4
5914 14
5812 801a
8
__ 573 5812
1998 FA
Iowa Central lit gold 5s_ _ ..1938 3D
Conte'45 series A
258 514
8
25 Apr'32
8 7
25
72
89
6
3 8 68
7357
32
4
Ref & impt 4 Asseries A 2013 AO 323 Sale 32
3D
312
8
25
Certificates of depoet
8
17
12 May'32
72
32
12
3312 Sale 32
12
When issued
B
lit & ref g 45
1951
4
68 0373 783
41
4
4
Ref & impt Si merles C...2013 AO 3934 Sale 0373
7518
7912 79 Mar'32 _
8 28
723
68
8
James Frank & Clear lit 48_ _1959
13
N Y Cent & Had Ftly M S 348 1997 J J 695 Sale 6912
80
75
074 70
103 May'31
6
65
70 ApApr'32
70
1997 3'
Kai A & 0 R lit gu g 68_1938
Registered
85
83 Sept'31
9212
9
55
Kan & M 1st gu a 48
1934 MN 55 Sale
Debenture gold 48
1990 A 0 50
4012 22
8212
78
80 Apr'32
76
K C Ft S& M Ity ref g 48...1936 A 0 3512 Bale 3718
1942 J J
-year debenture 45
80
364 70
48 Belo 48
53
8
727
64
62
40
Kan City Sou lit gold 88
6412 64
Lake Shore coil gold 3348_1998 FA
43
70
1950 A
Sale 34
35
36
684
32
59
59 May'32
69
Ref & !mu fla
1998 P A
7118
34
Registered
Apr 1950
4
80 Sale 793
8112 41
81
70
64 May'32
Kansas City Term le 48._ _1960
8714
Mich Cent col! gold 33.4..1998 P A
4
793
693 68 Mar'32 _
r1
98321132
Kentucky Central gold 4a._1987
1998 P A
68
88
Registered
_
751 84 Aug'31
-435is
May'325
63 6318 May'32
Kentucky & Ind Term 4348_1951
N Y Chic & St L let g 411-1937 AO
56 ____ 894 July'31 1____
Mar
Stamped
1961
1937 AO
Registered
89
Apr'30
2712 86
2212 747
Plain
1933 A0 2314 Sale 2212
1981 .1 .1
8% gold noted'
13
18
1514 4612
4
163 1514
Refunding 15345 aeries A 1974 * 0 13
46
54
5312
55
59
16
6
134 40
Lake Erie & West let g 158..1937 33
8
1978 MS 135 Sale 134
6312 8312
Ref 434e eerie' C
_ 50 68 Apr'32
88
75
75 May'32
73
2d gold Si
1941 3, _
60
N Y Connect lit ffU 43.4. A.1953 FA 65
89
73
5
8
68
4
4
673 93
Lake Rh & Mich Bog 8343._1997 JD 70 Sale 70
4
1953 P A 673 Sale 673
76
70
1st guar 52 series B
75
67 May'32
81 Dec'31
Reentered
1997 JD 58
67
N Y & Erie lit ext gold 4a_ _1947 MN
67
844 9012 Mar'32
100 Sept'31
Leh Val Harbor Term au 58_1954 PA
874 9012
1233 MS
1341 ext gold 4 34e
68
135
65 May'32
Leh Val N Y let au g 4 94a 1940 J J
55
80
3418
33
7512 883 Nov'31
4
N
7
Lehigh Val (Pa) cone a 42_2003
20
N Y & Greenw L au g 55_-_1946,M N
59
33
_ 90
64 Nov'31
77
69
3
MN
69
Registered
NY & Harlem gold 390___20001 M N 69 Sale 69
39
43
43
r82
2
76 182
2003 MN 37
General cone 434i
-5i- 63
N Y Lack & W ref 4 34a 13___1973 MN 7914 83 r82
51
17
N 43 Sale 43
8412 Dec'31
Gen cone 58
2003
43
NY & Long Branch gen 45..1941 M S
65
90 May'32
9512 July'31
Leh V Term Sty let jug Si. _1941 AO
84
90
NY&NE Boat Term 4a1939 * 0 -- - - 80
954 Aug'31
09
50 - --62 Apr'32
Lehigh & N Y la tau g 48_1046 131 S
NY N &H n-o deb 48____1947 M
70 61
61
1 -al- Apr'32
51 r67
Eut lit 50-yr 511 au 1965 *0 al
51
leg &
ill;
3318 70
Non-cony debenture 8148_1947 M
9112 May'31
38
4514 10
3514 81
Little Miami gin 48 series A_1962 MN --- 85
Non-cony debenture 8348_1954 A0 334 50
98 100 May'32
4812 6684
55 May'32
1935 AO 93
95 101
50
Non-con• debenture 45___1955 3, 40
Long Dock consol g 65
68
52
52 May'32
48
Nan-cony debenture 4a___1956 MN 40
Long Mend
8712 89 May'32
8214 83
1938 3D 87
8
485 63
8
485 Apr32
Cony debenture 3348____1956 ▪ j 3318 45
General gold 48
98 Feb'32
98
95
98
60
1932 3D 9918
33
51
Cony debenture 65
Gold 45
1948• J 51 Sale 51
7434 May'32
78
734 92
7014 80
75 May'32
1949 M
75
Registered
J J
Unified gold 41
92 Apr'32
63
90
94
5
95
1934 31) 814 89
55
Collateral trust 68
1940 * 0 55 Sale 55
Debenture gold 51
8
65
59
68
50 Apr'32
80
1937 MN 603 70 65 May'32
Debenture 4s
1957 MN
20-year p m deb 58
71 Sale 71
714
71
77
82
4 50
473
49
lit & ref 434.ser of 1927 1987 J o 42 Sale 42
1949 M
Guar ref gold 4a
100 10014 10018 10018
99 10014
83
42
70 May'32
Harlem It& Pt Chee let 48 1254 MN 6814 80
Nor 8/3 13 lit con go 55 Oct '32 CI J
2312 31
1912
1912 21
1912 50
Louisiana & Ark lit 5$5er A..1989 J J
75 Feb'32
73
50
75
9824 55
47
25
N YO&W ref g 45 June-1992 MS 47
48
1.0111s It Jeff Mao Co gd g 48_1946 MS _
94 90 May'32
90
66
96
36
1
35
General 48
1955 J D 354 4012 36
1937 MN
Louisville es Nashville 5a
80
8
25
aais Bale 695
694 888 N Y Providence & Boston 45 1942 A 0
96 alar'31
4
1940 J J
Unified gold 48
80 May'32
7612 8212 N Y & Putnam let con el 421_1933 A 0 65
7718 Jan'32
;
]
70
-iiTs if
.1
Reentered
5614 14
56
59
54
54
56
2412 30 May'32
84
N Y Buie & West 1st ref 58 1937 J .1
30
let refund 53.4. merle" A___2003 *0 47
8 a55
56
55 055
75 alar'30
2d gold 43.4,
73
1937 F A
*0
2003
lat & ref 5a series B
4
63
50
22
4412 50
1978 2012 May'22
-25T2 395
45
754
General gold 5a
19401F A
2003 *0
lit & ref 434. seem C
We
93 95 Dec'31
9212 Feb'32
92
98
Terminal let gold Si
11143,M N 60
1091 AO
10-yr sec g be
62
4 14
333
30
30
73 Apr'32
34
30
.
62
87
7011 1 1- N Y W Chet'& B lat aer I 4 948'46 J J
Paducah & Mem Div 42_1946 FA t
963 10512
55 Apr'32
56
10512 21
45
Nord Thy ext'l sink fund 634a 1950 A 0 105 Sale 10414
50
B 27
St Louie Illy 20 gold 311_19811
4
7
Feb'32
5
5
2015
81
5 Sale
81
Norfolk South lit & ref A bei_1961 F A
84
81
Mob & Montg lit g 4%...l945 MS
3
33
31 Sale 31
31
50
Nov'31
824
Ncrfolk & South let gold 5a_1991,M N
38
South 111 Joint Motion 48_1952 33
1 101 10314
8
1023
4
81 Mar'32 __
7411 ic- Nod & West RR Impt&ext Be '341F A 10214 1023 10238
N
All Boozy & Cin Div 48 1955
82
9212
873
N&
s 46
1996 A 0 8512 Sale 8514
Ry let cons g 4n
86 May'32
9014 86
1996 A 0
RegIntered
101 100 Sept'31
Mahon Coal RR III Si
1934 J J
9212 10
87
501. 64
924
DIel let lien dr gem g 4,...1944 J .1 8914 __ 92
5318 63 .53 May'32,__
Manila RR (South Lines) 42_1939 M N
84 Sale 84
6
85
84
9212
1941 J
& C faint 42
Push
65
52
5214 5812 alay'321____
lit ext 42
1952 M N 50
96 Deo'31
Manitoba 8 W Colonimen Se 19341J D
8712 Aug'31 ___ 1
Man
13 & N W 1st 814s 19413 J
r Cash sale. a Deferred delivery
3954
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 27.
11.
New York Bond Record-Continued-Page 4
Price
PrWay
May 27.
Week's
Range or
Last Sale.
B0
Range
Since
Jan. I.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 27.
411
•
45.,
Price
Friday
May 27.
Week's
Range or
Last Sale,
13
F4A
Range
Since
Jan. 1.
Ask Low
High No, Low
High
Bid
Ask Low
High No Lew
11140
104 9934 Apr'32
99 4 993 Seaboard All Fla lot En 8:1 A -1935 F A
3
4
112 2 4 112
11
3
5 112 5
85 104 Sept'31
Certificated of deposit------ -1% 2
112 May'32
113 412
_
Sedan B
45
7834 Oct'31
1935 P A
1% Apr'32
19
e 2e
9
86 Salo 66
Certificates of deposit
66
8214
733
4 37
_
112
212 Feb'32
212 213
____ 70 64
3 84
64
75 4 Seaboard & Roan let 5e ext0 1931
3
9012 Aug'31
& N Ala cons au g fe
50 Sale 48
48
521p 30
83
1938 FA
8712 Apr'32
--.
8 1e
7
_ _ 47 5534 Apr'32
Gen cons guar 50-yr 08_1983 A0
50 553
4
100 Nov'31
So Pao eoll 4$(Cent Pao coil) k'49 J D 36
4912 45
76
5 45
45
38 a38
3812
6 038 74
12$ 430(Oregon Lines) A-1977 M
4812 Sale 47
47 9012
5812 130
55 Sale 53
53
5714 24
8454
54 54
20 year cony Si
54
78
1
54
1934 3D
70 May'32
6512 97
Gold 410
49 49
78
50
5 49
1988 MS 3434 Sale 31
37
31
29
784
Gold 430 with war
10012 10012
10012 0012 Mar'32
1969 MN 32 Sale 31
31
74
3714 95
_
92 9514 Oct'31
Gold 430
1981 MN 31 Bale 3018
3714 160
30% 72%
San Fran Term lot 4s___ _1950 AO 63 68 5978
51 3912 40 May'32
"iF 49
65
4
597 84
3
783
So Pao of Cal lot con gu g 581_1937 MN
8
_ 97 Mar'31
100 May'32
98 100
86 eif 86 May'32
'&3" 16- So Pao Coast let au g 4s1937 J J
96 Jan'30
_
783 783 So Pao RR let ref 48
87 7858 Apr'32
s
3
1955 J J 57 Sale 57
65
Registered
75 92 77
2 77
77
87
J J
_ 9512 Nov'31 78 "El 5534
Stamped (Federal tax)_1955 J J
88
90 997 90 May'32
8
99
9212 May'30
____ 9812 97
1
904 100 Southern Ry let cons g 84-1994 J J 62 Sale 02
97
67
25 62
SOli
28 68
Registered
83
5 68
70
.• 1
104 July'31
Devel & gen 45 series A__1956 AO 14 Sale 13
18
64 IF 1iPacific Coast Co let g 5s___1946 J D 18
Duel & gen 80
18
22
19%
18 Apr'32
1958 AO 1718 Sale 1512
2432 23
1512 67
Pao RR of Mo 1st ext 4s__1938 F A 68
80
Dave!& gen 010
78 80 May'32
90
1958 *0 1978 Sale 18
18
2414 25
72
20 extended gold Ss
1938.7 .1 74 gale 74
Mem Div 1st g 58
74 93
11
74
1996 J
50 9614 55 May'32
55 55
Paducah & Ills lot o f g 410_1955 J J ___ 90 93 Mar'32
St Louis Div lst g 48
93 9518
1951 31 ---- 5712 6314 Feb'32
60 673
8
Paris-Lyons-hfed RR ext 60_1958 F A 10378 104 0372 104
East Tenn reorg lien g 52_1938 38 S
91 104
185
01 Sept'31
Sinking fund external 72_1958 M S 104 Sale 0172 10414 33 98 10452
Mob & Ohio coil tr 40___ _1938 MS 1518 283 30 Apr'32
4
16- 11
.
Paris-Orleans RR ext 510-1968 M 5 102 Sale 0134 103
89% 103 Spokane Internet let g fia_1955 J ,
3
25 Apr'32
19% 31
Pauline Ry let & ref a f 7s 1942 M S 45
46 46 May'32
41
85 Staten Island Ry lit 430_ _1943 J D
60 May'32
60 80
Pa Ohio & Det lst & ref 410 A'77 A 0
80 69 May'32
13812 78 8 Sunbury & Lewiston 1st 4s-1930 J J
7
9714 Nov'31
Pennsylvania RR cons g 42_1943 M N 91
_ 90 May'32
88 92
Corueol gold 45
1948 M N 8512 8514 9314 Fenn Cent lot Os A or B_1947 A0 10
14
184 8514
87
20 20
20
1
20
118
do sterl optd dollar May 1 1948 M N 9714 Sale 8714
88
6 85 9134 Term Ann of St L 1st g 410_1939 A0 93
9612 93 May'32
8834 94
Conaol sinking fund 410_1960 F A 9014 Sale 9014
lit cons gold 5s
32 90 98
1944 P A 8812 Sale 8811
93
1
88112
8812 96
General 4341 series A----1965 J D 5318 Salo 5014
GC]refund s f g 4a
58 5014 87
1963 3.7 72 Sale 72
68
12
7413 28
71
79
General Se settee B
1968
D 60 Sale 60
60 92 4 Texarkana & Ft8 1st 510 A 1950 FA 53 55 55
7014 21
3
6014 17
55
76
ale 7718
15
-year secured 65s
1938 F A 78 s
8312 87 7718 102 Tex & NO Con gold 52_ _1(143.7.7
1s
0012 Nov'31
Registered
Mar'31
---- -- Texas & Pao lit gold 5a2000 3D 82 85 8212
83 4
3
823
4
8 65 92
40
-year secured gold 6$-1964 M N &Ws lide 4612
26 the fies(Mar'28 cpon)Dec.2000 Mar
24
5612 88
81
-.- 95 Mar'29
Deb g 410
1970 A 0 38 Sale 377
8
Gen & ref sodas B.
44
76
3778 7434
1977 * 0 28
39
35
35
"iF "AV
General 410 oar D
1981 A 0 4814 Sale 4914
Gen & ref fa eerlee C
543
4 57 4814 79 _
1979 AO 30 Bale 30
3012 12 30
RN
Pa Co gut 345 coll tr A reg-1987 M S
Gen & ref fle Berke D
- - 87 Nov'31
if
32 30
1980• D 30
35
3
28
7012
Guar 830 coil truat tier B_1941 F A
81 Feb'32
"ii 81 Tex Pao-Mo Pao Ter 510-1904 MS
85 May'32
80
891
:
Guar 310 trust cds C1942 J D
87 8532 Jan'32
85388638 Tol & Ohio Cent led au 28_1935.7,
78 May'32
78 92 4
5
Guar 310 trust et/4 D_ _1944 J D
78 Mar'32
78
Western Div let g Si
8078
96 Mar'32
1935 A0
90 90
Guar 4s ser E trust ctfo-1952 M N
Gen gold 58
70 May'32
70
78
1935 J D
95 Sept'31
Secured gold 430
57I Sale 5
1963 M N
18
5514 82 Tol Elt LA W 50-yr g 4s--_ _1950 *0 60 66 60
7%
60
60
1
6524 "6"6"
Peoria & Eastern 1st cons 42_1940 A 0 2512 39 51 Apr'32
40 55 ToIWV&Ogu 414seer 13_1933
10018 Oct'30
Income Ur
April 1990 Apr
212 8
252 Apr'32
252 25
led guar 45 serke C
2
9618 Apr'31
1942 MS
Peoria & Pekin Un lst 530-1974 F A 65 sale 85
Toronto Ham & Ruff let g 421946 J D 843 ---- 88 Deo'31
65 79
65
s
Pete Marquette lot ser A 55.1956 J J 33 sale 33
13 33 69
Ulster & Del let 52
40
1928
let de series B
1956.7 1 31
40 35
12
35
40
Ctts dep ertpd as to Dee 1930
55
let g 430 series C
1980 M S 30 Sale 30
30 58
37
lot and $570 ret of prin.....
18
15
20
1538 May'32
1532 77
15
Phila Halt & Wash let g 4s 1943 M N 8512 92 89
893
4 22 8613 917 Union Pao let RR & 10 gr 48.1947 T.; 88 Sale 8712
9014 142 a8514 9354
1
General 6$ series B
1974 F A 78
96 10812 Sept'31
Registered
-- 90 86 Apr'32
86
91
Gen'l g 410 ear C
1977
78 77 Jan'32
lot lien & ref 4s_____June 2008
77 8014
S -7014 Sale 7014
7512 50
7014 84
Philippine Ry lot 30-yr if 48 '37 .1 1 1814 Sale 1814
Gold 430
18
1838 13
, 2112
7
66
1967 J J 59 Sale 05712
27 05712 8712
Pine Creek rag let Os
1932.7 13
100 100
let lien & ref 56
100 Apr'32
85
85
June 2008 M
1
85
99
P C C & St L gu 410 A
1940A 0 9278 Sale 9278
a9212 96
40
9272
-year gold 40
601
1968 D 60 Sale 59
26
59
80
Series B 430 guar
1942 A 0 92 94 4 9214
92 967 U NJ RR & Can gen 48_1944
,
8
9214
•S 90 92 90 Feb'32
90
9312
Scrim C 414s guar92
94 94
94 Mar'32
Utah & Nor let ext 4s
100 July'31
1933 .1
Series D 4s guar
ita MN 85
8712 Mar'32
8814 90
Series E 434a Mt gol0-1949 F A 77
Vandal% cons g 48 sertee A1955 P A
95 Mar'30
9532 June'31
Series F 4s guar gold
19531 D 9012
Cone s f 4e series B
98 Sept'31
9312 Sept'31
1957 MN
Series 0 4s guar
195738 N 7838 -- 8114 May'32
8114 8314 Vera Crus & P newt 43421933 J , 114 112 114 May'32
114 11e
Series 11 cone guar 4s
1980 F A 7814 _- 80 Apr'32
Virginia Midland gen 59
80 80
N 98 95 90 Apr'32
1930
90 95
Series Icons guar 410__1963 F A 9414
Vs & Southw'n lot go 5s2003
8414 Apr'32
8414 90
' ____ 74 80 Feb'32
3
80 80
(Utica J cons guar 430-1984 M N 8414 £70 93 Apr'32
87 93
1st cons 50
-year Se
1953 *0 2314 2812 25 May'32
25
45
General M fis series A_ _ 1970i D 58 Sale 5712
5712 92% Virginia Ry let 15s aeries A 1962 MN 71 Sale 71
7152 28
75
23
91
71
Gen tinge guar 52 set B-1975 A 0
73 9412
73 May'32
lat M 410 seriee 13
76 76 May'32
1962 MN 66
70
767
2
Gen 4 He series C
1977.7 J _6512 77 Mar'32
7418 85 8
,
Pius McK & Y let au es_ _1932
56i4 10034 9912 May'32
9912 100% Wabash RR 1st gold 5s____1939 MN 55 Sale 55
59
4 55
79
2d guar Bs
1934.7 J
100 100
2d gold 50
00 May'32
29 29
291
1939 P A 22
9 29 59
Pitta Sh & L E lert g 5o
1940 A 0
Deb Oa series B registered_1939
99 Oct'31
- 9818 May'29
lit consol gold 5a
J
1943
0014 Aug'28
1st lien 50
-year g term 48.19M J J
__ - 87 July'31
Pitts Va & Char 1st 4o
1943 M N
9858 June'31
Det & Chic ext let 5o__ _A941.7, 2226% 45 60 May'32
"60" If"
Pitts & W Va lat 410 ear A_1958 J D
54 Mar'32
4556
Des Moines Div lit g 46_1939
32 Feb'32
3048
1st M 410 series 13
1958 A 0 ___ 92 5314 Feb'32
47
Omaha Div let g 3348_1941 AO _
53%
50 79 Aug'31
let M 430 series C
1960 A 0 15
40 42 May'32
Tol & Chic Div g 44,
42
563
4
1941 MS Hier 70 50 Feb'32
50
50 Pitta Y & Ash lot 44 ser A 1948 J D
9514 Sept'31
-- Wabash Ry ref & Ran 530 A_ 1975 M
4
4%
4% 414
6
414 19
lot gen 5e series B
89 Apr'32
312 Sale
Ref & gen 8e(Feb'32 coup)B '76 P A
8812 89
312
4
28
31: 19
Providence &cur deb 48_1902 M N
1957 F A
Ref & gen 410 series C_1978 A0
------- 7134 July'31
232 5
258
4
4
238 1812
Providence Term let 4s
1956 M 5 75
7413 75
76 75
1
Ref & gen 5o series D
75
212 312 258
1980 *0
238 5
23 1812
s
Warren let ref au 1r 830--.2000 FA
78 July'31
Reading Co Jersey Con coil 48'51 AO _ _ 64% 75 Mar'32
Washington Cent let gold 48_1948 QM 4214 46
75
79
56 Mar'32
5656
Gen & ref 430 serlea A___1897 J
Ea sale 57
11
57
59
8112 Wash Term lot go 810-1945 P A 7714 90 7714 May'32
77
14 82%
Gen & ref 4148 aeries B__1997'.7 6712 sale 5712
4
1st 40
57
12 82
5712
-year guar 41
8312 Apr'32
1945 P A 8352
88% 83%
Renemelaer & Saratoga 81._1941 MN
113 OcV30 -- ------- Western Maryland let 4e
1952 A0 39 Sale 3512
40
81
3712 62
Rich Jr Meat 1st g 4s
1948 MN
7912 Sept'31
let & ref 530 series A__1977 J J 37 Sale 37
_
37
5
37
63
Riehm Term Ry let go Se_ _1952
.• 1
__ 9612 9632 Apr'32
West N Y & Pa lstgSiA937
' ____ 94% 59314 May'32
3
9112 98
Rio Grande Juno lot gu 58_1939 J D _:
90 85 Sept'31
Gen gold 48
- 75 7414 May'32 -- a7418 9111
1943 *0
Rio Grande Sou lot gold 48_1949.7'
214 June'31
Western Pao Let Si Der A-1946 M
32 23
23
26
18
23
69
Guar 42 (Jan 1922 coupon)'40.7,
712 Apr'28
Weed Shore led Is guar
2301 J
70 Salo 67
701
12
05
78
Rio Grande West 1st gold 48_1939.7, 40 - 1- 4878
487 76
4
7
51
4
Registered
__ 67 62 May'32 - 2301 J
74
62
let con & coil trust 42 A 1949 AO 39
43 38
39
3 37
56
Wheel ALE ref 4 141 eer A_1986 MS SO
50
55 50
1
50 r6114
RI Ark & Louis lot 430_1934 MS 22 Sale 22
2818 16
22
Refunding Be aeries 13
70
1966 MS 51
- 9712 Aug'31
Rut
-Canada let rU g 48
1949.7,
45 30
30
2 30 48
RR 1st coasol 4s
55 I5 55 May'32
1949 M
-14
_ "E- "
6
Rutland let con 410
1941 I' 2514 40 44% Apr'32
4112 47 Wilk & East let gu g 5i.,1942.271
16
15
a 15 29
Wfll&SFletgold5e
'
3
913 Oct31
1938 71
St Joe & Grand tel lot 4a____1947 J J 88
6912 6912
61 84
6912
Winston-Salem S B let 48_1980
73
8112 72
6 72 16"
70
St Lawr & Adr 1st glke
1998 J J
95 Apr'31 _-_WO Cent 50-yr let gen 44_1949 .1
2518 4018
30
19
293 Sale 2812
2
2d gold 13s
1990 A 0
1
8V 89 0
2
Sup & Dul div & term let eis'30 MN
897 Feb'32 ____
23 May'32 -_14
22
Si Louis Iron Mt & Southern
Wet & Conn East let 434a1948 ▪ J
8814 Sept'31 _--Air dr 0 Div 1st g 42
1938M N 39 Sale 39
39
8318
4714 41
St L-San Fran pr lien U A..1950 J J 1212 Sale 1212
103
1212 34
16
INDUSTRIALS
Con M 430 serial A
1978M
1012 Sale 10
9% 2614 Abitibi Pow & Pap 1s1 511-1953 J D 1812 Sale 1614
1214 270
1914 309
1814 61
Registered
J D
1312 1312 Abraham & Straus deb 5345.1948
1312 May'32 _Prior lien 5s aeries B
1950 J J
16
14
14
1812
42
With warranta
7014 19
68 8812
* 0 65
6812 86 4
1
St L Poor & N W 1st gu 63._1948 J J _68 105 Aug'31 23
Adams Express coil tr g 44-1948 ▪ B 50 60 56
571
56 "
St L W lot g is bond ctfs_1989 MN :19i2 57 4812
.
51
7 Ili; Or Adriatic Eleo Co end 7e_ __ _1957 A0
7112
72
9
7112 82%
2d g 40 inc bond ctte Nov 1989J J 38
43 39
37
3914 10
697 Ajax Rubber lot 15-yrs I els_1936• D
4
2% 712 5 Jan'32
5
Consol gold 48
1932.7 D 70 Sale 52
42 89
70
81
10l4
16 4
1014
5
1
1032 13
Alaska Gold M deb 68 A1925 M
lot terminal & unifying 52_1952
.1 15 Sale 15
12
201
9
14
Cony deb Os series B
15
55
10
137 1154 May'3 -1920 M
8
St Paul & K C SD L 1st 4%1_1941 F A
30 35 May'32
2584
1
Albany Perfor Wrap Pap 1321948 *0 2534 32 2534
30 60
2534 66 9
1
St P & Duluth 1st con g 48_1988 J D 55
: 14
73 Mar'32
934 4111
49
Allegany Corp coil tr 58__1944 P A 1334 Sale 121
73 73
St Paul E Or Trk let 430_1947 J
9918
9
8
73
811 Sale
Coll & cony Si
1949 J D
7
40
St Paul Minn & Man con 48_1933 J J 9012 9912 94 Aug'30
512
8
94
512 33
1
78
91
6 Sale
Coll & cony 55
97
1950 AO
Ist consol g Oo
1933.7 J 91
9814 9218
941
6614 01
697
e
6 92% 100 4 Allis-Chalmers Mfg deb 58-1937 MN 0612 6912 67
7
,
(3s reduced to gold 430_1933 J J 90 95 90
35 May'32
92
13
35
5112
Alpine-Montan Steel let 71 _1955 M
90 98
Registered
J D
100 Apr'31
16
4
18
10
10
_
29
Amer Beet Bug cony deb 6s.1935 A 16
Mont ext. 1st gold 4s
1937 J D 84 Sale 84
42
4
84
42
2 8492 American Chain deb re f 62_1933 *0 42 Sale 42
8712
Pacific ext go 45(sterling)
.1940 J J ---- 7412 78 May'32
67
8
80
136
1942 AO 66 Sale 66
70
81
Am Cyanamid deb fne
St Paul tin Dep let & ref 54_1972
.1 ____ 9478 94
2514 148 a22
94
47
Am & Foreign Pow deb 58_2030 MS 25 Sale 25
91
99
S A & Ar Pass 1st gu g 4a
1943 1 .1 38
58 68 May'32
6 65 75
7112
6712 8012 Amer Ice f deb fes
1953 JD 6814 7112 6814
Santa Fe Pree & Phen let 58_1942 MS 85
93 93 May'32
57
74
55
7011
90 93
Amer I 0 Chem cony 530_1949 N 56 Sale 5534
Say Fla & West 1st g Os_ -1934 A 0
63% 72%
r10718Sept3
713 549
4
' 7112 Salo 67
3
Am Internet Corp cony 53401949
1934 A 0
let gold Ss
101
3 10214 10314
Oct'31
10232
Am Mach & Fdy f ft
1939 AO 10238 Sale 10214
Scioto VA NE let go g 421989 M N 7714 ---- 79
44
80
117
8 75r4 85
3814 58
Amer Metal 514% net81---1934 AO 3814 Sale 3814
Seaboard Air Line let g 4s1950 A 0
214 23
18 Mar'32
112
02
2
112 2 02
16 r25
Am Nat Gas630(with war) 1942 A0
1950 A 0
5 Sale
Gold 42 stamped
5
5 15 5 1934 Am Sm & P. 1st 30-yr 58 set A '47 AO 7512 Sale 74
88 a74 96
79
A 0
5
Certificates of deposit
11
5
2
98 105
29
5
102
1 100 Sale 100
.▪
1318 Amer Sugar Ref 5-yr 6s
1937
514 1 May'32 _ Adjustment 5e
Oct 1949 F A
1
112 Am Telep & Teleg cony 43_1938 MB 0912 Sale a983
9414 100%
4
993
4 15
21x
212 May'32
1959 A 0
Refunding 4s_
97% 10212
114
2
12 5 4
30
-year coil tr 5e
3
1946 J O 99% Sale 9912 102
13s May'32
Certificates of deposit
138 7
9414 100 8
7
9734 387
35
-year s f deb 55
1960 J J 94% Sale 9414
2
212 2
3
1945 M
1st & cons 88 serial A
25
10211 353 100 10514
2
0%
20
-year
1943 MN 10032 Sale 100
5348
3 Sale
152
Certificates of deposit------ ---3
6
133 7
Cony deb 4348
2
9314 Sale 9814 10034 98 9814 10
1939 3
10 Sale 10
10
3
9
10
20
8
35
-year deb 5s
975 360 943e 100 4
SUS Him 30Yr lid g 411_61933 MS
1985 P A 94% Sale 943
North Cent gen & ref 58 A-1974
Gen & ref 4549 ser A
1974 MS
North Ohio let guar g
AO
North Pacific prior lien 4181_1997 Q J
Registered
Q J
Gen lien ry & Id g 32_Jan 2047
F
Registered
Jan 2047 Q F
Ref & impt 430 seders A-_2047 J
Ref. & impt (So serlea B2047 J J
Ref & !mot 52 series 0_2047 J J
Ref & impt 6$ series D2047 J
Nor Pao Term Co let g 63_1933• J
Nor Hy of Calif guar g 58_1938 AO
Og & L Cham lot gu a 43-1948
J
Ohio Connecting Ay 151 4s__1943
S
Ohio River RR Is;g fre
1936 ID
General gold Ss
A 0
1937
Oregon RR & Nay corn it 4s_1946 ID
Ore Short Line let cons g 56_1948 J J
Guar dad cons 5a
1946 .1 1
Oregon-Wash 1st & ref 4s
1961 J J
r Cash sale. ri Due May. 0 Due August. a Deferred delivery.
-40
3955
New York Bond Record-Continued-Page 5
Price
Friday
May 27.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 27.
Wears
Range or
Lail Sale.
rhra
Range
Since
Jan. 1.
Am Type Found deb 60-1940 A 0
Am Wat Wks & El coil tr 58_1934 A 0
1975 M N
Deb g 88 series A
Am Writing Paper let g 62-1947 J J
Anglo-Chilean if deb 72_ _1945 M N
Ark & Mem Bridge & Ter 51-1964 M B
Armour & Co (Ill) let /110-1939 I D
Armour & Coot Del 5)46-1943 1 J
Armstrong Cork cony deb 5s 1940 J D
Associated 0116% gold notes 1935 M S
AtiantaGaiLletSa
19471 D
Atl Gulf& W I BEI L coll tr 5a 1959 J J
Atlantic) Refining deb 58
1937 J I
Ask Low
High No. Low
High
573 60 May'32 ____
4
5812 973
4
72 Sale 66
77
31
66
95
9418
10
49
50 Sale 49
55
1312 15
12
15
36
12
30
214 5
1212
1
2
2
12
212
75 Sale 75
75
1
75 80
6412 Sale 621
70 6014 79
65
54 Sale 52
56
196
49
69
5312 55 54
55
13
52
70
971% 1013
973 Bale 9758
4
97% 51
4
95 ____ 95 May'32
95 9512
341 Sale 34
/
4
/
1
4
27
32
44
36
9314 Sale 918
94
16
8514 951s
Baldwin Loco Works let 50..1940 M N
Baragua (Comp Asuo) 74L1937.7
13atavlan Petr guar deb 414s 19421 J
Belding-Hemingway es
1936
3
Bell Teton of Pa series B_ _1948 J J
1st & ref 58 series C
1960 A 0
Beneficial Indus Loan deb 6e 1946 M
Berlin City Elea Co deb 6%8 19513 D
Deb sinking fund 614s
1959 F A
Debenture 68
1955 A 0
Berlin Elea El& tinders 674a 1956 A 0
Beth Steel let & ret Si guar A '42 M N
80-year pm & inapt at 56-1936 J J
Bing & Bing deb 6%a
1950 M
Botany Cons Mille SHe.
1934 A 0
Bowman-Bill Hotels lit 7s_ _1934 M
n'way & 7th Aye let cons 58_1943 J D
J D
Certificates of deposit
Brooklyn City RR let 58_ ___1941 J
Bklyn Edison Inc tens. A_-1949 J
Bklyn-Manh R T sec 6a_1968 J
Bklyn Qu Co dc Sub con lad 56'41 M N
let 50 stamped
1941 I J
Brooklyn R Tr let cony g 41 2002 J
Bklyn Union El let g U.-1950 F A
bklyn MI Gas let cone g 5s 1945 MN
lot lien & ref Be series A..-1947 M N
Cony debt 514s
19361 J
Debenture gold 56
1950 J D
But & Sum Iron lat t 58_ _1932 3 D
,
13utt Gen El 4 tte series B
1981 F A
Bush Terminal lit 42
1952 A 0
Coneol 58
19563 J
Bush Term Bilge 59 gu laidx 60 A 0
By-Prod Coke lit 814s A
1945 MN
95 Sale 94
97
21
334 10
5 Apr'32
7212 Sale 71
73
40
80 Sale 80
2
80
10012 Sale 10012 103
17
10014 Sale 100
10234 54
a70 Sale 70
7012 16
a24 Sale 213
24
37
22 Sale 211%
/
1
4
21
23
1938 23
1912
37
21
25 Sale a241
26
35
7812 Sale 77
8134 13
77 Sale 7812
82
12
10
1612 13
15
3
73
4
614 9
63
4
9
33
40 33
33
1
1
311 114
212
5
1
3
1 Mar'32..._
53
8212 55
3
5612
101 Sale 10012 103
36
7614 Sale 74
8318 304
-- __ 55 55
55
4
3714 ____ 5512 Apr'32 ---75 ___ 9212 June'29
35
65 Sale 64
70
10334 Sale 10334 10534 31
2
10712
10712 Sale 10712
130.... 147 Feb'32
9234
6
9012 9212 9212
96 Nov'31
9812 47
961% Sale 2668
58
59
2
53
58
26
484 59 May'32
55
60
10
5012 56
3558 13
35 Sale 35
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 27.
43:
Bid
Cal & E Corp unit & ref 58_1937 MN
Cal Pack cony deb 158
1940.7 J
Cal Petroleum cony deb sf581939 F A
1938 M N
Cony deb s t g 510
1942 A 0
7s
Camaguey Bug 1t !
Canada BS L let & ten 88-1941 AO
Cent Diet Tel let 30-yr 58-.1943 3D
Cent Foundry let a t es May 1931 F A
Cent Hudson G & K 58 Jan 1957 M B
Cant III Elea & Gm let 51_ 1951 F A
Central Steel lst g I 8e_ _ 1941 M N
Certain-teed Prod 554s A.-1948 M
Cespedes Sugar Co lat t 710 39 MS
Champ Corp cony Si May 15 '47 M N
Chic City & Conn Rye 58 Jan 1927 A 0
Ch 0 L & Coke lat gu g 5s-1937 1 J
Chicago Rye let 5a stpd rcts 15%
Principal and Aug 1931 int__ F A
Childs Co deb 5a
1943 A 0
1947
.1
Chile Copper Co deb 58
CM & E let M 48 A
1988 A 0
Clearfield Bit Coal 1st 48_1940 1
Colon 011 cony deb es
.1
1938
Colo Fuel & Ir Co gen t 521_1943 F A
Col Indus let & 0011 58 gu_ _1934 F A
Columbia G & E deb 59 May 1952 M N
Debentures 58----Apr 15 1952 A 0
Debenture 58
Jan 15 1981 J
Columbus Gas let gold 58_1932 J J
Columbus Ry P & L lat 4%s 1957 J J
Commercial Credits!fla____1934 MN
Coll tr t534% notes
1935
J
Comm'l Insect Tr deb 5%2_1949 F A
Computing-Tab-Reo t 6s_ _1941 J
Conn Ry & L let & ref g 4100 1951 J
Stamped guar 4%a
1951 J
Consolidated Hydro-Elea Works
of Upper Wuertemberg 71_1956
Cons Coal of Ml let & ret S 19501 D
Consol Gee(NY)deb 514...1945 F A
Debenture 414.
19511 D
Consumers Gm ot Chic gut% 15186 J D
Conaumers Power let 58
1952 M N
Container Corp jet es
19461 D
15
-year deb M with ware_.19431 D
Copenhagen Telep 5s Feb 15 1954 F A
Corn Prod Refg lit 25-yr 0151 34 M N
Crown Cork & Seal 0 t 6g-_ _1947 J D
Crown Willamette Paper 61_1951 J
Crown Zellerbach deb Saw w 1940 M
Cuban Cane Prod dab 6.._.
.19503
Cuban Dom Sugar let 7348_1944 MN
Stpd with purch warr attached -Ctrs of dep stpd and unstpd_ Cumb T & T 1st & gen 56._ _1937
Del Power & Light let 4%2_1971 J
lat & ret 41(s
1989 J
let mortgage 410
19691
Den Gas & El L lea & ref s 152'51 M N
Stamped as to Penne tax_1951 MN
Der,.(D G) Corp let s t 7s-1942 MS
2e1 78 'find Sept 1930 coupon._ M S
Detroit Edison lit colt tr 52_1933 J
1949A 0
Gen & ref fe series A
19551 D
Gen & ref Se miles B
1062 F A
Gen & ref 5s series C
1961 F A
Gen & ref 414a eerie' D
Dodge Bros eons deb Ss_ _1940 M N
Dold (Jacob) Pack let M...1942 M N
1942.7 J
Donner Steel let ref 72
Duke-Price Pow let 88 ear A.1966 M N
Duquesne Light lst 4 Ms A 1987 A 0
East Cuba Bug 15-yr s f g 710'37 MS
Stamped as to If guar
Ed El lii Bklyn lit con 42-1939 J
54_1995
Ed Elea(NY) let cone g 0%y. J J
50
El Pow Corp (Germany)
1953 A 0
let sinking fund 614.
Coal let & ref 6%1 1931 J D
Elk Horn
)
Deb 7% notes (with warn 19313 D
Ernesto Breda Co let m 78-1954
With stock purchase warrants.. F A
Federal Light & Tr let 5s-1942 M
1st lien a 1 Se stamped_-1942 M 8
1942 M
let lien 68 stamped
-year deb 8s aeries B__ _ _1954 J
80
r Cash sale. a Deferred delivery
94 1011s
5
74
07012 8212
80 90
9834 10412
9834 104
/
1
4
70 80
2012 4712
2012 62
1912 37
2414 354
7612 97
7812 98
13
30
6 3 1713
4
33
50
114 47
1
1
55
861%
97141'105
74 911%
55
58
65 554
1939 3D
Federated Metals 0 1 78
.• 1
1946
Flat deb a t g 7s
1941 M S
Fisk Rubber lat s f Es
Framerlean Ind Day 20-yr 7%8'42 33
Francisco Bug let at 7%0-1942 MN
Price
Friday
May 27,
Bid
58
65
1834
8312
15
Week's
Range or
Last Sate,
Ask Low
70 59
7434 70
1912 1814
12
Sale 83
297 15
4
113 5a
Range
Risco
Jas. 1,
High No. Low
High
2 59
59
89
75
70 82
13
16
28
1914 25
/
1
4
4
841s 26 82 918
15
2
15
20
76
53 69
76
1943 P A 74 Sale 74
Gannett Co deb tki
10314 Sept'31 _
Gas& El of Berg Comps g 581949 ▪ D
2712 21
25I 43
/
1
4
1934 MB 25
2712 25
Ge'senkirchen Mining 6a
82
71
Gen Amer Investors deb 5s 1952 P A 7114 Sale 71
73
'e 31
gg4 95
/ /
1
1
4
8
9572 15
1940 * 0 9412 667 9412
Gen Baking deb if 514s
9
43
35
/ 5612
1
4
1947 31 38
40 41
Gen Cable late 115,12 A
9812
93
2
9812
9812
1942 P A
Gen Electric deb g 3%s
33
27
36
5011
Gen Elee(Germany)7.Jan 15'45 J '1 36 Sale 33
34
3
54 a32 4 £9
a32h
1940 3D
47
27
2514 43
1948 MN 2638 Sale 2514
20-y=r 5 1 deb Si
9734 102
4 55
/
1
4
1937 FA 10012 Sale 10014 1003
Gen Mot Accept deb 65
9534 101
1940 P A 9934 Sale 9934 10012 54
Gen]Petrol let s f 521
3
78
1939 31 78 Sale 78
Gen Pub Bevy deb 510
3912 6111
76
40
40 Sale 3912
Gen Steel Cast 15%1 with warn'49 J
8
27g
1
7/
11
4
212 2 8 212
Gen Theatres Equip deb 85_ _1940 AO
7
151 4
252 May'32
Certificates of deposit
7
1814
1614 so
Good Hope BMW & IT sec 7.-1945 0 161% -fi 1818
as 80
7712 60
Goodrich(B F)Col st6 Aa--19 7 31 7312 Sale 7312
4
4012 181
4
sets 4813
1945 3D 3834 Sale 383
Cony deb 6a
62
6112 82
MN 6338 Sale 6352
/
1
4
65
Goodyear Tire & Rub let 58_1957
25
7212 8012
78
Gotham Bilk Hosiery deb 88_1938 3D 7512 Sale 75
19
19 May'32
2512
Gould Coupler let if Os_ _1940
4734 23
4314 69
Gt Cone El Pow (Japan)7s 1944 F A 47 Bale 4538
3812 12
318 60
4
3614 Sale 3614
1950 J
let & gen s t 6%8
14
25
29
88
• D 26 Sale 26
1942
Gulf States Steel deb 5,4s
Hackensack Water lit 0_1952 J J 84h 86 85 May'32
7
13
Hansa SS Linea 88 with warr.1939 A0 11 Sale 11
Haman Mining Si with stk punch
2374 11
▪ J 19 Sale 183s
war for corn stock of Am sin '49
18 May'32
18
Havana Elec consol g 55----1952 FA 16
5
3
5
312 5
Deb 514s series of 1926-1951 MS
7
1
7
67
9
64
79
Hoe(R)& Co 1st 6%s se? A _1934 A0
19h Mar'32
100 103% Holland-Amer Line Si(flat)_1947 MN
13
51
MN 4812 Sale 4812
111
107
Houston On sink fund 530-1940
2934 34
147 147
Hudson Coal 1st if S.ser A_1962 ID 2812 Sale 2614
9914
5
.
9018 99 Hudson Co Gas let g 15e.-1949 MN 9914 100 9914
4 29
4 1003
Humble Oil & Refining 5%1_1932 31 10012 Sale 1003
/
1
4
9812 116
- 12
91
3
Deb gold be
1937 A0 9734 Sale 67
56
80
56
49
/ 71
1
4
Illinois Bell Telephone 5s-1956 3D 100 Sale 9912 r104
34
98
58
90 Illinois Steel deb 414s
1940 AO 9534 Sale 9534
1834 12
35 60
Bauder Steel Corp mite)80_1948 P A 17h Sale 17
6
5
3
512 8
Indiana Limestone let if 55_1941 MN
/
1
4
9118 Apr'32
10114 102 10114 10158 14 99 10178 Ind Nat Gm & 011 ret5s-1978 MN
1936
AO 61 Sale 81
521 63
/
4
5112 71 Inland Steel let 410
5214 Sale 5112
6314 45
13
81
6112 804
5
76
lelMef434e,erB
1981 FA 59 Sale 59
77 07612 May'32
10 Apr'32
8012
9 56 82 Interboro Metrop 4.%s
80 Sale 80
1956 A0 1012 12
AO
3
3
1
2
514
% Mar'32
3 Sale
226
41
25 28 May'32
23 8614
CertificatesInterboroRapot deF° :
Tran 1 815._1966 13 3514 Sale 35
4012 230
.▪1 35 Sale 35
103 Sale 103
10314
5 99% 10314
Stamped
2212 117
r99
1
854 r99
88
89 r99
10
1932 A0 1112 Sale 1034
-year 64
5814 170
10012 13
99 10012 100
981 10012
/
4
,
10
-year cons 7% notes...1932 M S 4712 Sale 4514
35
9
6212 34
61 Sale 60
64
77 Interlake Iron 1st 65 B
1951 MN 31h Sale 3032
97 lot AgricCorp1st & coil tr Is
7112
6
71
71 Sale 71
14
45
5234 4414
2312 Sale 231
/
4
2514 15
2318 4434
Stamped extended to 1942- _ MN 32
19
45
5
10
6 Apr'32
5
8 Int Cement cony deb fe
11148 MN 44 Sale 43
90
30
38 Sale 384
/
1
4134 123
3814 78 Internet Hydro El deb am-1944 AO 2312 Sale 22
79
214
3
214 Sale
274 July'31
/
1
Internet Match a f deb 5s 1947 MN
58
h Sale
12
1
i6i7 ia- 101 102 --io 97 102
8
Cony deb 54
1941 .1
3312 15
/
1
4
Inter Mere Marine if 8s
1941 AO 32 Sale 32
433
4 31
41
42
8 31
50 Internal Paper Se ear A & B-1947 ▪ 3 40 Sale 3914
1955
1852 56
M
1712 Sale 1612
-i523
25
8 20 68
Ref s fla 'erica A
1734 Sale 17
/
1
1834 49
2812 Sale 284
30
13
28
6011 lilt Telep & Tales deb g 414s 1952 J
2112 161
' 1814 Sale 1924
3
84
8534 85 4
3
Cony deb 414s
8814 26
1939
82 4 92
3
/
1
4
2114 123
20 Sale 1912
21
45 77 Dec'30 Deb Is
1932 F
55
32 Sale 30
33
23
- 40 Investors Equity deb M A-1947 ID 6512 7134 6612 May'32
8
70
45
48 45
45
1
45 67
Deb Is ser B with warr_1948*0 70 Sale 653
1912 Sale 19
20
14
13 65
Without warrants
1948 *0 6534 70 65 May'32
6212 Sale 62
67
30 6113 8512
1
94
94
85
6418 Sale 65
13 60
85 K0Pow & Lt lat.11%s sec B-1957 32
9414 68
let M 414e
61 Sale 61
66
1981 P A 92 Sale 9252
72
59
844
18
82
4
9512 98 96
96
1
90 9612 Kansas Gas & Electric, 4145_1980 ID 81 Sale 803
39
14
7912 8l4 813
4
1
814 92 Karstadt (Rudolph) let 6a 1943 MN 1414 Sale 13
8114
29
31
25 Sale 24
Keith (B I!) Corp let 6a......-1946 M
27
47
9014 Sale 8812
9018 12
88
95 Kendall Co 514. with warr 1948 MS 4534 Sale 45
6612 35
4
87
964 863
863
2 83 9112 Keystone Telep Co let 64-1935 31 6612 70 6612
12
1
79 92 Kings County El L & P 5s 1937 A0 10234 Sale 10234 10234
8312 Sale 8312
84
78
105 106 10514 10514
1 10434 10611
Purchase money Is
1997 AO 12034 125 12012 120% 16
3
67
67 67
08714 May'32
a87 a87 Kings County Elm lat g41..1949 P A 56
14
14
89 9213 Kings Co Lighting lit 5a
4
-131 - -5 a- 91 May'32
1954 31 004 983 96 May'32
1
First and ret 6%s
1954 31 10614 1081 10812 1081
42 4612 Apr'32
24 Sale 22
24
9 22
85 Blaney(GB)& Co 7,4% notes'36 3D 25
/
1
4
5112 28
1212 Sale 1212
12 22 Kresge Found'n coil tr 8a
/
1
4
/
1
4
17
83
19313 ID 4014 Sale 4014
814 168
634 Sale
9912 Sale 9914 10212 167
99 105 Kreuger & Toll sees t 5s_
/
1
4
1959 M
88 Sale 871%
9112 328
8738 98
2
7612
971
66
77 76
9712 Sale 9634
Lackawanna Steel let Be A _ _1950 M
28 95 101
20
79
10012 Sale 9612 102
1934 * 0 79 Sale 78
9612 102
27
Laclede G-L ref & ext M
13
52
20
22 20
22
11
Coll & ref 5,48 series C
1953 P A 50 Sale 50
20
3712
631
18
8 Sale
8
911
8
8
24
Coll & ref 5%s series D
1980 P A 50 Sale 50
6712 6914 May'32
62 7214 Lautaro Nitrate Co cony 65.1954
a34
13
4 11
103 104 1031 l034
114 Sale
.1
/
4
3 10013 10312
Without warrants
86 May'32
71
74 7114
7114
1
7114 84
Lehigh CA Nay at 4%8 A_ _1954 J
4
85
/
1
61 Sale 60
641j
7 60
Cons sink fund 4%s ear 0_1954 33 834 Sale 8314
7512
6
51
48
56
49 Sale 49
5014 15
48 60 Lehigh Valley Coal let g 58_1953 33 50
94 Dec'31
1
114 Sale
972
let 40-yr go Int red to 4%_1933 33
2
10014 10014
5 Dec' 1
1934 P A
1
3
let&retsf Es
1
278
40 Feb'32 2 Mar'32
lst&retat5s
1944 P A
35 Feb'32
2 Sale
2
2
1
Vs 2
lat &refer 64
1954 P A
42 43 Jan'3
10214 Sale 1017
103
1964 P A
33 9712 103
lat &tariff&
41
Jan'3
1st & ret s t 52
1974 P A
19
1161
88 Sale 88
88
3 85
93 Liggett & Myers Tobacco 75_1944 A0 116 Sale 116
32
4 102
82
as
1951 P A 10012 Sale 993
86
88 Sale 88
70
7
88
1
87
93 Loew's Inc dab,1 Si
1941 AO 88 Bale 67
25
62
90 Sale 90
/ 64 60
1 .
4
9114 17
85
9212 Lombard Elec 7e without war_'52 3D 59
86
9714 90
69 Nov*3
91
3 85 93
3D
With warrants
12
81
105
OcV29
Lorillard (P) Co deb 74
1944 AD jai- la 103
59
891
Dec'31 _
8912 90 8814
Ss
1951
10118 Sale 10118 10113 22 Hors 1011 Louisville Gas & El(Ky) 5e_1952 P A 93 Sale 92
981
32
/
4
MN
9914 Sale 9914 10012 44
9512 10214 Lower Austria Hydro El Pow997 10012 May'32 _
8
20
94 r104
2134 20
Ists1614.
1944 P A
100 Sale 100
1003
4 10 96 102%
90 Sale 90
92
/ 44 87
1
4
19
62
95 4 McCrory Mores Corp deb 651s'41 3D 52 Bale 52
3
69 Sale 68
59
70
37
McKesson & Robbins deb 530'50 MN 29 Sale 29
135 66
88
50 5812 Manatl Sugar let 1 714s
/
1
4
314 512 3 Mar'32
5512 Sale 55
5514 12
1842 AO
50 687 75 May'32
4
75 8812
314 May'32
314 5
Stamped Oct 1931 0011906 1942 AO
50 Sale 50
5212 28
8112
214 1334
50
Certificates of deposit
96 Sale 96
9812 178 9314r100
1Manhat Ry(NY)cons g 4a-1990 AO 24 Sale 24 --10 2 66
12
22
17
17
2d 4s
2013 ID 10
3 Sale
312 Dec.3 _10
4
37
8 .
1
71
85 85
85
3
512 Manila Else RR & Lt e f 5a 1953 M
Mtrs Tr Co Ufa of panic in
12
68
98 ____ 9812 May'32
/
1
4
"igii A I Namm & Ben 1st 6a 1943 ID 66 Sale 88
2
32
10812 Sale 106
108
13 al0518 110
Marlon Steam Shovel at Se._1947 AO 3112 Sale 3112
9
67
/
4
66
67 6512
2114 Sale 211
2212
Market St By 7a set A _April 1940 Q
6
2012 88
9
37
2112 2211 22
2112 38
2212
5
Mead Corp let tla with warr_1945 MN a35 Bale 35
2
63
/
4
63
20
2134 20 May'32
211 Meridlonale Elec let 7s A
1957 A0
20
3
8412 81
87
15 Aug'31
15
Metr Ed let & ref Is ear 0_1953 13
17
73
7212
1st g 4IM Berke D
1968 MB
4634 58
35 Sale 35
37
27
35
5258 Matron Wet Sew & Dr 5149_1950 AO 46 Sale 44
21 May'31
Met Weft Side El(Chic) 48_ _1928 P A
55
2 55
50 54 55
78
597 60
5
17
14
15
1956
D 14
50
6114
784 Miag Mill Mach let. t 7a
/
1
60
46
755 Sale 75
2
83
Midvale St &0 coil tr if 58_1938 M
11
82
50 60 59
65
59
4714
5
46 66
4018 60 4714
784 88
/
1
11
27
1832r4314
25
18
4
8
61g 28
17h 19h
4812 70 4
1
2614 £4
98 10112
991 100 4
, 3
94 100
064r104
/
1
9mi 9912
17
80
5
18
81
84
59
82
/
1
4
9
/ 10
1
4
• 3
2
35
59
59
35
103 84 4
4
3
4514 79
30
60
32
43
22
2
12
32
3914
1612
17
1934
19
55
55
65
as
701
4
54
824
64
so.
se
3812
51
59
541
:
701%
70
65
90 96
9012 96%
7412 86
13
25%
24 63
41
85
56
70
98 10812
/
1
4
119 12312
614 Ms
93 98
108 1094
45
56
s
MN 911
6
69
76
71
50
49
92 4
8
98
85
76
/
1
4
is
84
80
14
48
1412
90
90
93
161/4
$97s at
39to
43 63
41
41
115 119
9611 102
577a 904
67 71
jai. 108
8114 9212
91
100
20
46
52
29
3
2
91
60
10
-ii- 114
17
30
78% 85
88
83
21
36
6512 92
3512 51
83
88
81 100
7212 85
33 50
/
1
4
21
8832
14
110
75
97
.
31
)
New York Bond Record—Concluded—Page 6
3956
1 BONDS
31
N. Y. STOCK EXCHANGE
Week Ended May 27.
•••••
Price
Friday
May 27.
Week's
Range et
Last Sale.
411 vz
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week Ended May 27.
lI t
Price
Friday
May 27.
Week's
Range or
Last Sale.
;•
510
Ask
75 Sale
7212 74
8
737 Sale
60
65
Low
High No. Low
High
81,1
Ask Low
High No.
7712 43
75
724 9412 Rims Steel let s t 7s
1955 FA
104 304 31 May'32
72
72
95
76% 14
Roch G&Elgen mtge5 Maser C'48 MS
94
94
1
737 9512
737
8
Gen mtge 4344 seriee D
8
7618 10
1977 M S
92
92
1
8234 Roth & Pitts C&Ipm 5s 1946 MN
60
60 May'32
5114 85 Dec'30
Royal Dutch 40 with Warn.
.1945 AO 69 Sale 6812
6912 42
Sale 77
10
77
68
823 Ruhr Chemical s 165
77
8
1948 *0 21 Sale 20
6
21
4
753 Sale 753
87
8212
4
784 29
7812 SO
757 8412 St Joseph Lead deb 15344
8
80 May'32
1941 MN
2
75
75
63
66
60 Dec'31
St Joe Sty Lt Ht & Pr lot 58.1937 MN 76
80
7
7712
773
4
94 May'31
St L Rocky Mt & P 5s stpd_1955
38
40
45
40
7
-tio 60 St Paul City Cable cons 58..1937
53
60
60 Feb'32
50 Apr'32
9112 9312 May'31
62
Guaranteed Si
50
69
1937
40 Feb'32
16
6412 Sale 625
7812 78
61
8
65
78
San Antonio Pub Serv let 60 1952
5
80
4014 4014 Bohulco Co RUM 61St
4014 5014 4014 Mar'32
35 Sale 35
1948
16
36
2
78
68
70
70
1946 AG 53 Sale 58
9512
70
Guar et 634e series B
69
7
6
9212
90
93
9012 100
9012
Sharon Steel Hoop s I 590_1948 FA
283 25
4
2
287
8
8
997 Nov'31
Shell Pipe Line s 1 deb Ss__ _1952 1 N 63 Sale 62
643
4 43
Shell Union Oil t 1 deb be_ 1947 MN 60 Sale 583
62
144
4
Namm (AS)& Son _ _See Mfrs Tr
1949 AG 593 Sale 5812
Deb Sc with warrants
4
197
62
4214 14
Nassau Mee guar gold dn.__ _1951 J
41
60
42
41
43
Shinyeteu El Pow 1st 630..1952 J o 37 Sale 3614
3712 25
12
Nat Acme let s f 6s
19421 D 58
58
80
56
60
56
4
Shubert Theatre tie_June 15 1942 J D
r414 May'32
1
Nat Dairy Prod dab 54e-1948 F A 73 Sale 73
73
9512
7912 461
Nat Radiator deb 6 Ms
2112 Siemens & Betake e f it..._1935 J
1947 F A 1012 20
8
18 May'32
2818 2958 44
4518
8
92
1956 A 0 683 Sale 60
60
683
4
4
Nat Steel lot coil Si
80
1951 M
Debenture of 634e
30 Sale 27
29
141
_
9812 May'32
95
Newark Congo! Gas cons 50_1948 J D 9612 98
9912 Sierra & San Fran Power le_1949 F A 83
88
86
88
7
77
7
8112
N J Pow & Light 1st 4 Ms_ 1960 A 0 8014 8112 8118
953 Sileeta Elea Corp s 18 Ms_
F A
4
1946
10
167 1312
8
11
17
4
65
65
8114 Silesian-Am Corp coll to' 7s 1941 F A 2214 Sale 22
70
65
Newberry (I J) Co 534% notes'40 A 0 64
2314 61
9712 1043 Sinclair Cons cm 15-yr 7s_ 1937 M B 863 Sale 8535
10312 40
New Eng Tel & Tel 1Ss A
1952 J D 100 Sale 00
4
4
8712 103
91
1961 MN 957 Sale 944
8
lst g 4 Ms series B
99
984 62
1938 J D 8412 Sale 8412
61
85
1st lien 634i eeriest B
5518 19
5412 82
New Orl Pub Sera lot Si A 1952 A 0 5312 6112 5412
Sinclair Crude 0115 Ms ser A.193S J
9914 Sale 9918
99% 91
55
9
56
First & ref be series B
1955 J D 554 Sale 55
80
1942 A 0 9512 Sale 9538
52 Sinclair Pipe Line.1St
953
4 65
46
48
5
47
N Y Dock 50
58
-year let g 4s_ _1951 F A 4612 51
Skelly 011 deb 5344
1939 M B 567 5712 5678
53
8
58
30
43
403
4 19
1938 A 0 36 Sale 36
Serial 6% notes
9713 23
SinIth (A 0) Corp lat 634t_1933 M N 9612 Sale 96
NYEdI,onlet&rofS34oAA94i A 0 10818 Sale 107% 10812 79 1064 11014 Solvay Am Invest rs
1942 M S 747 Sale 0693
8
4
7212 65
974 104
102.
4 29
let Ben & ref 58 eerie@ B. _1944 A 0 100 Sale 100
South Bell Tel & Tel 1st e I tis '41 J J 100 Sale 9918
1017 103
8
10212 27
106% 11 10014 107
4
N Y Gas El Lt H & Pow g 58 1948 J D 1023 106 10518
S'weet Bell Tel lst & ref fie 1954 F A 100 Sale 100
0312 69
8718 95
Purchase money gold 413_1949 F A 93 Sale 92
2
71
Southern Colo Power 6e A 1947 J J 67 Sale 67
102 Sept'30
NYLE&WCoal&RR 5)48'42141N
Stand 011 of N J deb 54 Dee 15'46 F A 100 Sale 9912 101
173
100 June'31
NYLEdi W Dock& Imp ree '43 I J
Stand 011 of NY deb 4 My_ _1951 J D 84 Sale 84
87
65
433 433 Stevens Hotel let 6e series A 19451 J 16 20 15
8
1942 I J 433
4338 Apr'32
N YRys 1st REStref 4s
16
6
40 Dec'31
Certificates of deposit
12 1
118 May'32
Sugar Estates (Oriente) 75_1942 M S
118 212 Dec'30
18
-year ad) Inc 50— _Jan 1942 A 0
33 Apr'32
M
30
Certificates of deposit
7
3
---A 0
14 July'31
CertElcates of deposit
___- 101
Syracuse Ltg. Co. lot g 6s.._1981 J D 101
103
118 12
1
N Y Rye Corp ins 8e- -.Jan 1965 Apr
is 212
1965 1 I 35 Sale 32
30
6
35
Prior lien (Is series A
50
97
9512 May'32
Tenn Coal Iron & RR gent). 1061 3' 93
_
90
894 98
8914
8914
NY & RIchro Gas let Se A1951 MN 85
a48
22
Tenn Copp & Chem deb Se B 1944 MS 41 Sale 40
21
3
3
5
3
NY State Rye lit cone 4 34e_1962 M N
,
9412 83
'A 3 2 Tenn Elea Power lst tis
1947 ID 90 Sale 8978
M N
3
13
2
1
2 May'32
Certificates of depoeit
1944 A0 77 Sale 7612
Texas Corp cony deb 54
7712 206
2
5
2
312 Third Ave Sty let ref 4s_.._l960
3
1
3
50-yr 1st cons 8 Me ser Et_ _1982 MN
' 37 Sale 37
3
4012 27
2
2
Certificates of deposit
2 May'32
26
617
Ad)ins 5e tax-ex N Y Jan 1960 * 0 1912 Sale 19
44 10012 108
102
NY Steam lst 25-yr Steer A 1947 M N 10118 Sale 10118
5
Third Ave RR lot g 69
1937
8418 Sale 8418
8418
1951 M N 9014 9212 9014
9014 98
4
9312
let mortgage fs
217
87
Tobacco Prods(N J)6 Ms_ _.2022 MN 7914 Sale 79
88
1956 M N 90 Sale 88
26
93
lst M 58
943 Toho Electric Power lat 7a 19135 M
4
474 42
47 Sale 45
954 10114
NY Telep lit & gent'430_1939 MN 100 Sale 993
10014 116
4
9912 23
1932
6% gold notes
9912 Sale 99
1946 1 D 6014 Sale 6014
58
5
6014
NY Trap Rock let Se
70
Tokyo Eleo Light Co. Ltd
3712 128
1st Se dollar series
1953
3612 Sale 36
AO 955 97
884 97
9512
97
6
8
Niag Lock &0Pow lit Bs A_1955
M
Trenton G & El lit g
995 _ _ - 10014 Apr'32
8
N 49 Sale 49
49
54
21
1950
7012 Truax-Traer Coal cony 61St 1943 MN
Niagara Share deb 534t
19
15
12 Sale 12
173 3512 Trumbull Steel let of es_ _1940 MN 495 Sale 4912
8
19
1712 Sale 1718
121
NorddeutscheLloyd 20-yr of 81'47 MN
5014 40
8
1112 2834 Twenty-third St Sty ref 68_1962
7
1218
Nor Amer Cem deb 6 M s A 1940 M S 1112 Sale 1112
Feb'32
10
64
88
724 87
North Amer Co deb 58
1981 FA 65 Sale 64
Tyrol Hydro-Elee Pow 7548 1955 MN ____ 3912 r44 May'32
7112 91
16
7112
72
80
No Am Edison deb le ser A_ _1957 MS 71
Guar WC f 7s
1952 FA
3
30
22 • Sale 22
94
67
713
4 18
Deb 5Ms tar B_Aug 15 1963 FA
67
6212 89
37
69
Deb tis series C__ _Nov 15 1969 MN 6212 Sale 6212
Ujigawa Elea Power
75_1948 M
43
59
5514 Sale 5514
907 101
s
24
97
Nor Ohio Trao & Light Ss__ _1947 MS 9214 Sale 92
Union Eleo Lt & Pr (Mo) S. 1932 MS 1005 Sale 100%
1005
8
8
3
994
89
40
95
Nor States Pow 25-yr 5e A.,1941 * 0 90 Sale 89
Ref & ext
1933 MN 10112 Sale 10112 10158 53
.1941 A0 101 Sale 101
21 100 1053 Un EL & P (III) let e He A 1954
102
4
let & ref 5-yr es ear B.
8
10018 15
1004 10012 997
80
9712 Union Elev RY (Chic) 59
North W T let Id g 4344 gtd_1934 J J 82
9312 91 May'32
1945 * 0 31 Sale 31
31
3
69
65
8
Norreg Hydro-El Nit5 Me_ _1957 MN 525 Sale 525
8
5313 15
Union 011 30-yr 13s A.
A 94 Sale 9212
-May 1942
95%
5
let lien t 1St ten C__ _Feb 1935 AO 93% Sale 92
03% 37
85 10614
Ohio Public Service 714s A_ _1946 A0
3
8712
85
Deb Is with warr_ _ _ _Apr 1945 ID
74
6
70
7014
87 1044 United Biscuit of Am deb 6s 1942 it N 70
1
87
let & ref 7s series B
1947 FA
87
91
17
r9112 Sale 8934
10
20
1944 P A
10 Sale 10
1
10
Old Ben Coal let Si
United Drug 25
-year 5s
1953 M 8 67 Sale 6618
61
68
83
96
3
96
9512 95
Ontario Power N F lst 5s_ ..1943 FA 95
United Rys St L let g 40._ _ _1934 .1 .1 25
10
26
2712 26
413 64
4
45
Ontario Power Fiery let 5 Me_1950 Ii 42 Sale 42
9
U B Rubber lit & ref Sitar A 1947 13 34 Sale 34
35
67
80
95
25
85
Ontario Transmission let 58_1945 MN 8312 87 a843
4
-year (is_ _ _ _1937 MN
United 88 Co 15
80
80 Apr'32
504 7114 Un Steel Works Corp 6944 A 1951 ID
1963 MS 6418 69
2
Oelo Gas& El Wks call 5s
633
4
6334
8
16
33
15 Sale 135
19
50
29
20
Otis Steel let M 6e leer A ___ _1941 MS 19
20
19
Sec I f 6 Me series C
1951 ID 15 Sale l47
8
1512
Sinking fund deb
27
13
10158 United Steel Wks of634s serA1947 3' 1178 Sale 1012
13 9712 Sale 9712 10114 90
9414
Pacific Gas & El gen & ref 5s.1942
Burbach7912 90
Pac Pub Berv 5% notes
1938• S 7812 8412 7912
793
4
7
Esch-Dudelange s f 7o__. _1981 AO ____ 74
70
1
70
' 10112 Sale 0112 10212 65 497 r103
3
1937
Pacific Tel & Tel lst 5s
Universal Plpe & Rad deb Ss 1936 J O
21
20 Dec'31
963 1024 Unterelbe Power & Light 68_1953 AO 23 Sale 23
4
1952 MN 10014 Sale 993
Ref mtge 5s series A
8 10014 51
24
20
/
8 68 100 1017 Utah Lt & Trao let & ref 5a_1944 AG 56 Sale 56
Pan-Amer P & T cony B!68_1934 MN 10112 Sale 0112 1015
12
58
8
21
6
8
Pan-Am PetCo(ofCal)conv Ss '40 ID
8 May'32
Utah Power & Light let 5e_ _1944 FA
6312
65
6812 10
1112 Utica Eleo L & P let s f g 56_1950 33 60
4
414 8
Certificates of depoelt
518 May'32
Jan'32
9714 106
97
3312 82
'
3 36 Sale 3512
Paramount-B'way let 534o- _1951
3812 21
Utica Gas & Elec ref & ext So 1957 II 100 105
9812 May'32
15
6058 Util Power & Light
Paramount-Fam's-Lasky 60_1947 ID 18 Sale 1512
18
70
e
1947 J D
1612 Sale 1212
184 59
13
55
15 Sale 13
16
Paramount Public Corp S Me 1950 FA
90
Deb tis with warrants
1959 FA
1812 266
17 Sale 10
18
26
15
4
18
15
Park-Lox let leasehold 63-4t_1953 Ii 13
FA
Without warrants
1
9
8
234
412 012 8 May'32
Parmelee Trans deb Se
1944 * 0
9914 9912 Vanadium Corp of Am cony 511'41 * 0
9912 May'32
Pat & Passaic G dc El cons 55 1949 M
004 ---34
37
363
4 14
35
56
804 Verttentes Sugar let ref 76_1942 ID
5812 14
Pathe Exch deb it with warn 1937 MN a57 Sale 56
1
114, 3
1 Sale
25
43% Victor Fuel let s f Si
29
19
Penn-Dixie Cement let Se A.1941 M S 25 Sale 25
1953 J
10 Apr'32 ___ _
89% Va Elea 22 Pow cone 534'o
76
8212 169
Pennsylvania P & L 1s1 4;48_1981 * 0 77 Sale 76
1942 31 S
92
9514
93
7
4
6 101 1073 Va Iron Coal & Coke 1s1 g Se 1949 M
103
Peop Gas L & C lot cone 68._1943 * 0 101 Sale 101
40
45 May'32 __ __
45
884 9712 Va Sty & Pow lst & ref 5s_ _ _1934 31
93
8
Refunding gold 54
1947 MS 9212 Sale 9212
09
9814 98% 98
27
96
96
__
M S
Apr'32
Registered
96
68
90
Phi% Co sec 5s series A
Waiworth deb 5940 with warn 1935 AG ___ 113 13 May'32
7612 74
1967 30 7212 Sale 7014
4
9212 100
AG
Without warrants
9812 34
Phi% Eleo Co lit & ret 4349_1967 MN 9712 Sale 9712
20 Mar'32
83
9212
lst & ref 44
lit sinking fund Se aeries A 1945 AG "ifs 14
894 52
1971 FA 87 Sale 86
14
13
4
5512 89
Phila & Reading C & I ref 55_1973 i1 5512 Sale 5512
23
Warner Bros Pict deb 6s_ _ _ _1930 NI
57
14
1112 Sale 1014
80
53
82
B 32 Sale 32
Cony deb 8s
Warner Co let Se with warr_1944 * 0 ____ 587 60
37
95
1949
Apr'32
8
45
82
ID 523 Sale 523
*0 _
Phlillps Petrol deb 54s
Without warrants
85
55
4
1939
4
5612 65 Mar'32
Pillsbury F1'r Mills 210-yr 66_1943 A0 9512 Sale 9512
Warner-Quinlan Co deb 6s...1939 MS 15
96
131 94 101
1612 1512 183s 8
92
78
Pirelli Co (Italy) cony 7s. _1952 MN 7814 82
Warner Sugar florin lot 70_1941• D loo 101
81 May'32
100
7
99
Warner Sugar Corp let 7s__1939• J
712
712
2
80
89
Pocah Con Collieries let tf IM '57 3,
'
3
Stamped July 1931 coup on '39
80 Mar'32
712 6 Feb'32
80
80
Port Arthur Can & Dk de A_1953 FA -.-- 653 70 Feb'32
4
Warren Bros Co deb (le
1941 MS a24 Sale 24
28
31
let M tie series B
1953 FA
Wash Water Power s f 88_1939 31 100 -- 10114
104 Mar'31
10114
1
557
Port Gen Eleo let 4 H11 aer C _1960 MS 4312 Sale 4312
49
Westchester Lig Si etpd VA 1950 J
101 "i5r2
10212 Sale 10212 10314
9
85
988 Welt Penn Power tar A 5a..1045 MS
4
Poniard Gen Eleo lit Si._ _ A935
80
90
91
2
85
102
18
100% 102 101
16
4212
Porto Rican Am Tob cony Ss 1942
16 Sale 16
19
lot 51 series E
30
1983
99% Sale 994 100% 74
15
39
Poeta; Teleg & Cable coil 56_1953 .1
1718 Sale 1512
' 10014 Sale 9938 10114 45
B
1st sec 56 aeries 0-17% 46
56
794 Western Electric deb 58_1944 AO 895 Sale 89
Premed Steel Car cony g 5a_ _1933
10
60
72 Apr'32
91
56
8
9114 09
Pub Sart El &0 let & ref 4;0'67
,
973 Sale 973
8
8
9914 74
' 55 Sale 5112
3
Western Union coil trust 181_1938
553
3 10
A 963 Sale 963
91
983
8
1st & ref 430
1970
4
4
973
4 30
Funding & real est g 430_195^ MN 50
51
2
51
56
let & ref 41
83
93
1971 A
87
8712 874
893
4 40
15
-year 614
1936 P A 54 Sale 5278
623
4 17
4 8 ‘78
1
Punta Alegre Sugar deb 7e._1937
478 Jan'32
25
-year gold Si
4612 20
1951
4312 Sale 434
Pure 011 s 84% notes
1937 FA 715 Sale 7112
654 76
8
75
31
4414 57
30-year Si
1960 M
42 Sale 4O1
Sf5
62
73
1940 MB 69
7012 6912
notes
71
57
Westphalia 17n El Power 60_1953 J J
1514 41
8
137 Sale 1378
79
Purity Bakeries it deb Es.....1948 J J 55
55
62
55
56
2
4212 43
Wheeling Steel Corp 1st 534e 1948 ii 4118 sale 40
Radio-Ksith-Orpheum part paid
let & ref 434. series B_ _ _1953 AO 3318 41
3214
334 26
51 10412 White Eagle Oil& Ref deb 514e'37
51 Sale Ed
otls for deb 8s & corn elk_ _1937 U N
51
2
Remington Arms let tf 14-1937 M N ____ 597 68 May'32
8534
67
8
10012 2-1
4
993 101 100
With stock parch warrants _ _ _
8012 5414 White Sew Mach 61 with warr '36
Rem Rand deb 594. with war '47 M N 3012 Sale 3012
3512 49
812 May'32
47
84
Repub I & 10-30-yr 58 s I_ _1940 A 0
47
50
8% May'32
8
16
5
Without warrants
30
61
Ref & gen 6345 series A...1953 J I 30 Sale 30
3112 16
912 May'32
5
15
1940
Panic • f deb 68
493 56
4
Revere Cop & Brass es_July 1948 M B 52 Sale 52
312 Feb'32
535
8 14
Wickwire Spencer Bt'l let 7e 1935
164 Al
1948 J J 1712 Sale 1614
Rheinelbe Union•f 711
2
19
118
118
18
1 18 3
Chase Nat Bank..
Sap
1412 30
14
RbIne-Ruhr Water eerlee 61).1953 J J
112 8
174 1412
177
8 10
134 Dec'31
it(Nov 1927 coup on) Jan 1935
6812
28
Rhine-Westphalia El Pr 7e...1950 M N 23
28
27
285
8 13
114 50
118
112 114
Ctt den Chase Nat Bank.
21
45
1952 M N 2118 Sale 21
22
Direct mtge eis
22
65
80
Apr'32
50
Willye-Overland of 6 Ms._ _ A933
183 613 Wilson & Co let 25-yntl 66_1941
4
4
183
4
19
20
Cons M es of 1928._ _ _ _1953 F A
21
18
74
21
72 Sale 72
185 404
8
21
66
Con M Seat 1930 with war 1955 A 0 20 Sale 18%
1944 M N
3 17
4
Calif Se
5
8
10
43
a714
Richfield 011 of
712
6
51
Youngstown Sheet & Tube 5s '78
51 Sale 48%
5
143
4
412 912 54 May'32
Certificates of depoelt_-____ M N
1970
51
47
51 Sale 4914
1st mtge s f 15/1 ger B
Mllw El Sty & Lt 1st Sc B-1961 ID
let mtge 5s
1971 II
Montana Power lst be A...._1943• J
'
B
Deb Si /series A
1962
Montecathal Min & Atria—
Deb 7s with warrants
1937 ii
'
I
Without warrants
Montreal Tram let & ref 5s__1941 J
Gen & ref s f St series A___1955 AO
Gen & raft I 5e ser B
1955 * 0
Gen & ref e f 4 Ms ser 0_1955 AO
Gen & ref•f 5e tier D
1955 AO
Morris & Co late!4 Ms_ __ _1939 J J
Mortgage-Bond Co 4e Bar 2 1966 AO
Murray Body 1st 6 Ms
1934 ID
Mutual Fuel Gas let gu e 58-1947 MN
Mut Un Tel gtcl 8s ext at 5% 1941 MN
4
r Cash sale. a Deferred delivery. 4 Union 011 5e series C 1935 sold on Jan. 5. 81.000 at 73 "deferred delivery "
Rana.,
Since
Jan. 1.
Low
2618
92
90
11105
39
99
923
4
55
20
78
30
75
77
37
50
40
78
35
58
25
5712
47
47
32
114
91
85
62
50
40
98
5012
82
44
78
71
7114
593
4
0
14
42
27
56
1312
282%
870
78
5914
951s
28
28 1i82
4031
913 9912
4
4,3
61
87 10012
8 'a
9
1
66
89
9734 1027
8
9612 1033
s
67
9312
9912r102
84 "
15
9
28
112 8
3
8
1%
9814 103
9512 10112
40
63
8
897 102
714 83
37
6012
19
1393
4
91
84
93
79
4212 68
944 9912
3314
99
12
4912
10
40
22
62
1004
26
85
10
5212
51
5412
9912
99
9814
31
9212
292
09
88
623
8
22
32
79
8
135
147
8
1012
71
101
1013
4
10118
48
101
9812
80
9912
93
40
5912
8412
32
3012
3014
a693 927
4
2
"23"
56
6312
97
9812
1212
10
80
9111
97
10314
49
4772
30
1
10
92
45
9614
75
10
14
95 8
,
69 4
3
100
13
22
'20
22
1012 '28
1012 40
56
60
60
66
1512 32
974 103
712 712
6
6
21
50
953 10112
8
100 10514
2
96% 1027
9712 102
96 r102
89 10212
5112 8614
80
49
50
97
30
75
35
724
137 27
8
40
30
77
65
lit
3t
793 92
4
72
8512
41
45
72
72
Volume 134
Financial Chronicle
3957
Outside Stock Exchanges
Boston
Stock
Exchange. ReCOTd
-
of transactions at
the Boston Stock Exchange, May 21 to May 27, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Railroad
Boston & Albany
100
Boston Elevated
100
Boston & Maine
let preferred alms A stpd
Prior preferred stamped_
Boston & Providence_ _100
Eastern Mass St Rs CoAd1
100
Preferred B
lot preferred
NYNH&Hartford_ .100
Old Colony
100
Pennsylvania RR
50
Miscellaneous
Amer Continental Corp__.
AmericanFounders
American Pneumatie1st preferred
Amer Tel & Tel
100
Amoskeag Mfg Co
•
Bigelow Sanford Carpet •
Preferred
Boston Personal Prop TrBrown Durrel Co
East Gee & Fuel Ann
Common
•
634% Prior preferred 100
5% cum preferred __APO
Eastern SS Lines corn. _
Edieou Elea Ilium
100
Employers Group Aesn_ _
General Capital COrP----•
Gillette Safety Razor
•
Greif Brothers
Hygrade-Sylvania Lamp_ _
Preferred
Intl Button-11°1e Mach._ _
Kidder Peabody
100
Libby McNeil & Libby_ _
Loow's Theatres
25
Maas utilities Ammo• e_•
ergenthaler Linotype 100
New ling Equity corn
New England Public
New Eng Tel & Tel__100
Pacific Mills
100
Shawmut Assn T
•
Stone & Webster
•
Swill & co new
•
Torrington Co
•
I(stun Twist Drill
United Found Corp oom__•
United Shoe Mach Corp.25
Preferred
25
Warren Bros Co new
•
Minine-Calumet & Sleds
25
Copper Range
25
East Butte Copper Min_10
Preferred
100
Island Creek Coal
1
Mohawk Mining
25
New River Co pref
North Butte
Old Dominion Co
25
Pond Creek Pocohontas Co
Quincy Mining
25
Utah Apex Min
5
Utah Metal & Tunnel_
76
15
14
7%
5
81
76
644 66
6% 7
15
15
121
121
14 14
214 24
3
4
634 9
20
51
7% 9%
24
4
34
92%
7
7
91% 9734
1% 234
6% 834
60
60
6% 8
1
1
4%
2%
52%
39%
7
13534 13534
is
431
12
1234
8
1191
48
9
9
10
1
734
734
1%
28
12
1
82% 81%
3
4
4
544
94
934
29% 29%
7%
35
31
30% 30
30
30
2%
39%
134
1 Si
10
414
34
25c
114
144
12c
85
10%
10
15
18c
15
414
313
45e
250
115
415
Range Since Jan. 1.
Low.
High.
76
May 130
t*244 Apr 78%
10
6
15 14
5 121
10
50
41
907
157
1,58
1,157
30
125
7,812
105
114
10
50
150
Jan
Jan
May
28
May 62
May 135
.90
235
3
6%
50
734
Jan
Jan
Feb
Mar
131 Jan
May
3
Feb
May
Jan
6
May 31% Jan
May 100
Jan
Stay
2354 Jan
131 Apr
% Apr
64 Mar
14 Jan
4
May
14
Feb
91% May 1854 Feb
1% May
44 Feb
631 May 22
Mar
60 !May 70
Jan
0%Way 12% Feb
1
May
3 Slay
4%
54%
40
7%
142
6
12
14%
8%
13
48
9%
10
1
834
134
28
12
1
86
6
415
74
10
30
8
%
31
304
234
280
103
301
100
1,239
642
200
939
50
100
10
16
1
10
120
3,350
20
10
170
1,173
335
469
739
2,366
3,819
195
1,450
2,616
166
455
24
52%
39
5
126
4%
10%
10%
8
11
48
9
10
May
10
May 64
Apr
70
Apr
10
May 205
May
11
Mar 204
Jan
21,14
May 104
Apr 244
May
75%
Jan
931
May
15
Feb
Jan
Jan
Feb
Mar
Jan
Mar
Mar
Apr
Jan
Jan
Apr
Jan
701
134
28
12
1
81%
3
Jan
8%
May
231
May 53
May
18
Apr
9
May 118
May
11
May
7%
May
1511
Slay 20
May 82
May
13
May
214
Apr 404
Apr 82
Apr
7
May
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Apr
Jan
Jan
Jan
Mar
Feb
Feb
2
1%
12e
85
10%
10%
15
22e
67
1,590
1,400
75
25
412
5
2,050
20
135
1.533
268
1,000
1% May
1)4 Apr
100 Feb
85
Jan
10% May
10
May
15
may
180 May
% Apr
434 May
34 May
40c Apr
54 Jan
04
5
%
45e
30c
Bondsmoskeag Mfg Co 6a1948
48
59 818,000
ChM Jot & Un Stkyde 4e '40
81
81
2000,
53
1940
86
86
1,000
E Maas Salty ter A 434.'48 27
27
2735
4,000
Series B 5s
1948 27
27
2934 3,00(1
New Eng Tel & Tel 8. 1933 100% 10034100% 4,000
Pond Crk Pocohantas 7s '35 60
60
60
12,000
Swift & Co 5s
1944
97
97
2.000
• No par value. z Ex-d "'Mend
4
5%
935
29%
731
31
30
80
46
79
86
1734
20
994
60
97
3%
144
14c
85%
1535
18%
15
600
Jan
Jan
Star
May
Jan
Feb
May
Jan
Jan
8% Jan
231 Jan
60c
Feb
450
Feb
Apr 6534 Mar
Apr 85
Mar
May
95
Jan
Jan 814 Mar
Jan 3151 Mar
Jan 100% May
May 85
Jan
May 100% Apr
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, May 21 to May
27, both inclusive, compiled from official sales lists:
Stocks-
Par
Friday
Sales
Last IWeek's Range for
Sale
ofPrices.
1Veek.
Price. Low. High. Shares.
Abbott Laboratories cona..• 22%
Allied Products class A _ _
4
Amer Pub Fiery Co Pret 100
Associates Invest corn__ •
'issoc Tel & Tel class A_ •
Ais00 Tel URI Co corn_
•
Bandit A vlatien
4313
Dints M fit Co cony ore!A •
I slums Inc cony pref
Borg-Warner Corp eoro.10
4
7% preferred
100
Brach & BOWIE J com_ •
BMW Co(EL)common..•
23-4
Butler Brothers
20
134
Canal Const cony pref_ _a
Illinois Sec Co com_.•
Cent
3-4
Convertible preferred. _•
Central Ill P 5 pref
• 15
Cent Pub Serv class A _ _*
GentS W UtIl corn Dew_ •
•
Preferred
Prior lien eumul pref •
InvestorsChicago
•
Cony preferred
Chicago Itys part ctfs i 100
8
Chic Yellow Cab Capital._•
3313
Cities Service Co corn....'
*
Club Aluminum Uten.
Commonwealth Edison- 100 6034
Cont'l Chicago corn
••
Common
104
Preferred
5
2%
Cord Coro
Corp Sec of Chic allot etf •
Crane Co preferred -.100
•
Curtis Lighting coin
*
Decker (Alf) & Cohn
El Household ITtil cap_ _10
22% 23
4
4
5% 534
41
4134
10
10
134 134
434 5%
1% 2%
334 3%
334 4%
50% 51
5
5
24 244
14 1%
114 2
34
34
8% 894
15
28%
34
35
5.11
Range Since Jan. 1.
Low.
200
300
50
100
20
150
5,300
320
50
7,550
50
100
200
950
40
750
450
260
550
550
84
100
May
May
May
May
May
May
May
Jan
May
May
May
May
May
Apr
Apr
Jan
May
19
May
34 May
yi May
4
May
9
Apr
8
8
3% 3%
31
31
59
64%
200
10
1,350
6,150
450
3,650
11%
1
8
34
3.‘
51
10% 114
24 214
3-4
31
23%
18
3
3
1% 1%
231 3
6,800
1,100
5,800
100
190
120
20
500
% May
10% May
24 May
34 Apr
18
May
3
Jan
1
Feb
25-1 May
22%
4
5
41
10
1%
4%
134
33-4
3%
50%
4%
2%
1%
34
4
High.
144
15
69%
314
64
44
55
May 1734
Apr
5
May 13
May
614
1
MaY
Apr 122
251
21
811
4
64
5
13-4
8
Empire Gas & El 634 p1100
7% preferred
100
FitzSim & Con D & D com•
Goldbiatt Bros common._'
Great Lakes Aircraft A-•
Great Lakes D & D
•
634
Greif Bros Coop'ge A
*
8
Grigsby Grunow Co corn_•
34
Hall Printing Co corn...10
Harnischfeger Corp corn...
334
Hart-Carter cony pref.- •
Hormel & Co COM
• 11
Houdallle-Hershey Corp
Class A
•
•
Class B
Illinois Brick Co
25
Insull Uttl Invest Ine__--•
3-13
Iron Fireman Mfg v t c--•
3
Kalamazoo Stove cons_ ___*
6
Katz Drug Co common.-1
Kellogg Switchlid com__10
Preferred
100
Libby McNeil corn
10
Lindsay Light corn
10
McGraw Electric cont.- -•
cWilliams Dredging Co_
Marshall Field & Co com •
er & Mfrs Sec cl A
•
Metrop Ind Allot ctfs
12
Middle West UCH new-.
34
86 Conv pref A _
Midland United Co oont_.•
Convertible preferred--•
Slielland Utilities Co
-6"?' prior lien pref.. _.i00
77: prior lien
100
Nf°dine Mfg common_ _ _ _*
5
Monroe Chemical pref__. 22
0
Common
2%
Muskegon Motor spec A_ _•
3%
Nat Else Pow A cony_
•
Nat Secur Inv Co corn.
.1
6% preferred
100 274
National Standard coin
•
Noblitt-Sparks Ind com--•
North Amer Car Corp cam.
Northwest Bancorp cow _ 50
Northwest Eng common__•
24
Nor West Util pr lien p1100
7% Preferred
100
Oshkosh Overall corn
•
Parker Pen Co coin
10
Penn Gas & Elec A com_ *
Panes Wintertront corn.. •
Polymet Mfg common_ •
Process Corp corn
•
3
Pub fiery of Nor Ili
Common
•
Common
100
6% preferred
100
7
% Preferred
100 66
Quaker Oats Co
Common
•
Preferred
100
Railroad Shares common.
Rath Packing coin
10
Reliance Mfg pref
100
Ryerson & Son corn
•
Seaboard 1:701 Shares Corp'
Shaler Co class A
•
Signode St'l Strap pfd__30
Southern Union Gas eora_•
St Louis Nati Stkyds cap *
Standard Dredge pref-- •
Super Maid Corp corn*
Swift International
15 14%
Swift & Co
25
934
Telep B'd & Sh 1st pref.100
Tenn Prod corn
•
Thompeon Co (J R) corn 25
II S Gypsum
20 14%
Preferred
100
S Radio & Telev com__•
6
Utll & Ind Corp corn....'
34
Convertible preferred..'
Vortex Cup Co corn
•
Class A
•
Wahl Co corn
•
Walgreen Co common.._'
9
Ward (Nionta) & Co A...'
Waukesha Motor corn
•
Wisconsin Bank Sha com.10
Zenith Radio Corp corn..'
Range Since Jan. 1.
Low,
High.
1834
2834
7%
10
35
631
8
14
7
3%
331
11
18%
2835
731
10
35
7
84
34
74
3%
334
11
.50
50
100
100
300
750
140
1,200
300
50
100
50
1844 May
25
Apr
May
9% May
4 Mar
614 Apr
8
May
h Apr
6
Apr
3% May
331 May
11
May
42
45%
16
19
231
1344
1234
134
1114
5
54
15
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
6
1%
4
34
2%
6
18
2
30
1
6%
3
3
331
1%
12
31
2
11
1%
6%
200
134
150
4
300
2,150
31
3
200
6%
150
1834
150
2%
100
30
70
1% 1.600
180
735
200
3%
334
600
4
350
134
50
12
100
34 21,000
2
300
1,350
1
14
100
44 Apr
14 May
4
Jan
14 Apr
2% Apr
6
Apr
1714 Feb
34 Apr
25
Apr
54 May
5
Apr
3
May
3 Slay
331 May
144 May
12
Apr
3-4 Apr
2
May
31 May
131 Apr
114
4
54
64
5
1034
22%
3
40
4%
10%
554
1014
13
6
16
7
54
514
1594
Afar
Mar
Jan
Jan
Jan
Feb
Man
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10
3
40
22
19
4
2
3
4%
204
214
3%
May
Apr
May
Apr
May
Ma}
Jan
45
50
Jan
12
Jan
324 Feb
434 Feb
10
Feb
1
3.4
27313
9%
1034
234
94
2%
834
2
144
4
5
I
Apr
Apr
May
May
Feb
Apr
May
May
May
May
May
Apr
Apr
May
Mar
Apr
12
Jan
2
Jan
45
Jan
20% Jan
15% Mar
Jan
214 Jan
Feb
8
Feb
60
55
Jan
2
Ma
5% Jan
7% Ma
64 Jan
Jan
1
44 Jan
2
2
5
534
5
5
22
23
2% 3
394 a%
1%
34
1%
274
9%
1014
2%
911
211
811
351
114
4
51-5
1
11
3
14
274
10%
11%
214
10%
24
83,1
334
114
4
53.4
1
34
331
5
5
850
600
300
200
550
200
10
10
10
50
200
150
250
1,200
47%
48
6131
60
4831
48
64
73
100
50
20
150
70
102
34
144
75
5%
4
544
5
14
36
134
11
14
911
40
1%
9
1414
95
5%
.11
311
64
154
14
814
50
20
2
34
74
103
!
,
4
154
75
614
670
40
300
150
10
200
1,100
34
514
5
100
34
36
2
20
131
10
11
1514 16,00
10
13.900
40
4
130
14
30
94
154
1,70
95
400
75
615
1.100
/1
4%
900
7
100
150
1514
50
34
994 4,070
50
50
20
60
234 2,750
150
34
Bonds
Chicago City Sty 5s_ _1927
3934 40
$2,000
Chicago Rye
1st 5s
1927
41q 4194 22.000
Certificates of deposit_ __ -----39
3934 22,000
• No par value. a Ex-dividend. y Ex-rights
h
3
414 Apr 125
41
Apr 115
60
Apr 10411
May 114
60
Jan
Feb
Jan
Jan
May 103
Apr 1074
Apr
1%
1734
May
May 85%
May 104
May
154
Apr
534
May
8
234
May
May
36
Apr
33.4
May
3
May 2534
19
May
May 95
11
May
Feb
15%
May
25
May 114
Ma
1234
134
Jan
Slay 11%
Apr 144
Slay
234
Ma
14
Apr
1154
73
Slay
Apr 34
6
Apr
May
14
Mar
Mar
Jan
Feb
Star
Jan
Jan
Apr
Jan
Mar
Slay
Jan
Jan
Mar
Mar
Jan
Feb
Mar
Mar
Feb
Jan
Jan
Feb
Jan
Jai)
Jan
Jar
,
Jan
Jan
Jan
Jan
70
984
%
1434
75
54
%
544
44
3.4
36
1
13
9%
40
14
84
1434
95
5
%
354
6
15
4
84
50
20
2
34
34%
Apr
45
25
35
Apr
Apr
50
50
Jan
Jan
Jan
Mar
Jan
Jan
Toronto Stock Exchange.
-Record of transactions at
Jan
Jan the Toronto Stock Exchange, May 21
to May 27, both inJan clusive,
compiled from official sales lists:
Jan
Feb
Friday
Sales
Mar
Last IWeek's Range for
Range Since Jan. 1.
Jan
Sale
ofPrices.
Week.
Jan
StocksPar. Price. Low. High. Shares.
Low.
High.
Jan
Jan Abitibi Pr & Paper corn...
1
1
110
1
May
34 Mar
Apr
6% preferred
100
3
3
3%
120
Slay
3
10
Mar
Jan Atlantic Sugar common...*
2131 22
210 194 Apr 25
Apr
Jan Beatty Bros common_ _ _ _•
5
5
5
200
5
May
104 Apr
Jan
Preferred
100
46
48
60 46
May 60
Apr
Jan Bell Telephone
100 824 81
894
881 81
May 119
Feb
Feb Brantford Cordage tat p125 194
1911 19%
270 174 Jan 20
Mar
Jan Brazilian T L & P con...'
8%
814 9%
1,833
834 May
144 Afar
Jan
C Packers pref
100
4
4
50
4
May
644 Apr
A
•
16
1814
83 16
May 244 Mar
Jan Building Products A
• 1014
10
104
69 10
May 20
Mar
Jan Burt, F N Co, corn
25 184 18% 19
385 184 May 32
Jan
Mar Canada Cement corn_
"
314 314
10
34 Slay
Mar
7
Jan
Preferred
100
32
32
10 30
Apr 66
Jan
Feb Canadian Canners corn__•
34
3
4
91
3
May
531 May
Jan
Conv preferred
•
444
444 514
444 may
525
9
Apr
Can Dredg & Dk com
•
734
754 8
7% May
85
17
Mar
Jan Can Gen Elec corn
50
120 120
25 120
May 179
Apr
Jan
Preferred
50
53
54
45 5211 May 59
Mar
Jan Can Indus Alcohol A_
•
75e 80e
160 75e May
194 Jan
Jan Can Locomotive ord_ _100
1
1
10
1
May
134 Apr
Jan Can 011 common
•
8
814
154
8
May
13
Mar
Jan Can Pacific Sty
25
844 11%
4,604
93.4
844 May 22% Mar
May Cockshutt Plow common_•
4
4
45
4
May
6
Feb
Jan Consolidated Bakeries.. _•
514 6
325
5
Mar
8
Jan
31% Jan
6%
50
54
544
124
18%
5%
434
124
80
74
Id
214
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
29
27
Cons Min & Smelting_ _25 28
100 146
145 147
Consumers Gas
334 334
Cosmos Imp Mills corn_ •
8
8
Crow's Nest Pass Coal_100
15
16%
Dominion Stores corn_ _ -• 15
7
634 8
Ford Co of Canada A._ _ _•
1
H
General Steel Wares corn _5
76
74
Goodyear T & H pref_ _100 75
2% 234
234
Gypsum Lime & Alab___•
1%
1
Elude & Dauche Paper--*
90% 90%
Internat Milling 1st p1.100
435 534
4%
.
'
Internat Nickel corn__ _ _ 5
65
60
Kelvinator of Can prat-100 60
34% 34%
Laura Secord Candy com_5
9%
9
9
Loblaw Groceterias A__-.5
8%
8
8
235 2%
234
Massey-Harris common535 5%
•
Moore Corp common_
65
65
100
A
72
72
100
1%
1%
Mulrheads Cafeterias corn
Range Since Jan. 1.
Low.
636
70
25
20
127
1,446
20
130
60
300
12
8,043
315
25
735
180
65
10
10
4
25
Mar
Jan
Jan
Jan
Mar
Mar
Feb
Mar
Feb
Mar
Mar
Jan
Feb
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Feb
35%
10
634
52
13
134
12%
21%
3
235
9%
1634
67
Apr
May
Mar
May
Apr
May
May
May
May
Apr
Apr
May
May
66
19%
10
70
5535
3%
23%
29
7
551
12
1834
70
138
138
142
173
241
129
May
May
May
May
May
May
191
194
193
225
274
149
BondsElec & Peoples tr ctfs 4s '45
Ctfs of deposit
Interstate Ry 45
1935
Keystone Tel 5s
Tula Ei(Pa)lst 455s ser '67
1971
1st & ref 4s
1966
1st 5s
Phila Elec Pow Co 5345 '72
20
20
15
67
98%
89
10234
102
Jan
Jan
Feb
Jan
Jan
May
May 186
9
May
3
3
5
Jan
May
55
65
5
25
64
65
242
95
10
1,133
12,277
160
100
Banks
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
138
138
142
173
242
129
140
142
148
175
24234
147
158
15
54
10
42
56
149
9
150
9
4 149
10
9
5 No par value.
-Record of transactions at the Toronto
Toronto Curb.
Curb, May 21 to May 27, both inclusive, compiled from
official sales lists:
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Brewing Corp common_ _
5
Preferred
._°
Canada Bud Brew corn.
•
Canada Malting Co
Canada Vinegars corn-- --*
5
Canadian Wineries
Cosgrave Export Brew_ _10
Distillers Corp Seagrams_•
•
Dominion Bridge
10
Dominion Motors
Dufferin Pay & Crushed
100
Stone, pref
*
Hamilton Bridge corn_
•
Honey Dew common_
Tobacco ord..-- 5
Imperial
Montreal L & P Cons..•
Power Corp of Can corn-5
Robert Simpson prof_ _100
Rogers Majestic
Service Stations corn A- *
Shawinigan W & P
Stand Pay & Mat pref-100
Thayers Ltd pref
Toronto Elevators com *
Oils
•
British American 011
Crown Dominion 011 Co *
5
Imperial 011 Ltd
International Petroleum.•
McColl Frontenac Oil corn.
Supertest Petroleum ord.•
100
Preferred A
Union Natural Gas Co_ _.•
Range Since Jan. 1.
Low.
High.
10
1
2%
3%
10%
1%
35
3i
1
1
755 7%
1034 11
9% 1055
1
1
2% 234
334 334
10% 101,4
1%
1%
.5
5
165
315
200
20
200
685
142
5
%
1
6%
10
9%
1
2%
3%
10
1%
May
May
Apr
Apr
May
May
May
Apr
May
May
1
Mar
355 Jan
Jan
1434 Mar
Mar
16
254 Jan
3% Mar
Jan
13% Apr
Feb
5
6%
30
28
2% 2%
1
1
634 7
40
205
5
487
28
2
H
634
May
Apr
Apr
May
45
7
334
8%
26%
8
77
255
3
1034
30
17
10
498
70
10
100
365
135
65
30
35
1
25
8
3
934
17
10
834
2
8
1034
1234
90
2
25
734
77
234
3
935
29
17
10
834 9
2
2
934
8
11%
10
8% 954
13
12
90
90
234
2
9
Feb
Feb
Feb
Jan
2,16
5
3,06
1,25
84
10
1
5
May
May
May
May
May
May
May
May
May
38
8
77
4
7
33
46
18
13
May
May
Apr
Apr
Apr
May
May
May
1134
3
10%
11%
10%
1855
98
5
Stocks-
Stocks-
25
30% 20,500
1,000
8
7
375
99% 10635
1.200
34
Si
1%
900
1%
800
11
11
45
20% 20%
483
16% 1855
33,4
1,700
3
30
9554
93
19
20%
1,700
2,200
21
25
7% 5,500
6
754 2,100
7
1
300
1
154 5,100
154
7% 934 6,700
SO
21% 25
60
9234 93
28
27
1,500
75
24
25
400
2%
2
300
5% 5%
30
255 2%
200
16% 20
100
35
Si
400
234
2
100
31
25
19
31
30
2
7
7
1-16 1-16 1,000
10
1-16 1-16
1,40
12%
10
13% 1631 45,20
10
82
82
Feb
Jan
Apr
Jan
Feb
Apr
Apr
Apr
Range Since Jan. 1.
Low.
635 16
36
1
415
22 111
40 1335
66 14
707 4534
10 103%
15 100
53 9334
134
10
82 24
332 2834
3
166
High•
2
634 Mar
May
Mar
Apr
May
May
May
Apr
Jan
May
May
Jan
May
Apr
4%
11634
2055
20
6855
11154
107
100
4%
2934
8535
755
Jan
Feb
Mar
Jan
Mar
Jan
Jan
Jan
Feb
Feb
Jan
Mar
8
1034
634
83.4
20
2114
5355
155
5%
Feb
Apr
Apr
Jan
Mar
Jan
Jan
Mar
Jan
98%
63.1
9
9734
9854
98
25
10
48
7
634
30
183.4
May
Apr
May
May
May
May
May
May
Apr
May
Jan
May
150
104
206
1,077
80
786
126
105
2,240
1
835
534
235
1735
12
3934
30c
2%
may
234
1
1035
6
2%
1834
15
40
34
3
Bonds
Baltimore City
4s sewerage inapt_ _1961
1958
4s concult
45 3d sew ser(coupon)'58
1957
4s harbor serial
4s 20 P St B (coupon)1947
Balt Tr No Dalt Div 5%'42
Georgia & Ala Con 5% ____
Monongahela Vail Trac___ -----Wash Bait & Annap 58 1941
Trust (ctfs)
United Ry & Ni 1st 68_1949 1534
1949 1534
1st 4s
95%
9555
9755
9834
98
25
10
48
7
634
1534
15
9534
953,4
9734
9854
98
25
10
48
7
634
1754
16
$200
100
1,000
1,200
2,000
1,000
2,000
2,000
1,000
1,000
3,000
15,000
90
95
9755
9655
98
25
10
48
5
5
15%
15
Jan
Apr
May
May
2%
14
3954
Feb
Feb
May
Apr
Apr
May
May
May
may
May
May
May
Apr
Mar
may
May
• No par value.
-Record of transactions
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange, May 21 to May 27, both
inclusive, compiled from official sales lists:
Range Since Jan. 1.
Low.
Jan
Apr
May
Apr 29
May 2835
Mar 17
May 70
Jan 91
May 104
Feb 104
Jan 105
1
10
6
23.4
1734
14
3954
3fic
234
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, May 21 to May 27, both
inclusive, compiled from official sales lists:
25
American Stores
7
Bankers Securities Corp pf_
Bell Tel Co of Pa peel. 100 99%
•
Budd (E G) Mfg Co
Budd Wheel Co
Camden Fire Insurance... -----onsol Traction of N J.100
Elec Storage Battery-100
10
3
Fire Association
Horn & Hard (Phila) Corn •
Horn & Hard(NY)
Insurance Coot N A....10 21
6%
Lehigh Coal & Navigation_
Lehigh Valley
Mitten Bank Sec Corp pf_ _
---134
Pennroad Corp
50
Pennsylvania RR
Parma Salt Manufacturing. 21%
Phila Electric of Pa $5 pref
_25
Phila Elec Pow pref_
Phila Insulated Wire
2
Rapid Transit_ -50
Phila
50
554
7% pref
Phila & Rd Coal .Sc Iron...
Philadelphia Traction.._50 --17 Railroad Shares Corp
10
Reliance Insurance
Scott Paper
Tacony-Palmyra Bridge_
Telephone Security Corp pf
Tono-Belmont Bevel__ .1
1
Tonopah Mining
50 10%
Union Traction
United GaS Impr corn new 4, 13%
5
Preferred new
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Mfrs Finance corn v t_ _25
25
1st preferred
25
2d preferred
Maryland Cas Co
Monon W Penn PS pref_25
New Amsterd Cas Ins
.
Pen na Water & Power_ _ _*
United Rys ds Electric...50
US Fici & Guar new__ -10
• No par value.
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High Shares.
20 $13,500 20
1,000 20
20
2,000 1434
15
3,000 6634
67
9834 7,000 87
26,000 89
90
10334 45,600 100
1,000 100
102
1955
17
• 17
Arundel Corporation
11
11
Atlantic Coast Ln(Conn)50 11
2
2
2
*
COM
Black & Decker
112 11254
Chas & PotTel of Balt pf100
1334 1335
Commercial Credit
14
1434
25
Preferred 13
Consol Gas,E L & Pow _ --5 4535 4535 5134
10434 10455
ser D..100
6% preferred
100 100
555% pref. wiser E_100
9335 95
100
5% preferred
134
•
134
Eastern Rolling Mill
24
24
24
Emerson Bro Seitz A w I_ __
2835 33
50 29
& Deposit
Fidelity
354 5
Finance Co of Am class A__ ------
Mar
Jan
Mar
May
Jan
Jan
Jan
Jan
2
734
9%
7
12
90
2
High.
7
6
5
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, May 21 to May 27, both inclusive, compiled from official sales lists:
Jan
May
May
Mar
Jan
Feb
Mar
Mar
Mar
9%
Low.
254 Apr
3
May
May
5
• No par value.
Stocks25
7%
77
2%
3
954
29
17
10
Range Since Jan. 1.
10
200
400
3
3
5
US Dairy Prod corn Cl B_.
Westmoreland Inc
West Moreland Coal
Jan
Mar
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Mar
Feb
May
May
4355
10
7
52
20
2
1335
2354
3
3
9%
18
68
Loan and Trust
Canada Perm Mtge__..100
Economic Inv Trust__ _50
High.
May 75
May 166
5
May
May 13
May 20
May 16%
May
2%
May 9335
5
May
2
May
May 97
May 11
May 90
Apr 39
May 10%
May 1035
4%
May
May 10
May 93
May 97
2
May
42
10
7
52
15
1%
13
21%
3
2%
9%
16%
67
100 138
lii
100 142
100
100
100 129
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares
27
2
3%
8
15
6%
34
74
234
1
903(
434
60
33
9
8
255
534
65
72
1%
• 42
-Hershey Tubes corn.
Page
Photo Engravers & Elec--*
Pressed Metals common..•
Russell Motor pref._ _100
Simpson's Ltd pref__--100 15
134
Stand Steel Cons com_ _ --*
• 1355
Steel Co of Can corn
25 2134
Preferred
3
*
Tip Top Tailors corn
•
234
Walkers G'd'ham Worts..
*
934
Preferred
* 1634
Weston Ltd Geo corn
100 67
Preferred
Stocks-
May 28 1932
Financial Chronicle
3958
High.
May 36% Feb
25
Apr 10% Jan
7
Mar
99% May 113
55 Apr
234 Jan
434 Jan
154 May
11
Apr 14% Jan
Feb
2034 May 22
1635 May 3334 Feb
9% Jan
May
3
Apr
May 150
93
Apr
19
may 34
Apr
May 40
21
May 14% Jan
6
6% May 1755 Jan
3% Feb
May
1
3% Jan
13,4 May
7% May 22% Jan
Jan
21% May 36
Apr 9835 Mar
91
Jan 38% Feb
25
Jan
22% Apr 28
6% Jan
Apr
2
Jan
5% May 18
5% Feb
2% May
May 2835 Jan
20
5% Jan
35 Apr
Apr
3% Jan
2
25
May 4234 May
May 3834 Apr
30
Jan
Jan
7
7
55 Feb
1-16 Apr
35 Jan
1-16 May
May 1735 Jan
10
13% May 21% Mar
Mar
May 94
80
Sales
Friday
Last Week's Range for
1Veek.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Ark Nat Gas Corp com_ •
10
Preferred
Armstrong Cork Co corn_ •
*
Blaw-Knox Co
Columbia Gas & Elea com *
10
Devonian 011
Independent Brew corn_ _SO
Lone Star Gas
5
Mesta Machine
Pittsburgh Brew corn _50
50
Preferred
25
Pitts Plate Glass
Pitts Screw & Bolt Corp..*
Standard Steel Spring....
United Eng & Fdy com__•
5
-.
West'house Air Brake..
Westlaouse El & Mfg _ _50
Unlisted
•
Mayflower Drug Co
Penroad
Western Pub Ser v t c____•
1
4
634
4
6
7%
1334
234
12
9%
1955
13.4
3
Range Since Jan. I.
Low.
may
14
3
6
1354
1035
24%
210
273
58
346
2,238
250
20
3,816
260
10
10
1,687
405
404
470
1.439
2,300
1
335
3%
4
634
4
2
3%
6
334
6
13%
2%
554
12
9%
1935
10c 204
155
I%
254 3
6.000
126
1,635
100 May
1.35 Apr
2% May
335
334
4
634
4%
2
37%
6
5
734
13%
235
6
12
934
1935
154
4
4
234
435
714
May
May
May
May
Mar
Jan
Apr
May
Jan
Feb
May
May
Apr
May
Jan
May
High.
255 Mar
534 Feb
Jan
10
Mar
Mar
16
May
7
Jan
3
Jan
19% Mar
Jan
6
955 Apr
Mar
20
Jan
4
1055 Jan
23% Jan
1634 Feb
27% Mar
20c
2
5
May
Apr
Feb
• No par value.
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, May 21 to May 27, both inclusive, compiled from official sales lists.
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
5
5
Allen Industries prat
53-4
•
555
Apex Electrical Mfg
1654
15
1554
City Ice & Fuel
94
93
Cleve Elec 1116% Pref_100
39
39
Cleve Ry Ms of dep._ _100
3
3
Cleve Worsted Mills corn.•
355
335
Cleve & Sandusky Brew100
355
3%
Commercial Bookbindlog_.
2435 2434 26
Dow Chemical corn
4
4
Enamel Products
20
20
Fed Knitting Mills corn
48
47
Firestone T & R 6% pf_100 47
6% 7%
7
T & Rubb cam.'
Goodyear
834
834 9
Greif Bros Cooperage cl A •
4
4
10
Halle Bros Co
2
2
•
2
Ilarbauer corn
135
1%
India Tire .1, Rubber corn •
13% 14%
Interlake Steamship corn •
8%
8
Kelley Island L & Tr coin •
331 3%
Lamson Sessions
735 734
Medusa Cement
135
1
•
Mohawk Rubber tom_
34
34
35
Lighograph corn.'
Morgan
4
4
Murray Ohio glanfg cora •
1%
10
National Acme corn
4% 4%
National Refining corn. 25
2154 2154
Nineteen Hund'd Corp CIA*
•
6
6
Brass B
Ohio
50
50
100
Preferred
2
2
Ohio Confection class A..'
17% 1851
1734
Richman Brothers corn..
50
25
703
156
180
100
55
100
365
so
100
220
160
200
100
75
55
699
115
100
15
245
100
125
25
15
100
100
12
200
182
Range Since Jan. I.
Low.
High.
Jan
7
Mar
5
6% Apr
554 May
Feb
Apr 28
15
91% Apr 10334 Jan
Jan
Apr 43
35
4% Jan
May
3
Mar
4
234 Jan
435 Feb
335 Jai
Feb
36
24% May
454 Apr
3% Jan
20
May 23% Mar
May 56% Feb
47
6% may 1854 Mar
1354 Jan
8% May
Jan
7
4
May
6% Jan
May
2
Feb
5
1)4 Apr
Jan
13% May 26
1 May 15 Jan
Jan
7
334 May
735 May 12% Feb
235 Jan
Jar
1
34 May
55 May
5% Feb
Fe
4
335 Jan
May
1%
834 Feb
434 May
2154 MaY 24% Mar
Jan
13
May
6
May
May 59
50
Apr
2
Apr
1
Feb
17% May 31
Volume 134
Financial Chronicle
Friday
zales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
SelberlIng Rubber corn...'
Sherwin-Williams corn. _25
AA pref
100
Thompson Products Inc..'
Youngstown S & T pref 100
• No par value
1
134
2234 2434
81
82
3
334
20
20
1,550
494
77
450
54
Range Since Jan. 1.
Low.
1
21
81
3
20
High.
May
434 Jan
May 35
Jan
May 10034 Jan
May
9% Feb
May 47
Feb
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, May 21 to May 27, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Stocks-
Am Laundry Mach com_20
Amer Rolling Mill corn_ _25
Champ Coated Pap corn 100
CM Gas & Elea pre_ _100
CM Street Ry
50
Cm & Sub Tel
50
City Ice & Fuel
Eagle-richer Lead corn.
.20
Early & Daniel corn
•
Preferred
100
Hobart Mfg
Kahn Participating A. _40
Kroger corn
Procter & Gamble new._
5% preferred
100
U S Playing Card
10
U S Print & Llth Pref_50
• No par value.
9
3%
5335
65
11
2734
831
3%
125
74
9%
5334
15
3%
16
65
12
73(
11
26%
93
12%
6
10
5
125
75
10
54%
1534
331
16
68
13
7
12%
29%
93
13
634
Range Since Jan. 1.
Low.
1,001
8%
421
3%
30 125
233 74
351
934
259 50
16 15
250
3%
100 16
25 65
60 12
45
540 11
1,563 2534
10 91%
150 12
90
6
High.
May 17
May
12%
May 150
May 9034
May
1734
Apr 69
May 28
May
534
May
18
May 70
May 24
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Feb
Feb
Jan
May
18% Mar
Apr 42% Jan
May 102% Jan
May 24
Jan
Apr 10
Jan
Milwaukee Stock Exchange.
-See page 3934.
St. Louis Stock Exchange.
-Record of transactions
St. Louis Stock Exchange, May 21 to May 27, both at
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares
Stocks-
Bank & Trust
First National Bank. _20
Mere -Corn. B. & Tr
100
St. Louis Union Trust new
43
38% 40
90
90
45
4734
SfiscellaneousBurkart Mfg., pref
4
4
Coca-Cola Bottling Co...
12%
1231 1234
Corno Mills Co
1331 14%
• 14%
Internat'l Shoe common _ _•
3531 3531
Preferred
100 100% 100% 10234
Johnson-S.
-S. Shoe
13
13
Key Boller Equipment _ _ _• -.5
5
5%
Mo Portland Cement__ _25
5
5
Natl Candy common_ _ _
4
5
Rice-Stlx D. Gds. corn
2%
2
2%
Securities Inv.. pret___100
98
98
S'western Bell Tel. pfd_100 10531 105% 106
SUL Baer & Fuller corn _ _•
431 4%
Wagner Electric corn. __100
5
5
534
" No par value.
233
31
200
3959
We also give the record of transaction on the St. Louis
Stock Exchange for the period May 14 to May 20, inclusive,
received too late for publication last week. The figures are
compiled from official sales lists.
Stocks-
Friday
Antes
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Bank & Trust
First National Bank __20
St Louis Union Trust new.
40
50
Sr. Railway Bonds
United Railways 4,...1934
28
3831 May
90
May
45
Slay
4
65
may
12% May
161
60 13% May
20 35% May
74 100% May
50 12% Apr
71
5
May
180
5
Slay
210
4
May
190
2
May
10 98
May
233 105
May
50
4% May
685
5
May
40
50
73
50
200
656
35
10
5
52
137
15
87
1,100
57
25
53
161
815
120
May
May
49
67
Mar
Feb
2511' May 3631
1231 Slay 20
14
Slay
1631
Slay
6
834
65
May 65
45
May 56
2
May
3
3531 May • 4334
102
Apr 105
534 Feb
631
5
May 15
2
May
4
50
May 60
100
May 101
105
May 115
5
May
934
531 May
9%
100
May 100%
81,000
28
High.
2S
May
Mar
Jan
Mar
Jan
May
Feb
Mar
Jan
Mar
May
Feb
Mar
Slag
Feb
Mar
Jan
Feb
Mar
40
Jar
• No par value.
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, May 21 to May 27,
both inclusive, compiled from sales lists:
Stocks-
rrtaay
Ottlta
Last Week's Range for
Sale
Week:
of Prices.
Par. Price. Low. High. Shares.
Admiralty Alaska Gold_ _ _1
9c
Bagdad Copper
1 20c
Bancamerica-Blair
10
1%
High.
Corporate Trust Shares_ _ _ _
Fuel 011 Nfotors
31
10
Golden Cycle
10
9
49
Mar (II) Rubenste
in pref
•
431
110
Jan Huron Holding C
-D
1
34
67
Feb Intl Rustless
Iron
I
180
Keystone Consolidated _ I
Klidun Mining
• 1.55
6
Feb Macassa
Mines
1Sc
I
20
Jan Macfadden
Publications_ •
1631 Mar Mid
-Continent Pub Ser A.
634
4334 Jan Moss
Gold
25c
1
105
Mar Nati Liberty
Ins
2
15
Feb Petroleum Conversio
n_ _ _5
831 Jan Railways
.
15
Feb Rhodesian Select Tr_
_ _5 sh
9
Mar Royalties NItge
•
4
Mar Seaboard Fire A
101
Feb Shortwave & Televisio 10
n__1
34
115
Mar Siscoe Gold
1
94 Jan Super Corporations
1.85
B
Feb Sylvastre Util A
.
Tom Reed Gold
1
Western Television
1
134
York Penn Gas & UM__ _ _1
San Francisco Stock Exchange.
-See page 3934.
Los Angeles Stock Exchange.
-See page 3933.
Low.
522
5
Miscellaneous
Brown Shoe corn_ _ _ _ _ _100
27
30
Coca-Cola Bottling Co__ _1
1236 1234
Corno Mills Co ___
14
14
__"
Ely & Walk Dry Gds com25
6
6
1st preferred
100
65
65
2nd preferred
45
45
100
Hamilton-Brown Shoe_ .25
2
2
International Shoe com_ -•
3531 38
Preferred .....100 10234 10234 10234
Marathon Shoe coin....25
6
6
Mo Portland Cement_ ..25
5
6
Rice-Stlx Dry Gds com___•
2
2
234
2nd preferred
50
100 50
50
Securities Inv pref
100 100
100
Southw Bell Tel pref___100 10531 10534 106
Stlx, Baer & Fuller coin-.
5
531
Wagner Electric com_ _.100
531 6
Preferred
100 100
15 100
Range Since Jan. I.
Low.
40
50
Range Since Jan. I.
Bonds
St Louis & s WRY 5s w 190
18
Range Since Jan. 1.
Low.
High.
7c
200
131
1.45
4
9
434
34
18c
20
1.55
I80
234
5
240
2%
131
534
31
31
2
34
50c
1.85
%
14c
1
134
140 19,500
70 May
200
2,500 20c
Apr
SOO
1% Apr
134
1.50
400
1.45 May
4 1,500
31 May
9
100
9
Apr
531
400
431 May
34
400
34 May
25c
8,500 180 May
4c
2,500
20 May
1.85 1,900
1.55 Feb
21c
9,000 I8c May
234
100
234 May
631
1,100
5
Mar
25c
1,500 24c May
24
200
231 May
231
500
131 Jan
200
531
4
Jan
4
500
31 May
100
31
31 Jan
2
200
2
May
31 9 5
. 00
% May
50c
1,000 50c May
1.85
100
1.85 May
35
200
% May
15c
1,000 14c May
131 8,100
34 Mar
700
IN May
236
23c Feb
70c
Jan
231 Jan
2.36 Feb
4
Jan
1131 Jan
1031 Mar
134 Mar
42c
Feb
250
Jan
3.00 Apr
37c Mar
5
Feb
134 Jan
40c Mar
434 Mar
331 Feb
8% Apr
131 Feb
4 Feb
434 Jan
2
Jan
700 Mar
1.85 May
34 Slay
48c
Jan
234 Jan
2% May
15
18
18
530.000
15
May
Slay
• No par value.
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a comple record
te
of the transactions on the New York Curb Exchange for
the week beginning on Saturday last(May 22 1932)
and ending the present Friday (May 27 1932). It is compiled entirely
from the daily reports of the Curb Exchange itself,
and is intended to include every security, whether stock or bonds, In
which any dealings occurred during the week
covered.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Week Ended May 27.
Stocks-
Indus. & Miscellaneous.
Adams Mills lot pre!___100
Aero Supply Mfg class
Air Investors cony pf
Ala 01 Sou RR pref._ _50
All Amer Gen Corp
20
Allied Mills Inc
•
kluminum Co common...*
6% preference
100
Aluminum Onods Mfg__ •
Amer Austin Car Co Inc..
Amer Beverage
Amer Capital Corp
Common class 11
•
$5.50 prior Prof
•
$3 preferred
Amer Corp common
•
3
22%
234
34
3%
6731
34
2%
13
8
3
22%
3431
8%
Its
234
6734
25
100
51
234
100
15
40
8
100
334 1,300
24%
1,350
35%
250
934 3,700
Si
.
300
234
100
31
34
41
31
231 331
34
H
200
1,600
200
100
Range Since Jan. 1.
Low.
6734
34
234
13
8
214
22%
34
8%
31
234
High.
May
May
May
May
Apr
Apr
May
May
May
Jan
Jan
81
234
4%
40
9
4%
6134
67
104
he
234
Jan
Feb
Jan
Mar
Jan
Jan
.1110
Jan
Jan
Jan
Jan
31 Jan
31
May
2% May
31 Mar
1
314
814
31
Apr
Feb
Mar
Jan
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares
Bellanca Aircraft v t
Beneficial Indust Loan.._'
•
Bliss(E W)common
Blue Ridge Corp oom--- •
6% opt eOns
,
Bouriols Inc corn
•
•
Bridgeport Machine
Brill Corp class A _____ •
Bello Manufacturing
-.
•
Class A
Bulova Watch pre!
•
Brit-Amer Tobacco Co Ltd
Am dep rcts ord bear elk
British Celanese Ltd
Amer deo rcts ord reg._ _
Burma Corp
Am dep rrts reit
Butler Bros
20
Amer Cyanamid corn 13..•
2% 2%
231
300
2% May
534 mar Cable Radio Tube v t c •
Amer Founders Corp....'
2,200
31
31
34
14 Apr
14 Jan Carnation Co common_ __•
.thier ilardwarc Corp...25 14%
14%
14
300 14
Apr r2234 Star Centrifugal
A mer Investors corn B. •
Pipe
•
14 1%
700
14 May
3% Jan Chain Stores Stocks Ine--•
Am Laundry Mach com.20
834 934
525
9
834 May
17
Jan Cities Service common__ •
Amer Maize Products_
100
10
•
10
9
Apr 13
Mar
Preferred
Amer Manufacturing pr100
45
25 4234 Feb 45
45
Jan
Preferred
Amer Phoenix Corp
•
2
100
3
3
Jan
3
May
Preferred B B
Amer Transformer Co._ _ _•
•
2
2
1% Jan
2
25
3
Mar Claude Neon Lights
Amer Yvette Co com
1
•
200
31 May
31
31
131 Feb Cleveland Tractor com_ - *
Anchor Post Fence
•
1
1
200
1
Feb
134 Jan Cohn & Rosenberger
Apponaug Co common_ *
•
1934 1931
100 1934 May
29
May Columbia Pictures corn.
Armstrong Cork corn__ •
3
334 334
400
Stay
9
Jan Consol Retail Stores
Art Metal Works
•
•
1% 131
100
134 May
24 Apr Cooper Bessemer Corp
Associated Elea Indu.s33 pref A with warr__100
Amer deo rcts ord Slia. Cl
2% 231
100
231 May
4
Mar Cord Corp
Atlantic Coast Fisheries_
34
100
14 Mar Gorroon & Reynolds corn.'
fi
34 Slay
Atlantic Securities
•
a2
234
334 Jan
200
2
Apr
$6 cony pref A
Atlas Utilitlee Corp oom_.•
•
4%
4% 5% 20,500
7% Mar Crocker Wheeler Elec. •
44 Jan
23 preferred
• 33
33
34
3,000 s33% Feb 36
Mar Crown Cork Interest Cl A.
Warrants
1% 1%
yi May
300
2
Jdn Cuneo Press Inc corn
Aviation Securites
•
7
7
100
6% May
634%preferred with
9
Niar
Automatic Vol Mach com•
134 2
13,000
34 Feb
24 May
warrants
100
Babcock & Wilcox
100
a35 a35
4 3234 May
45
Mar Davenport Iloselry Mills _*
Range Since Jan. 1.
Low.
18
31
1%
731
31
84
1%
31
1714
1%
34
1
414
18
6%
13% 1331
8%
100
31
34
84 8% 11,100
1%
134
300
300
%
18
19% 11,800
700
1% 1%
300
36
34
131
300
434 5
900
18
2034
300
634
300
731
124
200
100
14
934
3%
30
21
4
231
174
134
34
9%
235
4
331
30
24
21
34
134
334
4%
36
14
14
Jan
34 May
16
Feb
Jan
Feb
Mar
Mar
Jan
Feb
Jan
Jan
Slay
Jan
Slat
14 Feb
100
600
114
31
Apr
Apr
500
31
12
700
100
234
4
300
3% 60,900
35
2,200
231
100
25
80
1,500
A
134
200
334
100
434
100
125
35
31
9%
2
4
3.3.1
29
214
20
4
14
334
4%
May
May
Slay
May
May
May
Apr
May
Mai
Slay
May
May
Apr
131
18
4%
64
6%
63%
05
45
1%
334
334
334
2%
114
7%
131
1%
1434
May
May
Apr
Jan
May
Jan
May
/
1
4
9
84
24
18
531
2%
19%
Jan
Jan
Mar
Mar
Jan
Slay
Mar
60
9
Slay
Slay
65
14
Mar
Jan
3% 331
231 2%
1%
10
10%
131 2
2
1434 1434
60
9
High.
Slay
1%
Feb
1114
May
434
May
24
Jac 27
May
4%
Apr
1%
Jan
134
May
634
20
May
Apr e12
60
9
100
3,300
800
500
1,200
300
700
100
100
36
1% Max
24 Jan
2
Mar
Jan
Feb
Jan
Feb
Mar
Jae
Mar
Jan
Jan
May
Slag
Mar
•al
3960Financi Chronicle
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par. Price. Lois. High Shares.
•
536
Deere dr Co common
•
. 1)e Forest Radio coat_
•
r Detroit Aircraft Corp_
Dixon (Jos) Cruclble_100
•
134
. Dochler Die Casting
Cow Chemical Co com__ • 24
10
Driver-Harris corn
. Dubilier Condenser Corp.*
•
. Durant Motors Inc
Duval Texas Sulphur_ '
•
Eastern URI Inv class A.
1
•
Eisler Elec Corp
•
+ Elea Power Assoc com_
3
•
Class A
Electric Shareholding corn •
•
86 cum pref w w
Emerscn's Bromo-Seltzer
•
Common A
Fairchild Aviation cora_ •
100
Fariardo Sugar
5
•
Federated Metals
5
Flat Amer dep rein
10
Fire Assn of Phlia
New w I
FlIntkote Co class A corn_'
Ford Motor Co Ltd3
Amer dap rcts ord rag_ Xi
634
Ford Motor ot Can el A__•
* 12
Class B
Foundation CoForeign shares class A__•
•
Fox Theatres cam A
Franklin (II II) mfg corn_*
5
534
A
'4
51
31i
32
32
134
131
24
2434
351
331
A
°to
5is
318
31
51
51
51
1
1
231 331
331 334
134
154
2434 3031
2,100
600
500
10
200
500
200
300
200
600
200
1,000
2,400
2,600
600
300
24
24
1
1
1034 1134
431 5
5
534
334 334
1134 113/4
134 1%
100
100
700
600
700
100
100
100
334
635
12
1435
1%
51
66
351
3534
835
155
51
%
134
234
831
934
431
4934
Jan
Jan
Feb
Jan
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
24 .
31
1054
434
5
334
1134
134
May
Apr
May
May
May
May
May
May
30
1
1634
6
751
834
13
4
Feb
Jan
Feb
Jan
Feb
Feb
May
Mar
3
6
12
May
May
May
834 Jan
Mar
18
Mar
25
700
1,000
400
3
6
12
354
51;
1
High.
431 Apr
A May
31 Jan
May
32
I% May
May
24
334 May
314 Apr
% Apr
51 May
31 May
Jan
1
254 May
254 May
134 May
2451 May
8,000
2,300
76
331
'is
1
Range Since Jan. 1.
Low.
3,000
300
Feb
2
34 May
Jan
1
4
134
2
Apr
Jan
Jan
Jan
May
3
331
Apr
Jan
34
2
•
234
23/4
General Alloys Co
2
2
234
General Aviation Corp_ •
Gen Elea Co (Gt Britain)
May
6
334 Mar
635 3,700
6
6
Am dap rate ord rag ..,81
Jan
654 May 16
400
655
03/4 634
General Empire Corp ____•
51 Mar
51 May
100
51
55
*
General I.cather corn..
1% Jan
51 Mar
he 1,300
A
34
Equip pt.°.
Gaul Theatres
May 2236 Jan
7
7
1,200
•
8
7
Glen Alden Coal
351 Apr
400
434 Jan
334 351
Globe Underwriters, Inc. •
may
5
May
5
100
5
5
*
Golden State Ltd
334 Jan
1'% May
10,800
134
134
13/4
Goldman-Sachs TratlIng„.
H Feb 8-16 Jan
300
34
31
31
Gold Seal Electrical CO.
May 1234 Mar
9
300
9
936
9
Gorham Mfg corn v t c__•
Mar
1,500 1131 Apr 17
13
12
•
Graymur Corp
50 20 May
20
4236 Jan
20
Pay Station_ •
Gray Teiep
GS Atl & Pao TeaJan
340 10334 May 150
10336 104
Non vat cow stock...* 105
Feb
May 8118
630 112
112 115
7% first preferred___ 100 112
151 Jan
51 May
31 6,500
55
31
Grocery Stores Pr corn vie'
255 May
100
236 May
234 231
Guenther(R) Law (R). •
Mar
4
300
236 Apr
231 251
•
Hall Lamp Co
255 May
200
734 Jan
254 251
•
Hazeltine Corn
85.1 Feb
531 Apr
100
611 651
Hayden Chemical Corp_10
Jan
May 21
200 18
18
18
Hires (Chas E) ci A coin,*
Jan
May 29
600 19
21
19
•
Horn & Hardart corn
7,300
434 Apr 1154 Mar
5
4%
435
Hydro Electric Securs____•
Jan
4
251 May
700
251 254
2%
•
Hygrade Food Prod
Imp Tob of Cr Brit & Ire400 1234 Jan 1431 Apr
1355 14
Am deo refs for ord 511541
Jan
6
34 May
100
Le
34
Insult Utility Investment_•
Mar
May 40
2534 2,500 20
20
Insurance Cool No Ano_10 21
251 Jan
A May
400
A
gi
Insurance Securities _10
Jan
May 30
600 15
1834
15
• 15
lot Cigar Machinery
Apr
1
31 May
100
31
31
51
Int Holding & Invest_ _ _ _•
5% Feb
23/4 Apr
100
231
251
251
Int Safety Razor el B.....•
13e Feb
1,700 z5-16 Apr
716
718
z34
Interstate Equities com__•
Feb
Jan 12
600 10
103-4
10
• 10
33 eonv prof
7
6
Apr
•
Jan
6
200
6
6
Hosiery
Interstate
Jonas & NatunburgApr
3
151 May
100
135
131
$3 cum cony prof
•
fl Klein (D Emil) corn
Kleinert (L B) Rub Co._ "
*
Knott Corn corn
Roister 13randes Ltd£1
American shares
Kress (8 U) special prof 100
Lackawanna Securities__•
Lercourt Realty Corp.._ _ _•
•
Preferred
•
Lillian Coal & Nay
Libby Mc N dt Lib corn_ _•
Louisiana Land & Expior_•
•
Mapes Consul Mfg
alavls Bottling corn A___5
Mayflower Associatee____•
•
Mead Johnson & Co
Merritt Chapman & Scott.
Mock-Judson Voheringer *
Murphy(CC) com______•
•
Nat Amer Co Ino
•
National Aviation
Nat Bancservice Cori).- .
Nat Bond & Share Corp__•
Nat Dairy Prod prof A_100
•
Nat Investors corn
100
5 A ,,,, preferred
•
Nat Service Cos corn
•
Cony part prof
•
Nat Sugar Refining
•
Nat Union Radio corn_
100
Neisner Bros prof
Newberry (J .1) Co coat__•
100
7% preferred
New York Shipbuilding
*
Founders shares
6
Niagara Share of Md
Class 13
Niles-Bement-Pond Co__•
Nitrate Corp of Chile(Cosach) Mrs for ord13-Noma Elect Corp com_ •
, Northam Warren pref _ •
; Northwest Engineering- •
5
011stocks Ltd new
Outboard Motors•
Class B common
Pan Amer Airways Corp..'
Paramount Motors Corp-.
•
Parke, Davis & Co
Parker Rustproof com_ *
Patterson Sargent corn......*
•
j Ponder (D) Groc cl A_
•
Class 13
•
Pennroad Corp 00in VI 0100
Pepperell Mfg Co
100
l'et Milk Co prof
10
Philip Morris Inc
25
Class 4
Phoenix Securities com _ •
•
Cony prof class A
*
Pierce Governor Co
Radio & Tube el A •
Pilot
Pitney-Bowes Postage
•
Meter
Pitts & Lake Erie RR.. _50
Pittsburgh Plate Glass-25
1055 API'
33e Apr
Jan
4
1
1
10
10
19
1934
154 154
634 634
5% 7%
I
1
1
*is
A
2934
29
31
34
34
2034 2034 2055
3234 3434
231
151
154
251 29,6
20
18
18
1
1
31
3
351
3
31
31
18% 1934
1831
95
88
88
134
134
1854 20
35
34
34
5
854
1934
19
55
55
634 634
14
13
13
68
67
67
200
300
700
100
100
1,600
1,500
1,300
200
800
800
200
500
100
300
1,500
2,700
100
2,100
1,000
500
100
100
400
300
100
25
600
100
1% Mar
Feb
1
Jan
10
Jan
10
1634 Apr 2954 Feb
Apr
7
May
1
634 May
1834 Feb
531 May
1234 Jan
Jan
4
May
1
4 Jan
55 Mar
Feb
May 43
29
% Jan
31 May
2034 May 2851 Jan
mar
3231 May 61
134 May
234 Feb
Apr
3
255 May
Apr
May 23
18
13e Feb
31 May
334 Feb
28* Jan
3% Feb
31 Apr
1854 May 2334 Feb
Apr
May 101
88
151 May
854 Jan
May
1534 Apr 20
34 Jan 13-16 Jan
851 May
5 May
19 May
2334 Jan
13e Feb
35 Apr
634 May 2234 Mar
1734 Feb
13 May
May 7934 Feb
67
1%
6
451
531
700
800
100
3.800
its
311
2
2
2834 30
23i 236
11
4
451
1
10
19
131
651
134
431
55,
,
196
434
451
554
251
•
.s
Polymet Mfg Corp com_ •
•
Pratt & Lambert
•
Prudential Investors
*
16 preferred
Public Utility Holding Corp
Corn without warrants
•
53 cum prof
Warrants
_10
Pyrene Mfg Co com
•
Quaker Oats Co corn
•
Radio Products corn
Reliance Internal corn A_•
•
Republic Gas
10
Reybarn Co Inc
Reynolds Investing com_ •
•
Roosevelt Field Inc
•
Rossla Internal Corp•
Royal Typewriter
•
Ruberold Company
St Regis Paper Co com_10
100
Preferred
Seaboard Util Shares coin •
Securities Allied Corp_ _ _•
Seeman Bros common_ ___•
Segal Lock dr Hardware_.•
•
Selberling Rubber Co
Selected Industrlee com_.•
•
15.60 prior stock
Allot ctfs full pd unstpd_
Sentry Safety Control •
Solon Leather common_•
•
Sheaffer(WA)Pen
Shenandoah Corp cam_ •
i0
6% cony pref
Sherwin Williams Co _25
Silica Gel Corp corn v t ci_•
loo
Singer Mfg
•
Sisto Financial Corp
Smith (A 0) Corp corn_....'
Spanish & General Corp
Am dep rein ord reg__ £1
Spiegel May Stern pf100
*
Stahl-Meyer Inc
•
Standard Cap & Seal
Standard Invest cony pf--•
StrombergCarlsonTelMfg*
Stroock (8) &Co Inc-- *
•
Sluts Motor Car
•
Sun Investing Co
.
7
$3 cony preferred
25
Swift & Co
15
Swift International
Syracuse Wash Mach B__•
Jan
15
434 Feb
534 Jan
200
3,400
200
11
4
4
3%
14
10
134
1434
13-4
194
1%
34
1336
3%
14
22
10
1434
57-4
134
23%
80
236
143-4
31
9
134
131
1%
25
14
236
Apr
May
May
May
551 Feb
6 May
May
6
834 Jan
100
1,000
400
100
1-16 May
Apr
2
2731 Jan
234 May
A Jail
351 Jan
37% Mar
634 Jan
100
231 May
251 May
1,200
34
1334
200
900
434
100
14
150
23
100
10
200
15
300
6
1'% 13,400
100
2451
10
80
300
,
255
100
143-4
200
55
700
9
100
13-4
600
134
2
25
14
2,100
100
200
154
1
455
53,4
51
A May
1631
1251 Jan
651
35-4 Jan
1134 Apr 19
May 55
20
May 1851
10
15
1455 May
6
Jan
3
331
151 May
2334 May 3634
May 90
80
255 Apr43.4
149i May 1555
A,
II, Jan
9
Apr1034
Mar
13.1
1
331
I
May
1% May
May
25
133/4 Apr
May 28 1932
Sales
Friday
Last Week's Range for
1Veck.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Feb
Mar
Feb
Jan
Mar
Jan
Jan
May
Mar
Mar
Feb
Jan
Jan
May
Mar
Jan
Jan
334 Mar
4731 Jan
1934 Mar
234
'is
112
234
31
le
le
136
34
431
24
35
31
3334
3234
251
34
6
80
%
43/4
1836
9
1451
•
Taggart Corp
it e
TastYeast Inc class A __ __ •
34
•
Technicolor Inc corn
Tobacco & Allied stocks--•
Tobacco Prod (Del) new
Tabacco Prod Exports__ •
•
Todd Spipyards
134
Transcont Air Transp___•
Trans Lux Daylight
1
Plot Screen common_ _•
Trl-Cont'l Corp warrants
-- -----Triplex Safety Glass
Am deo rct ord sh roe Cl
•
Trunz Pork Stores Inc
Tubize Chatilion Corn-Common B vot Sr egallts.
33-4
Tung-Sol Lamp Works_ _ ..•
Union Amer Invest com_•
*
Union Tobacco Co
United Dry Docks com__•
%
United Founders oom___•
United Milk Prod Corp_ •
lot)
7% cum pre
United Profit-Sharing___ _•
United Shoe Mach corn- -25
United Stores Corp v t c_•
•
U S Foil class B
U S Financial Holdingwith warrants
U S dr Internal Securities
•
A
Common
• 10
let prof with warr
Utility Equities cam __•
•
Priority stock
Utility & Indus Corp p1_•
3%
6
Vick Financial Corp
•
Vogt Mfg Corp
•
Walgreen Co corn
(11) Walker Good'm &Wort
•
Common
•
New preferred
Western Air Express ...10
Western Cartridge 6% pt._
Western Maryland Ry7% let preferred_ _ __100
West Tablet & Stat v t c_-•
*
Westfield Mfg Co
Williams (R C) & Co.._....5
•
Wilson-Jones Co
Woolworth (F W) LtdAmer dep rats tor aril she
4934
18
2031
High.
Low.
A Apr
10
May
251 May
May
52
134 Jan
Jan
19
534 Feb
6555 Mar
31
51
10
1036
234 3
54
52
300
600
1.100
250
51
134
51
131
1-32
251
70
1
%
%
%
°to
34
31
254
14
131
20
A
431
24
A
1
31
28
2834
341
2
10
A
6
21
34
75
4
1235
51
May
6
Apr
8-32
Apr
251
Apr
May 102
3
Jan
155
May
%
Apr
134
Jan
1.,
Jan
134
Apr
1
Apr
May
854
May 38
May
834
May 50
May
134
734
May
29
May
2
may
4
May
May
134
Apr s42
Jan 4534
1
Apr
3
Jan
May 20
2
Apr
May 1234
Jan 3451
Apr
134
May 184
551
Apr
May 59
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Jan
May
Mar
Fel
Feb
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
234
70
2
%
%
74
%
1
A
23e
14
136
20
31
434
24
34
1
51
32
3234
31
251
10
le
6
2331
55
75
4
1254
251
71
235
%
%
Le
34
1
A
334
18
234
20
%
5
25
ii
134
34
34
34
ho
234
11
35
73/4
%
235
31
81
4
1551
1,500
1,000
1,400
100
280
1,600
300
4,700
11,100
200
1,300
200
800
1,500
8,200
10
200
3,900
1,300
3,000
400
6,200
1,500
3,600
2,300
100
200
300
3,500
125
1,300
2,140
400
250
51
1934
6
255
451
6
3
9
1
1834
9
1334
134
31
1931
6
234
434
5
3
1031
151
1934
10
153-4
23e
300
100
100
200
150
100
200
700
200
400
8,800
4,700
800
34
1934
6
251
451
5
3
9
1
1836
9
13
2
Jan
May
May
May
May
Mar
Mar
May
May
May
May
May
Feb
34 Jan
Mar
30
May
6
2351May
954 Mar
9
Feb
451 Jan
1334 Jan
231 Jan
Jail
24
Mar
22
Mar
26
Jan
3
1
1
55
'le
1
54
4
157 1634
1
35
55
10
1034
134
151
200
2,500
1,700
400
1,100
200
900
200
May
Apr
May
May
May
Mar
May
May
Feb
31 Jan
334 Jan
Mar
24
A Jan
34 Mar
183e1 Mar
334 Jan
A
1
nil
900
1,200
Apr
1
34 May
234 Jan
34 Feb
534
9
53/4
951
900
300
451 Jan
May
9
634 Mar
1051 Apr
1%
33-4
634
H
51
%
51
134
394
651
1,200
200
100
134 Feb
334 Jan
634 May
'Is Jai
54 May
34 May
55 May
Mar
10
% Apr
3051 May
51 Apr
23/4 May
534
634
9
he
31
234
1
12
134
4034
31
4
Max
Mar
Mar
Jan
Jan
Jail
Jan
Fel)
Jan
Mar
Jan
Feb
he
134
131
liff
hi
1
10
31
3054
51
234
'll
h
100
400
51
% 41,800
100
51
175
10
100
31
250
3134
300
54
1,400
251
51
%
155-4
he
Ti,
10
I%
4
54
700
51
Apr
51
Aly
A
g
14
10
1
7
34
33
33
4
4
334 4
231
,
235
600
700
400
50
100
2,400
100
51
10
51
33
4
33-4
231
Jan
May
Apr
May
May
Jan
May
34
30
234
4954
1134
434
5
Jail
Jan
Jan
Feb
Feb
Mar
Feb
93e
1,300
8% Apr
1134
Jan
236 235
835
s831
531 534
4934 5131
200
200
100
400
234
835
5
4955
May
Apr
May
Apr
334
834
831
5354
Apr
Apr
Mar
Mar
20
18
10
10
831 834
651 651
554 63-/4
50
100
100
200
300
18
10
834
034
,
555
May
May
May
May
May
2651 Jar
Jai
15
Mar
15
103-4 Mar
1054 Mar
934
3,100
714
Jan
103/4 Ma
51
9
235
z851
Range Since Jan. 1.
934
Public Utilities
Jai
May 85
40 47
55
47
Alabama Power $6 pref- •
Jai
May 93
10 62
62
62
•
$7 preferred
183/4 1854 3,500 1784 Apr 283 Ma
Amer Cities P & L cam A 50 1834
Mar
3
34 ki ay
4,600
1
31
%
•
Common B
Jan
1
34 Jan
1,100
34
%
%
Am Com'w'th Pow eom A•
H Jai
A Mar
200
H
A
•
Class 11
Ma
150 7251 May 88
7251 7431
_100
Am Dist Tel NJ 7% pf.
Ma
5
136 Apr
134 2,800
134
134
Amer & Foreign Pow wan.
8931 Jan
1636 May
29,300
1634 24
Amer Gas & Elee coin__ _• 1635
Apr 8851 Mar
100 70
7251 7234
•
Preferred
Jan
24
May
4,600 12
15
12
25 12
Amer L & Tr cons
Jan
Apr 26
100 18
18
18
25 18
6% preferred
43/4 Jan
13-4 May
134 1'% 16,30
194
cam •
Am Superpower Corp
6234 Mar
May
3,300 39
43
39
• 39
First Preferred
Jan
May 42
500 10
1154
10
• 10
86 turn oref
Feb
7
% May
200
%
le
Assoc Gam & Elea corn _ •
431 Jan
9,80
134 Apr
134 2
174
Clue A
Jar
Apr46
100 21
2251
22
2254
58 Int bear allot ctfs____
rJai
Apr 11
5
300
53-4
534 53i
$1.60 lot bear allot errs__
30 Jan
1 1,000
1
lit Mar
Warrants
200 1255 May 1251IMaY
1234 1234
•
Assoc Tel $1.50 prof_
151 May 1134 Jar
200
151
•
131
Assoc Telep Mil corn
Ma
200 100 May 112
100
100 103
Bell Tel of Pa 6%% pref100
1334 Ma
734 May
734 83e 5,800
73e
Brazilian Tr Lt & Pr ord-•
May 2294 Feb
500 17
17
19
Buff Niag ct East Pr pf25
Canadian Marconi-See M arconi Wireless Tele g of Am erica.
Jan
100 1231 Apr16
13% 1354
Cent Bud (1 & E vot tr at•
334 Jan
z34 Apr
31 1,500
55
51
Cent Pub Serv class A_ ....•
25% Jan
34 May
31 2,100
°to
%
Cart States Elea nom_ _--•
1031 'Ma
434 May
50
431
431
431
100
. Cony pref
kia)
4
klay
4
25
4
4
4
100
Cony pref new
Jan
50 2674 May 50
32
32
,
Cities Seri P & L 8% Pf- •
Jan
350 3134 May 56
36
313-4
•
37 preferred
Feb
200 2234 Apr 30
• 2355 2355 2351
Cleve Elec Ilium com
Financial Chronicle
Volume 134
Friday
Sales
Last Week's Range for
Sale
Public Utilitie5
Week.
ofPrices.
(Concluded)
Par Price. Low. High Shares.
Columbia Gas & Elea
48
Cony 5% pref
Columbus fit Pow & Lt
100 60
6% lot pref
Commonwealth Edison 100 60
Com'with dr Son Corp
Warrants
31
Community Water Sery•
34
Consol GE L&P Balt com• 45
10 45
Duke Power Co
East Gas & Fuel Assoc- - -*
33.4
Eastern Sts Pow corn 13- *
East Util Associates nom.*
Cony stock
Edison El Ilium (Bos)__100 136%
ElsaBond&Share new comb
6%
184
$5 cum prat
2231
86 cum preferred
Elea Pow & Lt 2d pref A_.•
834
Warrants
Empire 13 & F 8% pt__100
7% preferred
100
100
631%.preferred
Empire Pow part Mock __•
7%
European El Corp warr_ _
Florida P & L $7 pref
•
Gen G&E $6 prat 13
5%
•
Gen Pub Serv $6 pref.. -Georgia Pow $6 pref
5131
Hartford El Light Co_ __25
Internal Super Power_ - •
Internat Utll class 13_
•
Interstate Pow $7 prat__ •
Italian Super Power A_ __*
31
Long laid Ltg nom
• 14%
7% preferred
100
Marconi Wirel T of Can__1
31
Nfas5 Utll Assoc corn vto •
Nfemphis Nat Gas eom •
Middle West HUI eom___•
Mohawk &Hurl Pow lot pf•
Mountain Sts Tel & Tel 100
Nat El Power el A
Nat P dr L $8 pref
• 44
Nat Pub Serv corn el A__ _*
134
New Eng Pow Aisne% preferred
__100 26
New flog Tel & Tel _100
N Y Pow & 14 7% pref 100 66
N Y Steam Corp com- •
N Y Telep 834% pret__100 10931
Niagara IIud Pow com__10
3%
New common w_15
Class A opt warrante___
31
Class B opt warrants---Class C warrants
Nor Amer Lt & Pow com_•
6
Nor Ind Pub Serv
pt100
Nor States Pow corn A_100 45%
7% preferred
100 50
Okla Nat Gas 635% Pf 100
335.
Pacific & 8% let pf_25 21
Pa Gas & Elea el A
Philadelphia Co coin
8
•
Ry & Light Securitles . 6
Shawinigan NVat & Pow....•
8
Sou Calif Edison
Preferred A
25
Preferred B
25
536% pre Manse O..__25
Sou Cob Power class A_25
So'west Bell Tel 7% pf 100
So'west 0 & E 7% Pfd.100
Standard P & L corn_
•
Class B common
Preferred
25
Swiss Amer Elee Vet-Tampa Electric common.... 20
Union Nat Gas of Can_ •
United Corp warrants____
United Gas Corp com___•
Prof non-voting
• 1235
Warrant('
Milted Lt & Pow corn A
2;4
$8 cony let prat
•
U S Eleo Pow with warr__•
35
11111 Power .fr Light
West Massachusetts
• 2435
Winnipeg Elec Co com_ •
--
----
Former Standard 011
Subsidiaries
Borne Scrymser Co
25
Che.sebrough Mfg
25
humble Oil & Reflning__25
Imperial 011(Can) coup_'
Registered
Indiana Plpe Line
10
National Transit_ _..,.12.60
New York Transit
10
Northern Pipe Line New..
Ohio 011 Co 6% prat_ 100
South Penn 011
25
Standard Oil (Indiana)_35
Standard 011 (Ky)
10
Standard Oil (Nebr)__ _25
Stand 011 (Ohio) com___25
Swan-Finch 0117% Pref_25
Other 011 Stock.
Amer Maracaibo Co
•
Ark Nat Gas Corp nom_ •
Class A
•
Preferred
10
[Wash Amer 011 (coup).*
25c
Carib Syndicate
•
Colon Oil Corp corn
Columbia 0 dr Gas•
1
Consol Royalty 011
Cosden 011 Co cornmon__•
•
GIN of deposit
Creole Petroleum Corp..'
Darby Petroleum 00m___•
Derby Oil& Rein com____*
Gun 09 Corp of Penns...25
Indian Ter Ilium Oil cl A_•
Class ll
Intercont Petrol Corp_ _5
•
internat'l Petroleum
•
Lion Oil ReinCo
•
bone Star Gas Corn
•
Michigan Gas & Oil
Middle States Petrol
•
Class A v to
o-Kanans Pipe L
Mountain Produeers___ _10
National Fuel Gas
New Bradford 011 Co__ - _5
Pacific Western 011
*
(MCorp corn_
Pander]]
Pantepeo 011 of Venez__ •
36%
634
6%
335
3%
-6531
12%
1734
10%
23
335
34
3-1
23-4
131
2831
93-4
3
34
Range Since Jan. 1.
Low.
High.
48
5231
340
48
May
90
Mar
60
59
60
6431
75
1,300
60
50
Slay 60
Apr 122
May
Jan
% 16,700
34 Apr
31
% Jae
%
300
34 May
34
134 Jan
45
1,500 45
52
May 69 34 Mar
45
525 45
4734
May 73% Jan
334 3%
300
3% May
8% Mar
g 1
500
34 May
3% Feb
17
183/
may 25
400 17
Jan
134 2
300
13.5 May
5% Jan
13635 13635
10 136% May 195
Mar
9% 65,900
6
may 32% Mar
6
17
2534 1,900 17
May 54
Jan
19
31% 3,000 19
Jan
May 62
7% 10%
450
Mar
734 Ma" 45
13.4 2
1,800
6
Jan
134 Apr
3134 3334
150 2531 May 52% Mar
2534 283.4
350 22
May 4634 'Jan
1734 1735
50 17% May 1735 Slay
7% Sze
SO
7% May 18
Mar
34 2,700
%
% AP
% Jan
3431 3431
25 3434 May 7951 Jan
431 0%
300
431 May 25
Jan
11
1234
110 11
Feb
May 50
225 5131 May 82
513.( 5474
Jan
37
37
25 37
Ma
5531 Jan
4
43.5
800
4
May 1234 Jan
1
1
800
1
Jan
May
3
1735 1831
60 17% May 52% Jan
%
600
% Mar
31
1% Jan
143.4 14% 1,300 14% May
19% Jan
7331 75
120 73% Ma
101
Mar
34
% 7,500
131 Feb
34 May
1% 1%
200
1% May
231 Jan
2% 2%
500
5% Jan
23.4 May
% 2,700
34 Apr
Jan
31
7
70
75
75 70
Jan
May 95
88
20 88
8931
Slay 105
Apr
134
131
100
14 Apr 10% Jan
43% 49
500 4331 May 72
Jan
134
100
Jan
134
9
13.4 May
26
87%
66
38%
109%
3%
10%
31
31
31
6
49
4531
50
3%
20%
5
734
6
8
550 26
30
May 5931
50 87% May 115
87%
75
7' 66
May 100
3831
100 3831 May
55
11034
275 108
Apr 114
36,200
4
736
3% May
300 1031 May
10.31
14%
5,900
1Inr
X Apr
300
334
31
X May
200
%
31
34 Apr
6
100
6
May
103.4
49
25 49
May 80%
48
1,200
4531May 83
50
100 50
May 9434
33.4
50
3% May
9
21
1,000 20% May 26%
5
200
May
5
634
6% may 17
8
600
6
25
Slay 20
6
9
500
May
8
10
Jan
Jan
Jan
Mar
Mar
Jan
Apr
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Slay
21% 23%
200 2154 May 2731 Jan
2034 20%
100 19% Apr 25
Jan
17% 18% 2,400 17% May
2234 Jan
531 6
200
2
Jan
Apr 15
103 103
50 103
Mar
May 115
36
37%
20 35
May 70
Jan
700
734 8%
6
Apr 20
Jan
8% 8%
500
634 Apr 20
Jan
25
20
200 20
May z67
Jan
31
31
350 30
May 5434 Mar
21
20
1,200 20
May 32
Jan
131 174
100
4% Jan
134 May
SOO
1% 1%
4
1% Apr
Jan
% 134 16,40
% May
2% Jan
4,50
1035 17
10% May 55
Jan
'Is
31 1,90
34 Jan
he May
1% 2% 9,900
1% May
8% Jan
1434 1534
600 143.4 May 53% Jan
34
44 1,000
31 Apr
124 Jan
31
34 2,200
% May
834 Jan
24% 2434
25 2434 May 3431 Jan
1%
1.
300
May
1
331 Mar
6
6
400
55
56
300
36% 3931 6,500
6% 8
7,500
6% 7%
200
3% 334
300
8% 8%
300
3
335
200
3% 4
400
65% 6531
200
1231 1234 2,500
17
18% 47,900
10 34 114 4,600
xiou z1031
300
23
24
350
1234 123.4
30
711
34 2,000
1
134
400
% 13.4 6,500
331 3% 1,700
73.1 731
300
300
%
31
100
34
34
800
35
5.4
1
1
100
X
34 2,600
900
34
31
234 2% 7,100
24 23.4
200
131
1%
300
2831 30% 4,800
234 2%
100
234 2%
100
800
31
31
9% 10% 12,400
114 2%
200
33( 434 2,600
100
31
31
14
3-4
31
31
234 331
9% 10%
31
37-'
31
31
510
74
100
400
2,000
3,000
600
600
200
30
6
55
36%
6%
6%
3
674
2%
3%
60
9%
13%
10
1035
1534
1131
Jan
May
May
Apr
May
Apr
Jan
May
Slay
Jan
Jan
Apr
Apr
May
Apr
Feb
634
90
49
9%
934
735
,
1034
4
431
76%
1434
19%
15%
19
28%
15
Feb
Mar
Mar
Mar
Mar
Feb
Feb
Feb
Jan
Mar
Mar
May
Mar
Jan
Jan
Jan
31 Jan
May
31 May
3% May
734 May
31 Jan
% Feb
34 May
1
Jan
31 May
31 Slay
1% Jan
1% Jan
1% May
25% Jan
234 Slay
234 Slay
1-16 Jan
834 !Apr
134 Apr
3% Apr
34 Jan
36
2%
2%
534
9%
%
34
1%
I%
1
34
234
235
234
35%
434
4%
34
10%
2%
93-4
2
Apr
Jae
Jan
Jan
Mar
Jan
Jan
Jan
Slay
Mar
Apr
Apr
Apr
Jan
Mar
Jan
Jan
Jan
May
May
Jan
Jan
32
35
2%
9%
%
:331
114
31
1% Jan
234 Jan
3
May
1311 Jan
Mar
83/ Jan
31 Jan
34 Feb
1
Apr
Apr
Apr
May
Jan
May
Jan
Feb
Other Oil Stocks
(Concluded)
5
Plymouth Oil Co
Pure 011C0 6% pret_100
Reiter Foster 011
•
Root Refining pr pref__ *
Salt Creek Consol 011_ __10
Salt Creek Prod Assn_ ..10
Southland Royalty
•
Texon Oil & Land
Union 011 Associates____25
Venezuela Pet
•
"Y" 011 & Gas Co
Mining Stocks
Bunker Hill & Sullivan_10
Fianna M'Kubwa Copper
American shares
Comstock Tun & Draln__1
Consol Copper Mines__ _5
Cresson Cons GI 51 & M.1
Cusl Mexican Mining.- --I
EVROS Wallower Lead...-.
Goldfield Consol Mines_10
Hecla Mining Co
25e
Hollinger Consol G M. __5
liud Bay Min & Smelt-.
Lake Shore Mines Ltd_ _1
25
New Jersey Zinc Co
Newmont Mining Corp.._I0
Nipissing Mines
5
Ohio Copper Co
1
Pioneer Gold Miles Ltd...1
Roan Antelope Copper
American shares
St Anthony 0 Mines
1
Shattuck Dann Nfining *
Standard Silver Lead_ _ _1
Teck Hughes Mines
1
United Verde Extens'n_50e
Wenden Copper Mlning 1
Wright Hargreaves Ltd_ -*
Bond.
Alabama Power Calla 5s
1946
let &ref le
1951
1st & ref 5s
1956
1st & ref 434a
1987
1st & ref be
1968
Aluminum Co.f deb 5.1952
Aluminum Ltd, deb 5s 1948
Am Cornmonwh Pr 6. 1940
Debenture 534e____1953
Am Commun Pow 5346 '53
Am & Cont Corp 5e__ _1943
Am El Pow Corp deb Os '57
Am Oa* at El deb 54_2028
Am Gas & Pow deb Oa 1939
Secured deb 11s
1953
Am Pow & Lt deb 6s....2018
A mericanRadiator4,
141947
Am Rolling Mill deb 581948
434% notes.__Nov 1933
Amer Seating con,611_1986
Amer Soh & Chem 6
,
'36
With warrants
Appalachian El Pr 56_1958
Appalachian Gaa 88_1945
Cony deb 6e ser 13_1945
Appalachian] Pow 65..2024
3961
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Price. Low. High Shares.
6
31
3
5
8
6
634
4631 47
31
31
2
2
34
34
3% 3%
3
3
4% 5
8
8
he
31
31
31
16
16
X
1
53.4
31
16
31
%
sir34
34
34
34
%
%
34
1-1
2% 234
43-4
z4
13-4
1
23
23%
24
Jan
May
May
Slay
Jan
Apr
Apr
Jan
Slay
May
May
May
51
31
1%
31
7ts
7-16
34
534
5
231
2631
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Mar
May
Jan
Apr
Mar
May
Apr
Jan
Apr
6
its
23-4
31
434
4%
%
251
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1,00
r96
9136 1,00
7,000
87
7434 6,00
10,00
77
58,00
83
40,00
60
1,000
131
13-4
3,000
2% 5,00
14,00
50
2834 10,00
74 124,00
18% 28,000
1534 40,000
5631 115,00
9,00
85
3731 88,000
59,00
48
15,00
26
91
85
83
70
75
81
55
131
31
234
41
21
62%
14
12
43
80
83
46
20
Apr
Feb
Apr
Slay
May
Slay
May
May
Apr
May
Jan
May
May
May
May
May
Jan
May
Apr
May
9934
9534
9634
8434
91
98%
74
11
8
19
5234
4236
8835
4534
8734
8234
93
87
78
Jan
Mar
Jan
Jan
Jan
Jan
Nfar
Jan
Jan
Jan
Mar
Nfar
Mar
Jan
Jan
Jan
Apr
Mar
Mar
Mar
3
2
2%
2
31
2
33-4
2
5
Mar
3% Jan
6% Star
12
Jan
3.4 Jail
34
3%
Ins
1%
3is
2%
13-4
III
1%
13.4
74
AjapJan
Slay
100
2,200
1,000
100
7,100
1,000
1,000
6,50
1%
lie
3634
48
21
A:
34
Jan
Jan
Jan
Jan
Mar
131
21
65
16
14
4335
,
414
28%
1431
1
ins
4
3
83
15% May
800
11
300
SOO
%
400
31
600
hi
100
31
1,500
1-16
600
2%
500 zr3%
600
%
SOO 23
High.
Apr
May
Apr
Jan
Apr
3%
r96
913.4
8435
70
75
8231
55
1%
1
2%
48
21
62%
14
12
43
85
36
4731
20
31
131
%
33-4
3
434
7%
'ii
31
Apr
May
Air
Apr
Jan
Jan
Apr
May
May
May
Feb
1431
4%
31
Int
231
234
9134
125
Low.
6
41
1,400
2,000
400
30,100
4,500
183 19
,
1
451 6%
31
34
3%
234
300
30
300
200
200
1,600
2,100
1,100
100
700
900
Range Since Jan. 1.
231
19% 20% 6,00
19,00
74
78
33-4 434 14,00
23,00
5
6
61
61% 9,000
15
Jan
74
May
234 Apr
34
Apr
May
61
A rkansas Power&Lt 54 1958 71
33,000 67
67
72
Arnold Print Wks 6s_ _1941 453-1 4534 49
4,000 453-4
Associated Else 4%....1953 34% 34% 36
44,000 3431
Associated Gas& ElectrioCony deb 514i
78,000 17
1938 17% 174 19
Cony deb 434s
1734 19% 21,000 17
1918 17%
Cony deb 434a
1949 15% 15
173.4 246,000 15
Cony deb be
1834 19% 184,000 1734
1950 19
18% 19% 253,000 17
Debenture 511
1988 19
Cony deb 535e
22,000 19
2035 23
1977 23
Associated Rayon 5s._I95()
20
1,000 20
20
Assoc Simmons Hardware
14% 14%
1,000 14%
634a
1933
Assoc Telep Co Ltd 5s_1965 8234 8231 8231 8,000 75
Assoc T & T deb 5356 A '55 31
59,000 29
29
37
Assoc Telep UM 5346.1944 1634
16
2331 142,000 16
6% notee
1933 28% 28% 403-4 33,000 2831
Atlas Plywood deb 534s '43 31
4,000 31
31
31
Beacon 0111,000 92
6s without warrants 1936
92
92
85% 8631 10,000 8334
Bell Tel of Canada te_1957
86 n8734 60,000 84
lit mtge 5, ser A__1955 86
let mtge be ser C__1980 8634 8531 8634 46,000 83%
5,000 75
80
80
Binghamton L H & P55'46
7234 7234 5,000 70
Birmingham Elec 431e 1968
BlackstoneVal G & E 5852 9536 9535 96% 7,000 92
95
1,000 943-4
95
Mtge & coil tr 5s A.1961
96% 9631 2,000 9434
Boston Consol Gas 5e_1047
6,000 40
44% 45
Broad River Pow 55..1954 45
Bklyn Edison baser E.1952 99% 99 102 223,000 97
102 102% 30,000 101
Buffalo Gen Elea 58 __1939 102
2,000 983.4
10031 1003-1
Gen dr ref 5s
1956
94
Canada Nat Ry eq 7s 1985 99% 99% 99% 51,00
Capital A dinin 5s____1953
3,00
70
73
71
71
Without warrants
Carolina Power &Lt 581956 6034 59
69% 22,000 59
16,00
Caterpillar Tractor 5. 1935 81
7934
7931 81
4,00
Cent Arizona L & P 55 1960
78
78
79
Cent Ill P 8 435e F_1987 61
35,00
61
63
5734
bs series E
64
67
6731 2,00
1958
let entre 5. set G__1968 66
65% 6634 13,000 65
434s series It
61% 13,000 58
1981 61
61
Cent Maine Po 431s E 1957
79
21,000 74
74
Cent Ohio L & P 58-1950
55
56% 3,000 55
Central Pow.5. sec D 1957 5-1
13,000 51%
53
54
Cent Pow & Lt let 5. 1958 47
65,000 47
47
52
Cent Pub Serv 15,46 1949
With warrante
51,000 z4
334
3% 6
Without warrants
4
4
4
5% 7,000
Cent States Elea 5e1948
2034 2231 75,000 204
Deb 5352--Bept 15 1954 21% 18
,
24% 140,000 18
Cent States P & L 534e '53 2834 28
41,000 23
30
Chic Diet Elec gen 434.'70 65% 6531 6835 38,000 54%
Debenture 53Se Oct 1 '35 52
51
52
7,000 50
Chic Rye 54 ctf of dep_1927 3831 3834 40
72,000 34
Cigar Stores Realty Hold
Deb 535e aortas A _ _ _ 1949
16,000 16%
1031 18
Cincinnati St Ry 530_1952
40
2,000 40
46
lst m 6s ser B
4531 11,000 45
45
1955
Cities Service be
1966 2831 28,31 2935 19,000 28%
Cony deb 5a
1950 31% a3034 3234 924,000 z30
Cities Serv Gas 635.__1942 3731 3734 3935 72,000 37 34
Cities Serv GSA Pipe L 82'43 5234 52.31 55
48,000 5231
Cities Serv P & L 5368.1952 34% 3451 36 34 124,000 33
Cleve Elea Ill let 5.4_1939 10254 1023.4 1033.4 27,000 9934
31,000 99
102% 104
1954 104
Gen 5a series A
Gen 5s serics II
13,000 99
1961 10131 10131 102
Commers und Print;
32% 101,000 30
Bank 534e
1937 3031 30
Feb
22
Mar
92
Jan
Is
1834 Jan
Jan
85
Slay
May
May
Mar
86
Mar
60
5735 Feb
Apr
Apr
May
Apr
Apr
Apr
May
89
43
393(
4434
44%
47
4034
May
Apr
May
May
May
Slay
Mar
37
Jan
88
Feb
72
Jan
54
753.4 Feb
373.4 Jan
May
Jan
Jan
Jan
Apr
Jan
Apr
May
Feb
May
Feb
Mar
Feb
96 34
594%
93%
94
84
81 34
9634
95
100
68
1033-4
10334
103
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Apr
Slay
May
Slay
Jan
Mar
Apr
May
Jan
Apr 100
Jan
Feb 80
May
85
May 91
May 9034
7436
AP
Apr 70
Apr 85
AD
75
May 89%
Ma
57
Slay e70
May
7131
Apr
Jan
Mar
Jan
Mar
Slay
Jan
Jan
Jan
Slay
Feb
Jan
Ma
May
Ma
May
May
Apr
Ma
Apr
IAA
Mar
Jan
Jan
Feb"'
Mar
Jan
Jan
11734
1534
3931
42
69
7331
7934
60
Mar
Slay 40
Mar
May 62
Min67
Ma
May
47% Jan
Ma
523-4 Jan
Ma
59 34 Mar
Mar
65
Fe
5834 Jan
Ma
Jan 10331 Slay
Feb 104
Slay
Feb 103% Mar
May
5834 Feb
Financial Chronicle
3962
tionds (Continued)
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Price. Low. High.
Commonwealth Edison Comtge 81, ser A_ _1953 89
let mtge 5s, ser B._1954 88%
1st 4356 series C____1956 83%
1s1 m 4153 ser D___1957 80
let M 4%a ser E____1960 79%
lat M 4s ser F
1981 7231
Com'wealth Subsid 5348'48 41%
Community Pr & Lt 881957 4334
Conn Lt & Pr 5118 B_1954
Consol Gas El Lt &P(Ball)
let ref s f 4le
1981
1969
4348 series 0
1st & ref 4345 ser 11_1970
Consol Gas Ut11 Geist & coil 6a ser A..1943 1934
6
Deb 6)4is with warr_1943
Consumers Power 4301958 9134
1st & ref 81
1936 102
Conti0& k,i 5s
1958 41%
Continental 011 539-1937 8234
Crane Co 5s----Aug 1 1940 59
Cuban Telep 730._ 1941 58
Cudahy Pack deb 53911937
Sinking fund 81_-__1946 96
Dallas Pow & Lt 63-1949 100%
Dayton Pow & Lt 5.9._1941 101
Del Elea Pow 7358_ _ _1959 57311
Denver Gas & Elec 56_1949
Denver & Salt Lake Os 1960
1950 80
6s series A
Derby Gas Sc Elec 5s_ _1946 Det City Gas as ser A_1947 7336
let series B
1950
Dixie Gulf Gas 6318 1937
With warrants
Duquesne Lt let 414s_ 1957 9631
East Utilities Investing
as with warrants.__1954 14
Edison El(Boston)58_1933 101%
4% notee____Nov 1 1932
431% notes _____ -1933 101
1932 101
435s
1935 99
5s
Elea Power & Lt 56_2030 3334
El Paso Nat Gas 631e-1938
1943 64
0365 with warr
Empire Dist El 5e....1952
Empire 011 & Rafe 515s '42 31%
Ercole Mareill El Mfg
631s with warrants,1953 48%
Erie Lighting 58
1967
European Elea 6318_ .1966
40%
Without warrants
European Mtgdany 7s C'67 2634
Fairbanks Morse deb 58'42
Federal Sugar Ref 68_1933
Federal Water Serv 51.91'54 33
Finland Residential Mtge
Bank S,
1961 3534
Firestone Cot Mils 56_1948 64
Firestone T & Rub 58 1942 7234
First Bohemian Glass
Works Ltd 7s
1957
Fisk Rubber 5%8-.1931 1534
Certificates of deposit-- 14%
Fla Power Corp 5318_1979 5235
Florida Power & Lt 58_1954 5235
Gary El &Gas &seer A 1934 52%
Gatlin an Power 1.1 8.1958 56%
Deb gold es June 15 1941 43
Deb 6s ser B A & 0_1941 40
Gen Bronze Corp deb 61 40 28
General Cigar serial 65 1932
Gen Motors Accept Corn
6% serial notes.,..1933
5% serial notes-- A934 99
5% serial notes____1935 9531
5% serial notes_ _1936
Gen Pub Util 635s A.1956 20%
1933 31
635s
Gen Refractories 58.-1933 40
Gen Wit Wks Corp Si 1943 23
Georgia Power ref 58_1967 66
Georgia Pow & Lt 58-1978 47
Gillette Safety Rasor 5s '40
Glidden Co 534s
1935
Gebel (Adolf) 6348.-1935
With warrants
Godchaux Sugars 734s 1941 60
Grand(F W)Properties
Cony debenture E8.._1948
Grand Trunk Ry 6%8_1936 94
Grand Trunk West 4s 1950
Great Nor Power 58-1935
GI West Power 1s8 5e 1948
Guantanamo & West 65 '58
Gulf 011 of Pa as
1937
Sinking fund deb 54_1947 85%
Gulf States UM 511_1956 64
Hamburg Electric 7s _ _1935
Hamburg E & Und 5343'38 23%
Hood Rubber 7.----1936 51%
10
-year 534e-Oct 15 '36 40
Houston Gulf Gas 65_1943 21
Debenture 634s Apr 1 '43
Haus L & P let 431e E1981 77
let 56 series A
1953 90
1st & ref 434e ser D.1978 79
Hudson Bay M & 9 68 1935 55%
Hungarian-Rai Bk 7391 '63
Hygrade Food es ser A.'49 23
H draulic Power (Niagara
Falls) Is
1951 99
1st & ref Is
1950 99%
Idaho Power 513
1947
Illinois Power 58
1933
Illinois Nor Util 58.-1957 7834
111 Pow & L let 63 ear A '53 57
1s1 & ref 534,ser 13_1954 55
let & ref Si ear C_ _ _1956 50
Sf deb 534s--MaY 1957 39
Indep 011 & Gas 68-1939
Indiana Else 55 ser C_1951 71
1s1 M Os series A....1947 78
1st 19 634s ser B- -1953
Ind & Mich Eleo 5s_-_1957
1955
1st & ref Is
Indiana Service 5s____1983
1950
1st & ref 5s
Indianapolis Gas Is A_1952 77
Ind'polis P & L 5s ear A '57 76
Insull Utll Invest 68_1940
With warrants
34
Int-Cont Power 6s--1948
With warrants
Internal Pow Sea 6351 B'54 87
Secured 631s ear C-_1955 6634
Secured Ts ser D......1936
1957 6931
7s series E
1951
Intl Salt Is
93
89
8834 9234
8234 8434
85%
79
84%
78
70% 77
43
40
43
46
103 103
48% 50
93% 96
3931
2631
38
331
33
9,000
23,000
45,000
42
94,000
28
2,000
38
3% 1,000
17,000
34
58
60
55 May
93% Mar
45
93
Jan
May
38
19%
38
2
26
Apr
Apr
May
Jan
Feb
Jan
26
Jan
62
7031 Feb
3,000 3334
37
15% 22,000 10%
8
14% 7,000
54% 49,000 50
57 142,000 504
17,000 51
53
58 125,000 5534
50
36,000 43
21,000 40
49
28
2,000 27%
100% 2,000 100
100% 100%
99
9935
95% 97
96% 96%
2034 22%
2434 u33
35
40
22% 24
66
74%
47
5134
77% 80
70
67
59
60
Jan
Mar
Feb
10,000 10
Apr
31,000 98% Jan
52,000 10035 May
17,000 100% May
2,000 98
Jan
21,000 98% May
73,000 32 May
2,000 49 May
15,000 59
Jan
9,000 48 May
86,000 3131 May
3531 39% 32,000
21,000
62% 69
70% 7231 8,000
36
14
14
52
50%
51%
55%
43
40
28
100%
82
98
94
May
May
Feb
May
May
May
May
May
May
29,000 1$14 Apr
19,000
5% May
78,000 87% Feb
48,000 10034 Mar
75,000 40 May
31,000 8031 Apr
3,000 56 May
3,000 58 May
15,000 69 May
10,000 95% Jan
11,000 100
Aor
7,000 95
Jan
11,000 5531 Apr
7,000 92
Apr
1,000 25% Apr
2,000 80 May
4,000 56 May
10,000 7234 May
3,000 7134 May
55
6034 18,000
9534 9834 20,000
12% 15
101% 102
100% 100%
101 101
101 101
98% 9934
32
37
50
50
65
64
48
49%
31% 33%
Low.
30,000 89
27,000 88%
28,000 82
19,000 79
18,000 78
170,000 7031
94,000 40
56,000 40
1,000 103
87% 90% 19,000
103% 103% 5,000
97
9934 26,000
1934 2331
534 12
9035 93
101% 102
4834
40
82% 85
59
59
60
58
72
69
96
9634
100% 10134
101 101%
57% 61
92%
92
26
26
80
80
56
56
7234 84
7134 73
Range Since Jan. 1.
13,000
36,000
13,000
21,000
13,000
28,000
4,000
33,000
100.000
17,000
8,000
9,000
8,000
1,000
Mar
Apr
Apr
May
May
May
May
May
May
MAY
Feb
98
9631
9435
9331
2031
24%
35
22%
66
47
77
62
Jan
Jan
Jan
Jan
May
May
May
May
May
May
May
May
58
60
May
May
2,000
3 May
3
3
25,000 87
Jan
95
94
3,000 50
Feb
50
50
3,000 96 May
97
97
94 149734 28,000 9131 Feb
,
Apr
4,000 13
14
15
91% 92% 26,000 9131 Apr
May
85
86 127,000 85
12,000 64 May
70
64
May
35
3731 7,000 34
223% 2534 59,000 z2331 May
Apr
51 34 5134 3,000 48
Jan
39% 4134 42,000 85
21
26% 25,000 21 May
26% 2634 1,000 26% May
57,000 77 May
84
77
Apr
90
9234 13,000 86
Jan
81% 16,000 78
79
20,000 5594 May
55% 59
Mar
2834 30% 12,000 26
37,000 2236 May
2234 26
99 100
9934 101
91% 92%
97
9731
78
7934
57
6231
55
58
49
58
30
48%
78
7935
6934 71
78
78
80
84
9431 9431
87% 88
22
25%
25
27
77
7731
76
81
94
2
85
62
8734
69
61
1
2,000
3,000
11,000
10,000
7,000
83,000
24,000
119,000
18,000
8,000
29,000
1,000
8,000
2,000
4,000
17,000
15,000
5,000
67,000
35,000
2
1,000
8734 43,000
68
37,000
87% 6,000
70
28,000
6234 8,000
95%
9831
88%
96
7231
57
55
49
39
64
55
70
80
92
87
22
25
77
76
Feb
Feb
Feb
Apr
Apr
May
May
May
May
Jan
Jan
Jan
Jan
Jan
Feb
May
May
May
May
31 May
2
85
62
80%
68
60
Apr
May
May
Jan
Apr
May
High.
Bonds (Continued)
-
Internal Securities 58_1947
9831 Mar Interstate Power 5e_ __1957
Debenture 68
1952
98
Mar
9334 Mar Interstate P S as D-1956
let & ref 4355 F
1958
93
Jan
1949
635s series B
93% Jan
1961
Mar Interstate Tel 58
84
55
Apr Investment Co of Am 58 '47
With warrants
61% Feb
Without warrants
104 May
Iowa-Nab L & P 5e__1957
58 series B
1961
9234 Mar
10455 May Iowa Pow & Lt 430_1958
100 May Iowa Pub Service 58_1957
Iowa Ry & Light 58-1932
Apr Immo Hydro-Eloo 78-1952
32
20% Jan Isotta Fraschinl 7s_ _1942
With warrants
Apr
96
Without warrants
102% May
67% Mar Italian Superpower of Del
Dabs 6s without war '83
85
Jan
Jan Jacksonville Gas 5e.. _1942
89
83
Jan Jamaica Wat Sup 534s 1955
87
Mar Jar C P&L let Si B-1947
1st 4%e series C--- _1961
99
Mar
103% Apr Jones & Laughlin Steel
Se
1939
101% May
73 May Kansas Gas & Else 63_2022
1957
95
Apr Kan Pr de Lt 58 B
1st 6s series A
1955
4331 Mar
80 May Kentucky Util let 5s 1961
6348series D
1948
68% Mar
let 534s series F
1955
9731 Feb
lit mtge 54 ser
89
Mar
Keystone Pub Serv 58_1978
la
Feb Keystone Telep 534s 1055
9834 May Kimberly-Clark Is...1943
Koppers G & C deb 51 1947
Sink fund deb 534..1950
80
Feb
1945
102% May Kresge (S El) Co 18101% May Laclede Gas Lt 534s-1935
101
May Laruton Gas Corp 631e '36
101
May Lehigh Pow Secur 66_2026
99% May Lexington Utilities 56 _1952
64
Jan Libby MaN & Libby 58 '42
1942
60
Mar Lone Star Co 58
Apr Long Island Ltg 68_1945
70
6535 Jan LosAngelesO&E 5348 11949
18
Jan Louisiana Pow & Li 81 1957
Louisville G de E 431s C '61
63% Mar Manitoba Power 5348_1951
99
Mar Mansfield Min & Smelt
75 without warrants_1941
49
Mar Mass Gas Co 5%8_1946
Sink fund deb 5s...1955
35
Jan
Mar McCallum Hosiery 634s '41
80
5
Mar Melbourne El Supp 7345 '46
52
Mar Memphis P & L fis A_1948
Metropolitan Edition 48 '71
48
Mar Middle States Pet 034.1945
7831 Mar Middle West
Cony 5% notee
81
Mar
1932
Cony 5% notes...
.1938
Cony 5% notes
60
Jan
1934
Cony 5% notee...._1935
17
Feb
15% Feb Mliw Gas Lt 434s _ _1967
6231 Mar Minnesp Gas Lt 4;5..1950
78
Feb Minn General Elea 58_1934
85
Feb Minn P & L let 430_1978
74
Mar Mississippi Power 58_1955
70
Mar Mgr Power & Light 5s '57
68
Mar Miss River Fuel 03_1944
With warrants
40
Jan
Without warrants
101
May
Mlas My Power 1st 8,1961
100% May Monon West Penn Pub Ser
let nen & ref 53111 B '53
99% May
98% Mar Montreal L H & P Con
lit & ref 5a ser A_ __1951
97% Mar
4131 Jan Munson S S Line 6%8_1937
with warrants
Apr
35
Jan Narragansett Else as A '57
70
40
Feb Nat'l Else Power 511_1978
90
Jan Nat Food Prod 68-.1944
6531 Mar Nat Pow & Lt 68 A_ _2020
Deb 58 series B
2030
z93
Mar
78
Jan Nat Public Service 52_1978
National Tea Co 50.--1935
70
Mar Nebraska Power 430_1981
Deb fis series A
2022
8631 Jan
Nelsner Bros Realty 68 1948
Jan Nevada-Calif Elea 54_1956
29
100
Jan N Gas & El Assn 54 1947
Cony deb 6s
Mar
69
1948
Cony deb Si
1950
100% Mar
98)4 Mar New Eng Power Co Ea 1951
1931 Jan New Rag Pow Assn 81_1948
Deb 534s
96
Mar
1954
9631 Feb New 011 P Serv 4391..1936
Income 65 ser A.__ _1949
84
Jan
780 May NY Edison Si ear C 1951
44% Feb NYP&L Corp let 434567
Mar NY State 0 & E 4%8_1980
55
Mar Niagara Falls Pow 611_1950
45
61
Jan Nippon El Pow 635s_1953
50
Jan Nor Amer Lt & Pow 5%14
5% notes
1935
88
Mar
5% notes
1936
.9431 Jan
Mar Nor Coil Utli 5391_1948
86
Mar Nor. Ind,P. S. Is C.-1966
63
1st & ref 434s ser E_1970
4831 Feb
4934 Jan Nor Ohio Pr & Lt 634.1961
No States Pr 534% notee'40
Refunding 115s_ _1961
10031 May
Jan N'weetern Pow Os A-1960
101
9634 Mar
1960
97% Apr Ohio Edison lit 5s
Feb Ohio Power let 5a B 1952
90
lst & ref 4355 ser D_1956
91% Jan
88
Jan Ohio Public Service Co
1st & ref 5348 ser E_1961
Jan
83
1st & ref Is series D.1954
7431 Feb
85% Mar Okla Gas & Elea 5, 1950
68 deb series A
1940
Mar
79
90
Mar Okla P & Wat laser A 1948
Mar Osgood Co deb 5s_ ___1938
95
With warrants
Mar
98
:9334 Mar Pao Gas & El 1st 434s_1957
let Os series B
1941
62
Feb
let & ref 1535a 0
Feb
1952
63
86 May
58 series D
1955
1960
let & ref 434s F
Jan
96
Pao Invest deb 58---1948
38% Jan Pao Ltg & Pow 5s...1942
Pao Pow & Light fis I965
Jan Pacific Western Oil 6358'43
6
With warrants
98
Jan
Jan Park & Tilford135 _____ 1936
78
Feb Penn Cent L & P 4395_1977
97
Jan Penn Elea lat & ref 48_1971
87
73% Mar Penn N Y Canal RR Is '39
May 28 1932
Sales
Friday
for
Last Week's Rang
Week.
Sale
ofPrices.
Price, Low. High.
8
Range Since Jan. 1.
Low.
High.
81,000
75,000
16,000
34,000
64,000
4,000
3,000
4244
4631
23
6131
5134
75
4731
Jan 51
Jan
Apr s6935 Max
May 51
Jan
Apr 79
Feb
Apr 75
Feb
May 95
Mar
Apr 862 May
63% 063 86531 29,000
6331 63% 6534 7,000
3,000
71
70
69
69
70% 14,000
77
77
7734 3,000
63% 10,000
63% 62
9634 9634 96% 8,000
50
50
50;5 7,000
58%
4734
70
68
77
61
92
49
Apr 67
Apr 6731
May 80
Apr 879
Apr e8091
May 8231
Jan 99%
Jan 60
Feb
Mar
Jan
Jan
Jan
Jan
Mar
Jan
37
38
May
May
49
48
Mar
Feb
18,000
22,000
11,000
33,000
61,000
21%
45
90
7934
7435
May
May
May
May
May
42%
66
95%
96h
8631
Jan
Feb
Jan
Jan
Jan
95% 96% 34,000
4,000
68
70
2,000
5
69
a8434 a8431 5,000
8,000
6,000
68
72
68
1,000
68
68
63% 64% 4,000
70
3,000
70
4935 4931 4,000
83
83% 6,000
28,000
51
53
51
36,000
55
58
56
2,000
91
91
1,000
40
40
37% 37% 1,000
02,000
59
5334 53
58% 24,000
56
56
4431 4431 45% 19,000
7931 79% 1,000
4,000
85
85
96
96% 2,000
7534 82,000
74
74
9034 9031 1,000
32,000
4234 4235 48
9531
68
65
84
63
68
5831
63
70
49;5
81
51
55
80
40
32
50
55
42%
77
8214
96
74
90
40
May el01
Mar
May 90
Jan
May 84
Jan
Apr 95
Jan
May 82
Jan
May 96% Feb
Apr 84
Jan
May 82
Jan
May 77
Apr
May 56
Mar
Jan 86
Mar
Mar
May 88
May 90% Mar
May 95
Jan
May 65
Apr
Feb 42
Jan
Apr 83
Mar
Jan
Apr 78
May 81
Mar
Feb 9395 Mar
Jan
May 99
May 10034 Mar
May 93
Mar
May 90%i_May
Jan 61
Jan
1,000
24
75% 25,000
37,000
71
34% 1,000
1,000
72
2,000
92
7,000
68
2734 14,000
20
68%
65
34%
60
9134
67
24
May
May
May
May
Feb
May
May
Apr
45
4731
23
71%
6431
45
46%
23
6934
6231
82
5734
38
a38
25
4534
81%
21%
45
90
7934
74%
473-4
4935
2934
73
6434
83%
5734
39
39
25
4634
91
85
7531
2,000
5,000
68
69
68%
65
2535
24
6834
65
34%
72
92
67
25%
8334 5
234 3%
2% 33,4
234 334
91% 92
a6734 68
68
100% 101
a7354 a73
5434 56%
61% 61% 65%
43'
234
235
30
9714
90
42
78%
96
80
35
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
50,000 z394 May 8934
25,000
2% May 69
28,000
2% May 65
40,000
234 May 60
Feb 96
4,000 90
18,000 66% Jan 7834
5,000 10011 May 101
3,000 72
May 79%
8,000 5434 May 7731
12,000 6131 May 82%
Jan
Jan
Jan
Jan
Mar
Jan
May
Apr
Mar
Mar
91
68
67
91
70
67
95
25,000
10,000
36,000
5634
54% 61
31,000
5411 May
,
8034 Mar
86%
86
8636 45,000
8231 Feb
93
93
11
60
51
1931
89
6234
49%
46%
473-4
9534
36
3931
45
38
10034
80
103%
36%
6431
2235
86%
75
82
534 53,4
93%
93
10% 13
20
20%
60
66
50
5734
19
20%
6535 6834
8834 90%
80% 8434
18
20
623-1 64
4634 51
45% 50%
a46% 52
95% 953-4
34
4235
36% 42%
45
50%
38
38
99% 10234
80
85%
71
72
103% 105
36
37
74
74
6451 65
6654 6635
2255 2555
6554 6535
6256 64%
86
8936
75
79
81% 8436
10
15
68
67
90
May
May
Feb
90
Mar
84
Mar
9814 Jan
Mar
1,000
5
Jan 14
Jan
18,000 92
Apr 9831 Mar
21,000
8
Apr 4634 Jan
5,000 20
May 3434 Jan
54,000 60
May 8441 Mar
37,000 50
May 72
Jan
65,000 17
Apr 45
Jan
10,000 6531 May 78
Mar
13,000 88
Feb 94
Mar
8,000 8031 May 98
Mar
3,000 18
May 3131 Jan
88,000 60% Apr 77
Jan
55,000 4031 Apr 67% Jan
48,000 40
Apr 68
Jan
28,000 41
Apr 6454 Jan
1,000 94
Apr 96
Apr
60,000 34
May 6751 Jan
69,000 3631 May 70
Jan
8,000 45
May 80% Mar
1,000 38 May 63
Apr
35,000 97
Jan 103% Mar
11,000 80 May 9034 Apr
8,000 71 May 8231 Mar
30,000 101% Jan 105
Mar
30,000 33
Feb
Apr 59
2,000 60% Feb 83% Apr
7,000 64% May 78
Mar
2,000 65
Apr
Jan 77
20,000 2231 May 40
Mar
2,000 65% May 8734 Jan
5,000 62341May 8131 Jan
17,000 86
May 9651 Mar
2,000 75 May 92
Mar
Mar
55,000 79
Apr 91
14,000 10 [May 4331 Mar
8234
8634
80
8256 84% 25,000
8634 9136 33,000
21,000
7934 83
8234 May
8634 May
7931 Feb
95
Jan
Jan
96
92% Apr
6731
77
75
67%
70
48%
77
75
67%
70
48%
83
8834
87%
75
61
AD
Jar
Jan
May
AP
MAY 50
May
May 10531
Jan 6103
Apr 9834
May 9334
Jan 67
Apr 103%
May 85
Jan
AD
May
AP
May
Apr
Mar
May
Mar
7135
60
7934
76
84
Mar
Fe
Jan
Mar
May
78
2,000
75
1,000
75
21,000
72
3,000
49% 2,000
025 a25
8231 87%
101 103
9831 100%
93
953-4
82
8734
a61
62%
102 102
57% 57% 64
83
101
99
93
84
62
50
45
69%
50
45
69%
65
80
5,000 25
60,000 8231
33,000 101
54,000 9731
8,000 92
119,000 82
22,000 56
1,000 102
6,000 57%
5131 51,000
1,000
45
7031 12,000
11,000
69
1 000
80
60
45
67
65
80
May
May
May
May
May
May
Apr
May
May
May
Financial Chronicle
Volume 134
Bonds (Continued)
Friday
Last Week's Range Sales
for
Sale
of Prices.
Price. Low. High.
Penn Ohio Ed 5348 B_1959
1950 56
Deb 68 series A
Penn-Ohlo P & L 5%8A '54
Penn Power 5s
1956 8334
Penn Public Serv 6s.. _1947
Penn Wat & Pow 59_ _1940
Peoples Gas Lt & C 4aB '81
Peoples Lt & Pr 5s_ _1979
1%
Phlia Electric'Co Se- _1968
PM% Elea Pow 6;48_1972
Phila Suburban \Vat 55 '55
Piedmont Hydro-El Co
let & ref 8348 el A __Igen 37
Piedmont & Nor Ry 55 1954 55
Pittsburgh Coal 6s___1949
Poor dr Co 68
1939
Potomac Edison rie E..1956
Power Corp (Can) 4355'59 4434
Power Corp(NY)535s_ 47
Procter & Gamble 4448 '47 9934
Prussian Elea deb 6.1954
Pub Serv of NJ 6% etre- 102
Pub Serv of Nor Illinois
1st & ref 58 ser C-1966 7835
1st & ref 435s ser D..1978
1st & ref 434aaer E_1980
let & ref 434s aer F_I981 89
Pub Sera (Okla) Si D_1957 5731
58 series C
1961
Puget Sound P & L 5348'49 61
lat & ref fa ser 0___1950 5834
1st & ref 434s ser D..1950 57
Queens Borough G dc E 534s
series A
1952
Radio-Keith-Orpheum
1941 40
6$ full-paid
Remington Arms 5%5.1933
Republic Gas 69 June 15'45
8
Certificates of deposit_
Rochester Cent Pow 581958 19
Ruhr Gas Corp 634e..1953 16
Ruhr Housing 6348 A.1958 18
Ryerson (J T)dr Sons 58'43
St Louis 0 & Coke 68 1947
531
St Paul Gae Lt fe
1944
Safe Harbor Wat Pr 434879 9034
Sauda Falls 551955 8934
Saxon Pub Works As__1932 3834
Schulte Real Estate 65 '35
With warrants
_..20
18
Without warrants
Scripp(E WI deb 53401943
Serval Inc 55
1998
Shawinigan W & P 434e '67 5534
1st & eoll 4446 ger B_1968
1970 6034
let 58 aeries C
let 434s aeries D-1970 5434
Sheffield Steel Corp 5348'48
Snider Packing Os- -.1932
South Carolina Pr 5s-_1957
Southeast P & L 88-2026
Without warrants
4834
Sou Calif Edison 58_1951 96
1952 9534
Refunding as
Refunding 56 June 1 1954 9534
Oen & ref 5e
1939 10134
Sou Calif Gas Co 43413 1961 75
Sou Calif Gas Corp 55_1937
Southern Gas Co 630_1935 68
Southern Natural Gas 68'64
3235
With privilege
Without privilege
3234
S'west Assoc Tel 5e._ _1961
Southwest CI &E be A_1967
Sou'west Lt & Pow 58_1957
1948
So'weat Nat Gas 6a
So'weet Pow & Lt 6L.2022 4334
1942
Staley Mfg 65
Stand Gaa & Elea 68._1985 4134
Cony 68
1935 4134
Debenture 131
1951 37
Debenture 68 Dec 1 1966 36
Stand Invest 5348
1939 54
10-yr deb 59
1937 54
Stand Pow & Lt 6s__-_1957 35
Stand Telephone 5340_1943 29
Stinnes(Hugo) Corn
Ts Oct 1 '36 without wan 23
71 without warr____1946 1934
Sun Oil deb 534s. _ _1939 90
Staler Pow of III 4)is'. -68
1s8 M 4311
1970 58
Swift & Co let Msf 58.1944 9535
5% notes
1940 77
Syracuse Lt 58 aer B 1957 9534
1954
1st & ref 5355
Tenn Elea Power 55-1956 8234
Tern! Hydro-Ewe OM '58 42
Texas Cities Gas Sa--19413
Texas Electric Barr Be_1960 6534
Texas Gaa Utll 6s...1945
Texas Power & LI 58_1956 69
1937 9531
5s
2022
Debenture 6s
Thermoid Co lie
1934
30
With warrants
Tri-Utilities deb 5s___1979
35
Twin City Rap Tr 534a '52 29
1944 1294
Ulan Co deb es
LID Amer Invest 58-1948
With warrants
(In El Lt & Pow 58 B.1967
Union Gulf Corp Se Jul 1'50 8434
let 4s '49 9235
United Eleo(N
United Industrial 634s 1941
1945
1st 65
United Lt & Pow 54_1975 3434
Un Lt & Rya 6.oar A1952
1952 41
Deb 53411
United Pub Serv 68-1942
United Rys of 'lay 7348 '36
1938
US Radiator 55
13 Rubber-year 0% note.---1988 65
s
635% serial notes--.1933 86
4 36
635% serial notes-193
634% serial notes-1935
OA% serial note5_19313 28
634% serial notee_1937 2734
634% aerial note:8_1938
634% serial notes...1939 27
635% serial notes--1940 2734
Utah Pow & Lt 6s A 2022
Utica Gas ic El Si E..1952
Van Sweringen Corp 681935
With warrants
Va Elea & Pow 58----1955
Virginia Power 1st 58_1942
Vs Public Sere 5355 A_1946
let ref Es series 11-1950 5514
Feb 1 1946
Deb es
Range Since Jan. 1.
Low.
High.
51% 55
60
56
88% 9034
83% 87
9134
91
101 101%
73
73
1% 1%
102% 10335
9934 102
93% 93%
28,000 51%
23,000 56
16,000 88
13,000 8334
2,000 89%
6,000 100
5,000 73
4,000
1%
5,000 10134
31,000 9954
2,000 93%
May
May
May
May
Apr
Apr
May
Mar
Apr
Jan
May
37
46
50
55
72
72
40
46
78
78
44% 44%
55
55
99% 100%
17
18
10131 102
71,000 37
10,000 50
3,000 72
7,000 40
2000,
77
2,000 44%
3,000 55
19,000 96%
12,000 15%
35,000 100)4
May
2,000
1,000
5,000
11,00
26,000
5,000
58,000
14,000
97,000
78%
69
68
69
55%
60
60
5831
57
Jan
May 90
Apr e81,4 Mar
Apr 84
Jan
May 8234 Jan
May 79% Jan
May 62% May
May 81)4 Mar
May 77)4 Mar
May
73 Mar
70
May
83%
84%
100%
92
9434
102
82
6
104
105%
9434
Apr
Mar
Mar
Apr
Mar
May
Mar
Jan
Apr
Apr
may
634 Mar
64% Feb
Jan
may 90
Mar
May 70
Mar
Apr 90
May 63
Mar
May 72
Mar
Feb 1043( May
May 31
Feb
Apr 107
Mar
may
78%
70
72%
89
5535
60
60
58%
57
78%
7
7234
72
62
6234
66
61%
60
75
75
40
55
7
1834
13
1534
82
5
99
9034
8935
3735
40
1,000
57
10,000
10
7,000
8
1,000
2034 18,000
17% 28,000
20
15,000
62
5,000
8
5,000
99
2,000
68,000
93
21,000
94
4034 122,000
40 May 106
53 May 81
7 May 25
8 May 14
1811 May 40
13 May 35
15 May 27
60 May 8454
5 May 23
9754 Apr 99
88% Apr 94%
88
Jan 99%
25% Jan 44
Jan
Mar
Jan
Mar
Jan
Jan
Feb
Jan
Jan
May
Apr
Feb
Feb
20
18
56
50
5234
5434
80
5334
5234
4935
5134
2034
20
59
50
56
5534
6134
56
5234
50
5134
5,000
5,000
6,000
1,000
84,000
9,000
35,000
43,000
1,000
10,000
1,000
20
18
56
50
5231
5434
5934
5334
52
24
50
May 40
May 42
May 70)4
May 75
May 76
May .76
May 86
May 75
Apr 70
Jan 45
Jan 70
Jan
Feb
Mar
Feb
Mar
Mar
Mar
Mar
Jan
May
Mar
47% 55% 96,000
98% 160,000
96
9531 97% 7,000
95% 98
59,000
1013410234 36,000
75
79% 6,000
79
80% 20,000
72
9,000
68
4735
94
9834
98
98%
75
79
68
Mar
May 85
Feb 99% May
Feb 993( May
Feb 99 May
Feb 102% Mar
Feb 8635 Mar
May 8835 Mar
Jan 8035 Mar
3234
3234
45
6234
49
15
43%
5035
38
40%
36%
36
54
54
35
28%
26
27
45
68
49
1154
4354
5031
38
4034
3634
36
52
53
35
27
Feb
Jan
May
Apr
May
May
May
May
May
May
May
May
Jan
Jan
May
May
5,000
35
71,000
36
11,000
45
1,000
63% 24,000
32,000
51
10,000
16
16,000
57
51
7,000
45% 102,000
45
56,000
44
33,000
43% 26,000
5535 24,000
55% 25,000
42% 93,000
29
9,000
23
23%
1934 20
8934 90
57
59
58
60
9534 97
77
71
95 a96%
103% 10335
82% 83
42
46
38
37
65
7134
11% 1154
69
7034
95% 97
81% 8134
82% Mar
43
41%
55
80
72
34
81
70
78341
79
73
71
6031
50
6831
51
Mar
Mar
Apr
Feb
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Jan
May
May
Jan
Jan
17,000 22
Mar e31
18,000 19
May 2931
8,000 86
Jan 96
13,000 5531 Apr 74
7,000 52
Apr 72
28,000 95% May 101
27,000 67 May 95
65,000 84
Apr 97%
1,000 103% May 104
16,000 81
Apr 9231
31,000 42
may 41
2,000 36
Feb 48%
40,000 65 May 85,4
4,000
8
Apr 24
19,000 69 May 92%
3.000 95
Apr 98
3,000 78
Apr 9134
Mir
Jan
Mar
Jan
Jan
Mar
Mar
Apr
May
Mar
Feb
Mar
Mar
Feb
Feb
May
Feb
30
31
3,000
34
34 7,000
2834 30
20,000
12% 1434 26,000
39
34
2431
12,1
Jan
Apr
MAY
May
43
a%
3131
34%
Mar
Jan
Apr
Mar
63
98%
84
92
14%
20
3434
67%
39%
2
18
21
6334
98%
86
92)4
14%
2134
4134
6834
4535
2
18
21
10,000
4,000
74,000
18,000
5,000
7,000
13,000
7,000
25,000
4,000
1,III
5,000
63
90
84
92
14%
19
3435
6931
39%
2
18
21
May 7134
Feb 100
May 4
0634
Apr 93%
May 32
May 33
May 56
May 88
May 68%
Ape 29
May 31
May 40
Mar
May
Jan
Mar
Jan
Mar
Jan
Jan
Feb
Mar
63%
85
36
34)g
28
27
2734
2534
2535
56
89
85
45,000
86
5,000
38
1,000
36
3,000
29
2,000
29% 10,000
30
2,000
27
5,000
2734 3,000
6034 6,000
9131 7,000
59,4
66
35
2734
26
25
24
21
22%
56
89
Jan 8934 Jan
Jan 09234 May
Jan
May 63
May 63
Jan
Apr 46% Jan
Apr 434 Mar
Apr 3934 Mar
Jan
Apr 39
Jan
Apr 40
May 70% Apr
May 94,1 Mar
10
10
5,000
8434 84% 1,000
9431 94% 8,000
59 n60% 18,000
7,000
5534 57
4,000
41
41
10
84%
92
54
55%
41
May
May
Feb
Apr
May
May
49
97
94%
79%
74
7034
Feb
Mar
Jan
Jan
Feb
Feb
Feb
Feb
Bonds (concluded)
Waldorf-Astoria Corp
1st 79 with warr____1954
Ward Baking Co 68. _1937
West Penn Mee 55.._--2030
West Texas UM Si A_1955
Western Newspaper Union
Cony deb ea
1944
Western United Gas & Elee
bit 534s ser A
1955
Wheeling Elea Co 58-1941
Wisc Elec Pow 5s
1954
Wise Pow & Lt 55 F___1958
Wise Pub Serv 6s A___1952
Yadkin River Pow 58_1941
York Railways 5s1937
Foreign Government
And Municipalities
Agri° Mtge Bk (Colombia)
20
-year. f 7s
1946
20-yr a f 78 Jan 15 1947
Baden (Congo') 7s____1951
Buenos Aires(Prov) 736847
Ext 71
Apr 1952
Cauca Valley 78
1948
Cat Bk of German State a
Prov Banks 6e A1952
68 aeries B
1951
Danish Cons 535s__1955
Danzig Port & Waterways
635s
July 1 1952
German Cons Munic 75'47
Secured Os
1947
Hanover (Prov) 6355_1949
Indus Mtge Bk (Finland)
1st mtge colt f 78_1944
Medellin 75 series E.
_1951
Mendoza (Prov) Argentine
External a f g 7;0_1951
Mortgage Bank of Bogota
7s issue of May '27.1947
7s Issue of Oct '27_1947
Mtge Bk of Chile 68_1931
Mtge 13k of Denmark .5s '72
Netherlands (Kingd) 65 '72
Parana (State) 7a____1958
Rio de Janerio 6%a_ __1959
Russian Government
6348 certificates,._ __1919
5%5
1921
Saar Basin Counties 7s 1935
Saarbruecken (City) 7s '35
Sante Fe (City) 78 -19
.
45
Santiago (Chile) 7s-__1949
Santiago (City)
1961
3963
Friday
Sales
Last Week's Range for
Sale
Week.
Of Prices.
Price. Low. High.
35%
34
354 431 15,000
7836 7834 4,000
3534 4634 13,000
34
44
76,000
5,000
Range Since Jan. 1.
Low.
334
78
3531
84
May
May
May
May
High.
2031
90%
66
65
Jan
Mar
Feb
Feb
17
79
1734
32%
1635
16
18
68
97
96
69
75
8536
7934
75% 28,000
97
1.000
9531 3,000
7434 5,000
80
6,000
8535 1,000
7934 1,000
68
96
93
7534
75
8535
76
May 80
Apr e98
Apr 953.4
May 91
May 95
May 93
Apr 8334
Mar
Apr
May
Jan
Apr
Jan
Apr
27
27
1636
3234
2934
331
2731 5,000
2734 14,000
1831 10,000
3334 21,000
2936 2,000
394 1,000
22
21
16%
2831
27
3%
Jan
Jan
May
Jan
Apr
May
35
34
30
44
4334
1534
Jan
Jan
Feb
Apr
Jan
Jan
12
23
60
68
23,000
16
2634 8,000
6236 12,000
12
23
53
May
May
Jan
3634 Feb
4034 Feb
75
Mar
31
1634
15
15
5,000
31
46,000
19
1794 39,000
1534 2,000
81
16%
16
15
May
May
May
May
4434
3534
32
31
Jan
Jul
Mar
Jan
1431 APr
2934 Jan
5134
5134 5834 19,000 s50 May
10
11
12,000
934 May
70
15
Apr
Jaw
23
2034 24
al
Apr
4,200
2094 May
2534 2636 3,000 2034 Jan 37
24
2634 34,000 2034 Jan 57
13
1134 1331 47,000 1134 Jan 16
1,000 51 May 68
51
51
Mar.10434
10334 10394 1,000 101
431 May 11%
431 594 5,000
5%
334 May .16
334 334 2,000
335
26
% 11,000
54
31 47,000
%
8954 8934 5,000
4,000
98
98
6,000
25
28
6,000
5
4
434 434 1,000
• No par value. a Deferred delivery. i Correction
r Sold for Cash. WI When Issued. r Ex-dividend
34
%
83
88
20
34
4
Apr
May
Jan
Mar
May
Apr
May
1
134
95
9834
3834
13
13
Jan
Jan
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Feb
May
Mar
Feb
Jan
rs Sold under the rule
the Sec
e
list below for "Under the Rule- sales affecting the range for
year.
Blackstone Valley Gas & El. 5s, 1939, May 19, $1,000 81 10234.
Bulova Watch pref., Feb. 2 10 at 1234.
Central Power 58 serial D. 1957, Mar. 7. 51.000 at 72.
Clties Service, pref. B, Jan. 11. 10 at 5.
Dallas Power & Light 13s, 1949. April 5. $1,000 at 105.
Houston Lt. & Power 55, series A, 1953, May 3, $3,000 at 96.
Interstate Telephone 55, series A, 1961, May 9, $2,000 at 58.
Iowa Power & Light 434s. 1956, April 1, $1,000 at 8135.
Iowa Public Service 535s, 1959, Feb. 1, 51,000 at 84.
Jones & Laughlin Steel be, 1939, Mar. 31, 53.000 at 10334.
Kansas City Gas 6e. 1942, Mar. 1, $4,000 at 98.
Netherlands 65 1972, Jan. 5. $10.000 at 106.
NipIssing Mines, March 23, 100 at 134.
Pacific Gas & Elec. 535s ser. C 1952, Apr. 27, $2,000 at 10335.
Rio de Janeiro 636o 1959, Jan, 18, 512,000 at 1634.
Public Service of No. III., 4355, 1978, Feb. 8, 51,000 at 85.
Russian Govt. 530 etre.. 1921, Feb. 4, 11.000 at 134.
Shawinigan Water & Power 434s. series B. 1968, Mar. 10. 52.000 at178.
&Ulnae (H.) deb. 70. 1938, Jan. 25. 81,00088 8194.
BYIYanite Gold Mines, Jan. 27. 100 at 34.
Syracuse Ltg 58. ser B 1937, Nlay 24. 54,000 at 973i •
Toledo Edison 55, 1947. Apr. 26. 81,000 at 94.
Union Gulf Corp. 5s, 1950, Mar. 9, 51,000 at 98.
United Light & Rye. deb. es. 1973. Mar. 9. 52.000 at 6534.
Weleh Grape Juice eom.. Jan. 27. 25 at 11734.
Wheeling Electric fe, 1941, May IS, $1,000 at 101.
at , .
ear
w t elPhabetlea! list below for "Deferred Delivery" sales affecting sns rang.
Amer. Cities Pow.& Lt. class B, April 23. 100 at 1;4
.
Amer. Gag & Elec.. pref.. April 12, 100 at 68.
Mar. 17 31.1100 at 1434.
American Solvents & Chem.6345. w • w.. 1936.
.
Arkansas Power & Light $7 pref., Mar. 30, 20 at 73.
Beacon 011 deb es, 1936. with warrants, Jan. 2, $9,000 at 94.
Bell Telephone of Canada 513. 1957. Mar. 7.59.000 at 9434.
Blue Ridge Corp. corn., May 6. 10 at U.
Central Public Service, class A, April 23, 100 at 54.
Central Publki Service deb. 5348. w. w., 1949. April 14. 55,000 at 8
Cities Service. corn., April 9, 400 at 334.
Cities Service, deb. 5s, 1950, may 5, $3,000 at 303.4.
Claude Neon Lights, corn., April 12. 100 as 54•
Gillette Safety Rasor 56. 1940, Mar. 7. 51.000 at 94.
Hamburg Elev., Underground & St Ry., 536s, 1938, May 25.55.000 at 2335.
Hollinger Consol Gold Mining, May 26, 300 at 335.
Indiana & Michigan Elec. 5e, 1955, Mar. 12, 52.000 at 94.
Industrial Mortgage Bank of Finland 7 1944, Jan. 3. 51,000 at 60.
Interstate Power 513. 1957. Mar. 10, 55,000 at 70.
Interstate Equities Corp., May 21, 200 at 34.
Lerner Stores Corp.. ooro.. Feb. 9. 300 at 551.
Middle West Utilities, 5s, 1932, May 26, $5,000 at 3.
New Bradford 011, Feb. 8. 500 at 31.
N.Y.& Foreign Inverting deb. 5348 1948 with warrants, Jan. 13, 81,000 at salt
Northern States Power 7% pref., April 14. 100 at 64.
Pacific Gas & Eleo.6% first pref.. Mar. 9, $2,000 at 2434.
Pacific Western 011, May 14, 100 at 334.
Pittsburgh Steel 6a, 1948. Feb. 6. 51,000 at 76.
P-bilo Service of No. III. 7% pref., April 5, 75 at 68.
Securities Corp. General, April 9, 300 at 2.
Southwest Bell Telephone. 7% prat, April 15, 150 at 110.
Southwest Dairy Products deb. 6311 1938. Jan, 20. 51,000 et 7
TH-Utilities Corp. deb. Si. 1979. Feb. 1. 52.000 at 336,
United Verde Extension Mining, Mar. 16. 100 at 234.
West Penn Electric deb. 6. 2030, Jan. 4. 51.000 at 534
Financial Chronicle
3964
May 28 1932
Quotations for Unlisted Securities
Investment Trusts (Concluded).
Public Utility Bonds.
MO ets.t
1
313
Am Com'th P 594s'53.M&N
44
47
Amer S P S 530 1948 _MAN
Appalach rows. 1941_JAD 99 1001 1
Appalach P deb as 2024_J&J 5912 623
4
Atlanta 0 L be 1947__JAD 9312
,W12
Broad Ely P 5s 1954__M&S 42
1314 153
Con 0 & E 533, 1933_ _F&A
4
4
let lien coil tr 51046 JAI) 253 2814
2912
let lien coil tr as '48 _M&S 27
Cen Ohio L & P58'50 _A&O 5414 56
5412 57
Derby GI & E bs 1946_FatA
12
15
Fed P 5 lot 6s 1947_ __J&D
Federated Utll 530'57 M&B 3012 33
213
Gen Pub 13111 6330'56&A&O 20
4
Houston Gas dr Fuel 58_1952 3012 3412
Ill Wat Ber let 55 1952_J&J 6212 643
4
64
Interstate PS 4940 '58 MIS 63
503
4
Iowa So UM 5945 1950.J&J 49
4
Jamaica W S 534B 1955..J&J 883 02
63
Lexington UM 55 1952_F&A 56
Louis 0& E 494s 1981_F&A 8812 9112
SAO 97 101
Deb I f 68 1937
Louis Light lst 55 1953.A &O 0612 102
51
New On P 8 as 1949_,I&D 45
Bid
Newp N A Ham be '44-1&.) 80
71 12
NY Wat Ser bs 1951 _ALAN
8
N Y at Wee L 4s 2004__J&J 793
4
N Am LAP of debb 34re66JA.1 333
Okla 0 & E 5s 1940_ _DIAS 7012
Old Dom Pow be _May 1551 6012
Parr Shoals P be 1952 _A&O 80
18
Peoples L & P 510 1941 J&J
Pow Corp NY 63042 MAN 78
42
Pow Sec colt tr as '49__FAA
Queens0 ar E 433s'58..MAS 80
54
Roanoke W W be 1950__J&J
Sierra A SF be 1949___J&J 7812
Tide Wat Pow be '79_ _F&A 56
United L & Sty (Se '73-J&J 42
United Wat Gas & E 581941 82
Virginia Pow be 1942J&D 9214
Wash Sty & E 4, 1951 _J&I3 77
Western PS 5345 1960 _F&A 6212
Wheeling Eleo 55 '51 _MAN 95
81
Wichita Sty & L 55 1932_
Wise Elec Pow 5e '54 _F&A 94
Wise Minn LAP 50 44 MAN 73
Wise Pow dr Lt bs '56 _MAN 75
Ask
84
73
8212
3614
74
623
4
83
1912
83
4712
85
5712
82
5812
4512
95
80
6512
100
97
76
7912
60
54
58
12
15
21
97
Bangor Hydro-El 7% pf _100 100 103
83
Binghamton LH& P $6 pf_• 78
55
Birmingham Elec 7% pref_• 52
Broad River Pow 7% pf_100 ---- 27
Buff Mai( & E pr pref _ __ _25 1612 18
Carolina Pow & Lt $7 pref _•
Cent Ark Pub Serv pref..100
Cent Maine Pow 8% pf _100 id
100 73
7% preferred
Cent Pow A Lt 7% prof _100 30
214
Cent Pub Serv Corp met_ •
Cleve El Ilium 6% met_ _100 92
Col Ry P & L 6% 1st of _100 55
100 57
894% preferred B
Consol Traction N J___ _100 1712
Consumers Pow 5% pref...' 6812
100 ---6% preferred
100
6.60% preferred
Conte Gas & Elea 7% pf..100 40
Dallas Pow & Lt 7% prof 160
Dayton Pow A I.t 6% 0_100
Derby Gas & Else $7 pref__'
Detroit Canada Tunnel-- _ _
•
Erie Railways
100
Preferred
100
Easex-Hudeon Gas
Foreign Lt & Pow units- -__
Gas & Else of Bergen.._ -100
Gen Gas at El part ars
Hudson County 0as__100
Idaho Power 6% pref
100
7% preferred
Illinois Pow A Li 6% p1_100
Inland Pow A Lt 7% pf_100
Interstate Power $7 pref__•
Jamaica Water SuPP Pt-50
p1100
Jersey Cent P & L
Kansas City Pub Service_ _•
•
Preferred
Kansas Gas A El 7% pf_100
Kentucky Sec Corp com_100
100
6% preferred
Kings County Ltg 7% p1100
Long Island Lt 6% pfd 100
100
Preferred A
LosAngGaa AE16% pf_100
54
69
61
76
32
Pas
Memphis Pr & Lt 57 pref__* 65
Metro Edison $7 pref B___• 42
• 34
16 preferred C
_
Misessippl P & L 36 prat_ -•
Miss River Power Pref-100 20 Mo Publlo Seri 7% pref_100 30
,
Mountain States Power '
100 37 7% preferred
Nassau & Suffolk Ltg PrefNat Pub Serv 7% pf A_ _100
Nebraska Pow 7% pref_100
Newark Consol Gas-- -..100 -snNew Jersey Pow dr Lt 16 pf• 60
New Orleans P57% [4_100
N Y & Queens E L & P pf100 98
Nor States Pow (Del) com A 44
50
Preferred
75
38 46
79
33
S
45
72
10
87
99
70
47
-48
58
•
06
Ohio Edison $6 prof
• 24- 78
_
$7 preferred
48
_95 Ohio Pub Serv 8% pref.-- 40
52
100
7% preferred
64 Okla Gas dr El 7% prof_ _100 72
21 Pac Gas dr El $1.50 pref_85 2012 22
12
22
71 Pao Northwest Pub Sery___
8
6
6% Preferred
80
16
12
84
Prior preferred
70
46 Pao Pow A Lt 7% prof __100 08
78
82
Pa Pow A Lt 7% prof
45
05 Phila Co $5 pref
83 87 Piedmont Northern Ry_100 20 80
65
30
45 Pub Serv Co of Col 7% pf100
42- 47
313 Puget Sound Pow & Lt prof. 18
55
2 Rochester0 E 7% pf B100 50
43
100 39
6% preferred C
- 30
120Sioux City 0& E 7% pf_100 5312 60
79
30
28- Somerset Un Mti Lt.__ _100 72
90
.25 23
25
95 South Calif El $1.50 pre:
25 20
21
20
$1.75 preferred
25
812
4
130
So Colo Pow corn A
72100 70 80
7% preferred
77
62 South Jersey Gas & Elec_100 132 136
31
36 Tenn Else Pow 6% pret_100 60 62
100 6312 6512
preferred
2 15
85
% Pow
I71- 1812 TexasALt 7% pfd_100 75
46
50 Toledo Edison prof A.. _ 100 58 63
48
---- 67 United G & E (Como) pf_100
49
12 United CI E(N J) pf 100 40
1
3 United Public Service pref._
83 Utah Pow A Lt 7 pref
• "Zi" 47
E77
225 300 Utica Gas & El 7% prat _100 85 87
16
49___ Util Pow & Lt 7% pref__100 13
60
80
85
Virginian Ry corn
100 40
100 250 295
54
56 Wash Ry & Elec com
100 78 82
68
5% preferred
75
85
Western Power 7% pref _100 __-- 86
Investment Trusts.
A B C Trust Shares ser E _ _
Amer Brit & Cont $6 pret__•
Amer Composite Tr Shares.
Amer Founders Corp
Convertible preferred..
6% preferred
7% preferred
1-40ths
1-70th
Warrants
Amer A General Sec corn A.
Common 13
6% preferred
Amer Insuranstocks Corp ..•
Assoc Standard 011 Shares
All & Pao Intere Corp unite
Common with warrants
Preferred with warrants
Atlantic Securities Corp of-•
Warrants
Bancamerica-Blair Corp
Bankers Nat Invest's Corp *
Bansicilla Corp
Barrio Industry Share.....
British Type Invest
•
Central Nat Corp class A.
ClassB
Century Trust Shares
Chain & Gene Equities Ino •
Chartered Investors corn
Preferred
Chelsea Exchange Corn A
Class B
Corporate Trust Shares _ _
Series AA
__
Accumulative series_
Crum & Foster Ins Sisasee10
Common B
100
7% preferred
Cruin A Foster Ins corn B.
3% preferred
Cumulative Trust Shares
Deposited Bk She ger N Y.
Depos Bk Shs N Y ger A-.
Deposited Rout Shs A
Diversified Trustee Shs A
_10
-LB;
3
4
1.55 1.85
Federated Cap Corp
Five-year Fixed Tr Shame_
Fixed Trust 011 Shares
•
Fixed Trust Shares A
•
Fundamental Tr Shares A2
4
Shares B
Granger Trading Corp.. •
30
34 Guardian Invest, corn
1
2
Pref with warrants
27
8 338 Gude-Winmlll Trad Corp __•
41514 ___ Huron Holding Corn
414
2 Incorporated Investors_--_•
4
415Incorp Investors Equities_ _
20
24- Int See Corp of Am corn A_.
1
Common B
11s
138
634% preferred
14
410
6% Preferred
312 412 Independence Trust Shares_
13 --- Investment Co of Amer
8
.75 1.25
7% preferred
912 12 Investment Fund of N J
412 2 Investment Trust of N Y_
11
113 Investors Trustee Shares_ - 4
414 114 Leaders of Industry A
dl
3
B
439
42
C
414 1
Low Price. Shares
14 Major Shares Corp
•
1.30
Mass Investors Trust
1.25 1.40 Mutual Invest Trust el A-1.25 1.40 Mutual Management cont..*
Nat Industries Shares A-8
9 National Truitt Shares
70
72 Nation Wide Securities Co
6
8 N Y Bank Trust Shares
60 65 No Amer Trust Shares
2
28
3
Series 1955
1.85
Bellew 1956
134 -21g
17
8 214 Northern Securities
47,
_ Oil Shares Inc units
Old Colony Inv Trust corn_
4
1.50 1.70 Old Colony Trust Assoc Sh •
s
212 27 Petrol A Trade( Coro cl A 25
10
1014
11,
1
47
,
33
4
218 212
23
8 234
46
1.50
10
5
425
02 -1
4
1014 1118
3
1
12
12
15
15
8
7
1.20
Is
7
312
23
8
214
21
,
4112
0. 8
3
114
4114
BA
313
11
10
1.25
us
11
4
23
4
--712
-173
11s
4
23
4
1.50
371
38 - /
3
17
218
218 23e
1.50
1.35 1.50
1.35 1.50
53
40
310 13
12 112
d73
4 82
4
8
d4
x No par value. (2 Last reported marked. o Ex-stock dividend. s Dividend.
12
Second Internet See Corp A
Common B
13
6% Preferred
Securities Corp Gen $6 pref 427
1.40
Selected American Shares
Selected Cumulative Shs
33a
2
Selected Income Shares _ _
Selected Man Trustees Shs_ 2.40
•
8
Spencer Trask Fund
Standard All Amer Corp_ _ 2.25
Standard Amer Trust Shares 1.90
23
8
Standard Collet Trust She_
4
Standard Invest 594%
33
State Street Inv Corp
13
4
Super Corp of Am Tr She A
17
8
33s
8
Adams Millis $7 pref
• 68
Aeolian Co $7 pref
100 22
Aeolian Weber P&P corn 100
Preferred
100
Alpha Port! Cement pf_100 80
American Book $7
100 60
1
Amer Canadian Properties'
American Cigar prof...
.100 100
Amer Hard Rubber
5
100
Amerlcan Hardware
25 1312
AmerManufacturingpret 100 45
American Meter new
• 10
75
26
3
3
90
64
212
15
54
15
27
Babcock A Wilcox 2%...100 21
13
9
Baker 0T) Chemical corn.'
4
2
Bancroft (J) & Sons COM *
25
100 15
Preferred
25
Bliss (E W) let pref.__ 50
712
2d prat B
10
55
Bohn Refrigerator 8% pf 100
26
Ban A1211 Co B COM
• 21
1
Bowman-1311tmore Hotelslet preferred
100 ____ 4
2
2d preferred
100
26
Brunsw-Balke-Col pref....' 23
18
Bunker Hill & Sull corn....10 16
35
20
Burden Iron pref
Canadian Celanese corn
Preferred _______ ____I00
Carnation 00 81.50 com___•
Preferred
100
Chestnut Smith corn
Preferred
Childs Co pref
100
Clinchfield Coal Corp_
Preferred
100
Color Pictures Inc
Columbia Baking corn _ _•
lot preferred
2d preferred
Colts Pat Fire Arms Altg_28
Congoleum-Nalrn 57 pf _100
Crosse & Blackwell corn,,
Crowell Pub Co $3 COM new
$7 preferred
Do Forest Phonofilm Corp
Dictaphone Corp com____•
$8 preferred
100
Dixon (Jos) Crucible $4.100
Doehler Die Cast pref _50
Preferred
•
Douglas Shoe pref
100
Draper Corp
100
Driver Harris $7 pref.. _100
Dry-Ice Holding Corp
Elsemann Magneto com_ _ _
Preferred
100
Franklin By Supply
23, Equitable Invest, units__
4 Equity Corp corn stamped.._
214 Equity Trust Shares A
d2rs
42
13
4
Representative Trust Share.
Royalties Management__._
B(4 Alt
dlrs 2
1 25 1.45
1 20 1.40
27 s
23
4 3!Tr
1
Trusteed Amer Bank Share.
_
218
12
Series A
17 - -13
8 2
18 Trusteed N Y City Bk She_
212 3
35 20th Century Fixed Tr Shs_
13
8 2
1.50 Two-year Trust Shares_
414 53
_
4
4
212
428
2.90 United Bank Trust
8
85 United Fixed Shares
13
4
Unit Founders Corp 1-70the
United Ins Trust
37
s
1
1g
S A Brit Internet class A.
6
Class B
35
Preferred
7
5
2 U S Else Lt & Pow Shares A
1012 1212
213
21 1
2
37 Universal Trust Shares
s
1,
2 2
313
Bid Ask
Par
174 23 Trust Shares of America__
8
Trustee Stand Investment C
4.65 4.90
3 Trustee Standard Oil She A
2
3
8
Industrial Stocks.
Public Utility Stocks.
Par
Alabama Power 57 Dref__100 55
Arizona Power 7% pref_ _100
•
Ark Pow & Lt 37 pref
8
Arreoc Gas & El orlg pref....•
• 13
$6.50 preferred
• 18
$7 preferred
Atlantic City Elec $6 prat• --__
Par
Public, Service Trust Shares
•
Gen Fireproofing $7 pf__100
Graton & Knight corn
•
Preferred
100
Gt Northern Paper 32.40.25
Herring-Hall-Mary Sate _100
Howe Scale
Preferred
100
Industrial Accept com
•
Preferred
100
Internal Textbook
100
Lawrence Portl Cem 84 100
4
44
18
95
2
10
4
11
8
5
2
30
25
12
is
2
39
15
85
1
3
4
Macfadden Publict'ne com.5
$6 preferred
•
Merck COLD $8 pref _ _100
2
14
47
12
414
7
18
52
• 30
National Casket 33
35
$7 preferred
83
• 78
National Licorice cora_ _10(
24
18
National Paper dc Type Co_
20
New Haven Clock pref__100 26
-- 35
New Jersey Worsted pref..-31
90
Northwestern Yeast.. _ __100 84
Ohio Leather
lot preferred
2d preferred
Okonite Co $7 Pre
0
65
50
100
Petroleum Derivatives
Publication Corp 33.20 corn.
100
$7 let preferred
Reming'n Arms $7 let pf 100
Riverside Silk Mills..
•
Rockwood & Co
100
$8 preferred
Rolls-Royce of America.
00
Preferred
Rosy Theatres unit
Common
Preferred A
Rubel Corp corn
Preferred
Ruberold Co $2
100
2
6
98
_
20
•
Liberty Baking corn
Preferred
100
Locomotive Firebox Co..._'
8
100
2
25
98
Safety Car Heat & I.tg_100
Scovill Manufacturing _ _ _26
Binger Manufacturing ...I00
Solid Carbonic Ltd
Splitdorf Beth Elm
Standard Screw Co
100
Standard Textile ProS..10h)
Class A.
100
, Class B
3
8 13
100
6 Stetson (J13) Co corn ___•
4
75
12 preferred
25
36
20
---- 8 Taylor Mill Corp com
•
18 Taylor Wharton Int St corn.
19
Preferred
16
100
22 Tenn Products Corp prof 61)
19
52 Tubbre ChatIllon $7 pf B 100 a
45
30
Unexcelled Mfg Co 40e....10
5 United Business Pub pref100
50 United Publishers pref 100
U S Finishing pref.
100
10
Walker Dishwasher corn.....•
Welch Grape Juice pref.100
---- 78
14 114 W VaPulp& Pap $1.00 corn'
4
$6 preferred
100
9
18
15
White Rock Alin Spring
53 tel preferred
100
22
100
16
$20 2d preferred
Willcox & Gibbs $2.50 corn_
6
3
Woodward Iron
100
18
15
4
100
Worcester Salt $5
31
31
5 Young GI El) Co corn.... _100
4
100
Preferred
11
7
2
46-
13
75
60
65
412
31
25
912
12
50
3
3
3
1
43
4 634
20
17
1412 1714
17
17
83
234
1
27
22
1
_
14
15
77
2
6
612
17
13
414
4
32
114
71 r
41,
6
10
38
214
12
18
10
312 5
9212
87
912 1112
7212 75
85
84
20
4
89
30
76
70
79
Telephone and Telegraph Stocks.
Am Dist Tel of N J 54,,' 40
100 70
7% preferred
Bell Tel(Can)7% pref_ _100 72
Bell Tel of Pa 6 1i% prof 100 101
50 53
Cin & Sub Bell Telep_
Cuban Telephone
48
7% preferred
Emptre & Bay State 1321_100 28
Franklin Toles 32.50_ _100 20
Int Ocean Teleg 6%.....100 30
95
Lincoln Tel & Tel 8%
Mountain States Tel & Tel_ 85
New England Tel & Tel_100 83
45
75
77
101
56
100
55
38
30
40
105
89
86
New York Mutual Tel _100 a 10
Northw Bell Tel pf 634%100 tot
Pao & All roles US 1%....25 0 7
Peninsular isleph $t.40....' 14
100 77
7% preferred A
Porto Rico Telephone
Rods Telep $6.50 1st p1_100 97
9
8
So A All e Meg $1.25
254 1
Elo at N E Telephone 8%_100
S W Bell Tel 7% pref.- 100 103
TM-States Tel & Tel $6_ _• 490
10
7
3.60 preferred
Wisconsin Tenn)7% pref 100 103
15
lot
10
17
82
100
101
g
106
812
107
Chain Store Stocks.
23
Bohack(HO)Inc cors___• 19
100 62 67
7% lit preferred
2
Butler (James) common____
100
1312
Preferred
82
Diamond Shoe pref with war 45
55
Edison Bros Stores pret_100
12 22
Fan Farmer Candy Kt pf...' -16
Fishman (H M)Stores cons_
•
90
Preferred
Gt All & Pao Tea pref__100 114 116
Melville Shoe Corp
1st prof 6% with warr_100
Miller (I) & Sons prof.. _100
Mock Jude& Voehringerpf100
Murphy IS c) 8% pref_100
40
Kobacker Stores pref...100
934 1012
Kress (S II) 6% pref
40
Lerner Stores 634% pref w w
100 d 90 135
Lord A Taylor
100 d 50
85
1st preferred 8%
Sec preferred 89". _
_
100 d 50
85
•
012
niggly-Wiggly Corp
Reeves (Daniel) pref____100 103
Rogers Peet Co corn_ --_100
Schiff Co prof
100
5
Silver (lease) & Broa IVAN
5
100
U S Storee let pref
1/ Ex-Mghts
•
Nat Shtrt Shops corn
100
Preferred 8%
Newberry (J) Co 7% pf_10
N Y Merchandise lit pt_100
45
16__
1
66
75
55
15
40
90
4
40
73
_
55
60
15
15
V
L•s___
3965
Financial Chronicle
Volume 134
Quotations for Unlisted Securities-Concluded-Page 2
Insurance Companies.
Sugar Stocks.
Fajardo Sugar
Rennin Corp Amer
Savannah Sugar corn
7% preferred
Act
Par Bid
Ask I
1
1 112' Sugar Estates Oriente pf WO ____
6
Psi United Porto Rican cora_ ___
8
50 I
40
Preferred
82 I SG I
Ma
10
Par
100
•
100
Federal Land Bank Bonds.
45 1957 optional 1937_M&N
45 1958 optional 1938.M&N
434e 1956 opt 1936--J&J
J&J
4345 1957 opt '37
4348 1957 opt 1937____M&N
434s 1958 opt 1938_ _M&N
5, 1941 optional 1931.M&N
J&D
430 1033 opt 1932
7731
771 8014
34 8014
7812 7914
7812' 7914
78121 7914
7812 7914
90 I 9012
9931 100 2
,
43415
434,
4348
4345
4345
4Na
44a
1942
1943
1953
1955
1956
1953
1954
opt 1932__M&N
opt 1933____J&J
opt 1933____J&J
opt 1935_ __Jea
opt 1936____J&J
opt 1933_ ___J&J
opt 1934___J&J
85141
85,4
8414
8414
8414
8514
8514
8534
4
873
8134
4
813
812
4
8534
4
853
New York Bank Stocks.
- 35
100
Bank of Yorktown
2212
20 --- 2412
Chase
27
20 25
City (National)
_ 150
100
Columbus Bank
Comml Nat Bank & Tr 100 103 111
100 1200 1300
Fifth Avenue
890 990
First National of N Y 100
100 ____ 80
Flatbush National
Grace National Bank_ 100 ____ 500
50
25
Harbor State Bank
__ 1290
Harriman Nat Ilk &
59
Tr_100- Kingsboro Nat Bank._ _100 49
12
8
25
Lafayette National
1 12 312
Liberty Nat Bank & Tr 25
20
Manhattan Company_
100
Merchants_
Nat Bronx Bank
5°
National Exchange
Nat Safety Bank & Tr_ _ _25
Penn Exchange
35
100
Peoples National
Public Nat Bank & Tr___25
Stoll! g Nat Bank dc Tr__25
Textile Bank
Trade Bank
100
.100
Washington Nat Bank.
Yorkville (Nat Bank 0[)_100
Is
70
,
41t
7
,
''
200
141
17
11
8
2912
2612
35
25
12 5
30
20
16
37
11
4
5
Trust Companies.
Banca Comm Italians,Tr 100 150 156
1612 1812
211
Bank of Sicily Trust
Bank of New York & Tr_100 225 245
10 3612 3812
Bankers
18
20 13
Bronx County
100 130 145
Brooklyn
91
20 87
Central Hanover
29
Chemical Bank & Trust...10 27
40
100 25
Clinton Trust
4
10 103 123
4
Conk Ilk & Trust
41
Corn Exch Bk & Truat __20 38
20
251 18
County
4
4
20 143 163
Empire
100 215 240
Fulton
100 181 186
Guaranty
100_ 35
Hibernia Trust
r
12 1412
10 13
Irving Trust
100 2150 2250
Kings County
36
Lawyers 1 Me & Guar_ 100 31
1878
Manufacturers (new) --25 16
5
1 8 38
Mercantile Bank & Tr w 1_i 585
2
61
New York
2,14
Title Guarantee & Trust_20 2414 75
100
Trust Co of N A
20
5
Underwriters Trust
7
100 950 1050
United Statee
Chicago Bank Stocks.
100 51
Central Republic
Chic Ilk of Commerce
Continental III 13k & Tr_100 68
100 148
First National
1
53
812
70
152
Harris Trust & Savhairs_100 200 21(1
100 237 241
Northern Trust Co
Peoples Tr & Say Bank_100 --- 45
Strauss Nat Bank & Tr.100 - _ 95
Par Bo All
Par Bid Alt
20 Kansas City Life
100 500 600
Aetna Casualty & Surety_10 17
5
3
10 1410 161" Knickerbocker (new)
Aetna Fire
10 1114 1314
Aetna Life
312 712
10
35 Lincoln Fire (new)
25 25
Agricultural
1 12 212
10
4
4 03 Lloyds Casualty
63
10
American Alliance
6
02 212
voting trust certifa_ _10
American Colony
4
8
American Constitution
212 512
10
9 Majestic Fire
6
American Equitable (new)
4
2
25
712 Maryland Casualty
4
American Home
19
9
25
Mass Bonding & Ins
7
6
5
American of Newark
Merchants Fire Asaur comb0 _ - 15
15
American Re Insurance__
6
4
-412 712 Merch & Mfrs Fire Newark 5
10
American Reserve
5
4
10
8
8
95 125 Missouri State Life
25
American Surety
---- --_
9 Morris Plan Insurance
7
10
Automobile
II)
112 212 Nat100/11 CliflUal/Y
Baltimore Amer Insurance _5
10
25.. 50 National Fire
.
Bankers & Shippers
5
100 211) 240 National Liberty
Boston
5
National Union Fire
4
4 93 New Amsterdam Casual__10
73
10
Carolina
10
New Brunswick
65
100 50
City of New York
10
New England File
6
4
10
Colonial States Fire_
Columbia National Life _100 110 135 New Hampshire Fire _ _ _ _10
20
Connecticut General Life_10 2.512 2812 New Jersey
1 14 314 New York Fire coin
Consolidated Indemnitf ..__.
4
10
6 North River
Constitution
25
8 Northern
11
AO
Continental Casualty_ ._
1
4 83 Northwestern National_ _ _ _
53
C081)11012011taD IIIE111111.11.26---Fame
5
5
Excess Insurance
10
Federal Insurance
Fidelity & Deposit of Md..50
20
Firemen's
5
Franklin Fire
General Alliance
10
Glens Falls Fire
Globe & Republic
Globe & Rutgers Fire__ _100
10
G eat American
10
Great Amer Indemnity
10
Ha ax Insurance
Hlifax
50
Hamilton Fire
10
Hanover
10
rmHaonia
10
Hartford Fire
Hartf arm Boiler Inadans 10
10
Home
Home Fire Security
10
Homestead
10
Hudson Insurance
Importers & Exp of N Y __25
Independence Indemnity_
7
4
193
312
17
16
814
13
30
8
8
s
77
32
65
211.... 45
434 53 Pacific Fire
4
10 3014 3214
312 412 Phoenix
312 612
20
3312 Preferred Accident
29
912 11 12
2812 3112 Providence-Washington _ _10
1 12 312
5
4 614 Public Fire
43
8
638 83 Public Indemnity (formerly
3i 21 4
Hudson Casualty)
212 412
2
4
29 Reliance Insur of Phila
27
6
3
10
8 Rhode Island
5
__ 30
25
5212 Rochester American
3712
85
73
4
614 73 Sr Paul Fire & Marine_ 25 -4
2
8 Seaboard Fire & Marine....
4
4
Security New Haven_ _ _ _10 173 1934
43
512 712 Springfield Fire & Marine 25 38
45
50 15
100 Standard Accident
25
4
73 113
4
8
s
133 153 Stuyveaant
100 170 245
8 Sun Life Aaeruragoe
6
2112 2312
7
5
2512 2812 Transportation Intlemn'y 10
714 914 Travelers Fire
100 250 275
9
5
25
112 U S Casualty
12
4
2
412 612 US Fidelity & Guar Co 10
812 1012
113
17 U 84 Ftre
US Merch & Shippers_ _100 90 110
4
2
10
Victory
12
9
10
512 712
Westchester Fin
6
4
Realty, Surety and Mortgage Companies.
Industrial and Railroad Bonds.
51
Adams Express 4s '47 J&D 48
85
80
American Meter tls 1946_
92
Amer Tobacco 4.1951 FAA 87
Am Type Fdn 84 1937 IVI&N 8812
-- 80
Debenture 65 1939_M&N
3212
25
Am Wire Fab 7s'43M&S -Bear Mountain-Hudson
76
River Bridge 7s 1963 A&O 73
43
Blitmore Comm Ta '34 M&S 38
72
Chicago Stock Yd, 5e 1961 68
4
383 45
Consol Coal 434s 1934 MAN
1412
Consol Mach Tool 75 1942 10
Congo! Tobacco 4s 1951___ 4 8.11.._
7
3
Continental Sugar 76 1938_
5312 5634
Equit Office Bldg Se 1952._
Flak Tire Fabric 634a 1935 _ _ 20
8
- - 11
Ilaytlan Corp 8s 1938
69
Hoboken Ferry Si '46 MAN 65
65
Internet Salt 5. 1951.A&O 60
55
Journal of Comm 634. 1937 5(1
Kane City Pub San 6s 1961 2012 22
3
4
173
2
12
14
614
8
25
4
6
2
57
55
Loew's New Brd Prop
J&D 61
8a 1945
Merchants Retrig as 1937__ 9312
4
113
N 0 Or No RR 5s '55 FAA
NY & Hob Ferry 55'46 J&D 55
N Y Shipbldg 5s 1946 MAN 75
Piedmont & No fly 58'54J&J 50
Pierce Butler & P 6345 '42
412
Realty Assoc Sec 65 '37 J&J 35
Securities Co of N Y 4s.... 40
61 Broadway 1534a '50 A&O 54
So Indiana By 4s 1951 FAA 25
Stand Text Pr 6345 '42M&13 ____
Struthers Wells Titusville634s 1943
48
Tol Term RR 43-46 '57M&N 70
114
US Steel 56 1951
Ward Baking 8[3'37 J&D 15 7712
3
Witherbee Sherman 8s 1944
Woodward Iron Si 1952J&J 43
88
97
1314
65
___
55
10
40
60
60
30
18
51
78
8-1-i
,
4712
Bond & Mortgage Guar_20
Empire Title & Guar ____100
Guaranty Title & l'sf ortgage_
..25
Home Title Insurance.
1912
____
_..._
12
2214
45
180
17
International Germanic Ltd
20
Lawyers Mortgage
National Title Guaranty 100
State Title Mtge (new)__100
15 1 20
6
4
7 I lo
1,1.: 2,12
I
Aeronautical Stocks.
Alexander Indus 8% pre_American Airports Corp_ __
Aviation Sec of New Engi_ _
Central Airport
Cessna Aircraft corn
Curtiss Reid Aircraft corn
____ 40
1
_
2
_-5
4
2
Us
112
____
s
3
Kinner Airplane & Mot new
2
Sky Specialties
Southern Air Transport.... 4 2
4
Swallow Airplane
114
Warner Aircraft Engine....
_ - -_
Whittelsey Manufacturing
s
7
4
5
2
1
12
Quotations for Other Over-the-Counter Securities
Short Term Securities.
Ask
Bid
Allia-Chal Mfg Si May 1937 6612 6712
Alum Coot Amer 51 May'52 8112 8212
47
Amer Metal 530 1934 A&O 44
Amer Bad deb 434s May '47 8312 8512
36
Am Roll Mill deb 5, Jan '48 35
4812
434% notes 1933___M&N 48
Amer Thread 534s'38_M&N 9112 94
80
Amer Wat Wks ba 1934A&O 78
Bell Tel of Can Si A Mar'55 8612 87
_ _ 75
Baldwin Loco 534s '33
1937 71 73
Cud Pkg deb 53411 Oct M&SEdison Elea III Boeton4% notes Nov 1 '32 MAN 101 101 12
5% notes Jan 15'33__J&J 10112 102
Gulf MCorp of Pa
9212
Debenture 513.__Deo 1937 92
88
Debenture 5s_ _ _Feb 1947 87
Railroad Equipments.
Bra
Ask
General Motors Accept5% aer notes_ _Mar 1933 1003 iOO7
s
s
5% eer notes___Mar 1934 983 9914
4
5% ser notes_ __Mar 1935 97
4
973
5% ger notes_ _ _Mar 1936 963 9734
4
Koppers Gas & CokeDebentures bs_June 1947 53
58
Mug Pet 43.4s Feb 15 '30-'35 98 1003
4
Mass Gas Cos 534s Jan 1946 75
77
Proo & Gamb 434s July 1947 991r 10014
Swift & Co5% notes 1940
bf&S 6.5
67
Union 011 Si i935. ..FAA
-- -- 97
United Drug deb ba - A&O 100
33
'
---
Water Bonds.
Atlantic Coast Mile 81
Equipment 830
Baltimore & Ohio 13a
Equipment 43.4. & 5e
Buff Roch & Pitts equip 6s...
Canadian Pacific 434s & ea
Central RR of NJ 85
Chesapeake & Ohio 61
Equipment 63.4s
Equipment Si
Chicago & North West 6a..Equipment 634s
.
Chic RI & Pac 434s As ISs _ _
Equipment 65
Colorado & Southern 6it
Delaware & Hudson 6s....
Erie 434 & be
,
Equipment fis
Great Northers 6a
Equipment S.
Hocking Valley 64
Equipment 6s
Illinois Central 434s & ba..
Equipment 64
Equipment 7s & 8345....
Kanawha & Michigan U.--
B01
6.50
8.75
7.00
6.50
6.50
8.00
6.75
6.50
6.25
6.00
8.00
8.00
0.00
9.00
8.00
6 75
800
8.00
6.00
6.00
6.50
6.50
8.25
8.25
8.25
7.00
Ask
6.00
5.25
6.00
6.00
5.50
7.00
6.00
600
5.75
5.50
7.00
7.00
8 00
800
7.00
6.00
7.00
7.00
5.50
5.50
5.75
5.75
7.50
7.50
7.50
6.00
Kansas City Southern 5)4s.
Louisville a Nashville M.._
Equipment 6349
Michigan Central 55
Equipment 611
Minn St P & SS M 4)4s & 5a
Eallilimeta 6 344 A 78
Missouri Pacific 634a_ --- Equlpment es
Mobile & Ohio 51
New York Central 434,& 151
Equipment 85
Equipment 71
Norfolk &Western 434s
Northern Fertile 75
Pacific Fruit Express 71
Pennsylvania RR equip 5aPittsburgh & Lake Erie 6345
Reading Co 430 Ps 1541
St Louis & San Fran Ss__
Seaboard Air Line 5345 & Ca
Southern Pacific Co 4)4i...
Equipment Ts
Southern fly 434s Ic bi-.
Eouipmert 611
Toledo & Ohio Central ria _ Union Pacific 7s
70 Hunt'ton W let 65 '54 M&S 90
94
Alton Water S. 1958__A&O 60
let m ba 1954 ser I3_M&S 82
80
86
Ark Wat let 65 A 1958 A&O 75
,
bs 196'
70
78
75
Ashtabula W W Si 1958A&O 60
78 Joplin W W Si '57 ser A M&S 60
70
Atlantic Co Wat Si '58M&S 70
94 Kokomo W W Si 1958 J&D 60
70
Him w Whit 5 NaA'54A&O 92
85 Monm Con W lit S.
80
'56J&D 70
75
1st in Si 1954 ser B_J&D 80 83 Monon Val W
Investment Trust Stocks and Bonds.
'50 J&J 80
85
63-4i
let Si 1957 aer C____F&A 75
80 Richm'rl W W lit 5e'57M&N 70
74
Water 55 1957_A&0
Butler
___ St Joseph Wat Si1941 A&O 88
'54 J&D 84
92
Bankera Nat Invest corn A __
___ Old Colony Inv Tr 434% bds
City W (Chat) SiB
_ South FRU Water CO--Assoc
Shawmut Aiation coin__
Beneficial Indus! Loan pratlaw be 1957 set C__M&N 84
FAA
lat 5s 1955
94
940
Colonial Investors Shares_
---- ___ Shawmut Bank Invest Trust
Commonwealth Waterlit & ref Si '60 ser A J&J 84
90
86
1942
_
A
8
5 1956 B .....FAA 85
4145
Continental Metrop Corp -- ---_ , 7 Ber _____ 85 90
lit1st & ref Siba '80 ser B J&J 80
__
1932
54
COnt Secur Corp preL
1
let In 04 495
84 Terre ITte W W 85'49AJ&D 90
79
95
Standard 011 Truett Shares A
Industrial & Pow Sec
Davenport W 51 196I_J&J 78
1956 ser B_J&D 8()
1st m Si
83
3)2 4
Class B
Invest Fund of NJ
W 5. '42 JAr.1
It Ita A6,1942 eer 13_Jdr.1 85
90 Texarkana W 1st be '158F&A 60
88
2212 233
S Lni 1
Mohawk Invest
4
75 Wichita Wet 1st Os '49 M&S 90
95
Nor American Trust Shares_ 1.55 1.65
D___F&A 60
lit 521 1980 aer
1st m Si '58 ser B F&A 81
,
85
lat in 56 1960 sex C_M&N 81
85
dividend. 4 Las reported market. f Flat price. s Ex-dividend.
• No par value. rand
5411
8.50
6.50
6.75
Ask
7.50
6.00
6.23
550
9.00
00
9.
8.00
8.25
8.00
6.50
6.50
6.50
5.50
6.50
6.25
5.60
6.25
5.80
8.50
7.50
6.10
6.25
7.50
7.50
6.50
6.25
5.00
7.00
7.°9
7.00
7.00
7.00
6.00
6.00
6.00
5.00
6.00
5.50
5.00
5.50
5.00
7.50
6.50
15.50
5.50
7.00
7.00
5.50
5.50
42
44
41
3
244
3
V,
y En-rights.
I
current Carning5
uartertp anb lipti
pearl?.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUE.
Below will be found all returns of earnings, income and profits for current periods,
whether monthly, quarterly or half-yearly, that have appeared the present week. It covers all classes of corporate
entities, whether
railroads, public utilities, industrial concerns or any other class and character of enterprise
or undertaking.
It is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however, is not confined to the returns which have come to hand
the present week.
It includes also some of those given in the issue of May 21. The object of this index is to
supplement the information contained in our "Monthly Earnings Record," which has been enlarged so as to
embrace quarterly and
semi-annual statements, as well as monthly reports. The "Monthly Earnings Record" was
absolutely complete
up to the date of issue, May 20, embracing every monthly, semi-annual and quarterly report
which was available
at the time of going to press.
The index now given shows the statements that have become available in the interval
since then. The
figures in most cases are merely for a month later, but there are also not a few instances of
additions to the
list, representing companies which had not yet made up their returns when the May
number of the
"Monthly Earnings Record" was issued.
We mean to continue giving this current index in the "Cnronicle" each week, furnishing a
reference to
every return that has appeared since the last preceding number of the "Monthly Earnings
Record." The
latter is complete in and by itself, and for most persons will answer all purposes. But to those
persons who are
desirous of seeing the record brought down to date every week, this further and supplemntary
index in the
"Chronicle" will furnished an invaluable addition. The "Chronicle" index in conjunction with the
"Monthly
Earnings Record" will enable any one at a glance to find the very latest figures of current earnings
and income,
furnishing a cumulative record brought down to date each and every week—an absolutely unique
service. A
further valuable feature is that at the end of every return, both in the "Chronicle" and the "Monthly
Earnings
Record," there is a reference line showing by date and page number the issue of the "Chronicle"
where the
latest complete annual report of the company was published.
Issue of Chronicle.
Issue of Chronicle.
Issue of Chronicle.
Name of Company
When Published. Pape.
Name of Company
When Published Page.
Name of Company
When Published. Page.
Affiliated Products, Inc
May 21__3807 Internet Rys of Central America.
.May 28__3969 Pere Marquette
May
Akron Canton & Youngstown
May 28_ 3967 Interborough Rapid Transit Co____May 21_3810 Petroleum Heat & Pr. Co. of N. Y__ _May 28..3968
.
21..3812
Alabama Great Southern RR
May 21--3817 Interstate Power Co
May 21_3824 Pitney-Bowes Postage Meter Co
May 28_ _3994
Alabama Power Co
May 28_ _3970 Investment Bond & Share Corp-..,May 28_ _3989 Pittsburgh & Lake Erie
May 28_ _3968
Alabama Great Southern
May 28_ _3968 Investors Corporation
' May 28_ _3990 Pittsburgh Suburban Water Serv Co.May 28_ _3974
Alabama Water Service Co
May 28_.3970 (Byron) Jackson Co
May 28__3972 Pittsburgh United Corp
May 28_3994
Allegheny Corp
May 21_3807 Jersey Central Power & Light Co__.May 28._3972 Public Service Co of Oklahoma
May 28..3974
Alton & Southern
May 213806 Kansas City Southern System
May 28_ _3968 Public Service Corp.of New Jersey May 21__3812
Ann Arbor RR
May 28__3969 Katz Drug Co
May 28..3990 Public Utility Investing Corp
May 21..3835
Atchison Topeka & Santa Fe
May 28..3969 (B.F.) Keith Corp
May 21..3810 Quebec Power Co
May 28..3983
Atlantic Coast Line
May 28_ _3967 Keystone Public Service Co
May 28_ _ 3972 Raybestos Manhattan, Inc
May 28__3974
Atlantic Gulf & West Indies SS LinesMay 28..3970 Knott Corp
May 21..3832 Reading Company
Atlas Tack Corp
May 21_3808 Lake Terminal
Miii 28..3968 Republic Petroleum Co
28 39 4
2 399
8
May :6
8
Baltimore & Ohio Ry
May 28__3967 Lamson & Sessions Co
May 21..3832 Rhode Island Public Service Co
May 21-3825
Bangor & Aroostook
May 28..3967 Lawbeck Corporation
May 28..3990 Ritter Dental Mfg Co, Inc
May 28.
.3974
Boston & Maine RR
May 28..3969 Lee Rubber & Tire Corp
May 28__3972 Rochester Gas & Electric Corp
May 28_ -3974
Brazilian Traction, Light & Pow Co.May 28_ _3971 Lehigh Valley
May 28_ _3968 Rochester & Lake Oat Wat Serv Co.May 28..3974
Brooklyn Eastern District Terminal_May 28_ _3967 Loblaw Groceterias, Ltd
May 28_ _3972 Royal Dutch Co
May 28..3994
Brooklyn Edison Co.,Inc
May 21_ _3821 Long Bell Lumber Co
May 21..3832 Rutland
May 28-3968
Brooklyn-Manhattan Transit Syst May 21_3808 Los Angeles Gas & Electric
May 28..3993
Brooklyn & Queens Transit System.May 21_3808 Los Angeles Investment Co Corp.—May 21_3810 St Lawrence Corp, Ltd
May 28..3991 St Louis San Francisco Ry
May 28__3970
Brunswick Term & Ry Securities Co.May 28_ _3971 Louisiana & Arkansas
May 28_3968 San Diego Consol Gas & Elec Co—May 28_3974
Bush Terminal Co
May 21__3808 Louisville Gas & Electric Co
May 28__3980 Sangarno Electric Co
May 28..3995
California Water Service Co
May 28_3971 Lowell Electric Light Corp
May 28_3981 Schiff Co
May 28._ 3994
Canadian Nat Lines in New Eng...
.May 28_ _3967 Lynch Corp
May 21_3832 Seaboard Air Line
May 28__3968
Canadian National Rys
May 28..3969 McCord Radiator & Mfg. Co
May 21..3832 Seaboard Public Service Co
May 21_3812
Caterpillar Tractor Co
May 28_3971 McQu ay Norris Mfg.Co
May 21..3833 Second Investors Corp
May 28_3993
Central of New Jersey
May 28_3967 McWilliams Dredging Co
May 21_3833 Securities Corp General
May 28_3995
Central & Southwest Utilities Co
May 28_ _3971 MacAndrews & Forbes
May 21..3833 Segal Lock & Hardware Co, Inc...
.May 28_3995
Central Vermont
May 2L.3806 Maine Central RR
May 28_ _3969 SiOnal Oil & Gas Co
May 28_3996
Central West Public Service Co
May 21__3821 Manhattan-Dearborn Corp
May 28_ _3991 (Franklin) Simon & Co., Inc
May 2l..3836
Chesapeake & Ohio RR
May 21..3807 Manitoba Power Co., Ltd
May 2l..3810 Slaw Financial Corp
May 28_ _3996
Chester Water Service Co
May 28_ _3971
Marine Bancorporation
May 28_3991 Sloss-Sheffield Steel & Iron Co
May 28..3996
Chicago & North Western
May 28_.3967 Market Street Ry.Co
May 21..3810 Soo Line System
May 28..3970
Chicago Burlington & Quincy
May 28_3967 Massachusetts Lighting Co.
May 28_ _3981 Southern Calif Edison Co. Ltd
May 28_3974
Chicago Great Western
May 28_3967 Material Service Co
May 2I__3833 Southern Pacific Golden Gate Co..— May 28 3 7
m
8...3 9
. 96
9 0
Chicago Ind & Louisville Ry
May 21_3812 Metro-Goldwyn Pictures Corp
May 28_3972 Southern Pa ific Lines
Chicago Milwaukee St Paul & Pan-.May 28..3967 Metropolitan Edison Co
May 21..3810 Southern Ry Co
May 28...3968
Chicago Rapid Transit Co
May 28..3979 Mexican Petroleum Co., Ltd.,of Del_May 21..3834 Spicer
Manufacturing Co
May 28..3997
Cincinnati Advertising Products Co.May 28_ _3971 Minneapolis & St Louis
May
May 28_3983
Cincinnati New On & Texas Pacific_May 28_ _3968 Minn St Paul & Sault Ste Marie_..May 28_3968 Springfield Gas & Electric Co
28_3968 Swim° D Company
May 28..3997
Colorado & Southern
May 28..3967 Minnesota Power & Light Co
May 28..3981 Standard 011 Co.of New Jersey
May 31-.3815
Columbus Dela & Marion Elec Co_May 28_3971 Missouri-Kansas-Texas Lines
May 28..3969 Standard Public Service Co
May 28_3983
Columbus Ry. Power & Light Co-.May 28_ _3979 Missouri Pacific
May 28_3968 Standard
May 28_3997
Commonwealth & Southern Corp...May 28_ _3971 Metchum Tully Partic Inc No. 2_ _May 28..3991 Standard Screw Co
Textile Products Co
May 28_.3997
Commonwealth Utilities Corp
May 28..3979 Mobile & Ohio RR
May 28..3968 Stanley Works
May 28..3997
Commercial Credit Co
May 28_3971 Monongahela Connecting
May 21__3806 Standlind Pipe Line Co
May 28_3997'
Conemaugh & Black Lick
May 21..3806 Montour RR
May 21_3806 Staten Island Rapid Transit
Consumers Power Co
May 28..3971 Motor Wheel Corp
May 28..3973 Stromberg-Carlson Teleph Mfg Co. May 28-3965
.May 28._39913
Continental-Diamond Fibre Co
May 28_ _3971 Mountain Producers Corp
May 21__3834 (B T) Sturtevant Co
May 28_3998
Cooper Bessemer Corp
May 21_3828 Municipal Service Co
May 28_.3972 Submarine Signal Co
May 28_3998
Creole Petroleum Corp
May 21._3828 Murray Corp of America
May 28-3973 Syracuse Washing Machine Co
May 28_3998
Delaware & Hudson
May 28..3967 (F. E.) Myers & Bros. Co
May 21_3810 Tacony-Palmyra Bridge Co
May 28_3998
Delaware Lackawanna & Western. May 28..3967 National Candy Co
May 28..3992 Tennessee Electric Power Co
May 28..3974
Detroit Street Rys
May 21..3809 National Power & Light Co
May 28_3973 Texas & Pacific Ry
May 28_ _3970
Detroit & Toledo Shore Line
May 28_3967 National Service Co,
May 21..3834 Thompson's Spa,Inc
May 28_ _3998
Detroit Toledo & Ironton
May 28_-3967 Nebraska Power Co
May 28_ _ 3981 Tide Water Power Co
May 28..3974
Duluth Missabe & Northern Ry
May 21-.3813 Nevada-California Electric Corp
May 28_ _3973 Tobacco Products Export Corp
May 28_3998
Eastern Shore Public Service Co...
.May 28..3971.Nevada Consolidated Copper Co._._May 28..3973 Towle mg Co
Eastern Utilities Investing Corp..
..May 21..3822 New England Power Association__ _May 21_3811 Tonopah Belmont
Development Co.May 28 39 9
28 3 9
: 9
Edmonton Radial Ry
May 28..3971 New Orleans Great Northern RR
May 28..3978 Trans
-Lux Daylight Pict Screen
Elec. Prod. Co. of Seattle, Wash_...May 21__3829 New Orleans 8c Northeastern
May 28 _3968 Traung Label & Lithograph Co CorpMay 28..3999
May 28..3999
Elizabethtown Water Co. Consol
May 21..3822 New York Central
May 28..3968 Union Pacific System
May 28..3970
Eroineers Public Service Corp
May 28_3971 New York Chicago & St Louis
May 28_3968 Union RR of Seneca
May 28..3969
Erie RR System
May 28..3969 New York Dock Co
May 28_3973 Union Water Service Co
Evans Products Co
May 28__3971 N Y New Haven & Hartford ER.._May 28_ _3969 United Cigar Stores Co.of
America_ _M ay 28 3 34
Ma
8
9
2:3 77
1
Fairmount Park Transit Co
May 2i..3823 New York Ontario & Western Ry__.May 28_ _3969 United Dry Docks, Inc
May 28-.3999
Feltman & Curme Shoe Stores Co -May 21__3829 New York & Richmond Gas Co
May 28_3973 United
Co
Florida East Coast
May 28._3967 New York State Electric & Gas Corp_May 21_ _3824 United GasCorpMay 28_3975
Light & Power Co
May 28..3975
Ford Motor Co
May 28..3988 New York Water Service Co
May 28_3973 U S Finishing Co
May 28..3999
Ford Motor of France
May 28..3987 N Y Westchester & Boston Ry Co. May 28_3973 US Printing & Lithograph
Co
May 28..4000
Ford Motor of Germany
May 28..3987 Newmarket Mfg Co
May 28..3992 Unit
United Steel Works Corp
May 28._4000
Ford Motor Co..Ltd
May 21_3829 Norfolk & Western Ry
May 28_.3969 Universal Pipe & Radiator Co
May 21_ _3837
Galveston Wharf
May 28..3967 Northeastern Public Service Co
May 28._3973 Utah Light & Traction Co
May 28__3984
General American Tank Car Corp_ May 21..3809 Northern Alabama
May 28..3968 Utah Power & Light Co
May 28..3984
General Gas & Electric Co
May 21__3809 Northern Pacific
May 28...3968 Vedic° Sales Corp
May 21..3837
General Italian Edison Elec.Corp -May 21..3823 North Penn Gas Co
'
May 21..3825 Venezuelan Petroleum Co
May 28__4000
Motors Co
General
May 28..3972 Northwestern Public Service Co
May 28..3973 Virginia Public Service Co
May 28..3984
Georgia Power Co
May 21 _3823 Virginian Ry
May 28..3972 Nova Scotia Light & Pr. Co.,Ltd_
May 28_ _3969
Georgia Power & Light Co
May 21..3509 Ohio Edison Co
May 28..3973 Wabash Ry
May 28_ _3970
Georgia Southern & Florida
May 28_3968 Ohio Electric Power Co
May 28..3973 Washington Gas Light co
May 28_3984
Glidden Co
May 21_3809 Ohio Water Service Co
May 28_3973 Washington Ry.& Electric Co
975
82
21 3 6
25 3
Grand Trunk Western
May 28_3967 Orange & Rockland Electric Co
May 28-3974 West Texas °Unties Co
May 28..3975
Granite City Steel Co
May 28.-3972 Oregon-Washington Water Serv Co.May 28-3974 West Virginia Water Service
ry
Co...3aay
1"fy
Great Northern Ry
May 28.-3967 Pacific Gas & Electric Co
May 28__3976 Western Dairy Products Co
May 21-3812
May 28..3969 Pacific Northwest Public Serv Co.
Gulf Coast Lines
.May 28 _3982 N estern Maryland Ry Co
May 28..3970
Gulf Power Co
May 28..3974 Western N Y Water Service Co
May 21-3809 Pacific Public Service Co
May 28_3975
May 21-3809 Pan Amer.Petroleum & Transp.Co.May 21_3835 Western Pacific
Hecla Mining Co
May 28-3969
Honolulu Rapid Transit Co. Ltd...May 28..3972 Park & Tilford, Inc
May 28_ _3974 Wheeling & Lake Erie
May 28-3969
May 28_3972 Parmelee Transportation Co
Hudson & Manhattan
May 28..3974 Wieboldt Stores, Inc
May 28__3972 Pennsylvania Electric Co
Illinois Water Service Co
May 21-_3811 (H F) Wilcox Oil & Gas Co
) .
,
Tay N....gn
May 21_3810 Pennsylvania Gas & Electric Co
Indian Motocycle Co
May 21__3811 Winn & Lovett Grocery Co, Inc..
..May 28_4000
May 28__3968 Pennsylvania RR
International Great Northern
May 28..3968 York Railways Co
May 28_3975
International Hydro-Electric SystemMay 28..3972 Peoria & Pekin Union
May 28-.3968 York Utilities Co
May 28.-3985
International Mercantile Marine Co.May 28_3989
Volume
134
Financial Chronicle
3967
Canadian National System
Canadian Nat Lines in New England
1932.
1930.
1929.
1931.
Gross from railway.-- $118,596
$161,770
$108,342
$177,243
Current
Precious Inc.(±)or
Net from railway_ _ _ _
-49,576
-66,002
1,795
-39.645
Period
Year.
Year.
Dec.(-)
Net after rents
-54,436
-97.778 -120,938 -133,790
Corered.
NameFrom Jan. 1
Gross from railway...
755,163
411,699
537,070
Canadian National
3d wk of May
2,579,939 3,504.233 --924;294
737,704
-48.125
Net from railway_
-92,456 -109,606
-70,793
Canadian Pacific
3d wk of May
2,218,000 2.716,000 -498,000
Net after rents
-324.720 -367,156 -336,959 -353.215
Georgia & Florida
2d wk of May
14,000
25,800
-11,800
Central RR. of New JerseyMinneapolis & St. Louis_ _ _3d wk of May
139,093
-79,718
218,811
1930.
1931.
April1932.
1929.
Mobile & Ohio
3d Wk of May
155,983
-51.302
207,285 Grossfrom railway_ _ - 2,888,050 3,601,272 4.375.531
4.880,725
Southern
3d wk of May
1,707,771 2.542,450 -834,679
981,107
Netfrom railway
1,296.187
3d wk of May
249,500
362,774 -113,274
St. Louis Southwegtern
419,383
629,599
Net after rents
695,594
463,663
From Jan. 1
Western Maryland
3d wk of May
210,726
267,646
-58,919
Grossfrom railway..- 10,886,522 13.620,053 17,184.311 18,377,089
3.673,541 4.386,744
We also give the following comparisons of the monthly
Netfrom railway
1,974.930 2,566,307
1,766.841
Net after rents
1,564,174
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive. Chicago Burlington & Quincy1930.
1929.
1931.
April1932.
They include all the Class I roads in the country.
Grossfrom railway.. _ 6.550,714 9,442.326 11,713,530 12.551,182
3,489,655 3,751,689
Netfrom railway
1,531.020 2.312,717 2.510.208
689,833
Net after rents
Gross Earnings.
Length of Road.
From Jan. 1
Month.
Grossfrom railway -- 27,813.036 38.508,965 45,730.394 51,211,304
Inc. (+1 or
14.669,359 18,281,002
Netfrom railway
1931.
1930.
1930.
Dec.(-).
1931.
7.504.819 9,836.855 12.909.961
Net after rents
3,797,771
Miles.
Chicago Great Western
365.416.905 450.731,213 January
85,314,308 242,657 242,332
1930.
1929.
1932.
1931.
AprilFebruary
336.137.679 427,465,369 -91,327,690 242,660 242,726
Gross from railway.... $1,305,890 $1,674,080 $1,910,411 $1,995.220
March
375.588,834 452.261,686 -76,672,852 242,366 242,421
330.628
418,997
Net from railwayApril
369,106,310 450,567.319 -81.461.009 242,632 242,574
69,150
174,358
197,597
Net after rents
153,658
May
368,485,871 462,577,503 -94.091,632 242.718 242,542
From Jan 1
June
369,212.042 444.274,591 -75.062,879 242.968 242,494
Gross from railway... 5,315,573 6,475,514 7,327,094 7,876.250
July
377,938.882 458,088.890 80.150.008 242,819 234,105
1.687,411
1,368',069
Net from railway
August
364.010.959 465,762.820 -101,751,861 243.024 242,632
701,848
342,666
869,404
386,207
Net after rents
September
349,821.538 466.895,312
117,073.774 242,815 242,593
October
362,647,702 482.784,602 -120,136.900 242,745 242.174
Chicago Milwaukee St. Paul & PacificNovember
304.896,868 398.272,517 -93,375,649 242,734 242,636
1929.
1930.
1931.
1932.
AprilDecember
288.239.790 377.499.123 -89,259,333 242,639 242,319
Gross from railway... $6.751,125 $9.474,705 $11.973,713 $13,327,486
1932.
1031.
1931.
1932.
2,028,570 2.811,322
Net from railway....
January
274,976,249 365.522,091 90,545,842 244.243 242,365
1,669,749
881.472
124,954
-217.374
Net after rents
February
266,892,520 336,182.295 69,289.775 242.312 240,943
Front Jan 1
March
289,633,741 375.617,147 85.983.406 241.996 241,974
Gross from railway... 27,953,386 37,222.578 46,027,522 52,034.971
8,231,097 11,891,167
Net from railway_ _ _ _
Net Earnings.
Inc.(+)or Dec.(-).
1,830,866 3,640,302 6,716,119
Net after rents
-210.198
Month.
Chicago & North WesternPer Cent.
Amount.
1931.
1930.
1929.
1930.
1931.
1932.
April$
Gross from railway.-- $5,898,089 $8,809,875 $10,586,279 S11,945.190
$
$
2.378,276
--22,883,171
--24.13
January
1,629,371
Net from railway_
71.952,904
94,836,075
-32.904,121
--33.76
February
729,099 1,496,297
64,618,641
97,522,762
104,071
Net after rents
-324,642
--16,893,267
101.541,509
--16.88
March
84,648,242
From Jan. 1
--23.21
103,030.623
-23.885.970
79,144,653
April
Gross from railway... 24,344,488 33,854,225 41,180,068 45,367,306
--30,320,788
111,359.322
--27.23
May
6,916,300 8.456,053
81,038.584
Net from railway_
-20.587.220
--18.70
89.867.807
110,264,613
June
1,825,771
2,987,328 4,526.680
Net after rents
-189,400
-28.485.458
--22.73
96.965,387
125,430,843
July
Colorado & Southern139,161.475
-44,043.146
-31.84
95,118,329
August
1929.
1930.
1932.
1931.
April92,217.886
147,379,100
-55,181.214
--37.41
September
$946,781
$790.969
$603,161
Gross from railway... $407,266
101,919.028
157,141,555
-55.222.527
--35.14
October
173,836
135,599
Net from railway_
86.850,734
99.557.310
--32.85
November
32,706,576
82,911
43.956
-33,471
Net after rents
-59,408
79,982.841
47.141.248
-32,841.593
December
--41.08
From Jan. 1
1931.
1932.
3.494,622 3,793,699
Gross from railway... 1,864.430 2,653.421
45,940,885
72,023,230
-26,082,545
January
--38.21
920,765
822,709
Net from railway_
57,375,537
86,078,525
-8,702,988
February
--13.17
449,451
552,988
124,410
-82,691
Net after rents
87,870.702
March
84,706,410
-17.035,708
--20.11
Delaware & HudsonNet Earnings Monthly to Latest Dates.
1929.
1930.
1931.
1932.
AprilGross from railway-- $2,257,529 $2,696,104 $2,911,309 $3,418,510
Akron Canton & Youngstown
776.906
437,325
409,137
356,230
Net from railway....
April
-1932.1931.
1930.
1929.
666,120
295.682
341.341
Net after rents
274,581
Gross from railway--- $132.39
$184,400
$262,557
$331.770
From Jan. 1
Net from railway_ _ _ _
30,998
64,634
94.733
148,410
Gross from railway
8,192,470 10,535,548 12,378,192 12,966,299
Net after rents
11.777
35,961
50,851
95,379
Net from railway....
500,741
1,104,517 1,911.067 2.249.831
From Jan 1
1,400,223 1.879,284
Net after rents
797,714
149.200
Gross from railway.-543,252
686,561
1,007.554
1,277,638
Net from railway....
175,595
217,894
345,850
572,037
Delaware Lackawanna & WesternNet after rents
89,105
110,476
181,739
351,814
1929.
April1930.
1932.
1931.
Ann ArborGross from railway.-- $4,432,186 $5.433,158 $5.848,386 $7,225,952
April1932.
1930.
1929.
Net from railway.-- 1,084,882
1931.
1,423,720 2,382,205 ,
1,402,981
Gross from railway... $282.699
8371,151
$411,706
1,753,723
$511,389
Net after rents
918,923
614,976
882,451
Net from railway....
45,331
76,508
80,478
133,595
From Jan. 1Net after rents
72,764
Gross from railway- 16,722,097 20,304,966 22,964,492 26,530,270
11,179
36,203
35,032
From Jan 1
7,292,984
Net from railway.... 3,725,749 4,423,177 4,816,281
Gross from railway_ - - 1,133,137
1,438,375
1,675,505 2,076,733
Net after rents
1,998,160 2,587,933 2,942.704 5.088.823
Net from railway _ _ _ _
191,333
273,785
567,621
357,140
Detroit Toledo & IrontonNet after rents
34,278
86,540
343,751
141,267
1929.
1931.
1930.
April1932.
Atchison Topeka & Santa Fe$560,190 $1,248,546 $1.241,493
Gross from railway_ -- $373,292
April1932.
1931.
1930.
1929.
572,213
635,189
161,622
Net from railway_ _
96,684
Grossfrom railway- _ - 10,808,049 14,360.750 15,174,326 16,978,658
406.900
510.075
92,378
Net after rents
42,645
Netfrom railway
1,790,664 2,241.947 2,270,207 4,575,954
From Jan. 1
Net after rents
633,292
917,876
1,221,996 3,342,104
Gross from railway.-- 1,522,671
2,549,562 4,508,310 5,116,624
From Jan. 1
2.248,518 2,598,089
393,153
920,751
Net from railway__
Grossfrom railway- - 43,411,203 56,952,331 58,763,264 66,194,906
1.881.101
629,010 1,797.808
Net after rents
157,555
Netfrom railway
7,212,866 10,625,448 11,446.745 19,406.672
Net after taxes
Detroit & Toledo Shore Line2,272.247
4,990,232 6,756,410 14,214.407
1929.
1930.
1931.
1932.
AprilAtlantic Coast Line$420.380
$339,098
$252,278
Gross from railway.-- $187,922
April1932.
1931.
1930.
1929.
163.833
144.292
104,570
66,549
Net from railway._
Grossfrom railway- -- 4,016,738 5,991.836 6,148,325 8,028,067
55,495
60,652
34.753
11,230
Net after rents
Netfrom railway
1,012,889 2,013,895
1,770,251
3,257,026
From Jan. 1
Net after rents
351.666
1,150.658
1,019,144
2,275,171
961,057 1,137,998 1,562.046 1.951,170
Gross from railway...
From Jan. 1
844,136 1,096,934
548,785
478,938
Grossfrom railway_ _ _ 16,776,530 24,443,531 26,336.943 30,274,335
Net from railway....
531.047
407,652
229,561
200,540
Netfrom railway
Net after rents
4,175,783 8,145,832 8.251,511 11,576,878
Net after rents
1,563,429 4,885,614 5,319,583 8,423,971
CoastFlorida East
Baltimore & Ohio1929.
1930.
1931.
1932.
April-.
April
1932.
$986,153 $1,320,215 $1,475,328
1931.
1930.
1929.
Gross from railway.- $731,397
Gross from railway__ _ 89,419,064 812.576,995 $18,080,223 $19,585,523
659,311
499.552
354,869
202,708
Net from railway
Net from railway_
2.192,494 3,274.504 4.281.871
423.267
294,630
173.670
43,996
4,842,687
Net after rents
Net after rents
1,147,378 2,108,037 3,132,732 3,519,290
From Jan. 1
From Jan 1
Gross from railway... 3,618,123 4,688,928 6,048,153 6.715,716
Gross from railway.-- 38,088,040 50,323,297 69,311,404 76,256,392
1,803.858 2.600,780 3,232.754
Net from railway...-. 1,443,001
Net from railway.- 9,659,367 11.054,200 14,529,241 17,710,880
1,772,906 2,348.741
1.080,156
815,084
Net after rents
5,621,581
Not after rents
6,668,760 9.937.950 12,740,861
Galveston WharfBangor & Aroostook1929.
1930.
1931.
1932.
April1932.
April1931.
1930.
1929.
$134,529
$148.613
$131,014
Gross from railway... $163,731
827,381
Grossfrom railway_ _ _
789,368
893,386
700,239
37,179
47,122
40,295
68,826
Net from railway
railway
Netfrom
384,640
249.481
30,055
12.988
17,270
45,698
Net after rents
368,348
270,038
Net after rents
287,173
205.085
From Jan 1
Jan. 1
From
722,089
514,408
521,405
669,856
Gross from railway2,907.747 3,309,202 3,742,780 3,100,001
Grossfrom railway.
285.467
135.072
161,833
247,982
Net from railway....
Netfrom railway
1,724,993
1,328,772
227.318
36.535
69,697
175,778
Net after rents
1,110.300
1.112.377
1,347,113
Net after rents
1,077,086
Grand Trunk WesternBoston & Maine1929.
1930.
1931.
1932.
1932.
April1931.
1930.
April1929.
Gross from railway__ _ $1.246,127 $2,033,431 $2,673,888 $3,474,654
5,156,393
5.810,589 6,543,220
Gross from railway..._ 3,930,286
700.062 1,119.391
281,879
45,381
railway _ _ _ _ 1,068,583
Net from railway_ _ _ 1,428,801
1,412,129
1,561,742
Net from
618,821
397,598
3,476
Net after rents
-157,358
655,343
906,607
927,155
1.049,920
Net after rents
From Jan. 1
From Jan. 1
5,280,355 7,398,036 9,950,066 13.000,767
Gross from railway
Gross from railway... 16,091,039 20,087,648 23.243,393 24,701,942
999,284 2.257.881 4,393,909
291,691
Net from railway_ _
5,658,325 6,144,562
Net from railway-- 4,005,333 5,295,626
-571,281 -258.535 1.097,779 2,718.058
Net after rents
2,324,155 3,354,141
3,724,223 4,066,572
Net after rents
D TerminalNorthern RyGreat
Brooklyn E
1929.
1932.
1930.
1931.
1931.
1930.
April1932.
1929.
April$73,046
$105,798 .$108,317
Gross from railway... $4,194,929 $5,841,572 $7,425,102 $9,245,119
$123,608
Gross from railway_ _ _
909.231
2.233.476
32.204
41,571
41,649
Net from railway_
46.029
Net from railway__ _ 1,578,298
136,060
90.897
25,330
35,083
34,628
-287,046
Net after rents
39,187
Net after rents
From Jan 1
From Jan. 1
415,077.
299,131
452,708
Gross from railway... 16,234.772 23,377.968 27,847,938 34,150,090
476,490
Gross from railway.-3.718.995 8,017,027
176,137
126,686
185,256
Netfrom railway
198,354
Net from railway
927,633
674,385 5.132,466
99,691
148,961
-1,611,979
157.142
Net after rents
166,247
Net after rents
•
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
3968
International-Great Northern-April1932.
Gross from railway._ _
$874,062
Net from railway_ _ _
Net after rents
6,074
From Jan. 1
Gross from railway- _ _ 3,545,768
Net from railway_
Net after rents
-132,686
Kansas City Southern SystemApril1932.
Gross from railway_ _ _
$834,332
Net from railway_ ... _
206,926
Net after rents
110,433
From Jan. 1
Gross from railway ... _ 3,449,545
Net from railway_ _ _ .
877,829
Net after re..ts
489,448
Lake TerminalApril1932.
Gross from railway......
$18,926
Net from railway_ _ _ _
-1,201
Net after rents
-4,585
From Jan. 1
Gross from railway.. _ _
78,767
Net from railway_ _
-8,291
Net after rents
-23,481
Lehigh ValleyApril1932.
Gross from railway--- $3,818,478
Net from railway_ __ _ 1,092,109
Net after rents
719,604
From Jan 1
Gross from railway_ - _ 14,030,820
Net from railway_ _ _ _ 2,840,967
Net after rents
1,362,160
Financial Chronicle
May 28 1932
Pennsylvania System
Pennsylvania RRApril1932.
1931.
1930.
1929
Grossfrom railway...-$28,663,803 $40:120,388 850,337,469 $56,778,946
Net from railway_ _ _ .. 7,321,432
8,562,567 13.740365 16,738,989Net from rents..
3,728,135
4,784,311
9,570,360 12,179,551
6,070,621
5,118,925
6,124,800
From Jan, 1586,401
1,167,299
Grossfrom railway- -.117,261,775 155,803,293 194,308,130 215,629.864
691,742
18,996
501,819
Net from railway_ _ _ _ 25,315,602 28,243,425 44,246,253 56,175,064
Net after taxes
12,958,998 15,111,129 29,505,396 40,027,396
Peoria & Pekin Union1931.
1929.
1930.
April$1,212,199 $1,617,507 $1,763,586
1931.
1932.
1930.
1929.
Gross from railway_ _ _
339,081
444,828
607.308
$66,758
$92,656
$139,314
$140,568
Net from railway_ _ _ _
228,916
472,486
315,197
11,246
-4,227
14,752
27,903
Net after rents
15.478
2,703
19,185
28,245
From Jan. 17,008,295
4,987,440
6,397,388
Gross from railway_ _ _
1,635,282
1.945,087
2,349,196
301,588
408,382
576,612
603,268
Net from railway...
1,231,634
1,802,450
1.427,076
59,512
62,503
117,328
164,566
Net after rents
71,253
103,298
120,280
157.827
Pere Marquette1931.
1930.
1929.
April1932.
1931.
1930.
$79,382
1929.
$57,947
$71,680
Gross from railway_ -- $1,758,670 $2,524.662 $3,358,075 $3,998,242
-819
-1.291
-8,316
Net from railway_ _ _ _
133,861
530,775
788,289
1,321,974
-8,811
-5,619
-19,557
Net after rents
-- -71,340
263,333
401,513
890,887
From Jan. 1
235.276
217,175
292,354
Gross from railway...... 7,590,536 9,402.972 12,945,676 14,856,905
-10,222
-22,075
-9,806
Net from railway_ _ _ _ 1,041,054
1,418,482
2,551,262
4,810,426
-63,517
-38,064
-23,975
Net after rents
185,274
495,081
1,365,282
3,372,504
Reading Co1931.
1929.
1930.
April1932.
1931.
1930.
1929.
$4,740,874 $4,887,573 $6,059,176
Grossfrom railway _ .. _ $4,898,404 $6,281,098 $7,194,158 $8,335,215
1,621,900
728,337
1.072,090
Net from milway_ _ _ _ 1,080,234
732.929
1,032,358
1,9-.8,846
377,420
642,958
1,150,004
Net after rents_ _ .. _
922,609
460,113
'.47,711
1,608.153
From Jan 1
17,949,674 19,908,588 22,653,835
Grossfrom railwa: _ _ _ 19.275,769 25.502,133 29,650,226 31,875,305
3,412,619
5,186.427
3,463,200
Net from railway_ _ _ .. 3,569,015
3,184,676
4,69F,584
7,050,585
3,398,610
1,924,637
1,871,983
Net ater rents
2,843,490
2,137,019
3,579,550
5,611,713
Louisiana & ArkansasRutland
AprilApril1932.
1929.
1930.
1931.
1932.
1931.
1930.
1929.
Gross from railway.. _ _
$642,844
$657,915
Grossfrom ailway_ _ _
$473,817
$335,095
$334,665
$409,478
$442,729
$540,817
Net from railway_
176,096
224.440
Net from railway.. _ _ _
84,369
120,569
Net after taxes
52,661
131,996
Net after rents _____ _ _
84,396
88,488
46.391
60,776
67,554
100,114
From Jan. 1
From Jan 1Gross from railway_ _ _ 1,422,619
2,520,641
2,499,905
1,739,655
Gross from railway_ _ _ 1,316,533
1,484,426
1,739,233
1,940,504
Net from railway..
779,298
_ _ ..._ _
747,093
Net from railway_ _ _ _
200,331
296,54.7
Net after rents
381,324
217,778
399,177
271,255
Net alter rents
93,578
40,428
153,734
233,591
Staten Island Rapid TransitMinneapolis & St LouisApril1932.
1931.
April1930.
1929.
1932.
1931.
1929.
1930.
Gross from railway..
$152,700
817.6,863
$198,184
Gross from railway_ _ - $630,056
$218,841
$868,143 $1,021,477 $1,079,082
47,153
Net from railway_ _ _ •
36,545
45,522
Net from railway--45,029
98,685
7,112
45,702
174,665
23,169
6,596
Net after rents
34,026
Net after rents
-9,035
25,715
-61,163
-66,083
83,668
From Jan. 1From Jan. 1
682,388
762,095
Gross from railway.....
598,050
Gross from railway..
907,371
2,565,428
4,517,712
3,363,506 3,925,607
145,096
162,714
111,552
221,977
Net from railway_ _ _
Net from railway--- 531,469
268,438
80,670
310,256
22.708
70,755
-19.275
Net after rents
3.237
Net after rents
-32,493 -105,692
-186,805
64.305
Seaboard Air LineMinn St Paul & Sault Ste Marie1930.
1931.
1929.
April1932.
April1932.
1929.
1930.
1931.
Gross from railway- _ - $3,170,283 $4,344,731 $4,584,271 $5,640,810
Gross from r ilway_ _ _ $1,894,850 $2,514,635 $3,164,686 $3,938,456
979,423
1,005,791
736,568
1,660,635
Net from railway_ __ _
Net from rail +ay_
1.114,211
441,819
550,432
523,078
381,356
1,083,987
Net after rents
Net after rents
722,964
79,432
88,533
27,481
From Jan. 1
From Jan 1
Grossfrom railway- _ - 12,523,819 16,950,916 19,362,062 22,044 409
Gross from railway_ _ _ 6,835,000
9,518,504 11,817,755 13,766,515
4.779,415
3,734,531
Net from railway_ _ _ - 2,312,455
6,295,863
Net from railway.
2,495,730
1,202,419
1,802,708
2,911,665
852.296
Net after rents
4,095,140
Net after rents
1,092,782
-1.307,858 -379.383 -228,018
Southern Pacific System
Missouri-Kansas-TexasSouthern Pacific LinesApril1929.
1930.
1932.
1931.
1931.
1930.
April1932.
1929.
Gross from railway__ _ $2,219,252 $2,760.831 $3,617.166 $44,345,296
Gross from railway_ _ _$11,793,916 $16,527,535 $21,136,878 $25,426,524
Net from railway
1,149,457
991,327
2,991,461
Net from railway_ _ _ _ 1.874,975
4,495,577
7,082,605
Net after rents
692,421
554,526
-177,587 -217,593
863,828
Net after rents
-7,843
2,455,160
4,681,501
From Jan 1
From Jan 1
Gross from railway_ _ _ 9,005,219 11.039,456 14,451,697 17.679,429
Gross from railway...... 47,567,540 66,068,503 84,826,302 97,561,715
5,199.797
Net from railway
3.678,571
Net from railway_ _ _ _ 6,598,
.14 10,960,968 18,177,225 25,642,269
3,299,352
Net after rents
1,928,340
-855,018 -497,284
Net after rents
-915,254 2,992,165
9,585,899 16,156,046
Southern Ry System
Missouri Pacific
AprilSouthern Ry Co1929.
1932.
1930.
1931.
AprilGross from railway ._ _ $5,636,112 $8,140,251 $10,144,941 $10,825,182
1931.
1932.
1930.
1929.
Net from railway
2,400,736
Gross from railway...... $6,454,698 $9,148,459 $11,089,611 $12,710,648
2,250,081
1,392,512
1,968,119
Net from railway
Net after rents
1,474,565
1,060,572
2,988,958
527,618
1,455,924
4,050,459
From Jan 1
1,044,369
Net after rents
325,345
2,020,726
3,108,642
From Jan. 1
Grossfrom railway_ _ _ 23.874,120 32,676,253 40.694,684 43,592,857
Grossfrom railway_ _ _ 26,189,627 34,410,191 42,300,815 47,254.411
Net from railway_
9,874,963 10,519,415
6.585,804
Netfrom railway
6,434.521
6,077,419
4,066,653
Net after rents
2,305,628
5,616,223
9.457,464 12,974,396
Net after rents
1,191,278 2,609,949
5.756.516
9,346,240
Mobile & OhioAlabama Great Southern1929.
1930.
April1932.
1931.
April1932.
1931.
1930.
1929.
Gross from railway.... _
$758,390 $1,031,506 $1,362,993 $1,580,520
Grossfrom railway- _ _
$355,934
$568.315
$740,562
443,295
349,380
$917,478
Net from railway_ _ . _
240,708
137,178
Net from railway
-3,996
103,026
297,888
164,755
189,816
294,000
Net after rents
101,187
8,633
Net after rents
-47,307
69,652
135,552
234,480
From Jan. 1
From Jan. 1
5,714,006
5,045,301
3,770,904
Gross from railway ..._ 2,758,526
Gross from railway_ _ _ 1.442,891
1,289.109
2,141,785 2,892,702
1,031,475
3,379,475
628,326
Net from railway_ _ _ _
272,013
Netfrom railway
-18,998
734,986
227.999
446,039
591,056
969,275
135,717
Net after rents
-198.974
Net after rents
-173,636
102,588
444,542
801,025
New York Central System
Cin New Orleans & Texas PacificNew York Central
April1929.
1932.
1930.
1931.
1930.
1929.
1932.
1931.
AprilGrossfrom railway_.$881,276 $1,276,330 $1,608,735 $1,978,368
Gross from railway__ _324,837.712 $33,679,119 $41,329,147 $48,962,592
Netfrom railway
544,842
9,145.818 12.669,027
168,292
188,177
383,042
Net from railway_ _ _ _
Net after rents
8,724,353
5,489,952
103,425
425.074
114,791
265,349
2,801,601
Net after rents
363,974
From Jan. 1
From Jan 1
Gross from railway_ _ _ 3,656,652
7,294.485
6.592,054
5,109,032
Gross from railway_ _ _106,171,265 133,011,198 164,533,670 189,555,348
Netfrom railway
34,375,215 46,918.396
673,848
751.267
1,621,049
821,135
Net from railway_ _ _ _
Net after rents
470,984
1,245,030
433.307
462,019
Net after rents
7.520,136 10,138,900 19,945,620 31,370,549
Georgia Southern & FloridaPittsburgh & Lake ErieApril1929.
1931.
1930.
1932.
1930. '
1929.
1931.
April1932.
Grossfrom railway_ _ _
$156,428
$249,893
$325,252
$357,506
Gross from railway_ -- $1,091,297 $1,637,396 $2,437,425 $2,917,449
Net from railway
29,762
72,694
550,700
481,486
49,038
10,374
299,189
Net from railway_ _ _ _
133,006
Net after rents
602,942
1.832
11,098
-9,554
716,069
51,362
392,631
Net after rents
163,060
From Jan. 1
From Jan. 1
Gross from railway_ _ _
1,094,425
708,894
1,427.500
1,539,330
6,492,232 0,321,695 10,978,093
Gross from railway_ -- 4,372,802
175,714
Net from railway
77,707
295,111
216,216
1,583,856
1,643,821
1,059,139
Net from railway......
429,260
91.998
Net after rents
27,329
112,737
2,383,210
171.679
2,132.989
1.367,088
Net after rents
584.197
New Orleans & NortheasternNew York Chicago & St LouisApril1932.
1931.
1929.
1930.
1929.
1930.
April1931.
1932.
Grossfrom railway- $177,467
$269,125
$381,788
$468,951
Grossfrom railway_.._ $2,534,528 $3,345,466 $4,289,041 $4,557,680
18,614
8,297
Netfrom railway
101,703
161,149
1,462.629
1,117,485
Net from railway_ __
943,418
486.997
-42,017
-34,482
Net after rents
1,004,306
29,267
74,648
658,819
Net after rents
478,619
94,394
From Jan. 1
From Jan. 1
Gross from railway1,086,296
750.730
1,537,190
1,871,086
Grossfrom railway..... 10,404,888 13.107,313 16,434,923 18,259,698
81,503
Netftom railway
31,817
5.538,426
396,867
655,512
3,935,487
Net from railway_ _ -- 2.360,557
3,270,909
Net after rents
-134,173 -175,675
70,638
3,665,075
315.372
2.232,870
1,285.124
Net after rents
585.509
Northern AlabamaNew York Ontario & Western1931.
1930.
April1932.
1929.
1929.
1930.
April
1931.
1932.
$69,102
$105,854
Gross from railway......$45,772
$112,101
3938,987
$778,072
Gross from railway_ _ _
$967,869
$862,761
25,612
48,000
15,690
Net from railway......
50,114
151,336
59,732
326,158
201,211
Net from railway...... _
3,512
21,153
-3,653
Net after rents
30,641
38,866
27,620
226,489
Net after rents
72,548
From Jan 1
From Jan. 1
246,628
394,878
183,690
Gross from railway......
431,557
3,447.763
3,243,993
from railway.._ _ 3,570,371
3,362,004
Gross
145,377
52,405
48,418
184,616
Net from railway_ _ _ _
336,094
321,407
780,002
Net from railway_ _ _ _ 1,111,861
-28,100
42,556
-24,540
80,560
Net after rents
-44,310
-12,086
675,044
352,861
Net after rents
Texas 8c PacificNorthern Pacific1931.
1930.
April1932.
1929.
1929.
1931.
1930.
1932.
April-Gross from railway_ - $1,760,232 $2,825,337 $3,398,389 $3,807,600
Gross from railway- - $3,805,917 35,246,076 $6,394,268 $7,779,895
1,188,261
Net from railway_
1,163,913
1,547,579
582,591
Net from railway_ _ _
653,306
219,931
788,917
Net after rents
688,738
1,285,433
9,358
215,296
-106.383
Net after rents
From Jan 1
Jan. 1
From
7,041,030 10,356,645 13,039,299 15,207.552
Gross from railway..
14,315,051 19,947,767 24,332.255 28,364,722
* Gross from railway
3,835,817
Net from railway..
4,536,894
5,671,528
„ 2,734,156
Net from railway.. _ _ _
1,870,261
823,795
Net after rents
2,286:745
4,651,112
2,628,239
415.561
1,342,152
-1480,626
Net after rents
1931.
1930.
1929.
$1,957,685 $1,289,405 $1,566,841
156,189
357,224
254,065
1,422
168.475
Financial Chronicle
Volume 134
Union Pacific System -April1932.
• Grossfrom railway_ _ _ $8,902.293
Net from railway..___ 2,153,248
Net after rents
544,570
From Jan. 1
Grossfrom railway_ -- 36,697,937
Net from railway..
9.355,610
Not after rents
3,278,378
Union RR (Pennsylvania)April1932.
Gross from railway.--- 8168,860
Net from railway
-83,843
Net after rents
-64,486
From Jan. 1
Gross from railway_ _ _
784,379
Net from railway_ _ _ - -301,505
Net after rents
-224,367
VirginianApril- •
1932.
Gross from railway.. _ _ 8953,002
Net from railway_
Net after rents
314,341
From Jan 1
Gross from railway_ _ _ 4,682,243
Net from railway_
Net after rents
791,728
WabashApril1932.
Gross from railway--- $3,149,616
Net from railway_ .._ ..
358,912
Net after rents
230,565
From Jan 1
Gross from railway_ _ _ 12,921,068
Net from railway_ _ _ _ 1,675,802
Net after rents
575,694
Western MarylandApril1932.
Gross from railway-- _ $1,062,875
Net from railway_
Net after rents
264,708
From Jan 1
Grossfrom railway-- - $4,515,065
Net from railway.. _ _ _
Net after rents
1,186,917
Western PacificApril1932.
Gross from railway_ .... $828,903
Net from railway..
Net after rents
-32,511
From Jan 1
Gross from railway--- 3,140,724
Net from railway_
Net after rents
-424,168
Wheeling & Lake ErieApri1932.
Gross from railway__ - $543,819
Net from railway_
Net after rents
-99,901
From Jan. 1
Gross from railway_ _ _ 2,794,049
Net from railway_
Net after rents
65,807
1930.
1929.
1931.
$12,681,444 $14,036,651 $15,963,200
2,504,169 3,004,540 3,662,131
1,894,513
650,322 1,262,638
50,230,950 55,864,471 64,634,594
11,430,576 13,472,985 18,023,836
4,150,519 6,417,243 11,020,563
1931.
$448,940
-65,166
-24,403
1930.
$709,140
82,805
86,918
1929.
$831,849
184,823
183,298
1,711,866
-285,639
-110,876
2,638,048
322,879
373,136
2,951,895
505,592
602,730
1931.
1930.
1929.
$1,187,079 $1,445,474 $1.400,755
670,039
630,864
412,385
553,424
566,073
5,164,232
6,205,448
2,968,731
2,576,745
842,276
6,426,255
3,164,429
2.766,787
1931.
1930.
1929.
$4,445,348 $5,724,728 $6,021,322
931,894
1,355,807
1,469,515
294,637
707,867
810,147
16,857,904 21,853,190 24.365,724
3,191,364 4,765,991 6,526.970
902,416 2,324,180 4,027,610
1931.
1930.
1929.
$1,285,717 $1,460,816 $1,442,419
499,715
409,919
346,487
429,745
368,932
85,221,657
6,054,495
2,066,506
1,820,032
1,517,335
5,943,960
1,819,275
1.671,262
1931.
1930.
1929.
$1,060,432 $1,101,012 81,366,194
-108,855
184,001
-189,246 -186,059
148,373
3,842,473
-425,645
4,388,683
-168,743
-400,778
5,070,228
707,965
542.800
1930.
1929.
1931.
$1,033,642 $1,479,222 $1.811,137
369,720
573,024
103,291
245.257
422,083
3,899,179
330,225
5,525.708
1,418,705
954.198
6,726,466
2,088,267
1,468,074
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.
Ann Arbor RR.
Month of April
1930.
1931.
1932.
1929.
Operating revenues
$371,151
$411,706
$282,699
$511,388
Operating expenses
331,227
237,368
.294,643
377,793
Net ry. oper. Income_ _ _
35,031
36,203
11,179
72,763
4 Mos.End. April 30
Operating revenues_ _ _ _ $1,133,137 $1,436,375 81,675,505 82,076.732
Operating expenses
1,318,364
1,162,590
1.509,111
941,804
86,540
Net ry. oper. Income_ _ _
141,266
343.750
34,278
IZPLast complete annual report in Financial Chronicle June 13'31, p. 4401
(The) Atchison Topeka & Santa Fe Ry. System.
(Includes the Atchison Topeka & Santa Fe Ry., Gulf Colorado &
Santa Ry., Panhandle & Santa Fe Ry.)
Month of April1931.
1930.
1929.
1932.
Railway oper. revenues_$10,808,049 $14,3c0,750 $18,249,852 319,901.719
Railway oper. expenses_ 9,017,385 12,118,603 15,898,922 14,882.586
Railway tax accruals_ _ _ 1,123,396
1.153,020
1,174,735
1,474,828
Other debits
279,400
71,766
Dr33,975 Dr171,250
Net ry. oper. Income_ $633,291
$917.876
$896,794 $3,472,536
Average miles operated_
13,343
13,134
12,352
13,545
4 Mos. End. April 30
Railway oper. revenues_843,411,202 $56,952,330 $71,416.438 $78,334,217
Railway oper. expenses_ 36,198,336 46,326.882 59.267,960 56,113,333
Railway tax accruals...... 4,485,075 4.738.274
5,018.114 6,146,112
Other debits
1.348,712
Dr455,542 Dr896,941
352,059
Net ry. oper. income_ $2,272,247 $4,990.232 $5,781,650 $15,722,712
13,341
Average miles operated_
13.134
12,351
13,545
re'Last complete annual report in Financial Chronicle April 9 '32, p. 2705
Boston & Maine RR.
Month of AprilNet railway oper. inc.... _
Net misc. oper. income_
Other income
1932.
$655,343
def.385
82,506
1931.
$906,607
370
94,560
1930.
1929.
3927.153 $1,047,219
1,803
def.625
91,198
95,346
Gross income
$737.464 $1,001,537 $1,020,154 $1,141.940
639,403
679.213
649.307
Doduc.(rentals, Inc.,&c.)
645,182
$462,727
$380,751
$352,230
Net income
$92,282
4 Mos. End. Apr. 30
Net ry. oper. income_ _ _ $2,324,155 $3,354,141 $3,724,222 $4,066.572
12,674
13.878
Net misc. oper. income.
3,844
630
434.730
400,276
Other income
372,445
404.830
Gross income
$2.697,230 $3,762,815 $4,138,376 $4,513.976
Deduc.(rentals,int.,&c.) 2,588,783
2.685,984 2,579.073 2.720,168
Net Income
8108.447 81,076,831 81,559,303 $1,793,808
WLast complete annual report in Financial Chronicle Apr. 2 '35, p. 2516
Canadian National Rys.
Month of AprilGross revenues
Operating expenses
1929.
1932.
1930.
1031.
811,863,038 315,233,779 $18,310,024 323,210,729
10,795,067 14,338,888 16,119,330 18,559,784
$1,067,970
$894,891 $2,190,693 $4,650,944
Net revenues
4 Mos.End. Arp.30
$46,064,388 360,434,769 879,892,654 $84,515,476
Gross revenues
45,615,364 56,441,417 64,137,439 68,682,270
Operating expenses
3449,023 83,993,352 86,755.214 815,833.205
Net revenues
iZi Last complete annual report in Financial Chronicle Apr. 16 '32, p 2896
-
3969
Erie Railroad Co.
(Including Chicago & Erie RR. Co.)
Month of April1932.
1931.
1930.
1929.
Operating revenues
$6.303,915 $7,880,866 $9,089,535 $10,594,677
Oper. expenses and taxes 5,297,363 6,627,722 7.740,476
8,399,528
Operating income_ ...- $1,006,551 $1.253,144 $1,349,059 82,195,148
Hire of equip. & facil.
rents
-net debit
339,125
303,237
351,505
365.606
Net oper. income__.... $667,426
$949,906
8997,554 81,829,542
4 Mos.End. April30Operating revenues$25,011,601 $31,052,825 $36,319,072 $41,432,458
Oper. expenses & taxes- 21,042,114 25,492.931 30.808.299 33,112,103
Operating income _ _ _ $3,969,486 $5,559,893 $5,510,773 $8,320,354
Hire of equip. and joint
tacit. rents
-net debit 1,236,266
1,225,824
1,388,959
1,503,030
Net ry. oper. income.. $2,733,220 $4,334,069 $4,121,813 $6,817,324
IZFLast complete annual report in Financial Chronicle Apr. 30 '32, p. 3264
Gulf Coast Lines.
Month of April-1932.
1931.
1930.
1929.
Operating revenues_ _ _ _
8853,853 $1,369,861 $1,630,151 $1,569,762
Net ry. oper. income
200,192
358,605
463,183
380.798
4 Months End. April 30
Operating revenues........$3,549,013 $4,642,395 $4,597,039 $4,183,911
839,455
1,190,075
816.372
Net ry. oper. income...._738,717
110'Last complete annual report in Financial Chronicle May 16 '31, p. 3706
International Rys. of Central America.
1932.
$489,538
283,754
Month of AprilGross earnings
Operating expenses
1931.
$555,333
330,011
1930.
$729.139
369,903
1929.
$819.303
408,115
$225,322
$359,209
8411,188
Inc.appl.to fixed chgs_ $205,784
4 Mos.End. April 30
82,069,636 82,468,415 $3,167,659 $33,409,515
Gross earnings
1,732,836
1,582,091
1,361,111
1,142,213
Operating expenses
Inc.appl.tofixed chgs_ $927,423 $1,107,304 $1,585,568 $1,676.679
OrLast complete annual report in Financial Chronicle May 7'32, p.3475
Maine Central RR.
1929.
1931.
1930.
Month of April1932.
Railway oper. revenues_ $1,014,584 $1,335,763 $1,614,339 $1,472.772
74,454
50.156
Surplus after charges__. def45,588
37.935
4 Mos.End. April 30
Railway oper. revenues.. $3,972,405 $5,331,509 $6,663,617 $6,103,017
218.905
446,325
Surplus after charges.. _ _ def272.480
21,694
WEast complete annual report in Financial Chronicle Apr. 2 '32, p. 2514
Missouri-Kansas-Texas Lines.
1929.
Month of April1930.
1932.
1931.
3.188
3.188
Mileage operated (aver.)
3.293
3,188
Operating revenues
$2,219,252 $2,760,830 $3,617,166 $4,345,295
Operating expenses
1,640.055 2,224,236 2,625,839 3,195.839
780,433
623,722
188,120
Available for interest.. _ 227,660
427.621
407,713
405,248
405,714
Int.chgs.,incl.adj.bonds_
$352,811
$216,008
Net income
def$177,587 def$217,593
4 Mos.End. April 30
3,188
3,188
3,188
Mileage oper. (average)_
3,293
Operating revenues
$9,005,219 811,039,456 $14,451,697 $17,679,428
8,553,075 10,773.126 12.479,632
Operating expenses
6,900,611
2,260,244 3,608,798
766.184
1,125,781
Available for interest......
1,723.494
Int.chgs.,Incl.adj.bonds_ 1.621,202 1.623,066 1,641.566
$618,678 81,885,303
Net income
def$855,018 def$497,284
lag
-Last complete annual report in Financial Chronicle May 7'32, p.3444
New York New Haven & Hartford RR. Co.
1929.
1930.
Month of April1932.
1931.
Gross total oper. rev-- $6,707,192 $8,995,908 $10,298,632 811,629,988
2,586.855
Net railway oper.income 1,157,440
2,070.406
1,825,576
*Net after charges
1,031,609
244,923
4 Mos.End. April30- •
Gross tot. oper. rev-- -$27,681,779 $34,251,884 $10,108.752 $43,497,616
Net railway oper.income 4,594,813 6,234,109 7,705,730 8,830,991
*Net after charges
1,069,281
3.472,096
* Before guarantees on separately operated properties.
iZrLast complete annual report in Financial Chronicle Apr. 2 '32. p. 2513
New York Ontario & Western Ry. Co.
Month of AprilOperating revenues
Operating expenses
1932.
$967,869
641,711
1931.
$862,761
661.550
1930.
$778,071
718.339
1929.
$938,986
787.630
Net rev.from ry.oper.
Railway tax accruals......
Uncollectible ry. revs......
$326.158
45,000
49
$201,211
42.500
103
359.732
42,500
244
$151,335
45.000
def.19
Total ry. oper. income $281,108
Eq.& it. facil. rents(net) Dr.54,619
3158.609
86.061
$16,987
Cr.44.608
8106.355
Cr.67,489
838,865
$72,548 def$27,620
Net operating income.. 8226,489
4 Mos.End. ApriI30Operating revenues
$3.570.371 $3,362,004 $3.243,993 33.447,762
Operating expenses
2,458,510 2,582,002 2,922,585 3,111,668
8336.094
8321.407
8780,002
Net rev.from ry.oper $1,111.861
180.000
170,000
170,000
Rohm ay tax accruals.. _ _
180,000
29
371
256
Uncollectible ry. revs......
102
8156,064
$151,036
$609.746
256.885 Cr.163,122 Cr.200,374
$352,861 def$12.086 def$44.310
Net operating income_ $ 675,044
M'l..ast complete annual report in Financial Chronicle Apr. 9 '32, p. 2712
Total ry. oper. income $931,759
Eq.& jt facil. rents(net) Dr.256,715
Norfolk & Western Railway Co.
1929.
1930.
Month of April1931.
1932.
Net ry. oper. inc
81,174,676 $1,428,564 $2,258,849 $2,832.456
174,853
211,571
Other Inc. items (bal.)-296,179
133,238
Gross income
81,307,914 $1,724,743 82,470,421 83,007,310
401,556
416,058
Interest on funded debt
403,951
341,423
Net income
8966,491 81,320,792 82,054.363 $2,605.754
Prop'n of oper. exps. to
62.42%
operating revenues_ _ 63.22%
65.10%
67,79%
Prop'n of transp'n expenses
23.12%
to operating revenues_
27.56%
24.67%
27.66%
4 Mos. End. April 30Net ry. oper.income_ _ _ - $4,266.244 86,190,876 810,207,739 811,446,530
650,136
Other inc. items (bal.)- _
818,288
474,295
822,453
Gross income_
Interest on funded
Net income
_ $4,740.540 $7,013,329 $11,026,027 812,096,666
1,616,791
1,618,264
1,667.700
1.408,119
$3,332,420 $5,395,065 $9,358,327 810,479,874
Prop'n of oper. exps. to
operating revenues......
69.07%
66,84%
62.12%
61,98%
Prop'n of transp'n exps.
24.60%
to oper. revenues
24.56%
27.60%
27.52%
'Last complete annual report in Financial Chronicle April 2 '32, p. 2509
3970
Financial Chronicle
St. Louis-San Francisco Ry.
(Including Subsidiary Lines)
-Month of April- -4 Mos. End. Apr.30-1932.
1932.
1931.
1931.
Operating mileage
5,890
5,890
5,890
5,889
Freight revenue
$3.023.874 $4.120.116 $11,818,248 $15,789,684
Passenger revenue
1,145,330
267,275
1,950,206
470,195
Other revenue
313,970
452,216
1.287,348
1,735.687
Total oper. revenue__ $3,605,118 $5.042,527 $14,250,926 $19,475,577
Maint. of way & struc_ 570.582
2,065.985 2,201.861
502,578
Maint. of equipment..__
880,885 3.234.205 3,587.303
777,368
Transportation exps____ 1,253,758
5.405,793 7,337,160
1,843,915
Other expenses
1,277,184
302,616
1,540,805
396.545
Total oper. expenses $2,836,319 $3,691,927 311.983,167 $14,667,130
Net ry. oper. income
358,001
543,491
3.040,074
900.211
Balance avail, for int _
597,946 3.452.704
997,077
357,628
Surplus after all charges.. *760,654
100,300 *3,894,045 6,789,511
* Debit.
121PLast complete annual report in Financial Chronicle Mar. 19 '32, p. 2137
Soo Line System.
(Minneapolis St. Paul & Sault Ste. Marie Ry. Co., incl. Wisconsin
Central Ry. Co.)
Month of April1932.
1930.
1931.
1929.
Net after rents
Dr.$88,533 Dr.$27,481 Cr.$79.432 Cr.$722.964
Other income-Net_ _ Dr.66,155 Dr.20,526 Dr.25,397
Cr.83,340
Int.on funded debt - r.
D
515.774
553,202
563,745
551,675
Net def, or profit_ _ _ _ Dr.$670,463 Th.$611.753 Dr.$499,167 Cr.$254.628
Division of net profit or
deficit between:
Soo Line
Dr.1147,616 Dr.$357.027 Dr.$178.804 Cr.$282,754
W.C. By. Co-Dr.__
222,847
320,363
254.726
28,125
System
Dr.$670,463 Dr.$611,753 Dr.$499,167 Cr.$254,628
4 Mos.End. April30Net after rents
Dr.$1.307,858 Dr.$379,383 Dr.$228.017Cr$1.092,782
Other income (net)
Dr.310,421 Dr.75,372 Dr.47,463 Cr.31,370
Int. on funded debt
-Dr. 2.085,602 2,262.577 2.221,798 2.214,776
Net def. or profit _Dr.$3.703,882Dr$2717,333Cr$2.497,279 $1.090,624
Division of net profit or
deficit between:
Soo Line
-Dr
2,485,833
1,184,257
1,394.668
386,543
W. C. By. Co.
-Dr
1.218,049
1.322,665
1,313.021
704,080
System-Dr
$3.703,882 $2,717.333 $2,497,279 31,090,624
tat
-Last complete annual report in Financial Chronicle May 9'31, p.3513
Southern Pacific Lines.
Month of April1932.
1931.
1930.
1929.
Aver. miles of road oper.
13,275
13,824
13.839
13,614
Revenues
Freight
$8,855,795 $12,056,516 $15,823.732 $18,976,348
Passenger
1,737,6222.745.193„
3,894.599
Mail
365.600
397,782
403,421
413,928
Express
315,374
548,720
600,659
815,648
All other transportation_
305,367
445,110
417,992
803,735
Incidental
282,021
416,683
532,342
617,195
Jointfacility-Cr
8,550
16,580
26,323
27,141
Joint facility
-Dr
76.413
99,051
113,325
122.073
Ry. oper. revenues__ _ $11,793,916 $16,527,535 821.136,878 $25,426,524
ExpensesMaint. of way & struc-- 1,584,546 2,200.587 3,163,453 3.404,767
Maint. of equipment__ 2,295,952 3,348,174 4,052,208 4,668,561
Traffic
456,002
571,234
647,513
622,318
Transportation
4,564,230 6,234,565 7,460,332 8,354,040
Miscellaneous
211,085
311,461
393.166
435.648
General
827,972
864,246 1,039,362
996,999
Transp. for invest-Cr.- def20,846
84,196
114,736
138,417
By. oper. expense__ 39.918.941 813,536,073 816,641,301 818.343,918
Income
Net rev.from ry. oper__ 1,874,975 2,991.461 4.495.577 7.082.605
Railway tax accruals..-- 1,338.473
1,526,323 1.427,272 1,835,261
Uncollec. ry. revenues._
5,897
5,298
3,296
12,191
Equip.rents (net)
513,378
575.214
572,571
551,217
Joint facility rents (net)_
25,069
20.797
37,277
2.434
Net ry. oper.income__ def$7,843
$863,828 $2,455.160 $4.681,501
4 Mos.End. Apr.30
Aver. miles of road oper.
13,732
13,824
13,841
13.613
Revenues
Freight
$34,889,583 $48,157,187 362,630.605 $72,205,547
Passenger
7,823,219 11,637,177 15,026,623 16,121,666
Mail
1,466,004
1.576,998 1,625.590
1.679,041
Express
1,766,758
1,153,088
1,913,578 2.351,227
All other transportation_ 1.254,576
1,558.505
1,721,487 3,005,864
Incidental
1,233.518 1,653.351
2,274,804 2,545,186
75,722
Joint facility-Cr
104,772
120,486
48,695
Joint facility-Dr
471,161
357,197
467,304
301.143
By. 09cr. revenues-$47,567,540 866,068.503 584,826.302 897,561,715
ExpensesMaint. of way & struc__ 6,271,415 9,247,167 12,046,444 12,816.655
Maint. of equipment- 9,709,354 13.722,548 16,744.823 17,965,510
Traffic
1,776.429 2,172.530 2,535.136 2,491,220
Transportation
19.072,539 25,418,479 30,248,394 33,512,539
1,762.352
1.646,428
Miscellaneous
1,243,696
916,917
General
3,288,782 3,563.854 3,986.085 3,809,961
438,792
558,235
Transp. for invest.-Cr_ def66,291
250.741
By.open expense .._ _ _840.969,126 $55.117,535 136,649,077 171,919,446
Income
Net rev, from ry. oper__ 6,598,414 10,950,968 18.177,225 25,642,269
Railway rax accruals.. _ - 5,449,545
5,816,825 6.222,180 7.068,861
33,477
22.323
Uncollec. ry. revenues_ _
18,213
22,542
Equip. rents (net)
1,898.312 2.174.403 2.333.060 2.393,597
Cr9,713
Joint facility rents (net)_
143,270
13,760
Cr50,639
Net ry. oper.income.. def$915,254 $2,992,165 $9,585,899 316.156,046
garLast complete annual report in Financial Chronicle May -9 '31, p. 3547
Texas & Pacific Ry.
may
28
1932
Union Pacific System.
Month of April1932.
1931.
1930.
1929.
Operating venues
Freight
17,208,220 310.204.696 $11,139,982 312,549,230
Passenger
808,858 1,273,514
1,546,863 1,941,357
Mail
372,373
376,149
429,913
430,669
Express
132,397
291.532
336.890
335,235
All other transportation_
245,810
291,848
344,740
372,912
Incidental
134.635
243.705
238,263
333,797
Railway oper. revs.._ _ $8,902,293 312,681,444 $14,036.651 $15,963,200
Operating ExpensesMaint. of way dc struct_ 1,083,016 2,143,174 2,309,636 2,891,178
Maint. of equipment-- 1,619,375 2,639.358 2,979,800 3,216,420
Traffic
416770
303663
445112
418,208
Transportation
3,037:108 4,075:903 4.352:889 4,732,808
Miscell. operations
133,547
225,916
264,991
353,353
General
572,336
676.678
679,683
689,020
Transp. for invest-Cr_ _
524
Dr82
Railway oper. exps_- _ $6.749,045 $10,177,275 511,032,111 312,301,069
Income Items
Net rev, from ry oper
.
2,153,248 2,501,169 3,004,540 3.662,131
Railway tax accruals..._ 1,062,723 1,230.396
1.317,848 1,348,059
Uncoil. ry. revenues__..
716
725
321
428
By. open income„-- 11,089.809 $1,273,048 $1,686,371 82,313,644
Equip. rents (net)
-Dr _
497,918
588,107
368,903
338.456
Joint facil. rents (net)Dr
47,321
34,619
54,830
80,676
Net income
3544.570
3650.322 441,262,638 31,894.513
Aver. miles of road oper
9.843
9,863
9,878
9.858
Ratio ofexpenses to revs.
75.81%
80.25%
78.55%
77.06%
4 Mos. End. Apr. 30
Operating Revenues
•
Freight
$29.523,926 340,623,474 844,359,753 551.543,853
Passenger
3,485,195 5,022,221
6,416,254 7,676,859
Mall
1,516,977 1,638,964
1,716,460 1,728,016
Express
545,621
868,641
1,075,738 1,064,679
All other transportation 1,010.057 1,135,705 1.390.905 1,471,461
Incidental
616,161
941,945
905,361
1.149,726
Ry. operating revs-- 336,697,937 $50,230,950 555,864,471 $64,634,594
Operating ExpensesMaint. of way & struc__ 3,262,125 6,683,108 7,043,259 8,620,902
Maint. of equipment _.... 6,722,754 10,492,511 11,645,320 12,616,887
•I'raMc
1,173,069 1,440,058
1,559,938
1,510,848
Transportation
13,173,018 16,543.732 18,431,465 19,882,641
Miscell. operations
621,086
962,021
1,033,444 1,249,551
General
2,390,275 2.683.721
2.678,060 2,732,159
Transp. for invest
4.777
Cr2,230
By. operating expenses$27.342.327 $38,800,374 $42,391,486 $46,610.758
Income Items
Net rev. from ry. oper-- 9,355,610 11,430,576 13,472.985 18,023,836
Railway tax accruals.._.. 4,231,046 5,002,250 5.409.103 5,386,115
4,112
2,459
2,441
Uncoil. ry. revenues3.487
By. oper. Income...... $5,121,077 36,425,885 $8,061,423 $12,633,609
1,315.805
1,450,101
2,075.900
1,647,451
-Dr
Equip. rents
297,241
194.079
199,466
195,248
Joint facility rents-Dr..
33,278,378 $4,150,519 $6,417,243 311,020.563
Net income
9.858
9.878
9.857
Aver. miles of road oper9,842
72.11%
75.88%
Ratio of expenses to rev_
77.24%
74.51%
tgrLast complete annual report in Financial Chronicle Apr. 25 '31, p. 3180
Wabash Ry.
Month of April1929.
1930.
1931.
1932.
Operating revenues
$3,149,616 $4,445,348 15,724.728 36,021,322
Operating expenses
2,790,704 3,513.4544,368,920, .807
Net ry. oper. income
810,146
230,565
294,637
707.867
4 Mos. End. April30Operating revenues
12,921,068 16,857,904 21,853,190 24,365.724
Operating expenses
11,245,266 13,666,540 17,087,199 17,838,754
Net ry. oper. income__ 902,416 2,324,180 4,027,679
575,694
rZPI-ast complete annual report in Financial Chronicle April 23'32, p. 3089
INDUSTRIAL AND MISCELLANEOUS COS.
Alabama Power Co.
(And Subsidiary Companies)
(The Commonwealth & Southern Corp. System)
-Month of April- -12 Mos. End. Apr. 301932.
1931.
1932.
1931.
Gross earnings
$1.266 621 $1.464,462 817,213.770 $17.931,072
Operating expenses, Incl.
taxes and maintenance
445,738
592,207 7,538.766 7,597.674
Gross income
$820.882
$872.254 89,675,003 $10,333,397
Fixed charges
4.571,507 4.198,102
Net income
Provision for retirement reserve
Dividends on preferred stock
$5.103.495 36,135,290
933,600
925.920
2,324,416
2,093,155
Balance
51,845,479 53,116,219
larLast complete annual report in Financial Chronicle Apr. 16 '32, p. 2898
Alabama Water Service Co.
12 Months Ended March 31Operating revenues
Operating expenses
Maintenance
General taxes
1932.
5838,200
299.638
38,343
97,036
1931.
$854,148
320,841
34.168
87,037
Net earningsfrom operation
Other income
$403,183
4,140
$412,102
3,987
Gross corporate income
Interest on long term debt
Miscellaneous interest charges
Res.for retire.,replace. & Fed.inc.tax & misc.deduc
$407,323
215,665
659
57.601
8116,089
203,373
1,978
67,947
1929.
Month of April1932.
1931.
1930.
Net ry. oper. income-- $219.931
5688,739
$788.918
8653,306
Net income
def103,724
323.215
477.476
489,586
4 Mos.End. Apr.30
Net ry. oper. income- 5823,795 $1,870,261 32,286,745 $2,628,240
Net income
1,762,211
def464.672
602.230
1,093,454
rgirLast complete annual report in Financial Chronicle Apr. 30 '31, p. 3267
'
-Ket income
3133.397
3142,791
Dividends on preferred stock
40,637
40,461
a'Last complete annual report in Financial Chronicle April 30 '32, p. 3270
Western Maryland Ry. Co.
Atlantic Gulf & West Indies Steamship Lines.
1932.
1931.
Month of April1929.
1930.
$346,487
Net ry. oper. income_ $264,708
8429,745
3368,947
10.141
13,955
Other income
17.254
14.436
8274,849
$360,442
Gross income
5444.181
$386,201
269,416
291,646
Fixed charges
290,396
248,578
868.796
Net income
$153,785
$5,433
$137,623
4 Mos.End. Apri130Net ry. oper. income_ -- $1,186,917 $1,517,335 $1,820,032 $1,670,350
51,387
38,429
Other income
59.171
63.897
$1.225,346 $1,568,722 31,879,203 $1,734,247
Gross income
1.151,249
Fixed charges
1,080.155
1.161,512
996,645
5417.473
Net income
$145,191
5717.691
3737.602
1:2E'Last complete annual report in Financial Chronicle May 14 '32, p. 3629
(And Subsidiary Steamship Companies).
-Month of March- -3 M08.End, Mar.311932.
1931.
1931.
1932.
Operating revenues
52.110,515 32,329,338 35.941,356 17.106,908
Net rev, from operation
(income depreciation)
684,706
272.079
512,752
221.269
Gross income
Interest, rents and taxes
$347.061
205.531
8325,614
191.905
1730.536
623.450
$994,147
583,754
Net income
8410.393
3141.530
3107.085
8133.708
WLast complete annual report in Financial Chronicle May 7 '32, p. 3483
and May 14 '32, p. 3639.
Financial Chronicle
Volume 134
3971
Brazilian Traction, Light & Power Co., Ltd.
(The) Commonwealth & Southern Corp.
-Month of April- -4 Mos.End. Apr.301932.
1931.
1932.
1931.
Gross earns,from oper__ $2,581,033 $3,004,444 $9,951,557 $12,610,957
Operating expenses
1,063,869 1,174,645 4,323,970 5,096,811
(And Subsidiary Companies.)
--Month of April- 12 Mos. End. April 30
1932.
1931.
1932.
1931.
Gross earnings
89,777.820 311.192.548 3125941.371 8137444.281
Oper. exps., incl. taxes
and maintenance
4.414.163 5.258,033 57,486.658 66.153.066
Net earnings
$1,517,164 $1,829,799 $5,627,587 $7,514,146
Note.
-The operating results as shown in dollars are taken at average
rates of exchange. They have been approximated as closely as possible
but will be subject to final adjustment when the annual accounts are
made up.
The above figures are also subject to provision for depreciation and
amortization.
a"Last complete annual report in Financial Chronicle June 27'31, p. 4753
Brunswick Terminal & Railway Securities Co.
Quarter Ended March 311932.
1931.
1930.
Net loss after expenses and taxes
x$14,372
$11,236 prof.$14,543
Earns. per sh.on 131,951 shs.cap.stk.
(no par)
Nil
Nil
$0.11
x Exclusive of $1,650 loss on property foreclosure.
IN-Last complete annual report in Financial Chronicle Mar. 12 '32, p. 1960
-V. 134, p. 1960.
California Water Service Co.
(Since dates of acquisition actual)
12 Months Ended March 311932.
1931.
Operating revenues
$2,027,626 $2,163,225
Operating expenses
766,497
791,917
Maintenance
69,904
76,777
General taxes
144,222
159,217
Net earnings from operations
Other income
$1.047,002 $1,135.314
20,747
21,451
Gross corporate income
$1,067,749 $1,156,766
Interest on long term debt
425,991
433,310
Reefer retire.,replace.& Fed.inc.tax & misc. deduc. 170,918
179,173
Net income
$551,602
3463,522
Dividends on preferred stock
161,358
173,457
Interest on 6% notes
40,427
40,427
(Disregarding dates of acquisition Earning power)
Operating revenues
$2,149,631 $2,135,561
Operating expenses
814,329
818,866
Maintenance
78,735
72,887
General taxes
147,070
144.161
Net earnings from operations
Other income
31,110,808 31.098.335
16.285
11,501
16,285
Gross corporate income
31,122.309 31,114.620
IGEF'Last complete annual report in Financial Chronicle April 16'32, p.2903
Caterpillar Tractor Co.
Earnings for Four Months Ended April 30 1932.
Net sales
Cost of sales, operating expenses, &c
Depreciation
Interest
35,249.128
4,968,188
577,063
165.921
Gross income
$5,363,657 $5.934.515 $68,454,713 $71,291,214
,
Fixed chgs. incl.Int.,amort.ofdebt discount & exp.
& earnings accruing on stock of subs, not owned
by(The) Commonwealth & Southern Corp ____ 38.611,288 35,011.564
Net income
$29.843.424 $36,279,650
Provision for retirement reserve
Dividends on preferred stock
Central & South West Utilities Co.
Total income
Interest and other deductions of Central &
& South West Util. Co.
$835,363 31.544.284 $5,143,453 37.489.352
57,097
21,819
214.098
171.711
Net for retirem. and
stocks of Central &
South West Util. Co. $778,266 31.522,465 34,929,354 37,317,641
iarLast complete annual report in Financial Chronicle Apr. 2 '32, p. 2520
Consumers Power Co.
(The Commonwealth & Southern Corp. System).
-Month of April- -12 Mos.End. Apr.30
1932.
1931.
1931.
1932.
Gross earnings
$2,403,797 $2,678,042 $330,198,578 132,032,565
Oper.expenses,incl. taxes
977.231
1.171,785 12,396.574 14,011,062
and maintenance
$1,426,565 $1,506,257 $17,802,004 318.021.502
4,131.908 3,392,442
Gross income
Fixed charges
1932.
3527,233
141,345
24,212
19.479
1931.
3569.299
140,297
22,113
17,666
Net earnings from operation
Other income
$342,197
7,625
$3389,224
12,509
Gross corporate income
Interest on long-term debt
Reserved for retirements, replacements & Federal
income tax & miscellaneous deductions
3.349,822
148.995
3401.733
144.220
35,429
53,168
Netincome
3165.398
$204,345
Dividends on preferred stock
66.000
66,000
UPLast complete annual report in Financial Chronicle Apr.-16 '32, p. 2903
Cincinnati Advertising Products Co.
3 Months Ended March 311932.
1931.
Net earnings before Federal taxes
36.890
$28,189
Shares common stock outstanding (no par)
25,200
24.200
Earnings per share
$0.27
$1.16
129"Last complete annual report in Financial Chronicle May 21 '32, p. 3827
Columbus, Delaware & Marion Electric Co.
Period End, Mar.31- 1932-3 Mos.-1931.
1932-12 Mos.-1931.
Gross oper. revenues_ _ - $277,681
$312,871 31.162,493 31.280,187
Available for int., &c___
125,234
135.400
553,624
542.219
Int. on long term debt__
51,638
52,184
207.750
210.022
Other deductions
31.437
29.267
106,179
104.494
Net for retirement and
dividends
342,159
$53,040
3239,695
3227.703
Commercial Credit Co.
(And Subsidiaries.)
1932.
1931.
4 Months Ended April 30$935.671 81,351.785
Net income alter charges
$0.30
Earns, per share on common
30.63
WLast complete annual report in Financial Chronicle Feb. 27 '32, p. 1571
$13,670,096 314,629.059
2,784,000 2.781,333
4,176,729 3,949,152
Net income
Provision for retirement reserve
Dividends on preferred stock
$6,709,366 37,898.574
Balance
10 Last complete annual report in Financial Chronicle July 11 '31, p. 284
-
Continental-Diamond Fibre Co.
(Including Foreign Subsidiaries.)
Earnings for 3 Months Ended March 31 1932.
Loss after all charges
Depreciation
$47,910
114,464
8162.374
Net loss
For the first quarter of 1931, company reported, exclusive of European
after depreciation, inventory write-down
subsidiaries, a deficit of $37,593
and all other charges as compared with a profit of $175,968 in the first
aqtuatrthaetr
or 37 cents per share on the 480.000 shares outstanding
time.
1Z'Last complete annual report in Financial Chronicle April 23 '32, p. 3102
Eastern Shore Public Service Co.
1932-12 Mos.-1931.
Period End. Mar. 31
- 1932-3 Mos.-1931.
$3374,952 $2,271,749 31,507,981
Gross operating revenues $528.256
779,348
1,184,385
181.984
Avail,for interest, &c_ _ 281,767
285,111
435,477
78.500
111,299
Int. on long term debt-68,088
55.804
23,236
26,648
Other deductions
Net from retirement
S126.119
3693.104
380.248
and dividends
3143.820
raPLast complete annual report in Financial Chronicle Mar. 12 '32, p. 1952
Edmonton Radial Ry.
Revenue
Passenger
Advertising
Special cars
Police
Mail carriers
Other revenue
Total
ExpenditureMaint,of trac.& ov'h'd_
Maintenance of cars_ _ -Traffic
Power
Other transp. expenses_ General & miscellaneous
Month of April- -4 Mos. End. April 301 .1931.
3
3256.370
3272,630
361125
361,004
2.112
1,264
577
342
145
50
45
10
921
974
230
233
1,350
1.485
337
371
2.044
2,351
390
839
3262.905
$279,036
$62,707
362,802
Total surp. or deficit_
* Deficit.
2,558
6,557
267
5.896
22,301
. 5.385
3,864
7,402
209
6,123
24,029
4,589
11,006
27.999
920
28,152
91.319
17.346
14,180
30,025
836
26,622
94,516
16,225
$4%966
19.835
17.506
1.000
Total operation
Operation surplus
Jeixed charges
Depreciation
Chester Water Service Co.
12 Months Ended March 31Operating revenues
°mating expenses
Maintenance
General taxes
9,572,796
8,696,341
$11,297,868 $18,010,512
Balance
larLast complete annual report in Financial Chronicle May 14 '32, p. 3634
Net loss
3462,044
IIZ"Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1029
Period End. Mar. 31- 1932-3 Mos.-1931. 1932-12 Mos.-1931.
Gross earnings of subs__ $6,671,441 $7.496.853 328,956.835 330.963,838
Net of subs, for retirem.
and stock owned by
Central & South West
Utilities Co
830.302 1.538,358 5.128,550 6,698,770
Other earns. of Central &
South West Util. Co.
(net)
5.061
5.926
14,903
790.582
9.550,389
8.995.167
346.218
16,488
17,429
3.000
8176.745
102,310
70.025
19,000
$182,407
80.497
69.719
19,000
$1,329
$3,940
813.285
*$8.222
Engineers Public Service Corp.
Gross earnings
(And Constituent Companies)
Month of April- 12 Mos. End. April 30
1931.
1932.
1932.
1931.
$3,723.066 $4,221,352 349.464.360 352.935.516
$1,527,899 $1,813,343 320,247.007 $23,123.001
260,810 2,833.516 3,273.786
219.879
342,416 4,016,887 3,839.215
333,154
Net operating revenue 31.642,133 $1.804,782 $22,366,949 $22,699,513
1,013.286
1,286,929
90,933
Inc.from other sources- 110.657
$1,752,791 81,895,716 323,653,878 823,712,799
Balance
681,139 8,611,545 7.760.492
724,012
Interest & amortization_
Operation
Maintenance
Taxes
$1.028,778 $1,214,577 $15,042,333 $15,952,307
Balance
4,686,704 4,916,422
Reserve for retirements (accrued)
310,355.629 311,035,884
Balance
4,436,881
4,328,611
Divs,on pref. stock of const. cos.(accrued)
$6.027,017 $6,599,003
Balance
Amount applic. to com. stock of constituent cos.
69,891
53,558
in hands of public
$5,973,459 $6,529,112
Balance for dividends and surplus
Divs, on pref. stock of Engineers Public Service
,
2,323,516 2.118,501
Co. (accrued)
$3,649,912 $4,410,610
Bal.for corn.stock divs. and surplus
1,909.694
1,909.755
Common shares outstanding at end of period
z$2.31
41.91
Earnings per shoe
x After deducting 9.5% of gross earnings for retirements. z After deducting 9.3% of gross earnings for retirements.
During a period averaging about 27 years for which records are available.
the companies in the Engineers group have expended for maintenance a
total of 9.6% of their entire gross earnings for the period and in addition.
have set aside for reserves or retained as surplus a total of 10.2% of such
earnings.
larLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1752
Evans Products Co.
3 Months Ended March 31Net loss after taxes, interest, deprec., &c
Earns, per sh. on 244,494 shs, corn. stk. (par $5)_
19'32.
1931.
$17.363 prof.$5.116
Nil
$0.02
3972
Financial Chronicle
General Motors Corporation.
Condensed Consolidated Income Account Three Months Ended March 31.
1932.
1929.
1930.
1931.
Sales of car & truck units:
Retail sales by dealers
to users
-U.S
351.079
286,690
231,881
143,514
Sales to dealers incl.
Canada and foreign
197,256
523,119
368,635
304,547
$
$
3
$
Net sales-value
149,663,716 218,246,772 289,554,453 385,129,900
Profit from open & inv.,
after all exp. incident
thereto, but before deprec. of rl. est. plants
& equipment
23,012,770 47,683,754 65,848,729 83,502,269
Prov. for deprec. of real
est., plants & equipm't 9,306,963 9.517,582 9,457,910 8,344,011
Net profit from oper.
& investments
13,705,807 38,166,171 56,390,819 75,158,258
Non-oper. profit (net)
246,595
579,333
670,906
1.617,064
Net profit
13,952,402 38,745,504 57,061,725 76.775,322
Less
Payment to Gen. Motors
Management Corp__ _
1,595,000 3,250,000 y5,206,000
Employees' savings &
Investment fund
3,290,966 3,309.808
2,854,517 2,725,201
Spec, pay. to employees
under stock subs. Plan
69,562
55.266
72.000
35,858
Fed. & for, income taxes 1,377,000 3,841,000 5.471 000 7,870.000
Net income
9,685,027 30,529,037 44,980,197 60,317,514
Gen. Motors Corp. proportion of net income_ 9,693,027 30,529.037 44,980,197 59,807,011
Dividends-.
$5 preferred dividends
2.344.207 2,343,569
Deb. div. at rate of 6%29,275
32,523
7% pref. stock dividends
2,372,192 2,296,209
Pref. divs. at rate of 6%
21,157
23,038
Total dividends
2,344,207 2,343,569 2,422,624 2,351,770
Amt.earned on com.stk.* 7,348,820 28,185,468 42,557,573 57.455,241
*Incl. Gen. Mot. Corp.
equity in the undivided
profits or losses of cos.
below (x), the amount
earned on corn. stk. is 7,348,820 26,655,840 42,545.963 59,559,217
Earned per share on corn
$0.98
$0.17
$0.61
$1.37
x Including the General Motors Corp.'s equity in the undivided profits
or the losses of Yellow Truck & Coach Mfg. Co., Ethyl Gasoline Corp.,
Vauxhall Motors, Ltd., Adam Opel A. G. (1930, 1931 and 1932). pendia
Aviation Corp. (1930, 1931 and 1932), General Aviation Corp., successor
to Fokker Aircraft of America (1930, 1931 and 1932). General Motors
Radio Corp. (1930, 1931 and 1932) and Kinetic Chemicals, Inc. (since
Jan. 11931) and General Motors Acceptance Corp. and General Exchange
Insur. Corp. (in 1929 only; income for 1930 and 1931 is consolidated).
Surplus Account March 31.
1932.
1930.
1931.
1929.
$
$
$
$
Sup.at begin. of period-301,266,482 344,265,275 380.560.273 285,458,596
Amt.earned on corn.stk.
as per income account 7,348,820 28.185,470 42,557.573 57.455,241
Cap.surp.arising through
exchange of6% deb. ac
Cr9,000
6% pref.stk.for 7% stk
Cr23,325
Cap.surp.transf. to res.
for sundry contingDr23,325
Total
308,615,302 372.450,745 423,126,846 342,913,836
Less
-Cash dlvs. paid on
corn. stock
21,750,000 32.625,000 32,625,000 32,625,004
do per share
$0.75
$0.50
$0.75
$0.75
Surp. at end of period-286,865,302 339.825.745 390,501.846 310,288,832
r'Last complete annual report in Financial Chronicle April 23'32, p. 3086
and Mar. 19 '32, p. 2136.
Georgia Power Co.
(And Subsidiary Companies)
(The Commonwealth & Southern Corp. System)
-Month of April- -12 Mos. End. Apr. 301932.
1932.
1931.
1931.
Gross earnings
$1,837,409 $2,141,260 $24,335,980 $25,954,721
Operating expenses, incl.
taxes and maintenance
829,995 1,024424 11,290,218 13.035,298
Gross income
Fixed charges
$1,007,413 $1,116,535 $13,045,761 $12,919,422
5,508,225 4,809,867
Net income
Provision for retirement reserve
Dividends on first preferred stock
$7,537,536 $8.109,554
1,306,156
1,327,485
3.443.423 3,329,397
$2,787,955 $3,452,671
Balance
Granite City Steel Co.
Quarters Ended Mar. 311931.
1930.
1932.
Sales
$1,176,529 $1,950,186 $3,242,768
Costs,expenses, depreciation, &c- --- 1,223,172
1,852.078 2,920,008
Operating profit
Other income
loss$46,643
9,987
Total income
loss$36,656
Federal taxes and special charges_ _ _ _
x1.240
Net profit
Dividends
loss$37,896
$98,108
12,464
$322,760
28,104
$110,572
22,426 •
$350,864
49,143
$88,146
$301,721
292,347
Surplus
888.146
$9,374
108437,896
Earns, per sh. on 292,347 shs. corn.
stock outstanding (no par)
Nil
$0.30
$1.03
x Excludes Federal taxes.
;Z Last complete annual report in Financial Chronicle April 2 '32, p. 2531
P
Honolulu Rapid Transit Co., Ltd.
Gross rev,from transp_ _
Operating expenses
Month of April- -4 Mos. End. April 301932.
1931.
1931.
1932.
$75,868
$330.835
$63,280
$305,894
51.288
51,294
201,983
207,107
Net rev, from transp_
Rev. other than transp__
$24.580$31,986
1,492
964
Net rev, from oper___
Deductions
Taxes assign. to ry. oper.
Depreciation
$26,072
10,377
10.504
$98,787
6,104
$128,852
4,087
$32.950
$104,891
$132,939
7.744
10,457
41,509
42.017
33,485
41,828
Tot, deduct,from rev.
$20.881
$18.201
$75.313
$83,526
Net revenue
5,190
14,749
21,366
57,627
ItarLast complete annual report in Financial Chronicle Mar. 19 '32, p. 2145
May 28 1932
Hudson & Manhttaan RR. Co.
Gross oper. revenue_
Operating exps. & taxes_
Month of April- -4 Mos. End. April 30-1932.
1931.
1932.
1931.
$829,428
$959,307 $3,343.647 $3,787.632
444.918
485,937
1,806.535
1.963,031
Operating income_ _ _ _
Non-operating income__
$384,510
27,743
$473,369 $1,537,112 31,824,600
42,958
120,735
169,775
Gross income
Income charges
$412,253
313.871
$516,327 $1,657,847 $1,994,375
335,145
1,269,019
1,340,823
Net Income
$98,382
$181.182
$388,828
$653,552
IZ'Last complete annual report in Financial Chronicle Apr. 2 '32, p. 2513
Illinois Water Service Co.
12 Months Ended March 31
Operating revenues
Operating expenses
Maintenance
General taxes
1932.
$659,040
233,728
43,027
36,759
1931.
$671,724
262,259
42.255
49.615
Net earnings from operation
Other income
$345,526
2,052
$317,591
963
Gross corporate income
Interest on long-term debt
Miscellaneous interest charges
Reserved for retirements, replacements & Federal
Income tax & miscellaneous deductions
$347,578
157.278
6,645
$318.554
151,867
4,241
29,225
32.493
Net income
$154,429
$129,954
Dividends on preferred stock
53,400
53,400
10
-Last complete annual report in Financial Chronicle Apr. 16 '32, p. 2905
International Hydro-Electric System.
(And Subsidiaries.)
3 Months Ended Dec. 311931.
1930.
Gross earnings
$15,528,452 $12,504,496Other income
1,482,345
900,581
Total income
Expenses, taxes, &c
Depreciation
Interest
Amortization
Federal taxes
Preferred and class A dividends ofsubs
Minority interest
Net profit
$17,010,797 $13,405,077
7,592,970 5,870,652
965,501
1,040,815
3,573,413 3,081,107
265,340
191,272
237,520 Cr190,429
2,154,155 1,558,136.
532,264
386,122
$1,689,634 $1,467,412
(Byron) Jackson Co.
1930.
1931.
1932.
Quarter Ended March 31Net loss after interest, deprec., &
$93,778 pf.$200,400
$103,117
other reserves
10 Last complete annual report in Financial Chronicle May 21 '32, p. 3831
-
Jersey Central Power & Light Co.
(And Subsidiaries)
1932-12 1W'os.-1931.
Period End. Mar.31- 1932-3 Mos.-1931.
Gross oper. revenue_ _ _ _ $2,07,766 $2,071,694 $11,263,900 $8,473,460
Avail, for interest, &c__ 1,295,517
1,001,965 6,064,660 4,288,284
Int. on long term debt_ 1,858.196
1,445,468
363.259
487,813
Other deductions
8,815
179,936
84.895
77,174
Net from retirement
and dividends
$722,809
$561,532 $4,026.528 82,834,001
rff*Last complete annual report in Financial Chronicle Mar. 12 '32, p. 1953
Keystone Public Service Co.
(And Subsidiaries)
Period End. Mar.31- 1932-3 Mos.-193l. 1932-12 Mos.-1931.
Gross oper. revenue. _ 8344,802
$370.488 $1,305,775 $1,416,314
Avail, for interest, &c. _
219,334
229,403
785,522
826,812
Int. on long-term debt._
50,000
45,000
188,444
180.000
Other deductions
17,892
14,234
27,832
11.752
Net for retirement and
dividends$151,442
$170,169
$569,246 3635,06010
-Last complete annual report in Financial Chronicle Apr. 16 '32, p. 2905
Lee Rubber 8c Tire Corp.
6 Mos.End. April 30- 1932.
1931.
1930.
1929.
Net sales
$2,556,436 $2,769,713 $4,211,461 $4,868,479
Expenses, &c
2,545,655 x2,978,034 x4,269.125 x4,630,934
Operating profit
$10.781 def$208,321 def$57,664
$237,545
Other income
40,892
37,779
51,025
50,075
Total income
$51,673 def$170,542 def$6,639
$287,620
Interest
17,162
22,659
57,975
60,350
Depreciation
83,987
Net profit
loss$49,476 loss$193,201 loss$64,614
$227,270
Shs.com.stk.out.(no par)
300,000
300,000
300.000
300,000
Earnings per share
Nil
Nil
Nil
$0.76
x Includes depreciation.
FO Last complete annual report in Financial Chronicle Jan. 9 '32, p 319
.
Loblaw Groceterias, Ltd.
Period End. April 30-- 1932-4 Weeks
-1931. 1932-40 Weeks
-1931.
Sales
$1,158.512 $1,245,511 $14.004,152 $15,724,235
Net profit after charges
& income taxes
71,113
72,934
958,975
906,977
t"'Last complete annual report in Financial Chronicle Aug. 1 '31, p. 812
Metro-Goldwyn Pictures Corp.
Results 28 Wks.End.-Mar. 12'32. Mar, 13'31. Mar. 14'30. Mar. 10'29.
Gross profit_
$5,267,676 $7,004,382 $9,163,203 $5,935,809
Operating expenses
3,303,377 3,441,581
3,354,824
3,654,031
Operating Profit
$1,964,299 $3,562,801 $5,509,172 $2,580,985
Miscellaneous income_ _ _
207,072
454,743
460,041
567,150
Total income
$2,171,371 34,017,544 $6,076,322 $3,041,026
Federal taxes
260,564
482,105
Not stated
Net profit.
$1,910,807 $3,535,439 x$6,076,322 x$3,041,026
x Before deducting Federal taxes.
gw"Last complete annual report in Financial Chronicle Dec. 19 '31, p. 4168
Municipal Service Co.
Period End. Mar.31- 1932.-3 Mos.-1931. 1932-12 Mos.--1931.
Gross earnings of subsicis. 32,903,353 $2,278,756 $9,256,865 $8,578,268
Net for retire. & stock
owned by Mun. S. Co.
722,856
2,330,021
641,059
2,213,414
Other income of Municipal Service Co
38.784
606,571
39,865
601,806
Int. & other deductions
of Municipal S. Co
353,060
143,682
67,608
:356,015
Net for retire. & stocks
of Municipal S. Co
2,583,533
1 897,261
617,958
1,175,257
larLast complete annual report in Financial Chronicle Mar. 26 '32, p. 2337
Financial Chronicle
Volume 134
Motor Wheel Corp.
(And Subsidiaries)
Quar. End. Mar.311931.
1932.
Gross earnings
$17,018
$254920
Other income
38.874
55,962
1929.
1930.
$841,684 $1,504,093
72,021
85,853
Total income
Expenses, &c
Interest, &c
Federal taxes
Net profit
Common dividends
$55.892
234,985
49,516
$310,882
215,779
44,205
6,107
$927,537 $1,576,114
215,711
254,039
70.026
43,922
73,469
150,246
loss$228,609
244,791
315,355
$594,435 $1,101,803
609,897
343,750
Deficit
2228,609
$270,564
$15,462 sur$758,053
Shares common stock
outstanding (no par)850,000
850.000
687,500
825.000
Earnings per share
Nil
$0.05
$1.60
20.72
10'Last complete annual report in Financial Chronicle Mar. 12 '32, p. 1971
3973
New York Water Service Corp.
(And Subsidiary, Rochester & Lake Ontario Water Service Corp.)
12 Months Ended March 311932.
1931.
Operating revenues
$2,822,329 22,786.842
Operating expenses
747.061
834.185
Maintenance
100,465
84.766
General taxes
262,447
247.683
Net earnings from operation
$1,712,356 51.620,207
Dividends on preferred stocks of Western New York
Water Co. dr South Bay Cons. Water Co..Inc_
28,720
12.507
Miscellaneous income
26,099
54,192
Gross corporate income
$1.767,176 $1.686.907
Interest on mortgage debt
793,643
722.465
Interest on gold notes
100,000
30,000
Miscellaneous interest charges
21,837
25.377
Interest received from affiliated companies
Cr17,510
Cr41.368
Reserved for retirements & replacements
166,250
153,750
Federal income tax & miscellaneous deductions_ _ _
124.979
86,566
Murray Corp. of America.
(And Subsidiaries)
Quar. End. March 311932.
1931.
1929.
1930.
Gross profit
1°882179,370
$440,407
$968,911 $1,115,543
Expenses, &c
241,919
281,418
28.774
277.895
Depreciation
329.145
309,664
124,775
299,750
Interest
48,037
54,308
70,051
59,582
Federal taxes
107,040
36,491
Net profit
loss$798.471 loss$204,983
$784,903
$295,193
J.W.Murray Mfg.Corp.,
preferred dividends_ _ _
3,958
4,218
4.348
4,348
Surplus
1°8.82802,429 loss$209.201
$780.555
$290,845
Shares stock outstanding
763.598
761,491
538,055
762,342
Earnings per share
Nil
Nil
$1.45
$0.38
WLast complete annual report in Financial Chronicle April 16 '32, p.2923
Balance
$677,299
$730,948
Dividends on preferred stock ..b
258.616
127.563
a Common stocks of Western New York Water Co., South Bay Cons.
Water Co., Inc. and Cortlandi-Harmon Water Service Corp. are shown
as investments, and the earnings accruing to the common stock holdings in
these companies are included as an addition to net income. b $151.229
which have not been declared nor accrued on the books, but which are
cumulative, are not included in the preferred dividends for the year ended
March 31 1932.
larlast complete annual report in Financial Chronicle Apr. 30 '32, p. 3272
National Power 8c Light Co.
(And Subsidiaries)
(Intercompany Items Eliminated)
-12 Mos. End. Mar. 31Subsidiaries1932.
1931.
Operating revenues
$76,313.292 S79.388,219
Operating expenses, including taxes
40,027.170 43.496.815
Net operating revenue
Taxes
$42,151
23,375
$68,236
23,360
$159.454
93,500
2208,292
92,940
Operating income_ _ _ _
Non.operating income
518.776
2.104
$44.876
1.804
565,954
9.191
$115,352
8,218
Gross income
Reductions
Rents
Bond. note, equip, trust
ctf. int. (all int. on
advances)
Other reductions
$ 20.881
$46.680
$75,145
$123,570
36,260
36,260
145.040
152,769
201.740
2.139
197,370
2,191
807,184
9.468
789,702
8,746
2240.140
$235,823
2961.693
$961,217
Net revenues from operation
Other Income
236.286,122 $35,891,404
508,250
811.132
----Gross corporate Income
$36,794.372 $36,702,836
Interest to public and other deductions_
13,093.835 12.342,697
Preferred dividends to public
6,062,537
5.758.339
Retirement (depreciation) reserve appropriations
5,810,327
5.876.705
Portion applicable to minority interests
49,140
58.034
Balance applicable to National Power & Lt. Co_211,778,533 $12,667,061
National Power r* Light Co.
Balance of subsidiaries income applicable to National Power & Light Co. (as shown abovt”___ _211.778,533 812,667,061
Other income
402,338
368.122
Totalincome
Expenses, including taxes
Interest to public and other deductions._ ___
Balance applicable to preferred stock_
Dividends on preferred stock_
Dividends on common stock
_$12,180.871 213,035,183
132.027
212.559
1.360.573
1,199.301
210,688,271 $11,623,323
1.678,217
1.772,165
5,449,427
5,444.988
Balance.
$3,560,627 $4,406,170
Earnings per share on common stock.
$1.65
$1.81
M"Last complete annual report in Financial Chronicle Mar. 5 32, p. 1761
(The) Nevada-California Electric Corp.
(And Subsidiary Companies)
-Month of April- -12 Mos. End. Apr. 301932.
1931.
1932.
1931.
Gross oper. earnings___ _
$3386,722 $5,628,328 $5,682,298
$357,545
Maintenance
15,279
17,520
206,001
217,803
Vaxes(incl. Fed.inc. tax)
28,264
27,331
432,607
443.634
Other oper. & gen. exp..
116,967
145,903
2.047.137
2,082,788
Total oper. & general
expenses & taxes
$160,510
3190,754 $2,685,746 $2,744,225
Operating profits_ _ _ _ _ _
197,034
195,967
2,942,581
2,938,073
Non-oper. earnings (net)
2,930
4,033
100,269
130,493
Total income
$199,965
$200.000 23,042,851 $3,068,566
Interest
130,598
129,802
1,560.567
1,467,576
Balance
269.366
$70,197 $1,482,283 $1,600,990
Depreciation
52.974
54.293
684,339
709.879
Balance
$16,392
$15,904
$797,944
$891,110
Discount and expense on
securities sold
9,052
8,643
106.172
98,188
Miseell. additions and
deductions(net cr.) __ _
68
2,142
49,946
x11,899
Surplus avail, for red, of
bonds, dividends, &c_
7,407
9,403
741,717
781,022
x Net debit.
'Last complete annual report in Financial Chronicle Apr. 16 '32, p. 2907
Nevada Consolidated Copper Co.
Quar. End. Mar. 311932.
1931.
1930.
Net lbs. of copper prod_ 16,902,963 32,786,338 39,699,763
Aver. mthly. prod.(lbs.) 5,634,321 10.928.779 13,233.254
profit from copper
Oper.
production
1054304,965
$10,188 $2,058,721
129,259
385,024
Gold,silver & misc.earns
616,044
Total income
Inventory adjustment
Depreciation
def$175,706
383,295
1929.
78,381.399
26,127,133
26,361,659
796,425
$395,212 $2,674.765 37.158,085
452,207
450,340
433.565
10882559,001 1°88256.995 52,224,425 $6,724,519
Net income
rai'Last complete annual report in Financial Chronicle Apr. 16 '32, p. 2923
New York Dock Co.
(Including New York Dock Trade Facilities Corp.)
1932.
1930.
1931.
1929.
Quar. End. Mar. 312895.219 $1,135,140
2845.273
$801,254
Revenues
421,026
406.074
615,906
434,935
Expenses
371.994
329,021
361,267
146,105
Taxes, interest, &c_ - - _
$110,177
3157,967
$102,199
$220,214
Net Income
Nil
Nil
21.36
$0.47
Earns, per sh. on com'Last complete annual report in Financial Chronicle Apr. 23 '32, p. 3109
New York & Richmond Gas Co.
Earnings for Quarter Ended March 311932.
$328,206
-Gross revenues
91,558
Net earnings after taxes, depreciation and charges
lZ'Last complete annual report in Financial Chronicle Apr. 9 '32, p. 2719
Net income
a Earnings accruing to common stock holdings in
subsidiaries not consolidated
$610,794
2677.299
120.155
New York Westchester & Boston Ry. Co.
-Month of April- -4 Mos.End. April301931.
1932.
1932.
1931.
$186,708
Railway oper. revenues_
$625.782
5711.997
2156,463
118,472
503.705
Railway oper. expenses_
114.311
466,327
Total reductions
Net income
-Dr
$219,258
5189,142
$827,647
2886,548
arLast complete annual export in Financial Chronicle April 2 '32, p. 2522
Northeastern Public Service Co.
Period Ended March 31 19323 Months. 9 Months.
Gross earnings of subsidiaries
2605,991 $2.123,493
. Net for retirement and stock owned by Northeastern Public gervice Co
1.003.038
282,716
Interest and other deductions of Northeastern
500,894
Public Service Co
133.914
Net for retirement and stocks of N.E.P. S. Co.,.. 5148.802
$502,144
rErLast complete annual report in Financial Chronicle Apr. 39 '32, p. 3272
Northwestern Public Service Co.
Period End. A far.31- 1932-3 Afos.-1931.
1932-12 A fos.-1931.
Gross operating revenues $668,196
$712.476 $2,707,616 $2,74/1.618
Available for int., &c_ _
1.408.498
1,325,854
363,689
328,079
Int. on long-term debt__
372.039
110.501
424.192
99,280
Other deductions
115,048
28,955
96,607
31,573
Net for retire. & divs_
5921.411
$188,623
2805.055
2232.836
CarLast complete annual report in Financial Chronicle Apr. 16 '32, p. 2908
Ohio Edison Co.
(The Commonwealth & Southern Corp. System.)
-Month of April- 12 Mos. Ended April 30
1932.
1931.
1931.
1932.
Gross earnings
21.350,566 51,571.435 317.234,130 $19,026,512
Oper. exps., incl. taxes
and maintenance
7,351,649
6,618.517
616.139
551,228
Gross income
Fixed charges
2799.338
$955,295 210.615,613 511.674.863
3.598.623
Net income
Provision for retirement reserve
Dividends on preferred stock
$7.016,989
1,200,000
1,866.767
$3.950,221
Balance
Note.
-Ohio Edison Co. organized as of July 1 1930: operations prior
thereto are of predecessor companies.
lagLast complete annual report in Financial Chronicle July 25 '31, p. 642
Ohio Electric Power Co.
Pcriod End. Ma',31- 1932--3 Mos.-1931.
1932-12 Mos.-193l.
Gross oper. revenues_ _ - 2318,013
$295,651 81,141,471 $1,093.341
445,036
371,626
Available for int.. &c
117.045
100.550
Int. on long-term debt _ _
133.639
110,000
35,000
35.000
Other deductions__ _ _
13,627
15,950
5,983
26,772
Net for retire. Ar divs
3221,360
$259.086
$76.062
547,679
Last complete annual report in Financial Chronicle Apr. 30 '32, p. 3273
Ohio Water Service Co.
12 Months Ended March 311932.
Operating revenues
$524,324
Operating expenses
156.139
Maintenance
23.325
General taxes
77.543
131.
2612,092
186.959
23.9ff
67.384
Net earnings from operation
Other income
5267.318
20,493
3333.783
22,669
Gross corporate income
Interest on long term debt
Miscellaneous interest charges
Interest on construction capitalized
Reserved for retirements,replacements and Federal
income tax and miscellaneous deductions
$287.811
190.990
3.785
Cr33,007
$356,452
176,993
10.397
Cr18.254
45,247
55.429
Net income
$80,797
$131.886
t Dividends on preferred stock
$48,058
272.326
t $28,979 which have not been declared nor accrued on books, but which
are cumulative, are not included in the preferred dividends for the year
ended March 31 1932.
rO'Last complete annual report in Financial Chronicle April 16 '32, p 2908
Financial Chronicle
3974
May 28 1932
Raybestos-Manhattan, Inc.
(The) Orange & Rockland Electric Co.
-Month of April- -4 Mos.End. Apr.301931.
1932.
1931.
1932.
$765,261
$763,590
$59,251
$56,550
Operating revenues
Oper. exps., inc. taxes,
428.872
406.716
30,868
29,362
but excl. depreciation_
1931.
1932.
$2,361,076 $3,494,748
83,338
59,877
1,515,484 2,187,817
867.060
701,137
3 Months Ended March 31Net sales
Discount & allowances
Manufacturing cost of sales
Selling and administration expenses
Inc.aft. exps.& taxes_
Depreciation
$27,188
7,386
$28,383
7,233
$356,874
87,404
$336,389
83,826
Operating income_ _ _ _
Other income
$19,802
1,283
$21,150
1,470
$269,470
22.636
9252,563
20,929
$21,085
5.208
$22,620
5,208
$292.106
62,500
$273,492
62.500
Balance
Other interest
$15,877
30
$17,412
100
$229,606
1,131
$210.992
3.456
Balance
Amortization deduc•ns.
$15,847
1,052
$17.312
1,052
$228,475
12,626
$207,536
12.627
Balance
Other deductions
$14,795
333
$16,260
333
$215,849
4,511
$194,909
4.433
Balance
Divs.accrued on pf.stk_
$14,462
7,467
$15,927
6,135
$211,338
75,044
$190,476
69.584
Balance
Federal income taxes included in oper. exps
$6,995
$9.792
$136,294
$120,892
2.350
2.160
32.700
30,897
Oregon Washington Water Service Co.
12 Months Ended March 31Operating revenues
Operating expenses
Maintenance
General taxes
1932.
$488,439
158,299
18.495
63.182
1931.
$515,724
180,627
17.832
62.319
Net earnings from operation
Other income
$248,462
4,137
$254,946
9,643
Gross corporate income
Interest on long term debt
Reserved for retiremdnts, replacements. & Federal
income tax and miscellaneous deductions
$252,599
136.759
$264,589
135,502
1104
37,548
32,290
$91,539
$83,549
Net income
38,496
39,080
Dividends on preferred stock
-The decrease in revenues, expenses and charges is partly due to
Note.
the sale of Hoquiam Plant during May 1930.
larLast complete annual report in Financial Chronicle April 16'32, p. 2906
Pacific Public Service Co.
(And Subsidiaries)
1932.
1931.
Ended March 313 Months
21,221,654 $1,154.294
Operating revenue
725,597
718,210
Operating expense
64,975
59,247
Maintenance
Net operating income
Non-operating revenue
$438.169
14,591
2369,539
21,409
Gross corporate income
Interest deductions
Amortization of debt discount and expense
Federal taxes
Depreciation
$453,060
198.741
33,910
14,572
98,852
$390,949
114,271
9.031
17,960
91.021
Net income available for dividends
Dividends on preferred stocks ofsun.companies_ _ _
$106,985
81,954
$158,665
82,706
$10,872prof$241,203
162,687
342.172
$173,559
9100,969
Deficit
Nil
$0.35
Earns, per share on 676,012 shs.(no par)
larLast complete annual report in Financial Chrohicle Apr. 30 '32, p. 3291
Rochester Gas & Electric Corp.
1932.
1931.
99,259,108 $9.613,242
4.270.444 4.482,672
701,984
829,648
12 Months Ended March 31Electric revenue
Gas revenue
Steam heating revenue
Total operating revenue
Operating expenses
Retirement expense
Taxes
$14.231,536 $14,928,681
6.168,520 7,239,496
1,044,416
990,708
1,602.054
1.736,728
Operating income
Other income
95,335,580 65,039,594
224,346
127.956.
Gross income
Interest on funded debt
Other deductions (net)
$5,559,925 25,167,550
1,602,100
1.549,235
52,291
63,543
Net income
Preferred stock dividends
23,947,148 23,513,160
1,473,226
1,473,220
$2,473,922 $2,039,934
Balance
larLast complete annual report in Financial Chronicle Mar. 12 '32, p. 1956
Rochester & Lake Ontario Water Service Co.
1932.
1931.
12 Months Ended March 31$547,159
9577,428
Operating revenues
159.606
186,787
Operating expenses
26.687
20,804
Maintenance
49,124
41,666
General taxes
$328,172
$3311,743
Net earnings from operation
239
1.006
Other income
Gross corporateincome
Interest on mortgage debt
Reserved for retirements, replacements & Federal
income tax & miscellaneous deductions
$311,983
125,000
2329,178
125,000
46,393
41.951
2140,589
$162,226
Net income
la'Last complete annual report in Financial Chronicle May 7 '32, p. 3459
1932.
1931.
3 Months Ended March 319128.413
$35,767
Net loss after charges
in Financial Chronicle Apr. 2 '32, p. 2541
at Last complete annual report
Parmelee Transportation Co.
(And Subsidiaries)
1931.
1930.
1932.
Quarter Ended March 31$79,574 pf.$173,657
Net loss after depreciation, int., &c__ $343,437
in Financial Chronicle May 28 '32, p. 3993
rarLast complete annual report
Pittsburgh Suburban Water Service Co.
1931.
1932.
12 Months Ended March 31$342,981
$334.631
Operating revenues
114.788
124,538
Operating expenses
22,024
15,342
Maintenance
7,958
9.119
General taxes
Net earnings from operations
Other income
$195,382
636
6188,461
828
Gross corporate income
Interest on long term debt
Miscellaneous interest charges
Reserved for retirements, replacements & Federal
income tax and miscellaneous deductions
$198,018
93,210
6189,289
87.919
1,420
23.521
21.203
$78,747
$70286
Net income
27,500
27,500
Dividends on preferred stock
'Last complete annual report in Financial Chronicle April 16'32, p. 2908
Public Service Co. of Oklahoma.
(And Subsidiaries)
Period End. Mar.31- 1932-3 Mos.-1931.
1932-12 Mos.-1931.
Gross oper. revenues__ - $1,978,110 $2,191,791 $8,700,826 $7,913,091
1.074,355 4,270,250 4,089,413
Avail, for interest, &c__ 1,020.335
332,639 1,386,146 1.017,014
348.750
Int. on long term debt-300.742
74,658
83,504
298,730
Other deductions
Net for retirement and
dividends
6588,081
$667,058 $2,585,374 $2,771.657
p. 2338
ra"Last complete annual report in Financial Chronicle Mar. 26
Ritter Dental Manufacturing Co., Inc.
1930.
1929.
$74,356
$139,009
3217,174
$0.19
$0.59
$1.08
1931.
Gross earnings
Net earnings
Other income
-Month of April- -12 Mos. End. Apr. 301932.
1931.
1931.
1932.
$595,390 67,662,093 $7,390,432
$616,470
296.649 3,936,633 3.788,771
304.884
5.255
4,538
801
494
$297,451 $3,941,889 $3,793,309
Net earns..inci.othinc. $305,378
3.152.464 3.046,751
Balance after interest
rai"Last complete annual report in Financial Chronicle May 7 '32, p. 3459
Southern California Edison Co., Ltd.
Gross earnings
Expenses
Taxes
-Month of April- -12 Mos. End. Apr. 30.1932.
1931.
1931.
1932.
$2,898.466 $3,304,275 $339,749,098 $41,420,357
800,929 8,734,442 8.938,123
589.591
385.065 4,024,459 4,112,840
363,134
Total expenses & taxes
Park & Tilford, Inc.
(And Subsidiaries)
9413,574
137,295
35,076
San Diego Consolidated Gas & Electric Co.
$75,959
$23,031
Net profit to surplus
-During the ,year 1931 the Butane plants of Natural Gas PropNote.
erties, Inc., were in the development stage and the consolidated earnings
for 1931 therefore showed no results from these plans. Effective the
first of the year 1932, these were placed on a regular operating basis, therefore the consolidated earnings for 1932 include the results from these plants.
l'O'Last complete annual report in Financial Chronicle Apr. 9 '33, ;J. 2721
1932.
.
Quar. Ended Mar.31Net profit after taxes and
105485,105
other charges
Earns. per sh.on 160.000
shares common stock
Nil
(no par)
Net loss
Dividends
$356,533
57.041
9130,674
141,546
Totalincome
Depreciation
Federal taxes
Gross income
Int. on funded debt_
384,579
46.095
Operating profit
Other income
Total net income
Fixed charges
$952,725 $1,185,993 912,758,901 913.050,963
$1,943,740 92.118,282 $26,990,197 $28,369,393
591,824 6,899,332 7.027,291
590.216
$1,353,524 $1,526.457 $20.090,865 621,342.102
Balance
larLast complete annual report in Financial Chronicle Mar. 19 '32, p. 2136
(The) Tennessee Electric Power CO.
(And Subsidiary Companies)
(The Commonwealth & Southern Corp. System)
-Month of April- -12 Mos. End.Apr
.301931.
1932.
1932.
1931.
$995,417 $1,152,094 $13,218,428 $14,244,743
Gross earnings
Oper. exps., including
467,431
taxes St maintenance_
556.598 6.380,746 7.489.509
$527.986
Gross income
9595,496 $6,837,681 $6,755,234
Fixed charges
2,461,255 2,194,703
Net income
$4,378,425 24,560,531
Provision for retirement reserve
1,259.118
1.260,000
Dividends on preferred stock
1,441.762
1,545,829
Balance
$1,570,595 21,859,650
arLast complete annual report in Financial Chronicle Mar. 21 '31, p. 2197
Tide Water Power Co.
Period End. Mar. 31- 1932-3 Mos.-1931,
1932-12 Mos.-1931.
Gross operating revenues $398,551
$328,401 $1,569,857 $1,372,599
Avail. for interest, &c-..
595,130
162,337
618,423
139.516
Int. on long term debt-265,000
78,750
66,250
290.969
Other deductions
44,537
13,933
13,592
36.545
Ns,for retirement and
dividends
$285.593
$290,909
959.674
69,654
$
"Last complete annual report in Financial Chronicle May 14 '32, P. 3636
Union Water Service Co.
(And Subsidiaries.)
12 Months Ended March 31Gross revenues (including other income)
Operating expenses
Maintenance
General taxes
Gross corporate income
Interest on long term debt
Reserved for retirements, replacements & Federal
income tax dr miscellaneous deductions
1932.
$510,611
142.071
15,255
56,976
1931.
002,687
133.432
16,565
59.043
$296.309
144,294
$293,647
146,520
44.179
45,808
$102,948
6106,207
Net income
30,000
30,000
Dividends on preferred stock
rai'Last complete annual report in Financial Chronicle Apr. 30 '32, p. 3276
Financial Chronicle
Volume 134
United Light 8c Power Co.
(And Subsidiaries)
1932.
1931.
12 Months Ended March 31subs, and controlled cos.
Gross oper. earnings of
(after eliminating inter-company transfers)-.381,918,824 $86,797,524
34.851,978 37,162,250
Operating expenses
Maintenance, charged to operation
5,383,011
4,614,667
7,570,835
Taxes, general and income
7.790,031
Depreciation
8,295.342
8,576,909
Net earnings from operations of subs, and controlled companies
$26.586,001 $27,885,323
Non-operating income ofsubs.and controlled cos-- 3,771,443
5.093.763
Total income of subs, and controlled cos_ _ _ _$30,357,444 $32,979,086
Interest, amort. and pref. dividends of subsidiary
_and controlled companies:
Interest on bonds, notes, &c
10.803.092 11,315,155
Amort. of bond and stock discount and expense_
792,901
768,816
Dividends on preferred stocks
4,457,788 4,260,314
Proportion of earnings, attributable to minority
common stock
3.568,620 4,272.768
Equity of Un. Light & Power Co in earnings of
subsidiary and controlled companies
$10,735,044 212,362,034
Earnings of United Light & Power Co
64.229
801,044
Balance
Expenses of United Light & Power Co
$10,799,273 $13,163,079
125,654
121.297
Gross income of United Light & Power Co
Holding company deductions:
Interest on funded debt
Other interest
Amortization of bond discount and expense_
$10,677,977 $13,037,425
Balance available for dividends
Preferred stock dividends
2,888,065
7,563
336.102
Balance available for common stock dividends.- $3,846,246 $6,175,936
Average number of common shares outstanding
during periods
3,467,799
3,473.923
Earnings per average share
31.78
$1.11
,
. J'Last complete annual report in Financial Chronicle Apr. 16 '32, P. 2900
United Gas Corporation.
(And Subsidiaries)
Earnings for 12 Months Ended March 31 1932.
[Inter-company items eliminated]
Subsidiaries
Operating revenues
Operating expenses, including taxes
$23.858,514
10.331.390
Net revenues from operation
Other income
$13,527,124
992,760
$14,519,884
Gross corporate income
1,544,664
Interest to public and other deductions
17,749
Preferred dividends to public
1.902,000
Retirement (depreciation) & depletion reserve appropriations
366
Portion applicable to minority interests
Balance applicable to United Gas Corp
$11,055,105
United Gas Corp.
Balance of subsidiaries' income applicable to United Gas Corp.
(as shown above)
$11.055.105
Other income
54.001
Total income
Expenses, including taxes
Interest to public and other deductions
$11,109,106
133,638
3.271,823
Balance applicable to $7 preferred stock
Dividends on $7 preferred stock
Dividends on $7 2nd preferred stock
$7,703,645
3,115,955
5,054,093
Deficit applicable to common stock
$486,403
-United Gas Corp. owns about 49% of the voting trust certificates
Note.
representing the class B (voting) stock of Consolidated Gas Utilities Co.
The voting trust agreement dated June 1 1928 to be effective until June 1
1938 vests entire voting rights in voting trustees not controlled by United
Gas Corp. No earnings of Consolidated Gas Utilities Co. are included
In this statement.
O'Last complete annual report in Financial Chronicle Mar. 26 '32, p. 2339
Western New York Water Co.
12 Months Ended March 12Operating revenues
Operating expenses
Maintenance
General taxes
1932.
$763,852
188,878
14.716
89,302
1931.
$791,961
255,075
30,585
83.596
Net earnings from operation
Other income
$470,956
1,355
$422,705
2,314
Gross corporate income
Interest on mortgage debt
Interest on 6% debentures
Miscellaneous interest charges
Reserved for retirements,replacements and Federal
Income tax and miscellaneous deductions
$472,311
205,014
58,620
$425,019
179,464
58,790
26,164
77.148
62,414
Net income
$131,529
$98,187
Dividends on preferred stock
51.530
51,396
rarLast complete annual report in Financial Chronicle April 16'32, p.2911
West Texas Utilities Co.
Period End. Mar. 31- 1932-3 Mos.-1931.
1932-12 Mos.-1931.
Gross operating revenues $983,242 $1,304,128 $4,913,322 $5,769,362
Available for interest, &c
463,430
2.375,690
578.786
2,911,611
Int. on long-term debt-306,250
1,225,000
306,250
1,104,629
Other deductions
46,432
15,513
116,902
226.139
Net for retirels & divs $110,748
$924,551 31,690,080
$257,023
r
1;a Last complete annual report in Financial Chronicle April 9 '32, p. 2722
West Virginia Water Service Co.
1931.
• 1932.
$1,156,145 $1.196,516
489,330
430,061
51.886
53,043
131,204
136,994
Net earnings from operation
Other income
$536,048
2,454
3524.098
1,523
Gross corporate income
Earnings on new props, for period prior to acquis'n
Interest on long term debt
Miscellaneous interest charges
Reserved for retire., replace. & Federal income
tax & miscellaneous deductions
3538.502
37,113
242,696
4,698
$525,619
150.949
192.262
4,769
107.419
69.130
$108,509
$146,576
Net income
68,985
69,000
Dividends on preferred stock
7.500
:Dividends on 2nd preference stock
been declared nor accrued on the books, but
x $15,000 which have not
which are cum., are not included in the 2nd pref. diva, for the year ended
March 31 1932.
Last complete annual report in Financial Chronicle Apr. 16 '32, p. 2911
10'
(H. F.) Wilcox Oil &
3 Months Ended March 31Operating income
Other income
Gas Co.
1932.
19311
$1,202.509 31.084,235
13,015
28,214
Total income
$1,215.524 $1,112.449
Production, gasoline, refining & marketing divis'ns
825,996
858.644
General and administrative expenses
58,824
85,949
Property abandonments, &c
21.507
44.579
Interest charges
37.018
41,039
Bond discount & organization expense amortized_ _
12,925
13.837
Miscellaneous charges
12.882
18.252
Depreciation and depletion
198.001
225,625
Net profit
$48,372 loss$175,476
la"Last complete annual report in Financial Chronicle April 23'32, p.3113
York Railways CO.
(And Subsidiaries)
Period Ended March 31 1932-3 Mos.-1931.
1932-12 Mos.-1931.
Gross operating revenues $676,324
$730,658 $2,511,917 $2,725,154
Available for interest, &c
354,676
1.264.429
351,558
1,193,226
Int. on long-term debt__
246.900
76.325
266,146
61,725
75.095
38,137
108.513
Other deductions
27,459
$818,567
$942,434
$265,492
Net for retire'ts & dive $237,096
rg'Last complete annual report in Financial Chronicle May 7 '32, p. 3461.
2,906,839
19.145
335.505
$7,446,246 $9,775,936
3.600.000 3,600,000
12 Months Ended March 31Operating revenues
Operating expenses
Maintenance
General taxes
3975
FINANCIAL REPORTS
United Gas Corporation.
(Annual Report-Year Ended Dec. 31 1931.)
S. Z. Mitchell, Chairman, and Ralph B. Feagin, President, state in part:
-The income of company and subsidiaries for 1931 reflects the
Income.
low rate of general business activity prevailing during the year and particularly the adverse influence of the decline in the prices of competitive fuels,
particularly fuel oil. The volume of business and the average rate received
for natural gas sold were lower than in 1930, but the resulting decline in
revenues was offset somewhat by additional business obtained during the
year (accruing in part through certain new properties added by construction
and purchase) and by reductions in operating expenses.
Operating revenues of subsidiaries for 1931 (including revenues for a
portion of the year from certain new properties added through construction
and purchase) were $25,005,303. as compared with $29.187.723 reported for
1930. Net revenues from operation of these companies were $14,206,449.
as compared with $17,307,215 reported for 1930.
The gross earnings of company for 1931 and the undistributed income
of subsidiaries applicable to company (after the deduction of all interest
charges and dividends on securities of these companies held by the public
-depreciation-and
and after appropriations to reserves for retirements
depletion) amounted to 311.775,265, as compared with $11,811,034 reported
for 1930. The balance for 1931, after deducting all expenses. including
taxes, and interest to public and other deductions of company, was $8,270.298, as compared with $9,334,184 reported for 1930. After deducting
dividends on the $7 preferred stock and $7 second preferred stock ofcompany
there remained a balance of $575.275, equivalent to 3.07 per share on the
7,817,143% shares of no par value common stock outstanding at Dec. 31
1931, as against $1,930,613 reported for 1930, or $.27 per share on the
7.213,235% shares of common stock outstanding at Dec. 31 1930.
For the year 1931 the appropriations by subsidiaries to reserves for retirements (depreciation) and depletion amounted to $2,083.000. as cominpared with $3,495,056 as reported for 1930. One of the principal factorsgas
volved in the determination of these appropriations is depletion of
reserves in addition to depreciation of physical property. The properties
which were brought under the control of company at the beginning of business in June 1930, had theretofore for the most part been financed, constructed and operated as independent and relatively small disconnected
units. Accordingly, the large gas reserves now controlled were not then by
ownership or physical interconnection available to the system as a whole.
A larger proportional amount of charges for depletion of gas reserves and
amortization of lines during the life of such reserves was therefore necessary
for the independent units than Is now necessary for the unified system. In
addition, gas reserves available to the system were increased rather than
depleted during 1931. It is estimated that more than 468 billion cubic feet
of reserves were added during 1931 while only 176 billion cubic feet were
withdrawn, leaving a net addition of approximately 292 billion cubic feet
to the large reserves already available to the system.
.-Income for 1932 to date continues to reflect the low rate
Current Income
of general business activity prevailing. For the first quarter of 1932 subsidiaries showed a decline of approximately 15% in net revenues from operation as against the same period for 1931.
Per
Dividends
.-The regular quarterly dividends of $1.75 per share ($7 and
stock
share per annum) were paid during the year on the $7 preferred have been
also on the $7 second preferred stock of company. No dividends
paid to date on the common stock.
-During 1931 securities were issued as follows:
Issuance of Securities.
balance of
(1) Company called and in Dec. 1931 received payment of the
$24,000,000 due from Electric Power & Light Corp. on its subscription made
units of junior securities of company, eviin June 1930 to $30,000,000 of
of one share of
denced by allotment certificates, each such unit consistingoption warrants
$7 second preferred stock, 2 shares of common stock and
common stock at 333% per
unlimited as to time to purchase 3 shares of
share. Against the payment of $6,000,000 made on these allotment certificates in 1930 company at that time issued 60,000 shares of its $7 second
issuable
Preferred stock. The common stock and option warrants were not in Dec.
until the allotment certificates were fully paid. Company issued
324,000,000. the remaining
1931 against the payment of the balance of
240,000 shares of $7 second preferred stock and all of the 600,000 shares of
common
common stock and option warrants to purchase 900.000 shares of payment
stock covered by said allotment certificates. The proceeds of this
1931 to retire $21,250,000 of the $42,500,000 bank loans
were used in Dec.
of company and to improve its cash position.
(2) In the early part of 1931. 21,637 shares of $7 preferred stock were
issued and sold for cash to bankers and were placed by them in foreign
countries.
(3) 11.385 shares of $7 preferred stock. 3,908-2-8 shares of common stock
and option warrants (of the kind referred to above) to purchase 20,000
shares of common stock were issued in exchange for certain of the outstanding bonds, debentures and other securities of subsidiary companies.
(4) Common stock purchase warrants equivalent to 3,015 shares were
Issued by the company as successor to a former subsidiary which was merged
into company during 1931. These common stock purchase warrants give
the holders thereof the right to purchase one share of common stock of
company at any time on or before Feb. 1 1933 at 318.66-2-3 per share and
thereafter at any time on or before Feb. 1 1938, at 320 per share for each
such common stock purchase warrant surrendered. The right to purchase
common stock through these warrants expires Feb. 1 1938.
-Company has no long term debt. Asshown by balance sheet.
Maturities.
at Dec. 31 1931. it had notes and loans payable of $47.175.000. which amount is unchanged as of May 12 1932. These consist of $21,250,000 owing to
banks and $25,925,000 to Electric Bond & Share Co. Arrangements have
now been made to extend the bank loans from their present maturity (July 20
1932)for a period of one year to July 20 1933. All of the securities owned by
company are held free of pledge.
Subsidiaries have no bank debt. As shown by the consolidated balance
sheet, the long term debt of subsidiaries in the hands of the public at Dec.31
1931 aggregated 323.309.600. Long term debt of subsidiaries maturing
prior to 1935 is: 34,607,000 due in 1932; 320,000 in 1933;and 320,000111 11134.
3976
Financial Chronicle
The 1932 maturities of $4.607.000 consist principally of $4,587,000 of
liouston Gas & Fuel Co. bonds issued in 1912 and due Sept. 1 1932, more
-year 5%
than 82% of which have been deposited for exchange for 20
collateral trust gold bonds of Houston Gas Securities Co. This latter company was organized in Feb. 1932 as a subsidiary of your company for the purpose of carrying out a proposed plan to acquire these bonds. Houstdn Gas
Securities Co. will issue in exchange for the bonds received an equal principal
amount of its 20
-year 5% collateral trust gold bonds which will be initially
secured by the Houston Gas & Fuel Co. bonds so received and also by an
equal principal amount of 20
-year 6% gold debentures of United Gas Public
Service Co. now owned by your company. The debentures to be deposited
are a special issue and are due March 11952. All capital stock of Houston
Gas Securities Co is owned by your company.
Houston Gas & Fuel Co. owns and operates a natural gas distribution
system in Houston, Texas. Your company at the time it began business in
1930 acquired. along with other securities, substantially all of the capital
stock of Houston Gulf Gas Co. which at that time owned and still owns all of
the common stock of Houston Gas & Fuel Co. This latter company was
originally a manufactured gas company, but began the distribution of
natural gas in 1926. Shortly thereafter a franchise was granted to a competitive company which subsequently built and is now operating a natural
gas system covering a portion of the city and duplicating to a substantial
extent the facilities of Houston Gas & Fuel Co. Due to this competitive
situation and to unprofitable rates, Houston Gas & Fuel Co. has been operating at a loss for a number of years. It has not fully earned its interest charges
in any year since 1926 and the interest due March 1 1932 on its bonds was
not paid.
The refinancing plan outlined above has been adopted with the thought
that at a future date it may be feasible to work out a satisfactory solution of
the difficulties of this company.
-Company at the beginSimplification of Underlying Corporate Structure.
ning of business acquired the control ofapproximately 40separate companies.
It was thought desirable to simplify the corporate structure and to provide
one operating subsidiary to function so far as feasible in the future operation,
development and extension of the properties and service. United Gas Public
Service Co. was organized for this purpose and began to function Dec. 31
1930, at which time it acquired the properties of a number of subsidiaries
and also acquired from your company the securities owned by it of all other
operating natural gas companies which it controlled. During 1931 a number
of these latter companies conveyed their properties to United Gas Public
Service Co. The number of active companies in the group has now been
reduced to 13. Still further simplification of the corporate structure may be
accomplished.
The properties now owned by United Gas Public Service Co. direct and
through its wholly owned subsidiaries, United Production Corp. and
Southern Gas & Fuel Co., constitute the major portion of all the properties
controlled by your company. There are no liens against any of the properties
owned by these companies, except three divisional liens aggregating $5,870,000 ($5,883.500 at Dec. 31 1931) in the hands of the public which, respectively, cover comparatively small portions of the property.
Your company now owns, among other securities, E60,000,000 of debentures of United Gas Public Service Co. It is contemplated in due course to
fund part or all of these debentures through an issue of bonds of United Gas
Public Service Co. The proceeds of this financing would accrue to your
company.
A comparative consolidated income statement for the
year ended Dec. 311931, together with a balance sheet of
the company itself (not consolidated) were given in V. 134,
p. 2339.
ANALYSIS OF CONSOLIDATED SURPLUS FOR THE YEAR ENDED
DECEMBER 31, 1931.
Surplus of
Earned
Capital
Subsids. at
Total.
Surplus.
Surplus.
Acquisition
Consol. surplus balance
at Dec.31 1930
$63 367 302 $1,855,763 $35,583,760 $25,927,778
Minority interest in surpl
ofsubs. at Dec.31.'30 2.707,634
58,125
2,649,509
Total_ _ _ _ _
$66.074,936 81,913,888 $35,583,760 $28,577,287
Consol.inc. atier- dri;S:Cit;
all pref. & 2d pref.stks
12 months ended Dec.
'
31 1931
575,274
575.274
Minority int. in undistributed inc. for 12 mths
ended Dec.31.
8,307
8,307
Deficit ofsubs. at1931date of
acquisition transferred
through merger
Dr283,818
283,818
Total
$66,658,519 $2,497,471 $35,299,942 $28,861,105
Surplus bal. ofsubsids.liquidated during period 11,732,041
159,758
11,572,282
Property value ofsubsid.
co.at date of acquisitn.
adjusted
9,922,111
9,922,111
Mace!.deductions appllcable to consolidated
surplus (net)
131,058 Cr105,157
814
235,401
Balance
$44,873,307 $2,442,869 $35,299,128 $7.131,309
Minority interest in surplus of subsidiaries_ _ _
145,580
53,773
91,806
Consol. surplus balance
at Dec.31 1931
$44,727,726 $2,389,096 E35,299,128 $7,039,502
CONSOLIDATED BALANCE SHEET DEC. 31 1931
[Intercompany Accounts Eliminated]
Assets
Liabilities
Plant
.8364,716.761 United Gas Corp. cap. stock3249,590,764
Adjustment arising from elPref. stocks of subsids. at
imination of intercomliquidating value
1,308,200
pany-held securities
11,227,565 Minority Interest In common
Investments (sees, of other
stock of subsidiaries
369.806
than subsidiaries)
6,168,684 Cap. stock subscribed (pref.
Cash
3,296,595
stock of subsid.)
825,170
Notes & loans receivable_ _ _
721,717 Long term debt of subsids.
Accounts receivable
5,013,217 (held by Public)
Materials and supplies
1,605,294
Mortgage bonds
20,936,900
Prepayments
Debenture bonds
2,372,700
123,583
Miscellaneous current assets
94,298 Contractual liabilities
415,147
Advances for development
Dividends declared
11,733
collectible from productm
905,206 Notes & loans payable
x47,177.200
Reacquired pref. stock held
Accounts payable
604,501
for resale
501,220 Contracts payable
35,000
Trust funds & spec'l deposits
415.930 Customers' deposits
539,935
Unamortized disct. & expase
2,791,108
137.
804 Accrued accounts
undry debits
1,177 Miscel. current liabilities_ _ _
62,706
Matured interest long term
debt
39,619
Accrued interest long term
debt
98,024
Sundry
52,866
Retirem't & deplet'n res'ves 16,614,516
creditsReeve for uncollectible sole
164,554
Other reserves
6,045,294
Minority interest In surplus
of subsidiaries
145,580
Capital surplus
35,299,128
Surplus of subs, at acquisition, less am't accruing to
minority interests
7,039,502
Earned, less am't accruing
to minority interests
2,389,096
3394.929,056
Total
Total
5394,929,056
x Of this amount $25,925.000 is ow ng to Electric Bond & Share Co. and
$21,250,090 represents bank loans now due July 20, 1932. Arrangements
ha vo been made to extend these oank loans to July 20 1933.
May 28 1932
Note.
-United Gas Public Service Co. is contingently liable in the amount
of $1.700.000 (without interest) in connection with contracts for acquisition
of certain properties, such liability to attach upon showing of net earnings
snd volume of gas sales as provided in contracts
.-V. 134. p. 3276.
Pacific Gas & Electric Company.
(26th Annual Report-Year Ended Dec. 31 1931.)
The remarks of President A. F. Hockenbeamer are cited
on subsequent pages, togher with the income account, balance sheet as of Dec. 31 1931, and other statistical tables.
Our usual comparative tables were given in V. 134, p. 2514.
General Motors Corporation.
(Financial Statement
-3 Months Ended March 31 1932.)
President Alfred P. Sloan Jr., wrote in part:
President Alfred P. Sloan Jr., wrote in part:
Net earnings of General Motors Corp., including equities in the undivided profits or the losses of subsidiary and affiliated companies not
consolidated, for the first quarter ended March 31 1932, were $9,693,027.
After deducting dividends of $2,344,207 on the preferred stock, there remain earnings in the amount of $7,348,820 applicable to the common
stock, equivalent to $0.17 per share. This compares with earnings of
$28,999,409 for the first quarter of last year which, after preferred dividends
left a balance of $26,655,840 available for the common stock, equivalent
to $0.61 per share.
Cash, United States Government and other marketable securities at
March 31 1932 amounted to $186,777,639. compared with $205,029,119
at Dec. 31 1931 and $179,133,114 at March 31 1931. Net working capital
at March 31 1932 amounted to $271,536.282, compared with $273,915,923
at Dec. 31 1931 and $292,723,601 at March 311931.
The above statistical statement of the corporation's position at the end
of the first quarter demonstrates that its financial position has been well
maintained during the period, both with respect to cash and cash investments as well as to net working capital. I firmly believe that with conditions existing as they do at the moment and with the unusual difficulty
of looking forward and determining ghe necessities of the future, it is more
important than ever that the finances of the corporation be maintained in
a position of impregnable strength.
During the period under review, General Motors dealers in the United
States delivered to consumers 143.514 cars, compared with 231,881 cars
in the corresponding period of 1931. Sales by General Motors operating
divisions to dealers in the United States for the first quarter amounted to
166,304 cars, compared with 255.997 cars in the corresponding period of
1931. Total sales to dealers, including Canadian sales and overseas shipments, amounted to 197,256 cars, compared with 304,547 cars in the
corresponding quarter a year ago.
From the above statement of earnings and sales, it will be appreciated
that the existing industrial depression has adversely affected the corporation's operations during the period under review. As a matter of fact
retail sales, upon which the corporation's production schedules are based,
suffered an important decline in the latter part of February and in the
month of March which was out of line with the seasonal trend, notwithstanding the fact that during this period the corporation obtained a somewhat improved percentage of the total business. In order to keep inventory in the hands of dealers at a minimum--so essential under present circumstances--production schedules were curtailed. This decline in volume
was due to decreasing purchasing power, accentuated by the lack of confidence that has existed ever since the industrial depression set in. and
also in an important degree to a tendency to delay purchases pending the
product announcement of an important manufacturer in the industry.
In view of the fact that this statement is necessarily written after the
close of the period, and although it has been my practice to deal only with
events within the period under review, nevertheless, in view of the importance of the matter and the interest of our stockholders, I might state
that the trend during the month of April improved; in fact, in excess of the
normal seasonal improvement. However, it must be recognized that the
corporation's sales, depending as they do in such an intensive way upon
the whole country and upon the whole world, must necessarily be influenced
fundamentally by the two factors already mentioned-confidence and
purchasing power. It is hardly logical to expect any lasting change in
the trend until a foundation has been built for improvement of the former
and for the return, at least to a degree, of the latter.
Naturally it is as impossible for me as for any one else to make any forecast of the trend during the next few months or during the next year.
can only repeat what I have stated many times in different ways, and
In which I believe thoroughly; viz., that normal times will return when
the period of readjustment is completed and the errors of the past have
been corrected. The world is in no sense finished in its building-as a
-and that being so, the future will surely
matter of fact, it never can be
offer as many and as great opportunities for constructive effort for profit
and for industrial development as have ever existed in the past.
For income statement for 3 months ended March 31 see
"Earnings Department" on a preceding page.
Condensed Consolidated Balance Sheet.
AssetsMarch 31 1932. Dec. 31 1931.
Cash
$110,408,462 $119,842,358
U.S. Government securities
68.974.396
74,615,059
Other marketable securities (short term).7.394,781
10,571,702
General Motors Management Corp.serial6%
debenture bonds due March 15 1932
3,125.000
Sight drafts with bills of lading attached &
C.O.D. items
6,079,681
4,410,763
Notes receivable
3,514,560
3,890,689
Accounts receivable & trade acceptances- - 30.263,463
27.150,745
Inventories
106.471.332
109,808,331
Prepaid expenses
4,019.424
3.227.302
Sub. & affil. cos. no consol. St misc. invest,.. 212,776.006
211,548.200
General Motors Management Corp. serial
6% debenture bonds
39,875,000
39.875.000
General Motors Corp. capital stock held in
treasury
12,512.537
8,640.170
estate, plants and equipment
Real
604,100,810
599.490,510
Deferred expenses
21.788,939
18,456,423
Goodwill, patents, &c
51,939.157
51.839.988
Total
$1,266,343,566 $1,300,267,222
Liabilities
Accounts payable_
$33,671,796
$21,453,165
Taxes, payrolls, & sundry accrued items_ _ _ _
16,171.229
17.169,161
U. S. & foreign income taxes
14,339,501
12.143,335
Employees say,funds, payable within 1 year
14.875,637
11,400,721
Contractual liability to General Motors
Management Corp., due March 10 1932_
3,965,688
Accrued dividends on preferred capital stock
1.562.805
1,562.805
Depreciation of real estate, plants & equipm't 246,580,098
241,472,694
Employees investment fund
6,830.260
1,560,743
Employees say.fds., pay.subsequent to 1 yr.
31,231,137
31.806.243
Sundry and contingencies
10,006.512
li353ti.600
Preferred stock
x187..536.000
Common stock
435,000,000
y435,000,000
Interest of minority stockholders in subsidi2.336.881
ary cos. with respect to capital and surplus_ _
2,328,835
301,266.482
Earned surplus
286.865.302
Total
$1,266,343,566 $1,300.267,222
x Represented by 1.875,366 no par $5 series shares. y Represented by
43,800,000 $10 par shares.
-V. 134 p. 3830. 364a. 3467, 3282. 31051
.
3086. 2918.
enerat Corporate attb iinbe5tinent
STEAM RAILROADS.
-Southern railroads have been auCotton Rates Cut 20% for 2 Months.
-S. C. Commission to make a maximum reduction of 20%
thorized by the I.
In rates on cotton from Mississippi River territory to and from points n
Southeastern and Carolina arteries, including Gulf and South Atlantic
ports, Ohio River crossings and southern Virginia destinations. "Wall
Street Journal" May 21, p. 8.
Trainmen's Leader Asks6
-Hour Da.
-The6
-hour day for railroad workers
was urged by A. F. Whitney, President of the Brotherhood of Railroad
Trainmen, in testimony before the I.
-S. C. Commission as a step toward
economic recovery. N. Y."Times" May 25, p.21.
Matters Covered in the Chronicle of May.21.-(a) Railroad Credit Corp.
able to meet interest obligations to July 1, according to President Buckland
-But receipts are falling-Estimates surcharge for this year at $60.000.000
and needs at $100,000,000. p. 3757; (b) Additional loans of $58,966,376 to
railroads from Reconstruction Finance Corp. approved by I.
-S. C. Commission-Loans aggregating $1,340,000 to four roads denied-Further
applications totaling $14,207,271 filed, p. 3759; (e) I.
-S. C. Commission
calls for report from railroads as to salaries of $10,000 or more a year,
p. 3763; (d) Loan of 827,500,000 to the Pennsylvania RR. irom the Reconstruction Finance Corp. approved by the I.
-S. C. Commission, p.3762;
(e) Legislation to place railroad holding companies under jurisdiction of
1.-S. C. Commission recommended in report of House Committee-Also
approved by: Senate Committee-Repeal recommended of recapture clause,
P.3763;(f) 'Railway Age" on train speeds and employees' hours and wages.
p. 3764.
More Freight Cars in Need of Repairs.
-Class I railroads on May 1 had
218,303 freight cars in need of repair, or 10.1% of the number on line,
according to the car service division of the American Railway Association.
This was an increase of 9,031 cars above the number in need of repair on
April 1, at which time there were 209,272, or 9.7%. Freight cars in
need of heavy repairs on May 1 totaled 154,855, or 7.2%, an increase of
.5,544 cars compared with the number on April 1, while freight cars in
need of light repairs totaled 63,448, or 2.9%. an increase of 3,487 compared with April 1.
Locomotives in Need of Repairs Increase.
-Class I railroads of this country
on May 1 had 7,851 locomotives in need of classified repairs, or 15% of
the number on line, according to reports just filed by the carriers with the
car service division of the American Railway Association. This was an
Increase of 209 compared with the number in need ofsuch repairs on April 1,
at which time there were 7,642 locomotives, or 14.5%. Class I railroads
on May 1 had 10,731 serviceable locomotives in storage compared with
10,193 on April 1.
Alton RR.
-Reconstruction Finance Corporation Loan of
$2,500,000 Approved.
-See under "Current Events" on a
preceding page.
-V. 134, p. 1364.
-The direcAtlantic Coast Line Co.
-Dividend Omitted.
tors on May 24 voted to omit the quarterly dividend ordinarily payable about June 10 on the outstanding $11,760,000
capital stock, par $50. Quarterly distributions of 2%.($1
per share) were made on March 10 last and on Dec. 10 1931
as compared with 3 2% on Sept. 10 1931, and 5% each
quarter from 1926 to and incl. June 10 1931. In addition,
extras were paid as follows: 2% in 1926 and 4% each in 1927
and 1928.-V. 133, p. 3626.
Baltimore & Ohio RR.
-Completes Arrangements to Refinance Maturing Notes.
The company has completed the necessary arrangements to refinance
$17,500,000 of its $35,000,000 notes maturing Aug. 10 1932, without
further assistance from the Reconstruction Finance Corporation, other
than the loan from that corporation of $25,500,000 which will enable the
company to pay the balance of these notes ($17,500,000) and $8,000,000 of
secured notes, payment of which latter was made on the 25th instant.
The holders of the notes maturing Aug. 10 1932, will receive for the
one-half of their notes not to be repaid in cash at maturity, new 6% secured
notes due Aug. 10 1934, in the aggregate amount of $17,500,000. The
bankers who carried through the arrangements were Kuhn, Loeb & Co.,
Speyer & Co. and the National City Co., none of whom made any charge
for their services.
In its decision under data of May 16 1932,the I.
-S. C. Commission stated
that "the $8,000,000 of one-3 ear secured notes maturing May 25 1932,
were issued in large denominations, drawn to the applicant's own order and
endorsed in blank . . . are held chiefly by bankers and financial
Institutions which largely participated in the financing of this issue in
May 1931. These same interests are also important holders of the $35,000,000 of unsecured notes maturing in August. The active participation
of this banking group and the co-operation of the note holders generally
have made practicable the refinancing of these important maturities on the
basis proposed."
Bank of Manhattan Trust Co. has been appointed trustee for the issue of
$17.500,000 secured gold notes due Aug. 10 1934.-V. 134. p. 3878.
-Seeks Reconstruction Finance
Carlton & Coast RR.
Corporation Loan of $981,000
.-See under "Current Events"
on a preceding page.
-V. 123, p. 838.
Chicago Rock Island & Gulf Ry.-Bonds Authorized.
The I.-S. C. Commission on May 21 authorized the company to issue
$1,305,000 of extension first-mortgage gold bonds and $60,000 of capital
stock (par $100), the bonds and stock to be delivered to the Chicago
Rock Island & Pacific Ry. at par in payment of an equal amount of advances made by that company for construction.
-V. 130. p. 3874.
Chicago & Western Indiana RR.
-Bonds Authorized.
The I.
-S. C. Commission on May 21 authorized the company to issue
$1,000,000 1st & ref. mtge. gold bonds, series B. in reimbursement for capital expenditures, the bonds to be pledged as collateral security for shortterm notes.
-V. 134, p. 2901.
Cincinnati Union Terminal Co.
-Securities Authorized.
The I.
-S. C. Commission on May 17 authorized the company to issue
and reissue to July 11933, not exceeding $5,000,000 of short-term promissory notes, the proceeds to be used for the construction of its terminal.
V. 134, p. 3452.
Consolidated Railroads of Cuba.
-No Dividend Action.
The directors at their scheduled meeting held on May 18 took no action
on the quarterly dividend due July 1 on the 6% cum. pref. stock, par $100.
It was stated, however, that action may be taken at a special meeting to
be called for that purpose prior to July 1 1932.
On April 1 last a distribution of 50 cents per share was made on the above
issue, prior to which regular quarterly dividends of $1.50 per share were
paid.-V. 134. p. 1755.
-Defers Dividend Action.
Cuba RR.
No action was taken on the quarterly dividend due Aug. 1 next on the
6% non-cum. pref. stock, par $100, at the regular meeting of the boz.rd
which was held on May 18. This question will again come up at a special
meeting to be called for that purpose on or before Aug. 1.
The last regular quarterly payment of 13i% was made on this issue on
May 2 1932.-V. 134, p. 1755.
-Assumption of
Denver & Rio Grande Western RR.
Obligation and Liability.
The L-S. C. Commission on May 18 authorized the company to issue
and assume obligation and liability in respect of $1,445,000 of Denver &
Rio Grande RR. 1st consol. mtge. 4% bonds, $662,000 thereof to be
pledged with the Railroad Credit Corporation as security for a proposed
loan of $500,000; $10,000 of Rio Grande Western Ry. 1st trust mtge. 4%
3977
Financial Chronicle
Volume 134
getuci.
bonds, and $1,395,000 of Rio Grande Western Ry. 1st consel. mtge. 4%
bonds.
The report of the Commission says in part:
The Denver & Rio Grande Western RR. Co., a common carrier by
railroad engaged in inter-State commerce, has duly applied for authority
under Section 20A of the Inter-State Commerce Act to issue and assume
obligation and liability in respect of various bonds, as hereinafter set
forth, aggregating $2,850,000, of which $662,000 is proposed to be pledged
as collateral security for a proposed loan of $500.000 from the Railroad
Credit Corporation. No objection to the granting of the application
has been presented to us.
We approved a loan for $2,500,000 by the Reconstruction Finance
Corporation to the applicant, $500,000 to be made for one year from April
1 1932 and $2,000,000 for a period not exceeding three years from the
making of the several parts of the loan. Our certificate approving the
loan provided that the funds be made available in installments of $750,000
on or before April 1 1932, $750,000 on or before July 1 1932, and $1,000,000
on or before July 31 1932. Our approval of the loan was subject to the
condition that the applicant should pledge, among other securities, the
following bonds, then in its treasury, as collateral for the loan: $1,445,000
Denver & Rio Grande RR. 1st consol. mtge. 4% bonds; $10,000 Rio
Grande Western Ry. 1st trust mtge. 4% bonds, and $1.395,000 Rio Grnade
Western Ry. 1st consol. mtge. 4% bonds.
It appears that the applicant also made application to the Railroad
Credit Corporation for a loan of $500.000, which has been approved by
the board of directors of that Corporation for a term of one year from
April 1 1932, the loan to be made when funds become available upon the
condition that there be pledged as collateral $662,000 of Denver & Rio
Grande RR. 1st consol. mtge. 4% bonds, which constitute a portion of
the bonds required to be pledged with the Finance Corporation. It is
one of the conditions of our certificate that, on the order of the applicant,
these bonds be surrendered to the Credit Corporation upon the repayment
by that Corporation of $500,000 of the loan made by the Finance Corporation.
The applicant has given two notes dated March 29 1932 in favor of the
Finance Corporation, one oi which is for $500,000, payable one year from
date and secured by the pledge of $662,000 of Denver & Rio Grande RR.
1st consol. mtge. 4% bonds. The other note is for $250,000, payable
three years after date and secured by $783,000 of bonds of the same clam
and $10,000 of Rio Grande Western Ry . 1st trust mtge. 4% bonds. The
,
applicant has also delivered to that Corporation in connection with the
first installment loan of $750,000 an agreement that it will make application to us for full authority for the issuance, sale and negotiation (in
addition to pledge) of the securities given or to be given as collateral security
for the loan approved by us. The applicant accordingly requests authority
to assume obligation and liability in reqpect of the $2,850,000 of treasury
bonds offered as collateral security for the loan so that they may be pledged
as proposed. The assumption of obligation and liability is to be accomplished by means of indentures between the applicant and the respective
trustees under the mortgages securing the bonds, whereby the applicant
assumes payment when due of the principal of and interest on the bonds.
Our authorization under Section 20A of the Inter-State Commerce Act
Is not necessary for the pledging of securities required as collateral for loans
corporto carriers under the provisions of the Reconstruction Finance
made ti n Act
der
Bonds Authorized.
The I.
-S. C. Commission on May 20 authorized the company to issue
$718.000 of refunding and improvement mortgage 5% gold bonds, series B.
in reimbursement for capital expenditures heretofore made, to be pledged
and repledged as collateral security for short-term notes.
To Seek Extension of Timefor Dotsero Construction.
-S. C. Commission for a
The directors have determined to apply to the I.
further extension of nine months for commencing construction ofthe Dotsero
cut-off and also exercising the Commission's authority to acquire minority
stock of the Denver & Salt Lake Ry. It was proposed that the application
-V.134, P. 3452.
be filed immediately with the Commission.
Florida East Coast Ry.-Payments on Equip. Trusts.
The receivers announce that funds are available for payments on series
E, H and G equipment trust certificates. Holders of series E certificates
maturing March 1 should present them to J. P. Morgan & Co.for payment.
Holders of series H, due on March 1, and series G, maturing on April 1.
-V. 134, p. 3451.
should present them to the Bankers Trust Co.
-Wins Release of
Fonda Johnstown & Gloversville RR.
$640,000 Tied Up by New York Bank-Can Now Use It to
Buy Prior Lien Bonds.
The following is taken from the "Leader-Republican" of Gloversville
and Johnstown, N. Y.:
The company May 20 scored a notable victory in Supreme Court before
Justice C. J. Heffernan of Amsterdam, when it won the right to the use of
some $640,••• of its money which for some years past has been tied up
In the vaults of the New York Trust Co.
While the money, a part of the $1,700,000 paid by the Board of Hudson
River Regulating District for condemnation of railroad lands for the
Sacandaga Reservoir, has been tied up by the bank, it has drawn 1% interest. Now, the company will be able to apply the money on prior lien
bonds, and it is claimed save some $2,000 a month in interest charges.
The action has been hanging fire for some time and was started when the
company formally asked the New York Trust Co. for the right to use the
money which was paid there by the Hudson District Board after the condemnation award. The trust company maintained that the money was
paid by the Hudson Board to the railroad company as damages and that
under the law as it construed it the company could only use the money for
the expansion of its line, not for general purposes.
When formal request was made for the release of the money, Attorney
Leon Burke of N. Y. City, appearing for Samuel Lemler of that city,
opposed the application. Lemier owns two $2,000 bonds of the railroad
company's total issue of $7,000,000.
In its claims the railroad company declared that if the New York Trust
Co. would release the $640,000 turned over to it by the Hudson Board
after the condemnation proceedings, it could be used to auire prior lien
bonds of the company and save $2,000 per month interest. For some time
the Trust company has only paid 1% on the money.
Judge Heffernan heard arguments in the case in Amsterdam May 20
and held at the conclusion of a short hearing that the railroad company had
to use its own money and ordered release of it to buy prior lien
bonds,
Wage Reduction of 10% Accepted.
Albert H. Putnam, President of the Cayadutta division's local, American
Electric Railwaymen's Association, has announced that the members of
the union have officially accepted the 10% deduction in wages proposed
by J. Ledlle Hees, President of the road.
The deduction, already in effect and retroactive to May 1, affects every
employee on the pay roll of the company, both union and non-union, in
both steam and electric divisions, the bus lime and the clerical staff. It
also affects all execupve officials of the company.
-V. 134. P. 3452.
Garyville Northern RR.
-Abandonment.
The I.
-S. C. commission on May 13 issued a certificate permitting the
road (a) to abandon operation as to inter-State and foreign commerce
over a railroad owned by the Lyon Lumber Co. in St. John the Baptist.
Ascension and Livingston parishes, La., 16.27 miles; and (o) to abandon
as to inter-State and foreign commerce its own railroad in Livingston
Parish, La., 18.73 miles.
-V. 122, p. 2943.
Long Island RR.
-Paid $2,478,012 Taxes in 1931.
Taxes of one kind or another paid by the road in 1931 amounted to
$2,478,012, according to George Le Boutillier, Vice-Pros., who declared
2Wand.5 that the company is probably the heaviest single taxpayer on
Lon
Mayg
This tax bill of nearly 2% million dollars includes city, state, county,
town, welfare, highway, health, water, light, fire, police, sanitation, sidewalk and school taxes.
Annual payments of taxes are made by the road to three cities, 12 towns
and 40 incorporated villages.
-V. 134, p. 3265.
3978
Financial Chronicle
Maryland & Delaware Seacoast RR.
-Organized.
The Maryland & Delaware Seacoast RR., a new company, has asked
the I.-8. C. Commission for authority to acquire and operate the properties
of the Maryland & Delaware Coast By., which it purchased recently under
foreclosure proceedings. The line extends from West Denton, Md., 40
miles, to Lewes, Del.
The incorporator of the new company was the owner of the majority of
the bonds which were foreclosed upon default.
The application includes a letter from A. J. County, financial VicePresident of the Pennsylvania RR.,in which he stated his company desires
to have an option to purchase the stock of the new company provided it
can get legal approval. Mr. County expressed the view that this line
would fit in well with his company's lines in the Dellmar Bay peninsula.
Maryland & Delaware Coast Ry.-Successor.See Maryland & Delaware Seacoast RR. below.
-V. 134. p. 2331.
Missouri Pacific RR.
-Loan Not Required.
The company has advised the I.
-S. C. Commission that its cash balances
and immediate cash requirements are now such that it will not presently
require a loan instalment of $500,000 which it sought on or before May 31.
The application with respect to this particular instalment has, therefore,
been withdrawn.
This amount was included in the funds which the road asked to borrow
from the Reconstruction Finance Corp. in applications previously filed.
-V.134, p. 3632.
New Orleans Great Northern RR.
-Earnings.
Calendar Years.
.
1931.
.
276.69
267.68
Average miles operated..
264.67
276.69
Gross revenue
$2,317,485 $2,778,287 $3,262,756 $3,231,189
Operating expense
1,512,331
2,008,393
2,402,416
2,201,916
99,451
166,908
202,067
228,273
Taxes & uncoil.ry.rev_ Net operating income..
Other income
$705,703
4,673
$602,986
8,383
$658,273
6,273
$801,000
7,166
Gross income
Rents & miscell. int
Int. on funded debt--Other deductions
$710,375
288,921
439,400
4,618
$611,369
350,521
422,025
23,905
$664,547
315,758
407,000
24,476
$808,166
246,860
407,000
25,398
$82,687 sur$128,907
$22,564
$185,081
Balance Sheet Dec. 31.
1930.
1931.
1930.
$
Assets$
$
Inv.in rd. & equip.17,378,499 18,940,837 Capital stock--_- - 7.500,000 7,500,000
89,323
74,091 Total bds. & notes 8,788,000 8,788,000
Other investments
163,323
191,489 Traffic & car serv.
Cash
balances payable
Special deposits_
6,375
9,751
56,239
82.594
2,043
Loans & bills rec.. _
2,147 Audited acc'ts and
wages payable__ 261,159
Net bal. rec. from
272,245
26,357
20,536 Miscell. accts. pay.
agents & conduc.
7,009
8,222
Miscell. accts. rec_
158,928
104,033 Int. mat'd unpaid_
6,375
22,975
136,089
Material & suppl_
258.785 unmat'd int. accr_
169,583
169,583
recelv_
136
247 Other current liab_
int.& divs.
39,566
50,698
9,500
12,991 Deferred liabilities
Other curr. assets..
642
1,187
Deferred assets
1,184 Unadjusted credits 2,027,326 2,134,064
Unadjusted debits 1,527,969
667,229 Profit and loss-- 644,473 1,254,298
Balance, deficit
1931.
Total
19,499,730 20,283,322
-V. 134, p. 3819. 2519.
Total
19,499,730 20,283,322
New York New Haven & Hartford RR.
-Dividend
Action Postponed.
The directors on May 24 deferred action on the quarterly dividend due
July 1 on the $49,036,700 7% cum. pref.stock, par $100, until the directors'
meeting June 14. The last previous payment of $1.75 per share was made
April 1 1932.-V. 134, p. 3269.
Pennsylvania RR.
-Now Asks Revised Loan Terms
Seeks $27,500,000 from Reconstruction Finance Corporation
Without Raising Equal Amount.
-Wants Loan in Instalments
Beginning June 1 Instead of Wole Amount on Oct. 1.
-See
under "Current Events" on a proceeding page.
Asks Authority to Unify Six Lines.
The company May 25 asked the I.
-S. C. Commission to permit it to
unify the operations of six of its subsidiaries as a means of economy.
In a series of petitions filed by the Pennsylvania and its subsidiaries
the Commission was asked to authorize the Pittsburgh Cincinnati Chicago
tk St. Louis RR., a component of the Pennsylvania, to issue $13,323,348
of stock. It would be exchanged for stock of the Englewood Connecting
RR., the Indianapolis & Frankfort RR., the Ohio Connecting By., the
South Chicago & Southern RR. and the Wheeling Terminal Ry.
All are operated under lease to the Pennsylvania, but have separate
organizations. Under the plan they would become part of the Pittsburgh
Cincinnati Chicago & St. Louis and would be operated through on organization insteadof six.
Number of Stockholders Increases.
The number of Pennsylvania RR. stockholders continues to increase,
according to announcement made on May 25, which disclosed that 249,228
stockholders were registered on the company's books on May 1. This is
an increase of 904 stockholders over the preceding month, reflecting the
further distribution of the company's shares of stock.
The average holding per stockholder reached a new low record on the same
date, when the increasingly large number of shareholders brought the average holding down to 52.81 shares per stockholder.
The total number of shares of Pennsylvania stock outstanding on May 1
was 13,162,775.-V. 134, p. 3819.
-Merger Plan of 1929 Modified.
Southern Pacific Co.
-S. C. Commission in a second supplemental report has modified
The I.
it official consolidation plan of 1929 so as to assign the St. Louis Southwestern Ry. the Paris & Mt. Pleasant By. and the Waco Beaumont
Trinity & Saline RR. to the Southern Pacific grouping instead of to the
Illinois Central, as provided under the merger plan.
The Commission recently authorized the Southern Pacific to acquire
-V. 134, p. 3820.
majority control of the Cotton Belt.
May 28 1932
pose of the application Is to effect economies in accounting through a unified system.
The subsidiaries that would be affected are the Oregon Short Line, the
Oregon-Washington RR. & Navigation Co.. the Los Angeles & Salt Lake
and the St. Joseph dr Grand Island. The Union Pacific wants to lease the
roads, effective one month after date of approval, until Dec. 31 1933.
It proposes thereafter that the leases be renewed annually unless terminated
by one or more of the parties concerned on a four months' notice.
The approval of the proposed leases of Union Pacific subsidiaries was
granted at recent meetings of stockholders of the roads affected -V. 134.
P. 3634.
Wabash Ry.-Interest Payment.
A disbursement of $119,747 representing semi-annual interest on equipment trust obligations of the company due June 1 has been authorized by
the court. Payment covers semi-annual interest on equipment trust of
1924, series D 5%, amounting to $29,050; 1924 sreies E 5%, $34,200,
and 1925, series F
%,$56,497.-V. 134, p. 3820.
Wisconsin & Michigan Ry.-Reconstruction Finance
Corporation Loan of $99,000 Approved.
-See under "Current
Events" on a preceding page.
-V.127, p.9M.
PUBLIC UTILITIES.
Matters Covered in the Chronicle of May 21.-(a) Electric production
continues to decline, p.3709;(b) Gas utility salesimprove in March, p.3710
Alabama Water Service Co.
-Earnings.
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
Mar. 3132. Dec. 3131.
AssetsLiabilities- Mar. 31'32. Dec. 31'31.
Plant,prop.,eq.,&c$7,644,825 $7,640,145 Funded debt
$4,317,000 $5,414,000
Invest. In other
Convert. debs
1,072,000
companies
61,517
61,517 Miscell. def. [lab.
Cash
104,754
52,922
& unadj. credits 119,442
122,764
Notes receivable
14,895
13,243 Notes & accts. pay
20,202
17,716
76,219 Due affil. cos
Accts.receivable_ _
63,401
1,304
5,582
15,892 Accr. int. taxes,
16,107
Unbilled revenue.
12,662
15,053 (Ibis., Sic
Due from affil. cos
107,047
28,946
3,717
4.981 Reserves
Materials & suppl_
411,816
410,352
$6 cum. pref, stock y679,900
xnef. chgs. & pre679,400
89,315
77.169 Corn. stk. & surp.z1,282,482 1,278,381
paid accounts
Total
88,011,193 $7,957,142
Total
$8,011,193 $7,957,142
x Including unamortized debt discount and expense and commission on
Represented by 6,799 shares (no par). z Represented by
capital stock. y
.-V. 134, p. 3453.
6,000 shares (no par)
Arkansas-Missouri Power Co.-Didivend Deferred.
The directors recently voted to defer the regular quarterly dividend due
May 1 on the 7% coin pref. stock, par $100. The last regular quarterly
payment of 1.fi% was made on this issue on Feb. 1 1932.-V. 134, p. 3453.
-Current Indebtedness All
Associated Gas & Electric Co.
Paid-One-Year-Notes of-Subsidiaries-May-Be-Funded.
It is announced that all of the current indebtedness of this company has
been paid and that neither the company nor its direct subsidiary, the
Associated Gas & Electric Corp., has any bank loans or other similar indebtedness outstanding with the public. The first maturity of these two
companies is in 1940 when the recent isuse of so-called "baby" bonds will
mature (of which upwards of $7,000,000 have been marketed). The next
maturity is not until 1948, a period of 16 years from the present date, when
-is
the 4) of '48 will mature. This issue and those which come due in the
immediately succeeding years are all convertible at the holder's option.
The Company's announcement further states:
It is, of course, quite possible, in view of the swing which takes place in
the market price of stocks over a period of years, that these convertible
issues may be largely converted into stock thereby reducing the amount to
be refinanced and adding to the already wry satisfactory stock equity in
the Associated Gas & Electric Co.
The associated company has also taken vigorous steps recently to simplify its corporate structure by exercising its privilege of converting a large
number of issues, including allotment certificates, into debentures or preferred stocks of issues already outstanding, thereby materially lessening the
number and variety of different securities issued.
In view of the depressed prices of debentures of practically all kinds of
companies, even public utility companies, at the present time, it is considered quite unlikely that the parent company, Associated Gas & Electric
Co., will attempt to do any further financing for a considerable period of
time. With its activities reduced to the mere receipt and disbursement of
interest and dividends and the simplification of its capital structure there
would appear to be considerably less need for substantial banking representation on the board of the parent company and it is possible that changes
may shortly occur in the personnel of its board so that its supervision will
be more largely or entirely in the hands of those actively connected with the
management of the company and its subsidiaries.
Three of the operating subsidiaries in the Associated System still have
some further current maturities to meet in the form of one year notes which
were publicly issued by bankers in the late spring and summer of last year.
If the bond market improves sufficiently these notes may be paid off principally by the issuance of mortgage bonds of the respective companies concerned. Should this hoped for improvement not materialize, the most
satisfactory method will probably be the issuance of new notes for a reduced
aggregate principal amount at a somewhat increased rate of interest. The
reduction in aggregate principal amount is made possible in part by substantial accumulations of cash from earnings, due to curtailment of expansion
during the past two years, and in part to the sale of the so-called "Baby"
bonds.
T
The annual report of the company is In preparation and will shortly be
issued. Preliminary figures which have been made available from this
report indicate that the conservative policy as to depreciation, &c., shown
on the preliminary statement has been duplicated in other respects, while
the active business of the company in the sale of electricity and gas has
nevertheless been pushed with great vigor and activities which results in the
substantially reduced decline in output and earnings shown by the Associated
System as compared with the average for the public utilities of the country
as a whole.
-V. 134, p. 3820.
St. Louis Southwestern Ry.-Time Limit for Deposits
of Mortgage Bonds Will Expire on May 31.
-Dividend Rate Reduced
"'•••••... Bell Telephone Co. of Canada.
In a final effort to avert receivership for the road directors have extended
to--7.%-fram-8%-per-A-firrna, r- age Out.
-The directors on
until May 31 the time of deposit of the 4% 1st consol. mtge. bonds under
May 25 declared a quarterly dividend of 13 % on the
4
the refunding plan for meeting the June 1 maturity of this issue.
Following a protracted meeting, the Cotton Belt officials announced
$76,619,300 capital stock, par $100, payable July 15 to
May 26 that diligent efforts to round up the holders of these bonds and
holders of record June 23. This compares with quarterly
secure their assent to the plan had resulted in the deposit of only 87%
of the issue, whereas 90% acceptance is required as a condition of extension
distributions of 2% made from Jan. 1 1891 to and including
of a loan from the Reconstruction Finance Corporation.
April 15 1932.
Under the plan, holders of the consolidated mortgage bonds of which
somewhat over $20,000,000 are outstanding and mature June 1, would
At the same time, a further reduction in wages was anreceive payment of one-half of the issue through funds obtained from the
nounced to become effective July 1. Employees of the comFinance Corporation and the balance refunded into 5% general & ref. bonds.
The statement issued by the company follows:
pany on April 1 last received a cut of 5% in wages and salaries.
"At the meeting of the board of directors of the St. Louis Southwestern
This is to be increased to 10%. The directors' fees have
By. Co., held to-day, the situation arising by reasons of the fact that the
depository reported that the holders of but 87% of the outstanding 1st
undergone the same reduction, and will be included in the
consol. mtge. bonds had deposited their bonds under the refunding plan,
July 1 action.
was carefully considered, after which it was decided to declare the plan
An official statement, issued from the offices of the comoperative, but upon the condition that on or before May 31 1932 not less
90% of the bonds outstanding shall have been unconditionally deposthan
pany,said in part:
ited under the agreement and in accordance with the terms thereof.
"The officers were directed to again canvass the non-assenting bondholders in an endeavor to induce the holders of the required number to deposit
their bonds and thereby avert the consequences which would follow failure
-V. 134, p. 3820.
of the plan."
-Four Lines in Unification Plan.
_ Union Pacific RR.
-S. C. Commission for permission
The company May 23 applied to the I.
to lease four roads in whirl' it already owns controlling stock. The pur-
Falling off in business, particularly long distance, coupled with substantial increases in taxation has so effected net earnings as to compel this
action.
As stated in the annual report for 1931, economies in controllable expenses have resulted in savings of more than $1,800,000. The company is
continuing the policy of spreading its work by means of reduced working
hours in order to provide employment to as large a staff as possible.
-V.134.
p. 1576.
Financial Chronicle
Volume 134
Balance Sheet Dec. 31.
1931.
1930.
1931.
Liabilities$
$
Asscis$
1st pref. stock 6% 8,186,864
Properties, french.
organizat'n, dm:49,888,558 49,465,311 Ser.13 pf.stk. 634 5.014,660
2,101,417 Common stock_ _x15,238,600
Notes payable__
18,380,000
Unadjusted debits 1,392,648 1,452,078 Funded debt
373,627 Notes payable_
1,350,833
Cash
153,717
Accts. payable_ _ _
Fed. bank de Gov.
384,300
2,543,831 1,697,218 Interest payable_ _
securities
869,390 Dividends payable 176,961
829,364
Accts. receivable
989,868
Accrued taxes__
26,462
Interest receivable
29,878 Deferred liabilities 173,389
Unadjusted sects_
5,902,414
768,569 Reserves
Materials & supp_ 731,736
2,371,088
77,878 Surplus
127,272
Prepaid expenses_
Ctfs. of deposit...48,413
13,085
Special funds
19,660
Items In suspense_
-Bond Issues Approved.
California-Oregon Power Co.
The California Railroad Commission has authorized the company to
issue and sell at not less than 87, 34,000,000 634% cone. ref. mtge. bonds
due in 1942. The company also was authorized to issue and sell $3.114111,000
will
of 534% debentures due in 1942 at not less than 97. The debentures sold
be acquired by Standard Gas & Electric Co., while the bonds will be
-V. 134, p. 3634, 3455, 3095, 2903.
a banking group.
to
-Earnings.
California Water Service Co.
For income statement for 12 months ended March 31 see "Earnings Department" on a preceding page.
Comparative Balance Sheet.
Mar.31'32. Dec. 31'31.
Mar.31'32. Dec.31'31.
Assets3
$
Liabilities8,738,000 8,738,000
Funded debt
Plant,prop.,equip673,778
16,674.119 16,627,551 Special non-negot_ 673,778
ment,&c
35,267 Miscell. def. liab.d:
35,162
Int. & special dep.
298,317
300,029
unadj. credits
151,300
44,181
Cash
,
187,357
112,103 Due affiliated cos- 191,463
Accts.receivable_ _ y97,381
85,211
421,200 Notes & accts. pay. 139,969
Notes rec. affil. cos 340,061
192,744
89,841
7,000 Accruals
10,322
Accts.rec.affil.cos.
1,537,954 1,501,670
160,615 Reserves
Materials &suppL 161,647
33,794 6% cum.prefstock 2,914,000 2,914,000
23,611
Miscell. prepaym't
Common stock-- _z2,914,200 2,914.200
:Deferred charges
553,063
977.720
963,240 Earned sruplus__ _ 409.239
prepd. sects
45.5,730
Prem. on cap.stock 455,730
Total
56,971,862 58,835,164
Total
x Includes 150.136 shares no par value.
-Earnings.
Central & South West Utilities Co.
-Has No Bank Loans or
Central States Electric Corp.
-An official statement issued May 25 says:
Notes Payable.
Cash on hand May 24 of more than $2,300,000 exceeds the cash balance
at Dec. 31 1931. There are no bank loans or notes payable. Cash on
hand is thus equivalent to more than a full year's interest and sinking
fund requirement on the $39,062,000 debentuees now outstanding in the
hands of the public. The debentures outstanding have been reduced since
Dec. 31 1931 by the purchase of $857,000 principal amount.
The major investments continue to be in the common stocks of the
North American Co., American Cities Power & Light Corp., Electric
Shareholdings Corp. and Shenandoah Corp.. as to each of which the number
of shares now owned is equal to or more than that owned at Dec. 31 1931.
The holding of common stock of the North American Co. continues to be
In excess of 700,000 shares.
-V. 134, p. 1016.
-Earnings.
Commonwealth Utilities Corp.(& Subs.).
:1930.
Calendar YearsOperating revenues
Operating expenses
Net income
Divs. on pref,stocks ofsubs.& other prior deduct_
Divs,on pref.stocks of Commonwealth lJtil. CorpMinority and former interests
--Earnings.
Chicago Rapid Transit Co.
Calendar YearsGross operating revenue
Non-operating revenue
1930.
1931.1
516,508.068 319.624.055
280,266
282,289
Total earnings
Total operating expenses
Taxes
Rentals
Interest on bonds and amortization of discount
516.790.357 519.904.321
12,510.897 14,061.481
1,860.092
2,066,496
1,179.818
1.130,814
2,595,057
2.612,282
Net loss
Dividends on prior preferred stock
$1,530,131 03207,863
474.303
440.101
Deficit for year
Previous surplus
Miscellaneous credits
$1,970,232
3,574,211
193,149
Total surplus
Miscellaneous debits
Profit and loss surplus
$1,797,128 $3.742.199
167,988
13,163
$1.783,965 $3.574,211
$266.440
3,712,014
296,625
1930.
$
5,000,000
1,500,000
20,329,500
47,977.100
18,563,000
2.510,192
473,051
3.304,327
380,141
3,131,913
62,848
3,574,211
108,548,717106.806,283
-Earnings.
Columbus Delaware & Marion Electric Co.
-Earnings.Columbus Railway, Power & Light Co.
128.
1929.
1930
89,804,733 510,089.176 510.267,466
4,075,290.
3,748,455
1,000.000
1,000,000
1,000,000
1,112.594
1.097,448
1,115,114
911,386
896,880
880.229
52.582,618 $33,060,935 $3,019,558 $33.114.539
Net income
488.628
491,049
491.211
491,212
.
dividends_
lst preferred dividends_
325,946
325,621
325,919
325.953
pref.
Series g
900.816
900.816
900,816
1,201.088
Common dividends
$564.366 51.342,989 $1.302.073 $1.399,149
Surplus
$764,083 $1.424,516
162.819
137,194
122,182
117,386
317.611
68.598
Balance applicable to common stock of Common$440,907
wealth Utilities Corp
z 1930 figures restated and adjusted for comparative purposes.
Balance Sheet Dec. 31.
Consolidated
1931.
1930.
1931.
Liabilities-$
Assets
Property & plant-27,690,618 26.256.530 Pref.stock-no par
Class A-$7(823
Excess cost of hold$76,025
shares)
ing co. of sub.
Class B-$6 (4,cos. securities__ 5,373,708 5,541,601
751 shares) _ 401,899
312,262 3.855,094
Investments
Class C-$6.50
Sink, fund de spec.
12,996 shs.)__ 1,191,964
72,455
85,770
deposits
720,937 Common stk.-no
494,560
Cash
par:
62,425
234,571
Notes receivable
Class A (3.184
532,940
609,045
Accts. receivable
58,510
shares)
250,641
Materials & suppls 265,665
Class B (288,863
52,411
53,977
Prepaid accounts_
7,113,157
shares)
678,755
Deferred accounts_ 551,906
Scrip cas. for frac127
tional shares_ _ _
Pref. stocks
-sub.
2,387,850
companies
Min. int. in capital
-sub.
& surplus
1,026,090
companies
Funded debt
131,000
Funded debt-sub.
7,520,500
companies
Adv. from United
Gas,improvem't 8,429.000
,
Notes payable_
Accounts payable_ 970,250
50,675
Dividends payable
Accrued accounts_ 464,250
91.581
Deferred credits__
Renewals St replace 3,562,001
Other reserves_ _-_ 200,998
Surplus applic. to
corporation__ 1,734,639
Cap,surplus applic.
to corporation__
$821,904
1930.
$
$77,449
425.953
1,204.064
58,509
7,113,157
136
2,444,750
1,033,751
140,500
7.617.300
11,011,956
970,912
64,457
527,054
3,447,031
338.630
1.669.340
140,582
35,410,513 38,285,358
Total
35,410,513 38,285,356
Total
-There are reserved 4,110 shares of Commonwealth Utilities Corp.
Note.
common stock, class B, for the conversion of $205,500 debentures. There
are reserved 3,820 shares of Commonwealth Utilities Corp. common stock.
class B, for warrants outstanding (issued with series C preferred stock).
There are reserved 38,827 shares of Commonwealth Utilities Corp.
common stock, class A, for conversion of $2.332,000 Louisiana Ice &
-V.134, p. 1758.
Utilities, Inc.. gold bonds.
--...........
"Earnings
For income statement for 3 and 12 months ended March 31 see
-V. 133. p. 3887.
Department" on a preceding page.
1931.
39,051.235
3,586,571
1,000.000
995,200
886,845
$1,567,923 $1.872,034
270.196
84,624
$1,652,546 $2,142,230
Gross income
717,714
888,463
Interest, amortization & expense 5z other deduct'ns
36,404,189 $6,398,927
Total
86,404.189 36,398,927
Total
Including unamortized debt discount and expenses and commission
:
1000 31urs
capital ;
1 (shrenopar. Iv1 4p455. (no par). a epret
on z b 1stock.
Calendar YearsGross revenue
Expenses
Depreciation
Federal taxes
Interest, Szc
1931.
$4.863,683 $5,700.614
3,828,580
3,295,760
Operating income
Non-operating income
-Earnings.
Chester Water Service Co.
For income tatement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
Mar.31 '32. Dec.31 '31.
LiabilitiesMar.31 '32. Dec.31'31.
AssetsFirst mtge. 434%
Plant, prop.,equIp$3,311,000 $3,311.000
gold bonds
$6,009,533 $6,006,614
ment, dic
73,858 Due still. cos.(not
73,360
Miscell.special dep
222,500
206,500
current)
9.712
21,036
Cash
7,024
6,980
50,808 Accounts payable_
46,633
Accts. receivable._
1,784
1,502
39,400 Due afftl.cos.(curr)
38,850
Unbilled revenue__
35,542 Accrued int.. taxes,
35,891
Materials & suppl_
114.948
78,731
divs., dee
:Def. charges and
182,993 Deferred liabilities
178,885
prepaid sects__
55,150
55,397
unadj. credit_
243,815
245,480
Reserves
$5.50 cum.pf. stk.y1,200.000 1,200,000
Corn.stk. dr surpLz1,282,272 1,259,033
Total
56,971.862 56,835,164
-Bond Issues Authorized.
Commonwealth Edison Co.
For income statement for 3 and 12 months ended March 31 see"Earnings
-V.134. p. 3821.
Department" on a preceding page.
108,548,717108,806,283
Total
133, p. 4157.
1930.
$
8,186,849
5,014,660
11,260,200
18,502,000
500,000
523,095
9,327
54,158
640,807
177,687
5,717,650
6,248,730
The Illinois Commerce Commission, May 25 authorized the Commonwealth Edison Co., the People's Gas, Light & Coke Co., and the Public
Service Co. of Northern Illinois to issue a total of 370,000,000 of mortgage
bonds, in accordance with applications received May 24. The money will
enable the companies to retire all obligations maturing this year and reimburse their treasuries for expenditures made this year for other purposes.
Halsey Stuart & Co. will head a banking syndicate to float the issues.
-year
The Edison company is authorized to Issue 318,000,000 535% 30
bonds. On July 30 it will have $20,000,000 of 334% one-year notes
maturing, and apparently expects to draw on its cash to some extent to
meet the remaining part of this obligation. In April the company,including
the Commonwealth Subsidiary Corporation, reported 320,000,000 in cash
and no bank loans.
Public Service of Northern Minois is authorized to sell $32,000,000 of
-year bonds. Its maturing obligations comprise $15,000,000 of
631% 20
4% one-year notes, due on July 30; $10,000,000 of 5% debentures, due on
Aug. 1, and smaller maturities, bringing the total to slightly more than
327.000,000. On April 15 the company reported more than 37.000,000
cash and no bank loans.
People's Gas Light & Coke Co. has 515,000,000 of 33 % one-year notes
due on July 30 and its part of the authorization comprises $20,000,000 of
-year bonds. On April 15 the company and its subsidiary cor% 25
poration had more than $8,000,000 in cash. Its nearest maturity after
July 30, is $2,000,000 for 0.1% serial notes, due on Feb. 1 1933.-V. 134.
P. 3096.
18,364,206 18,512,071
Total
18,364,206 18,512,071
Total
Including unamortized debt discount and expense and commission on
capital stock. y Less reserve for uncollectible accounts. z Represented
-V. 134. IL 3821.
by 29.142 shares of $100 par.
Balance Sheet Dec. 31.
1931.
1930.
1931.
Liabilities$
$
Assets$
Road de equipment97,627,947 95,900,352 Prior pref. stock A 5,000,000
Misc. phys. prop-- 2,654,189 2,581,364 Prior pref. stock B 1,500,000
890 Common stock_ _ _20,329,500
272
sinking fund
47,153,245
Funded debt
Dopes. in lieu of
18,041
18,641 Adj. deb. bonds_ _18,563,000
mtge. prop. sold
459 Current liabilities_ 6.840.126
459
Adv.to anti. cos__
503,818
Sund. sec. owned_ 1,889,561 1,874,633 "Leer. int. & rents_
Misc. investments 1,502,205 1,184,074 Aocr, tax liabilities 3,427,891
664,338 Deferred liabilities 347,252
343,015
Cash
684,468 Reserves
3,033,658
special deposits.-- 653,408
66,261
315.920 Other unadj. cred_
91,465
Notes receivable
receivable
1,556,012 1,284.641 Corporate surplus_ 1,783,965
Accts.
664,577
Materials & suppl_ 580,820
8,400
9,405
Other curr. assets_
104,421
123,026
peep. rents & int
Mee.& expense on
funded debt _ _ _ .. 1,013,213 1,176,995
342.711
Other unadl. deb_ 485,679
3979
-Protective Committee.
East Coast Utilities Co.
Due to a default in the payment of the interest due May 1 on the 6%
convertible gold debentures, series A. due Nov. 1 1938. and to the appoint,.
ment of a receiver of the company, a debenture holders' protective committee has been organized by tho bankers identified with the original finanoMg and distribution of these securities with the sole object of conserving
every possible asset as security for the debentures.
The committee is not identified with any other committee and does not
approve of the plan of reorganization of the East Coast Utilities Co. sponsored by interests not identified with the origianl distribution of these
debentures. This committee is not associated with that committee in any
way but is devoting its entire energies solely to the protection of your interests.
The Central Republic Bank & Trust Co. Chicago, is depositary; Boatmen's National Bank, St. Louis, sub-depositary. The immediate deposit
of debentures is requested. The committee consists of H. L. Harker,
Chairman; H. L. Ruppert and C. T. Williams, Jr. Office of Secretary,
115 West Adams St., Chicago.
In connection with the reorganization of the Empire Public Service Corp.
.134, p.3822). East Coast Utilities Co. debenture holders are to receive
or each $1.000 of debentures $400 of debentures and 40 shares of common
-V. 134. p. 3821.]
stock of the new company.
-Earnings.
Eastern Shore Public Service Co.
For income statement for 3 and 12 months ended March 31 see"Earnings
-V.134. p. 1952.
Department" on a preceding page.
3980
Financial Chronicle
Eastern Utilities Investing Corp.
-Offer Extended.
-
The recent offer to holders of the 5% gold debentures, due 1954 to
exchange all or any portion of their holdings on a par for par basis for
Associated Gas & Electric Co. gold debenture bonds, consolidated refunding 4% series due 1958, up to the amount of such issue available for
that purpose, has been extended to the close of business June 15 1932. (See
also V. 134, p. 3271.)-V. 134. p. 3822.
General Gas & Electric Corp.
-Preferred Dividends
Payable in Scrip-Distribution on Class A Common Stock
Omitted.
The directors on May 26 declared quarterly dividends of $1.50 each on
the $6 cum. pref. stock, series A and 86 cum. cony. pref. stock. series B,
$1.75 on the 7% cum. pref. and $2 on the $8 cum. pref. stocks, all payable
In scrip of the respective issues carrying 7% interest and redeemable in
five years. The dividends on the $6 pref. A and B stocks are payable
June 15 to holders of record June 3, and the dividends on the $7 and $8
pref. stocks are payable July 1 to holders of record June 3. Previously.
these dividends were paid in cash.
No action was taken with respect to a dividend on the class A common
stock. Quarterly distributions of 3-200ths of a share of class A common
stock were paid on this stock on Jan. 2 and April 1 last.
Exchange Offer Made to Holders of $6 Preferred Stock.
Holders of $6 cumul.cony. pref. stocks, series A and series B. have been
given the opportunity of exchanging all or any portion of their holdings
for any of the following securities on the following basis per share: (a)
$100 principal amount of Associated Gas & Electric Co. 5% convertible
obligations of 1932: (b) one share of Associated $5 div. pref. stock into
which the 5% cony, obligations of 1932 are convertible at the option of the
Associated company; (c) $100 principal amount of Associated 6% cony.
certificates of 1932; or (d) one share of Associated $6 pref. stock into which
the 6% cony, certificates of 1932 are cony, at the option of the company.
Accrued interest and dividends will be adjusted on exchanges so as to be
continuous but not overlapping.
Holders who desire to exchange their stock under the above offer should
forward their certificates to the stock transfer agent of the corporation,
Room 2016, No. 61 Broadway, N. Y. City, at the same time indicating
which security Is desired. The new securities will be issued and delivered
as promptly as possible.
This offer will terminate at the close of business June 30 1932, unless
extended by the Associated Gas & Electric Securities Co., Inc.
-V. 134,
P. 3823.
Hackensack Water Co.
-Sells $5,100,000 Notes.
-The
company has placed privately through bankers an issue of
$5,100,000 one-year 6% notes to be dated May 31 1932.
This Issue will provide funds to retire $3.000,000 2
-year notes maturing
May 31 and temporary borrowings maturing on the same date and also
cover capital requirements extensions and improvements.
Net elrnings before interest charges for first four months of 1932 were
slightly larger than same months 1931 according to Nicholas S. 11111 Jr.,
President.
-V. 134, p. 3456.
-----Hamilton Gas Co.
-To Default Interest Payments.
-
W.
Lanier. President,in a letter to the owners of(a)6% first
mortgage sinking fund series A gold bonds, due Dec. 1 1937, and (b) 6%%
5
-year sinking fund debenture gold notes, due Dec. 1 1932, announces that
the receivers will not have the funds wherewith to pay the interest coupons
due June 1 1932 on the above issues. The letter further states:
The indentures securing them provide for a grace period of 60 days,
though it is improbable funds will be in hand for payment within that
period. When we wrote on Jan. 21 1932 advising you of the receivership,
we had sound reason for believing that certain favorable developments then
pending might materialize within a few weeks. Had that been the case the
receivership might well have been considerably shortened. These developments which concern increased markets for our shut In gas available for
immediate delivery have been retarded but no change has been made in
our expectation of ultimately realizing through them considerable additions
to our revenues.
The following data will be embraced in a more detailed communication
which will be sent to security holders of all classes at an early date but are
pertinent to this letter.
January 20 to May 24 1932.
Sales, cash received
$13,57O
Other receipts
5.000
Total c•ash received
$178,570
Expenses paid
76,271
Indebtedness, unfunded, due prior to Jan. 20 1932, paid
89,093
Balance on hand
$13,205
This does not include certain small accruals not set up on the receiver's
books for the elapsed portion of the month of May, nor proceeds of gas sold
and delivered in the same month which will be shortly due and payable.
-V. 134, p. 1022.
Illinois Bell Telephone Co.
-Expenditures.
-
The Executive Committee of the company has approved expenditures
amounting to $278,223 for additions and betterments to plant and property
in the City of Chicago and $14,418 for improvements to plant outside
of Chicago, or a total of $292,641. This brings cumulative for such expenditures so far this year to 87,557,609.-V. 134, p. 3456.
-Earnings.
Illinois Water Service Co.
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
LiabilitiesMar.31 '32. Dec.31 '31.
Mar.31 '32. Dec.31 '31.
AssetsFunded debt
Plant, property.
$3,150.000 $3,150,000
$5,976,273 $5,974,309 Misc. del.(lobe. &
equip.. &c
515
334
Special deposits.-unac11. credit.-26,657
17,326
24.151 Due MM.ims
Cash
309,500
343,500
92,708 Accts. payable...
Accts. receivable.87,639
22,508
22,725
Due from at111.005.
Due attn. cos
25,000
6,098
8,264
Unbilied revenue._
38,719
30,481 Accrued int., taxes,
Mails. & supplies.
138,930
42.092
diva., die
42,969
83,634
gDeterred charges
Reserves
517,391
514,928
104,193 6% cum. pret. stk. 890,000
& prepaid accts. 111,547
890,000
Corn. stk. & surp_y1,238,609 1,229,617
$6.298,930 $6,269.324
Total
Total
$6,298,930 $6,269,324
x Including unamorttzed debt discount and expense and commission on
capital stock. y Represented by 53,200 shares (no par)
.-V. 134, p. 3456.
Indianapolis Street Ry.-Sale.Properties of the company, placed on the auction block May 20 at the
Courthouse. Indianapolis, Ind., were purchased by Wendell Sherk, VicePresident of the Fletcher American Co., reorganization manager designated
by the bondholders and creditors, on a bid of $2,600,000.
The sale was held pursuant to an order by Judge Harry 0. Chamberlain
of the Circuit Court of Indiana, on application made by George 0. Forrey,
Jr., President of the Fletcher American Co., who has been receiver for the
company since April 1930.
Judge Chamberlin fixed May 31 as the date for final hearing on approval
of the sale price.
The sale included all properties of the company except the 4,999 shares
of the Peoples Motor Coach Co. stock, which are collateral for $500,000
notes bought by Instill interests.
The plan of security holders in buying the street railway properties is to
reorganize the system into two corporations to be known as the Indianapolis
Railways. Inc., and the Traction Terminal Corp. Present security holders
will be entitled to proportionate holdings in the new corporations, plus the
privilege of making additional Investments in new securities. (For full
details of plan see V. 133, p. 286.)-V. 134, p. 3271.
•
International Hydro-Electric System.
-Earnings.
-
For income statement for three months ended Dec. 31 see "Earnings
-V. 134, p. 3271.
Department" on a preceding page.
May 28 1932
International Telephone & Telegraph Corp.
-Review
of Annual Report.
Reviewing the activities of the year 1931 in its annual report corporation
points out that its manufacturing business abroad, while declining materially
from the levels of 1929 and 1930, showed a substantial overall net profit.
The telephone operating properties which, except for the Porto Rico plant,
are located entirely in foreign countries, as a whole materially improved
their results over the previous year. The corporation suffered, however,
with respect to its properties in the United States, which are almost wholly
telegraph, cable and radio operating properties.
With regard to all three main lines of activity, the experience gained in
the past year of economy and retrenchment has indicated that there is not
a single property in the corporation's structure, examining each property
together with such minor properties as comprise a complete operating
unit, which, over a reasonable period and given a return of a fair average
level of business, should not show an adequate return on the investment
therein made by the corporation.
"The efforts of the management" the report states, "were concentrated
throughout the year on continuing and intensifying the campaign of economy
and curtailment of expense initiated in the early part of 1930. Since such
economies were realized progressively throughout the year, their full effect
is not reflected in the figure for operating expenses for 1931, and the current
year has, in consequeLce, begun with operating expenses throughout the
organization running at an annual rate substantially lower than for the
year 1931. Concurrently with the foregoing, the efforts of the management
have been directed to the conservation of cash resources.
"As a result of these efforts, and notwithstanding the fact that in the
operation of communications services the investment in plant of some new
capital is always indispensable, it has been possible to arrive at a balance
In the financial budget and, unless unforeseen factors make their appearance, there should be no Increase in the total amount of outstanding obligations of your corporation and its associated companies at the end of the
year 1932.
"Postal Telegraph, as a result of a continuous, intensive and
sales campaign, increased its percentage of participation in the aggressive
line telegraph business of the country. While the total domestictotal land
telegraph
business of the United States decreased by approximately 16% under
1930,
the Postal Telegraph suffered a decrease of only 8%.
"The message revenue of the Commercial Cable Co. in 1931 declined by
19.4% as compared with 1930. The use of the cable is, of course, largely
related to external trade: and cable revenue tends, therefore, to fluctuate
with the volume of imports and exports. It is noteworthy, that the total
of the export and import trade of this country with Europe declined in
1931 by 33% as against a decline in Commercial Cable revenue of 19.4%.
"Message revenue of All America Cables declined by 29.3% while
tistics for imports and exports between the United States and Central staand
of 3 h American countries show a decline in 1931 as compared with 1930
Sou8
t%
'During the year 1931, the revenue messages handled by Mackay Radio
increased by approximately 17% over 1930 and the number of ships with
which it has contracts for ship to shore service increased by 67%.
"The combined gross operating revenues of all of the corporation's associated telephone companies, including the Spanish Telephone Co.. placed
on a comparable basis with the year 1930 showed an overall increase of
the same time, net operating revenues on a like basis increased
by
3.2%.15.5%.
"Eliminating the Spanish Telephone Co., which is treated as an investment and whose results, therefore, are not consolidated, not income from
all telephone operating companies included in the Consolidated statement
of income showed an increase of 10.6% over the corresponding figures for
1930.
"During the year the total telephones in service Increased from 688,052
to 769,920. Of this increase some 50,000 are accounted for by the addition
of the Rumanian system which was acquired as of Jan. 1 1931. The
balance of over 30,000 stations represents a net overall increase of telephones in service in systems acquired before 1931.
"In view of the fact that the countries, in which the corporation operates
the telephone, are still far from the saturation point in telephone development, it is felt that the results achieved in the past year may be repeated
and perhaps bettered, and that with restoration of credit and improvement
In business conditions, telephone development in such countries should
gain increasing momentum to the benefit of the corporation's operating
properties and its manufacturing interests as well."
One of the corporation's major activities is the manufacture of electrical
equipment related to telephone, telegraph, cable and radio operations.
The total sales for all manufacturing companies outside of the FederalHolster group which was acquired in 1931 were $61,310,000 as compared
$80,323,000 in 1930. The decrease in sales, brought about a decline of
$2,547,000 in net income. These companies, however, closed the year
with an overall net income of $5,876,000.
Kreuger & Toll.
In June of last year a contract was made, pursuant to which Kreuger &
Toll delivered to a Swedish bank for account of the corporation 610,000
shares, of the par value of 50 kroner each out of a total of 2,016,626 shares
outstanding of L. M. Ericsson Telephone Co., Ltd. one of the oldest
European concerns engaged in the manufacture of telerihone apparatus and
the operation of telephone systems. Part of the consideration, consisting of
$11,000,000 in cash, was paid, the contract providing that the balance
should be paid in stock of this corporation against an additional amount
of
Ericsson stock. The exact amount of the stock of this corporation
to be
delivered was to be dependent upon the result of an audit
company based on its operations for the year 1931. Earlyof the Ericsson
in
year, however, and before the delivery of any of the stock of the present
this
tion, certain representations of fact, upon which the agreement corporawas based,
were found to be inaccurate and the entire arrangement
was accordingly
rescinded, thus terminating any obligation on the part of this
corporation
to deliver any of its own shares. Under the arrangements
made the stock
of the Ericsson Company previously delivered is held
for the corporation's account as collateral security by the Swedish bank
for the repayment of
the amount already paid.
-V. 134, p. 3636.
Isarco Hydro-Electric Co. (Societa Idroelettricia
dell' Isarco).-Bonds Purchased.-Hangarten & Co., fiscal agents, announce that
for the sinking fund $108.000 of 1st mtge. 25 there have been purchased
-year 7%
bonds (closed mortgage), dated May 1 1927, due May 1 sinking fund gold
1952, which have
been redeemed, leaving outstanding $4,669,500 of
this issue.
-V. 134.
p.*675.
Jersey Central Power & Light Co.
-Earnings.
For income statement for 3 and 12 months ended
March 31 see"Earnings
Department" on a preceding page.
-V. 134. p. 3636.
Keystone Public Service Co.
-Earnings.
For income statement tor 3 and 12 months ended
March 31 see 'Earnings
Department" on a preceding page.
-V. 134, p. 2905.
Louisville Gas & Elec. Co. of Del.(&
-Earnings
Subs.).
12 Mos.End.Dec. 311931.
1930.
1929.
Gross earnings
$10,714,011 $10,566,387 $10,338,097 $9,685,.
1928999
Operating expenses
4,798,222
5,153,393
5,013,892
4,696.295
Net earnings
$5,915,789 $5,412,994 $5,324,205 $4.999
Other income
,
704
449,079
303.964
541,459
322,473
Total earnings
$5,364,867 $5,716,958 $5,865,665 $5,312.177
Interest charges (net)_., 1,585,637
1,454,984
1,318,572
1,469,919
Preferred dividends- - 1,367,858
1,320,550
1,326,212
1,36 .
Approp. for retirement
4 977
(deprec.), depletion & •
other reserves
892,500
817,500
811.336
915,000
Balance
$2,518,873 $2.123,924 $2,154,533 $1,817,392
The foregoing income account given in
V. 134, P. 3457 did not show
figures for retirement (depletion) and
other
1930 and 1931. To correct this misleading reserves for the years 1929.
statement we again Vve the
income statement, with the depreciation
acc., figures shown.p. 3457.
Lone Star Gas Corp.
-Dividend Payable in
Stock.
The directors on May 24 declared
share on the common stock payable a quarterly dividend of 16 cents per
stock,
in
par $100, on June 30 to holders of record new 6% cum. cony. pref.
June 15.
Volume 134
Financial Chronicle
On March 31 last a cash dividend of 15 cents per share was paid on the
common stock as compared with distributions of 22 cents per share in previous quarters.
The corporation states that its bonded indebtedness has been reduced
since Jan. 1 by $780,000 and bank loans during the same period by $1,325,000, leaving balance due banks as of this date $5,077,000. Cash on
hand increased during the same period approximately $400,000 to $1.963,000
-V. 134, p. 3457.
Lowell Electric Light Corp.
-Earnings.
-
Ca len da r YearsGross operating revenue
Other income
1931.
1930.
1929.
$2,092.766 $2,006.889 $1,960,600
79.048
63,576
55.096
Total income
Operating expenses
Maintenance
Depreciation
Taxes
$2.171.814 $2.070,466 $2,015,696
758,196
773,021
788,201
141,491
120,094
125,726
135.000
125,000
117.000
361,987
342,948
319.934
3981
Committee.
-Martin Lindsay, Chairman, Melvin L. Emerich, Harry C.
Edmonds and Howland S. Davis. Taylor. Miller, Busch & Boyder.
Counsel, 231 South La Salle St., Chicago, Ill. C. L. Becker, Sec., 134
South La Salle St., Chicago, Ill.
Depositaries.
-The Northern Trust Co., 50 South La Salle St., Chicago,
III. and N. V. Het Administratiekantoor van Gebroeders Boissevain en
Kerkhoven en Compagnie. Gevestigd te Amsterdam, Holland.
Receivership Widened.
Edward N. hurley and Charles A. McCulloch of Chicago, two of the
three equity receivers appointed there for the company, were named equity
receivers in New Jersey for that company May 23 on application of Walter
G. Wirase, representing the Lincoln Printing Co. the bomplainart in the
original action. It was said the action was taken to protect the interests
of New Jersey stockholders in four subsidiaries of the Middle West company.
-V. 134, p. 3824.
Minnesota Power & Light Co.
-Earnings.
-
Calendar Years1931.
1930.
1929.
1928.
Gross earnings from oper $6,091,539 $6,479,225 $6,229,714 $6,037.634
Net earnings before interest charges $775.139
Oper.exps.,incl. taxes__ 2,265,500
2,501,627
$709.401
$664,834
2,280.130
2,159,509
Interest charges
2,358
1,730
2.143
Net earns, from oper_ $3,826,039 $3,977,598 $3,949,584 $3,878.125
Net earnings
Other income
3772.781
166,585
$707,671
115,157
$662,691
117,918
220,644
Dividends paid
475.221
435.385
423,666
Total income
•
$3,992,624 $4,092,755 $4.067,502 $4,098.769
Balance
Interest on bonds
1,707.661
5297.560
$272,285
$239,025
1,656,811
1.540.983
1,586.600
Refunds ofoverassessments of Federal
Other int. & deductions_
68.601
77.787
58,890
64.145
income taxes for 1924 & 1925_
14.749
Balance
$2,216,362 52,358,157 52.467,629 $2,448.024
Increase in surplus for year
Divs. on pref.stock_ _ _ _
$297,560
994,542
$287,034
$239,025
1,001.872
974,605
817.544
Divs.on 2nd pref. stock_
Comparative Bolance Sh..et Dec. 31.
27.300
211,575
Renewal & replace. res
250,000
250,000
250.000
A ssets250.000
1931.
1930.
1931.
1930.
Cash
$234,593 $203,036 Accts. payable__ -- $55,097
541,757
Balance
$971,820 $1,106,285 51,215.724 $1,168,905
Accts. & notes ree. 415,895
328,251 Accr. taxes-Fed._
91,312
80,030
Materials & suppl s 163,805
Balance Sheet Dec. 31.
180,074 Consumers' depos_
50,382
49,036
Prepaid expenses
7.101
7,391 Res. for deprec_ _ _ 1.125,241 1,060,961
1931.
1930.
1931.
1930.
I Ltabatti^sPlant & properties. 8,434,978 8,227,177 Other reserves_ ___
A ssas$
$
3,904
2,035
S.
$
Cons. work orders
Plant St investmls75,443,268 74,470,669 :Capital stock _ _ _ _35,124,400 35,124,400
Contrib. for extens
9,966
9,866
in pro -re;8
Cash
34,245
88.936 Common stock_ __ 4,156,400 4,180,400
621,880
417,349 Funded debt
35,821.000 36,052,000
Unadjusted debits.
Notes & loans rec.
5,901
970,184 Dividends declared 247,725
Prem. on St m3_ __ 1,891,256 1,891,265
13,753
249,990
Accts. receivable._ 842,532 1,054,359 Accounts payable_
Surplus
84,102
147,325
1,856,355 1,716,415
Material & suppl._ 603,356
597,549 Customers' dep
110,993
109,384
Total
$9,299,822 $9,037,893
Prepaid accounts_
Total
19,037
301,087 Accrued accounts. 1,443,156 1,537,784
59,299,822 $9,037,898
V. 134, p. 325.
Misc. curr. assets_
Misc. curr. assets
6,668
46,508
Reacquired secur.
Mat'd int. funded
(pref. stocks._ 446.220
324,100
debt
Lowell Gas Light Co.
13.080
278.420
-Note Exchange Offer.-_
Trust funds and
Deferred credits_ _
105
978
The "Boston News Bureau" of May 26 states:
special deposits_
75,995
333,115 Reserves
3,994,502 3,581.045
The company is offering to holders of its outstanding $1,500,000 3%
Unamort. debt disSurplus
3,251,213 2,125.313
notes due June 15 1932 its new 5% notes as follows: Holders limited by
count & expense 1,787,424 1,838,226
law to investments maturing within one year from date thereof, an equal
Sundry debits_ ___ 276,925
principal amount of 5% notes of one-year series, plus a premium of $10
for each $1,000 principal amount of 3% notes: to all other holders an
Total
80,137,088 80,306,638
Total
80,137,088 80,306,638
equal amount of 3
-year 5% notes plus, a premium of $40 for each $1,000
x Represented ft-principal amount of 3% notes exchanged. The offer extends to the close
Dec. 31 1931. Dec. 31 1930.
7% preferred stock ($100 par)
of business on June 8.
84,474 shs.
84,474 shs.
6% preferred stock ($100 par)
Approximately 98% of Lowell Gas Light Co. capital stock is owned by
1,650 shs.
1,650 shs.
$6 preferred stock (no par)
American Commonwealths Power Associates and the latter owes a substantial
70,126 shs.
70,126 shs.
Common stock ($10 par)
amount to Lowell Gas. At or before consummation of this exchange
2,000.000 shs. 2,000.000 shs
offer and as a condition thereof, the two companies will enter into an
Note.
-Cash for payment included in trustfunds and special deposits.
-V.
agreement whereby dividends received on Lowell Gas stock by American
132. p. 4410.
Commonwealths will be applied to the payment of interest or the reduction
--'Mississippi Valley Utilities Investment Co.
of the latter's obligation to Lowell Gas. So long as any notes of the new
-Protective
series are outstanding Lowell Gas may not make further advances to the
Committee.
Associates, American Gas & Power Co. or any interests affiliated with
A protective committee has been organized for holders of prior preferred
those organizations.
stocks. The committee is con posed of Isobert J. Thorns, Chairman;
For the first three months of 1932 Lowell Gas Light Co. reports operating
Albert D. Farwell and T. E. Quisenberry -V . 334, p. 3650.
revenues of $209.241. against $219,542 for the first quarter of last year.
Total income before interest, &c., was $60,031 for the initial quarter this
Municipal Service Co.
-Earnings.
year. against $71,045 for the same period a year ago.
-V. 133, p. 4158.
For income statement for 3 and 12 months ended March 31 see"Earnings
Department" on a preceding page.
-V. 134, p. 2337.
Manufacturers' Water Co., Phila.-Bonds Called.
There have been called for payment $30,000 of 1st mtge. 5% s. f. gold
" ..
1
-Dividends Deferred.
bonds, due 1939, at 101 and int, as of June 1 1932. Payment will be ' ""National Electric Power Co.
The directors on May 26 decided to defer the quarterly dividends due made at the Girard Trust Co., trustee, Philadelphia, Pa.
-V. 132, p. 4761.
July 1 on the 6% and 7% cum. pref. stocks, par $100. The dividend on the
class A common stock had previously been omitted.
Massachusetts Lighting Cos.
m•J
-Annual Report.
The last regular quarterly payments of 13% and 1%
respectively.
Income Statement of Trustees Holding Company.
on the6% and 7% pref. stocks, were made on April 1 1932.-s . 139, p.3458.
Calendar Years1931.
1930.
1929.
1928.
Total income
$1,012,348
National Power & Light Co.
$927,414
$868,999
$862,557
-Earnings.
Expenses, taxes, inc.,&c.
27,632
81.226
83.002
For income statement for 12 months ended March 31 see "Earnings
91,313
Department" on a preceding page.
Balance
$984,716
$846.188
3785,997
$771.244
Balance Sheet March 31.
Consolidated Operating Accounts of Companies Whose Shares Are Owned by
1932.
1931.
1932.
1931.
Massachusetts Lighting Companies.
A ssets$
Liabilities$
8
Calendar Years1931.
1930.
1929.
Investments ...l38,589,576 138,720,746 xCapital stock_ _125.705,714 125,665,794
1928.
Gross income
$4.755,684 $4,631.457 $4,538,712 54.336.350
Cash
6,875,823 2,244,691 Long term debt_ 24,500,000 24,500,000
Net income after exp.,
Bankers accepts.
Contractual liab
12,100
100,330.
deprec. & taxes, &c
956,998
847,067
928,682
& U. S. Govt.
909,514
Divs. declare& _
419,567
419,545
Other income
166,515
153,307
142,022
122,462
securities_ _
7,675,655
Accts. payable_
41,213
66,588'
State, munic. &
Accrued accts._
413,507
422,911
Total income
$1.123,513 $1,000,374 $1,070.704 $1,031,976
& 0th. short
Stock subscripqns
Interest charges
106,677
125,243
125,685
term securities
135,655
544,241
(contra)
125,000
Dividends
880,319
788,154
734,498
724,044
Notes & loans
Reserve
281,378
281,378
receiv., subs_ 3,987,000 16.092,800 Surplus
9,805,394 9,489,842
Balance, surplus
$136,518
$86,976
$210.522
Notes and loans
$172,276
Trustees' balance
984,716
846,188
785,998
771,244
meetv., others
71,250
Accts. rec.,subs.
512,571
891,845
Total, surplus
$1,121,234
$933,164
$996,520
$943,520
Accts., rec., 0th.
41,821
87,160
Mass. Light, pref. divs
554,138
554,138
554.067
551,213
Unamort. debt
Mass. Light, corn. diva_
275,754
200,549
171,762
171,762
diset. & exp
2,741,081 2.769.298
Stk.subsc. rights
Surplus
$291,342
5178,478
$270,691
$220,545
(contra)
125.000
Shs. corn, stk. outst'ng
Sundry debits
139,856
139,848
(no par)
91.918
91.917
57,254
57.254
Earnings per share
$6.17
x$3.49
$7.72
$6.85
Total
161,178,873 161,071,389
Total
161,178,873 161,071,389 x Figured on average number of shares outstanding during the year the
x Represented by: $6 pref. stock (value in liquidation, $100 a
earnings per share amounted to $5.67.-V. 132. P.3335.
share).
1932, 279,711 shs.; 1931, 279,697 sits. Common stock, 1932, 5,450,181
1931, 5.448,469 shs.-V. 134, p. 2906.
****---Memphis Power & Light Co.
---
Capital to Surplus.
-
-Transfers $8,200,000from
The transfer of $8,200,000 from capital to the surplus hccount was
effected on May 19 at the annual meeting of stockholders.
The change in the balance sheet, described as a bookkeeping transfer,
as suggested by the management May 9 in a letter to the stockholders.
The National Power & Light Co.. a subsidiary of Electric Bond & Share.
owns all the 400,000 shares of common stock of the Memphis company,
and dictates its operation. Preferred stock holders, with 62,000 shares
haves voting strength of only 15%.
The transfer reduces the capitalization of the company from 522,000.000
to $14,000,000, but not the number of shares of common stock, which have
no par value.
Officials of the company deny that the creation of the large surplus is
for the purpose of declaring dividends for the benefit of the parent coaxpany. but contend that it is for the protection of the Memphis Power &
Light Co. holdings in the Memphis Street Ry. CO., now financially e.nbarrassed because of a decline in patronage.
As stated in the letter to the stockholders, "The directors deem it advisable to adjust the capital of your company so that such book surplus
can be created against which an adjustment of the book assets on account
company's investment of the Memphis Street
of the condition of your seems
desirable."
-V. 133, p. 641.
Ry. Co. can be made if it
-Common Stockholders' ProWest Utilities Co.
tective Committee.-
At the request of the holders of a substantial amount of the common
purpose of
stock of the company, and for theproceedingsaccording effective represeLtanow pending in the
the equity
non of the stock in States for the Northern District of Illinois, theDistrict
followCourt of the United
consented to act as a protective committee. Assurances received
ing have
deposit of several million shares, it is
by the committee make certain the
said.
" -National Public Service Co.
--Dividends Deferred,
.m-The directors on May 26 voted to defer the regular quarterly
of 87% cents per share due June 1 on the $3.50 cum. cony. pref.dividends
stock, no
par value, and of $1.75 per share due July 1 on the 7% cum. series A pref.
stock, par $100, and to omit the quarterly dividends of 40 cents per share due June 15 on the $1.60 class A common stock, no par value, and of 40
cents per share ordinarily paid about June 1 on the class B common stock,
no par value. Dividends are cum. at the rate of
on the class A stock to the extent earned in any$1.60 per share per annum
calendar year.
On March 1 last, quarterly distributions of 873 cents and 40 cents
Share, respectively, were made on the $3.50 pref. and class B stocks, per
on March 15 a quarterly dividend of 40 cents per share was paid while
on
class A stock. The last regular quarterly payment of $1.75 per sharethe
on
the 7% pref. stock was made on April 1 I932.
-V. 134. p. 3824.
Nebraska Power Co.
-Earnings.
-
Calendar YearsOperating revenues
Operating expenses, including taxes
Rent for leased property
1931.
1930.
1929.
$6,809,599 $6.603,262 55.983,8703,211.284
3,234.752
3.020,169
72,460
191,304
159,820
Balance
$3,525,855 $3,177,206 $2,803,881
Other income
165,620
197.528
204,998
Gross corporate income
$3,691,475 $3,374.734 $3,008.879
Interest on long term debt
885,813
807,000
807.000
Other interest & deductions
108.432
88,431
68.198
Balance
$2.697,230 $2,479,303 $2.133,681
Dividends on preferred stock
481,908
424,000
364000
Retirement deprec. res. appropriation
300 000
300,000
.
300
.000
Balance
$1,915,322 $1,755,303 11.469.681_
Financial Chronicle
3982
Balance Sheet Dec. 31.
1931.
1931.
1930.
LiabilitiesAssets$
Plant & investrn'ts31,864,652 27,917,565 xCapital stock_ __13,000,000
624,242
341,284 Long term debt_ _20,000,000
Cash
Notes & loans pay_
Time deposit
300,000
Liquid temp. inv. 494,053
Accounts payable. 121,875
84,789
Customers' dep___
Notes & loans rec_ 854,965
Accts.receivable__ 1,016,125 1,240,544 Accr. accounts__ _
555,315
Materials & supp_ 693.264
757,754 Pref,stock held for
Prepayments
14,442
60,500
153,592
subscribers
56,951
Misc. curr. assets_
Matured int. longPref,stock held for
term debt
16,721
subscribers
95,800 Sundry credits__ _ _
60,500
1,696,911
Special deposits__
304,549 Reserves
126
lUnamortized debt
2.983.910
Surplus
discount & exp. 2,412.505 1,586,164
Sundry debits__ -- 127,995
824
1930.
11,700,000
15,050,000
714,000
434,590
70.372
485,833
95,800
303,668
461
1,738,644
2.569,551
38,520,024 33.162,922
Total
38,520,024 33,162,922
Total
x Represented be*
Dec. 31 1931. Dec. 31 1930.
10,000 shs.
Preferred stock (7%) (par value $100)
57,000 shs.
10,000 she.
23,000 she.
6% preferred stock (par value $100)
Common stock (no par value)
1,000,000 she, 1,000,000 she.
-V.132, p. 4762.
Note.
--Cash for payment included in special deposits.
Nelsonville Athens Electric Ry.-Seeks Reconstruction
Finance Corporation Loan of $115,000.
-See under "Current
Events" on a preceding page.
-Earnings.
-New York & Richmond Gas Co.
For income statement for three months ended March 31 see "Earnings
-V. 134, p. 2719.
Department" on a preceding page.
-Earnings.
New York Water Service Corp.(& Subs.).
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
Mar.31'32. Dec.31'31.
Mar.31'32, Dec.31'31.
Liabilities2
$
Assets
15,862,200 15,862,200
Funded debt
Plant,
property
equipment, &c_27,268.980 27,265,225 1 yr.6% g. notes_2_2,000,000 2,000,000
202,380
Consumers' dep
225,096
Invest,in affiliated
101,680
202,520
2,609,863 2,609,863 Notes payable_ __ _
& other tos
48,598
69,280
2,169 Accounts payable_
Misc, special dep_
35,017
114.276 Interest accrued..]
166,148
272,050
Cash
6,721 Taxes accrued.... 545,158
187,204
Notes receivable_
4,326
485,260 Misc.accruals_ ___
508,320
Accts.receivable
17.950
26,081 Due attn. cos
23,288
Due fr. affil. cosFur, money °Nig_ 205,350
235,555
Miscell. & prepaid
Unearned revenue 358,612
337,265
50,850
accounts
1,466,756 1,437,945
7,457 Reserves
Int. divs. receiv111,865 Contrib, for exten. 213,557
210,634
113,839
Mats.& supplies__
103,719 Capital stock &
Unbilled revenue_
102,812
surplus:
183,900
Construction adv_
250,000
6% turn. Pt.stk. 4,653,200 4,653,200
2Def. chgs Aprep'd
Common stock dr
800,781
807,657
accounts
y6,270,948 6,175,632
surplus
31,946,392 31,790,293
Total
Total
31,946.392 31,790.293
x Including unamortized debt discount and expenses and commission on
capital stock. y Represented by 26 015 shares of $100 par value. a At
April 30 1932. $27,000 437, notes due Dec. 1 1931 had not been exchanged for the 6% notes due Nov.30 1932.-V. 134, p. 3458.
-Balance Sheet March 31.
(& Subs.).
North American Co.
1932.
Assets
Prop. & plant_ _673,954.256
Cash & secs. on
deposit with
1,884,449
trustees
Investments __a142,574,198
16,387,237
Cash
U.S. Govt.secs. 5,039,375
583,987
Notes & bilis rec.
Accts.receivable 12,939,368
Mat. & supplies 9,871,731
1,712,211
Prepaid sects_
Dint.& exps. on
securities.... 13,400.009
1932.
1931.
1931.
Liabilities-656,052,454 Preferred stock_ 30,333,900 30,333,900
Common stock_b69,954,140 63,395,550
Div. payable in
tom. stock... 1,742,409 1.580,281
1,794,441
135,798,870 Prof. stocks of
138,794,633 139,545,936
subs
24,349,929
2,277,563 Min,int. in cap.
dc sure.of sub. 15,601,563 15,890,536
554,546
14,007,256 Fd. febt of No.
9,985,293 Amer. Co.:
953,512 5% debs. due
25,003,000 25,000,000
Feb. 1 1961
14,228,338 Fund, debt of
286,552,713 301,014,010
subs
Notes&bills pay. 13,022,243
Accts. payable- 3,139,946 4,236,180
Sund. curr. nab. 4,568.291 4,723,595
11,534,648 11,389,242
Taxes accrued
3,794,826 3,974.154
Int. accrued_
1,391,929 1,356,682
Divs. accrued
94,916
Sund. accr. nab.
123,209
Deprec. reserves 92,595,058 91,129,614
Res,for conting. 12,000,000
Other reserves
15,958,639 15,203,709
Capital surplus_ 31,208,866 28,838,533
Undiv. profits_c121,058,102 122.267.070
878,346,821 860,002,202
Total
878,346,821 860,002,203
Total
alIncludes 16,817 shares of common stock of the North American Co.
(
, represented in part by shares of the April 1 1932 dividend stock) acquired on
balance by a sub, which purchases and sells div. stock and scrip for stockholders. b Represented by 6,995,414 no par shares. c After deduction of
reserve for contingencies, $12,000,000, created Dec. 31 1931.-V. 134,
P. 3272.
-Balance Sheet March 31.North American Edison Co.
1931.
1932.
1931.
1932.
8
LiabilitiesAssets
Prop. & plant- _558,811,227 544,649,550 Preferred stock.a36,766,000 36,259,000
Common stock.b33,089,870 33,089,870
Cash dc securities
1,635,497 Preferred stocks
on dep.vrith tr. 1,847,483
of subsidiaries 82,032,420 82,315,263
Stocks & bds, of
Minority luta. in
r other cos. and
cap.& surpl,of
873.945
579,880
II" sundry invest.
subsidiaries..13,716,491 14,170,512
5,608,561
Ctfs. of deposit_
9,887,949 11,562,973 Fund. debt (co.) 52,993,00J 53,541,000
Cash
Fd. debt of subs.210,064,463 223,699,010
U. S. Govt. sec_ 2,025,469
386,449
365,006 Due to affil. cos_ 30,056,038 12,000.598
Notes & bills rec.
Accts. receivable 9,111,635 9,774,794 Accts. payable- 2,089,262 2,526.325
Mat. & supplies 8,071,764 8,167,728 Sund. curr. nab. 2,831,987 2,887,591
Prepaid sects_ _ _ 1.189,161
673,780 Taxes accrued__ 10,135,422 9,960,907
3,471,420
Interest accrued 3,333,378
Discount & exp.
717,570
766,419
on securities
11,654,157 12,398,586 Divs. accrued._
123,209
94,915
Bund,aeon nab_
Deprec. reserves 69,190,811 69,423,403
Other reserves__ 8,839,846 8,436,721
195,875
171,146
Capital surplus_
Undivided prof_ 47,393,705 42,892,144
603,565,175 595,710,421
Total
603,565,175 595,710,421
Total
a Represented by 367,660 no par shares. b Represented by 470,000 no
shares.
-V. 134, p. 3636.
par
Northeastern Public Serivce Co.
-Earnings.
For income statement for three and nine months ended March 31 1932
-V. 134, p. 3272.
see "Earnings Department" on a preceding page.
Northwestern Public Service Co.
-Earnings.
For income statement for three and twelve months ended March 31 see
-V. 134. p. 2908.
"Earnings Department" on a preceding page.
-Earnings.
Ohio Electric Power Co.
For income statement for three and twelve months ended March 31 see
-V. 134. p. 3273.
,'Earnings Department" on a preceding page.
May 28 1932
Ohio Water Service Co.
-Earnings.
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
AssetsLiabilitiesMar.31'32, Dec.31'31.
Mar.31'32. Dec.31'31,
Plant, prop., eqpt.
1st mtge. 5% gold
&c
bonds
87,355,837 87,339,203
33,820,000 23,820,000
Miscell. sp'l deps822 Misc. def. liab. &
1,543
Cash
24,102
29,368
unadj. credits__
19,875
30,946
Accounts recelvle. 130,703
120,288 Due OW.cos
1,307,500 1.287,500'
Notes receivable__
2,480 Accts. payable... 252,591
2,620
20,891
37,015 Due affiliated cos.
Unbilled revenue_
23.492
Due from MM.cos.
21,574
(current)
6.342
3,607
15.904
Mats.& supplies__
34,181
35,296 Accr.int., taxes,&c 123,362
169,928
3:Del chgs. & pre.
Reserves
432,867
425,430
439,595 552% cum. pr.stk. 1,300,000 1,300,000
Paid accounts__ 433,952
6% cum. pref. stk. 101,300
101,700
Com.stk.& surp._ y851,669
853,343
$8,012,772 $8,025,643
Total
Total
$8,012,772 88,025.643
a Including unamortized debt discount and expense and commission on
capital stock. y Represented by 58,746 shares (no par). x Includes notes
payable.
-V. 134, p. 3458.
Oregon Washington Water Service Co.
-Earnings.
-For income statement for 12 months ended March 31 see "Ea'rnings
Department" on a preceding page.
Comparative Balance Sheet.
LiabilitiesMar.31'32, Dec.31'31.
Mar.31'32. Dec.31'31
AssetsFunded debt
$2,676,500 82,676,500
xPlant, property,
equipment,&c-84,867,417 $4,859,305 Misc. def. flab, &
3,453
unadjust.credits
3,163
18,093
Misc,special deps17,306
17,346 Due affil. cos
31,777
25,500
Cash
40,500
6,108
35,376
34,862 Accts. payable...
Accounts receivle.
5,714
4,433 Due MM.cos.(cur4,433
Unbilled revenue_
2,109
rent)
38,187
39,273
Mats.& suppls--5,899
Accr. int., taxes.
Def. clam & pre144,157
dive., &c
101,376
89,797
paid accounts.. 100,073
728,507
Reserves
722,586
Capital stock &
y1,479,454 1,478,588
surplus
Total
$5,080,428 85,048,469
$5,080,428 $5,048,469
Total
x Plant and property at appraised values. y Represented by 6,416
42,500 shares of common stock
shares of $6 cum. pref. stock (no par) and
(no par).
-V.134, p. 3825.
Pacific Northwest Public Service Co. (& Subs.).
Consolidated Income Accountfor Year Ended Dec. 31 1931.
$14,469,536
Operating revenue
51,051
Non-operating revenue
$14,520,588
8,313,715
Total revenue
Operating expenses, maintenance and general taxes
Net earnings
Interest charges and dive, on pref. stocks of subsidiaries
Interest charges of Pacific Northwest Public Service Co
$6,206,872
3,011.825
905,316
$2,289,730
Net income before provisions for retirement, &c
489,363
Balance Jan. 1 1931
$2,779,093
Total surplus
Ser, Co
1,591,801
Dividends on pref.stocks of Pacific Northwest Public
Cr.162,646
Sundry charges and credits
584,553
Provision for retirements
63,408
Amortization of debt discount and expense
$701,977
Balance, Dec. 31 1931
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Liabilities$
$
Assets5
Plants & franeh_112,954,957 111,609,260 Preferred stock_ 26,553,811 26,052,350
3,000,000
Investments- _
67,006 Common stock_ 3,000,000
70,678
701,977
489,363
Sinking funds Earned surplus_
dt
special depos_
3,514
98,135 Capital surplus_ 4,519.217
423,888 Min. stockhold.
Cash
833,150
int. in capital
Acc'ts receivable
6,492
11,944
of subsidiaries
-consumers. 1,686,514
1.897.858
Funded debt-- _ 82,161.200 74,310,700
Other sects and
1,377,179
notes receiv
415,110 Notes payable_
448,806
401,242
660,438
Mat'is & suppl's 1,036,929
1,038,393 Acets payable__
Accr. int.& pref.
Rec, from stilldividends-- 1,589,492
1,130,295
iated cos-- -4,288,882
.
1,620,153
Accrued taxes-- 1,408,088
Unamort. debt
603,055
Derd liabilities697,320
disc. & exps_ 4,522,029
Advs. from MM.
Prepaymentscompanies_
1,198,603
ins, premiums,
91,306
80,363 Pay.to affil.cos_
32.548
taxes, &e__-164,249
129,565 Def, erect. items
168,569
Def. deb. items235,069
4,907,496
Reserves
5,048,116
126,113,076 115,759,581
Total
-V. 134. p. 848.
Total
126,113,076 115,759,581
-In Liquidation.
Pacific Power & Light Corp.
The New York Stock Exchange has received notice from the Southern
California Edison Co., Ltd., that the Pacific Light & Power Corp., all but a
few of whose outstanding shares were owned by the former company, is in
process of liquidation. In the distribution of assets of Pacific corporation
there has been returned to the Southern California company 457,207 shares
of common stock of Southern California Edison Co., Ltd., including
456,872 shares not listed and 335 shares which were listed on the New York
Stock Exchange. All of this stock so returned to the company has been
cancelled, and the Pacific corporation stock, held by Southern California
Edison Co., Ltd., has been returned to the Pacific Light & Power Corp.
in connection with the dissolution of that company.
-V.133, p. 642.
Pacific Public Service Co.
-Earnings.
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 2721.
Peoples Gas Light & Coke Co.
-Bonds Authorized.
-
See Commonwealth Edison Co. above.
-V. 134, p. 3098.
Pittsburgh Suburban Water Service Co.
-Earnings.
-
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
Mar. 3132. Dec. 31'31.
AssetsLiabilitiesMar.31'32, Dec. 31'31.
Plant, property,
Funded debt
$1,894,500 $1,894,500
equipment, &c_$3,419,405 $3,416,567 Miseell. deter.liab.
Miscellaneous spec.
& unadj. credits
59,247
55,466
deposits
898
583 Due affil. co's__
144,880
151,880
Cash
24,502
8,927 Accounts payable_
4,347
5,850
36,973
Accts.receivable..
36,583 Due MM.co's (curUnbilled revenue_
21,904
21,030
11,716
11,011
rent)
Materials and supAccr, int., dive.,
plies
20,551
43,534
20,771
taxes, &c
40,289
Def. charges and
Res. to retirecn'ts
prepaid accounts 149,613
150,420
& replacements_
360,225
359,395
60,201
Contrib. for extens
60,201
3,187
Miscell oper. res..
3,187
35.50 cum. prf,stk, y500,000 y500,000
.
2591,236 1573,872
Corn,stock & surp.
53,673,844 33,654,882
Total
$3,673,844 $3,654,882
Total
x Including unamortized debt discount and expense and commission on
capital stock. y Represented by 5,000 shares (no par). a Represented by
5,000 shares (no par).
-V. 134. p. 3459.
Public Service
Authorized.
-
Co. of
Northern
-Bonds
Illinois.
See Commonwealth Edison Co. above.
-V. 134, p. 3098.
-Earnings.
Public Service Co. of Oklahoma.
For income statement for three and twelve months ended March 31 see
-V. 134. P. 3825.
"Earnings Department" on a preceding page.
-Earnings.
Quebec Power Co.
1928.
1930.
1929.
1931.
Calendar YearsGross inc. fr. all sources_ $3,392,826 $3,677.103 $3,543,795 $3,198,487
1,228,182
1,303,017
1,296,104
Dper.& maint. expense- 1,388,026
620,580
588,252
600,000
613,677
Int. on bonds & debs_ _ _
150,000
150.000
150,000
150,000
Depreciation
$1,241,123 $1,630,999 $1,502,527 $1,199,725
Net revenue
901,985
1,162,975
1,382.995
Divs. on common stock_ 1,313,845
$297.740
$248,004
$339,552
def$72.721
Surplus
252.959
163,870
386.502
291.416
Sur,from prey. Year._ _ $550.699
$503,422
$539,420
:Total surplus
$313,780
300,000
100,000
Trans. for reserves
$250,699
Profit and loss surplus $313,780
$403,422
$539,420
500.304
553,198
553,198
Shs. corn. outst.(no par)
553,198
$2.39
Earns, per sh. on com_ _
$2.24
$2.95
$2.25
x Subject to deduction for income tax.
Balance .Sheet Dec. 31.
1930.
1931.
1931.
1930.
$
$
LiabilitiesAssets8
$
194,904 yCapital stock__ _ _17,571,305 17,571,305
319,254
Cash
66,000
7,987,500 7,987,500
390,000 Bonds
Call loans
3,893,500 3,893,500
407.377 Debentures
Accts. receivable__ 428,839
327,429
285,993 Accounts payable_ 465,235
278,418
Inventories
250,000
Properties, &c._ _ _21,123,116 20,867,363 Bills payable
228,143
243,745
Subs. securities... 9.892,999 9,939,207 Account interest
345,741
Deferred charges__
49,086 Dividends payable 276,599
145,216
400,000
400,000
General reserves__
Sink, fund with tr. 119,288
840.891
969,467
Deprec. reserve__
539,420
313,779
xSurplus
Total
32,371,133 32,133,933
32,371.133 32.133,933
Total
x Subject to income tax deduction. y 553,198 shares of no par value.
V. 134, p. 2909.
-Shows Profit for 1931.
R. C. A. Communications, Inc.
The conclusion drawn by some financial writers that this corporation
operated at a loss in 1931 is entirely erroneous, W. A. Winterbottom, VicePresident and General Manager,said on May 24:
"As a matter of fact," Mr. Winterbottom said, "the company showed a
substantial profit for the volume of business during the year.
"Due to world-wide economic conditions substantial provision was made
in the 1931 surplus account to adjust foreign investments to their market
value, and the conclusion that the reduction in surplus reflects an operating
loss is, therefore, incorrect.
"While it is true that the international business situation has reduced the
total volume of available trans-oceanic telegraphic correspondence, It. C. A.
Communications, Inc., more than maintained its relative importance in
this field last year and still is doing so in 1932."-V. 134, p. 1371, 1023.848.
-Dividend Action Postponed.
--Radio Corp. of America.
--The directors on May 20 decided to postpone action until June 17 on
,
1
the quarterly dividend of 13 % (87;4 cents per share) which is due in July
on the series A 7% cum. pref. stock, par $50. The last regular quarterly
distribution on this issue was made on April 15 1932.
rust Suit Setfor October.
Oct. 19 has been fixed for the start of the trial of the Government antitrust suit against Radio Corp. of America. General Electric Co., National
Broadcasting Co., Westinghouse Electric S. Mfg. Co. and other concerns
In the radio business. The date was set by Federal Judge John P. Niel&
on application of Warner Olney Jr., a special assistant to the AttorneyGeneral of the United States. The suit was filed more than a year ago.
'Pim Government charges the companies have created a monopoly in
radio set and tube manufacturing in restraint of Inter-State commerce.
The Government seeks to have dissolved contractual relationships between
-V. 134, p. 3635.
the various companies.
-Earnings.
Rochester Gas & Electric Corp.
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet,
Mar.31 '32. Dec.31 '31
Mar.31 '32 Dec.31 '31.
$
$
Assets38,270,308 38,270,308
74,613,318 70,659,209 Capital stock
Fixed capital
690,689 Long term debt-20,935.000 20.935,000
Uncomplet. constr. 732.146
(less ree., $83.3% gold notes due
Inv.
July 15 1932.... 9,700,000 10,000,000
830,583
16,313
-both dates)
900
285,492
57,797 2,805,742 Adv.from MM.cos 381,201
Adv. to MM.cos
480,500
705,840 Notes payable.... 490,000
Current assets cash 597,096
465,203
574,962 Accounts payable. 281,549
Special deposits... 204,203
Matured long term
Accts.rec. (less res.
562,811
debt de int. unpd 196,637
-$708,064 in '32
dr $634,0401031) 1,855,271 2,012,234 Taxes,int. & raise.
847,163
accruals
586,561
930,044
Material sSz supplies 857,853
114.615 Consumers' service
369,057
Prepayments
728,447
& line deposits
734,818
Unamortized debt
655,218 Retirement reserve 4,252,100 3,975,601
discount & exp. 673,589
628,566 0th. res. & unacll.
Other def'd items. 667,674
credits
1,065,993 1,149,240
Surplus
3,750,149 2,907,700
Total
-V. 134,
80,644,317 80,607,464
Total
80,644,317 80,607,464
p. 3825.
Rochester & Lake Ontario Water Service Co.
-Earns.
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
AssetsMar. 3132. Dec. 31'31.
LiabilitiesMar. 3132. Dec. 31'31.
1st mtge. 5% gold
Plant, prop.equipt.,
$5.149,742 $5,147,216
bonds
&c
$2,500,000 $2,500,000
36,153
53,479 Misc. def. nab. &
Cash
64,388
Accounts recelv'le
70,608
unadI. credits
21,562
22,186
22,282
Unbllled revenue_
19,435 Due affiliated cos_
188,020
85.144
20,084
Mats. &supplies_ 20,845 Notes payable_ _ -. 100,000
200,000
Accounts payable_
8,231
Def.chgs. & Preed.
15,885
20,512
accounts
16,886 Accr. int. taxes,&c
52,018
91,548
422,888
Reserves
417,328
Corn. stk. & surp.x2,020,443 1,998,177
$5,313,183 $5,328,289
Total
Total
$5,313,163 $5,328,269
Represented by 2,000 shares (no par).
-V. 134. p. 3459.
South Bay Consolidated Water Co., Inc.-Bal.Sheet.3far. 3132. Dec. 3131.
AssetsPlant. Prop.. equiP$6,345,339 $6,338,218
600
1.327
kilscell. spec. deeCash and working
13,961
56,434
funds
51,758
75,436
Accounts receivable
43.400
59,107
UnbIlled revenue.
40,239
45.000
Materials & suppl.
5,011
3,788
prepaid accounts.
x Deferred charges 228,624
226,443
unadJ. debts_
&
LiabilitiesMar. 31'32. Dec. 3131.
Long term debt.-43,157,500 $3,157.500
Construction adv. 481,900
450,300
Notes and accounts
4,635
payable
48.053
Due MM. cos
7,930
19,576
Accrued int. taxes,
dive., &c
121,762
103,601
Def. inc. 5: Habil
121,368
168.466
445,055
Reserves
218,958
6% pref. stock_ -y1,048.200 1.048,200
Corn. stk. & surp_z1,359,358 1,594.320
Total
$6,727,710 $6,806,976
$6,727,710 $6,808,976
Total
x Including unamortized debt discount and expense. 3? Represented by
10,482 shares of $100 par. x Represented by 7.500 shares of$100 Dar.V. 134. e. 3636.
-457,207 ComSouthern California Edison Co., Ltd.
mon Shares Canceled-Pacific Light & Power Corp.in Liguida-V. 134, p. 3459.
tion.-See latter corporation above.
3983
Financial Chronicle
Volume 134
-Earnings.
Springfield Gas & Electric Co.(& Subs.).
Calendar YearsGross earnings (all sources)
Operating expenses and taxes
Interest charges
1930.
1931.
$1.539,524 $1,712,410
978.533
950,107
171.612
188,803
Net income available for dividends
Preferred stock dividends
Surplus
V. 130, p. 4418.
$400,613
78.834
$562,265
70.084
$321,779
$492.181
-Earnings.
Standard Public Service Co.(& Subs.).
1931.
1930.
Calendar Years$1,717,709 $1.781.951
Gross operating revenues
Operating expenses, maintenance and taxes other
1,082,819
1.024,357
than Federal income taxes
Net earnings from operations
x Non-operating income
$693.350
50.013
$699.131
144,463
Gross corporate income
Interest deductions
Dividends paid on preferred stocks of subs
Depreciation accrual
Amortization of debt discount
Other deductions
$743,364
573,203
14,598
156.694
58,858
6.736
$843.594
583.997
57.340
186.115
924
9.679
loss$66.722
$5,537
Net income
x Includes $43,627 in 1931 and $140.773 In 1930 respectively, as dividends received during the respective periods from properties sold during
1931.
Consolidated Balance Sheet Dec. 31 1931.
Liabilities
Asset
x$11,655,699 Funded debt of subs. in hands
Fixed capital
$8.974,000
of public
Investment in stock of Do16,612 5)4% secured gold notes of
minguez Water Co
Assoc. Pub. Util. Corp. due
292,622
Special dep. & sink, funds...
366,500
March 1 1932
103,488
Cash, Incl. working funds-7,261
y265,090 Notes payable, others
Accounts receivable
60,751
48,992 Accounts payable
Accounts reedy., miscell--130,761 Accrued interest on funded
Materials and supplies
77.262
debt
576
Unbilled revenue
125
933 Accrued int. on unfunded debt
Miscell. current assets
94,255
Accr. taxes, State & county_
Due on subscriptions to 7%
308
Accrued dividends
series pref. shares of Asso7.680
48,496 Other current and accr. nab_
ciated Pub. Lill. Corp_
65,822 Consumers' meter & main
Prepaid and deferred charges
56,166
extension deposits
30,484
Reserves
128,376
Service billed in advance
5'2.088,225
Preferred stocks
Minority Int. in Utti. Public
7,455
Service Co
6730,244
Common stock
$12.629,096
Total
812.829,096
Total
a Associated Public Utilities Corp. 7% series, $25 par value: Fully paid
and issued, 1,408 shares $35.200. Subscribed on deferred payment plan.
2,121 shares $53,025. Utilities Public Service Co. $7 series, 8,166 shares
no par value (at liquidating value). $816.600. Standard Public Service C.
$7 series. 11,834 shares no par value. $1,183.400. b Represented by 47,836
shares of class A common stock (liquidating value &35 per share) and
125,000 shares of common stock. c Less depreciation reserve of $1.221,732.
d Less uncollectible accounts reserve of $234.192.-V. 131, p. 3370.
-Earnings.
Tide Water Power Co.
For income statement for three and twelve months ended March 31
-V. 134, p. 3636.
see "Earnings Department" on a preceding page.
Trenton Street Ry.-Extension of Two Bond Issues
Issues in Default.
-An agreement dated
(1) Trenton Passenger Railway Co., Consolidated.
(successor to Trenton
June 1 1931. between the Trenton Street Ry.
Passenger Ry. Co., Consolidated) and the United Power & Transportation
Co. of Camden, N.J., owner of $473.000 of 1st mtge. bonds of the Trenton
Passenger Ry. Co., Consolidated, and the Trenton Banking Co., trustee,
and other holders a the bonds who deposited their bonds with the trustee,
has become effective. The plan provided as follows:
(a) Extension of the due date of the principal of the 1st mtge. of the
Trenton Passenger Ry, Co., Consolidated, and the bonds secured thereby.
from Oct. 1 1931 to Oct. 1 1961, at the same rate of interest.
(b) United Power & Transportation Co., the owner of $473,000 of the
Trenton Passenger Ry. Co., Consolidated, 6% bonds due Oct. 1 1931,
agreed to subordinate the bonds in lien to the remaining $367,000 of bonds
outstanding.
(c) $1,250 monthly is to be paid into a sinking fund to be applied first
to the purchase of the $367,000 unsubordinated bonds, after which the
fund shall be applied to the purchase of the $473,000 subordinated bonds.
All the bonds so purchased are to be held uncanceled and active in the
sinking fund for the benefit of the holders of outstanding bonds.
(2) Trenton Street Rib Consolidated Mortgage Gold Bonds and Sinking
Fund.
-An agreement dated Dec. 22 1931, between Trenton (N. J.)
Street Ry., the United Power & Transportation Co. of Camden, N. J..
owner of $768,000 of the bonds, Trenton Transit Co., owner of $34,000
of the bonds, Trenton Banking Co. of Trenton, N. J., trustee, and other
bondholders who deposited their bonds with the trustee, has become
effective. The plan provided as follows:
(a) Division of $1,159,000 bonds now outstanding into two classes.
class A to consist of all bonds (357 in number) held by persons other than
the United Power & Transportation Co. and Trenton Transit Co. and
class B to consist of 768 bonds held by United Power & Transportation
Co., and 34 bonds held by Trenton Transit Co., making a total of 802
bonds in class B.
(b) Reduction of rate of interest from 5% to 4% upon class B bonds from
Jan. 1 1932. Interest upon class A bonds shall continue to be paid at 5%.
(c) Creation of a sinldng fund which shall be applied, first, to purchase
of class A bonds, and after all class A bonds have been purchased, then to
purchase of class B bonds. All bonds so purchased are to be held uncanceled in the sinking fund for the benefit of the holders of outstanding bonds.
Commencing Feb. 1 1932, there shall be paid into the sinking fund $680
a month, and commencing Feb. 1 1935 such payment shall be increased by
$1.750 a month. When sinking fund created by an agreement dated
June 1 1931 for the retirement of the first 6% gold mortgage bonds of the
Trenton Passenger Ry. Co., Consolidated, has acquired all the outstanding unsubordinated bonds a that issue, the amount of monthly payments
provided for by that agreement (namely, $3,085 per month) shall be
to
Paid into the sinking fund provided for in this agreement, in additionthe
the other payments above mentioned, and used in purchasing, first,
class A bonds, and then the class B bonds, of Trenton Street Ry. Funds
in the sinking fund provided for in the agreement shall be used for the purchase of bonds, and shall be used for that purpose at least once in each
calendar year. Holders of class A bonds not joining in this agreement
shall have no rights hereunder (this agreement being made for the benefit
of holders of unextended bonds) or in the sinking fund or in the bonds held
therein, but the trustee may. in its discretion, purchase such unextended
bonds from time to time from and for the sinking fund.
(d) Class B Trenton Street Ry. consolidated mortgage bonds shall be
subordinated to extended class A bonds of the same issue as to sinking fund
provisions only and not as to lien for principal or interest.
(e) The due date of the principal of the consolidated mortgage bonds!of
the Trenton Street Ry. is extended from July 1 1938 to July 1 1968.
Interest on Other Bonds in Default.
-Interest on the following bond issues
is in default as shown below:
Last Interest
OutPayment.
standing.
Bonds
90
e 11 3
49:
5
Trenton Street Ry. gen. mtge. 6s, 1941
3 00000
,,-$ 00 0
June
*Trenton Pennington & Hopewell 1st 5s. 1943_
May 1 1930
*Trenton Hamilton & Ewing Tr. 1st mtge.55,'55.. 500,000
July 1 1930
292.000
*Mercer County Traction 1st 55. 1944
• Guaranteed principal and interest by Trenton Street Ry.-V. 106
P. 2230.
3984
Financial Chronicle
Union Water Service CO.
-Earnings.
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
AssetsMar. 3132. Dec. 3131. Liabilities- Mar, 3132. Dec. 3131.
Plant, prop., equip1st lien 54% gold
ment, &c
$5,039,181 $4,955,620
bonds
82,583.500 $2,533.500
Misc,special deps_
13 975
1,445 Consumers' depos.
86,665
11,607
Cash
111,727
54,926 Misc. def. !lab. di
Accounts reedy... 138,138
88,905
una(11. credits__
83,628
34,803
Materials dc suppis
40,608
38,561 Due affiliated cos_ 163,371
167,948
Unbilled revenue_
983
9,390 Accounts payable_
7.085
5,553
Due from attn. cos.
6,005
9.559 Accrued items....131,528
76,262
x Def. charges and
Reserves
721,167
715,876
prepaid accounts
60,031
x53,858 $6 cum. pref. stock y630,000
600,000
Corn.stock & surp.z1.033,726 1,021,708
Total
35,410,649 $5,217,264 Total
35,410,649 95.217,264
x Including unamortized debt discount and expenses and commission on
capital stock. y Represented by 6,000 shares (no par). z Represented by
9,900 shares (no par)
.-V. 134, p. 3460.
United Gas Corp.
-Earnings.
-
For income statement for 12 months ended March 31 1932 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
Mar. 31 '32. Dec 31 '31.
.
Mar. 31 '32. Dee. 31 '31.
.4ssefsLiabilities$
investments_ _ 337,160,317 330,531,278 Capital stock_ _x249.966.365 249,590,765
Cash
2,306,489
2,206,909 Divs. declared_
1,548,190
Notes az loans rec 295,470 3,690,215 Notes & loans
Accts. rec., subs 2,307,672 3,237,144
payable
y47,175,000 47,175,000
Accts. rec.,0ther
1,649 Contracts pay_ _
2,906
35,000
35,000
Unamort. debt
Accts. payable__ 1,086,361
189,738
Accrued accts.(fficount & ex524,108 1,238,852
pense
11,805 Reserve
4,666,591 4,739,947
37,091,240 38,711,699
Surplus
342,072,854 339,679.001
Total
Total
342,072,854 339.679,001
z Represented: $7 preferred stock (value in liquidation $100 a share),
449,751 shares; 17 second preferred stock (value in liquidation 100 a share),
884,680 shares; common stock, 7,817,143V shares; option warrants to purchase common stock equivalent to 4,864,967A shares. Holders of option
warrants outstanding are entitled to purchase one share of common stock
without limitation as to time, at $33.33 1-3 per share for each option warrant
held, and each share of the company's $7 second preferred stock, when
accompanied by three option warrants, will be accepted at $100 in payment
for three shares of such common stock in lieu of cash. There are also outstanding common stock purchase warrants equivalent to 3.015 shares.
These were issued by United Gas Corp. as successor to a former subsidiary
(merged in 1931 into the corporation) and give holders the right to purchase one share of common stock of United Gas Corp. at any time, on or
before Feb. 1 1933, at $18.66 2-3 per share and thereafter at any time on
or before Feb. 1 1938, at $20 per share for each common stock purchase
warrant of the company surrendered. y Of this amount $25,925,000 is
owing to Electric Bond & Share Co. and $21,250,000 represents bank loans
now due July 20 1932. Arrangements have been made to extend these
bank loans to July 20 1933.
Note -Included in the amounts of outstanding securities shown above
are 240,000 shares of $7 second preferred stock, 600,000 shares of common
stock and option warrants to purchase 900,000 shares of common stock,
Issued in December 1931, upon final payment by Electric Power & Light
Corp. of the balance of $24,000,000 on its subscription to units of Junior
securities of United Gas Corp. The right to subscribe to these units was
evidenced by allotment certificates on which a payment of $6,000,000 had
been made in June 1930.-V. 134. p. 3276.
Utah Power & Light Co.
-Annual Repot-L[1nel, Utah Power & Light Co. and Western Colorado Power Co.]
May 28 1932
United Light & Power Co.
-Earnings.
--
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134. p. 3276.
United Public Utilities Co.
-Receiver Authorized to Pay
Interest on Bonds Defaulted April 1.
-
The receiver has obtained authority from the Federal
pay interest
which was defaulted April 1 on $14,505,800 of first liencourt to series
bonds,
A. B.
and C. Interest will be paid by May 31, the end of the 60
-day grace
period allowed after default.
-V. 134, p. 3276.
Utah Light & Traction Co.
-Income Account.
Calendar Years1931.
1930.
1929.
Oper. rev, of transportation dept__
$1,306,062
Oper. exps., Ind. tax, of trans. dept 1,075,927 $1,536,010 $1,721,147
es
1,187,327
1,330,047
Net rev. frcim oper. of trans. dept_ $230,135
$348,683
$391,100
Other income
850,897
732,134
634,921
Gross corporate income
$1.081,032 $1,080,817 $1,026,021
Interest on long term debt
759.945
759,945
804,465
Other interest and deductions
336,615
336,388
237,072
Deficit
$15,528
$15,516
$15,516
Comparative Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Assets$
$
Liab WIN8
$
Plant & investmls 23,618,527 23,603,704 Capital stock__ _ _ 1,150,875 1.150.875
(Ash
60,422
82,149 Long term debt_ _ _14,358,300 14,358,300
Accts. receivable
75,604
66.794 Notes & loans pa _ 5,281,595 5,417,327
Materials & suppl_ 208,761
212,881 Accounts payable_
43,649
210,817.
Prepayments
3,054
6,326 Accrued accounts_ 1,472,436 1,162,290
Trust funds & spec.
Matured Int. long
deposits
62,444
56,537 term debt
5,173
Redemption funds
1,400
Accrued int. long
UnamortIzed debt
term debt
56,040
56,040
di:T. & expense_
73,569
88,738 Redemption acct.
1,400
Sundry credits...
29,031
Reserves
103,379
100,462
Surplus
1.601,902 1,661,019
24,103,784 24,117.132 Total
Total
24,103,784 24,117,132
Note.
-Cash for payment included In trust funds and special deposits.
V. 129, p. 282.
Virginia Public Service Co.
-Earnings.
-
Calendar YearsOperating revenues
Operating expenses
1931.
1930.
1929.
1928.
$7,570,750 $7,508,748 $6,855,090 $6,101.606
4,117.877 4,044,425 3.697,057 3.327.503
Operating income_ ___ 83,452,874 $3,464,323 $3,158,033 $2,774,104
Non-operating income._
29,238
274.208
48,497
25,368
Total income
$3,727,082 $3,493,561 $3,206,530 $2,799,472
Bond & other int. chgs.
paid or accrued
1,623,555
1,338,725 1.426,182
1,394,060
Amortiz, of debt disct. &
expense
91,840
148,372
87,779
79,568
Miscell. amort. chargeable to income
27,737
Miscell. deductions from
gross income
54,479
426
Retirement approp'n_ _ _
456,654
435,565
376,919
346,554
Prov. for Fed. inc. tax_
50,394
98,713
21,100
Net income for year _ $1,444,022 $1,528,718 $1,265,255
$930.026.
7% preferred dividends_
281,908
283,064
287.448
289,006.
6% preferred dividends_
211,758
113.670
59,487
14,496
Common dividends
1,055.700
972,700
784,700
400,000
(Inter-company items eliminated).
Calendar Years1931.
1930.
1929.
Operating revenues
$10,643,615 $11,233,433 $11,743,132
Operating expenses, including taxes_ - 5,043,955 5,076,264 5,322,442
Balance, surplus
-V. 134, p. 3826.
Net revenues from operation
Rent for leased property
$5.599.660 $6.157.169 $6,420,690
849,750
730,267
632,632
Calendar YearsOperating revenues
Operating expenses
Balance
Other income
$4.749,910 $5,426.902 $5.788.058
499,851
530.540
368,623
Gross corporate income
Interest on long term debt
Ohter interest & deductions
$5,249,761 $5,957,442 $6,156,681
2,139,850 2,108,187 1,939,850
193,149
218.903
221,295
Balance
Dividends on preferred stock
$2,916,762 $3,630,352 $3,995,536
1,752,773
1,724,097 1,647,982
$1,163,989 $1.906,255 $2,347.554
Balance
500.000
700.000
Retire. (deprec.) res. appropriation..
700.000
$663.989 $1,206,255 $1,647,554
Balance
Comparative Consolidated Statement of Income (Inter-co. Items Eliminated).
[Utah Power & Light Co., Western Colorado Power Co. and
Utah Light & Traction Co.]
1930.
1931.
1929.
Years Ended Dec. 31$11,749,241 $12,555,946 $13,232,134
Operating revenues
Operating expenses, including taxes_ 5,919,446 6,050,094 6,420,397
Net revenues from operation
Other income
$5,829,795 $6,505.852 $6,811,737
149,404
211,523
179,894
Gross corporate income
Interest on long term debt
Other interest & deductions
$6,009,689 $6,717,375 $6,961,141
2,899,780 2,868,113 2,744,300
236,821
234,428
208,677
$2,901,232 $3,614,834 $3,980,020
1,724,097 1.647,982
1.752,773
$1,148,459 $1,890,737 $2,332,038
Balance
700.000
700,000
500,000
Retire. (deprec.) res. appropriation_
$648,459 $1,190,737 $1,632,038
Balance
Consolidated Balance Sheet Dec. 31 (Inter-co. Accounts Eliminated).
[Utah Power & Light Co. and Western Colorado Power Co.]
1930.
1931.
1930.
1931.
Assets
xCapital stock__ 55,712,123 55,712,123
Plant, leaseholds
& Investments 97,289,565 97,001.043 Long term debt_ 42,347,000 42,347.000
452,487
452,487
975,690 Divs. declared__
855,819
Cash
Notes & l'ns rec_ 5.376.843 5,526,167 Notes & loans
240,000
Accts. receivable 4,271,004 3,981,732 Payable
483,444
939,029 Accts. payable.
811,888
455,636
Matls.& suppl_
598,161
37,894 Customers' dep's
495,972
22.564
Prepayments_
Accrued accts
1,595,581 1,586,550
41,788
Special deposits_
Guaranty - Utah
Guaranty - Utah
Lt. & True.
Lt. & Trac.
13,872,000 13,872,000
Co. bonds_ _ _ 13,872,000 13,872,000 Co. bonds
Mat. Int. long
10,500
Redemp. funds_
term debt.....
41,788
Unamort. debt
10,500
disc. & exp_ _ _ 2,697.490 2,870,218 Redemption acct
141 Sundry credits
20.000
20,000
Sundry debits
Reserves
6,265.488 6,157,129
Surplus
3,740.887 3,976,022
Balance
Dividends on preferred stock
125,249,465 125,203,919 Total
125,249,465 125,203,919
Total
Dec. 31 '31. Dec. 31 '30.
z Represented by:
210,564 she. 210,564 shs.
$7 preferred stock
46,708 sits.
46,708 she.
$6 preferred stock
3,000,000 shs. 3,000,000 she.
Common stock
special deposits.
-V. 130. P. 1459.
-Cash for payment included in
Note.
def$105,344
$159.284
$133,620
$226,526.
Washington Gas Light Co.
-Earnings.
----
1931.
1930.
1929.
1928.
$5,971,114 $5,659,599 $5,536,207 $5,532,371
3,697,140 3,855,134 3,727,065 3,772,863
Net operating revenue $2,273,974 $1,804.465 $1,809,142 $1,759,508
Other income
36,159
29,439
40,505
49,870
Total income
$2,310,133 $1,833,904 $1,849,647 $1,809,378
Taxes & uncollectibles_ 350,418
349,463
343,210
461,412
Interest---- 715,264
754,103
708,627
663,453
Amort.of debt disc.&exp
56,078
21,249
18,206
18,206
Other deductions
7,699
4,392
7,161
7,537
Net income
$1,141,835
$743,536
$772.442
$658,769
Dividends ($3.60)
468,000
468,000
468,000
468,000
Net corporate income_ 4673,835
$275,536
$304,442
$190,769
Shares of cap. stk. outstanding (par $20)- -130,000
130,000
130,000
130,000
Earns. per sh.on cap.stk.
$8.78
$5.71
$5.94
$5.07
Consolidated Income Account for Calendar Years (Incl. Subs.)
Calendar Years
-1931.
1930.
Operating revenues
$6,559,394 $6,231,564
Operating expenses
3,981,968 4,116,066
Uncollectible bills
30,245
26,457
Taxes
388,817
393,430
Operating income
Non-operating income
Gross corporate income
Interest on long term debt
Interest on notes payable
Miscellaneous interest deductions
Amortization of debt discount and expense
Miscellaneous deductions
$2,158,364 $1,695,611
r.7,553
15.196
$2,150,810 $1,710,807
774.975
648,225
104.972
32,148
18,726
57,870
23,041
8,194
5,397
Net income
Dividends paid
$1,277,632
468,000
$910,446
468,000
$809,632
$9.83
$442.446
$7.00
Balance, surplus
Earned per share on 130,000 shs. stock (Par $20)..
-V. 134, P. 3637
.
Western New York Water Co.
-Earnings.
-
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
Mar.31'32 Dec.31'31. LiabilitiesAssetsMar.31'32 Dec.31'31.
Plant, property,
Funded debt
$4,868,000 $4,888,000
equipment, &c_ 88,274,087 $8,273,057 Construction adv_
72,700
1,924
2.254 Consumers'and exMisc,special deps_
Cash
31,239
43,015 tensions, deps. _ 293,794
293,638
62,018 Accounts payable_
Accts. receivable..
64,673
8,204
9,678
Unbilled revenue_
6,550
7,000 Due affiliated cos.
30,481
31,119 (current)
Mails & supplies_
6,378
3,535
x Deferred charges &
Accr. Int.,taxes,&e 156,573
116,829
214,233 Reserves
prepaid accounts 212,286
860,730 1,848,697
Contrib, for extens 164,283
164,283
$5 non-cum. partic.
preferred stock_ y200,133
206,133
Com. stk. & surp.z2.059.969 2,051,359
$8,621,222 98,637,698
Total
$8,621,222 $8,637,696
Total
x Including unamortized debt discount and expense. y Represented by
10,306 2-3 shares (no par). z Represented by 50,000 shares (no par).
V. 134. p. 3460.
Financial Chronicle
Volume 134
3985
'... --Plans Bond Issue."
American Republics Corp.
-Would Oust Receiver.
Western United Gas & Electric Co.
A petition has been filed in Chancery Court at Wilmington, Del., by a
The company has applied to the Illinois Commerce Commissinn for
group of preferred and common stockholders headed by Thomas P. Lee.
authority to issue and sell $1 ,000,001) 1st mtge. 631% bonds, series C,
of Houston, Texas,asking for the removal of Joseph S. Cullinan, of Houston,
dated May 1 1932 and maturing May 1 1952.- V. 134, P. 2339.
as receiver for the corporation, or the appointment of a co-receiver. The
West Texas Utilities Co.
-Earnings.
petitioners contend that the business policies of Cullinan are in conflict
For income statement for three and twelve months ended March 31 see
with the policies of a substantial minority interest of stockholders.
"Earnings Department" on a preceding page.
-V. 134, P. 2722.
The Court has taken the petition under advisement.
-V. 134, p. 3462.
-Rehearing in Packers' Case Denied.
Armour & Co. (Ill.).
West Virginia Water Service Co.
-Earnings.
For income statement for 12 mouths ended March 31 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
AssetsMar.31'32 Dec.31 '31.
'.
Plant, property,
Long-term debt_ _ _$5,160,000 $5,160,114111
equipment, &c_$7,284,762 $7,269,997 Constr. advances_
100,500
127,500
Misc.special dens4,631 Notes & accts. pay.
53,456
35,570
773
Cash and working
Due affiliated cos_
31,343
24,812
funds
42,082
126.057 Accrued int., taxes,
Accts.receivable_ _ 144,427
159.458
dividends, &c__ 122,548
280.943
Notes receivable
18,857
Deferred Habits. &
Unbilled revenue_
73,621
84,010
78,555
unad1. credits__
83,035
MaVls & supplies_
90,851 Reserves
552,555
89,262
574,760
Miscell. & prepaid
$6 preferred stock_ 1,114,000 1,114,000
accounts
7.734
9,331 $6 cum. 2d pt. stk.. 365,000
365,000
xDeferred charges
Common stock &
& una(11. debits. 734,357
741,671
surplus
774,232 y763,213
The LT S. Supreme Court has denied the petition of Armour & Co. and
other packers for a rehearing of its decision of May 2 which reversed the
ruling of District of Columbia Supreme Court allowing modification of
Packers Consent Decree of 1920.-V. 134, p. 2827.
-Regular Divs.-Status.Associates Investment Co.
The directors on May 16 declared the regular quarterly dividends of $1
per share on the no par common stock and $1.75 per share on the pref.
stock, both payable June 30 to holders of record June 20.
President E. M. Morris states:
The volume of business purchased during the first four months of this
year showed a decline from business purchased for the same period of last
year. However,during the month of May.the volume has been increasing,
and last week was the largest week this year. It is felt as the season advances and the Ford Motor Co. increases its production, that a satisfactory
volume of business will accrue to this company, inasmuch as we are constantly increasing our dealer customers.
The company is continuing a conservative credit and collection policy,
which is enabling us to keep our repossessed cars and delinquents in excellent shape. The earnings for the first four months show a decrease.
However, during this time the company has covered the major portion of
its dividends for the first six months on common and pref. stock.
The April 30 balance sheet continues to show a strong position with a
large amount of cash on hand totaling $2,200.000. and total current assets
in excess of $11,800,000, or a ratio to current liabilities of 2.19 to 1. Total
current assets are approximately 96% of total assets. The net worth of
the company has increased within the year from $5,775.000 to $5,980,000.
or an increase of $205,000, after the payment of dividends on both common
and pref. stock and providing ample reserves for future possible credit
-V. 134. p. 3100.
losses and unearned discount.
Total
$8,405,875 $8,480,605 Total
$8,405,876 $8,480,605
x Including unamortized debt discount and expense and commission on
capital stock. y Represented by 12,000 shares no par value.
-V. 134,
p. 3460.
York Railways Co.
-Earnings.
For income statement for 3 and 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 3461.
York Utilities Co.
-Earnings.
12 Mos.End. Dec. 31Operating revenue
Operating expenses
1931.
$72.536
85,819
1930.
$84,140
92,503
1929.
$103,649
110,043
1928.
$124,228
124,508
Net revenue
def$13,283
Non-operating income_ _
48
def$8,363
39
def$6,394
68
def$280
49
Gross income
Coupon interest
Taxes
Other deductions
def$13,235
40,705
3,772
79
def$8,324
40.705
4,077
110
def$6,326
40,705
4.341
59
def$231
40,705
4.248
177
Net deficit
def$57,791
Def,from previous yrs_ _
293,040
Profit & loss, adjustm't
Dr168
$53,216
239,778
Dr45
$51,431
188,375
Cr27
$45,361
142,825
Dr134
$293,040
$239,778
$188,320
Total deficit
--V. 132, p. 2390.
$350,999
INDUSTRIAL AND MISCELLANEOUS.
-92.77% of Common and
Atlantic Securities Corp.
91.05% of Preferred Stock Deposited Under Plan.
-V. 134, p. 3827.
See Atlas Utilities Corp. below.
-Exchange Offer Extended.
Atlas Utilities Corp.
of
This corporation has received 92.77% of the common and 91,05%
the $3 cumul. pref. stock of Atlantic Securities Corp. under its loffer of
exchange made on April 8 1932, it was announced on May 23. In addition
the management of Atlas Utilities Corp. has granted the request of a
number of shareholders of the Atlantic SecurIties Corp. who had written
In to ask permission to tender their shares after May 20. the expiration date
of the offer. These requests total 1,070 shares of common and 145 shares
of pref. stock. Thus the total shares submitted for exchange are 157.146
of common stock, comprising 93.4% of the total of 168,250 shares, and
46,480 shares of the preferred, comprising 91.34% of the 50,889 shares
outstanding.
-V. 134, p. 2913.
-Dividend Rate Cut.
".."`•-• Babcock & Wilcox Co.
A quarterly dividend of 50 cents per share has been declared on the
Cigarette Sales Drop Increased.
-The rate of decline in cigarette consump
capital stock, par $100, payable July 1 to holders of record June 20. Distion In the United States increased steadily in the first four months of 1932,
tributions of $1 per share were made on Jan. 2 and April 1 last as compared
reaching the maximum decline for the year in April, when output declined
-V.134. p. 1766.
with quarterly payments of $1.75 per share previously.
1.908,330,926 cigarettes, or 20.15%. This volume decline has been exceeded only once in the history of the tobacco industry, the decline last ---Bayway Terminal Co.
-Receivership.
October being just short of two billion cigarettes. "Wall Street Journal'
Judge Alfred A. :3tein, equity receiver for the company, has been ordered
May 23, p. 7.
by V ice-Chancellor John Backes to show cause May 24 why a foreclosure
IVages Must Be Cut Printers Are Told.
-Until Typogrpahical Union No.6
receiver should not be appointed for the mortgaged property of the conagrees to discuss the proposal of a wage reduction the Printers' League
cern. The application was made by the New York Trust Co. The
(Closed Shop Section) of the New York Employing Printers' Association
petition sets forth that in October 1926 the Bayway Terminal executed a
will refuse to take up the matter of a new agreement to replace the one
mortgage of $3.000.000 on its property in ElBabeth and Linden. and bonds
expiring on Oct. 1. the employers announced May 25, N. Y. "Times"
131, p.3100
were issued, of which there are now outstanding 2,4160.-V
May 26, p. 46.
Pay Cut Set at 15% for Bricklayers.
-An arbitration award of $1.65 an
-Proposed Exchange Offer.
Beardsley & Wolcott Mfg. Co.
hour, or $13.20 a day, 15% below the previous wage of $15.40 a day, was
A special meeting of stockholders will be held on June 2 to act on the
fixed by Professor Joseph P. Chamberlain of Columbia University. N. Y.
recommendation of the directors that an issue of 7% pref. stock be made
"Times" May 21, p. 27.
to replace the outstanding debentures. Already 95% of the holders of
Matters Covered in the Chronicle of May 21.-(a) United States Supreme
the outstanding debentures have consented to the change. The amount
Court upholds State authority to limit oil output
-Proration plan of
of the proposed issue will be $205,000. The new stock will be cumulative
Oklahoma declared valid-No price-fixing seen. p. 3701;(b) Sears, Roebuck
after Aug. 1 1934. Provision is made for a sinking fund and after Jan. 1
& Co. and Montgomery Ward ,Sc Co. reduce prices from .5 to 50%. p. 3716;
1935 a sum of $10,000 will be set aside annually.
(c) Partial settlement of strike in building trades in New York-Nearly
The company has operated during the past four months at a small profit.
all unions involved accept 20 to 30% wage reductions
-New agreement
whereas a year ago a loss was shown. The business outlook is regarded
runs to Dec. 31 1933
-Some trades opposed to signing-Bricklayers remain
as favorable.
-V. 133, p. 2765.
out, p. 3717;(d) Cigarette prices advanced by chain cigar and drug stores
Large grocery chains fall to follow one cent increase, p. 3718;(e) American ss --The di-Omits Dividend.
•..Bendix Aviation Corp.
Brass Co. and Revere Copper & Brass Co. cut prices s
-cent, p. 3720; "
rectors on May 23 voted to omit the quarterly dividend
(f) Watson & Chambers, Montreal brokerage firm, discharged irom bankruptcy, p. 3741.
ordinarily payable about July 1 on the common stock of
Acadia Sugar Refining Co.
-Div. on Accumulations.
The directors have dechred the regular semi-annual dividend of 15
cents per share on the 6% cum. pref. stock, par $5, and a dividend of
5 cents per share on account of accumulations on the same issue, both
Payable June 15 to holders of record June 1. Accumulations up to June 15
will amount to $1.10 per share, it is stated.
-V. 132, p. 4768.
Alliance Realty Co.-Stock-Stricken-from-hist.
The old common stock of..zeditie was stricken from the list of the
New York Stock Exchange,
The board of.directors have decided not to list the new $5 par value comnzon-ettares.--V.
-134, p.3638.
Aluminum Co. of America.
-75c. Preferred Dividend.
The directors on May 21 declared a dividend of
of 1% on the 6%
cum. pref. stock, par $100, payable July 1 to holders of record June 15.
A similar payment was made on this issue on April 1 1932 as compared
with regular quarterly distributions of 1%% made previously.
10% Reduction in Salaries and Wages.
7
The company on May 26 announced a 100 reduction in salaries and
wages effective on June 1. The cut will affect all employees of the company
and its subsidiaries.
-V. 134, p. 2724.
no par value. On April 1 last a dividend of 15 cents per
share was paid, while from Jan. 2 1931 to and incl. Jan. 2
1932 quarterly distributions of 25 cents per share were made.
The directors also voted to purchase "a substantial block
of the company's stock in the open market" because of the
present low price of the issue. Walter J. Buettner, Treasurer,
said the company was in an excellent cash position, with no
--V. 134, p. 3278.
bank loans or funded debt outstanding.
-Dividend to Creditors.
Blue Bird Mfg. Co., St. Louis.
This company, in receivership since May 22 1920, prior to which about
$1.100,000 was invested in the firm, which manufactured electric washing
machines, is "about ready to pay a dividend," it was stated in a report
filed with the Circuit Court at St. Louis. Mo., on May 20.
The present receiver, Walter V. Moloney, who succeeded William H.
Schaumburg, who died last July, was allowed $3,000 in receiver's fees
by Judge Hogan and the receiver's attorney, Herbert S. Hadley, was
allowed $1,600.
Live assets of the company, it is indicated in a report, total about $42,000
and are comprised of Liberty bonds, a bank account and U. S. Treasury
notes.
About $900,000 claims were filed by creditors, most of them before the
legal deadline fell in May of 1921. However, many claimants are dead,
while other creditor corporations have gone out of business. It will require
some extensive checking to determine just which claims will be allowed.
Stockholders are without hope. (St. Louts "Globe-Democrat.")
'American Cigar Co.
-Resumes Common Dividends.
-The
directors on May 23 declared a dividend of $2 per share on
the outstanding $20,000,000 common stock, par $100, payable June 15 to holders of record June 4, and the regular
quarterly dividend of $1.50 per share on the 6% cum. pref.
Ami Co.
-Omits Extra Div. Nett &red(/'.
stock, par $100, payable July 1 to holders of record June
The directors have declared the regular quarterly dividend of 50c. a
share on the class B stock, payable July 1 to holders of record June 19.
20. The common dividend is the first since Nov. 1 1929 on and the regular quarterly dividend of$1 a share on the class A stock, payable
which date a regular quarterly payment of $2 per share was July 31 to holders of record July 15.
An extra of $1 per share was paid on the A stock on July 30 and Nov. 13
made.
1929. on July 31 1930 and on July 31 1931. An extra of 50c. per share was
This company is controlled, through stock ownership
paid on the B stock in January of each year from 1927 to and incl. 1932,in
July and November 1929 and in July 1930 and 1931.
by the American Tobacco Co.
-V. 134, p. 3099.
-V.134, p. 3640.
George Link Jr., has been elected a director.
-Receivers' Report.
--Boston Manufacturing Co. 1901.
,American Electric Securities Corp.
---Reduces Capitaliza- -Judge Franklin T. Hammond of the equity session of the Massachusetts
tion-25c. Dividend Declared.
Superior Corrt allowed the sixth report of Lafayette H. Chamberlin and
At the special meeting of the shareholders held on May 16 1932 the
George W. Summersby as receivers and allowed them each $1500 more
decrease in the par value of the participating preferred abates from $20 to
for fees in addition to the $25,500 each has so far been paid as fees. The
court also at his request discharged Mr. Summersby as receiver, as he de$5 per share and the reduction in capital were duly approved (see V. 134,
p. 3462). In order to avoid the expense of preparing new certificates for
sires to leave the State. Their fifth account, covering the period Jan. 1
the participating pref. shares the directors have decided to use certificates
to May 11 last, shows the receivers have on hand $56.965, plus real estate
In the form now used with a legend imprinted thereon reciting the change
in Waltham assessed for 5604,000 and a claim against the city for abatein the par value of such shares.
ment of taxes.
--V . 134, p. 1584.
The directors on the same date declared a dividend of 25c. per share
-Bourjois, Inc.
-25c. Dividend.
on the $1 cum. partic. pref. shares, payable on Aug. 1 1932 to the holders --The directors have declared a dividend Of 25c. per share, payable June 16
of record July 15 1932. This dividend, in reality, is that which ordinarily
to holders of record June 1. A similar payment was made on June 15
have become payable about June 1. A similar payment was made
would
and Dec. 15 1931 and on Dec. 311930.-v. 133, p. 484.
on Feb. 1 and on April 1 last.-V. 134. p. 3639.
3986
Financial Chronicle
Botany Consolidated Mills, Inc.
-Listing of Certificates
of Deposit for 10-Year Secured 63/2% Sinking Fund Gold
Bonds, Due April 1 1934.
The New York Stock Exchange has authorized the listing of certificates
of deposit representing $7,007,000 10
-year secured 6J % sinking fund gold
,
bonds, due April 1 1934.-V. 134. p. 2727.
-Bower Roller Bearing Co.
-Smaller Dividend.
The directors have declared a dividend of 20c. per share, payable July 25
to holders of record June 30. Previously the company made quarterly
distributions of 25c. per share on the stock.
-V. 134, p. 1960.
Bowman-Biltmore Hotels Corp.
-Proposed Plan.
-
May 28 1932
Champlin Refining Co.
-U. S. Supreme Court Upholds
State Authority to Limit Oil Output
-Proration Plan of Oklahoma Declared Valid.
-V. 131, p. 3535.
Chicago Railway Equipment Co.
-Obituary.
-
Edward B. Leigh, President, died in Chicago on May 17.-V. 134, Pi1767.
Cincinnati Advertising Products Co.
-Earnings.
--
For income statement for 3 months ended March 31 see "EarnIngs•
Department" on a preceding page.
-V.134. p. 3827.
Stores Co.
-To Reduce Stated Value of Common
Stock.
A joint letter submitting a program for the protection of the holders of the
The stockholders will vote at the annual meeting June 15 on reducing
1st mtge. leasehold 7% sinking fund gold bonds, dated March 1 1924, was
the stated value of the outstanding 1.067.941 common stock (no par) to.
recently sent out by the officers and directors and the bondholders' protective committee (J. G. Gosling) Chairman. The letter states in substance:
$1 per share and transferring to capital surplus the balance of the capital
account remaining, viz. $11,205,680.
Since inviting the deposit of bonds in its letter of March 23 1932, the
The company having failed to declare and pay. or set aside for payment
committee has been in conference with Mr. Sweeney, President and his
in full the quarterly dividend on the class A stock issued and outstanding
associates with a view to submitting as early as possible their joint recomfor five succeeding quarterly dividend payments, the holders of the class .A,
mendations to the bondholders. Meanwhile, the bondholders have had
stock have the right, voting as a class, by plurality vote, to elect a majority
the benefit of the statement of the trustees embodied in their letter of
of the members of the board of directors, and the holders of common stock
April 7 1932. As a result of these conferences and a study of the situation
of no par value have the right to elect the minority of the members of the
the committee and the management desire to submit to the bondholders
board of directors.
-V.134 p. 1199.
the following statements and recommendations. Such recommendations
might be considered as a plan of reorganization or readjustment. It is felt
-Reduces Common Dividend.
that as they merely contemplate solving in part the present problems, they -------Commercial Credit Co.
should be considered only as a declaration of present program, pending the
The directors on May 26 declared a quarterly dividend of
formulation of a definite joint plan.
123/i cents per share on the outstanding common stock, no.
The committee and the management agree that all cash in the hands of
the trustee should be made available for distribution in partial payment of
par value, payable June 30 to holders of record June 10.
the bonds. Without discussing whether this fund could be used to cover
distribution of 25 cents per share was made on March 31
expenses that miglit be incurred in attempting to realize by foreclosure or
otherwise on other collateral, especially the leaseholds, the committee as
last, 40 cents per share on Sept. 30 and Dec. 31 last, and
well as the management considers that the use of any such funds for that
50 cents per share each quarter from March 30 1929 ta and
purpose would be disadvantageous to the bondholders. The management
incl. June 30 1931.
has agreed that the reasonable expenses of the committee will be paid by the
company without recourse to the cash and Other collateral held by the
Earnings.trustees.
Pr
If one or both of the betel leaseholds should be foreclosed at this time ' laeooie Statement for 4 months ended April 30 see "Earnings Department" on a preceding page.
It Would be incumbent upon the bondholders through the instrumentality
An official statement dated May 26 has the following:
of such corporation as might be organized to acquire them in foreclosure to
The reduction in net income was largely due to smaller current volume.
provide management of the hotels and meet the obligations accruing to the
to less money being employed, and to higher interest rates than for the
landlords under the leases. While, of course, amenable to any suggestions
same period in 1931. Expenses and losses were proportionately less than
from bondholders the committee sees no reason to criticise the management
for the corresponding 1931 period.
or to believe that a better management could be provided by bondholders
Interest and discount charges were earned 1.90 times as compared with
or the committee.
2.28 times for 1931. Dividends on the 634% and 7% first preferred stocks
New York State Realty & Terminal Co., as landlord, has expressed in a
were earned 3.59 times as compared with 4.76 times for 1931.
letter dated March 21 1932, its willingness to grant concessions to the
Liquidation of the assets of Kemsley, Millbourn A: Co., Ltd., foreign
hotels.
subsidiary, continues satisfactorily; $1,829,306 having been realized beIf the cash in the hands of the trustees should be distributed the trustees
tween Dec. 31 1931 and April 30 1932 with reduction in reserves of only
would continue to hold in their own possession with other collateral, the
leaving assets other than cash of $2,753,207 yet to b liquidated.
note in the amount of $380,025 of Harrison-Rye Realty Corp. guaranteed
by Westchester County Club, Inc., and the stock of Commodore-Biltmore
Against these assets there remained on April 30 1932 reserves of 81,154,931
Co., Inc. The interest on this note is collectible directly by the trustees
nearly 42%-which is now believed to be more than will be needed.
The trustees are likewise entitled to collect income accruing from the stock.
Commercial Credit has continued to make a sizable profit on its domestic
As and when these items of collateral, and perhaps any other items now of
operations despite conditions. Practically all of its assets are represented
dubious value, are realized upon by the trustees the cash proceeds should be
by cash and current well diversified receivables. The company has almost
made available for distribution.
no investment in real estate, buildings, plant, machinery and the like. Its
Under these circumstances the disposition from the standpoint of the
receivables are owned by several hundred thousand widely scattered debtors
bondholders of the Biltmore and Commodore leases becomes a subject for
usually in small amounts, the payment of which is not primarily dependent
consideration. In the hotel company's letter signed by Mr. Sweeney it was
upon the financial condition of the parties from whom they were purchased.
recommended that bondholders consent to an extension of principal and
These receivables are also generally protected by liens, withheld reserves,
Interest until Sept. 1 1935. While the question of extension of the maturity
repurchase agreements, and insurance where
date of the bonds as recommended may later require consideration, there
necessary*
On April 30 1932 consolidated invested capital of the company was
are certain practical difficulties to the making of any such arrangement,
$46,689,685. exclusive of all reserves, office equipment, good-will &C.
and the proposals made to the bondholders hereunder do not contemplate
Its consolidated cash balance was $17,413,509, short term loans $47,426,such extension.
266, and long term loans $10,994,100, or total loans of $58,420,366, which
Under the provisions of the mortgage the trustees have the right but are
are much smaller in proportion to invested capital than for many years.
not obligated to commence foreclosure proceedings unless they are requested
With collections of over $19,000,000 during April, it is significant that,
so to do by the holders of 25% in principal amount of the bonds at the time
If the company should discontinue current purchases and apply its cash
outstanding and unless they are properly indemnified against expense.
balances and collections against loans, it should be able to liquidate its
If the holders of more than 75% in principal amount of the bonds co-operate
entire indebtedness, short and long term, within three to five months.
In refraining from making any such request it is probable that no foreExpansion in Canada.
closure will be instituted and the benefits of extension will be gained without
The company states that the Continental Guaranty Corp. of Canada.
jeopardy of priority.
Ltd., its subsidiary, has concluded a contract with the Ford Motor Co. a
Under present conditions, there is no intention to request foreclosure of
Canada for the exclusive financing of Ford cars throughout Canada. The
the leaseholds, it being felt that the real hope of bondholders rests in the
arrangement is expected by the company to produce a good increase in
possibility of increased earnings when general business conditions shall have
Canadian business which has for many years been satisfactory and profit
Improved. To summarize it is proposed that:
1.) The cash held by the trustees be made available for distribution to
a e.- . 134, p. 3465.
bondholders.
Consolidated Machine Tool Corp. of America.
(2.) No foreclosure of the hotel leaseholds be requested under existing
(3.) The other items of collateral be preserved by the trustees so that
when realized upon the proceeds may be made available for distribution.
(4.) That the bondholders through the committee, and the management,
co-operate with the landlords in the application of the net earnings from the
Commodore and Biltmore hotels to the rentals and additional rentals
payable under the leases thereof.
In order that the lessors of the hotel leaseholds may be assured of the
co-operation between bondholders and the management and that the foregoing recommendations be carried out it is essential that concerted action
be taken by bondholders.
Accordingly, the committee and the management request that bondholders immediately deposit their bonds with all interest coupons maturing
on and after Sept. 1 1932 attached, with either of the depositaries of the
committee, namely, Guardian Trust Co., Cleveland, 0., or Chemical Bank
-V. 134, p. 3827.
& Trust Co., 165 Broadway, New York, N. Y.
-Reduces Pref. Stock.
Brown Shoe Co., Inc., St. Louis.
In accordance with requirements of its certificate of incorporation, the
company has cancelled 1,375 shares of its xref. stock, representing the full
requirements for the year 1933. thus reducing the outstanding preferred to
34.375 shares from 35.750.-V. 133. p. 3783.
Brunswick Terminal & Railway
Capital Increased-Earnings,
Securities
Co.
-
The stockholders have voted to increase the authorized capital stock
from 300.000 to 600,000 shares and authorized the directors to sell the new
stock for cash or properties without further submission to stockholders.
George W. Steele, President,said several offers had been received for the
stock.
Protective Commatee.-
The President of the corporation has announced that the corporation
will be unable to pay the interest due June 1 1932 on the $2,231,800 out
-year 7% sinking fund gold bonds, due June 1 1942.
tending 1st mort. 20
The following have been requested and have agreed to act as a bondholders' committee to represent the interests of holders of the bonds who
deposit their bonds under a deposit agreement dated May 16 1932. The
committee emphasizes the importance of promptness in depositing bonds
in order that concerted action may be taken through united representation
on behalf and in the interest of bondholders who become parties to the
deposit agreement.
Bonds may be deposited with either depositary and msut be in negotiable
form and accompanied by all interest coupons maturing on June 1 1932
and subsequently. Upon such deposits transferable certificates of deposit
will be issued. The depositaries are: Old Colony Trust Co., Boston,
Mass.; State-Planters Bank & Trust Co., Richmond, Va.
-Benedict J. Baker, Chairman (B. J. Baker & Co., Inc.).
Committee.
Boston; William P. Fairman (Fairman & Co.), Philadelphia, Pa.; Clarence
E.Perkins (B. J. Baker & Co., Inc.), Boston; Warren A. Tyson (Warren A.
Tyson & Co.). Philadelphia, Pa.; J. Harvie Wilkinson Jr.(State-Planters
Bank & Trust Co.), Richmond, Va. Clarence E. Perkins, Secretary,
209 Washington St., Boston. John W. McAnarney, 209 Washington
-V. 131, p. 4220.
St., Boston, Mass., counsel.
-Receivership Asked-Shareholder
Consolidated Oil Corp.
Charges Merger Is Fraud and Illegal.-
Burns & Co., Ltd.
-Delay of Interest Authorized.- A resolution authorizing company to postpone until Dec. 1 1933, bond
interest payments due on June 1 and Dec. 1, this year, and June 1 1933
was approved at a meeting of bondholders May 26. It also permits postponing until Dec. 1 1933, the balance of sinking fund payments due on
next Jan. 1. Provision for the apointment of a committee to safeguard
interests of the bondholders and to co-operate with the company and the
trustees also was made.
-V. 134, p. 3827.
A suit to dissolve the corporation, formed in a tnerger of several oil and
pipe line companies March 1 has been filed in Federal Court at Chicago on
behalf of Roy Carney of Chicago, a stockholder of one of the merged
concerns.
The Carney action entered May 20, also asked appointment of a receiver
and charges the merger was fraudulent, illegal and against the best interests
of the stockholders of the individual companies involved.
The suit is directed not only against the merged companies collectively,
but names most of the individual concerns as defendants, among them the
Commonwealth Transportation Co., the Commonwealth Oil & Gas Co.,
and the Sinclair Consolidated Oil Corp.
Allegations were made that the Bancamerica-Blair Corp. was paid
$700.000 in fees for assisting in the several months' negotiations for the
consolidation and that due to the merger stockholders of the Prairie Pipe
Line and the Prairie Oil & Gas companies were burdened with $100,000,000
In debts of other companies.
Carney owns 3,825 shares of Prairie Pipe Line stock.
-V. 134, P. 3102.
-See Knox
Byrndun Corp.
-New Name for Knox Hat.
Hat Co., Inc., below.
Calton Court Apartments, New Rochelle, N. Y.Deposits.
-
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
Current assets as of March 31 1932, amounted to approximately $3.236,000, of which 81,183,000 represented cash and marketable securities.
-V.134, p. 3465.
Earnings.
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 1960.
Wm. F. Sey, chairman of the committee for the protection of certificate
holders of 1st mtge. 6% bond certificates, has issued a call for the immediate deposit of the certificates with Manufacturers Trust Co., depositary.
The other members of the committee are Helmuth C. Kranich, Edward A.
Keeler and Thomas W. Wasson.
Caterpillar Tractor Co.
-Earnings.
,
For [neon :fratatement for 4 months ended April 30 1932 see "Earnings
rtment" on a preceding page.
,
-V. 134. p. 3827.
Continental-Diamond Fibre Co.
-Earnings.
-
Continental Motors Corp.
-Officers of New Subsidiary.
W. R. Angell has been elected President of the new Continental-Nyco
formed through the acquisition by the Continental Motors Corp. of
the Divco-Detroit Corp. Other officers elected are: Roger Sherman. ViceCo..
President: John Nicol. Vice-President and General Manager; Wallace
Zweiner. Treasurer and Craig Keith, Secretary.
The new company has opened a new branch at Medford. Mass. for sales.
parts and service, and will retain seven similar branches in Now York.
Volume 134
3987
Financial Chronicle
Philadelphia, Cleveland, Cincinnati, Chicago, Minneapolis and Los Angeles.-V. 134.P.3465.
-Balance Sheet Dec. 31.
Creole Petroleum Corp.
-Registrar.
Fashion Park Associates, Inc.
The Chemical Bank & Trust Co. has been appointed registrar of the
-V.134, p. 2731.
certificates for pref. stock.
voting trust
=Mg
Fifty Five Fifth Ave. Building. (Fifty Five Fifth Ave.
[Including affiliated companies.]
.
.
1930.
1931.
-Bondholders' Protective Committee.
Corp.), N. Y. City.
$
$
$
Liabilities$
AssetsA committee has been formed to protect the holders of the first mortgage
Total fixed assets y48,089,250 9,015,061 Capital & surp-x50,939,519 61,888,405
Douglas G.
6% gold loan consisting of Edward L. McBride, Chairman,
717,622
689,588 Accounts payable_ 480,603
Mat'l & supplies-- 2,005,940
Wagner, Charles C. Hood. Paul W. Fisher, Sec., 15 Park Row. New
29,721
20,997
84,530 Other curs. liabil__
61,288
Inventories
York. Elmer W. Maher, Counsel, 60 Wall St., New York.
67,997
419,786 21,508,059 Accrued liabilities_ 118,830
Accts. receivable
The depositary is Chemical Bank & Trust Co., 165 Broadway, New York.
71.587 Capital & surplus
Other curr. assets_ 212,532
The committee in a circular dated May 23, states:
19,640
of minority ints_
835,422
396,093
Cash
The interest and sinking fund payment of $67,500, due in the trustee's
95,612
14,936
Prepd.& def. chgs.
hands at April 20, has not been paid at this date and the 30 days' grace
Stock invest. in
period has expired.
30,403,885
affiliated cos_
In view of this default, the committee is being formed at the instance of
IsItscell. securities_ 379,763
the underwriters of the first mortgage certificates, under a deposit agreement which is on file with the depositary.
51,579,589 62,703,745
Total
51,579,589 62,703,745
Total
The committee to protect your interests will need your immediate cox Value of 6,974,356 shares of no par value issued and outstanding
operation through the prompt deposit of your certificates with the deposirepresented by capital and surplus. y After deducting depreciation, de-V.119, p. 2293.
tary.
costs of
pletion, and amortization of $8,270,098 and includes organization
$6,342.
-Reduces Dividend Rate.
Sons Co.
3116k
for the year ended Dec. 31 . (Wm.) Filene'sper share has been declared on the common stock,
Our usual comparative income statement
A dividend of 20c.
1931 was published in V. 134. p. 3828.
to holders of record June 20. In each of the
no par value, payable June 30
ow
- three preceding quarters a distribution of 25c. per share was made
-$1 Preferred Dividend.
Willamette Paper Co.
this issue.
has been declared on the $7 cum. 1st pref.
A dividend of $1 per share
Preferred Stock Reduced.
stock, payable July 1 to holders of record June 13. A similar payment
The Boston Stock Exchange is advised that the authorized and outwas made in each of the four preceding quarters, prior to which the stock
-V. 134, p. 1587.
was on a regular $7 annual dividend basis.
standing capital as represented by the pref. stock has been reduced by 1.251
these shares having been retired and cancelled. The number of
-Sells Cleveland and Michigan Stores. shares,
'Davega Stores Corp.
such shares pref. stock now outstanding is 72,800.-V. 134. p. 2731.
The corporation has sold its entire capital stock in Atlas Serlin Stores.
-To Readjust Capital.
Inc., Detroit, to William J. Serlin and Jacob Ressler: and Atlas Lesser
Fire Association of Philadelphia.
Stores. Inc., Cleveland, to Lou Balantzau. The purchasers were the manA special meeting of the stockholders has been called for July 20 to vote
agers of each of these branches.
of capital adjustment which will result in an exchange of 14
on a plan
The Davega Stores Corp. hereafter will operate branches only in Newshares of present outstanding stock for five shares of new stock.
York and Chicago.
-V. 134, p. 3466.
Proposals to be submitted for authorization by the stockholders include
the
- the reduction of the authorized capitalstock to $2,000,000from $10,000.000:
-Committee Formed.
Defaulted Real Estate Bonds.
reduction of the issued and outstanding capital stock from $5,600,000.
A general committee to be known as the Protective Committee For
par $10 to $2,000,000, par $10; in the event of such reduction, the transfer
Defaulted Real Estate Bonds has been formed for holders of defaulted
of $3,600,000 now outstanding in the capital account, from capital account
real estate bonds. The.members are: Edward C. Delafield, Chairman
to surplus account, and exchange of present shares of stock for new shares
shares
(Vice-Pres. City Bank Farmers Trust Co.); Lincoln Cromwell (Win. Iselin
of same par value on the basis of 14 shares of present stock for five
& go. Vice-Pres., The Merchants' Association New York); Robert E.
of new stock, and scrip for fractions.
Dowling (Pres. City Investing Co.); Henry R. Hayes (Vice-Pres. Stone &
letter to the shareholders, President Otho E. Lane
In an explanatory
Webster and Blodget, Inc.), and James C. Stewart (Pres. James Stewart
says: "The object of the meeting is to equalize the present authorized
& Co.)
capital of $10,000,000. and the present outstanding issued and paid-in
H.Hart,Sec., 22 William St., New York. Breed, Abbott & Morgan,
capital of $5,600,000, by reduction of both to $2,000,000. The sum thus
inCounsel, 15 Broad St., New York,'
arising out of capital will be transferable to surplus account and willand
demands
Real Estate Consultants: Brown, Wheelock, Harris & Co., Inc., The
crease fluid working funds to an amount that will meet all the insurance
L. Elliman & Co., Inc.
within
Cruishank Co., and Douglas
maintain the credit and position of the Association
Depositary: City Bank Farmers Trust Co., 22 William St., New York.
trade and before the insuring public.
The committee, in a statement issued May 23, states:
"Conditions prevailing in the security markets are too well known to
real estate bond issues.
Defaults now exist in a number of
call for extended or other comment except to say that our assets have been
as a
At the request of certain holders of defaulted bonds, we will act and
affected in common with all other financial institutions, and that action
general committee to protect the interest of the holders of such bonds
similar to the proposals made herein has already been taken by several,
to represent them and similarly situated bondholders.
of the larger and more important insurance companies. The management
The committee is advised that bonds of the issues listed below are in dedeems it imperative that association's assets, when valued at current
fault, and the committee at the present time is prepared to accept the
Prices, shall produce surplus adequate for present and possible future rerepresenting them,
deposit of such bonds and of certificates of deposit
quirements.
under and subject to the provisions of a deposit agreement.
"The readjustment plan proposed merely reduces the number of shares
Holders of the bonds of these issues and holders of certificates of deposit
authorized or to be outstanding to 200,000 instead of 560.000. It does not
who have deposited their bonds with other committees are urged to deposit
alter the equitable or proportionate interest of any shareholder in the
their bonds or certificates of deposit with the depositary.
Association.
Bonds or certificates when deposited must be in negotiable form, and
The stock list committee of the Philadelphia Stock Exchange has adof
all bonds must be accompanied by all appurtenant unpaid coupons.
mitted to the unlisted department of the Exchange, Fire Association
certificates of deposit will be issued to depositors.
Transferable
Philadelphia new stock, when, as and if issued.
Brierfield Apt. Bldg. 1st 8. F. 6s.
Exchange has admitted to unllisted trading privileges
The New York Curb
,
Lewis Morris Apt. Bldg. 1st 635s.
Fire Association of Philadelphia 200,000 shares of new capital stock par
18 Gramercy Park South 1st Os.
value 310.-V. 134, p. 3644.
48 West 48th St. Bldg. 1st 65.
616 Madison Ave. Apt. Hotel 1st Ohs.
-New Committee Demands 20% Cash
Fisk Rubber Co.
2450 Broadway Apt. Hotel 1st 6)is.
Distribution on Bonds and Notes.
345 West 86th St. Apts. 1st 6s
-year 8%
522 West End Ave. Apt. Bldg. 1st 6s.
Formation of a committee representing the 1st mtge.20 notes, sinking
with a.
-year 534% sinking fund gold
301 East 38th Street Apt. Bldg. let 6s.
fund gold bonds and the 5
calling for an immediate partial payment on account of at least
610 Park Ave. Bldg. 1st (is.
program
to the aggregate
502 Park Ave. 1st 6s.
20% in cash to the holders of these securities, outstanding
Central Zone Building 1st 68.
amount of more than 315,800,000. was announced May 27.
Fox Theatre & Office Bldg. (Bklyn.) 1st 63is•
The committee is headed by Ferdinand Eberstadt of F. Eberstadt & Co.,
The Granada (Brooklyn) 1st 6s.
Inc., as Chairman, and includes George N. Lindsay, formerly of BancLincoln Hotel Properties 1st 6).is.
america-Blair Corp. and George Benard of Interstate Equities Corp.
Wellston Apts. let 6s.
E. F. Willett, 39 Broadway, is Secretary of the committee, and Chadbourne. Stanchfield & Levy are counsel.
-Tenders.
De Laval Separator Co.
The committee's demand for an immediate cash distribution on account
The New York Trust Co., trustee. 100 Broadway. New York City, will
to the bond and note holders is based upon its belief that the company's
-year 6% sinkuntil 2 p. m. on June 3, receive bids for the sale to it of 10
holdings of cash and U. S. Government securities, which approximated
ing fund gold notes due July 15 1935 to an amount sufficient to exhaust
$6,750,000 on Dec. 311931. are greatly in excess of its working capital re.-V. 133.P.3467.
$50,000 at a price not exceeding 100 and interest
quirements. In addition to its cash and Government bond holdings, which
the company also had
said to
- arethe end have decreased since the first of the year,
-Common Dividends Omitted.
& Raynolds, Inc.
of 1931 accounts receivable and inventories aggregating over
at
omit the quarterly $8.500,000 after reserves, giving it quick assets approximately equal to its
The directors on May 26 decided to
and notes.
dividends usually payable about July 1 on the class A and outstanding bonds Payment would require about $3,164,000, the comThe proposed 20%
company,
class B common stocks, no par value. From July 1 1931 mittee points out, leaving sufficient working capital for theliquidated.
whether its business be continued in receivership, reorganized or
to and incl. April 1 1932, the company made regular quar- The committee is not limited in its demand to a 20% distribution, but will
terly distributions of 15 cents per share on these issues as insist upon as large an immediate cash distribution as is possible without
on the securities. In
the amount ultimately to
compared with 30 cents per share previously each quarter. Jeopardizingof the committee, bond andbe recovered may expect a further
note holders
the opinion
V. 134, p. 3104.
substantial distribution in addition to the present 20% in cash. No charge
committee for its services unless a cash distribution is
will be
- effectedmade by theits program. If a cash distribution is made, its charge
-Dividend Omission.
.." -.Dunean Mills, Greenville, S. C.
in line with
The directors recently decided to omit the q_uarterly dividend usually
for services and expenses will in no event exceed 2% of the principal amount
payable about May 15 on the capital stock. The last regular quarterly
of the deposited securities.
payment of $2 per share was made on Feb. 15 1932.-V. 116, p. 2013.
The company has been in receivership since Jan. 1931, following its
of its 5.Ii% notes. Committees were formed
- inability to meet the maturityrepresent the various outstanding securities
.
Duplex Razor Co.
-Smaller Pref. Dividend.
- Durham
prior to the receivership to
The directors have declared a dividend of 25 c. per share on the $4 cum.
of the company.
prior pref. stock, no par value, payable June 1 to holders of record May 27.
Last January, as a result of conferences and negotiations between representatives of the bondholders' committee, the noteholders' committee and
In each of the two preceding quarters s distribution of 50c. per share was
-V. 133, p. 3262.
made on this issue.
a reorganization committee, a definite reorganization plan was published.
to security holders and was objected
This plan proposed
- to by a committeeno cash distribution
-Dividend Outlook, &c.
Equitable Office Building Co.
representing the company's stockholders and publicly
F. V. du Pont, In a letter to the stockholders, estimates net
of its bonds and notes. The time limit for
President
opposed by certain holders
Income at $1,634,000 for the current fiscal year, which began May 1 1932.
receiving deposits of securities recently expired and no announcement was
made by the sponsors of the plan regarding its adoption. The new comThis is after deducting estimated expenses, including interest, real estate,
operating expenses, and the reduction of the
mittee is entirely independent and in no way involved in the controversy
Federal and State taxes,
funded debt by $406,000 and would be equal to $1.82 a share on 895.464
between the advocates and opponents of this plan.
shares after deducing dividends on 67 shares of 7% pref. stock.
common
Subsequent to the formulation of this plan, certain discussions took place
regarding the possible acquisition of the company by the General Tire &
The $406,000 payment on funded debt will be charged against earnings
depreciation, Mr. du Pont states, in accordance with the company s
Rubber Co., but the abandonment of these negotiations was recently
as
established policy. These payments continue each year under amortization
announced.
schedules which extinguish the funded debt at maturity.
To enable it to take effective action in accomplishing the proposed cash
Lower earnings outlook for the current year resulted in reduction in the
distribution, the committee headed by Mr. Eberstadt is requesting the deposit of bonds, notes or certificates of deposit therefor with the Manufacdividend rate to $1.50 a year from $2.50. Mr. du Pont states, the nature
that it is possible to forecast fairly
-V. 134, p. 3644.
turers Trust Co., New York, as depositary.
of the company's business being suchadded, however, that such forecast
accurately a year in advance. He
-Earnings.
obviously cannot foresee the effect on the earnings due to the possible deFord Motor Co. A. G.(Germany).
fault on the part of any tenant. Pont stated, that the new $1.50 rate can
(In German Reichsmarks.)
The management feels. Mr. du
1929.
1930.
1931.
Calendar Yearsmargin sufficient to take
.
8,295,000
be maintained during the next 12 months with a carry forward to surplus
Gross profit after manuf. expense_ _ -- 5,057,000 10,532.000
same time
4.799,000
6,017,000
care of all contingencies, and at the
5,367,000
and taxes
General expenses
the end of the year. See also V. 134, P. 3829.
1.350,000
1,300.000
1.386,000
a substantial sum at
Depreciation
-Dividend Omitted.
Equity Savings & Loan Co.
the semi-annual dividend ordinarily
The directors have voted to omit on Dec. 10 paid a semi-annual divicompany
payable about June 10. Theextra of $6 per share.
-V. 133. p. 3795.
per share and an
dend of $6
-Earnings.
Evans Products Co.
months ended
March 31 see "Earnings
For income statement for three -V. 133. p. 3467.
Department" on a preceding page.
Net profit
-V. 134, p. 1769.
loss$1,696,000 $3,215.000 $2,146,000'
-Earnings.
Ford Motor Co. of France.
Net profit ofthe company for year ended Dec.31 1931, was approximately
15.516,000 francs, after expenses and depreciation, against 35.127.000'
francs in 1930.-V. 134, p. 2917.
'3988
Financial Chronicle
Ford Motor Co.
-Earnings, &c.
Balance Sheet December 31.
1931.
1930.
1929.
Assets16
$
$
'Real estate
158,387,688 152.636,931 154.320,351
Mach. and equipment-124,601,735 131,884,056 138.928,264
Inventory
64,884,691 112,482,374 118,883,082
-Cash*
372,483,105 382,898,719 346,937,496
Deferred charges
1,972,496
2,062,491
2,008,803
1928.
156,239.207
152.921,366
102,773,704
275,926,656
1,048,415
Total
722,329,715 781.964,571 761,077,996 688,909,348
Liabilities
Capital stock
17,264,500 17,264,500 17,264,500 17,264.500
Accounts payable, &c
38,824,298 45.315,919 73,056,929 83,900,629
Reserves
10,938,670 10,495,905
6,329,143
5.114.656
Profit and loss surplus_ _655,302,247 708,888,247 664,427,424
582,629.563
Total
722.329.715 781,964.571 761,077,996 688,909,348
* Includes notes and accounts receivable, securities, patent rights,
dze.
Changes in the profit and loss account over the past 10 years, as reported
to the Mass. Corporations Commissioner, are appended herewith:
Feb. 28 1922
$240,478.736 Dec. 31 1927
$654.851,061
Feb. 28 1923
359,777.598 Dec. 31 1928
582,629,563
Dec. 31 1923
442,041,081 Dec. 31 1929
664,427,424
Dec. 31 1924
542.476,497 Dec. 31 1930
708,888,247
Dec. 31 1925
622,366,893 Dec. 31 1931
655,302.247
Dec. 31 1926
697,637,788
Net earnings and profits per share for the past years, as indicated
by
the increase in profit and loss surplus, have been as follows:
Profits
Profits
Year tob Profits. per Sh.
Year tob Profits. per Sit.
Apr. 30 1921a-317.168,564
$100 Dec. 31 1926--- $75,270,895 $436
Feb. 28 1922a- _ 57,601,040
334 Dec. 31 1927_108842.786,727 Nil
Feb. 28 1923-119,298,862
691 Dec. 31 1928- _ _loss72,221,498 Nil
Dec. 31 1923a.... 82,263,483
4761 Dec. 31 1929-- _
18,797,861 473
Dec. 31 1924-115,105.416
667 Dec. 31 1930-__
44.460,823 257
Dec. 31 1925--115,078,383
666 Dec. 31 1931_ _ oss53,586,600 Nil
a 10 months. b Exclusive of any dividends paid.
-V. 134. p. 1202.
Foundation Co., N. Y.
-New Directors,
C. A. D. Bayley, Vice-President in charge of South American work,
and
George R. Johnson, Vice-President in charge of activities in the
United
States, have been elected directors. succeeding J. J. Brown and Harol
Richards. resigned.
John W. Doty, President, at the annual meeting held on May
23,
the stockholders that the company was concentrating on cutting told
down
operating expenses. He said that in 1929 operating expenses amounted
to
$1.100.000 and the next year were reduced to $650,000 and cut still
further
in 1931. They are now running at the rate of $220,000 to $240,000
per
annum. He further stated that in South America expenses
have
to a low level, while in this country the company's organization been cut
has been
reduced to a minimum.
He further stated that there is still $8,000,000 to
of work to
be done on the Greek contract, which has been taken $9,000,000Foundation
over from
(Foreign) Co. and, which will take from 2 to 2ji years to complete.
The
rate of progress on this contract depends entirely
the Greek Government advances money to carry on. on how satisfactorily
The Greek contraet"
,
-he explained, is on a cost plus basis.
-V. 133, p. 3636.
Fox Film Corp.
-William Fox Sells Note's Collateral.
Collateral held by William Fox against a note for $2.300,000
Theatres Equipment, Inc., was sold at auction for $450,000, of General
May 25, by
Adrian Muller & Son, auctioneers, at 18 Vesey St. The note
was part
of the consideration paid to Mr. Fox in April 1930, for his
controlling interest in the Fox Film Corp. represented by 151,000 shares
stock. The total paid to Mr. Fox was about $20,000.000. of Fox class B
The collateral sold consisted of 50.000 shares of Grandeur. Inc.,
brought $300.000, and 108,000 shares of class A stock of Fox Film, which
which
were disposed of at $150,000. These two blocks of stock were
carried in
the balance sheet ot the General Theatres equipment on Dec. 31
1931, as
collateral held by the All-Continent Corp. against the General Theatre's
note for $2.300,000. The All-Continent Corp. Is said to be controlled
by
Mr. Fox.
The note for $2.300,000 has been overdue for some time.
atres Equipment has been in receivership since March 1.-V. General The134, p. 3104.
Fox Theatres Corp.
-Receiver Asked.
An action for the appointment of a receiver for the corporation was
revealed May 21 when the officers and directors, who are named
as defendants, filed a motion asking the New York Supreme Court to
vacate an
order for their examination before trial. The plaintiff, Jacob Rubenstein,
who is represented in the case by George Frankenthaler, of
suing as holder of 10,000 shares of class A common stock, 120 Broadway.
Individual defendants conspired to mulct the corporation, alleges that the
which
ened the latter to the financial advantage of General Theaters has weakEquipment,
Inc.. which owns all the voting stock of the Fox company.
The defendants are the Fox Theater Corp., General Theaters
Equipment, Inc.; Harley L. Clarke, president of both corportions:
Winfield R.
Sheehan, Vice-President of the Fox company: Saul
Rogers, Attorney;
Arthur F. Lafrentz, S. W.Fordyse, Robert C. Winwill.C.
Hetrick, 0. S. Oldknow, H. Arthur, E. W. Niver and E. B. Stuart, W. R.
William C. Michel.
Mr. Rubenstein In his complaint alleges that
assets of the Fox Corp. for the financial benefit of the defendants used the
General Theaters Equipment, Inc., and the later's subsidiaries and to "dress up"
their
statements and balance sheets. The plaintiffstockholder charges financial
specifically
that more than $1,500,000 was paid out of funds of the Fox
Corp. to
attorneys for services which were not rendered exclusively
for the Fox
Corp. and also that 1.600,000 shares of class A common
of
and owned by that corporation, were sold by the defendants the Fox stock.
at less than the
market value.
Mr. Clarke, who came into control of the Fox theaters
interests when
William Fox was compelled to consent to a reorganization, and Mr.
Sheehan,
it is alleged, received from the funds of the Fox Corp. large sums of money
without giving any consideration therefor. Mr. Rubenstein asked that
all
contracts between these defendants and the corporation
and that the defendants be compelled to account to thebe declared void
corporation for
moneys received by them and to which, the plaintiff charges, they are
not entitled.
Mr. Rubenstein made the further charge that no allowances were made
to the Fox Corp. for old equipment of 200 or more Fox theaters throughout
the country, which had been replaced with new equipment purchased from
General Theaters Equipment, Inc., and other companies.
Iu their reply to the charges of Mr. Rubenstein, the defendants deny
wrong-doing in connection with their handling of the affairs of the Fox
Corp. They admit the payment of $1,500,000 for legal fees, but state that
these services were necessary and were rendered exclusively for the Fox
Corp. As to the sale of the 1,600.000 share mentioned by the plantitff, the
defendants say that these shares were sold to General Theaters Equipment,
Inc., at their market price.
-V. 134, p. 3645.
7--"
4George A.) Fuller Co.
-Preferred Dividends Deferred.
The directors on May 25 decided to defer the quarterly dividends due
July 1 on the $6 cum. partic, prior pref. stock and on the $6 cum. partic.
pref. stock, both of no par value. The last regular quarterly payments
of $1.50 per share were made on these issues on April 1 1932.-V. 134.
p. 3282.
Generaj Cigar Co., Inc.
-Charge Dropped.
The Federal Trade Commission has dismissed a complaint charging
the company with entering into agreements with wholesalers regarding
exclusive territory arrangements. Commissioner McCullough dissented.
V. 135, p. 3282.
General Electric Co.
-Quarterly Dividend on Common
Stock Reduced,to .10c. a Shar
carom-25c7---The directors on May
idend of 10c. per share on the
27 declared a quarterly
common stock, no par value, and the regular quarterly dividend of 13/2% on the 6% cum. special stack, par $10, both
payable July 25 to holders of record June 24.
On April 25 last a quarterly distribution of 25e. per share
was made on the common stock as compared with 40c. per
May 28 1932
share each quarter from April 25 1930 to and hid. Jan. 25
1932.-V. 134, p. 3830.
General Electric Co., Germany (Allgemeine
Elektrizitaets Gesellschaft).-Comparative Balance Sheet.
Comparative Balance Sheet Sept. 30 (in Reichsmarks).
Assets9.
1928.
Real estate
101,176,065 101,718.1500 99,429.000 88,210,000
Machines
19,544,000 20,859,000 19,929,000
Inv. & plants under cons 72,800,656 88,575.000 104,545.000 22,616,000
93,542,000
Mortgages
831,000
951.000
861,000
705,000
Participations
155,088,628 142,240,000 104,026,000 90,411,000
Securities
20,059,520 23,383,000 24,938,000 23,220,000
Accounts receivable_ _ _ _129,995,725 145,892,000 171.617,000 162,607,000
Due from banks
29,858,614 27,639,000 31,856,000 37,995,000
Cash
360,127
333,000
287,000
167,000
Bills
17,341.073 14,714,000 16.274.000 20,264,000
Discount on dollar loans 4,500,000
5,000,000
5,000.000
8,000,000
Treasury stock
414,000
703,000
703,000
Total
551,556,308 571.718,000 579,465,000 548,440,000
Liabilities
Common shares
185,000,000 200,000,000 178,750,000 150,000,000
Preferred shares
10,000,000 17,500,000
Preferred shares, Lit. B_
11,250,000 18,750,000
Called pref. shares not
yet surrendered
103,931
318.000
Reserves
42,093,870 61.400,000 46.000.000 22,620,000
Welfare funds
7,723,831
7,283,000
6,878,000 4,640,000
Loans
140,833,500 145,476,000 146,932,000 147,196,000
Mortgages
3,518,050 3,831.000
4,014,000
4,049,000
Accounts payable
153,018.737 110,977,000 131,086,000 145,257,000
Unpaid dive. & interest486,530
366.000
509,000
332,000
Employees' savings accr 18,777,859 27.836,000 24,873,000 21,593,000
Net profit
14.231.000 19,173,000 16,503,000
Total
551.556.308 571.718,000 579,465,000 548,440,000
-V. 134, p. 2918.
'"
---General Empire Corp.
- 1t:
--The capital stock has been dropped from the Boston Stock Exchange list,
the-Bostorrtransferand registration agencies having been discontinued.
V. 134, p. 3645.
-General Leather Co.
-Receivers Named.
James T. Smith was appointed receiver for the company May 17 by
Vice-Chancellor Berry of New Jersey. Toby Furst, who was named coreceiver, was directed to act as counsel also.
The appointment was made on application of the Standard Embossing
Plate Manufacturing Co., a creditor. The bill had been filed by Harry
Phillipson.
Vice-Chancellor Church several weeks ago refused to appoint a receiver,
because Edward B. Levy. a New York lawyer representing a creditors
committee, represented that the committee was trying to decide on a reorganization plan. Last week Vice-Chancellor Berry permitted Samuel
Hollander to file an intervening bill for another creditor.- V. 133, P. 2935.
''General Railway Signal Co.
-Smaller Common Dividend.
The directors on May 26 declared a dividend of 25 cents per
share on the outstanding 320,700 shares of common stock,
no par value, payable July 1 to holders of record June 10.
A dividend of 75 cents per share was paid on this issue on
April 1 last, while from April 1 1927 to and incl. Jan. 2
1932 quarterly distributions of $1.25 per share were made.
The directors also declared the regular quarterly dividend
of $1.50 per share on the pref. stock, payable July 1 to
holders of record June 10 1932.
It is stated that the decision of the board to reduce the common dividend
was arrived at in consideration of the fact that the dollar value of unfinished
signalling orders in hand as at April 30 1932 was only 82.6% of that of the
same date of 1931: that railroad purchases of the Company's products
during the first four months of 1932 had shown a substantial decline from
those of the same period of 1931, and that there is no assurance of an immediate improvement.
-V. 134. p. 3467.
General Refractories Co.
-New Vice-President.
A. W. Clark has been appointed Vice-President. He has been associated
with Stone & Webster Engineering Corp. for more than 15 years and has
been intimately connected with many of their large projects.
-V. 134.
n• 3645.
Georgian Inc.
-Registrar..
The Boston Stock Exchange is advised that First National Bank of
Boston has been appointed registrar for the class A pref. and corn. stock.
V. 134, p. 2732.
Gillette Safety Razor Co.
-Obtains Netv Patent-Suit.
The"Boston News Bureau" of May 27 states:
The Gillette Salety Razor Co. on May 17 was awarded a United States
patent, the claims of which are designed to cover any blade which can be
made to fit the new Gillette or Probak holders-models subsequent to the
three-hold blade type. In a letter to dealers, May 18, it warned that
dealers were equally liable with manufacturers for sale of blades which
infringed the company s patents.
The Standard Safety Razor Corp. of Norwalk, Conn., replying to this
letter, declared "
We and other manufacturers had been making doubleedge blades with various designs of slots for some time before the patent
in question was filed. In the opinion of our patent attorneys, the patent is
invalid.' Of the warning by Gillette to the trade, Standard declared:
"This procedure was followed by American Safety Razor Corp. some time
ago, in connection with the sale of blades manufactured by us and suitable
for use in the Gem Micromatic type of single-edge razor. The U. S. District
Court for the Eastern District of Pennsylvania upheld our right to make
these blades. An appeal has been argued in the United States Court of
Appeals, and we have every reason to believe that the decision of the lower
court in our favor will be upheld."
Asked by the "Boston News Bureau" for a statement on the claims of
Standard Safety Razor Co., Gillette Safety Razor Co. made the following
statement:
"On May 17 1932, we were granted United States Letters Patent No.
1.858.316 for improvements in safety razors. Its claims cover any doubleedged, flexible safety razor blade having a slot which is substantially as
long as the cutting edge and having cut-away corners.
"Such blades are being manufactured by the Standard Safety Razor
Corp., and these infringe our said patent. We are to-day (May 26) riling
suit in the United States District Court of Connecticut against the Standard
Safety Razor Corp. of Norwalk, Conn., for an injunction and damages.
In the opinion of our counsel, the patent is valid and will be upheld by the
Court."
-V. 134. p. 3830.
Granite City Steel Co.
-Earnings.
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page -V. 134, p. 2531.
Guarantee Co. of North America.
-Extra Dividend.
The directors have declared an extra dividend of $2.50 per share in
addition to the regular quarterly dividend of $1.50 per share, both payable
July 15 to holders of record June 30. Like amounts were paid on Jan. 15
and on April 15 last.
-V. 134. P. 2350.
(W. F.) Hall Printing Co.
-Increases No. of Employees.
Nearly 300 persons have been added to the working force of the company
in the last month, It is said, and from 800 to 1,000 more are expected to
be added by July 1 to care for catalogue work.
-V. 134. p. 3283.
Haloid Co.
-25c. Extra Dividend.
An extra dividend of 25c. per share has been declared on the common
stock in addition to the regular quarterly dividend of 25c. per share, both
payable July 1 to holders of record June 15. Like amounts were paid on
March 31 last. An extra payment of 50c. per share was made on this
ssue on Dec. 31 1931 and one of 25c, per share on Oct. 1 1931.
The usua, quarterly dividend of $1.75 per share has been declared on
-V. 134, p. 1382.
I the preferred stock, payable on the same date.
-To Reduce Capitalization.
''-Hamburg-American Lines.
'
.
The stockholders will vote June 29 on approving a proposal to cancel
400,000 marks of capital stock now held in the treasury, and on reducing
the remaining capitalization from 159,600,000 marks (currently about
$38,144,400) to 53,200.000 marks (about $12,714,800). one new share
-V. 134, p. 3830.
4 to be issued in exchange for each three shares now held.
,-
,
-Liquidation Voted.44{armony Mills, Cohoes N. Y.
The stockholders on May 24 voted to liquidate the business "In an orderly
• manner." Manufacturing will cease when all contracts have been executed, according to the announcement by John Skinner, Treasurer.
-V. 134, p.3646.
Harrisburg Bridge Co.
-Bonds Called.
A total of $72,000 1st mtge. 6% 20-year sinking fund gold bonds, due
Dec. 1 1945, have been called for payment June 1 next at 102 and int.
-V. 133,
at the Commonwealth Trust Co., trustee. Philadelphia, Pa.
p.3468.
"szuHercules Powder Co.
-Dividend Decreased.-The directors on May 25 declared a quarterly dividend of 50c. per
share on the common stock, no par value, payable June 25
to holders of record June 14. From March 25 1929 to and
incl. March 25 1932 quarterly distributions of 75c. per
share were made on this issue. In addition, an extra dividend of $1 per share was paid on Dec. 24 1929.
The company also announced a 10% reduction in salaries,
effective on June 1, and adoption of a five-day week for
, employees on salary, effective on June 1.-V. 134, p. 3283.
Hollinger Consolidated Gold Mines, Ltd.
-Investments.
Securities held by the International Bond & Share Corp., a subsidiary,
had a market value of $3,104,440 at the end of 1931, Noah Timmins, President of the Hollinger company, revealed at the annual meeting. He explained that the book valuation of $11,195,980 did not represent cost to
Hollinger, but the market value of securities held as of Aug. 1 1929, practically peak of bull market, and the time when the investment subsidiary
was formed.
Mr. Timmins stated it had always been the policy of the Hollinger company to build up a reserve for the purpose of extending the life of the
company beyond life of original mine, and this reserve had enabled the
company to acquire additional mining properties such as Kamiskotia and
Schumacher.
At the end of 1931 the resources of the investment subsidiary were distributed as follows: Cash, 6.8%; bonds, 32.1%; preferred stock. 11.9%;
common stocks, 49.2%.
Recently the Hollinger company took an option on treasury shares of
San Antonio Gold Mines, Ltd., which has recently completed a mill and
will be producing shortly.
-V. 134, p. 3647.
-New Directors, &c.
Hudson Motor Car Co.
A. Hood and Q. A. Oostdyk have been elected directors, succeeding
E. W. Sheldrick and C. C. Winningham, resigned. A. Hood has been
elected Secretary, succeeding E. W. Sheldricic.
President Wm. J. McAneeny announced that additional Essex models
known as the Standard series, at a new low price, will be publicly presented in the very near future. In its essentials the new line is a companion series to the Essex Pacemaker cars. It consists of four models
a business coupe, coach, four-passenger coupe and three-window sedan.
At the first annual meeting of Hudson-Essex of Canada, Ltd., which
was held on May 20, the following officers were elected: W. J. McAneeny,
Chairman of the board; A. E. 13arit, President and General Manager;
0. G. Abbott. Vice-President: Max F. Wollering, Vice-President, and A.
Hood, Secretary and Treasurer. The board of directors consists of C. G.
Abbott. A. E. Barit, R. D. Chapin, A. Hood, Wm. J. McAneeny, C. A.
Oostdyk and Max F. Wollering.-V. 134, p. 3468.
Humble Oil & Refining Co.
-Buys New Property.
The company has purchased from Strake Oil Corp. 5,000 acres in central
Montgomery County, just north of Houston, Texas, to develop as an oil
prospect. The &rake Corp. drilled one well, the No. 1 South Texas Development Co., near Conroe the county seat, and obtained 15,000.000
cubic feet of wet gas which yields 100 barrels of distillate daily when run
through a separator. The terms were $500,000, partly in cash and the
balance in deferred payments, plus $3,500,000 out of one-fourth of the first
oil, when, as and if produced. Humble will follow with one. The payment
of the $3,500,000 will hinge on the prospects after these wells are drilled.
-V.134, p. 3830.
Imports & Exporters
Reduces Dividend.
-
Insurance
Co. of New York.
A dividend of 25c. per share has been declared on the outstanding
$1,000,000 capital stock, par $25, payable June 1 to holders of record
May 21. A quarterly distribution of 50c. was made on March 1 last, the
first payment since Sept. 1 1931 when a like amount was paid.
-V. 134.
v. 1591.
Insurance Equities Corp.
-Further Expansion.
Control of the North & South American Corp., formerly an affiliate of
American Founders Corp. has passed to Insurance Equities Corp., it was
reported on May 20. The latter has purchased stock of the North &
South American Corp. held by American Founders Corp., which, on Nov.
301931, consisted 0(42.011 shares of class A and 550.016 shares of class B
stock.
The deal further widens the scope of Insurance Equities, which recently
purchased from United Founders Corp. control of Insuranshares Corp.
of Delaware & Insuranshares & General Management Corp. In the casualty field the company has acquired control of Lloyds Casualty, Constitution Indemnity and Detroit Fidelity & Surety Co.
Under its new parent company, the North & South America Corp. has
acquired the sponsorship of nine semi-fixed trusts formerly sponsored by
United States Shares Corp., it is reported. These trusts are Common Trust
Shares, series 2; United Insurance Trust Shares, series F; United Oil Trust
Shares, series 11; United Fixed Shares, series Y; Common Stock Trust
Shares. series A, and Bank Trust Shares, series 1,2 and 3.-V. 134, p.3648.
International Business Machines Corp.
-Dividends.
-
The directors on May 24 declared two regular quarterly cash dividends
of $1.50 per share on the capital stock, no par value, payable July 11
and Oct. 10 to holders of record June 22 and Sept. 22, respectively.
Action on the October dividend was taken at this time because of the
..,_,,possible lack of a quorum at the summer meeting.
-V. 134. p. 3284.
nternational Carriers, Ltd.
-Change in Par Value.
-
The stockholders will vote June 16 on changing the par value of the
capital stock from no par to $1 per share, each present share to be exchange-V. 134. p. 3831.
4
,able for one new share.
'N•International Cement Co.
-Dividend Omitted.
-The
directors on May 25 voted to omit the quarterly dividend
usually payable about June 30 on the outstanding 636,171
shares of common stock, no par value. A distribution of
50c. per share was made on this issue on March 31 last as
compared with 75c. per share on Dec. 31 1931 and quarterly
payments of $1 per share from Dec. 31 1923 to and incl.
Sept. 30 1931. A 10% stock dividend was also paid on
Dec. 311924.-V. 134, p. 3648.
-Diamond Match Sale.
International Match Corp.
Counsel for the receivers for International Match Corp. and for four
banks holding a secured loan of the company have agreed to an adjournment to June 8 of the appeal from the referees order restraining the banks
from selling the 350,000 shares of Diamond Match common stock held as
security for the loan.
3989
Financial Chronicle
Volume 134
The Bankers Trust Co., representing itself and the National City Bank,
Union Trust Co. of Pittsburgh and Continental-Illinois Bank & Trust
Co., appealed from the order which would prevent sale until in days
after appointment of a trustee. Election of a trustee is scheduled fo
June 1. The trustee will decide whether to bring suit for recovery of the
Diamond Match stock.
-V. 134, p. 3831.
Stock Off List.
The participating preference stock has been dropped from the Boston
Stock Exchange list, the Boston transfer and registration agencies having
-V. 134, p. 3831.
been discontinued.
-Earnings.
International Mercantile Marine Co.
[Including Domestic Subsidiaries.]
1929.
1930.
1931.
Calendar Years
Gross voyage earns. & other oper. inc.$14,891,534 $14,857,677 $15,303,564
14.032,571 12,044.767 11,981,835
Voyage and other expenses
811.246
1.072,135
1.072,134
Prov.for deprec.ofsteamers
loss$213.172 $1,740,775 $2,510,484
Operating profit
1,630.321
1,223,538
543,915
Other income
$330,742 $2,964,313 $4,140.805
Total income
1,717,455
1,712,028
1,608.742
Interest paid
def$1,278,000 $1,252,284 $2,423,350
Net profit for year
1,197.936
616,468
Dividends paid
$54,348 $2,423,350
def$1,894,468
Balance, surplus
600,000
600,000
outstand.(no par)_
Shares com.stock
615,000
$4.40
Nil
$2.09
Earnings per share
-V. 133, p. 2444.
-1931 Annual
International Paper & Power Co.
Report.
Company reports that consolidated earnings for 1931, after deducting
all interest and other charges senior to dividends on the preferred shares
of the company and after year-end adjustments, but before deducting
depreciation, amounted to $8,557,189. Dividend payments on the preferred shares of the company charged against surplus during the year
amounted to $1,632,565,leaving a balance before depreciation of $6.924,624.
Depreciation charges amounted to $7,938.950. resulting in a reduction
in surplus for the year of $1,014,326. Following is a summarized statement:
1930.
1931.
Calendar YearsEarnings available for depreciation and dividends
$8,557.189 $12,695,668
On!. P.& P. Co. stocks
Earnings after depreciation available for dividends
4,206.524
618,239
on!. P. & P. Co. stocks
Increasingly adverse business conditions during 1931 were reflected in
all paper and pulp products.
substantial declines in the prices of practically
These declines from 1930 price levels represented in the aggregate a reduction of over $9,000,000 in gross revenues, exclusive of losses due to
curtailment of operations. Earnings from power properties also showed
a decline from the preceding year. The aggregate loss in revenue was.
however, offset to a large extent by economies, chiefly in paper mill
operations.
Year-end adjustments against earnings, largely reductions of inventory
Items to lower prices, were exceptionally heavy and account for the fact
that earnings for the full year are less than those previously reported
for the first three quarters, despite the fact that results from operations
during the fourth quarter showed a profit. In the '13ar-end adjustments,
newsprint inventories were written down from $30 a ton to $25 a ton
at the mill. This adjustment alone reduced both net earnings and current
assets by more than three-quarters of a million dollars.
During 1931 it was impossible to carry out the program for elimination
of floating debt because of declining earnings and because sufficient permanent financing to fund construction expenditures made in recent years
was impossible under prevailing security market conditions. There was,
moreover, an increase of over $12,500,000 in bank loans and current notes
payable of New England Power Association, due primarily to the acquisition
of North Boston Lighting Properties and of Green Mountain Power Corp.
As a result, notes payable to banks and others by International Paper &
Power Co. and subsidiaries as of Dec. 31 1931 amounted to $36,321.780,
an increase of $10,436,330 over the previous year.
Financing by subsidiaries has made possible large reductions in this
figure since the first of the year and on May 20 1932 the consolidated
notes payable of International Paper & Power Co. and subsidiaries stood
at 127,957.106, a net reduction of $8,364,674 since the first of the year.
Further financing by New England Power Association is in contemplation
with a view to providing at an early date not only for its remaining bank
debt (about 17,846,000 of the $27,957,106), but also for the maturity on
Dec. 1 1932 of its two-year notes, which are outstanding in the amount of
120,000.000. Except for this maturity and for the 17,500,000 North
Boston Lighting Properties notes also due Dec. 1 1932, none of the subsidiaries of International Paper & Power Co. have any major maturities
until 1941.
The physical volume of business done in 1931 was about the same as in
1930. Power production for all properties now controlled totaled 5,584.212,000 kwh. In 1931. as against 5,441.623,000 kwh. in 1930. an increase
of 142,589,000 kwh. Total production of paper and pulp for sale in 1931
was 1,499,240 tons, as against 1,494,127 tons in 1930. Although the
decline in tonnage produced was slight, it represented a substantially lower
rate of operation of the total mill capacity available, as during 13l the
company El subsidiaries began to operate the new Panama City, Fla., mill,
the purchased Tonawanda mill and the two new machines at the Dalhousie
mill.
In his remarks to shareholders, Archibald R. Graustein,
President of the company, says:
Preliminary consolidated earnings figures for the first quarter of 1932
Indicate a loss, after interest and depreciation, of about $400,000. Higher
earnings of International Hydro-Electric System, occasioned largely by
better water conditions, were more than offset by the decline in volume
and prices in the business of International Paper Co. and its subsidiaries.
Volume of business is still receding.
The cash position of the company's subsidiaries is continuing to improve.
New England Power Association has in contemplation financing to coverthe balance of its bank debt and its maturities. The bank debt of International Paper Co. and its subsidiaries can be funded only under improved
conditions; but some reduction of this bank debt from operating receipts
can be expected unless conditions average distinctly less favorable than
they were during the first quarter. In the meantime, sinking fund payments are reducing the funded debt.
The properties of the company are proving their efficiency. Costs are
being lowered. The products of the pulp and paper mill.; are being increasingly established in the good-will of their customers. The power
subsidiaries are well equipped to render a high-grade service, are being
operated economically, and enjoy the esteem of the public they serve.
Through economies and savings in operation-chiefly in production
costs-International Paper Co. and its subsidiaries saved between $6.000,000 and 17,000.000 in 1931 over their 1930 basis of cons. The increase
in efficiency which underlay this result is still being extended, and constantly lowered costs are being reached. An intensive effort to achieve
further economies is under way.
Under stabilized business conditions it seems, therefore, that the security
holders of the company can look forward with confidence to a steady
improvement in its position and in its earnings.
-V. 134. p. 3284.
Investment Bond & Share Corp.
-Annual Report.
Year Ended Dec. 31Income from investments
General expense, taxes and exchange
Premium on U. S. funds
Interest on loans
Interest on 5% debentures
Provision for Federal income tax
Foreign income taxes, deducted at source
Dividend on preferred stock
Balance, surplus
Previous balance
Prior year adjustments
1931.
*1324,852
10,263
806
26.107
200,000
3,181
370
1930.
$371,558
13.531
$84.125
163,128
Dr.7,758
141,373
131,784
Dr.10,030
5.138
200.000
5,500
1.014
105,000
Balance, surplus Dec. 31
1163.127
$239.495
* Includes $5.605 proceeds of stock dividends received and sold: also
includes interest of 143,084 on company's 5% debs. purchased during
year and canceled as of Dec. 31 1931.
3990
Financial Chronicle
Balance Sheet Dec. 31.
Assets
1930.
1931.
Llabitines1931.
1930.
Cash
$41,360
$52,047 Accounts payable$6,850
$5,750
Call loans (secured)
293,795 Dividend payable
Interest accrued on
on pref. stock__
26,250
bonds
22,938
41,714 Bank loan (secued) 644,000
500,000
.Bonds and stocks
Accr. Int. on 5%
at cost
x5.321,808 6.931,715
debentures
10,361
16,667
Provision for Fed.
Income tax
5,500
Inv. res: Net prof.
600,875
from sale of sec_
Debs: Ser. A, 5% _ 2,486,500 4,000,000
6% cum. pref. Ink 1,750,000 1,750,000
Common (140,000
abs. no par)
250,000
_ 250,000
Revenue surplus- 239,495
163,128
Total
$5,386,105 $7,319,270
85.386,105 37,319,270
Total
x Market value 31,663,079.-V. 132, P. 3726.
International Power Securities Corp.
-Smaller Pref.
Dividend.
The directors on May 26 declared a dividend of $2 per share on the no
,par value $6 cum. pref. stock, series A. payable June 15 to holders of record
June 1. Previously, the corporation made regular semi-annual distributions
•of $3 per share on this issue, the last payment at this rate having been made
on Dec. 15 1931.-V. 134, p. 684.
Investors Corp., Providence, R. I.
-Financial Report.
Condensed Income Account Year Ended Dec. 31 1931.
Total Income from interest, dividends & security profits
Federal and State taxes
Interest on notes payable
:Salaries
Rent
Auditing
Miscellaneous
$57,028
6.906
4,807
11,901
3.000
2.101
2,249
Net profit
Dividends on 1st pref. stock
2nd preferred stock
Convertible preferred stock
$26,064
117,044
13.500
18,000
Deficit after dividends
$122,480
Condensed Balance Sheet Dec. 31 1931.
A ssets*Bonds
$880,373 $6 18) pref. stock (20,000 abs.
lst
*Preferred stocks
780,522
no par)
$1,000,000
4
00m. stocks & warrants.. _ 2,347,810 $6 cony. pref. stock (4,000
Cash
13,140 shs. no par)
80,000
Int. Jr diva. accr. but not due
37.386 $6 2nd pzef. stock (3,000 ens.
Treas.stk.(1,015 shs. 1st pfd)
69,720
no par)
60,000
Acccunts receivable
8,220 Com.stk.(96,716 abs. no par)
Organization expense
1,000
and gen. res. and paid-in
Prepaid expense
117 surplus
286,017
Liquidation accounts
135,000
Earned surplus
241,692
Capital surplus
1,977,654
Accrued expenses
432
Notes payable
350,000
Unclaimed dividends
194
Reserve for taxes
7.297
Total
$4,138,288
Total
54,138,288
* Cost of securities as shown above. $1.008,704; market value, Dec.
.31 1931. 32.436,249.-V. 134. p. 1773.
Investors Equity Co., Inc.
-Stock to Go Off List.
-
The common stock of no par value will be stricken from the list of the
New York Stock Exchange on June 15.-V. 134. p. 3831.
(Byron) Jackson Co.
-Earnings.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
Current assets as of March 31 1932, including $619,297 cash and shortterm Government and municipal oonds, were $2,115,217 and current
liabilities were $138,555. This compares with current assets of $2,253.535
and current lio.bilities of $182,320 on Dec. 31 1931.-V. 134, p. 3831.
Jersey Mortgage & Title Guaranty Co.
-Div.Omitted.
-
The directors recently voted to omit the dividend ordinarily payable
about this time on the capitas stock. par $50. During 1931 the company
made semi-annual payments of $1 per share on April 24 and on Oct. 23.V. 128. P. 3839- -
----- Vohansen Bros. Shoe Co.
"
-Dividend Deferred.-:
A dividend of 1% was recently declared on the 7% cum. prof. stock,
par $100, payable May 16 to holders of record April 15. Previously,
regular quarterly distributions of 1A% were made on this issue.
-V. 132.
p. 1629.
Knox Hat Co., Inc.-Lirtng-af AdeUtionerfrfiturk.-Name
C anged to The Byrndun Corporation.
,
?
here have been added to the Boati Stock Exchange list 8,280 additiona
(no par value) common stock These additional shares, as Issued,
will be fully paid and non-assessable, nd no personal..lability will attach to
ownership.
The company a authorized by its stockholders on April 7 1932, is selling
a substantial portion of its asaers (including its name, good-will and its
hat manufacturing business) to Hat Corp. of America, this being a new
corporation organized in Delaware to acquire such assets as well as assets of
Cavanagh-Dobbs. Inc.
As a result of this transfer of assets which takes place in accordance with
an agreement dated March 22 1932. the name or the Knox Hat Co., Inc., is
changed to The Byrndun Corp.
-V.134, p. 3648.
Kreuger & Toll Co.
-Ruled Bankrupt-Liquidation to Be
-A Stockholm United Press
Aided by New Swedish Law.
dispatch May 24 had the following:
Kreuger & Toll and two affiliated companies filed bankruptcy proceeding in the (Stockholm) City Court to-day. The petition was granted
immediately.
Another affiliated concern, Angsvik, reached an agreement with the
creditors under which it was understood the creditors would take over the
company's assets in full settlement of claims.
Prof. Martin Fehr, Chairman of the Kreuger & Toll investigating committee, was appointed chief administrator in bankruptcy.
The dispatch further adds:
Kreuger & Toll, the parent company of the vast interests which were
headed by the late Ivar Kreuger, filed a petition in bankruptcy to-day and
applied for annulment of the provisional moratorium granted to it by the
Swedish Government. This action followed the adoption by Parliament
of a bill amending the bankruptcy law. The purpose of the amendment
was to facilitate liquidation of Kreuger & Toll and to give creditors of the
company more protection than was provided under the old bankruptcy law.
Bankruptcy for Kreuger & Toll was recommended last week by the
Swedish investigating committee appointed to look into the affairs of Mr.
Kreuger after his suicide in Paris March 12.
This committee found that he died practically penniless and that his
debts totaled 3168.300,000. The investigators reported that there would be
"little." if anything, left over for distribution to unsecured creditors.
May 28 1932
committee to date and presenting their conception of the
future problems confrontmg the holders.
The report contains a list of the collateral for the secured debentures
and outlines the steps which have been taken to establish the genuineness
and validity oi such collateral. It further points out that the sum of
$687,500, representing the next semi-annual installment of interest on the
$22.000,000 of Yugoslavian bonds, has been paid to the fiscal agent for
that loan and is expected to be paid to the trustee for the secured debentures on June 1 1932.
As regards the future, the committee states that it will be necessary to
vigorously represent the general creditor position of the secured debentures
and to carry on, in the bankruptcy proceedings, the work which, under its
direction, is already under way and which is designed:
(1) To establish an adequate deficiency claim for the secured debentures
as against the general assets;
(2) To scrutinize other claims against the general assets and, whenever
the facts justify, to contest their validity and allowance;
(3) To discover and establish the title of Kreuger & Toll Co. to assets
which might otherwise be claimed on behalf of creditors of other companies in the affiliated group;
(4) To scrutinize the facts relative to transfers of assets and pledges,
particularly those occurring shortly before the death of Mr. Kreuger, so
that any avoidable transfers shall be set aside.
The committee states that a large amount of debentures has already been
deposited and urges all debenture holders who have not yet deposited to
do so promptly.
-V.134. p. 3832.
Katz Drug Co.
-Earnings.
Calendar YearsNet sales
Cost of sales
1931.
37,511,513
5,604,035
Gross profit from sales
Other operating revenue
$1,907.477 31,560,181
97,913
64,231
Gross operating profit
Operating and administrative expenses
$2,005,390 $1,624,412
1,468,937
1,206,215
1930.
36,688,892
5,128,710
Net profit
Miscellaneous income (net)
$536,453
8,454
$418,197
11,379
Net income before income taxes
Provision for Federal & State income taxes
$544,906
70,260
$429,576
54,145
Net income
Previous earned surplus
Sundry adjust. applic. to prior period
$474,646
133,624
1.669
$375,431
69,397
Total
Preferred dividends
Common dividends
Attorney fees in connection with reorganization_
$609,939
91,650
202,266
$444,828
94,468
203,510
13,226
Earned surplus, Dec. 31
$133,624
3316.023
Consolidated Balance Sheet Dec. 31.
1931.
Assets
1930.
Liabilities1931.
1930.
Cash
8240,079 5310,708 Accounts payable_ $220,616 8391,287
23,364
Municipal & real
Dividends payable
6,422
estate bondsSalaries dr waxes._
& accr. Interest_
8,062
81.701 Taxes & insurance
Marketable securs 128,738
Prov. for Fed. &
54,393
70,260
Accts. receivable_ _
State Inc. taxes_
89,092
115,678
Merchandise inv.: 915,168
21.146
971,547 Accrued expenses_
Prepaid insurance,
8,481
Disc. notes roe--__
taxes dr supplies
28,865 36.50 cum. pref.
Stk.subscrip. rec11,212,600 1,251,300
stock
employees
102,483
47,478 Common stock_ _ _ 102,483
41,347
Sundry deposits &
105,484
105,497
Capital surplus_
accounts meth._
133,624
4,110 Earned surplus... 316,023
Investment in corporate stocks_ _ _
12,650
650
Treasury stock_ _ _
46,100
60.397
Equip.& leaseholds 527.798
463,782
Def. store opening
expenses
18,038
Cash suer. val. of
life insur. pol-21.086
Notes rec. disc_
8,481
Goodwill-nominal
value
32,057,106 $2,076,420 Total
Total_
82,057,106 82,076,420
ic Represented by 14,100 shares (no par).
-V. 133. p. 2111.
Kroger Grocery & Baking Co.
-Tax Appeal Allowed.
An appeal of the Kroger Grocery & Baking Co., the S. C. Penney Co.,
Levy Bros. and the Stewart Drygoods Co. from the lower court decision
denying an injunction against the tax adopted by the Kentucky legislature
in 1930, has been allowed by the U. S. Supreme Court.
-V. 134, p. 3469.
Bryant, Inc.
-Omits Common Dividend.
The directors on May 24 voted to omit the dividend due at this time
on the common stock, no par value. A quarterly payment of 25c. per
share was made on Jan. 1 last, at which time the company announced
that action on dividends would be taken semi-annually thereafter.
The company also made quarterly distribution of 25c. per share on
April 1. July 1 and Oct. 1 1931, prior to which the common stock was on
a $2 annual basis.
-V. 134. p. 3649.
Lawbeck Corp.
-Earnings.
An income account for the year ended Dec. 31 1931 is given under
Manhattan-Dearborn Corp. below.
Consolidated Balance Sheet Dec. 31 (incl. Subs.).
Assets1931.
1930.
1931.
1930.
Cash in banks_ __ _$1,022,620 $1,899.048 Bank loans
-due
Real estate loans_ _28,449,730 13,406,983
OD demand_ ___b$3,550,900 g9,150,000
Listed stocks at
Accounts payable. 108,774
17,414
market values_
82.538 Accr.Fed.inc.taxes
51,612
Accts. rec., prep.
Unearned comm's_
37,984
taxes, &c
83,642
88,636 Cum. pref. stock_ _ 5,000,000 5,000,000
Common stock _
x300,000
300,000
Paid-in surplus_ - _ 300,000
300,000
Earned surplus..._ 297,217
620,194
89,555,991 815,477.205
Total
Total
$9,555,091 $15,477,205
a Including 81.666,000 6% real estate 1st mtge, bonds carried at par
under resale agreement. b Secured by real estate loans and bonds (book
355
value of .
•
-Liability for additional advances on real estate loans, $663.000
Note.
k Represented by 300,000 no-par shares.
-V. 132, p. 1818.
Leader Mercantile Corp.
-Dividend Deferred.
-
The directors have voted to defer the quarterly dividend due
the 7% cum. pref. stock, par $100. The last regular quarterlyJune 1 on
payment
of 1 % was made on this issue on March 11932.-v. 132, p. 1818.
Lee Rubber & Tire Corp.
-Earnings.
-
For income statement for six months ended April 30 see "Earnings
Department" on a preceding page.
-V. 134. p. 319.
Lehigh Portland Cement Co.
-New President.
-
Joseph S. Young has been elected President to succeed his father. the
late Col. E. M. Young.
-V. 134, p. 2922.
Following the formal filing of a petition in bankruptcy"
"iI..essing's, Inc.
-Reduces Quarterly Dividend:
of Kreuger & Toll Co. and the enactment of a special Swedish
The directors have declared a quarterly dividend of 25 cents per share.
Payable June 30 to
law with a view to its application to this situation, Grayson distributions of 35 holders of record June 11. This compares with
cents per
ng
irl
-P. Murphy, Chairman of the protective committee for March 31 1932.-V. 134, p.share made from June 30 tto
M.
3469.
the 5% sinking fund gold debentures, has issued an interim
Lloyds Casualty Co.
-New Control.
report to debenture holders reviewing the activities of the
See Insurance Equities Corp. above.
-V.134. IL 1775.
Financial Chronicle
Volume 134
Loblaw Groceterias Ltd.
-Earnings.-
For income statement for' 40 weeks ended April 30 see "Earnings
4 and
Department" on a preceding page.
-V. 134, p. 3286.
Loft, Inc.
-April Sales Higher.
Four Months Ended April 30Saks
-V. 134, p. 3469.
1932.
34,663,616
1931.
34,264,368
Long Bell Lumber Corp.(& Subs.)-Bal. Slat. Dec. 31.
1931.
Assets$
Stumpage
32,283,058
Land
14,141,792
Plants, building &
equipMent____a25,916,619
Treasury stock
11,000
Diking district bds 4,014,000
Cash
1,343,592
Accts. & notes rec. 1,873,203
Inventories
6,265,231
Val. insur. policy_ 372,847
Other assets
5,256,686
Deferred charges 2,392,101
1930.
1931.
1930.
Liabilities$
3
$
32,833,955 Capital stock- _ _ _b51,878,965 53,427,306
13,758,526 Bond debt
33,965,218 37,539,022
Min. int. subs
565,561
476,884
31,292,689 Notes payable_._ 4,495,169 5,616,130
308,947 Accts. payable_ _ _ 472,597
739,879
4,068,000 Mat. dip & impt.
2,672.841
01st. assess
489.441
2,297,136 Accrued interest&
7,986,192
general tax
1,544,452 2,045,019
364,015 Reserves
529,638 1,372,389
10,476,472 Diking dist. bonds 4,014,000 4,068.000
2,825,032 Surplus
def3,996,233 3,510,499
Total
93,870,131 108883,805
Total
93,870,131 108883,805
a After depreciation of $12,327,566. b Represented by 593,921 no par
shares of class A common stock and 542,569 no par shares of class B common
stock, including treasury stock.
Our usual comparative income statement for the year ended Dec. 31
1931 was published in V. 134, P. 3832.
Los Angeles Investment Co.
-Earnings.
-
3991
Assets
Cash in banks
$589,117
U. S. Treas. ctfs.-market_
998,750
Listed stocks-at market
379,302
Accrued int. receivable, &c
8,891
RI. est. loans, equities & inv. a6,291,326
Liabilities and Capital
Miscall. accounts payable_
$10,282
Unearned commissions
37,500
Capital stock,(286,667 shares
declared value $20)
5,733,340
Capital surplus-balance__ _ 2,486,264
Total
$8,267,387
Total
$8,267,387
a As follows: Advances on real estate loans, $877,802; investment in
wholly-owned subs., representing ownership of real estate, at cost. incl.
oper. advances (prop. and other assets, $20,057,238; less 1st mtges. and
accrued interest, $12,361,208), $7,696.030; investment in real estate corpa.,
advances to real estate syndicates, &c., at cost incl. oper. advances, representing a 66% to 100% interest in properties subject to mtge. of $4,971,750, $2,093,395; investment in The Lawbeck Corp. at cost (see balance
sheet of The Lawbeck Corp.). common stock, 299,470 shares out of a total
of 300,000 shares, 32,096,290; pref. stock. 655 shares, $27,808; total,
$12,791,326; less reserve as approved by the board of directors, 36,500,000.
Contractual and Contingent Liabilities.
-(1) Liability under contract to
purchase real estate equity by May 1 1932, 3180,000; (2) Liability under
Letter of credit for guarantee of completion of building and for additional
advances under real estate loan, $390,000; (3) Contingent liability as
guarantor of 6% cumul. diva, on 49,470 shares of pref. stock of Lawbeck
Corp.
-V. 134, p. 2162.
Marine Bancorporation.
-Earnings.
Summary of Income and Surplus for the Year Ended Dec. 31 1931 (Holding
Company Only).
Dividend and interest income
$569,593
Expenses
71,925
Net income
Surplus, Jan. 1 1931
$497,668
125,623
$623,291
343.571
179,250
Years Ended Dec. 31Revenue from operations
Interest revenue
1931.
• 1929.
1930.
$690,206 $1,178,876 $1,847,847
291,756
373,730
360,490
Gross surplus
Dividends
Depreciation in market value of securities
Total revenues
Operating expenses
Interest expense
Taxes
$981,962 $1,539,366 $2.221,577
389,913
500,250
581.143
42.731
115,989
92,898
208.860
206,860
214,072
Net profit from operations
Losses and depreciation
3269,201
652,608
Surplus, Dec. 31 1931
3100,470
Balance Sheet. Dec. 31 1931 (Holding Co. Only.)
LiahiiiiiesAssets
Cash
51,265,474 Initial no-par value capital
Stocks & bonds (at lower of
stock, 8,850 shares, and
cost or market)
330,499 fully participating no-par
Divs., notes & accts. receiv
val. CLIP. stk., 352,804 shs.$13,989,312
391,652
Invest. in stocks of banks &
100,470
Surplus
subsidiary cos.(at cost) _ _ 12,102,156
3732,147 31,388,842
497,156
370,014
Net profot for year before inc. tax_loss$383,407
$362,133
Comparative Balance Sheet Dec. 31.
1931.
1931.
1930.
AssetsLiabilities
Oper. & inv. real
4,500,000
Capital stock
Properties
x3,373,004 1,507,330 Accts.and commisCash on hand & on
sions payable__ _
5,697
33,010
le, deposits
20,659 Accr. payrolls, &c.
23,707
Materials & suppl_
40,687 Notes payable_ _ zL966.750
5,104
Gold notes, home
Accts.,notes&accr.
262,149
int. receivable
maker notes &
122,960
Mtges., tr. deeds
etfs. & dies, pay
71,686
& sales contracts 3,796,707 4,568,586 Mtgcs. payable... 1,788,950
Deposits on rl. est.
Stks.& bds. owned
590,024 Dep. In trust and
(oth.than of subs) 115,713
Unsold real estate
escrow eccounts
10,268
& improvements 3,178,321 3,192,747 Advrental dep.rec.
Furn., mill mach'y
Res. for inc. tax_
100,723 Accrued interest_
y86,959
Sic
Inv. In subs. (at
Restricted surplus 1,322,664
cost)
3,778,821
843,385 2,184,483 Earned surplus
Notes rec. from
subs. (sec.)
1,143,255
Notes & accts. rec.
fr.subs.(unsec.) 726,840
Net adv. to subsid
204,447
Deferred charges
61,890
48,311
$891.686
1930.
5,000,000
18,213
3,671
315,000
72.355
916,170
2,253
32,310
2,840
8,516
9,412
1,485,259
4,854,146
Total
13,477,845 12,720,145
Total
13,477,845 12,720,145
x After deducting $313,315 for depreciation of buildings. y After deducting 387,512 for depreciation. z Of which $922,750 secured and $1.044.000 unsecured.
-V. 132, p. 3160.
""••••• Loudon Packing Co.
-Dividend Rate Reduced.
-
Total
-V. 134, p. 3107.
$14,089,782
Maryland Casualty Co., Balto.-To Reduce Capital.
The stockholders will vote June 14 on decreasing the par value of the
outstanding 500,000 shares of capital stock. from $10 to $2 per share.
and on transferring the difference of $4,000,000 to surplus.
-V. 134, p. 860.
-.........
Mathieson Alkali Works (Inc.).
-Smaller Dividend.
The directors on May 25 declared a quarterly dividend of
37iAc per share on the common stock, no par value, payable
.
July 1 to holders of record June 13. This compares with
50c• per share paid each quarter from Jan. 1 1930 to and
incl. April 1 1932.
A statement issued by the company says:
It is felt oy the management that the $1.50 dividend annually should
be maintained under existing conditions since the company made a horizontal 10% cut in wages and salaries effective May 1.
This wage and salary cut, together with the reduction in dividends should
materially help cash position, and as the heavy depreciation charge of
approximately 31.75 a share on the common stock continues to be maintained as in the first quarterly report, depreciation charges are now in
-V. 134, p. 3108.
excess of the rate of dividend payment.
-Earnings.
Metro-Goldwyn Pictures Corp.
For income statement for 28 weeks ended March 12 see "Earnings De-V. 134, p. 2162.
partment" on a preceding page.
-Earns.
Mitchum,Tully, Participations, Inc., No.2.
A quarterly dividend of 6234 cents per share has been declared on the
common stock, no par value, payable July 1 to holders of record June 15.
Previously, the company made quarterly distributions of 75 cents per share
on this issue.
-V. 133. p. 3798.
Calendar YearsProfit for year
Losses realized on sales ofsecurities
(Alice Foote) MacDougall, Inc.
-Shops in Receivers'
Hands.
-
Balance
•
Previous surplus
Reserve for decline in value of sec. written back-
Four of the coffee shops which Alice Foote MacDougall manages and
operates passed into the hands of the Irving Trust Co. and Allan MacDougall, son of the founder, as receivers in equity May 24.
Federal Judge Francis G. Caffey created the receivership for the Midtown Coffee Shops, Inc.; Coffee Shops, Inc., Maiden Lane,; Grand Central
Coffee Shops, Inc., and Marionettes Coffee Shops, Inc., all affiliates of'
the MacDougall concern.
The four corporations are said to have combined assets of about $500,000
and liabilities of only $300.000, though all lack liquid assets with which to
meet demands of creditors. Several suits have been brought against the
restaurant companies, according to the petition.
-V. 134, p. 2161.
Manhattan-Dearborn Corp.
-Report.
The corporation owns over 99% of the common stock of The Lawbeck
Corp.
Income Accounts for Year Ended Dec. 31 1931.
Manhattan- The Lawbeck
Dearborn
Corp. A.
ParticularsCorp.
Subs.
Combined.
Income:Interest on real eat. loans, &c $105,001
$235,672
$340,673
Inter-co. interest
loss97,438
97,438
Dividends received
69,267
2,662
71.930
Comma.earned on real estate loans
20,919
29,993
50,912
Miscellaneous income
3,484
6,115
9,599
Total income
3101.234
3371,880
3473,113
charges
Interest
253.088
253,088
Income after interest charges
$101,234
3118,792
$220,025
Administrative expenses
86,628
121,742
208,370
Net profit before reflecting losses
on securities
$14,605 loss$2,950
$11,655
Loss on sale of stocks and bonds
176,680
20,027
196,707
Adjustment of stocks & bonds owned
267.203
to market value at Dec. 31 1931_ _ _
267,203
Net loss for year
$429,278
Surplus at Jan. 1 1931_,
3,362.478
Surplus arising from: Purchase and
cancellation of 27,003 shs. of stk.
613,060
Reduction in stated value of shs.
3,440,004
from $32 to $20
$22,977
920,194
36,986.264
Total
on pref. stock_
Divs, paid in 1931losses in realization
Additional res. for
4,500,000
of assets
3897,217
300,000
3152,255
Total Burp. atDec.311931 as shown
$2,486,264
$597,217
In balance sheets
Pro Forma Balance Sheet Dec. 31 1931 (not Consolidated).
Dec. 31 1931. after giving effect to (1) re[Based on balance sheet as of
to $20
duetton of declared value of stock from $32 againstper share; (2) retirement
capital surplus an addio 27.003 shares of stock, and (3) charging
f
realization of assets and the opertional reserve for $4,500,000 for losses in
deficit 10 Dec. 311931.1
ating
614,089,782
Total
Total surplus
Preferred dividends
1930.
$45,302
33.967
1931.
$23,344
12,482
810,861
112,105
•- 3122.966
31.016
•
$11,335
37,618
112,011
5160.963
48,850
5112,105
391.950
Balance Sheet Dec. 31.
1930.
1931.
1931.
1930.
Assets$40,000
Cash
$91,333
$33,438 Notes payable_ __
20,012
Accounts payable_
Securities at cost:
15.525
242.434 Prov.for pref.divs.
156,876
Bonds
383,377 Capital & surplus-x1,066,681 1,087,686
Pref. stocks_ _ _ _ 370,342
428,127
Common stocks 375,730
89,010
Notes & accts. rec _
56,101
1,200
Int.in oil prop__ _
850
.
Syndl. partici-9. &c
5,636
15,447
$1,066,681 $1,163,223
Total
$1,066,681 $1,163,223
Total
x Represented by 37,106 shares pref. stock and 66,511 shares common
stock.
-Estimate market value as of Dec. 31 1931 was lower than cost
Note.
by about $617,000.-V. 134, p. 1970.
Surplus, Dec.31
-Introducing New Brand.
(Philip) Morris & Co., Ltd.
This company Is introducing in Boston its new cigarette brand. Unis,
which sells at 15 cents for a package of 20, with a coupon in each package
good for one cent in cash. The brand has already been introduced in a
few other localities, notably in the South, and is reported to have received
-V.134. p. 686.
a good initial reception.
-To Reduce Par Value of
Morristown Securities Corp.
Preferred Shares.
A special meeting of the stockholders will be held on June 6 for the purpose
of considering and acting upon a proposal to reduce the authorized capital
of the corporation from 32,650.000 to $775.000 by reducing the par value
of the present authorized shares of 5% cum. pref. stock from $100 Per
share to $25 per share, the number ofauthorized shares to remain the same,
to transfer from capital to surplus account the sum of $75 per share in
respect of each share of issued and outstanding pref. stock, amounting
altogether to $1,258.000, to amend the certificate of incorporation, as
amended, to provide that no dividend or dividends shall at any time be
declared on the common stock unless at the time of such declarat.on the
net assets of the corporation, as determined by the board of directors, are
equal to at least $100 in respect of each share of pref. stock outstanding,
plus $1 In respect of each share of common stock outstanding plus such
amounts as from time to time, by resolution of the board of directors.
may have been transferred thereto.
At the present time 16.774 shares out of an authorized issue of 25,000
shares, of pref. stock of the par value of $100 each, are issued and outstanding. These are carried in the capital account at 31.677.400; the total
of such capital account, including common stock, is $1.764.829.
"Under the laws of'the State of New York, no dividends can be paid on
the preferred or common stocks of this corporation if its net assets are
below its capital. At the present time net assets are less than capital.
and unless there is an increase in security values the corporation as now
capitalized will be compelled to discontinue pref. and common stock dividend payments even though net curt' nt incomefrom interest and dividends
3992
Financial Chronicle
might be sufficient to warrant their continuance," states President
Murray H. Coggeshall.-V. 134, p. 1039.
Motor Wheel Corp.
-Earnings.
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V. 134, P. 1971.
Mountain Producers Corp.
-Balance Sheet Dec. 31.
(Including Wyoming Associated 011 Corp.)
1931.
1930.
1931.
1930.
AssetsLiabilities-$
$
0111'ds de leases_ _ x14,009,759 15,964,204 Capital stock
16,821,820 16,821,820
Field Inv. & equip_
69,173
y60,572 Accounts payable_
87,204
71,106
Stock in other cos_ 624,201
629,850 Dividends payable 347,679
684,055
Cash
1,015,813 1,052,874 Deferred credits- 84,204
U.S. bds. & notes_ 1,654,333 1,281,824 Surplus
4,021,464 5,948,979
Accts. de notes rec. 828,332
703,564 Res. for taxes and
Storage oil contract 3,164,970 3,199,741
contingencies. _ _ 163,852
215,374
Deferred assets_
37,068
116,959
Deferred charges
22,272
32,046
Total
21,425,921 23,841,636
21,425,921 23,841,636
Total
x Less reserve for depletion. y Less reserve for depreciation.
Our usual comparative income statement for the year ended Dec. 31
1931 was published in V. 134. p. 3834.
Murray Corp. of America.
-Earnings.
-
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 2923.
------National Brick Co. of Laprairie, Ltd.
-May Reorganize.
Plans for a reorganization of the capital structure of this company,are under consideration, and it is understood that a preliminary draft of a proposed
scheme of refinancing has been drawn up. The company defaulted interest
due March 1 1932, on its 1st mtge. bonds and the security created by the
trust deed has become enforceable.
The present structure comprises $1,600,000 of 6% 1st mtge. bonds, due
1949; $1,669,800 of6% pref. stk. par $50, and 20,698 shares of no par corn.
stock. (Toronto "Financial Post.")
-V. 134, p. 1971.
National Candy Co.
-Earnings.
Calendar Years1931.
Net profit for year
$154,606
Previous surplus
2,330,741
Minority shareholders'
int. in surp.ofsubs_
Excess of par or declared
value, of treas, stock
overcoat
1294357
1929.
1930.
5945,901 $1,348.989
1,778,718
2,159,440
1928.
$468,323
1.883,058
241.846
234,879
322,259
32,615,204 $3,427,600 53,369.553 $2,586,260
Total surplus
Dividends paid
550,023
630.283
596.300
565,696
Adj. of min. interest in
surplus of subs
379,641
322,259
241,846
Adjust.of book val. ofsec
129,446
Losses in connection with
closing of factories_ _ _
86,935
291,555
may
28 1932
unsold copper at cost or market, whichever is the lower. Writing unsold
copper down to 5.75 cents a pound from 6.70 coots, the price at which
It was carried Jan. 1 1932, resulted in charging to the quarter's earnings
3383,295.-V. 134, P. 3470.
New Amsterdam Casualty Co.
-Acquisition.
The company proposes to acquire control of the United States Casualty
Co. through exchange of one share of New Amsterdam capital stock for two
shares of U. S. Casualty stock. There are 60.000 shares of capital stock
outstanding of the latter company. The directors have accepted the terms
of the proposal subject to the approval of the stockholders at a special
meeting to be held on June 14.
The New Amsterdam company will also reinsure the ultimate liability
of U. S. Casualty under contracts of insurance, reinsurance and indemnity.
Edson S. Lott will remain President of U. S. Casualty, which will continue to operate as an independent company. Norman R. Moray will be
elected Vice-President and director.
As of Jan. 1 1932 the combined statements of the two companies, based
on Insurance Commissioner's convention values, showed capital at $5.250,000; surplus, $3,600,000; premium reserve, $8,700,000; claim reserve,
313,300,000, and other reserves, $3.850.000.-V. 129, p. 490.
" New England Fuel Oil Corp.
-Liquidating Dividend.
-
The directors have declared a liquidating dividend of 75 cents per share
on the capital stock, payable May 23 to holders of record May 20.-V.
132, p. 3162.
New Jersey Fidelity & Plate Glass Insurance Co.
Withdrawing from Business.
This company, organized in 1868, is withdrawing from active business
and has reinsured all risks, except fidelity and surety, with the Commercial
Casualty Insurance Co., it is stated. The classes reinsured include automobile liability, liability other than automobile, workmen's compensation,
plate glass, burglary and theft, automobile property damage, automobile
collision and property damage and collision other than automobile.
The statement of the New Jersey company as of Dec. 31 1931. sowed
assets, $5,983,366; capital,$800.000; unearned premium reserve, $1,577.688:
loss reserve, $2.621,928; net surplus, exclusive of $50,000 voluntary
reserve, $617,077. Premium income in 1931 was approximately $3.200,000,
most of which came from policies covering automobile liabiltly and automobile collision and property damage.
-Earnings.
Newmarket Mfg. Co.
Jan. 2 '32. Dec. 27 '30. Dec. 28 '29. Dec. 29 '28.
Year EndedNet loss after deprec.
$626,464
taxes & all other chgs. 4159,051
$90,924prof$245,000
x After charges for depreciation of $130.257.and marking down of all
inventories to cost or market, whichever is lower.
Comparative Balance Sheet.
LiabilitiesJan.232. Dec. 27'30.
Jan. 2'32. Dec. 2730
AssetsCapital stock
83,240,000 03,240,000
Real estate, ma300,000
chinery, &c_ -x32,640,650 82,747,356 Notes payable_ _
906,179
629.677 Accept'ces payable
384,129
5.715
Cash
172,297
Accounts payable. 127,554
Notes receivable &
825.40.5
666.354
64.126 Surplus
73.406
trade accept'cias
680,082
457,617
Accts. receivable
987.346
747,816
Inventories
41,009
30,291
Deferred charges- _
Consol. surp. Dec.31- 51,935,734 52,330,741 $2,159,440 $1,778,718
Consolidated Balance Sheet Dec. 31.
$4,333,908 $5,149,596
Total
84,333,903 55,149,598
Total
1931.
1931.
1930.
1930.
-V. 134, p. 1386;
x After deducting $1,918,185 reserve for depreciation.
Assets
Liabilities
$
V. 132, p. 4779.
195,181
Cash
753,980 Accounts payable_
608,486
207,762
Bank ctfs. of depos 325,000 1,125,000 Dividends payable 131,983
-Earnings.
New York Dock Co.
140,145
828,333 Accrued accounts _
Marketable seeur_ 1.180,548
85,409
44,682
For income statement for quarters ended March 31 see "Earnings DeCustomers' accts. x723,119
99,067
823,935 Federal Inc. taxes_
182,410
partment" on a preceding page.
-V. 134. p. 3289.
Accrued Interest
18,418
5% ser. gold notes 752,000
789,000
New York Investors, Inc.
-1st Pref. Div. Deferred.
Adv. on raw maMin. shareholders'
Interest In subs_ 654,537
terial for contract 120,602
685,640
The directors on May 26 voted to defer the semi-annual divi1.340,472 1.716,837 7% 1st pref. stock 944,100 1,000,000
Inventories
dend of 3% due July 15 on the 6% cum. 1st pref. stock, par
Cash value of life
7% 2nd pref. stock 1,014.000 1,131,100
64,792
63,680 Common stock... 4,870,125 5.294,500
insurance
$100. The last regular semi-annual payment on this issue
1,935,734 2,330,741
159,749 Surplus
164,598
Other assets
was made on Jan. 15 1932.-V. 134, p. 3289.
159,881
Capital stk. of co.
Permanent assets y6,017,965 6,143,776
\ Niagara Hudson Power Corp.
---,
-Conversion of Stock.
Deferred assets__ _ 118,135
90.806
The stockholders have been notified by a letter from the corporation
Goodwill, patent
that June 1 is the date set for the conversion of the old $10 par value shares
rights & tr. mks.
of common stock into new $15 par value shares on the basis of one new
share for three old shares. This conversion will be made in accordance with
10,682.137 11.865,982
10,682,137 11.865,982
Total
Total
the vote of the stockholders at the annual meeting on April 12 at which
Less allowance for doubtful accounts, &c. of $35,370. y Less allowthe plan was approved. The letter to stockholders urges that old certifiance for depreciation of 33,702,010.-V. 134, p. 3650.
cates be sent in promptly to the transfer agent to avoid delay in future
---National Casualty Co., Detroit.-Dividend Reduced.
- transfers. states that after the
The letter
conversion holders of the corporation's
A quarterly dividend of 10c, per share has been declared on the capital
three classes of option warrants will be entitled to purchase, for the same
stock, par $10. payable June 15 to holders of record May 28. Prveiously,
total amount of money, the number of new shares into which the old shares
-V. 124, p. 3642.
quarterly distributions of 30c. per share were made.
called for by the warrants have been converted.
New York Curb Exchange has notified the corporation that trading
National Service Cos. (& Controlled Underlying in The old common stock and warrants
the
will be terminated within a week
Companies).
-Balance Sheet Dec. 31 1931.or 10 days after June 1. Transfer books of the corporation will be closed
on the old stock on June 1.
Liabilities
Assets
Arrangements have been made with J. P. Morgan & Co.,
Funded debts & mortgages__ $8,265,642
Land and privileges, buildings,
for the purchase and sale of scrip representing fractions of transfer agent,
machinery and equipment_ y$19142,721 Purchase money equip. notes
new shares for
188,355
the accommodation of stockholders wishing to round out holdings in CaSedi
366,293 Accounts payable
1.267,957
Cash
where the number of old shares is not evenly divisible by three.
Dividends declared
6,808
Accounts, notes and interest
-V. 134,
105,000
981,455 Notes payable, banks
receivable
130,626
303,591 Notes payable, others ____
Securities
13. 3272
Niagara Share Corp.
-Dividends, &c._
168,335
449,577 Accrued items
Merchandise and supplies...
In addition to the dividends announced last week, the
31,539
Prepaid Items
217,469 Reserve for dividends
also declared regular quarterly dividends of $1.50 per share directors have
9,146 Minority Interest
Investments
preferred stock for the quarters ended Sept. 30 and Dec. 31 on the class A
Rights, established routes and
Prior pref.stock of underly.
1932, payable
Oct. 1 1932 and Jan. 3 1933 to holders of record Sept. 16 and
x1,400,685
organization expense
companies
1,596,952
Dec. 16.
respectively.
Deferred charges
Junior pref. stock of under228,824
Tstockholders having approved the reduction in the capital
tive
x3,786,365
lying companies
stock,
company announces that the plan of exchange has become effective. the
72,664
Common stock and surplus
The
old preferred is exchangeable for class A pref. stock on a share-for-share
Capital stock & surplus of
basis and the old common stock is exchangeable for class B common stock
National Service Cos.
on basis of five old shares for one B common share. See also V.
34 cony. particip. pref. sh.s. $444,430
134, P.
3650, 3834.
$3 cony. partielp. pref. shs. 4,588,734
Com, share purch. warrants_
2,090
Nitrate Co. of Chile (Cosach).-Committee Organized.
Common shares and surplus. 2,836,799
Henry P. Fletcher, Chairman of the committee representing American
Interests, issued the following statement Wednesday:
Total
$23,296,028
$23,296,028
Total
"The Chilean Nitrate committee formed in New York, the personnel of
a Includes cumulative dividends not declared or paid. y After reserve
which was announced last week, met and organized to-day.
general
for depreciation of $1,923.149. Our usual comparative income statement
discussion of the situation, sub-committees were formed After a
to consider in
for the year ended Dec. 31 1931 was published in V. 134, p. 3834.
detail in co-operation with the management of the companies, the plan for
reorganization under consideration by the committee."
-V. 134, p. 3834.
.. ""--...National Standard Co. (Mich.).
-Smaller Dividend.
The directors on May 25 declared a quarterly dividend of 30c. per share ----North German Lloyd.
-To Decrease Capital Stock.
on the common stock, no par value, payable July 1 to holders of record
The stockholders will vote June 28 on approving the cancellation of
June 20. The company made payment of 50c. per share on April 1 last, as
11,500,000 marks of capital stock (currently about $2.748.009) and decreasagainst 75c. per share previously each quarter.
-V. 134. p. 2539.
ing the remaining capitalization from 148.500.000 marks (about 035,491,500) to 49.500.000 marks (about $11.830.000).
Nevada Consolidated Copper Co.
-Earnings.
The stockholdes will also vote on a proposal to convert 3.340,000 marks
For income statement for 3 months ended March 31, see "Earnings
(about $798,260) of capital stock into ordinary shares.
-V. 134. p• 3650
Department" on a preceding page.
.
North & South American Corp.
In the first quarter of 1932 the company produced 16,902.963 pounds
-New Control.
of copper at its three properties in Nevada, Arizona and New Mexico,
See Insurance Equities Corp. above.
-V. 133 p. 971.
monthly average of 5,634.321 pounds. Company ores milled and smelted
Nova Scotia Public Cold Storage Terminals, Ltd.
during the quarter totaled 826.517 tons. Of this total, 824,967 tons were
of concentrating ore averaging 1.218% copper and 1.550 tons were of
Bondholders to Meet.
direct smelting ore shipped to smelter. The company also milled and
The bondholders will hold a special meeting June 2 for the following
smelted 53,634 tons of custom ore at the Nevada plants. The daily tonnage
among other purposes:
of company ore milled averaged 9,066 tons for the quarter.
(1) To consider and, if deemed advisable, to sanction the modification,
The average recovery in the form of concentrates for all company mateabrogation, alteration, compromise or arrangement of the rights of the
rial milled was 84.87% of the copper in the feed, a yield of 20.68 pounds
bondholders against the company and its property in the following'para ton treated.
ticulars: (a) By realeasing from the operation of the deed of trust and
The net cost a pound of copper produced, after crediting gold and silver
mortgage and from the security thereof and from the security of the bonds.
and miscellaneous earnings and income from subsidiaries. was 9.53 cents.
certain property forming part of the mortgaged premises; (b) by waiving
This includes all operating and general charges of every kind, except
the provisions of Articles VIII and XVII of the deed of trust and mortgage
depreciation and reserve for Federal taxes.
relative to sinking funds and successor companies, respectively; (v) by
D. C. Jackling, President, says that the management has decided to
directing the trustee to waive any and all defaults on the part of the comreport earnings, beginning this Quarter, on a sales basis, carrying all
pany.
Volume 134
Financial Chronicle
(2) To consider and, if deemed advisable, to sanction the exchange of
all or any of the outstanding bonds for other bonds or debentures upon
such terms as may be deemed advisable.
(3) To consider and, if deemed advisable, to authorize the trustee to
concur in and execute a deed supplemental to the deed of trust and mortgage
containing such terms, covenants and conditions as may be deemed advisable.
(4) To appoint, if deemed desirable, a committee with power and
authority to exercise on behalf of the bondholders such of the powers of
the bondholders as may be deemed advisable.
(5) To consider and, if deemed advisable, to pass as an extraordinary
resolution or extraordinary resolutions such resolution or resolutions as
may be deemed advisable in the premises.
-V. 127. p. 2836.
Ohio Oil Co.
-Buys Service Stations.
The company has purchased five service stations in Columbus, Ohio,
increasing its number of stations there to 30. It entered the marketing
field a year ago with the acquisition of 14 stations in Columbus and stations
-V. 134, p. 3650.
in 19 other Ohio towns.
160 West 55th Street, Inc.
-Plan Operative.
The committee has declared operative and effective the plan of readjustment and reorganization, dated May 7 1932.
The holders of certificates of deposit who have filed with the depositary
written notice of their dissent from that plan, on or before May 23 1932,
may withdraw from deposit the bonds represented by such certificates of
deposit and in respect of which such dissent has been filed, by surrendering.
to the depositary the certificates of deposit, properly endorsed in blank,
and paying the sum of $5.84 for each $500 of bonds withdrawn, which sum
the committee has fixed as the pro rata share of the expenses, indebtedness,
obligations or liabilities of the committee, payable by the holders of such
bonds.
-See V. 134, p. 3650.
-'Otis Steel Co.
-Opens New Mill.
The new continuous strip mill of this company, recently completed at a
cost of $5,000,000. has been placed in operation. The mill, which is one
of' the largest of its kind in the world, is producing material for automobile
companies. It has a capacity of about 50,000 tons a month.
-V. 134.
P. 3651.
-Outlook Company.-licarrk-a-wpfey
The company, publishyof The Outlook and Independent, was petitioned
thar
into bankruptcy May 25 Whether the magazine will continue to be published is a question
the receiver will decide, Francis Rufus Bellamy,
Editor and President of the company, said.
Mr. Bellamy, who made no estimate of the company's liabilities or assets
and was one of the petitioners, said the action had been taken because of a
falling off in advertising and the pressure of small creditors.
Pan American Foreign Corp. (Del.).
-Stock
to Be Dis-
tributed.See Pan American Petroleum & Transport Co. below.
-V. 134, p. 3651;
' Paramount Publix Corp.-Listing-of-Gotntnon
---
Stoek--4P-04..
he New York Stock Exchangpas authorized the listing of 3,392,307
t
sh res of conunon stock (par $10) ch upon official notice of the tilmg of
the certificate of change, changi g the authorized common stock without
par value (both issued and unissued) of the corporation into common
stock with the par value of $10 per share.
The Chemical Bank & Trust Co. has been appointed registrar of the
capital stock, effective May 27 1932.
To Purchase Common Stock.
The stockholders of the corporation at their adjourned annual meeting
held April 26 1932, voted their approval of certain personal service contracts,
authorized by the board of directors of the corporation at a meeting held
March 18 1932. between the corporation and Adolph Zukor, John Hertz,
Sam Katz, Emanuel Cohen, Ralph A. Kohn and Sir William Wiseman,
directors or executives of the corporation, under the terms of which contracts six blocks of common stock of the corporation, each block consisting
of a total of 108,000 shares for all such directors or executives, will be set
aside, one block for each six months' service between Jan. 1 1932 and
Dec. 31 1934. for issue to such directors or executives on payment by them
respectively in cash of $15, 418. $21, $24, $28 and $32 per share for the
respective blocks, the right of each such director or executive to take up his
respective shares of each block extending to Dec. 31 1935, and being
'conditioned upon his having continued in the employ of the corporation
during the six months' period for which each block is reserved.
--V. 134,
p. 3835.
American Petroleum & Transport Co.
-Reduces
Capitalization-To-Distri6444e-79tritilarNow-P-se6i....
The stockholders on May 23 approved a proposal to change the par
of the common stock and class B stock from $50 to $5 per share,value
each
present share to be exchanged for one new share.
The stockholders also approved the distribution among themselves,
upon authorization by the directors, of the shares of the Pan-American
Foreign Corp., recently formed in Delaware to acquire all foreign properties
of the Pan-American Petroleum & Transport Co. The Pan-American
Petroleum stockholders will receive stock in Pan-American Foreign on a
share for share basis, the Pan-American Petroleum & Transport Co. retaining their present share interest in the domestic properties.
The Standard Oil Co. of Indiana, which owns about 96% of the
stock of Pan-American Petroleum & Transport Co., has agreed to capital
sell its
interest in Pan-American Foreign Corp. to the Standard Oil Co. of New
Jersey.
E. G. McKeever has been elected a director and subsequently President
of the Pan-American Petroleum & Transport Co. to succeed R. G. Stewart,
who resigned as President to head the Pan-American Foreign Corp.
Other
officers to resign from Pan-American Petroleum included Harold Walker,
William Green and T. S. Cooke, all Vice-Presidents and directors.
McKeever also was elected a director of all subsidiary and affiliated Mr.
companies of Pan-American Petroleum and Transport.
Other officers of the Pan-American Foreign Corp. elected are: Eugene
Holman, D. L. Harper and G. W. Gordon, Vice-Presidents; R. P.
Resor,
Treasurer, and M. II. Eames, Secretary. Virtually all of these are now
connected with the New Jersey company, it was stated.
Listing of Common Stock ($5 Par) and Class B Common
Stock ($5 Par Value).
The New York Stock Exchange has authorized the listing og
shares of common stock (par $5), and 2.477,902 shares of class B1.000,000
stock (par $5) on official notice of the filing of the amendment tocommon
tificate of incorporation, with authority to add 51,517 shares of the cerclass B
common stock upon official notice of issuance in connection with the con-year convertible 6% sinking fund gold bonds of the company.
version of 10
A reorganization of the properties, assets and business of Pan American
Petroleum & Transport Co. has been had, pursuant to which there
organized in Delaware a corporation known as "Pan American has been
Foreign
Corp." with shares of class A common stock (voting) and class B common
.stock '(non-voting) of the roar value of $1 per share. The number of shares
of the respective classes of stock authorized and issued corresponds with the
number of shares of the common stock (voting) and class B common stock
(non-voting) of Pan American Petroleum & Transport Co. Pursuant to
the plan of reorganization Pan American Foreign Corp. has acquired all of
she subsidiary, affiliated and controlled companies of Pan American Petroleum & Transport Co. operating outside of the United States, and all of the
yank ships formerly owned directly by Pan American Petroleum & Transport
Co., in exchange for all the oustanding shares of class A common stock and
all the outstanding shares of class B common stock of Pan American Foreign
Corp. The effect of this reorganization was to segregate in one corporation,
Pan American Foreign Corp., wholly owned by l'an American Petroleum &
Transport Co., all of its foreign business, leaving in the other subsidiaries
of Pan American l'etroleum & Transport Co. its domestic business.
Upon the reduction of the capital and the amendment of the certificate of
incorporation of Pan American Petroluem & Transport Co., said company
will distribute to its shareholders shares of stock of Pan American Foreign
Corp. on the basis of one share of class A common stock for each share of
common stock of Pan American Petroleum & Transport Co., and one share
of class B common stock for each share of class B common stock of Pan
American Petroleum & Transport Co.
3993
In addition to all the issued and outstanding shares ofstock of both classes
of Pan American Foreign Corp. so to be distributed, Pan American Petroleum & Transport Co. holds the following stock ownership in its subsidiary
companies:
Capitalization
Owned by
Name of Company
Authorized.
Issued. Parent Co.
Mexican Petroleum Corn
100,000 common
74,015
x74,004
Mexican Petroleum Corp. of Georgia.1,000,000 Common
700,000
700,000
Mexican Petroleum Corp. of La.,Inc. 15,946 common
15,946
15,946
Pan American Petroleum Corp. of Tex
1,000 common
500
500
Pan American Petroleum Corp
100,000 common
100,000
100,000
American Oil Co
20,700 common A
20,700
20.700
American 011 Co
20,700 common B
20,700
Lord Baltimore Filling Stations, Inc
250 common A
250
250
Lord Baltimore Filling Stations, Inc
250 common B
250
x The other 11 shares are directors qu)lifying shares.
Pan American Foreign Corp. holds the following stock ownership in
subsidiary companies:
Pan American
F'oreion Corp.
Class of
Issued
and (or)
CompanyStock,
Shares.
Subsidiaries.
Mex.Pet. Co., Ltd. of Del
common
457,293
2450,718
Mex.Pet. Co.,Ltd.of Del
preferred
120,000
8119,239
Common
Huasteca Petroleum Co
150.000
b146,793
Mestere Petroleum Co
k3,194
COMMOn
Tuxpan Petroleum Co
c9,997
10,000
Cla Navlera Tr. de Petroleo. _common
1,000
c1,000
Doheny,Bridge y c11
Ps. 250,000
partnership
dPs. 245.000
Doheny, Bridge y cla
cPs. .5,000
Green y Cia
Ps. 250,000
partnership
dPs. 245,000
, Green y Cie
cPs. 5,000
Common
Cia Petroiera Ulises
453
c453
Mexican Petrolsum Co
common
6,576,994
b6,576,278
common
Tamaihua Pat. Co
b9,997
10,000
Lago Petroleum Corp
common
4,000.000
23,999,120
Lago Oil & Trans. Co. Ltd
ordinary
25,100
10,000
Lago Oil& 'I rans. Co., Ltd
e4,900
Lago Oil & Trans. Co., Ltd
preference
224,993
25,000
common
Lago Shipping Co., Ltd
800,000
f799,998
British &ilia Oil Co
common A
e20,000
20,000
British Zulia Oil Co
common B
10,000
el0,000
Caloric Company
common
28:610
8,620
Caloric Company
preferred
23,990
4.000
Tide Water Oil Exp. Corp
common
2163
167
Ebano Asphalt Werke A. G
2900
900
EbanoAsphaltGeselLschaft,m.b.H.
Rm. 1,000,000
aRm.510.000
Emas A.G.fuer Strassenb'darf.
.
200
1200
gRm. 13.300
Euphalt Gmelischaft, m.b.H
Rm.20,000
Eufalto. S. A
Lir.
hLir. 50,060
50.000
Teersbaustfof Gesell., m.b.H.
hRm. 20,000
Rm. 20,000
Polski Eufait G.m.b.H
Z. 50,000
hZ.50,000
Kanasphalt G.m.b.H
S. 20,000
hS. 10,000
Cie Pan Americaine de Petroles et
de Transports
a4,000
4,000
S. A.Bltumes Ebanc
a10,000
10.000
Bimold S. A. pour Is Fab. d'Emulslow Colioldales de Bltume. _ ordinary
50,000
240,000
Bimold S. A. pour la Fab. d'Emulskins Colloidales de Bitume__ foundders
a5,000
20,000
Ebano Oil Co., Ltd
ordinary
93,177
125,517
Pet. Sotr.& Fin. Corp., Ltd _ ordinary
1200,000
400,000
Pet.Stcr.& Fin. Corp., Ltd - _ _ deferred
1,500,000
1750,000
'National Filling Stations, Ltd_ _ordinary
2
12
Cleveland Pet.Prod. Co., Ltd.._ ordinary
4(0
1400
Cleveland Pet.Prod. Co., Ltd_ _ preference
207
1207
British 011 Storage Co., Ltd.__ _ordinary
50,000
150,000
a Owned by Pan American Foreign Corp. b Owned by Mexican Petroleum Co..
Ltd. of Del. c Owned by Huasteca Petroleum Co. d Owned by Cia Naviera
Transportadora de Petrolec. e Owned by Lagc Petroleum Corp. f Owned by
Lego 011 & Transport Co., Ltd. g Owned by Ebano Asphalt Gesellschaft, m.b.H.
h Owned by Euphalt Geselisenaft, m.b.H. I Owned by Ebano Oil Co.. Ltd.
1 Owned by Petroluem Storage & Finance Corp., Ltd. k Treasury stock.
Authority for issue.
On May 3 1932, holders of more than a majority of both the common stock
and class B common stock consented in writing to the reduction of the capital of the corporation by the amount of $156,784,477, which reduction in
capital is to be carried into effect by an amendment of the certificate of
Incorporation reducing the par value of the shares of common stock and
class B common stock from $50 per share to $5 per share.
The board of directors of l'an American Petroleum & Transport Co. on
May 4 1932. adopted a resolution declaring it advisable and recommending
to the stockholders of the corporation, that the certificate of incorporation
of the corporation be amended to provide for the reduction of the par value
of its common stock and class B common stock from $50 per share to $5 per
share. At a meeting of the stockholders held on May 23 1932, an amendment of the certificate of incorporation was authorized.
Control of Pan American Petroleum & Transport Co. has become vested
in Standard Oil Co. (Indiana) by reason of the acquisition by Standard Oil
Co. (Indiana) as of May 12 1932, of 971,897 shares of the common stock
and 2,301,398 shares of class B common stock of Pan American Petroleum &
Transport Co.
-V. 134, p. 3835.
Park & Tilford, Inc.
-Earnings.
For income statement for 3 months ended March 31 see "Earnings
Department' on a preceding page.
-V. 134, p. 2541.
Parmelee Transportation Co.(& Subs.). Earnings.
Calendar Years1931.
1930.
1929.
Operating revenue
$18,105,272 $21,806,923 $13.283.283
Operating and other expenses
16,093,367 21,417.521 11,921,885
Depreciation and amortization
2,718,584
Net operating revenue
Other income
loss$706,679
156,876
$389,402 S1.361,398
218,545
353,165
Total income
loss$549,804
$607,947 $1.714,563
Interest, &c
616,151
608,344
331.720
Federal taxes
37,625
77,435
Minority interest
43.009
Special reserve approp. for conting
2,000.000
Net loss
$3,165,954
$38,021 pf$1262,400
Preferred dividends
45,000
54,016
Common dividends
381,418
245,816
Deficit
$ 3,165,954 $464,440 sur$962,568
Quarterly Earnings.
--For income statement for quarters ended March 31,
see "Earnings Department" on a preceding page.
Consolidated Balance Sheet December 31.
1931.
1930.
1931
1930.
Assets$
Liabilities$
g
Realty, leasehold &
Common stock- _x4,682,328 4,682,328
equipment
6,001,715 10,159,720 Minority interest. 297,135
339,415
Franchises, contr.,
Funded debt
3,125,000 3,125,000
leases, &c
3.835,764 3,829,767 Accounts payable. 229,135
498.688
Securities owned 4,209,696 5,392.050 Bank loans
52,000
315,000
Cash & securities_ 1,890,454
Notes payable__
255,150
Deterred accts. rec. 633,551
Accruals & miscell. 300.042
368,933
Cash & call loans_ a354,110
725,416 Equip. notes and
Accts. & notes rec. 306,698
309,297
sects. payable_ _ 2,957,147 4,680,212
Inventories
168,591
194,829 Equip. trust cert.
Deposits
216,139
210,105
and mtge. pay_ 383,350
535,016
Interest & divs. rec. 79,810
52,631 Reserve
3,467,417 1,166,080
Deferred charges_ 583,480
491,660 Surplus
y2,531,306 5,654.801
Total
18,280.009 21,365,473
Total
18,280,009 21,365,473
a Cash only. x Represented by 721.905 no
Paid in surplus, $5,072,982; capita surplus, par shares. y As follows:
$226,701; earned deficit.
$2.768,372; balance surplus as above. $2,531.306.-V. 133. p. 3978.
Penn General Casualty Co., Phila.-To Reduce Capital.
A special meeting of the stockholders will be held on July 21 to vote on
reducing the capital stock to $250,000 from $500,000 and transferring the
amount of the reduction to surplus.
Financial Chroniclp
3994
Perfect Circle Co.
-Record Canadian Sales.
Perfect Circle piston ring sales in Canada for the first four months of 1932
set a new record with a gain of 35% over the first four months of 1931.
The company confidently expects a continued upward trend in Canadian
sales especially since the new Perfect Circle Canadian plant has been established in Toronto, Canada,it is announced. With rings being manufactured
in the Dominion, much better service can be rendered to Canadian accounts.
-V. 134. p. 3651.
Pitney-Bowes Postage Meter Co.(& Subs.).
-Earns.
Calendar Years1931.
1929.
1928.
1930.
Net profit
$150,366
$x215,621
$301,177
$268,725
Prov. for equliz. of
meter val. reserve_ _ _ _
14,695
13,313
Federal taxes
16.800
27.200
16,500
27,800
Balance
$258,682
$120,253
$188,421
$252.225
Dividends paid
145,882
26,165
y120,740
159,646
Balance,surplus
$112,800
$94,088
$67,681
$92,579
Shares common stock outstanding (no par)_ _
800.660
177,146
826,825
800,660
Earnings per share_ ___
$0.32
$0.6
$0.12
$0.30
x Derived at as follows: income from operations, $1,493.954; operating
expenses including cost of sales, 111,018,726; depreciation, $152,381; development and research, $46,178: interest and expense on funded debt, bank
loans, &c., $41,446; other deductions, $17,409; foreign subsidiary current
years loss, $2,193; net profit (as above), $215,621. y Paid-in cash, $39,914
and paid-in capital stock, $80,827.
Consolidated Balance Sheet Dec. 31.
1931.
Assets
Liabilities1930.
1931.
1930.
Cash
$95,425
$84,270 Notes payable_ _ _ _ $285,940 $432,500
Notes receivable_ _
1,055
585 Accts. payable, ac29,416
65,823
273,059 crued int., &c__
Accts.receivable_ _ 305,652
27,200
16,500
Inventories
705,878
711,857 Fed. & State taxes
354,989
1,989 10-yr.6% gold note 285,596
Sundry debtors_ _ _
470
209,261
Unearned income. 248,786
Postage meters on
2,000
rental service__ _ 2,317,453 2,236,017 Contingent reserve
Capital stock__ __x 1,506,733 1,353,406
Other equipm't on
17,304
17,881
6,148 Capital surplus_ _ 5,908
rental service_ _ _
605,875
571,537
347,461 Earned surplus_ _
Invest. foreign sub 304.867
,
640,304 Deferr. rents Inc_ 1,394,541 1,306,288
613,811
Fixed assets
28,495
Deferred charges
50,872
$4,401,391 $4,330,187 Total
Total
-V.134 p. 2167.
x826,825 shares (no par).
$4,401,391 $4,330,187
-Income Account.
Pittsburgh United Corp.
Income Account Year Ended Dec. 31 1931.
Income-Dividends
Interest
$596,211
1,493
Total
Interest
General expenses
State taxes
-1931
$597,704
37.285
11.339
40,000
Net income
Surplus, Jan. 1 1931
Add: Adjustement of provision for prior year's taxes
Reserve for contingencies transferred to surplus
Discount on preferred stock purchased
$509,079
158.678
3,792
18,075
476
Total surplus
Dividends paid on preferred stock
$690,100
305,543
Surplus, Dec. 31 1931
$384.557
Balance Sheet as at Dec. 31.
1931.
1931.
1930.
1930.
$
Assets
834,000
178,713
90,574 Notes payable,sec. 1,040,000
Cash
1,617
6,959
Accounts payable_
U. S. Steel Corp.
40,000
18,500
cons. (at cost)-x16,856,511 15,301,511 State taxes
105,864
Dividends payable
Prepaid interest_
1,225
30,879
1,555,000 Reserves
Escrow fund
6,270 7% preferred stock 5,821,200 6,049,400
Accts. receivable_ _
Common stock_ _ _ 9,749,075 9,749,075
384,557
158,678
Surplus
17.036,449 16,953,355
17,036,449 16,953,355 Total
Total
x Market value Dec. 31 1931, 38% per share, or $4,187,027.-V. 134.
p. 863.
-Receivership Asked.
Prairie Pipe Line Co.
A bill filed in Federal Court at Chicago by William Roy Carney, holder
of 3,825 shares of stock ot Prairie Pipe Line Co., asks that transfer of
company's assets to Consolidated Oil Corp. last January be set aside and
that Court appoint a receiver for Commonwealth Transportation Co..
-V. 134, p. 3652.
formerly known as Prairie Pipe Line Co.
$544,694
45,226
Total earnhigs
Royalties on crude oil
Royalties on gas and casinghead gasoline
$589,921
87.978
7,921
Net realization from production
Direct production costs
Field overhead
Administrative & general expense
Depreciation
Depletion
Abandonments Sc losses on disposition offixed assets
$494,022
100,202
30,841
37,335
97,633
119,601
186,701
Net loss
Capital surplus:
Paid-in & arising from forfeiture ofstock
Surplus from revaluation of oil properties
-Earnings.
Raybestos-Manhattan, Inc.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet March 31.
1931.
1932.
1931.
1932.
LtabUUtesAssets
497,417
835,900 Accounts payable_ 242,216
700,326
Cash
750,000 Accrued salaries &
Ctts. of deposit-. 100,000
90,201
46,145
wages
Marketable securs. 2,369,061 1.579,014
Provis'n for Fed.&
Notes, accts., &c..
145,194
63,161
State income tax
1,392,457 2,007,660
receivable
148,276
Mdse. inventories. 2,121,540 3,328,214 Res. for conting964,567 Res. for Federal ds
1,266,908
Investments
State taxes on
Sundry notes and
35,075
457,752 1931 income__
acc'ts receivable 534,835
y9,721,800 9,721,800
Capital stock
Land, bldgs., ma1,524,530
chinery & equip.x6,946,442 7,315,788 Earned surplus... 253,081 5,855,248
54,374 Capital surplus.- 5,727,425
27,101
Deferred charges
Trade names,trade
marks & g'd-will 595,157
595.157
• 129,316
Organiza'n exps.
16,053,829 18,017,743
16,053,829 18,017,743 Total
Total
x After depreciation of $7,825,231. sr Represented by 676,012 shares of
no par value.
-V.134, p. 3836.
-Smaller Preferred Dividend.
Reliance Grain Co., Ltd.
A quartuly dividend of 13 % on the 6M% cum. pref. stock, par $100,
payable June 15 to holders of record May 31. Previously, the company
-V. 133. P. 1938.
made regular quarterly payments of 15i% on this issue.
-New Members of Committee.
Richfield Oil Co. of Calif.
F. S. Baer, President of Pacific Co. of California, has been elected an
additional member of the bondholders' protective committee. X. E. Van
Court of William R. Staats Co. has also been elected a member to replace
Nion R. Tucker, who recently resigned.
The committee is now composed of four Pacific Coast men and two repStanton
resenting Eastern interests. The members are George Armsby, S. Baer.
Griffis, 11. E. Hunter, Harry J. Bauer. A. E. Van Court and F.
representatives. Bauer, McDonald,
The latter four are the Western
Schultheis & Pettit are counsel for the committee.
Former Official Convicted.
James A. Talbot, former Chairman of the board, convicted of grand
theft, was sentenced May 18 to 2 to 20 years in San Quentin Prison. Mo-V.134, p.3838.
tion for new trial was denied and notice of appeal was filed.
$78,293
$278,805
2,741,125
,
Total
Organization expense charged off
Discount on stock charged off
$3,019,931
44,531
1,596,062
Total capital surplus
Earned surplus
$1,379,338
153,949.
Total surplus
$1.533,286
Balance Sheet Dec. 31 1931.
Liabilities
Assets
$3,655,790 Capital stock
011 lapds &leases owned
$3,444,000
Oil wells & lease equipment__ _ 1,651.494 Surplus
1,533,286
Contracts on oil lands payable
Ridge., pipelines, pumping
242,983 In 1933
& equipment
plants
3,375
Development work in progress
5,360 Accounts payable
39,342
123,358 Accrued payroll
Drilling tools
3,085
16,759 Accrued Interest
Automobiles and trucks
254
1.474 Accrued taxes
Furniture and fixtures
9,685
Cr469,261
Depletion
Cr338,049
Depreciation
76,268
Investments
6,917
Cash
41,402
Accounts receivable
4,149
Inventory of crude oil
3,168
Materials and supplies
11,215
Prepaid expenses
Total
..-17 134. v. 3291.
$5,033,027
Total
85,033,027
-Earnings.
Ritter Dental Manufacturing Co.
For income statement for three months ended March 31 see "Earnings
-V. 133, p. 4172.
Department" on a preceding page.
-Divorces Directorates
Rossia Insurance Co. of America.
of Affiliated Companies.
Carl F. Sturhahn, President of this company, and Dr. L. L. Lemieux and
F. Erdman of Germany, have resigned as directors of the Iduna Germania
Insurance Co., the st Irk of which is held in the Iduna Holding Co., whose
stock in turn Is held by the Rossia International Corp. The German insurance department objected to their memberships, which interlocked the
directorates of the Insurance company and the holding company. These
-V. 134.
companies are affiliates of the Rossia Insurance Co. of America.
p. 2544.
Royal Dutch Co. for the Working of Petroleum Wells
-Earnings.
in Netherlands Indies.
Calendar Years
1930.
1929.
1928.
(In Florins.)1931.
Income
32,331,059 92,069,548 126,843,819 103,754,257
Expenses, taxes, &c_ _
372,428
386,475
302,657 1,233,133
Service of4% dollar deb.
loan
1,000,000
3,111,754
Difference in exchange_
27,916,648 90,836,415 126.471.391 103,367.781
Profit
60,000
60,000
60.000
60,000
Divs, on pf. she.(470
762,612 1,282,500 1,282,500
Priority shares(434%)
Ordinary shares(6%)- - 30,217.440 30,217,440 30,217.440 24,726,180
Surplus
def2360.792 59,796,363 94.911,451 77,299,100
Avail,for ordin'y div.:
55,610.617 88,267,650 71,888,163
93% of above surplus_
8% on ord'y as above- 30,217,440 30,217,440 30,217,440 24,726,180
4,613,145 2.219,313 1,015,026
Broughtforward
423,438
2,181.855 3,588,958 2,881,964
Commissaires propor n_
-Interest Payment.
Radio-Keith-Orpheum Corp.
The Committee on Arrangements of the New York Stock Exchange
calls attention of members to the ruling by Committee on Securities that
interest to be received from Radio-Keith-Orpheum Corp. on June 1 will
-year 6% debentures
be $16.66 2-3 per $1,000 part-paid certificate for 10
and common stock, instead of the $30 payment which the 6% rate would
indicate.
-V. 134. p. 3652.
May 28 1932
Republic Petroleum Co., Ltd.-Earnings.Earnines for Year Ended Dec. 31 1931.
Crude oil production, gross
Proceeds of sale of gas & casinghead gasoline
Amt. of ordinary divRate per cent
Carried forward
-V. 134, p. 3652.
32,469,793 90.229,225 123,089,073 99,919,745
30,217 440 85,616,080 120,869,760 98,904,720
(24%)
(6%)
(17%)
(24%)
2,252,353
4.613,145
2,219,313
1,015,025
Ruberoid Co.
-Dividend Halved.
A quarterly dividend of 50 cents per share has been declared on the corn.
stock, no par value, payable June 15 to holders of record June 1. This
compares with $1 per share paid each quarter from Sept. 15 1927 to and
inc. March 15 1932.-V. 134. p. 2544.
-Earnings.
Schiff Company.
Calendar Years1931.
1930.
1929.
Net sales
$10,179,534 $9,932,983 $9,198,603
Cost of sales, oper. exps., deprec.,
amortization. Federal taxes, aCC
9,835,390 9,565.752 8.698,980
Extraord. & non-operating items.-Cr1,655
Net profit
Preferred dividends on old stock
Preferred dividends on new stock
Common dividends
Balance, surplus
Previous surplus
$345,800
$367,231
70,000
198,000
70,000
198,000
$499.623
5,917
52,500
99,000
$77,800
879.940
$99.231
780,710
$342,207
438.503
Total surplus
$780,710
$957,741
$879,941
Earns, per sh. on 99,000 shs. corn.
stock (no par)
$4.45
$2.77
$2.99
General Balance Shee. Dec. 31.
1931.
Assets1930.
1930.
1931.
$211,292 $292,507 Accounts payable. $55,532 $118,701
Cash
49,354
250,000
Accts.receivable
30,452 Notes pay, to bits_
33,374
Due from empl_ _ _
19,503 Empl. profit shar'g
49,237
Notes receivable._
56,969
55,463
bonuses
52.746
Treas. stk., purch.
Sund. accr. exps_
46,714
49,524
30,219
41,333
for employees..
19,643 Federal taxes
3,923
900,000 1,000.000
Due fr. accts. pay.
2,219 7% Pref.stock_
675,000
Inventories
1,802,879 2,081,851 Common stock
x675,000
121.170
Investments
107,163 Capital surplus.... 121,179
879.941
Leaseholds, amort.
Earned surplus_ _ _ 957,741
121.675
144,398
deducted
Furn. & fixtures,
amortiz. deduct. 492,790
467,098
Deferred assets_ _ _
20,626
13,806
Cash in bks. which
6,731
have susp. pay.
23.128
17,690
Life insurance_
$2,852,061 $3.190.398
Total
$2,852,261 $3,196,328 Total
-V.134, p.3652.
x Represented by 99,000 no par shares.
Financial Chronicle
Volume 134
St. Lawrence Corp., Ltd.
(& Constit. Cos.).
-Earnings.
Calendar Years1931
1930.
Profits from operations of constituent companies__ $1,171,738 $2,759,875
Provision for depreciation
561,927
750,209
Provision for depletion
237,422
288,632
Bond int. Lake St. John Power & Paper Co. Ltd325,000
318,370
Deben.int. Lake St. John Pr.& Pap. Co. Ltd_ _ _
195,000
186,035
Div.on pref.stock of St. Law.Pap. Mills Co. Ltd.
855,000
106,875
Div. on class A shs. of St. Lawrence Corp. Ltd...,
377,783
73,363
Div. on no par value shs. of Brompton Pulp &
Paper Co. Ltd
222,218
1,637
Div. on pref. stock of Brompton P.& P. Co. Ltd_
40
Deficit
$202,797
$365,101
Previous earned surplus of constituent companies_ - 1,924,564 2,280,506
Add'l credit to deprec. reserve for year 1929, Lake
St. John Power & Paper Co., Ltd
Dr.148.857
Adjustments (net)
Dr.4,288
Dr.181,007
Earned surplus, Dec. 31
$1.378,456 $1.924,564
Consolidated Balance Sheet Dec. 31.
Assets
1930.
1931.
Cash
$473,594
$42,838
Accounts and bills receivable
2,844,730 1,842,065
Call loans
412,128
Investments at not more than present market price,
plus accrued interest
287.912
206,036
Insurance deposits
116.460
83,209
Inventories and advancesfor woods operations_ _ _ _ 6,690,596 6,526.238
Balance due on employees'stock investments
35,652
36,391
Stores, equipment and repair materials
178,791
Organization expense, prepaid insurance,taxes,&c.
264,742
215,246
Acc'ts & mtges. receivable over a period of years
53,011
119,362
Investments in and advances to other companies
950.087
352,645
Freehold and leasehold timber lands and water
power, real est., blcigs., machinery & equipment 58,605,162 56.940,063
Total
$69,196,215 $68,080,743
Liabilities1930.
1931.
Accounts payable and accrued charges
$1,266.628 $1.171.522
Rank loans and overdrafts,secured
2,477.956 1.446,378
Dividends payable
363.750
Bond interest accrued
221.980
209,541
Bal. of purchase price of Lake St. John Power &
Paper Co., Ltd., pref. stock
500.000
Bonds & debs. of Lake St. J. Pr.& Pap. Co.,Ltd
7,737,000 8.000,000
Bond and mortgage of McCrea-Wilson Co., Ltd681,500
Pref. stock of St. Lawrence Paper Mills Co.,Ltd
14,225,600 14,241,875
Cap.stock of constit. cos. not held by St. L. Corp_
642,632
478,671
Reserves for depreciation and depletion
8,656,633 7.738,397
$1 class A cum. cony, preferred stock
14,710,150 14,640,700
Common stock
x5,671,754 5,590.154
Cap. Burp, of constit. cos. (subj. to minority int.). 2,966,625 2,867.226
Cap. surp. arising from consol. of statements
8,735.700 8,731,564
Earned surplus at Dec. 31
1.924,564
1,378,456
Total
$69,196,215 $68,080,743
x Without nominal or par value (authorized, 2,000,000 shs.: reserved
against exorcise of warrants and options issued by St. Lawrence Paper
Mills Co., Ltd., 119,337 shs.. and against conversion rights of class A shs.,
600.000 she.); outstanding, 567,175 shs.-V. 132, p. 4781.
Sangamo Electric Co.
-Earnings.
-
Years Ended Dec.31Net sales
Cost of sales and operating expenses
Depreciation
Experimental expenses
1931.
1930.
1929.
$3,004,422 $3.020,677 $3,545,150
2,481,139 2,468,937 3,051,241
120.410
119,819
108,629
12,372
19,562
Not profit from operations
Div. and other income from subs, and
other companies
Int., royalties, discounts earned, .kc.
Total profits
Other expenses
Federal income tax
$390,500
$412,358
$385,279
76,576
31,451
35,636
40,552
197,475
36,483
$498,527
52,361
52,616
$488,544
73,990
50,539
$619,238
Net profit for year
Previous surplus
Disc, on pref. stk. purch. & retired
through sinking fund
$393,549
545,601
$364,015
497.084
$585,072
234,211
1,989
Total income
$941.140
$861.099
Additional assessment, Federalincome
tax, 1927
Preferred dividends
62,884
70,000
Common dividends
125.000
250,000
Charges applic, to prior period
47,525
Divs.on pref.stk. held in sinking fund
Cr4,503
Surplus, Dec. 31
$705,731
$545,602
Earns, per sh. on 125,000 shs. com.
stock (no par)
$2.65
$2.35
Balance Sheet Dec. 31.
Assets
Liabilities1931.
Cash
$317.610 $222,448 Notes payable_ - $165,000
Notes & accts. rec.,
Accounts payable_
36,980
lees reserve
404,530
397,044 Accr. exps. & gen.
Other accts. rec.
88,620
taxes
22,644
Inventories
1,142,556 1,437,137 Fed, income tax_
58,920
Life insurance_ _ _ _
57,884
47,715 Divs. payable_ _ _ _
46,585
Invest. In sub. &
Special reserve_ _ _
57,151
affiliated cos..
393,990
708,895 7% pref.stock _ -- 876.300
Inv.in see, of other
Common (no par)
oos, at cost_ _ _ _ 244,427
48,288 (25,000
_ _ _ 2,000,000
Land buildings &
Surplus
705,731
equipment
936,164 x958,645
Deferred charges..
69,901
136,330
Spec. res.fund inv.
57,151
& cash
56,027
Sinking fund for
preferred stock_
8,477
103,888
Excl. sales contr
250,000
34.166
$819,283
3,258
70,000
250,000
Cr1,059
$497,084
$4.12
1930.
$300,000
50,229
Calendar Years
Total income
Taxes
Interest on notes payable
Other interest paid
Auditing
Stationery and printing
Miscellaneous
1931.
$61.436
5,569
4,044
636
1.136
806
9,032
1930.
$128,259'
12.341
721
Net profit
Prior preferred dividends
Preferred dividends
40.210
71,655
24.302
104,552
71,215
36,453:
1.011
490.
9,142'
Deficit after dividends
$55,747
$3,115'
Condensed Balance Sheet Dec. 31 1931.
AssetsLiabilities
* Bonds
$587,911 $3 Convertible prior preferred_ $607,500
* Preferred stocks
662,597 $1.50 convertible preferred_ _ _ 121,500
* Common stock & warrants_ 1,463,144 Common stock (84,300 shs. $1
Cash in bank
27,025
par) and paid-in surplus)_ __ 338,776
Treas. stock (772shs. pr. pref.)
26,284 Earned surplus
14,846
Int. & divs. accr. but not due_
28,043 Capital surplus
1,430,700.
Deferred charges
4,573 Accrued expenses
150
Prepaid expense
27 Reserve for taxes
5,250
Reserve for dividends
5,882
Notes payable
275,000
Total
$2,799,605 Total
$2,799,805.
Note.
-There are outstanding 120,000 option warrants,each such warrant
conferring upon the holder thereof the right to purchase at any time a
,
share of common stock for $11.50.
Cost of securities as shown above. $2,713,652; market value. Dec. 3L
1931, $1,730,306.-V. 134. p. 3293.
Securities Corporation General.
-Earnings.
Calendar YearsIncome from: Int. & divs, on invest..
Interest on loans and bank deposits
1931.
$285,796
3,583
1930.
$365,383
3.355
1929.
1258.197
5,218-
Profit on sales ofsecurities
$289,379
247,833
$368,738
274,032
$263,415
978,389'
Total gross income
$537,212
Interest on loans payable
54.860
Taxes,salaries and general expenses. _
47,673
Federalincome tax (est.)
17.149
Net income
$417,531
Credit balance at beginning of period
2,847,621
Interestreceived, less Federal income
tax,applicable to prior years
Adjustments applicable to prior period
Net credit from retirement of 10.938
shares preferred stock held in treasury, less increase in stated value of
preferred stocks
$642,770 $1,241,804
59,686
86,551
56,566
31,660
21,980
97,948
$504,537 11,025.636.
3,830.115 3,112,332
9,879
54
19.155
Total
$3,265,151 $4,363,740 $4,137,967
Additional assessment of Federal income tax applicable to prior years
377
Appropriation for stated value of $5
per share on new common stock--- 13,600
1,346,050
Comm. accrued & incl. in net income
for 1928 subsequently determined
to be uncollectible
24,178
Reserve for anticipated loss of bonds
deposited as guarantee
200,790
Dividends paid: Preferred stock
61,082
61,070
62,226
Common stock
109,000
109,000
245,250
Surplus at end of period
$2,856,502 $2,847,621 $3,830,115
Earnings per share preferred stock
outstanding at end of year
$42.63
$51.47
$117.36
Earnings per share common stock outstanding at end of year
*11.30
*$1.62
*$3.53
Market values of stock dividends at
date of receipt during period, but
not included in income
$221.270
$265.336
$698.480
Earns. per eh pref. stock outstanding
at end of year, incl. stock divs, at
market value on date received
$65.23
$197.29
$78.54
Earns, per share common stock outstanding at end of year, incl, stock
diva. at market value on date rec.__
*$2.12
*$6.10.
*$2.60
* Earnings computed on basis of 272,500 shares common stock at present
outstanding, or to be issued in exchange for old common stock.
Comparative Balance Sheet Dec. 31.
Assets1931.
1930.
1929.
Investments at cost: Stocks
$5,899,170 $6.309,108 $5,418,138
Bonds
200,790
200,790
276,540
Less reserve for anticipated loss of
bonds deposited as guarantee_
$6,099,960 $6,509,898 $5,694,678
200.790
65,899,170 $6,509,898 $5,694,678.
136,060
230.442
244,435
5.189
24,177
24,177
1,458
1,778
3,465.
810
890
741
864,387
33,307
52,400
78,651
56,027
1.000,000
Cash
Cash in closed bank
Account receivable
Accrued interest receivable
Prepaid insurance
Treasury stock at cost
2,000,000
545.602
Total
$6.042,690 $6,767.187 $6,831.886
Liabilities
Collateral loans payable
$830.000 $1,530,000
$975,000
Liability on account of stocks loaned_
22,234
Amount due on securities purchased...
15,770
63.080
Accounts payable
85
2,046
1,090
Federal income tax (estimated)
17,148
23,327
98,324
Capital stock outstand.-stated value x2,338,955 2,326,188
1,864,277
Surplus y
2,856,501
2,847,620 3,830,114
$3,969,310 $4,116,216
Total
Total
53.969,310 54,116,216
x After depreciation of $1,297,642.-V. 134. p. 1780.
Scott Paper Co.
-Defers Stock Dividend.
directors on
May 20 declared the regular quarterly cash
The
dividend
of 35 cents per share on the com, stock no par value payable June 30 to
holders of record Juno 16. The directors decided to discontinue the policy
of paying stock dividends on the common stock on a semi-annual basis. A
statement issued by Edward S. Wagner, Secretary, said: "It was further
decided to discontinue the policy of paying stock dividends on a semiannual basis. Consideration of the stock dividend was deferred until the
November meeting."
Prom June 29 1929 to and incl. Dec. 31 1931 semi-annual distributions
-V.134 p. 3292.
of 2% each in stock were made on the common shares.
Mfg. Co.
-Reduces Dividend Rate.-
Aquarterly dividend of 37;6 cents per share, payable July 1 to holders of
record June 15. From Jan. 1 1931 to and incl. April 1 1932. qparterly
distributions of 50 cents per share were made as compared with 75 cents
per share on Oct. 1 1930 and $1 per sharo previously each quarter.
V. 134. p.3292.
-Change Par Value.
" -,Selected Industries, Inc.
--The stockholders on May 25 voted to change the three classes of stock
par value
of the corporation from noconvertibleshares to par value shares of $25 for
stock and $1 for the common stock.
the prior stock, $5 for the
134. p. 2925.
3995
Second Investors Corp., Providence, R. I.
-Report.
-
$6,042,690 16,767.187 16,831,886
Contingent liabilities
-None reported.
It Represented by: 2.327.05 shares of cumulative preferred stock
$7
series of no par value: 7,466 shares of cumulative preferred stock $6 series
of no par value: 271,930 shares of common stock of no par value; 48 shares
of common stock (old stock) of no par value; 9 shares of common
(old stock) of $100 par value. y Charter provides that no dividendsstock
shall
be paid or set apart upon the common stock unless there is
to pay three years' dividends on outstanding preferredsufficient surplus
stock.
-V. 134,
P. 3472,
Segal Lock & Hardware Co., Inc.(& Subs.).
-Earns.
-
Calendar Years1931.
Net earnings
Deprec., bldgs., plant, mach.. &a._ loss$3,148
135,339
Federal taxes
Net income
Preferred dividends
1930.
$320,658
91,218
27,532
1929.
$341,114
65,860
28.341
loss$138,487
$201,907
1246,913
35,914
35,914
35.914
Balance available for common divs_def$174,401
$165.993
$210,999
Shares com.stock outstanding (no par)
540,277
x212,327
160.918
Earnings per share
$0.78
$1.31
z Average amount outstanding during the Nil
year.
Note.
-Company paid regular quarterly dividends of 1231c.
per share
on the common stock up to and including Sept.
281931;the dividend usuallypayable in December was omitted.
Financial Chronicle
3996
Segal Safety Razor Corp.
Earnings for Year Ended Dec. 31 1931.
Net earnings
Depreciation and reserves
$145,287
23.434
$121,853
Net profit
It is understood that for the first quarter of 1932 the Segal Safety Razor
Corp. showed a net profit of approximately $171,000 before adjustments.
Consolidated Balance Sheet Dec. 31.
1930.
1931.
Liabilities1931.
Assets1930.
$45,620 Notes pay.(banks) $100,000 $377,000
$70,147
Cash
188,023
243.144 Accts. & notes pay 230,441
317,078
Accts.& bills rec
80,156
40,489
566,211 1,389,954 Corn, taxes & diva.
Inventory
27,533
Federal taxes
Officers' insurance,
72,500
73,000
7,455 Funded debt
cash value
4,000
3,000
Mtges. due in 1 yr.
Other assets-in49,500
46,500
20,000 Mtgs. due aft.1 yr.
25,093
vestments
1,357,434 Res.for bad debts.,
Premanent assets_ 1,547,363
71,620
&c
32,886
42.103
Deferred items.. _
513,050
7% pref.stock_ _ _ _ 513,050
Common stock_ _ _ a1,489,894 1,785,142
$2.567,995 83,093,904
Total
52 567,995 83,098,904
Total
-V. 133, p. 4172.
a Represented by 540,277 no par shares.
-Reduces Dividend.
Shepard-Niles Crane & Hoist Corp.
The directors have declared a quarterly dividend of 25c. per share on
of record May 21. Three
the common stock, payable June 1 to holders
months ago a dividend of 35c, per shade was paid.
During 1931, the following distributions were made on the above issue:
$1.25 on March 1; 75c. on June 1: 50c. on Sept. 1 and 50c. per share on
Dec. 1.-V. 134, p. 1210.
-Earnings.Signal Oil and Gas Co. (& Subs.).
1930.
1931.
Calendar Years$4,152,615 $4,566,101
Gross sales
Cost of operating, royalties paid & gen. expense--- 3,805,3i8 3,315.48/
$677,346 $1,860,005
Total profits
175,063
Interest paid
Provision for depreciation, depletion, abandon1,166,796
785.210
ments & Federal income taxes
3,493
Applicable to minority int. in subsidiary companies Cr.13,521
loss$269,405
55,334
Net profit accruing to corporation
Dividends paid
$689,716
x439,696
$250,020
def$324,739
Balance, surplus
Earnings per share on 226,940 combined A & B
Nil
$3.04
shares outstanding (par $25)
z Not including stock dividend of $111,250.
Balance Sheet Dec. 31.
Consolidated
1930.
1931.
1930.
1931.
$
$
Liabilities$
$
Assets241,708
367,617 Accounts payable_ 430,922
182,045
Cash
56,085
Notes payable_ _ _ _ 300,914
Due from banks on
135.725
232.760 Royalties payable_
demand
30,824
508,474 Taxes payable__
22,494
Marketable secur_
740,679 15-yr. 6%% cony.
Accts.& notes rec_ 570.685
,
gold debs., ser A 2.195,00 2,425,000
189,387
488,618
Inventories
16,470
Purch.money oblig
Inv. in & adv. to
27,549
597,567 Accr. Int. & taxes_
574,707
affil cos
28,250
Other Inv. & adv.. 1,375,833 1,151,489 Mortgage note_ _ _
59.200
Deferred credit_. _
Real est., producRes. for amortia.
lag prop., plants
of gas contracts
& other operat1,028,079 1,028,079
and leases
lag facilities_ _ _ _10,393,049 9,411,929
Reserve for intang•
Prepaid & deferred
779,657
791.628
drilling costs_ _ _
378,065
369,119
charges
Res. for depletion
297,591
.;ood-will
& deprec. of oil
leases, equip. &
217,826
599,292
developing
Res. for depletion
116,001
of royalty lots_
Res. for deprec. of
plants& facilities 1,659,478 1,098,114
250,000
Res. for conting_ _ 25',000
Capital applie. to
minority ints. in
18,878
5,357
subs
Class A corn. stock 4,375,975 4,375,975
Class B corn. stock 1,297,525 1,297,525
1.208,503 1,506,568
Surplus
14,274.141 13,577,967
Total
-V. 134, p. 2546.
Total
14,274,141 13,577,967
-Balance Sheet Jan. 31.
(Franklin) Simon & Co., Inc.
1932.
$
Assets&c. 3,522,802
YBleigs., imin.,
254,673
Cash
1,589,414
U. S. Gov. secur
2,021
Prepay. for mdse_
Cash val. ins. pol_ 149,769
Acc'ts receivable__ 2,189,451
1,429,755
Inventories
2,500,000
Good-will
Investments -----2,467,282
96,094
Deterred charges__
1931.
$
3,132,250
453,636
1,895,226
6,623
129,667
2,926,455
1,886,200
2,500,000
2,382,116
111,428
1932.
$
LiabilitiesPreferred stock.- 3,280,000
Common stock--x3,000,000
1,300,000
Mortgages
Final payment on
pur. of corn.stk_
275.000
Notes payable_ _ _ _
Due on construc'n
304,100
contracts
N. Y. State fran108,436
chise tax
Accounts payable_ 681,242
76,313
Am. wages, &c
Federal taxes
120,000
Approp. surplus
5,056,168
Surplus
-Earnings.--Sloss-Sheffield Steel & Iron Co.
1928.
1929.
1930.
1931.
Calendar Years$1,306,283 $2,091,519 $2,070,600 $2,592,478
Operating profits
467,748
472,053
449,950
243,588
Interest
988,745
1,021,805
1,031,188
972,533
Depreciation & depletion
56,128
73,669
10,819
Federal taxes
$576,742 $1,079.857
$536,712
Net profit
$79,342
469,000
469,000
351,750
Preferred diva.(7%)600,000
Common diva.
(6%).......150,000
$184,962 der$42.259
Balance, surplus
$79,342
7,364,589
7,330,347
Total prof. & loss surp-- 7,443,932
100.000
100,000
100,000
Shs.corn. out.(par $100)
$1.85
Nil
$1.07
Earns. per share on com.
Balance Sheet Dec. 31.
1931.
1930.
1931.
LiOitities$
$
$
AssetsProperty account x26,719.692 26,112,375 Preferred stock...._ (1.700.000
414,055 Common stock. _ _10,000.000
Securities owned_ _ 375,628
1,416,600
90,225 Funded debt
Bills received, &c_
Notes payable._._ 2,600,0)0
125
Interest receivable
1,590,870 1,642,206 Gold notes
Inventories
662,125 Accounts payable. 132,194
428,682
Cash
154,110
146,772 Accrued account_
137,806
Other assets
680,968 Federal taxes
Accts. receivable,. 432,967
35,248 Deferred income
Note discount, &c.
20,900 Reserves
59,153
1,293,147
Deferred charges__
Surplus
7,443,932
$10,857
9,116,957
100,000
$6.11
1930.
$
6,700,00
10,00H,000
4,500,000
336,472
111,624
73.669
22,329
898,193
7,364,539
Total
29,742,925 30,0)4.876
29,742,925 30,004.876
Total
x After depreciation and depletion of $9,543,913.-V. 134, p. 2926.
-Modified
Snider Packing Corp.
----
$347.238 $1,250,620
609.385
330.109
Gross operating profit
Non-operating income
May 28 1932
1931.
$
3,400,000
3,000,000
1,300,000
514,800
846,231
90,603
134,017
600,000
5,537,952
Plan of Reorganization.
Certain proposed modifications to the original plan of reorganization
dated Jan. 2 1932, which will result in a reduction in principalmount of
first mortgage bonds to be outstanding, creation of an issue of $1,130,000 of
-year 6% income debentures and strengthening of the active management
10
of the company, were made public May 26 by Clifton M. Miller, Chairman
of the re-organization committee.
These modifications have been made in order to obtain the complete
accord of all interested parties and, in their present form, bear the approval
of the noteholders protective committee, the reorganization committee
and the stockholders protective committee.
Under the modified plan. first mortgage 6% bonds, in the principal
amount of between $1,600,000 and $1,800,000, will be issued in two series,
one due May 1 1937 and the other due Nov. 1 1939, as compared with
$1,508,000 maturing on the former date, originally proposed.
Of the issue of $1,030,000 of debentures, to be created under the modified
plan, merchandise creditors of the corporation are to accept approximately
$680,000 principal amount at par in payment of indebtedness and the new
company is to receive subscriptions of $350,000 principal amount at par.
Interest on these debentures will be paid only as earned and will not accumulate until after the first fiscal year.
S. E. Comstock, newly appointed President, and D. C. Townson, both
prominent in the canning industry, are to assume an adtive part in the
management of the new company and serve on the executive committee.
Thomas U. Blodgett will continue as chairman of the board, which initially
will include, as additional directors, 13. C. Olney, Executive Vice-President;
Clifton M. Miller, of White, Weld & Co.; Carleton Bunco, Vice-President
of the Chase National Bank of New York: W. H. Jaquith, Vice-President
of the Marine Midland Trust Co. of New York.
As one of the conditions of obtaining the junior financing described
above, a minimum of 60,000 shares of capital stock is to be made available for distribution to the management and employees.
Since no increase is proposed in the amount ofstock provided for issuance
by
under the original plan, stock for such distribution will be contributed to
depositing noteholders. who, under option "A" of the original plan, were
receive 50 shares of stock, as well as a $1,000 bond, for each $1,000 note.
$1,000 of
Such depositors now are given the alternative of accepting either stock, or
the accompanying
bonds of the 1937 maturity, relinquishing shares of stock, relinquishing
of bonds of the 1939 maturity and 10
$1,000
the balance of 40 shares.
The Committee believes that the proposed substantial reduction In
mortgage indebtedness and material strengthening of the management are
factors which will prove of great benefit to all security holders. (Compare
original plan In V. 134. p. 521.)-V. 134, p. 3472.
-Earnings.
Southern Pacific Golden Gate Co. Ferries, Ltd.]
[Including Southern Pacific Golden Gate
Combined Income Account (Excluding Offsetting Accounts) for 12 Mont h
Ended Dec. 31.
1931.
1930.
$5,680,926 $5,717 168
-Revenues
Water line operations
3.747,403
31807,593
-Expenses
Water line operations
$1,033.523 $1,909.575
Net revenue from water line operations
208,645
191,144
Water line tax accruals
$1,724,878 $1,718,431
Operating income-Water line operations
30
1,018
Miscellaneous rent income
22,819
10.686
Income from unfunded securities and accounts_ __ _
Gross income
Miscellaneous rents
Miscellaneous tax accruals
Interest accounts with the public, debit
Interest on funded debt
Amortization of discount on funded debt
Miscellaneous fixed charges
Maintenance of organization
$1,736,582 $1,741,281
181,996
162,365
p)121
2,248
194
521,958
457,500
23,973
21,013
4,449
4,118
1,398
6,643
Net income
Previous surplus
$1,082,512 $1,004,494
356,714
353,787
Total
Dividend appropriation of surplus
-Net debit
Miscellaneous adjustments
$1,436,299 $1,361,208
868,515
868,515
138,906
61,351
$353.787
$506,433
Credit balance as of Dec.31
Combined Balance Sheet (Exclud ng Offsetting Accounts) Dec. 31.
[Southern Pacific Golden Gate Co. and Sou. 1'ac. Gold Gate Per.. Ltd.]
1930.
1931.
1930.
1931.
$
$
Liabilitiess
s
AssetsCo.'s class A & B
Inv.in floating eq..
-Earnings.SistO Financial Corp.
common stock,, 2,611,465 2,611,465
&c., properties_ 15,696,284 15,699,108
Aug. 16 '29
Year Ended
Co.'s pref. stock_ _ 4,000,000 4,000,000
Res, for accrued
to
Dec. 31 '31. Dec.31 '30.
depreciation._ _Cr1,548.493 Cr914,221 1st mtge. 534s(FerDec. 31 '29.
7,727,000 8,934.000
Periodries Ltd)
Trust deposits for
$88,176
$176,994
$35,890
Interest and dividends
Aud. vouchers &
mtzed. property
78,200
4,150
190,854
Prof. arising from partic.in syndicates
13,380
wages unpaid__..219,607
released
366.472 Traf. bats. owed to
373,744
Cash
$166,376
$181,144
3,242
$35,890
1,955
Total
other companies
300,000
Time deposits_
21,061
2,776
57,999
2,554
Interest paid and accrued
Misc, accts. pay...
Traf, bale, owed by
303
17.142
3,369
18,467
3,314
and transfer fees and exp.
Registration
116 Mat. Int. unpaid__
9
other companies
395,302
391
305,269
94,508
433
Mat. dive. unpaid
Net loss on securities sold
Net bal. due from
92..039199
4,152
29,664 Other work. !lab__
28,342
agents, &e
$250,290
$199,267
$77.086
Net loss from operations
Unmet. int. Pay.
70
Loans & bills rec._
-Surplus as per pro forma
on Ferries, Ltd.,
Ins, claims against
Statement of Surplus Year Ended Dec. 31 1931.
112192:816425
Net loss from operations, 1931,
26,395
1st 5Ms
19.967
underwriters _ _ _
balance sheet Dec. 31 1930, $1,319,136; revaluation of assets, as at Dec.
9,019
73,049 Accr. rent payable
65.637
Misceii. accts. rec.
577.085; Total of charges resulting from
0
4 :496
interest at Dec. 31 1930, charged off, 3,540;
accrued_ ___ 108 249
67,413 Taxes
50,741
Materials dr supp_
313,089
31 1931. $372,021; Accrued
on sale of securities, 1930. 1,244;
of
100 Other def. credits_ 283,392
Other work. assets
Total. 1452,647; Less: Adjustmentas loss balance sheet herewith. $8 7,732.
353,787
per
9
10
:792 Profit and loss_ _ __ 506,433
Unmet% int. rec_
Balance of surplus Dec. 31 1931,
Deferred debits.... 929,768 1,0031
Balance Sheet as at Dec.31 1931.
Liabilities
15,616,059 16,666,378
Assets
Total
15.616,039 16,656,378
Total
8693,252 Cap. stk.-(69,900 sh. no par)_ _ $69,900
Securities owned
867,732
96,505 Surplus
-V. 133, p. 1140.
Cash in banks
10,200
-Capital Reduced.
Accrued int. on bonds
`
--... "Spencer Trask Fund, Inc. the authorized number of shares
Treas. stk. (15,212 shs. at cost) 137,675
The stockholders have voted to reduce
without
1,000,000 shares, each share
8937 632
of the corporation from 2,000,000 to
Total
037,632
tel
.
par value -V. 133. p. 4341.
.133. P. 657
.
14,201,261 15,423,604
Total
14,201,261 15,423,604
Total
Represented by 150,000 no par shares. r After depreciation.
x
or
f the year ended Jan. 31
Our usual comparative income statement
1932 was published in V. 134, p. 3836.
Volume 134
Financial Chronicle
Spicer Manufacturing Corp.
-Earnings.
-
Calendar YearsGross profit
Other income
1931.
1930.
1929.
8364.402 $1,364,728 $3,501,626
83,325
104.970
153,023
1928.
14.005.558
221,630
Gross income
$447.727 31,469.698 83,654,649 34.227,188
Admin.,gen.& sell. exp.
791,589
1.170,183
1.259,764
1,415,168
Other charges (net)
671,769
259,033
Provision for Fed. taxes_
275,000
202,485
Net profit
1°641,015,630
$440.482 82,119,886 $2,609.533
Surplus Jan. 1
3.574.955
4,934.473
2,114,587
5,452,770
Total surplus
$2,559,325 83.974.955 $4,234,473 $8.062,303
Profit of sub. cos. acq.
subseq. to Dec.31 '28_
471.390
Good-will& other intang.
val. chgd. to surplus_ _
5,266.386
Spec. res. against invent
100,000
Pay. in settlement of
patent rights
125,000
Prem. on secur. retired_
150,000
Divs. paid on pref. stock
279.853
300,000
300,000
59.940
Total unappropriated
surplus Dec.31-82.154.462 $3,574,955 $3,934,473 $2,114,587
Shs. ofcorn. out.(no par)
357.750
357.750
357,750
357 750
Earns, per share on coin.
Nil
Nil
$5.09
e.12
Balance Shet Dec. 31.
1931.
1930.
1930.
1931.
Assets
Licerflities$
Lana, bidgs., mach
Capital stock-9,434,750 9,434,750
& equipment-x 6,785,019 7,884,668 Accounts payable
Cash
692,670
974,313
& sundry scent_ 695,962
705,281
Accts.& notes rec.. 710,749
951,583 Empl.savings fund
Inventories
1,627,380 2,575.010
deposits
78.969
68,055
Funds on deposit
Federal tax res9,457
in closed banks_
81,631
Purch. money()Wig 110,000
119,000
Cos. stk. held for
Surplus
2,154,462 3,574,954
corp. purposes.- 561,040
Empl.stock sect__
166.366
Invest.& advances 1,752,i80 1,079.867
--Patent rights
174,176
187.678
Deferred charges_
78,383
93,926
Total
12,463,229 13,913,411
Total
12,463,229 13,913.411
x After depreciation of $8,602,495. y Represented by 100,000
no par
shares of cumulative pref. stock, convertible $3 dividend
series A and
357,750 no par shares of common stock.
-V.134, v. 3653.
Square D Co. (& Subs.).
-Earnings.
-
Years EndedDec. 26'31.:Dec.27'30.
Profitfrom operations after deducting cost of goods
sold, depreciation, selling and administrative
expenses
$149,192
$189,692
Other income
41.539
31.206
Total income
$190,731
$220,899
Interest on debentures,loans, &c
81,556
81,417
Amortization of debenture discount & expense
6,598
7.735
Federal and State Income tax
18,690
20.970
Profit applic. to stock ofsub. held by public
5.445
17,205
Combined net profit
$78,443
$93,572
Net profit of subsidiaries prior to date of acquisition in 1930, after provision for minority interest therein
39,288
Net profit of co. and all subs, not incl. profit of
subs, prior to date of acquisition
$78,443
854.285
Previous earned surplus
415,302
675,853
Adjustments applicable to prior periods
Over-provision for Federal & State income taxes.
21.788
Lessvaluation adjustments & sundry debits
Dr18,137
Totalsurplus
$493,745
$733,788
Dividends paid in cash-on class A stock
138,556
212,398
On class B stock
104,759
Stock dividend of 1.329shares of class B stock
1,329
Balance of good-will account charged off
36,708
Consolidated earned surplus
$318,481
$415,302
x Includes operations of Diamond Electrical Mfg. Co..
and subsidiary prior to the acquisition In 1930 of 85% of Ltd., Los Angeles,
the common stock
of that company by Square D Co.
Condensed Consolidated Balance Sheet.
AssetsDec.26 '31. Dec.27'30
LiabilitiesDec.26'31. Dec.27'30
Cash on hand & on
Accts. pay., paydeposit
5363,652 $199,121
rolls, &c
$55,700 $117,704
Notes & accts, cm x312,004
377,011 Accr. int.. taxes
Inventories
823,648 1,094,083
insurance, &c- -_
36.248
47,841
Other assets
91,158
107.716 Est. State & Fed.
Land, bides., maIncome taxes_ _ _
24,808
28,564
chinery & equip- y2.086,217 2,167,615 Funded debt
1,236,000 1,347,500
Good-will
500,000 Res,for wilting
1
6,000
11,000
Prepayments
51,522
Minority interest_
86,671
98,059
Deferred charges__
121.931
164.707 Class A pref.stock a2.014,560 2,010,560
Class 13 corn. stock
71,664
b71.560
Paid-in surplus.
462,165
Earned surplus_ _ _
318,481
415,302
Total
83,850,133 84,610,256
Total
$3,850,133 84.610.256
:
After deducting reserve for doubtful accounts
of $40,844. 9 After
deducting reserve for depreciation of $1,325,798.
a 100,728 $2.20 class A
,Prer, at stated value. b 71,664 shares at stated value.
-V. 133, p. 3980.
v •T'Standard Oil Co. of Kentucky.
-Dividend Rate Decreased.
-The directors on May 27 declared a quarterly
dividend of 30c. per share on the capital stock, par $10,
payable June 30 to holders of record June 15. Previously
the company made regular quarterly distributions of 40c.
per share on this issue.
--V. 134, p. 2359.
Standard Screw Co.
-Earnings.
Calendar Years1931.
1930.
1929.
1928.
z Net profit
108494,459
$534,958 $1,403,480 $1,042,449
Pref. div. A (6%)
49 548
49,548
49,548
49.548
Common dividend.-- (57)291,500 (8)476.000
(9)535,500 (9)535,500
Balance, surplus _ _ -- def$441,507
$9,409
$818,432
$457,401
Previous surplus
3,841,773
3.832,363
3,113,931
2,756.530
Approp. as add. reserveDr100,000 Dr100,000
Profit & loss surplus-- 83,400.266 $3,841.773
$3,832,363 $3.113,931
Shares of corn. oustanding (par $100)
59,500
59,500
59.500
59,500
Earns. per sh. on com
Nil
$8.16
$22.75
$16.70
x After making provision for depreciation of plants and Federal taxes.
Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
AssetsII
$
Liabilities$
S
Plant & equipment 6,036,786 6,059,534 6% pref.stock_ _ __ 825,809
825.800
1.220,162 1,402.563 Common stock _ _ _ 5,950,000 5,950.000
Inventories
470,864 Accounts payable_
Accts. receivable- 471,475
76,541
139,879
2,441,159 2,484,363 Dividends payable
Investments
84.274
143,774
350,937
720.237 Reserve for taxes_ _
Cash
48.426
75,634
Res.for conting_ _ _
70,212
160.700
Res. against invest
65.000
Surplus
3,400,266 3,841,773
Total
134.
10,520.519 11,137.561
p. 2360.
Total
10,520,519 11,137,561
3997
Standard Textile Products Co.(& Subs.).
-Earnings.
Calendar
Years1931.
1930.
1929.
1928.
Net sales
87.426.487 $10,069.137 813.912,726 $14.530.807
Cost of sales, admin. &
general expenses
7,410,975 10,272,731 12,437,525 12,813,887
Operating income-..-515.512 loss$203,594 81,475,200 31.716.919
Other income
63,596
51,195
30,203
17,732
Gross income
$79,108 loss$152.399 $1,505.404 $1,734,651
Interest
361,088
410,185
397,495
399,289
Depreciation
507,671
520.843
507.448
504,289
Federal taxes
65.000
95,000
Balance,surplus
loss$789,65011131.083,427
8535.461
8736,074
Dividends paid
136,000
409.345
Balance,surplus
loss$789,6501's$1.219,427
$126,116
$736.074
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Assets
Cash In banks &
Capital stock ____69,000,000 9,000,000
on hand
492,839
393,662 Mortgage bonds of
Accts. & notes rec., c441,232
737,366
subsidiaries __-42,000
44,000
Inventories
1,609,493 2,058,591 Accounts payable_
117,756
161,151
Accts. rec, from
Prov. for Federal
affil. cos
92,862
Income tax
165,000
Sundry accts. &
Accr. liabilities
189,334
214,667
notes receivable
15,459
Standard 1st mtge.
Due from officers
bonds
5.089.550 5,374.650
and employees..
3,718
7,022 Investment reserve
Prepaid expenses_
236,914
171,340
affiliated cos_ _ _
27,488
Treasury stock.._
40,333
40,333 Mortgage bond sk.
Misc, accts. rec.
30,801
47,054
fund insti
210,450
210,450
Investments
421,416
421,416 Res. for routing-60.000
Engr. rolls. mfg.
Surplus
df362,084
499,904
supplies, &c_
975,304
956,516
Plant account..,. 9,800,210 10,313,965
Excess of consid.
Pd. on acquis.
of subsids
368,233
368.233
Total
14,479,494 15,564 822
Total
14,479,494 15,584,822
a After deducting $7,085,955 reserve for depreciation. b Represented
by 50.000 shares class A pref. stock; 40.000 shares class B pref. stock and
186.650 shares COM, stock, all of no par value. c Accounts receivable
Only.
-V.134. p. 3653.
Stanley Works.
-Earnings.
Calendar YearsNet earnings after Fed'l
taxes
Depreciation
Reserve for deprec. of
foreign exchange
Preferred dividends_ Common dividends
1931.
$357,504
762.039
1930.
1929.
1928.
$856,888 $2,997,508 $2,460.679
775.744
791,320
172,831
205,061
975,000
210,000
210,000
210,000
1,300,000 x1,313,000
1,352,000
Balance, surplus---def$1,757,427df$1,428,856
5683.188
$898,679
x In addition paid a stock dividend on the common stock amounting
to
25% or 82,600,000.-V. 130, p. 4069.
-V. 133, p. 4341.
Balance Sheet.
1930. '
1931.
1931.
1930.
Assets8
I Liabilities$
$
8
Cash
1,344,918 1,811,881 Accounts payable_ 355,871
268,395
Notes & accts. rec. 1,653,174 1.848,658 1 Def. credits to Inc_
23.638
51,596
Inventories
4,321,918 5,458,728 I Dividends payable 195,000
325,000
Investments
5,958,681 5.061,854,5% bonds of Am.
Plant & other prop10,019,920 10,661.933
Tube & St. Co_ _
450,000
450.000
Pats.. trade-marks
Taxes, conting. &
& licenses
451,563
498,585
miscell. reserves 866,092
691,451
Deferred charges..
77,234
111,426 Minority int. In
affil. cos
198,362
198.931
Preferred stock_ _ _ 3,402,500 3,417,675
Common stock_ ..i3.000,000 13,000,000
Surplus
5,335,946 7,048,018
Total
23,827,408 25,451,067
Total
23,827,408 25.451.067
-V.133. p. 4341.
Stanolind Pipe Line Co.
-Earnings.
[Formerly Sinclair Pipe Line Co.]
Calendar Years1931.
1930.
1929.
1928.
Operating revenue
$25,014,892 $23.815,944 $23,612,745 $22.880.320
Oper. gen. & administrative expenses
6,307,668
6,643.989
6.523.540
6.812.7134
Operating income......318,707,224 $17.171,954 817,089.206 516,067,525
Other income
71,424
199.322
405.358
257.370
Total Income
$18,778,648 $17,371,276 817.494,564 816,324.895
Depreciation
6,296.076
6,369.225
5,899,872
5.734.912
Int.,disci.& Fed. taxes_ 2.438.717
2,075,806
2,173.934
2.201.696
Net income
Dividends paid
310.043,855 88,926,246 $9,420,757 $8,388,286
11.233.760 17.281.863 10.672.072
5.897.724
Balance. deficit
81.189,905 $8,355,617 31.251,315sur$2490,562
Profit & loss, surplus.. x2.089.753
814,677
8,024.372
9,275,686
Earns,per sh.on 280.844
shs.cap.stk.(par $100)
$35.76
$31.78
$33.64
$29.87
x After adjustments of reserves for depreciation and amortizat.on (net)
of $2.464,981.
Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Assets
Liabilities8
$
Real estate, lines,
Capital stock
28,084,400 28,084,400
equipment. &c_90,279.930 86,347,417 20-yr.5% s.f.g.bds 12,674,500 13,174,500
Cash
1,801,781 1,273.284 Depr.& amort.res.51,266,109 48,657,277
Accts. receivable
2,289,843 1,789,744 Other reserves_
624,901
Inventories
2.249,097 3,505,315 Deferred credits
6,628
5,748
Deferred charges
688,315
669,455 Accounts payable_ 959,550
303,459
Accr. int., tax., &c 2,228,026 1,920,261
Earned surplus- 2,089.753
814,677
Total
97.308,966 93,585,215
Total
97,308,966 93,585.215
-V. 133. p. 2116.
(S. W.) Straus & Co., Inc.
-Bondholder Committee AppointedJohn Treanor, President of Riverside Portland Cement Co. and director
of Union Bank & Trust Co., Los Angeles; J. B. Van Nuys, President
of the
Van Nuys Investment Co., and Maynard McFie, director of Security-Firs
t
Nations. Bank, Los Angeles, have accepted the invitation from Henry W.
O'Melveny of the legal firm of O'Melveny, Tuiler & Myers, to serve
on
an advisory committee acting in conjunction with the several bondholders'
committees which are reorganizing properties underwritten by S. W.
Straus & Co. in southern California.
In making this announcement, Leigh M. Battson, Vice
Pacific Coast Manager of S. W. Straus & Co., said that -President and
the committee
Is neither directly or indirectly affiliated with S. W. Straus &
that its value to the bondholders will be largely due to the fact Co. and
that it is
entirely independent.
"The firm of S. W. Straus & Co. has, through its financing,
possible for Los Angeles and southern Califomia to enjoy many made it
beautiful
hotels. imposing apartment houses and fine office buildings,"
Mr.
O'Melveny said in naming the committee. "They requested
me to appoint an impartial group to act as an advisory committee to
responsibility of reviewing the reorganizations submitted to accept the
them and
ffer helpful suggestions.
Financial Chronicle
3998
"In naming Messrs. Treanor, Van Nuys and McFie, who have accepted
the invitations, I believe that the best interests of all concerned will be
served. I consider their task to be a highly constructive one that will
-V. 134. p. 2740.
render southern California communities a civic benefit."
-Earns.
Stromberg-Carlson Telep. Mfg. Co.(& Subs.).
1931.
Calendar Years*Net income__ _ ------ loss$598,402
65,002
Preferred dividends__ _
304,903
Common dividends
1930,
$669,703
65,002
370,330
1929.
$1,070,055
65,002
334,476
1928.
$602,368
24,376
300,691
def$968,307
3,281,800
8234,371
3,047,429
$670,577
2,376,852
$277,301
2,099,550
Surplus
Previous surplus
$2,313,493 $3,281,800 $3,047,429 $2,376,852
Total surplus
* After provision for Federal taxes and interest.
Consolidated Balance Sheet Dec. 31.
1930.
1931.
Liabilities-1930.
1931.
Assets8850,000
$481,224 8505,802 Notes payable_ -- Cash
105,462 Accts. pay. & aeon
43,710
Notes receivable
nab., incl. Fed.
1.088,170 1.529,458
Accts. receivable
565,184
410,434
Income taxes- - _
Cash sum value of
23,907 Res. for unempl.
30,750
life Ins. policies_
29,373
benefit _
2,212,280 3,598,710
Inveatories
200,000
Res. for canting. _
29,373
Unemp. benefit fd.
297,251 Pref. 634% cum.
Sun. inv. & adv.-- 200,528
1,000,000 1,000,000
stock
Invest in & adv. to
98.599 Common stock_ _ _x2,732,800 2,732,800
59,719
forelzn affil. cos.
App. for Invest. In
Ld.,bidm., mach.,
add, to prop.- - 500,000
factory, equip..
2,313,493 3,781,800
2,810,499 2,847,770 Surplus
Laois, &c
Prepaid taxes, Ins.,
62,824
49,847
&e
$6,988,100 $9,129,784
Total
$6,9813,100 $9,129,784
Total
-V. 134, p. 1390.
x Represented by 273,800 shares (no par).
-Earnings.
(B. F.) Sturtevant Co.
1930.
1931.
$6,996,243 $8,137,412
48,609
26,389
1928.
1929.
$7,913,891 $7,207,592
44,690
64,883
$7.022.633 $8,186.021
Total income
7.836.995
6.921,955
Total cost ofsales
97
Loss on sale ofcap.assets prof.1,131
189,995
196,923
Depreciation
68.262
59.675
Interest
$7,978,774 $7,252,282
6,489.058
7.206,615
727
Cr283
178,273
180.229
63.975
88.052
Calendar YearsNet sales
Other income
$520,249
$504.160
$90,671
def$154,789
Netincome
$20.27
$19.51
$0.71
Nil
Earn. per sh.on common
Consolidated Balance Sheet Dec. 31.
1930.
1931.
Liabilities-1930.
1931.
AssetsCashNotee&Accept- $713,540 $820,260 Notes payable- --$1,500.000 $1,300,000
215,837
343,141
79,675 Accounts payable_
73,234
ances reaeivable
18,750
Accts. receivable_ _x1,879,279 1,447,315 Preferred dividend
1,850,024 2,055,238 Reserve taxes,eity,
Inventory
208,297
207,322
State & Federal _
Accts. & loans rec.
100,000
211,148 Res. for canting- 150,000
212,083
not current.... _ _
124,010 Res. for uncompl.
102,510
Stocks de bonds _
13,088
contingencies- Real estate & plant 1,460,478 1,444,285
Def. gross prof.
Machinery, tools &
34,807
uncom. canting_
2,909.831 2,720,232
equipment
Res. for depreciaDevelop. Ljungtion, plant assets 2,027,978 1,855,201
75,000
75,000
strom turbine_ _
3,342,800 3,45 ,000
49,720 Capital stock
38,775
Prepaid items_ _ _ _
50,001
Capital surplus11 501
.
Patent rithts pur1,438,174 1.899,548
Surplus
$9,126,080 89,028,883
Total
,
$9.128,08 $9,028,883
Total
x After deduction of reserve for doubtful accounts of 351.103.-V. 134,
p. 2740.
--Earnings.
Submarine Signal Co.
May 28 1932
Balance Sheet Dec. 31.
1930.
1931.
Liabilities-.
1930
1931.
Assets
$880,342 $576,988 Accts. payable... $113,004 $270,540
Cash
74,951
27,828
Accrued liabilitiesU.S. govt. & mum.
21,470
Proc.for Fed. tax_
458,872
bonds
19,558
14,343
425,615 Impt. assessments
Notes & accts. rec. 234,732
49,000
50,000
1,080,027 1,075,350 R.for comingInventories
Res,for workmen's
Securs. deposited
21,985
29,779
compen. exps__ .Y
with N .State
30,382 Com.stk.(no par)_ 2,455,472 x2,413,588
30,000
Indust. Comm_
500,000
500,000
Capital assets _ _ 1,837,231 1,793,731 Capital surplus_ __
Earned surplus_ _ 1,425,693 1,142,867
Good-will, patents,
533,305
530,968
dec
57,097
19,814
Deferred charges
$4,837,586 $4,492,470
Total
54.037,586 $4,492,470
Total
x Represented by 57.240 shares (no par) class A stock and 461,207
-V. 133. IL 1939.
shares (no par) class B stock.
Tacony-Palmyra
Bridge
Co.
-Earnings.
1931.
$639,970
45,772
30,000
Calendar YearsGross earnings
Operating expenses
Depreciation
1930.
3517.339
40.964
$476,375
$564,198
Gross profit
100.976
107,704
Administrative and general expense
218.165
201,135
Interest and amortization
3.186
428
Other expenses
$154,048
$254,930
Net profit
x37,500
30,000
dividends
Preferred
45,000
90,000
Class A dividends
36.000
72,000
Common dividends
335,547
$62.930
Balance
Earnings per share on combined 30,000 shares
$2.13
$4.16
class A and 24,000 shares common
x Includes payment of $7,500 payable Feb. 1 1931.
Balance Sheet Dec. 31.
1931,
1930.
Liabilities-1930.
1931.
Assets
$10,000
$23,494 Notes payable_
$40,515
Cash
4,646
$1,500
1,094 Accounts payable_
14
Acets receivable_
1,488
100,473 Prepaid bus tickets
140,592
Investments
59,389
21.125
525 Accrued accounts_
781
Accr. Int. on Inv_
7,500
7,500
Divs. payable_,.
Cost of bridge and
3,192,500 3,214,000
4,080,339 4,110,339 Funded debt
approaches
20,495
13,056 Reserve for taxes_
11,029
Other equipment_
400,000
400,000
734% pref.stock__
1,913
Other real estate__
375.000
375,000
186,212
178,877 Class A stock
Deferred charges._
300,000
Common stock-- 300,000
1
Location valuation
55.123
121,790
Surplus account__
1
Location valuation
$4,441,377 54,425,858
Total
-V. 134, p.3653.
Total
$4,441,377 $4,425,658
-Sells East Texas Holdings.
Texas Gulf Producing Co.
Co. of the
The company has consummated a deal for sale to the Tidal Oil activities
majority of its holdings in the East Texas field and will concentrate
restrictions or
In the South Texas area where there are either no practical
W. Hunter.
only minor ones, it was announced on May 23 by President N.
company
Proceeds of approximately $300,000 will be used to clear up certainproperties
indebtedness preparatory to acquisition of additional producing
contiguous to some of its South Texas
at present low prices in the area
holdings.
of the
Sale of the property was made, Mr. Hunter explained, because Texas
gradual reduction of the allowable production per well in the East
field whilh is a brake on earning power ofthe company. Under the restrictions
now in force there, the Texas Gulf Producing Co. has been allowed only
reduction
61 barrels per well daily in the field, with the prospect of futher
resulting from the large number of completions recently announced.of approduction
In the Barbers Hill area, the company is averaging
the
proximately 7,500 barrels per day, all of which is sold to a subsidiary of
-V. 134, p. 3112.
Atlantic Refining Co. under contract.
-Defers
(Including Submarine Signal Corp.)
Thompson
' Products, Inc. the Div. on Preferred.
quarterly dividend due June 1
Consolidated Income Statement Years Ended Dec. 31.
The directors recently decided to defer
1931.
1930.
on the 7% cum. pref. stock, par $100. The last quarter regular payment
$349,076
$749,062
was made on this issue on March 1 1932.-V. 134. p. 3473.3294.
of 1% %
Gross income
214.746
467,627
Direct cost
Profit
Other profits from operations
$134,330
$281,435
13,349
Gross profitfrom operations
Administrative, selling, engineering. &c
1134,330
246.288
*8294,784
346,722
$111.958
83,557
def15,478
$51,939
51,045
$43,880
$893
17,923
Net lossfrom operations
Other income net
Provision for foreign exchange
Net loss for current year
Dividend
$18,816
$43,880
Total deficit
by the German agency.
* Subject to additional income not yet reported
Dec. 31.
Consolidated Balance Sheet
1931.
1930.
1931.
Assets$18,872
8174,985 5102,M4 Payables
Cash
9.729
11,282
275,080 Res. for taxes. &c_
202,825
U. S. debt
stk. (par $25) 1,792,250 1,792,250
113.591 Cap.
88,498
Receivables
82,895
18,818
201,711 Deficit
. 1813,708
Invent. (at red)..
42,216
38.453
Fixed assets
Leased apparatus
100,000
(book value) _ -. 100,000
29,544
Leas. fathometers_
1
1
Patents
Invest. In Signal
1
1
Gemllschaft stk.
9,880
5,391
Prepaid expenses..
958.357
958.357
Good-will
Total assets- ---$1.782,541 81,803,388
-V. 132, p. 4079.
Total
81,762,541 $1,803,388
Sun Realty Co., Los Angeles.-Pref. Div. Deferred.
The directors recently decided to defer the quarterly dividend due April
1 on the 7% cum. pref. stock par 81.-V. 134 p. 2740.
Syracuse Washing
Calendar YearsNet sales
Manufacturing cost of sales
-Earnings.
Machine Corp.
1930.
1931.
$6,502,373 $6,744.709
5.006,695
4,477,081
Gross profit
Miscellaneous income
Total
Selling, general & administrative expenses
Balance
Interest paid
Reservefor contingencies
Other charges
Loss for year
Previoussurplus
Additional taxes in respect of prior years
$301,079
81,731
8219,347
1,142,867
Cr63,479
1930.
53.502,28.3
3,529,150
2,912,621
134,357
136.592
1929.
$3,552.178
3.580,682
2,898,725
137,881
112.560
$287,057
209.790
100.000
$345.579
210,000
$431,516
210.000
$135.579
$221.518
def$22,733
Surplus for year
$1.10
Nil
$0.67
Earns, per sh.00 200,000 shs. com.stk.
Balance Sheet Dec. 31.
1930.
1931.
Liabilities1930.
1931.
Assets
$88,541
859,420
$141,879 $190,495 Accounts payable_
Cash
Accrued salaries,
Short-term note re49,592
62,896
wages,Int.& Ins.
39,725
ceivable
17,854 Prov. for Fed. Inc.
18,839
Acc'ts receivable....
68,500
& Mass. exc. tax
81,757
181,082
128,410
Inventories
Mtges. on real est_ 1.948,500 1,978.500
Real est., fixtures
100
and equipment.x5,999,412 5,869,224 Res, for cont'Ing_
10,844
Preferred stock--y3,500,000 3,500,000
Treasury stock...-_
z50,000
50,000
37,444 Common stock__
48,334
Prepaid expenses._
237,549
1 Paid-In surplus._
1
237,549
Good-will
389,507
346,774
.
Earned surplus_ _
Total
0.343,725 88,345,492
56,343,728 $6,345,492
Total
x After depreciation of 1395.468. y Represented by 35.000 shares
.-V. 133, p. 1140.
(no par). x Represented by 200.000 shares (no par)
-Annual Report.
Tobacco Products Export Corp.
49 249
Company reports a net profit tor the year 1931 of $48,262. against $ .
in 1930. Dividends paid in 1931. 547.232.
Balance Sheet Dee. 311931.
Assets.Liabilities
$433,114 Capital stock
Good-will, trade-marks, &c
6°°4:0°°058
81,
4,137,023 Accounts payable
Inv. In sub. & affil. cos
3,000.000
174,301 Special notes payable
Marketable securities
8,611
8,300 Reserves for contingencies-stock-10,000 shs__
Treasury
327.430
33,177 Surplus, Dec. 31 1931
Cash
43,177
Accounts receivable
9,014
Inventories
Total
-V. 134. p. 1975.
11,787,245
"Todd Shipyards
. .
1 822 387-
84,838,105
Total
$4,838.105
-The directors
Corp.
-Dividend Halved.
on May 26 declared a quarterly dividend of 25 cents per share
on the outstanding capital stock no par yalue, payable June
•
"'"' 20 to holders of record June 3. Distributions of 50 cents
each were made on March 21 last and on Dec. 21 1931 as
$71,966
compared with quarterly payments of $1 per share previously
1,482,767
Dr14,059
made.
Dr135,141
4.824
Balance
Dividends on class A
On class B
11,425,693
31,396.742
28.620
225,255
Balance Dec. 31
81.425.693
31.142,867
1931.
53.256.929
3,296.536
2,704,707
150.504
154,268
Net profit
Preferred dividends
Reserve for contingencies
$2,025,292 $1,738,014
49,231
54,915
$2,080,207
1,779.128
-Earnings.
Thompson's Spa, Inc.
Calendar YearsSales
Total income
Operating expenses
Taxes
Depreciation
in
-Two Branches to Merge.
Personnel
Changes
been elected
John D. Reilly, formerly Executive Vice-President. has
Dawe has been
President to succeed the late William H. Todd. George
J. Herbert Todd. son
elected Vice-President in charge of operations and
executive comof William H. Todd. as Vice President and Chairman of the
Financial Chronicle
Volume 134
mittee. Mr. Dawe is head of the Robins Dry Dock & Repair Co.. and Mr.
Todd is head of the Todd Dry Dock Engineering & Repair Corp., divisions
of the Todd Shipyards Corp.
The executive committee of the corporation will consist of Mr. Reilly,
Mr. Dawe. J. Herbert Todd and George C. Raymond, Vice-President and
director of the corporation in charge of the Tiet:en & Lang Dry Dock Co.
of Hoboken.
Arrangements have been completed for the merger of operations of the
Clinton Dry Dock and Tebo plants both of which are branches of the Todd
Dry Dock Engineering & Repair Corp. it was announced.
-V.134.P.3837.
Tonopah Belmont Development Co.-Bal. Sheet Dec.31.
Assets1931.
1930.
LiaWities1930.
1931.
Prop. accounts.. _51.338,936 51,338,149 Capital stock
$1,500,000 51,500,000
lay. in stocks of
Accts. payable_ .
.
4,541
5,613
other companies
22,601
22,601 Unpaid wages_ _
1.847
1,744
Matls. & suppl. for
Taxes accrued_...._
1,620
1,507
operation
33.787
34,768 Draft In transit._ _
1.000
Accts. receivable
Deficiency
def27.573
def4,670
Due fr. smelters
5,896
6,134
Due from others
3,879
5,937
Ins. prem. paid in
advance
14
947
Cash
77,178
94,801
Total
$1,492,291 61,503,338
-V. 132, p. 3361.
Total
51.482.291 51,503,338
Towle Manufacturing Co.
-Balance Sheet Dec. 31.Assets1931.
Cash
$116,721
Notes receivable
44,281
Accts. receivable_ _
378,196
Deferred charges._
11,199
Inventories
202,339
Investments
1,169,502
Real estate, mach.,
equipment, &c_
194,424
Furniture and fixtures depreciated
18,034
1930.
$174,032
43,835
399,730
14,383
229,877
1,142,969
Liabilities1930.
1931.
Accounts payable_
$19,986
$15,854
Reserves
830.244
767.000
Capital account
1,000,000 x1,000,000
Surplus
351,842
350,377
175,546
20,234
Total
52,134,696 52.200,607
Total
x Represented by 40,000 shares no par value.
52,134.696 $2,200,607
Trans-Lux Daylight Picture Screen Corp.
-Report.
Calendar YearsGross sales
Returns, allowances, &c
Cost °reales
1931.
$30,086
Profit on sales
Rentals net
Total profit
Selling. adminis., Day
lograph devel.& exper.
expense
Profit from operations
Other income
Total income
Deductions from income
Net profit before Fed.
taxes
Shs. cap. stk. outstanding (no par)
Earnings per share
19,173
1930.
$52,011
6,578
27,641
1929.
$68,286
8,750
34,345
1928.
$55,987
9,276
26,268
$10,914
609,103
$17,792
769,579
$25.191
802.083
$20,443
467,522
$620,016
$787,371
$827,274
$487.965
322,598
338,957
322.199
195,348
297,418
19,426
$448,414
33,518
$505,075
51,036
$292,617
18,696
$316,844
39,339
3181.932
6.325
$556,111
30.723
$311.312
52.566
$277,505
3175,607
$525.388
$258,746
790,162
789,062
785,862
730,488
$0.40
$0.60
$0.67
$0.35
Comparative Balance Sheet Dec. 31.
Assets
1931.
1930.
Liahititiss1931,
1930,
Cash
$120,467 $106,133 Accounts payable_
519,762
$32,192
Invest. In bonds_ _
229,945
270,589 Accruals
3,901
3,766
Notes receivable._
60,487
26,387 5
-year 6% gold
Interest receivable
5,622
3,845
notes
6,500
6,500
Accts. receivable__
88,536
115,948 Capital stock__
5,926,215 5,917,965
Inventories
113,985
93,526 Surplus
Y1.272,244
994.249
Other investments
21,124
Inv. in Mill. cos__
270,000
150,000
Land, bldgs.. machines,equip.,Stc. x84,258
87,401
Rental & install._
610,996
637,853
Other equipment_
37,050
37,050
Sinking fund
6,723
6,580
Deferred charges- 568,128
401,503
Patents
5.011.896 5,009,846
Total
67.228,622 $6,954,672
Total
57.228.621 56,954,672
x After deducting $42,258 reserve
y Before Federal taxes.
Note.
-The corporation is obligated to invest an additional $200,000
In stock of the Trans-Lux Movie Corp., when, as and If called for.
-V. 132.
p.3546.
Traung Label & Lithograph Co.
-Earnings:
Calendar Years1931.
1930.
1929.
1928.
Net profit after deprec.Prov.for Federal taxes__
MLscellaneous
$3,663
1,250
$138,097
18,500
1,613
5131,237
14.958
10.262
$128,713
x16.713
1,909
Balance
Dividends
$2,413
73.453
5117,984
101,907
$106,015
87,680
5110.090
45,000
Balance, surplus_ _ _
def$71.040
$16,077
$18,335
$65,090
Earns, per sh. on 30,000
shs. class A stock
$0.80
a $3.93
$3.88
$3.73
a Earnings on the class A stock on a participating basis, after allowing
for participation of class B stock, were equivalent to $1.62 per share.
x Estimated.
Balance Sheet Dec. 311931.
Assets
LiaMlities$94.597 Accounts payable
Cash
557.248
. 211,915 Accrued wages, property taxes,
Notes & accounts receivable.
Inventories
128,048
& insurance
10,873
Land, buildings & equipment_ 1,141,658 Pray, for 1931 Federal income
24,236
tax
Other assets
1.250
51,920 Capital stock
Deferred charges
x1,432,263
1 Surplus
150.741
51.652,375
Total
Total
61,652,375
x Represented by 30,000 class A shares and 75.876 class B shares, both
-V. 133, p. 1628.
of no par value.
257 West 39th St. Bldg. (Kemacoe Realty Corp.).Depositary.
Empire Trust Co. has been appointed depositary under deposit agreement
-V 120. P. 2561.
dated May 1 1932 for first mortgage gold bonds.
-Further Reduction in
No.. Union Carbide & Carbon Corp.
-The directors on May 24 declared a
Common Dividend.
quarterly dividend of 30c. per share on the outstanding no
par value common stock, payable July 1 to holders of record
Juno 3. This compares wlth quarterly distributions of
650. per share made on this issue from July 1 1929 to and
incl. ,Jan. 1 1932, and a dividend of 50c. per share paid on
-V. 134, p. 3473.
April 1 last.
3999
United Cigar Stores Co. of America.
-Balance Sheet.
Consolidated Balance Sheet Dec. 31.
Assets
1931.
1930.
Cash
53.814.916 $4,836,951
Call loans
1,000,000
Time deposits
1,000,000
U. S. Government bonds
873,685
Marketable securities (at cost, below mkt. vale.)..969,549
1.526.610
Notes and accounts receivable
al.758.253
2,652,251
Inventory at cost, less contingent reserve for unsalable merchandise
10,984,739 11.700,151
Securities of other companies
3,656,184
3,807,316
Advances to other companies
1.072,340
1.445,877
Mortgages receivable
1.355,506
1,863,283
Deb.skg. fd. & dep. for retire, of mtges. payable._
63,674
56,253
Cash & securities held for employees' pension fund_
209,324
209,860
Land and buildings
c32.587,809 31.981.649
Improvements to leaseholds, less amortization_ _ _ _ 6,335,129
6,683,448
Store impts.& building construction in progress.....
263,434
43,039
Furniture, fixtures and equipment
4,460.679
4,078,545
Prepaid insurance, taxes, &c
372,640
378,624
Rents paid in advance
244,879
267.187
Stationery and supplies
85,885
Unamortized lease bonuses and commissions
754.873
883,592
lJnamortized discount on funded debt
614,920
450,869
Good-will and leaseholds
1
1
Total
$70.604.735 $74.829,199
Liabilities1931.
1930.
Notes payable
$138,354
$510.895
Accounts payable and sundry accruals
5,577,599
8,145,855
Accrued interest on mortgages and debentures- 392,806
404,048
x Dividends on preferred stock payable
1,028,142
Reserve for outstanding premium certificates
772.905
Advance rentals and tenants' secured deposits.._ _
550,114
722,543
Reserve for employees' pension fund
209.324
• 209,860
Deferred income applicable to 1932 operations
700,759
Def. disc. & partic. of others in respect of mtgs. rec.
107,916
132.555
Reserve for building construction on leaseholds- -._
156,253
173.159
Reserve for contingencies
763,496
1,164,712
Mhmt.int.in coin,stock of Whelan Drug Co.. Inc..
20
80
5;4% debentures, 1949
8,180.000
8,427,000
Real estate mortgages
19,612,470 18,145,273
8% preferred stock
x17,135.700 17,135,700
Common stock
5,369,661
5.293,661
Capital surplus
9,206.334 11,347,145
Earned surplus
1,503.927
1,215.666
Total
$70,604,735 $74,829,199
a After deducting $305.347 reserve for bad debts. c Owned in fee as
valued by company's appraisal in 1929, plus subsequent additions at cost,
less 31.076,851 for reserve for depreciation of buildings. x Cumulative
pref. stock dividends unpaid at Dec. 31 1931,7%%.
Our usual comparative income statement for the year ended Dec. 31
1931 was published in V. 134, Il• 3837
.
United Dry Docks, Inc.
-Earnings.
Period Ended Dec. 31Net earnings
Interest on mtges, and notes payable_
Depreciation
Extraordinary deductions, including
Interest on mortgages on idle prop. _
1931.
$97.086
x418.583
408.399
372.890
1930.
10 Mos.'29.
$821,837
$660,888
409,758
392,793
402.953
279,624
292.406
Net loss
$1.102,787
$283,279
x Interest on mortgages only.
Comparative Balanee Sheet Dec. 31.
1931.
1930.
1931.
AssetsLlalilities$
$
Cash
909,589 Accounts payable_
362,242
373,724
Irrevocable letter
Accrued expenses _
40.391
of credit
125,000 Accr. int, on mtgs.
Notes receivable_ 120,058
112,841
payable
152,495
Accts. rec. less res_
838,421 1,209,801 Underlying mtges.
Inventories
931,509 1,041,008
on Aldeton plant 858,000
Plant, property &
Pur, money mtges.
leaseholds
621,061,463 21,466,909
payable
8,455,450
Deferred charges__
81,748 Res.for contings
89,784
81.481
Investments
11,200
10,000 Res. for dredging.
Pats. St good-will,
20,001
1
as damage claims
62,797
Res.for self Maur.
16.607
6% pref.stock _ _ _ _ 1,815,000
Corn.stk.
(no par)a11,075,003
Capital surplus_ _ _ 1,886.193
Deficit
1,389,676
Total
23,427,461 24,964,115
a Represented by 604,625 shares
35,693,556.-V. 134, p. 2548.
Total
(no par).
272.306
$283,835
1930.
$
483,475
137,784
146,317
1,065,000
8,483,450
107,842
36,568
1,815,000
11,075,000
1,900,567
286,889
23,427,461 24,964,115
b After depreciation of
United Industrial Corp.
-Interest Payment.
-
The Chase Harris Forbes Corp., as paying agents, announces that funds
have been received to pay the June 1 1932 interest on the outstanding
35,100,000 6% bonds due 1945.-V. 134, p. 3474.
United States Fidelity & Guaranty Co. of Balto.-To
Decrease Capitalization.
The stockholders will vote June 6 on approving a proposal to reduce the
par value of the outstanding 1.000.000 shares of capital stock from $10
a share to $2. the difference of $8,000,000 to be transferred from capital
account to surplus. The stockholders will vote on the change.
-V. 134.
P. 3837.
United States Finishing Co.
-Earnings.
Calendar YearsGross income
Expenses, deprec.. &c
1931.
97,758,700
8,198,075
1930.
1929.
1928.
$8,989,566 $11,268,005 510,207,195
9,168,694 10,178,410
9,319,871
Net profit
Other income
loss$439.375 loss$179,128
22,674
17.726
$1,089,595
64.203
$887.325
87,037
Total Income
Interest
Federal taxes, &c
loss$416,701 loss$161,402
74,511
77,452
174,511
$1,153,798
80,134
240,572
$974,362
98,746
243,788
Net income
loss$491,212 1os4413.366
$833.091
$631,828
Preferred dividends
161,000
252,000
252,000
Common divs.(cash).....x61,136
1260,558
280,000
Queens Dyeing Co. pref_
35.000
35.000
Balance.surplus
1064526,212 loss$635,502
$285,533
$99,828
Shs. corn. outst.(no par)
124,858
124,858
121.200
x40 000
Earns. per share on corn.
Nil
Nil
$4.50
$9.49
x Par value $100. y In addition 2% in common stock
(2,412 fibs.) was
paid on common. x In addition 3% in common stock
(3.658 ohs.). capitalized at $121.933, was paid on common.
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Assets$
s
Liabilities-$
$
Cash
237,484
301,217 Notes payable__
51'
.000
555,000
Notes & accts. rec. 695,252
909,853 Accounts payable.. 172,707
264.469
Ins. prem. refunds
82,271
Acer. wages, taxes
79.330
86.885
Inventories
545,763
757,176 Bond interest_ __
.
43,325
43,325
Sinking fund
3.623
1,999 Dividend payable_
8,750
8,750
Property acct _ _ _x10,129,125 11,249,450 Subsidiary pref_ - _
775,000
775,000
Deferred charges
84.914
173,223 Bonded debt
1,523.000 1.584,000
Good-will
588.014
Minority interest_
62,524
105,593
Preferred stock__ _ 3,600,000 3,600,000
Common stock__ ..y4.161,933 4,161,933
Surplus
1,429,876 2,207,964
Total
12,366,446 13,392,919 I Total
12,366,446 13,392,919
x After depreciation. y Represented by 124,858 shares on
par value.
V. 134, p. 2928.
Financial Chronicle
4000
May 28 1932
Stores Co. which has debentures outstanding in the hands of the public."
-V.125 p. 1207.
-Consolidation.
United States Casualty Co.
-V. 134, p. 148.
See New Amsterdam Casualty Co. above.
-Common Divi--United States Dairy Products Corp.
---dend Decreased.
-Earnings.
Venezuelan Petroleum Co.
Years Ended Dec.31Royalties
Int. & miscell. income.-
1931.
$306,366
4,992
1930.
$413,898
23,202
1929.
$461,402
104,199
1928.
$223,537
35,777
Total income
Expenses, incl. deprec..
Federal taxes, &c
$311.358
$437,101
$565,601
$259,314
201,601
145.971
193,971
105,580
United States Freight Co.
-Sells Certain Holdings.
Net income
Dividends paid
$109,757
$291,129
100,000
$371,630
400,000
$153,734
152,268
United States Printing & Lithograph Co. (8c Subs.).
Balance, surplus
$191,129 def$28.370
$109,757
$1,466
Shares capital stock outstanding (par $5)...
2,000,000 2,000,000
2,000,000 2,000.000
Earnings per share
$0.15
$0.05
$0.18
$0.07
Condensed Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Assets
Liabilities-$
$
Capital stock--- _x10,000,000 10,000,000
Concessions, royal10,403,578 10,313,826 Accounts payable_
ties, &c
10,683
16,667
129,918 Res. for Fed. tax_
34,771
Accts.receivable
4,400
996 Capital surplus.- 413,974
Deferred items_
791,035
662,569 Earned surplus._ 404,963
Cash in banks---- 391,271
295,206
The directors on May 20 declared a quarterly dividend of 50c. per share
on the class A stock, no par value, payable June 30 to holders of record
June 10, placing the issue on a $2 annual basis, against $6 previously.
The regular quarterly dividends of $1.75 per share on the let pref. stock
and $2 per share on the 2d pref. stock have also been declared, both payable June 1 to holders of record May 25.-V. 134. p. 3295.
The New York Stock Exchange has received notice that the company
has sold all the outstanding capital stock of the Universal Terminal Co.
and of the Nicholson Universal Steamship Co.. which in turn owns all the
outstanding capital stock of the Spokane Steamship Co., and received in
consideration from the pourchasers the following: (a) Mortgage of $500.000
on land and terminal of Universal Terminal Co., Cleveland, Ohio;(b) Mortgage of $250,000 on land and terminal of Nicholson Universal Steamship
Co., Detroit, Mich.; (c) mortgage of $750,000 on seven steamships of
Nicholson Universal Steamship Co.; and (d) $3.200,000 of non-interest
bearing collateral income debenture notes of Overlakes Steamship Corp.
(The purchaser was reported to be F. L. Hevrittj-V. 134. P. 3654.
Consolidated Earnings for Calendar Years.
1931.
5835,441
3389,235
Grosss earnings
Reserve for Federal income taxesDepreciation
Special commission and interest on
6% serial gold notes
376,456
1929.
$1,395,258
75,482
411,175
524,127
181,006
213,889
149,757
Total
10,829,620 11,107,308
Total
10,829,620 11,107.308
x Represented by 2,000,000 shares $5 par value.
-V. 132, p. 4260.
(Hiram) Walker-Gooderham & Worts, Ltd.
-Initial
Dividend.
The directors have declared an initial quarterly dividend of 25c. per
4758,844
$97,426
loss$168,226
Net profit
share on the new no par $1 cum. preference stock, payable June 15 to
2,094,629
1,072,703
695,762
Previous surplus
holders of record May 25. The company now has outstanding 660,000
209,715
Adj. of deprec. for prior years
shares each of preference stock and no par common stock. Effective
Adj. of loss on sale of machinery and
March 31 last the old capital stock, of which there were 2,640,000 shares
46.981
outstanding, was exchanged on a basis of four shares for one share of
equipment for prior years. _. ._ _.
27,323
preference and one share of new common stock.
Miscellaneous adjustments
On March 15 and Dec. 15 last dividends of 6).1c. per share were paid
5784,232 $1,170,129 $2,880,797
Total surplus
on the old stock as compared with 12)i C. per share previously each quarter.
Loss on sale of machinery,equipment.
-V.134, p. 2928.
55,269
56,880
24,808
expenses
&c.,
20,496
13.788
7,733
Tax adjustment prior years
-Defers Dividend on 1st Preferred Stock.
‘...."••• Warner Co.
Reorganization expense, losses and
The directors on May 24 decided to defer the regular quarterly dividend
expenses incident to assimilation of
197,882
of $1.75 per share due July 1 on the no par value $7 cum. 1st pref. stock.
acquired subsidiaries
113,053
149,666
112.608
A quarterly distribution at the above rate was made on this issue on April 1
Preferred dividends
128
256,668
255.643
ast.-V. 134, p. 3475.
Common dividends
Write-off of good will, engravings,
unamortitation bond discount, less
-Earnings.
Wieboldt Stores, Inc.
1,157,114
aurmus from appreciation
Earnings for the Fiscal Year Ended Jan. 30 1932.
7,745
Deprec. on unused machinery
$21,325,919
6,000
Net sales (including leased departments)
Prov. on loss or investment
21,404.890
Cost of goods sold & expenses (incl. deprec. of $105,687)
5 700
Miscellaneous
3695.162 $1,012,703
$619.509
Surplus, Dec. 31--------- -- -$78,970
Net loss from operations
Nil
Nil
43.78
Earnings per share on common stock
22,551
Other income, net
-V. 134, p. 3295.
$56,420
Net loss transferred
United Steel Works Corp. (Vereinigte Stahlwerke) Surplus balance Jan. 31to surplus
315,897
1931
.-Earnings.Aktiengesellschaft)
50,000
Additional provision for doubtful wholesale installment accts_ _
(Conversion of reichsmarks into dollars at rate of 1 reichsmark to $.238.)
Net surplus
1931.
$209,478
1930.
Years Ended Sept. 30Cr.9.314
Reduction in reserve for Federal income tax on installment sales
$36.026,538 $62.405,028
Gross income
Prov, for loss in liquid, of amt. due from Wleboldt Employees'
-year sinking fund
Interest on mtge. bonds and 20
stock synd. in accord, with settlement authorized by board
7.861,378 8.010,366
debentures
of directors
85.000
11.077,948 13,027,644
Social charges
12,167,750 14,702,212
Taxes
Surplus balance Jan. 30 1932
$133.791
Write-off of invest, by amount of surplus from
374.374
capital reduction
Balance Sheet Jan. 30 1932.
10,254,944 19.219.214
Depreciation on plant
Assets
Liabilities
Cash
$458,735 Accts. pay.-Incl. nab. for
loss3b,709,858 $7,445,592
Net Income
Notes dr accts. receivable_ - _ 1,316,529
merchandise in transit_ _ $1,082,386
835,142
1.040,536
Previous surplus
409,836
Inventories
2,516,826 Accrued taxes, interest, dro__
374.374
Surplus arising from capital reduction
166,421 Long term notes due Jan. 31
Merchandise in transit
700.000
Sundry investments
1934
12,000
def$4,500,342 $8,486,128
Total surplus
64,857
Due from Ashland Ave. award
27,820 Reserves
7,616,000
4% dividend.
Due from Wleboldt Empl.
62,986,000
Common stock
35,145
Compensation ofsupervisory board
133,791
stock synd.-less reserve
15,000 Surplus
Deposits with reciprocal insur.
def$4.500,342
$834,983
Carried forward
33,551
companies
Leasehold insists., equip.. &e_ 5734,935
Balance Sheet Sept. 30.
94,754
Supply inven..prep. lnsur..dte
1931.
1930.
1930.
1931.
$
LiabilitiesAssets$
Total
85,376,872
85,376.872
Total
l84,45,000 190,400.000
Mines&steel wks351,743,056 342,560,540 Capital
a After allowance for amortization and depreciation of $187.486. b RepInvests.& securs 69,353,438 75,634,020 Statutory emery. 19,040 000 19,040,000
.
-V. 131, p. 2551.
resented by 239,000 no par shares.
Inventory
67,653,166 64,185,030 Bonds de debit__ _115.034,444 117,642,448
579,054 Revel. pre-stabil
546,686
Mortgages receiv
-Listing of Common
loans & mtgs- 2,268,378 2,362,864
F.) Wilcox Oil 8c Gas Co.
Accts receivable 34,673,030 38,805,186
69,734
49,028
Cash in bank_ _ _ 11,138.876 16,680.944 Other mtgs. pay.
Stock ($5 Par) to Replace No Par Shares.
Bills & notes rec. 6,265,588 2,519,706 Welfare & relief
The New York Stock Exchange has authorized the listing of 362,300
1,554,854 1,687,896
funds
Cash on hand,.n
(par $5) on official notice of issuance in lieu of
shares of common stock
Employees' sayReichsbank Sc
the 562,300 shares of common stock (no par value).
Inge accounts_ 3.716,370 3,986,262
219,912
219,198
postal deposit.
238 Long-term debt_ 37,981,230 34.663,986
Earnings.- For income statement for quarter ended March 31 see
238
Patents&licenses
Accts. payable__ 31,821,076 37,377,662
"Earnings Department" on a preceding page.
United Steel Wks
Reimburse. cred 6,024,256 6,249,880
46,172
There has been a reduction since Dec. 31 of $200,000 in bond retirement,
.
Corp. stock_
17,028,900 5,492,564
Bank loans
and bank indebtedness has been reduced $150,000. and company has also
4,500,342
Deficit
9,104,452
-V. 134,
Acceptances
shown a substantial improvement in working capital position.
Customers' preD. 3118.
829,430 2.996,896
payments_ _
Accrued wages,
social charges
CURRENT NOTICES.
& wage taxes_ 2,935,254 4.330,886
5,712
5,236
Unclaimed dive_
Special facilities for dealing in the stock and commodity markets for
44,268
42.840
Unclaimed Int.. _
passengers flying the air transportation routes of American Airways,
42,126
49,028
Bonds called_ _ _
Deprec. on plant 96,576,116 86,321.172
throughout the South and Midwest, were inaugurated Monday, May 23rd
Res. for furnace
by Fenner, Beane & Ungerleider, members of the New York Stock Ex
renew., mine
change. Several months ago, similar service was established on Southdamages, pendeastern air routes initiating, for the first time in history of aviation, a regular
ing litigation &
conting. Babe_ 17.614,618 19,998,426
quotation service to business men travelling by air during market hours.
8,486,128
Surplus
The new routes over which this service will be extended include the American
Airway's lines from Cleveland to New Orleans and from Atlanta to Fort
546,139,790 541,184,630
Total
546,139,790 541.184,630
Total
Worth.
-V.134. p. 3299.
Hammons & Co.. Inc., announce that arrangements have been com-Receivership.United Stores Realty Corp.
pleted for a private wire service whereby the firm will shortly increase its
Irving Trust Co. was appointed receiver in bankruptcy for the corporacontacts to 36 cities in 21 States and one city in Canada. The additional
.
tion May 21 by Federal Judge Francis G. Caffey on a voluntary petition
cities reached by private wire include Albany, Buffalo, Elmira. Ithaca,
filed in l,ederal District Court. Schedules filed list liabilities at P5.116,589.
$7,900,000 owed to United Cigar Stores Co. for advances, and
Bridgeport. Hartford. Boston, Trenton, Philadelphia, Allentown, Harrisincluding
assets at 81,543.625.
burg. Lancaster. Pottsville, Pittsburg, Wilmington, Baltimore, Washington,
The United Cigar Stores Co. of America, Issued the following statement:
Atlanta. Augusta, Savannah, Jacksonville, Chattanooga, Birmingham,
"United Stores Realty Corp. has been engaged in real estate operations
New Orleans. Columbus, Louisville, Grand Rapids, Detroit. Indianapolis,
for over 20 years and owns and leases properties in about 20 States, which
Chicago, Milwaukee, Minneapolis, Lincoln, Omaha, Denver and Toronto,
It in turn leases to others for stores, offices, apartments, &c. A number of
Inc.,
the stores of United Cigar Stores Co. and Whelan 1)rug Co., great occupy
Canada.
decline
premises held under sub-leases from the Realty Corp. The
H.
- Mead Rogers has been appointed Buffalo representative of Dominion
In real estate values since 1929 has practically wiped out the Realty Corp.'s
equities in the properties owned by it, which properties are heavily mortSecurities Corp. and will make his headquarters in the Erie County Bank
gaged.
Building. Mr. Rogers was connected for many years with the Rochester
values and consequent faint; off in Income
The great decline in rental
brought
office of Dillon, Read & Co. and more recently was with the Buffaki Office
Involved the Realty Corp. Last year in heavy losses and expected about its
to affect
involvency. The bankruptcy of tho Realty Corp. is not
of Chase Harris Forbes Corporation.
the contrary will eliminate
the operations uf the United Cigar Stores, hut onthe making of advances to
-Henry A. Ludeke, formerly Manager of the Trenton, N. J. office of
some of the losses heretofore incurred through
Eastman, Dillon & Co.. and S. Leslie Tattersall, who was also with the
the Realty Corp.
United
"The insolvent corporation is not to be confused either with or with
same firm, have become associated with the Trenton office of Hemphill;
Stores Corp. which holds control of the United Cigar Stores Co.
Noyes & Co.
Cigar Stores Realty Holdings, Inc., a subsidiary of the United Cigar
4001
Financial Chronicle
Volume 134
gefforts anti Documents.
PUBLISHED AS ADVERTISEMENTS
PACIFIC GAS AND ELECTRIC COMPANY
And Affiliated Companies
TWENTY-SIXTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED DECEMBER 31, 1931
Serve a territory embracing 46 counties of northern and central California, with an aggregate area of 89,000 square miles,
exceeding that of the combined States of New Hampshire, New Jersey, Vermont, Maryland, Massachusetts, Delaware, Connecticut,
Rhode Island and West Virginia.
In this region, which possesses unusual climatic advantages,forest and mineral resources and opportunities for agricultural
and industrial development, the Company furnishes services of the most essential nature to a rapidly growing population, now
exceeding 2,760,000.
At the close of 1931, 1,267,114 customers were connected to the Company's system, being supplied with service through 34,522
miles of electric transmission and distribution lines, and 7,152 miles of gas mains.
CITIES AND TOWNS SERVED
Directly.
Total.
Indirectly.
Number.
Population.
Number.
Population.
Number.
578
144
26
2
2
1,983.625
1,932,692
36,589
131,179
1,003.000
40
2
13
205,224
9,950
22,215
Population.
618
146
39
2
2
Electricity
Gas
Water (Domestic)
Railway
Steam heating
_
2,188,849
1,942,642
58,804
131,179
1,003.000
RECORD OF RECENT GROWTH.
Gross
Operating
Revenue.
Sales of
Electricity
K.W..11.
Sales of
Gas
Cubic Feet.
Number of
Consumers
Dec. 31.
Number of
Stockholders
Dec. 31.
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
536,939,474
38,593,562
39,321,535
44.451,586
47,729,079
50,960.571
57,893,181
61,449,592
64,440,588
85,633,141
87,630,661
1,021,821,000
1,098,123,000
1,199,063,000
1,334,035,000
1.351,798,000
1,514,981.000
1.657.965,000
1,774,222,000
1,948,656,000
3,289,255,000
3,351,343.000
11,483,551,000
12,353,849,000
13,674,794,000
15,277,478,000
16,200,951,000
17,482,206.000
20,214,834,000
21,058,369,000
22,041,346,000
23.078,036,000
29,429.747,000
598,969
645,410
710,034
763,617
813.698
874,724
967,717
1,004.340
1,038,546
1,246,210
1,267,114
18,204
25.265
26.294
31,859
34,863
39,149
46,068
49.068
61.131
*67.430
*84.705
Gain in Ten Years
Increase, Per Cent
$50,691,187
137.23%
2,329,522,000
227.98%
17,946,196,000
156.28%
668,145
111.55%
66,501
365.31%
Year Ended
Dec. 31.
* Excluding stockholders of affiliated companies.
San Francisco, Calif., April 1st, 1932.
To the Stockholders:
Your Directors submit herewith a report of the 1931 operations of the Pacific Gas and Electric Company and of its
subsidiary and affiliated companies.
In the following consolidated income account, comparing
1931 and 1930 results, the figures for 1930 have been revised
to include the operations of the Great Western Power Company of California, San Joaquin Light and Power Corporation and Midland Counties Public Service Corporation for
the entire year, notwithstanding the fact that those properties
were not acquired until Juno 1930. The inclusion in both
years of substantially the same properties affords a more
accurate basis of comparison. The same procedure has been
followed in other sections of the report.
CONSOLIDATED INCOME ACCOUNT.
CUSTOMERS.
At the close of 1931, 1,267,114 customers were taking
service from the Company's lines, a net increase of 20,904
during the year. While this increase, as a result of subnormal building activity and of generally unfavorable economic conditions, was both proportionately and numerically
smaller than during any year in the past decade,it represents,
nevertheless, a substantial accession of new accounts, equivalent to adding to our distribution system the population
of a fair sized city. As indicated by the following summary,
the number of consumers has more than doubled in the last
ten years. At the close of the year, 740,467 or 58.4% of
our customers were receiving electric service, 516,169 or
40.8% were users of gas, and 10,478 or 0.8% were taking
water or steam service.
NUMBER OF CUSTOMERS.
PACIFIC GAS AND ELECTRIC COMPANY AND SUBSIDIARY
COMPANIES
At December 31st.
Net Gain.
In 1931. /n10 Yrs.
1431.
1931.
(1) Gross Operating Revenue
1930.
Increase.
$87,630.661 $85,633,141 $1,997,520
Deduct
(2) Operating and Administrative
Expenses, Taxes and Reserves
for Casualties and Uncollectible Accounts
$33,466,478 $33,342,174
4,046.367 4,212,766
(3) Maintenance
$124,304
*166,399
$37,512,845 $37,554,940
(4) Total Deductions
(5) Net Earnings from Operation.__ 50.117,816 48,078,201
906,185
870,115
(6) Add: Miscellaneous Income
*542,095
2,039,615
36,070
(7) Total Net Income
(8) Bond and Other Interest
(9) Balance
(10) Bond Discount and Expense
(11) Balance
(12) Reserve for Depreciation
(13) Balance
(14) Dividends on Preferred Stock
(15) Balance
(16) Dividends on Common Stock_ _ _
(17) Balance
(18) Minority Interest
(19) Balance
Total Customers
$51,024,001 $48,948,316 $2,075,685
14,494,199 14,172,238
321,961
$36,529,802 $34,776,078 $1,753,724
873,218
897.242
*24,024
$35,656,584 $33.878,836 $1,777,748
10,865,202 9,964,963
900,239
$24.791,382 $23,913,873
7,803,316 7,672,427
$877.509
130,889
$16,988,066 $16,241,446
12,198,117 11,318,242
$746,620
879,875
$4,789,949 $4,923,204
352
12.635
*5133,255
*12,283
54.789.597 $4.910.569
*5120.972
• Decrease.
Income and Surplus Accounts and Balance Sheets, certified by Messrs.
Haskins Sr Sells, appear on pages 27-32 of this [pamphlet] Report.
Gas Customers
Electric Customers
Water Customers
Steam Customers
1930.
i.21.
516,169
740,467
9,391
1.087
506,853
729.039
9,282
1,036
297,270
285,062
16,162
475
9,316
11,428
109
51
218,899
455.405
*6.771
612
1,267,114 1,246,210
598.969
20,904
668.145
*Decrease due to sale of water properties in 1927.
NOTES ON INCOME ACCOUNT.
(1) GROSS OPERATING REVENUE-$87,630,661:
The year 1931 continued the unbroken upward tendency
of gross revenues which has characterized the Company's
operations since its incorporation twenty-six years ago. The
year's total gross of $87,630,661 exceeded by $1,997,520
that of all companies included in the present consolidated
system for the full year 1930. This increase is not commensurate with the large amount of new capital invested in our
properties during the past two years, nor as large as might
ordinarily have been anticipated. However, in viewTof
adverse business conditions, reflected in reduced purchasing
power of the public, diminished building activity and generally lowered industrial and commercial activity, it mayThe
regarded as satisfactory, especially when contrasted with the
performance of other similar utilities in practically all sections
Financial Chronicle
4002
, the country. Substantial rate reductions, referred to
of
elsewhere, were also an adverse factor that had to be overcome in a period when recovery of reduced gross was most
difficult.
Of the total operating revenues from all sources, $66,123,241 or 75.46% was derived from the sale of electricity,
$19,719,538 or 22.50% from gas sales, and $1,787,882 or
2.04% from minor activities, as shown by the following
comparative table:
GROSS OPERATING REVENUES BY DEPARTMENTS.
1931.
1930.
Per Cent of
Whole
Increase. Contributed
by Each
Department.
Electric Department..--- $66,123,241 $64,988,738 $1,134,503
Gas Department
19,719,538 18,721,175
998,363
Street RailwayDepartm't
608 063
*82,246
690 309
Water and Irrigation Departments
575 347
12,900
562 447
Steam Sales Department_
670,472
604,472
*66.000
75.46%
22.50%
.69%
.66%
.69%
Total Gross Operating
Revenue
$87,630,661 $85,633,141 $1,997,520 100.00%
* Decrease.
Electric department gross exceeded that of the preceding
year by $1,134,503 or 1.7%. This ratio of growth closely
parallels the increases of 1.9% in kilowatt hour sales of
electricity and 1.6% in the number of electric customers.
These indices reveal a degree of expansion considerably
less than the average of past years, but they also indicate
that the effects of the prevalent depression were experienced
by us in a lesser degree than by the industry as a whole,
national totals showing a decline in the volume of electric
energy sold of 4.3% compared with 1930.
Confronted with inevitably reduced demands for power
from practically all classes of industrial users, the Company
intensified its sales efforts in the more stable domestic and
commercial fields, with a resultant increase of $1,648,816
in the revenues derived from these classes of customers.
Attention is directed to the table appearing on page 23,
[pamphlet report] showing that in the 10-year period ended
December 31 1931, the average annual usage of domestic and
commercial customers increased from 510 kwh. to 975 kwh.,
while the revenue per kwh. decreased from 7.02 cents to
4.29 cents, or more than 63%. Rates have been steadily
lowered and are to-day among the lowest in the country.
The Company's resources of electrical supply, including
newly ad.ded plants, were fully utilized in 1931 to meet
greatly increased demands from other utilities and irrigation
districts in contiguous territory, whose resources of hydroelectric power were so seriously impaired by the shortage
of water as to render them unable to meet the needs of their
customers. Agricultural consumption of power for pumping
purposes in irrigated areas was also stimulated by the exceptionally dry season.
Agricultural energy rates of the San Joaquin Light and
Power Corporation and Midland Counties Public Service
Corporation,subsidiary companies, were reduced 20% during
the period of maximum consumption from May to August,
inclusive. This reduction resulted in a reduction of gross
estimated to exceed $445,000. Lower rates accorded to
other classes of electric customers of the San Joaquin and
Midland Companies reduced gross revenues by an additional
$103,000, the total rate reductions in the San Joaquin Valley
territory thus aggregating $548,000.
The reduction in electric rates on the Pacific Company's
system, which became effective on March 1st, 1930, and
which amounted to approximately $3,000,000 annually,
also affected the comparative results for the two-year period,
entailing a loss of revenue of approximately $500,000 in
the first two months of 1931 compared with the same months
of 1930.
The net effect of these influences is indicated in the following summary of gross revenues derived from various classes
of electric business during the past two years:
ELECTRIC DEPARTMENT GROSS OPERATING REVENUE
Classification.
1931
Amount.
Domestic Lighting, Heat$19,704,680
ing and Cooking
CommercialLighting,Heat9.733.843
ing and Cooking
Lighting of Streets and
4.991,708
Public Buildings
9,265,915
Agricultural Power
PowerSold to Other Utilities 1.229.374
248,320
Miscellaneous
General Industrial Power_ 17.050,994
Electric Railway Power_ - - 2.757,427
1.140.972
Mining Power
Increase.
Amount.
%
$935,683 4.99%
314,670 3.34%
398,464 8.67%
253,426 2.81%
416,699 51.28%
17.783 7.71%
Total Sales of Electricity $66.123.241 t1.134,503 1.75%
Decrease.
Amount.
S887.296 4.95
170,659 5.83
144.267 11.22
May 28 1932
Sales of gas in 1931 amounted to $19,719,538, and exceeded
the corresponding revenue in 1930 by $998,363, or 5.3%.
Concurrently, there was an increase of 6,351,711,200 cubic
feet, or 27.5% in volume of gas sales, which aggregated
29,429,747,100 cubic feet and an increase of 57% on the
basis of heating value. The disparity between the ratios
of growth in gas department. revenues and volumetric or
heat unit sales was in part occasioned by the increased
volume of gas sold at wholesale rates to major industrial
consumers, but is, in a larger degree, a measure of the savings
accruing to our customers generally through the introduction
of natural gas.
The process of substituting natural for artificial gas,
which was begun in August, 1929, continued without interruption until October, 1930, by which time approximately
97% of our gas outlets were converted to the use of the new
fuel. It was only during the last two months of 1931, therefore, that the results of gas department operations were on.
a fairly comparable basis with the preceding year.
It was estimated that the substitution of natural for manufactured gas would save our customers $8,750,000 annually
during the first year of natural gas operation. It was also
estimated that a recovery period of about three years would
be required. It is, therefore, interesting to observe that
domestic and commercial billings for 1931 were still $3,818,641 below 1929, when natural gas represented less than
2% of gas sales. The following table compares gross
revenues from gas sales in 1931 (98.4% natural gas) against
1930 (63.6% natural gas).
GAS DEPARTMENT GROSS OPERATING REVENUE
1931.
1930.
Increase. Decrease.
$14,262,444 $14,209,598 $52,846
Domestic
2,197,183 1,298,070 899,113
Industrial
Commercial and Miscellaneous 3,259,911 3.213,507 46,404
vie "yin V212 SIR 791 17AV:10519in
Sales of steam for heating purposes decreased $66,000.
Much of this loss represents business converted to the use
of natural gas. There was a decrease of 2,246 in the gross
earnings of the Company's street railway properties.
Revenues derived from transportation, however, constitute
less than 0.7% of gross operating revenues from all sources.
(2) OPERATING AND ADMINISTRATIVE EXPENSES, TAXES
AND RESERVES—$33,466.478:
Taxes aggregated $9,608,210, or $407,081 more than in
the preceding year. The Company's contribution to the
cost of government in 1931 was equivalent to 10.9% of gross,
and to 19.2% of net operating revenue.
All other operating expenses, including salaries and wages
paid to the administrative and operating personnel, purchases of power and fuel, material and supplies used in
operation, commercial and new business expense, rentals
and similar items were $3313,497 loss than in 1930. This
reduction in direct operating costs was achieved notwithstanding the larger volume of business and greater utilization,
due to the dry season, of the Company's fuel-burning electric
generating plants.
As shown by the following summary, the proportion of
gross operating revenue required for the payment of operating
and administrative costs and taxes has decreased steadily
from 56% in 1924 to 37% in 1931, the lowest operating
ratio in the Company's history.
OPERATING AND ADMINISTRATIVE EXPENSES AND TAXES
Year.
Gross
Operating
Revenue.
Operating and Admin- Per Cent of
istrative Expenses
Expenses to
and Taxes.
Gross.
1924
$44,451,586
$24,867,625
56%
1925
47,729,079
24,785,076
527
1926
50 960 571
25 560 951
50/
1927
57,893,181
26.295,702
45
1928
61,449,592
27,126.832
44
1929
64.440,588
26,721,213
41
1930
85.633,141
32,194.913
Ifni
R7 inn AR1
RO•0411 Are,
ig
The operating economies introduced during recent years,
including those arising out of the acquisition and consolidation of other properties, and the heavier loading of existing
facilities, have enabled the Company to make repeated
reductions hi the rates for its services. It is conservatively
estimated that the savings to our customers resulting from
rate reductions during the past 10 years and from the introduction of natural gas amount to not less than $25,000,00
,
0
annually, or approximately $5,000,000 in excess of a year s
dividends on the entire outstanding issues of $289,418,614 of
preferred and common stocks.
4003
Financial Chronicle
Volume 134
FOR DEPRE(3) MAINTENANCE-34,046.367; (12) RESERVE
CIATION-310,865,202:
These two items, which together represent the provision
made from current earnings for the upkeep of the property,
aggregated $14,911,569, or 17.0% of gross operating revenue.
As in former years, the annual provision for renewals and replacements was computed from engineering estimates of the
rife expectancy of the various items of plant comprising our
fixed capital account. The 1931 appropriation for upkeep
was in line with our past practice. The average provision
for maintenance and depreciation during the last sixteen
years has slightly exceeded 16% of gross earnings.
The accumulated balance in depreciation reserve at the
close of the year, after writing off worn-out or obsolete property, was $51,275,244.
Company and of its subsidiaries, which at the close of the year
were held by 63,140 investors, aggregated $7,803,316, and
were earned 3.18 times.
Since the inauguration in the last quarter of 1923 of the
present 8% cash dividend rate on common stock, the investment position of the preferred stock has been fortified by
the issuance of upwards of $120,000,000 of additional common. The following tabulation shows that during this period,
the balance available for the payment of preferred dividends
has increased by $17,763,033, or almost four times the increase of $4,558,708 in preferred stock dividend requirements'.
(5) NET EARNINGS FROM OPERATION—$50,117,816;(6) MISCELLANEOUS INCOME-3906,185; (7) TOTAL NET INCOME
851,024.001:
STOCK—SURPLUS EARNED AND DIVIDENDS PAID.
Year.
Surp.After
PreAll Prior
Chas-Incl. ferred
Stock
DepreciaDivilion and
dends.
Federal
Taxes.
Balance
for
Common
•
Balance
After
Dietdend
Amount. Rate %. Payments.
Common
Stock.
Dividends.
Net operating income, after the deduction of all operating
$
$
$
S
741,618
expenses, maintenance, taxes and reserves, except deprecia- 1924
8
7.028,349 3,244.608 3,783.741 3,040,123 8 o cash 961.586
"
7,851.357 3,265.434 4,585.923 3.624.337
tion reserve, amounted to $50,117,816, an increase of $2,039,- 1925
1,250,390
8,859,240 3,488,880 5,370,360 4.119.9708°!" 2.108.840
615. The gain in net thus exceeded by $42,095 the increase 1926
11,386,0504,384.858 7.001,192 4.892.3528°!" 3.250.134
"
in gross operating revenue, a result attributable primarily: 1927
13,402,338 4.601,630 8,800.708 5.550.574 8
1928
"
15,740.486 4.840,565 10,899.921 6.191.892 8% " 4.708,029
4,923.204
11.318,242 8%
n of operating economies 1929
(a) To the continued introductio
23.913,873 7,672,427 16.241.446
1930
24.791.382 7,803.316 16,988,066 12,198.117 8% " 4,789.949
through the 1931
wherever possible. Those effected
acquisition from The North American Company of
Increase
4,046,331
in 7 yrs 17,763,033 4,558.708 13,204.325 9.157,994
its California utility properties about the middle
of 1930, while substantial, were largely submerged
by other uncontrollable factors of an adverse
There remained after the payment of preferred dividends
character.
in 1931 a balance of $16,988,066 available for a return to
(b) To the placing in operation during the year of the the Company's 30,882 common stockholders upon their
highly efficient generating units at Station "A," investment in the properties, and for the reasonable proand of additional hydro-electric capacity, with rela- tective margin over actual dividend requirements which is
tively low operating costs. The substantially in- necessary to assure the continued confidence of investors.
creased investment in operative properties natu- This balance was equivalent to $2.79 per share upon the
rally involved,however,an increase in annual charges average of 6,095,659 shares of common stock outstanding
for the new capital employed and a larger appropria- throughout the year, and to $2.73 per share upon the 6,232,tion for depreciation.
264 shares in the hands of the public at the close of the year.
On the assumption, for comparative purposes, that all
After the addition of $906,185 of non-operating revenues,
from invest- subsidiaries now controlled had been operated throughout
arising from interest on bank balances, income
stock issued in June of that
ments, profit on appliance sales and other miscellaneous 1930, and that the common
a controlling interest in the Great
items, the total gross income available for depreciation and year in exchange for and Midland properties had likewise
a return to the Company's security holders was $51,024,001, Western, San Joaquin the entire period, the corresponding
been outstanding during
or $2,075,685 more than in 1930.
earnings in 1930 were equivalent to $2.87 per share upon
AND
(8) BOND INTEREST-314,494;199; (10) BOND DISCOUNT
an average of 5,659,121 shares, or $2.86 per share upon the
EXPENSE—$873,218:
of 5,674,303 shares outstanding at December 31, 1930.
interest payable total
These charges, representing respectively
BALANCE SHEET ITEMS.
to holders of mortgage bonds, and the annual proportion
CURRENT FINANCIAL CONDITION.
of the difference between capital received from bond sales
Current assets as shown in the balance sheet aggregated
and their par value, absorbed $15,367,417, an increase of
of cash, with no oblige,$297,937. Interest charges during each of the past eighteen $30,447,198, including $14,744,441 and the usual accruals
bills
years have been earned more than twice, and in 1931 were tions other than ordinary current yet due. No money has
charges not
earned 3.52 times, with a margin of $36,529,802 over in- for interest and otherbanks in eighteen years and the year
been borrowed from
terest requirements.
without any floating debt. There
The following table illustrates the widening margin of 1931 was likewise closed maturities during 1932 except two
earnings over interest requirements in recent years, net in- are no impending bond $1,012,000.
come since 1926 having increased $29,552,486, or approxi- small issues aggregating
Aside from the current assets above stated, there has
mately four and one-half times the increase of $6,568,193
for construction and
in interest charges. The Company's policy of consistently been advanced from working capital , against which no
taking advantage of favorable opportunities for refinancing bond refunding operations $40,781,017
for which the treasury is
existing issues with bonds bearing lower interest rates has securities have been issued, and addition, bonds on hand
entitled to reimbursement. In
contributed materially to this result.
available for sinking fund or other purposes aggregated
BONDS—MARGIN OF EARNINGS OVER INTEREST CHARGES
$7,245,500, and miscellaneous marketable securities $938,521. Total working assets, including those susceptible of
Number
Net Income
being put into liquid form, thus aggregated $79,412,236,
of Times
Interest
Available for
Year Ended
Interest
Balance.
Fixed Charges Charges.
December 31,
against which current liabilities amounted to only 14,470,864,
Earned.
& Deprectat n.
and interest, taxes, and dividends accrued but not yet pay2.71
$21,471.515 $7,926,006 $13,545,509
able at the close of the year, $17,487,467. After deduction
1926
2.65
17,325,993
27,798,967 10.472,974
1927
of all current and accrued liabilities, net working assets
2.96
19,897,973
30,028,874 10,130.901
1928
3.41
23,724.539
9.848.565
33,573,104
aggregated $57,453,905, as shown in the following table:
1929
48,948,316
51,024.001
1930
1931
Increase in 5 years_ LA)552 4Rn
14,172,238
14,494,199
Ift_511,1 122
34.776.078
36,529,802
192 MU 902
3.45
3.52
01
From the standpoint of the equity in physical properties
securing the Company's bonds, the following table shows
that since the close of 1926 upwards of $364,536,000 has
been added to the investment in plant and net working
capital, or almost three times the corresponding increase of
$138,545,000 in outstanding secured obligations.
BONDS—INCREASING EQUITY IN PHYSICAL ASSETS.
Year Ended December 31.
1926
1927
1928
1929
1930
1931
toomase In 5 years
Book Value Par Value of All Excess of
of Fixed and Bonds Otastand- PhysicalEquity
WorkingCapiial ing with Public Over All Bonds
8302.402.941
371,813.711
381,094,445
429,488,227
639,138,080
666.939,500
$170,209,800
208.631,500
207,883,000
207,024.200
310.773.100
308,775,400
$132,193.141
163,182.211
173.211,445
222,464,027
328,364,980
358.184.100
$364.536.559
3138.545.600
3225.900.959
At the close of 1931 the Company's plants and properties
account plus net current assets exceeded by $358,184,000
the total face value of all bonds held by the public.
DIVIDENDS
(13) SURPLUS—$24,791,382;(14) PREFERRED STOCK -312.198,117:
—$7,803.316; (16) COMMON STOCK DIVIDENDS
The surplus available for the payment of dividends, after
amounted to $24,791,382.
the deduction of all prior charges, preferred stocks of the
Dividends upon the outstanding
CURRENT ASSETS AND LIABILITIES.
Dec. 31
1931.
Dec. 31
1930.
Increase. Decrease
$
$
$
$
Current Assets—
1.181.591
6,002,910 7.184,501
Material and Supplies
Bills and Accounts Receivable
(Less Reserve for Uncollec9,603,352 9,387,943 215,400
tibia Accounts)
242,695
331.286
88,591
Due on Stock Subscriptions-- -Underlying Bonds on band
available for Sinking Funds-- 6,270.500 2.066.7004,203.800
General and Refunding 5%
975.000
975.000
Bonds in Treasury
14,744,441 12.037,643 2,706.798
Cash
2,086
5.818
7,904
Interest Accrued on Investments
780.920 157.601
938.521
Other Investments
made from working
Advances
capital, reserves and surplus
for construction, refunding
and other capital purposes
and subject to reimbursement
4.447,214
through sale of securities- --- 40.781.017 45,228,231
Total Assets
Current Liabilities—
Accounts Payable
Drafts Outstanding
Meter and Line Deposits
Unpaid Coupons
Interest Accrued but not due
Taxes Accrued but not due— __
Dividends Declared
79.412.23677,998,042 1,414.194
1.754.103
474.843
1,759,198
482.720
3,725,599
10.579,278
3.182.590
2,131.321
3,885.424
250.142
724,985
65.918
1.825,116
636,044 --------153.324
3,273.724 451.875
9,366,951 1,212.327
2,878,753 303.837
Total Liabilities
21.958,331 22,590,997
Net Working Assets
57,453.905 55.407.0452.046,860
632.666
4004
Financial Chronicle
Its liquid position enabled the Company to take advantage
of all cash discounts offered for the prompt payment of bills,
and a saving of $101,269 was effected from this source during
the year.
PLANTS AND PROPERTIES.
At the beginning of the year the Pacific Gas and Electric Company's investment in properties as carried in the item "Plants
and Properties" on the consolidated balance sheet was --4451.637.
030
Gross expenditures for additions, betterments and
improvements constructed during the year 1931427.794,942
Deduct: Charges against depreciation reserve
created by annual appropriations out of operating revenues for property renewed or replaced
or otherwise disposed of as being of no further
service
7,403,220
There was added through the acquisition of two small properties 20,391.722
305.789
Properties of Great Western Power Company of California.
San Joaquin Light and Power Corporation. Midland Counties
Public Service Corporation and subsidiary companies at
December 31 1931,included in the consolidated balance sheet 181,502,571
Total plants and properties as shown by the consolidated
balance sheet December 31. 1931
$653,837.112
Gross construction expenditures on the consolidated system
in 1931 were $27,794,942. This outlay for additions and
betterments, while less than in the two preceding years, was
nevertheless a substantial factor in stabilizing employment
in the Company's territory, an average of 5,264 employees
having been continuously engaged on construction work
during the year, exclusive of the regular operating forces.
The Salt Springs dam on the Mokelumne River, which
had been under construction for four years, was completed,
as was the installation of additional hydro-electric generating
units aggregating 95,000 horsepower capacity in connection
with this project. The extension of the 220,000 volt lines
connecting the Mokelumne development with other branches
of the Company's high tension electric transmission system
and with the Newark substation, and the enlargement of
the latter to care for greatly increased volume of electric
energy handled through this station, one of the largest in
the world, also reached completion during the year. Station
"A," the Company's major steam electric generating plant
in San Francisco, the reconstruction of which
begun
in 1929, was also completed with the installatwas during
ion
1931 of two new turbines, each with a rated capacity
of
70,000 horsepower.
These construction activities closed for the immediate
present a major program of additions to both hydro
and
steam electric generating capacity, and other facilities
provide for the growth of the business and the better to
coordination of the various units of the system. The completion of the new installations on the Mokelumne system
in Station "A" synchronized almost ideally with the and
period
when added capacity became essential to supplement
diminished supply of hydro-electric energy occasioned the
by
one of the driest seasons ever experienced in the
and the additional units were operated almost atState,
peak
capacity until the winter rains relieved the water shortage
.
• There were no new projects of prime importance in the gas
department, construction activities being practically confined to the enlargement or replacement of portions of
the
transmission and distribution system to provide for the more
extensive use of natural gas.
Aside from the more or less routine extensions or
ments which are continuously required to meet the improveof the service, both gas and electric departments demands
are now
provided with sufficient facilities for present needs. Other
projects of a substantial character are planned to provide
for future business expansion, but the Company's construction program during 1932 is sufficiently flexible to permit
of its adaption to the trend of business development.
Two relatively small gas distribution systems operating
in the towns of Turlock and Madera were purchased in June,
1931.
A summary of annual plant additions since the Company's
organization follows:
SUMMARY OF ADDITIONS TO PLANT ACCOUNT.
Year.
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
Plants and properties of affiliated
companies at'December 31. 1931
Included in the consolidated balance sheet
Other
Construction. Properties
Acquired.
$3,860,244 $13,820,125
3,674,475
47,861
2,099,997
1,746,706
90,632
2,879.159
593,766
2,248.521
4,768,950
7,495.764
404,285
7,406,416
389,208
2,733.949
4,182
2,089,447
120,478
3,658,426
12,681
2,781,530
1,797,062
*6,406
1.818,704
3,181,909 11,556,299
10,600,209
1,211
18,040,061
333
16,422,278
1,132,582
17,044,713
1,724.585
29,937.668
220,408
24,607,648
29,769
15,793,347
1,692,084
12.587,531 **3,453,736
13,453,358 61,697,633
31,565.304
136,647
38,870,642
5.478,551
20,391,722
305,789
Total.
$17,680,369
3,722,336
2,099,997
1,837,338
3,472.925
7,017,471
7,900,049
7.795,624
2,738,131
2,209,925
3.671,107
4,578,592
1,812,298
14,738,208
10.601,420
18,040,394
17,554,860
18,769,298
30.158,076
24,637,417
17,485,431
9,133,795
75,150,991
31,701,951
44,349,193
20,697,511
181,502,571 181,502.571
Total
8296.989.728 8284.067.550 $581.057.278
*Decrease. **After deducting water and telephone properties sold.
May 28 1932
The adequacy of public utility regulation, with respect
particularly to the issuance of securities, property acquisitions, valuations, and rates, is a subject which has received
increasing attention during recent years. It is, therefore,
of importance to holders of our securities, as well as to
customers, to observe that this Company has during our
past twenty years been subject to regulation as to eachthe
of
these essential phases of public utility operation by the
Railroad Commission of the State of California. Every
dollar of the approximately $297,000,000 of construction
shown in the foregoing tabulation represents money actually
expended in building additions and betterments to the system; and the addition of acquired properties, which represent an aggregate investment of $284,000,000, has resulted
in almost every instance in a substantial reduction of outstanding capitalization as compared with that of the companies so acquired. Of the total of $581,057,278 added to
plant account in the twenty-six years since the Company's
incorporation, approximately $545,000,000, or 83% of
the
present book value of its total investment in fixed capital,
represents properties constructed or acquired under the
Commission's authorization.
CAPITALIZATION.
At the close of 1931 the total par value of all securities of the
Company and its subsidiary and affiliated corporations held
by the public aggregated $598,390,816. Of this amount
bonds represented $308,755,400 or 51.6%, the ratio of
mortgage debt to total capitalization being the smallest in
the Company's history. Preferred stocks, including stock
subscribed but not yet fully paid, amounted to $133,512,257,
and common stock $156,123,159, representing respectively
22.3% and 26.1% of all outstanding securities.
The proportion of total capitalization represented by these
various classes of issues indicate the conservatism of the
present capital structure, particularly with regard to the low
ratio of senior obligations, enabling the Company to secure
additional capital funds, which may be required for future
expansion from the sale of either bonds, preferred stock or
common stock, as the judgment of the management and the
condition of the general financial markets of the country may
indicate to be most expedient.
SUMMARY OF OUTSTANDING CAPITALIZATION.
•
Proportion of
Amount
Total
Outstanding. Capital ration.
1931. 1930.
Bonds of P. G. & E. Company
and Subsidiary Companies__ $232,383.900
Bonds of Affiliated Companies.. 76,371,500 8308.755.400
51.6% 53.3%
Preferred Stocks of P. G. & E.
Company
$114.505,657
Preferred Stocks of Affiliated
Companies
19.002,600
Preferred Stock of Companies in
Process of Dissolution
4,000 133,512,257 22.3% 22.4%
Common Stock of P. G. & E.
Company
$155,906,357
Common Stock of Affiliated
Companies
216,802 156.123.159 26.1% 24.3%
Total Capitalization in Hands
of Publlc
8598.390.816 100.0% 100.0%
FUNDED DEBT.
In January, 1931,an issue of $25,000,000 par value of First
and Refunding Mortgage Series "F"4H% Bonds, maturing
June 1, 1960, was sold at a price which yielded to the Company additional money at the lowest cost at which new capital
has been secured since its organization. The proceeds
of
this issue, and of an issue of $25,000,000 par value of
432%
bonds sold in August, 1930, on almost as favorable terms,
were used primarily to complete the program of bond
retirements undertaken in 1930, as a result of which, during
the
past two years, sixteen bond issues of the Company
and
subsidiaries with an aggregate par value of $34,689,300 its
were
retired at maturity or called for prior redemption,
considerably simplifying the financial structure and permitti
ng of
substantial savings in annual fixed charges. Of
so retired, eleven issues aggregating $19,831,800 the bonds
par value
bore a 6% coupon rate, two issues aggregating $13,087,
bore a 5
coupon rate, and three issues aggregat000
ing
$1,770,500 carried a 5% rate.
There was a net decrease in funded debt during 1931
of
$2,169,700.
PREFERRED STOCK.
In conformity with its long established policy of maintain
ing the utmost simplcity of corporate structure, and of
securing direct ownership of controlled properties, the Company
early in 1931 offered to the preferred stockholders of the
Great Western Power Company of Californ and of the
Feather River Power Company (a subsidiary ia the former)
of
the right to exchange their holdings for its own preferred
shares on the following basis:
For each $100 share of 6% and 7% preferred stocks of the
Great Western Company,two $25 shares of the 6% preferred
stock and two $25 shares of the 5%% preferred stock of the
Pacific Gas and Electric Company.
For each $100 share of the Class "A" 7% preferred stock
of the Feather River Company,four $25 shares of the 5H%
preferred stock of the Pacific Company.
Financial Chronicle
Volume 134
As a result of these offers, $17,540,000 par value, or upwards of 98.4% of the Great Western Company's preferred
stock and $646,500, or 65.6% of the Feather River Company's stock, had been exchanged for that of the parent
company by the close of the year. The small remaining
balance of outstanding Class "A" 7% preferred stock of the
latter company was called for redemption at its par value on
December 31, 1931. Liquidation proceedings directed toward the final winding up of the affairs of these companies
-will be instituted in the near future.
During 1931, $3,282,000 par value of first preferred 5M%
stock was sold direct to the local public at an average net
price of $24.98 per share, 3,556 subscriptions being received,
or an average of 37 shares per subscriber.
At the close of the year $114,505,657 par value of the Company's preferred stock was outstanding in the hands of 53,865
• investors, of whom 47,741, or 88.6% were residents of California. Preferred stocks of subsidiaries aggregating $19,006,600 were also held by the public, a reduction of $18,399,100
compared with the preceding year.
COMMON STOCK.
In response to its Par Offering No. 6 made to holders of
common stock of record on January 26, 1931, subscriptions
were received for $14,158,275 par value of common stock, or
99.81% of the total offering. As indicated by the following
summary, there has been a consistent increase in the proportion of stock subscribed under each of these Par Offerings,
reflecting apparently a clearer comprehension on the part
of our stockholders of the nature and value of these periodical
subscription privileges.
1
2
3
4
5
6
Record Date.
Per Cent of
Offering Subscribed.
Feb. 23, 1926
Jan. 26, 1927
Feb. 17, 1928
Feb. 8, 1929
Sept.25, 1929
Jan. 26, 1931
Par Offering Number.
98.32
98.72
99.52
99.70
99.70
99.81
At the close of 1931, the Company's common stock was
held by 30,840 investors, or 3,753 more than at December 31,
1930. The steady decrease in the floating supply of common
stock, which has been noticeable for many years, continued
during 1931, only 3.2% of the entire outstanding issue being
held in brokers' names at the close of the year.
DISTRIBUTION OF STOCK OWNERSHIP.
The Company's preferred and common shares at December
31, 1931, were held by 84,705 investors. The outstanding
shares of San Joaquin Light and Power Corporation were
held by 9,317 investors, bringing the system total up to 94,022.
The following summary shows the distribution of ownership
of the Pacific Company's shares at December 31, 1931, an
aggregate of 70,456 investors, or 83.1% of the total, owning
blocks of 100 shares or less:
SUMMARY SHOWING DISTRIBUTION OF STOCK.
Size of Holdings.
No. of Stockholders. Per Cent
of All
Pre- ComHolders
ferred. mon. Total.
Stockholders owning or subscribing for:
1 to
5 shares of the par value of $25- 6.277 3.836 10,113
6 to
10 shares of the par
7,161 3,871
• 11 to 100 shares of the par value of $25_ 31,394 17,917 11,032
value of $25_
49,311
101 to 1,000 shares of the par value $25.
Over 1,000 shares of the par value of $25. 8,720 4,802 13.522
of
313
414
727
Total
53.865 30,840 84.705
11.9%
13.0%
58.2
16.0
.990
100.0%
California stockholders number 68,410, or 80.8% of the
above total, the relative proportion of local stockholders
remaining the same as in 1930. The Company's
registers included the names of 35,062 women, 31,013 stock
men,
15,685 joint tenancies (usually husband and wife) and 2,945
insurance companies, banks, associations and other institutional investors.
REMOVAL OF STOCKHOLDERS' CONSTITUTIONAL
LIABILITY.
For many years the constitution of the State of California
contained a section providing, in effect that each stockholder
of a California corporation was individually and personally
liable for such proportion of its debts and liabilities incurred
during the time he was a stockholder as the amount of stock
owned by him bore to the entire subscribed capital stock of
the corporation. A similar provision was also contained in
the California civil code.
The sections of the State constitution providing for the
individual liability of stockholders were repealed by an
amendment adopted by the people of the State in November,
1930, and a bill was passed by the State legislature which,
effective August 15, 1931, also repealed the provisions of the
California civil code with respect to this proportionalliability.
REPORT OF FIRST VICE PRESIDENT AND
GENERAL MANAGER.
Matters relating to the construction and operating departments are more fully dealt with in the following abstract
of report by Mr. P. M. Downing, First Vice President and
General Manager:
4005
CONSTRUCTION.
The Company's construction activities during 1931 were
devoted primarily to the completion of work which was
already in progress at the beginning of the year. On the
Mokelumne River project the Salt Springs power house,
immediately below the Salt Springs dam, was finished,
together with the installation of an electric generating unit
of 14,745 horsepower capacity. This plant was placed in
operation on June 15, 1931. Provision has been made for
the installation of an additional unit of approximately
40,000 horsepower capacity when needed.
At Tiger Creek, approximately twenty miles down stream
from the Salt Springs dam,a second power house was erected
housing two generators, each of 40,215 horsepower capacity.
This plant was put on the line on June 28, 1931.
The delivery of power from these two plants to load centers
required the construction of 16 miles of 110,000 volt snow
type tower lines between the two plants; and 16 miles of snow
type tower construction to Mokelumne Hill and 92 miles of
tower line to Newark substation of 220,000 volt capacity.
At Station "A," San Francisco, the largest steam electric
generating plant on the system, the installation of two new
generating units with an aggregate capacity of 134,048 horsepower was completed, the first of these units being placed in
operation on February 8th, and the second on June 18th,
1931. The addition of these modern high pressure turbines
resulted in increasing the capacity of Station"A" to 174,264
horsepower.
The construction program of the gas department consisted
of extensions, replacements and improvements to existing
transmission and distribution systems. A 26-inch high
pressure main was constructed from the Potrero gas works
in San Francisco to the San Mateo County line. The fin ther
extension of this main to connect with the gas intake station
at Milpitas will probably be completed before next winter.
Milpitas is the junction point near the southern extremity of
San Francsico Bay, at which converge the Company's main
trunk line from the Kettleman Hills and a branch line connecting at Tracy with the Standard-Pacific gas main from the
Kettleman gas fields to Richmond. The completion of the
new main will furnish San Francisco with a double source of
gas supply from Milpitas.
New business offices and other facilities of modern type
were constructed at various points on the Company's system.
Our construction program in 1931 involved the expenditure
of approximately $27,800,000 and afforded continuous employment to an average of more than 5,200 men, with an
aggregate payroll exceeding $9,600,000.
ELECTRIC DEPARTMENT OPERATIONS.
The year 1931 was abnormally dry and many streams
established new minimum flow records. The resultant deficiency in available water supply necessitated withdrawals
from storage reservoirs earlier than usual. The situation
during the summer and fall months was further aggravated
by the fact that the Hetch Hetchy power plant of the City
and County of San Francisco, the entire output of which is
absorbed by the Pacific Gas and Electric Company, practically ceased all power deliveries early in September, 1931;
and the Merced Irrigation District, which normally supplies
considerable power to the San Joaquin Light and Power
Corporation, had little or no available energy for sale after
July 1st. Other utilities were also unable to supply needs
of their customers, and the Company found itself in the
position of assuming not only the burden of its own hydro
electric deficiency, but also that of other utilities and irrigation districts in the northern and central part of California
and in sections of the neighboring State of Nevada.
Evidence of a deficient water supply becoming apparent
early in the year, the installation of the second generator in
Station "A," San Francisco, and the construction of the new
power houses at Salt Springs and Tiger Creek were rushed
to completion as rapidly as possible. These new units,
together with the turbine which was placed in operation in
the San Francisco steam plant on February 8th, resulted in
the addition of 184,317 horsepower to the Company's electric
generating capacity, and enabled it to meet without curtailment all of the requirements of its own customers and those
of other companies and utility districts in contiguous territory.
While the exceptionally dry season added substantially
to operating costs, this additional burden was far less than
it would have been had not an ample supply of natural
gas been available for use as a boiler fuel in the Company's
steam electric generating plants. From the beginning of
July to the middle of November approximately 35% of the
total gas available from its trunk lines was utilized for electric
generation during the season when the domestic and commercial demand for gas was naturally at its minimum. This
experience again clearly demonstrated the complementary
nature of the gas and electric business in this territory and
the advantages of their dual operation under a single management.
During the year, 15,458,524,000 cubic feet of gas, equivalent to 3,852,937 barrels of fuel oil were consumed in the
Company's steam generating plants.
Sales of electricity on the consolidated system aggregated
3,351,343,235 kilowatt hours, a new record, exceeding by
62,088,081 kilowatt hours, or 1.89%, the volume of sales of
all constituent companies during the preceding year. With
the exception of a decrease of 4.59% in industrial energy
4006
Financial Chronicle
(including in this category power utilized in oil fields operations, in mining, for electric railways and for general power
purposes), every class of electric service showed an increase
in sales volume. Substantial gains were recorded in domestic
and commercial consumption and street lighting, as indicated
by the following summary:
Street Lighting
Domestic Heating and Cooking
Commercial Heating and Cooking
Public Building-Lighting
Domestic Lighting
Increase in Sales, 1931.
3,704,130 Kwh. or 6.47%
8,720,239 Kwh. or 6.28%
3,328,265 Kwh. or 12.36%
3,272,922 Kwh. or 16.23%
19,681,225 Kwh. or 7.06%
The increase in electric sales to domestic and commercial
consumers, which has continued without interruption even
during periods of adverse business conditions, while in considerable degree attributable to the more complete electrification of homes and business establishments resulting from
persistent and intelligent sales effort, has also been favorably
influenced by the downward trend in the average unit prices
paid for electricity. The effect of so designing its schedules
as to encourage larger usage through a sliding scale of prices,
is reflected in an increase in average annual domestic and
commercial consumption from 510 kilowatt hours in 1921 to
975 kilowatt hours in 1931, concurrently with a reduction
in the average selling price of energy to those classes of consumers from 7.0'2 cents to 4.29 cents per kilowatt hour.
Putting the matter in another way, these consumers in 1931
purchased an average of 91% more electrical energy than in
1921, with an average increase of only 17% in their annual
bills. It may be readily computed, as a factor in recovering
diminished revenue, that the Company now has to sell 23
kilowatt hours to these classes of customers to produce the
same dollar of revenue derived from selling only 14 kilowatt
hours in 1921. The following summary shows average consumption and unit revenue for each year during this interval
exclusive of companies acquired in the past two years:
May 28 1932
Drilling operations in the Kettleman Hills area resulted in
the completion during 1931 of 26 producing wells with a
combined initial output exceeding 600,000,000 cubic feet
of gas daily. An important feature of this operation was the
drilling of a well in the so-called Middle Dome of the Kettleman fields, which proved the existence of a productive area
in that Dome estimated to cover 2,200 acres, and gave
assurance of an additional potential gas supply of large
proportions.
Aside from the gas produced in the Kettleman Hills.
area, the Company has additional resources of natural gas
in the Buttonwillow field. In the interest of conservation,
no gas was drawn from this field during 1931.
At the close of the year, 516,169 gas customers were
connected to our distribution lines, an increase of 9,316
during the twelve months' period.
Effective June 1, 1931, the gas distribution systems in
Turlock and Madera were acquired from the Southern
California Gas Company. These are two communities in
the San Joaquin Valley in which this Company was already
furnishing electric service, and their acquisition was therefore a logical development of our business.
BUSINESS DEVELOPMENT.
A carefully prepared and vigorously executed advertising
and sales campaign, involving the expenditure of approximately $1,200,000, was conducted during 1931 and met with
a substantial measure of success, notwithstanding the
greater sales resistance resulting from adverse economic
conditions. In the territory served by the Pacific Gas and
Electric Company contracts were signed estimated to yield
an annual revenue of $9,193,000, or $7.66 per dollar of sales
expense, and approximately $250,000 in excess of the quota
established for the new business department in the latter
part of 1930. In addition, new business was signed by the
San Joaquin Light and Power Corporation estimated to
yield an annual revenue of $1,662,000, the aggregate volume
SUMMARY SHOWING AVERAGE CONSUMPTION AND REVENUE
of new business contracted for on the entire system amountDERIVED FROM SALES TO COMMERCIAL AND RESIing to $10,855,000 annually. This additional business was
DENTIAL CUSTOMERS FOR LIGHTING AND DOMESTIC
only partially reflected in our 1931 operations, and was to
USE.
a large degree offset by discontinued or diminished usage
by existing industrial and other consumers.
KWH per
In furtherance of its efforts to secure additional outlets
Revenue
Consumer
Year.
per KWH.
per Year.
for its services, appliances valued at $1,484,900 were sold
direct to the public during the year. This represents,
7.02 cents
510
1921
6.75 cents
534
1922
however, only a small proportion of,the volume of appliance
6.01 cents
564
1923
sales made by dealers in our territory, which aggregated
5.82 cents
578
1924
5.70 cents
605
approximately $22,500,000. The Company continued its
1925
5.57 cents
643
1926
long-established policy of co-ordinating its efforts with those
5.54 cents
715
1927
5.10 cents
of appliance manufacturers, jobbers and dealers in its field
767
1928
4.75 cents
852
1929
of operations, confining its own direct sales of merchandise
4.39 cents
916
1930
primarily to appliances which have not yet met with a ready
4.29 cents
975
1931
public acceptance, and in the sale of which unusual promoElectric service at the close of 1931 was supplied to 618 tional effort is necessary. Sales of such articles as electric
cities and towns, of which 578 are served directly and 40 refrigerators, for example, were handled entirely by dealers,
indirectly, and to a very large rural area. The average although the Company co-operated to the fullest extent in
load on the Company's lines throughout 1931 was 62.1% sales work both by extensive advertising and personal
of maximum demand, indicating the exceptionally well solicitation. A particularly active co-operative campaign
conducted during 1931 resulted in the sale of 26,594 commerdiversified character of its electric business.
The Company at December 31, 1931, operated 50 water cial and domestic refrigerators, representing a merchandise
power plants with a total installed capacity of 1,178,477 volume to dealers of approximately $6,746,000. This
horsepower, and 15 steam electric generating station with campaign is cited as being typical of others carried forward
an installed capacity of 510,187 horsepower, the aggregate with equal vigor in various branches of both gas and electric
installed capacity of the 65 plants in service being 1,688,664 merchandising.
In the field of domestic gas heating, 17,215 central heating
horsepower.
installations were made in the Pacific Company's territory,
GAS DEPARTMENT OPERATIONS.
including 8,159 furnaces and boilers, and 9,056 conversion
Sales of gas on the consolidated system aggregated 29,429,- burners. All of the latter represent installations in which
747,100 cubic feet, the increase of 6,351,711,200 cubic feet natural gas displaced other forms of fuel. In addition,
or 27.5% greatly exceeding that of any previous year in 23,039 floor furnaces, circulating heaters and other space
the Company's history. Based on equivalent heat units, heating appliances were installed. A substantial volume of
the growth was even larger, owing to the fact that many new business was also added 'through new or enlarged comsections supplied with natural gas throughout 1931 were mercial heating installations and contracts executed with
receiving during the preceding year artificial gas with a industrial consumers. The largest consumer of natural gas
heating value less than one-half of that of the natural product. connected to our lines in 1931 was the Spreckels Sugar ComIn addition, more than 15,000,000,000 cubic feet of pany, whose beet sugar establishment near Salinas consumes
natural gas was used in 1931 as a boiler fuel in the Com- during its operating season of four months'duration, between
twelve and sixteen million feet of gas each day, equivalent
pany's steam electric plants.
The volume of natural gas transported through the two to the average consumption during this period of a city of
main trunk lines for the Company's account increased from 250,000 population. As this mill operates during the late
a daily average of 50,700,000 cubic feet in December, 1929, summer and autumn months, at a time when the consumpto 108,800,000 cubic feet in December, 1930, and to 154,- tion of gas for domestic heating is substantially below the
821,000 cubic feet in December, 1931, with a maximum winter levels, business of this character is particularly
daily output last year of 167,861,000 cubic feet on October desirable.
At the close of 1931 there were 451 industrial gas customers
22, 1931.
Active efforts directed toward the conservation of the taking service from our lines, or approximately double the
natural resources of the California gas and oil fields were number at December 31, 1930.
continued throughout 1931 and met with a large measure of
success. The outstanding example is the organization
PERSONNEL.
during 1931 of the Kettleman North Dome Association, as
result of which the drilling and producing activities of a
EMPLOYEES' SERVICE RECORD.
a
number of oil and gas producing companies were placed under
At the close of 1931 there were 11,897 employees in the
a unified plan of operation, permitting a more orderly
development of the Kettleman field, one of the largest service of the Company and its subsidiaries, of whom 10,288
Sixty
producing areas in the world, from which the Company at were on the payroll of the parent company. badges per cent
awarded
the present time secures its entire output of gas. The of the latter, or 6,178 employees, held service
prevention of unnecessary or uneconomical production in in recognition of five or more years of continuous employbut
this field is, of course, beneficial to this Company as the ment, indicating not only stability of employment remajor distributor of natural gas throughout the northern experience, skill and a thorough understanding of the
quirements of public service on the part of employees.
and central sections of the State.
4007
Financial Chronicle
Volume 134
3,184
1,755
574
, 366
199
58
21
21
-year badges
Number of employees holding 5
-year badges
Number of employees holding 10
-year badges
Number of employees holding 15
-year badges
Number of employees holding 20
-year badges
Number of employees holding 25
-year badges
Number of employees holding 30
-year badges
Number of employees holding 35
-year badges
Number of employees holding 40
6,178
Total
Many of the 1,609 employees still on the payrolls of
subsidiary companies have also had sufficiently long terms
of service to entitle them to similar recognition upon transfer
to the parent company.
While the completion of several important new projects
necessitated reduction in the Company's construction forces,
the operating organization was kept practically intact and
every effort was made to retain in the organization those
whose years of service entitled them to special consideration.
PAYROLL.
An average of 13,643 men and women were employed on
the consolidated system throughout 1931. Payrolls aggregated $24,997,331, of which $15,352,229 was paid to operating employees and $9,645,102 to those engaged in construction work.
PENSIONS.
At December 31, 1931, 133 retired employees were receiving pensions under a formal system placed in effect in
1916, an increase of eleven during the year. Pension payments in 1931 aggregated $109,418, and in the past sixteen
years, $859,118.
PACIFIC SERVICE EMPLOYEES' ASSOCIATION.
This Association, with a membership of 9,086 at December
31, 1931, conducts educational and social work among
employees, renders temporary financial assistance in case
of need, and pays death benefits to its members. The
membership, which is purely voluntary, includes substantially all executives and permanent employees of every rank.
An increasing numbor of employees are availing themselves of the excellent educational courses conducted by the
Association, 657 certificates being awarded to students
completing these courses in 1931, and an aggregate of 3,591
certificates having been issued since the inauguration of the
plan several years ago.
An employees' disability plan, with a present membership
of 6,758, is conducted by the Association, the amount paid
in benefits during 1931 aggregating $63,352.20.
In closing this report, I desire to express to all officers and
employees my sincere appreciation of the loyal and effective
service, which was so largely instrumental in enabling the
Company to bring to a successful conclusion, a year characterized by acute economic stress and unusual operating
difficulties.
For the Board of Directors,
A. F. HOCKENBEAMER,President.
CONSOLIDATED STATEMENT OF INCOME AND SURPLUS FOR
THE YEAR ENDED DECEMBER 31, 1931.
Gross Operating Revenue
$87,630,661.09
Operating Expenses—
Maintenance
$4,046,367.00
Operating, distribution, and administration
expenses
23,858,268.41
Taxes
9.608.209.98
Depreciation
10.865.201.92
Total
Net Operating Revenue
Miscellaneous Income
48,378.047.31
$39.252,613.78
906,185.49
Cross Income
$40.158,799.27
Deduct:
Interest on bonds
915,974,097.12
Amortization of bond discount and expenses
873,217.99
Miscellaneous interest
133.248.05
Total
Less interest charged to construction
$16.980,563.16
1.613.146.07
15.367,417.09
Net Income
Surplus. January 1. 1931
Surplus Credits
$24,791,382.18
24,830.092.48
308,273.56
Surplus Before Deducting Dividends
$49,929,748.22
Dividends—
On Pacific Gas and Electric Company capital stocks:—
Preferred
$6,196,802.95
Common
12,191.318.55
On subsidiary companies' capital stocks:—
1,606,513.36
Preferred
Common
6.798.00
Total
Minority interest
$20,001,432.86
352.15
CONSOLIDATED BALANCE SHEET, DECEMBER 31, 1931.
ASSETS.
$653,837,111.67
Plants and Properties
4.613.521.02
Investments
Discount and Expenses on Capital
$10,140,037.65
Stocks
Less premium on common capital stocks
issued since January 1, 1929
9,361,630.00
778.407.65
Sinking Funds and Special Deposits—
$15,338.53
Cash on deposit in sinking funds
140,438.00
Other deposits
Accrued interest on bonds held in sinking
146,305.82
funds
Total sinking funds and special deposits
Current Assets—
$14,519,486.00
Cash
Cash on deposit with trustees
224,955.00
for redemption of bonds _ _
$14,744,441.00
$388,444.76
Notes receivable
9,778,014.38
Accounts receivable
$10,166.459.14
Total
Less reserve for doubtful
474.516.73
accounts and notes
Remainder
Materials and supplies
Accrued interest on investments
Earned Surplus. December 31, 1931
18,604,058.86
Total deferred charges
Reacquired and Treasury Bonds Not
Liabilities—
Included in Assets or
Pacific Gas and Subsidiary
Electric Company. Companies.
Pledged under bond issues_ $60,863,000.00 $330,000.00
In treasury (held for sinking fund purposes)
11,000.00 7,234.500.00
13,713,100.00
In sinking funds
$60,874.000.00$21,277.600.00
Total
$708,582,379.54
Total
LIABILITIES.
Capital Stocks of Pacific
Gas and Electric Cornpany—
First Preferred
Common
No. of Shares. No. of Shares.
Authorized—$25.00
value
par
8,000,000
8,000,000
6,238,691.60 4,566.831.27V.
Outstanding
Less owned by subsid6,427.33 /s
,
iary companies
Outstanding in hands of
6,232.264.26 /a 4,566,831.272/3
,
public
Subscribed for but not
13,395
3,990
issued
Total first preferred
4.580.226.272/4114,505.656.91
capital stock
Total common cap155,906,356.67
6,236,254.26 /,
,
ital stock
Total capital stocks of Pacific Gas and Electric Com$270,412,013.58
pany
Preferred Capital Stocks of Subsidiary
Companies—
1,455,000
Authorized-9100.00 par value each
Outstanding
Less owned by parent and subsidiary
companies
447,062
Outstanding in hands of public
190,066 19,006.600.00
256,996
Minority Interest In 1,300.88 Shares Common Capital
Stock and Surplus of Subsidiaries
Funded Debt—
Pacific Gas and Electric Company bonds _$205,495,000.00
103,260,400.00
Bonds of subsidiary companies
Totalfunded debt
Current Liabilities—
Bonds called but not redeemed
Accounts payable
Drafts outstanding
Meter and line deposits
Dividends
Bond interest due
Accrued interest—Not due
Accrued taxes—Not due
216,802.73
308,755,400.00
$235,955.00
1,518,147.91
474,843.02
1,759,197.79
3,182,590.30
482,720.50
3,725,598.75
10,579,277.86
21,958.331.13
Total current liabilities
Reserves—
California Power Company
For Northern
Consolidated plant adjustments and
$1,622,007.07
accrued depreciation
51,275,243.76
For depreciation
3,640,856.69
Insurance—Casualty and other
Total reserves
Surplus—
Capital surplus
Earned surplus
56,538,107.52
$1,767.161.37
29,927,963.21
31,695,124.58
20,001.785.01
Total
$708,582,379.54
$29,927.963.21
PACIFIC GAS AND ELECTRIC COMPANY
AND SUBSIDIARY COMPANIES.
CERTIFICATE.
Pacific Gas and Electric Company:
We have audited your accounts and those of your subsidiary companies for the year ended December 31, 1931,
and in our opinion the above consolidated statement of
income and surplus sets forth the results of the companies'
operations for that period.
HASKINS & SELLS.
San Francisco, March 24, 1932.
9,691.942.41
6,002,910.15
7.904.43
30,447,197.99
Total current assets
Deferred Charges—
Unamortized bond discount and expenses_$15,079.611.84
Prepaid taxes and undistributed suspense
3,524,447.02
items
Totalsurplus
Total
302,082.35
PACIFIC GAS AND ELECTRIC COMPANY
AND SUBSIDIARY COMPANIES.
CERTIFICATE.
Pacific Gas and Electric Company:
We have audited your accounts and those of your subsidiary companies for the year ended December 31, 1931,
and in our opinion the above consolidated balance sheet
sets forth the financial condition of the companies at December 31, 1931.
HASKINS & SELLS.
San Francisco, March 24, 1932.
4008
Financial Chronicle
May 28 1932
,The Commercial Markets and the Crops
-COFFEE
COTTON-SUGAR
-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.
Friday Night, May 27 1932.
COFFEE on the spot was firm; No. 7 Rio, 81 243.; Santos
/
3
No. 4, 103/ to 10 Vie.; Maracaibo, Trujillo, 93/2 to 9%c.;
Cucuta, fair to good, 103/2 to 110.; prime to choice, 113,4 to
113c.; washed, 10% to 11c.; Ocana, 103,4 to 103c. Bucara%
manga,natural, 1034 to 1034c.; washed,10% to lie.; Honda,
Tolima and Giradot, 1134 to 11.%c.; Medellin, 123/i to 123c.;
%
Manizales, 1172 to 113 c.; Mexican washed, 14 to 15c.;
%
Ankola, 25 to 34c.; Mandheling, 25 to 32c.• genuine Java,
23 to 24c.• Robusta washed, 93,4c ; Mocha, 13 to 143'e.;
'%
Harrar, 12 to 12%c.; Abyssinian, 1034 to 103c.• Guatemala,
'
good, 11% to 12c.; Bourbon, 10% to 110. 'On the 23d
cost and freight offerings were unchanged to about 10 points
higher in sympathy with firmness of the reis. Business
quiet. Prompt shipment. Santos Bourbon 2-3s at 10.80
to 10.85e.; 3s at 10.35 to 10.60c.• 3-4s at 10.00 to 10.45c.;
3-5s at 10.15 to 10.25c.; 4-5s at 9.80 ot 10.20c.; 5s at 10e.;
5-6s at 9.65 to 9.90e.; 6s at 9.50 to 9.90c.; 7-8s at 9.10e.
Peaberry 4s at 10.20 to 10.300.• part Bourbon 2-3s at 10.90c.;
3-5s at 10.250.; Rio 7-8s at '
7.70c.; Victoria 7-8s at 7.80e.
Sao Paulo Bourbon 4s were offered at 10.10c. For JuneAug.shipment Rio 4s were offered at 8.30c., and 7s at 7.75c.,
while Victoria 7-8s for the same shipment were here at 7.700.
On the 23d Santos dollar rate fell 70 reis to 13$200 early.
Later the dollar buying rate at Santos declined 50 reis to
13$150. Santos exchange on London advanced 1-16d. to
5 1-32d. The reis was quoted at New York later at 7.51
compared with 7.48 early according to quotations posted on
the Exchange. On the 24th cost and freight prices were
unchanged to 5 points higher. Some offerings of Bourbon
coffee were reported from one source with 4s, old crop
Bourbon offered at 9.95e. Santos Bourbon 2-3s were here
at 10.50e. to 10.950.; 3s at 10.40 to 10.60e.; 3-48 at 10 to
10.50c.; 3-5s at 10.20 to 10.30e.; 4-5s at 9.80 to 10.25c.;
5s at 9.95 to 10.00e.; 5-6s at 9.70 to 10.00c.; 6s at 9.50 to
9.90e.; 6-7s at 9.65c.; 7s 9.400.; 7-8s at 9.30 to 9.35c.;
Peaberry 3s at 10.40e.; 4s at 10.10 to lu.30c.; part Bourbon
2-3s at 10.90e.• Rio 7s for June-July shipment were here at
7.75c., and Victoria 7-8s for June-Aug. at 7.70e. Sao Paulo
Bourbon 4s were offered at 10.15c.; Rio Bourbon 2-3s at
10.35c.; 3-45 at 10.00c., and 4s at 9.90e. Sales were reported
of Victoria 7-8s on Monday at 7.650. and yesterday at 7.70c.;
for June shipment, while Rio 7s for the same shipment sold
at 7.65c. to New York and 7.60e. to New Orleans. An
Associated Press dispatch from Rio de Janeiro on May 24
said: "The coffee council announced that 320,744 sacks of
coffee had been destroyed during the last week, making the
total to date 6,565,641, of which 5,285,282 were destroyed
in the State of Sao Paulo."
Deliveries of mild coffee in the United States last week were
51,569 bags bringing the total for the month thus far to
200,889 bags. Arrivals last week were 38,566 bags and for
the month thus far 156,550 bags. Total stocks of mild
coffee in the United States is now 336,686 bags, against
349,689 last week and 282,775 last year. Riots occurred at
Sao Paulo on the 24th. If they persist they will be regarded
as bullish. On the 25th inst., an Associated Press despatch
from Sao Paulo said: The appointment of a new State
Cabinet by a Federal interventor fulfills the demands of
business houses for an immediate government. Commerce
was resumed and the student strike is ended. On the 25th
inst., cost and freight prices were unchanged to 10 points
higher. For prompt shipment, Santos Bourbon 2-3s were
here at 10.85 to 11.05c.; 3s at 10.47 to 10.700.; 3-4s at 10.10
to 10.45c.; 3-5s at 10.20 to 10.25e.; 4-5s at 9.90 to 10.300.;
5-6s at 9.70c.• 6s at 9.90 to 10.000.; Pea,berry 4s at 10.35 to
10.70c.• Rio 7s at 7.70c.; 7-8s at 7.65 to 7.70e., and Victoria
'
7-8s at 7.80e. For June-Aug. shipment, Rio 4s were offered
'
at 8.3043. and 7s at 7.750. From Rio, for immediate shipment, Bourbon 3s were here at 10.25c. and 4s at 10c. Santos
3s and 5s were offered at 9.95c. To-day, cost and freight
offerings from Brazil averaged from unchanged to 5 points
higher, but with one shipper 5 points lower. Only moderate
offerings, including Santos Bourbon, 2-3s at 10.70 to 10.95c.;
3s at 10.55c.; 3-4s at 10.45e.; 3-5s at 10.10 to 10.35c.; 5-68
at 10.10c.;6s at 9.95c.; 6-7s at 9.90c.; Peaberry 4s at 10.40c.;
Part Bourbon 2-3s at 10.950. and Victoria 7-8s at 7.85c.
On the 21st inst. Rio futures here closed 1 to 3 points lower
with sales of 1,000 bags; Santos futur(s here closed 1 to 8
points net lower with sales of 3,000 bags.. Profit taking
caused the decline. Some contend since destruction of coffee
began and support has been given to Brazilian exchange
prices have risen on the Exchange approximately 50%.
On the 23d inst. futures advanced 3 to 12 points with
spot prices also higher, the dollar rate supported and the
destructing of coffee of the Brazilian Government the
dominating feature. Cables to the Exchange here reported
that the National Coffee Council in the week ended May 21
destroyed 311,000 bags of coffee, making the total destroyed
since June 6,447,000 bags exclusive of the 478,000 bags
burned by the Sao Paulo Coffee Institute to June 30. On
the 24th inst. Rio futures here opened 2 to 9 points higher
and closed 1 point lower to 9 higher with sales of 3,000 bags;
Santos opened 2 to 7 points higher and closed at a net rise
of 1 to 5 points with sales of 9,000 bags. On the 25th inst.
Rio futures here closed 8 to 13 points net lower with sales
estimated at 5,000 bags. Santos futures ended 7 to 8 points
lower here with sales of 17,000 bags. The decline was due
to profit taking and hedge selling by New Orleans. On
the 25th 17 Santos notices and 12 Rio were issued. The
dollar rate at Santos declined 40 reis to 13$110. On the
26th inst. Rio futures here closed 6 to 10 points lower with
sales of 4,000 bags; Santos 1 to 3 lower with sales of 6,000
bags. Profit taking accounted for the decline. May notices
totalled 64 lots of Santos and 59 of Rio. To-day Rio futures
here closed 10 to 12 points off with sales of 6,000 bags;
Santos 4 to 20 off with sales of 10,000 bags. Final prices
show a decline on Rio futures of 20 to 24 points and on
Santos 9 to 28 points. To-day the dollar buying rate in
Santos declined 40 reis to 138070.
Rio coffee prices closed as follows:
Spot unofficial
July
September
_ I December
834
!March
6.60
6.48@6.50 I May
Santos coffee prices closed as follows:
Spot unofficial
July
September
1034 (a)
9 @I
.51
9 15491
I December
March
May
6.36
6.40 nom
6.40 nom
9.07(5 9.000 _
9.00@
_
COCOA to-day closed 2 to 3 points lower with sales of
32 lots. July ended at 3.98c.; Sept. at 4.13c.•, Dec., 4.27c,.
and Mar. at 4.42e. Final prices are 16 to 18 points lower
than a week ago. On the 26th Liverpool futures opened
unchanged to 3d. decline. The Liverpool and spot market
both opened 3d. lower. New York local licensed warehouse
stocks on May 25 were 562,545 bags against 560,869 on
the previous day and 224,382 last year. Arrivals of cocoa
in New York since May 1, 98,471 compared with 263,694
for the corresponding period a year ago. New York declined
owing to the suspension of Hornby Hemelrijk & Co. of
Liverpool.
SUGAR.
-On the 21st inst. futures closed unchanged to
2 points higher with sales of 1,200 tons. Spot raws were
steadier and offerings of futures were smaller. On the 21st
London closed Xd. lower for May, but 1 to 34d. higher on
later positions. Receipts at United States Atlantic ports
for the week were 34,561 tons, against 54,517 in the previous
week and 30,792 in the same week last year; meltings 51,064
tons, against 53,698 in the previous week and 47,442 in
the same week last year; importers' stocks 159,346, against
186,822 in the previous week and 153,969 in the same week
last year; refiners' stocks 171,953 tons, against 188,456 in the
previous week and 160,391 in the same week last year;
total stocks 331,299, against 375,278 in the previous week
and 314,360 in the same week last year. On the 23d inst.
futures ended unchanged to 2 points lower with sales of
13,250 tons. Cuban interests and room traders sold. Wall
Street and Porto Rico bought. The outstanding event of the
day was the purchase by refiners of 18,250 tons of Philippines
May-June shipment mostly at 2.58c., but including 2,500
tons at 2.59c. Meltings increased. Actual sugar gave a
better account of itself than futures. Havana cabled for
the week ended May 21: "Arrivals, 21,669 tons; exports,
29,768 tons; stock, 1,246,842 tons. Centrals grinding 18.
The exports were distributed as follows: to New York,
8,106 tons; Baltimore, 3,604; New Orleans, 1,394; Savannah,
3,047; Galveston, 370; Wilimington, 480; Norfolk, 361;
Interior U. S., 289; U. K., 7,008; China, 3,968, and New
Zealand, 1,141. The Zorilla finished 23,892. On the 23d
the New York Exchange stated the production of 117
centrals at 16,594,631 bags; quota, 15,297,931."
On the 23d London opened Md. lower to 5.4d. up. London terminal market at 3.15 p.m. was barely steady at
unchanged prices to a decline of Md. from opening quotations. London also cabled that the terminal market was
very quiet. Old crop Cubas sold at 4s. 5hd. To-day
4s. 73'2d. asked for new crop; trade dull. On the 23d the
Sugar Institute, Inc., stated the total melt and total deliveries of fourteen United States refiners up to and including
the week ended May 14 1932 and same period for 1931 as
follows: Melt
-1932, Jan. 1 to May 14, 1,310 long tons;
1931, Jan. 1 to May 16, 1,500,000 long tons. Deliveries
1932, Jan. 1 to May 14, 1,135,000 long tons; 1931. Jan. 1
to May 16, 1,315,000 long tons. It was remarked that the
statement of receipts, meltings and stocks was favorable all
these items showing decreases. On the 24th inst. futures
closed unchanged to 2 points lower partly on hedge selling
of December against buying of Philippines. 'rrading in
Volume 134
4009
Financial Chronicle
May ended on the 24th inst. and early in the day was 7 points
higher on belated covering, buying including that by trade
and other interests. Of actual sugar 3,000 tons of Philippines July-Aug. sold at 2.69c.; reported 4,000 Porto Rico
to New Orleans, June arrival at 2.60c.; nearby held at 2.62e.
Refined was quiet at 3.75c.
On the 24th inst., London opened at 1 Md. higher for the
spot month and M to %d. higher for later months. London
at 3:15 p. m. was dull and unchanged to Md. lower, except
current May, which was 1 Md. lower as compared with
opening prices. Another London cable said: Terminal
market parcel sold 4s. 63 d. Cargo July shipment 4s. 6d.
A
On the 25th inst. futures closed 1 point net lower to 1 point
net higher with sales of 8,650 tons. It was a small waiting
market. Spot raws 2.85e. On the 25th inst., late cable
advices from Havana reported that according to the Export
Corporation statement as of May 14, the actual quotas of
mills still grinding, after including increases due to purchases
of quotas from other mills, aggregated 1,664,895 bags.
Adding this amount to actual production of mills which to
that date had finished grinding the Cuban crop this year
will outturn approximately 2,603,199 long tons. On the
25th inst., one London cable said: Terminal market quiet,
but steady. Parcel British West Indies sold 9s. 3d. Sellers
New York old crops 4s. 6d. London terminal at 3:15 p. m.
was steady and generally unchanged from the opening with
the exception of Oct. which was Md. higher. On the 26th
inst., London opened Id. off to Md. up.
Points on the situation that some contend favor an
ultimate advance: Low price of the article. Peak of production in Cuba has passed. Although two-thirds of the
duty free sugar (Philippines, Hawaiian and Porto Rican)
has only just been shipped, most of it is hedged on the
Exchange here. Decrease in European acreage. Normal
supply conditions are in the way of being re-established.
Practically no invisible supplies anywhere. Reluctance of
Cuban holds to sell at these prices. Much of the stock is
hedged by sales of futures and will have to be covered.as
the actual sugar is sold. Forced curtailment of production
by bad times and the extreme difficulty of .
financing the
raising of Cuban sugar. Producing at a price below the
producing costs,as now cannot go on forever. On the other
hand there is widespread pessimism. The world financial
structure has baen weakened. There is a decrease in consumption. Political uncertainties are a menace. Also there
are the efforts of importing countries like India to increase
their production of sugar. Production by American colonies
is stimulated by high sugar duties. Far Eastern consumption
notably in China and Japan may be further reduced. Financial stringency may cause further dumping of sugar. The
heavy premiums on distant months tend to restrict buying.
And there is the fear in order to live, Cuban producers must
go on raising sugar regardless of the lowness of the price.
On the 26th inst. futures closed 2 points lower to 1 up with
sales of 17,800 tons. Rather large selling for the account of
Hornby, Homelryk & Co. whose suspension in Liverpool
was announced was the feature at the opening. But it was
well taken and prices changed but little. Some 6,800 bags of
Porto Rico sold at a low of 2.58c. for duty free. Also 2,200
tons Philippines for June-July shipment sold to an operator
at 2.670., up 1 point. There was a sale of 5,000 tons of Cuba
from store at New York to the United Kingdom at 4s. 641.,
equal to about .62 f.a.s. New York.
To-day futures closed 1 point lower to 1 point higher with
sales of 5,950 tons. Final prices are unchanged to 1 point
lower for the week. Sales of raw included 93,600 bags of
Porto Rico, 54,000 bags Philippines to refiners at 2.61c.,
and 18,000 bags of June-July Philippines to operators at
0.68c., and 18,000 at 0.70c. all Philippines. To-day two
cargoes of Porto Ricos were sold to the Pennsylvania at
2.60c. for late May and early June loading. To-day London
opened with May 3 d. higher, but other positions unchanged
A
to Md. lower. The London terminal market at 3:15 p. m.
was steady, with prices unchanged to %d. above the opening level. Another London cable said: "No change terminal
market. Two cargoes yesterday 4s. 6d., one old crop and
one new crop. Parcel Continent 4s. 73/2d. To-day sellers
4s. 6Md.; buyers probably 4s. 6d."
Closing quotations follows:
Western cash here 4.25 to 4.35c.; refined to Continent,
43' to 4Mc.; South America, 43 c. to 4Mc.; Brazil, 534 to
%
54c. To-day futures closed unchanged to 3 points higher.
Final prices are 12 to 15 points lower for the week.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
May delivery
3.90
3.95
3.87-.90 3.80
3.75
3.75
4.10
4.12
July delivery
3.97
3.90
3.82
3.85
4.20
4.25
September dellvery
4.07
4.00
3.95
3.97
Season's Low and When Mad.
Season's High and When MadeNov. 14 1931 May
3.70
May
7.00
May 14 1932
Feb. 1 1932 July
July
5.50
May 14 1932
3.75
PORK quiet; mess, $16.25; family, $17.25; fat backs,
$12.25 to $14.25. Ribs, Chicago cash, 4.25c.; beef dull;
mess nominal; packet nominal, family, $12.50 to $13; extra
India mess nominal; No. 1 canned corned beef, $2; No. 2,
$3.50; six pounds, South America, $10.50; pickled beef
tongues, $40 to $50. Cut meats steady; pickled hams, 14
3
/
to 16 lbs., 93 0.; 10 to 12 lbs., 9%c. Pickled bellies clear,
%
f.o.b. Now York,8 to 12 lbs., 73c.;6 to 8 lbs., 8c.; bellies,
/
clear, dry salted, boxed, 18 to 20 lbs., 55 8c.; 14 to 16 lbs.,
63/sc. Butter, lower grades to higher than extra, 14 to 19c.
Cheese, flats, 1034 to 20e.; daisies, 1134 to 16c.; Young
America, 1134 to 173/7c.; lower grades, all sorts, 10 to 123c.
Eggs, medium to special packs, 12 to 17%c.
-Linseed was rather quiet and easier at 6.1e. to
OILS.
6.2c. for carlots. Cocoanut, Manila coast tanks, 234 to 3c.;
tanks, New York,3 Vic. Corn,crude tanks, f.o.b., Western
mills, 2% to 3c. Chinawood, N. Y. drums, carlots, 6c.;
tanks, 5 Mc.; Pacific Coast tanks, 4 M to Sc. Olive, denatured, spot, 60 to 61c.; shipment, 63c. Soya bean, tank
cars, f.o.b. Western mills, 2.80c.; carlot delivered N. Y.,
33% to 4c. Edible, olive, $1.65 to $2.15. Lard, prime,
83c.; extra strained winter, N. Y., 6e. Cod, Newfoundland, 21 to 26e. Turpentine, 45 to 50c. Rosin, $3.10 to
$6.10. Cottonseed oil sales, to-day, including switches,
%
/
5 contracts. Crude S. E., 23 to 2 8C. Prices closed as
follows:
Spot
June
July
August
September
3.30
3.50
3.70
3.62
3.70
October
3.67 November
3.75 December
3.75 January
3.75
3.753.80
3.82@3.87
3.85553.92
3.904:433.99
--Gasoline demand was more active. The
PETROLEUM.
warm weather stimulated consumption. Kerosene was
steadier with 41-43 water white quoted at 53/i to 6c. in tank
cars at refineries. Domestic heating oils were rather quiet.
A large part of the business now going on is confined to
closing contracts covering next winter's requirements.
Grade C bunker oil was steady at 75c. Diesel oil was steady
at $1.50. Pennsylvania lubricating oils were more active
and steady. There were rumors late in the week that a prin.cipal marketing organization in this territory was considering
an ad"ance of 2c. while other reports indicated that the
price may be raised a full 4c.
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 21st inst. trading was small with final
prices• 1 to 5 points highers. Sales were 90 tons of No. 1
standard with that contract closing with May at 2.95c.;
July, 2.96 to 2.98c.; Dec., 3.220.• new "A" May, 2.95c.;
June, 2.95c. Outside prices: Plantation R. S. sheats, spot,
May and June, 2 13-16 to 2 15-16c. On the 21st London
closed steady, and unchanged. Spot, May and June,
8
1 13-16d.; July, 1 Md.; July-Sept., 13/d. Singapore closed
/
steady and unchanged; May, 158d. On the 23d London
opened quiet and unchanged and ot 2.36 p.m. was still quiet
and unchanged; spot, May and June, 1 13-16d. London
closed dull and unchanged to 1-16d. lower. Spot, May and
June, 13 d.; July, 13/sd. London's stock on May 21 in%
creased 505 tons to 58,606 tons from the week preceding.
Liverpool decreased 326 tons to 60,583 tons from a week ago.
Singapore closed quiet and 1-16d. off; June, 1 9-16d.; JulySept., 1 Md. On the 24th inst. futures closed unchanged to
2 points lower. Early in the day they were 4 points up.
The sales of No. 1 standard dropped to 350 tons, against
670 on the previous day. No. 1 standard contract ended
with July, 2.90c.; Sept., 3.00c.; Dec. 3.15c.; March. 3.32e.
New "A' contract closed with May, 2.85c. nominal; June,
2.85c. sold; 2.87c. nominal; July, 2.90e.; sales 10 tons.
Outside prices: Spot, May and June 2 13-16 to 2Mc.
0.60
January
Spot unofficial
0.760.77
The New York Exchange will be closed on May 28. On
0.61
March
July0.80 0.82
September
0.68550.69 May
the 24th inst. London opened dull and unchanged to
0.85610.86
December
0.7655 --1-16d. lower; at 2:35 p. m. was quiet. Spot, May,June and
'
LARD.-On the 21st inst. futures closed 3 to 10 points July and July-Sept. 1 13-16d. London closed quiet at
higher. On the 23d inst. futures advanced 2 to 5 points, 1-16d. advance; July-Sept., 1'Md.; Oct.
-Dec., 1 15-16d. and
'
supported by the rise in grain prices. Hogs were irregular; Jan.
-March, 2 1-16d. Singapore closed unchanged; June,
top $3.45. Western receipts of hogs were 113,300, against 1 9-16. Batavia cabled the Rubber Exchange here: The
116,000 last year. Liverpool lard was unchanged to 3d. government statistical bureau states that tapping on 256
higher. Exports of lard from New York on Saturday were rubber estates in the Dutch East Indies has been completely
1,393,000 lbs. to United Kingdom and Continental ports. abandoned while tapping on 130 other estates has been
Last week they were 3,739,000 lbs., against 2,725,000 the partially abandoned. The unkept area now is 49,187 hectares
week before. Cash prime Western, 4.50 to 4.60c. in tierces (not including periodical tapping) or 13% of the total tapable
/
c. a.f. New York;refined to Continent,430.;South America area. On the 25th inst. prices touched new lows as a rule.
50.; Brazil, 540. On the 24th inst. futures declined 5 to The net decline was 3 to 5 points with sales of 680 tons of
18 points with grain and cotton lower. Hogs were steady No. 1 standard closing with May at 2.81c.; July, 2.85 to
with western receipts 89,700, against 95,000 a year ago. 2.87e.; Dec., 3.10e.• Jan., 3.16c.• March, 3.27 to 3.29c.;
'
Cash prime Western, 4.40 to 4.50c.; refined for the Conti- new "A" June, 2.8:3c.; July, 2.85c.• Aug., 2.91c.; Sept.,
'
4
nent, 43 0. On the 25th inst. futures closed 7 to 10 points 2.97c. Outside prices: Spot, May and June,2% to 2 13-16c..
.
-March, 35c'
off. Hogs were unchanged to 10c. lower. Liverpool de- July-Sept., 2 15-16e.• Oct.-Dec., 334c.; Jan.
London closed steady, unchanged to
clined 6 to 9d. On the 26th inst. futures closed 5 to 8 points. On the 25th inst.,'
Md. lower; spot, June, July and July-Sept., 1 13-16d.
Hogs fell 5 to 10c. Liverpool closed 3 to 9d. off. Prime
4010.
Financial Chronicle
Oct.
-Dec., 17 d. and Jan.
4
-March, 1 15-16d. The Senate
Finance Committee again has changed the tax on tires to
2%c. per pound and the tubes to 4c. according to Washing-.
ton advices. Singapore closed steady, unchanged to 1-16d.
lower on the 25th inst.; June, 158d.; July-Sept., 15s41.;
/
/
Oct.
-Dec., 1 11-16d. On the 26th inst., London opened at
1-16d. decline; at 2:36 p. m. was quiet. Spot, June, July and
July-Sept., 1%d., and closed so. Singapore closed unchanged to 1-16d. lower; June, 1 9-16d.; July-Sept., 1%d.
On the 26th inst. a new low price of 2.70c. was reached
for June. A decline in Dutch shipments was ignored. New
York was 4 to 10 points lower and spot rubber fell 1-16 to
3-16e. outside. Dutch East Indies shipments for April
fell off to 17,952 tons, against 18,350 tons in Mar. and
21,637 tons during April last year. But European estate
sections of Java and Madeira shipped 6,830 tons, against
5,025 tons in Mar. and 6,577 tons last year. So British and,
Dutch estates in the Dutch East Indies maintained production whatever the recent talk to the contrary. No.1 standard
contract closed with May at 2.71c.; June, 2.76c.• July,
2.81 to 2.83c.; Sept., 2.910.; Dec., 3.05c.; Jan.,'
3.11c.;
Mar., 3.21 to 3.23c.• sales 95 tons. New "A" June ended
at 2.760.; July, 2.81c.; Aug., 2.860. Outside prices: spot,
May and June, 2 11-16 to 2%c.; July-Sept. 23/80.; Oct.Dec., 3 1-16c.; Jan.
-Mar., 33'c.; spot, first latex thick and
thin pale latex, 33c.; clean thin brown No. 2, 2 11-16c.;
%
rolled brown crepe, 2 7-160.; No. 2 amber, 2 13-160.; No. 3,
23c.; No. 4, 2%c.; Faros, upriver fine spot, 53.4 to 5
4
3
Acre, fine spot, 5% to 60. To-day No. 1 standard contract
closed unchanged to 1 point lower with sales of 72 lots and
with July at 2.760.; Sept. at 2.91c.; Dec. at 3.04c. and
Mar. at 3.21c. New "A" June, 2.74c.; July, 2.79c. '
Final
prices are 9 to 14 points lower than a week ago. To-day
London opened quiet and unchanged to 1-16d. lower; at
2:36 p. m. was unchanged; spot, June, July and July-Sept.,
1 W., and. closed at these prices. Singapore closed 1-16d.
lower; June, 1%d.;July-Sept., 1 9-16d. and Oct.
-Dec., 1%d.
Unofficial estimate of stocks in Great Britain for the week
ending May 28 shows: London, 2,100 tons decrease; Liverpool, 450 decrease; total, 2,550 decrease. In New York
trading in May standard contracts ceased at noon to-day.
HIDES.
-On the 21st inst. prices closed unchanged to 10
points higher on the old contract and unchanged to 5 up on
the new but with no sales of either. The New York Hide
Exchange will be closed on May 28, the Saturday preceding
Memorial Day. Closing prices on the 21st inst. were as
follows: June old, 3.92 to 3.95c.; new, 3.90c.; Sept. old,
4.60 to 4.760.; new, 4.50c.; Dec. old, 5.27 to 5.34c.; new
5.30c.; March old, 5.75 to 5.95c.; new, 5.75 to 5.950. Spot
hides were more active with sales of 13,500 extra light
native steers, April-May at 4% 2,000 extra light native
,c.•
steers, Feb.
'
-March at 4c.; 18,000 heavy native steers,
April-May at 4%c.• 5,000 light native cows, April-May
at'4%c. On the 23rd inst. old contracts closed 2 points lower
to 15 higher and new contract unchanged to 10 points higher,
ending with June old at 4.05c.; Sept. old 4.70c.; new, 4.55c.;
Dec. old 5.25 to 5.35c.; new, 5.360.; March old 5.75 to 60.
and new 5.80 to 5.95c. On the 24th inst. prices closed unchanged to 10 points lower on both contracts ending with
Sept. old, 4.61 to 4.760.; new, 4.50c.; Dec. old, 5.25 to
5.30c.• new, 5.30c. On the 24th inst. spot sales of Argentine
included 4,500 May frigorifico extremes at 43/sc. while in
the Chicago packer hide market 1,000 May branded cows
were moved at 4c. and 1,000 April-May light Texas steers
.at 3Mc. At New York 1,600 April Colorado steers sold
at 3%c. On the 25th inst. old contract closed unchanged to
16 points lower and the new 5 to 15 points lower ending with
June old at 3.95c.; Dec. old, 5.10 to 5.260.; new, 5.15c.•
March old, 5.5543.; new, 5.60 to 5.70c. Of spot hides 8,000
May frigorifico steers sold at 4 9-160. On the 26th inst.
prices closed unchanged to 5 points lower on both contracts
with sales of 720,000 lbs. June old ended at 3.93 to 4c.;
Sept. old at 4.45 to 4.50c.; new, 4.35c.; Dec. old 5.10 to
5.260.; March new, 5.55c.
-At one time there was a good
OCEAN FREIGHTS.
business in grain and sugar. Lower rates and a larger trade
were the later features.
CHARTERS included grain 23,000 qrs. Montreal N.Spain, 10c.; Spanish
Mediterranean. 11c.; May recent; 27,000 qrs. 10. Montreal May 28 cancel;
No. Spain, 10Mc.: A. Ft., Sc.; prompt Gulf. Greece, 13c.: 27,000 COIL
Montreal. prompt, Antwerp-Rotterdam. 755c.: Northern Spain, 9Mc.
Grain booked: IA loads Montreal Rotterdam, June, 73ic.; 28 loads
Montreal, June, London mills, Is. 9d.: 10 loads New York, same early
June, Is. 7 Md.; 25 loads spot Montreal, Marseilles, Genoa, 10c.; 6 loads
New York-French Atlantic. 8c., and 12 loads between Antwerp and Rotterdam, ex Montreal, May and early June at 7c. Sugar-Cuba, 7,000 tons,
June, Odessa, 16s.: recent, United Kingdom-Continent, Cuba. prompt, 14s.:
Santo Domingo. 13s.; June, Cuba, Odessa, London, rate, 168. 9d.: prompt.
-prompt PhilaCuba.6,500 tons, United Kingdom-Continent. 14s. Trips
delphia. redelivery United Kingdom-Continent, about 90c.; West Indies
round, 60c.: West Indies round, 50c.; round Gulf, 80c.
TOBACCO was in fair demand and steady. Sales last
week in the Southern markets were as follows: At Mayfield,
873,480 lbs., at an average of 2.84, or 2c. lower than in the
preceding week. At Paducah, 135,340 lbs., at an average
•of $3.01, or 48c. lower than in the previous week. At
Murray, 101,665 lbs., averaging $3.36, or 210. higher. At
Hopkinsville, 535,825 lbs., average $4.49, or $1.10 higher.
At Clarksville, 1,149,825 lbs., at an average of 4.34, or 19c.
higher. At Springfield, 1,148,455 lbs., averaging $5.66, or
47c. higher. Paducah, Ky., to the U. S. Tobacco Journal:
Approximately 2,000,000 lbs. of tobacco grown by members
of the Western Dark Fired Tobacco Growers' Co-operative
Association in the Paducah region have been graded and
May 28 1932
delivered to the prizers since the 1932season opened. Havana:
The cigarmakers' strike is still on here in Havana. It is
thought that a settlement is not very distant, although there
is no definite indication of when it may be brought about
nor under what conditions. Louisville: The Western Dark
Fired Tobacco Growers' Association was the first to be
backed by the Federal Government. Prices already are
better on some grades since deliveries to the pools started.
Deliveries have been running as high as half a million lbs.
daily to the four receiving stations. Tobacco not sold is
being prized in good condition. Foreign inquiries have been
coming in. The dark growers are reducing their 1932 crops
drastically. There was a reduction of only 14% in the
Burley area. In the Clarksville-Hopkinsville district it is
reported is 35%, Paducah district, 30%, Hunderson stemming district 37%. One-Sucker district 34%, and Green
River, 44%. Reduced foreign demand and a glutted market
have necessitated the step.
COAL was in fair demand. Coke has also sold fairly well.
At lower prices there has been a fair trade in coke in Long
Island, Manhattan and New England. Later trade was
quiet here and in the interior.
--On the 21st inst. prices closed 10 to 24 points
SILVER.
lower with sales of 450,000 ounces. May ended at 27.85 to
27.960.; June, 27.85 to 27.90c.; A ug , 28.15c. On the 23d
.
Inst. prices closed 9 to 20 points net higher with sales of
450,000 ounces,ending with July at 28.15 to 28.260.; Aug.,
28.30 to 28.34c.; Sept,., 28.40 to 28.53c.;Oct.,28.60 to 28.760.
On the 24th inst. prices ended 7 to 15 points lower with sales
of 175 ounces, closing with May, 27.90 to 28.05c.; July,
28.01 to 28.260.; Sept., 28.30 to 28.450., and Oct., 28.50
to 28.660. On the 25th inst. prices closed 6 points'lower to
25 points higher with sales of'850,000 ounces. May ended
at 28.150.-N; July, 28.260.-B; Aug., 28,320.-N.; Oct.,
28.53c.
-T. On the 26th inst. prices closed 20 points lower
to 1 higher with sales of 250,000 ounces. May ended at
27.95c.• July at 28.10 to 28.25c.; Sept. at 28.36 to 28.50c.,
and Oct. at 28.560. To-day futures closed 7 points lower
to 20 points higher with June, 27.80 to 27.88c.; July, 28c.;
Aug., 28.10c.; Oct., 28.460., and Dec., 28.70c. Final prices
are 18 points lower on July for the week.
COPPER was firmer. Domestic inquirly was a little
better. Export sales on the 25th inst. increased to over 500
tons. Domestic copper at 53c. was scarcer, it being rumored
that but one custom smelter was still willing to do business
so low. Generally custom smelters became settled at 638c.
/
for delivery through third quarter, the price of 53'e. generally applying to fourth quarter. Copper exports by the
United Slates in April totaled 12,835 short tons, against
12,464 tons in March and 11,011 tons in Feb. according to
the American Bureau of Metal Statistics. Imports in April
came to 14,975 tons against 19,895 tons in March and
21,370 in Feb. In London on the 25th inst. spot standard
was unchanged at the first session at £27 10s.•, futures off
is. 3d. to £27 us. 3d.; sales 200 tons spot and 1,000 tons
futures. Electrolytic unchanged at £31 14s. bid and £32
15s. asked; at the second London session prices for standard
copper fell 2s. 6d. on sales of 100 tons of futures. On the
21st inst. futures here closed 10 to 20 points lower; no sales.
May and June ended at 3.960. and July at 3.94c. On the
23rd inst. futures here closed net unchanged to 20 points
higher with sales of 25 tons, ending with May 3.90 to 4.160.;
June, 3.90 to 4.260.; and July 3.95 to 4.30c. On the 24th
inst. prices closed 5 to 15 points lower; no sales. May and
July ended at 3.80c. and Sept. at 4.39c. On the 26th inst.
futures here closed 10 to 30 points lower with sales of 324
tons. July ended at 3.90c.; Sept. at 4c.; Dec., 4.160. In
London on the 26th inst. spot standard fell Is. 3d. to £27
8s. 9d.;futures dropped 3s. 9d. to £27 7s. 6d.; sales 700 tons
futures; electrolytic unchanged at £31 15s. bid and £32 15s.
asked; at the second session standard copper advanced is.
3d. on sales of 50 tons of futures. To-day futures here closed
with June at 4.15c.; July, 4.260.; Aug., 4.250. and Sept.,
4.360.; sales 150 tons.
TIN was quiet with spot Straits called 21.10c. on the
25th inst. The packs of foodstuffs this year promise to be
smaller than last year, there being frequent reports of curtailment. This would indicate that tihe consumption in
the canning trade will be less this year. In London on the
25th inst. all descriptions advanced 7s. 6d.• spot standard,
£123 7s. 6d.; futures, £125 12s. 6d.; sales 1g0 tons spot and
300 futures; spot Straits ended at £127 12s. 6d. Eastern
c. i. f. London advanced £1 2s. 6d to £129 on sales of 50 tons;
at the second session standard tin was unchanged with sales
of 50 tons spot and 70 of futures. On the 23d inst. prices
closed 35 points lower; no sales. May ended at 20.350.;
and July at 20.650. On the 24th inst. prices closed 25
points higher with sales of 50 tons. May ended at 20.660.;
July, 20.960., and Sept., 21.260. On the 26th inst. futures
here closed 25 to 30 points lower with sales of 10 tons,
ending with July at 20.55c.• Sept., 20.95c.; Dec., 21.55c.,
and Mar. 22.15. On the 26th inst. spot Straits declined to
'
204c. London at the first session on the 26th inst. declined £2 5s. or more while at the second session standard
tin advanced 5s. with sales for the day amounting to 650
tons. To-day futures ended with June at 20.15c. bid;
July, 20.250. bid and May, 20.40c. nominal.
LEAD was in good demand and steady at 3c. New York
and 2.90c. East St. Louis. In London on the 25th inst..
Volume 134
6s.3d.;
to
spot fell 6s.3d. to £9 18s.9d.,futures off 8s.9d.at £10 second
the
50 tons spot and 300 tons of futures; 150 tons of
sales
London session prices fell 2s. 6d. on sales of
to
futures. London on the 26th inst. fell 7s. 6d. on spot
us. 3d.• futures off 5s. to £10 is. 3d.; sales 100 tons spot
£9
3d.
'
and 750 futures; at the second session prices advanced is.
of 100 tons futures.
on sales
ZINC continued its advance. It is known that 2Mc.
y.
East St. Louis was paid on the 25th inst. for June deliver
Sales made that day ranged in price from 2.75 to 2.875c.
to
In London on the 25th inst. spot zinc dropped 7s. 6d.
£12 2s. 6d.; futures off 6s. 3d. to £12 7s. 6d.• sales 450 tons
sales of
futures; at the second session prices fell 2s. hd. onspot fell
500 tons of future. In London on the 26th inst.9d.; sales
2s. 6d. to £12; futures dropped 2s. 9d. to £12 3s.
850 tons futures; a the second session prices advanced Is. 3d.
on sales of 150 tons of futures.
STEEL remained in its old state of sluggishness of trade
with no general or appreciable changes in prices. The
average rate of ingot production is down to 24% as against
25% last week. Prices may be advanced on auto body stock,
Sm. and on hot rolled strip, but present prices in general
will be allowed to stand for the next quarter. The railroads
are buying very little. Of structural steel contracts awards
have increased somewhat.
PIG IRON was as quiet PS ever with prices nominally
market.
$14 to $14.50 in the East in a virtually untestedquibbling
The buying is of small lots only without much
prices
over prices. To sell big lots at the present nominal
might be an entirely different matter.
WOOL has recently been quiet with prices in some cases
that
unchanged and in others slightly lower. London cabledcom30
wool exports from Melbourne from July 1 to April bales of
prised 2,522,000 bales of Australian and 606,000 532,000
00 and
New Zealand wool, as compared with 2,415,0of the previous
respectively, during the corresponding period
Compared
year. Brisbane sales closed on the 19th inst. The next
firm.
with the opening level, prices were very
Boston wired
series was to be held from May 23 to 25. 64 and finer
on
later: "Inquiries continue to be receivedwools. A further
strictly combing Ohio and similar fleecesold at around 16c.
limiting amount of these wools has beenare not inclined to
in the grease, although some holders bulk of the offerings
sell at this figure. Asking prices on thegrease or 40 to 43c.
are in the range of 16 to 17c. in the
a waiting
scoured basis.' Another Boston despatch called it
market. Boston quotations:
to 80
WOOL TOPS to-day closed quiet and unchanged Sept.,
points lower with June at 520.• July, 52.50c.; Aug.,
March,
'
Oct. and Nov., 53c.; Dec., 53.50c.; Jan., Feb. and10 to 30
Mc. Boston spot unchanged at 57.50c. Roubaix,Dec.and
fr. lower at 16.80 for July, 17.00 for Sept., 17.40 for
17.60 for Jan.; sales 379,000 lbs. Antwerp, 1A to Md. lower
lower with sales of 290,000 lbs.
SILK futures on the 21st inst. ended unchanged to 6
points higher with sales of 620 bales, closing with May at
Sept.,
$1.20; June and July, $1.26 to $1.27; Aug., $1.30; closed
Oct., Nov. and Dec., $1.31. On the 23d inst. futures May,
4 to 7 points lower with sales of 280 bales ending with
$1.16 to $1.20; June, $1.18 to $1.21; July, $1.20 to $1.21;
$1.25
Aug., $1.25; Sept., $1.26; Oct., $1.26 to $1.28; Dec.,
to $1.28. On the 24th inst. prices closed 1 to 5 points lower
with sales of 140 bales, closing with May, $1.14 to $1.20;
$1.20 to
June, $1.16 to $1.19; July, $1.17 to $1.20; Aug. to $1.25.
'
$1.24; Sept., $1.23 to $1.25; Oct. and Dec., $1.24 2 points
On the 25th inst. prices closed net unchanged to
to
lower with sales of 730 bales, closing with June at $1.16
Sept.,
July, $1.17 to $1.20; Aug., $1.20 to $1.23; $1.24.
$1.17;
$1.22 to $1.23 and Oct., Nov. and Dec., $1.22 to higher
On the 26th inst. prices closed unchanged to 2 points $1.18;
with sales of 1,120 bales, closing with June, $1.16 to
$1.22 to
July, $1.18 to $1.20; Aug., $1.20 to $1.22; Sept. to $1.24.
Nov. and Dec., $1.24 and Jan., $1.23
$1.23; Oct.,
of 620 bales.
To-day futures closed 1 to 6 points off with sales $1.17; Aug.,
$1.11 to $1.14; July, $1.12 to
June ended at
13-15 crack
$1.09 to $1.21; Sept., $1.21; Oct., $1.22; spot 85% yellow
double extra, $1.16; best extra, $1.12; 20-22,for the week
and white, $1.19. Final prices show a decline
of 6 to 10 points.
clothing, 14 to 15c.;
Ohio & Pennsylvania fine delaine, 17 to 18c.; fine to 15c.; % combing,
X blood combing. 17 to 18c.; X blood clothing, 14 15c.; low y, blood,
combing, 14 to
clothing, 15 to 16c.; X
17 to 18c.;
Texas, clean basis,
13 to 14c.; territory clean basis, fine staple, 45 to 46c.;
pulled, scoured basis,
fine 12 months, 40 to 42c.; fine 8 months, 28 to 40c.;Texas adult, 22c.
A super, 40 to 41c.; B. 35 to 37c.; Mohair, original
week
Boston wired a Government report early in the
g,
a
as follows: "A waiting attitude is attinded byategrowin e
absenc
though mild, optimism in spite of the immedi underlying
of a demand for wool. The important factor
of
the better feeling among wool men is the curtailment
production. Receipts of domestic wool at Boston
sloth
Boston
during the week ended May 21, estimated by the lbs. as
Grain and Flour Exchange amounted to 648,900
compared with 3,005,200 lbs. during the previous week."
In London on May 24 the fourth series of Colonial wool
auctions during the current year opened. Offerings total
sales
125,000 bales. According to present arrangements thehome
will close on June 8. There was a large attendance of fairly
and foreign buyers at the opening and competition was gs of
general. About 8,000 bales were sold from offerin
11,240 bales.
lower,
Compared with the last sales merinos ranged from par to 5% Cape
10% and
slipe
greasy crossbred were 5 to 10% cheaper,were 5declinedlower and Puntas
to 10%
greasy wools were down 5%. Scoured Capes
lower. Details:Sydney 252 bales; greasy merinos
averaged between 5 to 10%
scoured cross4 to 10d.; Victoria 368 bales; greasy merinos, 4X to 9d.; 8 to 9d.; New
bales;
breds.7 to 8Ud.• West Australia, 41 ds, 63 greasy merinos 3% to
to 154.: greasy, .
Zealand 5,318 bales; scoured crossbre 14d.•, greasy, 4 to Yid. Puntas.
834d.Cape
614 bales; scoured merinos, 8 to
come%
4,565 bales; greasy merinos, 5 to 63 d.; greasy. 5 to 10 Xd. Victoria 54. to
Zealand slipe ranged from
back ranged from 10X to 12Xd. New
9d., latter quarterbred lambs.
inIn London on May 25 offerings, 9,297 bales, met with
limits
creasing demand on the opening basis of values. Firm s and
led to rather numerous withdrawals, chiefly merino
slipe crossbreds. Details:
-id.; greasy, 6% to 10',d.;
Sydney 1,042 bales; scoured merinos, 9 to 153
Victoria 1,617 bales:
Queensland 517 bales; scoured merinos 113-i to 154.;id.; South Australia
greasy, 83-i to
scoured merinos, 955 to 163-0.;164.•, greasy, 83-i123 10d.; West Australia
to
merinos, 8: to
650 bales; scoured
greasy, 73-i to 93jd.; Tasmania
437 bales; scoured merinos, 10 to 154.;
12d.; New Zealand 4,067 -bales. scoured
187 bales; greasy merinos, 10 toto 83id. Cape 766 bales; greasimerinos.
crossbreds, 6 to 15d.; greasy, 33-i ranged from 33-4 to 83id., latter balfbred
slipe
43-i to 10d. New Zealand
lambs.
bales. Liberal
In London on May 26 offerings 9,550
resulted in a good
buying by home and the Continentbales were withdrawn
clearance at late values. About 1,500
at firm limits.
greasy merinos, 73-i to 11d.; Queensland,
Details: Sydney, 917 bales; to 18d.; greasy, 9 to 11d.; Victoria, 967
merinos, 13
736 bales; scoured
154.: greasy, 8 to 12d.; South Australia, 200
merinos, 12
bales; scoured merinos, 831 to 100.; West Australia, 1,075 bales; greasy
to
greasy
bales;
Tasmania. 25 bales;scoured merinos, 1434 to 153-i(14
merinos, 61/i to 9'/d.;
to 1534d.; greasy, 331
bales; scoured cross-breds,
New Zealand, 4,023 bales; scoured merinos. 834 to 113-0.; greasy. 4 to
to 9;id. Cape 1,397
greasy merinos, 4 to 63-itl. New Zealand slipe
bales;
7d. Kenya, 204 -id., latter super-half-breds.
ranged from 534 to 83
inst. sales opened. Prices were
At Brisbane on the 23rd a wider basis.
with demand good on
firm
4011
Financial Chronicle
COTTON
Friday Night, May 27 1932.
ed by
THE MOVEMENT OF THE CROP, as indicat For
our telegrams from the South to-night, is given below.
d
the week ending this evening the total receipts have reache
bales
54,967 bales, against 37,536 bales last week and 62,170
1
the previous week, making the total receipts since Aug.
the same
1931, 9,394,379 bales, against 8,339,763 bales for 1 1931 of
period of 1930-31, showing an increase since Aug.
1,054,616 bales.
Mon. Tees. Wed. Thurs. Fri.
65
590
1,130 1,832 2,043 1,097
Galveston
-AAA-AAA-e8i1,018
Texas City_-. 1.929
720
Ai
1,224
iAi
Houston
80
--,
13---„,
19
Corpus Christi
930 3,509 15,095 6,488 1,515
723
New Orelans
811
878
685
909 1,455
2,226
Mobile
440
--------149
3,227
Pensacola
Jacksonville --------------------152
iel
126
Savannah
33
20
---65
68
95
Charleston
__56--AA120
_-__ .
-Lake Charles_
54
__Ai
AA __
Wilmington
73
7
Norfolk
82
Baltimore
A 2R7
0 057
R IRO 17 SAC
R 175
A 1197
TntaIn thin araalr
Receipts at-
Sat.
Total.
6.757
1,018
5.570
112
28.260
6,964
3,816
152
1,519
281
120
216
100
82
Ad 057
The following table shows the week's total receipts, the
total since Aug. 1 1931 and stocks to-night, compared with
last year:
Receipts to
May 27.
Stock.
1930-31.
1931-32.
This Since Aug This Since Aug
1931.
1932.
Week. 11931. Week. 1 1930.
6,757 2.246,727 2,740 1,391,310 608.803 512.656
20.218
29,572
401 111,548
1,018 239,938
5.570 3,149,467 2,395 2,823,932 1.268.682 922,716
33,863
51,304
29 573,417
112 428,608
25,064
25,959
28,260 1,965,518 5,833 1,403,162 1,034,707 664,934
Galveston
Texas City
Houston
Corpus Christi
Beaumont
New Orleans
Gulfport
6,964 479,779 2,175 590,901 157,480 254,407
Mobile
63,382
72,300
3,816
Pensacola
1.348
16,840
493
---27,338
152
lle
Jacksonvi
322,292 2,918 706,759 238,137 357,521
1,519
Savannah
49,050
29.975
Brunswick
75 291,288 102,042 151.211
281 127,681
Charleston
58,034
59,969
60
120 137,866
Lake Charles-11,720
10,898
63.640
239
51,441
216
on
Wilmingt
70,944
50.784
583 154.279
64,647
100
Norfolk
__
N'ports News,&c.
1,175 203,706 226,558
New York
3,786
14,406
6,187
993
933
Boston
1.083
3,488
24,195
470
23,833
82
Baltimore
5,213
5,389
12
---77
Philadelphia
23.238.178
54.987 9.334.379 18.911 8.339.763 3.R54.27
Totals
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1931-32. 1930-31. 1929-30. 1928-29. 1927-28. 1926-27.
9.167
15,821
9.486
5,773
2,740
6,757
7,456
7,491
4,054
4,856
2,395
5,570
19,358
17,151
7.826
11.798
5,833
28,260
5,672
2,245
1,109
1,471
2,175
6.964
15.226
5,902
1,730
4,700
2,918
1,519
3,361
1,616
3,330
2,096
75
281
2,995
442
254
79
239
216
2.418
2.210
674
236
583
100
265
1,010
2,611
5,219 . 1,966
1,953
5.300
Ga1veston-Houston
New Orleans.
Mobile
Savannah....
Brunswick
Charleston_
Wilmington
Norfolk
NewportNews
All others----
Total this wk.
54,967
18,911
36,228
30,429
54,183
68,261
Since Aug.1-- 9.394,3798.339.763 7.997.887 8.877.942 8.076,966 12361118
The exports for the week ending this evening reach a
total of 103,821 bales, of which 33,163 were to Great Britain,
4012
Financial Chronicle
6,900 to France, 13,432 to Germany, 9,397 to Italy, nil
to Russia, 36,417 to Japan and China and 4,512 to other
destinations. In the corresponding week last year total
exports were 83,313 bales. For the season to date aggregate
exports have been 7,769,130 bales, against 6,178,607 bales
in the same period of the previous season. Below are the
exports for the week.
May 28 1932
generally dangerous to sell a dull market short apparently
was not entirely ignored. The latest financial plans to
help the business of the country were considered as worthy
of attention, possibly as justifying a certain amount of
hope despite the repeated disappointment in the past.
Warmer weather at the South was desirable. It was still
too cool. Charlotte, N. C., advices stressed the fact that
the weather in that section was cool and the crop late.
Exported to
The "Chronicle," it was noted, put the quantity on shipWeek Ended
May 27 1932. Great
board awaiting foreign clearance at no less than 103,510
GerJapan&
Exports from^ Britain. France many. Italy. Russia. China. Other. Total.
bales against 70,463 bales on the same date last year and
71,791 bales in 1930. The rise in wheat on a broadening
Galveston
1,675 4,355
5,474 1,588 13,692
600
Houston
3,704 2,317 3,831
2.180
203 12,235
outside speculation was noticed and it was hoped that someTexas City
1.828
1.828
thing similar might visit cotton. The idea of some was that
New Orleans___ _ 3.236
13,408 1:546 21,448
3,466
Mobile
4:156 1,608
10,000
cotton was ripe for a worthwhile advance if the news
700 16.438
Jacksonville_ _ _
145
145
should plainly favor it.
Pensacola
149
440
3.227
3,816
Savannah
2.012
_
On the 23rd inst. prices ended some 7 to 8 points higher,
400 2.462
Charleston
5,414
3 2.000
200 7.617
with offerings small and a certain amount of price-fixing by
Wilmington.. _
4,666
4.000
Norfolk
1:516
the mills and also covering. Wheat was active and 114 to
274
1.489
/
New York
75
125
1%c. higher, and stocks advanced. Light to heavy rains
Boston
20
20
Los Angeles_ _ _ _ 17,500
fell in the Mississippi Valley and in the Eastern belt, and
25
300
17,825
Lake Charles__ _
250
100
331
681
there began to be some shaking of heads over these rains
Total
as perhaps somewhat too much at this time. The South
33,163 6,900 13,432 9.397
36,417 4.512 103,821
was still selling very sparingly. Also there was an imTotal 1931
18.766 1.732 19,960 1,561
---- 36.810 4,484 83,313
pression that there might soon be a change for the better
Total 1930
5,188 1,336 3.643
7,200 1.446 19,263
in the budget outlook. And some were inclined to hesitate
From
Exported to
about selling short at this level. Some unfavorable crop
Aug.1 1931
reports came from Central Texas.
May 27 1932. Great
GeeJopan dt1
Exports Jr
Britain. France many. 1 Italy. 1Russfal China. I Other. Total.
On the 24th inst. prices declined 15 to 16 points under
heavier selling due to lower stocks and wheat and mostly
Galveston_ _
246,007 109,176 233,410165,497
932,297:296,417 1,982,804
Houston- _ - _ 212.98 201,97
M1,123207,702
937,539347,694 2,449.008
rainless weather. July liquidation excited remark. May
Texas City- 25,088 16,601
44,868 8,06
43,21 29.7
1
167,581
trading ceased at noon; 43 notices were issued. The South,
CorpusChristi 81,020 18,817 29,0191 32.850
139,2
37,921 338,832
Beaumont....
8,408 2,128
5,970:
the Continent and Liverpool sold. Also the selling by local
6,059 3,237 25,802
New Orleans_ 283.757 73,357 201,854j141,342
376,310 106,314 1,182,934
operators told. Moderate hedge selling took place, part of
108,39 10,349 127.524 16.61
Mobile
207,768 25,37 496,029
Jacksonville.
which was attributed to Southern mills. Charlotte, N. C.,
4,84
6.898 _ _
Pensacola
14,492
61,6181
374
11,449 1,966 89.899
wired that for the first time this season mills there were
Savannah...
94,57
179 98.430
750
196,603 13,333 403.874
Brunswick.__
offering to sell some of their raw cotton and seem willing
25,093:
200
515 29,975
Charleston
_
62.5571
3 64.847,
35,046 16,687 179,240
to sell at a lower basis than that asked by shippers. Worth
Wilmington.
11,893, 23,900
1861
2,358 38,337
Street was quiet, but mills were said to be refusing to accept
Norfolk
22,9661
522
12,6061
7,863 2,561
46.518
New York _ _ _
3,0811
225
1,956
- m')
18,974 3,160 27.495
lowered bids. Spot cotton was resorted quiet at the South,
Boston
95
42,
100
3,141
4,242
but the basis was said to be generally firm. The cotton
Baltimore._.
4
1
45
Philadelphia.
34
mills of Europe are finding yarn and cloth business poor,
34
LOS Angeles_
24.848
61
12,
1g :
1 842_
144,187 6,20 189,835
according to the New York Cotton Exchange Service; mill
San Francisc
2,084
-_-41,669 1,585 45,480
Seattle
1
activity, it adds, is being maintained at the present rate
760
760
Lake Charles
6,208 9,507
26,295 6,93(
9,632 58.572
largely on the basis of orders booked earlier in the year. It
Total
1 206,668443,444 1,505,522606,399:
is not yet clear that this situation is resulting in an ap,098.505 908,592 7,769,130
preciable decline in mill operations, it states, but England
Total 1930-31 1,045,808 922,065 1,600,298 448,473 29,27 1,423,409 709,2756.178.607
Total 1929-30 1.234.736 803,569 1,685,261 637,849 78.040 1,176.215 667.1126,282.782
says that there is some tendency to reduce operations and
Germany that unless yarn and cloth markets improve curNote.
-Exports to Canada.
-It has never been our Practice to include In the
above table reports of cotton shipments to Canada. the reason being that virtually
tailment may be extended in some directions in the near
all the cotton destined to the Dominion comes overland and It is impossible to
future. Buyers are operating almost universally on a handgive returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand. In view,
to-mouth basis. Export trade is generally less satisfactory
however, of the numerous inquiries we are receiving regarding the matter, we will
than domestic business. Forwardings of American cotton
sag that for the month of April the exports to the Dominion the present season
have been 16,771 bales. In the corresponding month of the preceding season the
to British and Continental mills last week were much smaller
exports were 18.224 bales. For the nine months ended April 30 1932 there were
than in recent weeks, but this was doubtless due in large
155.886 bales exported, as against 173,157 bales for the nine months of 1930-31.
part to holidays in Europe. On the decline here on the
In addition to above exports, our telegrams to-night also 24th inst. there
give us the following amounts of cotton on shipboard, not and apparently was buying by the home trade, the Continent
by Japanese interests. Domestic spinners
cleared, at the ports named:
were fixing prices here. But the buying power was more
than offset by the selling, and rallies were too feeble to
On Shipboard Not Cleared for
count. The closing wasat within a point or two of the lowest
Great
prices of the day.
Ger.
Other CoastLeaving
May., 27 at- Britain. France. many. Foreign wise. Total.
Stock.
On the 25th inst. prices ended practically unchanged, i.e.,
Galveston
unchanged to 1 point net higher. Earlier in the day the
2,000 1,500 5,000 14,000 1,000 23,500 585,303
New Orleans955 2,855 3.189 15,401
530 22,930 1,011,777
decline was 7 to 9 points. For stocks were lower. The
Savannah
238,137
weekly report was better than expected. Liverpool cab1e0
Charleston
__
------_
___
____
_- 102,042
Mobile
7.228
--------16,372
were lower than due. Cloths were dull. In Manchester
---- 23,6114 133,880
Norfolk
50,784
yarns were easier and cloths quiet. Greenville, S. C., wired
Other ports*
2,000 1,000 3,000 33,000 1,000 40,000 1.622,319
that two of the largest mills there were closing down for
Total 1932
12,183 5,35.5 11.189 78,773 2,530 110,030 3,744.242
30 days, and that the others were on short time, with busiTotal 1931
9,043 4,380 12,916 45,123 4,024 75.4863,162.692
Total 1930
ness at a standstill. But buying was persistent. And the
8,297 6,701 10,976 45,649 1,125 72,748 1,665,770
weekly report summary said: "Cotton needs higher tem*Estimated.
perature, especially in the eastern half of the belt. The
Cotton has dropped about Y
4c. under heavy liquidation
rains of the week in the East, however, were decidedly favorpartly for Liverpool account where one of the largest houses able, and notwithstanding the coolness
the outlook materisuspended. Also the decline in the stock market has had ally improves in the Southeast. There was too much
rain
more or less effect. Goods have been quiet and the talk Is locally in East Gulf sections, but damage to the crop was
not excessive. In the Western belt, conditions varied congrowing louder of the necessity of still greater curtailment
of output by the mills at the South if not elsewhere. Spot siderably, but in the main were rather favorable. In
Northern sections late planted cotton is germinating slowly
cotton has been slow. Washington news has not as a rule in many places because
of dryness, and
been favorable, though it has brightened a little within a would be timely from Tennessee west good warm rains
to Oklahoma. In
day or two. On the 21st inst. prices declined 5 to 7 points, Texas mostly fair weather following recent rains was
favorable, but in the central part of the State much replantsome of which was recovered. The drop such as it was,
ing is necessary, and the growth has been retarded by cool
was explained by selling by Liverpool, the Continent, New
nights, while
Orleans and local professionals on beneficial rains in the In Oklahoma some lowland soil is yet too wet for work.
stands are mostly good, and growth fairly so,
Eastern belt and a peculiarly dull stock market making
with planting well advanced to Northern districts." Some
little if any real response to the new credit projects to recovery came later. On the
help the country's business. Practically they fell flat. Also Continent bought. The trade 25th inst. Liverpool and the
was a steady buyer. Spot
labor trouble in Lancashire was feared. Worth Street was firms bought. There were rains
at 25 stations in Texas of
dull with bids poor. It was rather cold comfort to be told some 1 to 2 inches. Minimum
4
temperatures in the belt
that the mills were rejecting them. The weather in the were 52 to 62. That is not growing
weather. The nights
West was mostly clear. Rains, presumably helpful, fell were still plainly too cool.
from Arkansas eastward. But the recent resistance to
On the 26th inst. prices were 13 to 15 points lower for a
declines, explained it as it may be, was there. The net time on the announcement of
the suspension of Hornby,
decline was only 3 to 4 points. The South still sold spar- Hemelryk & Co. of Liverpool, an old
house of very high
ingly. Trade interests were again steady buyers. Spot standing. It came as a complete
followed
surprise
houses bought. So apparently did Japanese interests. by concentrated selling, supposedly for and was
the most part for
Shorts covered. They seem to have recently been keeping Liverpool. estimated at 20,000 to 25,000 bales,
July
close to shore. The old time maxim to the effect that it is and October. New Orleans, the South and largely
Wall Street
Financial Chronicle
Volume 134
4013
also sold. Stocks and wheat declined. Waco, Tex., reported
FUTURES.
-The highest, lowest and closing prices at
the spot demand slow, with the basis unchanged. Worth New York for the past week have been as follows:
Street was quiet and rather weak. Manchester reported
yarns weak and cloths irregular. Liverpool closed quiet
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
May 21.
May 23.
May 24.
May 25.
May 26.
May 27.
and 8 to 10 points lower, with hedge selling and general
liquidation. On the decline, Liverpool straddlers bought
ay
Range... 5.69- 5.71 5.70- 5.79 5.65- 5.75
and also the trade, Japanese interests, spot firms, local
.
Closing_ 5.70- 5.78- 5.79
operators and scattered shorts, and the downward moveow
Range__ 5.70- .5.70
ment was checked. The principal decline took place at the
Closing_ 5.70 -- 5.80- 5.61
- 5.58- 5.51
5.44opening. It ran into such good buying that prices started ./ dyupward, regaining most of the early decline. A good rally
Range__ 5.71- 5.78 5.72- 5.83 5.65- 5.83 5.58- 5.67 5.52- 5.65 5.50- 5.62
Closing. 5.75- 5.76 5.82- 5.66- 5.67 5.67- 5.60
5.52in stocks helped, as the prospects seemed to brighten for A so.
the adoption of the manufacturers' sales tax. Also the
Range _
.
Closing_ 5.83 -- 5.90 -- 5.74- 5.75- 5.69- 5.61Dallas "News" stated that over much of the territory in
pt.
Texas north of San Antonio and west of Dallas was threatRange _ _
Closing. 5.91 - 5.98 -- 5.83 -- 5.83- 5.77 -- 5.69ened by the greatest invasion of grasshoppers ever known.
Renewed rains in many sections of the belt, especially in Ocx.
Range__ 5.95- 6.01 5.96- 6.06 5.89- 6.09 5.82- 5.92 5.76- 5.89 5.75- 5.90
Closing_ 5.99- 6.06 -- 5.91- 5.91- 5.92 5.85- 5.86 5.78Oklahoma, Alabama and Arkansas were considered a bullish
factor. The forecast, too, was for showers over most of the
Range _
.
Closing. 6.05- 6.12- 5.97- 5.97- 5.92- 5.84belt. The exports attracted some attention. They were
37,788 bales, making a total thus far this season, according
Range__ 6.08- 6.12 6.11- 6.20 6.03- 6.22 5.96- 6.04 5.89- 6.03 5.88 -6.02
to one computation, of some 1,600,000 bales, larger, thus far,
Closing_ 6.12- 6.19- 6.20 6.04- - 6.04
5.99
5.910933)
than the total up to this time last year.
Range._ 6.15- 6.18 6.18- 6.27 6.11- 6.29 6.03- 6.12 5.98- 6.10 5.98- 6.07
To-day prices ended 7 to 8 points lower, with stocks off
Closing_ 6.19- 6.27- 6.12- 6.12
6.07 -- 5.99'9and local operators, the Continent and Wall Street selling.
Range..
Southern mills were supposed to be selling January. Some
Closing. 6.27- 6.34- 6.19- 6.19 -- 6.14- 6.06rarchgray goods here have of late fallen lAc. to new low ground
Range__ 6.33- 6.36 6.33- 6.42 6.26- 6.45 6.20- 6.27 6.13- 6.24 6.12- 6.24
for this year. Manchester reported business in both yarns
Closing_ 6.35- 6.36 6.42 -- 6.27- 6.27
- 6.22- 6.23 6.14and cloths restricted. At one time prices were somewhat A Pill
Range-higher, as Liverpool, New Orleans and spot firms as well
6.34- 6.29 -- 6.20Closing_
as shorts bought. But later they bent under pretty genray
Range_ 6.36- 6.41 6.30- 6.37 6.35- 6.46
eral selling. New Orleans and local traders were considered
rine:dna
6.41- 6.27- ft 97the largest sellers as stocks became weaker and wheat had
something of a decline. Some of the bulls were discouraged
Range of future prices at New York for week ending
by the fact that the market ignored light to heavy rains May 27 1932 and since trading began on each option:
from Texas to Georgia. They may have been favorable in
some parts of the Eastern belt, but were supposed to be Option for
Range for Week.
Range Since Beg nning of Option.
distinctly bad west of the Mississippi River. In Texas the
May I932_- 5.65 May 24 5.79 May 23 5.32 May 2 1932 11.40 June 27 1931
boll weevil seems to be increasing. Forty-four counties of June 1932_ 5.70 May 21 5.70 May 21 5.70 May 21 1932 9.74 July 27
1931
Texas report grasshoppers, and a few already report actual July 1932__ 5.50 May 27 5.83 May 23 5.45 May 2 1932 9.15 Aug. 1 1931
Aug. 1932
6.35 Mar. 31 1932 7.57 Oct. 30 1931
injury to the plant by this pest. Dallas wired: "The Sept. 1932
6.38 Apr. 6 1932 7.68
1931
Assistant Director of Extension Service at Stillwater reports Oct. 1932__ 5.75 May 27 6.09 May 24 5.68 May 2 1932 7.67 Oct. 30 1931
Nov. 9
Nov. 1932_
7.32 Feb. 11 1932 7.32 Feb. 11 1932
nine fields examined in southeastern Oklahoma show weevil Dec. 1932__
5.88 May 27 6.22 May 24 5.83 May 2 1932 7.77
19 1932
infestation 25.6% against 2% a year ago." The idea of Jan. 1933__ 5.98 May 26 6.29 May 24 5.92 May 2 1932 7.84 Feb. 19 1932
Feb.
some here is that an average of rainy weather in the next Feb. 1933._
Mar. 1933._
two or three weeks would brace up prices as hinting more Apr. 1933 6.12 May 27 6.45 May 24 6.06 May 2 1932 7.16 Apr. 15 1932
plainly than ever of coming weevil depredations this season. May 1933_, 6.30 May 26 6.41 May 25 6.30 May 26 1932 6.41 May 25 1932
Spinners' takings were large enough to evoke favorable
THE VISIBLE SUPPLY OF COTTON to-night, as made
comment as being larger than last week and the same week
last year. But all this was all futile as an actual bullish up by cable and telegraph, is as follows: Foreign stocks as
influence, though it may have acted as a brake on the de- well as afloat are this week's returns, and consequently
cline. Final prices show a decline for the week of 24 to 26 all foreign figures are brought down to Thursday evening.
points. Spot cotton ended at 5.60c. for middling, or 30 points ButBut to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
lower for the week.
including in it the exports of Friday only.
Staple Premiums
May 271932.
1931.
1930.
60% of average of
1929.
Differences between grades established
Stock at Liverpool
bales 620.000 855,000 757,000 926.000
81x markets quoting
for delivery on contract June 3 1932
Stock at London
for deliveries on
Stock at Manchester
204,000 204.000 127,000 109,000
June 3 1932.
Figured from the May 26 1932 average
quotations of the ten markets designated
Total Great Britain
824.000 1,059,000 884.000 1,035.000
15-16 1-Inch &
Stock at Hamburg
by the Secretary of Agriculture.
Inch.
longer.
Stock at Bremen
395,000
.09
.09
.09
.09
.09
.09
.08
.24
.24
.24
.24
.24
.20
.19
Middling Fair
White
.65 on
Strict Good Middling- do
.52
Good Middling
do
.38
Strict Middling
do
.22
Middling
do
Basis
Strict Low Middling_
do
.23 off
Low Middling
do
.50
*Strict Good Ordinary_ do
.82
*Good Ordinary
do
1.12
Good Middling
Extra White
.38 on
Strict Middling
do do
22
Middling
do do
Even
Strict Low Middling- _ do do
.23 off
Low Middling
do do
.50
.09
.24
Good Middling
Spotted
.22 on
,09
.24
Strict Middling
do
Even off
.09
.20
Middling
do
.23 off
*Strict Low Middling- do
49
*Low Middling
do
.82
.09
.20
Strict Good Middling-Yellow Tinged
Even off
.20
.09
Good Middling
do do
.26
.20
Strict Middling
.09
do do
39
*Middling
do do
52
*Strict Low Middlingdo do
88
*Low Middling
do do
1 24
.20
Good Middling
.09
Light Yellow Stained .39 off
*Strict Middling
do do
do
.63
*Middling
do do
do
.94
.111
Good Middling
.08
Yellow Stained
50 off
*Strict Middling
do do
87
*Middling
do do
1.22
.20
Good Middling
.09
Gray
.20 off
Strict Middling
.20
.09
do
.39
*Middling
do
61
*Good Middling
Blue Stained
.58 off
*Strict Middling
do do
.91
*Middling
do do
1 18
*Not deliverable on future contracts.
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
go
o
do
do
do
do
do
do
do
do
do
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
May 21 to May 27Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
5.85
5.95
5.75
5.75
5.65
5.60
NEW YORK QUOTATIONS FOR 32 YEARS:
The quotations for middling upland at New York on
May 27 for each of the past 32 years have been as follows:
5.600. 1924
1932
1931 ------8.650. 1923
16.20C. 1922
1930
19.850. 1921
1929
21.100. 1920
1928
16.750. 1919
1927
18.90e. 1918
1926
23.75 . 1917
0
1925
32.65e.
28.650.
21.50e.
13.150.
40.00c.
32.50e.
29.050.
21.00e.
1916
1915
1914
1913
1912
1911
1910
1909
12.90e.
9.55c.
14.30c.
12.00c.
11.40c.
17.70c.
15.306.
11.40c.
1908 ...---11.50e.
12.35c.
1906
11.90e.
1905
8.600.
1904
13.20c.
1903
11.70e.
1902
9.50e.
1901
8.250.
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
190,000
23,000
101,000
72.000
468.000
365,000
8,000
119,000
61,000
412,000
248.000
13.000
96.000
46.000
388,000
212,000
10,000
67.000
41,000
Total Continental stocks
781,000 1,021,000 815,000 718.000
Total European stocks
1.605,000 2.080,000 1,699.000 1.753,000
India cotton afloat for Europe_
58.000 127.000 148.000 142.000
American cotton afloat for Europe 259,000 120,000
75.000 201.000
Egypt, Brazil,&c.,afl't for Europe 72,000
86.000 115,000
85.000
Stock In Alexandria, Egypt.
605,000 642.000 524,000 349.000
Stock in Bombay, India
856,000 976.000 1,286.000 1,202,000
Stock in U. S. ports
3.854,272 3,238,178 1,738.518 1,087,789
Stock in U. S. interior towns_ -- -1,554,722 1,037,599 778.788 418.598
U. S. exports to-day
40,481
17,991
Total visible supply
8.881,985 8,346,258 6.335.306 5.268,387
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
296,000 426.000 313.000 583.000
Manchester stock
122.000
88.000
72,000
60.000
Continental stock
729.000 911.000 723.000 638,000
American afloat fOr Europe
259,000 120,000
75,000 201,000
U. S. port stocks
3,854,272 3,238.178 1.738,518 1.087,789
U. S. interior stocks
1.554,722 1,037,599 778.788 418,598
U. S. exports to-day
40,481
17,991
Total American
East Indian, Brazil. &c.
-Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay. India
Total East India, &c
Total American
6,832,985 5.861,258 3.688,306 3.000,387
324,000
429,000
82,000
52,000
58.000
72,000
605,000
856.000
116,000
67.000
37,000
110,000
92,000
80.000
127,000 148,000 142.000
85,000
86,000 115.000
642,000 524,000 349,000
976.000 1,286.000 1,202.000
444,000
343,000
2,049.000 2.485.000 2,647,000 2.268.000
6,832,985 5,861.258 3,688.306 3.000,387
Total visible supply
8,881,985 8,346.258 6.335.306 5,268 387
Middling uplands, Liverpool___..
4.454.
4.80d.
8.58d.
whoa.
Middling uplands. New York--5.60e.
8.750.
18.506.
16.300.
Egypt. good Sakel, Liverpool7.204.
9.004.
14.604.
18.454.
Peruvian, rough good, Liverpool_
14.50d.
Broach, fine, Liverpool
4.10d.
3.914.
6.300.
8.554.
Tinnevelly, good. Liverpool
7.654.
9.704.
Continental imports for past week have been 99,000 bales.
The above figures for 1932 show an increase over last
week of 20,611 bales, a gain of 535,727 over 1931, an
increase of 2,546,679 bales over 1930, and a gain of
3,613,598 bales over 1929.
May 28 1932
Financial Chronicle
4014
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in
do tail below:
Movement to May 29 1931.
Movement to May 27 1932.
ISki;- Stocks
ments. May
27.
Season. Week.
Receipts.'
Receipts.
Towns.
Week.
74,2161
Ala.,Birming'm
12,612
34
Eufaula
38.9181
Montgomery
2
176 88,464
Selma
120,034
3
Ark „Blytheville
21
33,9071
Forest City _ _
85
77.8951
Helena
59.50
Hope
21.142
Jonesboro_ _ _
536 190.6071
Little Rock _ _
2 48,573
Newport _ _ _
488
Pine Bluff _ _ _
47,1
1
Walnut Ridge
5,296
Ga., Albany _
211
38.944
Athens
Atlanta
257 83.511
Augusta
556 183,92
58,78(
-_ _.
Columbus_ _ _
32,582
32,581
Macon
4
14,529
Rome
13
La., Shreveport
197,623
Miss.,Clarksdale
24
22,894
Columbus_ _ _
170,592
Greenwood _ _
44,031
Meridian_ _ _
12,500
Natchez
41,108
Vicksburg _ _
47,26
Yazoo City_ _
142,263
1, I
Mo., St. Louis _
76
19,706
N.C.,Greensb'o _
Oklahoma
384 619,652
15 towns._ _ _
166,498
S.C.,Greenville 2,54
Tenn.,Memphis 15,2622,033.895
55.939
128
Texas, Abilene _
28,428
73
Austin
19,974
10
Brenham_ _ _ _
202 144.038
Dallas
97,834
21
Paris
i
31,137
Robstown _
.
17.900
San Antonio.
65,373
-12
Texarkana _ _
81,691
8
Waco
1781
Season.
Week.
94
4,792
18
824
3,674
957
195
622
17,717
6,616
55,436
51,462
33.559
15,492
36,807
10,377
23 2,064
2,624 52,138
305 11,524
1,499 46,261
240 5,294
3,709
50 40,835
536 167.179
977 107,440
600 24,090
75 38,130
25 11,056
370 75,838
1.546 77,172
487 8,727
1,698 77,790
297 23,616
145 5,061
674 11,838
236 17,638
897
1,4211
43 20,375
99
226
7
26
25
3
206
--39
73
-22
2,688
698
139
12
44
8
43
48
16
2
3.381
3,296
Ship- Stocks
ments. May
29.
Week.
444 33.968
101,061
94 9,122
28,718
336 56,151
70,706
968 39,318
100,030
517 15,486
76,808
406 3,380
15.739
724 11,386
41,76
504
32,52
10
24 1,526
26,416
102.029 1,25 23,642
113 3,039
27,959
87,704
796 12,283
__ 1,770
23,998
3,733
7,404
100 25,236
45,197
226,559 2,820170,365
332.054 3,733 71,342
49.630 1,300 6,700
707 29,142
93,039
300 9,802
20,886
107,686 1,907 60,881
112,966 1,040 21,067
25,187
538 5,508
138,128 1,364 32,216
696 21,453
66,255
194 5,999
12,648
651 8,280
35,087
32,892
450 6,759
231.851 3,278 6,085
50,022
377 36,090
186 532,881 1,462 28,668
1,714 141.144 2,127 47,484
9,4701,336.108 15,565196.959
124
22
27,098
28
__ __
343
24,872
____
112 4,200
19,464
9
609 7.414
101 145,374
464
16
63,558
11
54,783
- - - 9,467
12 2,954
27,800
27
54 3.128
1 34,670
2,6361 39,143
675 85,620
25.926326.127
395
180
_ _._1 2,5.50
125 5,145
1,488 16,313
207 6,477
459
____
---544
395 9,236
241 6,592
61,676
61
183 4.161
Total, 56 towns 23,51915,581,535 56,826 1554722 23.0454,792,372 45,394 1037599
•Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 33,383 bales and are to-night
517,123 bales more than at the same period last year. The
receipts at all towns have been 474 bales more than the
same week last year.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
Futures
Market
Closed.
Steady
Saturday__ _ Wet,5 nts. dec..-- _ Steady
16 pts. adv- Steady
Monday _
let, 20 pta. dee--- Steady
Tuesday _ _
Wednesday.. islet, unchanged-- Steady
Thursday _ _ Wet, 10 pts. dec..- Steady
- Steady
let, 5 pts.
Friday
2,595
1,690
1.400
300
600
----
-1930-31Since
Week. Aug. I,
3,278 239,768
55,009
945
1,602
-371
17,571
3,491 161,593
13,162 531,052
27.198
Total gross overland
Deduct Shipments
82
Overland to N. Y., Boston, &a--248
Between interior towns
1,263
&c.,from South
Inland,
741,426
21,247 1,006,595
1.593
1.463
335
7,266
31,569
13,627
280,090
230,509
9,064
325,286
Leaving total net overlande--25,605 510,917
•Including movement by rail to Canada.
12.183
681,309
25,099
11,549
193,861
The foregoing shows the week's net overland movement
this year has been 25,605 bales, against 12,183 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 170,392 bales.
-1931-32- -1930-34
Sin
Since
Ann. 1.
Week.
Aug. 1.
Week.
54,967 9,394,379 18,911 8,339.763
Receipts at ports to May 27
25,605
510,917 12,183,
Net overland to May 2
Southern consumption to May 27- 78,000 3,826,000 102,000 3,716.000
In Sight and Spinners'
Takings.
158.572 13,731,296 133,094 12,737,072
Total marketed
513,970
764,495 *23.147
*33,383
Interior stocks in excess
Excess of Southern mill takings
225,393
576.152
over consumption to May 1-109,947
Came into sight during week---125.189
13,476,435
15,071,943
Total in sight May 27
979,687
854,169 19,413
North. spinn's's takings to May 27.1.5.422
*Decrease.
saturaay. monaay. ruesaay. weailay. Thurmy. Friday.
5.70
5.85
5.45
5.75
5.75
5.85
5.56
5.15
5.65
5.10
5.30
____
Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little RockDallas
Fort Worth- _ _ _
5.75
5.80
5.50
5.82
5.80
5.85
5.56
5.20
5.70
5.17
5.40
5.40
5.60
5.72
5.40
....64
5.65
5.75
5.44
5.05
5.0.,
5.02
5.25
5.25
5.60
5.75
5.40
5.67
5.67
5.95
5.44
5.05
5.55
5.01
5.25
5.25
5.55
5.68
5.35
5.57
5.60
5.65
5.38
5.00
5.60
4.95
5.20
5.50
5.59
5.25
5.49
5.50
5.65
5.25
4.90
5.45
4.87
5.10
5.20
5.10
NEW ORLEANS CONTRACT MARKET.-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
May 21.
Monday,
May 23.
Tuesday,
May 24.
Wednesday, Thursday,
May 26.
May 25.
5.65- 5.76 -- 5.61 Bid.
Bay
une
5.77- 5.78 5.84- 5.70- 5.67- 5.68
UlY
Lugust- leptember
5.98- 5.97 6.03- 5.88 - 5.87- 5.88
)etober
kfovember
Jecember 6.08- 6.09 6.16 - 6.02- 6.03 6.00- 6.02
an.(1933) 6.16 -- 6.22- 6.24 6.09 Bid. 6.07 Bid.
i'ebruary _
6.31 ---- 6.38 Bid. 6.24 Bid. 6.22 End.
darch
k Pill
--Ray
Tone()diet.
Quiet.
Steady.
Quiet.
Ipot
,
mum._ __ Steady. Very MA) Steady. very st'dY
Friday,
May 27.
5 82- 5.63 5.52- 5.54
5.83 -- 5.73 5.96- 5.98 5.876.03 Bid. 5.956.18 ---- 6.10-
Quiet.
Steady.
Steady
Steady
ACTIVITY IN THE COTTON-SPINNING INDUS-Persons interested in this report will
TRY FOR MAY.
find it in our department headed "Indications of Business
Activity" on earlier pages.
REVISED ESTIMATES OF COTTON ACREAGE,
YIELD PER ACRE, AND PRODUCTION, 1931, BY
-The Crop Reporting Board of the U. S. DepartSTATES.
ment of Agriculture, from the reports and data furnished by
crop correspondents, field statisticians, co-operating State
Boards (or Departments) of Agriculture and agricultural colleges, and ginnings, makes the following revised estimates
of cotton acreage in cultivation July 1, acreage finally
harvested, yield per acre, and production, crop of 1931.
Cotton ginnings for the 1931 crop, as reported by the Bureau
of the Census, May 17 1932, are also shown:
Area in
Cultivation
July 1 1931.
Area
Picked
1931.
Yield of
Lint Cotton
Picked
Per Acre
1931.
Acres.
Acres.
71,000
1,342,000
1,970,000
3,452,000
120,000
350,000
1,119,000
3,421,000
4,069,000
1,968,000
15,769,000
3,429,000
3,602,000
119,000
178,000
194,000
16,000
70,000
1,333,000
1,960,000
3,431,000
118,000
348,000
1,115,000
3,397,000
4,032,000
1,958,000
15,469,000
3,395,000
3,566,000
117,000
176,000
192,000
16,000
U.S. total_ _ _ 41,189,000
Lower Calif.
69.000
fnid Maxlisolc
40,693,000
9°°
1,400
300
3,195
1.690
-1931-32Since
Week. Aua. 1.
1.421 147,773
25,096
116
583
7.945
3,iiii§ 156,057
22,579 403.972
Total to be deducted
Closing Quotations for Middling Cotton on
Week Ended
may z r.
State.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows.
May 27ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, Stc
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:
Spot. Contrt. Total.
100
900
Bales.
14,383,351
15,118,344
13,612,117
Since Aug. 1Bales.
125,310 1929-30
131,903 1928-29
119,524 1927-28
REVISED ESTIMATES OF THE COTTON CROP OF 1931, B Y STATES.
SALES.
4,385 3,200 7,585
150,663 156.100 306.763
Total week_
Since Aug. 1
Movement into sight in previous years:
Week-June 1
1930
-June 2
1929
-June 3
1928
Virginia
N. Carolina__ _
S. Carolina_ _ _
Georgia
Florida
Missouri
Tennessee
Alabama
Mississippi_
Louisiana
Texas
Oklahoma
Arkansas
New Mexico_
Arizona _b
California
All other
69.000
Production
1931.a
Ginninys
1931 Crop
As Reported
by Census
May 17 1932.
Pounds.
Bales (500
lbs. Gross).
Bales (500
lbs. Gross).
289
271
245
194 .
175
397
255
200
209
220
165
178
256
412
313
440
363
42,000
756,000
1,005,000
1,393,000
43,000
289,000
594,000
1,420,000
1,761,000
900,000
5,320,000
1,261,000
1,907,000
101,000
115,000
177,000
12,000
42,423
756,294
1,004,730
1,392,665
43,164
288,991
594,512
1,419,689
1,761,203
899,922
5,322,453
1,261,123
1,906,736
98,124
115,061
176,560
11,944
17,096,000
17,095,594
280(10
d 26.250
201.2
182
a Balm rounded to thousands, allowances made for Inter-State movement of seed
cotton for ginning and added or United States total.
b Including Pima long staple, 30,000 acres, yield 225 lbs. per acre, production
14,000 bales.
c Not included in California figures, nor in United States total.
d Ginnings 26,112 running bales, as enumerated by California Co-operative
Crop Reporting Service.
COMMENTS CONCERNING COTTON REPORT OF
-The United States Department of AgriculMAY 20 1932.
ture in giving out its report on May 20, also added the following comments:
The Crop Reporting Board, in revising statistics of acreage, yield and
production of the 1931 cotton crop, estimates the area in cultivation in the
41,189,000 acres; the
United States on July 1 1931 to have been lint cotton to have area harbeen 201.2
vested, 40,693.000 acres: and the yield of
harvested acre. The report of the Bureau of the Census, pubpounds per
lished on May 17 placed final ginnings for the 1931 crop at 17.095.594
-pound bales.
equivalent 500
about
The acreage and yield estimates for the 'United States are eachadjustDecember. an
34 of 1% above the preliminary estimates made lastto make the estimate
production being necessary
ment of 1% in total
conform with the total quantity ginned. The yield per acre of 201.2 pounds
yield was 209.2 pounds.
Is the highest realized since 1914 whon the by the Crop Reporting Board
Forecasts of cotton production made
final
during the 1931 season and comparisons with Sept. production were as
1, 15,685,000 bales.
follows: Aug. 1, 15,584.000 bales. 8.8% below;
8.3% below: Oct. 1. 16,284,000, 4.7% below: Nov. 1, 16.903,000. 1.1%
Dec. 1, 16,918,000, 1.0% below. Each forecast made during the
below;and
season showed improvement in crop prospects over the preceding forecast,
favorable for the
as the 1931 season was extraordinarily fall. The forecastsproduction and
aro necessarily
harvest of cotton from spring until late
Financial Chronicle
Volume 134
based upon indications at the time the reports are prepared and upon the
assumption that weather conditions after that time will be about average.
REPORT ON REDUCTION IN COTTON YIELDS
-United States DeFROM STATED CAUSES IN 1931.
partment of Agriculture also made public on May 20, the
following:
Reductions from full yield of cottoh during the favorable season of 1931
were much less than usual for each of the various causes considered. The
total reduction from various causes is reported to have been only 27.8%
of a normal or full crop, based upon an inquiry to cotton reporters on this
subject. In 1930 the reported reduction was 47.1%; in 1929, 43.8%. and
in 1928, 36.4%.
Deficient moisture, or drouth was responsible for only 8.3% reduction
in yield, compared with 27.7% in 1930 and 10.8% in 1929. Damage
attributed to excessive moisture was 2.6%, compared with 2.8% in 1930
and 7.2% in 1929.
Boll weevil damage in 1931, while somewhat greater than in 1930, was
less than average and relatively unimportant. Loss from this cause was
reported at 8.3%, compared with 5.0% in 1930, 13.3% in 1929 and 14.1%
in 1928.
"Other climatic" causes, including floods, frost, heat and hot winds,
contributed 3.5% to the loss in 1931, against 6.3% in 1930 and 6.0% in
1929. Plant diseases are reported to have caused losses of about 2.0%.
which is about the same as in each of the last three years. Loss due to
insects other than boll weevil was reported at 1.8%, which is the lowest
percentage attributed to this cause in recent years.
This statement on losses is based upon reports of correspondents made in
February, on ,a general crop damage inquiry in which the correspondents
were asked to report the per cent of a normal yield per acre of cotton
harvested the preceding year, the per cent of loss in yield, and to distribute
the loss to stated causes. The resulting indkated percentages represent the
consolidated judgment of the crop reporters and are useful as a rough index
of relative losses from the stated causes.
Details by States follow:
COTTON REDUCTION FROM FULL YIELD PER ACRE FROM STATED
CAUSES 1929, 1930 AND 1931.
Deficient Moisture ExcessiseMoisture
Other Climatic.
State.
1929. 1930. 1931. 1929. 1930. 1931. 1929. 1930.1931.
Average of 13•States
%
7
1
3
4
0
8'
6
6
3
8
16
18
18
%
36
13
10
12
5
33
37
22
31
33
28
36
49
10.8 27.7
%
6
5
7
16
14
6
8
8
2
9
9
15
3
8.3
Plant Diseases.
,4
,
e•X2, 0001 t0t-t-4)1 0c1
-.._.
Virginia
North Carolina
South Carolina
Georgia
Florida
Missouri
Tennessee
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
7.2
% %
0
0
1
1
1
1
1
0
0 0
0
2
1
1
1
1
1
8
3
3
4
3
2
1
1
.2
2.8
2.6
%
2
4
7
7
10
9
5
4
3
5
7
8
6
6.0
% %
5
1
3
2
4
3
5
4
2
1
16
2
7
2
4
2
4
4
7
3
6
4
10
6
12
2
6.3
3.5
other Insects.
Boll Weevil.
.State.
1929.11930. 1931 1929. 1930. 1931. 1929. 1930. 1931.
Virginia
North Carolina
South Carolina
Georgia
Florida
Missouri
Tennessee
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
Average 01 13 States
%
3
2
2
2
1
1
3
3
2
2
3
1
1
2.3
%
0
2
2
2
0
1
1
2
2
1
2
1
1
1.7
%
1
2
2
1
1
2
1
2
2
2
3
1
1
% % % %
4
3
0
21
17
8
13
8
18
7
7
15
14
14
10
0 0 0
2
1
2
14
4
8
15
16
3
11
17
3
13
4
9
11
3
6
6
2
3
2.0 13.3
5.0
8.3
0
1
1
1
2
5
1
1
1
1
5
2
1
2.5
%
1
1
1
1
0
3
1
1
1
l
3
2
2
1.9
%
2
3
1.8
FOREIGN COTTON PRODUCTION AND ACREAGE.
-From the latest information received on the 1931-32
cotton crop in foreign countries the preliminary estimate of
production in all foreign countries is now placed at 10,404,000
bales of 478 pounds. This compares with an estimated
foreign production of 11,868,000 bales during 1930-31 and
11,672,000 bales in 1929-30, and was the smallest since
1926-27. The large domestic crop, however, gives a world
production of about 27,500,000 bales or an increase of
1,700,000 bales over 1930-31, was 1,000,000 larger than
1929-30 and was the largest since 1926-27 when the total
world production was about 28,400,000 bales. The principal
foreign countries showing decreased production this season
include India, China and Egypt. In India alone there was
a decrease of 971,000 bales, in China about 450,000 bales
and in Egypt 429,000. Russia on the other hand increased
her production by something like 311,000 bales. In India
and China the decreased production was largely the result
of reduced yields although some decrease in acreage was
reported. In Egypt there was a large acreage decrease and a
slight decrease in yields. The low yields in China resulted
from the damages done by floods.
The increased production which took place in Brazil
and the Anglo-Egyptian Sudan resulted from a return to
more normal yields. The yields in the Sudan in 1930-31
were unusually low due to serious damages from two diseases
known as "Leaf Curl" and "Black Arm" whereas a severe
.
drouth in some of the principal cotton producing States
materially reduced the average yield per acre in Brazil.
The increased production in Russia resulted from an increase
in acreage, the yield per acre showing a decrease compared
with 1930-31. Reports from Russia early in the season
stated that the crop would be 700,000 or more bales larger
than this Bureau estimated, but at present Russian estimates
are very close to ours. The reduced Russian yields this
season have resulted from the expansion of production into
new regions most of which are not irrigated. In 1930-31
about 50% and production inRussian acreage increased .
creased almost 25%. This season the acreage increased
37% and production 23%. As a result of these decreasing
.
yields the Russian officials are said to have planned for an
acreage increase in 1932-33 of only 13 or 14% with greater
efforts to be made in improving the yields and quality.
4015
COTTON ACREAGE AND PRODUCTION IN COUNTRIES REPORTING
FOR 1931-32, WITH COMPARISONS.
Item and Country.
1928-29.
1929-30.
I930
-3L
Percent.
1931-32. 1931-32 is
of 1930-31
1,000 Acres 1,000 A cres 1.000 Acres 1.000 Acres Per Cent.
Acreage
United States
India
Russia
China _a
Egypt
Uganda
Chosen
Anglo-Egyptian Sudan_
Mexico
Syria and Lebanon
Italian Somaliland
Bulgaria
Eritrea
Algeria
45,341
27,053
2,400
4,847
1,805
699
503
315
502
19
20
13
6
12
45,793
25,922
2,608
5,133
1,911
663
456
369
492
60
27
14
6
14
45,091
23,812
3,911
5,228
2,162
740
473
387
390
60
19
13
7
10
40,693
23,522
5,346
5,078
1.747
876
461
356
319
76
15
13
7
3
Total above countries_ _
Est. total foreign countries
83,535
42,059
83,468
41.907
82,303
41,709
78.512
42,007
87,400
87,700
86,800
82,700
Est. world total
1,000 Bales 1,000 Bales 1,000 Bales 1,000 Bales
478 lbs.Net 478 lbs.Net 478 lbs.Net 478 lbs.Nel
Production
14,478
United States
4,838
India
1,174
Russia
China a
2,466
Egypt
1,672
Brazil
825
278
Mexico
142
Anglo-Egyptian Sudan
171
Uganda
150
Chosen
4
Syria and Lebanon
28
Tanganyika
5
Australia
10
Colombia
3
Bulgaria
French Equatorial Africa_
1
7
Italian Somaliland
Union of South Africa _
_
8
Southern Rhodesia
14,828
4,289
1,279
2,116
1,768
584
246
139
108
139
14
23
8
10
4
3
8
14
1
13,932
4,372
1,589
2,250
1,715
460
178
106
156
154
12
19
10
10
4
7
3
7
2
17,096
3,401
1,900
1,800
1,286
570
207
b199
170
136
17
12
10
9
5
5
5
3
2
90.2
98.8
136.7
97.1
80.8
118.4
97.5
92.0
81.8
126.7
78.9
100.0
100.0
30.0
Per
Cent.
26.833
Total above countries
25,960
25,581
24,986
Est. total for. countries
12,422
11,672
11,868
10,404
Est. world total
26,900
26,500
25.800
122.7
77.8
122.6
80.0
75.0
123.9
116.3
187.7
109.0
88.3
141.7
63.2
100.0
90.0
125.0
71.4
166.7
42.9
100.0
27.500
Compiled by the Divis on of Statistical and Historical Research largely from
data received through the Foreign Agricultural Service, including information
received up to May 19.
Official sources and International Institute of Agriculture except as noted.
a Estimates of Chinese Millowners' Association.
h Estimated as being between 194,000 and 204,000 bales.
WEATHER REPORTS BY TELEGRAPH.-Reports to
us by telegraph this evening indicate that the weather during
the week has been mostly unfavorable, there being too much
rain in the Gulf sections. Temperatures have been too low
during most of the week but have been considerably higher
the past few days. Progress and condition of early planted
cotton are mostly good.
Texas.
-Much replanting is necessary in this State. Cool
nights have retarded growth. Some lowlands are too wet
for work.
Memphis, Tenn.
-Condition and progress of cotton are
good.
Galveston, Tex
Abilene, Tex_
Brenham. Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Henrietta, Tex
Kerrville, Tex
Lampasas, Tex
Longview, Tex
Luling, Tex
Nacogdoches, Tex
Palestine, Tex
Paris, Tex
San Antonio, Tex
Taylor, Tex
Weatherford, Tex
Ada, Okla
Hollis, Okla
Okmulgee, Okla
Oklahoma City, Okla
Helena, Ark
Eldorado, Ark
Little Rock, Ark
Pine Bluff, Ark
Alexandria, La
Amite, La
New Orleans, La
Shreveport, La
Columbus,'Miss
Greenville, Miss
Vicksburg Miss
Mobilo,Ala
Birmingham, Ala
Montgomery, Ala
Gainesville, Fla
Madison, Fla
Savannah, Ga
Athens, Ga
Augusta, Ga
Columbus, Ga
Charleston, S. C
Greenwood, S. C
Columbia,S.0
Conway, S.0
Charlotte, N. C
Newborn,lki. C
Weldon, N.C
Memphis, Tenn
Rain. Rainfall.
0.02 in.
1 day
1 day
2.60 in.
dry
dry
dry
0.30 in.
1 day
dry
2 days 1.00 in.
0.26 in.
1 day
dry
1.04 in.
1 day
dry
0.02 in.
1 day
dry
0.60 in.
1 day
0.01 in.
1 day
2 days 0.09 in,
2 days 0.40 in.
1 day
0.70 In.
0.25 in.
1 day
dry
5 days 1.02 in.
5 days 0.69 in.
4 days 2.07 in.
5 days 1.13 in.
3 days 2.47 in.
8 days 3.01 in.
4 days 4.38 in.
4 days 0.1
.
2 days 1.26 in.
5 days 0.82 in.
7 days 1.17 in.
4 days 2.80 in.
5 days 2.11 in.
6 days 2.07 in.
3 days 0.22 in.
6 days 1.22 in.
3 days 0.17 in.
4 days 2.36 in.
2 days 0.78 in.
3 days 1.41 in.
2 days 4.26 in.
3 days 0.69 in.
2 days 0.28 in.
3 days 2.05 in.
2 days 0.43 In.
3 days 1.41 in.
dry
4 days 0.37 in.
Thermometer
high 86 low 70 mean 78
high 90 low 58 mean 74
high 96 low 66 mean 81
high 92 low 68 mean 80
high 88 low 70 mean 79
high 92 low 64 mean 78
high 94 low 58 mean 76
high 90 low 48 mean 69
high 92 low 54 mean 73
high 92 low 62 mean 77
high 92 low 60 mean 76
high 88 low 62 mean 75
high 90 low 66 mean 78
high 92 low 64 mean 78
high 92 low 66 mean 79
high 92 low 60 mean 76
high 94 low 58 mean 76
high 94 low 60 mean 77
high 91 low 56 mean 73
high 91 low 56 mean 73
high 89 low 55 mean 72
high 84 low 60 mean 72
high 88 low 62 mean 75
high 86 low 61 mean 73
high 85 low 63 mean 74
high 88 low 63 mean 75
high 87 low 63 mean 75
high 86 low 64 mean 77
high 90 low 64 mean 77
high 89 low 60 mean 74
high 88 low 61 mean 74
high 85 low 61 mean 73
high 83 low 64 mean 73
high 84 low 62 mean 73
high 87 low 63 mean 75
high 93 low 64 mean 78
high 92 low 63 mean 77
high 84 low 65 mean 74
high 87 low 58 mean 72
high 88 low 62 mean 75
high 92 low 56 mean 74
high 81 low 62 mean 71
high 85 low 53 mean 69
high 86 low 56 mean 71
high 87 low 55 mean 71
high 88 low 55 mean 69
high 88 low 54 mean?!
high 87 low 41 mean 64
high 85 low 63 mean 75
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
May 27 1932.
Feet.
6.3
16.7
9.6
6.9
22.0
Above zero of gauge_
Above zero of gauge_
Above zero of gauge.
Above zero of gaugeAbove zero of gauge-
May 29 1931.
Feet.
2.7
14.5
9.2
7.1
18.5
4016
Financial Chronicle
Dallas Cotton Exchange Weekly Crop Report.
The Dallas Cotton Exchange each week publishes a very
elaborate and comprehensive report covering cotton crop
conditions in the different sections of Texas and also in
Oklahoma and Arkansas. We reprint this week's report,
which is of date May 23 in full below:
TEXAS.
WEST TEXAS.
Abiieni (Taylor Co.)
-Weather has been favorable this week except a
little cool first of week. Planting has progressed rapidly and with good
weather will be completed in a few days. Some cotton up south of town
where rains have not been so heavy. Not much reduction in acreage.
Brady (McCulloch Co.)
-60% of cotton planted, 10% up to stand, fields
are grassy. Nights are too cool. Need hot dry weather. Labor plentiful.
Money tight.
Lubbock (Lubbock Co.)
-About half of cotton planted the last two weeks
but most of it will be replanted account heavy rains all over the Plains.
Shamrock (Wheeler Co.)
-Weather past week has been very favorable
for planting, would say 75% crop planted, and 15% up to nice stand.
There has been some early planted that had to be replanted. Need dry
weather for another ten days.
Stamford (Jones Co.)
-About 75% of the acreage has been planted and
replanted. Planting will practically be finished next week if weather
stays fair; the land is barely dry enough to plant now. Looks like we will
have about a normal start except slightly late. Have heard no complaint
of insects. Need fair warm weather.
Vernon (Wilbarger Co.)
-Cotton has practically all been planted and coming up to good stands. We are about seven to ten days early and have
plenty of moisture, labor, etc. Looks like the best start since the big crop
of 1926.
NORTH TEXAS.
Clarksville (Red River Co.)
-Have had six full working days without rain
and soil is in better shape. Fields are beginning to look clean and plant has
a healthy look in spite of too much cool weather in the early mornings.
Crop has practically been replanted where necessary and is up to a good
stand. Something like 25% chopped out. No reports of insect damage,
but hot weather needed.
-90% planted, 80% up, 10% to be replanted. Have
Ennis (Ellis Co.)
plenty of moisture, need dry warm weather. Had one inch rain first of
week. Growth of plant has been retarded account cool nights, which has
caused lots of lice, and the wet fields have kept the farmers out, and there is
lots of weeds and grass. Crop is still two weeks late and will be later unless
we have some warm dry weather.
Terrell(Kaufman Co.)
-Acreage in this territory is decreased from 10%
to 15%. Planted 85% to 90% Is up with a good stand. Dry hot weather
is needed to finish planting and stimulate cotton that is up. There is
some talk of lice in some fields.
Wills Point(Van 7andt Co.)
-Crop is a very mixed affair right now. Approximately 50% is in good shape, and 20% has been chopped. 30% of
crop is in the grass and weeds and 20% is yet to be planted. Fair and warm
weather needed for next two weeks.
CENTRAL TEXAS.
Austin (Travis Co.)
-Weather all right this week except too cool during
nights.
Bartlett (Bell Co.)
-Have had entirely too much rain in the recent past.
Many fields are grassy. Small per cent of crop will be replanted on account
of grass. Nights are too cool, hot dry weather is badly needed. Chopping will be general neat week.
Cameron (Milam Co.)
-Weather conditions past week more favorable.
Farmers working hard but still in grass. Need hot dry weather for two
weeks.
Navasota (Grimes Co.)
-Weather this week largely favorable for cotton,
still crop is rather grassy but being worked out steadily. Complaints of
grasshoppers continue, but some being poisoned. Need dry warm weather.
North winds all this week not good.
Taylor (Williamson Co.)
-Cotton made rather poor progress past week
and growth very slow owing to the cool nights and mornings. Cultivation
chopping making good progress. With hot weather cotton will improve
and
rapidly.
Temple (Bell Co.)
-Heavy rains last Sunday over this territory. Very
little farm work this week. Will be considerable replanting necessary;
fields getting grassy, dry warm weather needed so that farmers can finish
planting.
-Torrential rains over last week-end caused
Waco (McLennan Co.)
considerable replanting. Fields grassy and farmers without cash to hire additional labor. Numerous complaints of insects and general weevil in
festation likely. Continued dry weather needed.
-Crop making good progress. Chipping will
Waxahachie (Ellis Co.)
start next week. Fields fairly clean. Nights rather cool.
EAST TEXAS.
-Crop getting off to a good start. About 85%
Marshall (Harrison Co.)
planted and 70% up. Stands perfect. Soll in excellent condition and
plenty of labor. About 5% reduction in acreage. Warm dry weather
next 10 days is what is needed.
SOUTH TEXAS.
Alice (Jim Wells Co.)
-Dry weather needed. Good rains first part of
week. Somefields grassy but work progressing well in most places. Cotton
squaring freely. No weevil reported in this country but have beard of some
in Duval Co. Few farmers complain of lice, but not enough to do much
damage.
-Good rain May 16th. Nights have been too
Gonzales (Gonzales Co.)
cool. Clear warm weather needed for next 15 days for chopping and cultivating. Consider prospect now good for cotton crop.
-Crops in this section are fair with numerous
San Antonio (Bezar Co.)
reports of insects. Weather has been too cool and cloudy, altho last few
ideal. Some replanting was necessary due to heavy rains.
days have been
Weeds and grass have taken the fields, but the farmers have been able to
get in the fields the last few days and this situation will soon be overcome,
that is if the weather continues as it is now.
-One inch rain Monday followed by cool weather
San Marcos (Bays Co.)
this week. Plant has made slow progress, need some hot weather.
-Cotton did well this week, no rain and plowing
Sinton(San Patricio Co.)
over since rain is nearly over. Nights are too cool. Some weevil and fleas.
no damage to speak of. Chopping about complete.
ARKANSAS.
Ashdown (Little River Co.)
-95% planted. 80% up. Stands ranging
all the way from poor to good. 25% chopped. Late planted will not
germinate until it rains. Cold nights causing plant to continue to die,
considerable replanting.
Conway (Faulkner Co)
-Cotton hasn't done so well the past week-growth
has been retarded by cold nights and lack of moisture. In fact some late
planted will not come up until it rains.
Little Rock (Pulaski Co.)
-Planting and replanting about completed.
Temperatures during past week below normal. Light rains have been
beneficial. Crops making fair progress. Higher temperatures and showers
would be good. A good deal of the early cotton has been chopped out.
Pine Bluff (Jefferson Co.)
-Crop is 15 days late. Chopping under full
headway. Weather rather cool for best results. A general rain with
warmer nights would work wonders. Acreage reduction about 10%•
Labor in abundance, willing and anxious to work. Indications point to
another large crop. Howeverilcllmatic conditions may change this during
June and July, the growing months. Corn, alfalfa and oats are fine, and
it takes these crops to grow cheap cotton.
OKLAHOMA.
Frederick (Tillman Co.)
-90% crop planted-small per cent up-conditions good to date-too early for much of an opinion.
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures.do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
Stocks at Interior Towns. Receiptsfrom Plantations
Receipts at Ports.
1932.
1931.
rib
5..223.646 105.963
12.. 249,848 106.106
19.. 175,417 113.438
26.. 161,669 119,362
Mar.
6- 184,065 118,671
11..158,701 93,477
125.715 68.139
25-- 130.968 61.736
Apra
1._ 115,587 53.101
93.799 40,426
15._
52,119
22._ 76159 33,372
29.. 86,624 37,729
May
53,102 31,266
13.- 62,170 27,481
20-- 37,536 20,516
27._ 54,967 18.911
1930. I 1932.
1931.
1930.
82.2772,123.94411,627,316 1.811.824189,128
53.506 2.102,990 1.588.762 1.326,078228.894
65.886 2,080.961 1,556.997 1,306.632 153,388
55.748 2,032,312 1.514,682 1.288.139 113.020
74.897
67,652
81,673
77.067
34,791
23,972
46.440
87.255
50.312 1.997,909 1,461.836 1.266,075149.662
44.919 1.961,116 1.420.7681.228,668 121,908
46,41 1.908,510 1,379,376 781,667 73,109
46,90611,872.878l.349,018 1,163,170 95,336
65.725 18,248
41,083 17,510
26,762 20,692
31,378 7,133
1930.
1932. I 1931.
49,351 1,847.1564.312,856 1,113,592
47,498 1,812,832 1,264,845 1,066.544
46,6931,781.096 1.213,990 1,024,125
50.239 1.747,767 1.175.730,
50,024 1,710.8301.136,594 940,995
49.161 1,664,13 1,112,593
74.76 1,622.896 1,091,370
64,642 1,588,10 1.060,746
36,22 1,554,7221,037,599
89,864 16,939
59,476
450
30,304 1 264 4.274
6,393
42,830 Mi
49.687 37,196 10,740
893,426 6,4071 6,731 1,590
843,575 20,931 6,258 24,911
809,649 2,74
Nil 30,716
778,788 21,584 Nil
5,367
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1931 are 10,085,626 bales;
in 1930 were 8,857,662 bales, and in 1929 were 8,547,177
bales. (2) That, although the receipts at the outports the
past week were 54,967 bales, the actual movement from
plantations was 21,584 bales, stock at interior towns
having decreased 33,383 bales during the week. Last year
receipts from the plantations for the week were nil bales
and for 1930 they were 5,367 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Cotton Takings,
Week and Season.
1931-32.
Week.
1930-31.
Season.
Week.
Season.
Visible supply May 20
8,861,374
8,475,138
Visible supply Aug. 1
6.892,094
5,302,014
American in sight to May 27..
125,189 15.071,943 109,947 13,476,435
58,000 1,815,000
Bombay receipts to May 26---49,000 3,054.000
13,000
Other India shipls to May 26-325,000
21,000
556,000
Alexandria receipts to May 25-12,000 1,405,000
9,000 1,359,100
11.000
Other supply to May
485,000
557,000
7,000
Total supply
9,080,563 25,994.037 8,671,085 24,304,549
Deduct
Visible supply May 27
8,881,985 8,881,985 8,346,258 8,346,258
Total takings to May 27-0
198,578 17,112,052 324,827 15,958,291
Of which American
128,578 12,755,052 202,827 11,022,191
Of which other
70.000 4,357,000 122.000 4,936,100
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills. :3,826.000 bales in 1931-32 and 3.716,000 bales in 1930-31
-takings not being available-and the aggregate amounts taken by Northern and foreign spinners, 13,286,052 bales in 1931-32 and 12,242.291 bales
in 1930-31, of which 8,929,052 bales and 7,306,191 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all Indian ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
OKLAHOMA.
Hugo (Choctaw Co.)
-Crop progress very favorabie. All planted and
mostly chopped Out. Stands good. Uplands will need showers next
week.
-Dashing rain of week ago caused some 10% reMangum (Greer Co.)
planting, but as a whole stands are splendid and growing nicely with recent
May 28 1932
hot sunshine. Occasional showers would prove beneficial, but generally
speaking conditions are very promising for a cotton crop. Think this
County reduced fully 12% in acreage from last year.
McAlester (Pittsburg Co.)
-Cotton has made rather poor progress to
date. The nights have been too cool. Acreage 8% to 10% leas than last
year. 85% planted, 70% upstands good. Only small percentage has
been chopped. A good rain now would be of great benefit. No fertilizer
used, and no weevil reported to date.
1931-32.
May 26.
Receipts at
Bombay
May 26
Since
Week.lAug. 1.
1930-31.
Week.
Since
Aug. 1.
1929-30.
Week.
Since
Aug. 1.
58.000 1,815,000 49.000 3,054,000 55,000 3,238,000
Financial Chronicle
Volume 134
For the Week.
Exports
from
-
Since August 1
Great
Great Conti- Japan&
Britain. nent. China. Total. Britain.
Conitnett.
Japan db
China.
Total.
Bombay-2,000 38,000 40,000 17,0001 122,000 789,000 928,000
1931-32__
1930-31__ 2:666 10,000 31,000 43,000 118,000 624,III 1,592,0002,334,000
1929-30._ 2,000 21,000 29,000 52.000 75,000 716,III 1,380,0002,171,000
Other India:
1931-32._ 7,000 6,000
13,000 91,0001 234,00
325,000
1930-31
17.000 4,000
21,000 138,000 418,III
556,000
1929-30__
15,000
15,000 150,000 568,000
718,000
Total all
1
I931-32__ 7,000 8,000 38,000 53,000 108,000 356,000 789.000l1,253.000
j
1930-31_ _ 19,000 14,000 31,000 64,000 256,000 1,042,0001,592,0002,890,000
1929-30_ _ 2,00 36,000 29.000 67,0
225,0001,284,000 138,0002.889,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
9,000 bales. Exports for all India ports record a decrease
of 11,000 bales during the week, and since Aug. 1 show a
decrease of 1,637,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
May 25.
1931-32.
1930-31.
1929-30.
Receipts (Cantars)This week
Since Aug. 1
60,000
6,802,448
45,000
6,639.901
60,000
8,291,093
Export (Bales)-
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
To Liverpool
.. .. 185,891 3,000 115,370 3,000 138,963
To Manchester, &c
_ -- 108,236 -143,329
- 139,884
To Continent and India- 9.000 519,526 12:000 492,962 4,000 417,894
To America
40,504 1,000 19,980 ---- 101,805
Total exports
9.000 885.805 16.000 736.548 7.000801.991
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending May 25
were 60.000 canters and the foreign shipments 9,000 bales.
Note.
-A cantar is 99 lbs.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both yarns and cloths is quiet. Demand for both yarn and
cloth is poor. We give prices to-day below and leave
those of previous weeks of this and last year for comparison.
1932.
d.
d.
S. d.
Feb.8,40105i
834@103.4
9 01014
9 0104
1
1
1
1
Mar.9 6104
8%610%
834 01014
8)4010
Apr11-
May-
8%0 9%
8)4@ 994
8%44 9%
8%05 9%
8%@ 9!4
8 ©
7,(0
7440
7%0
914
934
,
954
994
sq
32$ Cop
Twist.
Lb. Shirt- Cotton
Otos, Common Middrd
to Finest.
?Wets.
103.821
-Current rates for cotton from
COTTON FREIGHTS.
New York, as furnished by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
StandHigh
StandHigh
StandHigh
Density. ard.
Density. ard.
Density. ard.
:
.75c. Shanghai
•
.600. Stockholm .60e.
Liverpool .45e.
.40c.
.55c.
.65e. Bombay
.50c.
.60c. Trieste
Manchester .45c.
.60c.
.50e.
.65c. Bremen • .45c.
Antwerp
.60e. Fiume
.45c.
.60c.
.45e.
.60c. Hamburg .45c.
.46e. Lisbon
Havre
.31c.
.75e.
.90c.'
.60c.
.60e. Oporto
.75c. Piraeus
Rotterdam .45c.
.75c.
.900.
.50c. Salonica
.40c.
Genoa
.550. Barcelona .35c.
*
.50c.
.65c.
Oslo
.65c. Japan
* Venice
.50c.
•Rate is open.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
May 6. May 13. May 20.
31,000
52,000
54,000
614,000 603,000 626,000
281,000 275,000 297,000
47,000
38.000
38,000
19,000
22,000
40,000
126,000 123,000 106,000
78,000
49,000
94,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
May 27.
54,000
620,000
296,000
51,000
35,000
141,000
80.000
The tone of the Liverpool market for spots and futurca
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
d.
4
4
5.58
5.59
6.95
5.79
8140 914
9 6)10
9%(4)10,4
9%010%
4 090
4 090
4 CI 9 0
4 tt, o 0
5 72
5 85
8 04
6 18
4
3
3
3
5.73
5.61
5.61
5.15
aciolost
9 010
9 010
9 01034
4
4
4
4
090
@90
@ 90
@ctfl
0 19
0 97
5 95
6 85
3
3
4
4
4.81
4.73
5.00
4.95
4.82
9 @1094
8%0 9%
8%010%
8%0104
83601034
4
4
4
4
4
090
(0 9 0
@90
@90
(Kt 9 0
5.79
5.59
5.55
5.02
5 46
3
3
3
3
4.53
4.58
4.53
4.45
844010X
834010
8103 9%
8 0 934
4
4
4
2
@90
@ 90
@90
@86
5.39
5.26
5.12
4.80
Saturday.
Tuesday. Wednesaay. Thursday.
Monday.
Friday.
Sales
4
4
d.
d. s. d.
S. d.
SHIPPING NEWS.-Sh
.pments in detail:
Bales.
GALVESTON-To Liverpool
-May 19
-Patrician. 491_ May 24
-Elmsport, 313
To Manchester
-May 19
-Patrician, 622_ _ _May 24
-Elms
port, 249
To Bordeaux-May 19--Silverpine, 1.277
To Bremen
-May 19-Silverpine, 600
To Japan
-May 19
-Washington, 1,696__ _May 21-Pacific
Maru, 2,300; Hanover, 113
To China-May 19
-Washington, 115_ _ _May 21-Pacific
Maru, 600; Hanover, 650
To Havre
-May 21-Hybert. 3.078
To Antwerp
-May 21-Hybert, 200
To Ghent
-May 21-Hybert. 270
To Rotterdam-May 21-HEbert.200_ - May 24-Frode,871_
To Copenhagen-May 24-Frode, 47
MOBILE
-To Genoa-May 12
-Ida Zo. 1,608
To Bremen
-May 14-City of Alma.3.980
To Japan-May 25-Silverwillow, 7,100
To China-May 25-811verwillow, 2,900
-May 14
-City of Alma, 150
To Hamburg
To Rotterdam-May 14-City of Alma, 700
HOUSTON-To Bremen-May 20-Nashaba, 2,033_ _ May 19Friderun, 1.573
-May 25-Hybert. 2,317
To Havre
-May 20
-Patrician, 943_ _ _May 25
To Liverpool
-Elms
port, 806
-May 25-Hybert, 100
To Antwerp
-May 20
-Patrician, 1,907-- _May 25To Manchester
Elmsport. 48
-May 25-Hybert, 103
To Ghent
-May 21-Hanover,748
To Japan
-May 19-Friderun,225
To Hamburg
To China-May 21-Hanover,450
To Copenhagen-May 25-Frode,853
To Rotterdam-May 25-Frode,129
SAVANNAH To Dunkirk-May 21-Blankaholm,50
To Bremen-May 25-Ingola, 2,012
To Rotterdam-May 25-Ingola, 400
CHARLESTON To Breraen-May 23-Ingola,2.000
To Rotterdam-May 23-Ingola, 200
-May 24-Atlantian, 4,064
To Liverpool
-May 24-Atlantian, 1.350
To Manchester
-May 24-Atiantlan,3
To Havre
-May 21-Silverwillow, 100
PENSACOLA To Japan
-May 21-Silverwillow, 3,127
To China
-West Madaket, 101
-May 25
To Liverpool
To Bremen-May 27-Delfshaven,440
-West Madaket, 48
To Manchester-May 25
Bales.
NEW ORLEANS
-To Venice
-May 20
-Maria,1,115
1,115
To Piraeus
-May 20
-Maria,200
200
To Genoa
-May 21
-Ida Zo. 1,200___May 24--Quistconck.
2,343
1,143
To Japan
-May 20-Taketoyo Maru, 4,062_May 2310,412
Tatsuha,2,900;Silverwillow,3,450
To Guayaquil
125
-May 19-Contessa,125
380
To Oporto
-May 25-Sahale,380
150
To Barcelona
-May 23-Lafcomo,150
To Lapaz-May 19-Saramacca, 50
50
To Liverpool
-May 21-Eglantine,2,370
2.370
To Manchester
866
-May 21-Eglantine,866
-May 23-Leerdam,441
441
To Rotterdam
To China
2,996
-May 23-Silverwillow,2,996
WILMINGTON-To Venice
-May 23
-Chester Valley, 4.000_
4,000
25
LOS ANGELES
-To Dunkirk
-May 21-Washington,25
300
To Japan
-May 21-President Polk, 300
17,500
To Liverpool
-May 25-Nordfarer, 17,500
-May 25-Coelleda. 276
276
NORFOLK. To Liverpool
am,274
274
To Bremen
-May 27-I
-May 25--Coelleda, 400; Manchester ExTo Manchester
939
porter, 539
75
-May 23-Cypria,75
NEW YORK
-To Lisbon
50
To Dunkirk-May 26
-Vincent. 50
145
JACKSONVILLE
-To Bremen
-May 19-Ingola,145
20
-May 21-Baltic,20
BOSTON-To Liverpool
-Washington Marti, 765--TEXAS CITY
-To Japan
-May 19
1,554
May 2I-Hanover,789
274
-Washington Maru,274
To China
-May 19
-Mercian,150
150
LAKE CHARLES
-To Liverpool
-May 23
100
-Mercian.100
-May 23
To Manchester
100
-West Camak,100
-May 25
To Havre
331
-May 24-Ide Zo,331
To Genoa
Market,
12:15
P. M.
s. d.
sees oaquio Ines &fan)
323 Crop
Twist.
1931.
834 Lb. Shirt- Cotton
ingo, Common Middrp
to Finest.
UP1'ds•
4017
804
871
1,277
600
4,109
1,365
3,078
200
270
1,071
47
1,608
3,980
7,100
2,900
150
700
3,606
2,317
1,749
100
1.955
103
748
225
450
853
129
50
2,012
400
2.000
200
4,064
1,350
3
100
3.127
101
440
48
Quiet.
4.514.
mId.Uerds
Futures.
Market
opened
Market, (
4
P.M. I
Quiet.
HOIIDAY.
4.604.
Quiet.
.
More
demand.]
Quiet.
4.444.
4.454.
4.51d.
Steady, up- Steady, Barely stdy Barely stdy Steady
ch'ged to 1 2 to 3 pts 9 to 11 pts 2 to 8 pts. 7 to 8 pts.
decline.
advance.
pt. adv. advance,
decline,
Steady, Quiet but Steady,
Quiet,
Steady
2 to 3 pts. st'dy, 4 to 9 to 10 pts 8 to 10 pts. 3 to 6 pts.
advance. 6 pts. adv decline,
decline.
advance.
Prices of futures at Liverpool for each day are given below
Sat.
May 21
to
May 27.
I
Mon. I
Tues.
Wed.
Thurs.
Fri.
.
1.2 p.
..15 4
19 mm01) m p
p 15 p. 0 12 15
4
12.15 12.3012.15 4.0012.151 4.00 )
m.
p.m P. m•P. m P. M.19. m.'9. m.
New Contract. d. d.
May
June
July
August
September_ _ - October
November_ _ _
HOLIDecember
DAY.
January (1933)
February
March
April
May
d.
4.26
4.23
4.22
4.2
4.24
4.24
4.26
4.27
4.30
4.33
4.3
4.3
4.4
d. I d. I d.
4.29 4.35 4.35
4.25 4.311 4.31
4.25, 5.31 4.3
4.26' 4.32 4.31
4.271 4.33 4.32
4.27 4.33 4.32
4.29 4.35, 4.
4.30 4.36, 4.3
4.33 4.39 4.38
4.36 4.421 4.41
4.40 4.46, 4.
4.42 4.481 4.46
4.44 4.50 4.49
d.
4.26
4.22
4.21
4.22
4.23
4.23
4.25
4.26
4.29
4.32
4.35
4.37
4.40
d.
4.25
4.22
4.21
4.22
4.22
4.22
4.2
4.2
4.2
4.31
4.3
4.36
4.39
d. I
4.19
4.16
4.15
4.16
4.16
4.161
4.18
4.11
4.22
4.25
4.24
4.
4.33
d.
4.15
4.12
4.11
4.12
4.13
4.13
4.15
4.16
4.19
4.22
4.26
4.28
4.30
d.
4.20
4.17
4.16
4.17
4.18
4.18
4.1
4.
4.23
4.26
4.3
4.32
4
0
.
d,
4.21
4.17
4.16
4.17
4.17
4.17
4.18
4.20
4.23
4.26
4.25
4.31
4.34
BREADSTUFFS
Friday Night, May 27 1932.
FLOUR was quiet but firm, and late last week advanced.
On the 23rd inst. prices advanced 10c. Though trade was
still quiet, flour responded to rising prices for wtheat.
WHEAT has risen some / to lc. under the spur of per1
2
sistent bad crop accounts from the winter wheat belt. Also
it appears that some large professional operators have
been buying to some extent, whether tentatively or not
remains to be seen. Of late prices have sagged a little
owing to beneficial rains in the West and Northwest. And
export trade on the whole has been disappointing. On the
21st inst. prices ended 73 to 11c. net higher, with bad
/
/
2
crop reports, including those about the Hessian fly the
main force in sending prices upward. Heavy damage was
reported by this pest in Kansas. Also it was said that the
effects of the frost in March was becoming more apparent.
One estimate of the Kansas crop was only 60,000,000 bushels,
or only 25% of last year's crop. About 100,000 bushels of
hard winter were sold for export. Southwestern mills
4018
Financial Chronicle
bought 400,000 bushels. July in Kansas Oity was only Sc.
under Chicago, the smallest difference of the season.
On the 23rd inst. prices ended 1% to 1%c. higher on
bad winter wheat news, reports of Hessian fly in Illinois
and Indiana, and grasshoppers in the Northwest. East of
the Missouri things look bad for the winter wheat owing
to pests, dry weather, and the effects of the freeze in
March, which are becoming more apparent as time goes
on. One estimate of five States, Kansas, Oklahoma, Nebraska, Texas and Colorado, was 164,000,000 bushels against
444,000,000 harvested there last year. Further abandonment of acreage was reported in Kansas. The Nebraska
mid-month report said that the condition of winter wheat
was 58 compared with 72 a month ago and 96 last year.
Government May report showed condition of 70. Fields
are spotted and off color, and Hessian fly is widespread
and severe. On the 24th inst. prices declined 1% to 1%c. on
rains in Kansas, Nebraska, Oklahoma and Texas, realizing
and a weaker technical position. At one time the decline was
17 c., but some of this was regained on covering, buying
,
against bids, and some outside demand on persistent bad
crop reports from the winter wheat belt. The talk in some
quarters was that the crop there will not be over 400,000,000
to 450,000,000 bushels against 458,000,000 the Government
estimate of May 1 and 787,000,000 harvested last year.
On the 25th inst. prices made a goo rally after an early
decline, with stocks off and rains in Kansas, Nebraska,
Illinois and Iowa. The presence on the Chicago Board of
Trade of Outten, Livermore and Howell attracted attention.
Wall Street bought. Professionals in Chicago were understood to be buying. The technical position was considered
better. A fair export business was done. Rumor said that
it was of substantial size overnight. Apparently a good
export trade in barley was done at Winnipeg. Some of the
buying was on reports of dust storms in Saskatchewan.
The speculation showed a tendency to broaden on the bad
outlook for the winter wheat crop. The spring wheat crop
seems to be doing well. The French foreign wheat quota
for mills was increased. On the 25th inst. prices ended %
to %c. higher, after being at one time % to / lower. To3
4c.
day the "Modern Miller" said: "Rains over considerable
portion of the West are expected to check deterioration
caused by dry weather. More moisture is needed. Full
crop inquiry indicates extensive fly infestation in Indiana,
Illinois, Missouri, Kansas and Nebraska. Every winter
wheat State in the Middle West with the exception of Michigan and Ohio shows deterioration since May 1. Spring
wheat seeding is completed and soil conditions good. Cold
weather is holding grasshoppers in check and rains should
reduce the menace." On the 26th inst. prices fell 2c. on
heavy and beneficial rains in the Northwest, some rain in
the Central West. and a decline in stocks. Professional
interests sold long wheat. Later, as stocks rallied, shorts
covered, and some rebuying set in, there was a partial
recovery in wheat, leaving it % to lc. net lower. To-day
prices closed % to %c. lower, with further rains in the
Northwest and in the winter wheat belt. The export business to-day was apparently small. Winnipeg was comparatively steady on reports that 1,000,000 bushels or more
of Manitoba had been sold yesterday and to-day. At one
time prices were % to %c. higher, and at another % to %c.
lower. The factors that prevented any real net break were
buying by large professionals, the relative firmness of
Winnipeg, the indications that the Southern Hemisphere
shipments this week will drop to 12,000,000 to 13,000,000
bushels, and Liverpool reports of a good demand there
from France, which may need a good deal of wheat during
June and July. Also parts of Nebraska had killing frost,
and North Dakota and Montana had light frosts. Back of
It all is the smallness of the winter wheat crop. Final
prices Show an advance for the week of % to Tfic.
DAILY CLOSING PRICES OF BONDED WHEAT IN NEW YORK.
Sat, Mon. Tues. Wed. Thurs. Fri.
May
58
59
5734 5734
58
58
July
59
59
5934 58% 59
60
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
72%
73
7334 7534 7334 74
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery
58% 60
5834 59% 5834 5734
July delivery
59% 61% 59% 6034 59% 5934
September delivery
61% 6334 61Y 62% 61% 61%
December delivery
64% 6534 644 64% 6374 63%
Season's High and When MadeSeason's Low and When Made
May
73
Nov. 9 1931 May
Oct. 5 1931
4834
July
Nov. 7 1931 July
73%
Oct. 5 1931
49
September
66%
Apr. 14 1932 September
Jan. 4 1932
55%
Dec.(new) 66%
Apr. 26 1932 Dec. (new)
May 5 1932
60A
DAILY CLOSING PRICES OF W lEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Frt.
May delivery
6334 64% ---- 6334 63% 6334
July delivery
64% 65
_
64
6434 64
October delivery
66% 6734
6634 6634 6634
INDIAN CORN has been dull both as to speculation and
the cash trade. These factors offset the smallness of the
country offerings. On the 21st inst. prices advanced % to
%c., lifted by wheat, but with shipping demand slow. On
the 23rd inst. prices advanced % to 1
hc. net. May was at
one time lc. higher, and other months % to %c., reacting
later on profit-taking. The country sold 102,000 bushels to
arrive. Chicago handlers sold 21,000 bushels to the East.
The United States risible supply decreased last week
May 28 1932
1.134,000 bushels. The total is now 20,502,000 bushels
against 13,749,000 a year ago. The Nebraska report said
that planting was 70% completed and that the acreage increase is 15%. On the 24th inst. prices ended 14 to lc. lower,
/
May acting the best. Corn took its tone largely from
wheat, but showed no activity.
On the 24th inst. sales in Chicago were 3,130,000 bushels;
open contracts, 31,063,000 bushels. On the 25th inst. prices
closed %c. lower to %c. higher, December showing the most
strength. May was the weakest. The Nebraska mid-month
crop report estimated 70% of the corn had been planted,
with a 15% increase in acreage, or around 1,500,000 acres,
suggesting 11,500,000 acres for the 1932 crop. Shipping
demand remained slow, while the country sold 75,000
bushels to arrive. On the 26th inst. prices closed 1 to %c.
4
net lower, with the weather favorable and wheat lower.
Country offerings were small. But the Eastern demand
was light. To-day prices closed 14c. lower to %c. higher.
/
May was comparatively steady. Country offerings were
again small, but the cash demand seemed to be Just as
small. But cash corn was firm. Light frosts here and
there, and a forecast of further frosts, had no effect. Final
prices are % to %c. lower for the week.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
46% 47
46
453( 4534 4534
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery
31
3135 31% 30% 30% 3034
July delivery
3334 3334 32% 3234 3234 3234
September delivery
3534 36% 35
35% 3434 34)4
delivery
December
35% 3634 3534 3594 3534 35%
Season's High and When MadeSeason's Low and When Made
Nov. 9 1931 May
5334
May
27%
May 5 1932
Nov. 9 1931 July
July
55
30%
May 5 1932
September
Jan. 18 1932 September
4534
33
May 4 1932
December
Apr. 26 1932 December
3934
33
May 4 1932
OATS have been dull and a fraction lower, with no
features of special interest. On the 21st inst. prices closed
,gc. higher, with May liquidation a drawback.
'he. lower to 1
On the 23rd inst. prices advanced % to %c., with corn
to %c. lower,
higher. On the 24th inst. prices closed
with other grain dawn. But commission houses bought on
lower to %a
the decline. On the 25th inst. prices closed
higher. May fell under the weight of liquidation. On the
26th inst. prices declined 1 to %c., with other grain lower.
4
Beneficial rains fell in the Central West. Cash houses sold
May; commission houses bought it. To-day prices closed
unchanged to %c. higher on futures and 1
4c. higher on cash,
with no activity. Final prices for the week are unchanged
to %c. lower.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon. Tues.
Wed. Thurs. Fri.
343(_3414 343435 34-34% 34-3434 3334-34 3334-34
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery
22% 2334 22
22% 223 2222
July delivery
234 2354 22
23
225
22,
4
September delivery
23
2
22234 23
December delivery
24% 25% 2434 2434 24% 2434
Season's High and When MadeSeason's Low and When Made
May
Nov. 10 1931 May
3134
2074
Apr. 29 1932
July
3134
Nov. 10 1931 July
2134
Apr. 29 1932
September
2634
22
Feb. 19 1932 September
May 5 1932
December
233
Apr. 28 1932 December
3334
May 16 1932
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery
3734 37% --- - 36% 36% 3634
July delivery
36% 36
---- 35% 35% 3534
RYE has declined owing as much as anything else to
the lack of an export trade, though when wheat declined
to-day rye followed. On the 21st inst. prices were 'h to %c.
higher. On the 23rd inst. prices advanced % to lc. under
the lead of wheat, with no other special incidents. On the
24th inst prices declined 1% to 2c. on the decline in wheat
and persistent selling by commission houses. On the 25th
Inst. prices gained % to %c. in sympathy with wheat. On
the 26th inst. prices fell % to 11
4c., 'with other grain. Today prices closed % to %c. lower, with wheat off and no
export demand for rye. Final prices show a decline for
the week of 'TA to 1%c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed, Thurs. Fri.
May delivery
38% 39% 3794 _ _ _ 3791 3734
July delivery
41
4134 3934 39% 3994 3834
September delivery
41% 4234 4134 4134 4034 40%
Season's High and When MadeSeason's Low and When Made
May
6334
Nov. 9 1931 May
3494
May 4 1932
July
6334
Nov. 9 1931 July
May 4 1932
3734
September
54%
Feb. 6 1932 September
May 5 1932
3934
Closing quotations were as follows:
GRAIN.
Wheat, New York
Oats, New York
No.2 red, c.i.f., domestic_ __ 7234
No. 2 white
Manitoba No. 1,f.o.b. N.Y_ 73%
No. 3 white
Rye No.2,f.o.b. bond N.Y.
A
Corn, New York
Chicago, No. 2
No. 2 yellow, all rail
45% Barley
No. 3 yellow, all rail
44%
N. Y., c.i.f., domestic
5034
Chicago, cash
34(4145
FLOUR.
Spring pat. high protein $4.75 $5.35 Rye flour pa tents
S3.6r90
Spring patents
4.30 4.70 9eminola, bbl., Nos. 1-2 5.40
5.95
Clears that spring
3.95 4.30 Oats goods
1.75
1.70
Soft winter straights_
3.35 3.60 Corn flour
1.35
1.40
Hard winter straights
3.90 4.10 Barley goods
Hard winter patents.... 4.10 4.55
Coarse
3.20@ -- -Hard winter clears
3.35
3.90
Fancy pearl, Nos. 2,
Fancy Minn. patents.... 5.80 6.50
8,15120 6.50
4 and 7
City mills
5.80 6.50
Mr
All 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:
Receipts at
1Vhea2.
Flour.
I
Oats.
Corn.
Rye.
Barley.
bbls.19(ilbs bush.60 Ms.Ibush.56 lbs ush.321bs.bush.413l5s.bush.581bs.
18,000
57,000
544,000
386,000
285,0001
159,000
Chicago
88,000
82,000 128,000
47,000
659,000
Minneapolis__
23,000
7.000
17,000
4,000
135,000
Duluth
3,000
58,000
66,000
37,000
254,000'
Milwaukee...
7,000
630,000'
35,
73.000;
Toledo
8,00
zo,
17,000,
Detroit
244,000
143,000
68,000
Indianapolis_
2,000
52,000
208,000
_
500,000
148,000
St.
82.000
136
108,000
39,000
Peoria
42,000
98,
11,000 1,100,000
Kansas City_ _
4,000
78,000
206,000
Omaha
26.0001
59.000
42,000'
St. Joseph_
6,000
237,000
Wichita
1,000
5,000
12,000
Sioux City_
36,000
314,000
388,000
3,626,000,
Buffalo(Lake)
Total week '32
Same week '31
Same week '30
364,000
368,000
372,000
7,224.000
8,055,000
4,715,000
1,630.000
2.491,000
3,122,000
2,102,000
1,137,000
2,524,000,
bushels; Erie, 282,000: total, 283,000 bushels, against 1,674.000 bushels in 1931.
Wheat, New York, 1,440,000 bushels; New York afloat, 1,215,000: Buffalo, 2,372,000; Buffalo afloat. 670,000; Erie. 126.000; on Lakes, 239,000; Canal, 1,114,000:
total, 7,176,000 bushels, against 8,471,000 bushels in 1931.
Barley,
Rye,
Oats,
Corn,
1Wheat,
bush.
bush.
bush.
bush.
bush,
Canadian337.000
638,000 2,106.000
5,207,000
Montreal
1,012,000 5,049,000 2,543,000
Ft. William & Pt. Arthur_48,800,000
237,000
100,000
1,194,000
6,496,000
Other Canadian
168.000
116.000
396,000
390,000
484,00
486,000
Since Aug.11931
17,278,000 277,400.000 111,435.000 62,687,00029,698
1930
17.689.000378.597,000175,834,'.',97,531,00044,292
1929
120,941,00060.196
18334.000327,170,000 223,010,
6,8(.8,000
19,714,000
22,111,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, May 21 follows:
Receipts al-
Flour.
Oats.
Corn.
Wheat.
Rye.
Barley.
bbls.1961bs ntsh.60 Ms. nab.5614s. bush. 32 lbs.trush.481bs bush.56lbs.
744,000
New York_ _. 149,000
15,000
43.000
2,000
8.000
137,000
1.000
37,000
Philadelphia__
2,000
14,0001
14,000
Baltimore____
12,000
NewportNews
1,000
40,000
Mobile
36,000
21,000
42,000
New Orleans*
120,000f
252,000F
Galveston
1.000
266,000 591,000 281,000
54,000 1,658,0001
Montreal__ _ _
Halifax
6,000
,1G
2,00
32,0)0
Boston
Sorel
41.000j
347,000 2,992,000
Total week '32
Since Jan.1 '32 6,442,000 42,669,000
54,000
1,657.000
364,000 591,000 283,000
3,339,000 2.643,000 4,539,000
576,001 2,184,000 284,000
61.111
Week 1931... 451,000 7,380,000
Since Jan.1 '31 8,386,000 50,509,000 1,458.000 2.999.''' 7,222,000 579,000
*Receipts do not include grain passing through New Orleans for foreign ports
on through hi Is of lading.
The exports from the several seaboard ports for the week
•
ending Saturday, May 21 1932, are shown in the annexed
statement:
ExportsfromNew York
Boston
Philadelphia
Baltimore
Mobile
New Orleans
Galveston
Montreal
Sorel
Halifax
Wheat.
Corn.
Oats.
Flour.
Barley,
Rye.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
9,000
13,595
1,000
1,187,000
1,000
273,000
261,000
1,000
144,000
1,000
40,000
6,000
9,000
1,000
157,000
3,000
282,000
54,000 266,000 281,000 591,000
1,658,000
41,000
6,000
Total week 1932._ 4,043,000
Same Week 1931.... 7.303,000
2,000
6.000
272,000
448.000
88.595
328.890
290,000 591,C00
307.000 2.155.000
The destinat'on of these exports for the week and since
July 1931 is as below:
Flour.
Exports for Week
and Since
July 1 So--
Week
May21
1932.
Week
July 1
1931.
Wheal.
Week
May. 21
1932.
Since
July 1
1931.
Corn.
Week
May. 21
1932,
Since
July 1
1931.
Bushels. Bushels. Bushels.
Barrels. Barrels. Bushels.
277,000
United Kingdom_ 51,160 2,622,158 1,424,000 37,843.000
187,000
Continent
15,140 1,603.467 2.348,000 95,842,000
213,453
263,000 13,466,000
11,000
3o.& Cent. Amer. 3,000
4.000
191,000
441,914
13,000
2,000
86,000
West Indies
11,962
Brit. No.Am.Col......
4,000 2.845,000
211,777
5
Other countries _.. 6:29
Total 1932
Total 1931
4019
Financial Chronicle
Volume 134
88,595 5,104,731 4,043,000 150,187,000
328,890 10,388,211 7,303.000 175,262.000
2,000
6,000
561,000
287,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 21, were as follows:
GRAIN STOCKS.
Corn.
lVfleel.
Barley.
Oats.
Rye.
bush.
bush.
bush.
bush.
bush.
United States
899,000
2,000
3,000
25,000
2,000
New York
124,000
60,000
" afloat
1,116,000
1,000
7.000
Boston
1,000
8,000
42,000
18,000
3,885,000
Philadelphia
5,226,000
1.000
72.000
23,000
30.000
Baltimore
513,000
Newport News
34,000
905,000
116,000
New Orleans
2,707,000
31,000
Galveston
217,000
1,000
275,000
2,458.000
10,000
Fort Worth
11,264,000 4,131,000 1,299,000
248,000
178,000
Buffalo
557.000
" afloat
6,000
774,000
3,000
54,000
3,838,000
Toledo
31,000
17,000
48,000
33,000
151,000
Detroit
18,571,000 11,347,000 2,650,000 2,413,000
166,000
Chicago
565,000
709,000
" afloat
342,000
190,000
238,000
486,000
6,563,000
Milwaukee
53,000 1,245,000 1,883,000
230,000
18,413,000
Duluth
26,000 2,460,000 3,568,000 1,373,000
24.728,000
Minneapolis
51,000
11,000
14,000
1,325,000
City
Sioux
5,000
292,000
6,086,000 1,152,000
St. Louis
43,000
48,000
66,000
462,000
36,138,000
City
Kansas
1,206,000
Wichita
54,000
3,519,000
Hutchinson
391,000
446,000
5,107,000
Joseph, Mo
St.
255,000
10,000
Peoria
331,000
1,246,000 1,499,000
Indianapolis
5,000
19.000
269,000
286,000
15,364,000
Omaha
123,000
48.000
617,000
On Lakes
140,000
55,000
431,000
Canal and River
On
11,133,000 9,174.000 2,852,000
Total May 21 1932-169,530,000 20,562,000 11,092,000 9,194,000 2,282.000
21,696,000
Total May 14 1932-170,719,000 13,749,000 9,832,000 10,107,000 4,817.000
Total May 23 1931-191,408,000
above: Oats. New York, 1.000 bushels;
Note -Bonded grain not included bushels in 1931. Barley, New York. 1,000
total, 1,000 bushels, against 442,000
2,844,000
Total May 21 1932-60.328.000
3,217.000
Total May 14 1932._62,850,000
4,992,000
23 1931____50,221.000
Total May
Summary
20,562,000 11,133,000
169,530,000
American
2,844,000
60,328,000
Canadian
7,255,000 3,117,000
7,373,000 4,546,000
10.891,000 11,434,000
9,174,000 2,352,000
7,255,000 3,117,000
Total May 21 1932-229,858,000 20,562,000 13,977,000 16,429,000 5.469.000
Total May 14 1932-233,576,000 21,696,000 14,309,000 16,579,000 6,816,000
Total May 23 1931-241,629,000 13,749,000 14,824,000 20,998,000 16,251.000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, May 20, and since July 1 1931 and 1930,
are shown in the following:
Corn.
Wheat,
Exports.
Week
May 20 I
1932.
Since
July 1
1931.
I
I
Since
July 1
1930.
Week r
May 20 ;
1932.
sow
July 1
1931.
Since
July 1
1930.
Bushels.
Bushels
Bushels.
Bushels. I Bushels. I Bushels.
9,000 2,164.000 1,502,000
North Amer. 6,580,000295,182.000329,934.000
168,000109,740,000103,822,000 485,000 32,556,000 31,901,000
Black Sea _ _
Argentina... 3,541,000 131,440,000; 96,885,000 6,577,000349,171,000 223,068,000
Australia.- - 4,741,000 144,696,000115,736,000,
600,000; 9,008,000,
India
520,000, 31,422,000, 37,456,000 807,000; 20,081,000 39,898,000
0th. countr'
15,550,000 713,080,000692.841.000' 7.878.000403.952.000296.369.000
Total
WEATHER REPORT FOR THE WEEK ENDED
-The general summary of the weather bulletin
MAY 25.
inissued by the Department of Agticulture, indicating the
•
fluence of the weather for the week ended May 25,follows:
Low pressure persisted in east Gulf sections during practically the
moved eastward over Northern
entire week, while two extensive "highs"
States. This pressure distribution brought to Southeastern States cloudy
and rainy weather throughout nearly the entire period. while it was mostly
fair and decidedly cool north of the eastern half of the cotton belt. Farther
west above-normal temperatures were the rule rather generally, and precipitation was of a decidedly local character, with most sections receiving
little or no rain.
Chart I shows that the week, as a whole, was decidedly cool in nearly
all sections east of the Mississippi River, with the Appalachian and Atlantic
States having the greatest departures from normal temperature. On
the other hand, the Northwest. extending as far east and south as central
the
Iowa and Oklahoma, had much above normal temperature, with conplus departures ranging from six dew, to as much as 12 deg. over
had somewhat below normal
siderable areas. The Pacific Coast States
warmth. Minimum temperatures were low for the season in the more
eastern States, with freezing reported locally in the interior of the Northeast.
The Ohio Valley had minimum temperatures in the low 10s, while 32
deg. or lower was reported from some elevated sections of the Southwest.
Chart II shows that rainfall was substantial to heavy in the Southeastsmall areas,
ern States, but excessive amounts were confined to relativelyLouisiana to
principally along the immediate Gulf coast from eastern
northwestern Florida and in southern Florida. The heaviest weekly falls
10.1 at
reported were 10.5 inches at New Orleans, Ls., and Mobile, Ala.:stations
.
Eufaula, Ala., and 8.3 at Miami, Fla. A considerable number of
in east Gulf districts had around five inches of rainfall. Elsewhere the
week was mostly fair and precipitation generally light, except in some
local areas of the Northwest. The interior valleys and lower Lake region
had a practically rainless week.
to
The outstanding feature of the week's weather was the substantial
heavy precipitation in the Southeast, which effectively relieved the sericonditions that had developed in that area. A few loously drouthy
calities had excessive rains, with attendant crop damage, but these were
confined principally to immediate east Gulf sections and southern Florida;
they were comparatively local in character. On the whole, the agricultural outlook was much improved by the week's weather from southern
North Carolina to Florida and in the east Gulf States. In the southern
and more eastern States growth was slow because of cool weather, but the
week closed with rising temperatures and, especially in much of the South,
progress will be rapid with warmer weather. In the northern cotton
belt, from Tennessee to Oklahoma, warm rains are rather urgently needed.
In the Northwestern States conditions continue generally satisfactory,
recent weeks.
though the past week was somewhat less favorable than precipiation in
This was due to high, drying winds. and the absence of
are now needing moisture,
many places. A few sections of the Northwest
but the general situation remains satisfactory. Grasshoppers have hatched
Iowa:
rapidly in South Dakota and Nebraska, and are reported in western
causing
In some places they have appeared in large numbers and are
apprehension.
Mountains.
In the central States, between the Appalachian and Rocky
grass and
conditions are gradually becoming less favorable, especially for
the growing tendency to dryness. This is most
small grains, because of
especially in
pronounced in the western Ohio and lower Missouri Valleys,
to OklaMissouri, and over the Great Plains from Nebraska southward grains, in
homa. Opportune rains were very helpful, especially for small improve
the north Pacific area, while the range and livestock continue to
gradually in Rocky Mountain and Great Basin States.
-In the eastern and southern Ohio Valley sections
SMALL GRAINS.
but
winter wheat progress and condition continued very good to excellent, and
dryness
in central and western valley areas advance was checked by rather badly
is
low temperatures, and there was local deterioration. Rain crop is heading
needed in the latter area, and also in Missouri where the
remains
northward to west-central sections, but on short stra; condition
fair in the northwestern part of this State and on main river bottoms
wheat developed satisbut many uplands are in poor shape. In Kansas
deteriorate
factorily in east-central and northeastern parts, but continued to half, but
in the western half: most of the crop is headed out in the eastern
there is very little heading in the western third.
In the Southwest progress of winter wheat was poor in some sections,
but condition ranges from poor to very good; harvest has started in Texas.
Winter grains did very well in the Northwest, except for some dry areas
In the north-central Great Plains. Good rains in the north Pacific section were of material benefit. The heavy rains in the Southeast delayed
harvest.
In the spring wheat region advance continued largely favorable, except
In some locally dry areas. Oats vary widely, with the winter varieties
fair to good in parts of the Southwest, but the spring crop very poor:
reports were rather poor from some other central parts of the country.
Flax seeding is progressing in the northern Great Plains. while rye is
heading locally.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia -Richmond: Temperatures somewhat below normal: heavy
rain at beginning of week. Cotton planted and some sprouted. Peanuts
being planted. Cultivation of corn begun in south. Grains fair: heading
short. Sweet potatoes and tobacco being transplanted. Truck improving;
meadows and pastures excellent.
North Caroltna.-Raleigh; Cool, with much cloudiness and frequent
rains in south: heavy in southeast, but light elsewhere and more needed in
north. Advance of crops fair to good in south, but poor in north. Cotton
mostly good stands, except parts of north, but growth retarded.
-Columbia: Daily rains improved all crops, but delayed
South Carolina.
winter cereal harvest. Weather especially favorable for sweet potato
transplanting, which is active. Young tobacco growing nicely. Tree fruits
4020
Financial Chronicle
made seasonal growth. Cotton and corn generally good stands, and cotton
being chopped in north and practically completed in south; both early crops
being cultivated. Truck, gardens and grass vigorous.
Georgia—Atlanta: Almost daily rains, with excessive falls locally in
south where mostly needed, were extremely beneficial, despite accompanying cool weather. Germination of cotton much improved and comparatively
little replanting necessary' growth slow, but will be rapid with warmer
nights; chopping continues, mostly in northern division. Progress of corn
very good; planting on lowlands continues. Transplanting sweet potato,
pepper and tomato plants now progressing rapidly. Pastures, melons,
truck and all minor crops much improved.
Florida.—Jacksonville: Weekly rainfall averaged 2 to 3 inches, except in
west-central coast district where totals less generous. Damaging rains in
small areas, but marked improvement of corn, cane, peanuts, melons,
tobacco, truck and citrus. Planting sweet potatoes active, but potato
harvest delayed.
Alat)anza.—Montgomery: Cool throughout; rains quite general—excessive
in localities of south, but mostly light in north. Farm work delayed. Corn
planting well advanced; corn up and mostly doing well; rains delayed cultivation. Progress and condition of potatoes, truck and pastures mostly fair
to good. Cotton planting practically finished; progress, condition and
stands poor to good, but averaging fair; coolness retarding growth; complaints of too much rain in south where chopping practically finished.
Mississippi.—Vicksbnrg: Frequent light showers in extreme north and
northwest, with moderate to excessive falls elsewhere. Mostly cool. Growth.
of corn and cotton fair; progress of cultivation poor to fair. Warmth
needed throughout. Progress of truck and pastures fair to good.
Louisiana.—New Orleans: Generally cool, with heavy to excessive rains in
east-central and southeast and light showers in west and extreme north. Too
cool for best development of cotton, but otherwise favorable, except for excessive rains in southeast; progress fair to good. Corn mostly very good;
cultivation good. Cane, truck and potatoes good progress. Rice only fair.
Terav.—Houston: Warm in Panhandle and extreme west, but moderate
to cool elsewhere. Dry in south, but widely-scattered showers over north
half. Condition of cotton fair to good; much replanting msessary in central
Portion account recent excessive rains; growth retarded by cool nights;
chopping backward, but progressing to extreme north, except on lowlands
where soil too wet. Progress of corn steady, despite cool nights; some
tasseling in south. Condition of oats only poor to fair. Winter wheat
mostly fair to good; grain cutting starting. Mee mostly planted.
Oklahorna.—Uklahoma City: Mostly clear, warm days, but cool nights.
Light to moderate scattered showers general, but rain needed in all sections.
Progress of winter wheat poor as too dry; condition poor to very good;
ripening rapidly in south, but headed on short straw in north. Progress
of corn poor as too dry, but condition generally very good; stands and cultivation good. Progress of cotton fairly good; stands generally good; planting finished in south and well advanced in north. Winter oats fair to good
and ripening rapidly; spring oats mostly very poor and heading short.
. Arkansas.—little Rock: Progress of early cotton very good and stands
and condition very good: chopping advancing rapidly and crop clean and well
cultivated; germination of late poor in some northern and western portions,
due to dry soil, but elsewhere germination good. Progress of corn very good,
but rain needed. Wheat, oats, truck and strawberries damaged in some
northern and western portions by dryness, but fair to very good elsewhere.
Tennessee.—Nashville. Progress of early corn very good, but needs general rain and warmth. General progress of cotuon fair;some not germinating
account coolness and absence of rain, and replanting in sections. Condition
and progress of winter wheat fair; oats poor to fair and need rain. Setting
tobacco delayed account dry soil.
Kerglicky.—Louisville. Cool and very dry. Corn planting nearly finished;
seed beds unsatisfactory and impossible to perfectly condition soil; cultivation of early commenced and stands fairly good; some land unbroken in
extreme north. Growth of tobacco plants irregular because of dryness;
some ready and need good rain for setting. Progress and condition of winter
wheat very good mostly headed in south and heading generally in north.
Oats, clover, meadows and pastures showing effects of dry weather. Rain
and warmth bully needed
THE DRY GOODS TRADE
New York, Friday Night, May 27 1932.
The continuance of favorable weather and scattered improvement of consumption at retail has made it necessary
for stores to place a certain amount of re-order business
on seasonal goods. Some slight expansion of buying at
distributors' hands resulted in some quarters, it is reported,
but the improvement in total was not sufficiently marked to
encourage the hope that a significant change in the textile
situation is in prospect. The improvement •was confined
Largely to a few lines, notably wash goods, sheets and pillow
cases. Textile markets, while doing much toward consolidating their present position against eventualitiel are
Inclined to center attention on the situation in Washington,
where nothing conclusive has yet been done toward balancing the Federal budget and instituting an acceptable relief
program. It is generally conceded that no genuine revival
of business in general can be expected while these issues
remain unclarified. Many textile observers, meanwhile,
share the apprehension of all business observers with regard
to the inflationary flavcrr of many of the plans being considered. While it is thought that the Goldsborough and
Veterans' Bonus bills will not be enacted, they are not the
only measures which are being looked at askance in some
quarters. The relief programs now being offered in Washington include the alternative measures of a large Government bond issue, or an expansion of the Reconstruction
Finance Corporation's resources, which similarly involves
Government expenditures, with the difference that smaller
Issues of bonds would be issued from time to time instead of
Immediately in one lump. Both these projects, together
with other aspects of the programs, are being vigorously
criticized by reputable commentators, though it is generally
conceded that some such plan is necessary. This confusion
of viewpoint is aggravating the nervousness occasioned by
Congress's failure so far to accomplish anything definite.
The forthcoming conference at Lausanne is meanwhile not
being lost sight of. Hope is apparently waning in many
quarters as to the prospects of any satisfactory solution
of the pressing problem of international debts at that meeting, though the warning is widely voiced that the world
cannot recover from the depression while it is burdened with
debts as at present. However, hopeful expressions continue
to be made in textile markets on the score of the great
curtailment now going forward; reduced costs of production,
greatly deflated values, recent evidence of slackening in
the rate of decline in commodity prices. The outlook is concededly disquieting, but hope has by no means been relinquished that the next three months will usher in clarified
conditions, renewed confidence, and measures to cope adequately with the fundamental evils of the depression and
enable the country's purchasers to take advantage of the
May 28 1932
excellent values available. New constructive developments
are of course urgently needed to stimulate confidence, and.
they may be provided relatively early, possibly by the groups
of financiers now occupied in finding ways to utilize the
country's stagnant funds. Meanwhile, there is no indication of any early change in the dullness Which prevails
throughout textiles, and the necessity of continued intensive
and intensified curtailment is being recognized in the only
suitable way—that is, by conforming to it. Further news
of additional curtailment has been coming to hand daily,
especially in the cases of cotton and rayon mills, it is reported. In the rayon division general shutdowns are in
prospect, to offset burdensome stocks which are threatening
to undermine prices. The woolen goods division continues
heavily curtailed, while closing down of finishing and printing machinery in the cotton goods division is proceeding
steadily. Financial backers are said to be having something to do with forcing this concerted move to stabilize
values against the effect of accumulations. Prices have
continued to fall off here and there.
DOMESTIC COTTON GOODS.—Scattered, small, replenishment of seasonable goods was not sufficient to make any
noteworthy change in the cotton goods situation, which continues very slow, 'with attention divided between the insistent struggle to obtain adequate curtailment of production, and the disturbing tenor of conditions outside the
industry. Buyers' caution appeared to be as marked as
ever, and they placed orders only for small lots for spot
or nearby needs. There was some inquiry for future
needs, but it was reported as somewlhat below that of last
week. One encouraging development in this respect, however, is the refusal of many mills to consider orders for
July to September delivery at current prices. Complaints
from some quarters that retail prices are often too high
still, in relation to the declines that have taken place in
raw materials and primary prices for goods, are aggravated
by the accusation that retailers are undermining consumer
confidence by concentrating too much on low qualities. It
is charged that retailers, in order to attract consumers, are
offering them low qualities, which are amenable to bargain
prices rather than reducing their prices on quality goods.
The fact that a vast amount of unfast and unserviceable'
cotton goods is being offered to consumers at this time in
place of the sound fabrics that are available is widely
deprecated by leaders in the trade, who fear that considerable damage will thus be done to the good reputation of
cotton goods which has been built up in the public mind.
National Cotton Week, everything considered, is reputed to
have been a pronounced success. The Cotton-Textile In§titute elicited a general and very gratifying response from
the retail trade which promoted cotton dresses and domestic
products vigorously, and with some material success. For
Instance, there has been no letup in re-ordering of cotton
dresses, which have continued to move steadily into consumption since termination of National Cotton Week. Print
cloths prices continued to recede in dull trading. Print
cloths 27-inch 64x60's constructions are quoted at 2%c., and
28-inch 64x60's at 2%c. Gray goods 39-inch 68x72's constructions are quoted at 3 5/16c., and 39
-inch 80x80's at
3% to 4c.
WOOLEN GOODS.—Greatly curtailed activity in all respects continues to characterize the woolens and worsteds
trade, with production greatly reduced and in some places
at a complete standstill, and duplicates on fall men's wear
suitings coming to hand slowly and stipulating for small
quantities. Price unsettlement seems to be somewhat less
marked than in recent weeks. Some men's wear mills have
reduced prices on semi-staples 5e. to 10c., which brings
them in line with lower prices for wool, and instances are
reported of reductions on certain highly competitive fabrics
by large mills, but it is denied that such reductions were
drastic enough to unsettle the market. Current demand for
tropicals is described as disappointing, and pressure for
reduced prices is insistent. Retailers, it is reported, want
cheap tropicals and cannot afford to use standard cloths.
However, this situation has not yet weakened the position
of mills, which continue to hold prices firm in anticipation
of the time when really hot weather will, it is predicted,
make the limited supplies of tropicals now available move
into consumption very quickly. Initial business on women's
cloakings for fall was not particularly gratifying following
openings by a majority of women's wear mills. There is as
yet no certainty as to style-leaders, and buyers are holding
back until they have had an opportunity to consider well.
Active buying is not looked for until early in July, when,
however, it is expected to approximate satisfactory proportions.
FOREIGN DRY GOODS.—Continued favorable weather
and the appearance of a sharply expanded volume of inquiry
for men's linen suitings during the past week have led
importers to assume that clothing manufacturers will be
buying linens in a large way within the next fortnight.
Retailers, it is understood, are taking larger quantities of
suits, and clothing makers' stocks are depleted. Burlap
business during the week comprised a small amount of
small spot orders for quick delivery. Less than carload
lots were specified in most instances. The tone of the market was barely steady. lacking any constructive news from
Calcutta. Light weights are quoted at 3.15c., and heavies
at 4.33e.
Volume 134
Financial Chronicle
ffitate anti Txtg glepartment
NEWS ITEMS
Florida.—Summary of Supreme Court Decision on Priority
of State, County and City Tax Liens.—The effect of the decision recently handed down by the Supreme Court of Florida
holding that there is no priority between the liens for State
and county taxes and the liens for municipal taxes, in a
lawsuit instituted by the Bondholders' Protective Committee
of Sanford—V. 134, p. 3854—is summarized in a statement
prepared for the committee by Thomson, Wood & Hoffman,
bond attorneys of New York City. The statement reads
as follows:
City of Sanford vs. J. C. Dial.
The suit involved the question of whether there were any priorities
between the liens for State and county taxes and the liens for taxes and
special assessments levied by the City of Sanford. The Bondholders' Protective Committee of the City of Sanford was interested in establishing
that the lien for city taxes was not inferior to the lien for State and county
taxes, and counsel for the committee participated in the argument of this
case in the Supreme Court of Florida. The court held that the liens for
State and county taxes and for city taxes rank on a parity, but that under
the provisions of the Sanford charter the liens for special assessments,
levied under the charter, were inferior to the liens for State and county and
city taxes. The decision that the liens for special assessments were inferior
to the liens for State and county and city taxes was based upon the language
of the Sanford charter, and the court's decision in this respect is applicable
solely to special assessments levied by the City of Sanford. Many municipal charters and special Acts of the Florida Legislature expressly provide
that the liens for special assessments shall rank on a parity with the liens
for State and county taxes. The decision of the Supreme Court in the
case of Sanford vs. Dial does not apply to special assessments levied under
such statutes.
Moreover, the bonds of the City of Sanford, for the payment of which
speclal assessments have been pledged, are general obligations of the city.
he validity of these bonds and the obligation of the city to levy taxes for
their payment were not involved or questioned in the litigation. The right
of the holder of such bonds to compel the levy of taxes upon all taxable
property in the city for their payment is not impaired by that decision,
and the court expressly held that the lien for such taxes ranks on a parity
with the lien for State and county taxes.
The decision in this case is favorable to the holders of Florida municipal
bonds rather than prejudicial to their interests provided their bonds are
general obligations of the municipality, as is almost invariably the case.
The holder of such bonds is assured by this decision that the taxes levied
by the municipality for the payment of the principal and interest of the
bonds will not be rendered uncollectible by reason of the foreclosure of the
lien securing the State and county tax levied upon the same property, and
conversely the holder of bonds secured by county taxes is assured that the
lien securing the payment of such taxes will not be extinguished by the
foreclosure of the lien securing the collection of municipal taxes.
Ruling Given on Payment of Bonds by Delinquent Drainage
Districts.—Bond money collected in the treasury of a delinquent drainage district cannot be paid out by supervisiors
to the first bondholders who ask for it, but must be divided
equally among all holders of the issue, Judge A. V. Long
of Gainesville, has ruled, according to dispatches from Tampa
to the "Wall Street Journal" of May 24. It is stated that
the decision sets a precedent for payment of money by
drainage districts which is opposed to the ruling set in the
case of municipalities by the Supreme Court which ruled in
the case of cities the first bondholders to come should be the
first served (see item under Coral Gables in V. 134, p. 354.).
Idaho.—Statement on Bonded Debt of Taxing Units for
1930.—The following is the latest available data on the
indebtedness of the counties and taxing units of the State,
as tentatively reported in V. 134, p. 3316, forwarded to us
in response to our inquiry by E. G. Gallet, State Auditor,
under date of May 4:
Bonded Indebtedness of the 44 Counties of Idaho as Shown by Annual Reports
of the County Auditors for 1930.
County—
Count(' Bonds. Tot. All Units.
Ada
$839,000.00 $3,568,687.03
Adams
172,500.00
196,400.00
Bannock
2,250,881.78
Bear Lake
205,000.00
772,602.97
Benewah
77,500.00
797,108.10
Bingham
480,000.00
2,393,290.75
Blaine
197.092.34
867,903.34
Boise
7.000.00
11,166.11
Bonner
50,000.00
538,527.35
Bonneville
580.500.00
1,491,739.91
Boundary
385,000.00
1.796,573.04
Butte
138,000.00
297,534.50
(jamas
57.264.45
95,349.45
Canyon
135,100.00
2,566,120.95
Caribou
161,400.00
302,007.32
Cassia
1.299,854.75
Clark_
30,000.00
279,825.00
Clearwater
30,000.00
499,401.75
Ouster
64,000.00
290,812.13
Elmore
21,400.00
725,060.77
Franklin
128,500.00
890,429.64
Fremont
373,900.00
1.100,242.00
Gem
47,000.00
1,683,663.26
Gooding
20,798.29
1,484,344.68
Idaho
977,735.93
Jefferson
212,629.71
784,481.71
Jerome
392,796.34
2,125,772.40
Kootenai
60,000.00
1.478,138.16
Latah
1,782,001.47
Lamb'
290,000.00
407.435.66
Lewis
379,439.75
Lincoln
19,600.00
414,794.00
Madison
261,000.00
1.160,591.50
Minidoka
26,965.09
1,201,245.05
Nee Perce
570,000.00
2,111.606.50
Oneida
199,400.00
356,393.45
Owyhee
160,000.00
199,660.60
Payette
45,000.00
849,829.00
Power
75,000.00
441,107.50
Shoshone
300,000.00
1,198,518.05
Teton
221,000.00
367,286.68
Twin Falls
41,000.00
5.230,063.81
Valley
90,846.39
401,641.97
Washington
330.000.00
1.325 740.66
Totals
$7,496.192.61 $49,393,010.43
Total Bonded Indebtedness of all Idaho Counties for the Year 1930.
Bonding Unit—
Total. Bond. Del.
$7,496,192.61
County
11.491,012.45
Cities and villages
Independent school districts
8,508,338.90
423,500.00
Rural high school districts
2,170,077.35
Common school districts
Irrigation districts
7.172,437.38
2,282,451.74
Drainage districts
9.841.,000.00
Road and highway districts
$49,393,010.43
Total, all bonding units
4021
Financial Statement (As Officially Reported May 13 1932).
Assessable value of property within Province (estimated)----$200,000.000
Gross funded and temporary debt (incl. present issue)
$58,650,294
Less: Revenue-producing debt
$7.122.000
Total sinking funds
$5.741,381
Less sinking fund on revenue-producing debt
806,211
4,935,170
Deposit with Dominion Government
529,299
12,586,469
Net funded and temporary debt
546.063,825
Contingent liabilities in respect to guaranteed obligations
Ordinary revenue fiscal year ended Oct. 31 1931
Ordinary expenditure fiscal year ended Oct.31 1931
Population 408.255 (1931 Census). Area. 27.985 sq. miles.
$1,172,000
5.980.914
6.761.420
Maine.—Additions to List of Savings Bank Legal Investments.—In a bulletin made public on May 21 it was announced by Sanger N. Annis, State Bank Commissioner,
that the following public utility bonds have been added to
the list of investments considered legal for savings banks:
Blackstone Valley Gas & Electric Co., B 55 of 1952.
Northern Pennsylvania Power Co., let & ref. A Es of 1956.
Northern Pennsylvania Power Co., 1st & ref. B bs of 1962.
Michigan.—Public Debt Commission Organized to Refund
Maturing Bonds.—The following is taken from a Lansing
dispatch to the Detroit "Free Press" of May 22 regarding
the organization of a Public Debt Commission that was
authorized at the recent special session—V. 134, p. 3854—
designed to act as a refunding advisory body for municipalities in the State which have bonds maturing within the
next five years:
Michigan's new Public Debt Commission was organized to-day to avert
a State-wide calamity by refunding bonds totaling $50,000,000 within the
next 12 months. The groundwork was laid for a refinancing program that
will offer relief to almost every county,township,school district and municipality by permitting renewal of obligations totaling 8300.000.000 or more
during the five years the Commission is to exist.
Created by an Act passed during the special session of the Legislature,
the Commission is composed of State Treasurer Howard C. Lawrence,
Attorney-General Paul W. Voorhies and Auditor-General 0. B. Fuller.
Mr. Lawrence was made Chairman at the board's first meeting.
Saves Bond Default.
"There would have been a State-wide calamity had this law not been
enacted," State Treasurer Lawrence declared. "Hundreds of local governments would have been forced by circumstances to default their bonds
maturing this year. Governmental credit would have been destroyed
and the thousands of persons owning the securities would have been compelled to wait indefinitely for their money. Meanwhile, interest payments
would have stopped.
"These bonds were sold during those prosperous years when most governments were plunging recklessly into debt. The obligations are beginning
to mature—and the governments are without funds, principally because
of tax delinquencies and the huge cost of welfare work. Had the Legislature not acted, most of the debts would have been repudiated for the time
The new law sets up a safe and sound method of refinancing these
obligations, thus solving the problems. But we are going to prescribe rigid
rules to guard against recurrence of a situation such as exists to-day. We
are going to see to it that when the refunding bonds mature, the money
will be in the local treasuries to take them up."
Rules Being Drafted.
The rules of procedure are now being prepared and probably will be
announced by the Commission within two weeks.
The outstanding debt of the local governments is now $814,148.000.
The State Treasurer estimated that 571,800.000 of this obligation will
become due within the next 12 months. He said the local units will be
able to retire about $22,000,000 and that probably 550,000,000 will be
refunded.
The debt Includes $233.121,000 in sinking fund and long-term securities;
$353,736,000 in serial bonds (most of them issued by school districts);
$57.417,000 in special assessment bonds; 160,154.000 in notes and other
interim paper: $44,603,000 in Covert Road bonds, and $18,365,000 in drain
bonds.
Before any of these debts may be refinanced, the local governments
must apply to the Public Debt Commission and submit to the State a
detailed analysis of their financial conditions.
Mississippi.—Outline of New General Tax Law.—The following detailed outline of the outstanding provisions contained in the new general tax measure signed by Governor
Conner on April 28—V. 134, p. 3668—is sent to us in response to our request of recent date by Leigh Watkins, Jr.,
.
Director of the State Tax Commission:
Salient Features of Emergency Revenue Act of 1932.
(Prepared by Leigh Watkins, Jr., Director)
lst.—License tax ofone dollar must be paid to the Tax Commissioner from
and after the 30th of April for the privilege of engaging in any business
taxable under the Law, conditioned that the tax accruing under the Act
shall be paid.
2nd.—Businesses and Professions Taxable, and rates:
(1)—All manufacturers. Rate 31, of 1% except manufacturers of brick,
drain tile, building tile, sewer pipe. Portland Cement and Portland cement
products and clay products, at rate of 1%. Bottled soft drinks, 1%. Ice
factories, X of 1%. Cotton seed oil mills,
of 1%.
(2)—Producers and miners,rates as follows: 011,2%;Natural gas, 23i
Limestone, sand, gravel and other mineral products, 2%; timber. 2%.
Freight on mineral and manufactured products to be deducted when soul
on delivered price. Timber-tax to be applicable only to persons principally
engaged in producing timber for commercial purposes. Tax to be based on
production within state, regardless of whether sale or deliveries are made
without state.
(3)—Retailers (any person engaged in the business of selling any tangible
property whatsoever, real or personal, not including bonds, stocks or other
evidences of indebtedness)Rate 2%•
a. Wholesalers and jobbers (selling only to retailers or jobbers)—Rate
of 1%.
b. Auto dealers—Rate 1%.
Persons doing business as both wholesaler and Jobber must pay rate
required on business under each classification or if books are not so kept,
must pay on basis of retailer.
(4)—Public Utilities:
a. Water or public sewerage, or street railway—Rate 2%, except municipally owned.
b. Electricity, power and gas—Industrial rate 1%. All other purposes.
2%; except municipally owned.
e. Telegraph business
-2%.
d. Railroad-2%.
e. Sleeping or palace carPullman)-2%•
f. Express companies
-2%.
g. Pipe line companies
-2%.
h. Motor busses, 2%—except school busses.
Exceptions: Inter-State commerce or commerce with foreign countries.
(5)—Every person engaging in any business, profession, trade or calling
taxed under the privilege tax laws of the state, except persons paying taxes
under the Amusement Tax Laws of the State and those otherwise taxed
under the Act, at rate of 2%.
(6)—Contractors (as defined in Privilege Tax Law)—Rate 1%.
Legislature Adjourns.—The regular biennial session of the
State Legislature adjourned on May 18 after having been
in session for 107 days, according to the New Orleans
4022
Financial Chronicle
"Times-Picayune" of May 19. It is stated that before
adjournment the Legislature balanced the budget for the
next biennium with total appropriations of $20,180,891, a
reduction of $7,009,377 under the previous figure.
Pamphlet Issued Describing Outstanding Bond
Issues of Dominion of Canada and Its Provinces.
McLeod, Young, Weir & Co. of Toronto have issued an
interesting booklet showing in detail the various outstanding
bond issues of the Dominion Government and of the
Provinces of Alberta, British Columbia, Manitoba, New
Brunswick, Ontario, Nova Scotia, Quebec, Prince Edward
Island and Saskatchewan. Details given include the
amount of bonds and the rate of interest, the date of maturity, places of payment and the manner of payment,
whether in gold, pound sterling or Canadian funds. In
addition to describing municipal issues, the booklet also
shows the different issues bearing the guarantees of the
Dominion and its Provinces, such as bonds of the Canadian
National Railways. The booklet, according to the bankers,
has been prepared with the idea of facilitating trading in
Canadian securities, one of the essentials of which is the
necessity of knowing exactly where the bonds are payable.
Piqua, O.
-State Supreme Court Affirms Legality of Power
and Light Bonds.
-In a decision handed down on May 18 the
legality of the $810,000 bond issue for light and power purposes,approved by the voters in Nov.1931-V.134,p.3316
was upheld by the State Supreme Court in refusing to review
a decision previously rendered by the Court of Appeals of
Miami County. United Press dispatches from Columbus on
May 18 reported on the case as follows:
A legal action filed by Bernard S. Keyt. Director of Law of Piqua, 0..
against Piqua city officials, seeking to enjoin an issue of bonds and notes
for the purpose of constructing a municipal light plant and distribution
system, met with defeat to-day in the State Supreme Court.
The high court, acting on appeal filed by Keyt on behalf of three taxpayers, refused to review a decision favoring the bond issue by the appeals
court of Miami county.
The decision by the Supreme Court served to uphold legality of the $810,000 bond issue, which was approved in 1931 by Piqua electors.
Two ordinances have been passed by the Piqua City Commission, one
providing for $25.000 and the other for $675,000 of anticipatory notes,
allowing construction of the light plant and distribution system.
Keyt contested issuance of the notes unsuccessfully in the Miami county
courts, claiming that they would place the bonded indebtedness of the city
beyond the legal limitation.
He pointed out that the city had previously issued $450,000 in bonds to
improve and extend the local water works system by order of the Ohio
Board of Health, and claimed that the revenue from the water works system
was not sufficient to retire or pay interest on the bonds, thus necessitating
a tax levy.
Taking such a levy into consideration Keyt contended, the proposed
$810,000 issue of notes would represent an amount beyond the legal limitation.
Keyt asserted further that the legislation and ballot on which the question
of the issue of bonds was submitted were invalid because they provided for
bonds for more than one purpose. He cited a communication to the electors.
stating that the bonds would be used to "construct a municipal electric light
and yoower plant and acquiring the distribution system of the Dayton Power
Si Light Co., if it can be acquired on reasonable terms: otherwise, to construct a distribution system.
The injunction was refused by both the lower courts.
-Suit Dropped on $1,100,000 FundSan Antonio, Tex.
-According to a dispatch from San Antonio to
ing Bonds.
the "Wall Street Journal" of May 25 the suit that has been
-V. 133, p. 4354
pending for so long in the District Court
to block the sale of the $1,100,000 in refunding bonds, has
been dropped. It is stated that the agreement also provides
for a judgment against the city in another suit attacking the
validity of a $4,975,000 bond issue authorized in 1930.
BOND PROPOSALS AND NEGOTIATIONS
ADEL INDEPENDENT SCHOOL DISTRICT (P. 0. Adel), Dallas
-A $17,000 issue of school funding bonds
County, lowa.-BOND SALE.
is reported to have been purchased by an undisclosed investor.
-BONDS AUTHORIZED.
-The
AKRON, Summit County, Ohio.
City Council has voted to issue $72,000 6% special assessment bonds
to be dated June 1 1932 and mature on April 1 as follows: $14,000 from
1933 to 1935, incl., and $15,000 in 1936 and 1937. Denom. $1,000.
-The city is now advertising for sealed
FURTHER BONDS OFFERED.
bids to be opened at 12 M.(Eastern standard time) on June 13 for the purchase of $89,200 coupon or registered bonds. Tenders should be addressed
to E. C. Galieher, Director of Finance. The offering comprises:
$72,000 6% street impt. bonds. Due Oct. 1 as follows: $14,000 from 1933
to 1935 incl., and $15,000 In 1936 and 1937.
17,200 5ji% water works extension and impt. bonds. Due Oct. 1 as
follows: $3.200 in 1933; $3,000 in 1934 and 1935, and $4,000 in
1936 and 1937.
Each issue is dated June 1 1932. Prin. and int. (April and Oct.) payable
at the Chase National Bank, New York. Bids for the bonds to bear interest
at rates other than those indicated above, will also be considered,such rates.
however, to be expressed in a multiple of 31 of 1%. Bids must be for
"all or none" and subject to approval of issues by the purchaser's attorney.
A certified check for 2% of the amount bid, payable to the order of the
Director of Finance, must accompany each proposal.
-The city failed to receive a bid at the offering
BONDS NOT SOLD.
on May 23 of $396,160.43 6% coupon or registered special assessment
impt. bonds, comprising two issues-V. 134. p. 3502.
ALBANY PORT DISTRICT (P. 0. Albany), Albany County, N. Y.
-The S1,800.000 coupon or registered bonds offered on
-BOND SALE.
-were awarded as 5s. at a price of par, to the
May 26-V. 134. p. 3855
only bidder. the National Commercial Bank & Trust Co. of Albany. Dated
Due $40,000 on June 1 from 1937 to 1981. incl.
June 11932.
Financial Statement as of May 1 1932.
4235,377,562
-Real estate, assumed valuations
Albany'
11,994,200
Rensselaer-Real estate, assessed valuations
Total
$247,371,762
$5,036.000
Albany Port District Commission bonded debt
ALBANY INDEPENDENT SCHOOL DISTRICT (P. 0. Albany),
-The $28,000 issue of
-BOND DETAILS.
Shackelford County, Tex.
school refunding bonds that was sold to the State Board of Education
-was purchased as 5s at par. Denom. $2,000. Dated
-V. 134. p. 3669
Jan. 1 and July 1 1932. Due $2,000 from 1933 to 1948, optional on any
interest-paying date. (These bonds were registered on May 18.)
ALICE INDEPENDENT SCHOOL DISTRICT (P. 0. Alice), Jim
-An 918110 Of $128,000
-BONDS REGISTERED.
Wells County, Tex.
5% serial school bonds was registered on May 18 by the State Comptroller.
Denominations $500 and $1,000.
May 28 1932
-The $8,000
ANAMOSA, Jones County, Iowa.
-BOND DETAILS.
Issue of 5% refunding bonds that was purchased at par by local investors
(V. 134. p. 3855) is dated May 18 1932. Due on May and Nov. 18 from
1933 to 1940. Coupon bonds in denom. of $500. Interest payable
M.& N.
-The
-BONDS AUTHORIZED.
ATHENS, Pickaway County, Ohio.
City Council has adopted an amended ordinance providing for the issuance
of $1,378 6% bonds to be dated May 16 1932 and mature $689 on March
15 in 1933 and 1934.
-BONDS AUTHORATTALA COUNTY (P. 0. Kosciusko), Miss.
-A bill was recently signed by Governor Conner authorizing the
IZED.
County Board to issue without an election $869,000 in bonds for refunding
road bonds.
-BOND DETAILS.BANDERA COUNTY (P. 0. Bandera), Tex.
The $6,000 issue of 53i% semi-ann. funding bonds that was reported sold
-was purchased by the First State Bank of
recently
-V. 134. p. 2378
Bandera, at a price of 97.50, a basis of about 6.12%. Denom. $500.
Dated Nov. 10 1931. Due on May 10 as follows: $500, 1932 to 1935, and
$1.000. 1936 to 1939, incl.
-BOND OFFERING.
-It is
BASTROP, Morehouse Parish, La.
reported that sealed bids will be received until June 15 by Mayor J. R.
Ludlum, for the purchase of a $30,000 issue of 6% semi-ann, street impt.
bonds.
-BOND OFFERING.
-John C.
BATAVIA, Genesee County, N. Y.
Pratt, City Treasurer, will receive sealed bids until 12 m.(Eastern standard
time) on June 6 for the purchase of $35.141.71 not to exceed 5% interest
registered street improvement bonds, divided as follows:
$18,565.47 series A bonds. Due June 1 as follows: $1,900 from 1933 to
1941 incl. and $1,465.47 in 1942.
16,576.24 series B bonds. Due June 1 as follows' $1,600 from 1933 to
1940 incl., $2,000 in 1941 and $1,776.24 in 1942.
Each issue is dated June 1 1932. Rate of interest to be expressed in a
multiple of 3.1 or 1-10 of 1% and must be the same for all of the bonds.
Principal and interest (June and December) will be payable at the Genesee
Trust Co., Batavia. A certified check for $700. payable to the order of
the city, must accompany each proposal. The approving opinion of Clay.
Dillon & Vandewater of New York will be furnished the successful bidder.
-BOND OFFERING -William
BAYONNE, Hudson County, N. J.
P. Lee, City Clerk, will receive sealed bids until 11 a.m. (daylight saving
time) on June 7 for the purchase of $1,016,000 434, 431, 5. 55.i, 5A, 55i
or 6% coupon or registered bonds, divided as follows:
$621,000 general !rapt. bonds. Due May 1 as follows: $20,000 from 1934
to 1957, incl.; $30.000 from 1958 to 1961, incl., and $21,000 in
1962.
library bonds. Due May 1 as follows: $10.000 from 1934 to
304,000
1956, incl.; $15,000 from 1957 to 1960, incl.. and $14,000 in 1961.
91,000 school bonds. Due May 1 as follows: $3.000 from 1934 to 1958.
incl., and $4,000 from 1959 to 1962, incl.
Each issue is dated May 11932. Denom. $1,000. Prin. and int.(May
and Nov.) will be payable at the Bayonne branch of the Hudson County
National Bank, or at the Chase National Bank, N. Y. City. No more
bonds are to be awarded than will produce a premium of $1.000 over the
amount of each issue. A certified check for 2% of the bonds of each issue
bid for, payable to the order of the city is required. Separate certified
checks must be made for each issue. The approving opinion of Hawkins,
Delafield & Longfellow of New York will be furnished the successful bidder.
(The city originally intended to receive sealed bids until April 5 for the
Purchase of $1,016,000 not to exceed 5% interest bonds designated for
-V. 134, p. 2002.)
the same purposes as indicated in the present offering
-It is
-WARRANT SALE.
BEAUMONT, Jefferson County, Tex.
reported that local banks have purchased at par a block of $148,000 of a
total authorized issue of $160,000.
BETTENDORF, Scott County, Iowa.-BONDSALE.-A $9,846 issue
of 5% sewer bonds is said to have been purchased at par by the WhitePhillips Co. of Davenport at a recent sale.
BLAIR, Washington County, Neb.-PURCHASER.-The $7,500
Issue of sewer bonds that was awarded as 434s at par (V. 134, p. 3856)
was purchased by Wachob, Bender & Co. of Omaha. Dated Nov. 11932.
Due on Nov. 11951,optional on Nov. 11937.
-Sealed
•
BRISTOL, Washington County, Va.-BOND OFFERING.
bids will be received by J. F. McCrary, City Comptroller. until 4 p. m.
(Eastern standard time) on June 7 for the purchase of a 350,000 issue of
street improvement and bridge construction bonds. Interest rate is not
to exceed 6%, payable semi-annually.
BROOKHAVEN SCHOOL DISTRICT (P. 0. Carom), Suffolk
-Alma Q.
-APPROVAL OF BOND rssuE CONTESTED.
County, N. Y.
Davis, Clerk of the Board of Education, states that an appeal is now
before the State Commissioner of Education contesting the legality of
the election held on March 8 at which a $32 000 school bond issue was
-V. 134, p. 2199.
voted.
BURLINGTON, Chittenden County, Vt.-BOND OFFERING.Walter 0. Lane, City Treasurer, will receive sealed bids until 3:30 p.m.
% coupon or
(standard time) on May 31 for the purchase of $50.000
registered road construction bonds. Dated June 11932. Denom, 31,000.
Due on Dec. 1 1959. Prin. and int. (June and Dec.) will be payable at
the office of the City Treasurer. The bonds will be prepared under the
supervision of the Old Colony Trust Co., Boston, whose certificate as to
legality will be signed thereon. A certified check for 2% of the par value
of the bonds, payable to the order of the City Treasurer, must accompany
each proposal. The approving opinion of Ropes, Gray, Boyden & Perkins
of Boston will be furnished the successful bidder. Bonds will be delivered
at the office of the City Treasurer or at the First National Bank of Boston,
at purchaser's option.
Financial Statement.
339.441,830.00
Assessed valuation, 1931
2.491,000.00
Bonded debt, not including this issue
None
Water debt
68,214.87
Sinking funds
Population (1930). 24,789.
-BOND SALE.
-It is
CALHOUN COUNTY (P. 0. Anniston), Ala.
now reported that the remaining $63,000 of the $76,000 issue of court house
-has since beer
bonds that was partially sold in March-V. 134. p. 2575
sold.
-BOND SALE.
CAMBRIA TOWNSHIP SCHOOL DISTRICT, Pa.
L. S. Jones. Secretary of the Board of Directors, reports that an issue
of $60,000 531% coupon school bonds was sold on May 4 to the State
Teachers' Retirement Fund, at Harrisburg. Price paid was par and
accrued interest to date of delivery of bonds. Issue is dated April 1 1932.
Denom. $1,000. Interest is payable in A. & 0.
CAMBRIDGE, Lantoille County, Vt.-BOND OFFERING -Sealed
bids will be received at the office of Elsie C. Smith. in Jeffersonville, until
June 6 for the purchase of $45,000 5% coupon refunding bonds. Due on
Nov. 1 as follows: $2,500 from 1932 to 1949 incl., and $2,000 in 1950.
Prin. and Int. (M. St N.) will be payable at the First National Bank.
of Boston.
-NOTESALE.-lIoward B. Capon,
CANTON, Norfolk County, Mass.
Town Treasurer, reports that the $28,000 issue of coupon sewer notes
offered on May 19 was awarded as 434s to R. L. Day & Co., of Boston, at
a price of 100.399, a basis of about 4.35%. Dated May 15 1932. Denom.
$1,000. Due May 15 as follows: $6,000 from 1933 to 1935 incl., and 35,000
in 1936 and 1937. The Merchants National Bank, of Boston, the only other
bidder, named a price of 100.27 for the issue at 4 Yi% interest.
-Samuel E.
-BOND OFFERING.
CANTON, Summit County, Ohio.
Barr, City Auditor, will receive sealed bids until 1 p. m.(Eastern standard
the purchase of 33.256 6% storm water sewer contime) on June 13 for
struction bonds. Dated June 11932. One bond for $756.others for $750
and $500. Due June 1 as follows: $756 in 1934; $500 in 1935: 3750 In 1936:
$500 in 1937, and $750 in 1938. Principal and interest (June and Dec.)
will be payable at the office of the City Treasurer. Bids will also be considered for the bonds to bear interest at a lesser rate of interest. Proposals
must be accompanied by a certified check for 5% of the amount of bonds
bid for. Blank bidding form furnished upon application to the City
Auditor.
-BONDS CALLED.
CASCADE COUNTY(P.O. Great Falls), Mont.
It Is announced by John McDonald, County Treasurer, that he is calling
Volume 134
Financial Chronicle
for payment on July 1, on which date interest shall cease, various of the
4X% and 5% North Bridge bonds of the issue of July 1 1918, to be payable
at the Irving Trust Co. in New York, and a few of the 4X% School District
No. 1 bonds of the issue of July 1 1917. These bonds are payable at the
office of the County Treasurer.
-WARRANTS CALLED FOR REDEMPCHICAGO,Cook County,111.
-Lewis E. Myers, President of the Board of Education, has anTION.
nounced that the following tax anticipation warrants are called for redemption on or before May 31, payment of which will be made upon presentation
of the same to the office of the City Treasurer, Halsey. Stuart & Co. of
Chicago cr the Guaranty Trust Co. of New York: Building fund, 1930,
No. 1535, for $1.000, and Nos. 1618 to 1629, for $5,000 each, 5% , dated
Nov. 1 1930.
CLEVELAND HEIGHTS, Cuyahoga County, Ohio.
-BOND OFFERrNa.-Charles C. Frazine, Director of Finance, will receive sealed bids
until 1.1 a. m. (Eastern standard time) on June 6 for the purchase of
$198,050 6% bonds divided as follows:
$111.000 street impt. bonds. Due Oct. 1 as follows: $11,000 from 1933
to 1937 incl.; $12,000 in 1938, and $11,000 from 1939 to 1942 incl.
49,550 sewer bonds. Due Oct. 1 as follows: $1,550 in 1933 and $5,000
from 1934 to 1942 incl.
27,000 park impt. bonds. Due Oct. 1 as follows: $2,000 in 1933;
$3,000 from 1934 to 1937; $2.000 in 1938; $3,000 from 1939 to
1941 and $2,000 in 1942.
10,500 water main bonds. Due Oct. 1 as follows: $1,500 in 1933 and
$1,000 from 1934 to 1942 incl.
Each issue will be dated July 1 1932. Prin. and int. (A. & 0.) payable
at the office of the Director of Finance or at the legal depository of the
city in Cleveland. Bids for the bonds to bear interest at a rate other
than 6%, expressed in a multiple of X of 1%. will also be considered.
A certified check for 3% of the bondsbid for, payable to the order of the
Director of Finance, is required.
BOND OFFERING.
-Mr. Frazine will receive sealed bids until 11 a.m.
(eastern standard time) on June 20, for the purchase of $2,345 6% property
portion water course improvement bonds, first issue of 1932. Dated July 1
1932. Due Oct. 1 as follows: $145 in 1933: $3300 in 1934; $200 In 1935 and
1936; $300 in 1937: $200 in 1938 and 1939; $300 in 1940; $200 In 1941, and
$300 in 1942. Principal and interest (April and October) payable at the
office of the Director of Finance or at the legal depository of the City in
Cleveland. Bids for the bonds to bear interest at a rate other then 6%,
expressed in a multiple of X of 1%, will also be considered. A certified
check for 3% of the amount bonds bid for, payable to the order of the
Director of Finance, must accompany each proposal.
COCHISE COUNTY SCHOOL DISTRICT NO. 16 (P. 0. Bisbee),
Ariz.
-BONDS NOT SOLD.
-The $2,000 issue of 6% semi-annual school
bonds offered on April 23-V. 134, p. 2950-was not sold, as there were
no bids received. Dated April 15 1932. Due $200 from 1933 to 1942 incl.
COLUMBUS, Lowndes County, Miss.
-BOND DETAILS.
-The two
issues of refunding street impt. bonds agg.regating $29,000 that were purchased by local Investors
-V. 134, p. 276 -were awarded as 65. and
were sold at par. Due in 20 years.
CORSICA SCHOOL DISTRICT (P. 0. Corsica), Jefferson County.,
Pa.
-BONDS NOT SOLD.
-A $3,240 issue of school bonds was offered
on May 20 but was not sold as there were no bids received, according
to A. W. Luther. District Secretary.
CRANFORD TOWNSHIP (P. 0. Cranford), Union County, N. J.-Sealed bids addressed to Alvin R. Denman, Township
BOND OFFERING.
Clerk, will be received until June 14 for the purchase of $174,000 bonds.
comprising $116,000 assessment bonds and $54,000 of public improvement.
-BOND SALE.
CUMBERLAND COUNTY (P. 0. Fayetteville), N. C.
-We are informed that a $75.000 issue of 534% semi-annual road, bridge,
court house and jail refunding bonds authorized by the County Commissioners last November has been purchased at par by T. A. Uzrell & Co. of
Greensboro.
DEFIANCE COUNTY (P. 0. Defiance), Ohio.
-BOND SALE.
The following issues of coupon bonds aggregating $40,000 offered on May
23-V. 134, p. 3670
-were awarded as 5345 to the Provident Savings Bank
& Trust Co., of Cincinnati, at par plus a premium of $108, equal to a price
of 100.27. a basis of about 5.44%:
$330,000 bridge construction bonds. Due Sept. 1 as follows: $4,000 from
1934 to 1938 incl., and $5,000 in 1939 and 1940.
10,000 road bonds. Due Sept. 1 as follows: $2,000 in 1934 and 1935,
and $3,000 in 1936 and 1937.
Each issue is dated Dec. 1 1931. Bids received at the sale were as follows:
BidderInt. Rate.
Premium.
Provident Savings Bank & Trust Co. (purchaser) -5X
$
Banc Ohio Securities Co., Columbus
178 00
02 00
534
Seasongood & Mayer, Cinc nnati
51.00
534%
Assel, Goetz & Moerlein, Cincinnati
534%
56.50
Widman, Holzman & Katz, Cincinnati
23.00
534%
Weil, Roth & Irving Co., Cincinati
n
6
261.00
Prudden & Co., Toledo
106.00
13(/
State Bank, Defiance
Par
640
DES MOINES INDEPENDENT SCHOOL DISTRICT (P. 0. Des
Moines) Polk County, Iowa.
-BOND SALE.
-An issue of 5149,0004 X%
coupon school refunding bonds was purchased recently by the Harris Trust
& Savings Bank of Chicago at a price of 101.51, a basis of about 4.26% •
Denom. $1,000. Dated July 1 1932. Due on July 1 as follows: $24,000
In 1938:$65,000, 1939, and $30,000 in 1940 and 1941. Principal and interest
(J.& J.) payable in the office of the School Treasurer at Des .vtoines. Legality to be approved by Chapman & Cutler of Chicago.
Financial statement (As Officially Reported on May 1 1932 by the Secretary).
Value of taxable property
$229.835,064
*Total debt (this issue included)
7.709.500
Population 1930 census, 142,559; 1920 census, 126.468.
* The constitutional debt limit is 5% of the value of taxable property.
The Supreme Court of Iowa defined this to be 5% of the actual value of
taxable property as returned by the assessor and as equalized.
-COUNCIL VOTES TO RENEW
DETROIT, Wayne County, Mich.
NOTE ISSUES.
-The city council has voted to renew until Sept. 1 1932,
at not to exceed 6% interest, $15,750,000 bond anticipation notes which
become due on June 1. It also voted to extend until Aug. 16 1932, at not
to exceed 6% interest, maturing tax anticipation notes to the amount of
$582,000.
G. Hall Roosevelt, City Controller, has stated that the note holders have
indicated a willingness to renew their holdings. Those holding the Lotes
are: First Wayne National Bank, $7,000,000; Guardian National Bank of
Commerce, $1,000,000: Detroit Trust Co., $500,000; Packard Motor Car
Co.,$500,000; Detroit Savings Bank,$500,000, and the Bankers Trust Co.,
$6,250,000.
Tax anticipation notes for $582,000 are held by the Guaranty Trust Co.
of New York.
DUNMORE SCHOOL DISTRICT, Lackawanna County, Pa.
BONDS DEFEATED.
-The election held on April 26 resulted in the defeat
of the proposal to issue $400,000 school building construction bonds. The
measure was closely contested, votes in the affirmative numbering 2,921
as compared with 3,020 in the negative.
EAST BRUNSWICK TOWNSHIP (P. 0. Old Bridge) Middlesex
-The First Naticn al Bank, of Mill-OPTION GRANTED.
County, N. J.
-day option on the issue of $60.000 6% coupon or registown, has taken a 30
unsucce:sfully offered on May 5-V. 134, p.
tered temporary water bonds
3857. Dated May 1 1932. Due May 1 as follows: $6.000 from 1934ot
1937 incl.; 512.000 in 1938 and $6,000 from 1939 to 1942 incl.
EAST FORK IRRIGATION MSTRICT (P.O. Odell), Hood County,
Ore.
-BOND OFFERING.-Soaled bids will be received until 2 p. m. on
June 22 by E. E. Loge, President of the Board of Directors, at Room 16
of the Pythian Bldg. in Hood River, for the purchase of a 526,200 issue of
refunding bonds. Denom. $500 and $100. Dated July 1 1932. Due
.000 on July 1 1937; $4,000 Jan. 1 and $4,500 July 1 1938; $1.500
°
Jan. 1 and July 11939; $500, Jan. 1 1940. and $200 on July 11942. Prin.
and int. (J. & J.) payable in gold or its equivalent at the office of the
County Treasurer. A certified cheek for 2% of'the face value of the bonds
bid for, payable to the President of the Board, is required. (This report
supersedes the preliminary notice given in V. 134, p. 3857.)
-BOND OFFERING.-Aurilla
ELDRIDGE, Onondaga County, N. Y.
Wood, Village Clerk, will receive sealed bids until8 p. m.(Eastern Standard
time) on May 31 for the purchase of $52,000 not to exceed 6% interest
4023
coupon or registered water bonds. Dated June 1 1932. Denom. $1,000.
Due $2,000 on June 1 from 1937 to 1962 incl. Rate of interest to be expressed
in a multiple of X of 1%. Principal and interest (June and Dec.) will be
payable at the Syracuse Trust Co., Syracuse, or at the New York Trust Co.,
New York. 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
t.2723e
p e succ ssful bidder.
h
)
(These bonds were voted at an election held on Oct. 21 1931.-V. 133.
-The $75,000
ELLSWORTH, Hancock County, Me.
-BOND SALE.
-were awarded
coupon funding bonds offered on May 25-V. 134. p. 3857
as 434s to the Chase Harris Forbes Corp.. of Boston, at a price of 98.43, a
basis of about 4.50%. Dated June 1 1932. Due on June 1 as follows:
$5,000 from 1933 to 1941 incl., and $10,000 from 1942 to 1944 incl. Only
one bid was received at the sale.
-BOND SALE.
-The $30.000
ELWOOD, Madison County, Ind.
434% swimming pool construction bonds offered on May 16-V. 134, p.
-have been purchased at a price of par by the contractors for the
3670
project. Dated Jan. 1 1932. Due on Jan. 1 as follows: $33,000 from
1935 to 1942 incl., and $6,000 in 1943.
-TEMPORARY WAN.
ESSEX COUNTY (P. 0. Salem), Mass.
The Second National Bank, of Boston, has purchased a $200,000 temporar
loan at 2.07% discount basis. Due on Nov. 10 1932. Bids received at the •
saB dder as follows:
leiwere
Discount Basis.
Second National Bank (successful bidder)
2.10E
33 42
2 57
2
Merchants National Bank of Salem (plus $.95 premium)
Gloucester Safe Deposit & Trust Co
2.93
Faxon, Gade & Co
Naumkeag Trust Co
Cape Ann National Bank
-The
EXCELSIOR SPRINGS, Clay County, Mo.-BOND SALE.
$10,000 issue of emergency bonds that was authorized by the City Council
-Is reported to have since been purchased by
3857
on May 9-V. 134, p.
the local depository.
-BOND REPORT.
FAYETTEVILLE, Cumberland County, N. C.
The city is reported to have made arrangements for the issuance of the
$65,000 of river terminal bonds that were voted on Nov. 17 1931-V. 133.
13• 3492.
-ASSESSED VALUATION FIGURE
FLINT, Genesee County, Mich.
REDUCED.
-The State Board of Review has reduced the total of assessed
valuation an additional $17,600,000. the total contraction in the figure
for 1932 as compared with that of 1931 being $30,000.000. according to
report.
-BOND OFFERING.
FORT EDWARD, Washington County, N. Y.
Fred J. Betts. village Clerk, will receive sealed bids until 7:30 p. m.(daylight saving time) on June 7 for the purchase of $23,000 not to exceed 5%
Interest street paving bonds. Dated July 1 1932. Denom. 51.000. Due
July 1 as follows: $4,000 from 1934 to 1938 incl. and $.3,000 in 1939. Principal and interest (January and July) will be payable at the Fort Edward
National Bank. A certified check for 10% of the amount of the bid, payable to the order of the v illage Treasurer, is required.
-It Is
FORT SCOTT, Bourbon County, Kan.
-BOND ELECTION.
reported that an election will be held on June 7 in order to vote on the proposed issuance of $45.000 in bridge bonds.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BONDS AUTHORIZED.
-The application of the county for authority to issue $601,600 poor
relief bonds in accordance with legislation enacted at a special session of the
State Legislature
-V. 134, p. 3502
-was favoranly acted upon by the State
Relief Commission on May 19. Proceeds of the bonds will be distributed
to the various local sub-divisions in the county in accordance with their
needs, and re-payment of the same will be made from the proceeds of an
additional 1% levy on the gross revenues of utilities in the State.
-At the election
FREDERIC, Polk County, Wis.-BONDS VOTED.
held on May 16-V. 134. p. 3671-the voters approved the proposed
issuance of $25,000 in street paving bonds by a large majority. It is stated
that the Village Board then authorized a $25,000 loan application from the
trust funds of the State to carry on work.
-The
FROSTBURG, Allegany County, Md.-BONDS NOT SOLD.
issue of $25,000 434% coupon tax-exempt water improvement bonds offered
on May 19-V. 134, p.3671- was not sold, as all of the bids submitted were
rejected. Dated June 1 1931. Due $1,000 annually on June 1 from 1936 to
1960 incl.
GALVESTON INDEPENDENT SCHOOL DISTRICT (P. 0. Galveston), Galveston County, Tex.
-BONDS AUTHORIZED.
-The Board
of School Trustees is reported to have been authorized by the City Commission to issue and sell $100,000 in school bonds.
GLADEWATER INDEPENDENT SCHOOL DISTRICT (P. 0.
-It is reported
Gladewater), Gregg County, Tex.
-BOND ELECTION.
that an election will be held on May 30 in order to have the voters pass on
the proposed issuance of $125,000 in 5% semi-ann. school bonds. (This
report supplements the preliminary notice given in V. 134, p. 1811.)
-The
GLOUCESTER, Essex County, Mass.
-TEMPORARY LOAN.
-was awarded
$75.000 temporary loan offered on May 25-V. 134. p. 3857
to Arthur Perry & Co. of' Boston, at 2.50% discount basis. Dated May 25
1932 and due on Nov. 25 1932. Bids received at the sale were as follows:
i
zis.
Discou2n.t7B
Bidder
.505
1
/
Arthur Perry & Co. (successful bidders)
Gloucester Safe Deposit & Trust Co
2.815%
Gloucester National Bank
2.95%
Cape Ann National Bank, Gloucester
2.98%
Faxon. Gade & Co
3.24%
Jackson & Curtis
GOOSE CAMP SCHOOL DISTRICT NO. 10 (P. 0. Selfridge), Sioux
-Sealed bills will be
County, N. Dak.-CERTIFICATE OFFERING.
received until 2 p.m. on June 4 by Oscar Brugmann, District Clerk, at the
office of the County Auditor in Fort Yates, for the purchase of an issue of
$1,000 certificates of indebtedness. Denom. $500. Dated June 4 1932.
Due 8500 on June 4 1933 and 1934. Prin. and int. payable at a place
designated by the purchaser. A certified check for 2% of the bid, payable
to the District Treasurer, is required.
-BONDS CALLED.
GRAND JUNCTION, Mesa County, Colo.
It is stated that the City Treasurer is calling for payment at his office
on June 11, on which date interest shall cease, various alley paving district,
paving district, sidewalk district, combined sewer district and sewer
district bonds.
-BOND SALE.
-The $250.000
GRAND RAPIDS,Kent County, Mich.
-were
social service relief bonds offered on May 23-V. 134 p. 3857
awarded as 4345 at a price of par to the First Securities Corp. of St. Paul
and Minneapolis. Dated June 1 1932. Due $50,000 on June 1 from 1934
to 1938 incl.
GRAND RAPIDS AND KENT TOWNSHIPS FRACTIONAL
SCHOOL DISTRICT NO. 3(P. 0. East Grand Rapids) Kent County,
Mich.
-BOND OFFERING -Louis J. DeLamarter, Secretary of the
Board of Education, will receive sealed bids until 7 p.m.on May 28 (to-day)
for the purchase of 316.000 not to exceed 6% refunding bonds, dated June 1
1932 and $2,000 on June 1 from 1933 to 1940, incl. Principal and semiannual interest payaale at the Grand Rapids Savings Bank, Grand Rapids.
The School District will furnish at its own expense the printed bonds and
the legal opinion of Miller, Canfield, Paddock & Stone, of Detroit. A
certified check for 2% of the amount of the bid must accompany each
proposal.
GRAYS HARBOR COUNTY SCHOOL DISTRICT NO. 100 (P. 0.
-Of the $35.000
Montesano) Wash.
-BONDS PARTIALLY AWARDED.
Issue of 6% refunding bonds offered for sale on May 23-V. 134 p. 3504a block of $20,000 bonds was purchased by the State of Washington at par.
Dated June 10 1932. Due in from 2 to 10 years and optional after 2 years.
GREENBURGH (P. 0. Tarrytown), Westchester County, N. Y.
BOND SALE.
-The $65,142.75 coupon or registered street improvement
bonds offered on May 26--V. 134, p. 3857-were awarded as 5.40s to the
M.& T. Trust Co. of Buffalo at a price of 100.379, a basis of about 5.34%
Dated March 1 1932. Due on March 1 as follows: $5,142.75 in 1933 and
55,000 from 1934 to 1945 inclusive.
4024
Financial Chronicle
GREENVILLE, Hunt County, Tex.
-BONDS REGISTERED.
-On
May 19 a $45.000 issue of 43.6% refunding, series C of 1932 bonds was
registered by the State Comptroller. Denom. $1,000. Due serially.
HALLOWELL WATER DISTRICT, Kennebec County, Me.
-BOND
SALE.
-The issue of $25,000 4 % coupon sinking fund gold bonds unsuccessfully offered on Feb. 4-V. 134, p. 1062
-has since been sold at par
as follows: $13.000 to the Augusta Savings Bank, of Augusta, and $12.000
to H. M.Payson & Co., of Portland. Dated Jan. 1 1932 and due on Jan. 1
1957.
HAMILTON COUNTY(P.O.Cincinnati),Ohio.
-BOND OFFERING.
-E. J. Dreihs, Clerk of the Board of County Commissioners, will receive
sealed bids until 12 M. on June 17 for the purchase of $103,371.63 434%
Deer Park sewer construction bonds. Issue will be dated June 1 1932.
The bonds will mature as follows: $11,371.63 March 15 and $10,000 Sept.
151933;$11,000 March and $10,000 Sept. 15 in 1934 and 1935. and $10,000
March and Sept. 15 from 1936 to 1952 incl. Prin. and int. will be payable
at the office of the County Treasurer. Bids for the bonds to
bear interest at a rate other than 43
4%,expressed in a multiple of of 1%,
will also be considered. In bidding for the sewer construction issue, a
certified check in amount of $4.034, payable to the order of the County
Treasurer, is required. A complete transcript of the proceedings with
respect to the issue will be furnished the successful bidder. Unofficial
reports state that bids will also be received on June 17 for the purchase
of $1,000.000 4;(% poor relief bonds, dated June 1 1932 and due from
t
1934 to 1938 incl.
HAMPDEN COUNTY (P. 0. Springfield), Mass.
-LOAN OFFERING.
-John J. Murphy, County Treasurer, will receive sealed bids until
12 m. (daylight saving time) on June 8 for the purchase at discount basis
of a $100,000 temporary loan. Dated June 9 1932 and payable on Nov. 8
1932. Denoms. $25,000, $10.000 and $5,000. Notes evidencing the
existence of the debt will be authenticated as to genuinenesa and validity
by the First National Bank of Boston under advice of Ropes. Gray, Boyden
& Perkins of Boston.
HANNIBAL SCHOOL DISTRICT(P.O. Hannibal) Marion County,
Mo.-BONDS VOTED.
-It is reported that at an election held recently
the voters approved a proposal calling for the issuance of $320.000 in high
school construction and negro school improvement bonds.
HARRISON COUNTY (P. 0. Corydon), Ind.
-BOND OFFERING.
Fred I. Wolpert, County Auditor, will receive sealed bids until 2 p.m. on
May 21 for the purchase of $5,100 4% Morgan Township road construction bonds. Dated May 31 1932. Denom. $255. Due one bond each
six months from July 15 1933 to Jan. 15 1943.
HARTLEY COUNTY (P. 0. Charming), Tex.
-BOND ELECTION.
-It is reported that an election will be herd on June 25 in order to have
the voters pass on the proposed issuance of $150,000 in highway bonds.
HENDRICKS COUNTY (P. 0. Danville), Ind.
-BOND OFFERING.
-Byron N. Cox, County Treasurer, will receive sealed bids until 10 a.m.
on June 3 for the purchase of $8,000
% Brown Township road improvement bonds. Dated June 1 1932. Denom. $400. Due one bond each
six months from July 15 1933 to Jan. 15 1943.
HILLSDALE, COPAKE, CLAVERACK, TAGHKANIC, AUSTERLITZ, ANCRAM,GALLATIN AND NORTHEAST CENTRAL SCHOOL
DISTRICT NO. 1 (P. 0. Hillsdale), N. Y.
-BOND OFFERING -N,P.
Holmes, District Clerk, will receive sealed bids until 2.30 p. m. on June 18
at the office of James B. Bell, Hillsdale, for the purchase of $295,000 not to
exceed 6% int. coupon or registered school bonds. Dated June 1
Denom. $1,000. Due June 1 as follows: $5,000 from 1934 to 1938 incl.;
1932*
$10,000 from 1939 to 1942 incl.; $15,000 from 1943 to 1946 incl.: $20,000
from 1947 to 1952 incl., and $25,000 in 1953 and 1954. Rate of int. to be
expressed in a multiple of ).1 of 1%. Prin.and int.(J. & D.) will be payable
at the Farmers National Bank, Hudson, or at the Chase National Bank,
New York. Legallty approved by Hawkins, Delafield & Longfellow of
New York.
HILLSIDE TOWNSHIP (P. 0. Hillside), Bergen County, N. J.
BONDS NOT SOLD.
-The failure of the township to receive a Md at the
offering on May 25 of $1,438,000 not to exceed 6% int, bonds marked the
third occasion on which the bonds have been unsuccessfully offered.
-V.134,
P. 3857. Bidders were privileged to name a price of 99 for the issue under
the provisions of a bill signed on March 23 by Governor A. Harry Moore.
-V.134, p. 2574. Following the unsuccessful offering, the township council authorized H. L. Allen & Co.of New York, to negotiate for the exchange
of $1,000,000 of the bonds for a like amount of temporary securities, which
became due on Jan. 1 1932. The Township itself will endeavor to effect
a similar exchange agreement with the holders of a further $355,000 notes,
which also fell due on Jan. 1. The holders of the notes have agreed to
extend the maturity date until July 1 1932. In the interim the township
has tried to fund the issue through the sale of the permanent obligations.
HINTON, Summers County, W. Va.-BONDS DEFEATED.
-At the
election held on May 10 (V. 134, p. 3504) the voters rejected the proposal
to issue $30.000 in bridge bonds.
HOBOKEN, Hudson County, N. J.
-BOND OFFERING.
-William
H. Gillett, Director of the Department of Revenue and Finance, will
receive sealed bids until 10 a. m. (Daylight saving time) on June 7 for
the purchase of $216,000 6% coupon or registered bonds, divided as follows:
$161.000 school bonds. Due July 1 as follows: $15,000 from 1933 to 1940
incl.; $20,000 in 1941, and $21,000 in 1942.
55,000 fire and police bonds. Due July 1 as follows: $5,000 in 1934
and 1935: $6,000 from 1936 to 1939 hid., and $7,000 from 1940
to 1942 incl.
Each issue is dated July 1 1932. Denom. $1,000. Prin. and int.
(J. & J.) will be payable at the City Treasurer's office or at the Bank of
New York & Trust Co., New York. No more bonds are to be awarded
than will produce a premium of $1,000 over the amount of each issue. A
certified check for 2% of the bonds, payable to the order of the city, must
accompany each proposal. The approving opinion of Hawkins, Delafield
& Longfellow, of New York, will be furnished the successful bidder.
-The $32,500
-BOND SALE.
HOLCOMB, Ontario County, N. Y.
coupon or registered water bonds offered on May 24 (V. 134, p. 3671)
were awarded as 5s to the Ontario County Trust Co. of Canandaigua, the
only bidder, at par plus a premium of $325, equal to a price of 101. a
basis of about 4.915%. Dated June 1 1932. Due June 1 as follows:
$1,000 from 1935 to 1965. incl., and $1,500 in 1966.
-A
-NOTE SALE.
HUMPHREYS COUNTY (P. 0. Belzoni), Miss.
$30,000 issue of 6% tax anticipation notes is reported to have been purchased by the Union & Planters Co. of Memphis. Dated April 4 1932.
Legality approved by Benj. H. Charles of St. Louis.
-BIDS ASKED FOR BONDS
INDIANAPOLIS, Marlon County, Ind.
OF THE CITY ITSELF. THE SCHOOL DISTRICT AND THE SANITARY DISTRICT.
-William L. Elder, City Comptroller, will receive
sealed bids until 11 a.m.(Central standard time) on June 1 for the purchase
of $100,000 4(% coupon municipal street improvement bonds of 1932.
first issue. Dated June 1 1932. Denom. $1,000. Due $5,000 on July 1
from 1933 to 1952, incl. Principal and interest (Jan. and July) will be
payable at the office of the City Treasurer and will constitute an obligation of the city, according to the notice of sale. Proposals must be accompanied by a certified check for 2 % of the issue.
SCHOOL DISTRICT NONDS OFFERED.
-A,B. Good, Business Director of the Board of School Commissioners of the city, will receive sealed
bids until 11:30 a.m. on June 7 for the purchase of $48,000 4 % Arsenal
Technical School remodeling bonds. Dated June 10 1932. Denom.
$1,000. Due $2,000 on Jan. 1 from 1933 to 1956. incl. Interest payable
semi-annually in Jan. and July. A certified check for 3% of the bonds bid
for, payable to the order of the Board of School Commissioners, must accompany each proposal. Paraphernalia to be used in bidding for the issue
will be furnished upon application to the Business Director of the district.
Legislative enactment authorizing issuance of the bonds will be found in
the Indiana statute of March 9 1931 (Acts of 1931. page 291).
SANITARY DISTRICT BONDS OFFERED.
-William L. Elder, City
Comptroller, will receive sealed bids until 11 am. on June 15 for the purchase of $409,000 4 % bonds of the Indianapolis Sanitary District,
divided as follows:
$266.000 bonds, fourth issue of 1932. Denom. $950. Due $13,300 annually on Jan. 1 from 1934 to 1953. incl.
108.000 bonds, second issue of 1932. Denom. $900. Due $5,400 anJan. 1 from 1934 to 1953, incl.
35,000 bonds, third issue of 1932. Denom. $875. Due $1,750 annually on Jan. 1 from 1934 to 1953. incl.
May 28 1932
Each issue will be dated June 15 1932. Bids will be received for the
purchase of all or any part of the bonds. Prin. and int. (Jan. and July)
will be payable at the office of the County Treasurer or at one of the authorized depositories of the city. A certified check for 3% of the bonds bid
for, payable to the order of the Treasurer of the Sanitary District, must
accompany each proposal. The official call for bids contains the following paragraph in respect to the nature of the obligations:
"Said bonds shall be negotiable as inland bills of exchange and shall be
payable at the office of the Treasurer of Marion County, Indiana, in the
City of Indianapolis, Indiana, or at one of the authorized d positories
of said city. Said bonds shall not in any respect be a corporate obllgation
of the City of Indianapolis Ind., but shall be and constitute an indebtedness of the Sanitary District of Indianapolis, as a special taxing district,
and said bonds and interest thereon shall be payable only out of a special
tax to be levied upon all property in said Sanitary District, as provided by
law, which terms shall be recited on the face of said bonds, together with
the purpose for which they are issued."
ISLIP UNION FREE SCHOOL DISTRICT NO. 12 (P. 0. Brentwood) Suffolk County, N. Y.
-BOND SALE.
-The $17,000 coupon or
registered school bonds offered on May 23-V. 134. P. 3857
-were awarded
as 6s, at a price of par, to A. C. Allyn & Co. of New York, the only bidder.
Dated June 11932. Due June 1 as follows: $3,000 from 1933 to 1935,incl.
and $4,000 in 1936 and 1937.
JACKSON, Jackson County, Mich.
-TEMPORARY LOAN.
-The
city has been obliged to borrow $20,000 from local banks to meet operating
expenses. This loan is in addition to one of $10,000 obtained from the
same source a short time ago.
JACKSON, Hinds County, Miss.
-BOND SALE.
-A $90,000 issue
of refunding street improvement and liquidation bonds is reported to
have been purchased on May 17 by Saunders & Thomas of Memphis at a
price of 95.00.
JACKSON COUNTY (P. 0. Independence) Mo.-BOND SALE.
The two issues of coupon bonds aggregating $1,200,000, offered on May 24-were purchased by a syndicate composed of the National
V. 134, p. 3858
City Co. of New York.the Northern Trust Co. of Chicago, R. H. Moulton
& Co. of New York, the First National Co. of St. Louis and the City Bank
& Trust Co. of Kansas City as 4;is at a price of 100.10, a basis of about
4.49%. The issues are divided as follows:
$1,000.000 Kansas City court house bonds. Due from Jan. 1 1937 to 1952
incl.
200.000 Independence court house bonds. Due from Jan. 1 1937 to
1952 incl.
Denom.$1,000. Dated June 1 1932. Interest payable J. & J.
-The successful syndicate
BONDS OFFERED FOR SUBSCRIPTION.
re-offered the above bonds for general investment priced to yield as
follows: 1937 and 1938 maturities,4.25%; 1939 to 1942 maturities, 4.30%.
and 1943 to 1952 maturities to yield 4.35%. These bonds are said to be
exempt from all Federal income taxes and tax free in Missouri. They are
legal investment for savings banks and trust funds in New York and other
States.
-Sealed bids
JASPER, Pickens County, Ga.-BOND OFFERING.
will be received until noon on June 10 by Mayor R. M. Edge for the purchase of a $24,000 issue of6% coupon water works bonds. Denom.$1,000.
Dated June 1 1932. Due $1,000 from Jan. 1 1939 to 1962, incl. Prin.
and int. (J. & J.) payable in gold at the Chase National Bank in New York.
These bonds were approved by the voters ion April 9-V. 134, p. 3135.
No certified check is required.
-NOTES NOT
JEFFERSON COUNTY (P. 0. Steubenville) Ohio.
SOLD.
-The Issue of $120,000 6% notes offered on May 11-V. 134,p.
3319
-was not sold, as no bids were received. Dated May 15 1932 and
due in six months.
-BONDS AUTHORJOHNSON COUNTY (P. 0. Iowa City), Iowa.
IZED.
-On April 30 the Board of Supervisors passed a resolution providing
for $17,300.54 5% semi-annual funding bonds. Denom. $1,000, one for
$300.54. Dated April 1 1932. Due as follows: $1,000 on Nov. 1 1934;
$2,000, Nov. 1 1935; $3,000, May and $4,000 Nov. 1 1936; $3,000 May
and $4,300.54 Nov. 1 1937.
JEFFERSON SCHOOL DISTRICT (P. 0. Jefferson) Greene
County, lowa.-BOND ELECTION.
-It is reported that an election will
be held on June 1 to submit to the voters a proposal to issue $40,000 in
grade school bonds.
JORDAN SCHOOL DISTRICT (P. 0. Sandy) Salt Lake County,
Utah.
-BONDS DEFEATED.
-We are informed that at the election held
on March 8 the proposal to issue $80,000 in school bonds was rejected by
the voters, not approved as reported in V. 134, p. 2004.
KANE SCHOOL DISTRICT (P. 0. Lakota) Nelson County, North
Dakota.
-BOND SALE.
-The $60,000 issue of 5% semi-ann. school
bonds that was voted on April 1-V. 134, p. 2769
-has been purchased at
par by the State of North Dakota. Due from 1935 to 1952.
KANSAS, State of (P. 0. Topeka).
-BOND OFFERING.
-Sealed
bids will be received until 10 a.m. (Central standard time) on June 10 by
Governor Harry H. Woodring for the purchase of a $500,000 issue of4Id %
soldiers' compensation bonds. Denom. 31,000. Lated July 1 1932. Due
on July 1 1954. Prin. and int. (J. & J.) payable at the office of the State
Treasurer at Topeka, or at the sub-fiscal agency of the State in N.Y. City,
at the option of the holder. Coupon bonds, registerable as to principal by
the Treasurer of the State. Bids must be submitted on a form furnished
by the Secretary of State. Bonds will not be sold for less than par. Purchasers will be furnished with the legal opinion of Roland Boynton, State's
Attorney-General. A certified check for ;i of 1% of the par value of the
bonds bid for, payable to T. B. Boyd, State Treasurer,is required.
KENEDY, Karnes County, Tex.
-BONDS REGISTERED.
-The
State Comptroller registered on May 19 a $23,000 issue of 5%% water
works refunding, series A of 1932 bonds. Denom. $1,000. Due serially.
KOHLER, Sheboygan County, Wis.-BOND REPORT.
-It is stated
that the $100,000 issue of sewage disposal plant storm and sanitary sewer
system bonds voted on April 5(V. 134. p. 3505) has been printed and are
now ready to be offered for sale.
LAGUNA BEACH ACQUISITION AND IMPROVEMENT DISTRICT
NO. 4 (P. 0. Laguna Beach) Orange County, Calif.
-BOND OFFERING.
-Sealed bids will be received until 8 p. m. on July 6, by G. W.Prior
City Clerk, for the purchase of a $56,845 issue of improvement bonds.
Int. rate is not to exceed 8%.payable J. & J. Dated April 61932. Denoms.
$1,000 and $500, one for $345. Due on April 6 as follows: $3,500, 1937 to
1951, and $4,345 in 1952. Prin. and int. payable in gold at the office of
the City Treasurer. No bids for said bonds will be considered for less than
par. Bids may be submitted on blank forms furnished by the City Clerk.
These bonds are issued under the provisions of the Acquisition and Improvement Act of 1925, as amended. A certified check for 10%, payable
to the City, must accompany the bid. (The preliminary report of this
offering appeared in V. 134. p. 3858.)
LANSING, Ingham County, Mich.
-BOND SALE.
-The $98,000
coupon or registered welfare emergency bonds offered on May 23-V. 134,
p. 3671-were sold as 4SO, at a price of par, to the Lansing Water and
Light Board,following the rejection of these bids: The First Detroit CO., of
Detroit, bid a price of 98.30 for the issue at 434% interest, while a bid of
100.35 for 65 was made by Stranahan, Harris & Co., of Toledo. The bonds
are dated April 15 1932 and will mature on April 15 1935.
LEAVENWORTH SCHOOL DISTRICT (P. 0. Leavenworth),
-BOND SALE.
Leavenworth County, Kan.
-The $120,000 issue of
high school bonds that was voted on March 22-V. 134, p. 2769
-is stated
to have since been purchased by local banks. Denom. $1,000. Dated
April 1 1932. Due in from 1 to 20 years.
LEWISTON, Androscoggin County, Me.
-TEMPORARY WAN.
John C. Reardon, City Treasurer, reports that a $450,000 tax anticipation
loan was sold on April 15 to the National Shawmut Bank, of Boston, at
5% discount basis. At an offering on April 8 of a $225,000 loan, scheduled
-V.134, p. 3769.
to mature Sept. 1 1932, the city failed to receive an offer.
LIBERTY SCHOOL TOWNSHIP (P. 0. North Liberty), St. Joseph
County, Ind.
-BOND OFFERING.
-C. E. Bowser, Trustee, will receive
sealed ipids until 10 a. m. (standard time) on June 11 for the purchase of
$18,000 5% funding bonds. Dated June 1 1932. Denom. $900. Due
one bond each six months on June and Dec. 30 from 1933 to 1942, incl.
Principal and semi-annual interest (June and Dec. 30) payable at the Merchants National Bank, South Bend. A certified check for 2% of the bonds
bid for, payable to the order of the Trustee, must accompany each proposal.
Volume 134
Financial Chronicle
-The issue of
-BONDS NOT SOLD.
LIMA, Allen County, Ohio.
$50,000 6% first series sewage disposal bonds offered on May 26-V. 134,
-was not sold, as no bids were received. Dated May 15 1932.
p. 3505
Due on Nov. 15 as follows: $2,000 from 1933 to 1954 incl., and 53.000 in
1955 and 1956.
LINCOLN SCHOOL DISTRICT NO. 1 (P. 0. McIntosh), Sioux
-Sealed bids will be
County, N. Dak.-CERTIFICATE OFFERING.
received by Robert Knispel, District Clerk, at the office of the County
Auditor in Fort Yates, until 2 p.m. on May 28 for the purchase of a $2,000
issue of certificates of Indebtedness. Denom. $500. Dated May 28 1932.
Due $500 on May and Nov. 28 1933 and 1934. Prin. and int. payable at
a place designated by the purchaser.
-The $38,000
LINNEUS, Linn County, Mo.-BONDS APPROVED.
-V. 134.
Issue of 53% school building bonds that was voted in February
-has recently been approved as to legality by B. H. Charles of
p. 1617
St. Louis. Dated April 15 1932.
-CITY HOLDS SALE OF
LONG BEACH,_Nassau County N. Y.
-Thomas J. HOgan, City Treasurer, has stated that
$500,000 TAX LIENS.
the municipality has balanced its budget and is in excellent financial condition as a result of the sale on May 19 of approximately $500,000 tax liens.
half of which were purchased by bidders, while the remaining $250,000
was bid in by the city. Three syndicates are reported to have made offers
for this latter amount. Mr. Hogan added that the city is now in a position
to offer its bonds for sale, instead of resorting to emergency temporary
borrowing previously contemlpated.
LORAIN, Lorain County, Ohlo.-BOND SALE.
-The $38,234.32
special assessment street improvement bonds offered on May 26-V. 134.
-were awarded as 65 to the Weil, Roth & Irving Co., of Cincinnati,
p. 3858
at par plus a premium of $114, equal to 100.29, a basis of 5.94%. Dated
June 1 1932. Due Sept. 15 as follows: $3,234.32 in 1933; $3,000 in 1934,
and $4,000 from 1935 to 1942 incl.
LOS ANGELES COUNTY FLOOD CONTROL DISTRICT (P. 0.
Los Angeles), Calif.
-Sealed bids will be received
-BOND OFFERING.
until 2 p. m. on May 31, by L. E. Lampton, County Clerk, for the purchase
of a $2,000,000 issue of 5% storm water bonds. Denom. $1.000. Dated
July 2 1924. Due on July 2 as follows: $63,000, 1933 to 1948, and $62.000.
1949 to 1964. all incl. Prin. and int. (J. & J.) payable in lawful money
at the office of the County Treasurer. No bids will be considered at a
lower rate of interest than 5%. The bonds will be sold for cash only, and
for not less than par and seemed interest. The approving opinion of O'Melveny, Tuner & Myers of Los Angeles, will be furnished. A certified check
for 2% of the amount of bonds, payable to the Chairman of the Board of
Supervisors, is required. The following information is furnished with the
o erg notice:
m
The assessed valuation of taxable real property in said Los Angeles County
Flood Control District for the year 1931 was 32,938,629.120, and the amount
of bonds previously issued and now outstanding is $13,122,250.
The Los Angeles County Flood Control District contains an area of approximately 1.722,880 acres.
-31.000.000REFUNDING ISSUE
LOWELL,Middlesex County,Mass.
APPROVED.
-The city council on May 19 approved of Mayor Slowey's
$1,000,000 refunding loan bill, thereby advancing a step further the city's
efforts to refinance itself and retire current obligations that now total
about $850,000. Almost $650,000 of that figure constitutes unpaid municipal payrolls dating from the week ended March 5, according to report.
-We are informed
LUDLOW, Kenton County, Ky.-BOND REPORT
that the $120,000 issue of 6% semi-annual water works revenue bonds of-has not as yet
fered for sale without success on April 7-V. 134. p. 2952
been sold. Due $6,000 from Dec. 1 1933 to 1952, inclusive.
(P. 0. Bastrop) Morehouse Parish,
McGINTY SCHOOL DISTRICT
-We are informed that the $5,000 issue of 6% semi-BOND REPORT.
La.
ann. school bonds offered for sale without success on Nov. 17-V. 134, p.
-will not be re-offered in the near future.
1230
-BOND OFFERING.
McKEAN COUNTY (P. 0. Smethport), Pa.
The Clerk of the Board of County Commissioners will receive sealed
bids until June 2 for the purchase of $200,000 4%% county bonds. Dated
June 15 1932. Denom. $1.000. Due $20,000 on June 15 from 1942 to
1951 incl. The county reports an assessed valuation of $28,250,000.
-PROPOSED
MACOMB COUNTY (P. 0. Mount Clemens), Mich.
-The State Attorney General's
BOND ELECTION MAY BE BLOCKED.
office has been asked to decide as to the validity of the action of the county
officials in calling an election for June 15 to permit of a vote on a proposed
$200,000 building bond issue.
-V. 134, p. 3858. Under the provision
of a recent enactment by the State Legislature, a municipality whose tax
delinquincy exceeds 25% may not issue additional bonds. The present
delinquency in the county, exceeding special assessments, is said to aggregate :34%.
-The
-TEMPORARY LOAN.
MALDEN, Middlesex County, Mass.
city sold a temporary loan amounting to $200,000 to the First National
Bank of Malden at 4.35% discount basis. Due on Dec. 27 1932.
4025
Trust Co., of New York. which will certify as to the genuineness of the
signatures of the County officials and the seal impressed thereon. A certified
check for 2% of the bonds bid for, payable to the order of the County
Treasurer, must accompany each proposal. Legality of bonds to be approved by Caldwell & Raymond, of New York.
Financial Statement.
$185,243.443.00
Assessed valuation, taxable real estate, 1932
26,236,625.00
Assessed valuation, taxable personal property, 1932
$211,480,068.00
Total assessed valuation
6,580.000.00
Total bonded debt now outstanding (excl. of these issues)- _
Sinking fund (as of Jan. 1 1932)
424,740.13
Population, 1931 census, 212.208.
MILTON SCHOOL DISTRICT, Chittenden County, Vt.-BOND
-Gertrude P. Lombard, Treasurer, will receive sealed bids
OFFERING.
on or before June 4 for the purchase of $7,000 5% coupon school bonds.
Denom. $500. Due one bond annually on Dec. 1 from 1933 to 1946 incl.
Principal and semi-annual interest payable at the Essex Trust Co., Essex
Junction. Vermont.
-The
MILWAUKEE, Milwaukee County, Wis.-BONDS SOLD.
$520,000 in 4 % coupon semi-ann. bonds that were approved on Feb. 2
-are reported
-V.134, p. 1230
by the Common Council Finance Committee
to have since been purchased by the various pension funds of the city.
The bonds are divided as follows: $420,000 school and 5100,000 gradecrossing abolition bonds. Denom. $1,000. Dated Jan. 1 1932.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-OFFERING
-In connection with the offering scheduled for June 6 of the
NOTICE.
3420.0004. 43. 43, 43( or 5% metropolitan sewerage, report of which
-we are informed by the County Treasurer
appeared in V. 134, p. 3859
that the bonds will mature $42,000 from Oct. 1 1942 to 1951, instead of
April 1,as previously given. These bonds are issued in conformity with resolutions presented to and adopted by the County Board of Supervisors of
Milwaukee County, Wis.at a continued annual meeting held on May 10
1932,and in conformity with section 7,subdivision (b)of Chapter 554 of the
Laws of Wisconsin of 1921. being section 59.96 sub-section 7. subdivision
(c) of the Wisconsin Statutes of 1929, for the purpose of procuring the
necessary money to pay for the projection,planning.construction and maintenance ofa sewerage system for the collection, transmission and disposal of
house and other sewage and for constructing and building a sewage disposal
plant, pursuant to a resolution adopted Sept. 191930,by the Sewerage Commission of the City of Milwaukee,putsuant to section 7 subdivision (b) of
chapter 554 of the Lawsof Wisconsin of 1921,being section 59.96 sub-section
7subdivision (c)of the Wisconsin Statutes of 1929.that it required $840,000
for the projection, planning and construction ofa sewreage system for the collection, transmission and disposal of house and other sewage and for constructing, building and maintaining a sewage disposal plant in connection
therewith. 3420,0004% Metropolitan Sewerage Area bonds have previously
been authorized and sold to comply in part with this resolution.
-LIST OF BIDDERS.
MINNESOTA, State of (P. 0. St. Paul).
The following is a list of the other bids received on May 20 for the $10.000,000 coupon or registered semi-ann. trunk highway bonds that were
awarded on that day to a syndicate headed by the Chase Harris Forbes
Corp. of New York as 4s and 4%s. at a price of 100.158. a net interest
cost of about 4.20%-V. 134. p. 3859:
The second highest tender was 100.038 for the same combination of
coupons, representing an interest cost of 4.214%. This bid was submitted by the First National Bank of New York; Halsey, Stuart & Co.;
Dillon. Read & Co.; the Bancamerica-Blair Corp.; Stone & Webster and
Blodget, Inc.; Salomon Brothers & Hutzler; the Northern Trust Co.;
Phelps Fenn 8t Co.: George B. Gibbons & Co.; the First National Bank
Darby & Co.: B. J. Van Ingen & Co.: Dewey. Bacon &
of Minneapolis;
Co.: Lawrence Stern & Co.; the M.& T. Trust Co.: Schaumberg, Rebhann
& Osborne; M. F. Schlater & Co.; Stifel, Nicolaus & Co.; the First National
Co. of St. Louis: Justus F. Lowe & Co., and Smith, Moore & Co.
Lehman Brothers and associates submitted a bid of 100.10 for all 43's.
which is a net interest cost of 4.236%. This group included also Estebrook & Co.; the First Detroit Co.. Inc.: Kidder, Peabody & Co.: the
Chemical Bank & Trust Co.: F. S. Moseley & Co.; the Mercantile Commerce Co.; the Central Republic Co.; Kalman & Co.; the Boatmen's
-P. Murphy & Co.; Foster & Co.; the Milwaukee
National Co.; G. M.
Co.; the Mississippi Valley Co.; Stern Brothers & Co.; Werthem & Co.,
and Webb, Hemenway & Co.
A tender of 100.0899 for all 4%s. or a net interest cost of 4.237%. was
named by the National City Co.: the Guaranty Co.; the First Union Trust
& Savings Bank; the First National Old Colony Corp.; the First Securities
Corp. of Minnesota, Wells-Dickey Co.: the First Wisconsin Co.; Kelley.
- Hannahs, Baffin & Lee, Stix & Co.; Piper. Jaffray &
& Co.;Richardsn
Hopwood; William R. Compton Co., and the Northern Trust Co.
-In
-BOND REPORT.
MISSISSIPPI, State of (P. 0. Jackson).
connection with the report in V. 134. p. 3859 of the unsuccessful offering
of the $12.500,000 deficit and refunding bonds, we give the following
from the Jackson "News- of May 20:
"In spite of the 'balanced budget' the State did not sell its $12,500,000
In bonds Thursday, but Governor Conner and other members of the State
.-BONDS AUTHORIZED
MARIETTA, Washington County, Ohio.
Bond Commission said 'satisfactory progress' was made.
the issuance of
The city council has adopted an ordinance providing for
"Following an all-afternoon session of the Bond Commission with the
$336,503 5%% police station and jail construction bonds, to be dated June 1
legislative advisory bond committee and representatives of five bond
1932. Denom. $500. Due Dec. 1 as follows: $1,500 in 1933; $2,000, 1934;
houses, the Governor announced that the bonds were not offered for sale.
$1,500, 1935; $2,000, 1936; $1.500, 1937: $2,000, 1938; $1.500. 1939;
but that an investigations was started of the possibility of disposing of
32,000. 1940; $1,500, 1941; $2,000, 1942; $1.500. 1943: 52,000. 1944; $1500
bonds in the future.
in 1945. and $2,000 from 1946 to 1952 incl. Principal and interest (June
"Of the 312,500.000 issues offered, $8.000.000 were deficit bonds to
and Dec.) payable at the municipal depository in Marietta.
take up outstanding State warrants and $44,500,000 were of refunding
-BOND SALE.
MARION COUNTY (P. 0. Indianapolis), Ind.
bonds to take care of bond and interest payments due.
The $6,000 6% coupon tuberculosis hospital equipment bonds offered on
"The previous announcement that the bonds would be offered for sale
May 18-V. 134, p. 3320
-were awarded to Newton Todd, a local investor,
yesterday was an 'oversight,' Governor Conner said.
at par plus a premium of $112.25, equal to a price of 101.83, a basis of
"Following the session the Commission issued the following formal
about 5.00%. Dated May 15 1932. Due $2.000 on May 15 from 1933
statement:
to 1935, incl. A group composed of the Fletcher American Co., Fletcher
'No State bonds were advertised for sale on this date, and the meeting
"
Trust Co. and the Union Trust Co., all of Indianapolis, bid par plus a
of the Bond Commission to-day was not for the purpose of selling bonds
premium of $26 for the issue.
but for the purpose of conferring with representatives of various financial
organizations interested in buying and selling bonds with refmd to the
-BONDS NOT SOLD.
-The
MARTIN COUNTY (P. 0. Shoals), Ind.
ways and means of marketing our securities at the proper time.
$3,940 4%% road construction bonds offered on May 4-V. 134, p.3320
were not sold, as no bids were received. Dated May 4 1932. Denom.
-BOND OFFERING.
MONONGAHELA, Washington County, Pa.
$M. Due one bond each six months on Jan. and July 15 from 1933 to
Robert B. Albright, City Clerk, will receive sealed bids until 7 p. m. on
1942 inclusive.
June 6 for the purchase of $15,000 4% improvement bonds. Dated April 15
-The further issue of $1,860 43. % township road
BONDS NOT SOLD.
1932. Denom. $1.000. Due April 15 as follows: $1,000 in 1934; 32.000 in
-also was not sold, no
impt. bonds offered on May 21-V. 134, p. 3672
1935, and $3,000 from 1936 to 1939 incl. Interest will be payable in April
bids having been submitted. Dated May 21 1932. Due one bond each
and October. A certified check tor $500, payable to the order of the city.
six months from July 15 1933 to Jan. 15 1943.
must accompany each proposal. (These bonds were previously offered on
-V. 134.
April 18. at which time all of the bids received were rejected.
-BOND SALE
.-The issue
MEADVILLE, Crawford County, Pa.
P. 3136.)
of $25,000 4% coupon city bonds unsuccessfully offered on Nov. 10since been sold over the counter. Subscription price
-has
-We are
V. 133, p. 3289
-BOND REPORT.
MORGAN CITY, St. Mary Parish, La.
was par. Bonds are dated Jan. 1 1932 and will mature $5,000 on Jan. 1
Informed that the $175,000 issue of 6% semi-ann. municipal water, electric
in 1936, 1940, 1944. 1948 and 1952.
light and power plant bonds offered for sale without success on Feb. 8V. 134, p. 1230-has not as yet been sold.
MERIDIAN CONSOLIDATED SCHOOL DISTRICT NO. 320 (P. 0.
-BOND SALE NOT CONBellingham) Whatcom County, Wash.
-INTEREST RATE.
MURRAY COUNTY (P. 0. Slayton), Minn.
-It is reported that the sale of the $10.000 school bonds
.SUMMATED.
We are informed by the County Auditor that the $87,000 issue of drainage
-V. 134, p. 3136
-was not conto the State of Washington. as 6s, at par
bonds that was purchased by the State Board of Investment at
refunding
summated.
-was purchased as 43s, not as 4%s. Due from May 1
-V.134. p.3859
par
-BOND SALE.
-The $600 4% % 1937 to 1947 incl.
MIAMI COUNTY (P. 0. Peru), Ind.
offered on May 24-V. 134. p. 3859
coupon road construction bonds
-MATURING
MUSKEGON HEIGHTS SCHOOL DISTRICT, Mich.
were awarded at a price of par to Louise Wolf, a local investor, the only
-The District proposes to refund $32,000
BONDS TO BE REFUNDED.
bidder. Dated May 15 1932. Due semi-annually from July 15 1933 to
of bonds which become due during the year ending May 10 1933, which
Jan. 15 1943.
figure includes a block of 310,000, held by the First State Savings Bank,
, R F D.), Cuyahoga
MIDDLEBURG HEIGHTS (P 0 B
that became due on May 10 1932. Other bonds scheduled to mature are
-The Guardian Trust Co. of Cleveland
County, Ohio.-130ND SALE.
as follows: $5.000 Aug. 1 1932: 21,000 Feb. 1 1933: 316,000 March 15 1933
street impt. bonds, including
purchased on May 23 a total of $295.500 6%
and 310.000 May 10 1932. The State Public Debt Board has stated that
unsuccessfully offered on Jan. 9
It will give every consideration to any refunding application that the Disthe $285,264.26 special assessment issue
trict may submit.
V. 134, p. 541.
-BOND OFBrunswick), N. J.
MIDDLESEX COUNTY (P. 0. New
-PRICES REDUCED
NASSAU COUNTY (P. 0. Mineola), N. Y.
-W. A. Allgair, County Treasurer, will receive sealed bids until
FERING.
-The syndicate headed
ON UNSOLD PORTION OF 52.849.000 BONDS.
the purchase of $600,000 not
3 p. m.(daylight saving time) on May 31 for bonds, divided as follows:
Dillon Read 8z Co. of New York, which obtained the award on May 3
by
6% interest coupon or registered
.
to exceedtemporary road, bridge and building bonds. Due June 1 1936
of four issues of 4%% bonds totaling 35.000,000, and made immediate
3500,000
-V. 134.
public re-offering at prices to yield 4.30% for all maturities
June 1 1934.
100,000 tax revenue bonds. Due Denom. $1,000. Principal and interest
-published an advertisement on May 24 offering the unsold portion
p.3506
Each issue is dated June 1 1932.at the office of the County Treasurer.
of 31.849,000 bonds at prices to yield 4.30% for the maturities from 1944
be payable
(June and Dec.) will expressed in a multiple of one one-hundredth of 1%.
,')S) incl.. 4.35% for those from 1951 to 1955 incl., and 4.40% for the
Rate of interest to be
1356 to 1961 bonds.
the supervision of the Continental Bank &
The bonds will be prepared under
4026
Financial Chronicle
NEW BRITAIN, Hartford County, Conn.
-BONDS PUBLICLY
OFFERED.
-The $310,000 43.% coupon or registered bonds awarded on
May 20 to Phelps, Fenn & Co., of Now York, at a price of 101.69, a basis
of about 4.35%-V. 134, p. 3860
-are being re-offered for general investment at prices to yield from 3.00 to 4.25%. Bonds are legal investment
for savings banks and trust funds in the States of New York. Massachusetts
and Connecticut, according to the bankers. G. L. Austin & Co., of Hartford, bid a price of 100.636 for the bonds, and a bid of 100.07 was tendered
by Estabrook & Co., of Boston, and Putnam St Co., of Hartford, jointly.
The third and last bid of 98.189 was tendered by a group composed of
R.L. Day & Co.,E. M.Bradley & Co., F. R. Cooley & Co., Conning & Co.
and It. F. Griggs & Co.
NEW JERSEY (State of).
-PROPOSED BOND SALE REDUCED TO
$18,000,000.
-At a meeting of the State House Commission on May 25
it was decided to reduce the amount of the proposed bond sale previously
announced at $21,000,000 to $18,00.000. This latter figure will comprise
$15,000,000 highway impt. bonds and $3,000,000 institution building
bonds. No definite date for the reception of bids has been fixed, although
June 16 has been tentatively set for that purpose. (['he proposed offering
of these bonds has been treated in more detail in V. 134. p. 3672.)
NEW JERSEY (State of).
-BONDS PUBLICLY OFFERED.
-The
Chase Harris Forbes Corp., of New York. made public offering on May 24
of a block of 5% State bonds, due July 1 1941, priced to yield 4%.
NEW ORLEANS, Orleans Parish La.-BOND SALE.
-The $750,000
issue of 5% coupon or registered semi-ann. street, road, bridge, sidewalk.
park and playground bonds offered for sale on May 23-V. 134. p. 3673
was purchased by a syndicate composed of the Chase Harris Forbes Corp.,
and the National City Co., both of New York, the Hibernia Securities
Corp., the Canal Bank & Trust Co., the Whitney Trust & Savings Bank,
the interstate trust
Banking Co. and the American Bank & Trust Co.,
all of New Orleans, at a price of 96.00, a basis of about 6.49%. Dated
June 1 1932. Due from June 1 1933 to 1937, incl. No other bids for
the bonds were received.
BONDS OFFERED TO PUBLIC.
-The above purchasers re-offered the
bonds for general investment priced as follows: 1933 maturity to yield 5.00;
1934 maturity to yield 5.25; and 1935 to 1937 maturities to yield 5.50%.
They are stated to be direct city obligations, legal for savings banks in New
York State.
NEWPORT, Newport County, R. I.
-W.
-LOAN OFFERING.
Norman Sayer, City Clerk, will receive sealed bids until 5 p. m. on June 2
for the purchase at discount basis of a $150,000 temporary loan, dated
June 7 1932 and payable on Sept. 1 1932 at the First National Bank, of
Boston. The notes will be issued under the supervision of and certified as to
genuineness by the aforementioned bank. The approving opinion of Ropes,
Gray, Boyden & Perkins, of Boston, will be furnished the successful bidder.
NEWTON (P. 0. West Newton) Middlesex County, Mass.
-TEMPORARY LOAN.
-Francis Newhall, City Treasurer, reports that the
$200,000 temporary loan offered on May 25 was awarded to the Boston
Safe Deposit & Trust Co. of Boston, at 1.637% discount basis. Due on
Nov. 3 1932. Payable in Boston or New York City. Legality approved by
Ropes. Gray, Boyden & Perkins, of Boston.
Bids received for the loan were as follows:
Bidder
Discount Basis.
Boston Safe Deposit & Trust Co.(successful bidder)
1:637
Shawmut Corp
1.73
Second National Bank of Boston
1.81
First National Old Colony Corp
1.95
Day Trust Co
1.96
Arthur Perry & Co
2.00 a
NEW YORK, N. Y.-1700,000 BONDS VOTED FOR SUBWAY OPERATION PURPOSES.
-The Board of Estimate voted on May 20 to issue
$700,000 special revenue bonds or certificates of indebtedness to make
possible municipal operation of the new Eighth Ave. subway, should no
outside bid for operation of the line be received on May 31, the date set
for the opening of tenders.
NEW YORK (State of).
-BONDSPUBLICLY OFFERED.
-The Chase
Harris Forbes Corp., of New York. offered for public investment on May 24
4% %
registered State bonds, due March 1 1965. priced to yield 3.65%.
NORTHAMPTON,Hampshire County, Mass.
-TEMPORARY LOAN.
-The $125,000 temporary loan offered on May 24-V. 134, P. 3860
-was
awarded to the First National Bank of Northampton at 2.85% discount
basis. Dated May 26 1932 and payable on Nov. 26 1932 at the Merchants National Bank of Boston. Bids received at the sale were as follows:
BidderDiscount Basis.
First National Bank, Northampton (successful bidder)____
2.857
Merchants National Bank of Boston
3.00
Shawmut Corp. of Boston
3.25g
NORTH CASTLE COMMON SCHOOL DISTRICT NO. 5 (P. 0.
Armonk), Westchester County, N. Y.
-BOND SALE.
-The $87,000
coupon or registered school bonds offered on May 24-V. 134, p. 3860were awarded as 58 s to the Guaranty Co.of New York at a price of 100.072.
%
a basis of about 5.74%. Dated June 1 1932. Due June 1 as follows:
$5,000 from 1934 to 1950 inclusive and $2,000 in 1951.
-BOND SALE. The $150,000
f
NORTH ELBA, Essex County, N. Y.
,
1
co 0
l t.h boAld ala . ,
a.3
as c
je !
)
,,
cou i or Tinered „ Tu141c varlAs and pgarecomd e .s f4re4 ontMay 21
vpo 3
4
1
Budalo at a price of 100.274, a basis of about 5.87%. Dated July 1 1931.
Due July 1 as follows: $3,000 from 1932 to 1941 incl. and $6,000 from 1942
to 1961 incl.
-BIDS REJECTED.NORTH PELHAM,Westchester County, N. Y.
At the offering on May 26 of $66,000 not to exceed 6% int. coupon or
-the following tenders were
-V. 134. p. 3860
registered highway bonds
rejected:
Rate Bid.
Int. Rate.
Bidder
100.42
5.70V
Batchelder & Co
100.479
5.70
M. & T. Trust Co
100.199
5.90%
Wachsman & Wassail
-W. R.
-BOND OFFERING.
NORWOOD, Hamilton County, Ohio.
Locke, City Auditor, will receive sealed bids until 12 M.(Eastern standard
time) on June 6 for the purchase of $7,000 6% police and fire, motor and
apparatus, series No. 1-1932 bonds. Dated April 1 1932. Denom. ELM.
Due Oct. 1 as follows: $1,000 in 1933, and $2.000 from 1934 to 1936 incl.
Principal and interest (April and Oct.) will be payable at the First National
Bank, of Norwood. A certified check for 5% of the amount of the bonds.
Payable to the order of the City Treasurer, must accompany each proposal.
Bidders must satisfy themselves as to the validity of the issue before bidding
for same. The favorable opinion of Peck, Shaffer & Williams, of Cincinnati.
will be furnished the successful bidder at his own expense.
-The
-TEMPORARY LOAN.
NORWOOD, Norfolk County, Mass.
-was awarded
$100,000 revenue loan offered on May 23-V. 134. p. 3860
to F. S. Moseley & Co. of Boston at 3.65% discount basis. The accepted
bid was the only one submitted. Loan is dated June 1 1932 and will
mature on Dec. 1 1932.
-1t is
OSCEOLA, Saint Clair County, Mo.-BOND ELECTION.
reported that an election will be held on June 3 in order to submit to the
proposal to issue $30,000 in municipal light plant bonds.
voters a
-Charles
-BOND OFFERING.
OYSTER BAY, Nassau County, N. Y.
E. Ransom, TOWD Clerk, will receive sealed bids until 3 p. m. (daylight
on June 7 for the purchase of $21,000 not to exceed 6% interest
saving time)
coupon Jericho Water District (Oyster Bay Cove extension) bonds. Dated
June 15 1932. Denom. $1,000. Due $1,000 on June 15 from 1937 to
1957 incl. Rate ofinterest to be expressed in a multiple of % or 1-10 of 1%•
Principal and interest (June and Dec. 15) will be payable at the Bank of
Syosset. A certified check for 2% of the amount of bonds bid for, payable
to the order of the town, must accompany each proposal. The approving
opinion of Cia • Dillon & Vandewater of New York will be furnished the
successful bidder.
Financial Statement.
$123,758,995
Total Assessed valuation. 1931-32
4.238,875
bonded debt, including this issue
Total
$3.371,875 (Included above)
Water district bonds
530,000
Sewer district bonds
150,000 "
Sidewalk district bonds
187,000 "
Town hall bonds
Population-1920 Federal Census, 20,296; 1925 State Census, 29.610
1930 Federal Census, 36,774.
May 28 1932
PANHANDLE, Carson County, Tex.
-BOND SALE.
-The $41,500
issue of 6% funding, series of 1931 bonds that was registered by the State
Comptroller in October
-V. 133, p. 3126
-has since been purchased by
the Dunne-Davidson-Ransom Co. of Wichita.
PASSAIC, Passaic County, N. J.
-BOND OFFERING.
-A. D.
Belton, City Clerk, will receive sealed bids until 3 p. m. (daylight saving
time) on June 7 for the purchase of $1.235,000 6% coupon or registered
improvement bonds. Dated June 1 1932. DEMOM. $1,000. Due June 1
as follows: $80,000 from 1933 to 1945 incl.; $90,000 in 1946, and $105,000
in 1947. Principal and interast (June and December) will be payable at the
Passaic National Bank & Trust Co., Passaic, or at the Chase National
Bank, of New York. No more bonds are to be awarded than will produce a
premium of $1,000 over the amount offered. A certified check for
2% or
the bonds bid for, payable to the order of the city, must accompany each
proposal. The approving opinion of Hawkins, Delafield & Longfellow, of
New York, will be furnished the successful bidder.
PITTSFIELD, Berkshire County, Mass.
-LOAN OFFERING -S. P.
Barnes, City Treasurer, will receive sealed bids until 11 a. in.
saving time) on June 10 for the purchase at discount basis of a (daylight
$300,000
temporary loan. Dated June 10 1932 and payable on Dec. 10 1932 at the
First National Bank of Boston. Denom. to suit purchaser. The notes
will be authenticated as to genuineness and validity by the First National
Bank of Boston under advice of Ropes, Gray, Boyden & Perkins of Boston.
PLEASANTVILLE SCHOOL DISTRICT, Venango County, Pa.
BOND OFFERING.
-George K. Folwell, Secretary of the School Board.
will receive sealed bids until 8 p. m. (eastern standard time) on June 13
for the purchase of$7,000 4%% school bonds. Dated April 11932. Denom.
$500. Due April 1 1947. Principal and interest (April and October) will be
payable at the office of the District Treasurer. A certified check for
2%
of the bonds bid for, payable to the order of the School District, must
accompany each proposal.
POLK COUNTY (P. 0. Crookston), Minn.
-BOND SALE.
-The
$30,600 issue of 4%% ditch refunding bonds that was authorized by the
County Board on Feb. 10-V. 134, p. 1410
-has since been purchased
by the State of Minnesota.
PORTAGE COUNTY (P. 0. Ravenna), Ohio.
-BOND OFFERING.
R. I. Linton. Clerk of the Board of County Commissioners. will receive
sealed bids until 12 m. (Eastern standard time) on June 13 for the purchase
of $18,840.57 6% special assessment road improvement bonds. Dated
July 1 1932. One bond for $340.58, others for $500. Due as follows:
$1,840.58 April 1 and $2,000 Oct. 11933: $1,500 April 1 and $2,000 Oct. 1
1934; $2,000 April and Oct. 11935; $1,500 April 1 and $2,000 Oct. 1 1936.
and $2,000 April and Oct. 1 1937. Interest payable In April and Oct.
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 3%
to the order of the County Treasurer, must
of the bonds bid for,
accompany each proposal. The proceedings leading up to the issue of the
aforesaid bonds have been taken under the direction of Squire, Sande4s
Dempsey, Cleveland, whose approving opinion may be obtained by the
purchaser at his own expense. Only bids so conditioned or wholly unconditioned will be considered, and the Board of County Commissioners
reserve the right to reject any and all bids.
PORT CHESTER, Westchester County, N. Y.
-BONDSPUBLICLY
OFFERED.
-The $40.000 5%% coupon or registered War Memorial bonds
awarded on May 17 to George B. Gibbons & Co., Inc., of New York. at
101, a basis of about 5.61%-V. 134, p. 3861-are being re-offered for general investment at prices to yield 5.20%. Legal investment for savings
banks and trust funds in New York State, according to the bankers.
PORTLAND, Multnomah County, Ore.
-BOND SALE.
-An $88,995.27 issue of 6% semi-annual improvement bonds was offered on May 25
and awarded to a syndicate composed of Geo. H. Burr, Conrad & Broom,
Smith, Camp & Riley and Atkinson. Jones & Co., all of Portland, at a
price of 101.27, a basis of about 5.53%. Dated Jan. 11932. Due in 10
years, optional after 3 years. Prin. and int. payable at the office of the
City Treasurer.
PORTSMOUTH, Rockingham County, N. H.
-TEMPORARYLOAN.
-R. L. Day & Co., of Boston, was awarded the $60,000 temporary loan
offered on May 20, at a discount basis of 3.96%, Vim a premium of $1.
The loan matures on Dec. 7 1932 and was bid at 4.98% by the Merchants
National Bank, of Boston, the only other bidder.
PORTSMOUTH, Scioto County, Ohlo.-PRICE PAID.
-The city
received a price of par for the issue of $54.000 6% refunding bonds awarded
on May 17 to the First National Bank, of Portsmouth-V. 134. p. 3861
whose bid was the only one received at the sale. Dated May 1 1932. Due
$3,000 on May and Nov. 1 from 1933 to 1941 incl.
POTTAWATOMIE COUNTY (P. 0. Shawnee), Okla.
-BOND
DETAILS.
-The $35,000 issue of funding bonds that was reported to have
been sold at par
-V. 134. p. 3861-was purchased by the Taylor-White
Co. of Oklahoma City as 53s.
PROVIDENCE, Providence County, R. I.-$3,000_,000 BOND ISSUE
RECOMMENDED BY CITY TREASURER.
-Walter F. Fitzpatrick, City
Treasurer, has recommended to the Finance Committee that a further
amount of $3,000.000 bonds be issued in order to reduce by that sum the
present floating indebtedness of the city which is about $7,000.000. Sale
of the bonds, according to the plans of the Treasurer, would be made to the
Sinking Fund Commissioners and to the Employees Retirement Fund,L
the commissions controlling these two departments are agreeable.
(The last previous bond sale held by the city was on April 5, when an
award of $3,000.000 4%s was made to a syndicate headed by Lehman
Bros.. of New York, at a price of 99.829, a basis of about 4.52%.-V. 134.
p. 00,
PROVO, Utah County, Utah.
-NOTE SALE.
-A $27.000 issue of
tax notes has recently been purchased at par by the First Securities 6%
Co.
of Salt Lake City, according to Fred Evans, City Recorder. (This corrects
the report given in V. 134, p. 3674.)
QUINCY, Norfolk County, Mass.
-BONDS NOT SOLD.
-Harold P.
Newell, City Treasurer, reports that no bids were received at the offering
on May 24 of $75,000 not to exceed 43-(% coupon bonds. V. 134, p. 3861.
The offering comprised $60,000 sewer bonds, due $10,000 on June 1 from
1933 to 1938 incl., and $15,000 water mains bonds, due $5,000 on June 1
from 1933 to 1935 inclusive.
RACINE, Racine County, Wis.-NOTE SALE.
-A $400,000 INDIO Of
6% corporate purpose notes was jointly purchased recently at private sale
by Phelps, Fenn & Co.of Now York,and the Milwaukee Co. of Milwaukee.
Denoma. $1,000 and $5,000. Dated May 18 1932. Due on March 15
1933. Prin. and int. payable at maturity without option of prior payment
at the office of the City Treasurer. Legality to be approved by Chapman
& Cutter of Chicago.
-The above notes were offered by the purchasers
Bankers Re-offer Notes.
for public subscription at prices to yield 4.00%. They are stated to be
direct city obligations, legal for savings banks in New York, Massachusetts
and Connecticut.
RACINE, Racine County, Wis.-BONDS AUTHORIZED.
-At a
meeting held on May 17 the Board of Aldermen passed a resolution providing for the issuance of $57,000 in refunding bonds. Dated July 1 1932. •
Due on July 1 1945.
-BOND OFFERRICHLAND COUNTY (P. 0. Mansfield), Ohio.
ING -Ralph M. Hardy, Clerk of the Board of County Commissioners, will
receive sealed bids until 10 a. m.(Eastern standard time) on June 3 for the
.
purchase of the following issues of $41,092.70 6% bonds;
$25,592 70 road improvement bonds. One bond for $1,342.70. others for
$1 000 and $1,250. Due as follows: $4,342.70 April 1 and
$4:250 Oct. 11933. and $4,250 on April and Oct. 1 in 1934 and
1935.
15,500.00 poor relief bonds. Two bonds for $1,750 each,others for $1,500.
Due as follows: $1,750 April and Oct. 11933, and $1,500 April
and Oct. 1 from 1934 to 1937 incl.
Each issue will be dated June 3 1932. Interest will be payable semiannually in April and October. A certified check for 3% of the bonds bid
for, payable to the order of the County Auditor, must accompany each
proposal. Only unconditional bids will no received.
(The above bonds are being offered for award on June 3, in addition to t
$45,346.80 6% road impt. issue mentioned in-V.134, p.3861.)
RIVERBEND CONSOLIDATED SCHOOL DISTRICT(P.O. Gaines-The $10,000 INDIO of school
ville), Hall County, Ga.-BOND SALE.
Volume 134
Financial Chronicle
4027
-Sealed bids were again received fot the above
-OFFERED.
BONDS RE
,
bonds by Ruth E. Meilandt, City Clerk, until 7:30 p. m. on May 23.
Denom. $1,000. Dated May 1 1932. Due $5,000 from May 1 1933 to
1952 incl. Prin. and int. (M. & N.) payable in gold at the office of the
City Treasurer.
-The above bonds were purchased on May 23 by the
bOND SALE.
First Detroit Co. and the Wm. R. Staats Co., both of San Francisco,
,
jointly, as 5!5s, paying a premium of $523, equal to 100.52, a basis of
about 543%.
-BOND SALE.SAULTE STE. MARIE, Chippewa County, Mich.
The $96,000 coupon refunding water department bonds offered on May 16-wore awarded as 6s to H. V. Sattley & Co.. of Detroit, at
V. 134, p. 3322
par plus a premium of$530,equal to a price of 100.55,a basis ofabout 5.84%.
Dated July 1 1932. Due July 1 as follows: $9,000 from 1933 to 1936 incl..
and $10,000 from 1937 to 1942, incL An official list of the bids received.
all of which were on the basis of the bidder furnishing blank bonds and paying the cost of the legal opinion, appears herewith:
H. V. Sattley & Co., Inc., $530 premium for 6% bonds.
Stranahan. Harris and Co., $520 premium for 6% bonds.
John Nuveen & Co.,$490, premium for 6% bonds.
C. W. McNear & Co.. $297.60 premium for 6% bonds.
C. W. McNear & Co., a discount of $3,542.40 for 5% bonds.
-BOND OFFERING.-Lynn C. Butts,
ROME, Oneida County, N. Y.
First Detroit Co., $57, premium on 6% bonds.
City Treasurer, will receive sealed bide until 11 a. m. (daylight saving
First Detroit Company, a discount of $2.234 for 534% bonds.
time) on June 3 for the purchase of $74,000 not to exceed 6% interest
First Detroit Company, a discount of $3,339 for 534% bonds.
coupon or registered assessment bonds. Dated April 1 1932. Denoms.
Note: It was decided by the City Commission, that only bids of par
and $500. Due $18,500 on April 1 from 1933 to 1936, incl. Rate of
$1.000
plus accrued interest would be considered.
interest to oe expressed in a multiple of 3,f, or 1-10th of 1% and must be the
-BOND AND WARRANT CALL.SEATTLE, King County, Wash.
same for all of the bonds. Principal and annual interest (April 1) will
It is reported that H. L. Collier, City Treasurer, has called for payment
be payable at the Chase National Bank, New York. A certified check for
improvement district bonds and revolving fund warrants.
various local
$1,500, payable to the order of the City, must accompany each proposal.
-BOND OFFERING.
The approving opinion of Clay, Dillon & Vandewater, of New York, will
SCOTT COUNTY (P. 0. Scottsburg), Ind.
be furnished the successful bidder.
Stacy F. Coleman, County Treasurer, will receive sealed bids until 10 a. m.
% Lexington Township road impurchase of $9.600
Financial Statement.
on June 4 for the
provement bonds. Dated June 1 1932. Denom. $480. Due one bond
The assessed valuation of the real estate of the City of Rome, subject
each six months from July 15 1933 to Jan. 15 1943.
to taxation as it appeared by the assessment rolls of said City on the last
assessment for State or county taxes prior to the date of this certificate,
SILVER CREEK TOWNSHIP (P. 0. Sellersburg), Clark County,
namely, the assessment roll for the year 1932 is as follows:
-The $38,500 5% grade school building construction
Ind.
-BOND SALE.
$28,776,336
-were awarded to the Fletcher
Real estate
bonds offered on May 21-V. 134. p. 3322
1.050,000
franchises
Special
Trust Co., of Indianapolis, at par plus a premium of $17. equal to a price
of 100.04, a basis of about 4.99%. Dated May 11932. Due $2,100 July 1
$29,826,336
Total
1933, and $1,300 Jan. and July I from 1934 to 1947 incl.
The total existing indebtedness of said City including the proposed
SOUTHAMPTON UNION FREE SCHOOL DISTRICT NO.6 (P. 0.
issue of $74,000 assessment bonds is as follows:
-Ida P.
-BOND OFFERING.
$552,000
Southampton), Suffolk County, N. Y.
General city bonds
Fordham, District Clerk, will receive sealed bids until 3:30 p. m. on JUDO 7
843,500
School bonds
bonds. Dated
188,000
for the purchase of $410,000 5% coupon or registered school
Water bonds
214,628
June 15 1932. Denom. $1,000. Due June 15 as follows: $5,090 in 1937;
Assessment bonds
46.000, 1938; $7.000, 1939; $8,000. 1940; $9,000, 1941: 810,000. 1942;
$1,798,128
315,000, 1943: $18,00C1. 1944: $25,000 from 1945 to 1950 incl., and $26,000
bonded indebtedness
Total
from 1951 to 1957 incl. Bids will also be considered for the issue to bear
May 1 1932.
$3356.38
interest at a rate up to 6%. Principal and interest (June and Dec. 15)
Temporary current loans
will be payable at a New York City bank satisfactory to the successful bid71,090.10
Temporary assessment loans
9.751.42
der. A. certified check for 2% of the amount of the bonds, payable to the
Temporary home relief loans
order of the district, must accompany each proposal. The approving opin44,000.00
relief loans
Temporary work
ion of Reed, Hoyt & Washburn of New York will be furnished the successful
•
bidder. Following the opening of sealed tenders, the district will conduct
$1,923,325.90
Total indebtedness
sale of the issue at public auction. (This issue was previously offered on
Statutory Debt Limit.
Feb.29,at which time all bids submitted were rejected-V. 134. p. 1813.)
$2,982,633.60
Ten per cantata of valuation
$1,923,325.90
-NOTE ISSUTotal indebtedness
SOUTH CAROLINA, State of (P. 0. Columbia).
188,000.00
-A total of $3,394,000 teachers' salary notes Is being issued by the
Less water bonds
ANCE.
State to the counties, according to news dispatches from Columbia. It is
$1,735.325 90
Net debt
announced by Malcolm J. Miller. Secretary of the State Sinking Fund
Net debt deducted from debt limit above.
Commission, that school notes will be accepted at par from county authorities by the Commission provided the transaction releases a sum of money
-F. L.
-BOND OFFERING.
• ROODHOUSE, Greene County, 111.
in pay to teachers equivalent to the amount of the notes. In this manner
bids until 7 p. m. on June 6 for
Thompson, City Clerk, will receive sealed
the notes would be taken by the Commission and the cash would be left
the purchase of $3,000 6% bonds, to mature on May 23 1933.
in the counties for the teachers.
-The issue
-BOND SALE.
County, Ohio.
-BOND SALE.
-The
ROSEVILLE, Muskingum
SOUTH HADLEY, Hampshire County, Mass.
of $40,000 5% water works construction bonds unsuccessfully offered on
$119,000 coupon bonds unsuccessfully offered on Oct. 24 1931-V. 133. P.
May 16-V. 134, p. 3861-was purchased on the following day at a price
-have since been sold as 434s to F. S. Moseley & Co., of Boston, at a
2962
1 1932.
of par by the First Trust & Savings Bank of Roseville. Dated April
price of 101,6 basis of about 4.33%. The sale comprised:
Due on Oct. 1 from 1933 to 1957 inclusive.
$80,000 school bonds. Due on Nov. 1 as follows: $6,000from 1932 to 1936
incl., and $5,000 from 1937 to 1946 inclusive.
-WARRANTS
Colo.
ROUTT COUNTY (P. 0. Steamboat Springs),
39,000 school bonds. Due Nov. 1 as follows: $3,000 from 1932 to 1940
-It is reported that the County Treasurer is calling for payment
CALLED.
incl. and $2,000 from 1941 to 1946 inclusive.
funds of the county, interest to cease on
certain warrants of the various
'
Each issue is dated Nov. 11931.
June 10 1932.
-BONDS AUTHORIZED.
STARK COUNTY (P. 0. Canton), Ohio.
-CITY SERVES NOTICE OF
County, Mich.
ROYAL OAK, Oakland
-The State Relief Commission on May 19 approved of the county's
INTENTION TO PURCHASE BONDS IN DEFAULT AND OF ABILITY
request for authority to issue $334,977 poor relief bonds, under the pro-Notices appearing in
-DUE INTEREST PAYMENTS.
TO MAKE PAST
visions of the Espy-Roberts act passed at the recent special session of the
-V. 134, p. 3502.
the Detroit "Free Press" of May 26 state that the city will pay par and
State Legislature.
accrued interest for certain special assessment bonds in default, also that
-BONDS AUTHORI7ED.STRUTHERS, Mahoning County, Ohio.
it has sufficient funds on hand to pay May 1 1931 interest on certain other
The city council recently passed an ordinance providing for the issuance of
issues. The text of the notices, dated May 24, is as follows:
33,639.17 6% special assessment improvement bonds, to be dated July 1
The city will receive tenders of the following past-due special assessment
1932. One bond for $727.85, others for $727.83. Due Oct. 1 as follows:
•ig% bonds dated May 1 1928, due May 1 1931, and will pay therefore
$727.83 in 1933 and 1934; $727.85 in 1935, and $727.83 in 1936 and 1937.
par and interest to May 1 1932:
Principal and interest (April and Oct.) will be payable at the office of the
Date.
Bonds in Default.
Project.
Bond Nos.
Sinking Fund Trustees.
9, 10, 11. 12 Webster Road Outlet CombinaMay 1 1931
$1,000.00
tion No.4
STUART INDEPENDENT SCHOOL DISTRICT (P. 0. Stuart).
-At the election held on
-BONDS VOTED.
Oakwood Blvd. Sewer Outlet
Guthrie County, Iowa.
4 and 5
May 1 1931
2,000.00
-the voters are reported to have approved the
Combination No.6
May 16-V. 134, p. 3323
May 1 1931
37,000.00
S. Main Street Widening
75-111
Issuance of $10,000 in school building bonds.
May 1 1931
4,000.00
9, 10, 11, 12 Combined Sewer No.2
-The IMMO
-BONDS NOT SOLD.
TAUNTON, Bristol County, Mass.
May 1 1931
1,000.00
Combined Sewer No.7
3
of $30,000 coupon or registered sewer bonds offered on May 24-V. 134,
Tender of said bonds may be made at the office of the City Treasurer
p.3861-was not sold, as no bids were received. Bidder was asked to name
reserves
paying agent, on and after date of this notice. The city expressly
the rate of interest, expressed in a multiple of 5 of 1%. Bonds are dated
the right to withdraw this offer at any time without further notice.
Dec. 1 1931 and will mature $2,000 on Dec. 1 from 1932 to 1946. Incl.
The city has sufficient funds on hand to pay the interest due May 1 1931
-The
TAYLOR COUNTY (P. 0. Medford), Wis.-BOND DETAILS.
on the following named bonds, to wit:
Rate. Amt. of Issue. Due Date.
$40,000 issue of highway paving bonds that was recently authorized-V.134,
Purpose.
Date of Issue.
5%, payable semi-annually. Denom. $1.000.
-bears interest at
p. 3675
5%
$50,000.00 May 1 1943
May 1 1923 Water extension
Dated June 1 1932. Due in 1934. Prin. and int. payable at the office Of
5%
50,000.00 May 1 1933
May 1 1923 Paving
the County Treasurer. Legality to be approved by the Attorney-General.
100,000.00 May 1 1953
May 1 1923 Storm sewer
It is stated that no date of sale has as yet been fixed for the bonds.
150,000.00 May 1 1953
5%
May 1 1923 Sanitary sewer
434% 300.000.00 May 1 1952
-It was
May 1 1922 Sanitary sewer
-BOND PAYMENTS.
TEXAS, State of (P. 0. Austin).
Coupons dated May 1 1931 may be presented for payment at the office
announced on May 26 that the Manufacturers Trust Co. of New York City
of the City Treasurer on and after date of this notice until June 15 1932.
has been ap ..inted coupon paying agent for the following Texas bond
The city reserves the right to use any balance remaining after June 15 1932
issues: $156,111 5% Falls County Road District No.9,series B of 1932,and
on account of unpresented May 1 1931 coupons for payment of coupons
$30,000 Liberty County court house equipment funding bonds.
bearing later date.
The above named company has also been appointed agent for $20,000
refunding bonds of Nueces County Navigation District No. 1. series A of
-BOND OFFERST. JOSEPH COUNTY (P. 0. Centreville), Mich.
1932. and $30,000 Navigation District No. I refunding bonds, series B
ING.
-Clifford H. Harman, Clerk of the Board of County Supervisors,
of 1932.
will receive sealed bids until 12 m. (Eastern standard time) on June 15
-Joseph
-BOND OFFERING.
TITUSVILLE, Crawford County, Pa.
for the purchase of $36,500 5% refunding bonds. Dated July 1 1932. Due
W. Gray, City Comptroller, will receive sealed bids until 8 p. m.(Eastern
on July 1 as follows: $3,000 from 1935 to 1946 incl. and $3,500 in 1947. A
standard time) on June 6 for the purchase of $19,000 4g% street improvechock for 2% of the bid must accompany each proposal. (The procertified
ment or assessment bonds. Dated July I 1932. Denoms. $1,000 and $500.
posed offering of this issue was mentioned in V. 134. p. 3674.)
Due $9500 on July I in 1937 and 1942. Principal and interest (Jan. and
-BIDS FOR BONDS REJECTED BEJuly) will be payable at the office of the City Treasurer. A certified check
SALEM, Essex County, Mass.
for 2% of the amount bid, payable to the order of the City, must accompany
OF TECHNICALITY REGARDING PRC)CEEDINGS.-Charlos
CAUSE
each proposal.
G. F. Coker, City Treasurer, reports that bids submitted at the offering on
TREMPEALEAU SCHOOL DISTRICT NO. 1 (P. 0. Trempealeau),
MaY 19 of $100 000 not to exceed 45.6% interest coupon street paving bonds
order
Wis.-CORRECTION.-We are informed that $12,000 in 4% school bonds
-V. 134, p. 36'74 were rejected, for the reason that the issuing bonds was
are
was not voted on April 7, as reported in V. 134. p. 2956. It is said that the
passed as an emergency measure and the purpose for which the
Thorndike,
money for the project is to be secured from the State Trust Funds and not
Intended was not construed by the legal attorneys, Storey. measure has
The
Palmer & Dodge of Boston, as constituting an emergency.re-offering of
from a bond issue.
the
been considered by the City Council and early
-BOND OFFERING.
again
TONAWANDA (CITY OF), Erie County, N. Y.
issue is anticipated.
Christian W. Schulmeister, City Treasurer, will receive sealed bids until
-Sealed bids
on June 6 for the purchase of $18,000 not to exceed 6% int. bridge
-BOND OFFERING.
8 p. m.
SALINA, Saline County, Kan.
Chas. E. Banker, City Clerk, for
bonds. Dated July 1 1932. Denom. $1,000. Due $1,000 on July 1
will be received until 5 p. m.on June 6, by public impt. bonds. Denom.
of
issue of 434T
from 1938 to 1955 incl. Rate of int. to be expressed in a multiple of
the purchase of a $99.598.60
from 1 to 10 years.
Due in
1%. Prin. and semi-ann. Int. will be payable at the Chase National Bank
$1,000, one for $598.60. Dated March 1 1932.State School Fund Commisof New York. A certified check for $1,000, payable to the order of the
offered subject to the refusal of the
Bonds are
the bid.
City Treasurer, must accompany each proposal. The opinion of Thomson,
sion. A certified check for 2% must accompany
Wood & Hoffman of New 'York, as to the legality of the bonds,will be
- furnished the successful bidder.
BUENAVENTURA (P. 0. Ventura), Ventura County, Calif.
SAN
-The $100,000 issue of not to exceed 6% semi-ann,
BONDS NOT SOLD.
-BOND OFFERING.
-Roy R.
TONAWANDA, Erie County, N. Y.
-was not sold,
improvement bonds offered on May 16-V. 134, P. 3675
Brockett, Town Supervisor, will receive sealed bids until 8 p. m.(daylight
received, an offer of 100.60 for 6s, was rejected.
as the only bid
-has since been sold to
bonds that was voted on Dec. 29-V. 134, P. 542
local purchasers.
ROCK ISLAND SCHOOL DISTRICT NO. 41, Rock Island County,
-Leo L. Bradley, Manager Investment Department
-BOND SALE.
III.
of the Modern Woodmen of America, of Rock Island, informs us that his
organization was the successful bidder at an offering on May 20 of $76,000
refunding bonds. Tenders were asked for bonds to mature in 2g years,
at not to exceed 5% interest, and to mature in five years, with the rate
of interest limited ta 4g %. Mr. Bradley states that the Board of Education accepted his offer of a price of par for the bonds at 43. % interest, to
mature in five years. A summary of the other offers received at the sale,
in addition to that of the successful bidder, is as follows:
The second best bid was submitted by the First National Bank of Chicago. Chicago, Ill., being par and accrued interest plus a premium of
-year bonds, figuring about a 4.70% 'basis. The third
$112 for 4%% 5
bid was submitted by White-Phillips Co., Davenport, being a discount
-year bonds, figuring about a 4.80% basis. The fourth
of $295 for 4h'% 5
bid was submitted by the Northern Trust Co., Chicago, being par and
-year bonds, figuring
interest plus a premium of $325 for 5% 5
accrued
about a 4.90% basis. White-Phillips Co.. Davenport, also submitted a
bid of a discount of $250 for 2M-year 5% bonds.
4028
Financial Chronicle
May 28 1932
saving time) on June6for the purchase of$214.000 not to exceed 6% interest
WEST JEFFERSON, Madison
coupon or registered bonds, divided as follows:
-BOND SALE.
W. E. Jackson, Village Clerk, reports County, Ohio.
that the
$55,000 Sheridan Park !rapt. bonds. Dated April 1 1930. Due April 1 as
of Columbus has purchased at a price of par Huntington National Bank
follows: $3,000 from 1933 to 1949 incl., and $4,000 in 1950.
an issue of $66,500 special
assessment improvement bonds.
52.500 Sewer District No. 3 bonds. Dated Jan. 1 1932. Due Jan. 1 as
follows: $2,500 from 1933 to 1937 incl., and $2,000 from 1938
WEST MIDDLESEX, Mercer County, Pa.
-Ralph J.
to 1957 incl.
Fair, Borough Secretary, reports that the State -BOND SALE.
Teachers' Retirement Fund
32,500 Water District No. 5 bonds. Dated Jan. 1 1932. Due Jan. 1 as
has purchased an issue of $9.000 53" funding bonds
at
follows: $500 in 1933, and $2,000 from 1934 to 1949 incl.
on Feb. 1 as follows: $2,000 in 1937; $3,000 in 1942,a price of par. Due
and $4,000 in 1937.
32.500 highway impt. bonds. Dated May 1 1932. Due May 1 as folWEST PACIFIC SCHOOL DISTRICT (P. 0.
lows: $5,000 from 1933 to 1937 incl.; $1,000 from 1938 to 1940
Waterloo), Douglas
County, Neb.-BONDS VOTED.
-It is reported that at a recent election
incl.; $2,000 in 1941, and $2,500 In 1942.
the voters approved the issuance of $25,000 in school
10,000 Lateral Sewer District No. 3 bonds. Dated May 1 1932. Due
building and site
purchase bonds.
$1,000 on May 1 from 1933 to 1942 incl..
9,000 Water District No. 4 bonds. Dated Jan. 1 1932. Due $1,000 on
WEST VIRGINIA, State of (P. 0. Charleston).
-BOND SALE.
-An
Jan. 1 from 1933 to 1941 incl.
issue of $1,250,000 coupon or registered road bonds
was
8,500 Water District No. 7 bonds. Dated Jan. 1 1932. Due Jan. 1 as
and awarded to the Bankers Trust Co. and the Guarantyoffered on May 25
Co. of New York,
follows: $500 in 1933, and $1,000 from 1934 to 1941 incl.
jointly, paying a premium of $117.90, equal to
100.009,
8,300 Water District No. 2 bonds. Dated Jan. 1 1932. Due Jan. 1 as
of about 4.43% on the bonds, divided as follows: a net interest cost
follows: $300 in 1933, and $1,000 from 1934 to 1941 incl.
maturing on April 1 as follows: $50,000 1933 to 1953 $1,075,000 as 4%s,
and $25,000 in 1954,
5,800 Lateral Sewer District No. 2 bonds. Dated May 1 1932. Due
and $175,000 as 4%s, due on April 1 as follows:
$25,000 1954 and $50,000
May 1 as follows: $800 in 1933, and $1,000 from 1934 to
1955 to 1957.
incl.
Rate of interest to be expressed in a multiple of h or 1-10 of 1% 1938must
.
and
BANKERS RE
-OFFER BONDS.
-The successful
be the same for all of the bonds. Principal and semi-annual interest will
above bonds for public subscription priced to yieldbidders re-offered the
be payable at the First National Bank, Kenmore, or at the Chase National
according to maturity, on the 4%% bon,and the from 33' to 4.35%,
bonds
Bank, of New York. A certified check for $5,000, payable to the order of
43i%
at 100 and interest. Coupon bonds in $1,000 denom., bonds are Miceli
the above-mentioned Supervisor, must accompany each proposal. The
convertible into
fully registered bonds of $1,000 and 15,000 denom.
approving opinion of Clay. Dillon & Vandewater, of New York, will be
Prin. and int, payable in gold at the office of the StateDated April 1 1932.
furnished the successful bidder.
Treasurer, or at the
option of the holder in N. Y. City. Legality to be
approved by Caldwell
& Raymond of New York.
TULSA COUNTY SCHOOL DISTRICT NO. 33 (P. 0. Tulsa, R. 9,
The other bids for the bonds were reported In newspaper
Box 228), Okla.
-BONDS OFFERED.
-Sealed bids were received until
dispatches as
follows:
7:30 p. m.on May 27 by J. H. Yearout, District Clerk, for the purchase of
The First National Bank of New York, together with
116,700 school bonds. Interest rate to be named by bidder. Due $1,000
Halsey, Stuart &
Co., and Phelps, Fenn & Co. submitted the second
from 1936 to 1951 and $700 in 1952. (These are the bonds that were unhighest
group offered 100.004 for $1:,140,000 4%s and $110,000 tender. This
successfully offered on April 22-V. 134, p. 3508.)
43.(s, or a net
Interest cost of 4.458%•
TURTLE LAKE, McLean County, N. Dak.-BONDS OFFERED.
This bid was followed by a figure of 100.008 for
Bids were received by R. T. Lierboe, Village Clerk, at the office of the
$26,000 43s, submitted by the Chase Harris Forbes 11,224.000 4%s and
Corp., R. L. Day &
County Auditor, until 10 a. m. on May 25, for the purchase of a $7,000
Co., the Mercantile Commerce Co. and the Charleston
National Bank.
issue of improvement bonds. Denom.$500. Due $500 from June 1 1935 to
Interest cost on this tender is 4.49%•
1948 incl.
The final tender was 100.113 for all 43
-is, or a net interest cost to the
State of 4.496%. The First Detroit Co., Inc., aubmitted
TYLER, Smith County, Tex.
-BONDS VOTED.
this bid, in asso-At the election held
ciation with the First National Old Colony Corp., the
-on May 16-V. 134. p. 3140
-the voters approved the issuance of $100,000
Inc., Hannahs, Baum & Lee. and the First Securities N. W. Harris Co.,
in 6% sewage disposal plant bonds by a count reported to have been 234
Corp. of Minnesota.
"for" to 197 "against." Due in from 1 to 15 years. It is stated that these
Financial Statement.
Assessed valuation-1931
bonds will soon be offered for sale.
Bonded indebtedness
-1919 Virginia debt bonds (original11,877.968,467
BOND OFFERING.
-It is stated that sealed bids will be received until
issue 313.500.000)
4.340.001)
May 31 by Lee H. Power, City Manager, for the purchase of the above
State road bonds, Including this offer
81,385,000
issue of $100.000 6% semi-ann. sewage disposal plant bonds.
Total bonded indebtedness, including this offer
UTICA, Oneida County, N. Y.
186,975 000
-BONDS PUBLICLY OFFERED.
$675,000 required to be retired annually, beginning in 1919.
Batchelder & Co. and Rutter & Co., both of New York, Jointly, made
pursuant to the good roads amendments to the Constitution and Issued
public offering on May 23 of $740.000 4.40% coupon or registered bonds
payable
serially, last maturity April 1 1957.
at prices yield 2.50% for the 1933 maturity; 1934. 3.50%; 1935, 4.003';
The Constitution of West Virginia provides that the aggregate amount
1936, 4.10%; 1937 and 1938.4.153'; 1939 to 1942 incl., 4.20%, and 4.25%
of bonds outstanding for roads shall at no time exceed $85,000,000.
for the maturities from 1943 to 1952 incl. Bonds are legal investment for
The
Constitution of West Virginia does not authorize the issuing of general
savings banks and trust funds in the States of New York and Massachusetts.
obligation bonds for any other purpose.
(Details of the public award of these bonds appeared In-V.134,P.3881.)
Population: 1920 Census, 1.463.701; 1930 Census, 1,728,510.
VICKSBURG, Warren County, Miss.
-BONDS AUTHORI7ED.-At
WORCESTER, Worcester County, Mass.
-LIST OF
-The
a recent meeting the Mayor and the Board of Aldermen adopted an ordinance
following is a list of the bids received for the 1200.000 revenueBIDS.
anticipation
providing for the issuance of $90,000 in refunding bonds.
loan awarded on May 20 to the Merchants National Bank, of
Boston, at
1.87% discount basis.
-V. 134, p. 3862.
WARWICK, Kent County, R. I.
-A syndicate com-BOND SALE.
Bidderposed of Estabrook & Co.. Lehman Bros. and Hannahs, Bailin & Lee.
Discount Basis.
Merchants National Bank, of Boston (Purchaser)
all of New York, and Bedell & Co. of Providence, has purchased $500,000
1.87
Rutter & Co
% coupon bonds at a price of 94, a basis of about 6.24%. Dated April 1
1.95
Faxon, Gado & Co
1932. The total consists of $300,000 bonds issued to reimburse the city
1.95
Shawmut Corp. (Plus $3.33 premium)
treasury for improvements effected and $200,000 to finance the construc1.97
Worcester County National Bank
tion of a new school building. Bonds will mature April 1 as follows:
1.97 g%
Second National Bank, of Boston (Plus $1 premium)
520,000 from 1933 to 1952, incl., and $5,000 from 1953 to 1972. incl. Prin,
2.00
First National Old Colony Corp
and int. (April and Oct.) will be payable at the Union Trust Co.. Provi2.00
Salomon Bros. & Hutzler
dence, or at the Guaranty Trust Co., New York. Legality to be approved
2.13
F. S. Moseley & Co
by Storey, Thorndike, Palmer & Dodge of Boston.
2.15 o
YOUNGSTOWN, Mahoning County, Ohio.
BONDS PUBLICLY RE
-OFFERED.
-LEGAL OPINION.
-The bonds are being re-advertised
The legality of the $525,000 6% bonds awarded
for general investment at a price of par and accrued interest, to yield
price of par
by the Provident Savings Bank & Trust Co. at aCincinnati on May 14
-5.50%. According to the bankers, they are legal investments for savings
of
3862
-will be approved by Squire, Sanders & Dempsey of -V. 1.34, P.
banks in the States of Rhode Island, Massachusetts, Maine. New HampCleveland.
shire, Vermont and New York. The bonds, it is said, are direct obligations
of the city, payable from unlimited ad valorem taxes on all the taxable
property therein.
its
Financial Statement May 1 1932 (As Officially Reported).
BRITISH COLUMBIA (Province of).
-STOCK ISSUE PLACED ON
Assessed valuation, May 1 1932
1.38.388,090
MARKET IN LONDON.
-A syndicate composed of the
Total bonded debt, including this issue
2,940,000
Corp., J. & A. Scrimgeour and the Canadian Bank of Dominion Securities
Less: Water debt and sinking fund
Commerce offered for
1,633,404
public subscription in London, England, on May 26 an Issue
Net debt (3.40%)
of $1,500,000
1.306,596
5% 35
-year provincial stock. Reports from London
Population, 1930 United States Census, 23,196.
indicated that the
issue had been well received.
WASHINGTON, Davies% County, Ind.
-BOND SALE -The $650.CHATHAM, Ont.-BOND SALE.
-Local investors have purchased
000 6% bonds authorized at an election on Sept. 8 1931 for the purpose of
an
issue of $25,984 improvement bonds at a price of
par. Due in from one
acquiring the privately-owned resident water works plant
-V.133, p. 1797
- to six years.
have been purchased at a price of par by C W McNear & Co. of Chicago,
KINGSTON, Ont.-BOND SALE.
according to Warren Van Trees, City Cleric. Due serially In from one to
-A. E. Ames
have purchased an issue of $150,000 6% bonds at a & Co., of Toronto,
32 years. At the time the issue was voted it was reported that the Investof about 6.10%. The issue matures on July 2 1951. price of 98.93. a basis
ment house would purchase the bonds. It was also said that payment
Award of the issue was made on May 19. Bonds will
of the same would be made entirely from revenues derived from the operation
be issued in coupon
form, with interest payments in January and
of the plant.
July. A summary of the
other bids received at the sale is as follows:
WASHINGTON, Fayette County, Ohio.
-BONDS AUTHORIZED.
Ten bids were received by the city with
Dominion Securities Corp.
An ordinance recently adopted by the city council provides for an issue of
bidding 98.88 for the entire block or but 0.05 under
the
524.959 6% refunding bonds, to be dated May 1 1932 and mature as fol99.07 for $50,000 with a 10
-day option on the balance. successful bid and
lows: $1.259 May 1 and $1,200 Nov. 1 1933. $1.200 on May 1 and $1,300
Griffis, Fairclough & Norsworthy bid 98.57.
Nov. 1 from 1934 to 1942 incl. Principal and interest (May and Nov.)
Wood, Gundy & Co. bid 98.38 or 98.88 for $50,000
with a 30
payable at the Washington Savings Bank, Washington.
-day option
on balance.
McLeod, Young, Weir & Co. bid 98.31 or 98.79
WATERBURY, New Haven County, Conn.
-BOND SALE.
-The
for $50,000 with 10
-day
option on balance.
51A/00,000 5% coupon or registered funding bonds offered on May 25
Johnston & Ward, and W. C. Pitfield & Co.
-V. 134, p. 3676
-were awarded at a price of par to Darby & Co. of New
C. H. Burgess, and Gairdner & Co. bid 98 bid 98.17.
York, the only bidders. Dated May 15 1932. Due $100,000 on May 15
or 98.87 for $50,01)0 with
30
-day option on balance.
from 1934 to 1943, incl.
R. A. Daly & Co. bid 98.02 for 150.000 with
10
BONDS PUBLICLY OFFERED.
-day option on balance.
-The bankers are making public
Harris, MacKeen & Co. bid 99.26 for $50,000
re-offering of the issue at prices to yield 43' for th 1934 maturity; 1935,
with 10
-day option on
balance.
4.25%; 1936 and 1937. 4.40%; 1938 and 1939, 4.503'; 1940, 4.60%, and
J. L. Graham & Co. bid 97.075 for $50,000 with
10
4.70% for the bonds due from 1941 to 1943, incl. Legal investment for
-day option on balance.
savings banks and trust funds in New York, Connecticut and other States,
MONTREAL METROPOLITAN COMMISSIO
N, Que.-BONDS
It is said, in addition to being direct and general obligations of the city.
AUTHORIZED.
-The Commission will place on
the market shortly an
Jamie of $1,800,000 bonds, to bear interest
payable from unlimited ad valorem taxes levied on all of the taxable
at a rate not to exceed 6%.
property therein.
Proceeds will be used to meet capital expenditures
made on behalf of the
unemployed.
WAUSHARA COUNTY (P. 0. Wautoma), Wis.-BOND OFFERING.
NEW WESTMINSTER, B. C.
-Sealed bids were received by J. J. Johnson, County Clerk, until 2 p.m.
-BOND SALE.
-Riddell & McIntosh,
Ltd., recently purchased a total of
on May 28 for the purchase of a $48,000 issue of 434% semi-ann. highway
$89,177 5%
92.25 for the five year maturities, 78.85 for the bonds, paying a Price of
bonds. Due on March 1 1941.
bonds due in 20 years, and
76.80 for the 30
-year bonds.
WAVELAND, Hancock County, Miss.
-The
-BONDS NOT SOLD.
SHERBROOKE,Que.-BOND SALE
.-W
$25,000 issue of 6% semi-ann. street impt. bonds offered on May 20-V.
Savard, Ltd., both of Montreal,jointly, have .C.Pitfield & Co.and Ernest
134, p. 3676
-was not sold, as the only bid received, an otter of par by
purchased an issue of $297,000
6% coupon (registerable as to principl bonds
the Merrill Engineering Co. of Jackson, was rejected.
about 6.49%. Of the entire issue, 19 .000 at a price of 98.32, a basis of
bonds will mature on Sept. 1
during the period from 1932 to 1936 incl.,
WESTCHESTER COUNTY (P. 0. White Plains), N. Y
.-CER TIFIwhile the remaining $185,000
will mature on Dec. 1 from 1932 to
CATES OF INDEBTEDNESS SOLD.
-R. W. Pressprich & Co., of New
Principal and semi-annual interest 1936 incl. Denoms. $1,000 and $500.
York, purchased on May 23 an issue of $2,543,950 certificates of indebted.
payable at the Bank of Montreal,
at Montreal, Quebec, Toronto or Sherbrooke.
ness at 3% interest, plus a premium of $1,705. Dated May 26 1932 and due
The bankers are re-offering
the bonds for general investment at par
on June 5 1933. Legality approved by Hawkins. Delafield & Longfellow,
for the issue were reported as follows: and accrued interest. Bids received
of New York. Public re-offering of the certificates was made at a price to
yield 2.50%. Legal investment for savings banks and trust funds In New
Bidder
York State, according to the bankers. The county received the following
W C. Pitfield & Co. and Ernest Savard,
W.
Ltd. (Successful bidders a-e 8 id
.2
R - t9 B3.
)
Royal Securities Corp., Hanson Bros. and Nesbitt,
tenders for the issue:
Thomson & Co.,
Bidderjointly
Int. Rate,
Premium.
R. W. Pressprich & Co.(Purchaser)
Bank of Montreal, Royal Bank of Canada, Dominion
3
11.705
Securities Corp.,
98.17
Dillon. Read & Co
jeih tdy Gundy & Co., Hannaford, flicks & Co.
Wool ,
1.601
and A.E. Ames & Co.,
First National Bank of New York. Salomon Bros. &
Hutzler, and the First National Bank of Mount
SMITH'S FALLS, Ont.-PURC
Vernon, jointly
issue of $30,884.45
3
.40%
6% unemployment relief work bondsHASER.-Theat a
155
sold
93°
price of 97.0 8, 2
0. a
Guaranty Company of New York
4.00
Par
basis of about 6.27%-V. 134, p. 3862 recently
-were purchased by H. R. Bain
-Chase Harris Forbes Corp
4.354
101
& Co. of Toronto.
CANADA,
Provinces and Municipalities
@FedFRASER