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The
firtanqui
MinrrcttI lirontrie
Volume 134
New York, Saturday, May 7, 1932
Number 3489
The Financial Situation
IT IS time that a protest be registered against the
course of the Inter-State Commerce Commission
in virtually nullifying by its action all the good that
the Reconstruction Finance Corporation was designed to render as far as the railroads are concerned. We have had occasion heretofore to refer
to the indifferent support that the Commerce Commission has been lending to the work of the Finance
Corporation and the way it was treating the railroads in their pleas for help from the Finance Corporation. But now the Commerce Commission has
gone beyond all sense and reason, and is arrogating
to itself functions which it was never intended it
should have in passing upon applications by the railroads for loans from the Reconstruction Finance
Corporation. It has actually made the granting of
a loan conditioned upon agreement on the part of
the road to reduce its fixed charges and to file a
plan to that end by the 1st of July.
The case is that of the St. Louis-San Francisco
Railway. After expressing the opinion that the
railroad is overcapitalized, and that in addition the
proportion of bonds to capital stock is excessive, the
Commission goes on to say that "We do not believe
that this carrier can operate successfully in the
future without a reduction of its fixed charges.
Therefore in connection with the approval of a further loan herein, we shall impose the condition that
the applicant agree to submit for our approval,
prior to July 1 1932, a plan which will result in such
a reduction." This action is the more remarkable
since in a discussion of the earning power of the
road and the income available for interest, after provision for all other charges, for the 11 years ending
with 1931, but eliminating 1922 because "the traffic
and earnings of 1922 were adversely affected by the
coal strike and shopmen's strike of that year and
those of the years 1930 and 1931 by the present
financial and industrial depression," and confining
the calculation to the remaining years of the 11-year
period referred to, the statement is made that "we
find that the average annual income available for
interest amounted to $21,756,469, equivalent to about
1.47 times the average annual payments of $14,840,231 over the same period for interest on the
funded and unfunded debt." It is pertinent to ask
what warrant can be found for asking a reduction
in fixed charges in the case of a railroad property
able to make such a record in normal years over
such an extended period?
The Commission goes a step further and continues
as follows: "Included in the computation, however,
is the amount of interest actually paid by the applicant upon its adjustment mortgage bonds and its
income mortgage bonds, both series of which were
redeemed July 1 and Oct. 1 1928, out of the proceeds of the sale of the applicant's consolidated
mortgage bonds and its preferred stock under the
authority of our decision in St. Louis-San Francisco
-S.
readjustment, 138 I. C. C. 505. The interest on
these bonds was payable under the terms of the
respective indentures only if earned. Such payment,
therefore, did not constitute a fixed interest obligation of the applicant. Eliminating such charges
from the computation, -we find the 'annual average
income available for fixed charges over the same
period was equivalent to 1.98 times fixed charges,
and during the entire 11-year period, 1921 to 1931,
was equal to 1.74 times fixed charges. Accordingly,
the applicant's bonds were accepted as legal investments as defined by the Banking Department of the
State of New York."
This last-mentioned computation or statement has
evidently been inserted to excuse the Commission's
action only four years ago in authorizing a bond
issue of $110,000,000 and an issue of preferred stock
for $49,000,000. The Commission not only approved
and authorized this plan of financing, but required
2
that $102,000,000 of The consolidated mortgage 4y %
gold bonds, series A, to be issued immediately, "be
/
sold at not less than 941 2 and interest." The sale,
then, was consummated with great success. These
same bonds on Monday of the present week sold down
2
to 9Y on the news of the latest action of the Coma
merce Commission. What a comment on the work
of the Commission! At the time referred to, in 1928,
the Commerce Commission also authorized the company "to issue $49,157,400 of 6% preferred stock;
said stock to be offered for subscription at par and
dividend to the holders of common stock of record
March 16 1928, at the rate of three fourths of a
share of the new stock for each share of common
stock held." This preferred stock in the market has
now dropped to a price of next to nothing.
In view of the Commission's action only four years
ago, in endorsing this new financing, must not the
Commission be charged with culpable negligence if
the step now taken in peremptorily ordering a reduction in the fixed charges can be claimed to have the
slightest merit or justification. More than that,what
occult powers can the Commission claim to possess
which enable it to look into the future and say that
this or that railroad will or will not be able to earn
its fixed charges in the future? What peculiar gift
may the members of the Commerce Commission be
supposed to possess that enables them to peer into
the future and assert with assurance and certainty
that any particular railroad property cannot carry
its burden of fixed charges, whatever they may be?
It may be admitted that if the Commission were
3326
Financial Chronicle
May 7 1932
obliged to pass upon some plan of reorganization
Hence, we again ask by what right and authority
of a railroad property, it might with perfect pro- does the Commerce Commission step in and underpriety urge that in its judgment the fixed charges take to thwart this carefully devised plan of Conseemed too high, bearing in mind past experience gress and the Administration at Washington? To
and having due regard for future contingencies and be sure, in the case of the railroads the Commerce
possibilities. But this is not a case of that kind. Commission, which has supervision of the rail carThe Commission is not called upon to pass upon a riers, is asked to pass upon the proceedings in the
reorganization scheme. It is seeking to compel the case, as was natural and right, inasmuch as they are
presentation of such a scheme.
especially competent for the task by reason of their
excepting the year 1931,and the current year 1932 knowleilge and experience in railroad affairs.
But
to date, the road has not only been able to earn its this obviously was intended to mean simply passing
fixed charges, but to earn dividends on both its upon validity and regularity of the proceedin
gs and
common and preferred shares, though the company to make certain that no discrepancies exist. By
reamay not have been wise in making distributions on son of their possession of the document
s and papers
the common shares on the liberal scale which it did. the Commission could more readily than
the Finance
If it is not earning its fixed charges in the present Corporation detect anything of the
kind.
abnormal period of depression it is merely duplicatNowhere in the Act creating the Finance Corporaing the experience of hosts of other railroads, some tion can any provision be found
authorizing the
of them the finest in the land—New York Central, Commission to determine whether
any given road
for instance. In other words, the St. Louis-San will be able to earn its fixed
charges, nor, for that
Francisco is in the same boat with the rest. To show matter,any provision endowing
the Commission with
how badly off the railroads are at the present time, the power to say that the holders
of loans against
it is only necessary to refer to the monthly state- any railroad shall agree to
extend them in part,
ments of current income which are coming to hand. which is another function
which the Commission
The roads have long been required to file monthly has been arrogating to itself,
as every loan report of
returns of operating revenue and operating expenses. the Commission makes
plain. The decision, in the
In addition, the Commission has, since the beginning end, rests entirely with the
Reconstruction Finance
of 1932, required the filing also of statements of Corporation. One
limitation has been set by
fixed charges. The summarized statement of the the latter itself, namely,
that the Finance Corpofixed charges for January and February has just ration must not
make any loans to railroads
made its appearance the present week. From that already in the hands
of receivers. And this limitawe see that for these two months combined the rail- tion furnishes the
key to the underlying purpose of
roads of the United States, treated as a whole, had the framers of the
Act. The purpose is in the present
income available for fixed charges of only $64,- critical and trying
times to avoid receiverships.
838,409, whereas the total of the fixed charges for Hence, where a
receivership already exists, the purthe same two months was $114,192,438. Accord- pose has already
been defeated, and there would
ingly, the railroads for these two months fell nearly be no sense
in wasting any good money in that
$50,000,000 short of earning their charges—in exact way.
figures, the shortage is $49,354,029. We cite these
If the policy of the Commission should prevail,
figures simply to indicate that the St. Louis-San and they
be permitted to impose all sorts of conFrancisco is not an exception to the rule, but simply ditions, as
they have been doing, the whole railroad
finds itself in the same unfortunate condition as system
of the country would soon be facing a receivernearly all other roads in the country. And yet the ship. It is
time to call a halt upon the weird and
St. Louis-San Francisco is to be called upon to re- wild performances of the
Commission.
duce its fixed charges. Is it to be a precedent for
A very disturbing feature in connection with the
the others?
affair is the apparently ready way in which the manAnd if the Commission is to enter upon the course agement of the road are acquiesci
ng in the requireof lowering fixed charges all around, based upon a ments of the Commission. If current
reports are to
shortage of revenue in two years of unparalleled de- be credited, the management of the
road has indipression in trade, what is the outcome likely to be? cated a willingness to comply with the
requirements
Would not the country, then, be called upon to en- of the Commission, and is engaged in
devising plans
dure a series of disasters the like of which the world to that end. How this can be accomplis
hed it is diffihas never seen before in its darkest hours? What cult to see. Reorganizing a railroad
system of the
would become of our savings institutions holding size of the St. Louis-San Francisco,
embracing 6,000
such masses of railroad securities? What of the life miles of road, with a multiplicity of
liens and sevinsurance companies? What of the other institu- eral hundred millions of indebtedness, in
the short
tions similarly situated? By what authority is the space of two months or less, would
be one of the
Commerce Commission proceeding in the taking of miracles of the age. But the mere
willingness to
such arbitrary and dictatorial action? The distinct acquiesce shows how completely railroad
managers
function of the Reconstruction Finance Corporation have been cowed into submission by the long
years of
is that it shall extend aid to the railroads in order ill treatment and the arbitrary exercise of
power on
to enable them to tide over the present period of the part of public authorities. But the matter
has
depression. It was recognized that the railroads now gone beyond all limits, and a spirit of
earnest
owing to the intensity of the depression would not and vigorous protest is now demanded. It is time
be able in 1932 to earn their fixed charges, and that that men with red blood in their veins come forward,
many of them would find it impossible to meet cur- lest the railroads be overwhelmed in general
rent liabilities. The Reconstruction Finance Corpo- disaster. And the services of the Commerce Commisration, a Government body, was devised to help the sion should hereafter be dispensed with by the Reconrailroads out and to extend the needed aid to the struction Finance Corporation. It is not required
'railroads in this their hour of dire distress.
under the Act.
Financial Chronicle
Volume 134
3327
be doubted, the Federal Reserve System will have a
big job on its hands. What is sought is to raise the
level of commodity values, and this, of course, can
be brought about, but only by the United States passing off the gold standard, with the result that gold
would go to a premium and then prices would, of
course, be higher, because quoted in depreciated
paper values, and nothing would be gained at all,
since these higher but depreciated paper values
would have a depreciated purchasing power measured by the premium at which gold ruled. In other
words, the rise in the level of commodity values
would then be of nO avail whatever, while suspension of gold payments would involve serious consequences in many different directions.
The first effect of the passage of the bill by the
House has been to cause a rise in the foreign exchange rates here at New York on all the leading
financial centers of Europe and the renewal of gold
exports the latter part of the week on quite a large
scale. For the week ending May 4 the shipments of
the metal aggregated $15,872,000, of which $5,894,000
was destined to Holland, $4,613,000 to France,
$4,004,000 to Switzerland, $700,000 to Belgium,
$460,000 to Germany, $100,000 to England, $101,000
to Italy, 'besides which $11,022,000 more of the
"The imperative need of the nation to-day is a metal was earmarked for foreign account,makingthe
definite and conclusive program for balancing the total loss for the week close to $27,000,000. These
budget. Uncertainty is disastrous. It must be in figures are for the week ending Wednesday night.
every sense a national program. Sectional, partisan, In addition, $1,600,600 of the metal was withdrawn
group or class consideration can have no place for export to Holland on Thursday, and $21,189,300
in it."
more withdrawn on Friday, of which $16,183,300
HE House of Representatives on Monday also was for Holland, $4,000,000 was for Switzerland,
committed the great folly of passing, by the $750,000 was for Belgium, and $250,000 for England,
overwhelming vote of 289 to 60, of what is known though as partial offset $13,277,900 gold was released
from earmark.
as the Goldsborough Bill, directing the Federal ReOf course the fear in Europe is that the United
serve System to employ its control over credit and
currency in an effort to restore prices to about the States will sooner or later have to suspend gold pay1926 level. The bill is a short one, but is far-reach- ment, and these foreigners think it best to withdraw
their balances here before the expected event actuing in its application and possible consequences. In
ally Occurs. Federal Reserve banks, however, are
its full text it reads as follows:
go strongly fortified with 110'10:Hugs of gold, it is gratiA BILL
fying to be able to say, that the fear apprehended
For restoring and maintaining the purchasing power of
does not appear likely to come to pass unless Conthe dollar.
Be it enacted by the Senate and House of Representatives gress shoulil become positively mad in its follies and
of the United States of America in Congress assembled, the President's veto should not be sufficient to check
that the Federal Reserve Act is amended by adding at the it
in its reckless course.
end thereof a new section to read as follows:
It seems useless to argue against follies such as
31. It is hereby declared to be the policy of the
"Sec.
United States that the average purchasing power of the those embodied in the Goldsborough Bill when our
dollar as ascertained by the Department of Labor in the legislators have lost all sense and reason, and the
wholesale commodity markets for the period covering the only hope is that the movement can be held under
years 1921 to 1929, inclusive, shall be restored and maindefinite control before it is -carried too far. We
tained by the control of the volume of credit and currency."
Sec. 2. The Federal Reserve Board, the Federal Reserve grieve to have to say that the Federal Reserve authorities are chargeable with a portion at least of
banks and the Secretary of the Treasury are hereby charged
with the duty of making effective this policy.
•
the blame in inculcating the unsound doctrines which
Sec. 3. Acts and parts of Acts inconsistent with the are finding such wide acceptance to-day through the
terms of this Act are hereby repealed.
Reserve policy of the large-scale purchases of United
It will be observed that it is declared to be the States Government securities. The purpose is the
policy of the United States that the average purchas- same as in these other cases, namely, the restoration
ing power of the dollar as ascertained by the Depart- of values to somewhere near their former high levels,
ment of Labor in the wholesale commodity markets but there is resort to inflation of credit and of
for the period covering the years 1921 to 1929, inclu- currency in the one case as in the other, and in its
sive, shall be restored and maintained by the control harmful effects the difference is simply one of degree
of the volume of credit and currency, and that the and in Europe, where they have had such sad experiFederal Reserve Board, the Federal Reserve banks ence with credit and currency inflation, it is not
and the Secretary of the Treasury are charged with strange that they cannot see any distinction at all
the duty of making this policy effective. Assuming between the two. This week's return of the Federal
that the measure shall pass the Senate as well as the Reserve System shows that the plan of large-scale
House, which is to be doubted, and shall also receive purchases of United States Government securities
the assent of the President, which is still more to has been carried a step further, the holdings of
THER proceedings at Washington also furnish
occasion for the deepest concern. Congress
is indulging in most reckless appropriations, while
professing a loud desire for economy. One instance
of this is the passage by the House of Representatives on Monday of what is known as the World War
Widows and Orphans Bill, under suspension of the
rules, and after only 40 minutes of debate by the
overwhelming vote of 316 to 16. This authorizes an
expenditure of more than $10,000,000 during the
next fiscal year and involves $100,000,000 over the
next five years. Further occasion for anxiety is
furnished by the lack of progress in the enactment
of a revenue measure for balancing the budget, and
the rebuke which the President administered to Congress in his special message on Thursday, stressing
the need of speedy action in balancing the budget
and for drastic economies in expenditures was well
deserved. As the President well says:
"The most essential factor to economic recovery
to-day is the restoration of confidence. In spite of
the unquestioned beneficial effect of the remedial
measures already taken and the gradual improvement in fundamental conditions, fear and alarm
prevail in the country because of events in Washington which have greatly disturbed the public mind.
O
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3328
Financial Chronicle
these securities having been further enlarged during
the week in amount of $95,649,000, bringing the total
holdings of such securities up to$1,286,881,000,which
compares with only $598,351,000 12 months ago, on
May 6 1931. There has also this week been a considerable increase in the volume of Federal Reserve
notes in actual circulation, the amount of these now
standing at $2,561,646,000 as against $2,526,572,000
last week, and comparing with $1,540,783,000 12
months ago, on May 6 1931.
May 7 1932
part the increase in the holding the present week
has been offset by a diminution in the volume of
discounts held (representing member bank borrowing) and in the holdings of acceptances. The discounts have fallen from $531,824,000 April 27 to
$505,801,000 May 4, and the acceptance holdings
from $45,874,000 to $44,522,000.
The result therefore is that there has been an
addition for the week in the total of bill and security
holdings (which item constitutes a measure of the
volume of Reserve credit outstanding) of $68,388,000
IN DISCUSSING last week the success attending the total having increased during the week from
the action of the United States Secretary of the $1,773,745,000 to $1,842,133,000. A year ago, on
Treasury in offering for subscription $225,000,000 May 6 1931, the amount of Reserve credit outstandof one-year certificates of indebtedness bearing only ing was only $943,522,000. The amount of Federal
2% interest, and the same amount of two-year Treas- Reserve notes in circulation has also increased durury notes carrying 3% interest, we pointed out that ing the week, rising from $2,526,572,000 to $2,561,both issues were in the offering circulars declared 646,000. This last compares with only $1,540,783,000
to be free from all Federal income taxes, even the of Reserve notes in circulation on May 6 1931. Gold
surtaxes, and stated that while there was distinct holdings have suffered a decrease of $22,113,000 durauthority to exempt the certificates of indebtedness ing the week, presumably as a result of the renewal
from the surtaxes the Treasury Department had of-the outflow of the metal; the amount of such gold
failed to state by what authority the Treasury notes reserves at $2,992,421,000 May 4 1932 compares with
had also been made exempt from the surtaxes. We $3,172,277,000 on May 6 1931. With the gold holddid not mean to imply that the authority was lack- ings lower and the note liabilities higher, and some
ing, since such a blunder would be inconceivable on increase also in the deposit liabilities owing to the
the part of the Treasury Department, but intended increase in member bank reserves, on deposit with
merely to say that in view of the fact that the Secre- the Federal Reserve institutions, the ratio of total
tary of the Treasury had in March 1931 failed in his reserves to deposit and Federal Reserve note liabiliattempt to secure surtax exemption for long-term ties combined has again moved somewhat lower and
issues of bonds he ought to have indicated the source now is down to 66.8% against 67.9% last week, and
of his authority in now,issuing two-year notes carry- comparing with 83.4% 12 months ago on May 6 1931.
ing such exemption. Ogden L. Mills, the Secretary
Reference has been made above to the further reof the Treasury, in a communication addressed to duction in the bill or acceptance holdings of the 12
us, has Ofinitely cleared up the point at issue, and Reserve institutions, the further decline this week
several of our subscribers have also undertaken to having been from $45,874,000 to $44,522,000. These
figures relate to the Reserve banks' own holdings of
enlighten us in the matter.
• It seems that Secretary Mellon, when he sought acceptances. We note that the acceptance holdings
surtax exemption for long-term bond issues, simply on behalf of foreign central banks have also again
requested a change in that section of the Liberty decreased,and this week are reported at $278,042,000
Loan Act dealing with long-term issues of bonds, as against $297,735,000 last week. Foreign bank deand this left the provision of the Victory Liberty posits, however, in the care of the Federal Reserve
Loan Act, which amended the Second Liberty Loan institutions are also somewhat lower this week,being
Act, and authorized the Secretary to issue notes in reported at $45,063,000 May 4 against $49,598,000
the aggregate of $7,000,000,000, each series of notes on April 27.
so issued to be payable in not less than one year nor
more than five years, the same as 'before. Under the THE stock market this week has been without
special feature, but kept sagging day by day
note provision referred to, the Secretary has the
alternative of issuing notes either partially exempt, on very limited transactions and without any rallythat is, not including exemption from the surtaxes, ing tendency of consequence until Thursday, when
or notes wholly exempt and including exemption after further losses in the earlier part of the day
from the surtaxes. Secretary Mills exercised his considerable recovery occurred by the close of the
discretion in the matter and made the new series of day, and this recovery was extended further on Frinotes exempt from the surtaxes as well as from the day, with the close strong on that day. The railroad list was under constant pressure, the action
other forms of income taxes.
of the Inter-State Commerce Commission in imposA S IN so many other recent weeks, the feature of ing upon the St. Louis-San Francisco Railway a
the Federal Reserve returns this week is again requirement that fived charges must be reduced bethe large increase shown in the holdings of United fore the Commission would approve an application
States Government securities, this being in pur- for further loans from the Reconstruction Finance
suance of the easy money policy of the Federal Re- Corporation having exercised a very unfavorable
serve System under which large-scale buying of such influence upon the railroad list. Railroad bonds,
securities is indulged in. The further addition this especially the low-priced issues, were weak for the
week has been $95,649,000. This follows $113,102,000 same reason. A very despondent feeling has been
increase last week and $93,106,000 in the previous growing up owing to the course of things at Washweek and $100,010,000 the week before, making a ington in Congressional circles. A very bad imprestotal acquisition of Government securities of no less sion was created by the action of the House of Reprethan $401,867,000,the amount of the holdings in this sentatives on Monday in passing the World War
period of four weeks having risen from $885,014,000 Widows' and Orphans' Bill authorizing an expendiApril 6 to $1,286,881,000 May 4. In relatively small ture of $100,000,000 over the next five years by the
Volume 134
Financial Chronicle
3329
/
overwhelming vote of 316 to 16 after a debate of only against 50; Columbia Gas & Elec. at8% against 7 8;
40 minutes. A still worse impression was made Brooklyn Union Gas at 74 against 70%; Electric •
18;
by the passage in the House on the same day of the Power & Light at 7% against 7/ Public Service of
%
Goldsborough Bill, by the overwhelming vote of 289 N. J. at 458 against 43; International Harvester
to 60, directing the Reserve Board to conduct its at 18 against 18; J. I. Case Threshing Machine at
/
policy with a view to raising commodity prices to 23% against 2078;Sears,Roebuck & Co.at 18 against
18%; Montgomery Ward & Co. at 7% against 7;
the level of the years 1921 to 1929.
This last had the effect of creating new appre- Woolworth at 34% against 35%; Safeway Stores
hensions abroad regarding the ability of the United at 47% against 46; Western Union Telegraph at 23
States to maintain gold payments,and led to a sharp against 24%; American Tel. & Tel. at 101% against
%;
rise in the foreign exchanges at New York on the 973 International Tel. & Tel. at 5% against 5%;
4;
and also to new with- American Can at 41% against 391 United States
leading European centers,
of gold •for European account. Dividend Industrial Alcohol at 19 against 20%; Commercial
drawals
reductions and omissions also played their part in Solvents at 6% against 6; Shattuck & Co. at 8
adding to the feeling of gloom and depression, and against 8,and Corn Products at 35 against 32%.
Allied Chemical & Dye closed yesterday at 56%
in intensifying it. The General Motors Corp. reduced its quarterly dividend on the common shares against 52% on Friday of last week; E. I. du Pont
from 50c. a share to 25c., after having three months de Nemours at 30% against 28; National Cash Regisago reduced this dividend from 75c. a share to 50c. a ter at 9 against 8%; International Nickel at 5%
share. The Purity Bakeries Corp. also reduced the against 5%; Timken Roller Bearing at 15 against
/
dividend on the common stock from 50c. a share to 1378;'Mack Trucks at 14 against 13; Yellow Truck &
from Coach at 2against 2; Johns-Manville at 13% against
25c. a share after a reduction last December
75c. a share to 50c. a share. Timken Roller Bearing 12%; Gillette Safety Razor at 14% against 14%;
2
1
/
2
1
/
Co. reduced from 50c. a share to 37 c. a share, after National Dairy Products at 23 against 23; Associthe dividend from ated Dry Goods at 3% against 4 bid; Texas Gulf
having some time previously cut
/
75c. a share to 50c. a share. The Union Tank Car Sulphur at 18% against 1778; Freeport Texas at
4;
/
Co. cut its quarterly dividend on the common stock 1538 against 143 American & Foreign Power at
from 40c. a share to 35c. a share. Munsingwear, Inc., 3% against 3%; General American Tank Car at 17
reduced its quarterly dividend on common from 35c. against 17; United Gas Improvement at 17% against
/
%;
a share to 25c. a share, after having three months 16%; National Biscuit at 3478 against 323 Coca
against 94; Continental Can at 26%
ago reduced from 50c. a share to 35c. a share. The Cola at 94%
/
Standard Oil Co. of Nebraska reduced its quarterly against 2518; Eastman Kodak at 49 against 48%;
dividend, payable June 20, to 25c. a share on the Gold Dust Corp. at 13 against 12%; Standard
4
capital stotk. This company, from March 20 1931 Brands at 113 against 11; Paramount Publix Corp.
/
to and including March 21 1932, made a quarterly at 3% against 3%;Kreuger & Toll at 1 8 against 14;
%
distribution of 50c. a share as compared with 62%c. Westinghouse Elec. & Mfg. at 243 against 21%;
a share in previous quarters. The Atlas Powder Co. Drug, Inc., at 39% against 37%; Columbian Carbon
reduced its quarterly dividend on common to 25c. a at 20% against 2178; Reynolds Tobacco class B at
/
/
share, after having reduced the previous quarter 32% against 32; Liggett & Myers class B at 4938
%.
/
from $1 a share to 50c. a share. The Manhattan against 471 and Lorillard at 1418 against 133
/s,
The steel shares show good gains for the week.
Shirt Co. omitted the quarterly dividend on its com%
mon stock, and so did A. G. Spalding & Bros. on its United States Steel closed yesterday at 303 against
/
common stock, while the American Power & Light 2778 on Friday of last week; Bethlehem Steel at
/
Co. omitted the semi-annual dividend of 2% on com- 1418 against 12%; Vanadium at 8% against VA,
mon stock heretofore paid on the common shares, and Republic Iron & Steel at 3% bid against 3%.
though declaring the customary quarterly dividend In the auto group Auburn Auto closed yesterday at
/
of 25c. a share payable in cash. The American Radi- at 3714 against 32% on Friday of last week; General
ator & Standard Sanitary Corp. also omitted its Motors at 11% against 10%; Chrysler at 8% against
quarterly dividend on its common stock. The call 878; Nash Motors at 1018 against 10%; Packard
/
/
loan rate on the Stock Exchange again remained un- Motors at 2% against 2%; Hudson Motor Car at
2
1
/
changed all week at 2 %. On the New York Stock 4% against 418 and Hupp Motors at 2% against 2.
/,
Exchange 348 stocks this week recorded new low In the rubber group Goodyear Tire & Rubber closed
levels for the year, and only three new high levels.
yesterday at 11% against 10% on Friday of last
Trading was again relatively light. At the half- week; B. F. Goodrich at 3% against 3%; United
day session on Saturday last the sales on the New States Rubber at 3% 'bid against 3%, and the preYork Stock Exchange were 438,980 shares; on Mon- ferred at 5% against 5%.
The railroad shares show little recovery. Pennday they were 776,446 shares; on Tuesday, 900,510
/
shares; on Wednesday, 1,318,950 shares; on Thurs- sylvania RR. closed yesterday at 11 against 1178 on
day, 1,002,806 shares, and on Friday, 1,629,720' Friday of last week; Atchison Topeka & Santa Fe
shares. On the New York Curb Exchange the sales at 3678 ex-div. against 39%; Atlantic Coast Line at
/
4;
last Saturday were 72,900 shares; on Monday, 15 against 153 Chicago Rock Island at 3% against
103,900 shares; on Tuesday, 103,125 shares; on 5; New York Central at 15% against 17%; BaltiWednesday, 182,760 shares; on Thursday, 144,735 more & Ohio at 7% against 8%; New Haven at 13%
4
/
against 123%; Union Pacific at 53% against 503 ;
shares, and on Friday, 179,190 shares.
As compared with Friday of last week prices are Southern Pacific at 12% against 12%; Missouri
4
mostly higher. General Electric closed yesterday Pacific at 23 against 2%; Missouri-Kansas-Texas
/
4
/
7
against 13% on Friday of last week; North at 278 bid against 2 8; Southern Railway at 53
/
at 1478
/
/
2514 against 23%; Pacific Gas & Elec. against5%;Chesapeake & Ohio at 1658 against 16%;
American at
/
7
/
4
at 263 against 2614; Standard Gas & Elec. at 16% Northern Pacific at 10 8 against 11, and Great
4; Consolidated Gas of N. Y. at 51% Northern at 11% against 10%.
against 153
3330
Financial Chronicle
May 7 1932
The oil shares are in some instances higher, owing Industrial stocks were firm, but the best prices were
to the improved prices prevailing for petroleum :and not in all cases maintained. International issues
gasoline. Standard Oil of N. J. closed. yesterday improved at first, but dropped back to previous levels
/
/
at 251 2 against 225s on Friday of last week; Stand- in the last hour. Movements yesterday were uncerard Oil of Calif. at 1914 against 17%; Atlantic Re- tain, gilt-edged issues again improving, while others
/
fining at 11 against 10; Texas Corp. at 1138 against declined slightly.
/
The Paris Bourse was weak, Monday,all securities
1078; Phillips Petroleum at 4 against 4 , and Pure
/
/
1
2
Oil at 418 against 41 2
/
/
.
dropping sharply owing to apprehensions occasioned
The copper stocks ruled higher, in keeping with by the trend to the Left in the elections of last
the trend of the market. Anaconda Copper closed Sunday. Rentes, bank stocks, rail shares and indusyesterday at 5% against 478 on Friday of last week; trial and utility issues alike receded, the declines
/
Kennecott Copper at 71/4 against 7; Calumet & Hecla averaging about 5%. Oil stocks were an exception
at 218 against 2¼; American Smelting & Refining to the general trend, these issues remaining firm.
/
at 934 against 91 2;Phelps Dodge at 478 against 4%i, The market closed at its lowest levels in an atmos/
/
and Cerro de Pasco Copper at 6% against 6.
phere of pessimism. The gloom was quickly dispelled Tuesday, however, as the political situation
RICE movements on stock exchanges in the im- showed nothing that is really alarming. Although
portant European financial centers were gen- the Left parties have radical names, they are really
erally favorable this week, notwithstanding the only mildly Liberal. Bank of France and Suez Canal
many disquieting factors everywhere in evidence. shares remained heavy in this session, but other
There was a little irregularity in all the markets stocks recovered. After an uncertain opening, Wedat London, Paris and Berlin, but this was more nesday, stocks advanced rapidly on the Bourse.
than offset by sessions in which pronounced strength Bank of France and Suez Canal issues were in the
appeared. The matter of primary interest to finan- van of this movement, but almost all other stocks
cial Europe this week was the probable course of also finished with substantial gains. The Bourse
developments in the United States. A sensation was was closed, Thursday,in observance of the Ascension
caused everywhere by the House passage of the Day holiday. After a soft opening, stocks reGtoldsborough bill. Although it was realized that covered on the Bourse, but finally dropped on
the measure is hardly likely to become law, this the news of the attempt to assassinate President
indication of inflationary sentiment in Congress Doumer.
occasioned quite a jolt and produced much nervousThe Berlin Boerse was firm at the opening, Monness. • Political developments in Europe were not day, but prices eased off in later dealings on politilacking, moreover,iand these added to the unsettle- cal rumors and the net changes for the day were of
ment. The French Parliamentary election last Sun- no importance. Electrical stocks and mining shares
day proved disappointing to the Bourse and a sharp tended to improve a little, but Reichsbank shares
reaction in prices followed. Also disheartening were declined. Trading was dull. A firm tone and inadditional revelations regarding the tangled affairs creasing activity marked the session, Tuesday. The
of 'var.Kreuger, and some of his business associates, Statement of the Reichsbank, showing a small gain
who are charged in Stockholm with assisting him in gold reserves, made a favorable impression, and
in his financial irregularities. Despite these un- buying was stimulated in all sections of the list.
settling influences, most of the sessions on the Euro- Public interest in stocks was extensive, reports said,
pean exchanges were favorable. This is apparently and the buying lifted quotations readily. Further
due in good part to the fact that the business de- important gains were made in trading on Wednespression,• while not showing many signs of improve- day. There were some disturbing events, such as
ment, is at least not deepening. The purely mone- the suicide of Karl Blum, a banker, but these influtary aspects of affairs are everywhere on the mend ences were easily surmounted and prices were firm
in the leading European countries.
with only one or two exceptions. Burbach Potash
The London Stock Exchange was closed, Monday, was one of these, a bear raid on the stock causing a
for the usual May Day holiday. When business was net loss of 2%. Activities were suspended Thursday
resumed, Tuesday, almost all sections of the market in observance of the religious holiday. Slight redisplayed cheerfulness. British funds continued to cessions developed in quiet trading yesterday. .
move upward, as it is widely believed that a prolonged period of easy money is in prospect. The
TTEMPTS by leading statesmen of the world
iron and steel, brewery and oil groups of shares all
to inject some life into the proceedings of the
were rather active and higher. Home rail stocks General Disarmament Conference having failed,
were dull, while Anglo-American trading favorites that gathering reverted this week to its monotonous
moved irregularly. Further firmness in British round of debates on minor points. Henry L. Stimfunds was noted in Wednesday's dealings, owing son, American Secretary of State, departed from
partly to the results of bidding for the new British Geneva last Sunday, after three weeks of determined
Treasury 3% bond issue, on which tenders were efforts to "get behind and push." Prime Minister
acceptable at prices down to 97. Applications Ramsay MacDonald of Great Britain, and Chantotaled £124,000,000, and £110,000,000 was allotted cellor Heinrich Bruening of Germany left the same
at figures down to 97%. These results were consid- day, for London and Berlin, respectively. Premier'
ered good in the market, and renewed buying of Andre Tardieu of France had been unable to attend
British Government securities developed. Indus- the meetings all of the preceding week, it will be
trial stocks moved upward slowly but steadily. The recalled, owing to an attack of laryngitis, which kept
international list moved off at first, but recovered him in Paris. Foreign Minister Dino Grandi rein later dealings. A dull session followed, Thursday, mained in Rome. The projected further conferences
with British funds slightly lower on profit-taking of the leaders of the five countries thus did not maand disappointment over the unchanged Bank rate. terialize, and the disappointment of the American
A
Volume 134
Financial Chronicle
3331
victory early this week, Paris dispatches state.
Conjecture turned, accordingly, to the probable
course of developments in French: politics. The
Radical-Socialists, headed by Edouard Herriot, made
by far the most impressive showing in the first
ballot, and the party is likely to have the largest
representation in the new Chamber, which assembles
June 1. President Paul Downer, according to custom, will be expected to invite M. Herriot to form a
new Ministry. Any such regime would necessarily
again be a coalition, and it was intimated that,M.
Herriot would turn for additional support to the
Left Center parties, thus forming a mildly liberal
Government similar to those habitual in France before the World War.
French Parliamentary elections are arranged in
accordance with the Continental syStem, which requires an absolute majority in the first balloting,
with a second test necessary in all instances where
the first results were indecisive. On the second ballot a plurality suffices for election of Deputies.
There were 3,617 candidates for the 615 seats in the
first voting, which took place last Sunday, so that
run-off elections in many districts were expected.
Actually, only 248 contests were finally decided in •
the first election, and these showed an almost equal
division between the Right and Left groups. As compared with the first' voting in 1928, when the present
Chamber was elected, this reflects a substantial increase in the Left representation, as 140 seats out
of 187 decided at that time on the first ballot were
secured by Right parties. It is the established custom among the Left parties, moreover,for the weaker
candidates to withdraw in the interim between the
first and second election, so that an undivided front
may 'be opposed to the Right candidate. Since the
Left is traditionally stronger in France, this results
in a far heavier proportionate election of Left than
Right Deputies in the second election.
The Radical Socialist party of M. Herriot, which
is really a Left Center group, elected 63 Deputies
last Sunday, and it is expected that close to 100 additional seats will be secured by the party in the
final voting to-morrow. Socialist Deputies elected
so far number 40, while the run-off election will
probably increase this figure by 75 to 80. These two
parties are expected to be the dominant groups in
the new Chamber, and M.Herriot's new Government
may well be based chiefly upon them. The Independent Radicals, who are more nearly at the Center,
secured 25 seats last Sunday, and this party may
also be drawn into the projected coalition. Parties
of the Right are so far represented definitely by the
Conservatives with three seats, the Republican
Democrats with 44 seats, the Independent Republicans with 13 seats, the Popular Democrats with 10
seats, and the Left Republicans with 37 seats. The
Communist party secured only one definite seat last
Sunday. Although the swing toward the Radical
Socialist Left was admitted in Paris after the election, satisfaction was expressed over the absence of
any pronounced trend toward the extremist factions.
jOTING in France, last Sunday, for members of The election last Sunday proceeded quietly, no serithe new Chamber of 'Deputies showed an ex- ous disorders being reported in any part of the
pected trend toward the Left parties, and it is gen- country.
erally believed that the advantages gained by these I
N ATTEMPT .by a Russian madman to assassigroups will be confirmed and emphasized in the
nate President Paul'Doumer, of France, resecond ballot, to-morrow. Supporters of the
coalition GovernMent of Right parties, sulted in such grave injuries to the 75-year-old head
present.
headed by' Premier Andre' Tardieu, athnitted a Left of the Government, yesterday, that his recovery is
and British delegates was made clear in all dispatches from Geneva.
' A final gathering of representatives of these five
countries was held April 29 at the Villa Bessinge,
the temporary residence of Secretary Stimson. In
addition to Mr. Stimson there were present Hugh S.
Gibson, Norman Davis and Hugh R. Wilson of the
American delegation; Prime Minister MacDonald
and Foreign Secretary Sir John Simon of Great
Britain; Count Rudolph Nadolny of Germany;
Joseph Paul-Boncour and Rene Massigli .of France,
• and Auguste Rosso of Italy. • After the meeting
ended an official communication was issued, stating
• that agreement had been reached "that it was a
matter of'urgency that the conversations which had
been proceeding with promise of good results be• tween the heads of these delegations and which were
unavoidably interrupted by the inability of M. Tardieu to return for the time being to Geneva, should
be resumed at the earliest possible moment." It
was suggested that this resumption can take place
within a fortnight. This communication was described in a Geneva dispatch to the New York "Herald Tribune" as "actually a backhanded way of ad• ulating that no more direct negotiations or progress
on the arms deadlock are probable before May 15."
Subsequent statements by the statesmen on the
results of their meetings and the future prospects
-were of considerable interest. Mr. Stimson informed
press correspondents, last Saturday, that "the responsible heads of States assembled here are earnestly desirous of finding solutions to the problems
confronting the conference." He considered the
readiness shown by the leaders to grapple with the
problems in personal exchanges most encouraging.
Prime Minister MacDonald, after his arrival in
London, expressed the opinion that the difficult
problems faced by the gathering can be solved.
"There is a tremendous amount of work to be done
-there," he added. Premier Tardieu is reported to
have disclosed in Paris diplomatic circles that the
outcome of his conversations with Dr. Bruening in
Geneva was "purely negative." Foreign Minister
Dino Grandi spoke in the Italian Chamber of Deputies, Wednesday, and asked that consideration of
details be postponed owing to the delicacy of the
international situation. There are, at the conference,"too many words,too many resolutions in principle, for the modest results obtained," he said. The
work is extremely complex, he continued, since it
is a matter of conciliating the divergent opinions and
interests of 60 nations. But, on the other hand,
•world opinion can wait no longer, Signor Grandi
said. "It demands a clear statement of the fundamental position of each nation—and this not only
in the field of disarmament—and rapid decisions,
without which the world cannot achieve true stability and emerge from its present uncertain destiny." Secretary Stimson sailed for the United
States from Cannes, France, on the liner Vulcania,
Wednesday.
V
A
3332
Financial Chronicle
May 7 1932
doubtful. Statements issued by physicians attend- the area into Lithuania. In order to swell the Lithing M. Doumer late yesterday indicated that he was uanian vote, it is reported that approximately 9,000
struck twice by bullets, once at the base of the Lithuanians were "planted" in the territory. The
cranium, and again just under the right shoulder German parties, nevertheless, rolled up a tremendous
blade. Extensive hemorrhage and a pronounced majority, and they will have 24 seats in the Diet, as
state of shock were reported, and two blood trans- against the five seats of the Lithuanian parties. The
fusions were necessary. The condition of the dis- conflict between the two groups in Memel became an
tinguished patient was admitted to be grave. The international issue last February, when Otto Boettattack was without any genuine political signifi- cher, German President of the Diet, was arrested on
cance, as its perpetrator is said to be unbalanced a charge of treason. Colonel Merkys, the Lithuanian
mentally. The assassin is Paul Gougoloff, a "White Governor, appointed Edouard Simaitis, a LithRussian" emigre, who admitted to the Paris police uanian, in his stead. The Berlin Government, in the
that his motive was revenge for the lack of French meanwhile, protested to Kovno, and finally placed
intervention in Russia against the Soviets. M. Dou- the matter before the League of Nations Council for
mer was attacked in the grand hall of the Baron attention. The Memel Diet soon thereafter gave
Solomon de Rothschild foundation, near the Elysee Herr Boettcher a vote of confidence, and Governor
Palace. He was attending an exhibition of writings Merkys thereupon dissolved the Diet and called new
by war veterans, and was accompanied by Claude elections.
Farrere, noted French author. M. Farrere was shot
in the arm by the assassin, as he sprang forward, and IN HIS first message to the Argentine Congress,
Paul Guichard, Director of the Police, also suffered
President Augustin P. Justo, who was recently
a minor wound. The man was quickly disarmed, elected to this office, urged all patriotic Argentines
and after examination by the police a statement was to support the Government's financial program,
issued indicating that he appeared to be "not in full enabling it to discharge its domestic obligations and
possession of his faculties." The incident is not to continue the prompt payment of its foreign debts.
expected to influence the final voting for Deputies The Congress convened in Buenos Aires
with brilto-morrow. It caused great sorrow, not only in liant ceremonies, May 2, and the message from the
France, but in all countries of the world.
President was promptly delivered in person by Senor
--•-Justo. Although there
difficulties in
iNTERNATIONAL Labor Day celebrations were the financial outlook, heare admittedonly emphasize
said, these
1 held last Sunday by Socialist and Communist the importance of a
complete return to Constitugroups over all the world, but the demonstrations tional Government, a
balanced budget, a favorable
were mostly of a comparatively quiet order. May 1 balance of trade, and the
need for successful flotais traditionally given over to rather emphatic evi- tion of the Patriotic Loan.
He disclosed that Argendences of class feelings among the organized labor tina and Rumania, which
together are said to control
groups in other countries, and in many instances 75% of the export trade
in corn, are planning to
ample preparations were made by the authorities to stand together on corn prices.
The message was a
deal with attempts at more violent disturbances. long one, as it dealt with
conditions in all departThere was, fortunately, relatively little need for ments of government.
Specifically, Senor Justo
police action last Sunday. Soviet Russia, with its mentioned that the Argentine
commercial policy
militant Proletarian Dictatorship, naturally would be widened, the consular
services modernized
arranged the most impressive demonstration. Of- and agricultural possibilities
developed. The new
ficial ceremonies before the tomb of Lenin in Mos- .Government, he said, was firmly
resolved to concow's Red Square were followed by parades of more tinue paying foreign obligations
promptly.
than 60,000 men of the Red Army, and this, in turn,
was succeeded by a civil parade of 1,000,000 people. r'N FFICIALS of the Commonwealth Governmen
t
In London the day was marked by a few Communist
of Australia have apparently been successful
demonstrations in Hyde Park which required only in their long struggle to enforce payment
by the
minor interference by the police. French radical State of New South Wales of sufficient moneys to
groups devoted their activities to the Parliamentary meet payments of approximately 0,000,000 due on
elections and there were no disorders in that country. defaulted obligations of the State. In accordance
Meetings in Germany were quiet and orderly, but in with its assumed responsibility for Australian State
the mining districts of Poland two demonstrators obligatfons, the Commonwealth Government has
were killed while fighting with the police. Madrid met all New South Wales payments due in London
reported one Communist killed and 25 injured in and New York, Feb. 1, April 1 and May 1, and holddisturbances in Cordoba, Seville and Bilbao. Among ers of the securities have not in any case suffered
the Latin American countries, Cuba, Mexico and more than a short elay. Prime Minister Lang, of
Chile reported extensive parades and a few modest New South Wales, is the leader of a movement for
clashes with the authorities, but these were not enforcing a downward readjustment of Australia's
internal debt. As the official head of the State
especially disquieting.
Government and the leader of an extremist Labor
OLITICAL control of the small Baltic country faction, he tried to make the policy effective by withof Memel was decided in favor of the German holding payments due on New South Wales securiparties in an election of Diet members held Wednes- ties. A new Federal Ministry headed by Prime
day. The election attracted widespread interest, Minister J. A. Lyons, promptly took this matter in
owing to the dispute regarding the former German hand in February, and after forwarding sufficient
territory now in progress between Germany and funds to meet payments due began a legal battle to
Lithuania. The little City-State is under Lithuanian secure reimbursement by the State. An Act was
supervision, and it is alleged that the Kovno Govern- passed at Canberra, March 16, attaching certain
mentis making preparations for final absorption of revenues of New South Wales, while as a further
P
Volume 134
Financial Chronicle
step sums due the State from the Federal Government were withheld. Early last month the Commonwealth Government issued a proclamation ordering
all citizens of the State of New South Wales to pay
their taxes directly into the Commonwealth Treasury. Prime Minister Lang made a show of resisting
these measures, but last Monday he handed the keys
of the State Tax Offices to the Commonwealth
authorities. "This surrender indicates," a Sidney
dispatch to the Associated Press said,"that the issue
has been smoothed over, at least for the time being."
•
RELIMINARY arrangements for adjustment of
the dispute between China and Japan regarding the territory around the International Settlement at Shanghai were completed, Thursday, and
at least one element in the complex tangle of SinoJapanese relations thus promises to drop into the
background. There was some uncertainty, late last
week, regarding the likelihood of an early armistice
agreement at Shanghai, owing to the unfortunate
bomb explosion which wounded most of the Japanese
military and diplomatic officials. Serious operations were necessary in the cases of most officials,
but these were unsuccessful in one instance, K. Kawabata, President of the Shanghai Japanese Residents' Association, dying last Saturday. It was
established, however, that the bomb was thrown by
a Korean, and a decision was quickly reached at
Tokio to press the armistice negotiations to a conclusion. Representatives of the two countries signed
the accord, Thursday. It provides for the immediate cessation of hostilities, even though only minor
skirmishes have occurred since March 4. The Chinese are to retain their present positions, some miles
from the International Settlement, while the Japa• nese will withdraw to the International Settlement,
'subject to certain stipulations in an annex. A joint
commission composed of representatives from Japan,
China, the United States, France, Great Britain and
Italy will certify the withdrawal of troops and collaborate in the transfer of administration of the area
from Japanese troops to Chinese police. The League
of Nations Assembly assured of the early signing of
the accord, passed an "interpretative resolution"last
Saturday, requesting the withdrawal of Japanese
troops "in the near future," and then adjourned
indefinitely.
Although the Shanghai affair is thus slowly
dragging to its end, difficulties remain undiminished
in Manchuria. Chinese irregulars are stubbornly
fighting the Japanese detachments, and in some
instances are affording surprising resistance to the
highly disciplined Japanese troops. As one section
of the area is pacified, moreover, others become involved in the warfare. Manchuria, in addition, presents a threefold conflict of interests, as the joint
Sino-Russian management of the Chinese Eastern
Railway brings the Moscow Government into the
matter. For this reason and because of the Russian
fears that Japan may eventually attack the Siberian
territory around Vladivostock, all developments in
Manchuria are watched with jealous interest in
Moscow.
P
3333
Spain and in Finland; 6% in Hungary, Danzig, and
2
1
/
in Colombia; 5.84% in Japan; 5 % in Estonia and
in Chile; 5% in Germany, Italy, India, Czechoslovakia, Denmark, Sweden, and in Norway; 4% in
2
1
/
2
1
/
Ireland; 3 % in Belgium; 3% in England; 2 %
in France and in Holland, and 2% in Switzerland.
In the London open market discounts for short bills
/
4%
/ as against 178@2% on Frion Friday were 13
/
day of last week, and 178@2% for three months'
bills as against 2@2 1/16% on Friday of last week.
/
Money on call in London on Friday was 114%. At
rate continues at 17
8%, and
Paris the open market
2
1
/
in Switzerland at 1 %.
HE Bank of England statement for the week
ended May 4 shows a loss of £16,492 in gold
holdings and as this was attended by an expansion of
£3,766,000 in note circulation, reserves fell off £3,782,000. The Bank's gold holdings now aggregate
£121,460,179, compared with £148,482,514 a year
ago. The reserve ratio dropped to 32.68% from
37.34% a week ago. Last year the ratio was 52.21%.
Public deposits decreased £13,055,000 while other
deposits increased £18,163,178. The latter consists
of bankers' accounts and other accounts which rose
£16,776,176 and £1,387,002 respectively. Loans on
government securities increased £6,455,000 and other
securities £2,460,034. Other securities consist of
"discounts and advances" and "securities" which
went up £50,156 and £2,049,878 respectively. The
rate of discount remains unchanged at 3%. Below
we show a comparison of the various items for five
years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928.
1929.
1931.
1932.
1930.
May 8.
May 6.
May 7.
May 9.
May 4.
356,579,000 358,217,211 358,490,698 382,793,961 135.218,305
CimulatIon_a
10,296,000 5,998,939 16,211.092 8,879.717 13,074,857
Public deposits
111,730,222 94,083,885 104,568,818 .98,754,714 100.782,083
Other deposits
Bankers accounts_ 75,060,256 58,572,050 68,534,385 63,223,123
36,669,966 35,511,635 36.034,433 35,531,591
Other accounts
69,075.908 34,414,684 56,362,629 39,781,855 29,487,427
Govt. securities_ _
Other securities- _ _ _ 30,812,810 31.158,318 16,163,947 27,311.752 55,695,254
Disct.& advances. 11,584.952 5,634,695 6,554,872 11.807,200
19,227.858 25,523,623 9,609,075 15,705,552
Securities
Reserve notes & coin 39,880,000 52,265,303 66,011,696 58,086,454 46,437,100
Coln and bullion_ _121,460,179 148.482,514 164,502,394 160,880,419 161,905,406
Proportion of res. to
. 52.21%
40 %
32.68%
liabilities
54.64%
1
.
34.08%
434%
3%
Bank rate
3%
634%
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note issue adding at that time £234,199,000 to the amount of Bank of England notes
outstanding.
HE Reichsbank statement for the last quarter
of April reveals a loss in gold and bullion of
1,091,000 marks. The total of bullion now stands at
858,834,000 marks,in comparison with 2,368,404,000
marks a year ago and 2,565,502,000 marks two years
ago. Increases are shown in bills of exchange and
checks of 275,594,000 marks, in advances of 198,705,000 marks and in other daily maturing obligations of 34,495,000 marks. The items of deposits
abroad and investments show no change. An increase in note circulation of 252,892,000 marks raises
the total of the item up to 4,128,057,000 marks.
Circulation last year amounted to 4,340,167,000
marks and the year before to 4,664,194,000 marks.
Silver and other coin, notes on other German banks,
other assets and other liabilities record decreases of
117,196,000 marks, 9,485,000 marks, 73,628,000
marks and 12,917,000 marks respectively. The proHE Bank of Italy on Monday (May 2) reduced portion of gold and foreign currency to note circulaits discount rate from 6% to 5%. On Thurs- tion is down to 24% from 25.5% a week ago. At
day the Bank of Lithuania reduced its rate from the corresponding period last year the item was
/
71 2% to 7%. Rates are 11% in Greece; 7% in Aus- 58.2%. Below we furnish a comparison of the
2
1
/
tria, Rumania, Portugal and Lithuania; 6 % in various items for three years:
T
3334
Financial Chronicle
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
Apr. 30 1932. Apr. 301931. Apr. 301930.
for Week.
Retchsmarks. Reichsmarks. Rekhsmarks.
Reichstnarks.
Assets—
Dec. 1,091,000 858,834,000 2,368,404,000 2,565,502,000
bullion
Gold and
92,922,000 207,638.000 149.788,000
Of which depos. abed_ Unchanged.
1,571,000 130,616,000 157,250,000 327,384,000
Res've in torn curr_ _Inc.
Bills of exch.& checks.Inc. 275,594,000 3,171,912,000 1,860,463,000 2,016,121,000
Silver and other coin_ _Dec. 117,196,000 396,786,000 167,714,000 133,433,000
4,969,000
4,065,000
2,176,000
Notes on oth.Ger. bks.Dec. 9,485,000
Inc. 198,705,000 281,985,000 287,305,000 135,480,000
Advances
361,473.000 102,633,000
93,094.000
Unchanged.
Investments
Dec. 73,628,000 820,514,000 496,231,000 580,692,000
Other assets
litalytttltes—
Notes in circulation_ _Inc. 252,892,000 4,128,057,000 4,340,167,000 4,664,194,000
Oth.daily matur.oblig.Inc. 34,495,000 404,729,000 355,468,000 536,528,000
Dec. 12,917,000 681,782,000 261,199,000 162,026,000
Other liabilities
Propor. of gold & torn
62%
58.2%
24%
1.5%
curr.to note circul'n.Dec.
HE Bank of France statement for the week
ended April 29, records a gain in gold holdings
of 381,127,063 francs. The Bank's gold now aggregates 77,862,071,638 francs, in comparison with
55,617,875,962 francs a year ago and 42,350,022,448
francs two years ago. Credit balances abroad increased 125,000,000 francs, while bills bought abroad
declined 684,000,000 francs. Notes in circulation
expanded 1,629,000,000 francs, raising the total of
notes outstanding to 82,774,133,740 francs. Circulation last year stood at 78,969,554,890 francs and
the year before at 72,372,800,645 francs. An increase is shown in French commercial bills discounted
of 287,000,000 francs, while advances against securities and creditor current accounts decreased 16,000,000 francs and 1,272,000,000 francs. The proportion of gold on hand to sight liabilities stands
this week at 70.33%, compared with 55.30% last
year and 49.98% the year before. Below we furnish
a comparison of the various items for three years:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
April 29 1932. May 1 1931. May 2 1930.
for Week.
Francs.
Francs.
Francs.
Francs.
Inc. 381,127,063 77,862,071,638 55,617,875,962 42,350,022,448
Gold holdings
Credit bal.. abeci_Inc. 125,000,000 4,692,306,561 6,845,471.219 6,885,786,739
aFrench commere'l
bills discounted_Inc. 287,000,000 4,690,232,435 5,039,583,395 4,989,079,277
bBlils bght. abr'd_ Dec.684,000,000 7,107,741,626 19,402,741,971 18,742,569,974
Adv. agt. securs_ _Dec. 16,000,000 2,735,121,203 2,910,458,871 2,749,826,389
Note circulation_ _ Inc.1629,000,000 82,774,133,740 78,969,554,890 72,372,800.645
Cred. curr. accts Dec.1272000.000 27,938,944,355 21,596,927,607 12,369,472,150
Proportion of gold
on hand to sight
liabilities
Inc.
0.12%
49.98%
70.33%
55.30%
a Includes bills purchased in France. b Includes bills discounted abroad.
ULL and easy conditions prevailed in most departments of the New York money market this
week. An upward adjustment of %% in bankers'
acceptance rates Thursday, was considered a reflection of special conditions in the bill market and
not of any tendency toward tightening of money
rates in general. Call loans on the Stock Exchange
were again 23/2% for all transactions, whether renewals or new loans. In the outside street market
funds were available at 2% from Monday to Thursday inclusive, and 13/2% yesterday. Time loans
were easy. Both the regular compilations of brokers'
loans were made available this week. The comprehensive Stock Exchange report, covering the full
month of April, reflected a decline of $154,086,397
in the aggregate of loans, while the report of the
Federal Reserve Bank of New York, covering the
week to Wednesday night, showed an increase of
$4,000,000. Gold movements for the weekly period,
as reported by the Federal Reserve, amounted to
exports of $15,872,000, imports of $1,192,000, and
a net increase of $11,022,000 in the stock of the
metal held earmarked for foreign account.
D
May 7 1932
transactions have been reported in small amounts,
and dealers are hopeful. Rates are unchanged at
13
4@2% for all dates. Prime commercial paper
has been fairly brisk, the demand coming from all
sections of the country. Paper has been in fairly
good supply and entirely sufficient to meet requirements. Rates are unchanged. Quotations for choice
names of four to six months' maturity are 3/(4)
14
3 %. Names less well known are 34@4%. On
/
1
2
some very high class 90-day paper occasional transactions at 3% were noted.
•
RIME bankers' acceptances have been in very
small demand this week, and dealers were able
to supply practically all of their customers. Rates
4
were raised on Thursday (May 5) 1/ of 1% on all
P
maturities in both the bid and asked columns. The
quotations of the American Acceptance Council for
bills up to and including three months are 1 % bid,
/
1
4
11 8% asked; for four months, 1%% bid and 114%
/
/
asked; for five and six months, 1%7 bid, and 12
0
/
1
%
asked. The bill buying rate of the New York Reserve
Bank is 2 % on maturities from 1 to 120 days, and
/
1
2
3% on maturities from 121 to 180 days. The Federal Reserve banks show further decrease in their
holdings of acceptances, the'total having fallen from
$45,874,000 to $44,522,460. Their holdings of acceptances for foreign correspondents also further decreased, falling from $297,735,000 to $278,042,000.
Open market rates for acceptances are as follows:
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
Prime eligible bills
154
154
154
154
194
IN,
—goDays— —60Days— —30Day,—
Bid. Asked.
Bid. Asked.
Bid. Asked.
Prime eligible bMa
134
154
154
154
134
194
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
154% bld
Eligible non-member banks
154% b10
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Aederat Reserve Bank.
Boston
New York
PhiladelPhIs
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Bffed on
May 6.
Date
Ratabilshea.
Previous
Pale.
354
3
354
354
854
856
854
334
354
354
854
354
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
294
35'
3
3
4
3
294
254
4
3
4
294
TERLING exchange steady, until Friday, when
there was an advance of nearly two cents to the
pound. The range this week has been from 3.653'
1
A
to 3.69. for bankers' sight bills, compared with
3.743/i to 3.627 last week. The range for cable
A
transfers has been from 3.6534 to 3.6934, compared
with 3.745 to 3.63 a week ago. The sterling market
A
is without interest at the present time, though not
from any lack of demand for exchange on London,
as the pound has been in such great demand on
several occasions in New York and in many other
parts of the world that the British Treasury and the
Bank of England took measures to prevent the rate
EALING in detail with call loan rates of the from advancing sharply at numerous times not only
/
1
2
Stock Exchange from day to day, 2 % was in the New York market but in leading European
the rate ruling all through the week, both for new centres. All normal conditions of a seasonal charloans and renewals. The time money market has acter must continue to favor sterling exchange until
snown slight improvement this week. Occasional toward the end of August. Bankers report that
D
S
Volume 134
Financial Chronicle
3335
there is a considerable demand for exchange on exports totalled $15,872,000, of which $5,894,000
London from the Far East, Oceania, and South was shipped to Holland, $4,613,000 to France,
America, and this is the season when sterling is $4,004,000 to Switzerland, $700,000 to Belgium,
always in demand in the United States and Canada. $460,000 to Germany, $100,000 to England, and
The centre of interest in the foreign exchange $101,000 to Italy. The Reserve Bank reported an
market at present is reflected in the wide sale of dollar increase of $11,022,000 in gold earmarked for foreign
exchange in Europe. There is apparently a renewed account. In tabular form the gold movement at
"flight from the dollar" and a marked disinclination the Port of New York for the week ended May 4,
of foreign funds to come to this side owing to nervous as reported by the Federal Reserve Bank of New
fears that radical legislation proposed in Congress York, was as follows:
which have caused a very large element among GOLD MOVEMENT AT NEW YORK, APR. 28-MAY 4, INCLUSIVE.
Imports.
Exports.
European investors to fear that the United States
$5,894,000 to Holland
$1,000,000 from Canada
about to enter upon an unwarranted credit and ' 72,000 from Mexico
is
4,613,000 to France
4,004,000 to Switzerland
99,000 from England
currency expansion which might force it off the gold
700,000 to Belgium
21,000 chiefly from Latin460,000 to Germany
America
standard. This feeling has been reflected this week
100,000 to England
and last week by the heavy gold exports from New
101,000 to Italy
York reported by the Federal Reserve Bank. The $1,192,000 total
$15,872,000 total
intensity of these apprehensions regarding the dollar
Net Change in Gold Earmarked for Foreign Account.
Increase $11,022,000
has likewise been reflected during the past few weeks
by statements made in high official banking circles
The above figures are for the week ended Wednesin several European countries where the speakers day evening. On Thursday there were no imports.
tried to reassure European investors that the gold Exports amounted to $1,600,600, all of which was
dollar is absolutely safe. Such statements were made destined for Holland. There was no change in gold
in official quarters in England, Holland, Belgium, earmarked for foreign account on that day. YesterFrance, Italy and Spain. The flight from the dollar day there were no imports of the metal. Exports
is not reflected so much in sterling quotations as in amounted to $21,189,300, of which $16,183,300 went
those of francs, guilders, Swiss francs and belgas. to Holland, $4,000,000 to Switzerland, $756,000 to
Even sterling would reflect the scare but for official Belgium and $250,000 to England. There was a
intervention by the London authorities, who are de- decrease in gold earmarked for foreign account in
termined that sterling should not be permitted for the the amount of $13,277,900. During the week aptime being at least to make any sharp advances. Were proximately $2,207,000 of gold was received at other
it not for this new trend in exchange, sterling at this United States ports, $1,612,000 having been retime could be correctly characterized as in demand, ceived at San Francisco from China and $595,000
with rates held in check by the London authorities. having been received at El Paso, Texas from Mexico.
The consensus of market opinion is that there will
Canadian exchange continues at a severe discount.
be no further reduction in the Bank of England rate On Saturday last Montreal funds were at a discount
of discount until there is a greater clarification of of 10 11-16%, on Monday at 103/2%, on Tuesday at
international debt problems. The trend of the Lon- 103 , on Wednesday at 10/%, on Thursday at
4
don money market indicates that the Bank might be 10/%, and on Friday at 10 9-16%.
compelled to lower its rate from the present 3%,
Referring to day-to-day rates, sterling exchange
but it is more likely that the Bank of England and on Saturday last was dull but steady. Bankers' sight
the Treasury will draw off funds from the market was 3.653/2@3.66N; cable transfers, 3.65 8@3.663;
/
and so compel an advance in bill rates. On Thurs- On Monday the market was quiet and steady. The
% range was 3.65%@3.663 for bankers' sight and
day two-months' bills in London were quoted 178
bills 3.653 @3.66% for cable transfers. On Tuesday
against 1 15-16% on Wednesday; three-months'
4
are unchanged at 1 15-16%@2%; four-months' bills sterling displayed a slightly firmer tone. Bankers'
are at 2%,against 2 1-16%, and six-months'bills are sight was 3.66@3.66%; cable transfers, 3.66%@
at 23/8%, against 2%@2 3-16%. Gold continues to 3.663 . On Wednesday sterling was in demand.
4
flow to London from many parts of the world, at- The range was 3.67@3.6731 for bankers' sight and
tracted by the heavy premium. The metal seems to 3.671 @3.673 for cable transfers. On Thursday the
A
/
have sold in the London open market this week at market was steady. The range was 3.667 3@3•67%
/
from 112s. 6d. to 113s. id.
for bankers' sight and 3.67@3.673/2 for cable transThe London market is of the opinion that practically fers. On Friday sterling was strong; the range was
all gold coming to the open market is being taken 3.66%@3.69% for bankers'sight and 3.663i@3.693
by the Treasury, as has been the case for a few weeks for cable transfers. Closing quotations on Friday
past. Whatever plans the British Treasury and the were 3.67% for demand and 3.67% for cable transfers.
Bank of England have for stabilizing the sterling Commercial sight bills finished at 3.663/3; 60-day
rate, conducting operations under the gold equaliza- bills at 3.653/; 90-day bills at 3.64%; documents for
2
tion account, for purchasing gold in the open market, payment (60 days) at 3.653/2, and seven-clay grain
or for returning to the gold standard will be conducted bills at 3.65. Cotton and grain for payment closed
with the greatest secrecy. This week the Bank of at 3.66%.
England shows a loss in gold holdings of £16,492,
XCHANGE on the Continental countries is firm
the total standing on May 4 at £121,460,179, which
compares with £148,482,514 a year ago.
owing chiefly, as stated in the review of sterling
At the Port of New York the gold movement for exchange,to the selling of dollars in European centres.
the week ended May 4, as reported by the Federal German marks do not reflect the flight from the
Reserve Bank of New York, consisted of imports of dollar to the same degree as some of the other cur$1,192,000, of which $1,000,000 came from Canada, rencies as mark exchange is firmly controlled by the
$72,000 from Mexico, $99,000 from England, and Reichsbank. The reduction made in the Reichs$21,000 chiefly from Latin American countries. Gold bank rate of rediscount last week from 53/2% to 5%
E
3336
Financial Chronicle
May 7 1932
brings the rate as low as it is possible for it to go, tions at that time lifted its rate to 7% from 53%
although money continues to grow easier in the in view of the disturbed internal monetary situation.
Berlin market. The Bank's present rate is the low Speculators in exchange seem now thoroughly conlimit under the law until the reserve ratio reaches vinced that the Italian Government is determined to
40% as compared with the present 24%. German stay on the gold basis and has no intention of changing
private banks have decided to reduce interest rates the value of the lira. The technical position of
on current accounts from 23/2% to 2%, but savings Italian exchange is stronger than at any time in
banks are maintaining their 4% rate. Neither can recent months, with all short interests largely elimafford to lose deposits and therefore are relieved that inated. Steady improvement has taken place in the
the Reichsbank cannot further reduce its rate. Day Italian trade position, thus reducing the amount of
loans in Berlin are now around 532% to 63/2% and lira exchange available and strengthening
the exthe private discount is ruling at 47 %. According change against speculative attack. In addition there
4
to Berlin dispatches on Wednesday the Bank of. has been a demand in the past few months for lira in
France is reported to have informed the Reichsbank South American countries, especially from Argentina.
that the $90,000,000 central bank credit to the Italian savings banks report that savings are inReichsbank which matures on June 4 will be extended creasing to new record levels, amounting at the end
for another three months. That the Reichsbank of January to 15,086,000,000 lire, an increase of
considers its reserve position none too secure is shown 346,000,000 lire in a year.
by the fact that the ratio of exchange to importers
The London check rate on Paris closed at 93.03 on
has again been reduced. The new ratio is only 25% Friday of this week, against 92.78 on Friday of last
of the amount actually required by the importers in week. In New York sight bills on the French center
October 1930. The Reichsbank could obtain gold finished on Friday at 3.94 11-16, against 3.93 13-16
only through parting with foreign exchange, but the on Friday of last week; cable transfers at 3.943 ,
4
supply of exchange hardly suffices to cover trade against 3.93 8, and commercial sight bills at 3.94M,
requirements. In its statement for the week ended against 3.93. Antwerp belgas finished at
14.033'
April 30 the Reichsbank shows an increase in bills for bankers' sight bills and at 14.04 for cable transof exchange and checks of 275,594,000 marks, an fers, against 14.003/ and 14.01. Final quotations
increase in reserves of foreign currency of 1,573,000 for Berlin marks were 23.81 for bankers' sight bills
marks and a decrease in gold coin and bullion of and 23.82 for cable transfers, in comparison with
1,091,000 marks.
23.77 and 23.78. Italian lire closed at 5.153/2 for
French francs are exceptionally firm owing almost bankers' sight bills and at 5.16 for cable transfers,
entirely to the flight of funds from the dollar. The against 5.14 and 5.143'. Austrian schillings closed at
foreign exchange market considers, however, that 14.143/, against 14.143/;exchange on Czechoslovakia
2
2
the immediate trend of French exchange does not at 2.96/, against 2.963/2; on Bucharest at 0.603
/,
portend firmness. The position of the exchange as against 0.60%;on Poland at 11.223/,against 11.223/,
2
2
far as commercial transactions are concerned is and on Finland at 1.743 , against 1.763 . Greek
4
4
weak, as proved by the foreign trade return, but as exchange closed at 0.633/2 for bankers' sight bills
stated here last week "the highly volatile qualities of and at 0.64 for cable transfers, against 0.81 and
French short-term capital make the French franc 0.81%.
always an uncertain .quantity in the exchange market." There is an abundance of money in the Paris
XCHANGE on the countries neutral during the
on
market and there is no apparent prospect of conwar is firm. The Scandinavian currencies move
ditions becoming tighter. It is impossible under strictly in harmony with the sterling exchange rate,
the present circumstances for the Bank of France to with which unit they are closely allied. Holland
expand the credits it grants in the form of dis- guilders and Swiss francs are exceptionally firm owing
counted bills, because all banks in France are now largely to the sale of dollars in Europe and the coroverflowing with liquid resources and cannot find responding flow of funds to Holland and Switzerland,
enough bills to employ their funds through dis- where safety of principal rather than interest return
counting. Under such conditions no accommodation is the attraction. The stock of gold of The Netherfrom the Bank of France is required. The banks lands Bank is still rising, having reached according
cannot employ even their customers' deposits. In to the last weekly report the record amount of 910,view of these circumstances there should be no flow 706,000 guilders, against 906,342,000 guilders a week
of funds from New York to Paris at this season ex- earlier and 449,974,000 guilders on May 4 1931. The
cept for the fears entertained abroad over the unwise strength in guilder exchange is giving great satisfaclegislation proposed in Washington. This week the tion to Dutch banking circles, where vigorous denials
Bank of France shows an increase in gold holdings of were made on several occasions during the past few
381,127,063 francs, the total standing at the record months to persistent reports that Holland would sushigh figure on April 29 of 77,862,071,638 francs, which pend gold payments. Bear speculators have lost
compares with 77,480,944,575 francs on April 22, heavily in guilder exchange. A feature of the present
with 55,617,875,962 francs on May 1 1931, and foreign exchange market is the steaply demand for
with 28,935,000,000 francs upon stabilization of the Swiss francs which has appeared recently from
unit in June 1928. The Bank's ratio stands at sources which ordinarily pay no attention to this
70.33%, compared with 70.21% on April 22, with currency. The orders for Swiss francs both here and
55.30% a year ago, and with legal requirement of abroad are said to be due to the transfer of private
individual accounts either from the closing out of
35%.
Italian exchange is steady. The Bank of Italy deposit accounts at banks or the liquidation of
reduced its rediscount rate on Monday from 6% to security holdings. The funds are sent to Switzerland
5%,another indication of the gradual easing of credit despite the fact that Swiss banks pay no interest on
conditions throughout the world. On Sept. 28 the foreign accounts in order to discourage the influx.
Bank of Italy, in common with other central institu- These funds are simply seeking safety. The Swiss
E
•
Volume 134
Financial Chronicle
gold reserves against notes outstanding amount to
about 167%, and the currency is considered impregnable.
Spanish pesetas continue to show firmness and
are now ruling at about their highest level since the
early part of February. It is stated in foreign
exchange circles that the Spanish Government has
complete control of the peseta market and speculative short positions, which have been a feature in
the past, are said to be risky. The Government is
aided in its ability to enhance the rate by the scarcity
of exchange in the market. The weekly statements of
the Bank of Spain for the past few weeks show that
circulation is below that on the corresponding dates
a year ago. Bankers feel that central bank operations in Spain are being conducted with great conservatism and regard the outlook for the peseta as
more hopeful than at any time since the fall of
the monarchy.
Bankers' sight on Amsterdam finished on Friday
at 40.56, against 40.51 on Friday of last week; cable
transfers at 40.57, against 40.52, and commercial
sight bills at 40.50, against 40.46. Swiss francs
closed at 19.553/ for checks and at- 19.56 for cable
transfers, against 19.413/ and 19.42. Copenhagen
checks finished at 20.15 and cable transfers at 20.16,
against 20.09 and 20.10. Checks on Sweden closed
at 18.74 and cable transfers at 18.75, against 18.39
and 18.40; while checks on Norway finished at
18.74 and cable transfers at 18.75, against 18.56
and 18.57. Spanish pesetas closed at 7.94 for
bankers' sight bills and at 7.95 for cable transfers,
2
against 7.853/ and 7.86.
--•-XCHANGE on the South American countries
shows no new features of importance since the
general upset of all foreign exchange markets last
September when Great Britain suspended gold payments. Nevertheless there is every reason to believe that the general internal business of the South
American countries continues to make steady improvement despite the exchange control restrictions
in operation in most of the republics. The Argentine
situation is particularly favorable. On May 2 when
the newly elected President, Augustin Justo, opened
the constitutionally elected Congress for the first
time, he gave the greater part of his attention to
presenting the financial affairs of the country, stressing the importance of a balanced budget, the large
favorable trade balance and the great relief to be
expected from the Patriotic Loan. "Despite the
difficulties of the country," he said, he was firmly
resolved to continue paying foreign obligations
promptly. Argentina's long-term debt at the end of
1931 amounted to 2,397,572,000 pesos ($618,000,000)
he said, of which the foreign debt was 993,719,000
pesos ($256,000,000) and the internal debt 1,403,853,000 pesos. The nation also owed a floating debt
on Feb. 23 1932, of 1,224,579,000 pesos ($316,000,000). President Justo said that internal taxes,
decreed in the closing days of the late de facto
Government and which had yielded $53,200,000 in
two months must be maintained, but he promised
reduction as soon as feasible. Any upturn in agricultural and raw material prices will be of immeasurable benefit to Argentina and all the South American
Republics.
Argentine paper pesos closed on Friday at 253L
for bankers' sight bills, against 253i on Friday of
last week; cable transfers at 25.70, against 25.70.
3337
Brazilian milreis are nominally quoted 6.33 for bankers' sight bills and 6.38 for cable transfers, against
6.95 and 7.00. Chilean exchange was quoted last
week on the new basis of 63g, compared with the
long prevailing nominal rate of 123/; this week the
s
quotation is 63g, against 63/i last week. Peru is
nominally quoted 28.00, against 28.00.
on the Far Eastern countries is
EXCHANGE dull. Indian exchange is largelyirregular and
influenced
by the sterling rate and for the past ten
days or more has been ruling easier. The lower
prices for silver and the higher prices for gold, also
depress the rate on Bombay and Calcutta, while at
the same time these contrary movements in metal
prices stimulate the sale of gold by the Indian hoarders. Considerable amounts of gold have rea6hed
London this week while consignments at Bombay
awaiting shipment have greatly augmented. The
Chinese units are generally easier owing to the lower
silver prices. The New York official silver price had
1
a range this week of from 273i down to 27/i cents
/
an ounce. Japanese yen while dull and irregular
display a firmer tone as a result of the improved
outlook for peace in the Shanghai district. However
the market does not look for any permanent improvement in yen quotations, but on the contrary all
trading positions are based on a lower yen rate as
business in Japan is greatly depressed and the nation
is almost certainly due for a period of prolonged
inflation.
Closing quotations for yen checks yesterday were
32.70, against 32 on Friday of last week. Hong
Kong closed at 233 ®23 7-16, against 23%®
23 13-16; Shanghai at 30®30%, against 30%;
Manila at 49%, against 49%; Singapore at 423',
against 42%; Bombay at 27 9-16, against 27.45, and
Calcutta at 27 9-16, against 27.45.
the requirements of Section 522
PURSUANT to Act of 1922, the Federal Reserve
of the Tariff
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:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL szeuravE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
APRIL 30 1932 TO MAY 6 1932, INCLUSIVE.
Country ana Monetary
Unit.
Noon RuyIng Rate for Cable Transfers in Nete York
Value in United Slates Money.
Apr. 30. May 2. May 3. May 4. May 5. May 6.
EUROPE$
AustMa.schilling
.139550
Belgium. beige
139969
Bulgaria, lev
007200
Czechoslovakia, krone .029627
Denmark, krone
200230
England, pound
sterling
3 658250
Finiand,markka
.017166
France,trane
.039402
Germany, reiehamark .237753
Greece, drachms
.007925
.405028
Holland, guilder
.174250
Hungary. peng0
Italy, lira
.051573
185161
Norway. krone
Poland, zloty
.111833
.033175
Portugal.esendo
Rumania. leu
.005958
Spain. peseta
078550
Sweden, krona
183384
Switzerland, Rano
.194035
Yugoslavia. dinar
.017730
ASIA-China
Chetoo tael
313958
Hankow tael
312083
Shanghai tael
302812
Tientsin tael
318333
HongKositiollar__ .232187
Mexican dollar-- .215000
Tientain or Peiyang
dollar
218333
Yuan dollar
215000
India. rupee
272500
Japan, yen
322625
Elingapore(813.) dollar .420000
NORTH AMER.Canada, dollar
.892500
Cuba, peso
999362
Marko. pesolitlivery. .324550
Newfoundland, dollar .890000
SOUTH AMER.
Argentina. peso (gold) .582497
Brazil. allliels
.067050
Chile. Paw
060000
Uruguay. peso
475000
Colombia, peso
952400
I
$
.139550 .139650
.140119 .140307
.007200 .007200
.029625 .029626
.200846 .200692
I
.139550
.140334
.007200
.029634
.200884
3.670750
.017250
.039471
.237914
.007200
.406075
.173666
.051588
.186084
.111833
.033350
.005975
.079400
.184607
.195046
.017730
3.669750
.017250
.039460
.237914
.006765
.405978
.173666
.051590
.186115
.112000
.033225
.005962
.079353
.184738
.195678
.017720
3.678833
.017250
.039455
.237971
.006500
.405867
.174250
.051604
.186907
.111833
.033350
.005966
.079507
.186530
.195617
.017730
.310416
.308333
.298750
.313750
.229687
.211875
.312291
.310208
.300781
.315625
.230625
.214062
.312083
.310000
.300625
.315416
.230312
.214062
.217500 .214166 .215833 .218333
.214166 .210833 .212500 .215000
.272500 .272250 .273500 .273000
.324750 .327750 .330500 .330000
.421250 .419375 .422500 .422500
.218333
215000
.273500
.326250
.422500
$
.139550
.140007
.007200
.029625
.200138
$
.139550
.140161
.007200
.029625
.200284
3.660000
.017250
.039410
.237707
.007942
.405075
.174250
.051570
.185515
.111833
.033200
.005966
.078828
.183392
.194132
.017725
3.663125
.017250
.039458
.237783
.007860
.405696
.174250
.051590
.185730
.111833
.033200
.005962
.079185
.183692
.194626
.017735
.312708 .308333
.309791 .306250
.301406 .296875
.316458 .311250
.231250 .228437
.213125 .209687
.893854
.999362
.310366
.891250
.893177
.999456
.315333
.890625
.894479
.999362
.317166
.891750
.582473
.066966
.060000
.475833
.952400
.583306
.067708
.060000
.475833
.952400
.583306 .583330 .583306
.068170 .068254 .068187
.060000 .060000 .060000
.475833 .475833 .475833
.952400 .952400 .952400
.896302 .895937
.999362 .999362
.316833 .316666
.893500 .893375
3338
Financial Chronicle
May 7 1932
Socialists as allies he learned that it was the Radical
Socialists who must take all the political responsibility. His preference, he was reported to have inMay 5 1932.
May 7 1931.
..,
dicated on Monday, was for an alliance with the Left
Gold.
Silver.
Total.
Gold.
Silver. I
Total.
Centre, a union which would give him numerically
£
£
£
I
£
1
£
1
E
England__ 121,460,179
121,460,179 148,482,514
148,482,514
a much stronger following than the Socialists could
d
622.896,573444,943,007
France a__ 622,896,573
(d)
444 43 007
.9 ,
994,600108,832,900
Germany b 38,295,600 c994,6001 39,290,200107,838,300
muster, and at the same time one less radical.
Spain _ _ _ _ 90,017,000 21,914.000111,931.000 96,894,000t 28,267,000125,161,000
60,868,000
57,435,000
Italy
I 60,868,000 57.435,000
It is M. Herriott's personality, and not his party
Netherrds 75,530,000 2,095,000 77,625,000 37,498,000 2,953,000 40,451,000
Nat. Belg_ 72,049,000
72,049,000 41,273,0001
41,273,000
following, that opens a possibility of better things
25,712,000
Switzeri d. 66,031,000
.
66,031,000 25,712,000
13,322,000
Sweden__ 11,440,000
11,440,000 13,322,000
in case he should be called upon to form a Ministry.
9,546,000
Denmark _ 8,032,000
8,032,000 9,546,0001
Norway__ 6,561,000
6,561,000 8,133
8,133,000
Neither the Radical Socialists nor any of the other
Total week 1173,180,352 25,003,60011198,183,952991,076,821 32,214,6001023291,421
Left parties, except some unimportant groups of the
Prey. week1168,957,377 24,943,6001193,900,977 998,557,281 32,336,6001020893,881
a These are the gold holdings of the Bank of France as reported in the new form
extreme Left, have shown any special disposition to
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £4,646,100. c As of Oct. 7 1924.
moderate the well-known French claims regarding
d Sliver is now reported at only a trifling sum.
reparations or war debts, or to abate the demand for
Europe Waits upon Events—The Influence of security which has made France an irreconcilable
the French Election.
in the long debate over disarmament. There is no
The French election last Sunday was indecisive, apparent inclination in any important French party
only 248 of the 615 members of the Chamber of to quarrel with the political alliances which France
Deputies, according to the figures of the Associated has formed in eastern Europe, or to concede the dePress, receiving the majority vote required for an mands of Italy for naval parity. On all of these
election on the first ballot. The result in all but matters public opinion in France, as far as can be
four of the remaining 367 constituencies (four colon- observed, remains intransigeant. M. Herriot, howial seats will be filled later) will be determined by a ever,is by nature more conciliatory than M. Tardieu,
second balloting next Sunday,a plurality being suffi- less uncompromising in the presentation of his
cient for an election in a second contest. The choice views, less irritating in the vigor with which he
in the 248 constituencies shows a marked swing to presses French claims. If he should become Prethe Left, and political observers appear to be agreed mier, with a party support upon which he could conthat the change will be still more marked as a result fidently rely, there is reason for expecting that he
of the second balloting. A move to the Left means would be much easier to deal with in international
that Premier Tardieu's leadership is in danger, with discussions than M. Tardieu has been, and that the
Edouard Herriot, former Premier and head of the concessions which must be made if Europe is to re
Radical Socialist party, as apparently the fore- main at peace and advance toward recovery might
ordained head of a new Ministry in case M.Tardieu's in due time be forthcoming.
majority should have been dissipated.
On the other hand, too much stress should not be
While parliamentary elections in France do not, laid upon the election outcome, especially at this
as a rule, make much change in the fundamentals of tentative stage, as signalizing either personal triFrench foreign policy, speculation is always con- umph or personal rebuke. The reaotion from excerned with the possibility that a change of Govern- tremes, whether of revolution or of militarism, is
ment, in consequence of an election, may affect the not only characteristic of the French temperament,
more immediate aims of French diplomacy in this but harmonizes also with the temper of a time in
direction or that. Any change that might follow which a middle course with conservative leanings
from the displacement of M. Tardieu and the eleva- seems to most people the safer choice. It was pointed
tion of M. Herriot would probably be due more to out during the campaign that neither reparations
the personal character of the new Premier than to nor debts nor security were the issues of which the
the policies of his party supporters. The Radical electorate appeared to be thinking, or to who.e disSocialists, with a plurality Of seats (63) already cussion they responded with enthusiasm, but unemsecure, are in fact neither radical nor Socialist in ployment, taxes, and the financial situation gene'.
the sense in which those terms are commonly under- ally. The Fascist flare-up in Germany seems to
stood in this country, but represent rather the atti- have produced no strong reaction in France, certude toward Government generally described as tainly none that registers itself either in the appearliberal. The Socialists, on the other hand, the next ance of increased revolutionary sentiment or in a
largest Left group, still adhere fairly well to Social- demand for a still stronger Government. The re
ist principles, and in recent years have refused to election of M. Tardieu and all his Ministerial assoaccept places in the coalition Governments which ciates went hand in hand with an appreciable reducthe multiplicity of parties in France makes neces- tion of the Government strength in the rank and
sary if there is to be a Government at all. It is file, and M. Herriot and his immediate following rethe predominantly Left view of politics, rather than ceived no such volume of support as to make them
any considerable agreement in specific principle, undisputed masters of the situation. In politics as
that creates a measure of sympathy between the two in literature and oratory, France sets great store by
groups, and a union of the Socialists, who won 40 manner and form, and if it shall be found that the
seats on Sunday, and the Radical Socialists would voters have turned definitely away from M. Tardien
almost certainly attract other smaller Left groups and toward M. Herriot, it will be, apparently, beand give the combination a working control of the cause of a widespread feeling that the latter rather
Chamber of Deputies. The differences, however, than the former is best fitted, in these troubled
rather than the agreements of the two parties have times, to speak for France, and that the essential
been sharply emphasized in the campaign, and M. substance of what the nation desires will not be radiHerriot, as the prospective leader of a Left Govern- cally changed.
The shooting of President Doumer by an insane
ment, has been reluctant to court a repetition of the
experience which he had in 1924, when with the Russian, on Friday, deplorable as the outrage is, is
HE following table indicates the amount of bullion in the principal European banks:
T
041MS
Volume 134
Financial Chronicle
not likely to have any marked effect upon the balloting on Sunday, except, perhaps, to increase somewhat the chances of electing conservative candidates
in close constituencies. President Doumer has had
a long and honorable career in French politics, and
is personally highly esteemed, and the attempt to
assassinate him comes as a shock (to France and to
the world, but the French presidency is too far removed from active politics to make either the personality or the previous party affiliations of the
incumbent a determining factor in parliamentary
affairs. The apparent absence of any political
ground for Friday's crime makes it reasonably certain that the election on Sunday will take its course,
marred only by the shocking reminder of the grave
personal danger to which every holder of high office
is daily exposed.
It is fortunate that the political change in France,
as far as can now be seen, will go only to moderate
lengths, because elsewhere in Europe the course of
government is by no means everywhere clear. The
continued illness of Prime Minister MacDonald has
deprived the British Cabinet of much of the personal
influence which he would otherwise have exerted,
and of which there is at the moment special need.
There are no signs of a Labor revival, and the continued hostility of many Liberals to Lloyd George
merely confirms the relative unimportance of that
party notwithstanding that demands for a return to
free trade continue to be heard. Stanley Baldwin,
on the other hand, upon whom the leadership of the
Government in the House of Commons has increasingly devolved, has long had strong opposition from
Conservatives as a party leader, and there is undoubtedly a growing restiveness in Conservative
ranks at the anomalous situation in which a majority
party in the Commons, lacking a leader in whom
all sections of the party have confidence, appears as
(the main support of a former Labor Prime Minister.
Complaint is heard, too, that Great Britain has been
rather weakly represented in the disarmament debates at Geneva, that the American proposal of
"qualitative" disarmament should not have received
British support if battleships and aircraft carriers
are to be discarded, and that Mr. MacDonald should
have taken a firmer position with France regarding
the proposed Danubian federation and the Lausanne
Conference.
Chancellor Bruening, in turn, has had to meet a
political move which, while it appears to have left
his standing with President von Hindenburg unaffected, has necessitated a change in the Ministry.
Whether or not the intrigues, said to have been engineered by high Government officials close to President von Hindenburg, were actually as serious or
ambitious as has been rumored, the retirement on
Tuesday of Dr. Hermann Warmbold, Minister of
Economy, has been interpreted as an indication that
the National Socialists, or Hitlerites, were to be
given some recognition in the Reich Government. It
has been known for some time that Dr. Warmbold,
who represented the conservative views of the large
industrial and financial interests, was not fully in
sympathy with the Bruening policies, and his lack
of sympathy became more marked with the announcement at the end of April of a large plan of unemployment relief whose financial support was to be
derived from a lottery. Thus far, however, the reconstruction of the Cabinet by the admission of
Bitlerites which was to be forced through by a
3339
coalition of the Catholic Centre and the National
Socialists appears to have made no progress, the
reason being the reluctance of the Centre leaders to
go on with the matter while Chancellor Bruening
was absent at Geneva. As the Chancellor seems to
have made a good impression at Geneva in the disarmament discussions, and continues to hold entirely aloof from any consideration of the war debts,
he has at least put himself in a better position for
bargaining if the Catholic Centre is really disposed
to yield to Hitler's persuasion.
Save for the unexpected which may always happen,
it seems unlikely that Europe will move very strongly
in any constructive direction until some of the things
that are hanging over it are out of the way. It will
wait to see what kind of a Government France is to
have, whether the Bauer Government in Prussia is
to be retired or remade with Fascist inclusions, and
whether Mr. MacDonald's illness means that his
personal influence must be permanently counted
out. If there are plans for the Lausanne Conference, they have taken no form publicly beyond the
usual round of expressions regarding what this or
that official or political group thinks the Conference
'should do, joined, of course, to still more positive
assertions of what the United States ought to do.
London dispatches reflect the opinion that any trade
arrangement that may be made within the Empire,
such as that just concluded between New Zealand
and Canada, and perhaps even the British protective
tariff itself, will be temporary, and that the ground
will be kept as clear as possible for the Ottawa Conference in July. The question of a Danubian customs
union or federation is not dead, and M. Herriot, who
not long ago was strongly favoring the Briand project of a United States of Europe, may do something
to revive it if he returns to power, but the spread of
reports such as that of a French plan to control
most of the railways of eastern Europe will not commend the idea to Governments which, like those of
Italy and Germany, have from the first looked upon
it with suspicion. The cloud over Europe is the
Disarmament Conference, which continues, through
its committee debates, how widely divided in opinion
its members are, and by its discussion of widely
conflicting views keeps alive other issues on which
the nations are divided. If the Conference could
bring itself to recognize that it has failed, and
quietly adjourn subject to call, it would remove one
obstacle to progress with other matters which at the
moment are much more important.
A Half Century in the Lighting Field.
The oldest utility holding company in the United
States, the United Gas Improvement Co., will celebrate its fiftieth anniversary on June 1, the corporation having been organized on that date in 1882.
The contrast between manufacture, distribution and
uses made of gas a half century ago and modern customs is interestingly illustrated in the history of this
company, which has kept fully in step with the
times and adopted every progressive move in the line
of its expanding business. The growth and versatility of this company are typical of the developments
during the era which followed the use of oil lamps
for illumination and then of the period when gas as
an illuminant was driven out of business by the
advent of electric current for lighting.
Considering all the discoveries and inventions
which have been made in the light and power fields
3340
Financial Chronicle
in a half century it is almost marvelous that a corporation could keep steadily acquiring new capital to
meet every modern development, turn the products
of old plants to new uses and thus earn a fair return
upon all capital employed. The experience shows
how American managers and American capitalists
work in harmony with scientists, making a strong
team to provide the public with every modern advantage, afford employment for labor and earn an
income upon the money invested.
United Gas Improvement Co. came into existence
when gas was generated from coal and its yellow
flame was regarded as a great improvement over
candles and oil lamps. "Water gas" was making a
struggle to demonstrate its superiority over coal
gas, and by reason of the cheapness in manufacture
and the better lighting afforded the new process was
adopted. Organizers of "United Gas Improvement,"
the original corporate name,a group of Philadelphia
capitalists who had become financially interested in
water gas patents included William G. Warden and
William L. Elkins as leaders and Samuel T. Bodine
as Secretary and Treasurer. Mr. Bodine, having
succeeded Thomas Dolan in 1912 as President,is now
Chairman of the Board and is the only survivor of
the first organization group, his service having been
continuous.
As charter restrictions hampered development the
management in 1885 procured the perpetual charter
of the Union Contract Co. of Pennsylvania, having
broad powers, and this charter is the foundation for
the present gas company.
As a first venture into the public utility field control of the Cape May, N. J., and Savannah, Ga., Gas
Companies was acquired in 1882. Control of the
Lowe process of water gas manufacture gave a great
advantage to the U. G. I.
The New York Pearl Street electric station, based
upon Edison's inventions, was put in operation Sept.
4 1882, with 59 lighting customers, affording competition which early put the U. G. I. managers on
their metal. Carl Auer von Welsbach had invented
a mantle which glowed brightly when heated by a
Bunsen gas flame, and in 1887 the U. G. I. acquired
the Welsbach rights in this country,thereupon forming the Welsbach Incandescent Light Co.
Hundreds of millions of mantles were manufactured and used before electricity finally displaced
gas as an illuminant. Foreseeing the inevitable end
of the struggle, U. G. I. fortified itself by obtaining
control of numerous electric light companies in
many communities where it had established gas
plants throughout the United States. Among the
first electric plants purchased were those of Des
Moines, Iowa, in 1886 and 1887, and one in Germantown, Philadelphia. The most important electric
companies now owned are in Connecticut, Delaware
and Pennsylvania.
A great forward step was taken in 1928 when the
Philadelphia Electric Co. was acquired, the electric
company now enjoying a monopoly of supplying
Philadelphia with current for all purposes and having not merely municipal contracts, but private contracts with the Philadelphia Rapid Transit Co., the
Pennsylvania RR., and the Reading Railway for
furnishing current for electrified lines. Control of
the second largest hydro-electric power company also
passed to the U. G. I. when that corporation bought
the Philadelphia Electric, as the Conowingo plant
on the Susquehanna River, including a great reser-
May 7 1932
voir, was constructed by the Philadelphia Electric
Company.
One of the greatest business strokes ever performed by the U. G. I. management was the lease
of the Philadelphia Gas Works, which had been constructed by the municipality in 1836. Having been
continuously operated by the city, the gas works had
become a political nest, costly for taxpayers and
affording a poor service to consumers. By the lease
ithe city and citizens are afforded satisfactory service
for gas at a moderate charge of 95c. per 1,000 cubic
feet, and many millions of dollars have been paid
into the city treasury as rental, such payment last
year being $4,200,000, out of which the city pays the
company an operating fee of $800,000 for the year.
One of the chief developments which saved the
U. G. I. when demand for gas for lighting began to
wane was the introduction of the gas range. Twentyfive years ago the slogan was, "If you love her buy
her a gas range." The slogan saved the day, as a
gas range became indispensable for every home.
The curious feature of the present situation is
that the U. G. I.'s principal subsidiary, the Philadelphia Electric Co., is strongly competing with its
electric ranges, electric heating, electric refrigerators and other household devices. Operating revenues last year show these important sources: Electric, $78,291,969; gas, $21,051,904; transportation,
$2,112,002; ice and cold storage, $2,139,757; water,
$1,295,062; steam heat, $606,805, and others,
$184,805, a total of over $105,682,300, while the total
income applicable to U. G. I. stocks was $37,722,774.
U. G. I. has a large investment in Public Service
Corp. of New Jersey.
From the modest beginning with a total of
$832,736 of capital and surplus in 1882, the business
has grown in 50 years to represent a capital and
surplus of $347,861,795, which are made to earn net
income from regular sources of $34,750,115, out of
which, after paying $3,749,367 to preferred shareholders, there was disbursed to common stockholders
$27,905,308. In addition, employment was afforded
for 19,000 persons. The present President of U. G. I.
is an experienced civil engineer, John E. Zimmermann.
The7Course of the Bond Market.
In spite of the open market policy of the Federal Reserve
System, the corporate bond market as a whole has been declining to lower levels and is not far from the low levels of
Dec. 17. The price index for the 120 domestic bonds on
Friday stood at 65.87 as compared to 68.40 the week before
and 69.86 two weeks ago. The Dec. 17 low for the average
of 120 domestic bonds was 62.56.
This past week saw the first sign of weakness in United
States Government issues, following several weeks of
strength. On Wednesday the Moody average of 8 long-term
Government issues dropped a whole point, from 99.15 to
98.14. This index was 98.71 on Friday, as compared to
99.69 one week ago. This decline, in the face of the accumulation policy of the Federal Reserve System, has no doubt
been due partly to the passage of the Goldsborough bill
by the House of Representatives and partly to the delay of
Congress in balancing the budget. These two influences
proved especially unfavorable at a time when the market
was not yet quite through absorbing the recent 450 million
issue of new United States Treasury notes.
The railroad bond market during the past week, and
particularly its junior section, was mainly under the influence
of the recent decision of the Inter-State Commerce Commission with regard to the St. Louis-San Francisco capitalization. The first reaction was that of a fear of new receiverships, and practically all of the more speculative railroad
bonds declined heavily during the first half of the week.
Financial Chronicle
Volume 134
When it was realized by investors, however, that a voluntary
reduction of interest charges by holders of bonds of the
weaker roads would be vastly better than involuntary re-
3341
Western Union bonds continued weak
were sharp declines.
after having dropped sharply the week before.
The price
index for 40 public utility issues on Friday was 73.95
as
ceiverships, the market rallied and had a good recovery on
Friday. The price index for 40 railroad bonds was 56.97
compared with 75.92 a week ago and 76.68 two weeks ago.
on Friday as compared with 59.94 one week before, with
62.56 two weeks before and with the low point on Wednesday
bonds.
of
Foreign bonds in general were weak along with other
ground.
However, there were many issues which gained
French bonds were strong, while those of Great
Britain were steady.
55.55.
The industrial corporation issues were down during the
first part of the past week, only to recover most of the lost
These bonds continue to respond to
ground on Friday.
German bonds during most of the
past week eased somewhat, only to recover some of their
losses on Friday.
were fairly strong.
New South Wales and Australian issues
The chief characteristic of this market
poor earnings reports and bad news. This was especially
true in the lower rating classes. International Cement 5s,
for the week has been the advance of the better grade issues,
1948, lost 43"z points, ending the week at 523's. United
Drug 5s, 1953, were weak. The securities of packing com-
trend.
as compared with 13.70 one week before and 13.31 two weeks
panies were also weak because of the recent developments
ago.
in
connection with the Consent Decree.
The price index
for the 40 industrial bonds stood at 68.67, as compared with
70.90 a week ago and 71.48 two weeks ago.
The public utility bond market showed more strength
than either the railroad or the industrial section.
The high-
grade issues remained fairly strong, while those of the medium and low grade were irregular and in many issues there
while the Baa and Ba groups have continued their downward
The yield of 40 foreign bonds on Friday was 14.19
The municipal bond market continues on the whole to
show the most strength.
The bidding was closer and this
reflects the increased demand for the best grade tax-exempt
municipal issues.
However, the medium and low grade
municipals were weak with the rest of the market.
The usual tables of computed bond prices and yield averages are shown below:
MOODY'b DOND YIELD AP ERAllEtl.
'Based on individual Closing Priem
MOODY'S BOND PRICES.*
(Based on Average Yields.)
1932
Daily.
da.
A.
Boa.
80.14
80.14
80.26
81.07
81.18
81.54
81.90
82.26
82.38
82.26
82.50
82.50
82.62
82.14
81.78
81.78
82.02
82.38
80.95
79.11
79.11
78.88
79.22
79.58
79.68
80.49
KW
8147
NM
UM
UM
62.64
61.87
61.71
63.58
64.31
65.37
65.62
66.38
66.98
66.64
66.21
66.81
67.07
66.90
66.38
66.64
67.33
67 16
66.64
65.87
65.87
65.62
66.21
67.16
67.07
68.40
69.03
69.69
MM
MM
MN
44.67
44.21
44.04
45.06
45.77
46.64
47.44
47.87
48.91
49.17
49.37
49.01
49.22
49.53
48.61
48.46
48.86
48.71
47.73
45.59
45.24
44.80
45.06
45.68
45.15
46.87
OM
47.84
48.76
MN
WM
56.97
56.19
55.55
57.10
57.84
59.01
59.94
60.45
62.09
62.09
62.25
62.40
62.56
62.56
61.64
61 64
62.17
62.09
60.82
58.73
58.45
58.38
59.01
60.01
59.29
60.97
KM
MN
UM
WM
MN
MM
MO
WO
ma
MW
71.19
WM
UM
62.02
KM
MN
80.49
81.07
82.99
82.87
MM
MU
72.26
mn
NM
70.62
70.62
72.06
73.15
NM
68.66
67.67
um
65.66
55.73
55.99
57 17
67 30
MO
mn
69.81
70.16
70.71
72.06
72.16
99.52
87.17
71.29
88.36
99.68
95.03
86.12
97.62
nm
mo mo
mss NM
MM
77.66
UM
74.67
96.70
MO
WW
WN
72.65
72.95
74.36
74 77
91 81
92.25
93 40
93 70
mo om
mu e1.67
um
mois
m
Jan. 29
22
15
Year A ooMay 6 1931
89.45 106.07
Two Years Apo
May 3 1930
95.48 102.30
mn nm
68.61
68.21
68.41
69.71
70.2'
70.61
70.91
71.51
71.71
71.4)
71.51
71.4)
71.41
71 31
70 91
70.91
71 41
71.41
71 IN
70.0;
70.31
70.01
70.61
71 0
71 31
71.8'
m
Ng...0{4mo ..0.. m
"
Feb. 26
u
u
6
dam
93.11
92.53
92.53
93.11
93.55
93.70
93.85
94.14
94.29
94.43
94.58
94.43
94.58
94.29
93.70
93.70
93.99
94.14
92.82
91.67
91.81
92.10
92.10
92.53
92.68
92.68
NU
93.70
94.29
94.78
4O.01-.03NNOOP.0.0Wg.../.MMOMOOM..t0g.Of..0411..0
Weak
Mar.24
M
U
4
65.87
65.29
65.21
66.47
67.07
67.86
68.40
68.94
69.68
69.68
69.68
69.68
69.86
69.86
69.13
69.13
69.59
69.59
68.49
66.73
66.55
66.30
66.64
67.33
67 07
68.40
nm
69.22
MM
120 Dorassisc.
by Grotty,
RR.
P. U. Mow
120 Domestics CV ROW'.
MCIM.POOOMWOOMOMMOOC4.MN..*N..M 4.4
........
May 6
5
4
3
2
Apr. 30
29
28
27
26
25
23
22
21
20
19
18
16
15
14
13
12
11
9
8
7
e
5
4
2
AU
120
DormsHe.
74.6
744
724
us
72.7
ns
MA
78.1,
734
72.7
724
MA
70 7
70.8
71 4
71 I
84.35
• 03.7
411
120 Domettke
120
Dome.
tic
A4143
AG.
-6.20
5.20
May 6.. 7.64
5.24
6.20
7.71
5.24
6.19
7.72
6.12
7.57
5.20
5.17
6.11
7.50
6.08
Apr. 30- _
7.41
5.16
6.05
29_
7.35
5.15
5.13
6.02
7.29
28_
6.01
7.21
5.12
27._
5.11
7.21
6.02
26_
6.00
5.10
25_. 7.21
7.21
5.11
6.00
23.
5.99
22_
7.19
5.10
5.12
6.03
21
7.19
6.06
5.16
20.
7.27
5.16
6.06
19
7.27
5.14
6.04
IS.
7.22
6.01
16
7.22
5.13
7.34
5.22
6.13
15
7.54
5.30
6.29
14
6.29
5.29
13
7.56
6.31
12
7 59
6.27
6 28
11_
7.56
5.27
9.
5.24
6.25
7.47
6.24
s.
6.23
760
7.
6.17
7.35
5.28
0.12
6.20
7.28
0.12
5-. 7.26
5.16
6.12
6.13
7.17
6.03
5.09
7.07
1._ 7.00 5.10 6.00
Wachs.Mar.24.. 6.68
4.96
6.85
4.96
18-- 6.61
6.82
6.43
4.90
6.74
6.59
6.03
5.92
Feb. 26-- 6.71
5.12
6.04
6.16 6.08
19-- 6.72
11._
6.95
6.30
6.23
5._
6.90
6.17
5 21(
Jan. 29-- 6.87
6.12
6.26
32-- 6.73
5.18
696
15._ 6.69
6 16
5.97
8._ 6.94
8.18
6 17
7 26
6 32
6 26
Yr.Aun
May6 '31 5.46
4.39
4.78
2 YTS A Ofo
May 3'30 6.04
4.61
4.77
1932
Daily
APAVM *
,
120 Demesne.
Or Groups.
Op &MINN
A
RR
8.04
8.14
8.16
7.92
7.83
7.70
7.67
7.58
7.51
7.55
7.60
7.53
7.50
7.52
7.58
7.55
7.47
7.49
7.55
7.64
7 64
7 67
7 60
7 49
7.60
7.36
7.28
7.22
7.16
7.11
7.04
11.13
11.24
11.28
11.04
10.88
10.69
10.52
10.43
10.22
10.17
10.13
10.20
10.16
10.10
10 28
10.31
10.23
10.26
10.46
10.9?
11.00
11 10
11 04
10.90
11.02
10.64
10.52
10.54
10.26
10.03
9.86
8.8$
8.95
9.05
8.81
8.70
8.53
40
8.33
8.11
8.11
8 09
8.07
8.05
8.05
8.17
8.17
8.10
8.11
5.28
8.57
8.61
8.62
8.53
8 39
8.49
8.26
8.22
8.25
8.06
7.90
7.77
6.77
6.79
6.77
6.71
6.64
6.59
6.58
6.54
6.53
6.51
6 55
6.55
6.50
6.51
6.56
6.57
6.54
6.54
6.67
6 88
8.92
6 97
7.00
6.96
6.96
6.80
6.71
6.63
6.56
6.47
6.43
.32
.37
.34
.20
.15
.11
.0b
.01
.99
.02
.01
.02
.02
.03
.08
08
02
6.82
8.78
6 64
6.83
6.94
6.99
7.20
7 II
7.12
696
6.86
12
7 47
9.07
8.89
8.42
8.58
8.74
8.63
9.05
9 02
5.95
8.80
8.78
9.30
10 00
7.16
7.05
6.78
6.87
7.00
8.99
7.26
718
7 10
691'
0.94
788
7 93
6 16
6.12
6.93
6.09
6.24
6 25
6.47
6 41
42
8 20
608
6 12
6 23
.71
.67
.56
SI
81.
WI
Ito
09
02
.01%
.34
.aa
12.64
12.62
12 31
12.65
(2.82
)2./.6
13.23
13.00
13.23
13.13
'3.44
Ii.15
Is an
4.99
.85
6.92
5.05
.16
5.63
7.04
5.54
P. U
40
ParNous.
Baa
Indus
n2
07
17
14
17
1i
06
03
95
.91
.91
.89
.83
.89
14.19
14.49
14.15
13.89
13.76
13.68
13.70
13.54
13.43
13.39
13.32
'3.33
13.31
13 32
13.40
13.32
13.25
13.35
13 39
13.65
13.62
1363
13.60
13 21
13 23
13 05
12 97
12.88
12.80
12.80
12.77
6.27
•Nole.-Tbeee pricee are computed from average yields on the bun, of one "Ideal' bond
years), and do not purport to 00104 elI wr tne
average level or the average movement or actual price quotations Tbey merely serVe toi434% coupon. maturing In 31
the relative levels and the relative
Illustrate In a more comprehensive way
movement of yield averages, the latter being the truer mature or the bond market.
5.07
5.71
4.90
The New Capital Flotations During the Month of April and for the
Four Months Since the First of January.
In making our usual monthly analysis of new financing
by corporations, municipalities &c., it Is important to recognize first of all that while conditions for such financing
have been distinctly unfavorable, a circumstance which in
any event would serve to make such financing very light,
as it has proved month after month for a long time past, an
entirely new factor has entered the situation which cannot
be left out of consideration in any study of new financing
and the appeals made to the investment market. We mean
that the United States has become such a constant borrower
and has been borrowing so repeatedly and on such a large
scale that ordinary financing has really become subordinate
to that of Government financing. In a measure, also, the
Government has really been pre-empting the ground and
certainly it 'has been occupying the investment field to the
disadvantage of ordinary financing, a matter of no small
consequence especially in view of the fact that owing to
the prevailing loss of confidence in security values generally
the demand on the part of the Investing public has been
almost entirely for the highest and best type of security
investment, and obviously nothing could be higher or better
than a U. S. obligation, though that does not mean that
such an obligation may not suffer sharp depreciation on
occasions, as the Investor has learned from sad experience.
Whether the ordinary financing would not have been
larger, thereby stimulating a demand for every day investments, the application of the proceeds of which might have
served to play an important part in reviving trade, is a
question on which opinions may well differ, especially as
within recent weeks the Federal Reserve Banks by their
easy money policy and large-scale purchases of U. S. securities have become an agency for absorbing a considerable
portion of the new Government issues, virtually all of the
short-term offerings having found their way into Federal
Reserve vaults. Be that as it may, during March and April
Government financing has been of far larger
magnitude
3342
Financial Chronicle
than the ordinary financing as represented by the borrowings of corporations, municipalities, farm loan emissions
and the like. Therefore U. S. financing should receive
primary attention and we purpose in this article to deal
with it before dealing with our compilations relating to
ordinary financing. In April, as in March, as has been
already remarked, Government financing has been of exceptional dimensions, so much so, indeed, as to leave ordinary financing in the shade. During April the U. S. Treasury
disposed of three blocks of 91 day Treasury bills on a discount basis, besides nearly $500,000,000 of other forms of
Government issues. In any study of new financing the important point is to know how much of the new financing
represents distinctly new capital, as distinguished from issues made to provide for the taking up and retiring of issues
already outstanding, and which are to be replaced by the
new issues. And this is particularly true with reference to
the placing of U. S. Government securities. Treasury bills
are all the time maturing, having a life usually for only 90
to 93 days, and have to be replaced with other issues, while
Treasury certificates of indebtedness are another form of
short term borrowing which has to be periodically renewed
without swelling the outstanding aggregate of indebtedness.
So long as the Government was showing huge budget surplusses and the Government indebtedness was as a result
being steadily and largely reduced, the matter was of little
consequence, but now that there is a budget deficit running
in excess of $2,000,000,000 a year, it is important to know
the extent to which the Government itself is obliged to have
recourse to the investment and money markets. And during
April the financing of the U. S. Government comprised both
the sale of Treasury bills (three separate blocks of them)
and the issue of one year certificates of indebtedness and
two year Treasury notes. These two latter, too, were put
out at very low rates of interest, the two year notes carrying 3% interest and the certificates of indebtedness no more
than 2%. Both forms of obligation were quickly and
enormously oversubscribed, while the different Treasury
bills were so actively bid for and at so high a price that the
yield to the purchasers was almost nominal, they going on
discount basis of only about % of 1% per annum.
On April 7 1932, Secretary of the Treasury Mills offered
In the amount of $75,000,000 or thereabouts a new issue of
91-day Treasury bills. The bills were dated April 13 1932
and will mature July 13 1932. The total amount applied
for was $399,374,000. The amount of bids accepted was
$76,200,000. The average price was 99.735, the average rate
on a bank discount basis being 1.05%. Part of the proceeds
were used to retire Treasury bills amounting to $50,175,000
which matured on April 13 1932.
On April 14 1932 Mr. Mills offered $75,000,000 or thereabouts of a second issue of 91-day Treasury bills. These
bills were dated April 20 1932 and will mature July 20 1932.
The total amount applied for was $289,740,000. The amount
accepted was $75,600,000. The average price realized by
the Treasury was 99.843, the average rate on a bank discount basis being 0.62%. The average rate on this issue
was lower than that of all but two of the Treasury bill
issues sold since the war. This issue did did take the place
of a maturing issue, having been floated to obtain funds for
the Treasury and therefore was an addition to the public
debt.
On April 21 1932, Secretary Mills offered $50,000,000 or
thereabouts of a third issue of 91-day Treasury bills. The
bills were dated April 27 1932 and will mature July 27 1932.
The amount applied for was $241,451,000. The amount accepted was $51,550,000. The average price was 99.841, the
average rate on a bank discount basis being 0.63%. The
bills were issued to replace a maturing bill issue of approximately the same amount.
On April 25 there was a double offering of certificates
of indebtedness and of Treasury notes, each for $225,000,000,
or of $450,000,000 "or thereabouts" for the two combined.
May 7 1932
The first, the certificates of indebtedness (Series B-1933)
maturing in one year (May 2 1933), bearing interest at the
rate of 2%, the second Treasury notes (Series A-1934),
maturing in two years (May 2 1934), and bearing interest
at the date of 3%. Both issues are dated and bear interest
from May 2 1932. Total subscriptions amounted to $4,196,296,700, of Which $1,699,868,000 was for the 2% issue and
$2,496,428,700 for the 3% Certificates. The amount of bids
accepted for the one-year 2% issue was $239,197,000, and for
•the two-year 3% issue $244,234,600. Both issues were offered at par. The issues represented an addition to the
public debt.
In March also Government financing was on a large scale.
On March 6 1932, Secretary Mills offered $900,000,000 or
thereabouts two new issues of Treasury Certificates which
were heavily oversubscribed. The first (Series TO-1932)
maturing in seven months (Oct. 15 1932), bearing interest at
the rate of 3%%,the second (Series TM-1933) maturing in
one year (March 15 1933), bearing interest at the rate of
3%%. Both issues were dated and bear interest from
March 15 1932. Total subscriptions amounted to $3,403,225,509 of which $952,619,500 was for the seven months'
issue and $2,450,606,000 for the 12
-month certificates. The
total amount of bids accepted for the 31 3% or 7
/
(
-month certificates was $333,492,500 and for the 3%% or 12
-month certificates $660,653,500. Both issues were offered at par.
The financing provided for the refunding of about $624,000,000 Treasury Certificates of Indebtedness maturing
March 15 1932.
On March 23 1932, an issue of 91-day Treasury Bills to
the amount of $100,009,000 or thereabouts was offered by
the Treasury Department. The bills were dated March 30
1932, and mature June 29 1932. The amount applied for
was $360,198,000. The amount of bids accepted was $102169,000. The average price realized by the Treasury
was 99.474, the average rate on a bank discount basis being
2.08%. These bills were offered to replace maturing bills.
Announcement was also made during March of the offering
.
of an issue of 2% United States Certificates (first series)
with a view to attracting hoarded money and known as
"baby bonds" because of their issuance in small denominations. The certificates were dated March 15 1932 and mature
March 15 1933. Officials of the Treasury have issued no.
statements whatever as to the amount of certificates sold.
Subscriptions were closed on April 13 1932. Secretary Mills
indicated that the sales of these certificates had totaled approximately $28,000,000. In the following we show all the
Treasury financing back to the first of the year.
UNITED STATES TREASURY FINANCING DURING FIRST FOUR MONTHS
OF 1932
Date.
Offered.
Jan. 7
Jan. 17
Jan. 25
Jan. 25
Jan. 31
Feb. 7
Feb. 16
Feb. 24
Mar. 5
Mar. 6
Mar. 6
Mar. 23
Apr. 7
Apr. 14
Apr. 21
Apr. 25
Apr. 25
Dated.
Due.
Amount
Applied for.
Jan. 13
Jan. 25
Feb. 1
Feb. 1
Feb. 8
Feb. 15
Feb. 24
Mar. 2
Mar. 15
Mar. 15
Mar. 15
Mar. 30
Apr. 13
Apr. 20
Apr. 27
May 2
May 2
Amount
Accepted.
91 days 8169,337,000 $50,175,000
93 days
191,581,000
50,937,000
6 mos.
395.938,500 227,631,000
1 year.
250,148,000 144,372,000
93 days
196,873,000
76,399.000
93 days
211,872,000
75,689,000
91 days
196,183,000
62,851,000
91 days
292,984,000 101,412,000
1 Year
z28,000,000 :28,000,000
7 Mos952.619,500 333,492,500
1 year 2,450,606,000 660,653,500
91 days
360,198,000 102,169,000
91 days
399,374,000
76,200,000
91 days
289,740,000
75,600,000
91 days
241,451,000
51.550,000
1 year 1,699,868,000 239,197,000
2 years 2,496,428,700 244,234,600
Approximate. °Average rate on a bank discount basis.
USE OF FUNDS.
Date Offered.
Jan. 7
Jan. 17
Jan. 25
Jan. 25
Jan. 31
Feb. 7
Feb. 16
Feb. 24
Mar. 5
Mar. 6
Mar. 6
Mar. 23
Apr. 7
Apr. 14
Apr. 21
Apr. 25
Apr. 25
• Approximate.
Total Amount
Accepted.
850,175,000
50,937,000
227,631,0001
144,372,000 f
76,399,000
75,689,000
62.851,000
101.412,000
*28,000,000
333,492,5001
680,653,500J
102,169,000
76,200,000
75,600,000
51,550,000
239,197,000
244,234,600
Yield.
Price.
-Aver. 99.272 *2.875%
Aver. 99.358 4
.2.40
3.125
100
100
3.75
Aver. 99.314 *2.66
.2.76
Aver. 99.287 4
Aver. 99.315°2.71
Aver. 99.369 .42.64>
2.00
100
3.12/5
100
3.75
100
Aver. 99.474 4.2.08
Aver. 99.735 +1 013
Aver. 99.8430.6
Aver. 99.841 4
'0.63
100
2.00
100
3.00
Refunding.
—1
,_—_--.
850,175,000
50,937,000
New
Indebtedness.
50,000,000
76,399,000
75,689,000
62,851,000
101,412,000
3322,003,000
624,000,000
102,169,000
50,175,000
370,146,000
*28,00ll000.
25,025,000
75,600,000
51,550,000
239,197,000
244,234,600
Volume 134
Financial Chronicle
The point of importance with reference to these U. S.
Treasury issues is, as already stated the extent to which this
new financing by the Federal Government represents new
issues, that is, new appeals to the investment market, and
from the foregoing analysis it appears that the $322,003,000
of the U. S. Government issues brought out in January
represented new indebtedness and $398,146,000 more in
March represented new indebtedness, besides $584,056,600
more in April, altogether making a grand aggregate of
$1,304,205,500. Turning now to our own totals of new
financing by corporations, municipalities &c., this account
is far in excess of our own total for the calendar year to
April 30. Our total of new capital issues for the four months
of 1932 is no more than $625,738,873. To the extent only
that the U. S. Government issues represent actually new
debt, rather than the taking up of outstanding issues about
to mature, can snch issues be considered additions to the
Government debt. Yet, the amount is found to be $1,304,205,600 as we see.
Our compilations, as in other months, are very inclusive
and embrace the stock, bond and note issues by corporations,
by holding, investment and trading companies and by States
and municipalities, foreign and domestic, and also farm
loan emissions—in fact everything except the obligations
of the U. S. Government. The grand total of the offerings
of securities in this country under these various heads for
the month of April reached $142,319,232, which compares
with $190,019,625 in March, but with only $94,497,344 in
February, though with $193,938,800 in January. How small
the new financing the present year appears when we contrast
the April total for 1932, at $142,319,232, with earlier years
and find that in April 1931 the new capital issues totaled
$591,445,493, in April 1930 $959,823,091, in April 1929
$816,764,760, and in April 1928 no less than $1,059,781,842.
Proceeding further with our analysis of the limited volume
of corporate offerings made during April, we observe that
public utility issues at $46,206,000, accounted for the bulk
of the corporate total which was only $48,193,500. The
public utility total of $46,206,000 for'April compares with
$51,096,720 shown in March. Industrial and miscellaneous
flotations totaled only $1,987,500 during April as against
$2,822,750 in March. There were no railroad offerings of
any kind marketed during April.
Of the total corporate offerings of all kinds during April
for amount of $48,193,500, long-term bonds and notes comprised $16,021,000, and short-term bonds and notes aggregated $32,172,500. During April there were no stock offerings of any kind. The portion of the month's financing
raised for refunding purposes was $33,124,000, or 68% of
the total. In March the refunding portion was $9,097,320,
or 15%; in February it was $5,688,000, or 12%, and in
January only $1,500,000, or slightly over 3%. In April
1931 the amount for refunding was $189,206,500, or about
41% of the month's total. The $33,124,000 raised for refunding in April (1932) represented $2,449,000 new long-term
to refund existing long-term and $30,675,000 new short-term
to refund existing short-term.
There were no foreign securities of any description offered
In this country during April. It was announced during
the month, however, that the Argentine Government would
pay off on April 1 1932 $1,000,000 of the $10,000,000 shortterm notes maturing on that date and renew $9,000,000 for
nine months. The arrangement contemplates a similar payment of $1,000,000 on July 1, in connection with the maturity
on that date of the remaining $10,000,000 of short-term notes.
The short-term notes were held by banks. It was also
announced by the Finance Ministry of Argentina that a
loan of $13,900,000 due Brown Brothers Harriman & Co. of
New York had been renewed for an additional nine months.
The loan would have expired April 1 1932. It was further
stated that prospects for renewing other loans expiring
In the near future were good. Also during the month it
was stated that negotiations had been completed with Lee,
3343
Higginson & Co., calling for the extension of the $125,000,000
loan made by it and an associated group to the German
Government, to Nov. 1 1933. Interest will be paid at the
rate of 6%.
Corporate financing during April, large enough to merit
special mention, was mainly for the account of public utilities. The principal offerings were $20,000,000 the Edison
Electric Illuminating Co. of Boston three-year 5% notes,
due May 2 1935, issued at 98.79, to yield 5.44%; $10,000,000
the Edison Electric Illuminating Co. of Boston one-year
4%% notes, due May 2 1933, issued at 99.76, to yield 4.75%;
$5,250,090 Kansas City Power & Light Co. first mortgage
4V,s, 1961, issued at 92%, to yield 5.00%, and $4,500,000
the Columbus Railway, Power & Light Co. secured convertible 532s, 1942, issued at 94, to yield 6.31%.
/
Included in the month's financing was an offering of
$25,000,000 Federal Intermediate Credit Banks 41 % col4
lateral trust debentures, dated April 15 1932, and due in
three, four and five months, priced to yield 4.00%.
There was only one issue marketed during April containing a convertible feature, namely:
BONDS WITH CONVERTIBLE FEATURES.
$4,500,000 The Columbus Railway, Power & Light Co., convertible
secured 53s, 1942. (Each $1.000 of bonds convertible into a like
amount of 1st & ref. mtge. "B" 58, due April 1 1962 and $40 in cash
on or after Oct. 1 1932 and up to 10 days prior to redemption.)
There were no new fixed investment trust offerings during the month of April.
The following is a complete summary of the new financing, corporate, State and city, foreign government, as well
as farm loans issued for the month of April and the four
months ending with April:
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1932.
MONTH OF APRIL—
Corporate—
Domestic—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign government
Farm loan issues
Municipal, States, Cities, &c
United States Possessions
Grand total
4 MONTHS ENDED APRIL 30—
Corporate—
Domestic—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadiar.—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign government
Farm loan issues
Municipal, States, Cities, &c
United States Possessions
Grand total
New Cayttal. Refunding.
$
$
Total.
i
13,572,000
1,497,500
2,449,000
30,675,000
16,021,000
32,172,500
15,069,500
33,124,000
48,193,500
25,000,000
30,198.732
38,927.000
25,000,000
69,125,732
70,268,232
72,051.000
142,319,232
125,522,000
14.249,C00
8.775,275
2,296,900
11,587,000
35.925,000
1,897,320
137.109.000
50,174,000
6,775.275
4,194,220
148,843,175
49,409,320
198,252.495
30,000,000
309.576.753
692,000
47.500.000
39,717,625
77,500,000
349.294,378
692,000
489,111.928
136.626.945
625.738.873
In the elaborate and comprehensive tables on the succeeding pages we compare the foregoing figures for 1932 with the
corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all the different classes
of corporations.
Following the full-page tables we give complete details
of the new capital flotations during April, including every
issue of any kind brought out In that month.
APRIL FOR FIVE YEARS.
1929.
1928.
Refunding.
Total.
New Capital. Refunding.
Total.
$
$
$
$
$
85,950.760 246,044.000
227,594,700 240,348,300 467.943,000
12.000.000
41.478,300
12,750,000
____ --12.750.000
2,442.000
97,017,501
74,269,514
14,471,510
88.741,014
33.779.019 320,730.241
134,103.914
59.504,572 193.608,486
4.708.000
18,792,000
23,500,000
134,171,779
4.000,000
720.828.942
4.000,000
581.000
91,935.818
138.752.779
816.764.760
3.000,000
16,000,000
19,000.004
17.750,000
3,000,000
9,850,000
6.204,750
493,230,878 349,116,372
17.750,004
3,000.00C
9,850.00C
6.204,75C
842,347.25C
75.130.000
12,000,000
87,130.00C
400,000400.00C
123,030,953
6:873:63* 129,904.591
7691.791.831
•
367.990.m I 1.1159.781.84:
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE
UNITED STATES FOR.THE MONTH OF APRIL FOR FIVE YEARS.
1932.
1931.
1930.
MONTH OF APRIL.
1929.
New Capital. Refunding. _
1928.
Total.
New Capital. Refunding.
Total.
New Capitat. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Long Term Bonds and Notes—
$
Total.
$
$
$
4
$
$
$
Railroads
$
•
$
$
$
i
99,483,250
39,428,750 138,912,000
Public utilities
45.416,240
13,082,000
84.366.760 129.783 MOO
2.449.000
15,531,000
57,070,000 146,450.000 203,520,000
15.562.000
17,083.000 32,145,000
76.500,000
4,000,000
80,500,000
Iron. steel, coal, copper, &c
33,642,000
1,500,000
35142000
76,028,100 184,291,900 260,320,000
43,689,800
6.062.500
49,752.300
Equipment manufacturers
1,350,000
1,350,000
1.080.000
21,345,000
12,430,000
1,080.000
33.775,000
Motors and accessories
1,150,000
1.150,000
2,400.000
2.400,000
Dther industrial and manufacturing
1.250.000
1,250,000
54.050,000
Dil
54,050.000
37,108.000
37,108,000
16,657,600
15.457,400
32.115,000
5.010,000
6.950,000
12,000,000
Land, buildings, &c
490,000
490.000
7,235.000
7,235,000
27,365,000
70,000
27,435,000
Rubber
21.627,000
84,000
21.711,000
68.423.000
19,325,000
87,748.000
;hipping
Inv. trusts, trading, holding, &c....
2.100.000
2,100,000
15.000,000
15.000,000
Miscellaneous
1,500,000
1,500,000
306,000
13,138,000
2.194.000
1,012,000
2500.000
14.150,000
7.800.000
Total
7.800.000
16,200,000
16.200.000
36,499,000
13.572.000
9.541.000
2.449.000
46.040.000
16.021,000 110.630,800 154.706,500 265,337,300
285,248,250 50,448,750 335,697.000
Short Term Bonds and Notes—
160.093.240
85,950,760 246,044,000
250.052.700 259,140.300 509,193.000
Railroads
4.000.000
2.000.000
6,000,000
12,000,000
12,000,000
Public utilities
30.675.000
30,675.000
19,000,000
2,000,000
21,000,000
5.500.000
500,000
6.000.000
iron steel, coal, copper. &c
11.500.000
12,000,000
23,500,000
5,625.000
5,625,000
20,000.000
Equipment manufacturers
20.000,000
400.000
•
400,000
Motors and accessories
3ther industrial and manufacturing
6.850,000
30,000.000
36.850.000
11.100.000
11.100,000
311
4.940.000
4.940,000
1.250.000
Land, buildings, &c
1,250,000
342.000
342.000
31.966.000
. 310,000
32.276,000
Rubber
3.608,300
3,608.300
2.625.000
2,625.000
'
;hipping
inv. trusts, trading, holding, tco_
100,000
500.000
Miscellaneous
1,497.500
1,497.500
20.000.000
20.000.000
14,370,000
14.370,000
Total
7.100,000 .
1,497.500
30,675,000
7,100.000
32,172.500
55,132,000
34.500,000
89,632.000
81.816,000
810.000
82,626,000
Stocks—
29.478.300
.
12.000,000
41.478,300
15,750,000
15,750,000
Railroada
27.750.000
27.750.000
Public utilities
30.000,000
30,000,000
18.408,250
81.140,888
44.000.000
81,140,888
62,408,250
44.276.840
44,276.840
iron, steel, coal, copper, &c
68.568,984
100,000
68,668.984
110,153,945
4,367.500 114,521,445
61.612,000
•
61,612,000
Equipment manufacturers
4.936,800
4,936,800
1.952.746
1,952.746
Motors and accessories
1.920.000
1,920,000
•
2.068.712
2.068.712
3ther industrial and manufacturing
12.820,732
3,170,902
15,991,634
262.500262,500
8.000.000
8,000.000
20.398.320
20.398,320
311
78,298,039
6,283,450
84,581,489
33,925,065 .33,687,672
67,612,737
50.491,905
50.491,905
Land, buildings, &c
8,600,000
26,666,667
35,266,667
300.000
300,000
4,830,000
4,830,000
Rubber
8.633,000
8.633,000
5,868,033
'
911.000
6.779,033
;hipping
16,825,968
16,825,968
.
[nv. trusts, trading, holding, &c_
13,078,000
13,078,000
46.752,344
46.752,344
11iscellaneous
80.558.000
80,558,000
19,290,000
12,567.500
12.567,500
19,290,000
3.200.000
3.200.000
74.766.100
74.766.100
3/1.347.639
Total
7,009.900
42.357.539
101.708.388
101,708,388
261,380.121
261,380,121
Total—
397,085,623
36,221,019 433,306,642
227,428,178
89,976,072 317,404.250
Railroads
4,000,000
2.000.000
6.000.000 139,233,250
39.428.750 178,662,000
75,416,240
F'ubl1c utilities
84,366.760 159,783,000
13.082,000
33.124.000
33,970,250
46.206,000 157,210.888 148.450,000 305,660.888
61.083.000
95.053.250
126.276,840
4.500.000 130.776,840
113.710,984
iron, steel, coal, copper. &c
13.600,000 127,310,984
191,807,045 188.659,400 380.466,441
43,689.800
6,062,500
49,752,300
81,612,000
81.612,000
Equipment manufacturers
6.286.800
6,286,800
13,697,746
12,430,000
1.080.000
36,127,746
1.080,000
Motors and accessories
1.150,000
1,150,000
4.320.000
4,320,000
2,068.712
2,068,712
12,820,732
3ther industrial and manufacturing
3,170,902
15,991,634
262,500
16.100.000
------30.000,000
262,500
46.100.000
85.548.320
85.548,320
115.406.039
311
6,283,450 121.689.489
50.582.665
49,145,072
4,940.000
99,727.737
4,940.000
16,791,905 . 6,950.000
63,741,905
8.600,000
buildings. &c
Land.
26,666,667
35,266,667
490.000
300.000
490.000
7.577.000
300.00C
7,577,000
64,161.000
380,000
64,541,000
33,868,300
Rubber
84,000
33,952,300
76,916,033
26:216:666
97.152.033
• 16.825,968
;hipping
16.825,968
15.178,000
inv. trusts, trading, holding, &c.,
15.178.000
500.000
500.000
61.752.344
61.752,344
82.058,000
Miscellaneous
82.058,000
1.497.500
32.428,000
1.497.500
1,012.000
32,873.500
2,194,000
33.440,004
35.067.500
11.000.000
11.000.000
105,336,100
105.336.100
78.946,639
16,550.900
Total corporate securities_._
15.069.500
95.497.53c
33.124.000
48.193.500 267,471.188 189.206.500 456,677,688 628.444.371
51,258.750 679.703,121
586.657.163 134,171.779 720.828.942
493.230,878 349.116.372 842,347.25€
aptUalqj leptIVIM
15,558.900
Z£61" Z SW
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING FOR THE MONTH OF
MONTH OF APRIL.
1132.
1931.
1990.
New Capital. Refunding.
Corporate-Total.
New Capital. Refunding.
Total.
New Capitat. Refunding.
Total.
New Capital.
Domestic—
$
Long term bonds and notes_
$
$
13.572000
$
$
2.419,000
16,021.000 110.630,800 154,706.500 265,337.300
250.660,250
Short term
46,448,750 297.109,000
160,093.240
1,497.500
30.675,000
32.172,500
55,132,000
32,500,000
87.6.32,000
69.816,000
Preferred stocks
810,000
70,626,000
29,478,300
36.140,888
36,140.888
100.153.560
Common stocks
100.153,560
94,575.501
65.567.500
65.567.500
161.226.561
Canadian—
161.226.561
286.951.222
Long term bonds and notes_
Short term
13.588,000
13,588.000
Preferred stocks
Common stocks
Other foreign
15,558.900
Long term bonds and notes_
21,000,000
Short term
4.000.000
25,000.000
2,000.000
2,000.000
12.000.000
Preferred stocks
12,000,000
Common stocks
Total corporate
15,069,500
33.124.000
48,193.500 267,471,188 189.206,500 456,677.688
628,444,371
Canadian Government
51.258.750 679,703,121
586,657,163
17.793,000
17.793,000
5,000.000
Other foreign Government_
5,000,000
121,675.000
Farm Loan issues
121.675,000
25.000.000
25.000.000
11.000,000
11.000.000
Municipal, States, Cities &c_
30,198.732
38,927.000
69.125,732 102,065,105
3,909,700 105,974.805
148,751.121
3,443,849 152,194,970
United States P
ions_
91,354.818
1,250,000
1,250.000
Grand Total
70.268,232
72.051,000 142.319.232 387.329.293 204.116.200 591,415.493
905,120.492
54.702,599 959.823,091
678.011.981
Oft OrIn1104
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE FOUR MONTHS ENDED APRIL 30 FOR FIVE YEARS.
1928.
1929.
1930.
1931.
1932.
4 MONTHS ENDED APRIL 30.
Total.
New Capital. Refunding.
Total.
Total.
New Capitas. Refunding.
New Capital. Refunding.
Total.
New Capital. Refunding
Total.
New Capital. Refunding.
CorporateDomestic
859,396,200 782.873,600 1.642.269,800
785,239,840 270,939.260 1,056,179,100
587.605,100 462,910,200 1.050,515,300 1,278.753.160 122.360,250 1,401,113,410
11,587.000 137,109.000
Long term bonds and notes_ 125,522.000
29.836,100
97.022,500
67,186.400
87.117,500
19,997,500
67,120.000
21,813,000 179,036,000
157.223.000
48,328,500 158.575,850
50.174.000 110,247.350
Short term
35.925.000
14,249.000
333,825,056 116.026.800 449,851,856
53,074,950 635,510,536
582,435.586
181,283,946
181,283,946
77.023,667
6.775,275
77.023,667
6,775.275
Preferred stocks
93.584.170 374.593,896
281.009.726
1,253,500 480,280,684 1.408.780,228 111,427,611 1.520.207,839
479.027.184
4,194.220 106,223,594
106,223,594
1.897,320
2,296.900
Common stocks
Canadian
49,122,000
30,330,000' 18,792,000
66,100,000
66,100,000
91.888,000
18.000.000
73.888.000
79,500.000
79.500.000
Long term bonds and notes_
Short term
16,000,000
19,000,000
3.000.000
10,400.000
10,400,000
Preferred stocks
15,558,900
15,558.900
Common stocks
Other foreign
19,618,500 153.500.000
133,881,500
93,010.000
2.000.000
91,010.000
163.655.000
4,000,000 167.655.000
50.000.000
50.000.000
Long term bonds and notes_
6,000.000
6,000,000
600.000
600.000
17.000,000
17.000.000
5.000,000
5.000,000
Short term
9,850.000
9,850,000
100,827.200
100,827,200
Preferred stocks
21,681.750
21.681.750
22.550,000
22,550,000
6.160,000
6.160,000
Common stocks
49,409,320 198.252.495 1.010,599.711 516,238,700 1,526,838,411 2,356,990.290 167,426,750 2,524,417,040 3.150,621,754 457,439,321 3.608,061,075 1,746,160,632 1,076,731,170 2.822,891.802
Total corporate
148,843.175
8.840.000
8,840.000
9.750,000
8.000,000
1.750.000
21,142.000
3.158,000
24,300,000
39.778.000
2.000.000
37.778.000
Canadian Government
91,593,500 370.039.000
278,445,500
35,750,000
35.750,000
187,675,000
4,000,000 191.675.000
Other Foreign Government_
6,000.000
6,000.000
22,000,000
22,000.000
11.000,000
40,500.000
47.500,000
77,500.000
29.500,000
Farm Loan Issues
30,000,000
477,291,317
Iffffo§§ 493.905,006
5,580.433 343.323,940
337,734,507
459,674,993
9.349,912 469,024.905
7.419,000 555,578,394
39.717,625 349.294.378 548.159,394
309,576,753
Municipal, States, Cities, &c
1,110.000
1.110.000
1,495,000
1,495,000
2.750,000
2.750,000
692.000
692.000
United States Possessions
489.111.928 136,626.945 625.738.873 1.626,037.105 536.657.700 2.162.694.805 3.050.232,283 183.934.662 3.234,166,945 3,527,351.261 471.028.754 3,998,380.015 2.517,847,449 1.184.938.359 3.702.785.808
Grand Total
1932.
4 MONTHS ENDED APRIL 30. New Capital. Refunding.
Term Bonds and Notes$
Public utilities
11,587,000
122,852,000
Iron, steel, coal. copper, ac
Equipment manufacturers
Motors and accessories
Other Industrial and manufacturing
011
Land, buildings, &c
2.470.000
Rubber
Shipping
holding, &c.._
Inv. trusts, trading,
Miscellaneous
200,000
Total
125.522.000
11.587.000
Short Term Bonds and Notes
Railroads
7,375.000
1.000,000
Public utilities
750,000
34,825,000
Iron, steel, coal, copper. &c
100.000
Equipment manufacturers
Motors and accessories
industrial and manufacturing
Other
Oil
Land, buildings, &c
4,056,000
Rubber
Shipping
Inv. trusts, trading, holding, acc
Miscellaneous
2.068.000
Total
14,249,000
35,925,000
Stocks-Railroads
Public utilities
1.897,320
4.912,175
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
491,250
DU
Land, buildings, &c
Rubber
2,168,750
Shipping
inv. trusts, trading, holding, &c....
Miscellaneous
1,500,000
Total
1,897.320
9,072,175
Total
Railroads
1,000,000
7,375,000
48,309,320
?ublic utilities
128,514,175
'ron, steel, coal, copper, &c
100,000
Lquipment manufacturers
Motors and accessories
)ther industrial and manufacturing
491,250
NI
..and, buildings, &c
6,526,000
2,168,750
tubber
{hipping
nv. trusts, trading, holding, &c_
41scellaneous
3,768,000
49.409,320
148,843.175
Total corporate securities
•
1928.
1929.
1930.
Total.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
$
*
$
$
$
$
s
$
96.490,500 182,388,500 278.90Railrods
118147.240 104.143,760 223,091,000
,
387,022,000
425,689,250 112,443.750 538,133,000
345,144,500 442816300 787,960,80
200 10500 153140000 353,249,500
23,771,500 691,130000
667,358,500
576,914,000
79,007.700
57,957.300 136,965,000
72,250,000
3,186.500
69,063,500
3,500,000
3,500.000
109,002,300
4,816,000
4,816.000
1,150,000
1.150.000
1.400.000
1,400.000
11,970,000
5,550,000
Ysor,6456
4,770,000
102.074.700
44,601,300 146,676.000
124,368,000
575.000 124,943,000
105,000 128,335,910
62,917,000
128,230,910
62.917.000
20,500,000
20,000,000
500,000
9,000.000
400.000
8,600.000
87.000.000
6,950.000
80,050,000
46,486,000 251,717,000
205,231,000
181,966,600
77,437,500
3,289,000 185.255,600
70,000
77,367,500
17,360,000
920,000
16,440,000
800.000
800,000
1,000,000
1,000,000
'
9,100,000
3,100,000
6,000,000
10,000.000
10,000,000
1,650.000
1,650,000
54,900,000
1.012,000
53,888,000
85,000,000
___
85,000,000
75.000,000
---____
75,000,000
25,242,700 156,128.000
130,885,300
149,045,000
2,205,000 151,250,000
48.720.000
47,700,000
1,020,000
2.694.000
13,180.000
10,486,000
942,349,840 272,939.2601.215.289.100 1,023.607,700 821,284,100 1.844.891.800
717.105.100 462.910,2001,180.015,300 1.516,296,160 144.360,2501,660,656.410
1931.
New Capital. Refunding.
$
$
241,126,300 145,895.700
134.439,000 269576000 307338000
6,062.500
102.939.800
11,970.000
Total.
$
2,470,000
200,000
137,109,000
1Long
4,000,000
53,537,500
2.000.000
15,337.500
6,000.000
68,875.000
4,056.000
20.785,000
5,649,000
6,175,850
33,500.000
791,000
1,200,000
54,285,000
6,440,000
7,375,850
500,000
2,068,000
50,174.000
20,100,000
110.247.350
500.000
20,100,000
163,575,850
1.000,000
3.650,000
174,223,000
•'
149.638,511
6,809,495 149.638.511
13,256,250
2,052,500
1,032,500
13.256,250
2,052,500
1.032.500
4,132,662
110,484,341
57.766,709
12,015.000
2,300,000
14,967,500
183,247,261
2,300,000
14,967,500
183,247,261
66.987,344
42.591,462
666,471,130
245,126.300 147,895,700
472.752,011 322,675,500
6,062,500
102,939,800
11,970,000
393,022,000
795,427,511
109,002,300
11,970,000
491,250
53,328,500
12,000,000
58,872,000
23,000,000
12.000,000
1,600,000
20,755.000
3,150,000
37.396,000
800,000
2,500,000
13,128,000
27,750,000
260,573,112
84.170,500
8.375,000
35,575,000
100,000
4,900,000
600,000
685,000
8,375,000
176,823,495
100,000
491.250
6,526,000
2,168,750
96.958,250
7,701,500
23,648,350
1,650,000
2.300,000
3,768,000
45.553.500
198,252.495 1,010,599.711
33.500.000
791.000
2,120,000
130.458,250
8.492,500
25,768,350
1,650.000
2,800,000
500,000
48,247,500
2,694,000
516,238.700 1,526,838,411
1.500,000
35,990.000
13,500,000
21.955,000
400,000
17,000,000
400,000
30,500,000
22,355,000
400.000
500,000
9.000,000
500,000
9,000,000
2,316,100
10,120,000
17,307,500
17.307.500
1,200,000
3,183,900
2,080,000
10.067,500
1,200,000
5,500,000
12,200,000
10,067,500
400,000
20,400,000
73,186,400
1,500,000
17,909,000
18,081,000
____ _ _.:_
871,680
382,000
1,253,500
1,000,000
3,650,000
196,036,000
21.503.500
67,720,000
1.916,500
19,997,500
23,420,000
87.717.500
27,750,000
260,573.112
84,170,500
21,813,000
2,168,750
1,500,000
10,969,495
14.500,000
72,000,000
23,000.000
12,000,000
1,600,000
25,655,000
3,750,000
38,081,000
800,000
30.000.000
467.953,540
66,975.280
li, -- 65:iiiiii
4
16,142,500
30,000,000
482,416,540
83.117,780
4.132,662
111,355,841
57.766.709
12,015,000
42,999,852
339,732,497
26,776,180
95,552,330
52,030,334
23,178,000
692,854.138
66,987.344
302.499,763
42.973.462
667.724,630 2,140,551,914
5,511,852
48,511,704
81,565,370 421,297,867
41.751,939
68,528,119
95,960,830
408,500
52,030.334
23,178,000
692,854,138
4,657,400 307,157,163
164,502,561 2,305,054.475
34,097,650
209.808.117
27.363,471
1,920,000
2,487,500
104,882,214
3,426,890
34,734,033
11,362,975
6,212,500
87.169.443
125.901.739
649,366,532
400,000
20,400.000
29.836,100 103.022,500
.....-..
97,796,400 131,894,050
61,555,948 271.364,065
1.200,000
28,563,471
1,920,000
3,737,500
1,250,000
44.962,422 149,844,636
-----3,426,890
36.080,033
1.346,000
1.042,400
12.405,375
6,212.500
87.169,443
-------16,467.800 142.359,539
225,610,970 874,977.502
144,088,150 297.184,900 441,273,050
150,447,240 104,143,760 254,591,000
465.439,250 114,943,750 580,383,000
576,907,617 504,772,248 1,081,679,865
685,972,040 185,686.000 871,658,040
36,899,500 1,023,703,112
986,803.612
19,329,000 155,367,780
106,771.171
59,157,300 165.928,471
136,038,780
110,670,500
110,670,500
1,150,000
6,736,000
6,736,000
1,150,000
13,400,000
13,400,000
8,457,500
2,030,000
5,511,852
49,011,704
5,732,662
43,499,852
10,487.500
5,732,662
210,140,814
91,879,822 302,020,636
82,140,370 555,240,867
473,100,497
5. - 6,506 265,346,751
-7
8
259.470.251
6,006,890
77,528,119
30,120,000
35,376,180
42,151,939
36,126,890
7,550.000 148,516.709
140,966,709
250,032,533
47,832,000 297,864.533
294,826,430
3,697,500 298.523,930
755,000 127,533,500
126,778.500
12,162,975
53.030,334
53,030,334
1,042,400
13,205.375
800,000
800,000
32,278,000
6,212,500
-_ __26,278.000
6.000,000
6.212,500
10.000,000
10,000,000
777,854,138
141,457,443
1,012,000 142,469,443
142,987.344
777,854.138
142,987.344
8,778,900 481,827,163
277,187,039
41.700,500 318.887,539
95,343,462
473,048,263
93.941.462
1.402,000
2,356,990,290 167,426,7502,524,417,040 3,150.621.754 457.439,3213.608.061,075 1,746,160.632 1,076.731,1702,822,891.802
ap!ussuclo !epuutru.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE FOUR MONTHS ENDED APRIL 30 FOR FIVE YEARS.
Financial Chronicle
3346
May 7 1932
DETAILS OF NEW CAPITAL FLOTATIONS DURING APRIL 1932.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Public Utilities
4,500.000 Refunding; additions; acquisitions_
Price.
94
2,031,000 Acquisition of properties
77
5,250,000 Impts.; additions: betterments_ _
92)4
3,750,000 Additions; extensions: &c
933i
15,531,000
Land, Buildings, &c.
140.000 Finance constr. of school building_
100
350,000 Finance constr. of hospital bldg___
100
To Yield
About.
Company and Issue, and by Whom Offered.
6.31 The Columbus By., Power & Light Co.secured cony. 5Ms, 1942 (convertible at holder's option any
time on or after Oct. 1 1932 into a like amount of 1st & ref. mtge. bonds, series B 5s, due April 1
1962, and on or before tenth day prior to maturity or redemption date, if called for redemption, with
Payment of $40 in cash per $1,000 principal amount of bonds converted). Offered by Chase Harris
Forbes Corp.: Guaranty Co. of New York; the Union Trust Co. of Pittsburgh; Bonbright &
Co., Inc.: Field, Glore dr Co.; Bankers Trust Co.: Otis & Co., Inc., and A. C. Allyn & Co., Inc.
8.04 Indiana Associated Telephone Corp. 1st & ref. 6s "A," 1962. Offered by Bonbright & Co..
Inc.; Paine, Webber & Co.: and Mitchum, Tully & Co.
5.00 Kansas City Power & Light Co. 1st mtge. 430, 1961. Offered by Chase Harris Forbes Corp.:
Guaranty Co. of New York; Bonbright & Co., Inc.; Halsey, Stuart & Co., Inc.; the Union Trust
Co. of Pittsburgh: Continental Illinois Co., Inc.; the N. W. Harris Co., Inc.: Bankers Trust
Co., and Otis & Co., Inc.
5.50 (The) Narragansett Electric Co. 1st mtge. 58 "B," 1957. Offered by Chase Harris Forbes Corp.;
Bankers Trust Co.: Baker, Young & Co.: the First National Old Colony Corp.: Lee, Higginson
& Co.: the N. W. Harris Co., Inc.; Otis & Co., Inc., and Bodell & Co.
6.00 Congregation of The Most Holy Name of Jesus Roman Catholic Church (New Orleans, La.)
1st mtge. 6s, 1935-44. Offered by the Canal Bank & Trust Co. of New Orleans.
5.00 St. Mary's Hospital of Franciscan Sisters (Racine, Wis.) 1st 55, 1934-44. Offered by B. C.
Ziegler & Co., West Bend, Wis.
490,000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Public Utilities—
10,000,000 Refunding
99.76
20.000,000 Refunding
98.79
500,000 Refunding
97% b
175,000 Refunding
7.25-7.75
To Yield
About.
Company and Issue, and by Whom Offered.
% notes due May 2 1933. Offered
4.75 (The) Edison Electric Illuminating Co.of Boston one-year
by Lee, Higginson & Co.; the First National Old Colony Corp.: F. S. Moseley & Co.: Kidder,
Peabody & Co.; Burr, Gannett & Co.: Chase Harris Forbes Corp.; Blake Brothers & Co.:
Bankers Trust Co.; the National City Co., and Goldman, Sachs & Co.
-year 5% notes due May 2 1935. Offered
5.44 (The) Edison Electric Illuminating Co. of Boston 3
by Lee, Higginson & Co.: the First National Old Colony Corp.: F. S. Moseley & Co.: Kidder,
Peabody & Co.: Burr, Gannett & Co.: Chase Harris Forbes Corp:. Blake Brothers & Co.;
Bankers Trust Co.; the National City Co., and Goldman, Sachs & Co.
6.90 Roanoke Water Works Co. 6% notes due Feb. 1 1935. Offered to holders of company's 5
-year
6% notes maturing Feb. 1 1932.
Texas Power Corp. 7% notes due Dec. 1 1932-34. Offered by Emery, Peck & Rockwood Co,
Chicago.
30,675.000
1,C00,000
Miscellaneous—
General corporate purposes
497,500 Working capital
100
5.00-6.00
5.00 Greater St. Louis Corp.St. Louis Benefit Judgment Participations, series "A"5s, due April 1 1935.
Offered by Stifel, Nicolaus & Co., Inc.; First National Co.; Mississippi Valley Co.: G. H. Walker
& Co., and Mark C. Steinberg & Co.
Union Investment Co. Coll. Trust Notes due June 1 1932
-Sept. 11932. Offered by company.
1,497,500
FARM LOAN ISSUES.
Amount.
Issue and Purpose.
Price.
To Yield
About.
Offered by
25,000,000 Federal Intermediate Credit Banks 45.1%
coll, trust debs. dated April 15 1932 and due
in 3, 4 and 5 months (provide funds for loan
Priced to yield 4% Charles R. Dunn, Fiscal Agent, New York.
purposes)
* Shares of no par value.
a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stock are computed at their offering prices,
b Holder of old notes receives $25 in cash and new $1,000 note.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, May 6 1932.
Retail trade, favored by more seasonable weather, has
increased somewhat. In some sections where the weather
has not been so favorable it has been stationary. On the
'whole however, there is a slight average gain. But compk tition is sharp and price cutting naturally goes with it. Whole_
salers and jobbers find trade still quiet and they say that
retailers are still, on the whole, only buying to supply
immediate needs. Unemployment is still a sinister feature.
Prices are said to have advanced a little here and there, but
in the main have been stationery. They have to be downright cheap, or at least moderate, if the dealer is to do
business. In one city of the Northwest retailers have organized what is termed a "city day" and curiously enough to
stimulate trade they offer to pay railroad and local carfares,
parking fees and even if necessary hotel bills to prospective
customers. This certainly seems grim testimony to the
straits that retail trade has come to in some parts of the
.country where the buying power of the people has suffered
the most grievously. Special "sales" are still resorted to,
to arouse a sluggish interest. The demand is greatest for
women's apparel, shoes and spring house furnishings; dry
goods sales according to reports from one Northwestern City
have recently increased 20%. This, however, is said to be
exceptional. Some increase is reported in trade of manufacturers of knit goods, hosiery, rubber products and some
cotton goods. On the other hand woolen and silk goods
have sold less readily and in electrical and textile machinery
there is also some falling off of demand. In the South
Atlantic States and the extreme south with cotton prices
very low trade is not so good as it was a year ago. The West
and Northwest have made the best showing. But as one
indication of the unsatisfactory state of wholesale trade one
of the oldest and largest wholesale houses of Minneapolis
has advertised that it is going out of business. Wholesalers
and jobbers in other parts of the country find business slow
and'credits, it seems, are none too readily extended. Chicago
reports that wholesale business in April was 10 to 15%
smaller than in April last year. In Boston and at other New
England cities the trade in wool is dull and shoe manufacturing is between seasons. Retail stocks of merchandise
are admittedly below the normal but the point is that retailers refuse to increase them beyond what is absolutely
necessary for the moment until they can see daylight
ahead.
The outlook for the wheat crop is better, but in Kansas
and Nebraska it seems clear the yield of winter wheat will
be much smaller than that of last year, though the prospects
are better than recently owing to the occurrence of copious
rains. There is more diversification of crops in the wheat
country. In the language of the homely old saying "carrying
all the eggs in one basket" or in other words sticking to
wheat growing alone has had distinctly bad results. The
cotton growing season is something like two weeks late
owing to recent cold wet weather, but with better weather
now the outlook is improving. Coal mining in Illinois and
Indiana has been practically suspended. Other mining
operations in the country are also small where there are
any. Iron and steel are still dull and iron prices in eastern
Pennsylvania are lower. Steel production is at less than
25%. Chicago mills are working at only 20%, against
48 to 50 a year ago. Some improvement is reported in
the automobile industry as usual at this season and Ford
and other companies are increasing their production. The
oil situation looks better, what with restricted output and
Volume 134
Financial Chronicle
a seasonal demand for crude and refined oils and gasoline
at steady prices.
Cotton at times during the week was weak under persistent
hedge selling supposedly by Southern mill and spot interests
as well as the unrelieved dullness of cotton goods. But today the decline was abruptly checked and a maximum advance of nearly $1 a bale followed as overcrowded shorts
covered, spurred by a sharp rise in stocks and better budget
and tax news from Washington. Rubber has risen 80 to 90
points on the possibility that an import tax will be levied of
5 cents per pound. It revealed an oversold condition,such as
is supposed by some to exist in all or most of the commodity
markets. Wheat advanced assisted by a rising stock market,
better news about the budget and reports that the Orient
was buying freely via Vancouver. Corn has shown greater
firmness with the help of rising wheat,a fair shipping demand
and small country offerings. Oats have been sparingly
offered and have acted rather better than any other grain.
Rye has been braced by some export business and reports
that Russia wants American rye; also that Germany is or
may be a prospective buyer. Lard futures declined 2 to 3
points. But something more interesting was the rise in
coffee. Rio futures with Brazilian exchange and cost and
freight prices rising have advanced 22 to 44 points on Santos
and 15 to 18 on Rio. Sugar declined 5 points to new low
levels with steady hedge selling and refined sugar prices and
regulations in something of a snarl. Hides advanced 15
points on futures with spot hides fairly active. Silk futures
declined 1 to 3 points. Tin at times advanced sharply.
Silver advanced 12 to 33 points.
The stock market during the week had been sluggish and
irregular, not moving decisively either upward or downward.
But to-day it shook off its lethargy and shot upward in suggestive fashion, as Congress bestirred itself to set the
nation's finances in order and the markets not only for
stocks but for commodities, rang with increased activity
and rising prices. On April 30, stocks drifted downward
in a rudderless market to trifling net declines, with sales of
438,900 shares. In most of April prices declined; that is on
19 out of 26 business days. The declines averaged 153/i
points as against 133 in March. On the 2d inst., railroad
4
shares and bonds slumped noticeably, though in the end,
the average net decline in 50 test stocks was a little less than
% of a point. The Standard Oil Co. of New Jersey declared
dividends regular and extra. The steady decline in bonds,
as well as stocks, was an ironical commentary on the agitation in Congress to improve things in Wall Street; the
investor might well pray "Save me from my friends."
On the 3rd inst. stocks again declined slightly on trading
in about 900,000 shares. Bonds were also lower in a drifting
market. The passage of the Goldsborough bill by the
House of Representatives with its broad hint of inflation
had some depressing effect. Certainly liquidation continued and new lows for the year were made. It is believed
that the bill in question will be defeated in the Senate. But
United States Steel preferred declined 25 net, Western
%
Union 23%, American Can 13 to 4 on the common and the
4
preferred, Auburn 37 and Santa Fe 4, with smaller de4
3
clines in du Pont and Coca Cola, &c. In corporation bonds
the declines were 1 to 10 points, and many touched new
lows. U. S. Government bonds declined under heavy
liquidation. British and French bonds advanced and
German and Italian declined. On the 4th inst. prices fell
for a time and then rallied. There seemed to be opposition
in the United States Senate to the mischievous Goldsborough bill. The General Motors dividend on the common
for the first quarter was reduced to 25c., cutting the annual
rate in half; that is, to $1 instead of $2 as heretofore. But
this attracted no particular attention. The cut was not
unexpected. The regular quarterly dividend on the preferred of $1.25 was declared. Vague talk from Washington
that the sales tax plan was to be revived made Wall Street
prick up its ears. The Finance Committee of the U. S.
Senate fixed a flat tax on stock sales of 4c. a share on every
$100 of value instead of the House tax of % of 1% on the
values involved, considered a semi-confiscatory measure.
Congress still plays the role of Frankenstein. Stock prices
had an average new low before the afternoon rally began
which left the finals slightly higher. Auburn, in fact, ended
3% points higher, Western Union 1 higher and Santa Fe 13%
higher. U. S. Steel common ended a fraction higher. A
fly in the amber was the net decline in U. S. Steel preferred
of 13% points. It touched 653%, the lowest in 28 years, but
rallied and closed at 69. The menace of the Goldsborough
bill sent U. S. Government bonds down 14-32 to 25-32
3347
points. Treasury 33%s were the hardest hit. Many domestic corporation bonds declined 1 to 10 points.
On the 5th inst. there was a small average decline but on
the whole the tendency was towards greater steadiness.
There was less pressure to sell. The trading was in only
a little over 1,000,000 shares. Bonds rallied. Government
issues in fact advanced 4-32 to 1 12-32 points. The cheaper
railroad bonds were firmer, with advances of 1 to 43s points.
British, German and French bonds, as well as Argentine
and other South American issues and Australian were somewhat higher. To-day shorts in stocks had the traditional
rude awakening in a sudden and unexpected rise of 2 to
7 points. It came something like a flash from a clear sky.
The news about the budget and taxation was more hopeful.
The House of Representatives' Committee on Ways and
Meansrejected the plansfor cashing the $2,000,000,000 bonus
bill; also it voted against the new money bill. The effect
was electrical. The reduction of wages of 15% by the
United States Steel Corp. also told. It was 5% greater than
had been expected. The corporation was recognizing the
grim facts of to-day and in a businesslike spirit was putting
.its house in order. It was everywhere commended. U. S.
Steel common ended 33% net higher and the preferred 63i
/
higher. Bonds became firmer after early weakness. The
news of the day was generally heartening. Cotton advanced
16 to 20 points, wheat and rye 1 to 23%c., rubber, 67 to
87 points; coffee, 10 to 22; sugar, 2;cocoa, 7 to 21, and hides,
10 to 20.
Mill curtailment plans if carried out in print cloths and
broadcloths would amount to 35% in April and 50 to 60%
each month from May to July. Boston wired May 4:
"Despite improving prospects of drastic cotton mill curtailment, the fact that sales for many weeks have been
below current production has brought a sharp decline in
prices. Quotations were lowered % to % of a cent a yard
on gray goods this week, and % to % (official prices) since
3
Monday a week ago. Mill profit margins are at new lows,
which should militate strongly for curtailment. On 64x60s,
the present margin above raw cotton cost—out of which
must come selling costs, credit and quality risk, overhead,
spinning, weaving, inspecting, waste and profit, if any—
is 11.02 cents a yard. This compares with the low last
December of 11,18 cents, and is the lowest since 10.07
cents in 1915."
Lawrence, Mass., wired that at the. Arlington mills and
also at the Pacific it is said the minor officials will no longer
be known as salary men and they will be paid only for the
days they work. The Wood, Ayer and Shawsheen mills of
the American Woolen Co. are running with greatly reduced
forces and some employees have not worked for months.
The Pacific Print Works has also slackened considerably;
Mill 23 of the Arlington Mills have suspended operations for
the present. When the other Lawrence mills opened after
the textile strike last fall the Pacific remained closed. Early
this year the Pacific resumed operations, dealing individually
with its employees. The Pacific was able to open up with a
wage scale much lower than the 10% reduction which caused
the strike. Lawrence wired later that two Lawrence mills
are now employing some of their women operatives on two
shifts a day in order to complete orders recently received.
One group works from 6 a. m. till noon and the other shift
from noon until 6 p. m. While the operatives are getting
only six hours work per day,it enables the mills to spread the
work among a larger number of individuals and at the same
time keep the machines running 12 hours daily instead of the
customary eight and three-quarters hours. The Wood
Worsted Mill is doing the same in one department.
At Pittsfield, N. H., the Pittsfield mills have resumed
operations after being closed for several weeks. At Jasper,
Tenn., the Pryor Hosiery Mills are operating on full time.
The Aycock Hosiery Mills are working 550 operatives on
half time. At La Fayette, Ga., most of the manufacturing
industries here are operating on full time. The Walker
County Hosiery Mills and the Consolidated Textile Corp.
and the La Fayette Cotton Mill have orders which will keep
them operating both day and night for some time to come.
At Durham, N. C., the Ruth Hosiery Mills are operating
on a day and night schedule.
At Summerville, Ga., the Summerville Cotton Mills
are operating on full time and a good part of the plant is
operating at night. Orders for the products of this milI,
principally osnaburgs and heavy ducks, have had a very
substantial gain during the first four months and seem to
show that the mill will be able to continue operation without
interruption throughout the summer. The mill has oper-
Financial Chronicle
3348
ated continuously during the past year.11rAlso at Summer,vizes in
Tine the Montgomery KtiniMi11
the manufacture of children's fine hose, is operating day
and nat. Manchester cabled thatthere was a feeling
of uncertainty which is said to have retarded operations
while prices were irregular due to some mills working on
more looms and reduced prices underselling others. Regulation of labor is said to be badly needed.
Electric output in the United States for the week ended
.Epril 30 was 1,454,505,000 kwh., against 1,469,810,000 in
the preceding week and 1,644,437,000 in the 1931 week.
The decline from last year is 11.5%. Montgomery Ward &
Co.'s sales in April were reported as $16,168,559, against
$20,558,449 in the same month last year, a decrease of
21.85%. For the first four months the sales were $54,213,952, compared with $70,024,785 in the same period
last year, a decrease of 22.58%.
Early in the week the weather here was mild and springlike.
On May 2, it was 47 to 63 degrees; Boston had 60 to 72;
Chicago, 50 to 60; Portland, Me., 56 to 66; Milwaukee, 48
to 52. On the 3d inst., in New York it was 42 to 69; in
Chicago,50 to 56; in St. Paul, 52 to 62, and in Kansas City,
60 to 84. On the 4th inst., New York had temperatures
of 52 to 72; Chicago had 48 to 54; Cincinnati, 56 to 84;
Kansas City, 64 to 84; St. Louis, 64 to 88; Minneapolis,
48 to 58, and Winnipeg, 32 to 56. On the 5th inst., it was
56 to 66 degrees in New York; 46 to 62 in Chicago; 60 to 82
in Cincinnati; 64 to 80 in Kansas City; 50 to 62 in Boston;
42 to 62 in Cleveland;44 to 58 in St. Paul;50 to 58 in Seattle;
46 to 66 in Spokane, and 42 to 54 in Winnipeg. To-day
New York temperatures were 51 to 58 and the forecast was
warmer with probably local showers on Saturday and fair
on Sunday.
Decrease of 32 of 1% Noted in Wholesale Price Index
"
of United States Department of Labor.
The Bureau of Labor Statistics of the United States
Department of Labor announces that the index number
of wholesale prices for the week ended April 30 stands at
65.5 as compared with 65.8 for the week ended April 23.
The Bureau continued as follows on May 4:
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 less than 3i of 1%
has taken place in the general average of all commodities for the week
of April 30, when compared with the week ended on April 23.
The accompanying statement shows the index numbers of groups of
commodities for the weeks ended April 2, 9, 16. 23, and 30:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF APRIL 2,
9, 16 23, AND 30.
Week Ended
April 2 April 9 April 16 April 23 April 30
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting
Metals and metal products
Building materials
Chemicals and drugs
HousefurnishIng goods
Miscellaneous
65.9
49.5
61.7
75.8
58.4
69.5
80.8
73.1
74.4
78.3
64.7
65.7
49.7
61.4
75.6
57.7
69.8
80.2
72.9
74.3
78.2
64.6
66.0
50.1
61.3
75.6
57.2
71.7
80.1
72.4
74.5
78.2
64.8
65.8
49.7
61.0
74.4
56.8
71.7
80.2
72.2
74.5
78.2
64.8
65.5
48.8
61.0
73.9
56.5
72.0
80.2
72.4
74.4
76.3
64.6
Moody's Compilation for 469 Corporations Reveals
Accelerating Earnings' Decline-Utilities and Food
Companies Resist Depression-Industrials Off
67.5% in First Quarter.
Reports from 145 industrial corporations in the first
quarter of 1932 indicate a decline of 67.5%, according to a
preliminary compilation by Moody's Investors Service. If
United States Steel & General Motors were to be included,
the decline, it is noted, would reach 82.6%. For the same
period, it is added, operating net income of 171 railroads,
with March partly estimated, declined 38.5%; 99 telephone
companies for January and February, 16.5%; and 52 light,
power and gas companies for the first two months of the
year, 3.2%. Moody's also points out:
comRelatively the best showing was made by the food groups. For 17
panies in the group the net decline was only 22%, while earnings of three
biscuit companies dropped only 14.5%.
appears to
The often-expressed faith in the stability of utility earnings
52
have been justified in the first quarter, when net operating income of
Operating companies dropped only 3.2%. In spite of the cut in railway
earnings, and the increase
wages, which applied to February and March
in freight rates, operating net of 171 rails before interest charges showed a
drop of 38.5%. In both the utilities and the rails the decline in net income
after all charges will, of course, be considerably greater than the above
figures.
The following statistics are supplied by Moody's:
May 7 1932
FIRST QUARTER EARNINGS 1931-1932 FOR 469 CORPORATIONS.
IndustryAutomobiles and trucks
Excluding General Motors
Automobile accessories
Building
Chemicals
Coal
Copper
Drugs
Electrical equipment
Food-Biscuits
Bread
Corn products
Other
Household products
Machinery and tools
Mining (miscellaneous)
Office equipment
Petroleum
Printing and publishing
Railroad equipment
Shinning
Steel and iron
Excluding U. S. Steel
Unclassified
No. of
Cos.
1932.
1931.
8
2
13
12
. 27
6,209,000
*3,484,000
496,000
*767,000
7,982,000
*392,000
100,000
1,662,000
3,366,000
4,899,000
1,178,000
2,287,000
13,313,000
*237,000
51,000
723,000
1,604,000
*4,243,000
3,028,000
168,000
*209,000
*26,884,000
*13,665,000
3,147,000
29,480,000
481,000
4,490,000
1,629,000
10,071,000
618,000
601,000
2,444,000
11,273,000
5,729,000
1,513,000
2,736,000
17,787,000
*455,000
2,018,000
1,433,000
2,224,000
*12,010,000
4,863,000
1,245,000
*131,000
7,589,000
824,000
5,195,000
147
17,481,000
100,342,000
10
9
13
5
9
3
3
2
3
a
2
2
10
5
9
6
3
9
2
Total industrial
Total industrial less General Motors and U. S. Steel
xa Rails
ba Utilities-Light. Dower and gas
ba Telephone and telegraph
Deficit. a Operating net, before
b January and February,
%
Change.
-78.9
"
-89.0
-20.7
-83.4
-32.0
-70.1
-14.5
-22.1
-16.4
-25.2
-97.4
-49.5
-27.9
-37.7
-86.5
*
*
-39.5
-82.6
145
21,007.000
64,578,000 -67.5
171
66,121,000 107,511,000 -38.5
52
-3.2
42,589,000
43,983,000
99
45,087,000 -16.5
37,639,000
interest. x 3 months, partly estamited.
New York Federal Reserve Bank's Indexes of Business
Activity-Upward Tendency During Month.
In presenting, in its May 1 "Monthly Review," its indexes
of business activity, the Federal Reserve Bank of New
York said:
Although the limited data available for April give no evidence of a
definite change in business activity, there were some indications of an
upward tendency during the month. The number of railway cars loaded
with merchandise and miscellaneous freight, a series which usually reflects
fairly well the level of general business activity, increased in each of the
first three weeks of April, and the average of this bank's seasonally adjusted
index for this period was slightly above the level of the month of March
as a whole. Moreover, preliminary data on bank debits in 140 centers
outside New York City indicated a sizable increase from March to April,
whereas no consistent seasonal tendency between these months has been
observed in past years. Although department store sales in New York
City and vicinity in the first half of April showed a slightly larger year-toyear decline than in March, the fact that Easter occurred this year in
March and last year in April had an adverse effect upon the April comparison
with last year's business. Car loadings of bulk freight were reduced
somewhat in April, due to a marked contraction in shipments of coal which
followed an increase in March.
In March, practically all of this bank's seasonally adjusted indexes of the
distribution of goods and of general business activity declined further.
Increases that were smaller than would be expected on the basis of past
experience were shown by car loadings of merchandise and miscellaneous•
freight, and by sales of department stores and of chain stores other than
grocery stores. In addition, bank debits in 140 centers outside New York
City showed none of the usual seasonal increase, and foreign trade declined
more than seasonally. The only favorable comparison among the most
important indexes was in loadings of bulk freight, which were reduced
slightly less than usually. Wholesale trade and sales of chain grocery
stores showed little change other than seasonal.
(Adjusted for seasonal variations, for usual year-to-year growth, and where
necessary, for price changes.)
Mar.
1931.
Primary Distribution
Car loadings, merchandise and miscellaneous.-Car loadings, other
Exports
Imports
Waterways traffic
Wholesale trade
Distribution to Consumer
Department store sales, Second District
Chain grocery sales
Other chain store sales
Mall order house sales
Advertising
Gasoline consumption
Passenger automobile registrations
General Business Activity
Bank debits, outside of New York City
Bank debits, New York City
Velocity of bank deposits, outside of N. Y. City
Velocity of bank deposits. New York City
Shares sold on New York Stock Exchange
Life insurance paid Mr
Posta, receipts
Electric power
Employment in the United States
Business failures
Building contracts
New corporations formed In New York State
Real estate transfers
General price level*
Composite Index of wages*
Cost of living*
p Preliminary. • 1913 average=100.
Jan.
1932.
Feb.
1932.
77
73
70
86
64
91
65
55
51
67
45
87
82
58
55
65
43
80
58
60
52n
63Y
40
81
99
94
88
81
81
88
64
82
77
88
74
66
82
44p
80
73
84
76
66
72
38p
77
72
75
59
62
66
62
81
70
82
92
73
745
89
114
26
82
50
136
201
127
62
60
77
68
72
80
72
83
83
91
97
148
93
86
86
80
114
72
90
58
157
219
151
73
67
90
73
96
108
78
75
70
123
25
83
53
138
203
140
Mar.
1932.
68
121
21.
137
201
1311
Loading of Railroad Revenue Freight Still Small.
Loading of revenue freight for the week ended on April 23
totaled 562,380 cars, according to reports filed by the railroads with the car service division of the American Railway
Association and made public May 3. This was a decrease
of 4,349 cars under the preceding week, 196,123 cars below
the corresponding week in 1931 and 344,499 cars under the
same period two years ago. Details follow:
Miscellaneous freight loading for the week ended on April 23 totaled
204,324 cars, a decrease of 752 cars below the preceding week, 108,502
3349
Financial Chronicle
Volume 134
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 follow:
cars under the corresponding week in 1931, and 165,484 cars under the
same week in 1930.
Loading of merchandise less than carload lot freight totaled 185.119 cars,
a decrease of 1,805 cars below the preceding week, 39,018 cars below the
corresponding week last year and 62,235 cars under the same week two years
1930.
1932.
ago.
Grain and grain products loading for the week totaled 31.259 cars, 580
cars below the preceding week, 6,140 cars below the corresponding week
last year and 7,519 cars below the same week in 1930. In the Western
districts alone, grain and grain products loading for the week ended on
April 23 totaled 19,840 cars, a decrease of 4,496 cars below the same week
last year.
Coal loading totaled 93,073 cars, a decrease of 1,281 cars below the preceding week, 19,711 cars below the corresponding week last year and
46,514 cars below the same week in 1930.
Forest products loading totaled 19.805 cars, a decrease of 209 cars below
the preceding week, 12,816 cars under the same week in 1931 and 38,864
cars below the corresponding week two years ago.
Ore loading amounted to 4,946 cars, an increase of 626 cars above the
week before, but 4,421 cars under the corresponding week last year and
10,425 cars under the same week in 1930.
Coke loading amounted to 3,601 cars, 464 cars below the preceding week,
2,614 cars below the same week last year, and 6,328 cars below the same
week two years ago.
Live stock loading amounted to 20,253 cars, an increase of 116 cars
above the preceding week, but 2,901 cars below the same week last year
and 7,130 cars below the same week two years ago. In the Western
districts alone, loading of live stock for the week ended on April 23 totaled
16,672 cars, a decrease of 1,731 cars compared with the same week last
year.
1931.
2, 69.875
2
2,245,325
2,280,672
544,961
544,806
566,729
562,380
2,873.211
2,834,119
2,936,928
727,852
737,272
759,494
758,503
3,470,797
3,506.899
3,515,733
908,059
911.316
892,706
906,879
9.014.748
Four weeks In January
Four weeks in February
Four weeks in March
Week of April 2
Week of April 9
Week of April 16
Week of April 23
11.627.379
14.112.389
Total
The foregoing, as noted, cover total loadings by the railroads of the United States for the week ended April 23. 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
April 16. 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 RR.,
the New York Ontario & Western Ry., the Montour RR.
and the Pittsburgh & West Virginia Ry.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARED-WEEK ENDED APRIL 16.
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
1932.
1932.
2,380
3,010
7.852
609
2,394
11,136
604
2,026
3,923
10,770
936
3.251
14,079
736
2,263
3,335
11,065
997
3,613
14,761
797
312
5,041
9,890
2,310
2,554
11,807
1,034
.4.wwww
a®
w.uwww,tw
*.w.wwow
35,721
36,831
32,948
41,444
6,328
9,004
12,337
204
1,864
8,469
1,817
18,508
2,074
412
362
7,648
11,877
15,979
386
2,220
9,939
1,513
26,901
1,751
602
445
6,263
5,597
12,421
1,875
867
5,869
23
26,181
2,170
24
221
Ca
W.Ntll:.400
NW
totoCmaCoa
4.WWWWWWWWWW
VA..WWWW.WW4.
61,379
79,261
81,523
61,511
80,179
669
1,886
10,178
78
528
215
2,179
4,626
8,795
4,454
5,642
6,390
5,693
1,191
6,566
3,283
597
2,214
11,960
73
517
402
3,583
6,091
10,158
5.880
6,069
7,333
8,119
1,642
7,396
4,627
1,021
1,554
8.973
81
79
1,665
802
5,156
7,642
192
7,902
3,512
4,285
626
6,505
1,692
1,349
2.250
12,081
103
167
2,515
1.308
7.370
9,523
225
9,804
4.668
5,151
909
8,771
3,535
Ca 1;.'w
1
..
Co
..WW. W..q
1
Group B:
x 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. Shawmut & Northern
s Ulster & Delaware
1
1
1930.
1
1931.
27,994
Total
Total
Group C:
Ann Arbor
Chicago Indianan. & Louisville
Cleve. Cin. Chic. & St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Lou
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia_
Wabash
Wheeling & Lake Erie
62,373
77,591
51,687
69,729
177,355
195.945
146,146
191,352
26,550
1,137
34,366
1,972
y44,101
3,401
11,526
597
17,333
1,865
145
6,908
43
226
140
1,216
57,247
13,618
4,417
58
2,961
205
10,429
7
323
127
1,561
78.358
15,873
8,960
32
3,636
209
10,846
810
338
164
1,285
93,042
18,085
12,392
38
3,989
2
10,692
54
18
17
3,799
31,428
14,92S
757
2
3,573
8
13,598
66
34
39
4,693
41,707
20.657
2,094
1
4,784
114,396
155.849
188,700
77,393
106,879
17,190
13,386
2,194
2,700
19,525
17,016
2,952
3.097
23.693
22,193
3,116
3,318
5,224
3,174
1,106
574
8,179
4,762
1,902
611
10,078
15.454
Allegheny District
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo & Susquehanna
Buffalo Creek & Gauley
Central RR. of New Jersey.... •
Cornwall
Cumberland & Pennsylvania_ .
Ligonier Valley
Long Island
Pennsylvania System
•
Reading Co
•
Union (Pittsburgh)
•
West Virginia Northern
Western Maryland
Total
Pocahontas District
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Lin 9
Virginian
Total
35,470
42,590
52,320
Southern District
Group A:
9,833
Atlantic Coast Line
855
Clinchfield
499
Charleston & Western Caroni]
124
Durham & Southern
51
Gainesville & Midland
1,622
Norfolk Southern
462
Piedmont & Northern
314
Richmond Frederick. & Potom.
7,858
Seaboard Air Line
.
1 19,235
Southern System
_ .• 160
Winston-Salem SouthboUnd
12,949
1,285
552
132
81
2.147
553
473
11,081
27,120
231
14,054
1,646
816
180
87
2,430
563
518
12,539
29,996
248
41.013
56.604
63.177
Total
25.715
NWrP-4W.W4,N.P.a
45,029
Total
d
O ezw
•
Grand total Eastern District_ • 134,402
•
•
i
•
aNNWN.W014.40
.00WWW
No4M-44,
•
•
•
561
1,340
7,482
56
198
210
1,617
2,698
6,407
4.154
4.417
4,249
3,338
1,293
4,951
2,008
•
37.499
Group B:
Alabama Tenn. & Northern..
AtlantaBirmingham & Coast_ _
-West RR.of Ala.
All. & W.P.
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L.
New Orleans-Great Northern
Tennessee Central
1931.
1930.
1932.
266
692
766
3,872
184
924
804
331
878
16,328
14,289
111
126
2.106
2,969
565
402
231
1,009
1,119
5,515
302
1.174
1,470
502
1,050
22,465
20,947
136
202
2,728
4,195
621
755
351
1,053
1,251
6,013
374
1,754
1.433
514
1.343
27,502
26,991
182
335
3.239
5,251
1,276
665
144
671
878
2,074
176
409
1,284
318
718
7,268
3.237
356
186
1.077
1,819
270
513
1931.
273
802
1,194
2,642
295
536
1,557
527
1.032
10,367
5,385
371
414
1,696
2,702
358
586
45,613
64.421
79,527
21.398
30.737
Grand total Southern District..
86.626
121.025
142.704
47,113
68,236
NorthwesternDistrictBelt Ry. of Chicago
Chicago & North 'Western
Chicago Great Western
Chic. MIlw. St. Paul & Pacific_
Chic. St. Paul Minn. & Omaha
Duluth Missabe dc Northern...
Duluth South Shore & Atlantic
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay dr Western
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie_
Northern Pacific
Spokane Portland & Seattle... _
1,288
13,667
2,463
15,883
2,997
464
427
3.277
295
7,641
541
1,992
4.227
7,824
1.100
1,439
20.434
2.916
21,641
4,352
757
952
6,002
453
8.779
626
2.584
5.793
9.276
1,302
1,451
22.016
3.649
26,393
4.830
1,714
1.290
10,656
483
10.997
706
2.835
6.613
11.819
1,971
1.050
7,185
2.015
5,969
2,895
77
333
3.027
116
2.031
408
1,361
1.993
2,026
746
1.503
9,832
2,736
7,555
3,575
116
508
6.647
181
2,461
462
1,666
2.411
2.631
1,043
64,116
87.306
107.423
31.232
43.327
20,951
3,110
144
13,995
12,671
1,990
843
1,332
106
1,190
474
109
14,634
249
300
11,304
267
1,373
24.191
3.730
214
20.006
16.574
3.031
1,068
2,024
170
1,192
698
195
18,192
281
373
14,090
338
1,718
28,983
4,552
296
23.367
18.690
3.621
1,308
2,663
186
1,620
1,046
166
22,952
367
432
15,850
373
1,611
3.881
1,523
24
5.046
5.946
1,660
720
1.737
7
585
206
30
3,373
217
659
5.632
4
1.243
4,965
2,534
47
7,045
8.407
2,430
1,080
1,977
12
899
291
52
4,078
243
823
6.659
8
1,276
85.048
108.085
128.083
32.493
42.826
Total
Total
Central Western Dist.Atch. Top. & Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy..
ChicagoRock Island & Pacific.
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City....
NorthwesternPacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton dr Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
Houston & Brazos Valley
International-Great Northern_ _
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Litch field & Madison
Midland Valley
Missouri & North Arkansas_ _
-Texas Lines
Missouri-Kansas
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 Min. Wells & N.W.
Total
Estimated. z Included In New York Centm.
z Included in Baltimore & Ohio RR. y
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads,
1931.
1932,
Eastern District
Group A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H. & Hartford..
Rutland
..4.W.q....4.1.
W.-1W .
04,..A.0,1.WWW.
.4NW.OWW.OWN
Railroads.
173
121
173
2.079
231
1,510
178
1,456
1,301
90
584
53
4,507
12,668
27
103
7,612
2,146
607
5,897
3,486
1,633
36
289
190
190
2,606
180
6.081
243
2.090
1,762
208
656
139
5.695
17,736
40
111
10,193
3.065
520
7,202
5,569
2,471
48
360
254
228
3,445
375
1.951
498
2.758
2.360
207
1,095
134
6,458
22,179
54
148
12,288
3.605
523
8.391
6.362
3,793
65
2.289
315
96
852
25
1,923
643
1,216
923
352
308
223
2.583
6,575
17
30
3,084
1,339
228
2.450
3.411
1,667
48
2,723
260
158
3.020
54
2.170
1,163
2.608
973
601
416
483
2,914
9,478
44
108
4,037
2.031
266
4,676
4,778
2,461
42
46.671
67,284
77.531
30,597
45.464
Financial Chronicle
3350
"Annalist" Weekly Index of Wholesale Commodity
Prices.
The "Annalist" weekly index of wholesale commodity
prices continued its decline to a new post-war low of 89.7
on May 3, with a loss of 14.2% since a year ago, when it
stood at 104.5. The "Annalist" adds:
The decline for the week amounted to 0.6 point. The important individual losses were in the grains, livestock, cotton, sugar, the meats and
the textiles, again the petroleum products group was the only one to show
real strength, although anthracite prices were also firmer. Weakness in
the security markets was a contributing:factor.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
(1913=100.)
May 3 1932. April 26 1932. May 5 1931.
Farm products
Food products
Textile Products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All rnmmnelltl.
67.9
92.4
*73.2
137.0
96.4
108.0
95.8
82.6
89.7
a69.7
93.3
a74.3
133.6
96.5
107.9
95.8
82.6
90.3
93.5
111.3
97.4
125.1
103.1
121.4
99.8
85.6
104.5
*Provisional. a Revised.
May 7 1932
Three of the 14 groups listed in the index advanced during the latest
week, four declined and seven showed no change. The advancing groups
were foods, fuel (including Petroleum and its products) and fertilizer
materials. The declining groups were grains, feeds and livestock, textiles,
fats and oils and miscellaneous commodities. The largest gain was shown
In the fuel group, while the greatest loss was shown in the group of grains,
feeds and livestock. With the exception of the grains, feeds and livestock
and fuel groups, none of the other groups advanced or declined as much as
1% during the latest week.
Thirteen commodities showed price gains during the latest week, while
33 commodities showed price losses. A number of the advancing commodities are heavily weighted items. Among the commodities that advanced during the latest week were petroleum, gasoline, rubber, tin, eggs,
sugar, potatoes, apples, butter and ammonium sulfate. Important commodites that showed price losses during the latest week were: practically
all grains, cattle, hogs, silver, coffee, leather, lard, cotton, wool and hides.
The index number and comparative weight for the 14 groups are shown
below:
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100j
Per Cent
Each &MD
Bears to the
Total Index.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
0.4
0.4
0.3
Group.
Latest
Week
PreApr. 30 ceding
1932. Week,
Month
Ago.
Year
Ago.
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities._
Automobiles
Building waterfall!
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
63.0
62.3
62.8
61.6
44.1
45.7
46.4
47.0
59.9
60.6
89.2
89.2
72.9
72.9
71.8
71.8
81.2
81.2
91.6
41.8
87.9
87.9
71.5 . 71.1
74.3
74.3
92.2
92.2
61.8
58.6
46.6
47.7
61.2
88.2
73.4
72.2
81.2
42.4
87.9
70.0
76.2
92.3
76.4
61.5
66.0
62.5
69.7
87.8
82.2
79.3
92.2
58.2
89.0
83.6
86.4
95.4
General Business Recovery Depends on Motor Car
Industry, According to Alfred Reeves.
Pointing out that one in 10 of the nation's gainfully employed persons is dependent on the automobile industry for
livelihood, Alfred Reeves, in the current issue of the American Bankers' Association "Journal," describes plans for
100.0
All groups combined
61.9
61.9
81.5
7.2
gearing car production to demand, improving the financial
and sales policies of dealers, and giving purchasers greater
values. "When improvement sets in for the motor car Electric
Output for Public Use in the United States
industry, general business recover well surely follow," he
Declined Approximately 7% in March.
declares.
According to the Division of Power Resources, Geological
In line with policies of improvement in the industry, he
Survey, production of electricity for public use in the
says, 1932 will show fewer and better dealers, as a large
number of poorly financed or managed dealerships are being United States amounted to about 7,320,917,000 kwh.
eliminated, resulting in a better basis of competition. Other during the month of March 1932, a falling off of 7% as
factors of dealer aid are more lenient methods in develop- compared with the corresponding period last year when
ing quotas, rearrangements of territories and contracts to electric output totaled approximately 7,875,967,000 kwh.
strengthen the position of the railers and make for more Of the total for the month under review, production of
efficient selling methods, better accounting systems, mer- electricity by water power amounted to 3,118,237,000
chandising helps through factory representatives and the kwh. and by fuels 4,202,630,000 kwh. The Survey, in its
Installation of better records that are improving the credit statement, reports as follows:
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE UNITED
status of the dealers in their relations with bankers.
STATES (IN KILOWATT-HOURS).
As to manufacturing conditions, Mr. Reeves says:
"The industry in 1931 had a production of 2,472,359 cars, which was
29% below 1930 and 56% below 1929. But with continued decline in total
cars registered, gasoline consumption increased, showing greater mileage
for the cars. With improvements in manufacture, cars driven 40,000 miles
are probably better values to-day than those that had been driven 25,000
miles in the past."
General business recovery depends in large measure upon
the motor car industry, and the peculiar conditions of the
year emphasize the importance of local dealer organizations
In /932 and of local banking and financial help for those
retailers, he declares, adding:
"Of the gainfully employed throughout the country, one worker in tear more than 4,000,000 in all in a normal year-is dependent on the industry
for a livelihood. Automotive plants are located in 41 States with widespread distribution of employment in more normal times, and all States
contribute raw material to motor car manufacture. The steel, rubber,
petroleum and other basic industries are largely dependent on motor
production.
"Nearly two-thirds of all new motor ears are bought by persons with
incomes below $8,000 annually, and more cars are purchased by those
with incomes under $1,400 thaw by those having incomes of over $8,500.
Also, 85.7% of all cars se/1 under $750 wholesale. Farmers own 26%
of the trucks and 18% of the passenger cars, and 57% of the 28,000,000
motor vehacies in use last year were on farms or in towns with population
under 10,000.
According to a recent computation, motor vehicles in 1931 paid nearly
10% of all government taxes-Federal, State and local-or a total of
$1,030,000,000. This was equivalent to practically one-fourth of the total
expenditures by the Federal Government alone last year. And with the
increased taxes now proposed in Congress, the 1932 figures will be even
greater."
Wholesale Price Index of National Fertilizer Association Showed No Change During Week Ended
April 30.
While wholesale prices during the latest week were fairly
active, the net result of the weighted price movements as
measured by the wholesale price index of the National
Fertilizer Association showed no change in the index number
for the week ended April 30. During the preceding week the
index declined four fractional points. For the last month
-the latest
the index has advanced three fractional points
index number being 61.9, compared with 61.6 four weeks
ago. A year ago the index stood at 72.3 (the index number
100 is based on the avaerage for the three years 1926-1928).
The Association further said on May 2:
Total by Fuels and Water Power.
January.
February.
March.
Change in Output
from Previous Years.
Feb.
535,278,000 499.088,000 506,205,000 -4%
New England
Middle atlantic.... 2,047,005,000 1,917,657,000 2,040,608,000 -2%
East North Central. 1,730,082,000 1,562,364,000 1,643,892,000 -7%
WestNorth Central. 518,311,000 480,145,000 480,348,000 +6%
South Atlantic
893,057,000 854,397,000 855,540,000 +10%
East South Central_ 309,506,000 290,515,000 309,195,000 -8%
West South Central_ 335,107,000 321,208,000 308,694,000 -4%
Mountain
233,817,000 216,527,000 222,835,000 -12%
Pacific
940,461,000 855,336,000 953,600,000 -5%
Total for U.
7,542,624,000 6,997,237,000 7,320,917,000 -3%
March.
-10%
- 3%
-11%
-4%
-12%
-10%
-19%
-8%
-7%
Tho average daily production of electricity for public use in March was
236,200,000 kwh. about 2% less than the daily production in February.
The average daily production of electricity in the first quarter of 1932 was
6% less than that for the same period In 1931, which in turn was also
8% less than in 1930.
The daily production of electricity by the use of water power in March
was about 2% less than in February, even though precipitation and therefore water supply for power plants was above normal.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
UTILITY POWER PLANTS IN 1931 AND 1932.
1931.
Kw. Flows.
January --- February
March
Aprll
May
June
July
August
September -October....
November._
December-Total
1932.
Kw.Hours.
7,956,019.000 7,542,624,000
7,169.815,000 6,997,237,000
7.887,713,000 7,320,917,000
7,655,472,000
7.645.150,000
7.528,592,000
7,771,992,000
7,629.920,000
7.5 0.377.000
4
7,764,889,000
7,406.165.000
7.773,286,000
......_
01.729.390.000
a Based on average daily production.
1931
Under
1930.
1932
Under
1931.
8%
6%
4%
5%
8%
3%
2%
3%
3%
5%
4%
4%
5
%
a6%
7%
____
____
____
__
.....
____
.......
4.7.
Produced by
Water Power.
1931.
1932.
41%
42%
43%
....._
.....,,,
30%
30%
34%
41%
41%
38%
35%
32%
29%
27%
28%
33%
__
3381
The quantities given in the tables are based on the operation of all Dower
plants, producing 10,000 kwh. or more per month, engaged In generating
electricity for public use, including central stations, both commercial and
municipal, electric railway plants, plants operated by steam railroads
generating electricity for traction. Bureau of Reclamation plants, public
works plants, and that part of the output of manufacturing plants which
is sold for public use. The output of central stations, electric railway
and public works plants represents about 98% of the total of all types of
plants. The output as published by the National Electric Light Association
and the "Electrical World" includes the output of central stations only.
Reports are received from plants representing over 95% of the total capacity.
The output of those plants which do not submit reports is estimated:
therefore, the figures of output and fuel consumption, as reported in the
accompanying tables are on a 100% basis.
[The Coal Division, Bureau of Mines, Department of Commerce, cooperates in the preparation of these reports.]
Electricity Production Declined 113/2% During the
Week Ended April 30.
The production of electricity by the electric light and power
industry of the United States for the week ended Saturday,
April 30, was 1,454,505,000 kwh., according to the National
Electric Light Association. The Atlantic seaboard shows a
decrease of 8.5% from the corresponding week last year, and
New England, taken alone, shows a decrease of 10.9%. The
central industrial region, outlined by Buffalo, Pittsburgh,
Cincinnati, St. Louis and Milwaukee, registers as a whole,
a decrease of 15.8%, while the Chicago district, alone, shows
a decrease of 10.6%. The Pacific Coast shows a decline of
9.1% below last year.
Arranged in tabular form, the output in kilowatt hours
of the light and power companies for recent weeks and by
months since the beginning of 1932 is as follows:
Weeks
Ended.
1932.
1931.
1930.
1929.
1932
Under
1931.
1.523.652.000 1,597.454.000 1.680.289.000 1.542.000,000 4.6%
Jan. 2_-_
Jan. 9.- 1,619,265.000 1.713,508.000 1.816,307,000 1.733.810,000 5.5%
Jan. 16- 1.602.482.000 1.716,822,000 1,833,500,000 1,736,729,000 6.7%
Jan. 23.-- 1.598,201,000 1,712,786,000 1,825.959,000 1.717.315,000 8.7%
Jan. 30-- 1.588,967.000 1,687,160,000 1.809,049.000 1.728.203.000 5.8%
Feb. 6.- 1,588.853.000 1,679,016.000 1.781.583.000 1.726.161,000 5.4%
Feb. 13.- 1,578.817.000 1.683,712.000 1.769.683.000 1,718,304,000 6.2%
Feb. 20.- 1,545.459.000 1.680.029,000 1,745,978.000 1,699.250,000 8.0%
Feb. 27.-- 1.512,158,000 1,633.353,000 1.744,039,000 1,706,719,000 7.4%
Mar. 5._
1,519,679.000 1,664.125,000 1,750,070,000 1,702,570,000 8.7%
Mar. 12___
1,538,452.000 1,676,422.000 1,735.673,000 1,687,229,000 8.2%
Mar. 19... 1,537,747,000 1,682,437,000 1,721,783,000 1,683,262,000 8.6%
Mar. 26.- 1,514,553.000 1,689,407.000 1,722,587,000 1,679,589.000 10.3%
Apr. 2... 1,480,208,000 1.679.764.000 1,708.228,000 1.663.291,000 11.9%
Apr. 9___
1.465,076.000 1,647,078.000 1,715.404,000 1.696.543.000 11.1%
Apr. 16._
1,480,738.000 1,641,253.000 1,733,476.000 1.709,331.000 9.8%
1.469.810,000 1,675,570,000 1,725,209,000 1.699.822,000 12.3%
Apr. 23_-_
..._ 1,454,505,000 1.644,437,000 1,698,389,000 1,688,434,000 11.5%
Apr.
Months
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 7,066,788,000 6.850.855,000 6.1%
Note.-Tka monthly figures shown above are based on reports covering &mown
mate!) 92% of the electric light and power industry and the weekly figures ar
,
based on about 70%.
March Industrial Activity in Boston Federal Reserve
District Lower Than in Either January or February
-Business Activity During First Quarter This
Year Lower Than Same Period in 1931.
The Boston Federal Reserve Bank, in its May 1 "Monthly
Review," states that "the general level of industrial activity
In New England during March was lower than in either
January or February, and during the first quarter of 1932
business activity was considerably lower than in the corresponding period a year ago." The bank continues:
In those industries or activities in which some improvement occurred
between February and March, the gains were for the most part smaller
than is usual between these months. The seasonally adjusted volume of
cotton consumed by New England mills during March was about the same
as in February, while raw wool consumption decreased nearly 23% between
February and March. During the first quarter of 1932 New England
cotton consumption was approximately 15% less than in 1931, and raw
wool consumed in mills in this district decreased about 19%. Silk
machinery activity likewise declined during the first quarter of the
current year. Although boot and shoe production in New England increased
about 5% between February and March, the increase was less than usually
occurs in this period. During the first three months of this year, however,
boot and shoe production exceeded that for the corresponding period a year
ago by about 8%. The building industry in this district, as well as in
other parts of the country, remained at unustially low levels during March,
and, although the volume (square feet) of commercial and industrial
building contracts awarded in New England, seasonally adjusted, increased
slightly in March from the low point in February, the adjusted volume
of residential contracts awarded declined further. Freight carloadings
In New England during the first quarter of 1932 were about 14% less
than in the corresponding period a year ago. According to the Massachu
setts Department of Labor and Industries, declines took place between
February and March in the number of wage earners employed in manufacturing establishments in Massachusetts, in aggregate payrolls, and in
average weekly earnings per person employed, amounting to 1.9, 2.4, and
0.6%, respectively. The number of commercial failures in this district
during March was nearly 15% greater than in March 1931, and total
liabilities were 40% larger. A similar condition existed for the entire
country. The amount of new ordinary life insurance written in this
district during March was 21% lees than in March 1931, but for the
first quarter was 9.9% behind. Sales of New England reporting department stores during the first quarter of 1932 were 20% less than in the
corresponding period a year ago, while in March Boston department store
sales were 22% less than in March 1931. During the first half of April
Boston department store sales continued to run about 22% less than in
the corresponding period a year ago. Money rates eased considerably
during April.
Continued Lack of Seasonal Improvement Noted in
Business in Philadelphia Federal Reserve District
-Building and Real Estate Conditions.
"Business continues to show a lack of the improvement
which commonly takes place at this season in the Philadelphia Federal Reserve District," says the Federal Reserve
Bank of that place. "Industrial production and building
3351
Financial Chronicle
Volume 134
activity," continues the Bank, "in March fell behind the
usual level estimated for this month, and further curtailments in manufacturing were evident in early April." The
Bank, in its "Business Review" of May 2, further reports
business conditions in its district as follows:
Retail and wholesale trade also failed to equal the expected volume.
Employment and payrolls in most of the leading lines of trade and industry showed reductions between February and March. General business
activity in the first quarter of this year reached the lowest level in the
past decade and the opening of the second quarter has been equally disappointing, save for the reduction of merchandise stocks. Commodity
prices have moved downward, although the rate of fluctuations has been
less pronounced than in the past two years.
Another month has passed unmarked by the closing of a bank in this
district. Member banks report further declines in loans to customers.
Borrowings from the Federal Reserve Bank again were reduced, owing
chiefly to repayments by Philadelphia banks, and are at the lowest point
since last October.
Manufacturing.
Sales of manufactured products have declined further, and the current
demand is quiet. Prices again declined fractionally in March and showed
weakness in the first three weeks of April. The level of both demand and
prices continues to be the lowest in many years. Most of the reporting
manufacturers also show a decline in collections since the middle of March
and as compared with last year.
Unfilled orders held by factories have declined in the month, even though
there are isolated reports of some slight gains in certain lines of manufacture. Stocks of finished goods are comparatively light, there having
been further declines since February. This is also true of the holdings of
raw materials. Compared with other years, factory stocks of both classes
of commodities appear to be smaller.
. Contrary to the usual seasonal trend, factory employment in this section
was over 2% smaller in March than February and wage payments were 5%
less; the decline in the country amounted to almost 2% in employment
and 3% in payrolls. Compared with a year ago, both local and National
employment showed a decrease of 15%, while the decline of 32% in local
payrolls was about one point greater than that for the country. Metal
products, transportation equipment, and some of the building materials
showed the sharpest reductions from a year ago in both employment and
payrolls.
Production of manufactures showed an exceptionally large decline in
March. Our preliminary composite index number, which takes into
account the usual seasonal gain that occurs in March, stood at over 63%
of the 1923,25 average, a decline of almost6% from February; the National
index at 65 registered a drop of 4%. In comparison with a year ago,
the decrease in the district index amounted to 22% and in the National
index 25%. Output by local plants during the first quarter was 17%
less than at the same time last year, the sharpest curtailment occurring
in the production of metals, building materials, tobacco products, and
paper and printing.
Exceptionally large declines in the month took place in the output of
transportation equipment, metal and chemical products, radio and musical
instruments, and tobacco and its products. Factory output of some
products such as shoes, carpets and rugs, brick, and sugar, on the other
hand, was larger than customary. In comparison with March 1931 groups
comprising metals, building materials, tobacco products, chemicals, paper
and printing, transportation equipment, and radio and musical instruments
sustained the largest losses.
The majority of individual lines of manufacture in this district showed
further reductions in their operating schedules during March and in early
April, according to some of the preliminary reports. Most lines also had
a considerably smaller amount of business in the first quarter this year
than last. There are, however, a few exceptions; among these gains over
last year, were those reported by the producers of automobile parts and
bodies, hosiery, sugar, shoes, and by meat packers. The largest declines
were shown by plants making iron and steel products, electrical apparatus,
locomotives and cars, brick, canning and preserving products, explosives,
and by-product coke.
Production of electric power was 3% smaller in March than February.
but this decline was not as large as the average for past years. For the
year to date, however, the generated output of electricity reported by 10
central stations was slightly smaller than in the first three months last
year. Industrial consumption of electrical energy was curtailed sharply
in March, more than was seasonally expected, and in the first quarter it
was 7% less than in the like period of 1931. Actual comparisons are
given in the table.
The Bank has the following to say regarding building and
real estate conditions:
The value of building contracts awarded showed less than the usual
seasonal gain in March. In early April, total awards increased further.
owind,to a larger volume of contracts let for non-residential construction.
Although the trend of awards was upward during the three-months' period
ended in March, the extent of this gain was not as large as was to be expected at this time.
Per Cent Change from
Contracts Awarded in Selected Cities
and District.
Three Months
1932.
1931.
Philadelphia
Reading
Scranton
Camden
Trenton
Wilmington
"All other"
1926-30
Average.
$6,431,000
871,000
489,000
45,000
421,000
809,000
17.046.000
-39.8
+39.2
+593.3
-87.5
-23.3
-26.4
-39.8
--88.5
-43.8
-53.1
--97.9
--65.0
--60.3
-58.2
Total: Philadelphia Federal Reserve District, including all cities
826,112,000
Source: F. W. Dodge Corporation.
-37.4
-76.1
The proposed expenditure under building permits issued in 17 cities
of this district increased in March by a much smaller amount than usual,
while first-quarter comparisons showed a decline of 29% from the corresponding period of a year ago. The index number of building permits
in March was 10% of the 1923-25 average as against 9% in February and
13% in March 1931.
Construction costs declined in April and were nearly 6% below the
previous low point of February 1922. This falling off reflects largely the
influence of lower prices of building materials and a downward readJustment of wage rates for certain classes of labor.
Employment in building trades Of 14 Pennsylvania cities declined 13%
and payrolls 19% from the middle of February to the middle of March;
operating time was reduced 17% in this period. The largest decreases in
3352
Financial Chronicle
the'number of workers and in their earnings occurred in the concrete and
marble and tile trades, which excavating operations increased sharply.
In 10 city areas employment decreased, while in two areas-Wilkes-Barre
and York-more workers were taken on in March. Scranton was the only
area in the entire State that showed a gain in wage payments over February.
The value of mortgages recorded in Philadelphia in March was nearly
46% larger than in February; usually a decline of about 4% occurs in this
period. The number of deeds, on the other hand, was somewhat smaller
than was recorded a month earlier. First-quarter comparisons show declines of 33% for mortgages and 4% for deeds compared with the same
period last year. Conveyances exclusive of sheriff's deeds fell off 9%
from the first quarter of 1931 and in March were 13% smaller than a year
earlier.
Is. Foreclosures in Philadelphia continue exceedingly heavy. Deeds recorded for properties sold by the sheriff in the first quarter rose 8% over
a year ago, although in March there was a sharp drop in the number of
these deeds. Writs issued in April for forced sales also showed a marked
decline from the unusually high level of the preceding month.
General Indexes of Industry and Trade Dropped
During March and Early April to Lower Levels
Than Previous Month, According to Cleveland
Federal Reserve Bank-Conditions in Retail and
Wholesale Trade and Rubber Industry.
The Federal Reserve Bank of Cleveland reports that "in
the Fourth (Cleveland) Federal Reserve District general
indexes of industry and trade dropped in March and early
April to lower levels than prevailed a month ago. Evidence
of seasonal expansion which usually appears at this time
of year was lacking or less than the average of past years
in all but one or two major lines of activity in this section."
The bank, in its May 1 "Monthly Business Review," further
reports:
Financial conditions, however, showed definite signs of further improvement in the past month. The decline in deposits, though not entirely
stopped, was at a much slower rate in March and early April than in many
preceding months and savings deposits were reduced at a very moderate
rate. The number of bank suspensions declined and the drop in note
circulation of this bank indicated a further falling off in money in circulation in the first three weeks of April.
Production of coal was stimulated by the unusually cold weather in
March, output increasing more than seasonally from February. Activity,
however, was still much below other years at that time. Operations at
shoe factories were about the same in March as a year ago, and output in
the first quarter was 7.6% greater than in the corresponding period of 1931.
General manufacturing activity was very limited. The iron and steel
industry operated at lower levels in March than in February and continued
downward in early April. In the third week of the month, however, a
slight advance was reported. Automobile production was very disappointing, March output being only 1.3% greater than in February, much
less than the usual increase. Parts and accessory concerns have been very
greatly affected by this condition. Tire production in March, based on crude
rubber consumption figures, was down from February for the first time
on record.
Both wholesale and retail trade in March failed to expand at the seasonal rate of past years, being retarded partly by the unseasonable weather
which affected clothing sales,
usually important prior to Easter.
Employment indexes worked downward as the usual number of seasonal
jobs failed to materialize, and operations at some factories were curtailed.
General business sentiment throughout the district was less favorable than
a month ago.
The agricultural situation in this district is better than in most parts
of the country. Condition of winter wheat is above average, both as
compared with preceding years and the entire United States. Farmers
intend to plant about the same acreage as in preceding years, despite depressed prices, according to preliminary reports.
The bank reports, as follows, regarding wholesale and
retail trade:
Retail Trade.
March department store sales were very disappointing from the dollar
volume standpoint, being 23.9% below the same month of 1931. This
decline was unusually large in view of the fact that Easter occurred in
March this year and thus gave to that month all the stimulation afforded
by pre-holiday buying. In 1931 Easter occurred in early April, and nearly
a week's purchases of seasonable goods occurred in the latter month.
Sales of all types of clothing were very limited, partly because of the
cold weather experienced during most of March, but reduced purchasing
power was unquestionably a factor, for April sales also are reported down.
In the first quarter of the year dollar value of department store sales
was 22.9% below the same period of 1931. Only part of this reduction
is due to the decline in prices, which, according to "Fairchild's" retail
index, were about 17.5% lower than in 1931. The table on a page elsewhere
shows the monthly and quarterly changes in sales in the individual cities.
In connection with the decline in department store volume, the accompanying chart showing the percentage of all basement store sales to total
department store sales at 31 organizations in the Fourth district is of
some interest. The figures are only available since April 1929, but they
cover the depression period, and while there has been no sharp increase
in the proportion of total buying that is done in the basement store where
a lower priced article usually can be purchased, a gradual but steady uptrend
is clearly discernible, particularly in 1930, 1931 and so far in 1932. In
1931 basement store sales averaged 18.7% of total sales, while in 1930 they
amounted to 17.9% of the total. In the first quarter of 1932 they
averaged 18.5% against 18.1% in the same period of 1931 and 16.8% in
the first quarter of 1930.
It is interesting to note that, as a percentage of total sales, the smallest
volume of business is done in the basement in the month of December.
Christmas buying apparently does not affect the basement store to the
extent it does the upstairs departments.
As in earlier months of this year the percentage of credit to total sales
was below a year ago. In March it was 57.7% as against 61.6% in the
same month of 1931. Collections on accounts outstanding were down, the
percentage of the former in March to the latter outstanding at the end
of February being only 30.4% as against 32.6% a year ago.
Department store stocks increased 6% in March, about the usual seasonal change, and at the end of the month were 15.6% below one year ego.
Chain drug and grocery sales were off quite sharply in March from a
year ago, though both showed gains of a seasonal nature from February.
May 7 1932
Chain grocery sales were off 7.4% in March and 7.6% in the first quarter
from corresponding periods of 1931, while chain drug sales were down
11.5% in March and 9.7% in the first quarter.
Wholesale Trade.
Sales of all reporting lines of wholesale trade in this section increased
in March from February, and the declines from a year ago were smaller
in every case than in the first two months of the year, but the February-toMarch increase in the combined index was only 9.4% as against an average
increase in the preceding five years of 12.2%. This index in March was
58.1% of the 1923-1925 monthly average • compared with 53.1% in
February and 72.1% a year ago.
Dollar value of wholesale grocery sales increased 8% from February
to March, but was 18.6% below a year ago. In the first quarter grocery
sales were off 20%. Stocks at the end of March were down 16% in value
from the same date in 1931. Accounts receivable were off 11.1% from
a
year ago and collections in March were down 18%.
Wholesale drug sales, as for some months past, made the best showing,
being down only 10% in March and 12% in the first quarter from
corresponding periods of 1931. Dry goods sales were down 32.7% in the
month
and 33.4% in the quarter, while hardware sales were off 20% and
24%,
respectively, in the same periods.
Although drug sales were down only moderately, collections
were off
21% in March from a year ago. Dry goods and hardware collections
were
off 24% and 28%, respectively, in March from a year ago, chiefly because
of the reduction in sales volume.
As to the rubber and tire industry, the bank says:
Although tire sales in March were slightly greater than in the preceding
month, the increase was not up to seasonal proportions. Replacement
sales
were up about 16%, while the normal February-to-March increase is
about
18%. Gasoline consumption figures indicate little falling off in
the
number of miles automobiles are being operated, possibly the most favorable
factor in the entire situation so far as future replacement demand
is
concerned.
Original equipment sales have suffered directly in proportion to
the
decline in the automobile industry and consumption of crude rubber in
March receded 7.3% from the preceding month and was 15% below
March
1931. This contrary-to-seasonal drop was partly a result of an increase
In production in February which was considerably greater than the
expansion in all tire sales.
Output of tires in February, according to the Rubber Manufacturers'
Association, was 11.8% ahead of January and only 2.9% below the corresponding month of 1931, but shipments declined 21.5% from January
and were 25% smaller than in February last year. Consequently, stocks
on hand increased 16% in February, but at the end of the month they
were still 3.8% below the same date a year ago. At the rate of current
consumption, stocks on hand represent 3.6 months' supply, a sharp increase
In the past month and the highest in at least five years.
Employment at rubber factories, according to the Ohio State Bureau
of Business Research, remained at the same level in March as in February.
In the preceding five years the average February-to-March change was an
increase of 1%. Adjustments have been made, however, in the number of
hours worked.
The raw material situation was little changed from a month ago, stocks
of crude rubber increasing further in March. Imports in the month were
42,382 long tons, an increase of 38.7% from February and 5.1% over
March 1931. This caused stocks to increase as consumption declined, and.
at 334,556 long tons at the month-end, they were 53.6% larger than a
year ago.
Prices of crude rubber settled to new low levels in the past four
weeks, and recently it has been selling at less than three cents a pound.
This is less than half what it was a year ago, and about one-fourth
what
was formerly considered as the cost of production. Abnormally low prices
have had only slight effect on output of plantations, judging by shipments
so far this year, and have not resulted in increased utilization of rubber
In fields where, at prices prevailing two or three years ago, it was
impractical.
Noticeable Improvement Reported in Distribution in
St. Louis Federal Reserve District.
"As contrasted with the similar period immediately preceding," says the St. Louis Federal Reserve Bank, in its
"Monthly Review," issued April 30, "the past 30 days were
marked by noticeable improvement in distribution of merchandise in the Eighth (St. Louis) District." The Bank
continues:
Of the wholesaling and jobbing lines investigated by this bank, a large
majority showed increases in March sales over those of February, and in
varying degree, this betterment extended to retail channels. While a considerable part of the improvement may be accounted for by seasonal influences and purchasing deferred earlier in the year, the gains in several
Important classifications were larger than usual at this smarm, and generally there appeared an undertone of greater confidence, both among merchants and ultimate consumers. As compared with a year ago and
the
average for that month during the past 10 years, March volume of
distribution showed a considerable decrease. As has been the case since
last
fall, lines dealing in commodities for ordinary consumption, such
as dry
goods, groceries, apparel and drugs, continued to make a relatively
much
more favorable exhibit than those dispensing goods of the heavier and
more
permanent sort. In the latter lines decreases were the rule,
buth as
compared with the volume a month and a year earlier.
The general level of industrial production during March receded slightly
below that of February. There was a further curtailment of activities
at
Iron and steel plants, the estimated melt of pig iron being at the
lowest
rate reached in the present depression. Reduced outputs were reportd by
lumber mills, wood working plants, and glass factories. Operations of the
quarrying and cement industries were on a smaller scale, and measurably
below those at the corresponding time a year ago. Production of bituminous coal in fields of this district was considerably smaller than during
recent years, though the cold snap in March served to stimulate consumption and to reduce stocks in retail yards. The employment situation as a
whole failed to show improvement. There is a heavy surplus of skilled
and common labor in the building industry, and virtually all manufacturing
lines. The supply of farm labor is largely in excess of demand, with wage
scales continuing downward. Construction work of all descriptions was
interfered with by the cold weather.
The trend of commodity prices was lower, which fact was partly
responsible for a continuance of the hand-to-mouth purchasing which has
obtained during the past several months. Commitments for future requirements, particularly on raw materials, were negligible. Inventories of
manufactured goods were in the main smaller than during the preceding
Financial Chronicle
Lumber Production, As Reported by an Average of
582 Mills, During the Five Weeks Ended April 30
1932 Declined 46.9% Below the Corresponding
Period Last Year-Shipments Off 37%, While
Orders Were 43% Lower.
We give herewith data on identical mills for the five
weeks ended April 30 1932 as reported by the National
Lumber Manufacturers Association.
An average of 582 mills reported as follows to the National Lumber
Trade Barometer for the five weeks ended April 30 1932:
Production.
Shipments.
Orders Received.
1,000 Bd. Ft.1932.
1931.
1932.
1931.
1932.
1931.
Softwoods
529,121 993,115 652,242 1,029.200 590,064 1,043,564
Hardwoods
42,931
84,132 53,193
90,890 51,549
81.575
Total
572,052 1,077,247 705,435 1,120,090 641,613 1,125,139
Production in the five weeks ended April 30 was 46.9% below corresponding weeks of 1931, as reported by these mills: and 66-1% below the record
of comparable mills for the same period of 1930. 1932 softwood cut during
these weeks was 46.7% below that of the same weeks of 1931 and hardwood
cut was 49% below 1931.
Shipments in the five weeks ended April 30 1932. were 37% below those
of corresponding weeks of 1931, softwoods showing 36.6% decline and
hardwoods, 41.5% decline.
Orders received during the five weeks ended April 30 1932. were 43%
below those of corresponding weeks of 1931 and 57.9% below orders of
corresponding weeks of 1930. Softwoods showed decline of 43.5% an compared with 1931 and hardwoods, decline of 36.8%.
The production of the reporting mills in the five weeks ended April 30
1932, was 24% of their rated capacity and 42% of their three-year average
production (same weeks of 1929-30-31).
On April 30 1932, gross stocks as reported by 376 softwood mills were 3,500,252,000 feet or the equivalent of 93 days' average production of the
reporting mills, as compared with 4,493,413.000 feet on May 2 1931, the
equivalent of 120 days' average production.
On April 30 1932, unfilled orders as reported by 536 mills (cutting either
softwoods or hardwoods or both) were 453,073,000 feet or the equivalent
of 11 days' average production, as compared with 803,220,000 feet on May
2 1931, the equivalent of 19 days' average production.
April 1932 failed to show the large seasonal increase in lumber production,
shipments and orders, which normally characterizes this month. The
lumber industry must await revival of building and of railroad supply
purchases and of demand from the fabricating industries, as automobile,
furniture, dtc.
Factory Sales of Automobiles in March 1932 Quite Small.
March factory sales of automobiles manufactured in the
United States (including foreign assemblies from parts made
in the United States and reported as complete units or
. 3353
vehicles), based on data submitted to the Bureau of the
Censub, consisted of 118,959 vehicles, of which 99,325 were
passenger cars, 19,560 trucks, and 74 taxicabs, as compared with 117,418 vehicles in February, 276,405 vehicles
in March 1931 and 396,388 in March 1930.
The table below is based on figures received from 114
manufacturers in the United States for recent months, 42
making passenger cars and 113 making trucks'
(11 making
both passenger cars and trucks). Figures for passenger
cars include only those designed as pleasure vehicles, while
the taxicabs reported are those built specifically for that
purpose, pleasure cars later converted to commercial use
not being reported as taxicabs. Figures for trucks include
ambulances, funeral cars, fire apparatus, street sweepers
and buses. Canadian figures are supplied by the Dominion
Bureau of Statistics.
NUMBER OF VEHICLES.
United States.
Year and
Month.
Total.
1930
January
February
March
273,221
330,414
396,388
Tot.(3 mos.) 1,000,023
April
May
June
July
August
September__
October
November
December
444,024
420,027
334,506
265,533
224,368
220,649
154,401
136,754
155,701
Canada.
TaxiPassenger
Cars.
Trucks. cabs.:
232,848
279,165
329,501
39,406
50,398
65,466
967
851
1,421
10,388
15,548
20,730
8,856
13,021
17,165
1,532
2,527
3,565
841,514 155,270
3,239
46,666
39,042
7,624
372,446
360,928
285,473
221.829
183,532
175,496
113,226
100,532
120,833
486
440
463
376
386
930
582
609
1,425
24,257
24,672
15,090
10,188
9,792
7,957
4,541
5,407
5,622
20,872
21,251
12,194
8,556
6,946
5,623
3,206
3,527
4,225
3,385
3,421
2,896
1,632
2,848
2,334
1,335
1,880
1,397
71,092
58,659
48,570
43,328
40,450
44,223
40,593
36,513
33,443
Total (year)_ 3,355,986 2,775,809 671,241
193
January
February
March
PassenTotal. ger Cars. Trucks.
8,936 154,192 125,442 28,750
512
529
410
6,496
9,871
12,993
4,552
7,529
10,483
1,944
2,342
2,510
668,193
548,529 118,213
1,451
29,360
22,564
6,796
336.939
317,163
250,640
218,490
187,197
140,566
80,142
68,867
121,541
286,252
271,135
210,036
183,993
155,321
109,087
57,764
48,185
96,753
665
340
360
180
104
141
• 651
999
1,144
17,159
12,738
6,835
4.220
4,544
2,646
1,440
1,247
2,432
14,043
10,621
5,583
3,151
3,426
2,108
871
812
2,024
3,116
2,117
1,252
1,069
1,118
538
679
435
408
Total (year)_ 2,389,738 1,967,055 416,648
6,035
82,661
65,093 17,528
97
25
74
3,731
5,477
8,318
Tot.(3 mos.)
April
May
June
July
August
September
October
November
December
171,848
219,940
276,405
137,805
179,890
230,834
l!,01-•[•243C.JC4A.0.
33,531
39,521
45,161
o1 1
414 .11.310..
0
0
-,A00 to
! &On Nto•-1 ,
CA3 , to 4 a® to
100
80 days, but stocks of raw materials continue large, and above the average
for this time of year. Crop prospects were lowered during March, mainly
as a result of the unseasonably low temperatures. Considerable damage was
done to fruit and early vegetable crops by the spring freeze.
The volume of retail trade in March, as indicated by department store
sales in the principal cities, was 10.9% greater than in February, and 18.7%
less than in March 1931; for the first quarter this year there was a
decrease of 15.9% as compared with the same period in 1931. Combined
sales of all wholesaling and jobbing firms reporting to this bank in March
were 2% larger than in February and 23.5% smaller than in March 1931;
first quarter sales of these firma this year fell 22% below the total for
that period in 1931. The dollar value of building permits issued for new
construction in the five largest cities in March was 25% smaller than in
February, and only about one-third as great as in March 1931. Construction contracts let in the Eighth District in March were slightly under the
February total, and 73.6% smaller than in March last year; for the first
quarter this year a decrease of 65% was shown as compared with the same
time in 1931. There was an increase in individual checking accounts of
slightly more than 6% in March as compared with February, but the
March total was 27% smaller than a year ago; for the first quarter this
year a decrease of about one-fourth was noted as compared with the first
three months of 1931. The amount of savings accounts increased slightly
between March 6 and April 2, and on the latter date was 11% less than a
year ago.
Railroads operating in the district showed a considerably smaller volume
of freight traffic handled than during the same period last year and in
1930. The cold snap in March was reflected in heavier loadings of coal
and coke, but this was only temporary, and failed to offset decreases in
all other classifications. For the country as a whole, loadings of revenue
freight for the first 13 weeks this year, or to April 2, totaled 7,340,833
cars against 9,372,110 ears for the corresponding period last year and
11,401,488 cars in 1930. The St. Louis Terminal Railway Association,
which handles interchanges for 28 connecting lines, interchanged 149,953
loads in March against 133,429 loads in February and 192,150 loads In
March 1931. During the first nine days of April the interchange amounted
to 39,569 loads against 43,433 loads during the corresponding period in
March and 53,784 loads during the first nine days of April 1931. Passenger
traffic of the reporting roads decreased 30% in March as compared with
the same nronth a year ago. Estimated tonnage of the Federal Barge Line
between St. Louis and New Orleans in March was 113,600 tons against
112,558 tons in February and 82,970 tons in March 1931.
Mercantile and industrial interests report collections during the past 30
days as being somewhat less satisfactory as a whole than during the
similar period immediately preceding, though comparing favorably with a
year ago. Throughout March inclement weather had a tendency to hold
down payments to country merchants, and preoccupation of farmers with
spring work also had the effect of curtailing settlements. Generally in
the South liquidation was in smaller volume, relatively, than earlier in
the year. Wholesalers and jobbers in the large distributing centers, with
whom April is an important settlement month, reported payments fully up
to expectations. Though actual losses from weak accounts were slightly
greater than last year, customers able to do so are paying their bills
promptly, in many instances taking advantage of discounts. Retailers in
the large cities are experiencing more difficulty than heretofore in getting
in their money. Questionnaires addressed to representative interests in
the several lines scattered through the district showed the following results:
Excellent.
Good.
Fair.
Poor.
March 1932
1.6%
14.8%
59.4%
24.2%
February 1932
1 7%
18.5°7
51.0%
28.8%
March 1931
0.0%
12.64
60.1%
27.3%
I
Volume 134
1932
January
February
March
119,344
•117,418
118,959
98,706 20,541
94,085 *23,308
99,325 19,560
3,112
4,494
6,604
619
983
1,714
292,116 63,409
Tot.(3 mos.) 355,721
196 17.526 14.210 3,316
x includes only factory-built taxicabs, and not private passenger cars converted
Into vehicles for hire. *Revised.
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 2, in full below:
TEXAS.
WEST TEXAS.
-Acreage about the same as last season indicated.
Clarendon(Donley Co.)
Nothing planted yet. Probably start this week. Plenty of moisture now
and only need warm sunshiny weather.
Haskell (Haskell Co.)
-No cotton planted. Ground in fair condition.
Season normal. Moisture sufficient. Decrease in acreage 15% from
last year. Maize, wheat and oats doing well. Farmers discouraged account price. General opinion that cotton and other products will remain
cheap until Government gets out of market.
-Moisture sufficient. Prospects are good at presPaducah (Cottle Co.)
ent. Most of planting begins May 5 to 15. Average will be about same
as last year.
-Cotton Crop conditions very good. Two inches of
Snyder (Scurry Co.)
rain past few days. Some cotton already planted but likely will have to
be planted over. Decrease in acreage 10%. State of cultivation only fair.
Labor sufficient. Planting will begin in earnest May 2 if no further rains.
Stamford (Jones Co.)
-Acreage will be reduced 15%. Preparation of
land good. Very little planting has been done, probably 2%, which is
normal. Have sufficient moisture to bring cotton up, but rain will soon
be needed. Farmers cannot get any financial help from local banks, but
get some small loans from Government. Farmers are not enthusiastic
about raising Sc. cotton.
Vernon (Wilbarger Co.)
-Past week we have had half inch, 0.83 and 0.43
Inch rains which gives us plenty of moisture to start crop with. Farmers
are well up with their work and waiting for time to plant. Everything
seems to be in perfect condition for another crop. Very little decrease in
acreage, about 5%. Best winter season since 1926. Some cotton planted
and up to good stands, but planting will not be general for ten days.
NORTH TEXAS.
Ennis (Ellis Co.)
-Decrease in acreage 9%. 75% planted, 35% up to
good stand. Crop prospects good, soil in good shape. Average quality
of seed being used. Crop two weeks late. Need dry, warm weather.
Greenville (Hunt Co.)
-Acreage decrease 5% to 10%. 75% planted. 10%
up to stand, 1.25 inch rain.
Weather too cold, period of fair weather
needed.
McKinney (Collin Co.)
-Cotton in this section while planted about 10
days later than normal is up to good stand. Have had two fine rains past
week, state of cultivation good. Acreage is about same as last season.
Financial Chronicle
3354
All farmers are using rigid economy, contemplating prices for cotton at
about past season's prices.
Nevada (Collin Co.)—Acreage same as last year. Planting 75% done,
two weeks late, very little up. Have plenty moisture. More winter weeds
than normal. Only about 10% up. Credit is much restricted.
Sherman (Grayson Co.)—Prospect for cotton this section is very good.
Acreage same as last season, if anything a small increase. About 70%
planted, 50% up to good stand and looking well. Land is in fine state
of cultivation and plenty of moisture for present, as we had one inch slow
rain past week. • Planters are using better seed over this entire section.
Texarkana (Bowie Co.)—New crop progress about normal. No change
In acreage from last year. Seed well and carefully selected. About 75%
planted and 50% up to good stand. Fields ree from grass and weeds.
Soil in a fine stage of cultivation. Labor abundant. Use of fertilizer
reduced about 60%•
CENTRAL TEXAS.
Austin (Travis Co.)—Weather good, decrease acreage 10%, 10% up.
planted 50%.
Cameron (Milan Co.)—Acreage reduction 10%. Planted to date about
65% and up about 50% to fair stand. Good rains last week general. Some
cotton to be replanted. Need dry weather now.
Corsicana (Navarro Co.)—About 15% decrease in acreage, 50% planted,
10% up. Weather has been too dry and cold up until last two days. If
It does not continue to rain and hot weather comes on prospects will be
favorable.
Glen Rose (Somervell Co.)—Acreage reduction about 15%, very little
planted. Planting will be general about May 10. Plenty of rain.
Lagrange (Fayette Co.)—Acreage about same as last season. About
50%
of cotton planted and up to fair stand. Good rains here Thursday.
Navasota (Grimes Co.)—Acreage this county will average 12% less than
last year. Ground in good shape but seed not germinating well. Had one
inch rain yesterday likely to bring much seed up. Quite a bit to be planted
Farmers getting little help from banks, but some reliable farmers getting
assistance from Government. Very little cotton up. Some to plant yet.
Season three weeks late.
Rosebud (Falls Co.)—Cotton crops in this section 50% planted,
35%
up to excellent stand, soil in fine shape. Hot and dry weather needed
for next two weeks.
San Marcos (Hays Co.)—About 12% decrease acreage compared last
year. 70% planted, will finish planting next week if weather permits.
50% up to good stand, fine rain this week. Fair weather needed.
Taylor (Williamson Co.)—About 10% acreage reduction, 85% planted.
60% up to excellent stand, rains in last few days very beneficial. Crop
perhaps week to 10 days late. Prospects could hardly be more favorable
at this time.
Waxahachie (Ellis Co.)—Soil in good condition. Good rains this week.
Warm dry weather now needed.
EAST TEXAS.
Jefferson (Marion Co.)—Acreage 10% decrease. Fertilizer 90% decrease.
70% planted, 25% up and looking good. Soil in good condition. Good
rains yesterday over this county.
Timpson (Shelby Co.)—Cotton Crop in this section will be reduced about
15%. Crop is about ten days late. About 20% planted, 50% up to good
stand. Had very beneficial shower on 28th and 29th.
Had previously
been too dry. There will be practically no fertillzer used for cotton
this
year.
SOUTH TEXAS.
Alice (Jim Wells Co.)—About two-inch rain fell in this county yesterday.
In fact rain was general extending from Corpus Christi to Laredo. Rain
was badly needed west of here but a few showers east kept the country green.
Cotton is about 80% planted. There are always a few backward
farmers.
Think the stands are mostly good. Much cotton being chopped
at 25c.
per acre. Consider that acreage will be cut about 15%. More
cane and
sudan being planted. Unless we have very favorable weather
corn will
not be a very satisfactory crop here this year, too dry. There were
many
boll weevil in the old plants before the freeze, but hear nothing of them now.
Gonzales (Gonzalo; Co.)—Cotton getting off to bad start, possibly
60%
planted, 40% up, has been too dry to plant remainder acreage but conditions improved after good rains Thursday April 28. Will soon
finish
planting. Heavy rains may make it necessary to replant dry planted
cotton,some lacaiities reported as much as ten inches, washing soil and nece3sitating replanting. Considerable acreage where cotton was up. Acreage
reduction will possible be 12% and average about 30 days later than normal
making crop subject to weevil and insect damage especially if we get showers
in June and July.
San Antonio (Bexar Co.)—Crops from San Antonio south are fair with
about 75% planted. Rains this week were very beneficial and planting
will continue in a few days. Acreage from here to Corpus Christi and
including the Valley will show decrease of about 10%. No doubt the
acreage north of here will be reduced about same amount, although little
planting has been done to date.
Sinhm (San Patrick, Co.)—Decrease in acreage in this county will range
from 15% to 20% in our opinion compared to last year. 100% planted.
all up to good stand. Just had five inch rain with some hall, but not thought
to hurt cotton to any extent. Rain was needed, but not so much at one
time.
NORTH TEXAS (Report Received Late.)
Forney (Kaufman Co.) 80% planted, 75% up, about 10% decrease in
acreage. Soil in good condition, cotton up to good stand. Dry weather
needed.
OKLAHOMA.
Chickasha (Grady Co.)—Good rain this week. Very little cotton planted.
Preparation normal. About g% decrease in acreage.
Ewe (Choctaw Co.)—Cotton acreage about same as last season. 8%
planted, 2% up. Cultivation good, moisture ample, need fair and warmer
weather. Temperatures too cold for germination, nights 44 deg. to 56 deg.
Mangum (Greer Co.)—Acreage reduction probably 12%. Ample moisture
Need warmer weather before planting. Finances tight.
McAlester (Pittsburg Co.)—There has not been any cotton planted, and
It will be some days before there will be much planted. We have just
had splendid rains and season in the ground Is ample. Farmers talk as
though there will be some reduction in acreage but think not much, there
will not be any fertilizer used. Soil is in fine condition.
ARKANSAS.
Arkadelphia (Clark Co.)—Weather has been too cool for ci
r to grow
first part of week. Had good general rain Thursday night and Friday
morning. Warmer now, cotton is coming up and looks healthy. About
50% of crop planted. Acreage will be reduced 20%
Ashdown (Little River Co.)—Poor soil conditions. Two weeks late.
40% planted, 15% up to good stand. Beneficial rains yesterday, weather
unsettled to-day and continued rains would be very disastrous.
May 7 1932
Conway (Faulkner Co.)—Preparation and planting about one week late
10% planted—some early planted coming up—no stands reported yet.
Past week too cold for germination or healthy growth. Rain yesterday
as top soil was too dry to germinate seed. Acreage reduced 5% to
10%.
No fertilizer being used. Credit very limited.
Magnolia (Columbia)—Crop ten days late
-40% planted-20% up to
fair stands—cultivation fair—soil conditions poor. Very little commercial
fertilizer being used. Credit conditions very poor—Outlook gloomy.
Newport (Jackson Co.)—Cotton acreage in this section will be approximately same as last year. The uplands are in excellent condition, but river
bottoms are very cloddy and need additional rains before planting. About
25% has been planted and small per cent is just beginning to come
up.
Majority of the crop will be planted next week. This is a normal condition.
First class planting seed are plentiful. No fertilizer is being used.
Pine Bluff (Jefferson Co.)—Crop 15 days late—blackberry winter
with
us for 12 days, with a temperature sometimes 45 degrees at night.
The
high and low temperatures have been running 45 to 50 degrees at night
and 65 degrees to 75 degrees during day. About 50% planted—too early
to tell, but the knowing ones say reduction in acreage will be about
The farmers are in better spirits than usual. They have feed stuff 10%•
and lots
to eat. The Government furnishing cheap Money and taking
farmer's
cotton 6 to 10c.—you can't expect any reduction in acreage. If
climatic
conditions do not interfere, there is a promise of another great crop.
Searcy (White Co.)—There is a decrease in acreage of 10% in this territory as compared with last season and about 5% has been planted.
There
is no cotton up but soil is in good condition. We had a good rain
yesterday which was much needed.
Navigation Season on Great Lakes Officially Opened—
Welland Ship Canal Also Opened to Navigation.
Associated Press advicesfrom Cleveland on April 15 stated:
The Great Lakes navigation season officially opened to-day.
but the din
of whistles and the race up the lakes of former years were absent.
Only one freighter, the Negaunee, was preparing to leave port. She
may
depart for Detroit to-morrow to bring back a cargo of scrap iron.
Light
demand for coal at the upper end of the lakes and the generous
supply of
ore still on hand here are responsible for the lack of activity.
We also quote the following (Canadian Press) from St.
Catharines, Ont., April 15:
The entire Welland Ship Canal was thrown open for navigation
to-day,
permitting through traffic on the great waterway. The
southern section,
between Thorold and Port Colborne, was opened Monday
(April 11).
World Consumption of American Cotton in March
Exceeded That of Any Month Since January 1930.
World consumption of American cotton in March was
larger than in any other month since January 1930, or in
over two years, according to the New York Cotton Exchange
Service. It aggregated 1,157,000 bales compared with
1,066,000 in February and 979,000 in March a year ago.
The Exchange service on May 3 also said:
Total consumption in eight months of the season to the end
of March
was 8,373.000 bales, compared with 7,254,000 in the same
period last
season. Consumption is normally at a relatively high level
during the
spring months and normally tends downward during the
early summer,
but this season it is subject to irregular influences, with the
present trend
upward in the Orient, downward in the United States, and
uncertain in
Europe. It will be noted that if average monthly
consumption from
April to July inclusive should be the same as in March, the
season total
would be 13,001,000, while if the monthly average should
be 1,100,000
the season total would be 12,773,000.
Half of Cotton Holdings of Cotton Stabilization Corporation to Be Disposed of in Year Beginning
Aug. 1 1932, According to Federal Farm Board—
Meeting of Cotton Advisory Committee.
Approximately half of the 1,390,000 bales of cotton held
by the Cotton Stabilization Corporation (650,000 bales) will
be sold during the fiscal year beginning August 1 1932,
according to an announcement made May 2 by the Federal
Farm Board. It was further stated that it is the purpose
to distribute the sales "throughout the season
without disturbance to markets or to price levels. The Board indicates
that this action is in accord with recommendations
made
by the Cotton Advisory Committee. The latter, it
is learned
from the Board's announcement, understands that cotton
cooperatives are holding about 2,100,000 bales of
the crop of
1930 under a commitment of the Board, extending
to July
31 1933, and they will continue to withhold this
cotton from
the market unless it can be sold at cost plus the carrying
charges,—viz., a price around 13 cents. The Board's
announcement of May 2follows:
The Cotton Stabilization Corporation will be
authorized by the Federal
Farm Board to sell not to exceed 650,000
bales of its present holdings in
the fiscal year beginning Aug. 1 1932. This
amount is approximately
one-fifth of the total quantity of cotton now
being withheld from sale by
The Cotton Stabilization Corporation and
by cotton co-operative associa t ions.
The Corporation will make every effort
to distribute sales throughout
the season without disturbance to markets or
to price levels.
This authorization by the Farm Board is in
full accord with recommendations made by the Cotton Advisory Committee
and also by the
cotton co-operatives, leading Southern bankers,
and leaders in the textile
trade.
The full text of the recommendation by the Cotton Advisory Committee
follows:
"The Cotton Advisory Committee to the Federal Farm Board met at
the call of the Board on April 28 and 29 and has gone into the cotton
Volume 134
situation with great care, reviewing the data on current demand and
supply, finances, and other general conditions.
"The Cotton Advisory Committee understands that the cotton cooperatives are holding approximately 2,100,000 bales of the crop of
1930, under a commitment of the Farm Board extending to July 31 1933.
"The Committee understands that this cotton will be withheld from
the market throughout the next cotton year, ending July 31 1933, unless
it can be sold at cost plus carrying charges, which would mean a price
around 13 cents.
"The Committee also understands that The Cotton Stabilization Corporation holds about 1,300,000 bales under pledge to make no net sales before
July 31 1932.
"The Cotton Advisory Committee believes the orderly liquidation of
these stabilization stocks to be desirable and that such an orderly liquidation wll prove a constructive factor in the market; that a statement as to
the extent and manner of such liquidation will remove much uncertainty
and doubt.
"Therefore the Committee recommends that not to exceed 650,000 bales
of the stocks belonging to The Cotton Stabilization Corporation, being
approximately one-half of the 1,300,000 bales now held, be sold during
the coming season, beginning in August 1932 and ending in July 1933;
that such liquidation be accomplished gradually, with the intent and in
such manner that no markets shall be unduly disturbed."
The following members of the Cotton Advisory Committee attended the
meeting:
Dr. Bradford Knapp, Auburn, Alabama,
President, Alabama Polytechnic Institute;
U. Benton Blalock, Raleigh, North Carolina,
President, American Cotton Co-operative Association;
A. E. Robs, Oklahoma City, Oklahoma,
Oklahoma Cotton Growers Association;
F. M. Hayner, El Paso, Texas,
Southwestern Irrigated Cotton Growers Association;
Harry L. Bailey, Boston, Massachusetts,
Associated with Wellington Sears Company; and
B. B. Gossett, Charlotte, North Carolina,
Vice-President, American Cotton Manufacturers Association.
Noting that no limit will be set on Monthly Sales, a dispatch May 2to the New York "Times" said:
The Board's holdings of cotton were bought during the summer of 1930
at 16.3 cents a pound, to a total of about $107,000,000. Carrying charges
have been about $3.50 a year per bale.
It was denied at the Board's offices that its cotton holdings were being
disposed of to provide funds with which to make loans to co-operatives. . . .
Demand has been particularly heavy in recent months from private
traders in wheat as well as in cotton, and it has been contended that the
Board's retention of large supplies had acted as a "cloud" over the market,
resulting in continued depression of prices.
The Board is now operating under a self-imposed rule of selling not
more than 6,000,000 bushels of stabilization wheat in the domestic market
each month. This agreement expires July 1 and private traders are again
demanding that the Board liquidate its holdings, write off its losses,
amounting on Oct. 31 to $177,000,000, and quit the business. There is
no indication to date that the demands will be met.
An announcement April 26 by the Federal Farm Board
of the proposed meeting of the Cotton Advisory Committee
on April 28 and 29 follows:
A meeting of the Cotton Advisory Committee to the Federal Farm
Board will be held in the offices of the Board 'beginning Thursday, April
28. This will be the first meeting of the new Committee which was elected
on February 1 by the cotton co-operatives in accordance with the provisions of the Agricultural Marketing Act.
The cotton co-operatives have reported to the Farm Board that Mr.
B. B. Gossett, of Charlotte, N. C., has been chosen to fill the vacancy
on the Committee caused by the resignation of Mr. B. E. Geer, of Greenville, S. C.
Mr. Gossett is Vice President of the American Cotton Manufacturers
Association, a director of the Cotton Textile Institute, President and
Treasurer of the Chadwick-Hoskins Company, Charlotte, N. C., President
of the Hoskins Corporation, New York City, President of the Martinsville
Cotton Mills Co., Inc., Martinsville, Va., and Vice President and Treasurer
of the Gossett Mills, Anderson, S. C.
"I only hope I can be of some alight assistance to the Board in its
effort to solve a few of the many complex problems with which it is
confronted," Mr. Gossett says in a letter to Mr. Carl Williams, Member,
Federal Farm* Board, following his election to the Advisory Committee by
the cotton co-operatives.
In addition to Mr. Gossett, other members of the Cotton Advisory Committee are:
Dr. Bradford Knapp, Auburn, Alabama,
President, Alabama Polytechnic Institute;
U. Benton Blalock, Raleigh, North Carolina,
President, American Cotton Co-operative Association ;
A. IL Stone, Dunleith, Mississippi,
Vice President, Staple Cotton Co-operative Association ;
A. II. Kobs, Oklahoma City, Oklahoma,
Oklahoma Cotton Growers Association;
F. M. Hayner, El Paso, Texas,
Southwestern Irrigated Cotton Growers Association; and
Harry L. Bailey, Boston, Massachusetts,
Associated with Wellington Sears Company.
British Cotton Mills End 1929 Wage Scale—Action
Leaves 500,000 Workers in Spinning Industry
Without Agreement.
From the New York "Evening Post" we take the following from Manchester (England), May 3:
A decision of great importance to the Lancashire cotton industry was
made to-day when the Spinners and Manufacturers' Association announced
it would terminate the agreement of 1929 which specifies a standard wage
and working schedule for mill hands.
This action was the outcome of refusal by the employees to negotiate on
wage reductions or to conclude an agreement on the so-called more-loomsper-weaver system. It leaves the spinning and weaving sections of the industry, involving half a million workers, without any agreement on hours
and wages.
A number of firms already have entered into private agreement with
their employees for the adoption of the more-looms system, or have reduced
wages. Other members of the employers' association now are free to make
similar arrangements with their own workers.
3355
Financial Chronicle
Heavy Exports Cut into American Cotton Supply.
Heavy exports of cotton from the United States are cutting
large quantities from surplus domestic stocks; nevertheless,
the apparent supply remaining in the United States on
April 1 Was about 3,500,000 bales larger than on April 1 a
year ago, and 5,900,000 bales larger than on April 1 1930,
said a current report of the Bureau of Agricultural Economics, United States Department of Agriculture, on world
cotton prospects, announcement of which was made April 29.
March exports of domestic cotton were the largest since
1926-27, and 53% greater than exports in March 1931, the
result largely of heavy takings by Japan and China and of
the fact that France took the largest quantity for the month
of March since 1918-19. India exports of cotton, on the
other hand, were the smallest in more than 20 years, but
Egyptian exports were higher than in March a year ago.
The Bureau says:
"There is little doubt that world consumption of American cotton in
March was higher than in the same period last year, since consumption of
American cotton in the United States in March was about the same as that
of a year ago, and consumption in many of the important foreign countries
was larger than in March 1931. This is due largely to activity in the
Orient, Great Britain and Germany. In the Orient the large quantity of
American cotton being consumed is not so much a result of increased mill
activity as it is the use of much larger proportions of Atnerican cotton."
Viewing the domestic production scene, the Bureau finds
"producers again reducing their expenditures in response to
low prices and incomes. Fertilizer sales through March
were the smallest for more than a decade, and sales of horses
and mules were the smallest since 1920-21."
Prices of Farm Products Decline Two Points From
March 15 to April 15.
Prices of farm products lost the advance of one point
made in March and also another point when on April 15
the index stood at 59% of the 1910-1914 average as contrasted
with 61% on March 15, according to the Bureau of Agricultural Economics, United States Department of Agriculture.
The decline of two points from March 15 to April 15, says
the Bureau, was general in all commodity groups included
in the index except the fruits and vegetables group, which
actually advanced five points during the period, on account
of a substantial increase in the prices of apples and citrus
and a slight advance in prices of potatoes. Under date of
April 29 the Bureau further reported:
Slight declines recorded in the farm price of corn, wheat and rye brought
the index of grain prices down one point. Continued declines in prices of
eggs, butter, butterfat and milk caused a drop of two points in the dairy
and poultry products group, although the farm price of chickens was
unchanged.
The farm price of cotton and cottonseed declined somewhat in the period
from March 15 to April 15, the index for these commodities on the latter
date being reported at 46% of the 1910-1914 average. The index of prices
of all meat animals except lambs was reduced to 66% of the pre-war
average.
The farm price of corn, after having remained practically the same in
March as in February, was 2.5% lower on April 15, the decline being most
pronounced in the East and West North Central States. The price remained
unchanged from March 15 to April 15 in the South Atlantic States, and
advanced slightly in the South Central division.
Prices of hogs on farms declined about 8% between March 15 and
April 15, and relatively greater declines in the farm price of hogs than
in the price of corn resulted in a decline in the corn-hog ratio from 12.1
on March 15 to 11.4 on April 15. The farm price of lambs on April 13
showed some improvement compared with the March 15 price, but the
farm price of wool declined 11% in the month.
Output of Flour Again Falls Off.
General Mills, Inc. summarizes the following comparative
flour milling activities as totaled for all mills reporting in the
milling centers as indicated:
PRODUCTION OF FLOUR.
(In Barrels)—
Northwest
Southwest
Lake, Central and Southern_
Pacific Coast
5 Weeks
Ended
Apr, 30.
Same
Period
YearAgo.
Cumulative Cumulative
Since June Same Period
30 1931. 1930-1931.
1,493,124
2,285,364
2,045,452
361,526
1,831,877
2,229,038
2,362,928
360,245
15,400,430
20,869,671
19,261,129
3,746,037
19,250.102
21,339,324
21,771,961
3.622,833
Grand total
6.185.466
6.784.088 59.277.267 65.984.220
Note.—ThLs authoritative compilation of flour milling activity represents approximately 90% of the mills In principal flour producing centers.
Sugar Price Cut by Refiners to 3.75 Cents a Pound—
Lowest Level Since 1914.
The price of refined sugar was reduced for the third time
within a week on May 5 to 3.75 cents a pound. The reduction which was 23/ points was made by the American Sugar
Refining Co., the National Sugar Refining Co., the Pennsylvania Sugar Co., the McCahan (W. J.) Sugar Refining &
Molasses Co., the California & Hawaiian Sugar Refining Co.
and Arbuckle Bros. The first reduction was made on May 2
3356
Financial Chronicle
when the price was reduced 10 points from 3.90 cents to
3.80 cents a pound. This reduction which was the first
since April 5, when leading sugar refiners made the price
3.90 cents in the hope of increasing the buying of sugar, was
also met by the Revere Sugar Refining Co. The second reduction occurred on May 4 when all companies but Arbuckle
Bros. and the Revere Company reduced the price 23' points
to 3.77M cents. The Revere Sugar Co. met this reduction
on May 5.
Soviet Russia Reported As Buying Wheat.
Associated Press advices May 5 from London said:
The financial district heard to-day that Russia had turned wheat buyer,
having contracted for 40,000 tons of Canadian grain and 7,000 of Australian
at "ordinary grain cash terms." These reports had it that Russia was
In the market for a total of 100,000 tons of wheat, and this was interpreted
to indicate that Siberia was short of grain.
Some authorities held that it probably would be cheaper to transport the
grain across the Pacific than to send it overland from the Russian Black
Sea wheat fields.
The grain already contracted for will be shipped from Canadian and
Australian ports to Vladivostok.
From the New York "Herald Tribune" of May 6 we take
the following:
Confirmed in Vancouver.
The Vancouver "Sun" said that it had confirmed the sale of 1,500,000
bushels of grain for shipment to Russia from Vancouver. The paper added:
"With Russia, three months ago regarded as the greatest menace to other
-exporting countries, now back in the world markets as a buyer.
wheat
Vancouver grain men believe that possibly 10,000.000 bushels of wheat
would move through Vancouver to Siberia within the next few months.
"While the requirements of the Russian military forces in Siberia are
considered the chief cause of the Canadian orders, the underlying reason
for the shipments is believed to be new famine conditions in the Volga
section of Russia."
From Washington May 5 we quote the following Associated
Press advices:
While having no authentic reports, officials of the Department of Agriculture said to-day that it was quite likely that Russia had entered the
world wheat market as a buyer and might take quantities of North American stocks. They pointed to the Soviet's short crop last year and the
rationing to provide seed for planting and some wheat for export.
Leslie A. Wheeler, in charge of foreign agricultural information, said:
"When Russia exported 50,000,000 bushels at the start of the season it
probably overshot its mark."
Latest figures, while not covering the 1931 crop, show that revised estimates of Russia's huge 1930 production are 989,000,000 bushels, compared with 1,034,000,000 estimated a year ago.
May 7 1932
Approximate Deliveries
to American MUls.y
Approximate Amount of Japan
Silk in 7'ransU Between Japan
and New York End of Month.
1932.
January
February
March
April
May
June
July
August
September
October
November
December
1931.
1930.
1932.
1931.
1930.
58.793
45,909
46,761
35,779
55,910
54,242
55,383
41,356
45,073
42,161
44.746
46,454
53,819
56,668
50.645
48,432
57.683
49,852
50.863
41.584
40.823
29,396
39.948
41,734
55.649
61,937
57,333
55,424
48,500
31.000
28,800
34,800
37,700
37.700
21.300
24,800
36,900
33.400
41,600
40,500
53,200
59.700
50.800
53.900
37.000
24.000
17,800
8,000
7,700
16.300
31,200
41,700
51.600
46,400
45,500
35,600
187,242 594,889 582,226
Total
49,574
Average monthly
th
46,811
48,519
zo:iaa
x Covered by European Manifests Nos. 16 to 19 inclusive. Asiatic manifests
Nos. 68 to 86 Inclusive. y Includes re-exports. z Includes 1,908 ha es held at
terminals at end of month. Stocks In warehouses include National Raw Silk
Exchange certified stocks. 4.170 bales.
35- iia
,
National Wool Marketing Corporation Prepared to
Handle Entire 1932 Wool Production.
The National Wool Marketing Corporation after a conference in Boston on April 30, announced that it was prepared to handle the entire wool production of the United
States for 1932. This is learned from the Boston "Herald"
of May 1, from which we also take the following:
"Ample funds, warehousing facilities and experienced personnel for
financing and efficient handling have been provided," the announcement
said. "Acceptances by the growers of offers which ignore entirely present
tariff protection will, therefore, not be necessary.
"The wool remaining from 1931 will be marketed to orderly mill demand
as in the past, having in mind the protection of values. The National
looks forward to the future, confident in the belief that the wool industry,
through co-operative efforts, will work its way out of present difficulties."
The announcement followed conferences between C. B. Denman. member; George H. Thomas, chief of loan division, Federal Farm Board, and
members of the executive committee of the National Wool Marketing
Corporation and financial institutions.
Five-Day Week Adopted by International Shoe Co.
Effective May 5 the International Shoe Co. of St. Louis
placed its plants on a 5-day week schedule againat five and a
half day, previously. Other major shoe manufacturers in
this district have adopted this operating schedule, including
Brown Shoe Co. and Endicott-Johnson.
Petroleum and Its Products-International Leaders
Ready for Conference on United Move to Equalize
Production and Demand-Beaty Sees Future
Brighter.
International agreements reaching toward a definite
understanding among crude producers of the world in regard
to curtailment of oil output with limits to be mutually
agreed upon, will be discussed at the conference scheduled
to be held in New York City this month.
Preliminary reports indicate that one of the important
Imports of Raw Silk Declined During Month of April
Approximate Deliveries to American Mills Also actions of the conference will be the price agreement between
the Russian Government oil monopoly and the Royal
Fall Off-Inventories Lower.
Dutch-Shell interests. 'It is intimated that under such an
According to the Silk Association of America, Inc.,
agreement.the Soviet will receive more for its exported oil
imports of raw silk received during the month of April 1932
than it has during the last few years of oil dumping. Soviet
amounted to 30,953 bales as compared with 38,866 bales
oil has been sold in the past at prices ranging from 15% to
in the preceding month and 29,446 bales in the corresponeing
35% below world prices. The economic feature which
period last year. Approximate deliveries to American mills
persuaded the Soviet to participate in this conference is
in April totaled 35,779 bales as against 46,761 bales in the expectation that it will thereby receive the same
amount
March last and 41,356 bales in April 1931. Stocks at wareof money for a smaller amount of oil and be enabled to
houses on April 30 1932 were 57,849 bales as compared with
keep more of its production at home, where it is badly needed.
62,675 bales at March 31 1932 and 35,497 bales at April 30
In the plan to be discussed at the conference, American
1931. The Association's statement follows:
oil interests would be required by an agreement that for
RAW SILK IN STORAGE.
five years our exports would not exceed imports by more
(As reported by the principal public warehouses in New York City and Hoboken.)
than a specified quantity. The American attitude has
Japan. All Other.
Total.
Figures in BalesEuropean.
2,132
4,622
62,675
55,921
In storage, April 1 1932
been, that while willing to enter the conference, they have
April 1932.x
602
30,236
115
Imports, month of
30,953
doubt as to the legality of the agreement under the anti2,734
86,157
4,737
93,628
Total available during April
trust laws. However, J. B. Aug. Kessler, joint managing
2,032
52,524
3,293
57,849
In storage. May 1 1932_z
director of the Royal Dutch-Shell group declares he has
deliveries to American mills during
Approx.
702
33,633
1,444
35,779
April 1932-y
received authoritative advice that the' plan would not
SUMMARY.
violate American laws.
Amos L. Beaty, President of the American Petroleum
Imports During the Month.:
Storage at End of Month.x
Institute, expresses the belief that the oil industry is drawing
1931,
1932.
1930.
1932.
1931.
1930.
nearer to "fundamental and conclusive remedies." He
49,294
43,175
52.238
62,905
51,814
76,264
January
declares that "there are no dissenters from the proposition
47,827
42,234
53,574
70,570
45,399
68,646
February
57.391
39.990
62,675
57,773
38.866
47,407
that if the potential production of crude oil were less than
March
29.446
37,515
30.953
57,849
35,497
53,704
April
consumption, or even low enough that refiners and marketers
42,264
22.596
-....
32,688
35,477
May
. 46,825
22.369
......
37,352
28,450
June
would fear a shortage in the near future, conditions all
37,315
47.063
-___
29,921
35,565
JULV
51,147
58.411
__
_
41,878
44,978
August
the way down the line would immediately and substantially
58.292
....
. 48.040
47,621
36.099
September
65,594
70,490
____
49,921
improve."
51,278
October
..
55,293
67,999
____
67,275
49,238
November
Touching upon the production in crude output Mr. Beaty
64.816
50.617
____
69,460
58,430
December
points out that "low prices for crude, coupled with the
175,631 605,919 549,884
Total
50.493
45.824
63,500
45:393
50:619
Avemu,. nmnthlv _ _ 43.908
fact that if new pools are brought in they will be under proSpain Authorizes Additional Importation of Wheat.
The Spanish Government has authorized the importation
of an additional quantity of 100,000 tons of wheat, according
to a radiogram dated May 2, received in the Department of
Commerce from Commercial Attache Charles A. Livengood
at Madrid. On May 3, the Department also stated that
that each shipment is subject to previous authorization by
the Ministry of Agriculture, Industry and Commerce.
Volume 134
a
ration rather than on the old gusher basis, have worked
vital change in this kind of enterprise. Even the major
companies have given up their wild scrambles for acreage.
In the aggregate they have surrendered many million
acres of prospective oil land held under lease rather than
pay rentals. Thousands of stripper wells, which a few
years ago were considered the backbone of the industry,
have been abandoned and put out ox the picture. So that,
as long-pull proposition, we are definitely headed for a
balance between potential supply and demand."
The question of foreign competition in the domestic market
is also covered by Mr. Beaty in his statement that production in foreign countries cannot be overlooked, of course,
but our exports have dwindled until at the present time
crude oil and products are being imported in larger volume
than they are being exported. The great oil market of
the world is the United States, and it is fair to assume that
this will not be surrendered to foreign production, at least
until domestic business is on a profitable basis and imports
are desirable.
No further price changes in the domestic field were
announced during the week, but in Oklahoma the Corporation Commission increased the daily allowable flow of
Oklahoma City field 4,000 barrels to a total of 105,000
barrels daily for the month of May.
An important development this weak in the Texas situation
was the decision of the United Stated Supreme Court that
it has jurisdiction to review lower court decisions enjoining
enforcement of the Texas curtailment law. The case has
been brought before this high tribunal on appeal of Governor
Ross Sterling of Texas from a lower court decision which
enjoined enforcement of any military or executive orders
regulating or res.,ricting the production of oil. This action
is of vital intereA to the industry, as the constitutionality
of the statute is involved.
company advances tank wagon furnace oil lc. a gallon throughout territory. except metropolitan Chicago.
-Atlantic Refining Co. meets gasoline and kerosene Price adMay 2.
vances of Standard of New York in Buffalo district.
-Standard Oil Co. of Ohio advances service station gasoline
May 2.
4111
prices lc. a gallon throughout eastern Ohio.
-The Texas Co. advances tank car kerosene price He. to Sc.
May 2.
and Bayonne.
per gallon at Portland. Providence
-Standard Oil Co. of New York advances tank car gasoline at
May 5.
Buffalo to 6%c. per gallon.
-Standard Oil Co. of New York advances tank car gasoline
May 6.
at Buffalo to 63ic. per gallon.
-Effective to-day, Standard Oil Co. of New Jersey advances
May 7.
,
tank car gasoline 34c. a gallon. New prices are 6.41c. for 60 octane motor
gallon for
gasoline; 7c. a gallon for 65 octane motor gasoline; 7)c. a
Standard gasoline.
Gasoline, Service Station. Tax Included.
$ 155
3.18 Kansas City
$ 165 Cincinnati
New York
167
18 Minneapolis
195 Cleveland
Atlanta
118
19 New Orleans
.164 Denver
Baltimore
13
13 Philadelphia
18 Detroit
Boston
17
17 San Francisco
173 Houston
Buffalo
134
19 St. Louis
18 Jacksonville
Chicago
Tank Car Lots. F.O.B. Refinery
Kerosene, 41-43 Water White,
ex_ _ $0.03%
(Bay onne) 0534-.06 I Chicago_ _ _ _ $.02h-.034 I New Orleans. 0414-.034
N.Y.
.
03 I Los Aug..ex_ .0434-.06 I Tulsa
North Texas
Fuel 011. F.O.B. Refinery or Terminal
Gulf Coast "C", -3.55-.65
California 27 plus D
N. Y.(Bayonne)5.75-1.00 Chicago 18-22 D..424-.50
5.85
Boner "C"
70
New Orleans "C"___ .5.5 Philadelphia "C"
1.30
Diesel 28-30 D
Gas 011, F.O.B. Refinery or Terminal.
I Tulsa
I ChicagoN. Y.(Bayonne)32-36 D Ind__$.015(-.02
28 D pius__5.039( .041 32 36 D Ind__$.018-.021
Lots, F.O.B. Refinery,
Gasoline, U. S. Motor. Tank (Above 65 Octane) Car
$ 05$4-.05M
Chicago
N.Y.(Bayonne)N.Y.(Bayonne)- '
$ 063( New Orleans. ex. .05-.051(
Sinclair
Standard 011, N. .1.04-.04X
Arkansas
Pet. Co. .06
Pan-Am.
Motor, 60 oe,05-.07
Shell Eastern Pet_ .0614 California
3 08%
tane
Los Angeles,ex .041(-.07
New YorkMotor. 65 oeColonial-Beacon-3.0614 Gulf Ports- -... .05-.051(
.07
tane
04)(-.05)(
.063 Tulsa
Crew Levick
Motor,standard .071(
.055(
.06h Pennsylvania__
z Texas
Stand, 011, N. Y. .07
07
Gulf
Tide Water 011 Co .0651
06
Continental
.07
Richfield Oil (Cal.)
*.0634
Warner-Quin. Co. .065‘ . Republic Oil
• Below 85 Octane. z "Texaco" is .07.
Weekly Refinery Statistics for the United States.
Reports compiled by the American Petroleum Institute
Prices of Typical Crudes per Barrel at Wells.
for the week ended April 30, from companies aggregating
(All gravities where A. P. I. degrees are not shown.)
$0.78
51.60 Eldorado, Ark., 40
3,661,600 barrels, or 95.1% of the 3,852,000 barrel estimated
Bradford. Pa
•.83
1.05 Rusk, Texas. 40 and over
Coming, Pa
.88 daily potential refining capacity of the United States, in.80 Salt Creek. Wyo..40 and over
Illinois
.90 Darst Creek
Western Kentucky
dicate that 2,280,700 barrels of crude oil were run to stills
1.25
Miticontinent, Okla., 40 and above_ 1.00 Sunburst, Mont
•.8I Santa Ire Springs, Calif., 40 and over .75
Hutchinson, Texas, 40 and over
daily, and that these same companies had in storage at re.72
S.81 Huntington. Calif., 26
Spindletop, Texas, 40 and over
1.75
fineries at the end of the week, 46,403,000 barrels of gaso•.86 Petrolia, Canada
Winkler. Texas
• Effective April 11932.
.77
Smackover, Ark.. 24 and over
line, and 123,911,000 barrels of gas and fuel oil. Reports
received on the production of gasoline by the cracking
-GASOLINE AND KEROSENE PRICES
REFINED PRODUCTS
process indicate that companies owning 95.6% of the potenADVANCED OVER WIDE AREA-MARKETS FIRM.
manufactured
Advances in bulk of retail prices of gasoline, kerosene tial charging capacity of all cracking units,
during the week.
and fuel oils were advanced over a wide area this week. 3,112,000 barrels of cracked gasoline
The complete report for the week ended April 30 1932,
Featuring the higher levels is the announcement of the
Standard Oil Co. of New Jersey of Mc. a gallon increase in follows:
OIL
GAS
spot tank car, effective to-day, Saturday. Standard's new CRUDE RUNS TO STILLS, GASOLINE STOCKS AND 1932. AND FUEL
STOCKS, WEEK ENDED APRIL 30
/
prices are 63 0. for 60 octane motor gasoline; 7c. for 65
(Figures in Barrels 01 42 Gallons)
octane motor gasoline, and 73.c. for Standard gasoline.
Per Cent
Per Cent
The Standard Oil Co. of New York made two advances
Oar and
OPer.
Crude
Potential
Fuel Oil
of Total &Gasoline
Runs to
Capacity
Distrid.
in tank car gasoline in Buffalo in 24 hours. The first
Stocks.
Stocks.
Capacity
Stills.
ReportReport.
advance announcement Thursday with the price of 63(e. a
fag.
5,743,000
gallon, followed on Friday by an additional Xc. advance East Coast
7,367,000
3,104,000
100.0
1,137.000
1,819.000
761,000
Appalachian
2
to 63/c. a gallon. The same company had earlier in the Ind., Illinois, Kentucky 91.8
4,031,000
6,515,000
2,171,000
98.9
3,215,000
3,764,000
1,634,000
week advanced tank wagon and service station gasoline Okla., Kans., Missouri_ 89.6
8,601,000
8,151,000
3,752,000
91.3
4,538,000
1,997,000
price Mc. a gallon in the Buffalo territory, and also posted Texas
1,059,000
LouLsiana-Arkansas_...._ 98.9
622,000
2,021,000
317,000
89.4
kerosene prices. Rocky Mountain
an increase of Mc. a gallon in tank car
96,024,000
14.679,000
3,167,000
96.7
California
These advances have been met by major companies in the
46,403,000 123,911,000
62.3
15.965,000
Total week April 30_ 95.1
2,280,700
territories affected.
Daily average
47,285,000 124,328,000
61.7
15.803,000
Total week April 23- 95.1
The long-expected upward advance of kerosene prices Daily average
2,257,600
645,014,000 127,637,000
67.2
16.795,000
Total May
came this week with the announcement of the Texas com- Daily average2 1931_ 95.7
2,399,300
pany of a Mc. in tank car, prices are now quoted at 6e. a
5,819.000
6,596,000
82.1
3,056,000
99.8
cTexas Gulf Coast
3,849.000
1,853,000
74.6
770.000
gallon at refiners in Portland, Providence and Bayonne. cLouislana Gulf Coast_ 100.0
Much stronger tone is noted in Diesel oil and there is
a Stocks at refineries, except in California district, which includes stocks of
water terminals and sales disand engine distillate at refineries,
little doubt that the present price of $1.30 a barrel of re- finished gasoline and amounts in transit thereto. b This figure is not entirely
tributing stations
made since original publication of
stocks due
with
finery will be advanced to higher levels shortly. Bunker comparable from.currentrevisions theto revisions
basic information is not available by weeks.
which
this figure,
reflect
the
and local refineries are If it were possible to have made the revision weeknew figure would1932. somefuel oil has no increased demand
ended April 30
what lower stocks. c Included above for the
quoting formerly at $1.65 a barrel refinery. There has been
Note.
-All figure; follow exactly the present Bureau of Mines definitions. Crude
of
oil runs to stills include both foreign and domestic crudes. In California, stocks
a large volume of contract business closed this week on heavy crude and all grades of fuel oil are included under heading "Gas and fuel oil
domestic heating oils for next winter, while a moderate stocks."
volume of spot business continues. Consumption of gasoline
Daily Crude Oil Output.
throughout the country compares very favorable with this
period last year and leaders in both producing and refining
The American Petroleum Institute estimates that the
circles believe that the price structures, as now established, daily average gross crude oil production in the United States
are on a firm basis and will advance further before any for the week ended April 30, was 2,177,500 barrel), as comrecessions are made.
pared with 2,267,900 barrels for the preceding week, a
The following price changes were posted durirg the week: decrease of 90,400 barrels. Compared with the output for
tank wagon and
May 2.-Standard Oil Co. of New Yorkinadvances district. including the week ended May 2 1931 of 2,475,100 barrels per day,
gallon
Buffalo
service station gasoline prices %c. a
the current figure represents a decrease of 297,600 barrels
Buffalo, Jamestown and other points. Also adSyracuse, Rochester,
daily. The daily average production East of California for
price of kerosene Mc. a gallon and tank car price Uc. a gallon
venom retail
throughout territory.
the week ended April 30 1932 was 1,659,900 barrels, as
tank wagon kerosene
-Standard Oil Co. of Indiana advances
May 2.
compared with 1,747,600 barrels for the preceding week, a
excepting Michigan and Indiana. Same
o.cocl,
nn.n.olsom,01
A
3357
Financial Chronicle
IC. a gallon throughout territory,
3358
Financial Chronicle
decrease of 87,700 barrles. The following are estimates of
daily average gross production, by districts:
DAILY AVER AGE PRODUCTION (FIGURES IN BARRELS).
Weeks EndedApr.30'32. Apr. 23 '32. Apr. 16 '32. May 2 '31.
Oklahoma
399,150
468,950
395,800
551,050
Kansas
94,850
98,450
100,000
107,400
Panhandle Texas
50,450
52,550
52,050
56,500
North Texas
47,500
48,650
49,450
57,200
West central Texas
25,100
24,850
25,000
25,150
West Texas
180,650
180,550
178,700
212,650
East central Texas
56,350
56,550
55,500
50,750
East Texas
334,850
346,350
343,450
339,750
Southwest Texas
52,750
52,300
54,850
62,500
North Louisiana
30,050
28,400
29,450
39,050
Arkansas
34,950
34,900
35,000
46,890
Coastal Texas
109,900
107,350
110,400
159,700
Coastal Louisiana
34,400
32,850
34,250
30,350
Eastern (not incl. Michigan)__.
106,050
104,350
104,500
103,100
Michigan
17,500
15,450
18,800
8,600
Wyoming
38,050
37,600
39,500
43,750
Montana
6,600
6,500
6,750
8,650
Colorado
3,400
3,500
4,150
4,250
New Mexico
37,250
37,100
37,550
41,350
California
517,600
517,800
520,300
526,500
Total
2,177,500
2,267,900
2,181,650
2,475,100
The estimated daily average gross crude production for the Mid-Continent Field, including Oklahoma, Kan as, Panhandle, North, West
Central, West, East Central, East and Southwest Texas, North Louisiana
and Arkansas, for the week ended April 30, was 1,306,650 barrels, as
compared with 1,396.100 barrels for the preceding week, a decrease of
89.450 barrels. The Mid-Continent production. excluding Smackover
(Arkansas) heavy oil, was 1,282,950 barrels, as compared with 1,372,450
barrels, a decrease of 89,500 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:
-Week Ended-Week EndedOklahoma.Southwest TexasApr.30. Apr.23.
Apr.30. Apr.23.
Bowlegs
9,850 13,300 Chaim:lean-Abbot
1,400
1,400
Bristow-Slick
11,350 11,350 Darst Creek
17,300 18,650
Burbank
11,100 10,950 Luling
7,250
7,350
Carr City
8,600 12,750Salt Flat
9,350 10,000
EarLsboro
North Louisiana
11,950 14,050
East Earlsboro
10,950 12,800 Sarepta-Carterville
850
850
South Earisboro
3,900
3,850 Ewolle
7,450
6,750
Konawa
5,300
Arkansas
5,300
Little River
Smackover. light
16,350 19,400
2,900
2,900
East Little River
1,500
2,150 Smackover, heavy
23,700 23,650
Maud
2,100
2,100
Coastal Texas
Mission
.
6,450
7,550 Barbers Hill
19,250 19,100
Oklahoma City
88,350 137,900 Raccoon Bend
4.800
4,850
St Louis-Pearson
18,050 19,750 Refuglo County
9,150
9.100
Searight
3,700
4,050 Sugarland
10,000
9,850
Seminole
10,300 11,600
Coastal Leui.91aslaEast Seminole
1,400
1,250 East HackberrYKansasOld Haekberry
Ritz
11,150 11,750
WyomingSedgwlek County
13,600 13,750 Salt Creek
22,550 22,450
Voshell
6,750
9,050
Montana
Panhandle TexasKebin-Sunburst
3,350
3,360
Gray County
30,500 33,100
New Mexico
Hutchinson County__ 13,300 13,200 Hobbs High
30,500 30,500
North TexasBalance Lea County_.._k 4,40016 4,400
A reher County
10,600 10,600
r altforniaPI
North Young County
6,000
5,950 Dominguez
32,300 33,700
Wilbarger County
9,650
9,600 Elwood-Goleta.
16,200 16,800
West re leat Texas,
Hungtinton Beach
22,200 22,500
South Young County.__ 3,800
3,500 Inglewood
13,700 14,000
West TexasKettleman Hills
61,600 61,000
Crane & Upton Counties 21,000 21,000 I.ong Beach
83,100 82,300
Ector County
4,200
4,150 Midway-Sunset
49,900 50,200
Howard County
23,200 23,100 Playa del Rey
17,800 17,900
Reiman County
22,400 22,450 Santa Fe Springs
68,200 66,900
Winkler County '
31,250 31,250 Seal Beach
13,300 12,700
Yates
65,250 65,250 Ventura Avenue
29,100 28,800
Balance Pecos County._ 2,450
2.450
Pennsolnanta Grade
East Central TexasAllegany
7,150
7,650
Van Zandt County
49,800 50,150 Bradford
30,650 28,600
East TexasKane to Butler
7,500
7,050
Rusk Co.: Joiner
108,400 109,950 Southwestern Penne__ 3,100
3,100
Kilgore
103,750 107,900 Southeastern Ohlo
5,350
5,401)
Gregg co.: Longview__ 124,700 128,500 West Virginia
12,300 12,300
7128 92
Increase in Oil Prices in Colombia Brings Price to
Highest Point in Year.
Associated Press accounts from Bogota (Colombia),
April 16, stated:
The Tropical Oil Co., a subsidiary of the Standard Oil Co. of New
Jersey and the only producing ccrnpany in Colombia, raised the oil price
to-day to $1.21 a barrel. It was the third increase in a month, and
brought the price to the highest point in a year.
Bulk Terminal Stocks of Gasoline and Gasoline in
Transit.
The American Petroleum Institute below presents the
amount of gasoline held by refining companies in bulk
terminals and in transit thereto, by Burdau of Mines refining
districts, East of California. The Institute's statement, in
full, follows:
It should be borne definitely in mind that comparable quantities of
gasoline have always existed at similar locations as an integral part of the
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 those closely connected with it, have always generally known of their
existence. The report for the week ending Aug. 22 1931, was the first
time that definite 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 figures 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,
May 7 1932
that is, at refineries, water terminals and all sales distributing
including amounts in transit, thereto.
Gasoline at "Bulk Terminals"
Figure. End of Week.
District.
Apr. 30
1932.
Apr. 23
1932.
May 2
1931.
stations
Gasoline "in 7'ransit"
Figures End of Week.
Apr. 30
1932.
Apr.23
1932.
May 2
1931.
East Coast
9,459,000 9,524,000 9,192,000 1,941,000 1,279,000 2,396,000
Appalachian
317,000
316,000
254,000
5,000
16,000
Ind., Ill., Ky
2,176,000 2,017,000 1,107,000
88,000
88,000
38,000
Okla., Kan., Mo._
878,000
890,000
Texas
188,000
141,000
198,000
Louisiana-Ark .
332,000
372,000
359,000
94,000
Rocky Mountain_
Total east of Calif_ 13,350,000 13,260,000 11,110,000 2,128,000 1.367.000 2,450,000
Texas Gulf
Louisiana Gulf_
151,000
257,000
108,000
285.000
172,000
333,000
94,000
Government of Iraq Signs Oil Contract
-Specifies
Control Must Remain in British Hands,
The Government of Iraq signed a contract at Bagdad, on
April 21, granting a concession for the exploitation of oil
lands covering a large area on the west side of the Tigris by
the British Oil Development Co., which has strong continental affiliations. We quote from Bagdad advices to the
New York "Times," which also stated that one clause stipulates that control of the company must remain British.
Peru Acts to Regain Oil Land Taxes
-To Ask World
Court to Revise Ruling on Lease With British
Company.
Associated Press accounts from Lima, Peru, April 22,
stated that the Peruvian Government moved that day to
regain the right to collect taxes on petroleum leases on the
"Brea and Patinas" property in the northernmost department, one of the richest oil regions in the continent. The
press accounts, as given in the New York "Times," added:
On the recommendation of a special committee appointed to investigate
and revise contracts entered into in the regime of former President Augusto
B. Leguia, Congress authorized the Executive Department to ask the
World Court to revise a ruling made by arbitrators on April 24 1922.
Under this ruling, handed down by a board headed by Dr. F. Ostertag,
President of the Swiss Federal Court, the area of the property and the title
of the company were agreed upon on the basis of payments to Peru.
The International Petroleum Co. of Great Britain leased the property.
The lease has'been attacked here on the ground that Peru lost the right to
collect taxes of 10,000,000 soles (normally $4,800,000) yearly for 50 years.
According to the terms of the agreement between the company and
the Government, either party has the right to appeal to the World Court.
The Foreign Minister has wired to the Peruvian delegate at the League
of Nations instructing him to notify the World Court that Peru wants
revision or cancellation of the protocol signed in Lima on Aug. 27 1921
under which Peru and Britain agreed to solve the petroleum field controversy through arbitration if they failed to solve it directly.
Peru Declares Contract for Polish Colonization Lapsed.
The following Lime (Peru) cablegram, April 24, is from
the New York "Times":
Another foad dream for the colonization of the Peruvian Montana
by
European families has been dissipated.
In April 1928 the Government made a contract with a syndicate for
the Polish colonization of 2,470,000 acres of land in the Cepa district at
the junction of the Rivers Ucayali, Tambo and Urubamba. One
hundred
and forty immigrants arrived from Warsaw, their fares advanced
Peruvian Government. Since then, nothing further has been done by the
in the
matter.
The syndicate recently asked for a prolongation of the time
allowed
by the contract, but the Government has refused, declaring the
contract
to have lapsed. It is taking legal steps to recover 84,176 sole advanced
for fares of the 140 immigrants.
Poland Issues Oil Decree.
According to Warsaw advices to the "Wall Street Journal" of April 25 the Polish Government has issued a decree
authorizing the Minister of Commerce to regulate production and marketing of oil, including prices and customs
duties, and to create an oil trust for export. The Government will form the trust if the oil producers do not, says the
account, which also states that the decree will be effective
until 1937.
International Oil Conference to Be Held in New York
Next Week - Delegates from Russia to Participate.
In the New York "Times" of May 3 it was stated that
an international oil conference looking toward balancing
production with demand, as well as toward a division of
foreign petroleum markets, will be begun here next week.
The same paper reported the arrival on May 3 of three
representatives of the Russian oil industry on the North
German Lloyd liner Bremen to attend the conference in
which, it Is stated, the leaders of the world's major companies in the industry are to participate. From the "Times"
we also quote:
Volume 134
3359
Financial Chronicle
W The three Russian representatives are Philip Rabinovich;member of
the Soviet Commissariat for Foreign Trade; Konstantin Riaboval, chairman of the Soyuznefteexport, the Soviet Government exporting company,
and R. N. Frictman, head of the Russian Oil Products Co., owned by
the Soviets.
Another Oil Man on Board.
Heinrich van Riedemann of Zurich, Switzerland, a director of the
Standard Oil Co. of New Jersey, was another passenger on the Bremen,
but said his simultaneous arrival was pure coincidence.
The following is also from the "Times" (May 3):
Executives of the Royal Dutch Shell, the Anglo-Persian Oil Co. and
the Burmah Oil Co. and the foreign director of the Standard Oil Co. of
New Jersey, will leave Southampton on the Europa on Thursday to attend
the conference.
The decision of the Soviet authorities to participate in the conference
Is the first intimation of their willingness to join other oil interests in attempts to stabilize the world's oil markets. It had been assumed that
they would not participate, and for that reason oil executives doubted
that much could be accomplished.
European Oil Men on Europa.
European oil executives who are to arrive on the Europa are Heinrich
van Riedemann of Zurich, Switzerland, a director of the Standard Oil
Co. of New Jersey; W. Fraser, director of the Anglo-Persian Oil Co.;
R. L. Watson, managing director of the Burmah Oil Co., and .1. B. A.
Kessler, joint managing director of the Royal Dutch group.
balm
Texas Railroad Commission Issues Order],Reducing
Crude Oil Allowable Output.
Associated Press advices from Austin, Tex., May 2,
stated:
The Railroad Commission has issued an order reducing the per-well
daily allowable output in the east Texas oil field to 61 barrels for the first
15 days of May, from 67 barrels in the preceding 15 days. For the last
half of May the allowable has been fixed at 59 barrels.
The field allowable of 325,000 barrels daily was continued, the per-well
allowable to be revised for June to meet the number of new wells completed during the intervening Period.
In east Texas oil field last week 126 new wells were completed, a gain
of one well over the week before. A total of 5,136 oil wells has been completed in the field to date.
Allowable Oil Flow in Oklahoma City Increased by
Order of Corporation Commission.
Oklahoma City advices May 2 to the New York "Evening
Post" stated:
Daily allowable flow of Oklahoma City field has been increased 4.000
barrels for May, to a total of 105,000 barrels, by order of the Corporation
Commission.
Nominations of purchasing companies at hearing here totaled about
106,000 barrels daily, about 5,000 barrels above the last half of Apr11.
The largest nominations were made by Oklahoma Pipe Line Co., 24,000
barrels; Empire Gas & Fuel Co.,20,000; Stanolind Pipe Line Co.,18,000 barrels, and Indian Territory Illuminating Oil Co., 7.000 barrels.
Electrolytic copper for domestic shipment is nominally 53%
cents a pound delivered in the Connecticut Valley to the
end of September. The official price of Copper Exporters,
Inc., remains unchanged at 0.1 cents, but special offerings
for European destinations are at 6 cents c.i.f. Hamburg,
Havre and London.
The Non-Ferrous Metals-Spectacular Advance in
Tin-Copper Sales Modest.
Trading in the major non-ferrous metals held at a rather
low level during the week just closing, according to "Metand Mineral Markets" writing under date of May 5. Except for a spectacular advance in tin, inspired by an even
more drastic production curtailment program than previously announced, the trend of prices was mostly downward. The report goes on to say:
Copper sold in a modest way early in the week at a new low, but subsequent sales by first hands were reported on the 5.75c., delivered Connecticut basis, leaving the market virtually unchanged for the week.
Zinc fell to 2.50c., St. L011113, a new low, with lead unchanged. Silver.
antimony and quicksilver were quoted at lower prices than in the preceding week. Tin scored a gain of about 3c. per pound, following the lead
of London. Covering by shorts abroad was a factor in tin.
Pig Iron Production Off 8.9% in April.
April production of coke pig iron totalled 852,897 gross
tons, compared with the March total of 967,235 tons,
according to returns gathered by telegraph and telephone
by the "Iron Age." The average daily output in April,
at 28,430 tons, declined 8.9% from the March figure of 31,201
tons, continues the "Age," which further reports as follows:
Furnaces in operation on May 1 totalled 60. These were making Pig
Iron at the rate of 27.730 daily, against the same number on April 1, with a
daily operating rate of 29,135 tons.
There were few furnace changes during the month. Three furnaces were
blown in and three blown out or banked. The Steel Corporation registered
a net gain of two furnaces by starting three Ensley stacks of the Tennessee
Coal,Iron & Railroad Co.and taking off one Carrie furnace of the Carnegie
Steel Co. Two merchant furnaces were blown out or banked, one in the
Pittsburgh district and one in the Lehigh Valley.
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE.
tomes Tons.)
Pig Iron.x
Ferromanganese.y
1931.
1.714.266
1.706,621
2,032.248
2,019.529
1,994,082
1,638.627
_
Januai '
Februar7
March_
AprilMaY.
June_
1932.
972.784
964,280
967,235
1931.
14.251
19.480
27.899
25.456
23.959
11.243
1932.
11.250
4,010
4,900
481
Martial_Law Invoked in Oklahoma by Governor Murray
-Oklahoma City Drilling District Closed.
United Press advices from Oklahoma City May 6 are
taken as follows from the New York "World-Telegram":
Half year
July
August,
&totem aer
October
Novem aer
Deoem Per
Governor William H. Murray has invoked martial law again In his
crusade to regulate oil operations.
His sweeping mandate applicable to oil activity within the city limits
halted all drilling last night. Besides restricted zones, an area of Capitol
Hill, south suburban district where most of the oil activity Is located,
was declared closed to oil development.
The order was issued upon receipt of a report of a special committee
the Governor had delegated to inspect all city oil areas for fire hazards.
The committee report held that any considerable advance of drilling
would endanger millions In city property.
Year ,.
18.275.185
212.115
x These totals do not Include charooal pig Iron. The 1930 Produ01100 0 Ms
1
iron was 96.580 gross tons. y Included in pig Iron figures.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
-GROSS TONS.
Tin Production Suspension for Two Months Decided
Upon by International Tin Cartel
-40% Production Schedule with Resumption in August.
From London May 3 Associated Press accounts stated:
Tin production in the principal tin countries will be suspended during
June and July and resumed in August at the rate of 40% of the present
assigned quotas, it was announced to-daY.•
The international tin cartel, in which the Malay States, Nigeria, Bolivia
and the Dutch East Indies participate, decided upon this drastic action to
improve the market for their product.
The 40% production schedule will be maintained until the minimum
selling price has been increased to £200 a ton l$732 at yesterday's exchange
rates]. Then production will be raised to 50%.
Meanwhile the tin pool will release one-third, or 7,000 tons, of its stock
on hand. But should the price fall back below £200 the 40% production
will be resumed, The remaining two-thirds of the pool stock will be
released only when the price of tin has averaged £210 a ton for one calendar
month.
As an alternative to total suspension of production, the cartel's statement said, production may be maintained at a rate of 13 1-3% during June,
July and August. The effect of that device would be about the same, it
was said.
The "standard" quota for the affected countries is 161.846 tons each,
but the present quota is 91,096 tons. The present minimum release price
of the pool is £165 a ton.
A
Copper at 55 Cents a Pound-Lowest Price in History.
Copper was available at 5% cents a pound delivered in
the Connecticut Valley to end of August in the domestic
market, on May 4. This is the lowest price at which copper
was ever sold.
--1930-January _
February
March.-_
April.- -
11,105.373
1,463,220
l.280,526
1,168,915
1.173.283
1.103,472
980.376
Steel
MetWorks. chants.. Total.
122.288
17,776
12,482
14,393
14,739
14,705
15.732
Met
Steel
Works. chants.. Itdals
71,447 19,762 91,209 1931-March___ 54,975 11,481
81.850 19.810 101,350
April__ 53.878 13,439
83,900 20,815 104.715
May____ 51,113 13,212
June__ 43,412 11.209
85.489 20,573 106.062
35,1149 12,012
84.310 19,973 l04.2S3
July
August.. 31,739 9.569
June.--- 77.883 19.921 97.804
Septemb'r 29,979 8,9S5
July
68,949 18,197 85.148
30,797 7.0.51
August.. 64.857 16.560 8l.4l7
October
Septemb'r 63.342 13,548 75,S9Novemb'r 31.024 5.758
December 24,847 6.778
October
57.788 12.043 69.311
(
Novemb'r 49.730 12,507 62.237 1932-January _ 25.124 6.258
February 25,000 7.251
December 40,952 11,780 53.732
1931-January _ 45.883 9.416 55,299
March... 24.044 7,117
Anr11
23.143 . 5.287
February 49618 11.3:4? 80 AM
•Includes pig iron made for the market by steel companies.
65.556
67.317
64.325
54.621
47,201
41.308
38,964
37,848
36.782
31,625
31.380
33.251
31.201
28.430
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1927
-GROSS TONS.
1927.
January
February
March
April
100.123
105,024
112,366
114.074
May
109,385
June
102.988
First six months
107.351
July
95,199
August
95.073
September
92,498
October
89.810
November
88.279
December
88,980
12 monthe average 99.288
1928.
1229.
92,573
100,004
103.215
106,183
105,931
1C2.733
101.763
99,091
101.180
102.077
108.832
110.084
108,705
101.392
111,044
114.507
119,822
122.087
125,745
123.908
119,564
122.100
121,151
116,585
115,745
106,047
91,513
111 551
1930.
91,209
101.390
104,715
106.062
104.283
97.804
100.891
85,146
81,417
75,890
69.831
62,237
53.732
56 091
1931.
1932.
55.299
60.950
65.556
67.317
64,325
54.621
61,356
47.201
41.308
38.964
37.848
36,782
31.62.5
An nan
31.380
33,251
31,201
28,430
Steel Ingot Output Shows Decrease.
The American Iron and Steel Institute, in its monthly
report of steel ingot production, places the output of all
companies during April at 1,239,811 tons, a decrease of
171,019 tons as compared with March, when the output
was 1,410,830 tons. For the 26 working days in April
Financial Chronicle
3360
the approximate daily output of all companies was 47,685
tons, while in April 1931, with the same number of working
days, the average output per day was 104,711 tons. Below
we show the monthly figures as given out by the Institute
sinace January 1931:
May 7 1932
melting scrap is lower at Pittsburgh, Chicago and in eastern Pennsylvania,
bringing the "Iron Age" composite price for this grade to $7.62, a new
low level for all time.
The "Iron Age" composite price for pig iron has declined to $14.22 a
gross ton from $14.35, which was the average throughout April. The
finished steel composite is unchanged at 2.087c, a pound. A comparative
table follows:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1931 TO
-GROSS TONS.
APRIL 1932
Reported by companies which made 95.21% of the open-hearth and Bessemer steel
Ingot production in 1930.
Months.
1931.
Jan
Feb
March
April
OpenHearth.
Calculated No.of
Monthly
Monthly WorkOutput
Bessemer. Companies Output AN ins
Reporting. Companies. Days.
A ypros. Per
Cent.
Daily
Output OperaAll Cos. lion a
27
24
26
26
91.063
104,265
115.138
104,711
42.88
49.08
54.20
49.29
8,909,291 1,256,399 10,165,690 10,677,124 103
103,661
48.79
26
26
26
26
26
27
25
28
96.365
79,843
72,544
66,133
59,523
58,977
83.747
50,092
45 38
37.58
34.15
31.13
28.02
27.76
30.01
23.58
Total - 20,697,582 3,009,894 23,707.476 24,900.195 311
80.065
37.89
58,203
58,382
52,253
47,685
28.54
27.57
24.68
22.52
4 mos
May
June
July
August _
Sept
Oct
Nov_ __ _.
Dec
1932.
Jan
Feb
March
April
le.
fatm..
2,044,298
2,085.529
2.504.060
2,275,404
2,083.833
1,730.109
1,570.776
1.462.720
1.274,321
1,320,158
1,270,908
1,069,468
1.230,661
1,232,568
1,149.307
1,036.227
298,820
296.974
346,137
316,668
301.639
246,365
225,030
174,380
199,151
195.943
240,441
170,546
160.633
157,067
193,944
144,197
2,340,918
2,382.503
2,850,197
2,592.072
2,385,472
1,976,474
1,795,806
1,637.100
1,473,472
1,516,101
1,517,347
1.240,014
1,391,294
1,389,835
1,343,251
1,180,424
2,458,889
2.502.368
2,993,590
2.722,479
2,505,485
2,075.910
1.888,153
1.719.462
1.547,602
1.592,376
1,593.684
1,302,399
1,481,290
1,459,547
1,410,830
1,239,811
26
25
27
26
53,572 26.32
4 040 705
055 841 5_304.604 5.571.478 104
a The figures of "Per cent of operation" are based on the annual capao ty as of
Dec. 31 1930 or 68.069.570 gross tons for Bessemer and open-hearth steel ingots.
Steel Output Gains Slightly-Pig Iron Production
Shows a Further Falling Off-Price of Steel Scrap
Drops to New Low Level for All Time.
Steel ingot production for the country as a whole has
shown a further increase of one point this week to 24% of
capacity, but the situation is very irregular in that gains
at Cleveland, Detroit, Buffalo, Wheeling and Birmingham
are, to a large extent, offset by losses at Pittsburgh and
Chicago, the "Iron Age" of May 5 states. Increased production is expected at Chicago next week, however, as
business there has shown the first real spurt in many weeks
and reports from some cities in the Middle West indicate
that mild recovery Is in progress. The "Age" further goes
on to say:
The influence of automobile buying has not been felt to any marked
extent except in Detroit, where a considerable portion of recent sheet
and strip orders was placed, and at Chicago, which has experienced a
substantial improvement in bar orders, principally from the low-priced
automobile makers, Ford, Chevrolet and Plytnouth. It is apparent that
these producers will give the main support to automobile steel production
during the summer, as demand for high-priced cars is lagging. One plant
in the quality group has shut down, possibly for all of May.
.
Having attained an output of 1,000 cars a day, the Ford Motor Co.
now has as its objective a daily schedule of 2,800 by the middle of May.
The Ford program for the remainder of the year contemplates a minimum
production of 550,000 cars, which would mean 3,000 cars a day on a fiveday week basis. Further steel buying by the Ford Co. is expected within
two weeks. It now appears that the peak of automobile production will
come in June at the earliest, but possibly in July or August.
Such minor improvement as has occurred in steel mill operations may
be attributed in part to scattered orders from sources other than the automobile industry. However, some districts have contributed very little
business, tonnage in the New York territory in April having been the
smallest of any month in the depression period. At Chicago, rail mills
have booked some small orders, including 4,000 tons for the Illinois
Central, and will be able to operate for 30 days at the present curtailed
rate. The Great Northern is inquiring for 10,000 tons of rails.
Structural steel lettings in the week were only 14,150 tons, of which
5,500 tons is for a New York office building. A considerable volume of
work is pending, however, and much of it may be placed this month.
Tin mill operations have dropped below 50% and may not improve
can companies have more knowledge of this year's crop
again until ,
prospects.
production touched a new low point in April, the daily rate of
Pig iron
28,430 gross tons having come within striking distance of the minimum
output of 1921, which was 27,889 tons a day in July. The April total
was 852,897 tons, compared with 967,235 tons in the preceding month and
2,019,529 tons in April last year. The daily rate in April was about 8.9%
below the March average of 31,201 tons. There were 60 furnaces in blast
on April 1 and, the same number on May 1, but during the past month
three furnaces went out and three went in. The Steel Corporation put out
one and put in three, but this net gain of two was offset by the blowing
out of two merchant furnaces.
Wage cuts by the steel companies, which are expected shortly, will give
the price situation its first crucial test. Plans for further advances for
the third quarter are being held in abeyance, as some steel companies
presumably will be well satisfied to hold present levels against the pressure
that may be expected from consumers following wage reductions, Further
declines in gold prices for Continental steel and the higher tariffs in
Great Britain threaten to add to the competition from foreign steel in
American markets. While no formal complaint against alleged "dumping"
of foreign steel has been lodged with Washington authorities, an official
investigation of pig iron imports is under way, following the filing of
"dumping" allegations by Eastern pig iron interests. Eastern Pennsylvania pig iron has declined 50c. to 75c. a ton because of competition of
foreign pig iron, some of which is being offered for resale by recent
purchasers here, who now find they have no immediate use for it.
A condition akin to demoralization is prevalent in scrap markets, there
having been widespread price declines, some of which are attributed to
forced liquidation of stocks by dealers who had bought for a rise. Heavy
1932
1931
1930
1929
1928
1927
1926
1925
Steel Scrap.
May 3 1932. 37.62 a Gross Ton. (Based on heavy melting steel Quo$8.044 tatlons at Pittsburgh. Philadelphia
One week ago
8.211 and Chicago,
One month ago
10.331
one year ago
High.
Low.
$8.50 Jan. 12
1932
37.62 May 3
11.33 Jan. 6
1931
7.62 Dec. 29
15.00 Feb. 18
11.25 Dec. 9
1930
17.58 Jan. 29
14.08 Dec. 3
1929
16.50 Dec. 31
13.08 July 2
1928
15.25 Jan. 11
13.08 Nov. 22
1927
17.25 Jan. 5
14.00 June 1
1926
20.83 Jan. 13
15.08 May 2
1925
"Steel" of Cleveland, in its summary of the iron and steel
markets, on May 2 stated:
A rise of one point in the steelmaking rate to 24%, highest since the third
week of March, has exhausted the potentialities of recent automotive
buying, chiefly by Ford, but in spite of staggered operations at Buffalo
and depletioa of orders which enabled Birmingham mills to resume on
a large scale April 18, the industry may hold this gain this week.
It may be significant that the heavy tonnage districts are the least
volatile. Chicago, after dipping under 20% for several weeks, has re-.
gained that level and may cross it this week. Pittsburgh is steady at
22%. Youngstown, up two points last week to 28%, may average 30
this week. The underlying 'sentiment is that May will close stronger
than it opened.
Some support for this position flows from observations of steel executives in connection with first quarter financial reports. Bethlehem's
president has epitomized sentiment in concluding that the stationary
character of demand the past six weeks denotes that the downward trend
has been checked. National Steel and Youngstown Sheet & Tube are
now operating higher than their average for the first quarter. The resistance of production to breaking through 22% on several occasions is
encouraging.
Stability of finished steel prices to the general trade is noteworthy.
True, prices have not been put to any tonnage tests but their application
to going business is impressive. Stove bolts have been advanced 10%:
Chicago warehouses have put all bolts and nuts up 5%. In contrast, raw
materials are softer. Pig iron in the Mahoning Valley and in eastern
Pennsylvania is weaker, by-product coke is off 25 to 50c. in New England,
Philadelphia, Cincinnati and Newark, N. J., while foreign manganiferous
and iron ores have been reduced at Atlantic ports.
Award of 5.500 tons for the Insurance Co. of North American building
In New York brings structural awards for the past week up to 15,335
tons, which is above the average for the year to date. Eastern fabricators
look for a rally late in May when upward of 100,000 tons is scheduled to
be closed.
A natural gas line, requiring steel pipe, from Ilugoton, Kan., to St.
Louis is projected by the St. Louis Industrial Gas Co. Passaic, N. J..
closes May 3 on 2,400 tons of steel pipe. Los Angeles has placed 5,025
tons of cast pipe.
Illinois Central RR. has divided 4,000 tons of rails between the Illinois
and Inland Steel companies. Nearby action on 10,000 tons of rails is
expected by Chicago mills. Demand for track fastenings continues to
exceed that for rails.
While spread thinly, automobile requirements are more of a factor
In the northern Ohio and Pittsburgh districts. May assemblies are forecast at 150,000, compared with a monthly average of 125.000 thus far
In 1932. Chevrolet, Plymouth and Ford are the principal buyers. Ford
continues to place ferroalloys. Die and forge shops at Chicago report
better demand from automotive outlets Lower Lake blast furnaces
also are receiving broader releases from automotive foundries.
Russia is again an active inquirer for lathes, milling machines and other
s,
machine tools, but on terms involving no payment until six months after
shipment and then only 25%. In New England, the Soviet has placed
some grinding equipment.
Reductions in pig iron in eastern Pennsylvania and at Pittsburgh have
pulled "Steel's" iron and steel composite down 4c. this week to $29.70.
While scrap dealers are less panicky than a week ago, prices have softened
sufficiently to drop the scrap composite 16c. to $7.54. Reflecting firmness in mill products, the finished steel composite stands at $47.62.
Bituminous Coal Production Lower-Anthracite Output at a Higher Rate.
According to the United States Bureau of Mines, Department of Commerce, 4,750,000 net tons of bituminous coal
and 1,412,000 tons of Pennsylvania anthracite were produced
during the week ended April 23 1932, as compared with
6,314,000 tons of bituminou3 coal and 1,418,000 tons of
anthracite in the corresponding period last year and 4,
Financial Chronicle
Volume 134
950,000 tons of bituminous coal and 1,322,000 tons of anthracite during the week ended April 16 1932.
During the calendar year to April 23 1932 there were
produced a total of 103,648,000 net tons of bituminous coal
al against 126,018,000 tons in the calendar year to April 25
1931. The Bureau's statement follows:
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during
the week ended April 23 is estimated at 1,412,000 net tons. This shows an
Increase, compared with the preceding week, of 90,000 tons, or 6.8%, and
Is but 6.000 tons below the output of the week in 1931 corresponding with
that of April 23.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1932
Daily
1931
Dotty
Week.
Average.
Week.
Aarerage.
1 294,000
215,700
1,260,000
210,000
1 322,000
220,300
1,373,000
228,800
1 412,000
235,300
1,418,000
236,300
Week Ended
April 9
April 16
April 23_a
a Subject to revision.
BITUMINOUS COAL.
The total production of soft coal during the week ended April 23, including lignite and coal coked, at the mines, is estimated at 4.750,000 net tons.
Compared with the output in the preceding week, this shows a decrease of
200,000 tons, or 4%. Production during the week in 1931 corresponding
with that of April 23 amounted to 6,314,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
932
1931----Week Ended
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date.e
April 9
4 645.000
93,948.000
6,784,000
113,378,000
Daily average
774,000
1,108,000
1,131,000
1,334,000
April 16
4 950,000
98,898,000
6,326 000
119,704,000
Daily average
825,000
1,089,000
1,054.000
1,315,000
April 23_b
4 750,000
103,648.000
6,314,000
126,018,000
Daily average
792,000
1,071,000
1,052,000
1,299,000
a Minus one day's production first week in January to equalize number of days
in the two years. b Subject to revision.
The total production of soft coal during the present calendar year to
April 23 (approximately 97 working days) amounts to 103,648,000 net
tons. Firugros for corresponding periods in other recent calendar years
are given below'
1931
126.018,000 net tons 1929
169,030.000 net tons
154,406.000 net tons 11928
1930
155.020,000 net tons
already indicated by the figures above, the total production of soft
As
coal or the country as a whole during the week ended April 16 is estimated
at 4,950,000 net tons. Compared with the output in the preceding week,
this shows an increase of 305,000 tons, or 6.6%. The following table,
which apportions the tonnage by States, indicates that substantial gains
were made in Pennsylvania, West Virginia, and Eastern Kentucky. Figures
3361
for Illinois. Indiana, and Ohio reflect the results of the continued suspensions in those States.
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
April 1923
SlateApr. 16 '32. Apr. 9 '32. Apr. 18 '30. Apr.19 30. Average.a
Alabama
158,000
154,000
240.000
310,000
412,000
Arkansas and Oklahoma_
12,000
12,000
30.000
42.000
70,000
Colorado
64,000
65,000
57,000
80,000
184,000
Illinois
118,000
104,000
643,000
868,000 1,471,000
Indiana
126,000
106,000
221,000
284,000
514,000
Iowa
56,000
53,000
60,000
54.000
100,000
Kansas and Missouri_
67.000
83,000
78.000
98,000
138,000
Kentucky-Eastern
433,000
371,000
479,000
717,000
620.000
Western
130,000
153,000
124,000
128,000
188,000
Maryland
28,000
31,000
37.000
39,000
52.000
Michigan
8,000
5,000
2,000
11,000
22,000
Montana
29,000
23,000
32,000
39,000
42,000
New Mexico
18,000
20,000
28,000
32,000
59,000
North Dakota
23,000
20,000
23,000
13,000
16,000
Ohio
80,000
90,000
351,000
392,000
766,000
Pennsylvania (bituminous) 1,702,000 1,604,000 1,812,000 2,379,000 3,531,000
49,000
47,000
Tennessee
74,000
92.000
121,000
10,000
Texas
13,000
11.000
20,000
Utah
34,000
35.000
40,000
40.000
70,000
Virginia
132,000
130.000
165,000
198,000
149.000.
Washington
21,000
21,000
36,000
34,000
35,000
1,142,000 1,050,000 1,222,000 1,603,000 1,256,000
W. Va.-Southern_b
Northern_c
460,000
404,000
467,000
608,000
778.000
91,000
61,000
68,000
Wyoming
104,000
116,000
Other States
2,000
1,000
1,000
4,000
6,000
Total bituminous coal_ 4,950,000 4,645.000 6,326,000 8,207,000 10,836.000
Pennsylvania anthracite. 1,322,000 1,294,000 1,373.000
828,000 1,974,000
Total all coal
6,272,000 5,939,000 7,699,000 9,035,000 12,810,000
a Average weekly production for the entire month. b Includes operations on the
Virginian, K. & M., and B. C. & G. c Rest of State, Including
N. dc W., C. & O.,
Panhandle.
BEEHIVE COKE.
The total production of beehive coke during the week ended April 16
is estimated at 13,600 net tons. This is in comparison with 14.400 tons
produced during the preceding week, and 24,400 tons in the week of 1931
corresponding with that of April 16. The cumulative production of beehive
coke during 1932 to April 16 amounts to 204,800 tons, a figure less by 61.9%,
than that for 1931. The following table apportions the tonnage by regions.
Estimated Weekly Production of Beehive Coke (Net Tons).
Week Ended1932
1931
Apr.16
Apr. 9
Apr. 18
to
to
Region1932.b
1931.
1932.
Date.
Date.a
Pennsylvania
10,900
11,600
248.000
18,900
421.800
West Virginia
1,000
1.000
2,400
17,700
53,800
Tennessee and Virginia
1.100
1,200
2,500
19,400
47,200
Colo., Utah and Wash
600
600
600
9,700
14.900
United States total
13,600
14,400
24,400
294,800
537,700
Daily average
2,267
2,400
3,204
4,067
5,845
a Minus one day's production first week in January to equalize number of days
in the two years. b Revised since last report.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended May 4, as reported by
the Federal Reserve banks, was $1,842,000,000, an increase
of $83,000,000 compared with the preceding week and of
$870,000,000 compared with the corresponding week in 1931.
After noting these facts, the Federal Reserve Board proceeds
as follows:
On May 4, total reserve bank credit amounted to $1,859,000.000, an
increase of $74,000,000 for the week. This increase corresponds
with
increases of $50,000,000 in money in circulation, 833,000.000 in
member
bank reserve balances and $4,000,000 in unexpended capital funds,
nonmember deposits. Ste., and a decrease of $23,000,000 in monetary
gold
stock, offset in part by an increase of $35,000.000 in Treasury
currency,
adjusted.
Holdings of discounted bills declined $7,000.000 at the Federal Reserve
Bank of Cleveland, $6,000,000 at Philadelphia, $4,000,000 at
Atlanta and
$26,000,000 at all Federal Reserve banks. The System's holdings
of bills
bought in open market declined $1,000,000. while holdings of
United
States Treasury notes increased $16,000,000 and of Treasury
certificates
and bills $80,000,000.
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 4, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely
pages 3404 and 3405.
Changes in the amount of reserve bank credit outstanding
and in related items during the week and the year ended
May 4 1932, were as follows:
Increase (-I-) or Decrease (-)
Since
May 4 1932. Apr. 27 1932.
May 6 1931.
Bills discounted
Bills bought
United States securities
Other Reserve Bank credit
506,000,000 -26,000,000
45,000,000
-1,000,000
1 287,000,000 +96.000,000
22,000,000
+5.000.000
TOTAL RES'VE BANK CREDIT1,859,000,000
Monetary gold stock
Treasury currency adjusted
+74,000,000
+892,000,000
4,345,000,000 -23,000,000
1 818,000,000 +35,000,000
-398.003.000
+35,000.000
5 448,000,000
Money In circulation
2 147,000.000
Member bank reserve balances
Unexpended capital funds, non-mem423,000,000
ber deposits. ,ke
+356.000.000
-149.000.000
+689.000.000
-2,000,000
+50,000.000
+33,003,000
+4,000,000
+785,000.000
-271,000,000
+16,000,000
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 an increase of $4,000,000, the amount of these
loans on May 4 1932 standing at $499,000,000. The
present week's increase of $4,000,000 follows a decrease of
$9,000,000 last week. Loans "for own account" increased
during the week from $427,000,000 to $440,000,000, but
loans "for account of out-of-town banks" decreased from
$59,000,000 to $52,000,000, and loans "for account of others"
from $9,000,000 to $7,000,000. The amount of these
loans "for account of others" has been reduced the past
25 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. The lowest amount that the total of brokers'
loans ever recorded, since they were first compiled in 1917,
was on Jan.25 1918, when the amount stood at $473,438,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
May 4 1932. Apr. 27 1932. May 6 1931.
Loans and Investments-total
6,727,000,000 6,525,000,000 7,806,000,000
Loans-total
3 963,000,000 3.958.000,000 5,212,000,000
On securities
All other
Investments
-total
U.S. Government securities
Other securities
1,908,000,000 1,925,000,000 3,045,000,000
2 055,000,000 2,033,000,000 2,167.000,000
2 764,000,000 2,567,000,000 2,594,000,000
1,820,000,000 1,652,000,000 1,414,000,000
944,000,000 915,000,000 1,180,000,000
Financial Chronicle
;fay 4 1932. April 27 1932. May 6 1931.
$
3
s
Itzserve with Federal Reserve Bank__ __ 820,000,000 832,000,000 817,000,000
56,000,000
40,000,000
39,000,000
Cash in w.ult
Net demand deposits
Time deposits
Government deposits
5071,000,000 5,040,000,000 5,736,000,000
773,000,000 779,000,000 1,255,000.000
35,000,000
67,000,000
185,000,000
Due from banks
Due to banks
90,000,000
69,000,000
72,000,000
1,153,000,000 1,099,000,000 1,208,000,000
Borrowings from Federal Reserve Bank
Loans on secur. to brokers & dealers;
440,000,000
For own account
52,000,000
For account of out-of-town banks
7,000,000
For account of others
427,000,000 1,293,000,000
59,000,000 213,000.000
9,000,000 193,000,000
499,000,000
495,000.000 1,699,000,000
408,000,000
91,000.000
390,000,000 1,353,000,000
105,000,000 346,000,000
Total
On demand
On time
Chicago.
1,366,000,000 1,380.000,000 1,981,000,000
Loans and investments—total
920.000,000
930,000,000 1,314,000,000
533,00,0000
387,000,000
539,000,000
391,000,000
771,000,000
543,000.000
446,000,000
430,000,000
667,000,000
252,000,000
194,000,000
232,000,000
198,000,000
374,000,000
293,000,000
Reserve with Federal Reserve Bank_
Cash In vault
182.000,000
13,000,000
179.000,000
14,000,000
183,000,000
16,000,000
Net demand deposits
Time deposits
Government deposits
876,000,000
380,000,000
30,000,000
888,000,000 1,205,000,000
376,000,000 676,000,000
9.000,000
11,000,000
Due from banks
Due to banks
188,000.000
301,000.000
182,000,000
265,000.000
172,000.000
373,000,000
1.000.000
1,000,000
1,000,000
Loans—total
On securities
All other
Investments— total
C.S. Government securities
Other securities
Borrowings from Federal Reserve Bank..
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the 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 April 27:
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on April 27 shows decreases for the week
of 586.000,000 in loans and investments. $35,000,000 In Government
deposits and 830,000,000 in borrowings from Federal Reserve banks, and
increases of $91,000,000 in net demand deposits. $30,000,000 in time
deposits and $145,000,000 in reserve balances with Federal Reserve banks.
Loans on securities declined $26,000,000 at reporting member banks in
the New York district and $32,000,000 at all reporting member banks,
and increased S3,000,000 in the Atlanta district. "All other" loans declined
$37,000,000 in the New York district, $6,000,000 in the San Francisco
district and $55,000,000 at all reporting banks.
Holdings of U. S. Government securities increased $8,000.000 in the
New York district and $10,000,000 at all reporting banks, while holdings of
other securities show a net decline of $9,000,000.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $225,000,000 on April 27, the principal changes for the
week being decreases of $9,000,000 at the Federal Reserve Bank of San
Francisco and $7,000,000 each at Cleveland and Atlanta.
reporting
A summary of the principal assets and liabilities of weekly
member banks, together with changes during the week and the year ended
April 27 1932, follows:
(—)
Loans and
Increase (-I-) or Decrease
Since
Apr. 27 1932 Apr. 201932. Apr. 29 1931.
$
$
$
—88,000,000 —3,863,000,000
..19,033,000.000
investments—total„.
Leans—total
On securities
All other
11,882,000,000
—87,000,000 —3,111.000,1300
5,099,000,000
6.783,000,000
—32,000,000 —1,953,000,000
—55,000,000 —1,158.000.000
7,151,000,000
+1,000.000
—752,000,000
U.S. Government securities- -- - 3,884,000.000
3,267,000,000
Other securities
1,657,000,000
F. Ft. banks
Reserve with
207,000.000
Cash In vault
11,144,000,000
Net demand deposits
5,885,000,000
Time deposits
177,000,000
Government deposits
1,163,000,000
from banks
Due
2,682.000,000
Due to banks
225,000,000
F. It. Banks..
Borrowings from
+10,000,000
—0,000,000
—112,000,000
—640,000,000
+145,000,000
+8,000,000
—175,000,000
—15,000,000
Investments—total
+91.000,000 —2,520.000,000
+30,000,000 —1.725,000,000
—41.000,000
—35,000.000
+79,000,000
+69,000,000
—440.000.000
—912,000,000
—30.000,000
+187,000,000
Co
James Brown of Brown Brothers Harriman &
President of New York State ChamNewly-Elected
ber of Commerce.
of
James Brown, senior member of the banking firm
Harriman & Co., was on May 5 elected
Brown Brothers
President of the Chamber of Commerce of the State of New
month
York to succeed J. Barstow Smull, who retires this
after two years of service. Mr. Brown has been a member
of the Chamber since 1913, and for the past four years was
May 7 1932
one of the Vice-Presidents. Three candidates for VicePresident to succeed retiring Vice-Presidents and to serve
until May 1936 were elected as follows: William L. DeBost,
a former President; James S. McCulloh, now Chairman of
the Executive Committee, and Jeremiah Milbank. Julius
S. Morgan, Jr., and William B. Scarborough were re-elected
Treasurer and Assistant Treasurer, respectively. Charles
T. Gwynne, Executive Vice-President, was also re-elected,
as was Jere D. Tamblyn, Secretary.
Others elected at the annual meeting on May 5 are:
Chairman of the Executive Committee, Joseph E. Sterrett, to succeed
James S. McCulloh.
Members of Executive Committee at Large, to serve until May 1935:
Alfred E. Marling, J. Barstow Smull and Clark Williams; to serve until
May 1933, Alfred V. S. Olcott.
Other Committee Chairmen elected, viz.:
Foreign Commerce and Revenue Laws, Howard Ayers (re-elected).
Finance and Currency, John Stewart Baker.
Internal Trade and Improvements, Elon H. Hooker.
The Harbor and Shipping, Marcus H. Tracy.
Insurance, Walter W. Parsons.
Taxation, Lawrence B. Elliman.
Arbitration, Charles L. Bernheimer (re-elected).
Commercial Education, William F. Collins.
Public Service in the Metropolitan District, Jacob H. Haffner,
Sanitation, George A. Soper.
Admissions, Waldron P. Belknap (re-elected).
William L. DeBost and Frederick H. Ecker, both former
Presidents, were renominated to the Board of Trustees of
the Real Estate of the Chamber, to serve until May 1935.
Winchester Noyes was renamed for Commissioner for Licensing Sailers' Hotels or Boarding Houses.
Mr. James Brown, the newly-elected President of the
Chamber of Commerce of the State of New York, Is an outstanding figure in international banking. He was born in
New York and Is a great-grandson of the founder of the
merchant banking houses of Brown Brothers & Co. and
Brown, Shipley & Co. of London. He is a grandson of the
founder of the New York firm. An outline of Mr. Brown's
activities follows:
Mr. Brown studied abroad in his early years, and later was graduated
from Columbia University with the degree of M.E. He served an apprenticeship in the banking business and spent considerable time in the leading
European countries cementing relations between firms and institutions
with which Brown Brothers & Co. did business.
In 1912, at the request of the American Secretary of State, he negotiated
a loan to the Republic of Nicaragua for the purpose of reforming the
currency, organizing a State bank and reconstructing the Pacific Railway
of Nicaragua. Mr. Brown was President of the National Bank of Nicaragua
during this period. The expenditure of the proceeds of this loan and
others to the Nicaraguan Administration which followed was carefully
supervised, with the result that they were used only for the specific
purposes for which the loans were negotiated. The last of these loans
was liquidated in 1924.
When the original Pan-American Congress convened in Washington in
1912, Mr. Brown was made a permanent member of the American Commission and Chairman of the Committee for the Republic of Panama.
Following the outbreak of the World War he was repeatedly called upon
by the Secretary of the Treasury to participate in the solution of financial
problems in which America and foreign nations were jointly concerned.
In 1914 he visited England as the representative of an American bankers'
committee, and had protracted conferences with Lloyd George, then Chan•
cellor of the Exchequer; Lord Cunliff, then Governor of the Bank of
England, officials of the British Treasury and leading English bankers.
In 1915 he received a medallion from the Governor of the Banque de
France as an appreciation of his services in the negotiations which led to
the issue of the Dollar Commercial Export Syndicate Credits, aggregating
$45,000,000. This credit was guaranteed by the Bank of France and
the acceptances under the credit were eligible for discount at the Federal
Reserve Bank of New York. The drafts were paid through the exchanges
as they matured, however, without recourse to the Bank of France guaranty.
Mr. Brown was also one of the negotiators with the Anglo•Franch Commission which floated a joint loan of $500,000,000 for England and France.
His services as an international banking expert were constantly in demand
throughout the period of the war.
In 1919 he was decorated with the Cross of the Legion of Honor for
services rendered to France, and in 1920 received a medal from the same
Government in recognition of special services at the International Trade
Conference.
Mr. Brown was also active in the creation of the Port of New York
Authority in 1922, particularly in determining the method of financing
its activities.
Creation of Commission to Pass on Sale of Foreign
Securities in the United States Proposed in Resolution Introduced by Representative Fish.
The creation of a commission to pass upon the sale of
foreign securities in the United States was proposed in a
resolution introdticed in the House on April 25 by Representative Fish. The commission would consist of the Secretaries of State, Treasury and Commerce, the Chairman of
the Federal Reserve Board and the Comptroller of the Currency. Before the sale of any foreign securities to the general public, including banks and insurance companies, would
be allowed, the consent of a majority of this Commission
would be necessary.
A statement, indicating that "the Commission accepts no
responsibility, under the proposed legislation, as to guaranty," was issued as follows by Mr. Fish:
Volume 134
Financial Chronicle
"I have introduced to-day a resolution to create a commission to be
known 'a Commission on the Sale of Foreign Securities in the United
States.'
"The American public most be protected in the purchase of foreign
bonds or securities. They are entitled to know that foreign securities are
safe and round, and are of value and merit, or at least to be afforded the
assurance that they have been passed on by a Federal Commission, using
their unbiased judgment to protect the public as far as feasible.
"The Commission accepts to responsibility, under the proposed legislation as to guaranty; only to use their impartial judgment so as to protect
the public and stop the manufacturing and sale of securities without merit.
"The purpose of this resolution is to present a recurrence of the recent
losses, amounting into the hundreds of millions of dollars, to American
Investors."
The resolution as. given in the "United States Daily" follows:
Resolved, etc., that there is hereby created a Commission to be known
as a Commission on the Sale of Foreign Securities in the United States, to
be composed of the Secretary of State of the United States, the Secretary
of the Treasury of the United States, the Secretary of Commerce of the
United States, the Chairman of the Federal Reserve Board and the Comptroller of the Currency.
Section 2. The sale of foreign securities to be public, including banking
corporations, insurance companies and other fiduciary companies or corporations is hereby prohibited unless the consent in writing of a majority
of the members of the Oommisaion on the sale of foreign securities in the
United States is first obtained before any such offer for sale is made.
Section 3. All sales offered for advertisement shall plainly state:
"Passed upon by the Commission on the Sale of Foreign Securities in the
United States."
Section 4. Any individual, individuals, or corporations neglecting or
violating the provisions of this act shall be subjected to a fine of one
hundred thousand dollars ($100,000) for each offense.
Section 5. This Act shall not apply to offers or flotations made prior
to its passage.
New Policy Urged for British Loans—Industry Federation Suggests Lending Only to Nations Non-Competitive in Trade.
The Federation of Wash Industries issued a report on
April 28 containing suggestions for a new monetary policy
for Great Britain, it is learned from London adviees April 28
to the New York "Times," which further reported:
It would hereafter place British foreign loans chiefly in countries off
the gold standard and with their own foreign trade complementary to that
of Great Britain instead of in competition.
The world gold standard before the war, says the report, was predominantly on the sterling standard, with sterling really the world currency.
The report points out that many countries with which Great Britain was
linked have followed her recently on abandonment of the gold standard.
That abandonment, says the federation, marks the final failure of the
attempt to recreate the pre-war international monetary system. In making that attempt, it adds, Great Britain overstrained its resources, as
It was giving financial help to European reconstruction and making loans
to competitive trading countries.
The primary objects of the new British monetary policy which the federation recommends are:
"To rime the level of sterling prices to a figure at which production
can be carried on at a reasonable profit.
"Promotion, therefore, of the stability of the price structure and balanced production within the sterling area.
"Conscious direction of the flow of savings into new investments calculated to secure the maximum advantage for industry.
"Direction of that part of the national savings available for external
Investments to countries within the sterling area, which are countries
complementary to British trade."
"With a view to promoting these objectives," it added, "the opportunity of the Ottawa conference should be seized to explore the possibilities
and bring about the maximum mutual understanding for the adoption
of a common empire monetary and industrial policy, so designed as to facilitate admission of other countries willing and able to co-operate with the
sterling group, leaving the question of a possible universal monetary understanding to be settled at a later date, if and when monetary internationalism again becomes a practical proposition."
British Liberals Ask Debt Cancellation—Also Demand
End of Reparations and a Monetary Parley,
From London a wireless message to the New York "Times"
stated that at the annual conference of the Liberal Party
opened at Clacton on April 28 and adopted a declaration
of policy and defined "four methods of approach to a solution of world problems." The message continued:
Stiipped of familiar platitudes, these may be summarized as support
for the ideals of the League of Nations so that co-operation instead of
self-determination would be the keynote of British foreign policy, restoration of complete freedom of trade by Great Britain as an example to the
world, cancellation of reparations and war debts and co-operation with
other nations in the establishment of a monetary system to keep prices
stable and make money a servant instead of a tyrant of industry.
David Lloyd George was not present and is not expected to-morrow because he is at odds with the leaders of all factions of the party, but his
son, Major Gwilym Lloyd George, introduced a resolution denouncing
the British tariff, which move carried.
Ireland Moves to Repay Investors in Republic's Bond
Issue of 1931—Principally Held in United States.
Associated Press advices from Dublin April 25 stated:
The Flamm Fail Government is taking steps to repay investors in the
£500,000 Republican bond issue of 1921, held principally in the United
States.
Records relating to the loan were deposited with United States courts,
but they have been returned to the Free State authorities, who now are
investigating to ascertain whether it will be necessary to enact legislation
to make repayment.
3363
It may be that the Government will have to borrow to meet principal
and interest on the loan, which at the present rate of exchange probably
will approximate £1,000,000.
The loan was raised by Eamon de Valera in the United States in two
sections. The first was issued in January, 1921, for $5,250,000 and the
second in November of the same year for $625,000. About $2,000,000 was
tied up by the United States courts in 1923 before it reached the Free
State and later was returned to the investors.
Thus there remains nearly $4,000,000, plus interest, still to be paid. The
rate of interest has not been determined, but probably will be eight shillings
to the pound, which is the rate on internal loans.
The late Cosgrave Government recognized the validity of the loan and
It was included among the Free State obligations in 1924. The United
States court action, however, complicated repayment.
New Indian Loan Taken Quickly.
A London cablegram April 27 to the New York "Times'
said:
So keen is the demand for high-class stocks here that the lists for the
£10,000,000 Indian Government loan were open only about an hour to-day
when the issue was heavily oversubscribed. Several large offerings came
from India. It is understood that the amount offered was around £20.000.000.
From the "Wall Street Journal" of April 25 we take the
following from London:
It is understood that underwriting had been arranged for a £10,000,000
Indian 5% issue to be priced at 97 and redeemable between 1942 and 1947.
Agreement Signed in Paris Between Ambassador Edge
and Premier Tardieu Ends Double Taxation Against
Americans—Reciprocal Concessions.
An agreement by which American corporations doing
business in France will save millions of dollars in taxation,
signed at Paris on April 27 by United States Ambassador
Walter E. Edge and Premier Andre Tardieu, terminates the
double taxation burden which has been carried by American
houses with branches in France since 1926, said Associated
Press accounts from Paris (April 27), which further stated:
Under this tax regulation, all foreign corporations doing business in
this country have been assessed from 16 to 18% on that part of their dividends ascribed to French operations.
Numerous American organizations will be affected, among the outstanding
being the American Telephone & Telegraph Co., General Motors, Ford
Motors, the Guaranty Trust, the National City Bank, the Chase National
Bank and the Boston Blacking Co.
Few American houses have paid the tax this year. Instead they awaited
the outcome of protests made by the United States Government.
Mr. Edge paid tribute to the spirit of co-operation displayed by M. Tardieu. The double taxation problem was the first issue between France
and the United States taken up by Mr. Edge when he became Ambassador
at Paris in 1929, and he has worked unceasingly ever since in an effort to
compose the controversy.
According to a Paris account April 27 to the New York
'Times" double taxation had been hanging over all foreign
business here, and Great Britain, Italy, Belgium and Germany had been striving as hard as the United States to get
the French to eliminate it. The "Times" account from
Paris added:
Those four countries will benefit also, but it is to the American diplomats, particularly Mr. Edge and Williamson J. Howell Jr.. First Secretary
of the Embassy, that the credit goes, although of course without M. Tardieu's friendly gesture it would have been impossible.
Reciprocal Concessions Made.
The terms of the Treaty are being kept secret pending ratification by
the French Parliament and the American Congress. In Congress that
will be a mere formality since the United States gains immensely.
It was learned that the United States makes certain concessions regarding French companies and nationals in the United States. The
Important point is that France gives up the right to go across the ocean
to collect taxes from some corporations, while subsidiaries here will be
on the same basis as all other French corporations.
The Treaty is retroactive to May 1 1930, the French presumably refusing refunds on collections between 1926, when they began enforcement,
and that date.
Mr. Edge, in a statement after the signing, said:
"The imposition of double taxation has been an outstanding source of
Irritation and misunderstanding between France and the United States
for a number of years and I am particularly gratified after all the months
of negotiations that an agreement finally has been reached which removes
entirely the double imposition and provides an equitable and workable
method for a future administration fair to all interests."
In reporting the announcemnet on April 27 by the State
Department of the signing of the pact, the "United States
Daily" said:
The background of the dispute, according to information made available
at the Department of State, follows:
Under an old French law dating back to 1872. France claimed authority
to assess foreign corporations which owned French corporations. The
matter of tax was not applied until five or six years ago when it became
effective and France then began to endeavor to assess American corporaLions which owned subsidiaries in France.
Effect of Extra Levy.
France was unique in this situation. No other large country has ever
levied a tax of this kind. The Treaty which has Just been signed is retroactive as regards corporations that have been assessed, while the exact
status of corporations which have not been assessed must be worked out.
The Treaty is intended to be a permanent adjustment of the difficulties
which have run over a period of five or six years.
An announcement by the Department of State follows in full text:
M. Andre Tardieu, President of the Council of France, Minister for Foreign Affairs, and Mr. Walter E. Edge, Ambassador of the United States
3364
Financial Chronicle
at Paris, have signed by common accord in the name of their respective
governments a convention settling certain questions relative to double
taxation.
Duplicate Assessments.
American business concerns operating in France and French subsidiary
corporations have been subjected to a tax known as the double dividend
tax. The profits of the subsidiary corporation are first subjected to an
ordinary corporation tax of 15% and also to 16% distribution tax (the tax
on income from securities) on all dividends paid by the subsidiary to the
parent company.
In the case of a foreign parent company, the French administration in
addition to the above two taxes has assessed on some American subsidiary
corporations a second dividend tax of 16% upon a portion (quotiete imposable) of the dividends distributed by the parent company upon the apparent theory that dividends distributed by the parent company consist
in part of profits realized in France. This quota is usually based upon the
ratio of the assets of the French subsidiary to the total assets of the parent
corporation. Cases involving assessments against some American companies of this second dividends tax have been pending in the French courts.
American Criticism.
The imposition of the double dividend tax is the primary basis for the
criticisms and complaints of American interests against the French taxes.
In the case of an unincorporated branch of an American corporation the
French law (in addition to the 15% profits tax) imposes a dividend tax
upon a share of the quota of the dividends paid by the American corporation.
This tax is usually based upon the ratio of the French assets to the total
assets of the American corporation. The uncertainty of the ratio and the
necessity of furnishing all the books and records of the American corporation are particularly objectionable to American business.
Under the treaty just signed, American corporations which control
French subsidiaries are given the option of staying under the present law
or of agreeing to pay in lieu of the "quotiete imposable" a tax on "diverted
profits." The tax on diverted profits is applicable only in case the intercompany arrangements between the French subsidiary and the American
parent are such as to leave with the American parent corporation profits
which are properly allocable to the French subsidiary. The profits so diverted will be subject to the profits tax of 15% and to the dividend tax of
16%. When the option is exercised, the quota applicable to the American
parent company will be abandoned. In the case of a branch, a similar option is given under which the "quotiete imposable" will be abandoned and
In lieu thereof75% of the profits of the branch subjected to the dividend tax.
Foreign Credits Cut Heavily by France—Balances
Abroad Reduced Since September from $980,000,000
to $470,000,000.
,
In a Paris message April 29 to the New York "Times'
it was stated that the policy of the Bank of France, in recalling gradually its foreign balances, has attracted attention
to the change which has occurred in the total volume outstanding. The message continued:
These balances had remained more or less unchanged for a long time after
the stabilization operations which preceded legal stabilization of the franc.
On the eve of the crash in sterling last autumn they still stood at 25 billion
francs, or about $980,000,000. Now, however, the outstanding total is
only about 12 billions, or $470,000,000.
It must be taken into account, however, that the realizable value of the
Bank's English balances has been reduced by 23 billion francs, or say
$98.000,000, representing the loss sustained through the depreciation of
sterling toward the end of 1931. At the end of last September the Bank held
E60.000.000, and it has subsequently sold nearly one-half. The remainder
of the Bank's foreign balances consists of dollars. To sum up, the Bank
has actually sold about 11 billions of foreign exchange, but between the end
of last September and April 15 its gold reserve had increased 19 billions.
Surfeit of Money on Paris Market—Banks Unable to
Relend at Home Funds Recalled from Abroad.
Paris advices April 29 are quoted as follows from the New
York "Times":
The abundance of supplies on the Paris money market is unabated and
there is no apparent prospect of conditions becoming tighter. Thursday's
bank return, dated April 22, showed increase of 753.000.000 francs in bills
discounted, this being due to remittance of end-of-April maturities for collection. Private deposits increased no less than 1,328,000.000.
The sales of foreign currency by the Bank of France and the transfer
of the proceeds to Paris have resulted in enlarging the amounts placed
at the disposal of the French market. The increase since September has
been about 8,000,000,000 francs. It should be observed that this increase
has taken the form of additional circulation.
It Is impossible under present circumstances for the Bank to expand
the credits it grants in the form of discounted bills, because all banks in
France are now overflowing with liquid resources and cannot find enough
bills to employ their funds through discounting. Under such conditions
no accommodation from the Bank of France is required; on the contrary,
risen—
the enormous figure to which private deposits in the Bank have
now exceeding 25,500,000,000 francs, or nearly $1,000.000,000—shows
that the banks cannot employ even their customers' deposits.
France to Spend $42,000,000 on Public Works' Program.
More than $42,000,000 will be spent by France during the
coming year on a national highway work's program, which
consists of maintenance and repairs to provincial and national
roads, Paris streets, construction of buildings, bridges.
elimination of grade crossings, expenses of the French share
in the Permanent International Road Congress, and a subsidy to the National Tourist Office, said a report to the
Commerce Department from Trade Commissioner H. C.
Schuette, Paris. The Department on April 29 in reporting
this added:
About $20,000,000 will be spent on "maintenance and ordinary repairs,
and about $15,000,000 on repairs to national roads." In the item "salaries
" a decrease of $3,600,000 oecurred. as
and miscellaneous compensations
'
compared with the amount spent last year.
May 7 1932
Canadian Import Restriction on Livestock Products,
Fodders, Feedstuffs, and Garden Produce, from
California, Oregon, Nevada and Arizona.
A ministerial order of April 29 1932 effective immediately,
prohibits the importation into Canada from California,
Oregon, Nevada and Arizona, of the following products, says
a telegram received in the Department of Commerce from
Commercial Attache Lynn W. Meekins, Ottawa:
Cattle, sheep, goats and other ruminants, swine and poultry, or flesh,
hides, horns, hoofs, or other parts of such animals, hay, straw, forage,
fodder, or garden produce, including vegetables for human consumption; or
manure, millfeecl, or other materials for feeding livestock, or merchan.
•
dise packed in hay, straw, or other fodders.
In reporting this May 2 the Department added:
The restriction applies to all such products which have been within
the States specified within sixty days immediately preceding their offering for introduction into Canada. The order does not apply to shipments
of cured meats, lard and tallow, nor to bonded shipments consigned in
customs sealed cars for transit through Canada, except shipments of
cattle, sheep, goats, and other ruminants, swine, poultry and manure.
Proposed Philippine Increased Duties on Rice and
Corn Under Measure Signed by President Hoover.
The President of the United States (President Hoover)
on April 8 signed a measure recently enacted by the Philippine Legislature and approved by the Governor General,
Increasing the duties on rice and corn, to become effective
January 1 1933, according to a radiogram received In the
Department of Commerce from Trade Commissioner Evett
D. Hester, Manila. The announcement by the Department
of Commerce April 27 said:
The following are the new rates provided for in United States dollars
per 100 kilos gross weight (former rates in parentheses):
Rice, nonglutinous, unhusked, $1.20 ($0.90), husked $2.50 ($1.50);
glutinous, unhusked, $1.50 ($0.90), husked $3 ($1.50); rice flour $3 ($2),
corn (maize), oats, and millet, and cereals and grains not otherwise pro.
vided for, in grain, $0.65 ($0.17); in meal or flour, not otherwise provided for $1.70 ($0.83).
Under the Act the Philippine Secretary of Finance is required to in.
vestigate the rice and corn markets, and may recommend periodically to
the Governor General the reduction, by proclamation, of part or the whole
of the increased duties.
Products, including the above, produced in the United States and
shipped direct to the Philippines under a through bill of lading, are ad.
mitted duty free, in return for corresponding treatment to Philippine
goods entering the United States.
German Skin and Hide Auctions Cancelled for Three
Months.
The following information was made available May 2 by
the U. S. Department of Commerce at Washington:
The Berlin Hide and Skin Auction's Committee has decided to cancel
all auctions on its calendar for the three months following May 1, due to a
disagreement arising in the trade, according to a report from Consul
General W. L. Lowrie, Berlin, made public by the Commerce Department.
It is stated that the disagreement arose following a period of sharply
declining prices for hides and skins. In the three month's period, wholesalers will buy direct from the Butchers' Guild.
It was stated that a plan has been under consideration by managers of
the Auction Committee to ask the Federal Government to restrict the
imports of foreign hides and request duties on raw materials.
Local tanners pointed out that the German leather industry is dependent on foreign markets for raw material supplies, that two-thirds of
the German leather production are destined for foreign markets and that
any restrictions on raw material imports would be likely to seriously
complicate foreign markets for German finished leather.
The leather industry is looking forward to an ultimate reorganization
of the auction system, or perhaps its complete abolishment&
Austria to Require Import Permits for Various Products
AdvIces as follows were issued May 2 by the U. S. Department of Commerce:
Effective April 30 1932, an Austrian Government decree requires the
obtaining of permits for importation into Austria for a varied list of
products, including, among others, automobiles, chassis and motors, tires,
furniture, paper, soft coal, cattle, hogs, poultry, wine, butter, cheese,
edible fats, canned and other fruit, according to a radiogram received in
the Department of Commerce from Commercial Attache Gardner Richardson, Vienna. The restrictions also apply to goods to bonded warehouses,
but shipments on route will be admissible within a period of grace of
eight days.
The decree provides for hearings of local interests before decisions will
be made as to the quantities to be admitted. It is reported that some
articles will probably be excluded entirely, while others will be admitted
in various quantities according to Austrial supply and demand, and the
outcome of negotiations with different countries.
It is reported that this plan is being inaugurated as a result of the
apparent failure of the exchange restrictions, in force since October 9
1931, to bring about a desired reduction in Austrian imports, and the
feeling that a continued increase in the trade deficit would be disastrous
to the country.
Under date of April 29 the New York "Times" reported
the following from Vienna:
The principal committee of the Austrian Parliament approved to-day
rigid import restrictions on 88 articles.
Importations last year of the goods involved totaled 370,000,000 schillings
($51,800,000 at yesterday's rate).
A Government motion to introduce the regulations when profiteering was
evident was accepted.
The Austrian press has warned that such restrictions might lead not
only to profiteering in Austria but also to retaliation abroad. The
a
Volume 134
Financial Chronicle
Extrablatt, the organ of the Farmers' party, said to-night that the restrictions were not to be permanent, and described them as self-protection
necessitated by passage of similar restrictions in twelve other nations.
The Austrian Government, which will be obliged to revise its trade
treaties, will now open negotiations with the Governments whose exports
to Austria will be affected as to the quantities of goods on the list
which Austria is prepared to take.
Banking Committee of Swedish Riksdag Censures
Management of Riksbank for Credits to Ivar
Kreuger-Swedish Match Head Had been Scheduled to Appear Before Bank At Time of His Death.
Associated Press accounts from Stockholm, May.4 said:
Ivar Kreuger, Swedish match king, had been summoned from the United
States to appear before representatives of the National Bank of Sweden
and other banks in Berlin on March 15 when he committed suicide in Paris
on March 12, the Banking Committee of the Riksdag reported to-day.
The report, which was approved by a majority of the Committee, censured the management of the National Bank, the Riksbank, for what it
said were enormous credits granted Kreuger.
Sweden's monetary policy for the immediate future. involving neither
inflation nor deflation but a return to "reasonable" commodity prices,
was outlined in the report.
Six business associates of Kreuger who have been arrested in connection
with the investigation into his world-wide affairs will be given their first
hearings next Friday on charges of assisting him in financial irregularities. . . .
Newspaper said to-day a number of further arrests in connection with the
Kreuger difficulties were expected soon as a result of a thorough examination of all the telegrams sent from Stockholm during the past year by
Kreuger and his companies.
The aim of the police, the newspaper accounts said, was to obtain a
complete list of ICreuger's secret agents and to do this they are gradually
probing their way into the wide range of his various transactions.
It was disclosed to-day that Foreign Minister Ileliner, who was sent to
Rome to clear up the Italian and of the Kreuger tangle, had been informed
by Premier Mussolini that Kreuger had forged the name of the Italian
Finance Minister. Mosconi to an Italian match monopoly which never was
granted.
LMr. Holiner told Signor Mussolini that from the documents in hand it
seemed clear there had been negotiations between Kreuger and the Italian
Government which resulted In his acquisition of the Italian match monopoly
in return for a State loan. The Premier told him that those negotiations
never were concluded and that there had been no agreement.
Signor Boselli, director of the Italian State monopolies, also told Mr.
Renner that his signature had been forged by Kreuger.
Fears of Effects of Ivar Kreuger's Death on Economic
Situation in Sweden.
From Washington, May 1 advices to the New York
"Times" said: ,
Fears of "severe" effects on the economic situation in Sweden as a result
of the death of Ivar Kreuger were cited in a report to the Department of
Commerce from Basil D. Dahl, United States Trade Commissioner at
Stockholm, made public to-day.
"The full effect of the death of Ivar Kreuger on the general economic
situation in Sweden remains to be seen, but it is feared that it will be
severe," the report declared.
"A great amount of money is involved. The companies he managed
have largo interests in Sweden and in many foreign countries, and whether
or not it will be possible to keep them intact is problematical.
"It must be borne in mind, however, that the financial psoition of the
government is sound, the foreign indebtedness of the country is small,
the Bank of Sweden has been able to increase its foreign-exchange holdings
appreciably, the crown kronor] has shown considerable strength, and,
although the after-effects of the death of Ivar ICreuger no doubt will be
severe, it would seem that the industrial and commercial structure of
Sweden is less dependent on the future of the Kreuger concern than many
believe.
"There are other Swedish concerns of international character that mean
much more to Sweden than the Kreuger concern, as regards providing
work and pay to Swedish workers; in addition, there are the Swedish
enterprises solely engaged in supplying the domestic market.
"Sweden did not resort to restrictions of any kind on foreign exchange
during the first quarter, and there are no indications that the taking of
such steps is contemplated," the report continued, adding:
"It seems that every possible effort is being made to avoid hindering the
normal course of trade through artificial means."
Netherlands Banks Said to Have Taken Measures to
Discourage Short Selling.
Under date of April 29 a wireless message from Amsterdam
to the Now York "Times" said:
The largo banks here are now taking strong measures to discourage short
selling.
*Practically all concerns which must deliver Royal Dutch shares to the
Nederlandsche Ilandeltnattschappy received a writ to-day demanding
delivery of shares sold. This, however, was not followed by important
buying by boars.
3365
16 Mill. Kr. were used in decreasing the net debt to domestic banks and
-chiefly to the National Bank-and 16 Mill. Kr. for
savings banks
increasing cash holdings. The remainder is balanced by fluctuations on
the entries: Miscellaneous Creditors and Miscellaneous Debtors.
As a result of the bank's repayment, the National Bank's outstanding
loans have decreased 21 Mill. Kr, during the past month ; at the same time
deposits on the Bank's folio have increased 7 Mill. Kr., as a result of the
private banks' increased cash holdings ; the Ministry of Finance has therefore been able to draw 26 Mill. Kr. on its account without affecting a noteworthy increase in the number of bills in circulation ; the number of
bills in circulation at the end of March was 321.6 Mill. Kr., as compared
with 320.8 Mill. Kr. at the end of February, and 341.3 Mill. Kr. at the
end of March 1931. No essential change has occurred in the National
Bank's valuta holdings during the past month, as the banks, as mentioned,
have obtained foreign credit by drawing on their foreign correspondents.
For the settling of accounts at the check clearing conducted by the banks
and savings banks through the National Bank, checks to an amount of 391
Mill. Kr. were delivered during the past month, as compared with 423
Mill. Kr. in February and 510.6 Mill. Kr. in March 1931.
The average weekly transactions on the Copenhagen Stock Exchange for
bonds and stocks amounted to 5.2 Mill. Kr, for bonds and 1.5 Mill. Kr. for
stocks (February: 8.0 and 2.7 Mill. Kr.); in March 1931 the corresponding
figures were 4.1 and 1.9 Mill. Kr.
In the index for stock quotations in March, there was an increase for
bonds from 81.0 to 84.4; but a decrease for stocks, namely, frcm 72.1 to
70.5. Compared with March 1931 there was a decrease for bonds from
98.7 to 84.4, as well as for all stock groups, in that the index for banks
was 66.4 (March 1931: 83.5), for shipping companies 53.8 (90.8), for
Industrial companies 72.2 (87.5), for other companies 78.6 (94.7), and the
total index 70.5 as compared with 90.8 in March 1931.
The following is also taken from the summary:
The trade balance with foreign countries in February amounted to 99.7
Mill. Kr. for imports, and 99.3 Mill. Kr, for exports, so that there was
an import surplus of 0.4 Mill. Kr., as compared with 4.8 Mill. Kr. in
February 1931; during the period January/February the import surplus
was 14.3 Nfill. Kr. this year, compared with 12.4 Mill. Kr. in 1931.
The Statistical Department's wholesale index went down two points In
March, from 119 to 117. The decrease was due primarily to a decrease
of 10 points in animal food products, although other groups decreased,
namely: lime, cement, bricks, and glass (four points), and chemical-technical goods (three points) ; however, fodder stuff increased four points.
The freight rate figure for March is placed at 90.8 as compared with
91.4 in February; the decrease is due solely to the lower rate of exchange
on dollars.
The percentage of unemployed at the end of March 1932 was 37.5%, as
compared with 22.1% in March 1931 ; in the industrial professions, the
percentage was 27.7% this year against 16.7% in 1931.
The Government's revenue from consumption taxes in March this year
was 11.9 Mill. Kr., of which 4.8 Mill. Kr. were custom revenue taxes.
In March 1931 the corresponding figures were 12.6 and 5.5 Mill. Kr.
Hungary Extends Emergency Rule-Prolongs Extraordinary Economic Powers a Year-Proposed
Treasury Bond Issue.
Associated Press accounts from Budapest April 22 stated:
By a vote of 93 to 45 Parliament extended to-day for one year extraordinary powers granted the Government several months ago to deal with
economic troubles.
The session also authorized a Treasury bond issue of $8,250.000 to cover
the deficit for this fiscal year. Opposition members called the bond issue
"disguised inflation."
Work Reported Suspended in Danish Bacon Plants
Agrarian Move for Currency Inflation Said to
Underlie 20% Pay Cut Dispute.
The following from Copenhagen (Denmark) April 29,
is from the New York "Times":
Denmark's most important industry was thrown into turmoil to-night
when work was suspended in all bacon factories.
Ostensibly the dispute between employers and workers is over a 20%
wage cut. The underlying factor, however, is said to be the attempt of
Danish agricultural experts and extremists among the agrarians, who
have organized along Fascist lines, to compel the Government to adopt
a policy of inflation.
On the other side, the Social Democratic Government, protecting the
workers' interests, insists the krone be maintained at its sterling level.
It has adopted the slogan, "Rather join a live Chamberlain than a dead
1Creuger."
The agrarians, who during the war years raised large loans in depreciated
currency for modernization of agriculture and development of export
trade, now find their loans amortizable in a considerably more valuable
krone. A krone to-day, for instance, will buy twice as much bacon as
during the immediate post-war period, but the price of hogs on the hoof
remains the same as in 1881.
Daily exports of bacon to England represent 1,000.000 kroner (about
8202.000 at the current rate). It is feared that any extended closing
of the factories here will result in a loss of much of this English trade to
British Empire, Polish and Dutch producers, who have a distinct advantage
over the Danes in exchange rates.
The Government is attempting to evolve a scheme to liquidate the
farmers' debt burden and to check the compulsory auctions which have
driven many from their ancestral estates. Incipient rebellions led by
desperate farmers have been frequent of late, especially in Slesvig.
Banking and Economic Conditions in Denmark
Decrease in Loans of Three Principal Private
Agricultural Co-operatives of Rumania, Bulgaria and
Banks.
Jugoslavia Form International Bureau.
The summary of financial and industrial conditions in
A cablegram from Bucharest April 29 to the New York
March 1932, issued by the National Bank in
Denmark in
"Journal of Commerce" said:
Copenhagen and the Danish Statistical Department, has the
Agricultural co-operatives of Rumania, Bulgaria and Jugoslavia have
say:
following to
established in Bucharest, as a result of a conference held here, an interConcerning banking and financial conditions, the following should be
noted: In the three principal private banks, outstanding loans have decreased 14 Mill. Kr., while deposits have increased 11 Mill. Kr.; furthermore, the bond holdings have decreased 5 Mill. Kr., and the net debt to
foreign correspondents has increased 6 Mill, Kr. Of these 36 Mill. Kr.,
national bureau to concentrate negotiations for the sale of their products.
This bureau will seek to obtain inquiries for agricultural products of
these countries, as well as actual orders. Also, it will handle in unified
fashion the delivery of agricultural implements and seed to the various
agricultural co-operatives belonging to_it.
3366
Financial Chronicle
Finland to Continue Off Gold Standard Until End of
Fiscal Year.
Associated Press advices April 29 from Helsingfors (Finland) said the Government to-day announced that Finland
would remain off the gold standard at least until the end
of the present fiscal year. The suspension of the gold
standard by Finland was noted in these columns Oct. 17
1931, page 2535.
No Bulgarian Drawing.
From the New York "Evening Post" we take the following
from Paris April 29:
Trustees of the Bulgarian 734% stabilization loan of 1928 have announced
that the dollars and sterling received are not sufficient to cover interest
and sinking fund payments on May 15 and, consequently, there will be no
drawings. About 75% of the amount necessary has been transferred.
Status of Jugoslovian Bank—Croatian Savings
Institution Accepting Accounts As Usual.
The following from Vienna April 22, is from the New York
"Times":
As explained in a dispatch from Zagreb, Jugoslavia on April 19, the First
Croatian Savings Banks has taken advantage of the new law for the protection of banks, in view of the inability of farmers to repay loans.
The Government has appointed a commissioner to superintend the
bank's reorganization. Meanwhile repayment of deposits on current
accounts has been suspended, but new deposits will be accepted, subject
to withdrawal, as usual.
In the payment of old depositors priority will be given to deposits made
after Sept. 23, to emigrants' deposits and to payroll withdrawals.
Report that Greece Proposes Renewal of Loan
Advanced by J. & W. Seligman & Co.
Associated Press advices from Athens, May 4, to the
New York "Evening Post" stated:
The Government of Greece has proposed a renewal for a year of the
loan advanced by the J. & W. Seligman Co. of New York, with an extra
premium of Yi of 1%, payable in advance.
The Athens Stock Exchange will reopen on May 17, it was announced.
Advices to the effect that the Greek Government had
decided to postpone for one year the repayment due May 5
of a loan made by Speyer and Seligman were referred to in
our issue of April 30, page 3187.
Greek Government 7% Sinking Fund Gold Bonds
Quoted "Flat" on New York Stock Exchange.
The following notice was issued May 2 by the New York
Stock Exchange:
NEW YORK STOCK EXCHANGE
Committee on Securities
May 2 1932.
Notice having been received that the interest due May 1 1932 on Greek
Government 40
-year 7% secured sinking fund gold bonds, due 1964, is
not being paid:
The Committee on Securities rules that beginning Monday, May 2 1932,
and until further notice the said bonds shall be dealt in "flat," and to be
a delivery must carry the May 1 1932 and subsequent coupons.
The Committee further rules that In settlement of all contracts in said
bonds made heretofore on which interest ordinarily would be computed
until after May 1 1932 interest shall be computed for six months only.
ASHBEL GREEN,Secretary.
Payment of Greek Debts Must Have Governmental
Approval.
The United States Department of Commerce made public
the following on April 30:
Commercial debts in foreign exchange to foreigners are payable in installments only after approval of the Greek Exchange Committee, since suspension of the gold standard in Greece April 28, according to a cable to the
Commerce Department yesterday from Acting Commercial Attache Ralph
B. Curren, Athens.
All foreign creditors in commercial transactions entered into prior to
April 27 1932 must within one month submit to the Exchange Committee
of the Bank of Greece the documentary evidence of their claims. This
evidence must specify the amount and kind of currency and the origin of
the merchandise. If this is not complied with, the Bank will refuse exchange for reimbursement by installments.
All transactions in gold and gold exchange must be effected through the
Bank of Greece and six large commercial banks. The curb exchange market
Is strictly prohibited.
Greek Government Fails to Remit Funds for Payment
of May 1 Interest—Announcement by Speyer
& Co.
Speyer & Co. announce that they have not received the
necessary funds to pay the May 1 coupon of the Greek
Government 40
-year 7% secured sinking fund gold bonds
(refugee loan of 1924). At the same time•(May 2) Speyer
& Co. said:
Speyer & Co. and Hambros Bank, Ltd., of London, have been requested
to announce the following communique received from the Greek Government:
"We request bondholders to tolerate the provisional postponement of the
transfer of the coupons of May 1, and to defer any other negotiations until
the next meeting of the Council of the League of Nations."
May 7 1932
The Bankers have also been in communication with the International
Financial Commission, Athens, who have protested against the action of
the Greek Government. The International Financial ConunIssion is retaining from the assigned revenues the amount necessary to cover the
service of the loan, at the current rate of exchange, and have stated that
It is their intention, in the event of further depreciation of the drachma, to
retain additional sums from current yield of revenues.
The 1924 loan amounted to about $60,000,000, whereof about $6,000,000
were placed in the United States, and the balance in London by Hambros
Bank, Ltd., and in Athens by the National Bank of Greece.
Attention is also called to the pre-war credit standing
of Greece in the following:
The International Financial Commission was formed in 1898 to control
the collection of and to administer the revenues assigned to the service of
the Greek Government loans. The members of the Commission are representatives Of the Governments of Great Britain, France and Italy. Since
1898 Greece has consistently maintained the service of its external debt.
Sir Arthur Salter in his preface to the League of Nations Protocol regarding the settlement of the Greek refugees, dated Oct. 30
1924, called
attention to Greece's outstanding accomplishment in maintaining its external debt service as follows: "During the period of war and unsettlement,
as well as at other times, Greece has, of course, consistently maintained
payments due under the obligations of her external debt."
May 16 Coupons of Bulgarian Government Bonds Will
Be Paid When Due.
Speyer & Co. and J. Henry Schroder Banking Corp., as
fiscal agents, announce that the May 15 1932 coupons of
Kingdom of Bulgaria 73r% 40
-year secured sinking fund
gold bonds (Stabilization Loan 1928) will be paid when due.
Listing of New York Stock Exchange of Certificates
of Deposits Representing Bonds of Series A of
Republic of Salvador.
Certificates of deposit issued by The New York Trust Co.
representing bonds of series A of the Republic of El Salvador
were admitted to trading privileges on the New York Stock
Exchange on May 4. These certificates represent the bonds
of series A deposited under the deposit agreement with the
Committee of which F. J. Lisman is Chairman, Fred Lavis,
R. W. Hebard, William H. Reber, members and Douglas
Bradford, Secretary. It is announced that in accordance
with agreements between this Committee and the New York
Stock Exchange, time for deposit of bonds of series A, under
the deposit agreement has been extended until the close of
business on June 6 1932 and that the time for deposit of bonds
of series B and series C has also been extended to the same
date. Bonds of all series tendered to The New York Trust
Co. as depositary will be acceptable for deposit without
penalty until the above date.
Tenders Asked for Purchase of Argentine Bonds
Through Sinking Fund.
J. P. Morgan & Co. and The National City Bank of New
York, as fiscal agents, are notifying holders of Government
of The Argentine National external sinking fund 6% gold
bonds, issue of May 1 1926, due May 1 1960, that $142,466
in cash is available for the purchase for the sinking fund of
so many of these bonds as shall be tendered and accepted
for purchase at prices below par. The same bankers are also
notifying holders of Argentine Government Loan 1927
external sinking fund 6% gold bonds, public works issue of
May 1 1927, due May 1 1961, that $142,634 in ca,sh is
available for purchase of these bonds for the sinking fund
on the same basis. Tenders of bonds of these two issues
should be made at a flat price below par before 3 p.
m•
June 2 1932, either at the office of J. P. Morgan & Co. or
the head office of The National City Bank of New York.
If tenders so accepted are not sufficient to exhaust the
available moneys, additional purchases upon tender, below
par, may be made up to Aug. 1 1932.
Portion of Bonds of Saxon State Mortgage Institution
Called for Redemption.
The National City Bank of New York, as trustee, is notifying holders of Saxon State Mortgage Institution (Sachsische Landespfandbriefanstalt) mortgage collateral sinking fund guaranteed gold bonds,that $45,000 of
the 7% bonds,
due Dec. 1 1945, and $35,000 of the 61 6% bonds, due Dec. 1
,
1946, have been called for redemption at par and interest
on June 1 1932. Payment of these bonds will be made at
the head office of the bank upon presentation on the redemption date, after which interest on these bonds will cease.
Payment of May 1 Interest on Coupons of Free State
of Oldenburg.
Ames, Emerich & Co. announce the receipt of funds to
pay coupons maturing May 1 1932 on the Free State of
Oldenburg 7% external serial gold bonds.
Volume 134
Financial Chronicle
Notices of New York Stock Exchange Regarding HunSinking
garian Land Mortgage Institute 7
Fund Land Mortgage Gold Dollar Bonds Series
A. and B.
The following notices were issued by the New York Stock
Exchange on May 2:
NEW YORK STOOK EXCHANGE.
Committee on Securities.
%
2
/ Sinking Fund Land Mortgage
Bavarian Land Mortgage Institute 71
0014, Series A, Dollar Bonds, due 1961—Interest.
May 2 1932.
Notice having been received that the interest due May 1 1932 on
Land Mortgage Institute 7%% Sinking Fund Land Mortgage
Hungarian
Gold, Series A, Dollar Bonds, due 1961, is not being paid:
The Committee on Securities rules that beginning Monday, May 2 1932,
and until further notice, the said bonds shall be dealt in "Flat" and to be a
delivery must carry the May 1 1932 and subsequent coupons.
The Committee further rules that in settlement of all contracts in
said bonds made heretofore on which interest ordinarily would be computed until after May 1 1932, interest shall be computed for six months
only.
ASHBEL GREEN, Secretary.
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Ilungarian Land Mortgage Institute 72
% Sinking Fund Land Mortgage
1
/
Gold, Series B, Dollar Bonds, due 1961—Interest.
May 2 1932.
Notice having been received that the interest due May 1 1932 on
Hungarian Land Mortgage Institute 71
% Sinking Fund Land Mortgage
2
/
Gold, Series B, Dollar Bonds, due 1961, is not being paid:
The Committee on Securities rules that beginning Monday, May 2 1932,
and until further notice, the said bonds shall be dealt in "Flat" and to be a
delivery much carry the May 1 1932 and subsequent coupons.
The Committee further rules that in settlement of all contracts in said
bonds made heretofore on which interest ordinarily would be computed
until after May 1 1932, interest shall be computed for six months only.
ASHBEL GREEN, Secretary.
$150,000 of Bonds of Land Mortgage Bank of Warsaw
Retired Through Sinking Fund.
John E. Sloans & Co. announce that $150,000 par value of
Land Mortgage Bank of Warsaw (Towarzystwa Kredytowego Ziemskiego W Warszawle) 8% guaranteed first mortgage dollar bonds, series 1924, due Dec. 22 1941, will be
retired by the sinking fund on June 22 1932.
Receipt of Funds to Pay Part of May 1 Interest on
Bonds of Department of Cundinamarca (Colombia).
J. & W. Seligman & Co., fiscal agent for Department of
2
1
/
Cundinamarca external secured 6 Vo bonds, due 1959, will
pay to the holders of these bonds part of the interest due
May 1 at the rate of $19.72 for each $32.50 coupon. The
announcement says:
This payment is pro rata distribution of a reserve fund and a small
unexpended balance of funds heretofore remitted by the Department to the
fiscal agent. Restrictions on foreign exchange transactions imposed by
the National Government of Colombia have prevented the Department
from transferring to New York any part of the funds required to pay
the interest and sinking fund charges due May 1.
New York Stock Exchange Notice Regarding Department of Cundinamarca (Colombia) External Secured 1317 Sinking Fund Gold Bonds of 1928—
0
Bonds To Be Dealt in Flat.
The New York Stock Exchange issued the following
notice on April 25:
NEW YORK STOOK EXCHANGE.
Committee on Securities.
2
/ Sinking Fund Gold
Department of Cundinamarca External Secured 61
%
Bonds, 1928, due 1959—Interest.
April 25 1932.
Notice having been received that payment of $19.72 per $1,000 bond
will be made on May 1 1932, on account of the interest then due on
%
2
/ Sinking Fund Gold
Department of Cundinamarca External Secured 61
Bonds, 1928, due 1959:
The Committee on Securities rules that beginning Tuesday, April 26
1932, and until further notice, the said bonds shall be dealt in "Flat";
that the bonds be quoted ex-interest $19.72 per $1,000 bond on Monday,
May 2 1932, and to be a delivery after that date must carry the May 1 1932
coupon stamped as to payment of $19.72 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.
Total Obligations of Cuba Reported as $193,582,680.
The following special correspondence from Havana April
23, is from the New York "Times" of May 1:
Cuba's present obligations total $193,682,680, according to the official
bulletin of the Department of Treasury, which presents a complete list
of the nation's debts.
Foreign loans amounting to $60,344,000 are made up of two loans contracted with Speyer & Co.in 1904 and 1909 and three issues held by Morgan
& Co., dated, respectively, 1914, 1923 and 1927.
In the calculation of foreign obligations, however, consideration must
be given to the public works bonds issued in 1930, the majority of which
to $93,750,000.
are held by investors outside the Republic, amounting
National highway, new
These bonds represent Cuba's investment in a
3367
capitol building and other public works since 1925 under the Administration of President Gerardo Machado and constitute the most pressing
financial problem of the Government, since the entire issue must be paid
off within 10 years, which is regarded as an utter impossibility, at the
present level of income of the Republic. Also, the $42,000,000 sugar
stabilization issue, under the Chadbourne plan, of which $31,622,780 is
outstanding, according to the report, must be considered, sugar producers
here saying the issue is largely held by foreign capitalists.
The internal debt covered by 5% bonds issued in 1905 is listed at $7.865,000. However, no mention is made in the report of the floating debt
of the island, which has been variously estimated at from $16,000,000 to
$20,000,000. This amount, it is stated, is largely due contractors and
suppliers of the Government, and failure to meet these obligations has
caused a great deal of complaint and hardship among the commercial
classes, who assert that this has greatly contributed to the depression here.
So far Cuba has met her foreign obligations on due dates but at an
enormous sacrifice, and it has been necessary continually to increase
taxes to maintain the revenue.
As Economy Measure Cuba to Use Same Automobile
Plates Another Year—Small Tags with Dates to
Be Attached Thereto.
Automobile owners of Cuba were warned on April 23 by
the Department of Public Works to preserve their 1930-31
license plates, since no new plates would be issued by the
Government for the fiscal year of 1931-32. Adviees from
Havana, April 23, to the New York "Times," from which
we quote, further said:
As an economy measure only a small additional plate carrying the date
will be attached to the present license plate.
The smaller plates will be manufactured in Cuba, whereas the larger
ones have to be imported.
License fees in Cuba run from $45 for the small car up to $85 a year for
larger ones. Some concession is given to taxi drivers, but the payment
of this tax has become a hardship, due to financial conditions here.
Without doubt the Government will find it necessary to allow automobile
owners the privilege of liquidating the license tax in two payments, as was
done last year, as economic conditions are worse.
Dr. Ruiz y Mesa, Cuban Treasurer, Denies Rumors of
$10,000,000 Bond Issue to Cover Deficit Reported
as Expected.
Havana advices April 25 to the New York "Times" said:
Denial of a report published in the United States that Cuba would Issue
$10,000,000 in bonds to cover an expected deficit this year was made to-day
by Dr. Ruiz y Mesa, Secretary of the Treasury.
An internal bond issue has been proposed by the Economic Commbosion
to cover Cuba's entire floating indebtedness, the Secretary said, but it
had not been approved by the Government, and it would be incorrect to
estimate if any of this year's budget would need to be made up until the
end of the fiscal year. June 30, but he felt that the newly authorized taxes
would prevent a deficit.
Dr. Ruiz y Mesa also asserted that the first 500,000 silver dollars of the
$3,500,000 recently authorized would arrive from the Philadelphia Mint
to-morrow, but would not cause any deflation of Cuban currency, for it
would replace United States fractional coins and $1 and $2 notes, which
are rapidly being withdrawn from circulation.
He likewise denied persistent rumors thatithe Government would lay
down severe penalties for any one refusing to,accept silver in payment of
obligations. However, business men are complaining that many governmental departments, particularly the customs, will not accept silver and the
revenue offices have a maximum of 8%.
Havana Real Estate Valued at $302,000,000.
The Cuban National Statistical Commission has released
comparative figures showing the value of real estate in the
City of Havana, it is stated in a report to the Department
of Commerce, from Acting Commercial Attache Albert F.
Nufer, Havana, Cuba. The Department makes public the
following table giving the salient features of the compilation
made by the Statistical Commission:
1934,
1932.
192.5.
1900.
.'7l0
49,200
48,010
Number of houses
27,701
73,800
73.000
72,000
30.400
Number of apartments
Nominal rents
$10.000,000 $48,458,496 $36.000.000 826,650,000
Rents collected
8,000,000 46,035,872 32, 00.000 18,160,
Total value of Havana real estate 100,000,000 605,700,000 489,000,000 302,000,000
100
810. 60
Value of house
$12,000
$3,700
90
r
$6, 45
383
Average rent per hoe(monthly)
$31
us
$30
$40
$55
Average rent per apt.(monthly).
$27
The Department likewise says:
The above figures show a heavy increase in the number of houses and the
average value thereof during the 25-year period from 1900-1925.
Cuba's decline in prosperity, which began in 1926, is reflected in the
figures for 1930 and 1932, which indicate an insignificant increase in the
number of houses in Havana and a progressive decrease in their total and
Individual value and in the rental values.
Haiti Deposits With Fiscal Agent in New York Sufficient Funds to Meet Interest and Sinking Fund
Requirements Up to Sept. 30 1932.
The Republic of Haiti has placed on deposit with the
National Oity Bank of New York, as fiscal agent, sufficient
funds to complete the full interest and sinking fund requirements for the fiscal year ending Sept. 30 1932, including the
interest due Oct. 1 1932, on all outstanding bonds, under
the Republic of Haiti customs and general revenues external
-year sinking fund 6% gold loans, series A and C, due,
30
respectively, 1952 and 1953.
3368
Financial Chronicle
Plan to Increase Income Tax in Island of Jamaica Voted
Down by House.
The elected members In the Jamaica Legislature unanimously rejected, on April 27, a measure to increase the Income tax on sums of £2,000 [about $7,260 at the present rate
of exchange] and upward. Advices to this effect were
contained in a cablegram, April 27,from Kingston (Jamaica)
to the New York "Times."
Jamaica Rejects Tourist Tax.
From Kingston (Jamaica), a cablegram, April 28, to the
New York "Times" said:
The elected members of the Legislature to-day defeated a Government
bill to impose a tax of 10 shillings [about $1.82 at the current rate of
exchange] on each tourist entering the island.
Report of Manila Legislative Committee Would Widen
Rural Credits, Revise Usury Laws, &c.
From the New York "Times" we take the following from
Manila, May 2:
Complete revision of the laws on usury, to widen rural credits and provide
closer scrutiny of the basis of security, is asked in the report made public
to.day by the Legislative Committee which has been making an investigation
of the subject.
In the report Juan Balmaceda, Under-Secretary of Commerce, says that
the evils of usury are so widespread that eradication of them will require a
long time.
Bombay (India) Stock Exchange, Closed with Resigna(India)
tion of Directors, Reopens—Board Asked to
Rescind Action.
From Bombay May 3 a wireless message to the New York
"Times" said:
F The Stock Exchange opened for business to-day, contrary to expectations
of Indian Nationalist members who expected it to close for a week while
one of their number is under suspension.
There was an informal meeting of members this afternoon, at which
resolutions were passed expressing the fullest confidence in the board,
which had offered its resignation en bloc yesterday, and approving the
board's action In suspending the Nationalist member. The meeting requested the directors to withdraw their resignations. A general meeting of the Exchange will be convened Monday to confirm the resolutions.
The same paper reported the following from Bombay
May 2:
The board of directors of the Bombay Stock Exchange took the unprecedented step to-day of resigning in a body in protest against what they
regarded as the Nationalist sympathies of a majority of the members.
The resignation was a sequel to the refusal of a majority of the members
-day, although the Exchange was officially opened. The
•to do business to
trouble originated in a visit of the round-table conference franchise committee to Bombay and the arrest of women pickets of the All-India National
Congress who were trying to force the Exchange to close. Following the
arrest, a number of brokers made a hostile demonstration against the Exchange directors for their refusal to order a cessation of trading. A. R.
Schroff, the President. was hissed and jeered.
The board sent for those members who took a leading part in the demonstration, but, fearing arrest under the Government's repressive ordinances,
they had disappeared from Bombay. When the offending brokers returned,
all apologized except one. The board ordered his suspension for a week.
It was in protest against this suspension that the brokers refused to do
-day.
business to
Receiver Named for Southern Minnesota Joint Stock
Land Bank—Default on May 1 Bond Interest.
Announcement that the Southern Minnesota Joint Stock
Land Bank had failed to meet its May 1 interest requirements on some of its bonds was made at Washington on
May 2 by Paul Bestor, Chairman of the Federal Farm
Loan Board. Mr. Bestor is quoted as saying:
The condition of the Bank was such that the directors found it necessary
to suspend further operations and the conclusion was reached that a receivership was the only course open. The Bank is not affiliated with
any other Land bank or banking institution.
Roy A. Nelson of Minneapolis was named receiver and
instructed to take immediate charge for tho purpose of conserving the Bank's assets.
The Bank was organized in 1919 at Redwood Falls,
Minn., and in 1926 moved its principal office to Minneapolis.
James C. Stone of Federal Farm Board Suggests to
Senate Committee Program to Meet Agricultural
Emergency—Advocates Continued Credit Expansion to Increase Consumers' Buying Power and
Raise Commodity Prices—Also Proposes Credits
to Finance Sales of Wheat and Cotton Abroad—
Continuance of Open Market Operations of Federal
Reserve Board Urged—Other Testimony at Hearing.
Credit expansion and funds to finance sale of Farm Board
wheat and cotton abroad were advocated before the Senate
Agriculture Committee on April 27 by James Stone, Chairman of the Federal Farm Board as a means of diminishing
farm troubles. With the group sat representatives of the
May 7 1932
farmers' organizations—the National Grange, Farmers' Union and Farm Bureau Federation, according to Associated
Press accounts from Washington April 27, which likewise
isaid:
Mr. Stone defended the Board's actions, long a target of criticism. To
blame it for the decline in agricultural prices, while "all other prices have
gone down in proportion," is unfair, he said. He asked that nothing be
done to weaken the agricultural marketing act.
Indications were the Committee would approve the resolution of Senator
Charles L. McNary, Republican, of Oregon, Chairman providing $100,000,000 from the Reconstruction Corporation to finance the sale of Board wheat
and cotton to foreign countries.
In indorsing this measure Mr. Stone told the group inquiries already
received indicate export sales of between 15,000,000 and 25,000,000 bushels
of wheat and from 500,000 to 1.000,000 bales of cotton could be arranged
before the current crop year ends, if the credit fund is provided.
The "United States Daily" had the following to say regarding the hearing on April 27:
Allotment Plan Discussed,
M. L. Wilson, head of the Department of Agricultural Economics,
Montana State Agricultural College. discussed before the Committee a socalled domestic allotment plan, which, he said, would increase the purchasing
power of American agriculture by $700,000,000, and would accomplish
a price increase for agricultural commodities without a resultant increase in
production.
The best way to accomplish such a result, Mr. Wilson said, would be to
apply an excise tax at the points where the commodities are processed, the
tax to parallel the amount of the tariff as follows: 42 cents on flour, 5 cents
on cotton at the mill, 5 cents on tobacco, 1% cents on rice and 2 cents on
hogs. This would be made aplicable, he pointed out, to the portion of the
crop domestically consumed.
The plan would be effected as the result of a petition representing 10%
of the producers of a particular commodity and would be effected as an
agreement upon 60% of the producers voting to support it, he explained.
A contract, he stated, would be entered into whereby additional acreage
would be prevented.
Compared to Equalization Fee.
Senator McNary (Rep.), of Oregon, pointed out that similar plans had
been presented the Committee before, but that such a plan does not provide
for the surplus and is not as beneficial as the e jualization fee plan, twice
vetoed.
In response to questions by Senator Brookhart(Rep.), of Iowa, Mr. Stone
testified that $100,000.000 a week in Government securities is being purchased by the Federal Reserve Board; that this is not having much effect
at present and will not have until the purchases exceed the rediscount of the
member banks.
Mr. Stone said present ondicatilons are that this year's wheat crop will
be about 200,000,000 bushels less than the last two years. He stated also
that if from 20,000,000 to 40,000,000 bushels can be exported between now
and July 1, the carry over this year will be less than that of a year ago. He
expressed favor for $100,000,000 being provided to extend credit for sales
of wheat and cotton abroad.
Price Maintenance Considered.
Senator Brookhart questioned why this country with a major control o
production could not maintain the price. "You can maintain the price
at any level you wish as long as your money lasts," commented Mr. Stone.
He pointed out, however, that this did not help solve the problem of surplus. "The piling up of surpluses has an effect on the domestic and world
markets," he said.
The Farm Board Chairman agreed that a better price could be secured
If all of the surplus were held by the Farm Board, but stated that this is a
disputed point.
The Iowa Senator called attention to a bill he has introduced which
would provide the issuance of "enough Treasury notes to handle this agricultural surplus."
European Market Foreseen.
Mr. Stone told the Committee that various European countries would buy
American wheat provided thay could secure credit. He added that there
might be some doubt as to whether credit could be extended by the Farm
Board to Russia. "France has increased its quota of import wheat since
January from 3 to 45%," he said, adding that Italy and Germany had taken
or were taking similar steps.
John A. Simpson, Oklahoma City, Okla., President of the National
Farmers' Union, demanded whether credit should be allowed European
countries for wheat when "they haven't paid their other debts to US."
and when they are spending hundreds of millions in war preparations.
"Any commodities sold to those countries on time will be paid," asserted
Chairman Stone, pointing out that the debts yet unpaid are war debts.
Conditions have not been normal at any time since the Agricultural
Marketing Act became effective, Mr. Stone said.
"We are still In the midst of the wrost situation the country has ever
been in," he continued. "It is unwise to judge the Act as of to-day.
I don't think anything should be done to weaken the present Act. It Is
unfair to compare the decline of agricultural prices and blame that on
the Farm Board, because all other values have gone down in the same
proportion."
The Farm Board Chairman asserted that wheat now held by the Farm
Board "would have been on the market anyway only in a disorganized
way."
The following prepared statement was presented to the
Committee by Mr. Stone:
An effective program to meet the present emergency In agricultural
must re-establish the purchasing power of the consumers in our farmers'
largest market—the domestic market. It must provide a means of reducing
our accumulations of wheat and cotton by financing sales abroad; it must
raise prices toward levels which prevailed when present debts, taxes, and
other fixed charges were established or else readjust debts in line with existing prices; and, finally, it must Intensify the efforts already under way to
develop a closely co-ordinated system of co-operative sales agancies, as
authorized and directed by the Agricultural Marketing Act, strong enough
to protect the interests of farmers in periods of low or declining prices.
Practical methods of accomplishing these objectives appear to be:
I. A continuation of the aggressive program of open market operations
recently initiated by Federal Reserve authorities. This program, if courageously and steadily followed, should tend to check credit contraction,
restore business confidence, improve business activity, increase employment and so lead to a gradual increase in commodity prices. The results
of this credit policy would be accelerated if accompanied by such action
as would Induce those member banks which have been reluctant to extend
credit to liberalize their credit policies.
Volume 134
of consumers generally
Such a program should tend to raise the incomes
With prices of farm products
and increase the prices of farm products.
be easier and bankruptcies
improved burdens of debt and taxation will
inevitable will be prevented.
and foreclosures which would otherwise be
sale of our surplus wheat
H. Credit is needed to enable us to increase the
necessary funds with which
and cotton to those purchasers abroad who lack
have a very important psychologito buy at this time. Agricultural prices
confidence and restoration
cal significance in the development of business
led the way out of
of business activity. Wheat and cotton prices have that our domestic
previous depressions. It is particularly important
reduced so
carryover of wheat and cotton into the next crop season be crop. If
1932
that farmers will receive the best possible prices for their
significantly below
the carryover of wheat on July 1 can be reduced to levels
in the statistical
those of a year earlier, it would mark a fundamental turn
year-end
position of this basic product, for it would be the first decline in improve
should
wheat stocks since June 30 1926. As a result, wheat prices
Equally
during the crop marketing period and thus increase farm income.
thus imimportant would be the significant influence on general business,
proving the demand for all farm products.
sales of
Inquiries which have already been received indicate that export cotton
bales of
15 to 25 million bushels of wheat and 500,000 to 1,000,000
financing
could be arranged before the end of this crop year if effective
credit
were available. These sales cannot be made unless the necessary
Chronicle
3369
Otherspread constructive effort on the pa.t of the trade.
that with a crop of average proportions
wise, he believes
recorded
cotton will seek historical lows, such as have been
staple
the case of sugar, rubber, silk and certain other
in
commodities.
s AverCrop-Raising Loans Reach 51 Millions—Advance
to 400,000 Borrowers.
age $126.82, Made
With April 30 the final date for 1932 crop production
to the
loans from the Federal Government, the loans up
April 26 had reached $51,427,000 and 50,000 addinight of
Henry
tional applications were on hand, not yet passed upon,
Office
S. Clarke, in charge of the 1932 Crop Production Loan
t of Agriculture, stated orally April 27.
of the Departmen
to 105,502
The loans to date average $126.82 and have gone
he said. The following additional information
borrowers,
given orally
said the "United States Daily" of April 28, was
by Mr. Clarke:
is provided.
the personnel of the
farmers
The peak of the lending operations has passed, and
III. Substantial progress has been made in the organization by
Applications are still coming
Agriculof effective co-operative marketing systems since the passage of the
tural Marketing Act, but much yet remains to be done. Co-operative
marketing is a long-time program; and effective farm marketing systems can
improve the position of agriculture and protect the interests of farmers in
emergency periods such as this one.
In the case of those products where effective co-operative sales agencies
controlled enough of the volume to influence the market, as in fluid milk,
butter, wool, citrus fruits and other products, the co-operatives which
followed an orderly sales policy have protected producers from price demoralization even though they could not completely counterblanace the
domestic decline in consumer purchasing power. Undoubtedly, co-operative marketing of farm products will produce the best results for farmers
over a long period, and the Farm Board considers such activities necessary
to permanently protect the interests of agriculture.
The Agricultural Marketing Act provides a means of encouraging and
production
stimulating the development of these effective systems for orderly
and marketing. The organizations already present in agriculture have
financial assistance from
bean kept intact throughout the depression by
Farmers
the revolving fund when other credit agencies ceased to function.
on many markets
have been given assistance in forming new organizations
not
and in many commodities. Systems of co-operative organization canbeen
years has
be built up in a day. Material progress during the three
conditions. Efforts in this direcmade in the face of exceedingly difficult
work
tion must be intensified and accelerated. Continuation of the
begun under the Agricultural Marketing Act is vital to secure to the farmer
to maintain and
his fair share of the consumer's dollar, and is necessary
protect his interests when prices start rising again as well as to defend
them when prices are declining.
In conclusion, the very low incomes of farmers are due to four fundamental conditions:
1. The purchasers of farm products in this country lack adequate purchasing power.
2. Farmers are unable to maintain payments on fixed debts and taxes
established when prices were high.
To meet these two conditions we recommend a continuation of the vigorous banking policy of credit expansion to increase consumer buying power
and turn the course of commidity prices upward.
3. The purchasers of our wheat and cotton in other countries lack the
funds with which to buy our surpluses.
We recommend to meet this condition provision of adequate credit
to move these surpluses out of this country into consumption in places
where they would not otherwise be sued.
4. Farmers are not yet sufficiently organized into producer-owned and
producer-controlled co-operative organizations to have strongly collective
bargaining power in the sale of their products. In many sections and in
many products farmers are still so unorganized that they suffer to an
excessive degree from the uncontrolled effect of reduced demand, heavy
supplies and falling prices. Private distributors and processors in many
instances have maintained or increased their profits and during the same
period have reduced prices to farmers to disastrously low levels. It is the
representatives of these interests who are vigorously opposing the efforts
of the Farm Board to help farmers obtain the bargaining power that comes
from effective orgzization.
Continued progress in the organization of farmers is necessary to meet
these emergency conditions as well as their long-time problems. It is
of utmost importance to carry on the program already instituted under the
Agricultural Marketing Act with as much vigor as Possible. Our efforts
in this direction will be limited only by the funds which Congress makes
available for our use.
Federal Farm Board Must Go If Congress Is Sincere
in Matter of Economies, Says C. T. Revere, of
Munds, Winslow & Potter.
"No one will be convinced of Congressional sincerity in
the matter of economy so long as the Farm Board exists
and is maintained," says C. T. Revere, of Munds, Winslow
& Potter, in a statement on the cotton situation released
April 30. Mr. Revere says:
Here, in all this critical period with taxation laying its paralyzing hand
on the activities of every railroad, industrial corporation and municipality,
causing untold shrinkage in the portfolios of banks, trust companies and
insurance companies, we have the grandiloquent offer of economies amounting to $250,000.000. Yet this is only half of what has been squandered
In our Farm Board venture alone.
Meantime we have an investigation of Stock Exchange activities to
in a while
act as a smoke screen for Congressional shortcomings. Once
the vaulted halls of the House and the Senate echo with an orotund phrase
This musical episode was
about Nero fiddling while Rome was in flames.
the Senatorial samphonists.
not a circumstance to the jazz performed by
the tactics
rThe European onlooker must find it difficult to comprehend
a nation outside of the United States that
of our Congress. There is not
to domestic enterprise. Our
does not shape its policies along lines helpful
of restricting and hampering
whole political attitude is directed along lines
constructive endeavor.
Regarding the future of cotton, Mr. Revere expresses the
opinion that an end to the Farm Board would lead to a wide-
office already has been reduced somewhat.
number a short time ago
in at a rate of about 10,000 a day, but the daily
was several times that figure.
to the Office April 27
An additional $25,000,000 was made available
added to the $50,000,000
by the Reconstruction Finance Corporation, to be
original fund provided by Congress.
from the present
While the total of loans is expected to rise materially
now available will
figure, it is not expected that the entire $75,000,000
practically stopped, nearly
be needed. Making of loans in the South has
the sowing season will soon
all crops already having been sown there, and
are for crop producbe over in the remainder of the country. The loans
tion only, under the law authorizing them.
section with a
Loans have been made in all States, and there is no
the Northwest
disproportionately large amount of them, except possibly
was greater.
where drouth has persisted for several years and the need
The crop outlook there is good so far this year.
April 30 will be conApplications for loans placed in the mails by
the period
sidered to be on time although they arrive after the last day of
fixed for making loans.
by the
All the loans will fall due Nov. 80 under the regulations adopted
$50,000,000 of
Department of Agriculture. The loans are being made from
Finance Corporation plus the
the original capital of the Reconstruction
Corporafourfold expansion of that sum by issuance of debentures by the
tion, totaling $200,000,000, as provided by Congress.
Repayment of More than $26,000,000 of Drouth Loans—
Arkansas Farmers Return 52.6% to Treasury.
Repayments of Federal drouth loans to farmers reached
$26,993,438 April 15, or 57.2% of the total amount loaned,
according to a tabulation made public April 25 by the
Farmers Seed Loan Office, Department of Agriculture. The
"United States Daily" of April 26 said:
As of March 81, the percentage repaid was 56.2% showing repayments
at the rate of one-half of 1% a week recently, according to the office's
tabulations. The following additional information was provided:
Arkansas, which was hardest hit by the 1930 drouth and obtained the
largest volume of loans, continued to lead in amount and percentage of
repayments. The farmers of that State have repaid 72.6% of the amount
borrowed, or $6,683,852.
Only two other States have repaid 70% of the borrowings, Louisiana,
with 71.1%, and Texas, 70.2%. Georgia, Mississippi. North Carolina,
South Carolina, Oklahoma and Tennessee have each repaid between 60 and
70% of their loans. Alabama, Minnesota and Oregon have repaid between 50 and 60%, and all other States less than 50%.
The disastrous effects of the second successive year of drouth in Montana, North Dakota, South Dakota and Wyoming are reflected in the
repaid
small percentages of collections for these States. Montana has
3.9.
only 7.2%; North Dakota, 7.9; South Dakota, 12.8; and Wyoming,
satisfactory
Collections in these States are expected to rise materially if a
crop is made this fall.
certificates
Of the total repaid, $11,230,697 is represented by warehouse
by farmers,
given as security for the loans, covering commodities stored
these comchiefly cotton. Payments will be made from the proceeds of
modities when they are marketed.
stat
--..'—
Time to Seek FederalCrop Loans Extended in Eastern
The "United States Daily" of May 3 said:
loans
Extension for two weeks of the time for application for FederalMay 2
orally
for crop production in 14 Northeastern] States was announced
Office, Deby Henry S. Clarke, Chief of the 1932 Crop Production Loan
Maine,
partment of Agriculture. The States are: Connecticut, Delaware,
New
Maryland, Massachusetts, Michigan, New Hampshire, New Jersey,
York, Ohio, Pennsylvania, Rhode Island, Vermont and West Virginia,
he said.
Only One-Half of $5,000,000 Texas Seed Loans Used.
The following from Dallas, is from the "Wall Street Journal" of April 27:
Nearly $2,500,000 of Federal seed loan money apportioned to Texas,
New Mexico and Arizona remains unasked for of the total of $5,000,000
all tted to Oongress, according to Owen W. Sheri% regional manager of
the Dallas office. Approximately 29,800 loans have been made for an
average slightly below $95 each, the smallest fanner borrowing ever recorded in this State in a time of emergency. The explanation comprises
the following elements:
Better position of Texas farmers from a living standpoint owing to
abundance of canned food from peas and beans to beeves and poultry, and
barns full of feed and grain owing to large crop surplusses;
Opposition of most country bankers to the Federal seed loans as merely
Inciting farmers into deeper debt and not needed except in isolated cases
3370
Financial Chronicle
where country banks could not lend farmers any more money based on
crop mortgages;
Recognition by farmers that these loans had to be paid back before any
other mortgage could be paid.
Many bankers and landlords are of the opinion that these seed loans
actually helped to increase cotton acreage at a time when it is necessary
to reduce acreage. Without Government money thousands of farmers
would not have planted any cotton in Texas.
Many employees of the Dallas office will be let out May 1 and only a
skeleton organization will be used to look after the loans.
President Hoover Vetoes Bill Conferring Jurisdiction
on Court of Claims to Determine Claims of Indians
in Oregon—Says All Funds Promised to Indians
Under Treaties Have Been Paid.
On April 25 President Hoover vetoed the bill (S. 826), an
Act conferring jurisdiction upon the Court of Claims to
hear and determine claims of certain bands or tribes of
Indians in Oregon. From the "United States Daily" we
quote:
In a special message to the Senate returning the bill without his approval,
the President declared that he could not assent to the proposition that the
Government should be obligated after 75 years to defend a suit for unknown
claims of such ancient origin and for persons long since dead not based upon
any treaty, agreement, Act of Congress, or Executive Order.
The message follows in full text:
"To the Senate: I am returning herewith Senate Bill 826, 'An Act
conferring jurisdiction upon the Court of Claims to hear and determine
claims of certain bands or tribes of Indians residing in the State of
Oregon,' without my approval.
"The bill limits the claims which can be presented to those 'arising under
or growing out of any treaty, agreement, Act of Congress, Executive Order,'
and then throws the door wide open by adding 'or otherwise.' I cannot
assent to the proposition that the Government should be obligated after 75
years to defend a suit for unknown claims of such ancient origin and for
persons long since dead not based upon any treaty, agreement, Act of
Congress, or Executive Order.
"I want full justice for our Indian wards, and would have no objection
to the presentation of claims arising under the treaties named in the bill,
both ratified and unratified treaties. I am advised, however, that all
funds promised to these Indians under the ratified treaties have been
appropriated and paid, and that lands were set aside for, and occupied
by, the Indians who were parties to the unratified treaties. I am further
constrained to this action at a time when the Government cannot assume
additional and unknown burdens of expenditure.
"HERBERT HOOVER."
"The White House, April 25 1932."
International Harvester Co. Extends Wheat Guarantee
Price—Move Intended to Increase Demand for
Implements—Extends Price Plan to Canada.
Associated Press accounts from Regina, Sask., April 29,
stated:
The International Harvester Co. of Canada, Ltd., has guaranteed a price
of 77c. a bushel, Winnipeg, for No. 1 Northern wheat, Charles Morrison, of
Chicago, director of sales in Canada, explained to-day to the company's
Western branch managers.
The guarantee applies to the 40% payment due this year on future
1932 purchases of any of the company's machines.
Previous reference to the action of the International Harvester Co.'s offer to guarantee a price level for wheat, corn
and copper was made in these columns April 2, page 2419.
From the "Wall Street Journal" of May 3 we take the
following from Regina:
There is no barter involved in the offer of International Harvester Co. of
Canada to guarantee a 77c. price for wheat on purchases of farm implements, Charles R. Horrison, director of sales, told branch managers of the
company. The guarantee applies to the 40% payment due this year on
future 1932 purchases of machines.
"We do not propose to accept wheat for machines but to offer a guarantee
of the price of wheat at the time of 1932 settlements," he said.
The difference between the price offered in Canada and the 70c. offer
for Chicago No. 2 wheat in the United States represents the average spread
between the two grades, he explained.
"Our company is convinced that the reluctance of farmers to buy implements required for the more economical production and harvesting of their
crops is due to the present unsatisfactory wheat prices, and we believe
that if they are assured of higher prices for wheat they will not hesitate
to purchase the modern and more efficient cost-reducing machines which
they now need snore than ever," he said.
"The purpose of this offer is not merely to stimulate sales of Harvester
products, but also to give substantial evidence of our faith that wheat
values will soon improve."
Chairman Stone of Federal Reserve Board Rejects
Offers by Private Interests for Purchase of Board's
Wheat Surplus—To Continue Policy of Sales of
5,000,000 Bushels Monthly.
The Federal Farm Board has rejected offers for private
sale of its surplus wheat, according to Associated Press
advices from Washington, April 25, which also said:
This became known to-day as agricultural leaders gathered
here for a
general conference to-morrow with the Senate Agriculture
Committee on
Farm Relief.
Chairman Stone of the Board has definitely turned down
offers for
private purchase of the wheat held by the Government,
in the face of
appeals from Republican leaders in Congress to take this action.
The Board now has about 107.000,000 bushels on hand. It is Mr.
Stone's
intention to continue the present policy of sales at the rate of 5,000,000
bushels a month.
May 7 1932
It is understood that a private dealer came to Washington recently from
Chicago with an offer to buy all the Board's surplus at the market price
and to dispose of it abroad.
Senators Watson, of Indiana, the Republican leader; McNary, of Oregon,.
Chairman of the Agriculture Committee; Capper, of Kamm, and Representative Purnell of Indiana, all Republicans, joined Secretary Hyde and
Chairman Stone in a conference and urged favorable action.
It was their contention that disposition of the surplus would bring about
early stabilization of wheat prices and better the outlook for the coining
harvest.
Chairman Stone is confident of getting rid of the surplus abroad and in a
way that will not disturb the market.
Senator McNary will preside over the farm relief conference to-morrow
in his committee room. Representatives of organized agriculture will join
the Committee and Secretary Hyde in the conference.
What, if any, legislative remedies will he undertaken at this time wilt
be decided.
We also quote the following (Associated Press) from
Washington, April 25:
Senator Capper, of Kansas, said to-day he had been approached by representatives of private wheat traders who advanced proposals for the purchase of the wheat surplus held by the Farm Board.
Senator Capper said he told the wheat -nen he did not think the Board
would agree to sell its surplus, variously estimated at from 110,000,000 to
150,000,000 bushels, to the private trade.
He added, however, that so far as he knew there was no legal obstacle in
the way of the deal, and all that was necessary was Board agreement.
The present policy of the Board is to sell not more than 5,000,000
bushels monthly, exclusive of any deals it might make with governments
or other buyers abroad, where the grain would not come into competition
with that ordinarily sold by American traders.
Senator Capper said he did not recall the names of the men who
approached him last week and did not know whether they conferred with
other members of the Senate or with Board officials.
Farmers Again Plead for Equalization Fee—Export
Debenture Plan Likewise Advocated at Senate
Committee Hearing.
The equalization fee and export debenture plan were revived before the Senate Agriculture Committee on April 28
by spokesmen for the farmers as remedies for agriculture's
ills, said Associated Press advices from Washington, April
28, from Which it is also learned:
Coupled with these proposals in a broad program presented by the
American Farm Bureau Federation, the National Farmers' Union and the
National Grange was a third idea—to insure the cost of production on a
basis of domestic consumption needs.
The program, agreed upon by the three and written into bill form, advances
the basic ideas long championed by each singly, and was presented at the
Committee's conference with farm and Government leaders seeking a
relief plan.
To insure the cost of production, the plan proposes an allotment
program. The amount each farmer could sell in the domestic
market would
be fixed and the price established at a point equal to the cost of production,
including labor and interest on investment, under schedules arranged by
the Farm Board, which would have general supervision.
The 'balance could be sold for export, but without the production
cost
guarantee, and the Farm Board would have power to declare
an embargo
when it considers imports would handicap the allotment plan.
The equalization fee would be put in operation from
time to time by
the Board, while the export debentures would be half the
tariff schedules,
except on the following:
Corn or maize, 7;ic. a bushel; rice, / a pound; wheat,
1c.
2
21. a bushel;
cotton, 2c. a pound; tobacco, 2c. a pound.
California Grape Growers Advocate Revision
of 18th
Amendment—Charge
Government "Betrayed"
Growers by Reversal of Prohibition Enforcement
Policy—Attorney-General Mitchell's Office and
Treasury Deny They Endorsed Move Which Resulted in Federal Farm Board Aid
Revision of the Eighteenth Amendment to permit the
sale of naturally fermented beverages was
advocated at San
Francisco, on April 25, as a new policy of
the California
Vineyardists' Association by Donald D. Conn, Managing
Director of the Association, it is learned from Associated
Press accounts from San Francisco on that
date, from which
we also quote as follows:
In a report summarizing his administration
for the last five years, Mr.
Conn charged that a reversal of governmental
prohibition enforcement pollcies threatened disaster to the grape industry
and made legalization of
wine-making imperative.
The Government, from the beginning, has been
a party to the Increased
volume of wine-grape production, his report sets
forth. Both Federal and
State authorities not only permitted these additional
(after the
Prohibition Act was passed), but did much to encourageplantings
wine-grape marketing and sale, he asserted.
The following further Associated Press account, from San
Francisco, April 25, is from the New York "Times":
The program, drafted by Donald D. Conn, managing director of the
California Vineyardists' Association, calla for a national liquor plan to
permit restricted manufacture of wines for use in homes and hotels, under
certain supervisory conditions.
The use of fortifying material to increase the alcoholic content would
be forbidden, limiting the strength to that produced by natural
fermentation.
In his report, Mr. Conn declared the California grape growers had been
"betrayed" by a reversal of policy on the part of the Government in prohibition enforcement under which wine-making in the home had been
outlawed.
He asserted that for several years the Goverment bad "approved and
assisted the growing and sale of juice grapes for home wine-making," only
Volume
134
Financial Chronicle
to reverse itself under a court decision handed down by Federal Judge
Merrill E. Otis in Kansas City last November.
Mr. Conn declared that the present enforcement policy threatened disaster
to the huge grape industry in California.
Gives Dates of Conferences.
In reply to a statement telegraphed from Washington that the Department
never consulted and did not participate in any conference
of Justice "was
concerning the marketing of grape concentrates for making wines in the
home," Mr. Conn said to-night:
"I personally called on the Assistant United States Attorney-General
In May 1927, and had a four-hour conference with the officers of that
Department, particularly concerning the right to make concentrate, and
the method by which it should be marketed. Predicated on that understanding, I accepted this responsibility in California.
"Again in December 1928, January 1929, and in March 1929, I led a
delegation of grape growers to the offices of the Department of Justice to
discuss the very thing which they now contend they have never been
consulted about.
"There was no misunderstanding whatever, at any time, by those then
in charge of the Department of Justice, as to the organization of Fruit
Industries, Ltd., what it proposed to do and how it proposed to do it.
"The Agricultural Marketing Act contains a declared policy of Congress.
I assume that this policy applies with equal force to all Government
departments."
On April 25 Associated Press dispatches from Washington
stated:
Secretary Hyde and the office of Attorney-General Mitchell denied to-day
the accusation by Donald D. Conn in California, that Fruit Industries, Ltd.,
"had its genesis as a result of conferences between the Department of
Justice, the Treasury, and the Department of Agriculture in Washington."
Chairman Stone, however, said the Farm Board did not "loan a penny"
to Fruit Industries "until it had been assured by the Department of Justice,
the Treasury and the Prohibition Bureau that the grape concentrate business of that company was perfectly legal."
A statement by the Department of Justice said that it "was never constilted and did not participate in any conference concerning the marketing
of grape concentrates for making wine in the home," adding:
"Assistant Attorney-General Richardson at one time advised the Federal
Farm Board respecting the form of contracts for loans to Fruit Industries
and others, but no question of any other character was ever presented or
considered. The assertion that the Department of Justice directly or
Indirectly approved or even considered at that time any question relating
to home wine-making is without any foundation in fact."
While House supporters of the prohibition laws remained silent, Representative Linthicum, of Maryland, Chairman of the House wet bloc, expressed
the opinion that "Congress will never agree to a change in the prohibition
laws that favors one industry."
He agreed with Representative La Guardia of New York, Secretary of
the Republican wet bloc, and other Congressional anti-prohibitionists in
saying that the Government's "about face on wine is not unusual in view
of its previous inconsistencies in prohibition administration."
"The Government prosecutes bootleggers for failure to pay income taxes—
not because they are violating the prohibition laws," Mr. Linthicum asserted.
"And the dry members of the House approve an excise tax on malt and
hops used in home brewing. They certainly didn't think that the man who
makes beer at home is going to see that it has less than one-half of 1%
alcohol."
Mr. La Guardia held that differences between the vineyardista and the
Federal Government "are the inevitable and expected fermentation of
hypocrisy." He opposed the dry law modification urged to aid the California vineyardists.
On April 25 the Associated Press reported the following
from Kansas City:
The Ukiah Grape Products Co., Inc., of New York, paid a $700 fine
In Federal Court here Nov. 19 1931 on conviction of violation of the
National Prchibition Act. Attorneys termed trial of the company on
charges of possessing and selling a grape concentrate a test case.
•
Judge Merrill E. Otis held the product of the Ukiah Co. was illegal and
that both the company and its Kansas City branch manager, A. E. Burnett,
were guilty.
By agreement of counsel he had heard the evidence without a jury.
Defense attorneys asserted the company was not at fault in that its product
contained less than one-half of 1% of alcohol by volume at the time of its
sale to consumers.
Further press advices from San Francisco, April 27 (Associated Press) said:
Donald D. Conn, managing director of the California Vineyardists' Association, disclosed to-day that President Hoover, while Secretary of Cornmerce, tentatively approved the grape industry rehabilitation plan, including the marketing of grape by-products.
"I laid the plan before Mr. Hoover in a personal conference while he
was Secretary of Commerce." Mr. Conn said.
"The discussion did not go into the specific item of sale of concentrated
grape juice specifically for the marketing of so-called non-intoxicating
fruit juices in the home. Concentrated grape juice is only one of many
grape by-products.
"Mr. Hoover realized the plan bade fair to be the salvation of the grape
industry and encouraged it personally, but advised me to confer with
Mrs. Mable Willebrandt, then Assistant Attorney-General. She expressed
the personal opinion that the program was entirely legal, which view the
Department of Justice has held for 12 years."
The directors of the Association to-day unaninrously endorsed an agricultural program advanced by Mr. Conn.
They previously had approved his recommendation for revision of the
Eighteenth Amendment and the national prohibition law to permit manufacture and restricted sale of naturally fermented beverages.
At a first step in the agricultural program, the directors voted to ask
Representative Curry to introduce in the House of Representatives a bill
to establish regulation of fruit auctions.
Mr. Conn's recommendations, addressed to agriculture as a whole, called
for the regulation of production of crops, even to the extent of limiting
by law planting of new acreages, if necessary, on a certificates of public
necessity.
Under date of April 26, the Washington correspondent of
the New York "Journal of Commerce" said:
There is no intention on the part of the Prohibition Bureau to interfere
with the legitimate distribution of grape concentrates, officals said to-day,
following the claim of the California grape industry yesterday that It has
been betrayed by the Government in connection with its demand for legalization of wines.
3371
Officials pointed out that the policy with respect to prosecutions adopted
some time ago would be maintained. That is, when a grape product is
distributed with the intention that it is to be used for making alcoholic
wines which are actually intoxicating the Government will prosecute.
Fruit juices may be made in the home for home use which are not intoxicating in fact under the law. Fruit juices are not subject to the 34 of 1%
alcoholic limitation as are beer and spirits.
The courts have not defined intoxicating in fact in terms of alcoholic
content.
The Prohibition Bureau has had a perplexing problem in the grape
concentrate situation. In several cases convictions were secured where an
intent to violate the law was shown.
A complicating feature has been the fact that one of the concentrate
Industries obtained the backing of the Federal Farm Board.
New Schedule of Differentials for Trading in 10share Units Made Effective on New York Stock
Exchange May 2.
Effective May 2, a new schedule of differentials, applying
to dealings in 10-share units of stocks on the New York
Stock Exchange was made public on April 25 by the Secretary
of the ExchangI, Ashbel Green. The notice follows:
Rules for Dealing in 10-share-unit Stocks.
1. The unit of trading in stocks on the 10-share-unit List shall be 10
shares.
2. Transactions in 10-share lots or multiples thereof are to be printed on
the stock tape and sheets.
3. Section 7 of Chapter I of the Rules (execulsive of Paragraph B), and
Paragraphs (a), (b), (c), (d), and (g) of Section 8, with respect to 100share lots of stock, shall also apply to stocks on this list.
4. The stocks on this list, as designated by the Committee of Arrangements, shall be located at Post 30, and no other stocks may be dealt in at
said place.
5. Cards in a form approved by the Committee shall be used for filing
orders:
Day orders on white cards.
Week orders on blue cards.
Month orders on salmon cards.
G. T. C. orders on yellow cards.
Buy cards to be printed in black and sell cards in red.
8. Orders accepted by a specialist will be filed in the cabinets as follows:
(a) Alphabetically according to stocks.
(b) According to Price.
(c) As to the time when the order is received by the file clerk in the
10-share-unit stock crowd.
7. Orders will be filled according to the precedence of bids and offers in
the cabinets, said bids and offers to have precedence over all other bids and
offers, except that verbal bids and offers may be made if not in conflict
with bids and offers in the cabinets.
8. Month and G. T. C. orders shall expire at the end of the month unless
confirmed or renewed with the specialist.
All such orders as are properly confirmed or renewed in the exact manner
of their original entry shall be entitled to retain their precedence in the
cabinets.
9. Each card must contain the name of the specialist who is designated
to execute the order, and only those cards bearing the name of a member
actively engaged in the 10-share-unit stock crowd will be received for
filing.
10. If an order is cancelled, the card must be removed from the cabinets.
Members are responsible for all orders contained on cards in the cabinets
bearing their name.
11. Cards containing market and stop orders must not be placed in the
cabinets.
12. Orders in lots of less than 10 shares, when accepted by a specialist
at the 10
-share-unit post, shall be executed at the price of the next sale of
one or more full units, plus (for buying orders) or minus (for selling orders)
the following differentials:
As mutually agreed
Sales made below $1
25c. per share
$1 and above, but below $10
50c. per share
$10 and above, but below $50
$50 and above, but below $100
$1.00 Per share
$100 and above, but below $150
$1.50 Per share
$2.00 per share
$150 and above
except, however, that if the odd-lot order is at a limit and if the price of
the next sale of one or more full units does not permit the odd-lot order to
be executed, and thereafter the stock sells through the said limit by at
least the amount of the above differential, then the odd-lot order shall be
executed at its stated limit.
If the specialist accepts an order for an amount exceeding but not a
multiple of the unit of trading, say 25 shares, and 10 of said shares are sold,
the five shares should be executed on the sale of the second 10 shares.
13. A lot of stock of less than 10 shares sold by a specialist in the 10
share-unit stock crowd for his own account shall be delivered on the 14th day
following the day of contract, unless otherwise directed by the Committee
-holiday, when
of Arrangements (and unless such day is a holiday or half
Section 8 of Chapter III shall apply), and may be delivered on any full
business day prior thereto.
Commission Rates on 10-share-unit Stocks.
On business for parties not members of the Exchange, including joint
account transactions in which a non-member is interested; and on transactions for partners not members of the Exchange:
PriCe—
Rate per Share.
Selling at less than $1 Per share
As mutually agreed
Selling at $1 per share and above but under $5
Not less than Sc.
Selling at $5 per share and above but under $10
Not less than 10c.
Selling at $10 per share and above but under 16100_
Not less than 20c.
Selling at $100 per share and above but under $200---.Not less than 25c.
Selling at $200 per share and over
Not less than 30c.
plus 5c. per share
for each $50 or fraction thereof beginning at $250.
On business for members of the Exchange when a principal is not given up:
Price—
Rate per Share.
Selling at less than $1 Per share
As mutually agreed
Selling at $1 per share and above but under $5
Not less than 2c.
Selling at $5 per share and above but under $10
Not less than 4c.
Selling at $10 per share and above
Not less than Sc.
On business for members of the Exchange when a principal is given up:
3372
Price—
Selling at less than $1 per share
Selling at $1 per share and above but under $5
Selling at $5 per share and above but under $10
Selling at $10 per share and above
Financial Chronicle
Rate per Share.
As mutually agreed
Not less than lc.
Not less than 2c.
Not less than 4c.
Heretofore the differential has been 50 cents a share for
less than $100 stocks; $1 for $100 to $200; $2 for $200 to
$300; $3 for $300 to $400; $4 for $400 to $500, and $5 for
$500 stocks and above.
New
York Stock Exchange Tightens Rule Guarding
Bonds—Requires "Immediate" Notice of Substantial Changes in the Collateral for Indentures—Kreuger Case Held Cause—Substitutions
of Marketable Securities for Others Were Only
More
Listings
Revealed—Control of
Recently
Stringent.
As the result of a change in the requirements of the New
York Stock Exchange, corporations seeking to list securities
must agree to notify the Exchange immediately of the change
or removal of any collateral deposited under any of its
mortgage or trust indentures through which listed securities
are outstanding. In directing attention to this in its issue of
April 28, the New York "Times" said:
The new rule on such collateral is believed to have been inspired by the
substitutions which were revealed recently in the collateral behind the 5%
debentures of the Kreuger & Toll Co. These substitutions involved the
replacement of readily marketable collateral by other securities. They
were not disclosed until two weeks after the suicide of Ivar Kreuger, executive head of the company, although the substitutions are understood to
have been made many months previously.
Old Rule Ineffectire.
Protective committees which have been formed for holders of Kreuger
securities have called attention to the ineffectiveness of the old listing rule
which made it possible for substitutions to be made in the underlying
collateral without investors being notified of the changed status of the
securities.
When the Kreuger & Toll 5% debenture issue, amounting to $50,000,000, was listed on the Exchange in August 1929, the company agreed
,to notify the Exchange if deposited collateral is changed or removed,
excepting for incidental items which will be reported annually."
Requires Immediate Notice.
The new rule, which is revealed in the agreement under which the Exchange yesterday listed $5,250,000 additional bonds of the Kansas City
Power & Light Co., says the company will "notify the Exchange immediately of the change or removal, to a substantial extent, of collateral
deposited under any of its mortgage or trust indentures under which listed
securities are outstanding."
The Exchange has made many revisions in its listing requirements in
the last two years and the rules are now much more stringent than in 1929.
Through these changes the Exchange has sought to obtain adequate reports
of earnings and balance sheets from listed companies and has endeavored
to make effective many other reforms in the financial operations of
corporations.
Toronto Stock Exchange Adopts New "Pegged" Rule—
Shares Below Minimum Price Regulation May Be
Traded on "Street" Market.
The following is from the Toronto "Globe" of May 2:
Realizing that the "street" market in pegged stocks is daily growing In
volume, the Managing Committee of the Toronto Stock Exchange has
ruledithat until such time as stocks at present under the minimum price
restrictions are returned to the open market, members may execute orders
in these issues in the outside or "street" market, when by so doing they
can beet serve the interests of their clients.
Hitherto members of the Toronto Stock Exchange have, it is claimed,
adhered strictly to the minimum-price rule of the exchange, and no transactions at less than stipulated minimums have, it is said, been conducted
between the members. As a consequence, the members have been prohibited from efficient execution of their clients' orders in these stocks, and
have been forced to see the business pass to other hands.
Up to the present, the lack of a definite trading organization and the
unregulated manner in which the street trading has been carried on, has
made it extremely difficult for investors to ascertain the correct value of
particular issues, and transaction have been consummated many points
from the nominal market, to the detriment of both buyer and seller, according to information in Toronto Stock Exchange circles.
A Corrective Measure.
In taking this step, the exchange, through the use of its organization of
members, hopes to rectify the situation and eliminate the existing wide
spreads by permitting members of the exchange to transact orders in the
Pegged stocks at prices established in other markets.
This procedure is expected to result in a more orderly and efficient
market for the minimum stocks at values in conformity with current conditions. All transactions in minimum stocks will be executed in a manner
similar to trading in the early days of regular exchanges, with the members
charging straight commissions only.
IIle
Shift Stocks on Reciprocal
Basis.
A plan, effective on May 1, was approved on April 22 by
the Toronto Stock Exchange whereby certain of its listed
issues, traded also on the Standard Stock and Mining
Exchange. will be shifted on a reciprocal basis. Canadian
Press advices from Toronto, April 22 reporting this, added:
Two
Toronto Exchanges
The Toronto Exchange will cease trading in all mining issues other than
International Nickel and Consolidated Mining & Smelting, and all oil
Producing and natural gas stocka, except International Petroleum and
Standard Exchange will remove from its list Imperial
Union Gas. The
May 7 1932
Oil, British American Oil, International Petroleum and Crown Dominion.
Nickel and Smelters will continue to be traded on both exchanges, partly
because they combine an industrial with a mining status, officials explained.
Toronto Standard
Stock
and
Mining
Exchange
Restricts Short Selling,
Canadian Press advices from Toronto April 25, stated:
Directors of the Toronto Standard Stock and Mining Exchange ordered
to-day that no short sale could be made at a price lower than the transaction immediately preceding for a board lot of the same stock.
The regulation will prohibit successive short sales of stock at declining
prices unless a board-lot sale by an outright owner has been made between
sales for short account.
Bonus Dividend to Stockholders of Dome Mines, Ltd.
As Result of Profits Through Discount at Which
Canadian Exchange Sells
• The following is from the New York "Times" of April 20:
A bonus dividend of 20 cents a share, in addition to the regular quarterly
dividend of 25 cents a share on the common stock, was declared by directors
of Dome Mines, Ltd., as a result of extra profits realized because of the
discount at which Canadian exchange has been selling. The company's
statement said:
"As an increased profit has come to the company in the discount on
Canadian exchange, which we cannot believe is permanent income, we deem
it fair to the shareholders to give them the benefit of their profit, and of
such other increased profit as may have come to the company through
higher extraction from the ore."
The dividends are payable July 20 to holders of record June 30.
Removal of Minitnum Price Restrictions by Montreal
Stock Exchange.
The following from Montreal is from the "Wall Street
Journal" of April 19:
Montreal Stock Exchange has reduced minimum prices (below which
trading is prohibited) on bank stocks to following figures: Banque Canadienne Nationale 150, Canadian Bank of Commerce 178, Dominion Royal
Bank 201 and Bank of Toronto 183.
In its April 30 issue the same paper said:
Montreal Stock Exchange announces that effective May 2 minimum
price restrictions will be removed on Dominion Bridge common, National
Breweries preferred and Windsor Hotel common stocks.
W. E. Hutton & Co. Never Short or Long of Any
Securities and Never Participants in Pool Operations—Correction of Senate Committee List.
With reference to the inclusion of the name of W. E.
Hutton & Co. in the list of short traders on the New York
Stock Exchange on April 8 as given in our issue of April 23,
page 3014, we have received the following communication
under date of May 2 from the firm:
We wish to call to your attention that in your number of April 23 1932,
of the "Commercial and Financial Chronicle," W. E. Hutton & Co. is
listed as being short 19 securities aggregating 31,800 shares.
We desire to inform you that this statement is in error. Neither the firm
of W.E. Hutton & Co. nor any of its members are now, or were then,short
of any securities. Furthermore, we desire to call to your attention the
fact that the firm of W.E. Hutton & Co. has not participated in any pool
operations either long or short as it is against the policy of our organization
to take a position in the market.
Very truly yours,
W. E. HUTTON & 00.
The list as we gave it was from a press account indicating
that it had emanated from the Senate Banking and Currency
Committee at Washington.
"Puts" and "Calls" Asked for from Members
by New York Stock Exchange.
Members of the New York Stock Exchange have been
called upon to submit a report on puts and calls on securities
listed on the Exchange, issued or endorsed by them. The
information is to be supplied in compliance with the following
letter:
Data
on
NEW YORK STOCK EXCHANGE
Committee on Business Conduct
May 3, 1932.
To Members of the Exchange:
The Committee on Business Conduct directs that members forward to it
a list of all puts and calls on securities listed on this Exchange issued or
endorsed by them which are outstanding and unexpired at the close of
Vastness each day, stating in each case the nuthber of shares, the name of
the stock, the option price and the expiration date.
The first list is to be submitted as of the close of business to-day, May 3,
1932. and should be mailed or otherwise forwarded to the Committee on
this day. Lists for succeeding days are to be forwarded in like manner until
further notice.
ASHBEL GREEN, Secretary.
From the New York "Times" of Mhy 5 we take the
following:
The purpose of the inquiry was not made clear and the Exchange did not
amplify the notice sent to members. The language of this notice leaves an
uncertainty as to whether the Exchange is inquiring into option and syndicate agreements in which member houses may be involved or whether
It is seeking information on the routine trading in puts and calls. Brokers
were of the opinion, however, that since the Senate Banking and Currency
Committee conducting the stock market investigation had gone into the
broad question of pool activities the Exchange was DOW seeking to make
3373
Financial Chronicle
Volume 134
be learned
available detailed information on the subject. It sould not
information.
whether the Senate Committee had specifically asked for this
Not Sold by Members.
Stock Exchange houses do not sell puts and calls but they are permitted
are permitted
to endorse them for the accounts of others. As dealers, they
also to option stock for their own accounts.
The put and call business as it is best known in Wall Street is conducted
Exchange, but who
by dealers who have no connection with the Stock
Before
obtain the indorsements of Stock Exchange houses on their paper.
dealers did an active business.
the collapse of the bull market in 1929 such
Stock Exchange.
For years they gathered daily in New Street. back of the
ofsuch paper
There are still several active put and call firms and the writing
The
continues as an integral part of professional stock market operations.
of points away from the
practice is to sell puts and calls a certain number
shares
market, depending upon conditions. The price for an option on 100
is usually $137.50.
latest
It is assumed, however, that the Exchange is seeking to learn by its
for pool
inquiry the scope of option agreements that may be the basis
operations, on the up or down side, or both.
Ruling of New York Stock Exchange Governing Trading
in Bonds Quoted "Flat."
On May 4 the New York Stock Exchange issued the following notice:
NEW YORK STOCK EXCHANGE
Committee of Arrangements
May 4 1932.
To the Members of the Exchange:
"and interest" to "flat,"
When the basis of trading in bonds changes from
limited selling 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 entursted for execution, and confirmed immediately to his
principal.
ASHBEL GREEN, Secretary.
Market Value of Listed Shares on New York Stock
Exchange May 1 $20,319,088,631, Compared with
-Classification of Listed
$24,501,280,826 April 1
Stocks.
As of May 1 1932 there were 1,267 stock issues aggregating 1,324,594,185 shares listed on the New York Stock
Exchange, with a total market value of $20,319,088,631.
This compares with 1,269 stock issues aggregating 1,314,158,762 shares listed on the Exchange April 1, with a total
market value of $24,501,280,826. In making public the
May 1 figures on May 6, the Exchange said:
on
As of May 1 1932 New York Stock Exchange member borrowings
security collateral amounted to $379,016,662. The ratio of security
loans to market values of all listed stocks on this date was therefore 1.87%.
As of April 1 1932 New York Stock Exchange member
borrowings on security collateral amounted to $533,103,059.
The ratio of security loans to market values of all listed stocks
on that date was therefore 2.18%.
As of May 1 1932 there were 1,267 stock issues aggregating 1,324,594,185
shares listed on the New York Stock Exchange, with a total market value
of $20,319,088.831.
In the following table listed stocks are classified by leading industrial
groups, with the aggregate market value and average share price for each:
May 11932.
April 11932.
Market
Values.
Autos and accessories
Financial
Chemical
Building
Electrical equipment manufacturing._
Foods
Rubber and tires
Farm machinery
Amusements
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandizing
Railroads and equipments
Steel. Iron and coke
Textiles
Gas and electric (operating)
Gas and electric (holding)
Communications (cable. tel. and radio)
Miscellaneous Utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building
Miscellaneous business
Leather and boots
Tobacco
Garments
U. S. companies operating abroad- _._
Foreign companies(Incl. Cuba & Can.)
All listed companies
Aver.
Price.
Market
Values.
890,360,053
584,519,959
1,496,224,906
127,438,759
524,756,234
1,608,092,220
115,254,055
184,484,226
104,201,974
38,394,714
488,062,289
438,551,068
1,812,701,674
142,425.907
1,207,788.151
1,954,733,510
822,131,807
96,661.252
1,984,578,099
1,320,085,263
2,148,151.403
147,486,734
73,843,027
127,988.501
8,219,225
9,933,471
45,467,531
183,093,330
1,041,949,278
8,937,861
265,569,415
317,022,735
8.20
10.09
22.42
8.05
12.90
22.24
9.34
16.42
5.19
7.46
9.84
7.47
9.92
8.88
16.95
16.97
20.96
8.70
28.39
13.58
57.29
14.45
4.07
12.22
3.93
2.87
7.79
26.06
39.88
7.81
7.68
6.87
1,224,038,303
705,746.274
2,003,150,248
157,108.380
862,473,195
1.837,020,146
131,262,245
219,822,704
144,008.137
49,242,940
643,812,606
507,645.971
2,078,860,649
173.677,048
1,467.870.340
2,514.363,538
1,029,265.207
113,114.637
2,280,139,464
1,533.741,009
2,454,366,576
181,964,829
82,039.358
159,288,456
13,932,533
13,994,799
57,128,743
191,913,055
1,164,023,118
10,584,980
309;372,392
408,858,400
Aver.
Price.
$
11.31
12.18
30.01
9.92
16.29
25.72
10.64
19.57
7.18
9.57
12.97
8.65
11.88
10.83
20.63
21.90
26.24
10.16
32.63
18.00
65.40
15.96
4.59
15.21'
8.67
3.98
9.78
27.31
44.27
9.01
8.85
8.82
20.319.088.631 15.34 24.501.828.280 18.64
Outstanding Brokers' Loans on New York Stock
Exchange at New Low Figure-Total April 30,
$379,016,662-Decrease of 064,186,397 in Month.
New York Stock
A new low figure for brokers'loans on the
was established on April 30, on which date the
Exchange
as $379,016,662.
total amount outstanding is announced
$533,is $154,186,397 below the March 31 figures of
This
latter total represented an increase of $8,439,103,059. The
301 over the Feb. 29 figures. The latest figures (April 30)
are made up of demand loans of $341,003,662 and time loans
of $38,013,000. The April 30 figures were announced as
follows by the Exchange on May 3:
Total net loans by New York Stock Exchange members on collateral,
contracted for and carried In New York as of the close of business April 30
1932, aggregated $379,016,662.
The detailed tabulation follows:
Demand Loans. Time Loani.
(1) Net borrowings on collateral from New York banks or
$287,454.784 $33,296,000
trust companies
(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others In the City
4,717,000
73,548,878
of New York
$341,003,662 $38,013,000
Combined total of time and demand loans. $379,016.662.
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
The compilation of the Stock Exchange since the issuance
of the monthly figures by it, beginning in January 1926,
follows:
1926Jan 30
Feb. 27
Mar.31
Apr. 30
May 28
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
Demand Loans.
$2,516,960,599
2,494,846,264
2,033,483.760
1,969,869.852
1,987,316,403
2.225.453.833
2,282,976,720
2.363,861,382
2,419,206,724
2,289,430,450
2,329,538,550
2,541,682,885
Time Loans
3966,213.555
1.040,744,057
966.612,407
865.848.657
780.084.111
700.844,512
714.782.807
778,286,686
799,730,286
821,746,475
799,625,125
751,178.370
Total Loans.
$3,513,174,154
3,536.590,321
3,000,096,167
2,835,718,509
2,767.400,514
2,926.298,345
2,996,759,527
3,142,148,068
3,218,937.010
3,111.178,925
3.129,161.675
3,292,860,253
1927
Jan. 31
Feb. 28
Mar.31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
2,328,340,338
2,475.498,129
2,504,687,674
2,541,305,897
2,673,993,079
2,756.968.593
2,764,511,040
2,745.570.788
3,107,674,325
3,023,238,874
3,134,027,002
3.480,779.821
810,446,000
780.961,250
785,093,500
799,903,950
783,875,950
811,998,250
877,184,250
928,320,545
896.953,245
922.898.500
957,809,300
952,127,500
3,138,786,338
3,256,459,379
3,289.781.174
3,341,209.847
3,457,860,029
3,568,986.843
3.641.895,290
3,673,891,333
3.914,827,570
3,946,137,374
4,091,836,303
4.432.907,321
1928
Jan. 31
Feb. 29
Mar.31
Apr. 30
May 31
June 30
July 31
Aag. 31
Sept.30
Oct. 31
Nov.30
.Dec. 31
3,392,873,281
3,294.378.654
3,580,425,172
3,738,937,599
4,070,359,031
3.741,632.505
3,767,694.495
4,093,889,293
4,689,551.974
5,115,727,534
5.814,388,360
5,722,258,724
1,027,479,260
1.028,200.260
1,059.749,000
1,168,845.000
1,203,687,250
1,156,718,982
1.069,653.084
957,548,112
824.087,711
763.993.528
777.255,904
717.481.787
4,420,352,514
4,322,578,914
4,640,174,172
4,907,782,599
5,274,046,281
4,898,351.487
4,837,347,579
5,051.437.405
5.513,639,685
5,879,721,082
6,391,644,284
8,439,740,511
1929
Jan. 31
Feb. 28
Mar.30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31'
5.982.672.411
5,948.149,410
6,209,998.520
8.203,712,115
6,099.920.475
13,444,459,079
6,870,142,664
7,181,977,972
7831.091.369
5.238,028.979
3.297.293.032
3,376,420.785
752,491,831
730,396,507
594,458.888
571,218,280
565,217,450
628,782,195
603,651,630
719,841,454
717,392,710
870.795,889
719,305,737
613,089,488-
8.735,164,241
6,678,545,917
8,804,457,108
6.774,930,395
6,865,137,925
7,071.221,275
7,173,794,294
7,881,819,428
8,549,383,979
8,108.824,888
4.018;598,789
3,989,510,273
1930
Jan 31
Feb. 28
Mar.31
Apr. 30
May 29
June 30
July 31
Aug. 30
Sept.30
Oct. 31
Nov.30
Dec. 31
8.528,248,115
3.710,563,352
4.052.181.339
4,362.919,341
3.966,873.034
2,980,284.038
3,021,363,910
2.912,812,666
2,830.259,339
1,980,839.692
1.891,494,226
1,519,400,054
458,521,950
457.025,000
804,141.000
700.212,018
780,958.878
747.427.251
868,118,387
688,020.403
651.193,422
589.484,395
470,754,778
374,212.835
3,984,768,065
4,187,588,352
4,858,302,889
5.083.131,359
4,747,831,912
3,727,711489
3,689.482,297
3,598.633,069
3,481.452,761
2,558,124.087
2.162.249,002
1,893.612,890
1931
Jan. 31
Feb 28
Mar.31
Apr. 30
May 29
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1,365,582,515
1,505.251,1389
1.629.863,494
1 389.163,124
1,173,508,350
1.102.285.060
1.041.142.201
1,069,280,033
802,153.879
615.515.088
599 919.108
502.329,542
354,762,803
334.504,369
278.947.000
261,965,000
261,175.300
289.039,862
302.950.553
284,787.325
242 254.000
130,753.700
130.232,800
84.830,271
1,720,345,318
1,839.758,058
1,908.810,494
1,651,128,124
1.434.683,650
1,391.324,922
1,344.092,754
1,354,067,360
1.041,407,879
796.268,788
750.151.005
587.159.813
1932
Jan. 30
Feb 29
Mar.31
Apr. 30
452,706,542
482,043,758
496.577,059
341,003,662
59,311.4013
42,620,000
36,526.000
38,013,000
512.017.942
524.663,758
533.103,059
379,015.682
Nominations of Officers and Managers of
New York Produce Exchange.
The New York Produce Exchange Nominating Committee has officially announced the following nominations
of officers and managers to be put before the members for
election on June 6 1932:
(Mr.
For President: Samuel Knighton, Samuel Knighton & Son.
Knighton is now Vice-President.)
Co.
For Vice-President: Thomas F. Baker, Wessel, Duval &
For Treasurer: F. H. Teller (re-election).
Carl F. Andrus, C. W. Andrus
For Board of Managers (two years):
Gerald F.
& Son; Robert W. Capps, Zimmerman, Alderson Carr Co.;
Earle, Earle & Stoddart, Inc.; Leonard C. Isbister, Isbister & Schied;
Clifford B. Merritt, %wring & Co.; T. R. Van Boskerck, G. W. Van
Boskerck & Son. (All up for re-election.)
For Trustee of Gratuity Fund (three years): L. G. Leverich, Shaw &
Truesdell Co.
3374
Financial Chronicle
Short Sales on New York Curb Exchange Totaled
57,258 on May 2.
The New York Curb Exchange announced on May 6
that the short position in all securities as of May 2 1932
was 57,258 shares, as against 83,550 shares as of April 15
1932, a decrease of 26,292 shares. This is the lowest
total since Dec. 15 1931, when the short interest amounted
to 53,258 shares.
During the period covered in the compilation 1,481,421
shares were dealt in.
Toronto Stock Exchange May Reduce Membership to 68.
It is learned from the Toronto "Globe" of April 30 1932
that members of the Toronto Stock Exchange have received
notices calling a special general meeting to be held on May 9
for the purpose of considering an amendment to the by-law
defining the number of seats. The "Globe" went on to say:
The amendment, if carried, will permit the Managing Committee to
reduce the present outstanding number of seats from 62 to 58 by the
purchase of memberships in the open market at a price not to exceed
$20,000 per seat.
All seats so acquired by the Committee will be canceled and the nu:Aber
of members reduced accordingly.
Canadian Government Proposes Fund to Provide Farms
for Unemployed.
Under date of April 28, Canadian Press advices from
Ottawa (Canada) said:
In the House of Commons to-day W. A. Gordon, Minister of Labor and
Immigration, elaborated the new plan whereby the Canadian Government
hopes to place numbers of persons now receiving relief back on the land.
The Government was prepared to enter into an agreement with Provinces,
he said, under which the Dominion would establish a fund for the purpose
to be administered by the Provinces. It would be stipulated that the
Crown lands be utilized for providing farms for persons who knew something about farming.
The amount available for each persons or family would be paid in installments, contingent on the time a person remained on the land. The amounts
suggested ranged from $400 to $600.
Rogers Caldwell, Former President of the Failed Nash"
ville Firm of Caldwell & Co., Convicted Last July
of Fraudulent Breach of Trust, Granted New
Trial by Tennessee Supreme Court.
•
•
Conviction of Rogers Caldwell, former head of the failed
Nashville, Tenn., investment banking firm of Caldwell &
on charges of fraudulent breach of trust and his prison
sentence of one to three years, were reversed on April 30
by the Tennessee Supreme Court, which sharply criticizd
the trial judge for considering "privately procured evidence."
The action remands the case to Davison County Criminal
Court for a new trial. Associated Press advices from Nashville, reporting the foregoing, continued as follows:
Referring to the procedure under which the investment banker was found
guilty, the Court said:
"The Trial Judge did not rest his conclusion upon the evidence before
him, but states that he went outside of Court and outside the record and
privately procured evidence which he considered in connection with the
legal evidence in adjudging that the evidence introduced by the defendant
to support the motion for continuance was untrue."
The decision criticized Criminal Court Judge Chester K. Hart for making the private investigation to determine the condition of the public
mind toward Caldwell, and said he was in error in setting the trial at
the time he did. This, the High Court said, was to the "manifest prejudice" of the defendant.
The trial was ill-timed, the Court ruled, in that the jury was "drawn
from a public whose interest had been aroused by bank failures and by the
financial distress of the entire community, fanned and kept alive by continued broadsides from an active and influential press and by legislative
Invective and investigation to the very day the trial was begun."
The Court also pointed to what it termed lack of evidence that Caldwell himself knew of the trust violations "by other officers of the cor.
poration" until after they were committed.
Caldwell, whose personal wealth once was rated in financial reports
at $7,000,000, sat in the court room with his father and brother and his
attorney.
"Thank God for a Supreme Court," Caldwell said.
Caldwell was convicted last July 6 of violating a trust agreement with
Hardman County, Tennessee, which had deposited proceeds iron a
$200,000 road bond issue with the company. It was alleged industrial
securities were substituted for Tennessee Municipal and Federal Government bonds in collateral pledged with the Bank of Tennessee, a Caldwell
subsidiary, to secure the County's deposits with Caldwell & Co.
Collapsed in 1930.
The Caldwell Company and the Bank of Tennessee collapsed in November 1930. At that time Hardeman County's deposits amounted to about
$132,000, the rernainder having been withdrawn.
Three other indictments against Caldwell are pending in Criminal
Court here. Two charge he feloniously received deposits in an insolvent
bank, and the other charges fraudulent breach of trust. He also is under
Federal indictment at Knoxville and Louisville on charges arising from the
bank's collapse.
Richard M. Atkinson, District Attorney General, said Saturday he expects to re-try him on the fraudulent breach of trust charge at the May
term of Criminal Court, which begins Monday (May 2). Trial on the
charge of accepting deposits in an insolvent bank is set for Tuns t.
http://fraser.stlouisfed.org/
11Mr.
Federal Reserve Bank of St. Louis
May 7 1932
Federal Reserve Board's Summary of Business Conditions in the 'United States—Industrial Activity
Below Seasonal Level—Factory Employment Also
Lower.
In its summary of business conditions in the United States,
issued April 27, the Federal Reserve Board states that "industrial activity was in smaller volume in March than in
February, although usually little change is reported at
this season, and the number of employees at factories was
also reduced, contrary to seasonal tendency." "Volume of
Reserve Bank credit decreased in March," says the Board,
"but showed a considerable growth in the first three weeks
of April. Money rates continued to decline." The Board's
summary continues:
Production and Employment.
Output of industrial products, as measured by the Board's seasonally
satiated index, declined from 70% of the 1923-1925 average in February
to 68% in March.
Daily output at steel mills and automobile factories decreased, contrary
to seasonal tendency, and activity at woolen mills declined sharply to the
lowest level in recent years. Cotton consumption by domestic mills
continued at the February rate, although sales of cotton cloth declined,
and output of shoes increased considerably: In both these industries production was at about the same rate as a year ago. Activity in the lumber
industry, which recently has been at a level about 45% lower than last
year, increased by more than the usual seasonal amount. Output of coal
also increased considerably during March, but declined in early April.
Volume of factory employment and payrolls decreased from February
to March, although an increase is usual at this season. There were substantial reductions in working forces in the steel, automobile, machinery,
and furniture industries, as well as at woolen and silk mills, while clothing
and shoe factories showed additions to their working forces.
Value of building contracts awarded, as reported by the F. W. Dodge
Corp., showed some increase of a seasonal character during March and
the first half of April and was approximately one-third as large as last
year.
Distribution.
Rail shipments of merchandise, which ordinarily increase In March.
showed little change, and sales at department stores in leading cities
increased by less than the estimated seasonal amount.
Wholesale Prices.
The general level of wholesale commodity prices showed little change
between February and March, according to the Bureau of Labor Statistics. In the first two weeks of March prices of many commodities,
including livestock and meats, advanced: between the middle of March
and the third week in April, prices of cotton, silk, wool, hides,sugar, silver,
and tin declined considerably, while prices of coffee and petroleum increased.
Wheat prices showed wide fluctuations, but were at about the same
level in the week ended April 23 as in the first half of March.
Bank Credit.
The Federal Reserve System's holdings of United States Government
securities, after increasing continuously from early in March, totaled $1,078,000,000 on April 20. an increase of $338,000,000 since the end of
February. This increase has been accompanied by some further decline
in the Reserve banks' holdings of acceptances and a reduction of
$264,000,000 in discounts.
Member bank indebtedness to the Reserve banks shovred a considerable
reduction in all of the Federal Reserve districts. Total volume of Reserve
bank credit outstanding, which had declined in March reflecting a continued return of money from circulation and an increase in the country's
stock of monetary gold, increased by $115,000,000 during the first three
weeks of April. This increase was accompanied by a substantial
growth
in member bank reserve balances.
Total loans and investments of reporting member banks in leading cities
continued to decline during the five weeks ended April 13. At banks In
New York City, however, there was an increase in investment holdings
both of United States Government securities and other securities, offsetting
the decline in loans, which continued until the middle of April.
Open-market rates for bankers' acceptances showed successive reductions
and on April 21 the offering rate for 90-day bills was ; of
1
4
1%, the same
rate as prevailed between May and September 1931.
Rates on commercial
paper also declined.
Federal Reserve Board's Review of Banking Conditions
in March—Further Improvement Reported—Repayment of Credit by British Government
.
Stating that "banking conditions showed further improvement in March," the Federal Reserve Board, in its April
"Bulletin" further reviews banking developments as
follows:
Bank suspensions, which had numbered 342 in January
and 122 in
February, were 45 in March, and deposits of banks that
reopened their
doors in March were approximately as large as deposits
in those that
suspended during the month. Restoration of confidence, following upon
the reduction in bank failures, was reflected in a continued
and accelerated
return flow of currency from the public to the banks. Liquidation
of bank
loans continued during the month, but was offset in part by an increase
in investments, particularly in holdings of United States Government
securities. Reserve balances of member banks with the
Reserve banks,
which had declined practically continuously from the
middle of last year
to the end of February, showed an increase in March. As a consequence
chiefly of the return flow of currency, together with an increase in the
country's stock of monetary gold, the total volume of reserve bank credit
declined in March by $112,000,000. There was an increase of $130,000,000
in the Reserve bank's holdings of United States Government securities,
accompanied by a decline in their holdings of acceptances and a reduction of $200,000,000 in the indebtedness of member banks to the Reserve
banks. Although purchases of. United States Government securities by
the Reserve banks were made largely in New York, the funds thus placed
In the market were distributed to a considerable extent to other parts of
the country through Treasury transfers of funds, In part to cover payments
of loans made by the Reconstruction Finance Corporation and in part as
ordinary Government expenditures. As a consequence of the return flow
of currency, the Treasury transfers,.and other factors affecting the inter-
Volume 134
Financial Chronicle
district movement of funds, discounts for member banks declined at all
the Federal Reserve banks, the largest declines being reported by the
Federal Reserve Banks of New York, Philadelphia and Cleveland. Conditions in the money market continued to be easy and there was some
decline in money rates. .
Bank of England.
The British Government on March 4 repaid $150,000,000, and on
an additional $30,000,000 of the $200,000,000 one-year credit
March 29
extended on August 28 1931 by a consortium of private banks in this
country. Retirements of $100,000,000 of a similar credit granted by private
lenders in France were also announced during the month. In conjunction
with these payments all restrictions on dealings in sterling exchange were
removed.
Throughout most of January and February, the two months immediately
preceding the first of these repayments, quotations on sterling exchange had
fluctuated between $3.40 and $3.50. This level was considerably above
that of last December; and its maintenance, at a time when the British
Government was preparing to liquidate indebtedness abroad, was followed
by increased confidence in the pound. The resulting high premium on forward transactions heightened the attractiveness of London as a market
for the investment of short-term funds. Late in March the dollar rate on
sterling was at the level of $3.75.
Federal Reserve Board on Bank Suspensions
-45 Closed
in March Compared with 122 in February.
Forty-five bank suspensions for the month of March are
reported in the April Federal Reserve Bulletin, issued by the
Federal Reserve Board. This compares with 342 in January
and 122 in February. Seven of the 45 banks which suspended
operations in March were national banks, and 38 were nonmember State banks. No State member banks failed during
the month. Total deposits involved were $15,936,000, of
which the seven national banks accounted for $4,484,000, it
is noted in the "United States Daily," which also had the
following to say:
Illinois with six banks suspending had the most failures. Indiana. Iowa,
Missouri, and Kansas, had five each. In Nebraska there were three; there
were two each in Ohio. Minnesota, Oklahoma, and Idaho: and one each in
Massachusetts, New Jersey, North Carolina, South Carolina, Kentucky,
Texas, Oregon, and California. There were no failures during March in
the Philadelphia and Atlanta Federal Reserve Districts.
E. A. Goldenweiser of Federal Reserve Board Declares
Soldier Bonus Payment Would Be Obstacle to
Sound Currency—At House Inquiry He and John
Janney View Proposal As Likely to Impair Money
System—Effect of Recent Purchase of Government
Securities by Reserve System.
An issue of $2,400,000,000 of additional currency, as is
proposed by proponents of immediate cash payment in full
of adjusted service compensation certificates to veterans,
without the assurance that other similar issues would not
follow, would upset the present financial machinEry of tin
nation, E. A. Goldenweiser, Director of the Division of
Research and Statistics of the Federal Reserve Board, told
the House Committee on Ways and Means May 2 (said the
4'
United States Daily").
Mr. Goldenweiser was the last witness on the program of
the opponents of the proposals, Acting Chairman Crisp
(Dem.), of Americus, Ga., announcing at the close of the
day's session that advocates will be heard during the next
day or so in rebuttal and then hearings would close. As to
the hearing on May 2 the "Daily" also reported:
Favors Silver Reserve.
The other witness on May 2 was John Janney, of New York City, Chairman of the Executive Board of the American Society of Practical Economists'
who said that before the bonus could be paid the price of gold should be
stabilized by having the Treasury put silver in its reserve as an auxiliary to
gold. That would do a great deal toward aiding the increasing of the commodity price level, he said.
Mr. Goldenweiser, explaining his testimony was based on his personal
beliefs only, declared that the issuing of $2,400,000,000 additional currency
would mean reverting to a policy of currency issue which the Treasury had
abandoned about 50 years ago.
"The United States currency has stood up because it has been issued by
onelagency, the Federal Reserve, and is backed by security which is sound,"
he said.
He explained that of the $5.400.000,000 of currency in circulation, all
but $1,700,000,000 is backed by gold or Federal Reserve notes, and that
this amount does not upset the machinery because it is limited in amount
andlthat amount cannot be increased.
The issuance of the proposed amount of additional currency, he maintained, with no assurance that other similar issues would not follow, would
upset the present machinery and would further impair confidence in the
American dollar.
"Our economic structure depends on a ratio of currency to the total
amount of deposits being fairly stable," he said. "If this were to be considerably changed it would make too great a demand on our gold reserve
andlwould upset the present machinery.
"When currency is issued and there is no demand for it, it comes right
back to the Federal Reserve."
Mr. Goldenweiser declared that Just because there is more currency issued
people do not carry more money in their pockets nor do banks keep more
currency in their vaults. The banks, he said, would merely increase their
reserves with the Federal Reserve System.
"An issue of currency is the equivalent of open market operations of the
Federal Reserve banks," Mr. Goldenweiser stated.
He said the harm in having $2,000,000,000 issued and having it returned
tosthe Federal Reserve would come from the fact that the banks would
3375
liquidate their debts with the Federal Reserve and the System would be
left "high and dry" and out of touch with the banking system of the country.
This, he maintained, would prove an undesirable situation.
Increase in Payrolls.
11."My conviction is that you cannot expand the currency by issuing additional amounts when there is no demand for the additional issue," he said.
Dr. Goldenweiser pointed out that it is the payrolls that constitute the
biggest part of the demand for currency, and displayed a chart showing that
payrolls have increased recently.
ss He said, in answer to a question, that the issuance of $2,000,000,000
would have more effect of further impairing confidence than it would raising
the commodity price level, since it would cause the withdrawal of gold.
Mr. Janney told the Committee that something fundamental must be
done.
He agreed with Treasury officials that whether or not the veterans are
worthy of the proposed help or whether or not Congress wants to grant
the help. Congress cannot now enact such legislation.
Although the law provides that only a 40% gold reserve must be maintained, Mr. Janney said, that is the minimum for normal times, but in
times of distress, that reserve ratio must be maintained at a higher rate
for safety.
Asserting that gold is unstable, Mr. Janney said "there never was a time
when we had gold and silver money on a sound basis." "The United States
cannot go off the gold standard, because our obligations will be demanded
in gold," he stated. "We must maintain the gold standard and maintain
the confidence in our gold."
"We must stabilize silver," Mr. Janney said, "or else we will have to
endure these depressions. I would suggest that the Treasury, in order to
stabilize gold, put into its reserve auxiliary gold-silver. Then you could
use this silver for whatever its value is in terms of gold."
Associated Press accounts from Washington May 2 said:
Questioned by Committee members, Mr. Goldenwiser said that the net
effect of the Federal Reserve System's purchases of $450,000,000 of Government securities in the month ended April 27 "was to put the member banks
out of debt to the extent of $400.000,000 and increase the basis for their
operations by another $200,000,000."
Mr. Janney, contending that the 40% gold reserve requirement was a
minimum which could not be approached when gold prices were highly
fluctuating and that "in times of distress such as the present, the reserve
must be maintained at a higher rate for safety's sake," said:
"If we issue these notes we will agree to pay the bearer on demand
$2,000,000 in gold. There would be this much additional demand on the
gold we have."
He suggested that the Treasury "in order to stabilize gold put into its
reserves a stock of silver and call it auxiliary gold reserves."
aMr. Janney recommended that Congress restore the purchasing power of
silver through the purchase of 1,000,000,000 ounces, costing $300,000.000
at the present prices.
"This would stabilize the price of silver at about 60 cents an ounce,"
he said. "It could be done in 90 days. We would relieve the pressure on
gold so we could issue this money and pay these soldiers."
B. M. Anderson, Jr., of Chase National Bank of New
York Declares U. S. Has Abundance of Gold to
Make Good Every Obligation—Volume of Credit
Dependent Both on Gold and Confidence—Urges
"Good Business" Dealings by Creditors in Adjustments With Embarrassed Farmer.
Declaring that the United States has an abundance of
gold "to make good every obligation." Benjamin M. Anderson, Jr., Economist of the Chase National Bank of New
York warned on April 30 against "reckless proposals that
we compel the Government and the Federal Reserve Banks
to break their solemn promise to pay gold at all times and
under any circumstances." Mr. Anderson's warning was
contained in a radio address under the direction of the Corn
Belt Farm Dailies, and we give his remarks as follows:
The credit of the Government of the United States and the soundness
of our money are basic to everything else in the credit system. As long
as these remain unshaken we have a foundation on which to build. Individuals must make whatever sacrifices are necessary to protect the credit
of the Government. Increased taxation is painful, but we must have it,
enough of it so that our budget is balanced and our Government's expenditures are met by revenue. In order to prevent a too great increase in taxation we must cut Government expenditures drastically. The Government must live within its means in order that the foundation of all private
credit may be sound.
The Government and the Federal Reserve Banks must unflinchingly
keep the promise, printed on every Federal Reserve note and printed on
every Liberty bond, to pay gold. The volume of credit in the country
depends, not alone and not primarily, on the volume of gold. It depends
also on confidence. We have an abundance of gold to make good every
obligation of the Federal Reserve Banks and of the Government. even in
the present low state of confidence. With the restoration of confidence,
the gold base will be much more than adequate, and there will be danger
of a too rapid expansion of credit rather than too little credit.
But if we should listen to the reckless proposals that would plunge the
Government into huge expenditures of money not covered by taxes, and
still more reckless proposals that we compel the Government and the Federal
Reserve Banks to break their solemn promise to pay gold at all times and
under all circumstances, we should shatter confidence to such a degree
that the volume of credit would be contracted instead of expanded, and
that the difficulties of debtors would become greater rather than less.
The movements in this direction are not, at present, taken seriously by the
creditors and investors and lenders of the United States. There has been
fear about it in Europe, however, where recent disastrous experience has
made people acutely conscious of the difference between money on the
sound gold standard and fluctuating paper money. This fear led, last
autumn, to a European drain upon our gold, which we met successfully,
but which compelled a great deal of liquidation of creditin the United States.
Our own people trust the dollar and trust the credit of the Government.
That confidence is one of our greatest assets. Woe to the man who would
would shake it in this critical time!
He would not succeed. Our Government held firmly to the gold standard through the period of the nineties, when, instead of having billions of
gold in our reserves, we at one time had only 41 millions of gold. But.
3376
Financial Chronicle
if the agitation should become strong enough to raise doubt in the minds of
a considerable part of the population, we should have contraction of credit
and serious disturbance.
The Way to Raise the Farmer's Income.
The farmer needs more dollars, but they should be good dollars. The
farmer needs much better prices for the products of his farm, but those
prices should represent real values and not a mere depreciation of the
currency. Efforts have been made to give the farmer better prices by
putting Government money into an unsuccessful speculation in farm
products. The Government's Farm Board has bought large quantities of
wheat and cotton and held them off the market. The effort has failed, as
it was bound to fail, and the Government has ceased to increase its holdings.
The way to make better prices for farm products is to increase the buying
power of the ultimate consumer of farm products. The farmer must
have a market;a real market,a market which not only buys but also uses products ofthe farm.
The ultimate consumer of a large part of our farm products is in foreign
countries. If the foreign market will not take a very substantial part of
our farm products, the American market is not enough, and the price
must be low. That foreign consumer to-day is idle. He is eating black
bread instead of white bread, and he is eating meat not at all or once a week.
He would gladly eat white bread if he could afford it, and he would gladly
eat meat seven times a week if he could afford it. When we feed grain to
men in the form of meat instead of directly in the form of grain, we use up
grain very rapidly. That foreign consumer is idle because he cannot find
a market for what he produces. He produces manufactured goods. Our
farmers are depressed and unable to buy manufactured goods because the
potential foreign consumer of farm products is idle and cannot buy farm
products. If we could bring together this potential foreign consumer of
farm products and our own American farmers, who are potential consumers
of manufactured goods, the whole situation would change radically. They
could work for one another. If the foreign laborer could spring to his
tools and produce manufactured goods and sell them in our markets for
dollars, he would use these dollars in buying the white bread and the meat
seven times a week. This would lead to a sharp rise in the prices of our
grain and livestock, and this would mean a great increase in the buying
power of our agricultural population. They would become a good market
for manufactured goods again.
Our own manufacturers, sharing an expanding market with foreign competition, would be vastly better off than they are to-day with a dwindling
market all to themselves. If we could get a reduction in our tariffs to a
moderate protective tariff level, and a reasonable business settlement
of the question of inter-allied debts and reparations, we could bring about
in very short order a radical upswing in the whole business situation,
at home and abroad. We must look upon this whole matter from a business and not from a political point of view. We must use these debts for
what they are good for. We cannot collect in full. We can collect something if we make it possible for our foreign debtors to work and to send
us goods in payment. But merely hanging to our strict legal rights makes
an impossible situation. We must treat these questions as a business
matter.
"Good Business" in Dealing With Embarrassed Farm Debtors.
Finally, I have a business proposition to make to the holders of farm
mortgages, in cases where farmers, embarrassed by the low prices of their
products, are unable to meet amortization payments or are unable to meet
interest in full in this acute crisis situation. Bankers, lending to business
concerns which are unable to pay at maturity, or which have difficulties
of an acute sort, are very slow to resort to bankruptcy procedure. If the
management of the business is good, they find it much better business to
keep the concern a going concern and to help it get through Its difficulties.
The management of the business can save much more for the creditor banks
than the banks could get out of the business if they took it out of their
hands. The creditor banks get together in creditors' committees, if there
are several of them, or, if there is only one bank creditor, the individual
bank works it out, waiving interest for a time, extending the maturity of
notes, reducing interest sometimes, sometimes even scaling down the
amount of the debt, sometimes putting a short debt into long term form,
sometimes even providing some additional working capital. Banks find
this good business, in crises and times of acute depression. The creditor,
In his own interest, should show forbearance to a good and competent
debtor.
Similarly with the farm. The farm is much more than a piece of land
with buildings on it. The life and heart and basic strength of a good farm
are usually the good farmer and his family. They know the land, they
know its potentialities; they love it; they know how to get the most out of
it; they know the animals upon it and how to handle them. The creditor,
In his own interest, should make such an adjustment with the financially
embarrassed farmer that the man and the land will stay together.
We should work towards straightening out the fundamental causes of
this great trouble, and to restore the basis of credit and to restore confidence by opening up avenues through which goods can move, for it is in
the movement of goods that the ultimate foundation of credit is to be found.
And, meanwhile, creditors and debtors should co-operate in tiding over
the period of crisis and depression.
Washington Propaganda Against State Banks Criticized by Felix McWhirter of Indianapolis at Meeting of Executive Council of A. B. A.—Urges Maintenance of Dual System.
Warning his associates against "untrue propaganda continually pumped out of a bureaucratic Washington to destroy the State banking system," Felix McWhirter of Indianapolis, in an address before the Executive Council of the
American Bankers Association at White Sulphur Springs,
W. Va., April 26-28, called upon the officers of the organization to take a hand in maintaining the dual system of banking that "recognizes the sovereignty of the States and the
inherent American policy of giving freedom for individual
initiative and enterprise."
Mr. McWhirter, who is President of the Association's
State Bank Division, declared that directors and officers of
the approximately 14,000 State chartered institutions "now
propose to control vigilantly the situation in their respective
States with their own hands." He assailed the idea, now
being advocated in the National Capital, that Congress has
May 7 1932
constitutional power to prohibit State chartered financial
institutions from operating at all and to bring all banking into a single system under Federal control. Mr. McWhirter said:
"It has been seriously stated that because the States and the people
give Federal Government the right to coin money and control inter-state
commerce, and because Federal Government requires the assistance of
banks in fiscal affairs, it has the Implied power to close the entire field
of all banking activities to other than Federal institutions. The thought
is grotesque, but the serious element is that, at a time when we are
called upon to co-operate, and as usual are doing so to our patriotic utmost, there is such evidence of utter lack of sober thought and consideration in responsible elements of our own Government to permit such
advised and discriminatory legislation to be advocated or proposed."
Mr. McWhirter brought out that State banks of all classes
comprise over two-thirds of the Nation's banking institutions, that they hold deposits in excess of thirty billion
dollars, or about three-fifths of the National total, and that
their capital is considerably more than half the banking
capital of the country. He added:
"The great propaganda machinery of Federal bureaucracy is attempting to aggrandize and multiply itself and its powers. Resolutions of the
State Bank Division have expressed the desire of those operating State
chartered institutions to co-operate with National banks, the Comptroller
of the Currency and the Federal Reserve for the conmion good. Is it not
fair, however, to submit the question as to how long would it seem reasonable to those engaged in the majority of banking to sit by and allow
untrue propaganda to be continually pumped out of a bureaucratic Washington, devised to destroy the State banking system?
"We should calmly and resolutely indicate that from this point on we
will expect that not we alone shall do all the co-operating, but that we
should all be considered bankers together, sound, confident and eager to
work for the common good of our people as a whole."
Credit Policies of Bankers Upheld by Economic Policy
Commission of A. B. A.—Prudence Viewed as Helping Business Recovery—Chaotic Legislation as to
Taxation and Banking Make Caution Imperative.
Policies of prudence on the part of bankers "Instead of
hampering business recovery, are the highest form of public
service they can render under existing conditions," the
Economic Policy Commission of the American Bankers' Association declares in a statement issued in New York on
May 3, in reply to expressed views, "unfair to the banks,
that business has not started a revival because they remain
over-cautious in respect to extending credit." The statement, after discussing the beneficial effects of Federal Coyernment financial reconstruction measures, devised "to give
banking and business a chance to regather strengih to
undertake reconstruction of their normal processes with
their own resources," says:
Unfortunately general trade and industry have not shown the regenerative
strength hoped for. A view of this unfair to the banks hos been created,
to the effect that business has not started a revival largely because the
banks remain over-cautious in respect to extending credit. As practical
bankers we know that this as an indiscriminate indictment of banking as a
whole is groundless.
For one thing, confident financial commitments have been made impractical under the uncertainties created at Washington as to the future of
business and banking. Chaotic legislative conditions in respect to taxation
and what it will do to business and finance, and radical proposals aimed
definitely at banking, leaving every banker in the dark as to what conditions
would envelope his business in the future, have made caution imperative.
It is to be regretted that the same constructive, non-partisan statesmanship
did not follow through in subsequent events as was displayed in the passage
of the Reconstructive Finance Corporation and the Glass-Steagall Bill,
which were so splendidly effective in relieving the financial crisis and
restoring public confidence in banking, and which the Association took
occasion to commend.
For another thing, although banking was technically put in a position
by these measures to extend an increased volume of credit co-operation to
sound business, that did not alter the fact that the essential other half of
the equation is the offering of an unquestionably justifiable basis for such
extensions of accommodation. The failure of public buying to create a
sufficient volume of sound commercial and industrial activity to warrant
an expansion of bank loans has been the determining factor in keeping
business on a dead center, rather than any reluctance of bankers to carry
their share of the burden.
For bankers to engage in an expansion of bank loans or to embark upon
a policy of easier credits in the hope that sound business would follow
would merely be to add to present difficulties. Sound commercial and
industrial propositions have had and are having no difficulty in obtaining
loans for business in usual course, but an increase in such propositions must
first come to the banks before increased credit can go out to business.
Banks would welcome an increase in commercial paper of the character
eligible for rediscount. Safe expansion in the volume of bank loans is
wholly dependent upon an increase in the volume of sound plans calling
for the proper use of credit, and these in turn obviously are dependent on a
resumption of normal purchasing in the staple lines of merchandise by the
public. Any attempt to run ahead of this would merely add to the volume
of frozen loans and of banks forced to seek aid from the Government reconstruction organizations.
Policies of prudence, therefore, on the part of the bankers, instead of
hampering business recovery, are the highest form of public service they
can render under existing conditions. This is their best contribution to
preventing bank failures.
Plan for Guarantee of Bank Deposits Opposed As
Unsound by Ohio Bank Superintendent.
Legislation to guarantee bank deposits is condemned in
the annual report of the Superintendent of Banks, Ira J.
Volume 134
Financial Chronicle
Fulton, said a dispatch from Columbus, Ohio, April 27 to
the "United States Daily," which gave as follows the section
of the report dealing with that subject:
In view of the numeroua bank suspensions which occurred in the United
States during the year 1931, principally as a result of the world-wide business
crisis, it is not surprising that in certain quarters there should be some
agitation in favor of legislation to guarantee bank deposits. For good
and sufficient reasons students of banking—especially those who have
given the subject very intensive study—vigorously oppose such an expedient as wholly unsound and impraticable.
Results of Plan Cited.
Several western and southern States have tried the experiment and in
instance with sad results. Wherever tried the guaranty plan has not
each
only absolutely failed to provide depositors with the promised protection,
but it has also penalized sound banking by requiring competently managed
banks to support and maintain a fund for use in making good the losses of
poorly managed banks. It is a manifest injustice to obligate or compel
successfully managed banks to make up the deficits of their unsuccessful
rivals. Furthermore, it encourages loose and reckless banking.
The light of experience has proven to practical. progressive bankers
that the best kind of protection for deposits is that furnished by the best
kind of bank management. The institutions which have best weathered
the financial storms of the past two years are those whose affairs have been
the most carefully and conservatively administered.
While superficially the proposal for the creation of a bank guaranty fund
might seem to possess attractive features, a thorough analysis of the plan
reveals it to be not only a worthless scheme, but also one exceedingly injurious in its effect upon safe and sound banking. A sore disappointment
wherever tried, it is decidedly illogical to deem it a panacea for ills it is
supposed to cure.
Branch Banking Provisions of Glass Banking Bill
as Viewed by Economic Policy Commission of
American Bankers Association—Sees Political
Domination of Nation's Economic Activity, with
Placing of All Banks Under National Control.
To put all banks under national control "would be to set
up a potentially dangerous degree of political domination
over the nation's economic life" it is declared in a report of
the Economic Policy Commission of the American Bankers
Association on the effects of the branch banking provision
of the Glass Banking Bill now pending in Congress, and
other proposals aimed at banking changes. The report, made
public in New York on May 2 by the Chairman of the Commission, R. S. Hecht, President of the Hibernia Bank and
Trust Company, New Orleans, was considered and adopted
by the Executive Council of the Association, it is stated.
The report says:
"The Glass Banking Bill as finally revised would in Section 19 create
a revolutionary situation in respect to banking. It would not only permit
national banks with capital of not less than $500,000 to establish branches
locally or on a statewide basis regardless whether State banks in the
Jurisdiction were granted branch privileges of any kind—but it would go
much further and set up in some places trade-area branch banking for
national banks by permitting them to spread out their branch systems
across State lines up to distances of fifty miles, if, by reason of their
proximity to a State boundary line their ordinary and usual business is
found to extend into an adjacent State."
Against this it cites the resolutions of the Association
adopted by general convention at Cleveland in 1930 which
"fully anticipate and answer this proposal," in pant as follows:
"The Association supports in every respect the autonomy of the laws
of the separate States in respect to banking. No class of banks in the
several States should enjoy greater rights in respect to the establishment
of branches than banks chartered under the State laws."
The report continues:
"As to the branch banking proposal now incorporated in the Glass
Bill, we offer the following comments:
(1) We believe the decision as to whether a State shall have branch
banking should be left to the States themselves, and that it should not
be imposed upon them by Federal Legislation.
(2) We oppose inter-state branch banking.
(3) Where communities have been deprived of banking facilities, by
the failure either of unit, branch or group banks, or where local conditions fail to offer support to existing facilities, measures should be provided whereby banks in stronger centers within the State can extend adequate facilities."
In support of this last point it cites again the Cleveland
resolutions, as follows:
"Modern economic changes, both in large centers and country districts,
make necessary some readjustment of banking facilities. In view of these
facts this Association recognizes that a modification of its former resolutions condemning branch banking in any form is advisable. The Associatic believes in the economic desirability of community-wide branch banking in Metropolitan areas and country-wide branch banking in rural districts where aconomIcally justified."
Discussing its belief in the present plan by which banks
are chartered by both the State and National Governments
Independently, the Commission says:
"We are strongly opposed to any attempt to destroy the dual banking
system. Both State and National systems should be strengthened, not
pitted against each other. We refer In this connection to the branch
banking provision in the Glass bill and believe it should be vigorously
opposed by this Association.
"Justification for this opposition does not rest on questions of bank
policy alone. It rests squarely on a basis of public social welfare. To
place all our banking facilities under the control of the central Government would be to set up a potentially dangerous degree of political domination over the Nation's economic life. The possible lengths to which this
domination might conceivably be carried by partisan motives or particular
3377
schools of thought in control at Washington should give serious pause to
any plans for a single banking system.
"The political system of social organization of this country divides
political authority between State and National Governments and this is
our people's greatest guarantee and protection of individual liberty. It
creates a system of checks and balances and a division of authority that
prevent Government from becoming too powerful. To bring our financial
machinery wholly under Federal Government jurisdiction would not only
be an invasion of the rights of the States to set up and supervise their
own financial institutions. It would also destroy, in respect to banking,
the checks. and balances against autocratic or political policies that are
provided by the present dual banking system, which preserves to our
citizens the effective power of protest against oppressive policies by
virtue of the fact that they can choose the type of Government auspices
under which to carry on their banking activities."
•
Supervision of Bank Affiliates Approved by Economic
Policy Commission of American Bankers Association—Opposed to Provisions of Glass Banking
Bill to Divorce Investment from Commercial
Banking.
Because of changes in the kind of business the public is
bringing to the banks, co-operation in creating investment
credits has become a proper and "very serious proportion"
of the established functions of the commercial banks and
any effort to force them to divest themselves of investment
departments or affiliates should be combatted, it is declared
in a report of the Economic Policy Commission of the American Bankers Association, made public in New York on May
5, by the Chairman, R. S. Hecht. The report opposes
specifically the provisions in the pending Glass Banking
Bill to divorce completely investment from commercial banking, but approves fully its features making bank investment
affiliates subject to the same Government supervision as
banks. It points out that the Executive Council of the
Association proposed such an extension of Government
supervision two years ago. The report says in part:
"The question of investment activities in commercial banks is one of
the most important issues before banking. It is concretely presented in
the Glass Banking Bill which would bring about the absolute divorce of
all investment activities, both underwriting and distributing, from the
operations of member banks in the Federal Reserve System.
"We favor a proper degree of Government control in this respect. Investment affiliates of banks, since in practical fact they are operating
departments of the parent institution and their operations and condition
indisputably react upon it, should be brought fully under the purview of
the bank supervisory authorities. In fact, a resolution of the Executive
Council of this Association in 1930 anticipated this proposal by two
years. That resolution said:
"
favor examination by the constituted authorities of all investment, security
and bank stock holding companies In which member banks' capital or deposit
funds are invested.'
"However we are opposed to any attempt to force member banks to
divest themselves absolutely of investment activities. They have become
a proper part of commercial banking by a process of evolution and long
continued usage and involve a very serious proportion of their established
business. This statement is illustrated by the following facts:
"On June 30, 1931 National banks had loans, discounts and investments
totalling $20,600,000,000, and of this total only $6,800,000,000 was In
the form of strictly commercial banking credit, while $4,540,000,000 was
In loans collateralled by stocks and bonds and $7,670,000,000 in investments in securities. That is, $12,210,000,000 or almost 60% of their
credit structure imolved security investment judgments through discrimination in direct purchase or appraisal of collateral worth, and this
circumstance was due mainly to conditions and changes that have arisen
in the kind of business the banking public is bringing to the banks.
"Whether banks wish it or not, a large part of financial activity is now
on an investment basis. Therefore banks have found it both desirable and
necessary to expand their own investment activities. They have had to
increase their investment holdings to offset reductions in their purely
commercial loans in their earning assets.
"Similar conditions as these presented for national banks appear in
the figures of the other types of commercial banks. Trust companies, being
chiefly in the larger cities, reflected investment activities to even a more
marked degree. They had aggregate loans and investments of $12,350,000,000,
of which $3,110,000,000 were commercial credits, $3,390,000,000 loans
secured by stocks and bonds and $4,590,000,000 in direct investments.
This means that $7,980,000,000, or over 64% of their credit structure involved investments.
"State commercial banks in a great majority are in rural sections that
have not felt these currents to the same extent, so that the force of these
changes among State banks in the cities is somewhat obscured in the total
national figures, but even so they are plainly apparent. On the date given
all State commercial banks had loans and investments aggregating $10,200,000,000, of which $4,690,000,000 were in commercial loans, $1,110,000,000 in loans on investment collateral and $2,940,000,000 in direct
Investments. Thus, in this group as a whole, $4,050,000,000, or nearly
40% of their credit structure, was based on investments,—a ratio that
would doubtless be raised in line with those of the National banks and
trust companies if only data for State banks in comparable urban locations were used.
"Obviously, any thought that commercial banks must deal only in
strictly commercial credits, which is the extreme view that has been expressed by some, in addition to the view that they should divest themselves of their investment activities, simply ignores the great changes that
have occurred in the Nation's financial methods. The presence of all this
investment material in commercial bank portfolios reflects the great
volume of Government financing and the extent to which general business
for reasons of its own has in recent years largely financed its requirements
with security issues instead of bank loans, and the banks have in a measure
met this change by setting up properly qualified investment functions,
whether as departments or affiliates, in order to co-operate fully in the
creation of investment credits. On the whole their record in this field, we
believe, compares favorably with the history of any investment houses or
systems."
3378
Financial Chronicle
Opposition to Glass Banking Bill by New York State
Bankers' Association—Elimination or Modifications of Various Provisions Urged—Abolition of
Affiliates Opposed — Against Establishment of
Branches of Banks in Neighboring States.
A report on the Glass banking bill by the Federal Legislation Committee of the New York State Bankers' Association
has been sent to the members of the Association by President J. Stewart Baker. In calling attention to the views
of the Committee on the pending bill Mr. Baker says "this
proposed legislation affects our whole banking structure,
and, therefore, every bank has a vital Interest in it, although
its effect in some cases may seem to be quite indirect."
The report of the Committee, submitted to members under
date of April 30, follows:
Dear Sir: Your Committee on Federal Legislation, at a meeting held
April 22, carefully considered the Glass Bill, S. 4412, in its broad general
aspect and in detail, and begs to submit its findings as follows in connection with various sections which we believe should be modified or eliminated:
First, concentration of power in the Federal Reserve Board.
The original conception of the Federal Reserve System contemplated a
group of 12 decentralized autonomous regional honks; each familiar with
the conditions of its own district and each therefore qualified to supply
the credit needs of its members. The Federal Reserve Board was designated
as a co-ordinating and supervisory body.
The Committee opposes the provisions of the bill which tend to concentrate power in the hands of the Federal Reserve Board, composed of
the Comptroller of the Currency and six members appointed by the President and approved by the Senate, a politically appointed body upon which
the member banks have no representation.
Second, creation of a Liquidating Corporation for closed banks.
The Committee is in favor of the creation of a Liquidating Corporation
in order that funds may more speedily be made available to depositors of
closed banks. The present method of liquidating closed banks is costly in
both time and money and leaves communities in which such banks are
located practically paralyzed.
The Committee, however, opposes the provision of the bill which requires
member banks to contribute one-fourth of 1% of their net demand and
time deposits to the capital of the Liquidating Corporation. It is believed
that such a levy on the member banks virtually amounts to the setting
up of a guaranty fund for the protection of deposits in weak member banks.
The Committee recommends that this section of the bill be embodied
in a separate bill drawn in accordance with the proposal made by Governor
Meyer, namely, that the capital of the Liquidating Corporation be furnished
by the Treasury and the Federal Reserve banks.
Third, the abolition of securities affiliates and the limitation of loans
against securities.
The Committee is opposed to the provisions in the bill which seek to
bring about the abolition of securities affiliates within three years, believing such affiliates, under proper supervision and control, are most essential.
Such affiliates have supplied a large part of the machinery through which
funds flow, from investors into industry, commerce and agriculture, and
their abolition would leave the country without adequate facilities for supplying the legitimate capital needs of industry so necessary to the return
of prosperity and further development of our business life. It is inconceivable that a comprehensive and satisfactory system of investment banking could be evolved in so short a time as three years. In effect, the
abolition of affiliates would place in the hands of a small number of investment bankers, who are not subject to supervision, a monopoly of all longterm capital financing.
The Committee also opposes the provisions of the bill limiting loans which
member banks may make against securities as collateral. This limitation
would hamper not only the development of the large industrial corporations
but the smaller ones as well, who would be dependent upon the local investment houses since their capital issues would not be of sufficient size to be
profitably handled by the small number of large investment bankers.
Furthermore, these investment bankers, as well as local investment houses,
could not take over the burden without the assistance of their banks in
carrying issues during the process of distribution. The net result of this
limitation would materially increase the oast of capital supplied to our
industry and ceenmerce.
Fourth, the deprivation of charter and statutory rights of State banks.
The Committee opposes any infringement of the charter and statutory
rights of State banks. State banks entered and helped to build up the
Federal Reserve System with the distinct understanding that in entering
the System they would be permitted to retain all their rights. It is felt
that certain provisions of the bill, particularly those limiting dealings in
securities, constitute a direct breach of faith with State bank members of
the System. It is believed that these encroachments upon the charter and
statutory rights of State banks represent an indirect method of bringing
about a unified banking system under Federal supervision and therefore
an attack upon the autonomy of the several States.
Fifth, the creation of an Open Market Committee to control the operations
of the Federal Reserve banks in the open market and with foreign central
banks.
The bill provides for the organization of an Open Market Committee consisting of one member from each Federal Reserve District selected by the
boards of directors of' the several Federal Reserve banks. All open market
operations and dealings with foreign central banks engaged in by Federal
Reserve banks are made subject to the approval of the Open Market
Committee and also the Federal Reserve Board.
The Committee opposes this provision on the ground that the necessity
for securing the approval of the Open Market Committee and the Federal
Reserve Board would unnecessarily hamper and delay open market transactions and dealings with foreign central banks, which by their very nature
require prompt action in order to be effective. This provision would destroy
the flexibility and freedom of action of the Federal Reserve banks in controlling the ebb and flow of credit throughout the country.
In his letter of March 29 1932, addressed to Senator Norbeck and accompanying the comments and recommendations regarding Senate Bill 4115
from the Federal Reserve Board, Governor Meyer calls attention to the
fact that "there is already in existence an Open Market Committee on which
each of the Federal Reserve banks has representation. This has come
about as the result of natural development The Board believes that it
would be inadvisable to disturb this development by crystalizing into law
any particular procedure."
The Committee is in full sympathy with the view expressed above and
sees no necessity for any change in the procedure now followed by the
Federal Reserve banks.
May 7 193Z
Sixth, the creation of a State-wide branch banking system.
While the Committee approves in principle some form of branch bank ing, it recognizes that this is a highly controversial subject, and, therefore,
urges that this section be divorced from this bill and some form of branch
banking legislation be embodied in a separate bill, in order that it may
be considered by itself, wholly free from the ether provisions of this bill.
The Committee, however, is opposed to the establishment of branches in
neighboring States.
STEPHEN BAKER,
MARK M. HOLMES,
JOHN T. SYMES,
BERNARD A. GRAY,
WILLIAM S. IRISH, Chairman.
Executive Council of A. B. A. Approves Glass BankingBill with Reservations—Says Member Banks Should
Not Be Burdened by Being Called Upon to Subscribe to Federal Liquidation Corporation—Opposition to Provision Affecting Affiliates.
Stipulating six points on which it objected to the Glass
Banking Bill, and also expressing the belief that there is
no need at present for permanent legislation such as it presents except as to the formation of a Federal LiquidatingCorporation for closed banks, the Executive Council of the,
American Bankers Association, meeting at White Sulphur
Springs, W. Va., on April 27, expressed approval of the
bill as a whole.
While endorsing the principle of a Federal Liquidating
Corporation, the Council stated its belief that member banks
should not be further burdened by being required to makesubscriptions to it out of capital funds. It therefore recommended that the provisions of this section of the bill be
changed, as suggested by Governor Meyer of the Federal
Reserve Board, so that the capital would be furnished by
the Treasury. As an alternative, the Council suggested
that the capital might be furnished by the Treasury and the
Federal Reserve banks.
The other points on which the Council took exception to.
the bill are as follows:
It recommended elimination of provisions prohibiting National and State'
member banks in the Federal Reserve System from participating in the
under-writing and distribution of investment securities either directly orthrough affiliates.
With reference to the provision amplifying present regulations definingthe use of credit facilities at the Federal Reserve Banks, it declared that
the Federal Reserve Board now has sufficient power.
It expressed opposition to provisions for separating security affiliates
from member banks within three years, proposing that in lieu of this they
be made subject to proper supervision and regulation.
The Council declared that it strongly recommended elimination of all such,
provisions depriving State member banks in the Federal Reserve System
of "their full charter and statutory rights" which they were permitted to.
retain "as an inducement to enter the system," declaring that the framers
of the bill "have not taken into consideration that there are provisions which
would constitute a direct breach of the guarantee of Congress under which
many State institutions joined the Federal Reserve System."
Finally, in respect to the section permitting State-wide branches for
National banks in all States regardless of State laws affecting the powers of
State banks, and also permitting inter-State branch banking for National
banks in some localities, the Council pointed to the resolution of the Association endorsing branch banking only to the extent of community-wide
extensions in metropolitan areas and county-wide in rural districts, and
also declaring in favor of preserving the autonomy of the laws of the separate
States in respect to branch banking. This resolution was adopted by the
Cleveland convention of the Association in 1930.
The following is the position of the American Bankers
Association on the bill, as formulated by its interim committee and approved by its Executive Council:
The revised Glass Bill 8 4412, with the elimination of many of the previsions detrimental to the interests of our members, having been reintroduced and favorably reported by the Committee on Banking and Currency to the Senate on April 18th, the American Bankers Association,
through its Interim Committee, while reaffirming its previous resolution
that there is no need at the present time for permanent legislation of this
character, except for the creation of a Federal Liquidating Corporation for
closed banks, nevertheless now takes the position that it approves the bill
as a whole with the following amendments:
1. We approve the principle of a Federal Liquidating Corporation and
are in accord with the proposals of the Federal Reserve Board as expressed
by Governor Meyer for the formation of this corporation and the composition of its capital sturcture. We do not believe that member banks should
be further burdened by being required to make subscriptions out of capita/
funds. We,therefore,recommend that the provisions of the bill be amended
in accordance with Governor Meyer's proposal that the capital of the'Aquidating Corporation be furnished by the Treasury; or, we suggest the alternative that the capital be furnished by the Treasury and the Federa)
Reserve Banks,
2. In considering the provisions of Section 14 which impose restrictions
on the security business which can be done by member banks, we have borne
in mind that for many years National banks and State member banks
through their powers of underwriting and investing in securities have supplied long-term capital to many important industries, as well as to States
and municipalities. It has been the history of past depressions that
recovery has largely come about through the refinancing of industry and
commerce in which the member banks have played a material and important
part in assisting in the underwriting and distribution of investment securities.
The proposed bill prohibits National banks and State member banks
from directly participating in such business through the amendments
of Section 5136 of the Revised Statutes (Section 14 of the bill) and it also
prevents the transaction of such business indirectly through affiliates
(Section 18 of the bill). By the elimination of National banks and State
member banks from the investment securities business, the bill would throw
such business into the hands of organizations not responsible to the Federal
Volume 134
Financial Chronicle
and State banking authorities. This would be a backward step in the development of the banking business and would seriously retard the restoration
of commerce, industry and agriculture to normal conditions. We regard
this a legitimate and necessary service for the banks to render to their
country. As practical bankers we are convinced that private bankers and
partnerships have not the resources available to meet the business needs
of the country in the field of long-term finance without the aid of member
banks. We, therefore, recommend that these provisions of the bill be
eliminated.
3. With reference to Section 3 of the bill amplifying the present regulations defining the use of credit facilities of the Federal Reserve banks we
believe that the Federal Reserve Board under the present law has sufficient
power; we believe that the desired results would be obtained in such cases
where credit facilities are misused, if a provision were added requiring the
directors of a regional Federal Reserve bank to inquire into the uses of
credit by their members and to report misuses of credit facilities of the regional board to the Federal Reserve Board through the medium of the
Chairman of their regional board.
4. We recommend modification of the provisions which seek to separate
security affiliates from member banks within three years. At the present
time security affiliates are not subject to Government supervision or regulation; at the same time they Perform many valuable services in the banking
structure of the country. We believe that reasonable supervision and regulation is desirable and recommend in lieu of eliminating security affiliates
that they be given proper supervision and regulation and that such regulation be considered after a period of years at the end of which time it can
better be determined what, if any,further provisions of law should be made
on the subject.
5. We strongly recommend the elimination of all the provisions in the
bill which deprive State institutions of their full charter and statutory
rights which, under the existing Federal Reserve Act they are permitted to
retain. In June 1917, as an inducement to such banks to enter the Federal
Reserve System, there was incorporated in Section 9 of the Federal Reserve
Act the following: "Any bank becoming a member of the Federal Reserve
System shall retain its full charter and statutory rights as a State bank or
trust company and may continue to exercise all corporate powers granted
to it in the State in which it was created."
We believe the framers of the bill have not taken into consideration the
fact that there are provisions in the present bill which, if enacted into law,
would constitute a direct breach of the guaranty of Congress under which
many State institutions joined the Federal Reserve System.
6. In regard to Section 19 of the bill covering branch banking we call
attention to the resolution of the American Bankers Association adopted
at Cleveland in 1930 which reaffirms its belief in the unit bank modified
to the extent that community-wide branch banking in metropolitan areas
and country-wide branch banking in rural districts, where economically
justified, may be desirable; but in every respect preserving the autonomy
of the laws of the separate States in respect to branch banking.
Neither the Executive Council nor any committee of the Association
has power to take any position in conflict with the action of the Convention.
3379
of America in Congress assembled, That the Federal Reserve Act is amended
by adding at the end thereof a new section to read as follows:
"Sec. 31. It is hereby declared to be the policy of the United States that
the average purchasing power of the dollar as ascertained by the Department of Labor in the wholesale commodity markets for the period covering
the years 1921 to 1929 inclusive shall be restored and maintained by the
control of the volume of credit and currency."
Sec. 2. The Federal Reserve Board, the Federal Reserve banks and the
Secretary of the Treasury are hereby charged with the duty of making effective this policy.
Sec. 3. Acts and parts of acts inconsistent with the terms of this act
are hereby repealed.
From the Washington account to the New York "Times"
May 2 we take the following:
Recorded for the bill were 165 Democrats, 123 Republicans and a Farmer
Laborite. Three Democrats and 57 Republicans voted against it. Twentyfour members of the New York delegation voted, eight Democrats and six
Republicans for it and 10 Republicans against.
While most of the backers of the bill insisted that it did not call for
unbridled inflation, but merely instructed the Federal Reserve System to
pursue more vigorously policies it is now trying out, the vote was important
In that it apparently represented a growing tide of sentiment in the House
in that direction.
Surprise to Opponents.
The bill was brought up under suspension of the rules which required a
two-thirds vote for its adoption, demonstrating the confidence of its proponents in their power. The move came as a surprise to its opponents,
who had not believed that its backers would risk such a gamble. Before
many votes were counted, however, it was apparent that the opposition
was in for a beating which amounted to a rout.
Speaker Garner had arranged to preside at the time the request for suspension of the rules was asked, and although it was within his power to
head off the move, he immediately granted the request and thus, backers
of the bill contended, lined himself up with its advocates.
That the present activities of the Federal Reserve Board in attempting
to expand credit by open market operations were too conservative to satisfy
the large majority of House members became evident early in the debate,
when Representative Luce of Massachusetts, a member of the Banking
and Currency Committee, exclaimed that the purpose of Congress was to
end all quibbling and quarreling on the part of the board as to the course
which was to be pursued.
The Federal Reserve Board, Mr. Luce said, was doing in a limited way
the very thing that the bill directed it to do—the purchase of government
securities in the open market to expand credit—and he believed the time
had come to tell the world that a vigorous policy along this line was contemplated. He felt that when such a course was definitely charted, at the
direction of Congress, the atmosphere would be cleared of doubt and the
agitation for the issuance of fiat money would be quieted.
The May 3 issue of the "United States Daily" said in part:
House Passes. Goldsborough Bill Directing Federal
Reserve System to Act in the Stabilization of Purchasing Power of Dollar.
On May 2, by a vote of 289 to 60, the House of Representatives passed the bill of Representative Goldsborough
(Democrat) of Maryland, directing the Federal Reserve
System to exercise its control over credit and currency with
a view to restoring and maintaining the purchasing power of
the dollar in line with that prevailing in the, wholesale commodity markets in the period from 1921 to 1929. Regarding
the passage of the bill by the House the Washington correspondent of the New York "Journal of Commerce" on
May 2 said:
Passage of the measure was accomplished by the House in the face of
direct opposition on the part of Secretary of the Treasury Mills, Eugene
Meyer, Governor of the Federal Reserve Board, Geo. L. Harrison, Governor
of the New York Federal Reserve Bank and a Republican controlled Senate
believed to be hostile to such legislation.
Two Features in Bill.
The bill has two features, according to the Banking and currency Committee of the House which has considered stabilization legislation of this
type for more than eight years, the first an emergency feature and the
second a permanent feature.
'As to the emergency feature," the Committee said, "all authorities
agree, first, that it is impossible for the debts of the country to be paid at
the present price level, and that unless the price level is raised the business
of the country is headed for inevitable bankruptcy, and second, that the
present price level is unjust to debtors."
The Committee deems the stabilization feature of the bill even more
Important than its emergency feature. "It would be the duty of the
Federal Reserve System," the Committee pointed out, "to control the
credit and currency of the country in a manner to satisfy the legitimate
needs of business, and prevent unwholesome and unjustified expansion."
Split of Opinion.
Although there is a feeling in the Senate that the resolution calls for too
revolutionary a change in the established policy of the Reserve System
and
for that reason should be very carefully considered before approved, its
proponents assert that it directs the Board merely to continue a policy
already initiated some time ago. They point to the recent acceleration of
open market buying by Reserve banks in support of their contention.
Representative Strong (Rep., Kan.), member of tho Banking Committee,
who has been a leading advocate of the legislation, claimed during debate
-day that by buying securities in the open market Reserve banks put
to
money into circulation, and that by careful manipulation of rediscount
rates the price of money can be raised or lowered as need demands.
Representative McFadden (Rep., Pa.), former Chairman of the Banking
and Currency Committee, called it the "greatest scheme of inflation ever
proposed in any country."
"It is an attempt," he said, "to raise price levels artificially by financial
jugging. It attempts to do what the Federal Reserve Board is opposed
to doing, and it puts upon Congress the responsibility for directing a highly
technical operation."
Tho bill as passed by the House reads as follows:
A bill for restoring and maintaining the purchasing power of the dollar.
Be it enacted by the Senate and House of Representatives of the C ailed States
Representative Steagall (Dem.), of Ozark, Ala., Chairman of the Committee on Banking and Currency, explained the measure along the lines
of the Committee report to the House. He said it represents years of
careful study and investigation and the mature judgment formed unanimously by the House Banking and Currency Committee.
Viewed as Conservative.
Mr. Steagall said the proposal is not radical nor extreme but conservative
and constructive. . . .
Mr. Steagall said that all the bill does is to recognize the facts as they
exist under the Federal Reserve law, to inform the Federal Reserve Board,
Reserve banks and the Treasury that Congress expects them to use their
powers to promote and stabilize values in the United States, and prevent
a recurrence of falling prices, depressions and panics that have occurred
since the enactment of the Federal Reserve Act. He referred to the
"horrible contraction of currency and credit in 1929" and said the proposed
law would release currency and credit and be beneficial to the banks,
the merchants, and the public. He said the Federal Reserve System
acknowledges it has the power now and that this Is a mandate of the policy
of Congress on the subject. . . .
Representative Stevenson (Dem.), of Cheraw, S. C., favored the bill.
Representative Chindblom (Rep.), of Chicago,
said the Secretary of
the Treasury informs him he is opposed to the bill.
Proposal is Criticized by Representative Snell.
"You are changing the whole policy of the Government and no one knows
what you are trying to do, and it is a procedure that is absolutely wrong,"
Minority Leader Snell (Rep.) of Potsdam, N. Y., told the House. Mr.
Snell said he wanted to know how commodity prices in this country could
be changed without a change in the commodity prices abroad. He said it
Is proposed to direct the Secretary of the Treasury to do what is impossible
for him to do. "The Secretary of the Treasury told me he is strongly
opposed to it," Mr. Snell said.
Representative Ramseyer (Rep.), of Bloomfield. Iowa, said the bill has
been thoroughly considered and every farm organization in the country
Is for it. . . .
Representative Eaton (Rep.), of Denver. Col.,criticized the bill. Representative Andrew (Rep.), of Gloucester, Maas., said no member of the
Federal Reserve Board or the Federal Reserve System or the Treasury
believes it practicable. Representative Huddleston (Dem.), of Birmingham, Ala.. said the bill commands something that can not be done and
confers powers on the Federal Reserve Board that no eastern despot ever
had. Representative Dellinger (Rep.), of Cambridge, Mass., said the bill
simply declares a policy and is a step in the right direction.
Artificial Raising of Prices is Claimed.
Representatives Busby (Dem.), of Houston, Miss., favored and Stokes
(Rep.), of Philadelphia, Pa., opposed the bill. . . .
"This Is a heroic remedy for a sick and critical condition in this country,"
Representative LaGuardia (Rep.), of New York City, said, but he warned
that "if the commodity prices are to be increased as contemplated in the
bill then the wages of the working people must be increased. There must
be a compensatory law to boost the wages if the bill becomes law and works
out as it is planned it will, he said.
Representative Hooper (Rep.), of Battle Creek, Mich.,supported the bill
but said he did so with less enthusiasm than the other members of the
Banking and Currency Committee. He said he will join with them in the
hope that it may accomplish what the sponsor of the bill Representative
Goldsborough (Dem.), of Denton, Md., expects.
Representative Stong (Rep.), of Blue Rapids, Kans., who has sponsored
a similar bill in past sessions, said the proposed legislation would
benefit
the people of the United States and that it has been thoroughly
discussed
and considered in the past. Many other members participated
in the
debate.
3380
Representative Stafford (Rep.) of Wisconsin voiced his
views on the bill before the House on May 2 as follows:
From the time I was in college until to-day I have always opposed
Inflationary movements that sought to debase our currency. There is a
fundamental principle that I learned years ago that if any government
seeks to introduce debased currency. it drives out sound currency. That
was the vice of the silver movement of 1890, and the fears of the financiers
at that time was that if people went on buying silver, ad infinitum, when
there was no demand for it, it would ultimately drive out the gold dollar
and place the country on a silver basis.
This is the worst bill that can be precipitated at this time, when countries
abroad and everywhere are looking to the United States to see whether they
will maintain the gold standard. Millions and millions of dollars of the
earmarked gold of foreign countries are being withdrawn weekly, because
foreign governments are fearful that the United States will not maintain the
gold standard. What does this mean? Nothing more than instead of having
gold back of the currency we will issue a mandate to the Secretary of the
Treasury and the Federal Reserve Board to issue fiat money, the consequence of which will only be one, and that to create an additional scare
in the financial and banking world to that which already exists.
The administration has been doing everything within its power to try
to restore confidence. A few months ago millions upon millions were being
Withdrawn from banks by skeptical depositors and put into Government
bonds and into safe places because they feared the banks would not be
able ultimately to meet their obligations. Now we are seeking to establish
an artifice' basis for prices by having the Government use its printing
presses to turn out paper money. For what purpose? To establish prices
on a certain inflated basis. . . .
By this bill you are seeking to drive the Federal Reserve Board and the
Secretary of the Treasury to issue billions of currency which the country
can not absorb and for which there is no commercial demand.
On May 3 Washington advices to the New York "Times"
said:
The House bill was rushed this morning to the Senate, where it was
referred to the Banking and Currency Committee. Senator Fletcher, who
recently introduced a similar measure in the Senate, said that he would
consent to the substitution of the Goldsborough bill if satisfied it carried
out his ideas.
Senator Pittman said he was in favor ofsuch legislation. Senator Thomas
of Oklahoma, in a speech on the floor, said there was a rising tide of sentiment in the country for it. Senator Capper,in a radio address, endorsed
the policy. Senator Howell is also listed in its supporters. The measure
will meet strong opposition, however, from so-called administration
Senators and from Senator Glass, co-author of the Federal Reserve Act.
The Senate Banking and Currency Committee did not find time to-day
to take up consideration of the proposal, but it is certain its backers will
bring pressure to bear for speedy action. Senator Fletcher said he was
hopeful of obtaining a favorable report and would urge that step immediately
Items regarding the bill appeared in these columns April
16, pages 2838 and 2840, and April 23, page 3022.
Effect in Europe of Passage of Goldsborough Bill
Stabilizing Purchasing Power of Dollar—National
Bank of Czechoslovakia Says Its Currency Would
Not Be Affected by Fall of Dollar.
The following Prague cablegram May 3 is from the
New York "Times":
The Czechoslovak crown having been officially tied to the United States
dollar, the passing of the Goldsborough bill by the House of Representatives
caused much excitement in Prague to-day. The National Bank stated
that even if the bill became a law it could have no influence on Czech
currency because the crown was bound by law to gold.
This explanation is puzzling because by the stabilization law passed in
1925 the National Bank must maintain the crown at the exchange level
existing between April 1923 and April 1925. when 100 crowns were quoted
at $290 to $303 on the New York Stock Exchange. The Czech Official
Handbook says of this law:
"By this enactment the Czechoslovak monetary unit has been defined
and fixed in permanent relation to the dollar."
The official newspaper "Prager Presse" draws comfort from the fact
likely
that the Federal Reserve. the Senate and President Hoover are
to oppose the Goldsborough bill.
Europe generally, print
All Prague newspapers, like those of Central
undoubtedly reflect the
the news of the bill under big headlines which
in the countries whose currencies
feeling of their readers, because even
is a sort of secondary curare united to the dollar or where the dollar
public, figure largely in
rency, as in Poland. dollars are hoarded by the
commercial contracts.
gold exchange reserves and form the basis for
French Fears Incident to Passage of Goldsborough
Bill—Inflation Moves Seen in the Recent Actions
of House of Representatives.
The following from Paris May 4 is from the New York
"Times":
the wreckage the House made
The passage of the Goldsborough bill and
new fears in Paris regarding
of the economy bill at Washington has aroused
the possibility of Inflation In the United States.
and Government
It is the same old story here. Responsible financiers
soundness of American
officials, although fully realizing the essential
from attacking the dollar.
finances, are unable to prevent speculators
alarming rumors.
Virtually the entire French press is circulating
whose opinion may be
Frederic Jenny, financial editor of "Le Temps,"
bill to-night, says "the
taken as typical, referring to the Goldsborough
is only one way to raise
naivete (of the House) has no limit." "There
But it Is evidently
prices sharply," he adds, "devaluation of the dollar.
the House intends.
not that kind of measure which the bill adopted by
unfortunate effect in interThe vote has, nevertheless, produced the most
again fell below
national financial circles. The proof is that the dollar
the gold point."
M. Jenny goes on.
"One certainly should not take the thing tragically,"
platonic, whereby
"In reality one is faced with a manifestation, more or less
expansion
the House wished to show its discontent over the failure of the
of credit which is being practiced."
Federal Reserve
Little credence Is placed here in the story that the
its credits In
Board is seeking to induce the Bank of France to expand
France's last
order&to raise prices. It is pointed out that the Bank of
May 7 1932
Financial Chronicle
balance showed 23,000,000,000 franca (about $920,000.000), unused and
bearing no interest, in its cash deposit account. If the Bank was able
to find a way to lend that money it would be only too glad to do so.
Associated Press advices May 3 from Paris stated:
The dollar dropped to 25.3375 francs to-day from a quotation of 25.3925
on Friday (April 29). This fall brought it close to the gold point, which
is 25.3250. Uncertainty regarding the activities of the United States
Congress, which has created an opportunity for international speculation,
was blamed by American bankers for the fall.
The Goldsborough dollar stabilization bill under consideration in congress was criticized by the "Journal des Debats," which said:
"The Federal Reserve System has gone as far as possible, and on the
other side of the Atlantic its open-market policy already is considered
moderate inflation."
The newspaper "Le Temps" said that the "will to inflate or to deflate
continues to show itself in America."
Austrian Views Anent the Goldsborough Bill.
Under date of May 3 Associated Press accounts from
Vienna stated:
News from Washington that the House of Representatives had approved
the Goldsborough bill created considerable excitement in Vienna.
"What is happening to the dollar?"some newepaper headlines asked, and
others exclaimed: "Inflation in the United States."
German Press Comment Respecting Passage of
Goldsborough Bill.
From Berlin May 4 the New York "Times" reported the
following:
The German press is continuing to comment on the Goldsborough bill
under consideration in Washington with general criticism and skepticism
as to its soundness. The "Frankfurter Zeitung" says:
"However much the world needs reorientation in matters economic,
It would be deplorable if the United States initiated measures having such
slight chance of orderly execution while involving great danger of real
uncontrollable inflation."
The newspaper expresses the hope that the United States Government
will be able to block the project and the probability of this is assumed
more confidently by the "Bercwerkszeitung," the organ of Ruhr industry.
in Polish Market Incident to
Inflation Reports.
The New York "World-Telegram" reports the following
(Associated Press) from Warsaw, May .6:
Dollar Declines
Wild reports about "inflation policies" of the American Congress to-day
brought a flood of American dollars to Polish banks and drove the price
from 8.9 zlotys to the dollar down to 8.83.
The Polish perturbation seemed to be one of the series which has been
cropping out in Europe spasmodically, and according to financial observers, "designed to embarrass American money changers."
For 12 years Poles have regarded the dollar as a second national currency. Many mortgages and long-term credits have been based on the
dollar payable in New York.
Total Subscriptions of $4,196,796,700 Received to Combined Treasury Certificate and Treasury Note Offering of $226,000,000 Each—Allotments $483,431,600.
The total subscriptions of $4,196,796,700 were reeeivd
to the offering of the 2% one-year Treasury Certificates of
Indebtedness, and the 3% two-year Treasury Notes, details
of which were given in our issue of April 30, page 3202.
The amount of the offering in each case was $225,000,000
or thereabouts. The combined allotments were $483,431,600. The subscriptions received to the Treasury Certificates were $1,699,868,000, while the allotments were $239,197,000. In the case of the Treasury Notes the subscriptions totalled $2,496,928,700, the allotments being $244,234,600. The subscriptions and allotmentsby Federal Reserve districts as announced by the Treasury Department,
April 30, follow:
District—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total
Treasury Note
—Certificates ofIndebtedness—
Allotted.
Subscriptions.
Allotted.
Subscriptions.
$123,731,000 $21,755,500
9138,846.700 $18.423,800
976,844,500 106,844,500 1,355,426,000 105,342,800
232,500,000 27,870,000
136,500,000 25,960,000
85,203.500 11.225,800
64,919,500 12,206,000
39,218,000
7,528,00073,210,500 12,041,000
80,271,000 17,322,200
63,165,000 20,228,000
205,422,300 19,518,400
104,328,500 16,564,000
4,132,100
26,326,000
4,178,500
23,546,000
2,095,700
17,365,100
2,364,000
15,015.500
3.107.000
19,650,400
12,505,000
1,941,500
6.659,100
24,359,700
5,920,500
20,312,500
238,042.500 17,494,200
119,782,500 13,706,000
2,500
5,000
$1,699,868,000 $230,197,000 $2,496,028,700 $244,234,600
The Treasury Department's announcement of April 28
indicating the scaling down of the allotments follows:
Reports from the Federal Reserve banks show that for the offering of
2% Certificates of Indebtedness, Series 13-1933, maturing May 2 1933,
which was for 9225,000,000, or thereabouts, total subscriptions aggregate $1,699,868,000.
Allotments on subscriptions for this series of certificates were made as
were allotted
follows: Subscriptions in amounts not exceeding $10,000
subscriptions in
50%, but not less than $500 on any one subscription:
allotted 40%,
amounts over $10,000. but not exceeding 8100.000 were
subscriptions in amounts
but not less than $5.000 on any one subscription;
allotted 20%, but not
over 9100,000 but not exceeding $1,000,000, were
over $1,000.000,
less than $40,000 on any one subscription; subscriptions
not less than $200.000
but not exceeding $5,000,000 were allotted 10%, but
amounts over $5,000,000
on any one subscription; and subscriptions in
any one subscription.
were allotted 7%. but not less than $500,000 on
Volume 134
Financial Chronicle
For the offering of 3% Treasury notes of Series A-1934, maturing May 2,
1934, which was for $225,000,000, or thereabouts, total subscriptions
aggregate $2,496,428,700.
Allotments on subscriptions for this series of notes were made as follows:
Subscriptions in amounts not exceeding.$10,000 were allotted 50% but not
lesstthan $100 on anyone subscription: subscriptions in amounts over
$10.000; but not exceeding.$100,000 were:allotted 25%, but not less than
$5,000 on any one subscription; subscriptions in amounts over 8100,000,
but not exceeding $1,000,000 were allotted 15%, but not less than $25,000
on:any one subscription; subscriptions 1n amountslover 81.000,000. but
not exceeding $5,000,000 were allotted.7%, but not less than $150.000 on
anytone subscription; and subscriptions In amounts over $5,000,000 were
allotted 4% but not less than 8350.000 on any one subscription.
Offering of $75,000,000 or Thereabouts of 91
-Day
Treasury Bills.
A new issue of 91-day Treasury bills to the amount of
$75,000,000 or thereabouts was announced by Secretary of
the Treasury Mills on May 4. The bills, which will be dated
May 11 1932 and will mature August 10 1932, will replace
$76,399,000 of Treasury bills which mature May 11. Tenders
for the new bills will be received at the Federal Reserve
Banks and their branches up to 2 P. M. Eastern Standard
Time on Monday May 9. The bills, which are sold on a
discount basis to the highest bidder, will be issued in bearer
form only, and in amounts and denominations of $1,000,
$10,000, $100,090, $500,000 and $1,000,000 (maturity value).
The face amount of the bills will be payable on the maturity
date without interest. Secretary Mills' announcement also
says:
No tender for an aznount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed on the basis 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
and trust companies and from responsible and recognized dealers in investment 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.
House Committee Concludes Hearings on Proposal
for Immediate Cash Payment of Soldier Bonus—
Representative Patman Withdraws Charges that
Secretary of Treasury Mills Would Profit by
Provision in Tax Bill for Revaluation of Depreciated Estates.
•
Hearings on the proposal for the Immediate cash payment of the adjusted certificates of World War veterans
were concluded on May 3 by the House Ways and Means
Committee, which on May 5 began consideration of the bill
which would involve the issuance of $2,000,000,000 additional currency to meet the payment.
In noting the winding up of the Committee hearings Associated Press accounts from Washington May 3 to the New
York "Evening Post" said:
3381
Quotes From Bearings.
Mr. Chindbla:n quoted from the tax hearings to show that when questioned on the estate provision, Secretary Mills said that "because my
father died at the height of the boom . . . the Treasury does not
propose to make recommendations of any kind."
Mr. Patman also charged that a flood of "inspired propaganda" had
been loosed in the country against the cash bonus payment.
A leading sponsor of the $2,000,000,000 new money outlay, Mr. Patman opened rebuttal testimony before the committee. He said 98% of the
American Legion membership favors the payment.
"I do not see how any one consistently can vote for the Goldsborough
stabilization bill and then vote against this plan," Mr. Patman said.
The House passed the Goldsborough bill to stabilize prices by a vote of
289 to 60.
Mr. Patman said "the same experts who have had charge of OUT
financial and economic systems the past few years have appeared against
this bill."
"The fact that our country is in the condition it is in is the best evidence that they are not capable of giving sound advice or that they have
not acted upon sound advice," he said.
Total World War Veterans' Relief to Exceed 21 Billion,
Says General Hines—Amount to Be Reached
When Service Certificates Are Paid Up in 1945,
House Committee Is Advised.
Declaring that "we are financing another war" in the
appropriations which are being made for World War veterans' relief. Brig. Gen. Prank T. Hines, Administrator of
Veterans' Affairs, told the House Committee on Ways and
Means, April 26, that in order to carry out provisions of
existing veterans' relief measures, the United States will
have spent approximately $21,500,000,000 by 1945. The
"United States Daily" of April 27, noting this continued:
This statement was made by Ad:ninistrator Hines in the course of
his testimony on the proposal pending before the Committee for immediate cash payment to veterans of adjusted service compensation certificates in full.
Propriety of Cash Payment.
Although not expressing definitely his position on the proposal, he said
that one of the questions involved is whether it is proper to pay the
balance of the value of the certificate at this time, and stated his understanding that the full payment is not due until 1945.
General Hines did not touch upon the effect payment of the bonus at
this time would have upon the financial situation of the Government, except to say that that question is involved.
Explanation of Compensation.
"I have reached the conclusion ttat the Compensation Act is probably
more misunderstood than all the other acts relative to veterans' relief,"
he told the Committee.
When the certificates were issued, he explained, their face value 20
years forward was printed upon them. He expressed the belief that, because of this, the veterans gained the impression that they were entitled
to full payment at any time. If the certificates were paid in full now,
he said, the Government would have to pay $1,600,000,000 more than is
due.
As far as figures are obtainable, he said, it is estimated that about
600,000 veterans are among the unemployed, and between 500,000 and
700,000 of them are working on only a part-time basis. Every effort
should be made, he urged, to obtain employment for these veterans.
This action came after a dispute over whether Secretary Mills had influenced the incorporation of a provision in the tax bill under which he
would profit by revaluation of his father's estate.
Representative Putman (Dem., Tex), a leading advocate of full payment of the bonus, charged before the Committee that the Secretary would
get millions and said the action would amount to an "inside burglary of
the Treasury." Mr. Patman later exonerated Mr. Mills and withdrew his
criticism.
Democrats and Republicans on the Committee came alike to the defense
of Mills.
Acting Chairman Crisp said the Secretary declined to comment on the
provision because lie would be a beneficiary under it. Treadway (Rep.,
Mass), Doughton (Dem., N. C.) and Chindbloom (Rep., Ill) joined in
behalf of the Secretary.
Modifies Bonus Plan.
Mr. Patman was attempting to refute the arguments of Secretary Mills
and Eugene Meyer, Chairman of the Federal Reserve Board, have made
against the issuance of $2,000,000,000 of new currency to redeem the
outstanding bonus certificates. He offered to modify his plan to provide
for the issuance of bonds which he said would control the expansion.
Turning then to the Secretary, the Texan assailed the section of the
tax bill which allows eighteen months for revaluation of estates left between September 1 1928 and January 1 1932, to allow for depreciation in
value due to the period of economic stress.
"When this bill was pending before Committee it was not suggested that
the date set in the retroactive provision would permit the revaluation
of Mr. Mills's father's estate," Mr. Patman said.
Qualification for Borrowing
About 600,000 veterans have not borrowed at all on their adjusted service
certificates, General Hines said. He explained that 200,000 are not yet
permitted to borrow, as their certificates are not two years old, a prerequisite to making them eligible for borrowing purposes under present
law. There is $317,325,632 still available for lending, he added.
A Committee member asked if he saw any objection to the enactment of
legislation which would permit veterans with certificates less than two years
old to borrow. Administrator Hines said that although he sees no objection to such a proposition, since it would permit 200,000 veterans additional to borrow, it would upset actuarial figures and is therefore actuarily
unsound. He pointed out that this year about 87,000 of those holding
certificates ineligible because of the two year age requirement, will be
able to borrow.
To cancel all interest for loans made on the certificate from 1933 to
1946 would cost the Government $1,016,706,521, General Hines told the
Committee, and to cancel all the interest charged to date would cost an
additional $56,000,000 he said.
A veteran who holds a $1,000 certificate and who has borrowed to the
extent allowed—one-half of its value—and who does not pay back the
amount borrowed, he explained, would receive only $70 in 1945, the Administrator said, in answer to question by Committee members.
"I think the veterans are getting hit too hard on this interest rate,"
continued Representative flagon (Dem.) of Clarksville, Ark.
In explaining the result of data gathered last year after the 50% borrowing Act had been passed, the Administrator said that loans totaling
$804,000,000 had been made to about 2,000,000 veterans, and that it was
found the money had been spent as follows:
Object to Testimony.
Members of the Committee objected immediately to Mr. Patman's testimony.
"Several witnesses urged that provision," Acting Chairman Crisp said.
"Secretary Mills said he did not care to comment because he would be a
beneficiary.
"When on the floor I found that 30,000 estates would be affected by this
provision. I voted to strike it out of the bill."
Mr. Treadway said he considered Mr. Patman "is slapping this Committee very unfairly when he says we have been influenced by Government officials."
"That is incorrect," Mr. Treadway said. "I feel the witness ought not
to make quite the statement he did."
Mr. Doughton interjected that Mr. Mill's attitude "was not subject to
criticism."
"On the statement of the Acting Chairman, I shall be very glad to
exonerate the Secretary of the Treasury," Mr. Patman said. "I will withdraw the criticism."
Use Made by Veterans Of Loans on Certificates.
About $281,000,000, or 35% of the total, loaned to 700,000 veterans, was
expended for investment, deposit, automobiles and other such reasons
which do not constitute actual necessities.
About $263,407,000 or 33% of the total loaned to 600,000 veterans, for
personal or family necessities.
About $257,304,000, or 32% of the total loaned to 640,000 veterans,
for actual necessities due to unemployment or other financial reverses
suffered by the veterans.
"A very small percentage of the veterans who borrowed under that law
wasted their money, it was found," Gen. Hines told the Committee.
As the hearing neared a close, the Administrator began to outline what
some of the House bills pending before the Committee would cost, if
enacted. Ile had time only to explain the cost of the Patman plan for
immediate cash payment in full. This, he said, would cost $2,806,000,000;
but because of an unexpended balance in the fund amounting to $183,000,000, the actual additional appropriation needed would be $2,422,826,014.16.
3382
Financial Chronicle
Incomplete Estimates Of State Aid to Veterans.
Gen. Hines pointed out that a study was made last June in an effort
to determine what the States have done for the veterans, but explained
that all figures necessary to make a definite study could not be obtained.
The best information obtainable, he said, showed that, since April 1917,
the States have expended about $519,791,190 for bonuses and other direct
relief, 868,000,000 in soldiers' homes and hospitals, and something over
$4,000,000 for statues and memorials.
The Federal Government has expended to date for all veteran relief
$6,000,000,000, and by 1945 will have spent about $21,500,000,000, it is
estimated, which will be the cost of this country's actual participation in
the war. On total veterans' relief resulting from all other wars, this
country has expended about $8,000,000,000, he told the Committee.
Following is a tabulation submitted to the Committee by General Hines,
showing a full statement of the condition of the adjusted compensation
certificate funds correlated to it as of March 31 1932:
Number of veterans entitled to benefits under the Act
4,225,062
Number of applications received:
War Department
3,419,811
Navy Department
487.250
Marine Corps
68.489
3,975,550
Number of certificates Issued
3.666,462
Face value of certificates issued
$3,641,169,368.00
Average value of each certificate issued
$993.10
Average age stamped on each certificate issued. years
33.5
Payments to veterans of $50 and less:
Number of awards for cash settlements made to veterans
147.638
value of cash settlements made to veterans
$4,711,413.80
Number of veterans' cases on which awards for cash settlements
have been made to beneficiaries
119,045
Value of cash payments made to beneficiaries:
Payments to beneficiaries of less than $50
$212,550.38
Payments to beneficiaries in quarterly installments
$34,835.503.35
$60 payments under Section 608 (veterans who died in service)
$2,969,818.23
Number of matured certificates
Amount of matured certificates
3127,476.431
.00
Number of certificates In force
3,539,507
Face value of certificates in force
$3,513,692,937.00
Loan value of outstanding certificates
$1,704,354,253.00
Average loan value of outstanding certificates
Number of certificates pledged for loans (held by Administration)
2,529,744
amount of Indebtedness (principal) outstanding against
Average
certificates pledged for loans (held by Veterans' Administration)
$510.21
Paid from United States Government life insurance fund:
Number of direct loans made by Veterans' Administration
3,391,191
Number of direct loans outstanding
1,462,195
Amount of outstanding direct loans
$349,474,159.08
Interest earned—uncollected
$12,969,979.85
Total indebtedness outstanding to U. S. Government life
insurance bind on account of loans on adjusted-service ctfs_ 3362,444,138.93
Paid from adjusted-service certificate fund:
Number of direct loans made by Veterans' Administration
2,284,789
Number of direct loans outstanding
2,232,889
Number of loans redeemed from banks
456,205
Number of outstanding loans redeemed from banks
81,926
Amount of outstanding direct loans:
Loans direct to veterans (includes cash transfers between funds)
$878.420,887.271
Transferred from redeemed loan accounts
12.880,843.41
Annual interest added to principal
13,255,630.27
Interest repaid by deductions—reinvested
175.841.14
Total principal outstanding
irA
$904,733,202.09
Interest earned—uncollected—on direct loans 22,453.723.13 0
$927,186,925.22
Amount of outstanding payments to banks in
redemption of loans
$36,505,559.38
Interest earned—uncollected—onredeemed loans
691,997.6811
Total Indebtedness outstanding to adjusted-service certificate $37,197,557.06
fund on account of loans on adjusted-service certificates
Number of outstanding loans made by banks not redeemed (est.)_ $964,384,482.28
150,000
Amount of outstanding loans made by banks not redeemed (est.) _ $60.000,000.00
House Committee Votes Against Cash Payment of
Soldier Bonus.
All plans for cashing the $2,000,000,000 soldiers' bonus
were rejected yesterday (May 2) by the House Ways and
Means Committee on a 15 to 10 vote. The Associated Press
accounts from Washington reporting this added:
The Committee further voted to report the new money bills to the House
adversely.
This action creates a parliamentary situation that will delay any effort to
force a House vote through a discharge petition.
Acting Chairman Crisp announced the Committee action, but declined to
give out the individual vote of members. All the 25 members were recorded.
some by proxies.
Representative Patman (Dem.) of Texas, chief bonus advocate .bas
opposed the Committee's action making an unfavorable report to the
House. Under the rules, Mr. Patman says, June 13 would be the first
day on which a vote could be forced through a petition signed by 145
members.
Representative Rainey of Illinois, the Democratic loader, was designated
by the Committee to make the adverse report to the House.
The course now open to bonus advocates is the introduction of a special
rule to give the bonus bills a preferred legislative status. Such a resolution
would go to the Rules Committee and should this Committee fall to act
after seven days a discharge petition would be In order.
Rainey said that In view of the forthcoming adjournment of Congress in
time for the National conventions, the Committee action definitely killed
any opportunity for a House vote on the bonus issue.
Pensions to Widows and Orphans of World War Veterans Provided in Bill Passed by House—Expenditures Involved in Next Five Years Estimated at
$100,000,000.
By a vote of 316 to 16 the House of Representatives passed
on May 2, a bill, sponsored by Representative Rankin
(Dem.) of Mississippi providing allowances for widows and
orphans of World War veterans. The bill, it was stated, was
called up under a suspension of the rules, which limited
debate to 40 minutes. Thirteen Republicans and three
Democrats voted against the measure. Approximately
$10,000,000 would be paid by the Government under the
bill during the next fiscal year, the amount involved in the
next five years being estimated, it is said, at $100,003,000.
May 7 1932
From the "United States Daily" of May 4 we take the
following:
The rates and qualifications for entitlement under the bill are as follows:
(a) Widow without means of support other than her daily labor and other
actual net income not exceeding $250 per year who was the veteran's wife
and lived with him not less than five years just before his death, or who
married him prior to Jan. 1 1925,$20 per month.
(b) Widow and one child, where widow is without means of support other
than her dailt labor and actual net income not exceeding $400 per year,
$28 per month, together with $6 per month for each additional child.
(c) Child, no widow, with $6 per month for each additional child with
the proviso that no child shall be permitted to draw the allowance who has
an actual net income exceeding $400 per year, $20 per month.
As originally reported to the House the measure contained a provision
which would have made an allowance for a dependent father or mother,
but this provision was stricken from the bill before being brought up for
consideration in the House.
The bill now goes to the Senate.
Congress, in Message from President Hoover, Warned
That Legislative Tactics Delay Restoration of
Confidence—Prompt Enactment of Tax Bill and
Drastic Economy Program Urged.
A message to Congress on May 5 in which he declared that
"nothing is more necessary at this time than balancing the
budget." President Hoover added that "nothing will put
more heart into the country than prompt and courageous
and united action in enacting the legislation which this
situation imperatively demands, and an equally determined
stand in defeating unwise and unnecessary legislation."
The President asserted that "the most essential factor to
economic recovery to-day is the restoration of confidence."
He attributed diminishing public confidence to "the manner
in which the House of Representatives rejected both the
revenue program proposed by the Treasury and the program
unanimously reported by the Committee on Ways and
Means" . . . "the character of the tax measure passed"
. . . "the virtual destruction of both the National economy program proposed by the executive officials and the
program of the special House Committee on Economy; the
failure of the House to give adequate authority for early
reduction of Government bureaus and Commissions; the
passage of the legislation by the House placing burden of
impossible execution upon the Federal Reserve system over
the protest of the Federal Reserve Board; the threat of
further legislation looking to uncontrolled inflation." According •to the President the situation requires (1) "the
prompt enactment of a revenue bill adequate to produce the
necessary revenue and so designed as to distribute the
burden equitably and not to impede economic recovery" and
(2), a drastic program of economy which, including the
savings already made in the executive budget of $369,000,000, can be increased to exceed $700,000,000 per annum."
The President's message to Congress follows:
To the Senate and House of Representatives:
I should not be discharging my constitutional responsibility to give
to
the Congress information on the state of the Union and to recommend for
Its consideration such measures as may be necessary and
expedient, if I
did not report to the Congress the situation which has arisen
in the
country in large degrees as the result of incidents of
legislation during
the past six weeks.
The most essential factor to economic recovery to-day is
restoration of confidence. In spite of the unquestioned beneficial the
effect of the
remedial measures already taken and the gradual
improvement in fundamental conditions, fear and alarm prevail in the country
because of events
in Washington which have greatly disturbed the public
The manner in which the House of Representatives mind.
rejected both the
revenue program proposed by the Treasury and the program
unanimously
reported by the committee on Ways and Means; the
character of the tax
measures passed; the action of the House which would
increase Governmental expenditure by $132,000,000 for road-building' the
to enlarge expenditures In non-service connected benefits from action further
the Veterans'
Bureau at the very time when the House was refusing to
rmedy abuse in
these same services; the virtual destruction of both
the National
economy program proposed by the executive officials and
the program of
the Special House Committee on Economy; the failure of
the House to
give adequate authority for early reduction of Governmental
bureaus and
Commissions; the passage of legislation by the House
placing burdens
of impossible execution upon the Federal Reserve System over the
protest
of the Federal Reserve Board; the threat of further legislation
uncontrolled inflation—have all resulted in diminishing public looking to
confidence
and offsetting the constructive, unified efforts of the Executive
and the
Congress undertaken earlier in the year for recovery of
employment and
agriculture.
I need not recount that the revenues of the Government, as
estimated
for the next fiscal year, show a decrease of about $1,700,000,000
below
the fiscal year 1929 and inexorably require a broader basis of
taxation
and a drastic reduction of expenditures in order to balance the budget.
Balanced Budget 'Necessary.'
Nothing Is more necessary at this time than balancing the budget.
Nothing will put more heart into the country than prompt and cour.
ageous and united action in enacting the legislation which this situation
imperatively demands, and an equally determined stand in defeating unwise and unnecessary legislation.
Most expeditious action is necessary if the revenues, appropriations,
economy legislation and a balanced budget are to be attained before the
beginning of the new fiscal year on July 1 next.
The details and requirements of the situation are now well known to
the Congress and plainly require:
Volume 134
Financial Chronicle
1. The prompt enactment of a revenue bill adequate to produce the
necessary revenue and so designed as to distribute the burdens equitably
and not to impede economic recovery.
2. A drastic program of economy which, including the savings already
made in the Executive budget of $369,000,000, can be increased to exceed $700,000,000 per annum. Considering that the whole Federal expenditure, except about $1,700,000,000, is for uncontrollable obligations
this would represent an unprecedented reduction.
Such a program, to accomplish its purpose, must embrace the rejection
of all measures that increase expenditures unless they be for undoubted
emergency; the reduction in appropriations now pending below the figures
submitted in the Executive budget on Dec. 9 last; a reconsideration of
the legislation covering those economy projects which require repeal or
amendment to the laws; and an effective grant of authority to the Executive to reorganize and consolidate and eliminate unnecessary Governmental
bureaus and establishments.
In the category of appropriations within the authority of the Appropriation Committees those Committees have given some months to devoted consideration of the Executive budget, which as I have said in itself
carried a reduction of $369,000,000 below the expenditures of the current
year.
Considering the situation in the country and a study of the results
so far attained by the Committees, together with a review by the Executive officials, I am convinced that, subject to the inclusion of conditions mentioned later, a reduction of at least $230,000,000 below the
Executive budget can be made in the supply bills (of which some $70,000,000 or $80,000,000 may be the subject of deficiency bills at the next
session).
In order to effect these economies to preserve the efficiency of the
Government and to assure the humane treatment of Government employees,
authority must be given to nreet emergencies which may arise from such
close budgeting by the transfer of not to exceed 15% of any appropriation
to any other appropriation within the same department, provided no
appropriation is increased more than 15% but subject to the approval
of the Director of the Budget; and to suspend the leave with pay so that the
day week and its equivalent to salaried employees can be installed
where necessary.
With the reduction proposed in the original budget, together with the
further reductions here proposed, it will be necessary to discharge 50,000
to 100,000 employes, unless we divide the remaining work of the Government among the whole of its employes, just as has been done in industry.
I know of nothing more inhuman in the present situation than for the
Government to add to the pool of unemployment and destitution when it
Is entirely.unnecessary and can be provided against by the same measures
which were undertaken by industry at the request of the Government itself
nearly three years ago.
In the category of further economies which am only be made by changes
In laws which would give authority to the Executive and the Appropriations Committees, many items were proposed by Executive officers of the
Government, and some portion of them was embodied in the bill presented by the special economy Committee to the House of Representatives.
Less than $30,000,000 direct and definite savings were covered in the bill
which finally passed the House. Many of the indeterminate and indirect
savings in that legislation cannot be realized until late in the new year
or after that.
Many of the recommendations which were rejected by the House of
Representatives should again be considered. Aside from the economy proposals affecting employes which are here included in the above discussion of the supply bills, there are opportunities to increase the direct
savings provided for in the House economy bill from $30,000,000 to from
$130,000,000 to $150,000,000, plus many indeterminate items which would
result in further economies.
These savings would be over and above the amounts of savings referred
to in the direct appropriations. Without going into the merits or demerits of the proposals, they do represent the correction of abuses and the
curtailment of unnecessary functions of the Government and embrace items
that can be dispensed with during the present critical period.
Consolidation Bureaus.
In the category of economies that can be made by consolidation, reorganization and elimination of the less necessary bureaus, Commissions,
&c., the authority given in the measure passed by the House of Representatives is so restricted that it cannot be made effective until late in the
next fiscal year. In order to expedite this economy, I earnestly recommend that the Executive be authorized to proceed immediately in the
consolidation of public works, and personnel, partly provided in the
House economy bill, public health, merchant marine, conservation, education, munitions manufacture, army and navy hospitals, aviation fields
and other specific army and navy activities which may advantageously be
consolidated for the purpose of economy and more effective administration.
The savings to be made are indeterminate but very considerable.
If
made by Executive action within the above direction from the Congress
they can be made promptly.
Conclusion.
TOT imperative need of the nation to-day is a definite and conclusive
program for balancing the budget. Uncertainty is disastrous.
It must
he in every sense a National program. Sectional, partisan, group or class
consideration can have no place in it.
Ours is a Government of all the people, created to protect and
promote the common good, and when the claims of any group or class are
inconsistent with the welfare of all, they must give way.
Various groups
and sections of the country have brought insistent and delaying pressures
to hear for the adoption or rejection of various projects which would
yield great economy and revenue. They have not realized that sacrifice
by all groups is essential to the salvation of the nation. They have not
recognized the gravity of the problems with which we are confronted.
They apparently do not know that by their actions they are imposing losses
on members of their own groups and sections through stagnation, unemployment, decreased commodity prices, far greater than the sacrifices
called for under these suggestions.
The Government cannot be dictated to by organized minorities. Such
action will undermine all popular Government. I know that these actions
do not reflect the will of the country, and I refuse to believe that the
country is unable to reflect its will in legislation.
In conclusion, let me urge the National necessity for prompt and resolute
and unified action, keeping constantly in mind the larger aspects of the
problem and that the necessity for these measures is born of a great National
emergency. If such a program should be agreed to by the leaders and
members of both houses it would go far to restore business, employment
and agriculture alike. It would have a most reassuring effect on the
country.
HERBERT HOOVER.
The White House, May 5 1932.
3383
VetolbyLPresidentiHoover of Bill Proposing to Increase
Pensions to Soldiers and Sailors—Many Cases,
He Says, Unworthy of Bounty.
A bill establishing special pensions for soldiers and sailors, and increasing allowances "to persons who have not
been 'able to comply with the general laws," was vetoed on
April 27 by President Hoover. While stating that "the bill
contains many meritorious cases, and a just recognition of
their equities which cannot be reached under these laws,"
the President expresses regret that he must withhold approval of the bill because of the number of cases which he
does not deem "worthy of public bounty." The President's
veto message follows:
To the House of Representatives:
I am returning without approval H. R. 9575, entitled "An Act Granting
Pensions and Increases of Pensions to Certain Soldiers and Sailors of the
Regular Army and Navy, and So Forth, and to Certain Soldiers and Sailors
of Wars Other Than the Civil War and to Widows of Such Soldiers and
Sailors."
The bill contains a total of 367 items establishing special pensions
and increased allowances to persons who have not been able to comply
with the general laws. The bill contains many meritorious cases and a
Just recognition of their equities which cannot be reached under these laws.
I regret exceedingly, however, that I must withhold approval of the bill
because of the number of cases which I do not deem worthy of public
bounty. Most of these undeserving cases have been previously rejected by
the Pension Bureau as having no sound basis upon which to construe
any obligation in equity for the granting of special benefits.
As I do not wish to reflect upon any individual, I cite some instances
in the bill without mentioning names, the facts as to which have been
furnished to me by the Government agencies. And I may state that these
are only examples and do not include the whole of the list which I believe
would be excluded if the matter were reconsidered by the Congress.
Such instances comprise:
A proposed pension for a man who was court martialed for drunkenness
and conduct prejudicial to good order, sentenced to six months' confinement, and whose conduct during confinement was so bad that he was
finally discharged without honor for the good of the service.
A proposed pension to a man who was discharged without honor because
of chronic alcoholism.
A proposed pension to a widow whose claim was filed five years after
the death of the veteran, and upon call having been made for evidence of
legal widowhood, claimant abandoned her claim for a period of 25 years.
A recent investigation indicates claimant was never the legal wife of
the soldier.
A proposed pension to a man guilty of desertion and dishonorably
discharged.
A proposed pension to a man shown to have been a deserter, to have
been punished by confinement and discharged without honor.
A proposed pension to a man for self-inflicted injuries incurred in
attempted suicide.
A proposed pension to a man who was tried for desertion, convicted of
absence without leave, having been found to have been mentally deficient,
a condition that antedated his enlistment. There was no disability relating
to service on which Federal pension should be granted.
A proposed pension to a would-be suicide, no disability relating to
service on which Federal pension should be granted being indicated.
A proposed pension for a widow whose husband gave eight days' service,
with no disability relating to the service.
A proposed pension to a man who still suffers from a wound in the
throat self-inflicted with a razor, with no disability relating to the service.
A proposed pension for loss of a leg as the result of being struck by
the fender of a street car while claimant was lying on the track in a com•
pletely intoxicated condition.
A proposed pension to a widow whose husband had only nine days'
service in a State militia, for which reimbursement was made by the
United States; no disability relating to service being found.
A proposed pension to a man who spent most of his service in the
hospital, and was discharged without honor because of diseases not contracted in line of duty; was shown to have been guilty of malingering by
taking soap pills to aid him in appearing anemic, and was recorded to
have remarked that he knew "how to play it and proposed doing it as
long as he could." His physical condition was not the result of service.
A proposed pension to a man discharged without honor because of
diseases not contracted in the service in line of duty, his condition not
being one upon which Federal benefits should be based.
I could add other instances, but it seems to me that even this number
which appear neither to have law nor equity to justify them, warrants a
revision of the bill, and that a larger dependence should be placed upon
reports which are easily obtainable from the Pension Service.
HERBERT HOOVER.
The White House, April 27 1932.
House of Representatives Passes Economy Bill—Total
Savings to Government Estimated at $42.000.000,
Against Original Economies Proposed of $200,000.000 — 11% Federal Pay Cut Voted — President
Hoover's Five-Day Week Defeated—War and Navy
Consolidation Rejected.
By a vote of 316 to 67 the House of Representatives
passed on May 3 the omnibus bill designed to effect a
saving in Government expenditures. The actual savings
which the bill will accomplish are estimated at 842,000,000,
compared with 8200,000,000 in the economy program agreed
upon by the House Committee on Economy on April 24.
The proposed omnibus bill as submitted to the Committee
by President Hoover on April 15 was referred to in these
columns April 23, page 3029. The defeat of the President's
stagger system of employment in the Federal Government
was recorded April 28, when the House rejected a motion
to substitute the plan for the 11% salary cut proposal of
the Economy Committee. As to this we quote as follows
3384
Financial Chronicle
from a Washington account April 28 to the Newffork
"Journal of Commerce":
The plan which called for a five-day week for per diem employees and
-day compulsory furlough for civil service workers, was offered the
a 30
House in lieu of the Committee's straight salary slash provision by Representative Ramseyer (Rep., Iowa), member of the Economy Committee.
The vote was 159 to 176.
Earlier the House turned down a recommendation that Saturday half
holidays in the Federal Government be abolished and also rejected an
amendment to the bill, reducing the salaries of Congressmen and Senators
by t)70.
On April 30 the House defeated a proposal to consolidate
the Departments of War and Navy. From the "United
States Daily" we quote the following:
Up to the session of April 30 the House had reduced the total estimated
savings in the retrenchment program by $67,000,000. On April 30 the
-Navy consolidation increased this
elimination of the proposed Army
reduction by the sum variously estimated at between $25,000,000 and
$100,000,000.
Defeated by Vote of 153 to 135.
It was the amendment of Representative Martin (Dem.) of Portland.
Ore., to strike the Army-Navy consolidation proposal from the bill that
precipitated the greatest amount of debate brought forth by any section
of the program thus far, with the exception of the pay-cut proposal.
Representative Byrns (Dem.) of Nashville, Tenn., one of the leading
advocates of the consolidation. led the fight to retain the consolidation
proposal in the bill, but his efforts proved unsuccessful when the House
by a teller vote of 153 ayes to 135 nays adopted Mr. Martin's amendment.
Regarding the completion of action on the bill by the
House on May 3 the "United States Daily" of May 4 said:
After completing the reading of the retrenchment plan of the House
Economy Committee for amendment in Committee of the Whole, where
the proposed $200,000,000 economy program had been stripped to yield
a total saving of only $42,000,000, the House on May 3, on separate
votes, sustained its former action by agreeing to the amendments making
the exemption of Federal pay cuts $2,500 and for retaining the Saturday
half
-holiday for Government employees.
The House by a final vote of 238 ayes to 154 nays agreed to the reduction
of salaries of Government employees by 11% with an exemption of $2,500.
Half
-Holidays Retained.
It also, by a final vote of 267 ayes to 132 nays, agreed to retain the
-holidays, notwithstanding the Economy Committee's proSaturday half
posal to eliminate them.
By a vote of 209 ayes to 183 nays, the House finally sustained its Committee of the Whole action in eliminating certain proposals to allow certain
transfers of appropriations betwen governmental agencies. This was by
a roll call vote after the bill emerged into the House from the Committee
of the Whole.
Sustaining its action in Committee of the Whole, the House on a separate
vote by 211 ayes to 187 nays finally agreed to the amendment which
rejected the proposed consolidation of the Departments of War and Navy
in a Department of National Defense.
On the roll call vote of 298 ayes to 98 nays, demanded in the House,
the House also agreed to the amendment already adopted in Committee
of the Whole which struck from the bill the proposal for discontinuance
of the Army Transport Service, the Naval Transportation Service .and
the Panama Railroad Steamship Line, and for the disposal of the property
and ships.
The House by viva voce vote adopted the amendment agreed to in the
Committee of the Whole which struck out the entire Title IX regarding
veterans and which substituted a provision for a Congressional investigation
of matters relating to the veterans.
Recommitment Refused.
Representative McDuffie (Dem.) of Monroeville, Ala., Chairman of
the Economy Committee, offered a motion to recommit with instruction
that the pay-cut provision in the bill be stricken out and that in its place
a provision be inserted providing a 10% reduction of all Government
salaries with an exemption of $2.000. His motion was defeated by a
roll call vote of 167 ayes and 231 nays.
Earlier in the day in Committee of the Whole, the House adopted by a
teller vote of 211 ayes to 119 nays an amendment which struck from the
economy program the Title IX that had proposed a saving of $48,714,000
by limiting certain benefits, now provided for World War veterans, and
inserted, instead, a new provision to create a joint Congressional committee of seven members of each House to make a complete investigation
of matters concerning veterans' affairs and legislation.
When the bill was brought into the House a separate vote was immediately demanded by Representative McDuffie (Dem.) of Monroeville,
Ala., Chairman of the Economy Committee, on six amendments which
had been adopted while the economy program was in the Committee
of the Whole.
The contest in the House over the provisions in the economy committee
program to reduce veterans' benefits began with two hours of general
debate preceding consideration of amendments. It is Title IX of the
economy proposal part of the pending legislative appropriation bill. The
title, with nine sections, one of the various controversial features of the
economy program, as reported to the House was estimated by the economy
Committee to affect 123.320 persons with a total saving of $48,714,000
.
In the Government expenditures for the relief of veterans of past wars. ..
The House then began consideration of Title IX amendments. Reprosanative Bulwinkle presented an amendment to strike out the entire
title and to substitute a provision for a joint committee of the House
and the Senate to investigate the entire question of veterans' laws and to
formulate a National policy designed to reduce costs. The committee
would consist of seven members of the House and seven Senators and
would report by the first Monday in December 1932.
Investigation Voted on Veterans Affairs.
Representative Simmons (Rep.) of Scotsbluff. Neb., spoke against the
Bulwinkle amendment, asserting that friends of the veterans will vote
on the June on its merits in the retrenchment program itself, and not on
some "backwash" proposition as that offered by Mr. Bulwinkle.
Representative Pettengill (Dem.) of South Bend, Ind., offered an
amendment to the Bulwinkle amendment, not to eliminate the provision
reducing the pay allowed emergency retired officers. It was rejected.
Representative Kvale (Farmer-Labor) of Benson. Minn., said the
emergency retired officers question is now being considered by the Committee on Military Affairs and that it should not be disposed of under
this bill.
The Bulwinkle amendment was adopted by a teller vote of 212 to 119.
disposing of Title IX.
May 7 1932
Title X, carrying provisions making inconsistent all Acts in conflict
with the provision of this bill was read and adopted, thus completing
the reading of the measure for amendment.
Revision of Tax Bill by Senate Finance Committee—
Further Increase in Income Tax Rates Voted and
Later Dropped—Sales Tax Again Defeated—Lumber, Coal and Oil, and Copper Import Taxes Restored—Excise Taxes on Permanent Basis—Stock
Tax Reduced to Four Cents a Share
-13'% Differential on Consolidated Returns Eliminated—
Second Class Postage Rate Increased—Estate Revaluation Clause Dropped—Rubber Duty Proposed.
Increasing the individual income tax rates, to yield an
additional $100,000,000 of revenue, the Senate Finance
Committee on May 5, by a vote of 11 to 7, wrote into the
measure a new schedule of income tax rates, starting with
a normal levy of 4% on the first $4,000 of income and going
up to a maximum of a 55% surtax on incomes over $1,000,000. Yesterday (May 6) the Committee rescinded its
action of the day before, and reduced the normal rate on
the first $4,000 to 3%;6% on the next $4,000, and 9% on
higher incomes. The present income tax rate on the first
$4,000 of taxable income is 13'%; under the House bill the
rate was raised to 2%; on April 27 (as indicated in our issue
of April 30, page 3204) the Senate Committee raised the
rate to 3%, which rate it now restores. With reference to
the action of the Committee on May 5, when the 4% rate
was adopted, the New York "Times" in its account from
Washington May 5 said in part:
The Committee, which has been working all week with the Treasury
experts, including Under-Secretary Ballantine, invited Secretary Mills to
appear to-morrow for a final check-up on the bill.
Increases Proposed by Connally.
The new income tax rates were proposed by Senator Connally (Dem..
Tex.). The Committee had just voted down a suggestion of Senator
Couzens to return to the war-time rates of the 1918 Act. The 1921 rates
also were offered and turned down.
Then the 1922 schedule, with revisions by Mr. Connally, was offered
and quickly accepted. It was expected to fill the gap of about $100,000,000
which Treasury officials had estimated earlier in the day existed between
the revised bill's revenue-raising possibilities as compared with the House
bill's capacities.
The surtax rates in the 1922 schedule stopped at 49% on incomes above
$200,000. The rates provided under Senator Connally's amendment
are shown by the following table:
Surtax. Income—
Surtax.
Income—
50% $500,000 to $750,000
53%
$200,000 to $300,000
51% 750,000 to 1,000,000
54%
300,000 to 400,000
52% Excess of 51,000,000
55%
400,000 to 500,000
The normal income tax rates were placed at 4% on the first $4,000 of
income and 8% on the remainder. Rates previously voted placed a 3%
levy on the first $4,000,6% on the second $4,000 and 9% on the balance.
The House measure carried a schedule of 2, 4 and 7%, and the present
,
law provides 136, 3 and 5.
The personal exemptions were fixed at $1,000 for a single person, $2,000
for a married man with gross income over $5,000 and $2,500 for a married
man with earnings under $5,000 annually.
Only one Democrat, Senator Harrison, the ranking member of his party
on the Finance Committee, stood out against the heavy increases.
Vote on Income Tax Increase.
e v ote w
r tho Inr as follows:
ns, La Follette, Thomas (Idaho), and Jones.
as
rea
For
Republicans, and King, George, Walsh, Connally, Gore, Costigan and
Hull, Democrats.
Against—Watson. Reed, Keyes, Bingham, Metcalf and Smoot, Republicans. and Harrison, Democrat.
Senator Reed had indicated yesterday that he would move,in the present
chaotic condition of the Committee, for restoration of the general sales
tax. He did so to-day, his specific proposal being for a levy of 1% on all
manufactured goods, exclusive of food, medicine, clothing, farm implements, farm machinery and fertilizer. He estimated it would raise $200.000,000, and suggested that it be substituted for some of the special excises
In the bill.
The motion was voted down. 12 to 8, whereupon Mr. Reed served notice
that he would carry the fight to the floor. He severely criticized the
measure as it now stands and declared his belief that "the country will
not permit it to be passed."
"The bill as it now stands embodies no policy," be said, "bit singles out
particular industries for impossible burdens of taxation and places confiscatory rates upon incomes."
Move for Increase on Autos Fails.
An attempt to increase the levy on automobiles was made during the
afternoon. Senator Jones offered a motion to adopt the Treasury schedule
placing an excise of 5% on passenger cars, 3% on trucks and 25i% on tires.
parts and accessories. This motion was defeated 9 to 4, the Committee
retaining the House rates of 3. 2 and 1%.
A proposal for a Federal tax of 1 cent a gallon on gasoline was defeated
overwhelmingly.
The Committee removed the 25% tax on prize-fight admissions over $5,
leaving a flat 10% tax on such admissions, with no exemptions.
As to the lowering of the income taxes yesterday (May 6)
the New York "Sun" of last night stated:
Having completely rewritten most of the important provisions of the
tax bill in accordance with a compromise proposal offered by Secretary of
the Treasury Ogden L. Mills, the Senate Finance Committee adjourned
to-day until Monday when it will act upon clerical and clarifying amend.
ments. The bill will be reported in the Senate on Tuesday. .
The whole compromise program offered by Secretary Mills was adopted—
with mental reservations—by a vote 01%13 to 4.
Financial Chronicle
Volume 134
The Most Important Changes.
of the
The most important change made to-day was the restoration
limitations
privilege of deducting losses from the sale of stocks under certain
In accordance with the Parker plan.
This plan provides that losses from the sale of stocks held more than two
years may be deducted from net income exactly as is the case under.existing
law.
Losses from stocks held for less than two years must be deducted from
stock gains in the same year, but wherever a net loss results, that net loss
may be carried forward for one year and applied against any gains made
from the sale of such stock in the following year.
Other important changes made by the Committee to-day were as follows:
All net losses of individuals and corporations may be carried forward
and applied to gains for one year.
,
The 135% penalty on consolidated returns was eliminated.
Surtax rates were reduced from a maximum of 55% to 45% on incomes of
more than $1,000,000.
Normal income tax rates were reduced to 3,6 and 9%.
Corporation tax rates were left at 14%, but the $1,000 exemption allowed
In the House bill was eliminated.
In
juice from 2c. to 11c. a gallon. This it voted to reduce to Sc. a gallon
Its latest action. It reduced the rate on fountain syrups from 9c. to 7c.
a gallon.
It is estimated that the striking out of the tax on jewelry will represent
a reduction of revenue totaling $9,000,000. . . .
reThe Committee, it is estimated, added $35,000,000 to the bill by
taxing
moving the exemption from tax of all checks for $5 and less. By
is estiall checks at the rate of 2c. each a revenue return of $95.000,000
checks
mated. The Committee previously had applied the tax only to
of $5 and over.
2 to 4c. on each
The stamp tax on transfer of bonds was increased from
provision of 34
$100 of face value or fraction thereof, but the minimum
out of this minimum
of 1% of the selling price was removed. The striking
came
provision is expected to lower the return by $15,000,000 as the bill
Automobile Tax Raised.
The tax on lubricating oil was raised from 2 to 4 cents a gallon. The
rate on automobiles was increased to 4%. The admissions tax of 10%
was made to apply to all tickets costing more than 10 cents.
The Committee eliminated entirely the taxes on furs, toilet articles,
boats, mechanical refrigerators,firearms,sporting goods,cameras, matches,
soft drinks, safety deposit boxes and sales on the produce exchanges.
An other taxes in the bill were left exactly as the Committee had agreed
upon them yesterday.
The resulting measure is one which conforms in a large measure to
the original proposals submitted by the Treasury Department with the
exception of a few unimportant provisions and of the high estate taxes
against which Secretary Mills has repeatedly protested.
According to Secretary Mills the bill as amended to-day will yield approximately $1,025,000,000, leaving $216,000,000 to be made up through
economies if the budget is to be balanced.
Senators who voted for the Mills compromise In Committee to-day
made it plain that they did so with mental reservations and that they
reserved the right to oppose any of these individual rates when the bill
comes up for discussion upon the floor of the Senate.
Their purpose, they said in agreeing to the proposal to-day, was to get
the bill out of Committee and on its way to final enactment.
On May 4 the Committee restored to the bill the import
excise taxes on lumber, coal, oil, and copper. A week ago
(as we noted on page 3204) afterlaccepting coal, oil and
copper duties, the Committee on April 28 struck out all the
import excise taxes. The report of the[action of the Committee on May 4 as given initheI"United States Daily" of
May 5 follows:
All excise taxes In the bill were made permanent by striking out the
expiration date of July 1 1934, as the measure came from the House. This
permanent basis was made to include also the changes in postal rates.
The permanent provisions will apply also to telephone and telegraph
messages.
Other Tax Proposals Changed.
Upon its first consideration of the bill in executive session, the Committee
had voted favorably on import excise taxes on coal, oil and copper, but
not on lumber, later reversing this position and excluding all import taxes.
The Committee also reversed itself on various other itemslin the bill,
restoring the tax of 134% on consolidated returns of corporations, which
it earlier had removed. It left at 14% the tax on corporations, which it
previously had raised from 1334%.
Rates on Concentrates.
It again changed the rates on grape concentrates, grape juice and fountain
syrups, struck out the tax on jewelry, which it had approved earlier with
amendment, and reduced the rate on transportation of oil by pipe lines.
Action was taken by the Committee to include all bank checks in the
-cent tax on checks rather than exempting checks of $5 or under, which
2
had been previously voted. Action was taken also to put a flat rate of
four cents on bond transfers with the minimu proviosion removed.
Two of the commodities on which import taxes were placed, coal and oil,
were subjected to import taxes in the House bill, but of these only the rate
on coal, 10 cents per 100 pounds, was voted by the Finance Committee
of the Senate in its latest action.
Change in Oil Tax.
The oil tax, which was 1 cent a gallon in the House bill, was changed by
the Committee as follows: Crude petroleum, % cent per gallon; fuel oil,
% cent per gallon; gasoline, 2;4 cents per gallon; lubricating oil, 2 cents
per gallon on domestic and 4 cents per gallon on imported products: paraMne
and other petroleum products 1 cent per pound, and asphalt, 10 cents
per pound.
A lumber tax of $3 per 1,000 feet was voted on lumber,rough and planed
on one or more sides. The copper tax was placed at 4 cents a pound with
a proper compensatory rate to be determined later.
The vote on the various items was: Coal, 11 to 8 on a motion by Senator
Smoot (Rep.), Utah; oil, 10 to 9 on a motion by Senator Connally(Dem.)
Texas, which followed four unsuccessful votes on higher rates; lumber,
11 to 8 on a motion by Senator Jones (Rep.), Washington,and copper, 12
to 8 on a motion by Senator Smoot.
Coal Tax Exemption Voted.
In its action on the coal tax the Committee provided an exemption for
coal coming from a country which imports more coal from the United
States than it exports to this country.
Various estimates aro given on the amount of revenue expected from
the import excise taxes. The amount anticipated from coal is approximately $500,000; from oil all the way from $5,000,000 to $25,000,000:
from copper about $2,000,000: no estimate is given for lumber.
A gain of $8,000,000 over its previous action is expected in the restoration
of the 1% tax on consolidated returns. A loss of about $9,000,000 is
estimated from the reduction of the tax on transportation of oil and gasoline
by pipe line from 8% to 3% of the amount paid. In this connection the
House had provided that the pipe line tax would be paid by the party
using the line. The Finance Committee provided that the tax should
be'paid by the pipe line.
Grape Juice Levies Reduced.
changed the House
On grape concentrates the Committee had previously
gallon. This is reduced in
rates from an ad valorem basis to 44c. per
had voted to raise the rate on grape
Its latest action to 20c. per gallon. It
3385
from the House.
pistols and reThe Committee reversed itself In regard to the tax on
because they at
volvers. The House had exempted these from the bill
them several
present carry a 10% tax. The Committee voted to include
present in the bill.
days ago, but changed its action to exempt them as at
remove from the stock transfer
Action was taken by the Committee also to
It struck out
tax all loans of stock with an estimated loss of $5,000,000.
relating to transfers
also subsection (b) under the stock transfer section,
has provided an
through brokers or agents abroad. The Committee also
fiduciary to a nominee or
exemption in the delivery of a transfer from a
nominee for the same
from one nominee to another if it is held by the
Purpose as held by the fiduciary.
provisions in the
An attempt was made to revise again the Insurance
as earlier changed.
bill but the Committee voted to leave these provisions
The tax of 3 of 1% on stock transfers was stricken from
time
the bill by the Senate Committee on May 3, at which
the House provision for an increase of
also it approved
in
one cent in first-class postage rates; voted an increase
postage and dropped from the bill the House
second-class
provision allowing 18 months for the revaluation of estates.
on
As to other changes in the bill voted by the Committee
"Times" said:
May 3 the Now York
and cable message tax,
Another readjustment of the telegraph, radio
telegraph messages and 10
as follows: 5% on the charge for all domestic
abroad—the levy to apply
cents each on cablegrams and radiograms sent
regardless of the size of
to all messages, whether public, press or private,
messages, which were
the charge. (This change did not include telephone
under a graduated tax of
left in the schedule, as voted yesterday iMaY 21,
20 cents on messages
10 cents on messages costing 50 cents to $1, up to
costing $2 and more.)
5 cents to 2 cents a
Reduction of the excise on carbonated water from
gallon.
Reduction of the chewing gum excise from 5% to 3%•
the tax on furs to make
Adjustment of the administrative provisions of
"pyramiding."
It collectible from the first manufacturer so as to avoid
Concur on the Stock Tax.
recommendation
Elimination of the House's increase to the Treasury
to those who had
On the stock transfer tax came as a distinct surprise
.
followed the progress of the revenue bill. . .
charges, the Committee
By its vote to increase the second-class postal
produce $5,000,000
went back to the schedule of rates of 1921, calculated to
counting the one-cent
more. This would make the entire postal increase,
total of $139,000,000.
rise to a three-cent letter rate, yield an estimated
which newspapers and
Under the change, the rate for reading matter,
from the advertising
Periodicals are required to separate by measurement
a pound for all
for postage purposes, would remain the same, or 1 ji cents
contained in the
zones. But the increased charges for advertising matter
publications would be as follows:
Cents a Pound.
Cents a Pound.
Present Proposed
Present Proposed
Rate.
Rate.
Rate.
Rate.
6
5
2 Zone 6
14
Zonee 1 and 2
9
6
3 Zone 7
2
Zone 3
10
7
5 Zone 8
3
Zone 4
6
4
Zone 5
during the morning
Postmaster General Brown was with the Committee
estimated, would have
and recommended the 1925 rates, which, it was
brought in about the same amount of additional revenue.
Pressed Change on Estate Tax.
estate revaluation
The Senate Committee's action in striking out the
Under this provision, the
Provision was a victory for Senator Connally.
of establishing the taxable
executor of an estate would have the option
hence, the rate to be
value of an estate at the time of death or 18 months
the tax to be computed
established according to the higher value, but
would be extended to
according to the lower. The benefit of the section
September 1928, and
the estates of those whose death occurred between
January 1932.
would pave the way for
Senator Connally argued that this provision
have been able to keep
refunds from the Treasury to those estates that
smaller ones that
In progress of adjudication and work a hardship on the
Committee a list of larger
had to be settled quickly. He presented to the
estates and estimates of valuation, which included:
Estimate.
Estate—
Estimate.
Estate—
$50.000,000
$100,000,000 Alexander Cochran
George F. Baker
25,000,000
20,000,000Edward W. Sok
Dwight W. Morrow
15,000,000
100,000,000 John T. Dorrance
Harry Payne Whitney
35,000,000
du Pont
100,000,000 Coleman
Miss Ella Wendell
150,000,000
25,000,000 Thomas Fortune Ryan
Mrs. Whitelaw Reld
50,000,000
100,000,000 V. E. Macy
Henry Phipps
50,000,000
50,000,000 Percy It. Pyne
Ogden Mills Sr
On April 29 a 10% tax on pari-mutuel tickets used on
horse races and other betting, changes in the rates on certain
beverages and soft drinks, and a provision to substitute a
licensing system instead of the House sales tax on boats,
were placed in the revenue measure by the Senate Committee. On May 2 (we quote from the "United States
Daily") the Committee changed its action in regard to a
10% tax on pari-mutuel tickets for betting and horce races
by providing instead of this tax a 25% tax on admission
to such races.
In its issue of May 2 the "Wall Street Journal" reported
the following from Washington:
Senator Reed (Rep.) of Pa., has proposed before the Senate Finance Committee a tariff on rubber imports for revenue producing purposes only.
3386
Financial Chronicle
The Pennsylvania Senator has the support of Senators Harrison (Dem.) of
MIN.; King (Dem.) of Utah, and Shortridge (Rep.) of Calif. All four are
members of the Finance Committee.
A duty of 5 cents a pound is the general proposition although it has been
suggested that 10 cents a pound duty be levied Revenue up to $50.000.00
0
is being estimated as possible under this proposal. The reconsideration of
proposals is anticipated during the course of the day.so
According to the New York "Journal of Commerce" of
May 3, the proposal of the Senate Committee to impose a
duty of 5cents to 10 cents a pound on crude rubber was favorably received in the local trade on May 2. The paper
quoted said:
It was pointed out by one of the leading importers, however, that 5 cents
would probably not be sufficient, as American manufacturers could ship
their crude supplies into Canada and manufacture tires and other
rubber
goods at subsidiary and affiliated plants there.
No rubber, aside from reclaim, is produced here, and the Senate proposal
has been made as a revenue measure. There is, importers stated, a protective duty of 10% ad valorem on manufactured tires and it is
believed
that tires made in Canada could absorb that impost more profitably than
the revenue import tax on crude rubber.
Monthly Report of Railroad Credit Corporation—Loans
Authorized as of April 30, $18,681,159.
The monthly report as of April 30, filed on May 3 by the
Railroad Credit Corporation with the Inter-State Commerce
Commission shows loans made or authorized of $18,681,159.
Of the loans authorized, $4,188,582 have been made, and
of these $1,825,462 were advanced during April.
With reference to the report it was stated in a Washington
dispatch, May 3, to the New York "Times":
Although the Corporation had authorized loans of $14,492,577.50 through
April 30, revenues paid into its fund from the increased freight rates, which
became effective Jan. 4, amounted to $9,334,239.98.
Of this amount, $4,068,773.13 was realized by the participating railroads in January and $5,265,466.85 in February.
"By the terms of the plan under which the fund is administered," said
the report, "the railroads have 40 days after the end of each month in
which to file with the corporation the amount received from rate increases
during that month and then are allowed 10 days in which to turn the funds
so derived over to the corporation."
Although the Commission originally estimated the funds to be derived up
to March 1933,from the increased rates at from $100,000,000 to $125,000,000, the corporation expects them to be not more than $60,000,000 to
$75,000,000.
A striking achievement of the corporation not shown in its report was
the granting of its request to be relieved from the obligation of taking
over all loans approved by the Inter-State Commerce Commission for
meeting fixed charges.
The Commission, in approving a $1,500,000 loan to the Lehigh Valley,
adopted the proposal of E. G. Buckland, head of the Credit corporation,
that a line of demarcation be drawn between roads able to comply with
government standards of security and those unable to do so.
In addition to loans authorized by the Credit Corporation which can be
used by the railroads only in meeting fixed interest obligations, funds
authorized for various purposes by the Reconstruction Finance Corporation
amounted to $60,787,767 through March 31. The amount actually advanced to various roads was $56,113,757.
The report follows:
THE RAILROAD CREDIT CORPORATION.
Report to Inter-State Commerce Commission and Participating Carriers as of
April 30 1932.
et Change
Balance
During
April 30
Assets—
April 1932.
1932.
Investment in affiliated cos. (Loans made)_.$1,825,462.00 $4,188,582
-00
Cash
2,878,171.68
4,146,386.32
Petty cash fund
25.00
25.00
Special deposit(Reserved for taxes, &c.)_
523.942.47
930,808.33
Miscellaneous accounts receivable (Duefrom
contributing carriers)
26,042.14
26,156.59
Interest receivable
6,253.47
7,206.07
Deferred assets (Loans authorized—contra)_ z 45,875.00
14.492.577.50
Expense of administration (Dec. 14 1931April 30 1932, incl.)
12.086.04
43,744.22
Total
$5,226,107.80 $23,835,488.03
Liabilities—
Non-negotiable debt to affiliated companies
(Reported rate incr. under Ex Parte 103)_$5,265,466.85
$9,334,239.98
Deferred liab.(Loans authorized—contra)
x 45,875.00
14,492,577.50
Income from funded securities (Interest accrued on loans to carriers)
6,253.47
7,206.07
Income from unfunded secure. and accounts
(Interest on bank balances, &c.)
262.48
262.48
Capital stock
1,200.00
Total
$5,226,107.80 $23,835,486.03
x Denotes decrease.
The initial report of the Railroad Credit Corporation was
given in our issue of April 9, page 2648.
St. Louis
-San Francisco Ry. to Receive an Additional
Loan of $1,800,000 from the Reconstruction Finance
Corporation-1.-S. C. Commission States Road
is Overcapitalized and Requires that it Submit
Plan Prior to July 1 Effecting Substantial Reduction in Fixed Interest Charges as Condition for
Granting of Loan.
The I.
-S. C. Commission on April 29 approved a further
loan of $1,800,000 to the St. Louis-San Francisco Ry. from
the Reconstruction Finance Corp. out of $12,717,814 applied
for. The Commission states in deciding the case that no further loans to the road will be approved unless it submits a
plan prior to July 1 effecting a substantial reduction in
fixed interest charges. The $1,800,000 loan is to enable the
company to pay delinquent taxes and meet the principal
May 7 1932
of equipment trust obligations due May 15. The Commission, on Feb. 24 last, approved a separate application by
the company for a loan of $2,805,175 with which to meet
its fixed interest obligations on March 1. The Commission
points out in its decision that it had on several occasions
in the past, criticized the capital structure of the road and
"in all these cases," says the Commission, "our conclusions
were influenced by the fact that the applicant is overcapitalized." And again it says: "In addition to the condition of overcapitalization, the proportion of bonds to capital stock is excessive. We do not believe that this carrier
can operate successfully in the future without a reduction in
its fixed charges. Therefore, in connection with the approval of a further loan herein, we shall impose the condition
that the applicant agree to submit for our approval, prior
to July 1 1932, a plan which will result in such reduction."
The text of the Commission's report follows, in full:
The St. Louis-San Francisco Railway Co. filed with
us on Jan. 29 1932
copies of an application for a loan of $17,998,542 under
the provisions of
section 5 of the Reconstruction Finance Corporation
Act. On Feb. 24
1932 we certified our approval of an immediate loan
of $2.805,175 to meet
fixed interest obligations due on or before March 1
1932, without prejudice
to consideration of additional loans covered by the
application. The
circumstances are fully set forth in our report, St.
Louis
-San Francisco
Railway Company Reconstruction Loan. That
loan is secured by the
pledge with the Reconstruction Finance Corporatio
n, hereinafter referred
to as the corporation, of $4.014.000, principal amount
of the applicant's
consolidated mortgage 6% series B bonds, due
June
pledge being approximately $1.43 of bonds to each 1 1936 the rate of
$1.00 of loan. The
loan was further secured by the deposit with the
corporation of the applicant's irrevocable order upon the Railroad Credit
Corporation authorizing
and directing that corporation to pay the full amount
of the loan to the
Reconstruction Finance Corporation for the
account of the applicant.
The Railroad Credit Corporation filed with us a
certified copy of a resolution adopted by its Board of Directors Feb. 17
1932, approving a loan
for the same amount and purposes, to be secured
by the same collateral.
Under its "Marshalling and Distributing Plan.
1931," created to carry out
the purposes of our decisions in Fifteen Per Cent
Case, 1931 178 I.C.C.
539; 179 I.C.C. 215, the Railroad Credit Corporatio
n has agreed to reimburse the Reconstruction Finance Corporation for
the aforesaid loan upon
the delivery to it by the Reconstruction Finance
Corporation of the collateral security therefor, upon condition that
the applicant demonstrate
its ability to finance from other sources its
requirements prior to July
11932. The Railroad Credit Corporation further
agreed, upon the making
of further advances to the applicant by the
poration, to release $2,000,000 of the bonds Reconstruction Finance Cordelivered to it to be pledged by
the applicant as security for said advances.
On April 1 1932 the applicant filed with us copies
of its supplemental
application to the Reconstruction Finance
amount and purposes of the additional loan Corporation amending the
required, and supplying revised schedules of financial data. The application
as supplemented and
amended will be hereinafter referred to as the
application.
The Application.
The application seeks a loan of $12,717,814,
payable in three years, for
the following purposes:
Purposes
Delinquent taxes
Principal of equipment turst"CC"
Current taxes
Principal of bank loans:
Time loans
Demand loans
Interest on prior lien mortgage bonds
Interest on equipment trust "BB"
Principal of equipment trust "AA"
Interest on equipment trust "AA"
Interest on consolidated mortgage bonds
Amount
Funds Should
of Loan.
be Available.
$1,620,777 May 1, 1932
400,000 May 15, 1932
908,248 July 1, 1932
4,500.000
1,474,722
2,481,83i
105,255
386.000
59.650
781,324
July 1, 1932
July 1, 1932
Aug. 15, 1932
Sept. 1, 1932
Sept. 1, 1932
Sept. 1. 1932
Total loan
$12,717,814
The above Items are exclusive of the interest
maturities covered by the
loan of $2,805.175 which we approved upon
the original application, as
aforesaid. Summarizing these items, we find
that the applicant's requirements will be as follows:
May 1, 1932
$1.620,777
May 15, 1932
400,000
July 1,1932
9,364.808
Aug. 15, 1932
105,255
Sept. 1, 1932
1,226,974
Total
$12,717,814
The applicant states that no agreement has
been made, or will be made
by it to pay any person, association, firm
or corporation, either directly
or indirectly, any commission or fee for the
loan applied for, and no such
payments have been or will be made by the
applicant. The applicant also
asserts that it cannot secure the necessary
funds for the aforesaid
In whole or in part, by the sale of bonds
purposes.
or by
our view that the question of the applicant's ordinary bank loans. It is
ability to procure the funds
through banking channels or from the general
public 111 committed by section 5 of the Reconstruction Corporation
Act primarily to the corporation.
Necessities of the Applicant.
The situation with regard to the applicant's
delinquent taxes is especially
critical. These taxes, due the States of
Alabama, Kansas and Missouri
and subdivisions thereof, have been
delinquent and subject to varying
penalties since the latter part of December
are urging the applicant to make payment 1931. The taxing authorities
and are threatening attachment
proceedings if payment is not promptly
made. In a number of counties
In each of the States suits for collection
and-or attachment proceedings have
already been instituted. The applicant
is the largest tax payer in many
counties in which it owes taxes, and such
counties are so dependent upon the
payment of the applicant's taxes that, unless
paid, the counties will not be
able to take care of their obligations.
Moreover,the operation of the schools
In these counties is dependent upon
the payment of these taxes, and, unless
paid, the applicant is advised that it will
be necessary to el080 them.
The requirements represented by payments
due on the principal of equipment trust certificates are essential to
prevent default on a type of railroad
security which, until comparatively
recent months, has occurred only in
rare instances and then only for brief duration.
The continuing integrity
Volume 134
Financial Chronicle
of this class of investments, widely distributed among insurance companies,
banks and individual investors, is dependent upon punctual payment of the
serial installments of puchase money which such obligations represent,
the maturity of which is timed in such manner as to outrun the factors of
depreciation and obsolescence operating to limit the life and usefulness of
the mobile part of the property used by railroads to perform the service
of transportation.
The bank loans aggregating $5,974,722 are evidenced by 6% promissory
notes described and secured as follows:
Collateral
Amount
Security*.
Maturity.
of loan.
Name of Creditor,
$2,621,000
Demand
Chase National Bank & Trust Co_ —41,474.722
1,562.500
Chase National Bank & Trust Co..___ 1,250,000 July 1, 1932
1.562.500
1,250,000 July 1, 1932
Guaranty Trust Co
625,000
Central Hanover Bank & Trust Co - 500.000 July 1, 1932
625.000
500,000 July 1. 1932
Bankers Trust Co
625,000
000,000 July 1, 1932
First National Bank of St. Louis
Mercantile Commerce Bank & Trust
625.000
500,000 July 1, 1932
Co. of St. Louis
$8,246,000
$5,974,722
Total
*The security for these loans consists of the applicant's consolidated
mortgage 6% series B bonds of 1936.
We have inquired into the applicant's situation in respect of maturities
during the three-year period for which the loan is sought and find that
during the years 1933 and 1935 maturities consist only of serial payments
of principal of equipment trust obligations, amounting to approximately
$2.800.000 in each of those years. In 1934, in addition to a similar amount
of equipment trust obligations, the applicant has to meet the maturity
of $3,323,390, principal amount of Kansas City, Memphis & Birmingham
Railroad Co. general mortgage 4% bonds and $3,193,780, principal amount,
of the income 5% bonds of the same company, making total maturities
for that year of $9,317,170.
The applicant advises that at the close of business March 311932. vouchers on hand with its treasurer aggregated $969,610, the oldest of which are
dated in October 1931. The applicant considers its voucher situation normal under present conditions.
Security.
As security for the loan of $12,717,814 the applicant offered to pledge
$13.942,000 of its consolidated mortgage 6% series B bonds, due 1936,
of which $8.246,000 are pledged for the $5.974,722 of bank loans,$4.014.000
for the loan of $2,805,175 approved by us upon the original application.
and $1,679,000 which the applicant is entitled to draw down in respect
of expenditures made during the year 1931 for additions and betterments
to its properties, to issue which the applicant now has pending before us
an application for our authority under section 20a of the act to regulate
commerce. All of these bonds are secured by the applicant's consolidated
mortgage under which a total of $119,866,000 are outstanding in the hands
of the public and $12,260,000 are pledged as aforesaid. This mortgage
Is a lien upon substantially all of the applicant's property, subject to
$150,148.767 principal amount of bonds issued under mortgages constituting prior liens upon such property, or parts thereof, and outstanding
In the hands of the public. An additional $86.484,650, principal amount.
of such prior lien bonds are pledged under the applicant's consolidated
mortgage. The total of $22,288,000 of equipment trust obligations shown
by our prior report to be outstanding has been increased to $22,792,000
as of January 31 1932, as a result of subsequent acquisitions and payments.
In our prior report we showed that the total of our valuation of the
applicant's properties, as of June 30 1918, and the sum of the aggregate
of similar valuations by us of other carriers subsequently taken into the
applicant's system,and net additions and betterments to the system properties reported to and including year 1930, produced a total of $286,760,000.
From Dec. 31 1930 to Jan. 31 1932. the applicant reports a further net
Increase of $1,623,902 in its property investments, thereby increasing
the total to $288,383.902. In addition, as shown by our prior report,
the applicant and its system companies own a substantial amount of property
which we classified as noncarrier or leased to others, but which nevertheless
is subject to the applicant's mortgages.
In comparison with the foregoing sum of $288,383,902, the applicant's
balance sheet as of Jan. 31 1932 shows it to have had at that date the following capitalizable assets*
$412.956,197
Net book investment in road and equipment
16,935
Deposits in lieu of mortgaged property sold
530,897
Investments in affiliated companies
7,800.000
Working capital (cash and material and supplies)
Total
The applicant had other investments aggregating
On the same date the capital liabilities were:
Capital stock
Funded debt unmatured
$421,304,029
11,957,537
$114,701.526
292.806,767
Total
$407,508,293
The net book investment shown above is the applicant's statement of
investment in road and equipment, less the aggregate accruals for deits
preciation of road and equipment. On the applicant's books there thus
appears to have been a surplus If $13,795,736 in capitalizable assets over
capital liabilities; but against this showing there was an excess of current
liabilities over current assets, exclusive of cash and material and supplies,
of about $13,800,000. On the other hand, when the applicant's capital
liabilities are compared with the total of the applicant's property computed on the basis of our final valuation thereof, there is an excess of
$119,124,391. The excess of unmatured funded debt alone amounts to
$4,422,864. However, we do not suggest that the sum of $288,383,902
necessarily represents the present value of the property or measures the
amount of the capitalizable assets.
We have heretofore criticized the capital structure of the applicant.
In Securities of St. Louis-San Francisco Ry., 79 I.C.C. 92,100, we
required that the proceeds of the bonds there authorized should be held
In a separate account and expended solely for capital purposes. Again in
Securities of St. Louis-San Francisco fly. 86 I.C.C. 818. we took similar
action. When in Stock of St. L-S.F.Ry., 124 I.C.C. 124, we authorized
the issue and sale of stock, we again limited the authority, with respect to
the use of the proceeds thereof, and in addition to requiring that such proceeds be devoted solely to expenditures for capital purposes we imposed a
further limitation that no expenditure from said proceeds should thereafter
be made a basis for the issue of additional securities.
In all of these cases our conclusions were influenced by the fact that the
applicant is overcapitalized. The same fact was in mind when in St. Louisissue and pledge of
S.F. Ry. Co. Bonds, 180 I.C.C. 126, we authorized the
their final release
certain securities upon the express condition, that, upon
authority of our order and such subfrom pledge and repledge under the
forthwith be cansequent orders as we might enter, those securities should
3387
celled and destroyed. In addition to the condition of over capitalization,
the proportion of bonds to capital stock is excessive. We do not believe
that this carrier can operate successfully in the future without a reduction
of its fixed charges. Therefore in connection with the approval of a further
loan herein, we shall impose the condition that the applicant agree to submit for our approval, prior to July 1 1932, a plan which will result in such
a reduction.
We discussed in our prior report the earning power ofthe applicant and the
character and volume of its traffic, disclosing, among other things, the
income available for interest, after provision for all other charges, together
with the interest requirements. We there stated the maximum and average
annual income for the decade ended Dec. 31 1930, as contrasted with
income of the years 1930 and 1931. The traffic and earnings of 1922
were adversely affected by the coal strike and shopmen's strike of that year.
and those of the years 1930 and 1931 by the present financial and industrial
depression. Eliminating these three years from the 11-year period 1921
to 1931, inclusive, we find that the average annual income available for
interest amounted to $21,756,469, equivalent to about 1.47 times the
average annual payments of $14,840,231 over same period for interest on
funded and unfunded debt. Included in the computation, however, is
the amount of interest actually paid by the applicant upon its adjustment
mortgage bonds and its income mortgage bonds, both series of which were
redeemed July 1 and Oct. 1 1928 out of the proceeds of the sale of the
applicant's consolidated mortgage bonds and its preferred stock under the
authority of our decision in St. Louis-San Francisco Readjustment, 136
I.C.C. 505. The interest on these bonds was payable under the terms
of the respective indentures only if earned. Such payment, therefore,
did not constitute a fixed interest obligation of the applicant. Eliminating such charges from the computation, we find the annual average income
available for fixed charges over the same period was equivalent to 1.98
times fixed charges, and during the entire 11-year period 1921 to 1931,
bends
was equal to 1.74 times fixed charges. Accordingly, the applicant's
Department
were accepted as legal investments as defined by the Banking
of the State of New York.
Conclusions.
thereof we
Upon consideration of the application and after investigation
conclude:
a period of
1. That we should approve a further loan of $1,800.000, for
Reconstruction
not exceeding three years from the date thereof, by the
Finance Corporation to the St. Louis-San Francisco Railway Company,
and principal of
to be used for the purpose of paying delinquent taxes
equipment trust obligations due in May 1932:
2. That the applicant should pledge with the Reconstruction Finance
Corporation, as collateral security for the loan. $3.679.000. Principal
1936:
amount,of the applicant's consolidated mortgage6% series B bonds of
Finance
3. That the applicant should deposit with the Reconstruction
Corporation before any advance upon the loan is made, binding commit
demand
manta of the then holders thereof, or proof of equal force, that the
Chase National Bank & Trust Co. will
loan of $1,474,722 now held by the
be extended to a maturity date not earlier than July 1 1932:
should be made
4. That no advance upon the loan herein approved
reimbursed the
until the Railroad Credit Corporation shall have first
$2,805.175 for the account
Reconstruction Finance Corporation the sum of
us. and
of the applicant, representing the loan heretofore approved by
shall have delivered to the Reconstruction Finance Corporation $2,000,000.
series B
principal amount, of the applicant's consolidated mortgage 6%
loan:
bonds, of 1936, now pledged as part of the security for said
applicant should
5. That before any advance upon the loan Is made, the
for our apagree with the Reconstruction Finance Corporation to present
in its
prior to July 1 1932, a plan to effect a substantial reduction
proval,
fixed Interest charges:
Reconstruction
6. That the applicant should be required to report to the
of the loan
Finance Corporation and to us, within 30 days from the making
purposes for which it is
the expenditure of the proceeds thereof for the
approved: and
be adequately
7. That the Reconstruction Finance Corporation will
secured under such conditions.
Executive Council of A. B. A. Disapproves Home Loan
•
Banking System Bills.
Disapproval of "the so-called Home Loan Banking System" proposed in bills now before Congress was unanimously
expressed by the Executive Council of the American Bankers' Association, meeting at White Sulphur Springs, W. Va.
(April 26-27), on the ground that "such a system of nationwide banks necessarily would come in immediate conflict
still
and competition with the Federal Reserve System and
further complicate the multiplicity of banking functions in
the United States." The resolution said:
Bill,
the Glass-Steagell
"The Reconstruction Finance Corporation and
whereby institualready passed by the Congress, have provided a means
pledge them for advances
tional holders of real estate mortgages may
care of future
which will meet emergency situations, and which will take
Bill, H. 7260, how.
emergencies. The Watson Bill, S. 2959, and the Luce
which not only would
ever, propose to set up permanent organizations
permitted by
discount mortgages, but which would be banks of deposit,
in the purchase of
the proposed law to engage in open market operations
of short-time bills
Government and other securities, and in the purchase
necessarily would come
of exchange. Such a system of nation-wide banks
Reserve System
into immediate conflict and competition with the Federal
functions in the
and still further complicate the multiplicity of banking
United States.
Association, with
"As the representative body of the American Bankers'
speak for
power under the Constitution and By-Laws of the Association to
it when not in contravention Of action of the national convention, therefore,
neither of these bills
the Executive Council urges upon the Congress that
be approved.
"The Executive Council further directs that copies of this resolution be
sent to members of House and Senate Banking and Currency Committees.
and to the President of the United States."
Six-hour Day Favored for Express Workers—Rail Unions
Also Ask Inter-State Commerce Commission to
Include Pullman Labor in Its Investigation.
Organized railroad labor on May 2 petitioned the InterState Commerce Commission to extend the scope of its study
of tha proposed six-hour day for rail employees to include
3388
Financial Chronicle
wage earners of express and sleeping car companies as well.
(Ex Parte No. 106.) This is lsarned from the "United
States Daily" of May 3, which likewise said:
The proceedings were instituted by the Commission following a joint
congressional resolution requiring the Federal regulatory body to conduct
an investigation in to the six-hour day plan and report its findings to the
Congress by Dec. 1.
Hearing has been assigned for May 11.
The labor petition was filed by the Rallway7Labor Executive Association,
representing the 21 standard railway labor organizations. It was explained that the matter of the six-hour day for railway labor was7first
brought up during negotiations between the executives of the carriers and
representatives of rail labor looking toward wage adjustments and a remedy
for unemployment.
At that time, said the petition, labor submitted a proposition to the
conference of executives as follows: "Since the six-hour day is necessary
and must be instituted to absorb the existing number of experienced employees without reduction of compensation, a commission should be created
to determine the ways and means of applying this principle to the different
classes of employees." This proposal ofrailway labor, however, was turned
down by the rail executives, said the petition.
The matter was called to the attention of Congress and resolutions calling
upon the Inter-State Commerce Commission to make a study of the proposal
and appropriate recommendations were introduced in the Senate
and
House of Representatives.
The petition declared that the investigation was for the purpose of studying the effect of the six-hour day "in the railroad industry," which
should
also include express and sleeping-car employees. In instituting Its
investigation the Commission construed the resolution to pertain strictly
to the "railroad" portion of the transportation system, and it is to extend
the scope of the inquiry to all kindred activities that the present petition
has been filed, it was explained.
Related Services.
The Commission is well informed from its own records and knowledge
concerning railway operating conditions," said the petition "that
employees of the Railway Express agency and other express companies,
and
employees of the Pullman Company, perform services closely related to,
and frequently intermingled and interchangeable with, the services
performed by those who are strictly employees of carrier by railroad, as indicated by the following examples:
"Railway baggage men frequently handle express, and express messengers
handle baggage.
"Railway station agents handle express, and in the handling and accounting for express, baggage and freight the services of employees of carriers
by railroad and of employees of express agencies are constantly intermingled
and closely related.
Overlapping Work.
"Sleeping-car service and dining-car service involves joint and overlapping services of employees of the Pullman Company and of carriers by
railroad. Some railroads operate their own sleeping cars and most of them
operate their own dining cars; while, on the other hand, the Pullman Company operates some cafe and dining-cars and the greater part of the sleeping
cars, which are, however, all moved by railroad employees.
"It must be evident to the Commission," continued the petition, "that
the application of the principle of the six-hour day to employees of carriers
by railroad would in many instances absolutely require the application of
the same principle to employees of express companies and of the Pullman
Company, and in general would bring about a consistent application,
and that the Commission will be unable to make a full and complete report
as to the effect upon operation, service and expenses of applying the principle of the six-hour day in the employment of 'all classes' of railway employees without obtaining information concerning the effect of applying
that principle in the employment, not only of employees of 'carriers
by
railroad,' but also of employees of express companies and sleeping
car
companies, who are equally 'railway employees' . . . that is employed
on railways and in railway service, even though not directly by a railway
company."
Hearings by Inter-State Commerce Commission Into
Rail Rates of State Regulatory Bodies.
On May 2 hearings were begun by the Inter-State Commerce Commission in furtherance of an investigation ordered
by the- Cominissio= AjZil 8 into the action of State
regulatory bodies in refusing or falling to permit certain
increases in freight rates on "intra-State" traffic similar
those authorized by the Inter-State Commerce Commission for "inter-State" traffic in the recent emergency
freight rate increase proceedings. (Docket No. 25135.)
Regarding the inquiry the "United States Daily" of April 9
said:
;
Railroads serving In several States have petitioned the Commission
averring that the respective State Commissions have refund to permit
similar advances on Intra-State traffic, with resultant preference and
advantage to intra-State commerce and prejudice and discrimination
against inter-State commerce.
Hearings were assigned for 11 cities in May for dates ranging from May 2
to May 11 in various sections of the country.
The full text of the Commission's order instituting the investigation,
with dates for the hearings, follows:
No. 25135. It appearing, that by reports in Ex Parte 103, Fifteen
Per Cent Case, 1931. 1781. C. C. 539 and 179 I. C. C. 215, the carriers
were authorized to make certain increases in freight rates and charges
for inter-State application throughout the United States;
It further appearing, that petitions have been filed on behalf of common
carriers by railroads operating in the States of Arizona. Arkansas, Idaho,
Louisiana, Minnesota, Montana, Nebraska. Oklahoma, Texas, Wisconsin
and Kentucky, averring that the rate-regulatory bodies of said States
have failed or refused to authorize or permit increases for certain intra-State
traffic similar to those permitted by this Commission for inter-State traffic
as referred to in the preceding paragraph;
Preference Charge Cited.
It further appearing, that said petitioners allege that the failure or
refusal of the said regulatory bodies to authorize or permit the increases
referred to in the preceding paragraph causes and results in undue and
unreasonable preference and advantage to intra-State commerce, to the
undue and unreasonable prejudice and disadvantage of inter-State commerce
May 7 1932
and results in unjust and unreasonable discriminati
on against inter-State
commerce;
It further appearing, that by said petitions there
have been brought in
Issue rates and charges imposed by authority of
the said States:
It is ordered, (1) that an investigation be, and it is
hereby, instituted
to determine whether the rates and charges required
by the rate-regulatory
bodies of the States of Arizona, Arkansas, Idaho,
Louisiana, Minnesota,
Montana, Nebraska, Oklahoma, Texas, Wisconsin
and Kentucky, to be
maintained by said petitioners by reason of the
failure or refusal of the
regulatory bodies of said States to authorize or
permit increases similar
to those permitted by this Commission for
inter-State traffic cause or
will cause any undue or unreasonable advantage,
preference or prejudice
as between persons or localities in intra-State
commerce on the one hand
and inter-State commerce or foreign commerce
on the other hand, or any
undue, unreasonable or unjust discrimination
against inter-State or foreign
commerce; and as to what rates and charges,
if any, or what maximum
or minimum, or maximum and minimum,shall
be prescribed to be charged
by the petitioners, in order to remove such advantage,
preference, prejudice
or discrimination, if any, as may be found to
exist:
Subject Railroads Included.
(2) That all railroads subject to our jurisdiction
operating within said
States be, and they are hereby, made respondents
to this proceeding,
and that a copy of this order be served upon each
of said respondents,
and that the said States be notified of this proceeding
by sending copies
of this order and of said petition by registered mail
addressed to the Governor and rate-regulatory body of each of said
States:
(3) That notice of this proceeding be given the
public by depositing a
copy of this order in the office of the Secretary of the
Commission at Washington, D. C.;
(4) That this proceeding be assigned for hearing at
such times and
places as the Commission may hereafter direct.
Dearing Dates Assigned.
The above-entitled proceeding is assigned for hearings
on the dates
and at the places designated below:
Boise, Idaho, May 2; Helena, Mont., May 10; St. Paul,
Minn., May 13;
Madison, Wis., May 17; Examiner Disque.
Frankfort, Ky., May 2; New Orleans, La., May 6; Austin,
Tex., May
13: Phoenix Ariz., May 17; Examiner Mattingly,
Little Rock, Ark., May 2; Oklahoma City, Okla., May
6; Lincoln,
Neb., May 11; Examiner Trezise.
John N. Willys Resigns As United States Ambassador
to Poland—Sails for Europe Preparatory to His
Withdrawal from Post June 1.
The resignation of John N. Willys as United States Ambassador to Poland was made known on April 26 by the
Department of State in an announcement which said:
John N. Willys, Ambassador to Poland, who recently
returned to the
United States and after spending a few days with business
friends and
associates in Toledo and New York, called upon President
Hoover and
arranged to relinquish his post as Ambassador to Poland
sometime in June.
Mr. Willys in a statement issued April 26 said:
After careful deliberation I have decided that I should
resign as Ambassador to Poland in order to be as helpful as possible in a
business way during
this difficult Period.
I shall make immediate arrangements to move back to the
United States
in order that I may be on the ground to take care of my
various interests
here and particularly to be more active and helpful in my duties
as Chairman
of the Board of the Willys Overland Co.
I shallleave my post as Ambassador to Poland with great
regret because of
many pleasant memories of hospitality and friendship which I
have enjoyed
there.
Ambassador Willys, whose resignation will become effective June 1, sailed for Europe on the North German Lloyd
Steamer Bremen on May 4 to wind up his affairs before
terminating his duties.
Supreme Court of Utah Rules Against Borrowin
g in
Behalf of Closed Salt Lake City Banking Institution from Reconstruction Finance Corporat
ion.
From the "United States Daily" it is learned
that the
Supreme Court of the State of Utah has made
permanent a
writ of prohibition previously granted to J. C.
Riches, a
stockholder and depositor in the closed Sugar
Banking Co.,
of Salt Lake City, to restrain the State District
Court and
the Bank Commissioner from enforcing and
carrying out
an order of the District Court authorizing and
directing the
Commissioner to borrow $150,000 from the
Reconstruction
Finance Corporation, and mortgage and
pledge any and all
assets of the bank to secure its payment.
The advices to
the "Daily" from Salt Lake City, April 30,
continued:
Two Judges Dissent.
The decision was filed April 26 1932 in
the case of J. 0. Riches v.
Walter H. Hadlock, Bank Commissioner of
Utah; Joseph N. Leggat,
examiner in charge of Sugar Banking Co.,
and James H. Wolfe, judge of
the District Court of Salt Lake County. The
opinion of the Court was
written by Judge Straup, with a dissent by
Chief Justice Cherry, in which
Judge Folland concurred.
Commissioner Hadlock applied to the
District Court for authority to
borrow from the Reconstruction Finance
Corporation, which authority was
granted by that Court. The plaintiff applied
for a writ of prohibition on
the ground that, if carried out, the loan would
"increase the obligations and
liabilities of the bank, imperil its assets,
render the bank and the Com•
missioner unable to repay the loan, and
therefore cause a foreclosure and
loss of the pledged assets, to plaintiff's
irreparable injury."
Commissioner 18 Receiver.
The Bank Commissioner under Utah law,
is a statutory receiver, and the
statute does not confer power upon him,
the opinion states, to borrow
money for the purpose of paying liquidating dividends.
Volume 134
Financial Chronicle
"If, as assumed by all concerned, the statute without judicial sanction
purposes
does not authorize the Commissioner to borrow money for the
indicated and that judicial discretion is essential," the opinion reads, "it is
just as essential that a proper and sufficient petition of initial pleading
Bank v.
of some kind be filed to invoke judicial action (Stockyards National
Bragg, 67 Utah 60, 245 Pac. 966) which here was not done, and that the
court, before giving such authority and direction, be properly advised
as to the necessity and utility thereof, the terms and conditions of the
contract required to be entered into to obtain the loan, the kind and
value of assets on hand, and the amount thereof required to secure its
payment. Unless the court is so advised it is unable to exercise a sound
discretion in determining whether the authority and direction should or
should not be granted, and is made a mere figurehead in the premises.
Here, without being advised as to the amount of the loan that may be
had and the terms and conditions under which it may be obtained; what
assets or how much thereof were required to be pledged to secure its payment; the amount of unpaid claims or the nuece,ssity of immediate partial
payments of them or the character, value or amount of assets on hand, the
court empowered the Commissioner to go forth and borrow from the
Reconstruction Finance Corporation $150,000 or as much thereof as he
could get, to enter into any and all kinds of contracts to get it, and
whatever amount he was able to get, whether much or little, to pledge,
if necessary, everything he had, frozen and unfrozen, to secure its payment."
"Correct conclusions with respect to the matter in hand," the opinion
continues, "may not be aided by exigencies of the hour, or by mere sentiment or desire. These principles are not dependent upon nor controlled
by the character and supposed generosity of the lender."
W. R. Morehouse of Los Angeles at Western Regional
Savings Conference Sees Better Days Ahead for
Banks—Looks for Return of Idle Funds to Banking
Institutions.
More than 50 million people maintain savings accounts,
and added millions have commercial accounts in the banks,
'making millions of dollars of new deposits daily," which
ndicates the deservedly great confidence which the general
public has in these financial institutions, W. R. Morehouse,
Vice-President Security-First National Bank of Los Angeles,
on April 27 told the session of the Western Regional Savings
Conference at St. Louis under the auspices of the Savings
Division of the American Bankers Association.
:Hoarders soon begin to wish they had not taken their
money out of banks as they read of cash lost through fires
and robbmies, and also become discontented because it is
earning them no money, he said, asserting that 'probably
not 5% of our people can stand to have ther funds idle for as
long as one year, and we can depend on good old human
nature to get these millions back into the banks." A large
part of the drop shown during the present period in savings
bank deposits, he added, was on account of people who had
"saved for a rainy day" and were using their funds in the
emergency. They will "become great boosters for savings
accounts in the future," he declared, because they have had
their practical demonstration of the benefits of savings."You
may rest assured that they will never want to be without an
account in the future," he declared. "As soon as recovery
sets in, watch savings accounts grow. Watch financial
advertising boom. There are better days ahead for our
banks." He added:
Millions on millions of people have bank accounts and there is no law
that compels them to keep their funds in any bank. The fact that they
have maintained their accounts throughout these troublesome times and
are making millions of new deposits daily is conclusive evidence that the
public is Justified confidence in our banks.
United States Senate Adopts Resolution to Change
Name of Porto Rico to Puerto Rico.
A joint resolution to change the name of the Island of
Porto Rico to Puerto Rico was adopted by the United States
Senate on April 25. According to the "United States Daily"
of April 26 the action was taken following a favorable report
on the resolution by the Committee on Territories and Insular
Affairs. The following is from the same paper:
"This legislation is proposed," the Committee had Informed the Senate
"In accordance with the will of the people of Porto Rico, as expressed in a
concurrent resolution adopted by the Porto Rican Legislature in April 1930.
The legislative resolution stresses the desirability of thus doing Justice to
the history, language, and traditions of the Island, and points out that the
word 'porto,' although of Latin derivation, has not been adopted into the
anguage of the Island."
The resolution as adopted by the Senate follows (S. J.
Res. 36):
Whereas in accordance with all historical data relative to the discovery
and colonization of the island known as "Porto Rico," the original name
given thereto by its discoverer, and consecrated in the royal orders of the
colonizing nation, was Isla de San Juan; and
Whereas the first city founded on Porto Rican soil, and denominated
"Villa de Caparra," was given the name of "Ciudad de Puertorrico";
Whereas subsequently, and by virtue of the transfer of the old Ciudad de
Puertorrico to the site now occupied by the capital city, the aforesaid names
the exclusive patrimony of such
of "San Juan" and "Puertorrico" became
city and Island, respectively; and
Whereas the history and traditions of the people have since then sustained
given to such island, as its
and consecrated the name of "Puerto Rico,"
sole name; and
3389
Whereas immediately following the change of sovereignty which took
place in the Island, the Congress, without justifying reasons, officially
give the island the name Of" Porto Rico"; and
Whereas the aforesaid name of "Porto Rico" is an impure idiomatic compound partly formed of the "porto," which, although of Latin origin,
has not yet been adopted into the language of the Island, but is here used
illegitimately, as a substitute for the word "puerto," genuinely Spanish,
although no license, reasons of diction, or advantages of euphony exist to
warrant such substitution; and
Whereas there are no reasons either in the history, the language, or the
traditions of the people of the Island which support the use of the term
"porto" as a part of the name of the Island: Therefore belt
Resolved, etc., That from and after the passage of this resolution the
Island designated "Porto Rico" in the act entitled "An Act to provide a
civil government for Porto Rico, and for other purposes," approved March
2 1917, as amended, shall be known and designated as "Puerto Rico."
All laws, regulations, and public documents and records of the United
States in which such Island Is designated or referred to under the name
of"Porto Rico" shall be held to refer to such Island under and by the name
of "Puerto Rico."
Associated Transamerica Stockholders Becomes
Permanent Organization.
Articles of incorporation for Associated Transamerica
Stockholders (the group of stockholders of the Transamerica
Corp., headed by A. P. Giannini who opposed the policies of
the management of the holding company under the leadership of Elisha Walker) were filed in Sacramento, Cal. on
April 16 1932, making the organization permanent. The
San Francisco "Chronicle" of April 17, from which the
above information is obtained, continuing said:
The five incorporators, Charles W. Fay, A. J. Scampini, E. S. Zerga,
John Brichetto and Dr. Celestine J. Sullivan, carried out the plan
adopted for a non-profit corporation, formally sanctioned by a Statewide
meeting of the association held Mar. 19 in San Francisco.
Sponsors of the corporation in a formal announcement said its future
activities would be along the line of action as a clearing house for the
interchange of ideas and views and the collection and collation of facts
on economic questions destined to contribute constructively to the development of California.
Among the seventeen members of the Board of Directors are Dr. W. B.
Coffey, chief surgeon Southern Pacific Railway; Judge George F. Mc.
Noble, past President of the California Bar Association; Charles W. Fay,
former Postmaster of San Francisco; Dr. Celestine J. Sullivan, Managing
Director Better Health Foundation; Jules 0. Goldstone, attorney, Los
Angeles; A. T. Procopio, San Diego; W. F. Gormley, Sacramento; Amerigo
Bozzani, LOS Angeles; Thomas W. McManus, Bakersfield; Dr. Joseph
Isnardi, Fresno; Dr. John Grennan Jr., Oakland; A. J. Scampini, San
Francisco; Victor Zampatti, Eureka; Umberto Bardi, Santa Barbara, and
Dr. Antonio Fanelli, New York City.
By its proxy campaign the association restored A. P. Giannini to
his previous position. It is dedicated by its charter to "a comprehensive
and constructive spirit of co-operation based upon intelligent independence,
inflexible honesty, fairness and courage and a sound sense of duty and
service to the public as well as to its members, so that the association
justly may appeal to impartial people within and without its institutions for support of principles and movements that contribute to the
highest human welfare."
A history of the Associated Transamerica Stockholders
movement, issued by the organization in February last in
connection with the news reports of the annual meeting of
the Transamerica Corp. held in Wilmington, Del., on Feb.
15, was printed in our issue of Feb. 27, page 1506.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Arrangements were made on May 2 for the sale of a
New York Stock Exchange membership at $80,000, a decrease of $2,000 from the previous sale and equalling the
low of the year, set April 9.
Arrangements were made on April 29 for the sale of a New
York Curb Exchange membership at $18,500, a decline of
$2,500 from the previous sale.
The membership of Luis F. Yglesias in the Rubber Exchange of New York, Inc., was bought on May 2 by Janes
R. Shannon for $650, an advance of $50 from the previous
sale.
The New York Cotton Exchange membership of Thomas
Hale was sold on May 2 to George R. Siedenburg for another
for $11,000, a decrease of $1,200 from last previous sale.
A Chicago Board of Trade membership was sold on May
4 for $5,200, off $400 from the previous sale.
The board of managers of the New York Coffee & Sugar
Exchange voted on May 5 to close the Exchange on Saturday,
May 28. This action gives the Exchange a three-day holiday, as Monday, May 30, is Memorial Day. The board of
managers of the New York Cotton Exchange on May 6
denied the petition to close that Exchange on the 28th.
John B. Glenn, formerly Vice-President in charge of the
foreign department of Chatham Phenix National Bank &
Trust Co. of New York, has been appointed agent of the
Banco Nacional de Mexico, 52 William St. Mr. Glenn is
3390
Financial Chronicle
regarded as:an authority on Mexican affairs, having resided
in various parts of that country for nearly 16 years. He was
for some time manager of the foreign department"°tithe
Equitable Trust Co., New York, in charge of its Mexico
City branch, and also served for seven years as an American
consul in Mexico.
The Brooklyn Trust Co. has announced opening of new
safe deposit facilities of the Brooklyn City Safe Deposit
Co. at its Bedford office, 1205 Fulton St., Brooklyn, on May
9. The new vault has a capacity of 500 safe deposit boxes
of various sizes and includes storage space for silverware,
trunks and other bulky articles. The Bedford office is the
oldest Brooklyn Trust Co. branch, having been opened in
March 1903, but heretofore it has had no safe deposit facilities. J. Paul Taylor is manager of the office.
The Citizens' National Bank & Trust Co. of Hornell,
N. Y., failed to open its doors on May 2 after a run on the
institution the previous Saturday, April 30, according to
Associated Press advices from Hornell, which furthermore
said:
A notice posted on the door by the board of directors said the institution was in the hands of the Federal Comptroller of the Currency. The
closing was by vote of the directors. The bank's last statement said it
had resources of $3,003,548.34 and total deposits of $2,211,006.
Directors of the Security Trust Co. of Rochester, Rochester, N. Y., on April 21 last declared the usual dividend of
$10 a share, payable May 2 1932 to stockholders of record
April 29 1932.
Arthur H. Hale, former Treasurer of the defunct Merrimack River Savings Bank of Manchester, N. H., on April 27
was sentenced to serve from three to five years in the State
Prison for misapplication of the funds of the institution, as
reported in a Manchester dispatch by the Associated Press,
which also said:
The Merrimack River Savings Bank closed in 1930 at a time when its
assets were said to have been about $11,000,000. Hale's arrest followed
and the bank is paying only 65% back to its 20,000 depositors.
May 7 1932
orderly fashion to conserve the equity in such assets for the benefit of Atlantic
stockholders.
No change in the routine of business will be made. The Atlantic officers
will for the present be retained and operated as branches of the First National Bank of Boston with the same personnel as heretofore. Present
check books need not be changed as checks drawn by customers on the Atlantic National Bank will be paid by the First National Bank of Boston.
There will be no occasion to change pass books on the savings department
of the Atlantic as they are all identified by numbers and signatures and
may be used for withdrawal from or deposit with the First National Bank
of Boston.
All depositors of the Atlantic National Bank become automatically
depositors of the First National Bank of Boston and business will continue as usual at all the offices as branches of the First National Bank of
Boston.
Frank C. Nichols (who last Saturday, April 30, was appointed President of the Atlantic National Bank, succeeding
the late James D. Brennan, and assumed the duties of the
office on Monday, May 2) also issued a statement, as follows:
In assuming the Presidency of the Atlantic National Bank I did so
with confidence as to its solvency and as to its future possibilities.
Owing to the unusual withdrawals which have occurred during the
last few days, the management came to the conclusion that the interests of
the depositors would be best served through the arrangement which has
been made with the First National Bank of Boston under which the deposits
of the Atlantic National Bank will be assumed by that institution.
I entirely approve of this action and believe that it is for the best interests
of all concerned.
I have been asked to become a Vice-President of the First National Bank
of Boston and am very glad to do so.
The following statement of condition as of May 2, was
issued by the First National Bank of Boston on the night of
May 3:
Resources—
Liabilities—
Cash and due from banks _4122,645,644 Capital
$44,500,000
U. S. Government securities 92,070.812 Surplus and profits
34,077,795
State & municipal securities 25,558,519
Acceptances of other banks_ 19,102.276
$78,577,795
Collateral demand loans to
Reserves, including Interest,
banks and brokers
55,436,908
taxes, dividend, unearned
discount and contingencies 5,840,902
$314,814,161 Acceptances executed for
Loans, cllscts., Investments_ 280,060,882
customers
21,574,193
Banking house
14,791,636 Endorser on acceptances and
Customers' liability account
foreign bills sold
1,786.290
of acceptances
18,649,229 Agreements to repurchase
Accrued interest receivable
United States Government
and other assets
2,580,385
securities
2,800,000
Items in transit with foreign
branches
8,816,039
Deposits
511.501,074
Our last reference to the affairs of the closed Manchester
bank appeared March 12 1932, page 1895.
Total
$630,896,295
Total
$630,896,295
(The figures of Old Colony Trust Co. and the First National Old Colony CorPoration,
-both of which are beneficially owned by the stockholders of the First National
Bank of Boston, are not included in the above statement.)
On Tuesday of this week, May 3, the First National Bank
of Boston, Boston, Mass., took over the assets and deposit
liabilities of the Atlantic National Bank of Boston. Under
the arrangement the First National Bank of Boston guarantees to pay in full, all depositors of the Atlantic National
Bank in both the commercial and savings departments.
All branches of the absorbed institution are being kept open
for the present, serving as branches of the First National
Bank of Boston. At the last call of the Comptroller of the
Currency (Dec. 311931) the Atlantic National Bank showed
capital of $9,875,000; surplus and undivided profits of $6,210,971, and total deposits of $98,857,263. We quote below
from the Boston "Herald" of May 4, from which the foregoing also is taken, in part:
The Boston "Transcript" of May 4 in its account of the
merger stated that the assets of the Atlantic National will be
carried on a separate ledger while they are in process of
liquidation and when liquidation is completed it is expected
there may be a surplus of several millions to be distributed
among the Atlantic's shareholders.
The acquisition of the Atlantic was hailed as a major constructive action
in the New England banking situation, which is exceptionally strong. The
First National Bank of Boston is the sixth or seventh largest bank in the
country. Its cash is more than twice the deposit liabilities of the Atlantic
and its liquid assets nearly five times the deposits of that bank. In other
words, bankers pointed out last night (May 3), the First National could
pay off in cash every depositor of the Atlantic in two days and still retain
its excellent liquid position.
In a statement issued last night by the First National its cash was listed
at $122,000,000. Total deposits of the Atlantic were listed last night
an $65,000,000.
In addition to its cash on hand the First National Bank also has between
$90,000.000 and $100,000,000 in Government bonds.
Officials of both banks last night pointed out that the acquisition of the
Atlantic by the First National was made with the Atlantic in a strictly
solvent position.
So great are the resources of the First National. according to Boston
bankers, no emergency throughout the whole of New England could possibly
affect its solvency. Daniel G. Wing is Chairman of the Board of directors
and Philip Stockton is President.
Commenting on what is probably the largest absorption of one hank by
another in New England,financial leaders pointed out that the action of the
First National was in line with its continued policy of standing by New
England business. The officers of the First National, it was said, considered it their duty to act on the request of the Atlantic and the Boston
Clearing House banks. In explaining the situation officials said it was not
a question of New England's largest bank absorbing a smaller one to
dominate the field, but rather in line with the general banking movement
throughout the country, where the assets of smaller banks are being protected by stronger ones.
The following statement was issued by Daniel G. Wing,
Chairman of the Board of the First National Bank:
The First National Bank of Boston at the request of the Atlantic National Bank and of the Boston Clearing House banks has taken over the
assets and deposit liabilities of the Atlantic as of the close of business
May 3.
Under the arrangement the First National Bank of Boston guarantees
to pay in full all depositors of the Atlantic. in both commercial and savings
departments. It also undertakes to convert the assets of the Atlantic in an
Concerning the affairs of the closed Lowell Trust Co. of
Lowell, Mass., the Boston "Transcript" of April 29 had the
following to say:
James M. Graham, as counsel for State Bank Commissioner Arthur Guy,
to-day (April 29) brought a bill in equity in the Supreme Court against
George H. Harrigan, President and director of the closed Lowell Trust Co.,
and 16 other directors of that bank, to enforce directors' liability for
losses of the institution.
Judge Edward P. Pierce allowed a special preceptive attachment for
$500,000 on real estate of 15 of the directors, including Harrigan, and
Issued a temporary order restraining them from disposing of certain stocks
or removing property from safety deposit boxes.
Attorney Graham alleges that there is due under the 100% liability of
stockholders $240,000, but that with that amount and the assets of the
bank there will be insufficient funds to pay creditors and depositors
in full.
A plan for the reorganization of the Steneck Trust Co.
and the Steneck Title & Mortgage Guaranty Co., both of
Hoboken, N. J., has been adopted by the reorganization committee for the institutions and was announced April 28.
The plan was prepared by F. Eberstadt & Co. and Irving
Rossi. The Steneck Trust Co., one of the largest banks in
New Jersey, was closed in June 1931 by the Commissioner
of Banking and Insurance of the State of New Jersey. The
bank is one of the oldest institutions in New Jersey, with
approximately $10,000,000 of deposits and $6,500,000 of
guaranteed mortgage certificates outstanding. The Steneck
Title & Mortgage Guaranty Co., with approximately
$2,500,000 of guaranteed mortgage certificates outstanding,
was affiliated with the trust company. The reorganization
plan calls for the formation of a new trust company and a
new and Independent title company. Depositors will be
paid 100 cents on the dollar, in the form of 35c. In cash and
65c. in depositors' trust certificates secured by bonds of
the town of North Bergen, N. J., and other special reserved
assets.
Negotiations have been commenced with the Reconstruction Finance Corporation looking to a loan on the North
Bergen bonds and reserved assets, the proceeds to be put
Volume 134
Financial Chronicle
at the disposal of depositors in addition to the 35% payment. The First National Bank of Hoboken, of which
Ogden B. Hammond, late Ambassador to Spain, is President,
is acting as depositary under the plan.
On April 22 the Hudson County, N. J., Grand Jury returned an indictment against Henry C. Steneck and George
W. Steneck, President and Vice-President, respectively, of
the closed Steneck Trust Co., and one Howard Cole, said
to be a Canadian lumber promoter, now living in New York
City, charging conspiracy to cheat and defraud the bank.
Both the former bank officers were indicted last January
for "high misdemeanors," the four indictments at that time
charging they had submitted a false statement of the bank's
affairs to the State Department of Banking and Insurance
concerning the condition of the bank on Dec.31 1929. George
Steneck was also indicted in November of last year for
alleged violations of the State banking laws. The "Jersey
Observer" of April 23, in reporting the above, furthermore
said, in part:
According to Prosecutor John F. Drewen, who handled the case before
the Grand Jury personally yesterday (April 22), his office has been unable
to locate Cole.
The new charges involve a deal in 374 shares of Great Western Timber
Corp., Ltd., a Canadian concern, of which Cole was President. This stock
was sold by Cole to John Steneck ,Sr Sons Co. for $34,000; was later bought
back by Cole and placed with the Steneck Trust Co. as collateral for a
note of $39,700.
The indictment, which covers 10 typewritten pages, in effect charges
that John Steneck & Sons purchased the timber company stock on March 1
1927, and they, the two Stenecks and Cole, conspired to transfer the stock
to the Steneck Trust Co. on Nov. 16 1927, when Cole was given a loan on
the stock in a note transaction for $39,279.92, and that the Stenecks "knew
that thia was grossly exorbitant in excess of the true value of the stock's
real value and that the true value was $36,292."
It was also charged that on April 29 1930 the Stenecks as officers of
the trust company and members of the executive committee of the directors
caused the books and records of the trust company to show that the stock
was purchased by the Steneck Trust Co. for $34,000.
Henry Steneck, in explaining the transaction upon which he was indicted, said that it was a legitimate transaction and that the company
of John Steneck & Sons did not profit by one penny in the deal.
According to Mr. Steneck, Cole lived in Madison and had been a customer
of the trust company for many years, and that the bank had loaned Cole
money on his real estate in New Jersey.
In 1927, he explained, Cole sold stock to John Steneck & Sons for
$84,000, and in 1928 bought back the stock for exactly the same price
that he had sold it for.
Cole, he said, then secured a loan from the Steneck Trust Co. for $39,000
and put up the Western Timber Co. stock as collateral.
"It is not true that the stock was worthless," said Mr. Steneck. "The
statements of the company filed with the bank will show that the properties were worth $1,000,000. That can be certified through Howard
Cole & Co. of New York. The note was never paid and the collateral
remained with the Steneck Trust Co. of Hoboken."
Concerning the closed First National Bank of Whitehouse
Station, N. J., a dispatch from Whitehouse, printed in the
Newark "News" of April 29, said:
J. D. Colyer, receiver of the First National Bank, Whitehouse Station,
has posted a statement at the bank showing its condition as of March 31.
The report shows: Total of all assets coming into the hands of the receiver,
$711,495.81 ; remaining assets uncollected, $422,849.12; total of all liabili.
ties, $603,892.23, and cash on hand, $217,304.21.
Efforts are being continued by the directors and depositors' committee
to reorganize the bank.
The closing of the institution was reported in our issue
of Jan. 2 last, page 78.
Regarding the affairs of the Haddington Title & Trust Co.
of Philadelphia, Pa., which was taken over by the Pennsylvania Banking Department in October last, a statement of
the assets and liabilities of the company as of March 9 1932
was filed by the State Banking Department with the Court
of Cominon Pleas on April 28, according to the Philadelphia
"Ledger" of April 29. The statement (as given in the paper
mentioned) discloses total net liabilities of $1,495,612 and
total net available assets of $965,083, a difference of
$530,529. The deposit liabilities total $1,230,416. Loans
and discounts, having a book value of $952,640, are appraised
at $676,891, while investment securities, carried on the books
at $470,194, are appraised at $370,285. Mortgages, with a
book value of $318,820, are appraised at $256,875, while
banking house and other real estate are given a book value
of $252,596 and an appraised value of $153,550.
The Philadelphia "Ledger" of May 3 stated that unsecured
loans to officers and directors are revealed by the appraisal
and inventory of the Northern Central Trust Co. of Philadelphia, Pa:, which closed its doors on Sept. 28 1931. We
quote furthermore from the paper mentioned, as follows:
The inventory and appraisal, dated Oct. 21 1931, and filed on behalf of
Dr. William D. Gordon, State Secretary of Banking, in the office of the
Prothonotary of Common Pleas Court late yesterday afternoon (May 2),
lists the appraised value of assets available for depositors at $1,555,797,
or $808,921 less than the amount due depositors—$2,164,718. The book
value of the listed assets is $4,967,712, compared with an appraised value
of $2,887,491.
3391
The Banking Department's statement shows that Walter Gabell, who was
President of the institution when it ceased business, had an unsecured loan
of $60,000, that Charles H. Bridenbaugh, who was Vice-President, had
loans totaling $30,147, partly secured, and that Charles H. Grakelow, a
director, had an unsecured time loan of $8,000 and an unsecured demand
loan of $1,000. In addition, Mr. Grakelow, who was Director of Welfare
in Mayor Kendrick's Cabinet, is listed as the indorser of an unsecured
loan of $1,000, the borrower being listed as William A. Gray.
Among the other listed unsecured loans are the following:
H. C. Ambler, a general contractor, $29,250; E. Walt Havens, $8,000,
and James Maurer, $6,500. Mr. Havens had been a director of the bank.
The closing of the Northern Central Trust Co. was reported
in our Oct. 3 1931 issue, page 2290.
Two Troy, Pa. banks, the First National Bank and the
Grange National Bank, both capitalized at $75,000, were consolidated on Apr. 30 under the title of the First National
Bank of Troy. The new institution is capitalized at $150,000
and has no surplus.
W RobereG. Merrick was elected President of the Equitable
Trust Co. of Baltimore, Md., at the monthly meeting of the
hoard of Directors of the institution on April 29. He succeeds Hugh L. Pope, who remains with the trust company
as Executive Vice-President, a position he formerly held.
Mr. Merrick, the new President, who is an A.B. and Ph.D.
of Johns Hopkins University, has had a long experience in
Eatimore's business and financial district, and as President
of the Maryland Mortgage Co., the Mortgage Bond & Title
and the Maryland Title Securities Corp., has been
claely associated with the Equitable Trust Co. Mr. Merrick served in the World War with distinction. Leaving
Johns Hopkins University to enlist in the regular army as a
vate, he rose to a Captaincy and saw active service in
p/T—
practically every major engagement abroad in which the
frrirtiid States' troops served. He was with the Tenth Field
Artillery, Third Division of the regulars. He also served
fora time as liaison officer with the French Army. He received the Croix de Guerre from the French Government
and the Distinguished Service Medal from our own Government. He is still a Major in the Officers' Reserve Corps.
1%27. Merrick is also the author of a book, "The Modern
eFedit Company," and was a lecturer on economics at St.
John's College, Annapolis, for a brief term.
pP Mr. Pope, who resumes the Executive Vice-Presidency
of the trust company, has been identified with the institution
almost from its organization. He is said to be one of the
best-trained executive bankers in Baltimore's downtown
district. No other changes have been made in the personnel
of the trust company.
Hooper S. Miles, of Salisbury, Md., was appointed President of the Eastern Shore Trust Co., an institution with 21
branches throughout Maryland, at a meeting of the directors
held in Cambridge, Md., on Monday of this week, May 2.
Advices from Salisbury to the Baltimore "Sun," from which
the above information is obtained, continuing, said, in part:
The capitalization of the Eastern Shore Trust Co. is $693,500 and the
total assets of the company at the last quarterly statement approximate
$18,000,000. . . .
After graduation from the University of Maryland Law School in 1916
he (Mr. Miles) entered a law partnership here with his father and in 1925
became associated with Levin C. Bailey, present State's Attorney in the
firm of Miles & Bailey.
Ile served Wicomico County in the House of Delegates and has been City
Solicitor of Salisbury for several years.
Mr. Miles first became identified with banking interests here as a
director of the Central Bank, which later merged with the Eastern Shore
Trust, with which he continued as director. He succeeded Charles R.
Disharoon as President of the Salisbury bank.
As President of the 21 branches, he succeeds J. G. Mills, of Cambridge,
elected to succeed George W. Woolford, whose health caused him to take a
leave of absence last fall. Mr. Mills at that time became acting President
of the company.
Mr. Mills was elected to serve as Chairman of the Board of the organization and continues as President of the Cambridge bank. . . .
A dispatch from Woodsfield, Ohio, on May 2 to the Cleveland "Plain Dealer" stated that J. D. Mooney, former President and a director of the defunct Monroe Bank of Woodsfield, had been arraigned that day in the Monroe County
Court of Common Pleas before Judge D. H. Thomas of
Marietta, Ohio, for the alleged making and publishing of a
false statement of the bank's financial condition and for receiving deposits after the bank became insolvent. Mr.
Mooney entered a plea of "not guilty" through his attorney,
Steuart Bolin of Columbus, and furnished a bond of $1,500.
The dispatch continuing said:
F. W. Douglass, cashier, E. E. Richner, Assistant Cashier, and W. 0.
Mooney, a director, also pleaded "not guilty" to indictments Saturday
April 30.
The Monroe Bank, closed Oct. 3 1931, with assets of more than $1,000,000,
now is being liquidated by the State Banking Department.
3392
Financial Chronicle
That the Court of Common Pleas on April 30 ordered a
hearing May 12 next on details of the reorganization plan of
the Dollar Savings & Trust Co. of Youngstown, Ohio, Which
Is expected to be consummated on May 15, was reported In
Youngstown advices by the Associated Press on April 30,
from which we also take the following:
A shareholders' meeting will be held May 13, the reorganization committee announced to-day, adding that "it is expected the bank will open
shortly thereafter."
Judge Maiden's order was in response to an application by I. J. Fulton,
State Superintendent of Banks, for final approval of the reopening plans,
which contemplate "freezing" all deposits on the same basis, whether the
depositors have or have not assented to the plan. More than 90% of the
depositors have signed agreements not to withdraw their deposits.
Raymond S. Powers of Attorney General Gilbert Bettman's office, said
Betttnan was particularly interested in the local plan since its success will
mean the largest bank reopening in Ohio, and will have an encouraging
effect elsewhere.
The Dollar Bank closed last Oct. 15. Its assets were approximately
$20,000,000.
The reopening plan includes cutting the value of the capital stock
from $2,500,000 to $1,250,000 and a $3,000,000 loan from the Reconstruction Finance Corp.
The Commercial National Bank of Rockford, Ill., capitalized at $200,000, was placed in voluntary liquidation on
April 18 last. The Institution has been absorbed by the
Third National Bank of Rockford.
Effective April 19 1932, the First National Bank of
Blandinsville, Ill., with capital of $30,000, went into voluntary liquidation. It was succeeded by the First National
Bank in Blandinsville.
-•___
Arthur Reynolds on May 3 resigned as Chairman of the
Board of Directors of the Continental Illinois Bank & Trust
Co. of Chicago. His resignation was brought about by
personal considerations-his family and his health. George
M.Reynolds,formerly Chairman of the executive committee
of the institution, was named Chairman of the Board to
Succeed his brother, and Stanley Field, heretofore Chairman
of the advisory committee, was appointed to the office vacated by George M. Reynolds. The Chicago "Journal of
Commerce," from which the foregoing is learned, went on
to say in part:
Arthur Reynolds has been subject to increasing deafness over a period
of years, and the dampness of the Chicago atmosphere has accentuated
this condition. In southern California, however, where he plans to live
near members of his immediate family already in the Los Angeles area,
the climatic discomfort to Mr. Reynolds is negligible, he stated yesterday
afternoon.
This severance of his official connections with the Continental Illinois
Bank & Trust Co. terminates temporarily, at least, a banking career extending over a period of more than 44 years. Mr. Reynolds made it
clear when he announced his resignation that he would not be idle in his
new home, although no plans in this respect have been made as yet.
It is learned from the Michigan "Investor" of April 30
that Charles W. Smith, heretofore Vice-President of the
Lapeer Savings Bank of Lapeer, Mich., has been promoted
to the Presidency of the institution to succeed the late
George R. Buck, while W. J. Abbott was made Vice-President in lieu of Mr. Smith. Other officers include: Matthias
Caley. Chairman; J. H. Cole, Vice-President; T. G. Caley,
Vice-President and Trust Officer; F. J. Stephenson, Cashier,
and 0. E. Potter and G. D. Thompson, Assistant Cashiers.
Regarding Mr. Smith, the new President, the paper mentioned said:
As Vice-President of the bank, Mr. Smith has been actively associated
with the bank since last fall. He is a successful business man, having
been Manager of the Lapeer Gas Electric Co. until the company was sold
to the Michigan Electric Power Co. He is a director of that company
at present, as well as a director of the First National Bank of Lapeer. He
Is President of the Lapeer Country Club; has served as a Grand Chancellor
of the Michigan Knights of Pythias, and is a former speaker of the House
of Representatives.
With reference to the affairs of the Monroe State Savings
Bank, Monroe, Mich., the closing of which was noted in our
Issue of Aug. 29 1931, page 1398, the "Michigan Investor"
of April 30 had the following to say:
The reorganization plan for the reopening of the Monroe State Savings
Bank calls for a trust fund of 30% of deposits and a five-year moratorium
for the remaining 70%, also a 100% stock assessment which will amount
to $200,000. This plan is similar to other plans under which banks in
the State have been reopened, and it is meeting with splendid success.
Between 75% and 80% of the deposit liability have already agreed to
the reorganization plan after 10 days of effort on the part of the depositors'
committee.
Alfrew W. Birney, for the past nine years connected with
the Highland Park State Bank at Highland Park, Mich.,
was recently advanced to an Assistant Cashier of the institution to succeed Lee C. Abrams, who resigned to become
Cashier of the Guardian Bank of Royal Oak at Royal Oak,
Mich., according to the "Michigan Investor" of April 30.
May 7 1932
The Waukomis State Bank, Waukomis, Okla., has replaced the Waukomis National Bank, which recently went
into voluntary liquidation. The new institution has combined capital, surplus and undivided profits of $20,593; deposits of $130,363, and total resources of $150,956. Its
officers are: John R. Camp, President; L. G. Gossett, VicePresident and John Camp, Jr., Cashier.
The First National Bank of Blue Earth, Minn., and the
Blue Earth Valley National Bank of the same place, were
merged on April 27 under the name of the latter, according
to the "Commercial West" of April 30. The new bank has
deposits of over $500,000, it was stated.
The Alma National Bank (capital $50,000) and the
Farmers' National Bank ($25,000), both of Alma, Kan.,
were placed in voluntary liquidation on April 20 and April
21, respectively. The institutions have been succeeded by
the First National Bank in Alma.
That the Bank of Bristol, at Bristol, Tenn., had suspended,
April 29, was reported in the following dispatch by the
Associated Press from that place:
The Bank of Bristol, with deposits listed at $1,312,306, failed to open
to-day and D. D. Robertson, State Banking Superintendent, took charge.
Directors said it had closed "temporarily for reorganization of its
affairs."
"Gradual shrinkage of deposits and inability to collect loans" were given
as causes for the closing. A statement last December gave resources as
$1,922,122.67.
The bank is on the Tennessee side of the State line.
That the Bank of Littleton, at Littleton, N. C., a small
Institution, which has been closed for more than three
months, would reopen May 2 was reported in a dispatch from
that place on April 30, appearing in the Raleigh "News and
Observer" of May 1. The advices went on to say, in part:
The people of the community co-operated 100% in effecting the reopening
of the institution on a solid financial basis.
The bank closed with its capital of $15,000 unimpaired and with surplus
and undivided profits of approximately $32,000. The depositors absorbed
$100,000 of the notes on hand and a stock assessment of 50% was overpaid.
Commissioner of Banks Gurney P. Hood ruled that when the bank opened
It had to have in available cash 50% of the amount of deposits left in the
bank. The bank will open with practically double the amount of demand
deposits.
ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Mon.,
Sat.,
Tues.,
April 30. May 2.
May 3.
Silver, per oz-- 16%d. 46 11-16d. 16 9-16d.
Gold, p.fine oz.112s.10d. 112s. 9d. 113s. ld.
6134
Consols,234%101
Brittsh 59'-101
British 4%-___
French Rentes
(in Parts)
76.20
76.00
French War L'n
(in Paris)78.80
59' ----Sr
99.40
Wed.,
May 4.
16%cl.
112s. ed.
6191
101
101
Thurs.,
Frt.
May 5.
May 6.
16 11-16d. 16 9-16d.
112s. 9d. 112s. 8d.
62
6291
10134
10191
101
101
76.80
74.50
98.30
97.30
The price of silver in New York on the same days has been:
Silver In N. Y.,
Per oz. (cts.) 2791
2731
,
27
2734
273j
2791
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Trading on the New York Stock Exchange the present
week has been extremely quiet with irregular changes and
with the drift downward most of the time until Friday,
when the market moved briskly upward. Liquidation was
in evidence at practically every session and many of the
standard speculative favorites were under almost continuous
pressure. Railroad stocks were weak, particularly on
Wednesday, when several prominent issues slipped down
to the levels of 1904. Industrial shares also were off,
United States Steel common breaking through 26 to a
new low. Modest rallies occurred from time to time, but
these were usually of short duration and served only as a
temporary check on the downward movement until Friday.
On Wednesday the directors of General Motors declared a
quarterly dividend of 25 cents on the common stock, thereby
reducing the annual rate on the common shares from $2 to $1.
This is the second out during the present year, the rate
having been reduced from $3 to $2 on Feb. 3. Call money
renewed at 23/% on Monday and remained unchanged at
3
that rate on each and every day of the week.
Trading was extremely dull and irregular during the
abbreviated session on Saturday, the total turnover being
less than one-half million shares. Liquidation was fairly
heavy, but was concentrated in a few of the more prominent
issues, which sank to new lows. Toward the end of the
Volume 134
Financial Chronicle
session a moderate rally got under way and a few of the
market favorites showed slight gains at the close. The
railroad issues bore the brunt of the recessions, particularly
the high-grade stocks like Atchison, which at one period
of the trading was down about 3 points. Union Pacific was
also off and New York Central was fractionally lower than
its previous minimum. Industrial shares also were down
and stocks like Air Reduction, Eastman Kodak, American
Can, General Electric and General Motors all broke into
new low ground. In the public utility group the weak spot
was the Western Union issues,. with Consolidated Gas and
Am. Tel. & Tel. close to their lows for the day. United
States Steel closed fractionally higher and Auburn Auto
gained over a point, and while there were a few fractional
gains scattered throughout the list, most of the changes
were on the side of the decline.
Pressure on many leading stocks was again apparent on
Monday as many market favorites moved to new lows.
Moderate rallying power was shown around midsession, but
the buying soon petered out and the list again turned downward. Railroad shares were leaders of the brief upward
swing, but the gains were at no time especially noteworthy.
New York Central, which dipped sharply in the early
trading, came back fractionally, and this was true also of
other of the more active railroad issues. The principal
recessions included such speculative favorites as American
Can preferred, which dipped 4 points to 105; Eastman
Kodak, which fell off 14 points to 473/3; National Lead,
3
which dropped 4 points to 493%; Norfolk & Western, which
slipped back 23% points to 81%, and a host of other recessions in both common and preferred groups. On Tuesday,
selling continued to spread over the stock market and
checked rallying tendencies. Trading was very light, the
turnover being below the million-share mark and the net
changes were generally within a narrow range. New lows,
largely fractional, were recorded by Western Union, Auburn
Auto, American Can, United States Steel preferred, Coca
Cola and du Pont, and recessions ranging from 1 to 2 or more
points were registered by a number of the specialties. The
list included among others, Columbian Carbon, 33/i points
to 183%; Eastman Kodak, 1 point to 463; Industrial Rayon,
3 points to 22; International Harvester, 13% points to 163%;
Woolworth, 13% points to 325 ; Central RR. of N. J., 12
%
points to 45; Sears Roebuck,13% points to 153%; J. C.Penney,
2 points to 20; Homestake Mining, 23% points to 1163%;
Adams Express preferred, 23/i points to 483/z, and Auburn
Auto, 37 8 points to 303%.
/
The market continued its downward drift during the
morning trading on Wednesday, many prominent industrial
stocks breaking through their 1904 lows. Selling was lighter
in the afternoon and prices rebounded in many instances to
their opening levels. United States Steel broke to 265
%
where it was off 13% points and then moved back fractionally.
American Tel. & Tel. was down to 953/i its lowest since 1920,
but recovered somewhat later in the day. Most of the
changes of size were among the preferred stocks, United
States Steel pref. for instance breaking to 653% at one period
of the trading, though it subsequently recovered to 69 with
a loss of 13% points on the day. Consolidated Gas pref.
4
was off 43 points to 83 and American Snuff pref. declined
63% points to 92. Slight gains were recorded by the railroad
group and included among others Atchison which advanced
iM points, Union Pacific which climbed up 2 points to 51
and Reading which improved 1 point to 17. Railroad shares
were weak during the early trading on Thursday, but most of
the losses were cancelled before the close. Public utilities
were stronger, though the net gains for the day were for the
most part fractional. The principal changes wore on the side
of the decline and confined largely to the preferred stocks.
Prominent in this list of recessions were Adams Express pref.
which fell off 2 points to 463%, Bethlehem Steel prof. which
declined 2 points to 32, Studebaker pref. which receded 10
points to 65 and Electric Power & Light prof. which dipped
2 points to 27.
The market turned upward on Friday, and while there
were occasional interruptions due to liquidation, the advance
continued throughout the day and some of the more active
stocks closed with gains ranging from 1 to 2 or more points.
Later in the day these advances were increased to some
extent. Pivotal stocks showed gains at one time ranging
up to 4 points. The rally was the sharpest upturn since the
early part of February. Among the notable gains were Air
Reduction, which moved forward 33% points to 403%; Allied
Chemical & Dye, which improved 5 points to 56; American
Can, which advanced 43% points to 413/2; Amer. Tel. &
3393
which climbed 43% points to 1013%; Auburn Auto,rwhich
surged forward 43/i points to 373%,and Bethlehem;Steel pref ,
which closed at 39, with a gain of 7 points. Other gains
were United States Steel, 33% points to 303 ; Studebaker
4
pref., 7 points to 72; Peoples Gas, 3 pints to 71; Delaware
& Hudson, 3 points to 56, and J. I. Case, 23% points to 233%.
At the close the market was strong with prices around the
top for the session.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
May 6 1932.
Stocks,
State.
Railroad
Number of and Miscal. Municipal &
Shares.
Bonds.
Poen Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
438,980
776,446
900,510
1,318,950
1,002,806
1,629.720
$3,564,000
5,427,000
4.641,000
6,423,000
5,499,000
6,143,000
$1,615,000
2,533,000
3,072,500
3,169,000
2,135,000
2,347,000
United
States
Bonds.
Total
Bond
Saks.
$760,000
1,254,500
3,786.500
4,039.700
2,783,300
4,860,000
$5,939,000
9.214.500
11,500,000
13,631.700
10,417,300
13,350,000
6,067,412 $31,697,000 $14,871,500 $17,484,000 $64,052,500
Sales at
New York Stock
Exchange.
Week Ended May 6.
1932.
Jan. 1 to May 6.
1932.
1931.
Stocks
-No. of shares_
6,067,412
Bonds.
Government bonds_ - _ $17,484,000
State & foreign bonds_
14,871,500
Railroad & misc. bonds 31,697,000
1931.
136,202,797
239,615,895
$1,935,600
13.631,100
37,168,000
$263,461,100
259,201,000
552.618.300
$61,199,750
269,367,600
642,530,000
$64,052,500 $52,734,700 $1,075,280,400
Tote/
10,053,834
$972,097,350
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
May 6 1932.
Philadelphia.
Baltimore.
Shares. Bond Saks
Shares. Bond Sales
Shares. Bond Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
11,282
18,900
18.589
27,129
27,452
7,456
7.715
10,815
19.712
19,782
15.124
7.910
110,808
Total
$1,200
3,850
2,000
9,000
5,000
7,000
$28,050
97,303
$42.600
Prey, week revised
$2,000
9.600
35,500
7,000
286
752
1,764
563
1,268
785
$6,000
3.000
3,100
5.500
3,000
81,058
$54,100
5.418
$20.600
78.706
$57.700
3,533
$8,900
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 7), bank exchanges for all the cities of
the United States from which it is possible to obtain weekly
returns will be 29.9% below those for the corresponding
week last year. Our preliminary total stands at $6,026,801,867, against $8,599,103,670 for the same week in 1930.
At this center there is a loss for the five days ended Friday
of 29.9%. Our comparative summary for the week follows:
Ckarings--Returns by Telegraph.
Week Ending May 7.
1932.
1931.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$3,380,515.265 84,821.247,702 -29.9
236.435.000
362.899,724 -34.8
237,000,000
326.000.000 -27.3
226,000,000
334,000,000 -32.3
59,839,982
72.229.247 -17.2
55.300,000
77,400,000 -28.6
79.670,000
119,983,000 -33.6
No longer will report clearings.
73,004,915
121,732,420 -40.0
61,682,731
104,560,639 -41.0
55,059,036
82,476,418 -33.2
60,996,007
63.090.104
-3.3
30.977,403
44,285,488 -30.1
Twelve cities, 5 days
Other cities, 5 days
$4,556.480,339
465.854,550
$6,529,904,742
732,532,310
Total all cities. 5 days
All cities, 1 day
$5.022,334,889
1,004.466,978
$7,262,437,052 -30.8
1,336,666,618 -24.9
56,026.801.867
$8,599,103,670
Total all cities for week
-30.2
-36.4
-29.9
Complete and exact detai s 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 April 30.
For that week there is a decrease of 54.6%, the aggregate
of clearings for the whole country being $4,649,464,734,
against $10,236,055,289 in the same week in 1931. Outside
of this city there is a decrease of 33.7%, the bank clearings
at this center recording a loss of 41.2%. We group
the
cities now according to the Federal Reserve districts in
which they are located, and from this it appears that in
the
New York Reserve District, including this city, the
totals
record a contraction of 59.9%, in the Boston
Reserve
District of 43.4% and in the Philadelphia Reserve
District
of 39.5%. In the Cleveland Reserve District the
totals
show a loss of 44.5%, in the Richmond Reserve District of
37.7% and in the Atlanta Reserve District of 20.2%. The
Chicago Reserve District suffers a loss of 48.5%, the St.
Louis Reserve District of 38.6% and the Minneapolis Reserve District of 42.2%. In the Kansas City Reserve
District the decrease is 34.3%, in the Dallas Reserve Distrist 31.1% and in the San Francisco Reserve District
25.9%.
SUMMARY OF BANK CLEARINGS.
1931.
1932.
Week End. Apr. 30 1932.
Inc.or
Dec.
$
482,449,539
7,291,297,347
463,474,595
339,358,441
154,217,052
122,867,831
693,909,201
128,846,848
106,613,751
139,187,721
50,712,331
263,111,632
118 cities
Total
Outside N. Y. City
4,649,464,734 10,236,055,289 -54.6 12,207,662,542 13,523,567,883
1,820,052.973 3,093,471,483 -41.2 3,944,470,127 4,336,801,507
210_255.716
We also furnish to-day a summary of Federal Reserve
districts of the clearings for the month of April. For
that month there is a decrease for the entire body of clearing
houses of 42.6%, the 1932 aggregate of clearings being
$22,861,717,985, and the 1931 aggregate $39,852,451,460.
In the New York Reserve District the totals register a
diminution of 46.6%, in the Boston Reserve District of
41.5% and in the Philadelphia Reserve District of 25.3%.
The Cleveland Reserve District suffers a loss of 36.8%,
the Richmond Reserve District of 26.7% and the Atlanta
Reserve District of 23.4%. In the Chicago Reserve District
the totals register a decline of 42.8%, in the St. Louis
Reserve District of 30.1% and in the Minneapolis Reserve
District of 27.0%. In the Kansas City Reserve District
.
,
the falling off is 27.8%, in the Dallas Re: erve District 31.4%
and in the San Francisco Reserve District 30.8%.
April
1931.
April
1932.
3
Federal Reserve Dicta.
cities 1,178,417,925 2,013,404,731 -41.5
1st Boston _
2nd New York _ _13 " 14,438,640,086 27,033,407,300 -46.6
1,834,379,145 -25.3
1,370,375,15
3rd Philadelpla 14
916,271,764 1,448,813,355 -36.8
4th Cleveland_ _13
652,123,657 -26.7
477,998,929
5th Richmond 9
557,459,018 -23.4
427,151,353
6thl Atlanta_ _ _ _16
1,693,831,15 2,962,589,497 -42.8
___27 .1
7th Chicago
579,003,669 -30.1
401,472,27
8th; St. Louis_ __ 7
422,842,317 -27.0
308,630,256
9tht Minneapolls13
754,233,585 -27.8
544,508,203
10th KansasCity 14
376,143,564 -31.4
258,214,56
10
11th Dallas
843,206,273 1,218.061,622 -30.8
_23
12th;San Fran _
1.91
173 cities 22,861,717.985 39,852,451,460 -42.6
Total
8,892,895,892 13,471.643,296 -34.0
Outside N. Y. City
32 cities
Canada
1,071,620,146
1.518,788,433 -29.4
April
1929.
April
1930.
Inc.or
Dec.
$
2,331,248,789 2,369,824,890
34,291,625,758 35,776,217,307
2,349,113,800 2,877,061,376
1,835,933,291 2,024,797,626
796,656,319
830,439,991
725,095,872
856,015,990
4,000,001,200 4,414,622,664
796,448,348
858,345,516
512,479,910
552,958,494
1,029,018,405 1,138,444,529
441,359,158
543,644,494
1,532,797,018 1,621,402,073
50,641,777,868 52,981,286,388
17,105,639,336 17,983,732,984
1.617,733,145
1,959,823,002
We append another table showing the c earings by Federal
Reserve districts for the four months back to 1929.
4 Months
1932.
Federal Reserve Diets.
cities
1st 130ston _,14
2nd New York..13 "
3rd Philadelpla 14 "
4th Cleveland__13 "
9 "
5th Richmond
6th A tlanta _ _ _ _16 "
7th Chicago _ __27 "
8th St. Louis__ 7 "
9th NIinneapolls13 "
10th KansasCity 14 "
10 •'
11th Dallas
12th San Fran_23 "
4 Months Inc.or
1931.
Dec.
3
4,681,298,734
61,345,596,837
5,393,823,277
3,754,042,612
1,910,324,194
1,716,586,186
6,689,946,149
1,673,041,656
1,227,673,139
2,218,345,172
1,127,295,791
3,459,501,113
7,405,371,234
01,478,090,124
7,346,209,608
5,739,750,272
2,541,882,968
2,316,140,369
11,5E6.215,134
2,326,182,406
1,671,390,602
3,093,070,462
1,540,228,608
4,728,079,792
4 .11Ionths
1930.
4 Months
1929.
-36.8 9,093,693,140 9,718,422,278
-39.5 128,226,363,956 160,218,201,842
-26.6 10,233,633,109 11,155,263,918
-34.6 7,029,020,085 7,795,922,862
-23.7 3,088,764,692 3,188,656,233
-25.9 3,007,100,157 3,399,900,502
-42.3 15,504,705,271 19,001,294,034
-28.1 3,233,707,400 3,621,700,558
-26.5 1,981,048,270 2,189,342,975
-28.3 4,131,340,778 4,487,381,223
-26.8 1,889,257,692 2,262,991,324
-26.8 6,153,675,054 6,625,223,519
173 cities 95,227,474,860 151,772,611,579 -37.3 193,103,044,629 229,760,528,550
Total
35,746,348,550 52,699,684,664 -32.2 67,782,894,513 72,610,999,268
Outside N. Y. City
32 cities 4,175,115,064
Canada
5,666,799,353 -26.3
1931.
1932.
1931.
1932.
130,581,005
226,690,088
$524,485,300
245,944,500
246,737,100
$598,105,000
253,380,500
58,935,150
$252,645,950 8222.064,100 61,017,166,900
$910,420,650
Stocks, number of shares. 31,470,916 54,346,836
Bonds.
RR.& miscell. bonds_ _ _ _ $127,389,800 $149,059,000
55.862,500 59,884,000
State, for., &c., bonds_ _
69,393,650 13,121,100
U.S. Govt. bonds
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 for the
years 1929 to 1932 is indicated in the following:
1932.
1931.
1929.
1930.
No. Shares, No. Shares, No. Shares. No. Shares.
Month of January
February
March
34,362,383
31,716,267
33,031,499
42,503,382
64,181,836
65,658,034
62,308,290 110,805,940
67,834,100 77,968,730
96,552,040 105,601,570
99,110,149 172,343,252 226,694,430 294.436,240
First quarter_ _ _
Month of April
31.470.916
63 (10(1 471)
54.348.636 1 i 1 nti non
509,035.182
407,425,089
369.453.087 -43.1
Four Months.
"Ilona of April.
DescriptiOn.
Total bonds
9
273,061,693
2,920,539,867
280,268,440
188,506,734
96,048,985
95,035,292
357,185,260
79,131,376
61,636,761
91,430,325
34,962,034
168,657,976
32 cities
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for April and the four months of 1932 and 1931 are given
below:
1929.
1930.
$
3
%
617,492,462
596.810,377
-43.4
-59.9 8,443,630,760 9,379,610,579
625,518,940
575,330,496
-39.5
452,079,881
424,452,542
-44.5
196,762,577
177,421,528
-37.7
194,040,981
174,045,082
-20.2
930,430,477 1,069,053,664
-485
199,092,615
176,405,081
-38.6
123,905,577
121,513,007
-42.2
214,717,524
186,500,489
-34.3
77,201,192
56,132,905
-31.1
374,088,891
344,989,798
-25.9
Federal Reserve Diets.
1st' Boeton ____12 cities
2nd New York_ _12 "
3rd Philadelpla 10 "
4111 Cleveland__ 8 "
5615 Richmond _ 6 "
6th Atlanta _ _ _ _11 "
7th Chicago __20 "
8th St Louis_ _ _ 5 "
9th NIinneapolls 7 "
10th KansasCity 10 "
5 "
11th Dallas
12th San Fran_ _14 '
Canada
May 7 1932
Financial Chronicle
3394
7,975,774,912
6,569,853,381
The following compilation covers the clearings by months
since Jan. 1 1932 and 1931:
MONTHLY CLEARINGS.
Clearings, Total All.
Clearings Outside New Yo k.
Month.
1932.
1931.
$
$
1932.
1931.
$
%
$
%
Jan_ __ 26,483,613,804 39.676.379,908 -33.2 9,799,279,675 14,375,919,731 -31.8
Feb_- 21,364,764,405 32,942,435,566 -35.1 8,146,220,677 11,719,161,974 -30.5
Mar.... 24,517,396,666 39,301.344,645 -37.6 8,907,952,306 13,132,959,663 -32.2
1st qu_ 72,365,756,875 111 920 160119 -35.3 26,853,452,658 39,228,041,368 -31.5
Apr__ 22.861,717,985 39,852,451.460 -42.6 8,892,895,892 13,471,643,296 -34.0
The course of bank clearings at leading cities of the country
for the month of April and since Jan. 1 in each of the last
four years is shown in the subjoined statements:
BANK CLEARINGS AT LEADING CITIES.
-Jan. 118
----April1932. 1931. 1930. 1929. 1932.
1931.
$
$
$
$
$
$
13,968 26,381 33,536 34,998 59,481 99,073
7,401
1,112 1,901 2.592 2,789
4,264
6,596
1 023 1,804 2,058 2,075
4,059
6,820
5,027
1,280 1,697 2,183 2.693
589
1,654
1,124
272
528
410
2,481
1,538
847
371
826
626
1,873
859
2,534
848
459
854
456
1,341
424
1,022
344
249
331
286
187
252761 1,011
588
1,569
547
1,135
367
278
680
1,818
581
1,220
463
301
333
796
354
1,061
267
200
224
739
198
511
168
134
969
2,347
805
1,233
591
294
157
169
317
102
404
75
195
184
406
153
620
98
69
63
159
51
107
41
146
131
104
411
69
295
236
482
261
199
697
117
110
105
265
359
91
66
143
164
332
119
417
83
100
91
224
73
299
53
183
197
462
149
.593
113
82
92
196
224
49
55
219
176
414
141
557
101
82
77
170
250
65
8
3
81
93
149
209
37
54
(000,000s
omitted.)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Baltimore
Cincinnati
Kansas City
Cleveland
Minneapolis
New Orleans
Detroit
Louisville
Omaha
Providence
Milwaukee
Buffalo
St. Paul
Denver
Indianapolis
Richmond__
Memphis
Seattle
Salt Lake City-.
Hartford
April 301929.
1930.
$
$
125,320 157,510
10,060 12,521
8,558
8,083
9,615 10,426
2,460
2,140
3,283
3,054
3,573
3,465
1,710
1,666
1,315
1,136
2.307
2,160
2,542
2,300
1,350
1,295
935
853
3,848
3,090
690
671
768
755
285
248
598
525
1,031
887
514
299
647
564
417
374
740
760
388
354
875
089
309
307
854
284
21,015 37,281 47,480 50,323 87,915 141.682 180.954 219,594
7,312 10,091 12,149 10,167
1,847 2.571 3,161 2,658
Total
Other cities
22,862 39,852 50.641 52,981
Total all
Outside N. Y. City 8,893 13,472 17,106 17.984
95,227 151,773 193,103 229,761
35,746 52,700 67,783 72,611
We now add our detailed statement showing the figures
for each city separately for April and since Jan. 1 for two
years and for the week ended April 30 for four years:
CLEARINGS FOR APRIL, SINCE JANUARY 1, AND FOR WEEK ENDING APRIL 30.
$
$
First Federal Rese rye District- Boston
2,712,243
1,990,643
Maine-Bangor
14,082,944
9,777,075
Portland
1.022,512,151 1,803,640,166
Mass.-13oston
4,908,376
3,241,872
Fall River
2.583,527
1,908,525
Holyoke
2,152,063
1,473,627
Lowell
4.052,338
2,960.472
New Bedford
21,212,578
15,537,100
Springfield
12,776.114
8,867,631
Worcester
54,061,941
36.636.194
Conn.- Hartford_ _ _ _
30,791,290
25.835,318
New Haven
7.609,300
5,066,400
Waterbury
50,518,900
40,625,700
R. I.-P7ov 1den co _ _ _
2,242,951
1,985.217
-Manchester..
N. 11.
,
Total(14 cities)._
1,178,417.925 2,013,404,731 -41.5
1932.
1931.
$
Inc. or
Dec.
$
1932.
$
MIIIIIIIIIII
No-kto”-.1,
31JtJtJ43.-...14.1.
,
OGOIPA,i+NC7 -.C.40.1.001-.C.2
;P• ;X,
1931.
Inc. or
Dec.
Ca 0 0
C Ca ts2 .0 N, C.3
e••04100000.-.0o.:4005
1932.
Week Ended April 30.
Four Months Ended April 30.
Month of April.
Chariots (21
7,734,798
40,384,170
4,059,121,887
13,028,337
7,446,372
5,430,243
11,542,406
59,337,196
39,036,079
149,308,575
101,943,075
20,040,300
158,740,000
8,205,296
10,148,304
53.279,834
6,595.987,950
17,319,356
9.209,247
8,113,188
14.624,505
79,450,684
50,170,450
209.438,799
118,617,553
31,377,900
197,321.600
10,311.864
4,681,298,734
7,405,371,234 -36.8
1931.
$
Inc. or
Dec.
1930.
%
5
1929.
$
339,400
1,845,649
244,000,000
583,791
655.800
3,183,882
435,586.006
1,141,026
-46.2
-41.7
-44.0
-48.8
746,909
5,116,037
533,112,719
1,346,449
692,277
4,550.947
549,900,505
1,250,537
330,755
578,458
3,247,191
1,962,395
7,674.753
4,935,657
517,529
935,583
4,552.124
3,453,927
12,633.064
7,615.763
-35.8
-38.1
-28.7
-43.2
-39.2
-35.1
974,534
946,854
4,675,498
3.748,127
21,058,935
8,677,080
1,247.646
1,157,556
6,611,390
4,297,470
19,805,407
9,317,306
7,120,600
443,044
11,597,400 -39.5
577.435 -23.3
15,228,600
1,178,635
17.528,800
1,132.621
273,061,693
482,449.539 -43.4
596,810,377
017,492,462
Financial Chronicle
Volume 134
3395
CLEARINGS-(Continued.)
Month of April.
Four Months Ended April 30.
Week Ended April 30.
Clearings at
1932.
1931.
$
$
Second Federal Re serve District -New York
-Albany
N. Y.
28,844,541
27,807,631
Binghamton
5,232,590
4,235,010
Buffalo
117,022,104
199,369,988
Elmira
3,660,832
4,856,530
Jamestown
2,566,492
4,217,552
New York
13,968,822,093 26,380,808,164
Rochester
34.802.492
45,748.943
Syracuse
17,345,789
19,815,141
Conn.
-Stamford.. _
11,084,628
16,795,776
N. J.
-Montclair_ _ _ _
2,645,803
3,690,956
Newark
137,555,672
102,926,255
Northern N. J
139,429.718
180,425,003
Oranges
5.254,329
7,083,354
Total(13 cities)
Inc. or
Dec.
1932.
%
$
1930.
1929.
-15.6
7.697,311
8,049,924
-43.5
1,301,352
1,464,154
-44.0
61,887,828
59,277,281
-35.0
832,002
1,258,341
-42.1
1,320,726
1,263.226
-60.4 8,263,192,415 .186,766,376
-48.6
13,424,686
19,031,346
-49.4
6,149.986
7.817,159
-5.0
3,905,392
4,777,443
-38.4
883,000
1,113,579
-38.6
40,186,861
38,923,240
-34.8
42,849,201
49,868,510
-44.4
-14.5
-48.3
-29.0
-43.7
-26.9
-28.8
-26.3
-12.2
-39.7
-43.8
-33.4
-39.3
-17.1
3,778,000
4,981,000 -24.2
4,480,000
5,631,034
5,393.823,277
7,346,209,608 -26.6
280,268,440
463,474,595 -39.5
575,330,496
625,518.940
-84.7
b
-26.0
-35.0
-41.2
-36.3
-50.2
-29.9
is
-42.0
-33.8
-68.0
-40.8
-14.3
-42.2
7.736,000
b
760,832.568
1,220,092.151
142,788.300
7,907,054
2,529,534
10,694,790
b
3.566,892
1,842,869
4,928.322
1,538.486,387
22,625,093
30,012,852
58,928,000
b
1,011,010,095
1,817,501,279
228,997,800
14,091,441
4,998,929
25.981,207
b
5,961.294
2,466,764
15,245.188
2,480,930,376
23,317.808
50,320,093
-86.9
b
-24.7
-32.9
-43.9
-43.9
-49.4
d369.000
3,021,000 --87.8
5,108,000
7,834,000
37,703,038
61,384,208
6,551,600
59,004,811 --36.1
106,453,385 --42.3
12.951,800 --49.4
62,934,387
130,224,805
16,203,700
78,832,226
150,268,951
16,227,300
c807,614
1,293,151 -37.5
is
1,983,822
2,230,394
81,691,274
156.634,294 -47.8
207,997,828
196,687,010
016.271,764 1,448,813,355 -36.8
3,754,042,612
5,739,750.272 -34.6
188,506,734
339,358,441 -44.5
424,452,542
452,079,881
-31.4
-21.7
-24.6
-57.0
-50.6
-57.8
-27.6
-35.7
b
-20.9
7,250.034
46,982,373
482,193,250
12,699.997
14,709,177
16,121,262
1,022,925,609
4,508.523
b
352,933,969
11,640.229
59,363,684
592,867,034
29,626,987
30,871,105
36,932,741
1,341,328,329
6,922.104
b
432,332,755
385,819
2,581,104
26.480.923
571.702 --32.5
4,083,946 -36.8
36,166,275 -26.8
1,184,229
4,500,000
46.795,000
1.414,867
5,201,774
41,320,000
652,123.657 -26.7
1,940,324,194
2,541,882,968 -23.7
477,998,929
Sixth Federal Rese rve District- Atlanta
Tenn.
-Knoxville_ _ _ _
11,958,990
8,000,000
Nashville
40,596,628
56,338,760
Ga. Atlanta
130,900,000
159,714,018
Augusta
3,958,800
6,293,257
Co umbus
1,986,684
3,279,111
Macon
2,173,015
3,283,232
Fla.-Jacksonville_ _ _
42,851,265
57,998,723
Tam pa
5,336,638
7,627,796
Ala.
-Birmingham _ _
38,969,240
64,526,360
Mobile
3,747,457
5,816,912
Montgomery
2,173,012
3,237.10
Miss.
-Ilattlesburg-3,295,000
5,026,000
Jackson
3,909,382
5,588,658
Meridian
1,315,175
1,674,380
Vicksburg
455,224
577,722
La.- New Orleans_
133,524,853
168,478,980
+49.5
-27.9
-18.0
-37.1
-39.4
-32.9
-26.1
-30.0
-39.6
-35.6
-32.9
-34.4
-30.0
-21.5
-21.2
-20.7
44,189,690
165,910,851
515,275,000
16,320,741
8,970,425
8,945,743
186,204,382
21,856.316
171,302,031
17,014,947
9,632,566
14,514,000
17,110,153
5,799,565
2,232,40'
511,307,371
557,459,018 -23.4
Seventh Federal R eserve DistrIc t-ChicageMich.
-Adrian
487,909
802,584 -39.2
Ann Arbor
2.868.496
3.755,648 -23.6
Detroit
293,720,318
591,055,648 -50.3
Flint
5,447,429
9,993.797 -15.5
Grand Rapids
13.693,794
21.112,732 -35.1
Jackson
2,279,331
3,888,329 -41.4
Lansing
5,824,710
11,210,848 -48.0
-Fort Wayne_ _
Ind.
4.775,511
10.847,375 -56.0
Gary
8,657,816
17,813,610 -50.8
Indianapolis
52,582,699
73,481,000 -28.4
South Bend
5,377,990
10,847,625 -50.4
Terre haute
13,562,435
18,345.954 -26.1
Wis.-Madison
4,513,519
10,751.247 -58.0
Milwaukee
68,824,552
103,827,087 -33.7
Oshkosh
1.977,099
2,643,825 -25.2
-Cedar Rapids.
Iowa
3,335,154
11,734,110 -71.6
Davenport
23,013,801
52,780,489 -56.3
Des Moines
25.001,442
30,380,906 -17.7
Iowa City
b
13
b
Sioux City
12,831,993
18,251,417 -29.7
Waterloo
1,305,138
4,074,380 -68.0
Illinois-Aurora
2,027,320
4.201,986 -51.6
Bloomington
4,730,885
8,607.129 -45.0
Chicago
1,111,642,662 1,901,015,158 -41.5
Decatur
2,658.877
4,080,785 -34.8
Peoria
10,791,557
14,552,748 -25.8
Rockford
4,506,285
11,339,467 -60.3
Springfield
7,392.430
11,393,613 -35.1
427,151,363
1.693,831,152 2,962,589,497 -42.8
Eighth Federal Re serve District -St. Louis
b
b
Ind.- Evansville__
*600.000
1,219,336
New Albany
271,841,413
410,413.948
Mo.-St. Louis
74,815,622
101,945.463
Ky. Louisville
b
b
p. Owensboro
4,796,583
5,692,569
Fr-Paducah
-Memphis__
49,258,610
54,804,387
Tenn.
533,107
816,862
Ill.-Jacksonville_ _
2,626,941
4,111,104
Quincy
Total(7 cities)
5
15,696.437
54,051,543
16,048,346
61,144,400
39,154,452
9,566,786
11,081,614
6,820,600.000
49.088,796
76.125.216
55,168,005
32,081,413
32,940,000
73,462.600
Fifth Federal Rese roe District- Richmond
W. Va.-Huntington _
1,845,000
2,690,025
12,189,995
Va. Norfolk
15,561,541
R chmond
112,589,709
149,345,212
N.C.-ItaleIgh
3,172,886
7,384,465
S. C.
-Charleston._
3,998,000
8,091,922
Columbia
4,134,332
9,787,102
Md.-Baltimore
249,215,985
344,016,354
Frederick
1,198,798
1,864,230
Hagerstown
b
b
-Washington
D. C.
89,654,224
113,382,806
Total(27 cities)
%
Inc. or
Dec.
8,729,882
46,184,730
8.294,932
43,410,144
22,045,864
6,996,021
7.885,592
5,027,000,000
43,094,889
45,921,092
31,989,711
21,362,720
20,007,000
60,900,700
- 1.370,375,185 1.834,379,145 -25.3
Total
(13 cities).
-
Totaa(16 eft es)
$
1931.
14,438,840,086 27,033,407,300 -46.6 61,345,596,837 101,478,090,124 -39.5 2,920,539,857 7.291,297.347 -59.98.443.630.760 9.379,610.579
Fourth Federal Re serve District -Cleveland
Ohio
-Akron
d2,141,000
14,029,000
Canton
b
b
Cincinnati
186,799,437
252.488,107
Cleveland
301,123,361
463.406,110
Columbus
34,397,300
58,472.800
Hamilton
2,080,112
3,267.889
Lorain
1,127,996
561,274
Mansfield
6.489,923
c4,549,082
Youngstown
b
b
Pa.
-Beaver County _
1,632,234
946,873
Frank in
654,080
433,000
Greensburg
1,207,047
3,772,121
Pittsburgh
625.707,052
370,515,388
Ky.-Lex ninon
3.841,379
4,481,607
W. Va.-Wheeling
7,676,511
13,284.456
Total(9 cities)
1932.
•
+3.7
101,331,660
109,874,670 -7.8
5,934,582
7.030,078
-19.1
15,700.934
20,587,762 -23.7
631,049
1.114,599
-41.3
481,930,891
697,474,902 -30.9
23,482,336
41,865,682
14.447,149
-24.6
18.626,864 -22.4
631,381
971,646
-39.1
10.685.968
17,496.040 -38.9
505.553
873.324
-47.0 59,481,126,310 99,072.926.915 -40.0 2,829,411,761 7,142,563,816
139.266,922
-23.9
184:73 048 7157.5
69 405 920
3 :
.8
6,198.547
12,055,087
71,263,112
-12.5
3,459,767
6.830,985
46,508,667
-34.0
56,111,570 -17.1
2,632,907
2,770,147
9,728,123
12,633.999 -23.0
-28.3
433.278
703,544
-25.2
417,282,865
533,297,456 -23.6
21,648,432
35.270,184
533,650,198
659,381,062 -19.1
-27.7
25.590,264
39,228,285
22,674,038
-25.8
25.899,916 -12.5
Third Federal Res erve District -Philadelph la
Pa.-Altoona
2,254,221
2,922,332 -22.9
Bethlehem
12,570.236
13,000,000 -3.3
Chester
4,001,371 -51.0
1,961,869
Harrisburg
10,902,995
15,504,260 -29.7
Lancaster
6,426,173
14,244,070 -54.9
Lebanon
1,861,882
2,916,503 -36.2
Norristown
1,977,617
2,853,459 -30.7
Philadelphia
1,280,000.000 1,697,400,000 -24.6
Reading
10,631,933
13,958,901 -23.8
Scranton
9.887.900
19,525,955 --49.4
Wilkes-Bane
7.832,750
14,454,777 -45.8
York
5,849,609
8,752,917 -33.2
N.J.-Camden
4,625,000
7,838,000 -41.0
Trenton
13,593,000
17,006,600 -20.1
Total(14 cities)
1931.
Inc. Or
Dec.
404,472,276
38,500,000
240.189.529
641,792,983
24,392,504
12,887.418
14,667,582
228,675,911
28,280,694
248,859,635
25,587,822
13,365,416
22,447,000
27,701,811
7,387,432
2,665,342
738,739,290
b
--40.2
-25.3
-67.7
-38.0
-29.7
-40.5
-37.7
-20.9
-22.0
-57.1
-52.4
-56.3
-23.7
-34.9
b
-18.4
398,852
2.621,940
405.610
760,080 -47.5
4,329,985 -39.4
905.315 -55.2
1.453,557
4,747,729
1.000,000
1.500,825
4,814,715
1.229,239
1,063,113
1.543,107 -31.1
2,130,594
1,859.881
546,000,000
4.542,795
5,234,554
3,574,872
2.166,395
591,000,000
5.561,939
6,680,475
4,482,059
2,758,773
265,000,000
2,318.813
1.975,827
1,559,225
1.149,260
436,000,000
4,102,285
5,361,983
3,543,614
1,947,226
-39.2
-43.5
-63.1
-56.0
-41.0
761,697
1,720,234 -55.7
2,095,297
2,600,000
48,533,935
87,589,464 -44.6
96,711,652
114,720,761
17.305.507
24,085,431 -28.1
26,135,350
31,505,375
96,048,985
154,217,052 -37.7
177,421,528
196,762,577
-28.4
-35.2
-29.2
-54.6
3,500,000
21,493,012
50.728.483
1,629,298
4,000,000
25,603,237
60,079,477
2,429,028
485,068
8,572,754
818,380 -40.7
11,354.035 -24.5
1,774,028
18,500,000
1,952,474
18,568,179
8,615,269
787.319
13,862,249 -37.9
1,406,777 -45.5
25,416,569
2,067,559
25,710,158
2,288,323
+16.6
-30.9
-19.7
-33.1
-30.4
-39.0
-18.6
-18.6
-31.2
-33.5
-27.9
-35.3
-2.1
-21.5
-16.2
-30,8
568,990
1,048,000 -45.7
1,915,000
2,474,000
85,232
42,370,522
124,715 -31.7
41,028,598 +3.3
194,971
46,826,162
301,923
50,634,182
1,716,586,186
2,316,140,369 -25.9
98,035,292
122,867.831 -20.2
174,045,082
194,040,981
2,306,600
11,408,073
1,232.820,278
26,598,529
54,059,532
10,470,437
26.539,491
19,562,510
29,225,914
224,129,556
23,414.866
60,384.681
24,317.853
295,018,167
8,178,103
13,519.776
92,082.080
90.994,471
b
46,654,712
5.984,846
7.587,846
17,999,151
4,264.374,232
10.663,649
44.740.660
17.758,132
29,152,004
2,999,330
15,261.116
2,347,292,093
40,532,709
82,535,034
15,084,458
48,300,012
42,106,878
65,139.481
299,096,000
36,093,804
78.627,356
42,688,294
410,576,299
11.898,264
46,562,23
196,873,724
120.039,269
b
68,379,059
15,059,731
15,540,47
27,571,249
7.401,154.28
16,256,89
58,428,55
41,488,49
40,630,42
85,690
608,111
68.758,472
151,762 -43.5
427,355 +42.3
144,051.619 -53.7
210,090
1,496.459
190,697,033
283,508
669,251
239,108,378
2.427,476
5,293,265 -54.1
6,074,606
7,815,405
1,891.200
1,036.976
2,498,000 -24.3
3,200,736 -87.6
4,500.000
3.531.681
5,385,193
4.132,922
11.221,000
954,739
3,080,225
18,960,000 -40.8
2,313,548 -58.8
4,190,336 -26.5
23,297.000
2,765,644
4,887.041
24,944.000
3,577,716
5,148,856
14,652.425
22,192,480 -33.7
33,193,450
33,769.555
720,291
2,588,623 -72.2
3,152,080
3,200,095
5,840,508
6,954,946 -16.0
10,990,750
11,274.416
2,600,175
288,383
4,621,283 -43.7
1.000,000 -71.7
6,356,742
1,553,732
8,072,881
1,899,068
-35.4
-48.6
-46.1
-41.0
-60.5
-42.2
2,279,648
619,936,168
2,154,261
6,439,108
3,811,513
3,063,491
2,242,440
700,714.820
1,328,633
7.162,464
4,864,815
3,479,248
1,789,188
8,190.915
25,900,000
690,035
2,500,000
12,647,135
36,559.040
1,520,902
-23.1
-25.2
-47.5
-34.4
-34.5
-30.6
-45.0
-53.4
-55.1
-25.1
-35.1
-23.2
-43.0
-28.1
-31.3
-71.0
-53.2
-24.2
b
-31.8
-60.3
-51.2
-34.7
-42.4
-34.4
-23.4
-57.2
-28.3
1,007,289
238,260,060
633,296
2,457,760
1,030,449
1,830,755
1.558,879
463.136.632
1.174,288
4,165.266
2,809,560
2,820,643
6,689,946,149 11,586,215,134 -42.3
357,185,268
693,909,201 -48.5
is
-50.8
-33.8
-26.6
b
-15.7
-10.1
-34.7
-36.1
is
2,047,231
1,124,119,953
317,422,941
b
21,533,234
195,692,299
1,961,358
10,264,640
b
4,528,045
1,654,066,679
403,625,542
b
24,224,345
224,358.221
2,769,059
12,610,515
579,003,669 -30.1
1,673,041,656
2,326,182,406 -28.1
b
-54.8
-32.0
-21.4
b
-11.1
-12.8
-29.2
-18.6
is
930,430,477 1,069,053.664
13
55,100,000
15,298,771
94,000,000 -41.4
21,992,156 -30.4
is
122,000,000
34.722,427
141,700,000
34,700.000
8,049,849
134,063
550,693
11,682,500 -31.1
295,310 -54.6
876,882 -37.2
17,704,682
379,038
1,598,936
20,369,200
621.518
1,701,897
79,131,376
128,848.848 -38.6
176,405,081
199,092,615
May 7 1932
Financial Chronicle
3396
-(Concluded.)
CLEARINGS
1931.
1932.
Week Ended April 30.
Four Months Ended April 30.
Month of April.
Clearings at
Inc.ar
Dec.
1932.
1931.
Inc. or
Dec.
$
$
%
$
%
5
Ninth Federal R s erve District -Minnea poll s15,747,512 -30.2
9,999,987
-Duluth____ _
Minn.
267,200,019 -25.2
199.805,230
Minneapolis
1,503,825 -24.8
1,131,119
Rochester
91,208,500 -28.2
85.617,575
St. Paul
9,170.042 -3.3
8,857,227
No. Dak.-Fargo_ _
6.463,000 -20.2
5,153,000
Grand Forks
1,347,000 -33.2
899,000
Minot
3,797.560 -29.6
2,672.282
So. Dak.-Aberdeen
7,225,170 -51.0
3,542.899
Sioux Falls
2,480,365 -33.2
1,547,398
_ __
-B
Mont.
3,616,984 -40.4
2,155.549
Great Falls
12,790,542 -37.1
7,053,379
Helena
291.798 -32.6
195.621
Lewistown
41,019,505
795,685,367
4,350,689
264.969,481
31,265.316
18,297,000
3,233,644
10,346,953
15,297.394
5,967,851
8,712,993
27,823,469
703,477
422,842,317 -27.0
1932.
1931.
Inc. or
Dec.
1930.
$
$
%
$
1929.
$
-39.8
-25.0
-23.8
-26.2
-6.2
-21.8
-32.8
-29.7
-48.7
-36.7
-27.6
-38.0
-21.2
2,044,657
42,257,813
3,143,052 -34.9
76.811,723 -44.8
4,004,862
88,275,985
7,745,007
84.205,321
13,479,854
1,540,584
21,408,863 -37.0
1,693,914 -9.1
22,922,870
1,983,774
24,700,547
2,344,262
1,165,662
1,227,673,139
Tenth Federal R s erve District -Kansas CD y1,107,316 -28.6
791,265
feb.- Fremont _ _ _
1,686,213 -59.6
682.196
Hastings
12,823,854 -18.2
9,491,827
Lincoln
152,633,289 -35.4
98,452,811
Omaha
10,288,097 -20.6
8,166,973
-Kansas City_ _
Kan.
12,574,397 -38.0
7.795,307
Topeka
21,299,253 -20.3
18,973.509
Wichita
1,990,835 -27.1
1.441,277
Missouri- Joplin__ _ _
367,344,140 -23.5
278,139,056
Kansas City
17,688,422 -32.1
12,004,000
St. Joseph
26,618,395 -13.8
20,854,846
-Tulsa
Okla.
4,174,989 -29.5
2,945.253
-Colorado Spg
Colo.
118,633,954 -21.4
83,290,597
Denver
_
5,370,451 -33.0
3.479,288
Pueblo
3,346,479
3.012,330
37,256,985
406.188,271
32,408.621
34,103,884
71.967.723
8,244,547
1,134,931,663
50,846,000
78,620,921
12,855,938
332,041,832
14,520,178
4,781,784
6.937.506
51,790,837
620,113,251
38,167,126
51.082.877
94,399.703
9,285,549
1,5138,564,347
78,850,123
115.918,014
16.833,934
418,790,139
21,575,272
754.233.585 -27.8
2,218,345,172
308.830,286
Total(13 cities)-- _
544.508,203
_
Total(14 cities) _
.
Eleventh Federal Reserve 'Asti Ict-Dallas6.659.769
4,303,183
Texas-Austin
6,712,000
3.725,132
Beaumont
158,418,300
112,181,400
Dallas
21,319,872
10,035,239
El Paso
33,329,396
24,275.344
Fort Worth
9,199,000
9,023,000
Galveston
117,798.830
80,585,112
Houston
1,920,562
1,178,435
Port Arthur
6,558,000
2,521,000
Wichita Falls
16,232,035
10,386,718
_
-Shreveport
La.
Total(10 cities)- .
258,214,563
-35.4
-44.5
-21.9
-53.0
-27.2
-0.8
-23.2
-38.7
-60.0
-35.9
16.769.170
19,228,512
488,395,897
45,082,186
103,497.139
39,362,000
354,857,304
5,187,495
10,544,000
44,372.088
376,143,564 -31.4
1,127,295,791
Twelfth Federal t eserve DIstrIc[-San Francsco-7,253.540
3,184,000 -41.3
1,871,000
Wash.-Bellingham _ _
140,599,656 -27.9
414,390.234
101,236.288
Seattle
109,780,000
40,268,000 -34.5
213,390,000
Spokane
8,390,986
3,823,683 -43.9
2,133,418
Yakima
17,205,163
5,318.768 -26.8
3,893.966
Idaho- Boise
3,210,426
1,357,000 -56.2
594,000
Oregon-Eugene _ .
313.946,173
117,473,803 -32.8
78.844.042
Portland
8,067,423
4.478,215 -59.2
1,830.115
Utah -Ogden
170,389.814
84,545,469 -40.5
38,377,981
.
Salt Lake City
42,860.207
14,993,000 -29.2
10,629,721
Arizona-Phoenix_ .
4.918,450 -39.9
12,350,337
2.949.733
.
Calif -Bakersfield_
64,575,952
16,195,828 -9.2
14,707.733
Berkeley
60,431.417
26,135,917 -43.6
14,744,649
•
Long Beach
No longer will report clearings
•
Los Angeles
7,595,044
•
2.402.701 -25.3
1,795,307
Modesto
65,220,549
23,429,337 -35.2
15,195.476
Pasadena
16,948,202
3,742,393 -6.6
3,493,779
Riverside
114,837,801
33,352,698 -11.9
27,983,640
Sacramento
58,005,927
22,359,368 -28.7
14,935,040
San Diego
654,142,645 -29.9 1,873.136,751
458,831,916
San Francisco
29,574,004
11,297,380 -35.7
7,264,019
San Jose
21,610,742
8,833.816 -37.4
5,527.407
Santa Barbara
17,905,160
7,958,395 -42.2
4,801.125
Santa Monica
21,814,291
7,243,100 -25.8
5,375.018
Stockton
Total(23 citles)_
_
843,206,273 1,218,051,622 -30.8
3.459,501,113
88.088,438
1,061.365,615
5,707,808
359,146,139
33.318.596
23,520,000
4,827.777
14,870,049
30,015,400
9,430,807
13,430,792
46,830,960
1,032,221
574,063
880,187 -34.8
1,055,335
250,794
543,712 -53.9
607,031
612,778
1,488,996
2,332.300 -36.2
2,683,150
3,132,000
1,671,390,602 -26.5
61,836,761
106.613,751 -42.2
121,513,007
123,905,577
-30.0
-56.6
-28.1
-34.5
-15.1
-31.3
-23.7
-32.5
-21.2
-33.7
-31.3
-23.6
-21.8
-32.6
162,859
134,497
2.200,172
21,951,300
-41.4
-62.4
-26.0
-42.4
444,442
528,784
3,739,684
42.789,703
448,332
675,594
5.488,405
48.045,084
1,528,528
3,481,776
2.666,554 -42.8
4,649,299 -25.1
3,104,049
7.171,854
3,839,277
8,288,795
58,283,575
2,523,558
84,144,179 -30.7
4.110,509 -38.6
121.451,178
4,831,316
137,553,595
7,142,238
536,054
a
630,007
+8.4
504.041
a
a
1,371,383 -54.1
820,987
a
1,638,532
1,273,882
a
1.982,322
3.093,070,462 -28.3
91.430,326
139,187,721 -34.3
188.500,489
214,717,524
25.513,928
28,260,931
628,869,934
87,216,086
136,704,244
46,509,000
492,951,413
8,530,177
23.507,000
84,365,895
-34.2
-31.6
-20.3
-48.3
-16.9
-14.9
-25.8
-39.2
-54.3
-31.1
1,540,228,608 -26.8
278,045
358.030
2.974,549
38,131,072
932,938
1,616,940 -42.3
1,474,874
2,316,546
24,484,247
35,808.689 -31.7
37,308.278
50.790,033
6,143,732
1,549,000
7,285.740 -15.7
2,311,000 -32.7
9,664,500
2.784,000
14,164,891
5,043,000
1,872,117
3.889,962 -49.3
4,923,255
4,889,722
34,962,034
50,712,331 -31.1
58,132.905
77.204,192
19,741,005
4,924,000
345,979
31,703.430 -37.7
8,562,000 -42.5
783,381 -54.7
39,020.286
10,160,000
918,598
49,220,508
12,263,000
1,716,066
15,609,177
29,632,619 -54.7
34,881,660
37,598,661
8.020,087
13.868,800 -42.2
17,034,177
17,971,356
5,620,676 -48.2
3.021,481
No longer will report detain ga.
7,841,476
8,643,534
5,081,915 -45.6
8.867,043
8,284,718
-8.8
-37.9
-38.2
-27.1
-49.0
-48.4
-36.3
5.853.500
6.203,093
207,081,095
3.107.386
2,042,123
2,097,461
2.081,900
6,271,370
7,052,109
215,128,052
3.318.931
2,098,426
2,278,962
2.243,200
263,111,632 _7-25.9
344,989,798
374,088,891
11,703,000
557,004,428
161,716,000
15,702,606
21.008.958
5,029,000
455.190.024
19.659,721
250,004,332
56,502,000
17,488,313
64,728,489
104,204,447
-38.4
-25.5
-32.8
-46.5
-20.9
-34.2
-31.0
-59.0
-31.9
-22.4
-29.4
-0.2
-32.3
10,304,028
92,533.854
15,223,591
117,681,499
83,394,529
2.533,794,780
43,865.845
32,419,633
30,190.017
27,740,700
-28.3
-27.2
+11.3
-13.9
-28.0
-25.9
-32.6
-33.3
-40.7
-21.4
6.717.669
3,064,223
99,645,466
1,818,411
940,516
925,066
1,130,466
4.728.079.792 -26.8
168.857,976
2,754,430
7,366,004
4,930,797
181,324,890
2,495,178
1.842,049
1,792,205
1,774,900
-37.3 4.649.464,734 10236 055,289 -54.6 12207662,542 13523567,883
Grand total(173 cities) 22,881,717,985 39,852.451,460 -42.6 95,227,474,860 151,772,611,570
13,471,843,296 -34.0 35,746,348,550 52.809.884,864 -32.2 1.820,052,973 3,093,471.483 -41.2 3,944,470,127 4,336,801,507
Outside New York... 8,892,895,892
WEEK ENDING APRIL 28.
CANADIAN CLEARINGS FOR APRIL, SINCE JANUARY 1, AND FOR
1932.
kr CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
gew Westminster_ _- _
Medicine Hat
Beterborough
iherbrooke
iitchener
V indsor
'rince Albert
doncton
fIngston
Thatham
larnla
.udbury
Total(32 cities)
$
323,374.145
342,938.570
156.106,100
54,025,026
21,484,994
17,554.381
10,547,817
16.717.181
20,391.079
7,320,935
6,237.833
11,216,357
17,573,404
15.855.228
1,427.158
1.380.359
5,761.126
2,057,412
3,357,774
2.383,940
2,081,848
633,049
2,444,118
2,631,320
3.661.934
10,496,382
1,161.976
2,978.387
2,400,681
1,875.936
1,596,781
1,947,137
1931.
Week Ended April 28.
Four Months Ended April 28.
Month of April.
Clearings at
Inc. or
Dec.
$
%
537,812,925 -39.9
492,247,017 -30.3
171,261,794 -8.8
68,404.658 -21.0
27,228,034 -21.1
25.591,116 -31.4
12.945,439 -18.5
22.315.324 -25.1
26,781,049 -23.9
10.409.064 -29.7
8,282.314 -24.7
12.124.252 -7.5
21,793,326 -19.4
15,017,789 +6.6
1,795,194 -20.5
1,735,039 -20.4
6,946,451 -17.1
3.532.796 -41.8
4,517,980 -25.7
2.871,004 -17.0
2,498.983 -16.6
962.809 -34.2
3,131,600 -22.0
3,281,115 -19.8
4.633.492 -21.0
14,835,915 -29.2
1,726,901 -32.7
3,427,542 -13.1
3,131,600 -23.3
2.237,608 -18.2
2,313,611 -31.0
2,998.883 -35.1
1,071.620.146 1.518.788,433 -29.4
1932.
$
1,320,709,702
1,339,439,895
539.479.891
215,299,404
85,204,571
88,844.916
40,049,067
65,145.513
81.450.870
30,234.520
24.784,778
43.778,011
67,266,356
55.744,996
5,456,993
5,312,415
22,873,539
9.677,034
13,074,643
9,033.259
7,968,657
2.905,878
9.841,131
9,747,616
14,111,992
39,509.873
5,013,467
11.735.762
8,780,946
7,627,577
6,761,938
8.180,056
4.175,115,064
1931.
Inc. or
Dec.
%
k
$
2,017,529,906 -34.5
1,857,238,840 -27.9
574,916,827 -6.2
268,321,324 -19.2
103,643.616 -17.8
92.489,804 -25.6
49,125,007 -18.5
82.574,007 -21.1
112,652,868 -27.6
40,017.345 -24.4
32,142.584 -41.2
48,415.707 -9.6
77,777,735 -13.5
58,010.174 -0.5
6,706,306 -18.6
13.600.599 -19.5
28.420,589 -19.5
13,303.921 -27.3
16,768,215 -22.0
10,720,267 -15.7
10,385,911 -23.3
3.687,500 -21.2
12,623,395 -22.0
12,429,054 -21.6
17.085,622 -21.5
54,888,383 -28.0
7,018,438 -28.6
12.294,697 -4.5
10,914.275 -19.5
9,978.890 -23.6
9,064.147 -25.4
12.155.400 -32.7
5.668,799.353 -26.3
1932.
$
67,917.881
63,273,620
30,069,683
10,849,133
3,981.364
3,681.620
1,872.734
3,752,401
3,920.224
1.527.850
1,120,291
2,808.413
3,265,892
2,421.289
288.380
127,489
1,186,825
365,713
647,899
452,452
431.509
179.285
590.211
574,075
721.032
2,039.292
203,237
606,538
480.240
382.105
325,736
434,795
210,255,716
1931.
Inc. or
Dec.
5
%
125.322.533 -45.8
129,433.345 -51.1
44.266,692 -32.1
15,815,555 -30.5
5,983,884 -33.5
5,863,364 -37.6
2,750.365 -31.9
4,688,664 -20.0
6,121,398 -36.0
2.257.947 -32.3
1,692,403 -33.8
2,661,880 +5.5
3,922,304 -16.7
4,082,097 -40.4
351,156 -17.9
371.427 -65.7
1,389.357 -10.0
958.792 -01.9
1,001.748 -35.3
537.580 -15.8
532.259 -18.9
185,769 -3.5
701.557 -159
717.028 -19.9
1,009,033 -28.5
3,765,841 -45,8
408,562 -50.0
690,993 -13.0
701,557 -31.5
468,205 -18.4
393,677 -17.3
628,108 -30 8
389,453,087 -43.1
1930.
s
1929.
5
151,023.535
124,945.408
40.253.787
10,890,104
7,155,140
6.553,881
3,427.441
6.453.172
8,760,089
2,865.101
2.348,433
3,544,820
5.866,340
5,819.449
456,636
534,298
2,185,507
1,129,917
970,425
094,016
896,794
211,259
936,935
855.309
1.283.529
4,848,646
442,320
959,947
793.648
529,171
575,049
1,234,577
160,013,034
185,389.456
60,473,206
27.827,875
8,414,832
7,041,009
3,973,060
8,138,126
13,547,982
2,931.573
3,125,310
4.190,934
6,681.119
8,614,533
701.491
804,392
2,738,302
1,325,188
1,570,805
905,290
1,088,507
404.407
1,027.103
1,161.117
1,493,748
7,737.238
479,593
867.353
903.858
846,213
820,835
407,425,089
509.035,182
of
present. c Clearing house reopened in February. d Mures smaller due to merger
a No longer reports weekly clearing . b Clearing house not functioning at
two largest banks. •Estimated.
Financial Chronicle
Volume 134
3397
In the following we also give New York quotations for
THE CURB EXCHANGE.
of
Curb Exchange were German and other foreign unlisted dollar bonds asBid. May 6:
Market operations on the New York
Ask.
25
20
extremely dull and price movements were generally within a Anhalt 7s to 1945
29
24
to 1945
narrow range until Friday, when the trend turned upward. Bavaria 6148
19
25
Bavarian Palatinate Cons. Cit. 7% to 1945
2914
27
the Brandenburg Electric 6%.1953
Fresh selling appeared from time to time and many of
35
29
Brazil Funding 5%, 1931-1951
23
21
British Hungarian Bk.
more active stocks broke through to new lows as the trend Brown Coal Ind. Corp.710. 1962
29
25
6148. 1953
30
25
continued downward day after day. Price movements Central German Po: of Madeburg 6% 1934
26
24
City Savings Bank Budapest 7s, 1953
during the forepart of the week included several substantial Dortmund Municipal UHL 614%, 1948
19
15
25
20
to 1945
declines among the public utilities and industrials, A. 0. Duisberg 7%,to 1945
25
20
Dusseldorf 78
33
30
6%. 1953
Smith slumping on Monday from 20 to 193' following a East Prussian Power& Investment 734s, 1966
23
21
European Mortgage
report of a substantial net loss for the year 1931. Swift & French Government 534s, 1937
109
107
102
10234
Mail
Co. and Swift International were weak and moved down- French National1945 S. S. Line 6%,1952
25
21
Frankfurt 78 to
42
40
Atlantic
ward, large supplies of these stocks being offered throughout German BuildingCable 7%,1945 1948
25
22
& Landbank 634%,
German
33
25
the week. Weakness in Singer Mfg. attracted large offerings Hamburg-American Line 6348 to 1940
aa
37
1946
95. Housing & Realty Imp. 7s, 7e. 1937
and the stock gradually slipped downward from 110 to
125
122
Hungarian Central Mutual
18
16
Scattered through the list were numerous active stocks that Hungarian Discount dr Exchange Bank 78. 1963
17114
Hungarian Italian Bank 734%, 1932
;
ii- j
2114
the market Koholyt 6348, 1943
were strong enough to move independently of
51
49
Land Mortgage Bank, Warsaw 8%,1941
293.4
2714
trend and in a number of instances substantial gains were Leipzig Overland Power 634%, 1946
2834
2514
Fair 7s, 1953
scored. On Friday the market displayed considerable Leipzig TradePalatinate 78. 1941
29
27
Marmhelm &
28
23
to 1945
strength, the recovery spreading rapidly to all groups and a Munich 7s Bank Hessen 7% to 1945
25
19
Municipal
25
23
number of modest gains were registered at the end of the Municipal Gas St Elec. Corp. Recklinghausen, 7s, 1947
31
29
634%, 1938
28
424
session. Among the changes of the week in the public Nassau LandbankSavings Bank of Hungary 714s, 1962
National Central
2434
2014
& Ind. Mtge. 7%,1948
utilities group on the side of the advance were National Power Natl. Hungarian 7%, 1946
33
28
Oberpfalz Electric
25
19
& Light pref., which moved forward from 563 to 62; Con- Oldenburg-Free State 7% to 1945
26
24
Pomerania Electric 6%, 1953
28
24
solidated Gas of Baltimore which moved up from 5234 to 53, Protestant Church (Germany) 78„ 1946
3734
3434
Westphalia 6%, 1933
32
29
and Commonwealth Edison, which advanced from 693 to Provincial Bank ofElectric 7%,1936
Rhine Westphalia
47
44
Roman Catholic Church 634%, 1946
7234. On the other hand,the declines included United Light Roman Catholic Church Welfare 7%, 1946
3334
3134
_ __ _
5934
& Power A from 3% to 33; Empire Gas & Elec., pref., Saarbrueeken Mortgage Bank 68, 1947
28
24
6%, 1947
185
165
which receded from 3434 to 24 and Gray Tel. Pay Stations Saxon State Mortgage
Siemens dr Halske debentures 6%,2930
3334
2914
Stettin Public
which dropped from 28 to 2734. Among the prominent in- Tucuman CityUtilities 7%,1946
35
25
7s, 1951
32
27
special stocks closing the week on the side of the Wurtemberg 76 to 1945
dustrial and
IFIat price.
A
decline were Electric Bond & Share, 14 to 15 ;Singer Mfg.
Co. from 110 to 95, and Swift & Co. from 14% to 103/2.
PRICES ON PARIS BOURSE.
Cities Service opened on Monday at 3Yi and closed yesterday
Quotations of representative stocks on the Paris Bourse
at 4; Niagara Hudson Power fluctuated between 434 and
Standard Oil of Indiana as received by cable each day of the past week have been
closed on Friday at 4
4)( and
moved ahead from 1534 to 1734; American Superpower moved as follows:
Apr. 30 May 2 May 3 May 4 May 5 May 6
around between 134 and 1% and closed yesterday at 134;
1932. 1932. 1932. 1932. 1932. 1932.
Francs. Francs. Francs. Francs. Francs. Francs.
did not appear on the tape until Tuesday
Parker Rust Proof
11,600
12.000 11.800 12,100
Bank of France
1,340
1,360 1.370
1,340
and gradually moved ahead from 21 to 27 on Friday. The Banque de Paris et Pays Bea_
370
360
350
Parisienne.-Committee on Listing of the Curb Exchange has suspended Banque de Union
"iii
282
283
279
Canadian Pacific
---12,870 13,000 13,600
dealings until further notice in the common class A stock of Canal de Suez
2,165 2,160 2,155
Cle Distr d'Electricitle
2:330
2,380 2,380 2.370
National Short Term Securities, Appalachian Gas Corp. and Cie General d'Electricitie
385
375
375
Citroen B
1,050
common stock of Strauss, Roth Stores, Inc.
1,100 1,070
1,100
Comptolr Nationale d'Eacompte
230
230
230
240
Coty Inc
A complete record of Curb Exchange transactions for the Courrieree
- _-380
380
380
640
630
645
Credit Commerciale de France
week will be found on page 3423.
4.810
4,870
4,780 4,840
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
May 6 1932.
Stocks
(Number
of
Shares).
Bonds (Par Value)
Poreion
Foreign
Domestic. Otaternment. Corporate.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
72,900 81.406,000
103,900 2.326,000
103,125 2.695,000
182,760 2,840,000
144,735 2.992,000
179,190 3,113,000
$24,000
68,000
137,000
78,000
103,000
72,000
Total
786,610 $15,372,000
8482.000
Sales at
New York Curb
Exchange.
-No. of shares_
Stocks
Bonds.
Domestic
Foreign Government_ _
Foreign corporate
Total
Week Ended
may 8.
Total.
850,000 81.480,000
178,000 2.572,000
237,000 3,069,000
226,000 3,144,000
149,003 3,244,000
111,000 3,296,000
8951,000 816,805,000
Jan. 1 to May 6.
1931.
1932.
1981.
1,572,846
19.041.870
48,954.628
6482,000 817,063,000
477,000
951,000
15,372,000
626,000
3260,218,100
10,708,000
27,494,000
$329,299,000
9,764,000
15,122,000
216,805,000 $18366,000
6298,420,100
$354,185.000
1932.
786,610
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:
Apr. May May May May May
2
30
3
4
6
5
-Per Cent ofPar----114
111
(12%)*
111
Reloksbank
115
83
82
83
82
Berliner Handeel Geseltschaft (4%)•
19
19
19
Commerce mid Privat Bank A.G.(0%)•
19
37
3714 37
Deutsche Bank und Disconto Gee.(0%)•
37
21
21
21
20
Dresdner Bank (0%)•
24
25
25
25
Allgemelne Elektrizitaets Gee.(AEG) (0)•Rolf- 53
54
55
Roll- 56
Gesfuerel (4%)'
Siemens & Halske (9%)•
day 100
day 104
102 105
95
97
98
97
3.0. Farbenlndustrie (7)•
144 141
140
140
Salsdethfurt (15%).
150 149 149
149
Rhelnische Braunkohle (10%)•
58
58
59
59
Deutsche Erdoel (5%)•
38
37
37
mannesmann Roehren(6%)*
36
13
13
13
14
•
Hapag (0%)
14
14
14
German Lloyd (0%)•
14
North
•Last dividend.
Credit Fonder de France
1,740
Credit Lyonnais
2.170
Distribution d'Electricitle la Par
2,250
Eaux Lyonnais
640
Energle Electricitie du Nord-965
Energie Electricitie du Littoral
94
French Line
88
Gales Lafayette
800
Gas Le Ben
400
HOLTKuhlmann
700
DAY
L'Air Liquide
1,140
Lyon (P. L. M.)
370
Mines de Courrieres
440
Mines des Lens
1,680
Nord RY
1,290
Parts, France
120
Pattie Capital
1,080
Pechiney
76.00
Rentee 3%
120.10
Rentes 5% 1920
90.30
Rentes 4% 1917
99.40
Rentes 5% 1915
103.60
Rents 6% 1920
1,110
Royal Dutch
1,980
Saint Cobin C.& C
1,280
Schneider dr Cie
370
Societe Andre Citroen
167
Societe General Fonciere
108
Societe Francais° Ford
Societe Lyonnais
2.250
Societe Marsellialse
564
Suez
12,800
Tubize Artificial Silk. pref
121
Union d'Electricitie
850
Union des Mines....._
Wagon-Lits
89
1,730
1,750 1,780
2,130
2,160 2,510
2.320
2,270 2,320
640
---640
974
---970
92
94
92
ss
84
84
800
800
800
400
390 HOLI410
680
690 DAY
700
1.130 1.125
"iio
370
380
460
450
450
1.600
1,680 1,650
1.290
1,280 1.280
117
118
1;110
1,130 1,110
74.50
76.20 76.80
116.90
119.40 118.30
91.20
92.40 91.90
97.20
98.80 98.30
102.50
103.40 103.00
1.250
1,200 1,230
---2,000 2,030
1,250 1,251
"iiii
380
380
175
176
174
113
111
111
2,270 2,320
560
564
7
13:71313
12,900 13,600
122
120
-845
840
840
220220
......
--65
90
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 20 1932:
GOLD.
The Bank of England gold reserve against notes amounted to L120.808.347
on the 13th inst., as compared with £120,807,239 on the previous Wednesday.
The latest shipment announced from Bombay Is £1,050,000.
The bulk of the gold offered in the open market has been taken for an
undisclosed source, smaller amounts being taken for shipment to the
Continent.
Quotations during the week: •
Equivalent Value
Per Fine
of £ Sterling. ..1
Ounce.
April 14
15s. 6.1c1.
109s. 74.
April 15
109s. 94.
15s. 5.84.
109s. 94.
15s. 5.84.
April 16
109s. Oct.
15s. 5.84.
April 18
109s. 3d.
lEs. 6.64.
April 19
110s.
15s. 5.44.
April 20
109s. 8.2d.
15s. 5.94.
Average_
3398
Financial Chronicle
The following were the United Kingdom imports and exports
of gold
registered from mid-day on the 11th instant to mid-day
on the 18th instant:
Imports.
Exports.
British India
.C1,538,043 Netherlands
£126,800
British South Africa
1,218,545 Belgium
10,000
Straits Settlements
31,460 France
1,092,489
New Zealand
12,890 Other countries
95
Other countries
50.735
£2,851,673
£1,229,384
SILVER.
The main factor in the market during the past
week has been China,
but business has not been extensive.
Absence of support led to a fall of ;id. on the 14th instant,
but on the
following two days buying orders from China brought
the prices by successive rises of 3-16d. and 5-16d., to 17d. and 17 1-165.
for cash and for
respectively.
At this level speculators showed a disposition to sell,
and with buyers
holding off, prices fell to 16 9-165. and 16%cl. which
were the quotations
yesterday for cash and forward respectively.
To-day, with weaker sterling and better advices from
the East, some
bear covering orders have been received, and a recovery
of 3-16d. to 163d.
and 16 13-16d. has taken place.
The following were the United Kingdom imports
and exports of silver
registered from mid-day on the 11th instant to mid-day
on the 18th instant:
Imports.
Exports.
Australia
£11,596 Belgium
£35,600
Other countries
2,837 France
3,059
Sweden
1.150
Germany
15,150
Netherlands
884
Other countries
4,081
£14,433
Quotations during the week:
£59,924
IN LONDON.
IN NEW YORK.
Bar Silver per Oz. Standard (Delivery)
(Cents per Ounce .999 Fine)
Cash.
Two Mos.
April 14..1634d.
16 9-165.
April 13
28K
April 15_16 11-16d.
16Xd.
April 14
280
April 16_-_17d.
17 1-16d.
April 15
28
April 18---16 11-165.
163id.
April 16
28
April 19-16 9-165.
164d.
April 18
283
April 20-165id.
16 13-16d. April 19
285.16
Average---16.698d.
16.760d.
The highest rate of exchange on New York recorded during the
period
from the 14th inst. to the 20th Inst. was $3.80 and the lowest
$3.75%.
INDIAN CURRENCY RETURNS.
In Lacs of Rupees)Apr. 15. Aor. 7. Mar.31.
Notes in circulation
17294
17462
17814
Silver coin and bullion in India
11012
11052
11119
Gold coin and bullion in India
542
528
526
Securities (Indian Government)
5390
5532
5794
Bills of exchange
350
350
375
The stocks in Shanghai on the 16th inst. consisted of about
61,000,000
ounces in sycee, 189,000,000 dollars and 4,320 silver bars, as compare
d
with about 59,400,000 ounces in sycee, 183,000,000 dollars and 4,380
silver
bars on the 9th inst.
CominercialandWisceilatteonsBews
Breadstuffs figures brought from page 3498.
-All
the statement below, regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-
Flour.
Wheal.
Corn. I
Oats.
Barley.
Rye.
bla.198 lbs bush.6016s.bush. 56 lbs.bush.32 lbs.bush.481bs. bush.561bs.
316,111 1,178,000
Chicago
132.000
556,000
95.))'
40,000
623,111
Minneapolis-64.000
76,
162.0))
34,000
Duluth
119.)''
103,000
25.000
Milwaukee
7.000
76,1 i 1
109,0')
59.
108.000
57,111
Toledo
40,000
47.
7,0 o •
10,1)1
Detroit
4,000
4.
•
12,))
2.000
63,161
IndianapollS340,000
260,000
St. Louis_ _ _ _
428,000
141,000
328,000
71.000
7,000
1.000
Peoria
11,111
51,000
350,000
34,000
1,000
94,1 o 1
Kansas cur
9,000
94,000
20,0004
736 )
."
297,111
33,1 I I
Omaha
15,1 i 1
Bt. Joseph_ _ 49,1 i 1
31,ill
22,I I o
Wichita
127,')'
Sioux City_ -5,111
34,111
66,000
Buffalo
516,I II
693,000
249,111
64.000
Total wk.1932
Same wk.1931
Same wk.1930
340,000
362,0 i i
388,000
3.415,111
5,487,o 1 o
3,733,8 o o
3,348,000
3,871,000
5,137,000
1,447,011
2,395,000
2,361.000
652,o II
578,61)
645,000
103,000
143,000
60,000
Since Aug.1l6,165,000260.506.000104.065.000 57.428,00028,272.000 5,627.000
1931
16,588.?n1358,496,000167, 0 ,101 93,925,00042.626,000 18,909,000
1930
84
r
Icon
la owl
212_242.000213.880.000113.860.000 58,604.000 21,310,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, April 30 follows:
Receipts al
-
Flour.
Wheat.
Corn.
Oats.
Barley,
bb18.1961bs bush.6015s.bush.58 lbs. bush. 32 lbs. 611.16.4816s.
285,000
105,000
5.000
24,000
1,
29,000
13,000
175.
11,000
1,
4,000
New York_ _ _
Portland, Me_
Philadelphia._
Baltimore_ _ __
Newport New.
Mobile
New Orleans'
51.000
Galveston
Montreal.._.63,000
Boston22,009
Sorel
Houston
Hallfax
2,000
96,000
90.000
416,
2,011.000
Rye.
h.58lbs.
96,
1,426,
Week 193149,
352,000 3,115,
Stift Jan.1'31 7,065,000 32,427,000. 1.307.
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushell.
Bushels.
New York
919,000
6,554
Portland. Me
1,000
Boston
40,000
9.000
Philadelphia
24,000
Baltimore
209,000
Norfolk
53,000
Mobile
96,000
New Orleans
414,000
8,000
1,000
Galveston
688,000
31,000
Sorel
229,000
Saint John,N.B _ ___ 2,011,000
63,000 168,000 217,000
Houston
193,000
98,000
Halifax
2,000
Total week 1932 ____ 4,729,000
53.000
88,554 169,000 217,000 224,000
Same week 1931 _ ___ 2.364.000
4.000
92.304
1 min
9cl min
The destination of these exports for the.week and
since
July 1 1931 is as below:
Flour.
Exports for Week
and Since
Week
Week
July 1 toApr.30 July 1
1932.
1931.
Wheat.
Week
Apr. 30
1932.
217,000
233,000
2,304.009
194,
986,
217,000
2,669,000
172.000
230,
14,000
253,000
1.689.000 2,407,
Corn.
Since
July 1
1931.
Week
Apr. 30
1932.
Since
July 1
1931.
Barrels. Barrels.
Bushels.
United Kingdom_ 70,180 2,444,578 1,148,000 Bushels. Bushels. Bushels.
33,814,00
26,000
277,000
Continent
10,374 1,542,005 3,178,000 85,343,000
0
27.000
187,000
So.& Cent. Amer_
207,453
395,000 12,413,000
11,000
West Indies
8,000
404,914
8,000
175,000
50,000
Brit. No.Am.Cols
11.962
Other countries
203,282
2.420,000
Total 1932
88,554 4,814,194 4,729,000 134,165,00
0
53,000
534,000
Total 1931
92.304 9.725453 2.364.000 155.346.000
40410
077)100
The visible supply of grain, comprising
granary at principal points of accumulationthe stocks in •
at
seaboard ports Saturday, April 30, were as follows lake and
:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
"
afloat
Toledo
Detroit
Chicago
"
afloat
Milwaukee
Duluth
Minneapolis
Sioux City
St.Louis
Kansas City
Wichita
Hutchinson
St.Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
GRAIN STOCKS.
Wheat.
Corn.
Oats.
Rye.
Barley.
bush.
bush,
bush.
bush.
bush.
1,516,000
38,000
2,000
3,000
1,389.000
6.000
1,000
4,009,000
47.000
31,000•
5,000
13.000
5,874,000
71,000
30,000
31,000
1,000
214,000
1,182.000
68,000
34,000
1,000
1,572,000
12,000
3,694,000
281,000
192,000
1,000
10,000
10,660.000 3,794,000 1,524,000
243,000
206,000
114,000
100,000
4,138,000
75.000
272,000
3,000
2,000
212,000
10,000
22.000
48,000
37.000
18,945,000 12,037,000 3,433,000
1,967,000
178,000
1,050,000
1,033,000
6,400,000
559,000
312,000
192.000
232.000
17,520,000
86,000 1,882,000 1,996,000
270,000
26,523,000
53,000 2,847,000 3.876,000
1,338,000
1,402,000
24,000
42,000
12,000
6,086,000 1,155.000
333,000
5,000
37.249,000
523.000
41,000
51,000
75,000
1,341,000
4,244,000
75.000
5,461,000
376,000
512,000
21,000
424,000
1.292,000 1,593,000
367,000
15,575,000
359,000
819,000
19,000
14,000
193.000
74,000
39,000
Total Apr.301932----177.881.000 21,418,000
12,713,000 9,275,000 2,495,000
Total Apr.23 1932 _ _182,326,000 21,155,000
13,550,000 9,267,000 2,470,000
Total May 2 1931__195,683,000 18,315,000
13,152.000 10,278,000 5,648,000
Noze.-Bonded grain not included above: Oats.
New York, 1,000 bushels;
1,000 bushels, against 310,000 bushels in 1931.
Barley, New York, 1,000; total.
431,000;total. 432,000 bushels, against 818,000
Buffalo.
bushels In 1931. Wheat, New
8139,000 bushels; New York afloat, 91.000; Buffalo,
York.
2,090,000; Buffalo afloat, 1,257.
000; on Lakes, 178,000; Canal, 1,825.000: total,
6,310,000 bushels, against 4,757,000
bushels In 1931.
Wheat.
Corn.
Oats.
Rye.
CanadianBarley.
bush.
bush.
bush.
bush.
Montreal
bush.
5,403,000
778.000
Ft. William & Pt Arthur-55.597.000
579,000
314,000
.
1,030,000 7,085,000 2,973,000
Other Canadian
4.630,000
1,159,000
478,000
307,000
Total Apr.30 1932
65,630.000
2,967.000 8,142,000 3,594,000
Total Apr.23 1932
64,829,000
3,341,000 8,202,000 4.030.000
Total May 2 1931
61,279,000
4,976,000 10.745,000 17,878,000
Summary
American
177,681,000 21,418,000 12,713,00
0 9,275,000
Canadian
65,630,000
2,987,000 8,142,000 2.495.000
3,594,000
Total Apr.30 1932 __ __243,311,000 21,418,000
Total Apr.23 1932-_ _247,155,000 21,155,00 15,680,000 17,417,000 8,089,000
0 16,891,00
Total May 2 1931
256,962.000 18,315,000 18,128,000 17,469.000 6,500,000
0 21,023,000 23,330.
000
The world's shipment of wheat and corn,
Broomhall to the New York Produce Exchan as furnished by
ending Friday, April 29, and since July 1 ge, for the week
1931 and 1930,
are shown in the following:
Wheat.
193,000
• Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
Exportsfrom-
18,009
168.000
6.000
229,
98,000
Total wk.1932 283,000 3,402,000
SineeJan.1'32 5,435,000 27,849,000
May 7 1932
The exports from the several seaboard ports for the week
ending Saturday, April 30 1932, are shown in the annexe
d
statement:
Exports.
Week
April 29
1032.
Sines
July 1
1931.
Corn.
Slue
July 1
1930.
Week
April 29
1932.
Since
July 1
1931.
Sines
July 1
1930.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
North Amer_ 7,628,000260,984,0
68,000 2,138,0
1,442,000
Black Sea_* 208,000108,868, 00 301,192,
99,294,000 1,012,000 29,241,000 30,178.00
Argentina_ _.. 5,321,000119,637,
0
83,995,000 9,504,000 329,702,000205,301.000
Australia
3,733,
130,157,
103,496,001)
India
600,000 9.008.000
0th. countr's 880,000 29.782,C10
35,864,001) 629,000 18,226,000 38,801,000
Total _-__ 17,788.000658,828,000632,849.00011,2
03,000379,307,000275.720,000
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, April 30 to May 6,
both inclusive, compiled from official sales lists:
Stocks-
sates
Friaay
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
a ...; c,:..i.a
.
• No par value.
Range Since Jan. 1.
High.
Low.
Jan
4
1% Apr
Jan
45
Apr 55
Mar
May 61
40
8% Apr 15% Jan
Jan
May 55
38
5% May 10% Mar
Apr 13% Feb
7
3% Feb
Jan
3
Jan
Feb 250
225
Jan
13% May 14
Apr 57% Mar
30
Jan
Apr 77
62
Jan
4
3% Jan
Jan
7
Apr
.5
Jan
Apr 100
87
Feb
7
4% May
% Apr
1% Mar
3% Mar
1% Slay
Jan
May 115
22
6% Apr
7% Jan
7% Feb
6% Jan
Feb
Apr 37
24%
Jan
May 26
23
Apr 40% Feb
30
Mar
Apr 39
30
Mar
May 13
7
6% Jan
Apr
3%
1% Feb
% Jan
% Jan
% May
Jan
Apr 108
97
Star
Stay 65
40
Mar
4
2% Apr
1% Apr
534 Mar
23% Apr 32% Feb
Jan
3334 Apr 43
24% May 27% Jan
Mat
Apr 25
20%
19% Apr 23
Jar
Jar
11% May 37
Apr 27
Fet
17
Fel
6
2% Jan
8% May 12% Jar
9% Sin
13% Jar
288,90=
0 0
8
.8 8880
0008000000S0NO,g000C800000880
.. 0 ,
,'
,:,
0. 0 0
00,0 0000
.
0.0 0000N0 V.00
WV.N.NM.N. OM WM
0N..0.W..0 NWN
. .
N.0,1.0
N
0;
.
.i
..
2% 2%
10
Bolsa Clam 011 A
45
45
11'way Dept Stores pref 100
40
45
25 40
California Bank
•
8% 8%
Chrysler Corp
42
38
20 38
Citizens Nat Bank
5% 6%
6
Claude Neon Elea Prod-.
7
7
Douglas Aircraft Inc-- •
3
3
Emsco Der & Equip Co- •
225 230
Farmers & Mer Nat Bk 100 225
*
13% 133.
Gilmore Oil Co
35
35
Goodyear T & R pref__ 100
69
68
Goodyear Textile pfd__100
3
25
3
Hal Roach 8% pref
25
5
5
Hancock OH corn A
88
87
LA Gas & Elec pref_ _ _100
4% 4%
10
4%
LA Investment Co
%
ii
Monolith Port Cem corn_ •
10
I%
15
Preferred
28%
22
MortgageGuarantee Co 100 25
10
5% 6
6
Pan Fin Corp corn
10
7% 7%
Series C
26%
26
Pacific Gas & El corn--25
23
23
lot preferred
25
30
30
Pacific Lighting common_•
30
3034
Pacific Slut Life Ins-10
8
7
Pacific Pub Sexy 1st pf__•
3% 3%
Pacific Western 011 Co--•
1
1
Republic Petroleum Co_10
•
Richfield 011 Co corn _
A
34
98
S J L Jr P7% pr pref-_100
98
45%
SecurityFin3t N B of LA 25 40% 40
2% 2%
Shell Union 011 Co com__25
2
2
Signal 011 & Gas A---25
25 24% 23% 24%
So Calif Edison co m_
Original preferred. -25
3334 3334
7% preferred
25 25
2434 25
25 2134 20% 21%
6% preferred
25 1934
19% 19%
554% Preferred
11% 11%
Southern Pacific Co_ _100
17% 19%
Standard 011 of Cant---• 1934
3
3%
3%
•
Transamerica Corp
8% 9
834
Union Oil Associates__ --25
9% 1034
25 10%
Union Oil of Calif
4
4
Weber Show,..**, nror _ * _ 4
4
An
5 44
pates
r may
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Ms,
250 250
Anglo Calif Trust
100 100
Anglo & Lon Par N Bank__
134
1
Assoc Ins Fund
2
2
2
Atlas Imp Diesel Eng A......
118 130
119
Bank of California
1% 1%
Bond & Share Ltd
1
1
Calif Cotton Mills
5% 6%
6%
Calif Packing
5% 6%
6%
Caterpillar
13
13
Clorox Chemical A
82
82
Coast Cos G & E 6% 1st Pi
10% 10% 12%
Cons Chem Indus A
1%
134
Crown Zeller v t 0
1134 10% 1135
Preferred A
11% 1034 11%
Preferred B
34
%
Fageol Motors 7% pref ___ - ______
38
Firemans Fund Ins
3134 26
11
11
1
First Nat Corp of Portland
4% 4%
Food Nisch Corp
43-4
3
3
General Paint Cor p A
2034 20% 2034
Hawaiian C & S Ltd
4% 4%
Hawaiian Pineapple
19
16
17
Home F & NI Ins
5% 5%
Honolulu Oil Ltd
6% 63.4
Langendorf United Bak A
85% 87
LosAngeles Gas & Elea prof 87
33-4 3%
Lyons Magnus A
%
MagilaVOX Ltd
35
%
3% 33-4
(I) Magnin
60
60
6% preferred
59
60%
Mere Amer Realty 6% pref 60
2% 2%
234
North Amer 011
26
27
27
Pacific Gas
23% 23% 23%
6% 1st prat
20% 20% 2
034
534% Preferred
30% 29% 31
Pacific Lighting.Corn
80%
79
79
6% preferred
13.4
134
Pac Pub Serv non-vot con)
134
8%
7
Non-voting pref
83.4
75
7434 7834
Pacific Tel
96%
94
6% preferred
10
10%
io%
Paraffine Co
_
Ry Equip & Rlty 1st W.-934 9%
Rainier Pulp & Paper
636 6%
34
Richfield
34
%
%
7% preferred
93
9734 98
S J L & Pr 7% prior pre
2% 3
3
Shell Union
50
50
50
Sherman Clay prior prof
12% 1134 13%
Southern Pacific
8
8%
8%
SO Par Golden Gate A
5
5
5
B
63-4 6%
Spring Valley Water
17% 19%
19
Stand Oil Calif
Tide Water Assoc 0116%, pf 2434 2434 243-4
3%
3
334
Transamerica
854
834 8%
Union 011 Associates
934 10
10
Union 011 Calif
______ 166 170
Wells Fargo Ilk & U T
3
14 -4 15
1434
Western Plpe & Steel
Aetna Rubber common.. •
Apex Elec Mfg
Brown F & W cony pf cl A •
•
City Ice & Fuel
Clev Elec 111 6% pret _100
Cleveland Ry common_100
100
Ctfs of deposit
19
39%
1%
534
5%
183-4
95
38
36
534
5%
19
96
39
39%
25
50
425
95
267
45
1,304
Jan
May
May
Apr
Apr
Apr
Apr
1930.
1931.
84,823,090 99.990,234 67,058.129
July
August__ 81,423,455 99.085,287, 59.208,716
September 94.872.086110,496.855 67.749,087
October.....! 92,059,201 124,376,643 65,352,268
November.' 86.585.105102.937.471 51,967.285
December.: 87,837.295 99,742,695 55,939,91
1932.
1931. '
'1932.
65,450,212. 87,278,807 44,388,825
January
68,324,224 83,741,7231 47,040,635
February -I
Total
Ars.
AO
Mos
1931.
1930,
1
98.069,398 17.237,635 15,617.549
97,722.024 20.162.713 16,700.854
92.321,673, 21.683,259 20.672.440
95.822.991 18,506,473 22.811.155
93.543,704, 15,161.993 19.861,973
95,875,509' 15,902,204 15,596,668
1931
1
1932.
1931.
94,604,323, 13,177,166, 15,764.232
91,336,302' 12.756,949, 15,741,196
142,766.067
Movement of gold and silver for eight months:
Silver-New York.
Gold Movement at New York.
Imports.
1931.
Jan
Apr
May
Feb
Jan
Jan
Jan
Customs Receipts
at
New York.
661,374,628 807.649,715 458,704.8561759,295,924134,588,392
Month.
High.
3
6%
5%
23
103%
41
43
1930.
1931.
High.
Low.
Exports.
Imports.
Month. ,
Range Since Jan. I.
I%
5%
5%
15
91%
38
35
75
Merchandise Movement at New York.
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, April 30 to May 6, both inclusive, compiled from official sales lists.
Stocks-
tin
Is
Foreign Trade of New York-Monthly Statement.
Jan
Apr 280
30 250
Jan
Apr 114
60 100
1
2% Feb
Apr
6,675
Jan
1% Apr
100
3
217 118
Jan
May 162
1% May
112
334 Feb
Jan
1
3
Apr
140
3,071
534 Apr 11% Feb
Jan
2,517
534 May 15
15
Jan
May
100 13
Apr 96
Jan
11 73
985 1034 May 17% Feb
1% Apr
2% Jan
484
Jan 16% Jan
9
26
Jan
Jan 15
9
50
34 Jan
34 Mar
100
May 48% Mar
1.030 26
Mar 15% Jan
8
100
Feb
434 Apr 11
820
Feb
3
3
Feb
100
Jan
Apr 36
180 20
434 May
9% Jan
422
Feb
May 21
433 16
534 Apr 10% Jan
150
934 Mar
6
Apr
280
Jan
Apr 100
60 85
3% Mar
2% Jan
200
1% Feb
% Jan
7,593
Feb
6
334 Slay
200
Apr 63% Jan
50 60
Mar 6034 May
80 58
2% May 5% Feb
400
3,059 24% Apr 36% Feb
1,955 23% May 26% Jan
597 20% May 24% Jan
1,444 28% Apr 41% Feb
Jan
May 95
127 79
1% May
3% Mar
837
May 14% Mar
7
2,607
Mar
7434 May 104
____
Jan
May 112
103 94
Apr 25% Jan
9
539
11% Jae
9% May
22
63-4 Feb
130
934 Jan
% Feb
54 Jan
330
% Feb
% Jan
100
Jan
Apr 107
76 97
Max
4
2% Apr
530
Mar
Apr 51
58 40
1,967 11% May 37% Jan
May 11% Mat
8
500
10% Max
May
5
155
Jan
7
6% May
698
5,000 17% Apr 27% Fet
Feb 27% Mai
29 20
Pet
6
23-4 Jan
25,26
1,945
834 May 12% Jar
Jar
934 May 14
2,649
NIai
May 200
20 168
14% May 20 Fel
2,17
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par l'rice. I,oto. High. Shares.
High.
Low.
• No par value.
Range Since Jan. 1.
Low.
IS
Whit. NT',tr.,. 0ekr.11, Ilraf inn
Range Since Jan. 1.
MAX
4
140
234 Jan
Jan
3
125
334 Jan
3 May
3 May
930
Feb
Apr 36
253 25
125 20% Jan 23% Mar
48% May 56% Feb
100
Jan
9% May 16
50
9% Apr 18% Mar
90
60
934 Apr 13% Jan
Jan
May 65
50 53
Jan
Apr 26
205 14
171
9% May 15
Jan
Jan
7
3% May
205
4
Feb
15
53.4 Feb
100
334 Jan
23-4 May
Jan
May 120
136 110
8% Feb
Apr
5
20
334 Feb
May
2
133
Jan
415
634 Apr 13
May
Slay 59
20 52
May 17% Jan
155 11
Feb
331 17% May 31
134 Mar
100
13.4 Jan
Apr 10% Jan
9
200
Jan
May 35
704 21
May 100% Jan
70 83
9% Feb
334 May
100
33-4
3
Cieve & Sandusky Brew100
100
334 3%
Preferred
3
3
10
Detroit & Cleve Nav
2734
25
Dow Chemical common...
21% 22
Federal Knitting NI corn..
48% 48%
,
,'
Firestone T & R 6, pf_100
9%
93-4 9%
Goodrich preferred_ _100
9% 10%
Goodyear T & R com____* 10%
9% 934
93-4
Greif Bros Coop el A__•
53
53
Hanna (NI A)$7 cum pt... 53
14
14
Interlake Steamship corn _•
934 10
934
Kelley Islet L & Tr com__•
3% 4
•
3%
Lamson Sessions
4
4
4
*
Murray Ohio NIfg com
23-4 234
2%
National Acme common_10
110 114
100
Nat'l Carbon pref
5
5
25
Nat'l Refining corn
2
2
National Tile common_ •
834
7
*
Ohio Brass B
59
52
100
Preferred
12%
11
• 11
Patterson Sargent
17% 19
Republic Stamp & En__ •
I%
134
8.-, Myers pf v t c 25
Robbins
9
9
•
Selby Shoe common
24%
21
Sherwin-1N Mama com_ _25 __22
85
83
100
AA preferred
3% 334
Thompson Products Inc_ _•
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, April 30 to May 6,
both inclusive, compiled from official sales lists:
Stocks-
3399
Financial Chronicle
Volume 134
I
1930.
Exports.
1931.
1930.
Imports.
1931.
Exports.
1931.
10,926,608 13,156.577, 1,000,328 30,001.977
32,500 35,314,272
25,844,790 4,592.811i
35,034.945 5,263.713 28,690,327 3.974,842
30.000
25,656,339 17,825.288 398,471,056
1.200
6,840,308,
6 840 308 21,480,117 4,935.286
32,622,524
13,248,219.11.317,784
1931.
1932.
1931.
1932. j
19,067,9371 9,404,455 107,842,041
7.221,315, 11,309,143 128,185.769
525,184
1.590,557
639,872
791,382
841,678;
2,013,825
1932.
919,079
829.844
1,321,509
1,234,391
1,282.981
1.181,579
697.934
1.741,027
1931.
572.257
494,562
Total_ -1143,840,461 94,349,888 701,779,831 69,322,291
8,151,422
8,526.240
July
August__ _
September
October
November.
December.1
'
January _ .1
February _1
-The following information regarding
National Banks.
is from the office of the Comptroller of the
National banks
Currency, Treasury Department:
25 1927.
BRANCH AUTHORIZED UNDER ACT OF FEB.
New York.
-The National City Bank of New York,
Apr. 29
Location of branch-No.400 East 57th Street, Borough
of Manhattan, New York.
CONSOLIDATIONS.
-The First National Bank of Troy, Pennsylvania
Apr. 30
County at
-The Grange National Bank of Bradford
Apr. 30
Troy, Pa
of Nov. 7 1918, as
Consolidated to-day under the Act
and title of
amended Feb. 25 1927 under the charter 4984, with
"The First National Bank of Troy," No.
capital stock of 8150.000. No surplus.
75.000
75,000
-Among other securities, the following,
Auction Sales.
auction
not actually dealt in at the Stock Exchange, were sold at
WedNew York, Boston, Philadelphia and Buffalo on
in
nesday of this week:
By Adrian H. Muller & Son, New York:
per Sh.
$
S Per Sh. Shares. Stocks.
Shares. Stocks.
All right, title and int, of the Estate
5 Irvington Nat. Bk. of Irvington,
of Elmer Schlesinger, deceased, in
$300
par $100
N. J.,
and to 34th of 1-12 sh., part or int.
145 Silver Brook Anthracite Co., $3
of the Standard Agr. Chemical
cony. pref
Syndicate, as evidenced by SyndiCountry School
$2,000 Riverdale
cate agreement dated Jan. 18 1923
Realty Co., Inc., lot mtge. 5%
$15 lot
gold bonds, due April 15 1940.
October 1932, and subsequent
35% Jr int.
coupons attached
By Wise, Hobbs & Arnold, Boston:
Rh
$ per Rh. Shares. Stocks.
Shares. Stocks,
endorsers; $34,200 Grace Cotton
Certain assets of the Woonsocket
Mill Co., dated Dec. 1 1931, due
& Press Co., Inc. (in
Machine
June 1 1932.
liquidation):
Investments:
Account Receivable:
540 Textiles, Inc. Pfd. (Gastonia.
Priscilla Spinning Co.. Gas$203.81
N. C.) par 100; 2.370 Wah Chang
[mita, N. C.(old co.).
Trading Corp. pfd.. (4901 WoolNotts Receivable:
worth Bldg., N. Y. City). Par $100
Cotton Mills Co,
$9,500 Diamond
$200.000 lot
dated Dec. 31 1931, due March 1
134
22 Atlantic National Bank
1932; $830.36 Thomaston Cotton
100 National Shawmut Bank- -- - 1934
due as
Mills, dated Feb. 1 1932,
134-1
53 Atlantic National Bank
per agreement; 51,059.23 Thomas110 Eastern Utilities Associates
ton Cotton Mills, dated Feb. 1
1934
common ex-div
1932, due as per agreement; $12,20 New England Power Association
375 Carolina Spinning Co., dated
2034
common
due March 301932.
Feb. 291932.
6
8 Units First Peoples Trust
Secured by 2d mtge. bonds and
By A. J. Wright & Co., Buffalo:
$ per Rh. Shares. Stocks.
Shares. Stocks.
20 The Como Mines. par $1
10 Angel International Corp., coin.,
12c.
$1
par
$ pcx Sit.
Sc.
3400
Financial Chronicle
May 7 1932
By R. L. Day & Co., Boston:
Shares. Stocks.
$ Per Sh. Shares. Stocks.
$ per Sh.
10 Merchants National Bank, Boo5 Equitable Mtge. Co., corn.; 1%
ton, par $100
265
Falmouth Land Co.. par $10.
10 Ludlow Mtg. Associates
33
20 Jerome Verde Dev. Co.. par
184 Norwich & Worcester ltd. pref.,
50c.; 7 Libby McNeil & Libby,
par 6100
75
corn., par $10
$8 lot
10 New Hampshire Fire Ins. Co.,
15 New England Pow. Co., pref.,
par $10
26 Si
par $100
81%
25 National Service Cos.,$3 pref.-- 5
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Brach (E. J.) & Sons (quar.)
•10c. June 1 *Holders of rec. May[141
Brill Corp., Prof. (guar.)
*51% June 1 *Holders of rec. Slayi141
British Match Corp., Ltd.
Amer. dep. rec. ord. reg. (final)
tr4
Holders of rec. May 3
Brown Shoe Co., corn. (guar.)
75c. June 1 Holders of rec. May 20A
Cabot Manufacturing Co. (guar.)
May 16 "Holders of rec. May,a
By Barnes & Lofland, Philadelphia:
"51
.5.1
Canada Wire & Cable CO" Ltd.
magrata
Shares. Stocks.
A common (guar.)
$ per M. Shares. Stocks.
151
June 15 Holders of rec. May13111
$ per Sit.
$50 ground rent, payable half yearly,
Preferred (guar.)
$4,500 bond and mtge. Premises 132
'1% June 15 *Holders of rec. May,31
lot of ground, situate on the west
Chrysler Corp., common (guar.)
W. Fishers Ave., Phila., Pa.
25e. June 30 Holders of rec. June,1
side of 10th St., 52 feet northward
City Ice & Fuel Co.(guar.)
Thomas Cuddy to Underwriters
"90c. June 1 *Holders of rec. May 15
of the north side of Master St.;
% Pref. (guar.)
Bond & Mtge. Co. Recorded in
*134 June 1 *Holders of rec. May 15
containing in front or width 16 ft.
Cleveland quarries Co., corn.(quar.)__ _ •10c. June
Mortgage Book J. MR.,No.5601
1 *Holders of rec. May 15j
and extending westward of that
p. 261
$2,700 lot Coca-Cola Co., corn. (quar.)
'1134 July 1 *Holders of rec. June 14
width 100 ft. to Alder St_ _$325 lot 35 National Bank of Germantown
Extra
*25c. July 1 *Holders of rec. June 14
$5,000 bond and mtge. Premises 150
Class A (s.-a.)
& Trust Co., par $10
40
•
July
W. Fishers Ave., Phila., Pa.
Collins & A ikman Corp., pref.(guar.) _ _ _ 5134 Juno 1 *Holders of rec. June 14
10 Girard Trust Co. par $10
1%
79
1 Holders of rec. May 201
Thomas Cuddy to Underwriters
Colonial Finance
40 Lit Brothers. pref., par $100._
403( Columbus PackingCorp. (N.Y.), pref.- Divide nd omit ted
Bond & Mtge. Co. Recorded in
100 Phila. Co. for Guar. Mtge
Co.. 7% Prof. (qu.). .1% May 2 *Holders of reo. Apr.
18,j
Mortgage I300k, J. M. H., No.
Community Finance Service, Inc.-Dlyi Send o mItted
5601, p. 253
Common A-Dividend omitted
$3,000 lot
Continental Chicago Corp., pref. (qu.).
50c. June 1
Cosmos Imperial Mills, Ltd.,7% pt.(qu.) 5134 May 15 Holders of rec. May 15
DIVIDENDS.
Crandall, McKenzie & Henderson-Dlyi dend o mitted "Holders of rec. Apr. 30
Dividends are grouped in two separate tables. In the Crown, Zellerbach Corp.
Class A and 13 cony. pref. (quar.)._
373-4c June 1 Holders
rec. May 13
first we bring together all the dividends announced the Cumberland Pipe Line Co.(liquidating)_ 523-4 June 15 May 31 of to June 15
Cushman s Sons, Inc., corn.(guar.)
June 1 Holders of rec. Slay 16
*51
current week. Then we follow with a second table, in
$8 pref.(guar.)
*52
June 1 *Holders of rec. Slay 16
7% pref. (guar.)
•1June 1 *Holders of rec. May 16
which we show the dividends previously announced, but Davega Stores Corp.(guar.)
"15cJuno 1 *Holders of rec. May 16
Del Monte Properties
-Dividend omitte U.
which have not yet been paid.
Dictaphone Corp., com.-Dlyidend omit ted
8% Preferred (guar.)
The dividends announced this week are:
"2
June 1 *Ilolders of rec. Slay 20
Mosher Steel Construction Co., Ltd.
A preferred (guar.)
373-ic Slay 2 Holders of roe. Apr. 15
Per
When
Dominion Scottish-Invest., Ltd., pf
Books Closed.
*1
May 2 *Holders of rec. A mil 20
Name of Company.
Cent. Payable.
Days Indus-ire.
Drug Incorporated (guar.)
$1
June
Employers Reinsurance Corp. (guar.)._ •400. May 1 Holders of rec. May 16a
Railroads (Stearn).
16 *Holders of rec. Apr. 30
Finance Service Corp.
Catawiasa RR. lot pref.(seml-ann.) _ _
May 21 'Holders of rec. May 10
Common class A and B (guar.)
•20c. June 1 'Holders of rec. Slay 16
Cinn. N.0.& Tex. Pac. RY.,5% pl.(qu.)
June 1 *Holders of rec. May 16
Preferred (guar.)
*1734c June 1 *Holders of rec. May 16
Cleveland & PittslYg RR.,7% gtd. (qu.)
June 1 Holders of rec. May 10
Firestone Tire & Rubber,6% pref.
Special guaranteed (guar.)
June 1 Holders of rec. May 10
Florsheirn Shoe Co., pref. (guar.) (qu.) •134 June 1 *Holders of rec. May 16
Hudson & Manhattan RR., corn.(s-a)._
134 July 1 Holders of rec. June 15
June 1 Holders of rec. May 16a Fort Collins Con Roy
(guar.)
Northern RR.
•1c. April 1 'holders of rec. Mar. 15
(N. J.) 4% gtd.(guar.)._
June 1 "Holders of rec. May 14
Franklin Simon & Co., pref.
Reading Co. 1st pt. (guar)
June 9 Holders of rec. May 19
Galland Slercantile Laundry(guar.).- *5134 Juno 1 *Holders of rec. May 17
Co. (0u.). •8734c June 1 *Holders of rec. May 5
Gamble
-Robinson Co., 1st pref. (guar.). "1373-io Apr. 1
Public Utilities,
Second preferred (guar.)
Amer.Power & Light Co., corn.(quar.)_
•873-io Apr. 1
2.5c. June 1 Holders of rec. May 14
General Motors Corp., corn.(quar.)_
Common-Semi annual div. of 2% In tock o mitted.
25e. June 13 llolders of rec. May 114
_ __
$5 preferred (guar.)
Amer. nat. ks.& El. Co. 15t pf.(qu.)_ $1 Si July 1 Holders
$134 Aug. 1 Holders of rec. July IS
of rec. June 10
Golden Cycle Corp. (guar.)
Androscoggin Elect., pf. (guar.)
•40c. June 10 *Holders of rec. May 31
•$1
May 1 *Holders of rec. Apr. 15
Hamilton Financial Service (guar.)
Allentown Bethlehem Gas pf. (quar.). "87Sic May 10 'Holders
•250. Slay 15 *Holders of rec. Apr. 29
Hamilton Loan Society (Pa.)
Associated Gas & Elect. $4 pf. (guar.)... *g$1 May 1 *Holders of rec. Apr. 30
of rec. Mar. 31
Extra $10 participating preferred
Birmingham Gas $6, 1st pt.
"73-ic May 15 *Holders of rec. Apr. 30
-Dividend omitte d.
8% preferred (guar.)
Central Ark.Pub.Serv. Corp., pt.(qu.). 1 13 June 1 Holders
"20o. May 15 *Holders of rec. Apr. 30
of rec. May 160 Hanna (M. A.) Co., pref.
Central Kansas Power Co., 7% pf. (go.)•
(guar.)
June
$13i Apr. 15
Hathaway Bakeries, $3 cum. al. A (qu.). '$1 34 June 20 *Holders of rec. Juno 4
6% preferred (guar.)
37 Sic
1 Holders of rec. May 16
513 Apr. 15
Preferred (quar.)
1% June 1 Holders of rec. Slay 16
Chester Water Serv. Co. $534 Pf.(q11.)*$ 1-37.1-5 May 16 "Holders
of rec. May 5
Highland Dairy, pref. (guar.)
Citizens Water Service Co. 6% PI. (011.) •13111 May 16 *Holders
1% Apr. 1 Holders of rec. Mar.124
of rec. May 2
Hillman Coal & Coke, 5% pref. (guar.). *1.
4 Apr. 25
Clear Springs Water Serv., $6 pt.(qu.)_h
May 16 'Holders of rec. May 5
Hires (Chas. E.) Co.. Class A com. (qu.)
50o. June 1 Holders of rec. May 14
Cleveland Elect. Ilium.. 6% pf. (guar.). *15 June 1
Hornestake Mining Co.(monthly)
Clymer Water Service Co. $6 pf. (guar.) *51.50 May 16 "Holders of rec. May 14
*75c. May 25 *Holders of rec. Slay 20
*Holders
Imperial Oil, Ltd.(guar.)
1123-ic June 1 Holders of rec. May 14
Empire Gas & Elec.6% pt. A (guar.)... •13 June 1 *Holders of rec. May 5
of rec. Apr. 29
Ingersoll-Rand Co., corn. (guar.)
June
7% pref. C (guar.)
*Holders of rec. May 12
*1% June 1 *Holders of rec. Apr. 29
Preferred (semi-annual)
*3
*73c July 1 'Holders of rec. June 8
J
6% pref. D (guar.)
June 1 *Holders of rec. Apr. 29
International Milling Co., 1st pf. (guar.) $
Fall River Gas Works Co. (guar.)
*Holders of rec. May 20
75c. May 2 Holders of rec. Apr. 27
First preferred A (guar.)
*5
4,1
1
na 15 *Holders of rec. May 20
1
Federal Lt. & Traction corn. (guar.).- _ 37%c July 1 Holders
of rec. June 13a Kelvinator (Canada) Ltd.,7%
Juno.1uSlay
Common (payable:in common stock)-- 11
*Holders of rec. May 5
July 1 Holders of rec. June 130 Knudsen Creamery, cl. A and pret.(qu.)
B (quar.). '373-4e Aug. 20 'Holders of rec. July 31
Preferred (guar.)
$1 J. June 1 Holders of rec. May 14a
Class A and B (quar.)
"373-Ic Nov. 20 *Holders of rec. Oct. 31
Florida Power Corp.7% A (guar.)
.
1% June 1 'Holders
Landis Machine Co., common.
of rec. May 10
-Divide nd oml ttea.
7% pref. guar
*87% June 1 'Holders of rec. May 10
Lanston Monotype Machine Co. (guar.) *1.14 May 31 *Holders
Hackensack Water Co.(semi ann.)
of rec. May 21
•75c. June 1
Lincoln Stores, common (guar.)
•
25c. June 1 *Holders of rec. Slay 24
K.C.Pow.& Lt.Co.ser.B pt.(qu.) _ _ '13 July 1 *Holders of rec. May 18
*Holders of rec. June 15
Preferred (quar.)
'$134 June 1 *Holders of rec. May 24
Keokuk Elec. Co.6% pref.(guar.)
4.13
May 16 'Holders of rec. May 10
Usk Slanufacturing.-Dividend omitte U.
Keystone Telephone Co. 53 pf. (guar.) _ *75c. May 2 *Holders
Ludlow Mfg. Associates (altar.)
1% June 1 Holders of rec. May 7
Mutual Telephone Co., Ilawall (mthly.) 'Sc. 5Nlay20 *Holders of rec. Apr. 22
NI-A-C Plan, Inc.; pref.(guar.)
*3l)c. May 2 *Holders of rec. April 26
New Rochelle Water 7% cum. pf.(guar.) •1% June 1 *Holders of rec. May 10
Mallory Hat Co.. pf. (guar.)
.1% May 2 *Holders of rec. Apr.
North American Edison Co. pf. (quar.). $1 Si June 1 Holders of rec. May 20
16
of rec. May 16
Manhattan Shirt Co -Dividend omitte d.
Nova Scotia Lt.& Pow.Co..Ltd.pt.(gu.)
June 1 *Holders
Marine Midland Corp. (guar.)
*20c. June 30 *Holders of rec. June
Penna. State Water, $7 cum. pf. (guar.). '1% June 1 *Holders of rec. May 14
1
Matson Navigation (quar.)
of
•5134 May 15 *Holders of rec. May 10
Peoples Telephone Corp., Pt. (guar.).- *51% June 1 *Holders of rec. May 20
May Dept. Stores, common (guar.)
.450. Juno 1 *Holders of rec. Slay 16
Potomac Elec. Pow.,5%% pf. (quar.).- *1% June 1 'Holders of rec. May 30
May Radio & Teley. Corp.(guar.)
rec. May 12
*2 May 15 'Holders
Public Elect. Light. pf. (guar.)
.134 June 1 'Holders of rec. May 21
McColl Frontenac 011 corn. (guar.). - •15c. Sla e 16 *Holde of rec. Apr. 30
J uny 5
Seaboard Public Service, 56 pf. (guar.)._ 5114
rs of rec. May
June 1 Holders of rec. May 10
Mercantile Stores Co., Inc. (guar.)
*25c. May 16 "Holders of rec. May 14
334 pf. (guar.)
814e. June 1 Holders of rec. May 10
4
7% preferred (guar.)
'134
*Holders of rec. May
Southern Calif. Edison, 7% pf. A (qu.). 43%c June 15 Holders of rec. May
Sletropolltan Ice, pf. extra
20
•30c. July 1 *Holders of rec. June 4
6% preferred 13 (guar.)
3734c June 15 Holders of rec. May 20
15
M-G-M Pictures, pref. (guar.)
'473-4 Juno 16 *Holders of rec.
Syracuse Lighting, Inc.. 8% Pref. (gu.). *2
May 14 *Holders of rec. Apr. 30
May 27
Mohawk Mining Co.(special)
$5
Holders of rec. May 14:
634% preferred (guar.)
'134 May 14 *Holders of rec. Apr. 30
Mtuisingwear, Inc. (guar.)
•25c. J‘uay 1
i l ne
6% preferred (guar.)
*134 May 14 *Holders of rec. Apr. 30
Nashua Gummed & Coated Paper (gni). *50c. May 31 *Holders of rec. Slay 16
16 *Holders of rec. May
Tide V. ater Power Co.,$6 pf.(quar.).__ 'Si 34 June I 'Holders of rec. May 10
National Biscuit Co., pref. (guar.)
May 31 Holders of rec. Slay 9
United Light & Rys. Co. (Del.)
National Dairy Prod., corn. (guar.) _ _ _ _
65c. July 1 Holders of rec. Juno 130
7% preferred (monthly)
* 58 1-3c June 1 *Holders of rec. May 15
3
Preferred A & B (guar.)
July 1 Holders of rec. June 3
6 3-10% prior preferred (monthly)... •530. June 1 "Holders of rec. May 15
National Oxygen Co. class A dividend o milted
6% prior preferred (monthly)
'50c. June 1 *Holders of rec. May 15
National Service Cos. $3 pref (quar.)._ g75c.
Holders of rec. Slay 2
U.S. Elec. Lt. & Pr. Shrs., ser. B, reg
May 15 'Holders of rec. Apr. 30
*6c.
$4 prof. (guar.)
Slay 15 Holders of rec. May
Ma
•081
3
Utica Gas & Elec. Co., 7% pref. (guar.) •1% May 16 *Holders of rec. Slay 5
Northam Warren Corp., cony. pf. (qur.) .
75c. June 1 *Holders of rec. May 2
Washington Ry. & Elec. Co.. coin. (qu.) •$1% June 1 *Holders of rec. May 14
14
North Star Mining Co.. Ltd. (Canada)
5% Preferred (qua.)
"3134 June 1 *Holders of rec. May 14
initial & final
.028
West Canadian Hydro-Electric Corp.,
Oahu By. & 1.tuld Co. (monthly)
•15c. May 15 *Holders of rec. May 12
Ltd., class A (guar.)
•15c. Apr. 20 *Holders of roe. Apr. 15
Oahu Sugar Co., Ltd. (monthly)
*10c. Slay 15 'Holders of rec. May
Ohio Oil Co. (guar.)
"20c. June 1 "Holders of rec. May 6
Banks.
Parker Rust l'roof, corn. (guar.)
•75c. May 20 "Holders of roe. May 17
Continental Bank & Trust (N. Y.)(
1111.) *30c, June 15 'Holders of rec. June 3
Preferred (semi annual)
•35o. May 20 "Holders of rec. May 113
10
Pepperell Mtg. Co.(guar.)
Si Slay
Fire Insurance.
Pillsbury Flour Mills, Inc., corn.(guar.). L50c. June 16 Holders of rec. May 4
1 Holders of rec. Slay 14
Globe & Rutgers Fire Insurance-Divide nd oml tted
Purity Bakeries Corp. (guar.)
•
25c. June 1 *Holders of roe. May
Merchants Fire Assurance, pref.-Divide nd oml tted
Reymer dc Bros. (guar.)
16
-Dividend omit tted.
Pacific Fire Insurance-Dividend omitte
Richmond Insurance Co
•15a. May
Stuyyesant Insurance--Dlyidend omitte
Rio Tinto Co., Ltd., prat.(Semi-Ann.)... *2 Sic. May 2 *Holders of rec. Apr. 10
2 •floldere of rec. A pril
Rolland Paper Co., Ltd. pf. (quar.)___ _
June 1 'Holders of rec. May 18
Miscellaneous.
San Carloo Milling Co., Ltd. (monthly). •
20c. May 16 'Holders of rec. May 16
Abbotts Dairies, corn. (guar.)
•50c. June 1 *Holders of rec. May 20
17
Second Twin Bell Syn. (monthly)
•20e. Slay 6 *Holders of rec.
*$1% June 1 "Holders of rec. May 20
1st preferred (guar.)
Apr. 30
Securities Corp.. gen. com.-Dividend °mitt ed.
'81 34 June 1 *Holders of rec. May 20
2d preferred (guar.)
$7 pref.-Dividend omitted.
Albers Bros. Milling, pref. (quar.)..... *$1% May 15 *Holders of rec. Apr. 30
$6 pref.-Dividend omitted.
Aluminum Industries. Inc. (guar.)
'1234c June 15 'Holders of rec. May 31
Shareholders Corp. (guar.)
'Se. May 2 *Holders of rec. Apr.
10c June 1 Holders of rec. Slay 14
Amer.& Gen. Secur. Corp. el A (guar.).
Simon (H.) & Sons, Ltd., pref. (guar.).
134 June 1 Holders of rec. May 27
75c. June 1 Holders of rec. Slay 14
Cum. 1st pref. (guar.)
Sioux City Stockyards Co.(guar.)
*50c May 16 *Holders of rec. May 20
13
American Laundry Mach. Co. (guar.)._ '30c. June 1 'Holders of rec. May 20
Preferred (guar.)
*50c. May
Amer. Radiator & Standard Sault. Corp.
Spalding (A. G.)& Bros., corn,-Dlyiden d omit ted. 16 *Holders of rec. Slay 13
Common-Dividend omitted.
1st preferred (guar.)
1% Juno 1 Fielders of rec. May 16
June 1 Holders of rec. May 16
Preferred (quar.)
2nd preferred (guar.)
2 June 1 Holders of rec. May 16
June 30 'Holders of rec. June 15
American Steel Foundries pref.(quar.)
Spiegel May Stern Co..834
(qu.)- - '114 May 1 'Holders of rec. Apr. 27
Aasoc. Electrical Industries, Ltd.
Standard American Trust Shares
13.39c
'lc. May 5 'Holders of rec. Apr. 18 Standard Coosa Thatcher Co.-Divide• d defer red. 'Holders of rec. Slay 1
Amer. dep. rec. ordinary stock
n
*25c. June 10 *Holders of rec. May 31
Atlas Powder Co.. corn.(guar.)
Standard Oil (California) (guar.)
50c. June 15 Holders of rec. Slay 16
Bamberger(L.)& Co., 634% cum.pt.(qu) 13.1 June 1 Holders of reo. May 13
Standard Oil Co. (Ind.) (guar.)
*25c. Juno 15 *Holders of rec. May 16
*50. May 20 *Holders of res. Apr. 30
Bandini Petroleum Co.(monthly)
Standard Oil Co.(Neb.) (guar.)
•25c. June 20 *Holders of rec. May 28
Bankers & shippers lns.-Dividend omit ted
Standard Oil Co.(N. J.) $25 par (qu.).
25e. June 15 Holders of rec. Slay 16
*Holders of rec. May 1
.$1. 3.1
Barcalo Mfg. Co.. pref.(qllar•)
$100 par (guar.)
$1
June 15 Holders of rec. May 1(3
-Dividend o muted
Beacon Manufacturing Co.
Extra $25 par
25c. June 15 Holders of rec. May 16
"$1 Si May 16 *Holders of rec. Apr. 30
6% preferred (guar.)
Extra $100 par
June 15 Holders of rec. May 16
51
Beaton & Caldwell Mfg.. Cora. (mthly.) •12Sic May 2 *Holders of rec. Apr. 30
Stand. Royalties Co. (N. Y.) pf. cl. A
•12Sic June 1 *Holders of rec. May 31
Common (monthly)
(monthly)
lc. May 1(1 Holders of rec. Apr. 31)
•12.3ic July 1 *Holders of rec. June 30
Common (monthly)
Strornberg-Carlson Telep. Nlfg. Co.,
Blaw-Knox Co.. com.-Dlyidend deferr ed
634% pref. (guar.)
•1% Juno 1 'Holders of rec. May 16
Boot's Pure Drug Co., Ltd. (Am. delL
Timken Detroit Axle Co., pref. (quar.) .
$134 June 1 *Holders of rec. May 211
*Holders of rec. May 1
receipts, ord. registered)
• wish.
Timken Roller Bearing Co. (guar.)
•
37340 June 6 *Holders of rec. May 20
Name of Company.
Name of Company.
3401
Financial Chronicle
Volume 134
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cera. Payable.
Books Closea
Days Inclusive.
Public Utilities (Concluded).
North Am. Lt. & Power SO pf. (quar.)_ _ $114 July 1 Holders of rec. June 2
June I Holders of rec. May
fl
Common (quarterly)
.144 July 1 *Holders of rec. June 1
North Shore Gas. pref.(0(100.)
•151 Oct. 1 *Holders of rec. Sept 1
Preferred (guar.)
Northeastern Public Service pr. pt. (qu.) *S144 May 10 *Holders of rec. April 2
Ohio Public Serv. 7% pref. (monthly)... 58 1-3c June 1 Holders of rec. May 1
60c. June 1 Holders of rec. May I
6% preferred (monthly)
41 2-3c June 1 Holders of rec. May 1
5% preferred (monthly)
Pacific Gas & Elec.6% pref.(quar.).... 3714c May 16 Holders of rec. Apr. 3
349.4c Slay 16 Holders of rec. Apr. 3
53.4% pref.(guar.)
*75e, May 16 *Holders of rec. Apr. 2
Pacific Lighting Corp. (guar.)
Peninsular Telephone corn. (quar.)..._. •35e. July 1 'Holders of rec. June 1
.350. Oct. 1 *Holders of rec. Sept. 1
Common (guar.)
•35c. Jan1'33 *Holders of rec. Dec. I
Common (guar.)
.
154 May 15 *Holders of rec. May
7% preferred (guar.)
•154 Aug. 15 'Holders of rec. Aug.
7% preferred (quar.)
•114 Nov. 15 'Holders of rec. Nov.
preferred (quar.)
7%
4
"1 8 215-33 *Holders of rec. Feb.
7% preferred (guar.)
Pennsylvania Power Co., $8 pref. ((NO_ $1.50 June 1 Holders of rec. May 20
550. June 1 Holders of rec. May 20
$6.60 preferred (monthly)
114 June 1 Holders niece. Slay 120
Phila.Suburhan Water Co., pref.(qu.)
Pittsburgh Suburban Water Service
ss 1.3734 Slay 16 *Holders of rec. Slay
$534 preferred (guar.)
50c. Nfay 20 Holders of rec. Apr. 30
Power Corp. of Canada, corn (guar.)- Public Seer. Co.of Colo.7% Did.(nithir) 58 1-3c June 1 Holders of rec. Slay 14
50c. June 1 Holders of rec. Slay 14
6% preferred (monthly)
41 2-3c June 1 Holders of rec. Slay 14
5% Preferred (monthly)
144 Slay 16 Holders of rec. Apr. 30
Pub. Serv. of Ind.6% Cum. pref. (guar.)
Public Service Co. of N. H.,$6 Prof.(qu) *UM June 15 *Holders of rec. May 31
•511.4 June 15 'Holders of rec. Slay 31
Below we give the dividends announced in previous weeks
$5 preferred (quarterly)
2
Holders of
500.
and not yet paid. This list does not include dividends an- Pub. Serv. Corp.(N. J.) 6% PL(nthlY.) *SIM May 31 'Holders of rec. Slay 30
rec. Apr.
May 10
Public Utilities Corp. (guar.)
t38c. Slay 16 Holders of rec. Apr. 25
nounced this week, these being given in the preceding table. Quebec Power, common
1.4 June 1 Holders of rec. Apr. 29
Rochester Gas & Elec. 7% pref. B (qu.)_
134 June I Holders of rec. Apr. 29
6% preferred C (guar.)
Books Closed.
When
Per
134 June 1 Holders of rec. Apr. 29
6% preferred D (guar.)
Days Inclusive.
Name of Company.
Cent. Payable.
July 1 *Holders of rec. June 1
Second & 3d Ste.(Phila.) Paw. Ry.(qu.) .53
Oct. I "Holders of net. Sept. 1
*53
Quarterly
Railroads (Steam).
25c. May 16 Holders of rec. Apr. 25
Shawinigan Water & Power (guar.) _ _
June 1 Holders of rec. May 6s Sioux City Gas & Elec., pref.(quar.)_ _ $144 May 10 Holders of rec. Apr. 30
Atchison Topeka & Santa Fe. corn. (an.) $1
'234 Slay 10 'Holders of rec. Apr. 22
Atlantic Coast Line RR., pre(
50c. May 15 Holders of rec. Apr. 200
Southern California Edison. corn. (au.).
Augusta & Savannah
'234 July 5 .
Southern Calif. Gas Corp., $8.50 pf. (gni $1.625 May 31 Holders of rec. Apr. 30
Extra
•25e. July 5
125c, May 18 Holders of rec. Apr. 30
Southern Canada Power, corn, (guar.)._
•214 Jan5'33
Semi-annual
25c. Slay 2 Holders of rec. Apr. 30
Southern Colo. Pow. class A corn,(au).
•250. Jan5'33
Extra
50c. June 1 Holders of rec. May Ila
Standard Power & Light, corn. (guar.). _
•334 July I *Holders of rec. June 8
Chesapeake & Ohio, pref. (guar.)
50c. June 1 Holders of rec. Slay Ila
Class B (quarterly)
Delaware & Hudson Co., corn. (guar.)._
234 Juno 20 Holders of rec. May 28
Slay 16 'Holders of rec. Slay 6
"$2
Stanford Water Works Co. (guar.)
244 June 18 Holders of rec. May 31
Norfolk Western Ry., corn. (guar.)
56c, Slay 16 Holders of rec. Slay 2
May 19 Holders of rec. Apr. 30a Tampa Electric Co.,corn.(quar.)
I
Ad). preferred (g(1ar.)
$54 May 16 Holders of rec. Slay 2
Preferred A (quarterly)
1 *Holders of rec. May 2
*$3 June
Ontario & Quebec fly, corn. (s.-a.)
Tennessee Electric Power Co.
'234 June 1 *Holders of rec. May 2
Debenture stock (8.-a.)
Holders of rec. June 15
134 July
5% first preferred (quar,)
Pitts. Ilesiemer & Lake Erie.6%Pf.(s.-11.) $13.4 June 1 Holders of rec. May 14
Holders of rec. June 15
134 July
8% first preferred (guar.)
I
•144 July 1 *Holders of rec. June
Pittab. Ft. IA ayne & Chic. corn.(qu.)
Holders of rec. June 15
7% first preferred (guar.)
154 July
•14( Oct. 1 *Holders of reo. Sept. 10
Common (guar.)
Holders of rec. June 15
1.80 July
7.2% first preferred (guar.)
.
•144 Jan 2 33'Holders of rec. Dec. 10
Common 'guar.)
Holders of rec. May 15
50c. June
8% first preferred (monthly)
•144 July 5 *Holders of rec. June 10
Preferred (quar.)
Holders of rec. June 15
50o. July
6% first preferred (monthly)
'134 Oct. 4 *Hollers of rec. Sept. 10
Preferred (guar.)
Holders of rec. Slay 15
60c, June
7.2% first preferred (monthly)
333 *Holders of rec. Dee. 10
'134 Jan
Preferred (guar.)
Holders of rec. June 15
60c. July
7.2% first preferred (monthly)
250. May 12 Holders of rec Apr. 140 Toledo Edison Co..7% pf.(monthly)... 58 1-3c June
Reading Company, common (quar.)
Holders of rec. May 14
50e. June 5 Holders of rec. May 19
First preferred (quar.)
Holders of rec. May 14
50c. June
8% preferred (monthly)
$244 July 10 Holders of rec. June 20
United N..1 RR. & Canal (guar.)
"Holders of rec. Slay 14
41 2-3c June
5% preferred (monthly)
June 30 Holders of rec. June 20
$2
Western Railway of Alabama (s.-e.).30c. June 30 Holders of rec. Slay 31
United Gas Improvement Co. corn. (qu.)
$134 June 30 Holders of rec. Slay 31
Preferred (guar.)
Public Utilities.
$13,4 May 16 Holders of rec Apr. 20
West Penn Electric. 7% Pre!.(guar.).
Blackstone Vail. Gas & Electric Co.
$IM May 16 Holders of rec. Apr. 20
8% treferred (quar.)
June 1 'Holders of rec. May 16
.$3
Preferred (semi-ann.)
Banks.
June 1 Ilolders of rec. Apr. 30
12
Brazilian Traction. Light & Power gum
153 June 1 Holders of rec. Apr. 30
Bank of Montreal (guar.)
June 1 Holders of rec. May 10
52
Brooklyn Edison Co. (guar.)
Buck 11111 Falls Co.. corn.(guar.) _ _ __ - - *25c. May 15 *Holders of ree. May 1
Miscellaneous.
California water Secy. Co.,6% pt. 1t1.) '134 May 15 'Holders of rec. Apr. 30
Allis-Chalmers Mfg. Co., corn.(guar.). 1254e. Slay 16 Holders of rec. Apr. 23
Canadian Ilydro-Eleo. Corp.
41 June 1 Holders of rec. May 14
Aluminium Ltd.,6% pref. (guar.)
114 June 1 Holders of rec. Apr. 30
1st 6% preferred ((Mar.)
.50c. June 30 *Holders of rec. June 15
Aluminum Manufactures. corn. (qu.)
Cedar Rapids Mfg.& Power Co.(guar.). •75c. May 16 *Holders of rec. Apr. 30
'50c. Sept.30'Holders of rec. Sept. 15
Common (quar.)
May 16 Holders of rec. Apr. 30
Central & South West Util. $7 Pt. NUJ- p5144
•50c Dec 31 *Holders of rec. Dec. 15
Common (guar.)
p$144 May 16 Holders of rec. Apr. 30
$7 prior lien pref.(guar.)
Preferred (quar,)
'154 June 30 "Holders of rec. June 15
Si 34 May 16 Holders of rec. Apr. 30
$6 prior lien pref.(guar.)
Preferred (quar,)
'154 Sept. 30 *Holders of rec. Sept. 15
Central Vermont Pub. Serv. $6 pt.(aim.)- $IM May 16 Holders of rec. Apr. 30
•14( Dec. 31 'Holders of rec. Dec. 15
Preferred (guar.)
230 June 1 Holders of rec. May 140
Cities Service Co., corn. (monthly)
250. June 1 Holders of rec. May 20
American Arch Co.(guar.)
1% June 1 Holders of rec. May 14a
Common (In stock)
May 16 Holders of rec. May 20
$1
corn. (guar.)
American Can,
50c. June 1 Holders of rec. May 14a
Preferred ,t) Prof. ISIS (monthly)
50c. July 1 Holders of rec. June 11
_ 5c. June 1 Holders of rec. May I40 America' Chicle Co (guar.)
13 (monthly)
Preference
25o. July 1 Holders of rec. June 11
Extra (guar.)
50o. June 1 Holders of rec. May 14
Cities Service Co., bankers ens. (mthly.)
Amer. Crayon Co.,6% pref. (guar.)...- '134 Aug. 1 *Holders of rec. July 20
Bankers shares On stock)
M of 1 June 1 Holders of rec. May 14
6% preferred (guar.)
'134 Nov. 1 *Holders of rec. Oct. 20
Cities Service Power & Light Co.
June 1 *Holders of rec. May 25
American Envelope, 7% pref. (guar.)._
$5 cumulative pref. (monthly/
41 2-3c May 16 Holders of rec. Apr. 3Ca
•154 Sept. 1 *Holders of rec. Aug. 25
7% preferred (guar.)
50c. May 16 Holders of roe. Apr. 30a
$6 cumulative pref. (monthly)
•14 Dec. 1 *Holden of rec. Nov. 25
7% preferred (anat.)
$7 cumulative pref. (monthly)
513 1-3c Slay 16 Holders of rec. Apr. 30a
•10c. May 10 *Holders of rec. Apr. 30
American Factors. Ltd.(mnouthlY)
58 1-3c June 15 Holders of rec. May 3Ia
$7 cum• Pref. (monthly)
3.50. June 1 Holders of rec. May 14a
50o. June 15 Holders of rec. May 31a American Home Products Corp.(mthly.)
$8 cum. pref. (monthly)
$1.50 July 25 Holders of rec. July Po
pref. (guar.)
American lee,
41 2 3c June 15 Holders of rec. May 31a
$5 cum. pref. (monthly)
51.50 Oct. 25 Holders of rec. Oct. 70
Preferred (quar.)
Columbia Gas & Electrie_ •75e Slay 16 *Holders of rec. Apr. 30
Amer. Invest.. Inc.. $3 pref. (quar.) _
Corn.(qu.)(pay, in cony. 5% ph. stk.) e25e. May 15 Holders of rec. Apr. 25
Amer. Natl. Co.(Toledo), pref. A (qu.)- *1% July 1 *Holders of rec. June 20
114 May 15 Iloiders of rec. Apr. 25
6% preferred A (quarterly)
preferred A (quarterly)
"141 Oct. 1 *Holders of rec. Sept. 20
25
5% preferred (quarterly)
134 May 15 Holders of rec. Apr.
.1% Jan 133 *Holden of rec. Dec. 20
Preferred A (quarterly)
Commonwealth Utilities. $614 Dl.(011.) $1.625 June I Holders of rec. May 14
.1y, July 1 'Holders of rec. June 20
Preferred 11 (quarterly)
June 15 *Holders of rec. June 5
Concord (has, common
•$4
4.1% Oct. 1 'Holders of ITO. Sept. 20
Preferred B (quarterly)
*I M May 15 *Holders of rec. Apr. 30
7% Preferred (guar.)
•1% Jaul'33 'Holders of rec. Dec. 20
Preferred B (quarterly)
Conn. Light & Power 614% pref.(qu,).
. 154 June I Holders of rec. May 14
50c Slay 16 Holders of rec. May 6
American News Co.. Inc. (hi-monthly).sm% preferred (guar.)
June 1 Holders of rec. May 14
154
75c. May 15 Holders of rec. Apr. 30
Amer. Re-Insurance Co. (guar.)
Connecticut By.& 1.1g. gam.& pf.(quar.) 114 May 14 Holders of rec. Apr. 30
Amer. Smelting & Heft. Co.
Consolidated Gas Co.(N. Y.) corn.(qu.) $1
June 15 Holders of rec. May 10
1% June 1 Holders of rec. Slay 6
7% preferred (guar.) ______
Consumer,Power Co.. 6% pref.(quar.)- $1.25 July
Iloiders of rec. June 15
134 June 1 Holders of rec. May 8
6% 2d preferred (guar.)
6% preferred (guar.)
114 July
Holders of rec. June 15
Amer. Thermos Bottle, pref. (quar.)._ .8714c July 1 'Holders of rec. June 20
6.6% preferred (quar.)
1.65 July
Holders o( rec. June 15
June 1 llolders of rec. Slay 10
American Tobacco Co., corn
7% preferred (guar.)
Holders of rec. June 15
141 July
Juno 1 Holders of rec. May 10
Common 11
6% preferred (monthly)
60o. June
Holders of rec. May 16
"51 July 2 *Holders of rec. June 18
Amoskeag Co., common
6% preferred (monthly)
Holders of rec. June 15
50e. July
.$2.25 July 2 'Holders of rec. June 18
Preferred
Holders of rec. May 16
6.6% preferred (monthly)
550. June
"25c. June 1 *Holders of rec. May 21
Archer-Daniels-Nfidland Co
6,6% preferred (monthly)
Holders of rec. June 15
550. July
Associated Dry(
foods, 1st pref. (guar.).
134 June 1 Holders of rec. Slay 134
50e. June
Dayton Pow.& Lt. pf.(nthlY)
Holders of rec. May 20
0
141 June 1 Holders of rec. May 13
Second preferred (guar.)
*Holders of rec. Slay 10
East Shore Pub. Serv., 56.14 pt.(guar.)._ •114 June
Holders of ree. Slay 20
750. June
Atlas Utilities Corp.. $3 pt. A (QUO
preferred (guar.)
$6
*Holders of rec. May 10
•$1 M June
Babcock & Wilcox Co., Ltd., Am. dep.
Eastern Utilities Associates (guar.)._ _ _
50e. Slay 18 Holders of rec. April 28
wz7 May 14 Holders of rec. Apr. 20
receipts for ord. registered
'Holders of rec. May 22
El Paso Natural Gas,7% pref. (guar.)._ '154 June
Balaban A: Katz corn, vot. tr. ells. (qu.). 37 Mc July 2 Holders of rec. June 18
60c. June
Empire Dist. El. Co. 8% pt. (mthly)_ _
Holders of rec. Slay 14
114 July 2 Holders of rec. June 18
7% preferred (guar.)
Holders of rec. May 14
Empire Gas & Fuel, 8:% pref.(monthly). 11 of 1 June
Ilaumann(LudwIgi& Co.7% 1st pt.(qu.) 1% Slay 16 Holders of rec. May 2
7% preferred (monthly)
lIolders of rec. Slay 14
in of I June
75c. July 1 Holders of rec. June 13
Packing Co.,corn.(quar.)_
Beech-Nut
614% preferred (monthly)
11,,of 1 June
Holders of rec. May 14
Tielding-Cortleelli. Ltd..7% pref. (guar.) 154 June 15 Holders of rec. May 31
6% preferred (monthly)
14 of 1 June
Holders of rec. May 14
$154 July I Holders of rec. June 3
Bethlehem Steel Corp.. pref. (quar.)...
Eseanaba(MIc)I.)
Pow.&Tr.,6% p .(qu.) '134 Aug.
'Holders of rec. July 27
Illauners, Inc. (P11110.) COM.(quar.)_..- •25c. May 16 *Holders of rec. May 2
6% preferred (quar.)
'134 Nov. 'Holders of rec. Oct. 27
75c. Slay 16 Holders of rec. May 2
$.1 preferred (quarterly)
Power Securities. pref. (guar.)... 134 May 16 Holders of rec. Apr. 30
Foreign
_ '37340 May 15 "Holders of rec. May 10
Block Bros. Tobacco, corn. (quar.)_
Georgia Power & Light $6 pref. (guar.). *SI M Slay 15 *Holders of rec. April 29
'3734c Aug. 15 *Holders of rec. Aug. 10
Common (quar,)
May 17 _
Gesture' conunon bearer (coupon 37).. *4
•3714e Nov. 15 *Holders of rec. Nov. 10
Common (quar.)
toz4 /May 17 Holders of rec. Slay 10
American deposit receipts
'134 June 30 *Holders of net. June 24
Preferred (guar.)
114 May 16 Holders of rec. Apr. 18
Havana Elec. & Utilities, 1st. pf.(gu.)
'134 Sept. 30 'Holders of rec. Sept. 24
Preferred (guar.)
134 May 16 Holders of rec. Apr. 16
Preference (quar.)
'14 Dec. 31 'Holders of rec. Deo. 24
Preferred fguar.)
KentuckY Utilities Co. 7% pr. pt. (au.)_ 8714e May 20 Holders of roe. May 2
Blue Ridge Corp. $3 cony. pref. (guar.). 075c. June 1 Holders of rec. May 5a
Lincoln Tel. & 'rel. 8% pref. A (guar.)._ '134 May 10 *Holders of rec. Mar. 31
Bond & Mtge. Guarantee (BklYn) (qu.)_ $134 May 14 Holders of net. May 4
1 M Slay 18 Holders of roe. Apr. 30
Los AlliZelOS Gas & Elec., 6% of. (qtr.) _
75c. June 1 Holders of rec. May 14
Borden Co.. common (guar.)
Louisville Gas & Mee.(Del.). cl.A (qu.). 4344c June 25 holders of rec. Slav 31
$1
May 16 Holders of rec. Apr. 30
I3oss Mfg. Co., common (guar.)
4314c June 25 Holders of rec. Slay 31
B common (guar.)
Class
*681‘c May 16 "Holders of rec. May 12
BourJois. Inc., $2.75 pref. (quer.)
Lucerne County Gas & El. Corp.
British United Shoe /Machinery
11134 May 14 'Holders of rec. Apr. 30
$6 preferred (guar.)
714 June 8 Holders of rec. May 17
Am. dep. rcts. for ord, reg. sharee- "$114 May 14 'Holders of rec. Apr. 30
$7 preferred (quar.)
June 15 Holders of rec. Apr. 25
51
Buckeye Pipe Line (quar.)
Monmouth Cons. Wat., 7% pref. (qu.) "154 Slay 16 *Holders of rec. May 2
20c. June 4 Holders of rec. Slay 3
Burroughs Adding Machine (quar.).'$1 14 lone 1 *Holders of rec. May 7
National Light & Power (guar.)
40c. July 1 Holders of net. June 15
Calamba Sugar Estates, corn. (quar.)...._
25c. June I Holders of rec. May 7
Natl. Power A Light. common (guar.)._
•35c. July I *Holders of rec. June 15
7% preferred (guar.)
650. June 1 Holders of rec. May 16
New York Steam Corp. (quar.)
50c. June 1 Holders of rec. May 14
Canada Bread, pref. B (guar.)
12)4 July 1 Holders of rec. June 6
North American Co.. tom. (guar.)
115c. May 30 Holders of rec. May 16
Canadian Cork Foundry, conc. (guar.)_
d75e July 1 Holders of rec. June 6
Preferred (quar.)
50c, May 18 Holders of rec. Apr. 30
Canad'n Converters Co.. Ltd. corn.(qu.)
American Edison Co., pref. (qu.). $134 June 1 Holders of rec. May 16
North
Miscellaneous (Concluded).
Trinidad Leaseholds, Ltd., Amer. deP•
*zw5c. May 26 *Holders of rec. May 6
rec. ord. reg. interim
•zw5c. May 26 *Holders of rec. May 6
0111Common, ord. reg
May 5'Holders of rec. Apr. 30
*52
Twin Bell 011 Syn.(monthly)
May 1 *Holders of rec. Apr. 15
Walton (Chas. S.) & Co., pf. (guar.)._ "S2
*473.4c
Union Central Life Ins. Co. (S.-A.).
Holders of rec. May 13
35c June
Union Tank Car Co., cap. stk. (guar.) United Aircraft & Transport Corp., 6%
"Holders of rec. June 10
*75c. July
pa pref.(guar.)
United Chemicals, $3 p1.-Dividend om tted.
- •10c. May 16 'Holders of rec. Apr. 30
United Guaranty Corp.. Cora.(guar.).
*10c. May 18 *Holders of rec. Apr. 30
Common A (guar.)
May 16 *Holders of rec. Apr. 30
"132
-A.)
Preferred (S.
United Milk Crate Corp., class A (qu.) _ _ *50c. June 1 "Holders of rec. May 16
United Indust. Corp. of Germany (Viag)
•5
(annual)
-P eased d 'Addend.
United States Foreign Secur., 1st p1.
Waitt & Bond, Inc., class A (quar.)____ *50c. June I "Holders of rec. May 16
*$2 May 1 *Holders of rec. April 15
Walton(C. S.) & Co., pref.(guar.)
"25c. May 31 'Holders of rec. May 16
Welch Grape Juice (Uttar.)
Preferred (guar.)
*3114 May 31 *Holders of rec. May 16
1Verthan Bag Corp.,$7 pref.(guar.)._ _ _ *51% May 1 *Holders of rec. April 28
$7 prior preferred ()Oar.)
'St'4 May 1 "Holders of rec. April 28
Westvaco Chlorine Products Co., corn_ _ *25e. June 1 *Holders of rec. May 16
*114 June 30 'Holders of rec. June 13
White Motor, pref. (guar.)
'Sc. May 25 *Holders of rec. May 9
Whiting Corp. ($25) (guar.)
Wolverine Tubs Co., pref. (guar.)
"5114 June 1 *Holders of ree May 13
3402
Financial Chronicle
When
Per
Cent. Payable.
Books Closet;
Days Inclusive.
May 7 1932
When
Per
Books Closed
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Canadian 011 Cos. Ltd.. com.(quar.)
*250. May 15 *Holders of rec. Apr. 30
Kemper-Thomas Co.. corn.(guar.)
•12Sio Jilts 1 *Holders of roe. June 20
Preferred (guar.)
July 1 *Holders of rec. June 20
$2
Common (qual.)
'12340 Oct. 1 *Holders of rec. Sept. 20
Canfield 011,common (guar.)
411
June 30 *Holders of rec. June 20
Common (guar.)
'12340 Jan 1'33 *Holders of rec. Dec. 20
e134 June 30 *Holders of rec. June 20
7% preferred (guar.)
•1, June 1 *Holders of rec. May 20
11
Preferred (guar.)
7% preferred (Quar.)
014 Sept. 3()'Holders of rec. Sept. 20
Preferred (guar.)
'134 Sept. 1 *Holders of rec. Aug. 20
7% preferred (guar.)
*134 Deo. 31 *Holders of reo. Deo. 20
Preferred (quar).
'134 Dec. 1 •Holdere of rec. Nov. 20
Caterpillar Tractor Co. (guar.)
1254o May 31 Holders of rec. May 14
Keystone Cold Storage
•$1.25 Oct. 1 *Holders of roe. Sept.20
Century Ribbon Mills pref. (qua?.)..
134 June 1 Holders of reo. May 200 Kidder Participations, Inc.
Centrifugal Pipe (guar.)
15c May 16 Holders of roe. May 6
434% cum. cony. pref
'6500. June 1 Holders of tee. May 10
Quarterly
15c. Aug. 15 Holders of reo. Aug 8
No. 2 44% cum. cony. prof
.ls 50e. June I Holders of roe. May 10.
Quarterly
15o Nov. 15 Holders of reo. Nov.
No. 3 5% cum. cony. pref
•ti 50c. June 1 'Holders of rec. May 10
Chain Belt Co.. common (guar.)
200. May 15 Holders of rec. May 2
Klein (D. Emil) corn. (guar.)
25c. July 1 Holders of
20
Chartered Inv., Inc., $5 pref. (guar.)._ _ 414 June 1 *Holders of rec. May 2
Knualren Creamery Mass A at R (quar.). '3734c May 20 *Holders of rec. June 30
rec. Apr.
Chicago Yellow Cab (Qual.)
500. June 1 Holders of rec. May 20
Kroger Grocery & Bak. Co., corn. Om,. 250. June 1 Holders of tee. May
10
City of Paris Dry Goods, lot pf.(guar.). 41% May 15
6% lot preferred ((pier.)
'134 July 1 *Holders of rec. June 20
Coca Cola Bottling Co.of St. L.(guar.). •40e. July 15 *Holders of roe. July 6
7% 2d preferred (guar.)
4
.134 Aug. I *Holders of rec. July 20
Quarterly
•400. Oct. 15 *Holders of rec. Oct. 6
Landers. Frary & Clark (guar.)
.6240 June 30 *Holders of rec. June 20
Colgate-Palmolive-Peet. pref. (guar.)_ _ '134 July 1 Holders of rec. June 10
Quarterly
•6234c Sept.30'Holders o 1rec. Sept 20
Community State Corp- class A (qual.). •1234e June 30 *Holders of roe. June 24
Quarterly
'8234c Deo. 31 *Holders of rec.
Class A (qual.)
*124c Sept. 30 *Holders of rec. Sept. 26
Lereourt Realty Corp.. coin.(guar.) . 40e. May 16 Holders of roe. Dec. 21
MAY 5
Class A (attar.)
'121.4c Dec. 31 *Holders of roe. Dec. 27
Lehigh Coal & Nay. Co., com.(guar.)._
25c. May 31 Holders of rec.
Congoleum-Nairn, Inc.. com.
25e June 15 Holders of roe. June 1
Lehn & Fink Prod. Co., corn. (qual.)... 50e. June 1 Holders of rec. Apr. 30
May 16
Preferred (guar.)
*13$ June 1 *Holders of rec. May 15
Liggett & Myers Tobacco com. tquar.)_ 51
June 1 Holders of me. May 16
Consol. Cigar. 7% preferred (quar.).
134 June 1 Holders of rec. May 16
Class B (guar.)
$1
Juno 1 Holders of ice. May 16
Consol. Oil Corp..8% pref. (initial au.). 2
May 14 Holders of roe. Apr. 30
Lindsay (C. W.) & Co., Ltd.
Consol. Sand & Gravel, Ltd..$4 pref._ _ _ $1
May 16 Holders of rec. Apr. 30
preferred (quarterly)
14 June 1 Holders of rec. May 14
Continental Can Co.,common (guar.)
6234c May 14 Holders of rec. Apr. 30
Lindsay Light Co., corn. (guar.)
10e. May 16 Holders of rec. May 7
Cuneo Press, 63% Preferred (quar.)___
134 June 15 Holders of rec. June 1
Link-Belt, corn. (guar.)
30e. Juno 1 Holders of rec.
Curtis Publishing Co (guar.)
•50c. June 5 *Holders of rec. May 20
•1% uly 1 *Holders of rec. Mayd14a
Preferred (guar.)
Preferred (guar.)
July 1 *Holders of rec. June 20
Loblaw Groceterlas, Ltd., el. A & B (gu.) 1200. June 1 Holders of rec. June 15
Decker (Alfred) & Cohn, Inc., pf. ((M.)- .$13$ June 1 *Holders of rec. May 20
Lock Joint Pipe Co., coin. (monthly)___ •67c. May 31 *Holders of rec. May 12
May 31
Deere & Co., 7% pref. (guar./
10o. June 1 Holders of rec. May 14
Common (monthly.;
*660 June 30 *Holders of rec. June 30
Dennis Bros.. Ltd.. ordinary reg
*z4d. June 1
Common (monthly)
*670. July 31 *Holders of rec. July 31
Amer. dep. receipts for ord. reg
wz4d June 1 Holders of rec. Apr. 29
Common (monthly)
*67o. Aug. 31 *Holders of roe. Aug. 31
Diamond Match Co., corn. (guar.)
250. June 1 Holders of rec. May 16
Common (monthly)
*66o. Sept.30 *Holders of rec. Sept. 30
Diem & Wing Paper Co.7% pf.(gu.)- - '134 May 15 *Holders of rec. spr. 30
Common (monthly)
•670. Oct. 31 *Holders of tee. Oct. 31
Distributors Group, Inc. (guar.)
25c. July 1 Holders of rec. June 20
Common (monthly)
•67e. Nov. 30 *Holders of rec. Nov. 30
Doctor Pepper Co.(qua?.)
*30e. June I *Holders of rec. May 15
Common (monthly)
•660. Deo. 31 *Holders of rec. Deo. 31
Quarterly
030o Sept. 1 *Holders of rec. Aug. 18
s$2
Preferred (guar.)
July 1 *Holders of rec. July 1
Quarterly
*30c Dec. 1 *Holders of rec. Nov. 18
ss$
Preferred (guar.)
Oct. 1 *Holders of rec. Oct. 1
Dome Mines. Ltd., corn.(guar.)
25e. July 20 Holders of rect. June 30
Preferred (guar.)
4
12
Pal '33 *Holders of tee. Jan. 1
Extra
20c. July 20 Holders of rec. June 30
Loew's Inc.. $634 cum. pref. (quar.).... $1% May 14 Holders of rec.
Apr. 29
Dominion Bridge (guar.)
i62 4c May 16 Holders of rect. Apr 3C
Lord & Taylor, 1st pref. (guar.)
514 June 1 Holders of rec.
Dow Chemical Co..common (quar.).... 50c. May 16 *Holders of reo. May 2
Louisiana Oil& Ref.,64% cum. pf(gu.) 1% May 16 Holders of rec. May 17
Apr. 30
Preferred (guar.)
14 May 16 Holders of roe. May 2
Lunkenheimer Co., preferred (lusr.). - - *1% July 1 *Holders of roe. June 20
Durham Hosiery Mills 8% pref
50o. June 1 Holders of reo. May 15
*1% Oct. 1 'holders of roe. Sept. 20
Preferred (guar.)
Eastern Food Corp.. elms A (Guar.)._
75o. Jul) 1
,
Preferred (guar.)'144 Jan 213 *Holders o rec Dee 22
Eastern Theatres. Ltd.. corn.(guar.).-- *50e. June 1 *Holders of reo. Apr. 30
Lynch Corp., common (guar.)
500. May 16 Holders of rec. May 5
Electric Ferries, Inc., pref
•652 May 28 *Holders of rec. Apr. 20
McIntyre Porcupine Mines, Ltd.(qui-25e. June 1 Holders of rec. May 2
Electric Shareholdings Corp..$6 pf.(gu.)
1 June I Holders of rec. May 5a Macy (R. H.) & Co..
corn. (quar.)---- 50o. May 16 Holders of rm. Apr. 225
Eppens. Smith & Co
*2
Aug. 1 *Holders of roe. July 25
4
- •13 MAY 15 'Holders of reo. May 3
European Electric Corp., Ltd.,cLA(gu.) 74e. May 16 Holders of rec. Apr. 300 Magnin (I.) & Co..6% pref.(guar.).
•134 Aug. 15 •Holders of roe. Aug.
6% preferred (guar.)
Class B (quarterly)
740. May 16 Holders of rec. Apr. 30
6% preferred (guar.)
'134 Nov. 15 *Holders of rec. Nov. 8
Ever-Ready (G. B.) Co., Ltd.
Mickelberry Food Products (guar.)
15e. May 16 Holders of rec. May 2
American dep. ord. reg. (final)
zw25% June 8 Holders of roe. May 4
Midland Grocery Co., Prof.(5.-an.)
*3
July I *Holders of me. June 20
Ordinary reg (final)
•zw25% June 1 *Holders of rec. May 4
Minneapolis-Honeywell Regulator
Ewa Plantation (guar.)
*60c. May 15 *Holders of roe. May 5
Common (quar.)
750. May 14 Holders of tea. MaY 40
FarbenIndustrle (I. CL)(coupon 10)- --- *7
Mohawk Mining Co. (quar.)
25c. May 31 Holders of rec. Apr. 30a
Federal Royalties Co.,Inc.(Initial)
10e. May 10 Holders of rec. Apr. 30
Motor Products Corp. (guar.)
500. July 1 Holders of tee. June 20
First Chrold Corp
$1
May 18 Holders of rec. May 11
Muskogee Co. 6% cum. pref. (qua?.)... 134 June 1 Holders of rec. may 20
FltsSlmons & Con. Dredge & Dock (gu.) 50o. June 1 Holders of rec. May 21
National Biscuit, common (guar.)
70c. July 15 Holders of rec. June 17
Food Machinery, preferred (monthly)-- *50o. May lb *Holders of roe. Mar. tO
Preferred (quarterly)
$14 May 31 Holders of reo. May 13
Preferred (monthly)
.50o. June 15 *Holders of rec. June 10
National Casket, coin
81.60 May 14 Holders of ree. Apr. 30
Foundation Co. of Canada. com.(guar.) 121.4c May 14 Holders of rec. Apr. 30
National Lead Co., pref. A (quar.)
$134 June 15 Holders of rec. May 27
Freeport Texas (Sulphur) Co. (guar.)._
50e. June I Holders of rec. May 13
National Ind, Loan Corp. (guar.)
'32340 May 15 Holders of rec. Apr. 30
General Cigar Co..Inc- 7% pref.(guar.) 14 June 1 Holders of rec. May 23
Nelson, Raker & Co. (guar.)
•150. June 30 Holders of rec. June 26
General Outdoor Adv..6% pref. (ge.)-- '134 May 15 *Holders of reo. May 5
Quarterly
•150. Sept.30 Holders of reo. Sept.24
Gibson Art Co. common (quarterly).... 50c. July 1 Holders of rec. June 20
Neptune Meter, pref. (guar.)
2
MAY 16 Holders of me. May 1
Gilbert(A. C.)$33i prof.(quar.)
8734c July 1 Holders of rec. June 18
Preferred (guar.)
1
Aug. 15 Holders of rec. Aug. 1
Goodyear Tire & Rubber 1st prof.(attar.) 134 July 1 Holders of ree. June 1
Preferred (ow.).
2
Nov.15 Holders of reo. Nov. 1
Gorham Mfg. Co.. coin. V. t. e.(guar.).
40c. June 1 Holders of rec. May 16
New Eng. Furniture & Carpet Co.
Gottfried Baking Co.Inc.. pref.(guar.)14 July 1 Holders of roe. June 20
7% preferred (guar.)
*1% MAY 15 Holders of rec. Apr. 30
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 20
New England Grain Prod.. $7 pref.(gu.) .51.75 JULY 1 *Holders of rec. June 20
Preferred (guar.)
14 Jan 2'33 Holders of rec. Dec. 20
$7 preferred (guar.)
81.75 Oct. I Holders of ree. Sept. 20
Grace(W.R.)& Co.. 6% prof. Is. a.)- 3
June 30 Holders of tee. June 29
$7 preferred (guar.)
'$1.76 Ia.2'33 Holders of tee. Deo. 20
6% preferred (s.a.)
3
Dee. 29 Holders of rec. Deo. 28
$6 preferred A (quar.)
*51.50 July 15 *Holders of rue. July 1
Preferred A & B (guar.)
2
June 30 Holders of roe. June 29
$8 preferred A (guar.)
81.50 Oct. 15 *Holders of rec. Oct. I
Preferred A & B (quar.)
2
Sept.30 Holders of rec. Sept.29
$6 preferred A (guar.)
011.50 Ja 15'33 *Hold, of rec. Jan. 1 '33
Preferred A & B (guar.)
2
Dee. 29 Holders of rec. Dec. 28
New Jersey Zino (guar.)
50e. May 10 Holders of me.
Grand Union Co.. prof. (guar.)
•750. June 1 *Holders of rec. May 10
Newberry (J. J.), 7% pref. (guar.).-- 14 June I Holders of ree. Apr. 200
Gt. All. & Pao. Tea Co.. corn.(qual.).. 11134 June 1 *Holders of rec. May 6
May 16
Niagara Arbitrage (liquidating)
•9543.
Common (extra)
•25c June 1 *Holders of rec. May 6
Nineteen Hundred Corp- class A (guar.) 50e. May 15 Holders of ree.
May 1
Preferred (guar.)
'Si 34 June 1 *Holders of rec. May 13
North River Insurance Co. (guar.)
•250. May 20 *Holders of rec. Mayd30
Great Lakes Dredge & Dock Co
250. May 14 May 5 to May 15
Quarterly
•25e. June 10 *Holders
Guggenheim & Co..$7 first Pref.(qual.). *134 May 16 *Holders of roe. Apr. 20
Norwalk Tire & Rubber, pref.(guar.).- 87 Sic July 1 Holders of rec. June I
of rec. June 22
Hale Bros. Stores, Inc.(guar.)
250. June 1 Holders of rec. May 16
Onomea Sugar Co.(monthly)
*200. May 20 *Holders of rec. May 10
Hancock 011 Co.of Calif.(Del.) A (qU.). •10o. June 1 *Holders of tee. May 15
Owens Illinois Glass con).(guar.)
50e. May 15 Holders of rec. Apr. 29
Common B (guar.)
*10o. June 1 *Holders of rec. may 15
Preferred (guar.)
Si July 1 Holders of reo. June 15
Harbison-Walker Refrao.,6% pf.(guar.) 134 July 20 Holders of rec. July 9
Package Machinery. (guar.)
•51.50 June I *Holders of rm. May 20
Hardesty(R.) Mfg.,7% wet.(guar.)._ •1% June 1 *Holders of roe. May 15
•1,4 Aug. 1 Holders
1st preferred (guar.)
of roe. July 20
7% preferred (guar.)
*134 Sept. I 'Holders of rec. Aug. 16
First preferred (guar.)
*1St Nov. 1 *Holders of reo. Oct. 20
•13$ Deo I *Holders of roe. Nov. 15
7% preferrel NUM./
P'k Mtge. & Gd. Rent.(guar.)
May 16 *Holders of rec. May 7
Hartford Times Inc.,$3 pref.(guar.).
75c. May 16 Holders of ree. May 2
Peerless Motor Car Corp
May 14
Panic. preferred (guar.)
•75e. May 16 *Holders of rec. May 2
Pender (D.) Grocery Co.. Cl. A (guar.).- 874c June 1 *Holders of tee. May 9
Holders of rec. May 20
14 May 14 Holders of roe. May 3
Hercules Powder, preferred (qual.)
Penmtuts. Ltd.. corn.(guar.)
75e. May 16 Holders of me. May 5
Hershey Chocolate Corp., corn. (quar.). $1.50 May 15 Holders of tee. Apr. 25
Plume & Atwood Mfg.(guar.)
*50o. July 1 *Holders of roe. June 28
Convertiblepreferred (guar.)
$1 May 15 Holders of ree. Apr. 25
Quarterly
•500. Oct 1 *Holders of reo.
Hewitt Bros. Soap, pref. (guar.)
Sent 28
July 1 *Holders of roe. June 20
*2
Pollock Pap. & Box, pref.(guar.)
*514 June 15
*2
Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
Preferred (guar.)
41% Sept.15
Preferred (guar.)
Jan 1'33 *Holders of ree. Dec. 20
0
1
Preferred (guar.)
914 Deo.
Hibbard,Spencer,Bartlett & Co.
(mthlY) 150. May 27 Holders of reo. May 20
Powdrell & Alexander, pref. (quiz.).... 41% July 15
1 *Holders of ree. June 15
150. June 24 Holders of roe. June 17
Monthly
Procter & Gamble, common (guar.)._
80e. May 14 Holders of tee. Apr. 25
Hobart Mfg. Co.(guar.)
40o. June 1 Holders of rec. May 18
Pullman, Inc. (guar.)
75e. May 16 Holders of reo. Apr. 2341
i5c. May 19 Holders of rec. May 5
Hollinger Cons.Gold Mines,Ltd.(mthlY)
Quaker Oats. 6% preferred ((Mar.)
'134 May 31
Holt (Henry) & Co., el. A (guar.)
*224e June 1 *Holders of rec. May 11
Railway Equip.& Realty 1st pref (guar.) '3734c June 1 *Holders of rec. May 2
Honolulu Plantation Co. (monthlY)--- •25e. May 10 *Holders of rec. Apr. 30
Reliance Grain Co.,Ltd.. pref.(quiz.).. *1% June 15 *Holders of rec. may 1
*Holders of tee. May 31
Hooven & Allison Co., pref. (guar.).
Reynolds Metals Co.(quar.)
-*5134 June 1 *Holders of rec. May 14
37340 June 1 Holders of rec. May 16
Hormel (Geo. A.) & Co., corn. (quar.).. 250. May 16 Holders of roe. May 2
Rich's. Inc., common (guar.)
30e. May 16 Holders of rec. May 6
'134 May 16 *Holders of reo. may 2
6% preferred A (guar.)
6Si% 'ref. (qua?.)
14 June 30 Holders of reo. June 15
Horn & Hardart Co.(N. Y.). pro!
$114 June 1 Holders of roe. May 12
Rio Tinto Co., Ltd. (Amer. deposit
Indiana Pipe Line (guar.)
10o. May 14 Holders of roe. Apr. 22
receipts for ordinary bearer)
to Is. 6d. May 9 Holders
Ilium. & Power Scour. $50 par com.(gu 1 '334 May 10 *Holders of rec. Apr. 30
Rolland Pap. Co-Ltd..6% cure. pf.(qu.) 14 June 1 Holders of res. Apr. 29
of reo. May 16
•14 May 13 *Holders of rec. Apr. 30
7% preferred (guar.)
Rolls Royce, Ltd
Imperial Chemical Industries, Ltd.
Amer. dep, rota, for. ord, reg. shares. 10 May 17
Holders
or553 June 8 *Holders of rec. Apr. 15
Amer. dep. Ms, for ord. reg
RussBuilding Co.,6% prof.(guar.).- •25o. May 15 *Holders of reo. Apr. 1
of rec. Apr. 30
Industrial & Power Securities (qua?.)... 250. June 1 Holders of rec. May
scotten Dillon. common (guar.)
30e. May 14 Holders of rec. May 6
Quarterly
250. Sept. 1 Holders of rec. Aug. 1
Seaboard Insurance Co.(guar.)
•12Sie May 16 *Holders of rec. May 6
Quarterly
250. Deo. 1 Holders of roe. Nov. 1
Second Investors Corp.(R. I.)Inter-Island Steam Navigation(mthly.) •10e. May 31 *Holders of rec. May 24
$3 prior pref. (guar.)
•750. June I *Holders of tee. May 14
•10c. June 30 *Holders of rec. June 24
Monthly
Servel. Inc.. preferred (quar.)
•$1.75 Aug. 1 *Holders of tee. July 20
•100. July 31 *Holders of rec. July 24
Monthly
Preferred (guar.)
•$1.75 Nov. 1 *Holders of reo. Oct. 20
*100. Aug. 31 *Holders of rec. Aug. 24
Sherwin-Williams Co., Prof. (quar.).... 750. May 16
Monthly
Holders of tee. Apr. 30
•100. Sept.30 *Holders of tee. Sept.24
Monthly
6% preferred "AA" (guar.)
134 June 1 Holders of me. May 14
*10c. Oct. 31 *Holders of rec. Oct. 24
Smith (A. 0.) Corp., pref. (guar.)
Monthly
134 May 18 Holders of rec. May 2
•100. Nov.30 *Holders of reo. Nov. 24
Monthly
Socony Vacuum Corp. (guar.)
200. June 15 Holders of rec. May 6
•100. Deo. 31 *Holders of rec. Dec. 24
Monthly
Sofres(Amer. dep. receipts lot ord. bear) w9 fr. May 7
Internatl. Harvester Co. Pref. (quar.)- 5134 June 1 Holders of rec. May 5
Solvay-Amer. Investment Corp.pfd.(qu.) 3134 May 16 Holders of too. Apr, 29
Holders of roe. Apr. 15
Internat'l Safety Razor Co., el. A (qu.) *60o.
So.Pao. Golden Gate, cl. A (guar.)
*374c May 15 *Holders of tee. Apr. 80
International Shoe. pref. (monthly).... •50e June 1 *Holders of me. May 14
Class B (quarterly)
'3734c May 15 *Holders of roe. Apr. 80
100. June 1 Holders of rec. may 16
IronFireman Mfg.(qual.)
Preferred (quarterly)
'51 34 May 15 *Holders of rec. Apr. 30
• 874c. July 1 *Holders of rec. June 10
Ivanhoe Foods, Inc.. pref.(guar.)
Southern Pipe Line Co.(guar.)
35c June 1 Holders of tee. May 1:
Jantzen Knitting Mills. 7% pref.(guar.) *134 June 1 *Holders of rec. May 26
Sparks. Withington Co., pref.
(guar.).- '134 June 15 *Holders of tee. June
Jewel Tea Co.. Ino- common (qual.)... 31 July 15 Holders of tee. July 1
Spencer Kellogg & Sons (quar.(
15e. June 30 'Holders of roe. June les
Johnson & Phillips, Ltd.
Standard Cap & Seal Corp.(guar.)
60c May 16 Holders of tee. May 2
American dep. rec. ord. reg. final.... •zic5 May 13 *Holders of tee. Apr. 29
Standard Pay. & Materials. pref.(quar.) SI
May 16 Holders of
Apr.
*zw5 MAY 5
Ordinary
Standard Steel Cons., class A (qual.)... •75c. July 1 *Holders of roe. Juno 30
no.
15
July 1 Holders of rec. June 13
Jones & Laughlin Steel 7% prof.(qual.). $1
Stanley Works, pref. (guar.)
'37340 May 16 *Holders of tee. Apr. 30
Kalamazoo Vegetable Parchment (gU.)- *15o. June 30 *Holders of rec. June 20
Stlz Baer & Fuller, 7% prof.(guar.).
-•4334e June 30 *Holders of reo. June 15
*115o. Sept.30 *Holders of rect. Sept.20
Quarterly
7% preferred (guar.)
'433(c Sept. 30 'Holders of ree. Sept.1
5
•150. Dec. 81 *Holders of reo. Deo. 21
Quarterly
7% preferred (guar.)
'43340 Deo. 81 *Holders of Teo. Deo. 15
Kendall Co. cum. & part. pf. ser. A(qu.) S134 June 1 Holders of rec. May 10
Stone & Webster, Inc. (gnat.)
12Sic May 16 Holders of me. May 2a
Name of Company.
Financial Chronicle
STATEMENT OF MEMBERS OF TIIE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, APRIL 30 1932.
Clearing House
Members.
*Capital.
Surplus and Na Demand
Undivided
Deposits.
Profits.
Average.
Time
Deposits.
Average.
5
$
Bank of N.Y.& Tr. Co__
9.866,800
6,000.000
79,601,000, 10,550,000
Bank of Manhattan Tr.0
44,436,300
22,250,000
233,278,000, 37,736,000
National City Bank
124,000,000 101,347.500 a949,030,000' 180,341,000
Chem.Bank & Trust Co
21,000,000
44,895,100
212,530,0001 23,283,000
GuarantyTrust Co
90.000 A)00 194,963,400 b747,864,000, 64,376,000
Manufacturers Trust Co__
32.935,000
27,122,900
258,493,000, 85,547,000
Cent Hanover Bk & Tr._
21,000,000
75,023,500
402,483,000, 43,501,000
Corn Each Bank Trust Co
15,000,000
22,710,400
169,210,000, 24,998,000
10.000,000 112,537,200
First National Bank
288,207,000
24,472,000
75.564.900
50,000,000
Irving Trust Co
306,645,0001 39,922,000
4.000,000
Continental Bank & Tr Co
6,747,800
2,338,000
Chase National Bank __._ 148,000,000 143.075,000c1,015,254,0001 110.731,000
3,630,500
500.000
32,048,000,
Fifth Avenue Bank
3,045,000
76,307,900 d394.243,000
Bankers Trust Co
38.673,000
25,000,000
21,193,200,
10,000,000
30,621,000
915,000
Title Guarantee & Tr Co_
7,022,000
39,769,000
10,000,000
5,667,000
Marine Midland Tr Co
2,498,000,
12,770,000,
1,101,000
3,000.000
Lawyers Trust Co
26,928,600
187,513.000' 25,906,000
12,500.000
New York Trust Co
9,235,600
40,408.0001
2,654,000
7.000,000
Com'i Nat 13k & Trust Co_
2,863,200
27,994,000
5,326,000
2.000,000
Harriman Nat Bk & Tr Co
36.364.000, 28,595,000
7,876.400
8,250,000
Public Nat Bk & Trust CO
Totals
622,435,0001.015.846,200 5,487,447,000
759,677,000
* As per official reports: National, Dee. 31 1931: State, Mar. 28 1932: Trust
Companies, Mar. 28 1932.
Includes deposits in foreign branches as follows: (a) $220,143,000:(b) 557,291,000:
(c) $49,910,000: (d) $19,951,000
NATIONAL BANKS
-AVERAGE FIGURES.
Loans,
Other Cash Res. Dep., Dep. Other
Disc. and
Gold. Including N. Y. and Banks and
Gross
Investments.
Bank Notes Elsewhere. Trust Co,. Deposits.
$
S
$
IfarzhartanGrace National_
16,416,723
900
Brooklyn
Peoples Nat'l__
6,314,000
5,000
$
$
77,826 1,455,457
71,000
390,000
$
782,864 13,016,339
12,000
5,587,000
TRUST COMPANIES-AVERAGE FIGURES.
Loans,
Disc. and
Investments.
$
Cash.
$
Reeve Dep., Depos.Other
Gross
N. Y. and Banks and
Elsewhere. Trust Cos. Deposits.
8
$
$
..11anhattan
Empire
Fulton
United States
53,256,700 *2,960,800 9,178,900
17,186,200 *2,368,800 1,465,700
64,436,559 4,940,295 19,093,200
1,993,200 55,306,100
950,800 17,145,800
61,210,240
wal
BrooklynBrooklYti
Kings County
90,882,000
25,789,732
2,190,000 37,288,000
1,834,798 4,912,465
341,000 108,124,000
25,840,482
•Includes amount with Federal Reserve as follows: Empire, $1,717,200. Fulton,
$2,228,200.
-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended
April 27
1932.
Capital
Surplus and profits
Loans, disc'ts & invest'ts.
Individual deposits
Due to banks
Time deposits
United States deposits.Exchanges for Clg. House
Due from other banks_
Res've in legal depositles
Cash In bank
Rea. in excess In F.R.I3k_
§§§§§§§§§§§§
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 Doc. 31 1930, pages 3812-13. We give the
statement below in full:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING OF
BUSINESS FOR THE WEEK ENDED FRIDAY, APRIL 29 1932.
MNWNONCINIM<I
,
Miscellaneous (Concluded).
Strawbr. & Clothier,6% Dr. pf. A (qu.) *SI% June 1 *Holders of rec. May 16
Studebaker Corp., 7% Pref. (guar.).- -114 June 1 Holders of rec. May 10
Superior Portland Cement, el A (mthly.) 27340 June 1 Holders of rec. May 23
Sun 011 Co., common (guar.)
250. June 15 Holders of rec. May 25
Preferred (quay.)
134 June 1 Holders of rec. May 10
Super Corp.(Amer. Tr. Shs.)Class B (semi-annual)
'Holders of rec. May 1
*13 .3478c
Texas Corporation (guar.)
250. July 1 Holders of rec. June 3
Texas Gulf Products (Initial quar.)
*2% May 10 *Holders of roe. Apr. 25
Thatcher Mfg. Co.,cony. pref.(quar.)- 90e. May 15 Holders of rec. Apr. 30
Tide Water Oil. pref.(guar.)
$114 May 16 Holders of rec. Apr. 16
Tobacco &cur. Trust. Ltd.,ord.(interim) 5
May 17
Tobacco Secur. Tr. Co., Ltd. (Amer.
dep. receipts for ordinary registered)__ rox535 May 24 Holders of rec. Apr. 22
Trunz Pork Stores, Inc. (quar.)
250. May 10 Holders of tee. May 5
Union 011 Associates (quar.)
35e. May 10 Holders of roe. Apr. 18
Union 011 Co.of Calif., corn. (quar.)...
35e. May 10 Holders of rec. Apr. 18
Union Storage (quar.)
•62
May 10 *Holders of roe. May 1
Quarterly
'623.4c Aug. 10 *Holders of roe. Aug 1
Quarterly
'82340 Nov. 10 *Holders of roe. Nov 1
United Biscuit of Amer.. corn.(quar.1_ _ _
50c. June 1 Holders of rec. May 166
United Engineering & Fdy., corn. (qu.).
50e. May 13 Holders of rec. May 3
Preferred (guar.)
$114 May 13 *Holders of tee. May 3
United Piece Dye Works, pref. (quar.)_
1% July 1 Holders of rec. June 20a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.20a
Preferred (guar.)
Jan 233 Holders of rec. Dec. 20a
U. S. Pipe & Fdy., corn. (quar.)
50c July 20 Holders of rec. June 30a
Common (quar.)
50e Oct. 20 Holders of rec. Sept. 30a
Common (quar.)
500. Ja.20'33 Holders of rec. Dec 31a
First preferred (quar.)
30c July 20 Holders of rec. June 30a
First preferred (quar.)
30e Oct. 20 Holders of roe. Sept. 30a
First preferred (quer.)
30e. Ja.20'33 Holders of rec. Dec. 31a
U. S. Playing Card Co.((luar.)
37%r July I Holders of rec. June 20
United States Steel Corp.,7% pf. (qu.). 134 May 28 Holders of rec. May 2a
United Stores Corp.. pref. (guar.)
81%e June 15 Holders of rec. May 25
Universal Cooler Corp., A
•15c. May 18 *Holders of rec. Apr. 30
Utica & Mohawk Cotton Mills, Inc.(qu.) Si
May 14 Holders of roe. May 7
Util. & Indus. Corp. it % cony. pf. (qu.) 37%c. May 20 Holders of rec. Apr. 30
Venezuelan 011 Concessions, Ltd
Common and preferred shares
•x10
Vulcan Detinning Co.. pref. (quar.)- - 1% July 20 Holders of rec. July 7a
Wagner Elec. Corp., corn. (quar.)
12tac June 1 Holders of ree. May 10
Wesson 011 & Snowdrift, cony. pf. (qu.)_ Si
June 1 Holders of roe. May 14
W. Va. Pulp & l'ap. Co..6°I, pf.(qu.)_ _
$135 May 16 Holders of rec. May 2
•1 34 May 20 *Holders of rec. Apr. 30
Western Cartridge,6% pref.(quar.) _ _ _
Western Dairy Products. $6 pf. A (quar.) •135 June 1 *Holders of rec. May 10
Whitaker Paper Co., pref.(guar.)
*1% July 1 *Holders of ree. June 20
Will & Baumer Candle Co., Inc.(quar.)_
10e. May 15 Holders of rec. May la
Preferred (aunt.)
July 1 Itolders of rec. June .15a
52
Winsted Hosiery (guar.)
*2
Aug. 1 *Holders of rec. July 15
Quarterly
Nov. 1 'Holders of rec. Oct. 15
*2
60c. June 1 Holders of rec. Apr. 18
Woolworth (F. W.). common (guar.).
W rigley (William) Jr. Co.(mthly.)
50e. June 1 Holders of rec. May 20
Monthly
25e. July 1 Holders of roe. June 20
WurIltzdr(Rudolph) Co.. 7% pf.(qu.)
•1% July
*Holders of rec. Jan. 19
•From unofficial sourcea. t The New York Stook Exchange has ruled that
stock will not he quoted ex-dividend on this date and not until further notice.
I The New York Curb Exchange Association has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend
b This marks a change In payments dates to 20th of each month.
Correction. e Payable In stock
'Payable in common stook. 0 Payable in scrip It On account of accumulated
dividends. 5 Payable In preferred stock
Electric Shareholdings Corp. div. on the $6 pref. stock is 44-1000ths of a share
of common stock or, at holders option if company is advised by May 15, $1.50 in
Gash.
m For the tour months period ended March 31 1932.
n Payable on Coupon No. 1, at Empire Trust Co., New York.
°At option of holder, or In stock at the rate of 1-32nd of a share of corn. stock.
p Ex dividend New York Curb Exchange May 4. All deliveries after April 27,
in settlement of transactions made prior to May 4, haying been made dividend on,
dividend accrues to purchaser.
I Payable in Canadian funds.
U Payable in United States funds
I' Amer. Cities Power & Light clam A dividend is optional either 76c. cash or
1-32d share class B.
H Lees deduction for expenses ot depositsn.
r Less tax.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending April 29:
Changes from
Previous
Week.
Week Ended
April 20
1932.
Week Ended
April 13
1932
S
-1,500,000
-1,498,000
-29,299,000
+525.000
-1,886,000
-9,472,000
-3,465,000
-1.343,000
+10,083,000
-392,000
-1-957.000
+702.000
5
91,775,000
82,328,000
874,516,000
539,498,000
135,471.000
199,657,000
16,710,000
15,085.000
96,340,000
70,140,000
6,941,000
5.775.000
MUM§
Books Closed
Days Inclusive.
:
Per
When
Cent. Payable
CM CC Ca Ca 1
00.,00000N,q=
CC
0.9.0
Name of Company.
3403
No-.01W
40
0500;-.MQWN - 00
Volume 134
Philadelphia Banks.-Neginning with the return for the
week ended Oct. 111930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the FedPral Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
April 30
1932.
Changesfrom
Previous
Week.
Week Ended
April 23
1932.
Week Ended
April 16
1932.
3
$
$
3
77,052,000 Unchanged
77,052,000
77,052.000
Capital
205,718,000 Unchanged
205,718,000 205,718,000
Surplus and profits
Loans, diacts. and Invest_ 1,127,941,000 --4,839,000 1,132,780,000 1,142,133,000
16.152,000
+868,000
Exch. for Clearing House
17,020,000
18,488,000
113,638,000
+2,904,000 110,734,000 104.210,000
Due from banks
148,696,000
-974,000 149,770,000 145.076,000
Bank deposits
Individual deposits
587,442,000 -2,637,000 590,079,000 598.873,000
263,978,000
+2,379,000 261,599,0013 261,026,000
Time deposits
Total deposits
1,000,116,000 -1,332,000 1,001,448.0001,004,97s,000
Relieve with F. R.Bank
86.541.000 --1.352.000
87.893.000
87.673 win
3404
Financial Chronicle
May 7 1932
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, May 5, and
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present theshowing the condition
results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve year.
Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller
and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the
returns for the
latest week appears on page 3361, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE
CLOSE OF BUSINESS MAY 4 1933
May 4 1932. Apr. 27 1932. Apr. 20 1932. Apr. 13 1932. Apr. 6 1932. Mar.30 1932. Afar. 23
1932. Afar. 16 1932. May 6 1931.
RIISOURCES.
$
3
$
$
Gold with Federal Reserve agents
2,269,181,000 2,269.856.000 2.223.947.000 2.192,997.000 2,181.947,000 2.188.647.000 2,192,547.000
2,187,147.000 1,774,714,000
Gold redemption fund with U. S. Treas._
33,510,000
36.100.000
41.070.000
41.830.000
43,201.000
44.895.000
48,410,000
32,624,000
60.340.000
Gold held exclusively agst. F. R. notes_ 2,304,691,000 2.305.955.000 2.265.017.000 2.234,827.000 2.225,148.000
2.233,542.000 2.240,957.000 2.237.487,000 1,807,338,000
Gold settlement fund with F. It. Board
321,685.000 313.878.000 297,297.000 317.085.000 318.494.000
Gold and gold certificates held by banks. 366,045.000 394.700.000 461.415.000 466,400.000 488,560.000 293.292.000 282.879,000 277.453.000 578,498,000
490.923.000 483.651.000 481,739,000 786,441,000
Total gold reserved
2,992,421,000 3.014.534,000 3,023,729,000 3.018.312.000 3,032,202,000 3.017.757.000 3.007.487,000
Reserves other than gold
210,825,000 218.502.000 212,969,000 214.737.000 212,544,000 216.810.000 210,896.000 2,996,679,000 3,172,277,000
209.204.000 172,704,000
Total reserves
3,203,215,000 3,233.036.000 3.235.698.000 3.233.049.000 3,244.746,000 3.234,567.000 3,218.383.000
3.205,973.000 3,344,981,000
Non-reserve cash
72,354,000
80.448.000
76.815.000
78.994.000
74.062.000
79.131.000
76,575.000
75,158,000
68,033,000
Bale discounted:
Secured by U.S. Govt. obligations
220,079.000 239,458,000 207.3115.000 316.088.000 319.796.000 318.935.000 341.647.000 342,452.000
58,297,000
Other bills discounted
235.722,000 292.356.000 297.157.000 312.514.000 315,478.000 314,320.000 323.936,000 318,340,000
91,905,000
Total bills discounted
505,801,000 531,824.000 564,523.000 628.602.000 635.274.000 633.255.000 665,583.000 660,792.000
150,202,000
Bills bought in open market
44,522,000
45.874.000
51.809.000
48.547.000
57.940.000
66.362.000
81.696.000 105,714,000 193,869,000
U. S. Government securities:
Bonds
346,149,000 345,399.000 346.198.000 321.183,000 318.690.000 327.667.000 318,732.000 318.857,000
59,080.000
Treasury notes
111.222,000
95.447.000
85.446.000
85,448.000
84.395.000
84.397.000
83.896.000
83.396,000
52,227,000
Special Treasury certificates
32,000.000
Certificates and bills
829,510,000 749.386.000 646,486.000 578.395.000 481.929,000 459.554.000 432.370.000 407.909,000 487,044,000
Total 17. S. Government securItlea
Other securities
Foreign loans on gold
1,236,881,000 4191.232,000 1.078.130.000
4,929,000
4.815.000
4.501.000
Total bills and securities
Due from foreign bunks
Federal Reserve notes of other banks
Uncollected items
Bank promisee
All other resources
1,842.133,000 1.773.745.000 1.695,701.000 1.659.911.000 1.582.555.000 1,578.146,000 1.589.268.000 1,615.622,000
943,522,000
5,692,000
5.695.000
6.669.000
6,683,000
6.644.000
6.645,000
6.629.000
8,613.000
697,000
14,392,000
14.914,000
14.107.000
16,305.000
14,810.000
14.376.000
14,009.000
13.738,000
15,202,000
370,840,000 347.315.000 388.362.000 410,810.000 362.758.000 331.558,0110 343.167.000 436,762.000 491,987,000
58,083,000
57.855.000
57.854.000
57.828,000
57.855,000
57.853.000
57,828.000
57.824.000
58,424,000
37,178,003
35.100.000
37.960,000
34,118.000
36.602,000
36.387.000
36.143.000
36.977.000
18,351,000
5,603,918,000 5.548.108.000 5.512,537.000 5.509,354.000 5.380,030.000 5.338.638.000 5,342.002.000 5.450,667,000 4.941,197,000
Total resources
LIABILITIES
F. It. notes In actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks
Other deposits
985.024.000
4.476.000
885.014.000
4,321.000
871.618.000
6.911.000
8:14.998,000
6.991.000
842,162,000
6.954.000
598,351,000
1,100,000
2,561,646,000 2.520.572.000 2,544.764.000 2,537,075,000 2,501,573.000 2,546.275.000 2.572.815.000 2.601.262,000 1,540,783,000
2,147,143.000 2.114.423.000 1.978.642,000 2.010.899.0(10 1.942.268.000 1.911.496.000 1.910.603.000 1,919.316.000 2,417,734,000
12,837,000
49.155,000
52.491.000
78.331,000
28.137,000
52.572.000
43,340.000
24,716,000
3,518.000
45.083,000
49,598.000
41.137.000
47,317.000
31.249.000
29.712.000
10,874,000
5,575,000
12.905.000
32,054,000
20.044.(101)
21.024.000
19.435.000
27.078,000
23.325,000
18,333,000
23,515,000
42,030,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
AU other liabilities
2.237,102.0002.234.200.000 2.131.371.000 2.123.965.000 2,020,161.000 2.018,642.000 1,983.150,000 1,977.769.000 2,471,540,000
359,198,000 341.318.000 390.708.000 401.809.000 353.218.000 329.416.000 341,612,000 426,833.000 469,628,000
154,892,000 155.240.001
155.376,000 155.458,000 155,558,000 155.624.0(10 156,027,000 156,283.000 168,590,000
259,421.000 259,421.001
250.421.000 259,421,000 259.421,000 259,421.000 2511,421,000 259,421.000 274.636,000
31,651,000
31.357.000
31.625.000
30 897.000
30.099.000
29,260,000
28,977,000
16,020,000
29.099,000
Total liabilities
5,603,918,000 5.548,103.000 5.512.537.000 5.509.354,000 5,380,030.000 5.338.638.000
5,342.002,000 5.450.667,000 4,941,197,000
Ratio of gold reserve to deposits and
F. R. note liabilities combined
62.3%
63.3%
64.7%
04.6%
66.1%
66.1%
66.1%
65.4%
Ratio of total reserves to deposits and
F. R. note liabilities combined
67.9%
66.8%
69.4%
69.2%
70.8%
70.9%
70.6%
83.4%
70.0%
Contingent liability on bills purchased
for foreign correspondents
278,042,000 297,735.000 308.84:1.000 325.684.000 335,312,000 335,425,000
334.881,000 336,057,000 402,752,000
Maturity Distribution of BUls and
Short-Term Securities
1-15 days bills discounted
16-30 days bills discounted
81-60 days bills discounted
51-90 days bills discounted
Over 90 days bills discounted
366,450,000
33,571.000
51,976.000
30,923,000
22,881,000
383.169.000
35,894,000
50,743.000
37.239,000
19.779.000
416,471,000
38,057.000
52.269.000
38,617.000
19.109,00(
474.040,000
40.1011.000
57.400,000
34.1(09,000
18,247,000
481,735.000
39,618.000
56.819.000
39.210,000
17.892.000
486,632,000
37.151.000
56.830.000
34.414.000
18.228.000
512,343,000
34,787.000
61,352,000
35.321.000
17,780.000
496.673.000
48.485.000
56,784,000
40,639.000
18.211.000
92,593,000
12,246,000
20,613,000
11,655,000
13,095,000
Total bills discounted
1-15 days bills bought In open market
16-30 days bills bought in open market
81-60 days bills bought In open market.._
01-90 days bills bought In open market_ _
Over 90 days bills bought In open market
505,801,000
11,160,000
6,583.000
9,584,000
16,928,000
267,000
531.824.000
8.567.000
10.769,000
6.988.000
19.280.001)
270.001)
564.523,000
8.336,000
8.277.000
9.272.000
22,375.000
287,000
628,602,000
15.188,000
7.688.000
14.890,000
13,758,0(10
285,000
635.274,000
26.913.000
8.349,000
12.871.000
9,574.000
239.000
633,255.000
28,602.000
10.970.000
15,810,000
10,742.000
238.000
665,583.000
33,172.000
8.554.000
11.048.000
28,678.000
244,000
660.792.001)
49,224.000
12.707.000
10.852.000
32.690.000
241.000
150,202,000
105,496,000
34,172,000
38,183.000
15,680,000
338,000
Total bills bought In open market
1-15 days U. S. certificated and bIlLs
18-30 days U. B. certificates sad bills__
81-60 days U. S. certificates and bills
01-90 days U.8 certificates and bills
Over 90 days certificates and bills
44,522.000
50.966,000
80,980,000
95,784,000
213,025,000
388,753.000
45.374,000
21,855,000
53.591,000
99.050.000
152.525.000
419,365,000
48,547.000
3.800,000
45.436.000
122,530,000
110.550,000
364.170,000
51.809,000
7,005.000
23.325.000
86.591,000
74,300,000
387,174,000
57.946.000 68.362.000
6,143.000
3.500.000
3.800.000
3,800.000
66.916.000
109.916.000
89,550.000
74.300.0110
290.413.000 293.195,000
81.696,000
5,250.000
3.51)0.001)
48.236.000
129.530.000
245,854.000
105,714,000
36,250.000
3.500.000
24.625.000
101,591.000
273,943.000
193,869,000
19,200,000
Toil U E3 certificates and bills
1-15 days municipal warrants
113-30 days municipal warrants
31-80 days municipal warrants
81-00 days municipal warrants
Over 90 days municipal warrants
829,510,000
4.613.000
111,000
107,000
646.486.0110
3.241.000
1.000,000
52.000
1.10.000
08.000
578.395,000
4.2111.000
481.929.000
4.166.000
459,554.000
5,591,000
1.000,000
432,370.000
4.4521.01(1)
1.100.000
20,000
142,000
98.000
20.000
1(17.000
28.000
439.9(19.000
3.874.000
1.000.000
98.000
749.336.000
3.202.000
1,388.000
52.000
110.000
63.000
52,000
68.000
52,000
28.000
20,000
60.000
4,929,000
4.815.000
4,501.000
4.47(1.000
4.321.000
6,711.000
Total munic•pal warrants
129,166,000
30,850,000
307,828,000
487,044,000
5.71)1)100
4.954.000
Federal Reserve Notes—
Issued to F. R. Bank by F. It. Agent__ 2,735,601.000 2,762.674,000 2.778.214,000 2,781.686.000 2,796.501,000 2,788.959,000 2.822.755.000
2,855,883,005 1,940,192,000
Held by Federal Reserve Bank
173,955,000 236,102.000 233.450.000 244,611,000 234,028,000 242.684.0(10 249.940,000 254,621,000 399,408,000
In actual circulation
2,561,646.0002,526.572,001) 2.544.764,000 2,537,075,000 2,561.573.000 2,546,275.000 2,572,815.000 2,601.262.000
1,540,783,
000
net
Collateral Held bp Aoent or Security for
Notes Issued to Bank—
By gold and gold certificates
966,051.000 966,726.000 912.217.000 863,267.000 861,567.000 854.067,000 854,067,000
Gold fund—Federal Reserve Board
1,302,530.000 1,303,130.000 1.311.730,000 1,329,730,000 1,320.380.000 1.334.580,000 1,338.4803100 849,587,000 610,434,000
By eligible paper
510.044,000 539,668,000 575.362,000 642.702.000 655,623.000 661,043,000 709.703,000 1.337,580,000 1,164,280,000
728.613.000 311,017,000
Tow _ _
2.779.223.000 2.809.524.000 2.799.309 000 2,835.699.000 2.837.570.000 2,849,690.00002.902.250.000
2.915.760.000 2,085,731,000
'Revised figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OP THE 12 FEDERAL RESERVE BANKS
AT CLOSE OF BUSINESS MAY 4 1932
Two Ciphers (00) omitted.
Federal Reserve Bank of—
Total.
Boston. New Tort. Atha 'Cleveland.1Richmond Allanta. Chicaoo. St. Louis. inneap
Kan.CUy. Dana. sea Pram.
RESOURCES.
$
I
$
$ i 1 1
Gold with Federal Reserve Agents 2,269.181,0 177,627,0 514,726,0 191,500,0 240,970,0; 74,870,0 102,775,0 547,395,0 80,320,0
63,895,0 66,080.0 30,260,0 175,763,0
Gold red'n fund with U. S. Trees__
35,510,0, 1,851,0
8.099,0 3,825,0, 3.899,0 1,448,0, 2,157,0 3,419,0 1,904,0
492,0 2,435,0 1,049,0 4,932,0
I
Gold held excl. east. F. R. notes 2,304.691,0179.478.0 522,825,0 193,325,0 244,869,0 76,318,0 104,932,0 550.814,0 82,224,0 64,387,0 — - — — - — — - —
68,515,0 31,309,0 180,695,0
settle't fund with F.R.Board 321,685,0, 15,956.0 114,546,0 3,398,01 15,517,0 7,309,0 8,375,0 85,346.0 11,167,0
Gold
9,763.0
9,795,0
Gold and gold etre held by banks_ 366,045,0, 16,923,0224,502,021
. 981,0117
2
1T,0 6.715,0 7.644,0 27,621,0 11,396,0 •2,955,0 13,070,0 7,344,0 33,179,0
5,530,0 10,013,0
—-— — -— —— - — — --- — —— -—
2,992,421,0212,357,0 861,873,0 214,684,0 278,111,0 90.342,0 120.951,0 663,781,0 104,777,0
Total gold reserves
77.105,0
232,887,0
210,825,0 21,177,0
Reserves other than gold
55,950,0 29,643,1X 18,840,0 13,139,0 5,872,0 23,489,0 9.873,0 3,722,0 91,370,0 44,183,0
6,603,0 11,154,0 11.363,0
— -3,203,246,0233,534,0 917,823,0244,327,0298,951,0 103,481,0 126,823.0 687,270,0 114,650,0
Total reserved
80,827.0 97,973.0 55,337,0 244,250,0
72,354,0 5,633,0
Non-reserve cash
20,977,0 3,673,0 3,643.0 3,669,0 4,755,0 12,812,0 3,354,0 2,090,0 2,129,0
3,587,0 5. .
981 0
Bills discounted:
Sec. by U.S. Govt oblIgatIOna- 220,079,0 16,536,0
66,636,0 19,657,0 28,350,0 4.678,0 8,281,0 20,129,0 8.358,0 1.761,0 5.373,0 1,493,0 38,777,0
285,722,0 15,098,0
37,516,0 42,117,0 34,849,0 19,034,0 21,679,0 18,234,0 5.780,0 8,693,0 24,364,0
Other bile discounted
0,659,0 48,641,0
—
505,801,0 31,632,0 104,232,0 61,774,0 63.199,0 23,742,0 29.980,0 38,363,0 14,138.0
Total bills discounted
10.454,0 29,737,0 11,152,0 87,418,0
44,522,0 2,349.0
14,434,0 3,387,0 3,104.0 2.179.0 2,172,0 5.062,0 1,519,0
Bills bought In open market
831,0 1,468.0 1,434,0 0.579.0
Financial Chronicle
Volume 134
Total.
Two Ciphers (00) Otattaid.
RESOURCES (Concluded)
0. B. Government securities:
Ronde
Trefi81117 notes
Certificates and bills
Boston. New York.
$
5
Phila.
$
$
346,149,0 14.717.0
111,222,0 6,295,0
829,510,0 45,143,0
3405
Cleveland. Richmond Atlanta. Chicaoo. St. Louis. Minneap. Kan.City. Dallas. Ran Fees,
$
$
$
5
176,955,0 23,604,0 23,118,0 4,893.0
55,343,0 9,009,0 10,312,0 2,181,0
426,168.0 65,079,0 74,490,0 15,757,0
$
$
$
$
$
2,818,0 50,206,0 7,027,0 11,880,0 5,396,0 13,827,0 11,648,0
1,193.0 12,788,0 2,912,0 1,912,0 2.374,0 1,707.0 5.196,0
8.613,0 92,373,0 21,035,0 13,816,0 17,166,0 12,330,0 37,540.0
Total 17. 8. Govt. securities__ 1,286,881,0 66,155,0
4,929,0
Other securities
658,466,0 97,692,0 107,920,0 22,831,0 12,624,0 155,427,0 30,974,0 27,608,0 24,936,0 27,864,0 54,384,0
3,176,0 1,675,0
78,0
Total bills and securities
Due from foreign banks
I. R. notes of other banks
Unoollected items
Bank premises
All ether resources
1,842,133,0 100,136,0
5,692,0
455,0
362,0
14,392,0
370,840.0 45,318,0
58,083,0 3,336,0
37,178,0 1,633,0
780,312,0 164,528,0 174,223.0 48,752,0 44,756,0 198,852,0 46,831,0 38,971,0 56.141,0 40,450,0 148,381,0
616,0
2,057,0'
211.0
575,0
802,0
228,0
12,0
19,0
165,0
159,0
393,0
4,336,0
381,0
737,0 1,538,0 1,656,0
910,0 1.126,0
266,0 1,020,0
336,0 1,724,0
108.784,0 32.955,0 33,900,0 28,273,0 9,074,0 44,089,0 14.625,0 6.492,0 18,776,0 11,704,0 16,850,0
14,817,0 2,873.0 7.965,0 3,612,0 2,489,0 7,827,0 3,461,0 1,834,0 3,649,0 1,787,0 4.433,0
894,0 1.682.0 4,986,0 3,655.0 1,664,0
16,731.0
1,433,0
1,348,0
1.082,0 1.281,0
789,0
Total resources
LIABILITIES.
1. R. notes in actual circulation
Deposits:
Member bank reserve account
Government
Foreign bank
Other deposits
5,603.918.0 390,459,0 1,865.837,0 450.247,0 519.849,0 194,127,0 192,500,0 954,854,0 185,829,0 131,840,0 180,934,0 114,641,0 422.801,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,237,102,0 125,671,0 1,043.019,0 124,673,0 150.682,0 55,928,0 49,317,0 307,720,0 63,441,0 42,454,0 69,412,0 51.924,0 152,861,0
359,198,0 45,277,0 103,855,0 30,030,0 33,098,0 26,854,0 9,115,0 41,684,0 15.813,0 6,390,0 17,323.0 12,890,0 16,869,0
59,157,0 16,231,0 14,218,0 5.232,0 4,884,0 17,335,0 4,483,0 2,934,0 4,093,0 3,976,0 10.816,0
154,892,0 11,533,0
259,421,0 20,039,0
75,077,0 26,486,0 27,640,0 11,483,0 10,449,0 38,411,0 10,025,0 6,356,0 8,124,0 7,624,0 17.707,0
10,196,0 1,898,0 2,874,0 1,110,0 2,618,0 3,900,0 1,324,0 1,592,0
31,659,0
999,0
838,0 2,054,0 2,256,0
574,533,0 250,929,0 291,337,0 93,520,0 116,117,0 545,804,0 90.743,0 72,114,0 81,144,0 36.173,0 222.292,0
2.561,646,0 186,940,0
2,147,148,0 121,018,0 1,006,781,0 119,118.0 143,493,0 52,838,0 46,403,0 300,066,0 59,892,0 40,384,0 67,271,0 47,611,0 142,273,0
12,837,0 1,042,0
3,000,0
125,0 1,120,0 1,024,0
362.0
633,0
740,0 1.057,0
678,0
411.0 2,645.0
45,063,0 3,557,0
13,520,0 4,820,0 4,727,0 1,872,0
1,732,0 6,271,0 1,638,0 1.030,0 1,357,0
1,310,0 3,229,0
54,0
19,718,0
373,0 2,337,0
32,054,0
158,0
407.0
643,0
98.0
108,0 2,592,0 4.714,0
854.0
Total liabilities
5,603,918,0 390,459,0 1.865,837.0 450,247,0 519,849,0 194,127,0 192,500,0 954,854,0 185,829,0 131,840,0 180,934.0 114,641,0 422,801.0
Memoranda.
Reserve ratio (per cent)
74.7
66.3
67.2
56.7
69.2
65.0
65.1
74.4
76.7
62.8
70.5
80.5
65.1
Dentin/gent liability on bills pur67 300 n 90 1.1(10 96 574 n 11 2170 In 406 0 37 010 n
chased for foreign correepond'te 976 049 n 91 001 n
9.302.0
6.224.0 8.204.0 7.922_0 10.521.0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve /tient at-
Boston,
Total.
New York.
Phila.
5
$
Two Ciphers (00) Omitted.
$
$
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt. 2,735,601,0 204,962.0
,meld by Federal Reserve Bank_ 173,955,0 18,022,0
$
$
5
$
L01118.
$
Minneap Kan.City. Dallas. SanFran .
$
$
5
5
605,030,0 256,422,0 303,558,0 98,988,0 132,110,0 575,468,0 93,975,0 73,515,0 92,407,0 41,083,0 258.033,0
30,547,0 5,493,0 12.221,0 5,468,0 15,993,0 29,664,0 3,232,0 1,401,0 11.263,0 4,910,0 35.741,0
In actual circulation
2,561,646,0 186,940,0
Collateral held by Agt, as security
for notes issued to bank:
Gold and gold certificates
966,651.0 47.010,0
Gold fund-F.R. Board
1,302,530,0 130.617,0
Eligible paper
510,044,0 31,132,0
Total oollateral
Cleveland. Richmond Atlanta. Chicago. Si
574,523,0 259,929,0 291.337.0 93,520.0 116.117.0 545,804,0 90,743,0 72,114.0 81,144.0 36.173,0 222,292,0
484,726,0i 73,400,0 71,970,0 12.470,0 14,275,0 123,395,0 15,720,0 13,145,0 9.280,0 12,260,0 89,000,0
30,000,0 121.100,0 169,000,0 62,400,0 88,500,0 424,000,0 64,600,0 50,750,0 56,800,0 18,000,0 86,763.0
107,371,0 61.983,0 63,053,0 26,604,0 30,295,0 38,992,0 13,687.0 10,137,0 29,072,0 11.403,0 88.315,0
2.770.225.0 206.759.0
622.097.0 256.483.0 304.023.0 99.474.0 133.070.0 586.387.0 94.007.0 74.032.0 95.152.0 41.663.0 264.078.0
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 3362, 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 "Aeceptanoes of other banks and bills of exchange or drafts sold with endorsement, and Include
all real estate mortgagee and mortgage loans held by the bank. Previously sweeten/3es of other banks and bills sold with endorsement were Included with loans, and soma
of the banks included mortgagee in Investments. Loans secured by U S. Government obligations are no longer shown separately, only the total of loans on securttiee
beinggiven. Furtherreor..,, borrowing mtl the Federal Reserve Is not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial
paper.enly a lump total being given. The number of reporting banks is now omitted: In Its visor, the number of cities Included (then 101), was for a time given, but beginDing Oct.9 1929 even this has been omitted. Time figures have also been revised to exclude a bank In the San Francisco district with loans and investments of 5135,009.006
Onlan.2 1929, which had then recently merged with a non-member bank. The figures are now given In round millions Instead Of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS APRIL 27 1932 (In 01111101:111 of dollars).
Federal Retiree District-
Total.
Boston. New York
Phila.
Cleseland Richmond Atlanta. Chicago. St. Louli. Minneap. Kan.City. Dallas. San Pros.
$
1,211
$
7,583
1,092
$
1,952
11,882
809
4,620
669
5,099
6.783
308
501
2,206
2.414
$
19,033
Loans and investments-total
_
Loans
-total
On eecuritlee
All other
Investments-total
$
S
$
583
516
5
2,483
1,205
353
342
336
333
545
660
139
214
112
230
$
$
5
554
335
548
1,760
345
199
821
939
136
209
s
s
395
1,751
286
254
1,040
58
143
82
204
77
177
281
759
7,151
423
747
230
174
723
209
136
262
141
711
1,783
1,180
154
269
396
351
107
123
89
85
389
334
76
133
60
76
135
127
83
58
381
330
82
16
730
408
13
108
140
882
52
5,513
1,231
71
115
1,155
33
13
281
224
9
63
84
30
8
238
195
13
67
78
240
32
1,321
975
17
253
363
37
6
295
210
3
60
92
7
67
12
605
267
14
96
153
ii
110
26
847
833
12
76
200
990
anrrnc•Inan frnmflank
17 TI
2,963
231
201
1,657
207
11,144
5,685
177
1.163
2,682
Reserve with F. R. Bank
Cash In vault
Net demand depoeits
Time depoeits_
Government deposit,
Due from banks
Due to banks
432
3,884
3,267
U.S. Government securities
Other securities
40
R
17
10
2
20
5
167
149
2
45
61
1
43
12
354
179
4
99
131
12
29
8
238
127
8
77
78
4
84
17
555
887
11
104
147
69
31
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 4 1932, in
comparison with the previous week and the corresponding date last year:
ResourcesGeld with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury-
May 4 1932. Apr. 27 1932. May 6 1931.
5
514,726,000 524,726.000 361,919,000
8.256.000
8.059,000
13,158,000
Gold held exclusively eget. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold ctfe. held by bank
522.825,000
114,546,000
224,502,000
532.982.000
133,670.000
251,077,000
Total gold reserves
Reserved other than gold
861,873,000
55,950,000
917,729,000 1,087.347,000
59,343,000
59.329,000
917,823.000
20,977,000
977.058.000 1,146,690,000
17,432.000
23.677,000
Total reeervee
Non-reserve C11811
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Total hills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury Certificates
Certificates and bills
375,077,000
208.910,000
503,360,000
66,636,000
37,546,000
69.450.000
33.389,000
15,520.000
12,952,000
104,232,000
14,438,000
104,839,000
13.800,000
28,472.000
72,871,000
176,955.000
55,343,000
130,534.000
41,147,000
15,023,000
11,380,000
426,168,000
412,175,000
583,856.000
3.152.000
160,170,000
1,100,000
Total resources
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabl Mee
Total U.8 Government securities__
Other securities (see note)
Foreign loans on 5016
4 1932. Apr.27 1932. May 6 1931.
s
2,057,000
4,336.000
108,784,000
14,817,000
16,731,000
$
2.038.000
3.929.000
98,009,000
14,817.000
14.513,000
s
229,000
4,046,000
127,497,000
15,240.000
5,336,000
1,865,837,000 1.839,688,000 1,579,083,000
LiabilitiesFed. Reserve notes in actual etre/nation_ 574,533,000 561.429,000 269,307.000
Deposits
-Member bank reserve &eel__ 1,006,781,000 1.000.888.000 1,018,009.000
Government
7,592,000
3,000,000
13.909.000
Foreign bank (see note)
13,520,000
1,813,000
14.597.000
Other deposits
19,718,000
13,542,000
10.780,000
133,767,000
658,466,000
3,178,000
May
Resources (Concluded)Due from foreign banks (see note)
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other resources
1,043,019,000 1,040,174,000 1,040,956.000
103,855,000
93,858.000 118,246,000
59,157,000
65,498,000
59.166,000
75,077,000
80,575.000
75,077.000
10,196.000
4,501.000
9,984.000
1,865,837,000 1,839.688,000 1,579,083,000
Ratio of total reserves to deposit and
Fed. Reserve note liabilities combined_
56.7%
87.5%
81.0%
Contingent liability on bills purchased
780,312,000 705.647,000 262,613,000
for foreign correspondents
Total bills and securities (lee note)
87,359,000
97.918.000 131.874,000
-Beginning with the statement of Out. 17 1925, two new items were added In order to snow separately the amount of balances neid abt0114 and amounts due to
NOTE.
foreign correspondents In addition, the caption "All other earnings assets." Previously made up of Federal Intermediate Credit Bank debentures was changed to -Other
gesurItlee." and ,he caption, Total Gamines meets" to "Total bills and securities." The latter term was adopted ass m9re accurate description of the total of the discount
acceptances and securItles acquired under the provisions of Sections 13 and 14 o f the Federal Reserve Act, which It was stated are the only items Included therein.
3406
Financial Chronicle
Quotations for United States Treasury Certificates of
Indebtedness, &c.
L-itunixiat _
S
aim
Tantuart11° v kgit_nntirle
Maturity.
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
Including Postage—
6 Mos.
12 Mos.
Within Continental United States except Alaska
$6.00
$10.00
In Dominion of Canada
11.50
6.75
South and Central America, Spain, U. S. Possessions and
Territories
7.75
13.50
Great Britain, Continental Europe (except Spain), Asia,
Australia, Mexico, and Africa
8.50
15.00
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The subscription price of the Bank and Quotation Record and the
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NOTICE.—On account of the fluctuations in the rates of exchange,
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Published every Saturday morning by WILLIAM B. DANA COMPANY;
President and Editor. Jacob Seibert: Business Manager, William D. Riggs.
Treas., William Dana Seibert; Sec.,Herbert D.Seibert. Addresses of all. Office of Co.
Wall Street, Friday'Night, May 6 1932.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 3392.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list:
STOCKS.
Week Ending Mat/ 6.
Sales
for
Week.
Railroads—
Par. Shares.
Central RR of N J._100
100
Colo <lc Sou lot prei_100
280
Illinois Central pref_100
100
Ihr•Leased lines
100
10
Int Rys Cent Am etre_•
10
Manhat Elev guar_ _100
50
Market Street Ry_ _100
60
Preferred
100
20
2d preferred
100
10
MStP&SSMpf_100
8
Nash Chart & St L-100
30
Pacific Coast 2d prefl ii
40
Ranee for Week.
Lowest.
$ per share.
45
May 3
May 4
10
16% May 4
214 May 4
1
May 5
30
May 5
ii May 3
14 May 3
% May 4
1
May 5
10
May 5
1
May 3
Highest
$ per share.
45
May 3
11% May 4
16% May 4
21% May 4
1
May 5
30
May 5
% May 3
1% May 3
31 May 4
I
May 5
10
May 5
1
May 3
Industrial & Miscell.
Affiliated Products---• 1,200 714 May 4 83£
Am Agile Chem (Conn)
preferred
*
100 5 May 3 5
Amer Chain pref_--100
180 7% May 3 7%
Amer Express Co_ _ _100
100 110 May 4 110
American Ice pref-100
7
50 Apr 30 52
Am Mach & Met ctfs •
1
1
Apr 3
1
American News
*
20 24 Apr 30 24
ArtMetalConstrucLll
700 5 May 2 5
Asso Dry Gds 1st pf 100
300 32% May 4 3234
Austin Nichols prior A*
730 12
May 4 134
Budd (E G) preL....10I
70 7
May 3 7
25
Chile Copper
80 734 May 4 7%
City Stores class A— -•
200 1
May 6 1
ColoFuel& Iron pf_100
60 20
May 2 24
Columbia Pict v t e -•
500 44 May 4 534
May 4 15
Comm Cred pref (7)-25
120 14
200 95
May 4 95
Comm Inv Tr pf(7) 100
400
4 May 5
Warrantsstamped__
54
• 29,400 44 May 4 6
Consolidated 011
100
600 80
May 4 81
Preferred
400 22
Apr 30 22
Crown Cork & Seal pf_*
Apr 30 62
2 60
Cushm Sons pf (13%)--•
311 44 May 6 44
5
Davega Stores
Dvoe&Rayistpt_llI
May 3 80
10 80
is 11
May 2 11
Dresser Mfg class A—•
.
0
8
5
May 6 64
Class B
May 3 4
4
Flash Park Asso pfd1I I
May 6 16
300 16
Fed Min & Smelt pf 100
54 May 4 534
Fuller Co prior pfd •
10 6
May 4 6
*
2d pref
May 6 2634
30 23
Gas & El pf A(7)_5
Gen
May 3 33
10 33
Pref B (8)
•
May 4 8
2
8
Gen Steel Cast pref—*
10 23.4 May 2 234
Grand Stores pret-100
May 3 8
620 8
Greene Can Cop—.100
1 116 Apr 30 115
Helme(OW) pref-100
May 4 28
30 28
Inter Dept St pref— 100
May 4 10
200 10
Keith-Albee-Orph pfl I
300 1
May 3 14
Kresge Dept Stores
May 2 93
60 93
Kresge (S S) Co Pr--1
May 3111
270 110
Loose
-W Bis 1st pf_100
May 5 2034
lii 15
McLellan Stores pf_100
May 5 8
100 8
Mesta Machine Co_ Si
May 2 50
Ii 50
Mexcian Petroleum_lOOt
211 2531 Apr 30 244
Nat Distil Prod pt_....40j
400 24 May 4 2%
Newport Industries_ _.1
N Y Shipbuilding.--• 1,100 24 May 4 2%
May 2 35
70 33
1001
Preferred
700 654 May 6 68
Omnibus Corp pref_10
141 98% May 4 100
lOOt
Outlet Co pref
10 38
May 8 38
*
Common
May 2 97
21 97
PacTei&Telpret.i00I
41 4% May 3 6
Panhan Pr dr Ref PL1
100 134 May 2 1%
PennCoaI&Coke.5O1
May 2 22
Is 14
Pierce-Arrow Co pf-100
200 255% May 3 254
of Italy
Pirelli Co
7 9134 Apr 30 9134
Procter & Gamb pf_100
31 325% May 5 33
•
Scott Paper
540 8% May 2 10
Shell Transp & Trad_ £2
May 4 9
100 9
Sloss-Sheff St & Ir PfIGO
May 2 50
150 50
100
The Fair pref
20 864 May 2 86%
Und-Ell-F ',her pref_100
%
10
31 May 2
100
United Dyewood
May 4 75
I 75
Unit Piece Dye pf....100
May 5 120
100 120
U S Tobacco pref_ _ _100
55 80
May 6 80
Unly Leaf Tob pref_100
May 4 25
10 25
Van Raalte lot pref_100
70 644 May 6 66
Vulcan Detinning pi 100
20 29% MAY 2 29%
Webster Eisenlohr pf100
•No par value.
May 6
Range Since Jan. 1.
Lowest.
Highest.
Per share.$ Per share.
45
May 78
Jan
8
Mar 14
Mar
15% Apr 264 Jan
204 Apr 36
Jan
1
May 1 • May
254 Apr 46% Mar ,f4 Jan
34 Jan
1
Mar 2% Jan
34 May 5% Mar
1
May
34 Jan
10
Apr 2734 Jan
1
May 2% Feb
64 Apr 164 Mar
May 3
May 3 74
May 4 110
May 6 50
Apr 30 1
Apr 30 23
May 2 5
May 4 324
May 2 12
May 3 7
May 4 64
May 6 1
May 2 20
Apr 30 44
May 4 14
May 4 93
May 5
May 6 4%
May 3 80
Apr 30 19%
Apr 30 60
May 4 44
May 3 80
May 2 104
May 4 5
May 3 24
May 6 16
May 4 5%
May 4 6
May 5 6
May 3 254
May 4 8
May 2 14
May 3 64
Apr 30 15
May 4 28
May 4 10
May 3 1
May 2 904
May 2 10
Apr 30 15
May 6 8
May 2 50
Apr 30 24%
May 4 2
Apr 30 24
May 6 32%
Apr 30 55%
May 5 98%
May 6 25
May 2 96
May 3 3%
May 2 1%
May 5 14
May 5 25%
Apr 30 91
May 2 32
May 5 8
May 4 74
May 2 50
May 2 8634
34
May 2
May 4 75
May 5 19%
May 6 77
May 4 25
May 4 64%
May 4 20%
May
May 26
Apr 110
Jan 68
Apr 1
Apr 33
Mar 734
Apr 344
May 16
May 14
Jan 10
May 44
May 30%
Apr 71i
May 2134
Feb 101
May 1%
Apr 731
May 92
Apr 24
Apr 76
May 5
Apr 95
Apr 23
Apr 12%
Apr 7%
May 16
May 5%
May 32
Apr 29%
Apr 40
Mar 16
Mar 34
Apr 19
May 130
May 55
May 25
Apr 5
Apr 110
Feb 115%
may 36
Apr 19%
Apr 60
Apr 324
Jan 23-4
Apr 631
Apr 57
Jan 71
May 110
Apr 46
Apr 109
Apr 8
Feb 2
May 41
may 31%
Mar 103
Apr 42
Apr 15%
Mar 14
May 85
May ll
Apr 134
May 93%
Jan 130
Jan 90
May 35
May 71
Jan 29%
May 7 1932
Apr
Jan
Apr
Mar
Apr
Jan
Feb
Apr
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Mar
Feb
Apr
Apr
Jan
Mar
Apr
Feb
Feb
Jan
Jan
May
May
Feb
Feb
Feb
Jan
Mar
Jan
Mar
Jan
Feb
Mar
Mar
Jan
Mar
Jan
Mar
Feb
Mar
Feb
Mar
Mar
Jan
Apr
Jan
Jan
Apr
Jan
Mar
Jan
Feb
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Mar
Jan
Mar
May
Int.
Rate.
Sept. 15 1932.— 134%
Mar. 16 1933__ 2%
May 2 1933-- -----June 15 1932._ 24%
Sept. 15 1932._.. 3%
May 2 1934-o
Bid.
Asked.
Maturity.
Int.
hate.
Bid.
Asked.
1002s,
1001n
10010s2
1040,1
100tra
101
100t,,
1001,32
10011,,
1004n
100wii
1014,
Aug. 1 1932.__
Oct. 10 1932._
Dec. 15 1932...
Feb. 1 1933.-Mar. 15 1933_ __
3%%
331%
3 Si%
334%
334%
100113,
101
101'n
101",,
101"1:
1001 32
,
101'31
101,,
n
102
102
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Daily Record of U. S. Bond Prices. Apr. 30 May 2 May 3 May 4 May 5 May 6
High 1011,,
First Liberty Loan
814% bonds of 1932-47-- Low_ 10040,2
,,
(First 334,)
Close 101,
117
Total sates in 81.000 units_
.-__
Converted 4% bonds of
(High
— —
1932-47 (First 410
Low_
--__
Cloee
Total sales in $1,000 units----Converted 44% bondrigi 101242
of 1932-47 (First 4348) Low_ 10144n
Close 10124,
Total sales in 81.000 units__ _
15
Second converted 434% High
--- bonds of 193247(First) Low_
--- (Second 4h s)
lcbose
Total sales in $1,000 units__
---Fourth Liberty Loan
righ 1021%
bonds of 1933-38_ Low_ 10220,,
(Fourth 4315)
Close 10211n
Total sales in 81.000 units- _227
Treasury
,,
illigii 1064
43-4s 1947-52
Low_ 106
Close 106
Total sales in $1,000 units_
42
(Highh1031n
45, 1944-1964
Low. 1021131
Close 103
Total sales in 51.000 units__
25
{HIFI;
101 32
,
3fra, 1946-1956
,
Low.. 100 sn
Close 1001032
Total sales in $1,000 units__
17
(High 99
834s, 1943-1947
Low_ 93 132
,
Chose 98,132
Twat sales in 51.000 units__ ' 21
[High 941201
35. 1951-1956
Low_ 944,,
Close 94
Total sass 1/ $1.000 units.—
1
33
(High 99
840, 1940-1943
Low_ 0889,,
Close 98213/
Total sates in $1,000 units_
49
llIV; 984
4s,
349, 1941-43
Low_ 98,23:
Close 982,32
Total sal,* in 31.000 units__
30
(High 9511s2
3145, 1946-1959
Low.. 952,s,
(Close 91".3
Tatar sale. in SIAM)low.
R1
i
101 32
,
100",,
101
264
101
101
101
1
101"ss
10124
,,
101",s
58
-------
10011st 1002, 100 1”
,
12
100",, 100132 100142
10022s, 1008,3 100u33
302
344
286
____ 101
--__ 101
____ 101
_ _
2
-.-,
101",,101"n 101 132
10124,, 10044,, 101
10114
, 100Wis 10114ii
121
269
69
-------------------
---102nff
102n,,
10211n
171
1064,,
10541,s
10544,
115
10214,s
1022,
n
10224,
131
10011ss
1002%
1001131
14
98",,
98,132
052,
,,
78
947,2
94
94
85
981132
9822,1
98,13,
76
98"32
98"32
98213,
68
98,13:
95,112
95"n
---102113
102u,
10210n
1191
106
10519,,
105",s
117
10224,
1021 3s
,
10220,,
315
101
100132
10011,2
454
9811,1
980032
9814n
65
93443,
93
931412
574
98"32
95",,
981232
43
98"3:
981,32
981132
38
95,1s2
9420ss
94"32
1Aa
---102",,
101 son
102
2715
10511n
10414,s
10414,
254
10214,
101"s2
10184
,,
145
10010n
9911,2
99"s2
172
97243,
96,
28
97
64
936,,
91141
,
92
207
98',,
961412
97
228
981s2
Nun
97
105
9414n
92",,
92"32
i..1,
DEM
100"ss
1004n
10012ss
542
----101"ss
1011ss
1011,
st
132
-------
---- 10210,,
102",a% %
101"32 1021ss
1021n 102141
798
907
1051,2 10514s,
104",, 104141
10.51,1
105
82
74
102s,, 10211,,
,
101"ss 101",
1024t, 10211u
276
343
1001ss 100 81
0
99",, 99"11
100 oss
,
100
84
110
984,, 98"ss
9743/
97"31
98"ss
98 ss
,
562
48
93243, 94
92s,s
92
9244,, 9314n
241
220
98"s2
98131
97"97:41
98131
98"11
572
141
98".
,
,
98 12
9724.,
97
98',, 98"32
1687
254
941011 941ist
92
,111 93""
9441
94
203
515
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
2 1st 43433
14 4th 41(s
101,,as to 101"ss
102
to 1024,1
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 3.663-- @
3.6934 for checks and 3.6634@3.693( for cables. Commercial on banks,
sight, 3.65% 03.68X; sixty days. 3.6534_(8t3.67; ninety days, 3.64 X0
3.6434; and documents for payment, 3.6603.6734. Cotton for payment.
3.65, and grain, 3.65.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.94 9-16
03.94 11-16 for short. Amsterdam bankers'guilders were 40.55@o40.56.
Exchange for Paris on London, 93.03; week's range, 93.03 francs high
and 92.72 francs low.
The week's range for exchange rates follows:
Sterling, Actual—
Checks.
Cables.
High for the week
3.67%
3.694
Low for the week
3.69%
3.6534
Paris Bankers' Francs—
High for the week
3.94%
3.95
Low for the week
3.94
3.935%
Germany Bankers' Marks—
High for the week
23.81
23.82
Low for the week
23.76
23.78
Amsterdam Bankers' Guilders—
High for the week
40.6134
40.63
Low for the week
40.48
40.52
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 3397.
A complete record of Curb Exchange transactions for the
week will be found on page 3423.
CURRENT
NOTICES.
—Formation of Clayton & Co. with offices at 800 Fidelity Trust Building.
Detroit, has been announced. The firm will conduct a high-grade investment business giving particular attention to security analyses. All members
of the new firm are formerly of the Fidelity Bank and Trust Co. and the
nersonnel has been selected from among former employees of that Co.
The officers are T. S. Clayton, President; James I. McClintock, VicePresident; Robert Clayton, Secretary-Treasurer; Robt. D. Lutton, Manager Investment Department.
—Frank E. Carter, Jr., formerly in the Municipal Department of the
Guardian Detroit Co. and Taber J. Chadwick.formerly of Scott & Chadwick.
announce the formation of the Municipal Bond brokerage firm of Carter
& Chadwick, with offices at 15 William St., N. Y.
—Alex. Brown & Sons, Baltimore, announce that Norman H. Blake.
for some years manager of the sales organization of the Guaranty Co. of
New York, has become associated with them as manager of securities distribution of their investment department.
—Ralph C. French and Russell G. Follansbee,formerly with S. W.Straus
& Co., and James D. Hollenbeck, formerly with J. G. White & Co.,are
now in the city sales department of Bond & Goodwin, Inc.
—Jenks, Gwynne di Co., members New York Stock Exchange, announce
the opening of an office in Vancouver, 11. C. The new office will specialize
in service to brokers.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages -Page One
Iar
1
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,
Saturday
Apr. 30.
$ Per share
367 393g
8
. 60
6012
1
1612 1612
84 84
*1212 13
15
15
56
58
*6
1012
.614 83
4
*48
553
4
3612 37
*6314 64
2
8
4
1118 1113
*50
72
164 165
8
*2
24
6
6
1 18
1,
4
13
4 2
44 43
3
*83 11
8
5
5
8
8
742 73
8
*7
.6
5612
13
•212
41 4
5
.3
1012
.2
*5
18
103
4
*5
712
*53
4
•11
*8
*1212
93
4
*414
418
•1
278
*912
212
6
514
17
23
4
*4
9713
124
*32
*53
4
514
*42
84
.7514
1018
*14
1112
*1
*318
.8
*612
*4
17
.20
•15
2
212
*334
.7
14
482
12
514
•7
•15
8
*218
*10
483
8
533
4
Ws
13
4
*3
•3
•1
2
•7,
*412
*16
*81
23
4
•I83
4
18
1014
*2
353
4
•1
858
*1
112
2,4
*2
•13
4
•4 -
93
4
7
57
1312
44
414
5
4
Erg
212
15
18
1114
8
712
74
3
1212
83
4
14
94
53
4
14
112
278
1111
3
612
5
8
173
8
23
4
412
9.813
127
8
34
6
3
4
114
84
76
104
2,4
113
4
47
8
104
9
8
8
17
25
1718
2 13
234
5
20
14
12
123
8
578
73
4
30
8
4
14
504
54
112
13
4
312
812
2
2
1
Monday I
May 2.
3 per share
3512 3814
60
60
1512 1512
73
4 814
1218 1218
.14
17
*5512 60
6
6
*614 8
5g
52
52
365 373
8
4
*6112 64
4
5
8
103 114
8
50
57
153 164
4
2
2
542 542
.14
112
13
8 2
4
412
*6
10
4
43
8
7
74
6 2 64
,
*7
93
4
*6
718
53
53
1238 13
*24 43
8
434 418
43
4 434
*3
4
1918 1042
*2
4
*5
8
18
18
103 11 18
8
*5
812
712 712
53
4 53
4
1014 II
85
8 84
1218 1212
10
1012
*44 53
4
412
I,
•1
112
254 338
84 9
214 23
4
6
Co
*14
4
153 174
8
*212 3
4
4
97
97
1212 123
4
33% 337
6
6
*14
1
.
4
8 114
813 83
4
(4 76
*75
10, 104
8
*14 211
1118 1112
.1
47
8
*314 104
*8
9
612 612
*3
8
*15
17
*193 25
4
15
16
1% 2
1
212
•
358 7
*7
20
14
14
*3
8
i2
113 1214
4
54 5 8
7
*7
77
8
*15
30
814
8
*218 4
*10
14
4712 4978
533 54
4
15
8 15
8
*14 24
3
3
812
*3
2
•1
212 212
1
412
5
244 16
84
90
4
27
8
23
4
583 *483
4
1612
18
1014 104
23
4 *2
3614 3512
112 *1
87
8
84
212 *118
114
lis
218
212
212 *2
*13
4
214
g •____
1
Tuesday
May 3.
Wednesday
May 4.
$ per share
3518 375
8
59
59
155 154
8
74 812
1112 1111
*14
15
58
55
*5
1012
*614 83
8
52
52
355 3712
8
64
64
*12
3
4
8
103 11
•50
72
157 163
8
4
*2
212
512 512
1
1
112 13
8
4
442
*8
10
4
4
612 63
4
*615 73
4
7
7
*5
718
53
53
12
12
*212 4
*4
414
*412 5
*3
4
10
19
2
2
*5
10
1738 173
8
107 1114
8
6
6
712 7 8
5
.5
53
10
10
8
8
113 12
4
10
1012
*414 53
4
•18
1,
*1
112
3
3
83* 934
24 3
,
512 6
*14
4
1512 165
8
2
212
312 312
.96 108
1214 13
.3112 34
58 6
7
*14
3
4
*5
8 114
80 80
(2
*7514 76
10
1018
*14 214
104 1114
*1
47
8
.318 104
8
8
*612 12
*3
7
153 16
4
.20
25
16
17
118
1,
4
13
8 158
*35
8 7
9158 20
14
11
*3
8
12
113 1214
8
5
518
612 67
8
*15
30
*84 03
8
218 218
*10
14
48
497
8
53
5312
*15
8
112
*13
4 214
*3
314
*3
812
*1
2
*2
214
3 per share
4
313 3715
57
574
143 1512
4
712 8
1014 10 4
,
.14
15
5714 5714
5
5
*614 852
*48
54
35
37
63
63
55
5
8
103 107
8
8
*50
72
1512 1612
2
2
5
514
1 18
118
13
8
15
8
4
4 14
*6
10
331 4
6
612
612
6
*7
17
6
6
52
52
1112 12
*212 4
4
4 14
412 412
*3
4
03 i0i2
4
*112 3
*412 6
•1734 18
104 11
.5
8
7
74
*514 7h
10
10
712 74
12
12
93 194
4
*4 4 5
,
1
1
*18
•1
23
8
814
23
4
518
*Is
143
4
2
3
96
1152
318
53
8
*14
*34
7712
*7514
93
4
.
14
1018
.1
*314
7
14
*612
*3
17
*20
15
1 18
158
33
4
*7
11
*3
8
1112
54
6
*15
818
*Da
.012
475
8
5213
114
112
3
*3
1
2
.78
418
413 *412 5
1514 1514 15
16
84
83 83
*80
24
23
4 23
4
214
583
4 4812 4838 *4812
1712 *1614 18
16%
1014 1014 10,
4 1014
24 .2
212
2
3612 35
3658 3414
112 *1
1 12 *1
93
4
O's
914
94
212 *118 212 *112
118
115
1
1
2
2
212
2
2
2
17
212
8
8
2
2
.17
23
8
8
.1% 8
751
14
112
23
4
83
4
23
4
512
3
8
153
4
2
312
96
123
8
317
o
55
8
3
4
114
SO
76
10
21 1
1012
47
8
103
8
8
10
8
17
25
15
113
2
33
4
20
14
12
123
8
518
6
22
814
4
14
51
521*
15
8
13
4
3
812
1
2
Thursday
May 5. 1
Sales
for
the
Week.
Friday
May 6.
$ per share' S per share Shares
3418 3712 g344 3712 77,900
06
58
58
1,800
59
14
143
4 15
1,300
15
63
4 74
3
7
73 23.400
4
1014 103
4 11
113
4 1.100
*14
15
15
400
15
*58
62
*58
50
62
*4
1012 *4
200
1012
•614 814 .614 814
*48
54
54
*48
1.200
353 3712 37
4
3812 20,800
.6018 66
66
400
66
*12
5
8 .
12
200
4
105 11
8
103 1114 23,000
4
*50
72
*50
72
30
155 1612 1614 174 32.100
8
17
8
17
8
2
2
700
518 512
518 638 1.600
1
118
lis
118 1,400
13
4
13
4
13
4
17
8 7.900
4
414
414 412 10,400
*6
912 *6
912
318
312
23
4 312 4,500
6
6
612 61z11,500
*512 6
512 6
1,200
*7
17
.7
17
100
*5
7
*5
7
100
5112 53
5312 56
1,400
12
124 12
1314 2,500
1.•212 4
*212 4
4
4
4
4
900
47
8 47
8
47
8 47
8
700
*3
4
*3
4
012 10
10l 1 13*1 6,000
*112 2
*112 2 1
200
.412 12
*412 12
18
18
1858 183
8
700
104 1118 103 113 12,100
4
4
4
4
--__
-1
750
7
8
8 .-812, 2,700
512 534 *5
200
9 2'
,
*812 10
*812 10 1
500
74 74
*74 812
900
11
11 18 103 12 1 2,200
8
10
1012 1012 1114 7.100
*414 53
4 •414
5
4
*18
*18
14
,8 I
4
.1
112
1
25
8 23
4 *27
8
818 83
4
812
212 258
258
54 512
514
*18
4
•18
8' 133
4
1358 153
*2
3 1
212
*3
412 *3
96
96
963
4
1112 123
8 125
8
318 32
323
4
6
6
57
8
*14
1
4
"
14
*52 114
%
7714 79
79
7514
*754 76
d 93 103
4
8 10
g *14
214
*14
1018 103
8 10
•1
44 •1
*314 105
8 *4
73
4 73
4 *73
*612 10
*612
*3
8
.3
17
17
163
4
20
20
*18
.1512'1167 *1514
8
118 e 13
8
13
8
15* i 212
2
*3 1117
*4
*6 11 20
*6
14! 41414
*14
*8
8
12
*3
8
11
12
113
4
5 IA 54
54
*512 6
6
*!54i 22
*15
*8121 94 *812
212 'e 212
2
*10 .11 14
.10
4712 i51
50
52 452
*53
114
114
114
112'7112
112
27
8 27
8
24
*3 ,, 811 *
1
1
•3
8
*1
212 *178
li
1
7
8
414
414
15
*15
82
*80
23
4
Ds
4612
50
1612 .1612
1014 1014
2
*2
37
3558
2
1
4
113* 103
212 *118
118
1
2
2
*1 4
,
2
23
8
2
8
•5
1 i
3121
912
23
4
614
700
2,900
2.300
3.100
8,300
3*
1512
212
412
963
4
137
8
3312
618
At
%
85
7514
107
8
214
1118
47
8
93
4
9
10
8
1718
25
174
13
8
2
5
20
5
8
12
13
53
4
614
22
94
2
14
5414
55
114
112
3
81*
2 1
1
92,000
2,300
900
80
13,800
SOO
1.100
100
3,300
10
14,100
29,380
120
30
900
100
500
5,100
4,600
100
900
25,509
3,100
700
1,000
300
55,800
1,203
500
1,200
800
700
500
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On hosts of 100
-share lots
Lowest
Highest
Lowest
Highest
Railroads
Par S per share $ per share $ per share $ per share
Aeon Topeka dr Santa Fe_ _100 3418Nlay 5 94 Jan 1
7914 Dec 20338 Feb
Preferred
100 56 May 5 86 Jan 1
275 Dec 1081, Apr
Atlantic Coast Line RR 100 14 Apr 12 4112 Jan 1
25 Dec 120 Jan
Baltimore dr Ohio
100
63
4May 5 214 Jan 2
14 Dec
877 Feb
8
Preferred
100 1014May 4t 4112 Jan 1
25 Dec
8012 Feb
Bangor dr Arooetook
50 15 Apr 30 244 Jan 1
18 Dec
663 Feb
4
Preferred
100 56 Apr 27 794 Jan!
80 Dec 11312 Mar
Balton & Maine
5 May 4 144 Jan
100
10 Dec
66 Feb
Brooklyn & Queens Tr _No par
53 Apr 11
4
1014 Mar
612 Oct
133
8June
Preferred
No par 4614 Jan 7 58 Mar
46 Dec
643
4June
Bklen-Manh Tian v t 4 No par 3012 Jan 5 5014 Mar
3118 Oct
8
693 Mar
Preferred v t o
No par 63 May 4 783 Mar
8
63 Dec
9414 Feb
Brunswick TerdrRy See No var
12 Apr 13
2 Jan 1
912 Feb
13 Dec
8
Canadian Pacific
8Slay 2 203 Mar
25 1113
2
10 4 Dec
3
453 Feb
8
Caro Cline] & Ohio stpd_100 50 Apr 18 70 Feb
72 Dec 102 Apr
Chesapeake & Ohio
4
25 123 Apr 12 314 Jan 1
2338 Dec
4612 Feb
Chicago Great Weetern___100
134 Apr 8
438 Jan 1
772 Feb
212 Dec
74 Dec
Preearred
100
2712 July
5 Apr 14 1512 Jan 2
Chicago Mllw St Paul & Pao_
1 May 3
34 Jan I
112 Dec
87 Jan
8
13
8May 4
514 Jan I
1538 Feb
212 Dec
Preferred
Chicago & North Western_100
454 Feb
4 Apr 25 123 Jan!
8
5 Dec
Preferred
106
134 Dec 116 Mar
818 Apr 29 31 Jan 2
Chicago Rook Isl & Pacific.,
23
4May
1113 Jan 2
8
77 Dec
6512 Jan
8
7% preferred
100
14 Dec 101 Mar
6 May 4 2712 Jan 1
6% preferred
100
512May 6 2412 Jan 1
1018 Dec
90 Jan
Colorado dr Southern
618 Apr 28 17 Mar 5
100
74 Dec
48 Jan
Consol RR of Cuba pref 100
6 Apr 15 114 Jan 2
4212 Feb
10 Dec
Delaware & "Neiman
100 5014 Apr 14 8912 Feb 13
64 Dec 15714 Feb
Delaware Leek & Western_60 11 Apr 8 282 Jan 13
173 Dec 102 Jan
4
4
Den, dr Rio Or Wass pre1.100
4534 Feb
258 Apr 8
9 Jan 15
312 Dec
Erie
100
5 Dec
33 Apr 14
4
4
10 Jan 22
393 Feb
First preferred
412 Apr 13 1312 Jan 28
100
638 Dec
4512 Feb
Seeond preferred
4 Apr 19
.100
5 Dec
4012 Jan A
912 Jan 11
Great Northern preferred_100
1552 Dec
6934 Feb 1
912May 5 25 Jan 14
Gulf Mobile & Northern.,
2 May 3
..100
8 Jan 14
34 Dec
2714 Feb ,
Preferred
100
5 Apr 20 1412 Jan 21
13 Dec
75 Jan 1
Hudson & Manhattan
4
100 1714 Apr 14 303 Jan 18
2614 Dec
4412 Feb
Illinois Central
918 Dec
912 Jan 4 1814 Jan 22
100
89 Feb
RR Sec stock Certificates_ _
4 May 5 1412 Jan 28
7 Dec
61 Jan
Interboro Rapid Tran v t o_1114I
45 Dec
34 Mar
518 Jan 4 1438 Mar 7
8
Kansas City Southern__ 100
154 Dec
5 Apr 7 1314 Jan 22
45 Feb
Preferred
.100 10 May 3 2384 Jan 18
15 Dec
64 Feb
Lehigh Valley
714 Apr 12 18 Jan 12
50
8 Dec
Jan
61
Loulevide & Naithville____100 105
8May 6 323 Jan 14
8
2014 Dec Ill Feb
Manhat Else modified guar 100
67 Dec
8
4
39 Feb
7 Jan 5 203 Mar 8
Market St Ry prior pref__100
9 Jan 26
6 Apr 14
54 Dec
22 Feb
Minneapolis & St Louis. 100
18 Dec
5 Mar 2
8
Is Jan 12
4 Jan
Minn St Paul & S 8 Marie 100
1112 Feb
314 Jan 16
1 Apr 15
1 Dec
Mo-Kan-Texas RR____No par
35, Dec263 Jan
23 Apr 8
8
7 Jan 22
54
4
Preferred
100
1012 Dec85 Jan
818:11ay 5 2172 Jan 22
Missouri Pacifico
100
63 Dec
423 Feb
212 Apr 29 11 Jan 22
8
4
Preferred
100
5183,lay 4 26 Jan 26
12 Dec107 Feb
Nat Rye of Maxim)211 pret_100
18 Oct
18 Feb 9
38 Jan 12
12 Jan
New York Central
8May 5 365 Jan 15
100 133
8
2434 Dec 13214 Feb
N Y Chic & St Louis 00.100
2 May 3
912 Jan 12
212 Dec
88 Feb
Preferred
100
8
5 Dec
94 Mar
3 May 4 155 Jan 22
N Y Sr Harlem
511 95 Apr 4 125 Jan 15 2101 Dec 227 Feb
N TN H& Hartford
190 11 12May 5 314 Jan 21
17 Dec
9478 Feb
Preferred
4
317
8May 4 783 Jan 14
8
62 Dec 1195 Feb
N Y Ontario & Waltern_100
134.1une
53 Apr 8
8
83 Jan 22
4
514 Oct
N Y Railways pref____No par
14 Apr 19
1 Feb 26
Is Dec
2 Feb
Norfolk Southern
24 Jan 14
100
4 Dec
814 Jan
7 Apr 9
8
Norfolk & Western
1055 Dee 217 Feb
8
100 72 Apr 14 135 Feb 17
Preferred
93 Mar
100 674 Jan 2 78 Jan 22
654 1)ec
Northern Pacific
144 Dec
607 Jan
934Slay 4 2314 Jan 22
8
100
Pacific Coast
114June
7 Mar
112 Feb 18
1 Mar 17
100
Pennsy'vania
64 Feb
1614 Dec
50 10 May 6 233 Jan 21
8
Peoria Si Eastern
112 Dec
91 Jan
,
104
1 Apr 22
3 Jan 14
Pere Maruuette
85 Feb
4 Dee
100
4 Apr 13 13 Jan 14
Prior preferred
9214 Feb
84 Dec
63 Apr 14 19 Jan 14
8
100
Preferred
518 Dec
80 Jan
100
558 Apr 14 1714 Jan 14
Pittsburgh & West Virginia 100
11 Dec
86 Jan
9 Apr 2 15 Jan 11
Reading
974 Feb
30 Dec
4Slay 3 42 Jan 14
153
50
let preferred
46 Jen
28 Dec
50 20 Apr 14 33 Jan 29
211 preferred
47 Jap
273 Dec
8
50 15 May 2 30 Jan 22
St Louie-San Francteeo___100
3 Dec
6234 Jan
658 Jan 14
118May 2
let preferred
Jan
7e
414 Dec
1 May 2
100
934 Jan 22
St Louts Southwestern__ 100
412 Dec
33, Ian
,
33 Apr 29 1112 Jan 28
4
Preferred
60 (-"I64 Dec
9 Apr 15 2012 Jan 26
100
Seaboard Alr Line
18 Dec
14 Jan 2
No per
132 Jan
7 Jan 28
4
Preferred
18 Dec
218 Jan
14 Jan 4
7 Feb 2
8
100
Southern Pacific Co
264 Dec 10912 Feb
100 11 May 5 3758 Jan 21
Southern Railway
638 Dec
654 Feb
5 Apr 6 13 Jan 14
100
Preferred
83 Feb
10 Dee
100
8 May 4 2012 Jan 22
Texas & Pactfle
22 Dec 100 Jan
100 20 Mar 8 33 Feb 2
Third Avenue
14 Mar 8
54 Apr
1514 July
714 Apr 11
100
Twin City Rapid Transit_ _100
4 Jan 25
2 111'177 Fee
14 Apr 20
,
Preferred
114 i ,sc
62 Feb
9 Apr 20 2412 „tan 28
100
Union Pitelf10
,
100 4612 Apr 14 944 Feb 13
701 Dec 20514 Feb
Preferred
51 Dee
100 511t Apr 8 68 Jan 18
87 MaY
Wabash
1
100
Jan 4
4 Feb 2
26 Jan
4 Dec
Preferred A
112 Jan 2
100
14 Dec
6 Jan 28
51 Jan
Western Maryland
100
23 Apr 12
4
8
4
5 Dec
193 Feb
73 Jan 22
215 preferred
100
3 Apr 6
5 Dec
20 Feb
818 Jan 22
Western Pacific
100
I May 4
4 Jan 14
14 Dec
147 Feb
8
Preferred
2 Apr 30
100
PA Jan 22
8 Dec
3158 Feb
212
InduetrIal & Miscellaneous
7
8
1 I
1
800 Abitibi Power & Paper.No par
414
43
Preferred
4 43
4
400
100
18
16
16 I
400 Abraham & Straus____No par
82
*80
82
200
Preferred
100
212
2
212 12,600 Adams Express
No par
4612 *4612 5060
4I
Preferred
100
17
17
18
1,100 Adams Millis
No pa
1014 10 4 101
,
3.300 Addressograph Int CorpNo par
212 .2
212
300 Advance Rumely new _No par
3712 3814 41141 16,600 Air Reduction Inc
No par
1
14
200 Alr-way Elea Appliance No par
1141
114 105 114 49,200 Alaska Juneau Gold Min_ __10
8
212 *Ils 211
A P W Paper Co
No par
118
118
1141 5.000 Allegnany Corp
No par
214
2
214' 1,600
Pref A with $30 Warr___ _100
212
450
212 .13
Pref A with $40 warr___ _100
2
*17
8 212
300
Pref A withoui warr_
___100
100 Allegheny Steel Co__ _No par
73
4 *5
734
a Apr 29
4101ay 4
15 May 4
83 Slay 3
2 Slay 6
4612May 5
IliteNiay 4
1014 Apr 14
2 Apr 6
3414May 4
I Apr 4
84 Apr 29
2 Apr 22
I Apr 11
14 Apr 27
lag Apr 15
17 Apr 7
,
4May 4
78
3 Feb 13
94 Jan 15
24 Jan 13
98 Mar 1
53 Jan 11
4
70 Mar 3
3032 Mar 8
13 Feb 11
312 Mar 7
6212 Mar 8
2 Mar 3
,
163 Jan 21
4 Mar 15
31, Jan 14
75, Jan 22
64 Jan 22
614 Jan 15
10 Jan 7
• Bid end asked Prices: no sale on this day. a Ex-d indeed and ex-rige42. e eu% 8tock divid•ma Leda. s Ex-dividend. r Ex-rigete.
PER SHARE
Range for Previous
Year 1931
2 Dec
144 Feb
44 Dec
52 Feb
18 Dec
39 Aug
96 Dec1061
,May
34 Dec
234 Feb
92 Apr
504 Dec
224 Jan
334 Aug
10 Oct2311 Feb
2 Sept114 Mar
4758 Dec 109 8 Feb
,
1 14 Dec
10 8 Feb
3
7 Jan
2012.1une
254 Dec
9 Aug
1 18 Dee
123 Feb
4
2 Dec591g Feb
13 Dee
4
59 Feb
13 Dee
4
5512 Feb
10 Dec
464 Feb
New York Stock Record-Continued-Page 2
3408
iarFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SECOND PAGE PRECEDING.
-- PER SHARE
PER SHARE .
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Sales
STOOKS
Range for Year 1932
Sanaa for Previous
NEW YORK STOCK
for
011 basis of 100
-share lots
Year 1931
Saturday
Monday
Tuesday
Wednesday
Thursday i Friday
the
EXCHANGE.
Apr. 30.
May 2.
May 3.
May 4.
May 5.
May 6.
Week.
Lowest
Highest
Lowest
Highest
--,--
$ per share
7
5214 53 8
104 104
612 612
*6
713
•1413 1473
*43
3 5
93
4 93
4
*3412 37
414
3
8
*1
3
8
8
64
66
387 393
8
4
109 109
512 512
2212 2314
*14 212
*2712 30
•4
44
74
*138
*33
8
33
8
12
53
4
•11
*4
118
*514
3812
1614
44
*14
*1
54
*3212
1512
*13
8
*212
*10
$ per share $ per share
52
5338 5212 538
104 104 *10514 108
63
63
8 63
8
8 63
8
712
618 618
*1413 1512 *1412 1512
412 412 *412 518
94 912
9
9 12
3413 3412
*344 37
14
14
414
12
*1
*1
3
3
8
8
*778 812
62
60
60
62
2373 3918 3714 392
4
8
101 10412
105 109
*538 6
53
3 53
3
*22
34
*22
34
8 212
*14 212 *17
29
*273 2812
4
29
312 33
4 *314 9
$ per share $ per share $ per share Shares
.
4 497 523
4912 523
97,800
57
4
4 52
1044 10412 105 105 *104 10514
700
618 64
618 63
8 2,200
614 612
618 64
712
800
618 618
1412 1412 1414 143
8 1412 1412 1,500
*412 54 *412 5
*412 43
100
4
83
8 9
2,100
83
8 9
812 812
*3412 37
210
343 343 *3412 37
4
4
*14
12
*14
14
12 1.800
12
*1
*1
3
*1
3
3
1,100
73
4 8
8 9
73
4 7 4 *77
3
*55
617
8 53
140
53
53
53
35 4 3712 354 38
3
373 42 176,900
8
100 100
101 102
2,000
100 100
53* 5313
800
4
*514 6
53
8 53
22
2212 2112 213
22
790
4 22
*17
8 212 *I7
3 212 *17
3 213
27;, 28
274 28
900
283 2918
4
200
*314 9
*314 9
*314 9
75
8 74
8
712 712
3
63
3
214 *114 214 *114 17
8 *114
*312 4
5
33
8 33
4 *314
314 33
34
3
34 33
4
318
3
1112 12
12
11
1118 11
5
5
5
54
44
53
4
11
11
11
11
11
14
*4
412 *4
5
412 *4
113 *1
114 *1
118
114
5
514
712
514
47
5
373
4 353
4
3812 384 3812 37
16
1612 17
8
1614 163 17
414 412
414 414
43
8
44
*14
*14
4
3
8
*4
4
4
4 24 *13
4 24 *13
314 *13
514
518
5
54 *5
514
3512 *3212 3312 *3212 3512 *3212
1512 143 147
8
8 1414 1412 13
*13
8
*138 2
*138 2
2
312 *213 312 *212 312 *212
*10
*10
14
10
1112 10
87 8 9
*3712 39
3112 3113
812 - 81
873712 38
31
3114
812
36
28
-;
87
3618
283
4
77
8
35
27
412
743* /3
ii2 - 8i4
____ ____ ____
512
57
8 618
6
63
4
612
1614
17
8
8 17
1912 167 167
*118
*118 2
1
1
212
*4
*4
14
*4
14
14
*1518
*154 25
*1518 25
25
814 83
83
4 914
912
74
3
4
45
45
4512 4518 4518 45
*20
25
293
8 25
2938 *25
2912
*2918 30
30
30
31
92
*9412 103
9814 *9814 101
i; -14
3
612
*1638
*1
*4
*1518
914
4512
*25
*29
9814
7
74
63
8 74
2
*114 2
*114
414 *314 43
4 *4
314
318 314
312
1112 *19
11
11
512
514 514
5
11
*712 103
4
4 103
412 *4
412 *4
14 14 *1
118
14 *515 533
712
5
*3612 3814 37
37
17
17
17
17
44
44 414
43
8
*14
*14
3
3
3
3
218 *13
4 218 *13
4
518
5
5
514
3512 324 3212 *32
1314
1314
1418 13
*13
8
*13
8 2
2
3
8
27
8 27
312
*10
*10
14
14
812
8
- 8
83
83*
353 *35
8
27
27
363
4
29
43*
/
813
____ ____
518
6
167
8 1515
*1
2
*4
14
20
*1513
818
83
4
44
45
25
25
2912 *29
9412 9214
43*
4
____
53
4
1618
2
14
20
83
4
44
25
2912
95
363
4
3312
__
45
8
____
54
157
8
*1
14
*1515
9
x45
x24
283
4
*95
8,300
7 121
2
47
8
312
11
54
11
412
13
4
8
3912
1712
43
4
4
218
514
334
143
8
2
3
14
400
7,200
2,100
1,600
1,000
500
2,500
4,500
2,100
7,900
1,600
300
5,400
200
50
20,800
9
363
41 1,200
2712 1,600
_
15,666
VI --__
63 16,700
8
173
8 2,100
100
2
200
14
20
93
4 8,600
1,000
47
24
1,000
600
2912
103
120
438 43
412 412
8
43
4 44
412 43
8
412 412
44 43
4 1,300
300
58
58 •____ 6212 5...__ 6212
*60
6212 *60 6212 5978 60
32
3218 13,700
8
8 307 32
8 304 3212 3012 313
3212 3212 3212 325
800
1712 1712 1612 1712 *1612 1714 1714 1714
1738 174 *1712 19
6812 *6612 6812
100
8
6512 6512 •6512 - _- *6512 727 *66
*6512 70
500
27
8 24
*23
4 4
*23
4 4
27
8 3
*3
4
*3
4
8
4 9718 1013 282,500
8
8 9518 974 953 973
974 9814 9618 9812 9612 983
6712 3,300
6314 64
633
4 62
4
6212 6312 623 6314 61
66
*63
6314 6612 64
67
693 44,700
4
663
4 66
67 6712 6518 6712 65
10114 10114
4
1,400
*101121033* 10112 10112 10114 1013 10014 10112 *10114 102
8
*512 94 *512 94 *512 97
8 *512 8
*512 97
*512 14
21
*16
*16
21
*16
20
16
16
*15
20
18
18
70
7,400
2012 22
21
21
1914 193
1912 193 *1912 20
4
4 187 20
s
*1814 22
500
1812 1812 1812 1812 1818 1812 *1818 22
*1818 22
100
50
50
*45
50
*4114 50
*41
50
*41
50
*48
50
212 212
212 212
8
800
24 2 3
3
2 4 27
3
27
8 27
8
*27
8 3
233 19,200
8
8
4 2112 2212 22
2112 223
4 197 213
223 234 224 23
4
*14
*14
3
4
*14
3
4
3
4
*14
84
3
4
*14
4
813
*212 6
*212 6
*212 6
*212 6
*212 6
*212 6
*13
4 2
*13
4 2
*13
4 2
013
4 2
*13
4 2
*13
4 2
18
18
*18
20
*1712 1812
•18
25
20
200
20
*20
23
412 538 42,000
412 478
412 43
4
412 43
4
43
8 47
8
43
4 5
300
34 3
34 3 4
3
4
4 *313 43
4 *34 43
8
34 37
*37
8 453
2,100
9
9
713 73
4
8
83
8
3
8 *713 83
514 67
7
7
8 212 *17
*17
8 212 *17
*2
3
8 2 2 *17
*2
3
3 212
,
812 812 2,600
812 83 . 814 814
4
818 814
812 812
*8
834
3312 313 32
2,600
4
334 3412 32
343 35
4
343 35
4
343 35
4
7
8
1
10.300
1
1
1
1
1
1
1
1
1
1
*12
513 8,600
h
12
12
12
5
8
ki
4
5
8
3
3
33
512 6
6
6
*714 812
2,000
612
6
63
4 63
4
714
7
118
134
118 2,000
118 *1
118
118
1
*114 2
*114 2
4-- -3 *____
3 •__
3
3 *__
3 •____
3 *---118
8
118
800
112 112
118
118 118 0114 112
1,
3 118
33* 35
8 2,100
34 33
3
34 34
3
3
4
4
5
*4
5
*4
*814 25
*814 25
.8
1
25
*814 25
25
*8
*712 25
*612 11
*612 11
*612 11
*612 11
*612 11
*612 11
11
*9
11
*9
11
*9
11
*9
11
*9
11
*9
93 1114 5,000
4
912 10
938 10
93
4 93
4
93
4 97
8
94 97
8
400
*94 10
8
97
8 94 *93 10
10
10
10
10
*1014 11
230
5612 5612 5612
5612 *56
564 *56
5612 5712 *56
*5712 58
_ _____
____ ____
3212 39 132,900
3 3 34
04
34
3 4
4'
-55- - 4 -55r2 -- 1- -5Y4 ir;- 30
iii200
3
4
*3
8
3
4
*4
4
4
*3
8
3
4
33
3
3
4
*4
*18
14
*18
14
*18
14
*18
14
*18
14
*18
14
*12 1
*12 1
•
12 1
412 1
*12 1
*12 1
4 7,500
24 23
23
4 23
4
24 284
23
4 24
234 23
4
234 23
4
3h 312 1,600
3%
3511
*312 34
33 4
3
3 8 34
7
33
4 33
4
330
15
15
127 1314 *1312 17
8
4
4
4
4 133 133 *133 17
133 133
4
160
*7712 84
7712 80 •7712 85
*7712 80
80
80
81
*80
*3
4
114
*3
4 114
*3
4 114
4 1
*3
*3
4 2
*34
1
412 11,500
4
4
4 18
4
4 18
4
4 14
414
4
4
44
20
7
*1
7
*3
7
*3
6
6
*6
7
*6
7
*40
2212
*753
4
*3712
4314
.614
8
7
*1318
1218
*36
43
4
e_
*53
83
8
4412
014
.
3
8
28
54
*t i
618
*40
42
2212 2214
*753
4
83
3812 *37
312
314
*6112
64
7
73*
4
137
8 123
1218
13
8 36
377
43
4
4
43
_
14 0
*50
70
8
8
83
4412 *42
*14
4
*2
8
212
287
8 2712
53
4
613
*14
4
4
6
618
*40
42
2212 2212
*753
4
82
3812 38
314 *314
*6112
64
7
718
134 1212
8
1318 123
3612 35
43
4
4
43
14_
*50
70
73
8
81 1
5112 *42
*14
4
*4
212
2814 2712
512
6
*14
34
57
s
6
040
42
23
2212
80 8 75
,
37
38
314
338
4 6112
623
4
74
63
123
4 1212
1278 124
34
36
431 *43
4
12 •
*50
70
614
73
4
5112 *42
*11
313
212
33
2814 2678
5
54
3
314
3
4
54
6
42
2213
75
37
314
6112
7
123
4
1212
35
5
12
65
712
5112
313
3
5
274
5 14
3
4
6
*40
224
*74
37
40
42
224 2214
4
*733
75
3812
37
*6112
612
124
12
32
413
*112
*50
7
*42
14
*12
273
8
5
*14
53
4
623 *6138
4
612
67
8
1212 13
8
124 123
31
32
414
43
4
12 *_
6112 *50
7
7i8
*42
45
*13
14
*12
3
8
283
8 277
8
514
514
*14
3
6
6
.314
338
314
30
40
'224 4,700
100
75
400
3812
500
314
100
623
4
718 11,300
1312 3,700
1418 1 27,800
39 I 1,700
900
412
12 I
614
7341 1,800
100
51131
300
141
100
3
8
303 25,500
8
6 I 3,700
3
4
65
8 3,300
1
• Bid and asked prices: no sales on this day. x Ex-dividend. y Ex-rights.
Indus. & Miscall. (Con.) Par $ per share 5 per share S per share 5 per shall
Allied Chemical & Dye_No par 4912May 4 8712Mar 8
4
64 Dec 1823 Feb
Preferred
100 9612 Apr 14 119 Mar 11
100 Dec 126 Apr
Allis-Chalmers Mfg____No par
618May 4 133 Jan 18
4
421 Feb
1011 Dec
8
Alpha Portland Cement No par
6 Apr 19 10 Jan 11
181 Feb
2
72 Dee
8
Amerada Corp
12 Jan 25 1512 Apr 28
No par
23 Mar
1114 Dec
Amer Agrto Chem (Dal) No par
414 Apr 12
74 Jan 15
393 Feb
4
518 Oct
American Bank Note
838 Apr 14 1812 Jan 14
10
623 Feb
4
1214 Dec
Preferred
60 32 Apr 8 47 Feb 15
35 Dec
6614 Feb
American Beet Sugar__No par
14 Apr 29
34 Jan 9
414 Jan
4 Dec
1 Apr 29
7% preferred
100
312 Jan 12
1772 Jan
14 Dec
7 4Nlay 4 1512 Jan 15
3
Am Brake Shoe & Fily _No par
38 Feb
1312 Dec
Preferred
100 53 May 5 90 Feb 18
71 Dec 1243 Mar
8
4May 4 737 Mar 8
American Can
25 353
8
584 Dec 12934 Mar
100 100 May 5 129 Mar 14 115 Dec 15212 Apr
Preferred
88 Mar 8
4
418 Apr 13
American Car & Fdy.__No par
3834 Feb
412 Dec
Preferred
100 2014 Apr 8 397 Mar 9
8
2038 Dec
85 Mar
17 Apr 22
8
American Chain
No par
6 Jan 13
43 4 Feb
3
5 Dec
American Chicle
No par 2514 Apr 12 37% Mar 8
3014 Dec
483 Mar
2
3123.1ay 2
No par
Amer Colortype Co
5 Jan 13
214 Feb
5 Oct
512 Jan 29 11 Mar 22
No par
Am Comm'l Alcohol
6 Oct
144 Feb
2 Apr 8
5 Jan 9
Amer Encaustic TIling_No par
23 Dec
8
16 Mar
23 April 1012 Jan 15
4
Amer European Sec's...No par
73 Des
8
3318 Feb
214 Apr 8
No par
914 Jan 14
Amer & Porn Power
618 Dec
513 Feb
4
8 Apr 6 3812 Jan 21
No par
Preferred
20 Dec 100 Mar
4 Apr 8 1714 Jan 14
No par
2d preferred
10 Dee
7912 Feb
7 Apr 7 33 Jan 18
SO preferred
No Par
18 Dec
90 Feb
6 Feb 17
3 4 Apr 14
3
Am Hawaiian S 1:3 Co
10
4 Dec
104 Jan
24 Jan 7
14 Apr 30
Amer I:11de & Leather_ _No par
1 Sept
8 Mar
Ho
4 8May 3 12 Jan 6
Preferred
712 Dec
30 Apr
4May 4 513 Mar 9
Amer Home Products__No par 353
8
37 Oct
64 Mar
12 Jan 5 2138 Mar 8
No par
American Ice
1012 Oct
313 Feb
8
418 Apr 14
812 Feb 19
Amer Internet Corp_ No par
5 Doo
26 Feb
Am L Franoe&FoamIte_No par
4 Jan 6
3 Jan 12
8
14 Jan
14 Dec
109
112 Apr 8
4 Feb 3
Preferred
14 Dec
15 July
5 Apr 8
94 Jan 18
American Loeomotive_No par
5 Dec
303 Feb
4
100 3014 Jan 6 4438 Mar 7
Preferred
2912 Dec
8434 Mar
Amer Mach & Fdy new _No par 13 May 4 224 Jan 14
16 Oct
633 Mar
4
354 Mar 9
114 Apr 8
Amer Mach & Metals__No par
114 Oct
7 Mar
63 a
8
23 Apr 12 1914 J4n 1 4
8
Amer Metal Co Ltd__ __No par
1
Feb
6% preferred
100 10 Apr 26
147e Dec
4
28391%
1 Jan 4
173 Jan 11
Amer Nat Gas pret____Th par
1 Oct 394 Jan
614 Apr 51 1672 Jan 13
Am Power & Light _-__No par
113 Dee
8
647 Feb
8
58 Jan 14
No par 31 Mar 3
4412 Dec 102 Mar
Preferred
55 Preferred
No par 243* Apr 2 49% Jan 14
Pref A stamped
No pa
35 Dec
85 Apr
84 Jan 8
43 Apr 8
8
AmRad&StandSan'yNopar
5 Dec
2112 Mar
4 Feb 19
American Republics___No pa
1238 Feb
114 Dec
14 Apr 29
518May 5 13 Mar 3
25
718 Dec
American Rolling Mill
374 Feb
66 Feb
1914 Dec
American Safety Razor_No par 151sMaY 5 32914 Mar 7
1 May 2
312 Jan 21
No par
14 Dec
Amer Seating TIC
9 Feb
12 Jan 6
4 Apr 22
Is Dec
Amer Ship & Comm_ No pa
14 Feb
20 Oct
Amer Shipbuilding new_No par 14 Apr 13 2518 Jan 14
42 Jan
8
713 Apr 14 183 Jan 2
Amer Smelting & Refg_No par
174 Dec
584 Feb
190 44 May 5 85 Jan 29
75 Dec 13812Mar
Preferred
100 x24 May 6 55 Feb 19
45 Dec 1021 Mar
2d preferred 6% eum
4
4
25 283 Apr 11 3438 Mar 3
28 Oct
American Snuff
4214 Mar
103 Mar 14
100 90 Jan 11
Preferred
974 Dec 1107 July
2
Jan 14
4
18 Feb 15
4 NoV
44 Feb
114 Jan 20
14 Feb 18
Preferred.
No par
1112 Feb
4 Dec
414 Apr 13
814 Jan 21
Amer Steel Foundries No par
5 Dec
314 Feb
100 58 May 4 80 Feb 18
Preferred
68 Dec 113 Feb
4
American Stores
No par 3018May 3 363 Mar 3
83 Dec
4814Mar
100 15 Apr 12 3914 Jan 13
Amer Sugar Refining
3412 Oct
ea Mar
100 60 Apr 7 884 Jan 13
Preferred
844 Dec 10812 Mar
2 4 Apr 29
3
6 Jan 7
Am Sumatra Tobatico__No par
312 Dec
1112 Feb
100 9518MaY 4 18738 Feb 1
Amer Telep & Teleg
11218 Dec 201% Feb
American Tobacco new w I.25 81 May 4 8634 Mar
6012 Dec 1284 Apr
6314May 4 893 Mar
4
Common clams B new w 1__2
64 Dec 1323 Apr
4
100 99 Apr 13 1104 Jan 2
Preferred
96 Dec 132 May
American Type Founders-.100 10 Apr 19 25 Jan 2
19 Dec 105 Jan
100 16 May 3 70 Jan
Preferred
72 Dec 11012 Feb
Am Water Wks & Eleo_No par 1812 Apr 11 3411 Mar
2318 Dec
803* Fob
No par 18 Apr 14 31 Mar
Com vot tr etre
213 Dec
4
803 Feb
4
50 Apr 16 75 Jan 1
1st preferred
6412 Dec 107 Mar
212 Mar 18
No par
538 Feb 2
American Woolen
4
23 Dec
8
117 Jan
100 154 Jan 4 3078 Mar
Preferred
1514 Dec
40 July
3 Apr 4
8
Am Writing Paper otfs_No par
3 Jan 1
4
4 Jan
12 Dec
3 Apr 12
5 Apr
Preferred certificates_ -100
18 Feb
214 Dec
112 Apr 8
Am Zino Lead & Smelt_No par
332 Jan
24 Dec
83 Feb
4
25 1412 Apr 12 23 Jan 1
Preferred
1912 Dec
4518 Aug
412 Apr 8 123 Jan 1
Anaconda Copper Mlning 50
8
4314 Feb
914 Dec
3 Apr 11
9 Feb 1
Anaconda Wire & Cable No par
264 Mar
6 Dec
No par
54181ay 2 1712 Mar 2
Anchor Cap
36 Feb
13 Sept
2 Apr 7
Andes Copper Mining-.No par
44 Jan 8
4 Dec
1941 Feb
7 Apr 18 12 Feb 15
Archer Daniels MidI'd_No par
8 May
18 Feb
4May 6 44 Mar 9
Armour & Co (D€10 prof _100 313
72 Jan
20 Oct
7
8May 6
Armour of Minot@ class A___25
2 Mar 9
64 Jan
3 Dec
4
25
4 Jan 7
Class B
14 Mar 10
7
2 8 Jan
12 Oct
Preferred
512MaY 6 1414 Mar 9
100
518 Dec
47 Jan
1 May 3
Arnold Constable Corp_No par
3 Feb 1
9 July
1% Dec
Artloom Corp
No par
212 Ayr 19
514 Apr 4
4 Oct
1012 Feb
1 Apr 21
Associated Apparel Ind_No par
2 8 Jan 7
3
284 Feb
114 Dec
34 Apr 13
No par
Assoc Dry Gloods
814 Jan 15
53 Dec
4
294Mar
Associated 011
25
63 Apr 13
4
91 Jan 2
4
31 Feb
834 Dec
7 Apr 29 1018 Jan 22
All GA WI SS Line__ _No par
39 Jan
10 Dec
Preferred
100 1234 Apr 12 1512 Jan 27
534 Jan
15 Dec
Atlantic Refining
25
83 Feb 9 127 Mar 9
8
8
83 Dec
8
23% Feb
Atlas Powder
93 Apr 21 2512 Feb 2
8
No par
54 Feb
18 Dec
Preferred
100 5612May 2 794 Jan 13
994 Jan
7714 Dec
Atlas Stores Corp
No par
418 Apr 12
514 Feb 18
1312 Feb
212 Dec
Auburn AutomoblleNo par 30 May 4 1513 Jan 14
4
8412 Oct 39512 Apr
No par
Austin Nichols
Is Feb 19
34 Jan 12
314 Mar
IsSept
Autnealee Corp
No par
14 Apr 1
h Jan 8
212July
13 Dec
Preferred
50
7 Mar 30
2
5 Feb
2 Ian 11
1 Dec
Aviation Coro
Na Par
212 Feb 23
312 Jan 3
2 Dec
64 Mar
34 Apr 8
Baldwin Loco Works
No par
812 Jan 14
277 Mar
2
418 Dec
Preferred
100 104 Apr 13 2812 Jan 15
15 Dec 10412 Mar
Bemberger (L) dr Co pret _100 7712May 4 99 Feb 25
85 Dec 107 Feb
Barker Brothers
Is Apr 9
No par
214 Jan 4
13 Oct10 Jan
4
33 Apr 11
4
Barnsdal Corp class A.._ 25
57 Jan 14
144 Feb
2
4 Dec
Bayuk Clgars Ina
Nova'
0 May 3 13 Feb 1
33 Jan
14 Dec
IN preferred
100 40 Apr 13 59 Jan 7
90 MN
60 Dec
Beatrice Creamery.
60 2112 April 434 Jan 14
37 Oct81 Mar
Preferred
100 72 Apr 11 95 Jan 18
90 Dec111 Mar
Beech-Nut Packing Co. ._20 3612 Apr 13 44 4 Mar 14
374 Oct62 Apr
3
23 Jan 4
2
Belding Hem'way Co_ _No par
64 Aug
4 4 Feb 25
3
13*June
..._ 59 Feb 25 634 Jan 18
Belgian Nat Rye part pref.
80114 Jan
547 Dec
8
Bend's Aviation
612May 5 1834 Jan 14
No par
123* Oct2512 Feb
Best & Co
No par 1218May 5 347 Feb 19
664 Mar
193 Dec
4
2
Bethlehem Steel Coro No par 12 May 5 2438 Feb 19
8
703 Feb
174 Dec
2
7% preferred
60 Dec1237 Mar
10
0 31 May 6 74 Jan 9
29 Feb
414May 6
Blaw-Knoz Co
Na par
5 Dec
83 Jan 14
4
Bloomingdale Brothers_ No par 14 Feb 15 14 Feb 15
16 Oct21 Nov
95 Jan
Preferred
78 Des
100 50 Apr 22 61 Jan il
63 Aug
Bohn Aluminum & Br--N* Par
614May 4 2214 Jan 14 81512 Dec
49 Oct x5614 Apr
Bon Am! CiFINI A
No par 43 Apr 18 5114 Mar 9
3 Feb
4 Dec
Booth Fisheries
*8 Feb I
4 Apr 14
No par
1714 Feb
112 Dee
let preferred
114 Jan 5
4 Mar 17
100
764 Mar
MN Deo
2
Borden Co
- _____ -- - • -2
6 263 Apr 25 6318 Mar 9
80114 Feb
9 Dec
Bore warner ____ _ _ ._ .. _.10
___
5 May 4 1238 Mar 5
4 Dec
33
4July
118 Mar 9
14 Apr 28
Botany Cons Mills Masa A _50
225 Mar
4
14 Deo
BrIggs Manufacturing _No oar x5 AprIl 1134 Mar 5
New York Stock Record-Continued-Page 3
3409
lar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE THIRD PAGE PRECEDING.
--PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Apr. 30.
Monday
May 2.
Tuesday
May 3.
IVednesday
May 4.
Thursday
May 5.
Friday
May 6.
Soles
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1932
On basis of 100
-share lots
Lowell
PER SHARE
Range for Previous
Year 1931
Highest
Lowest
Highest
1
$ Per share $ per share $ per share $ per share $ per share $ per share Shares Indus.& M1scell.(Con.) Par $ per share I per share $ per share $ per share
634Slay 6 loll Jan 14
No par
200 Briggs & Stratton
63
4 *5
63
4
712 *5
712
2412 Ma
*5
63
4 684
2 712 *5
8 Sent
*3
8
12
12
*3
8
8
12
12
.3
8
.3
8
t2
*3
.3
8
12
Brockway Mot Truck No par
3 Mar 11
8
1 Jan 23
514 Ma
/ Dec
1
4
100
14 Apr 22
4 *112 13
7% preferred
13 11 *113 13
4 *112 13
5% Jan 9
4 *112 13
*112 13
212 Oct
4
26 Feb
4
*1
/
4
*69
70
685 60 .6812 70
8
1.000 Brooklyn Union Gas_ _No par 65 Apr 12 8913 Mar 8
70
70
6911 70
74
8
70
723 Dec 1293 Ma
8
2612 27
No par 25 Apr 29 36 Feb 15
,
2612 2612 3,100 Brown Shoe Co
2514 26
26
263
4 25 8 26
2613 27
323 Jan
4
4512Ju1y
13 Apr 14
8
3 Mar 2
2
2
*112 21s *112 24 *112 218
24
400 Bruns-Balke-Collender_No par
24 *2
*2
218 Dec
15 Feb
10
212May 3
900 Bucyrus-Erie Co
•24 27
/
1
8
6 Jan 9
28 27
212 2
/
1
4
2% 278
23
4 23
4
*23
4 3
20% Feb
314 Dec
47
47
10
Preferred
4 May 6
414 414
4
43
8 1,000
4
818 Mar 7
*5
512
414 43
43 Dec
8
347 Feb
4
48 48
100 50 Apr 16 75 Feb 4
65
*45
*45
65
64
*45
7% preferred
64
64
*45
65 .45
*45
75 Dec 114 Apr
1
*7
8
7
8
%
I
600 Budd (E G) Mfg
No par
*7
8
1
1
2h Jan 14
1
1
118
2 Apr 9
*1
538 Feb
112 Dec
113 Apr 7
412 Jan 14
No par
8 18
17
15
8 158 *15
2
1,000 Budd Wheel
15
8 15
8
25 Dec
8
8
*15
17e
13 Fe
*133 2
No pa
Bulova Watch
118 Apr 11
*15k 3
312 Jan 25
*11 3
/
4
*11 3
/
4
*13
*15
4 3
8 3
314 Dec
153 Jan
4
*133 3
*33
4 414 *33
No pa
212May 5
7 Mar 7
/
1
4
4 4
35 Dec
8
23 Fe
24 3
212 318 3,400 Bullard Co
4
33
4 34
3
314 33
14 7 4 z714 74
14
14 712
63 Apr 8 13 Mar 7
Burrougbs Add Slach_No par
4
/ 7,000
1
4
10 Oct
758 7
3214 Feb
3
712 7 4 *7
78
3
3
7
7
7 Apr 25 2134 Mar 9
No par
818 818
900 Bush Terminal
153 Dec
818 812
8
8
31 Feb
83*
*812 9
8
8
74 8
3
100 25 Apr 29 65 Mar 9
Debenture
2514 2514 2618 27
*26
240
30 .27
25
30
26
49 Dec 104 Jan
26
25
100 59 May 3 85 Jan 7
10 Bush Term Bldge pref
59
*25
59
*35
•____ 70
*25
*6012 70
58
59
59
85 Dec 113 Mar
%mar 8
5 Jan 8
8
3
4 1.000 Butte & Superior Mining_10
1. Feb
*5
9gMay
8
3
4
*5
8
*3
3
3
4
3
4
*5
8
3
4
*55
3
4
3
3
41
5
h Apr 5
114 Jan 14
300 Butte Copper & Zinc
1 Dec
23
4July
5
8
12
*I2
12
3
*13
4
34
*12
53
5
8
5
8
14 23
23
8Slay 6
No par
4 Mar 7
/
1
4
3 Dec
20 8 Feb
5
200 Butterick Co
*214 23
4 *23
/
1
4
4 3
*2
212
4
24 2
/
1
212 212 *214
712 Apr 12 19 Feb 19
No par
695 Feb
107g Dec
812 8'2
8
8 14
8
8
,
73
8 8 9% ' 5,600 Byers & Co (A M)
4 84
73
4 814
100 40 May 2 61 Mar 19
Preferred
68 Oct 1087 Feb
40 40
8
*40
45
40
20
*3514 45
40
*3514 40
*3514 49
5141)13y 4 117 Feb 13
63 Feb
8 Dec
8
5
/ 5
1
4
54 53
4 1,600 California Packing____No par
/
1
4
514 513
512 512
514 533
*58 6
.14
a
*14
3
8
*14
10
78
14 Feb 9
4 Oct
138 Mar
14
4 Jan 15
14
400 Callahan Zinc-Lead
*14
/
1
4
14
14
z21 Oct
433 Mar
Calumet & Arizona Mining_20
_ ____ ____ ____
__ ____ ____ ____ ____
113 Feb
8
2 Mar 30
4 Jan 13
25
218 218 *218 23
3 Dec
8
218 218 *218 238
700 Calumet dr Hecht
218 214
24 218
312 Apr 13
718 Jan 7
53 Dec
4
Campbell W AC Fdy__No par
*313 6
*312 6
16% Mar
*312 4
*312 4
*312 4
*312 6
014 91
/
4
812 8
/
1
4
8
8
634 Apr 6 134 Jan 14
45 June
103 Dec
8
712 712
5,200 Canada Dry Ginger Ale No par
712 713
77
8 8
25 Mar
17 Jan
No par 1514Nlay 3 20 Mar 21
*1512 1812 1512 1512 1514 153 *15
300 Cannon Mills
1814 *15
1814 *1612 1814
218 Apr 8
314 314
16 Feb
618 Feb 19
412 Dec
314 314
*34 312 *318 314 *318 333
314
314
300 Capital Adminis el A No par
363 Feb
8
24 Dec
*22
50 2012 Apr 8 2718 Jan 15
27
*22
27
*22
Preferred A
27
*22
27
27 .22
27
*22
100 194May 4 4338 Jan 18
3314 Oct 13111 Feb
205 2112 20
8
214 2013 2114 1918 2118 1912 2114 2033 2314 68,800 Case (J I) Co
/
1
40
53 Sept 116 Ma
*38
40 .3812 40
*38
Preferred certificates__ _100 38 May 6 75 Jan 12
290
3812 39
40
*3812 39
38
624 Feb
57
5 4Slay 4 15 Jan 18
1014 Dec
3
6
6
6
6
6
6 14
53
4 6
612 3,400 Caterpillar Tractor____No par
618
6
12 Dec
31 1 *2
4 Feb
112 Jan 7
4 Feb 11
.2
314 .2
213
314 .2
2
2
314
100 Cavanagh-Dobbs Inc _No par
26 Mar
538 Dec
7 8 Jan 12 2284 Feb 11
5
100
•10
15
912 10
Preferred
*9
9
15
9
*9
9
18
50
9
16 Feb
2% Dec
5 Jan 14
*214 3
214 Apr 29
*214 3
*214 3
Celanese Corp of Am__No pa
*214 3
24
.214
23
4 *214
143 Mar
8
218 Dec
*114 2
*114 2
*114 2
114 Apr 15
33* Jan 18
*114 2
No par
Celotex Corp
*1,
*114 2
4 2
1384 Mar
153 Dec
24 Feb 29
*1
Certificates
1 Feb 8
114 *1
114 *1
200
No par
1
1
138
112 .1
1 12 .1
373 Mar
4
738 Dec
*313 4
312 Apr 6
No par
10
Preferred
*312 4
*312 4
313 312 *312 4
712 Mar 15
*312 4
25'. July
11 Dec
*93
8 93
8 •9
9 May 4 1212 Jan 4
4
93 10
8
4
9
93 10
8
95
9
93
933 2.900 Central Aguirre Asso_No par
814 Sept
418 Apr 5
212 Jan
614 Jan 9
Century Ribbon Mills_No par
*33
4 413 *314 412
*334 4 2 *331 412 *33
,
4 412 *33
4 413
90 Sent
50 May
100 70 Mar 16 85 Jan 23
Preferred
70
75
70
50
*70
70
75
*70
75
75
•70
75 .70
97 Sept
3018 Feb
512 Apr 8 s15 Jan 14
6
6
4 6
618 614
4 6
613 654 3,300 Cerro de Pasco Cormer_No par
53
513 534
53
714 Mar
214 Jan
338 Feb 17
112 Apr 18
300 Certain-Teed Products.No par
.13
14 13
2
218 *13
4 2
13
•13
4 134 ..15
4 17
11 Jan
9z
35 Aug
814 Apr 25 154 Feb 23
100
79, preferred
912 •
912 .6
912 *7
6
912 *a
91
*7
*6
374 Feb
/
1
183
4 185 1914 3,700 City Ice & Fuel
15 Apr 13 284 Feb 19
2515 Dec
*
No par
•1733 1812 .1814 1813 18
1812 184 1814 '17
90 Apr
61
61
280
61
Preferred
634 Dec
100 55 Apr 13 88 Jan 5
*5912 63 261
*5514 58
59
58
*5512 58
414
4
*4
23, Feb
4
314Sept
7 Jan 14
500 Checker Cab
Ns par
4 Apr 27
*418 414
412 *4
4
414 „ 4
*4
4
641 Feb
/
4
84
84 95
5,700 Chesapeake Corp
'ho par
612 Apr 12 2033 Jan 14
137 Dec
8Is 81 L. 8
818 83
83
8 87
4
818 9
500 Chicago Pneumat Tool_No pa
2 Apr 29
218 21
63 Jan 22
4
2
2
318 Oct1518 Feb
*218 214
2
2
2
2
2
Y 314 3
1
35 Feb
638 Dec
300
8
Preferred
27
3May 6 117 Jan 22
No par
,
2% 24
*314 4
•23
4 3
4 37
54
*23
4 3 4 *23
10
*912 10
8 Sept23 Jan
10 Chicago Yellow Cab
9 Apr 12 14 Mar 12
No par
*912 10 $10
.913 1014 *913 1012 *912 10
Chickaaha Cotton 011
*67,1 8
8 Dec
9 Mar 28
_47
8 8
10
6 Apr 12
.6% 8
123 Ma
4
*6
8
.6
8
.0
8
333 Feb
4
518 Dec
1,600 Childs Co
712 Jan 13
218 Apr 8
No pa
21a 218 ..,,, 218 218 *214 3
214 214 .213 312
2,
4 212
18,800 Chrysler Corn
/
4
4
Ye par
8
814 Apr 11 153 Jan 14
111 Oct2534 Ma
814 9
83
3 85 2 814 87
8
812 8%
812 9
81 88
/
4
43 Fe
8
*3
8
/ Dec
1
4
218 Jan 14
850 City Stores new
'ho par
12
12
8
12
4 Apr 14
3
8
3 ii *3
8
3
8
3
8
12
12
'2
2278 Mar
*512 61
812 Dec
*512 611 .512 6
618
83 Jan 7
100 Clark Equipment
4
512May 5
• 512 512 *5
No par
.54 6
3418 Feb
14
*12
15 Dec
1312
1318 *12
500 Cluett Peabody & CO_No par 10 Apr 14 22 Mar 5
•13
14
1318 1318 1318 1318 13
92 Dec105 July
4
993
4 95
4
95
993 *95
95
*95
993 *95
95
95
90
100 95 Jan 5 96 Feb 15
95
Preferred
8
9712 Oct170 Feb
4
4 885 9113 9012 9514 121.000 Coca Cola Co
4 91, 9414 88, 913
No par 8814May 4 120 Mar 8
8
9212 943
94
95
8
/ 46
1
4
453
4
5312June
453 453 *45
8
8 45
453 Dec
8
700
4638 463
.4612 467 *4612 477
Class A
8
No par 4518 Jan 6 50 Mar 22
*22
8
2214 22
213 22
213 2218 2112 22
4
4
22
1,900 Colgate-Palmolive-Poet No par 2112May 5 3112 Mar 9
217 22
24 Dec5012 Mar
*83
8318 834 8318
797 Dec 104188ept
*80 89
8
600
83 83
83
8312 83
100 78 Apr 14 95 Mar 11
*83
6% preferred
8
No par
4 43
47
*5
8 5
4
43 Apr 11
518
4
64 Dec
43
4 514 2,400 Collins & Alkman
43
4 45 ,... 43
518 54
4
1712June
107 Mar 7
95 Aug
68 Dec
8018 *7018 804 *7018 8018
8018 *70 804 *70
Non-voting preferred___100 70 Apr 29 80 Mar 17
*70 8018 *70
1012 Nov
9 Jan 11 11 Apr 28
712June
103
4 *93 104 *934 1012 104 1014 1012 1012
900 Colonial Beacon Oil Co_Ne par
*93 10 4 *93
4
4
/
1
3
4
1912June
412 412 .45
64 Dec
45
8 458
414 Apr 14 1238 Jan 14
53
4
000 Colorado Fuel & Ir new_No par
*412 512
5
5
*5
518
19
185 217 20,100 Columbian Carbon v t c No par
1614 187
8
8
1614MaY 4 4174 Mar 9
32 Dec 1115 Feb
8
8 17
4 1814 22
2113 22
2112 213
1138 Dec
453* Mar
74 8
/
1
75
8 78
612 Apr 8 1618 Mar 9
754 812 19.800 Columbia Gas & Elec__No par
712 8
7
/ 818
1
4
73
4 8
*53
57
7218 Dec 10912 Mar
5712 5713
57
100
*53
100 40 Apr 8 79 Jan 16
Preferred series A
57 .53
5712 *53
57
*53
Columbia Orapbopbone
312SeP
16, Ma
4
_ ____ ____ ____ _ _
____ .. __
11', July
Certificates of deposit
6 June
53
8 6
1,400 Commercial Credit____No par
438May 5 11 Mar 5
6'8
8 Sept2314 Feb
63
4 712
433 737
78 - 4
5
i;i4 - -5i
5
8
4
7g Feb
35
19 .15
204
400
19
Class A
1918 Dec
4
20
4 20 4 204 20
.20 4 2233 203 203
,
50 19 May 5 2614 filar 7
3
1513 1512
15 Oct2412July
60
25 151271ay 6 203 Jan 22
Preferred B
4
.1512 1612 *1512 1612 *1614 1612 1614 1614 *1512 16
330
50
501s 50
64% let preferred
52 Dec92 Elm
47
55 5512 50
100 47 May 5 687 Mar 14
50
56
8
60
56
.55
8 133 147 11,100 Comm Invest Trust___No per 133
4
8
34 Mar
45lay 6 277 Mar 3
/
1
15
153
4 153 16
4
4
15 2 1512 143 154 1414 147
,
lSl1Sept
90 Jan
100
Cony preferred
60 Dec
6618 65 65
NO par 58 Jan 4 77 Mar 2
*65
*65
6618 *6412 6618 *6412 6615 *6412 6618
200
90
90 .89
64% 1st preferred
94 Dec108 Aug
100 89 Mar 2 95 Mar 11
9213 *91
9212 90
9154 *89
*91
9212 *91
2111 Feb
618 63 11,900 Commercial Solvents_No par
512 Apr 11 1014 Mar 8
554 64
63* Dec
512 57
6
8
6 14
512 6
534 57
47 Jan 14
12 Feb
3 Dec
25
212 25
8
212 233
23
4
218 Apr 8
2 2 254 34,701 Commonielth & Sou___No par
,
238 254
23
49
46 Dec 10038 Mar
49
99
2,000
36 preferred seriee___No par 46 Apr 14 6813 Mar 11
*473 5012 48
4
49
*4812 487
8 4714 4814 48
3414 Feb
13
*6
13
*6
Conde Nast Publica'ne_No par
10 Dec
13
7 Apr 14 10 Jan 6
*6
*6
13
*6
13
*6
13
67 Jan
8
8 14 4,900 Congoleum-Nalrn Inc__No par
8
1444 Aug
8
77
8May 4 11 Feb 13
78 8
7
8
84
,
8
8
8
*8
43 Apr 13
30 4 Mar
3
600 Congress Cigar
53 Dec
4
94 Mar 8
/
1
No per
6h 634
612
912 .6
6
63
6
4 64 .6
912 *6
4June
373
12
20 Sept
12
12
1,100 ConsoliCated Clgar
12
12
No par
12
1112 Apr 12 2412 Jan 8
12
12
12
12
*12
14
73 Mar
62 Dec
60
Prior preferred
100 3512May 4 60 Mar 7
•36
393
4 36
36
*36
3954 3512 3613 *354 393 *3512 393
4
4
15 Feb
4June
2
23
4 .17
2
33
538 Jan 11
2
2 Apr 29
2
2
/
4
800 Consol Film Indue____No per
.218 21 *17
2
2
187 Feb
8
7h Oct
734 77
8
1,000
7
/ 73
1
4
Preferred
7 Apr 12 1134 Mar 7
73
4 8
No par
*758 8
*738 8
.75
8 8
5714 Dec 10952 Mar
4914 517 146,200 Consol Gae N Y)
8
4
No par 4712Nlay 4 683 Mar 8
4715 4913 477 497
48
493
4 483 50
4918 50
8
38 Dec s107 July
8312 841
Preferred
2,800
8334 84
No par 8112 Apr 11 95 Mar 3
851
4
*86
8712 83
8813 8812 873 88
53
15% Mar
812 Dec
63
8 3,200 Consol Laund Corp
No par
6 Apr 12 10% Jan 13
6
614
6
614 614
6
6
8
6
6
6,
14
15 Mar
14 Mar 22
h Jan
% Jan 20
900 Consolidated Textile
No par
14
4
14
4
11
/
4
4
3
8
*14
14
*14
14
812 Jan
112 .1
78 Dec
212 Feb 19
Container Corp A vot No par
112 .1
113 *1
1 Apr 7
112 *1
*1
112 .1
i's
13
3 Jan
h Dee
*14
118 Jan 18
13
levIay 3
200
No par
*13
Class B voting
.
14
3
8
14
14
'8
53
12
•14
30 Feb
412 Dec
4
7 Jan 14
900 Continental Bak el A No par
3
312 3,2 *34 33
3 May 4
3
334 334
4 412
*354 412 533
33 Feb
8
h Dec
Clam B
1 Jan 8
900
12 Apr 7
%
No pa
•12
58
*12
5
8
12
%
%
512
%
12
5
8
40 Sept774 Feb
Preferred..
4
1,000
100 2814 Apr 12 47114 Mar 5
8 324 3214 313 32
313* 32,
31
31
*313 32
8
3118 32
4
623 Ma
3014 Dec
241 267 24,100 Continental Can Inc ___No par 23 May 4 41 Mar 8
/
4
8
25
2412 23
243 2534 2454 254 2433 2533 23
4
15% Fe
311 Dec
314 314
th Feb 17
200 Cont'l Diamond Fibre_No par
3 Apr 6
314 314
5
4 3 8 .314 33*
*314 33* *3
*314 35
97 1012 11,400 Continental Ins
517e Feb
184 Dec
10
1033
97
8May 6 2514Mar 8
10 2 10
,
1114 1033 11
1033 10.
14 10
11
411 Feb
7
8
1
7
8
7
8 1
1
1 Dec
1' Jan 14
•% 1
%Slay 2
% 1,900 Continental Motors___No par
%
7
8 1
45
12 Feb
47
8
5 June
53 20,300 Continental Oil
7 Mar 8
No par
4127,Iay 5
413 434
434 47
5
5
47
47
8 5
12 Feb
14 2,200 Continental Sharee
No par
14 Dec
14
3 Jan 13
4
14May 4
5
8
*14
14
14
h
"4
h
h
h
h
8 9,600 Corn Products Reflning____25 294 Apr 12 4738 Mar 8
86% Feb
4 333 353
4
343
364 Oct
/
4
327
8 3114 3212 32
8 311 3213 32
317 323
120
Preferred
110 11014
103 104 Apr 14 12912 Jan 11
118 Dec 1521 Apr
112 112
,
11018 1101 •110 114
;
112 112
•110 110
18 Feb
No par
2 Apr 8
24 214 1,500 Coty Inc
g
27 Dec
43 Jan 16
4
218 24 .214 212
8
.24 25
2 8 23
,
8
2
/ 25
1
4
800 Cream of Wheat
*1812 19
344 Mar
1812 19
No par 184 Apr 25 23 Mar 9
20 Sept
1912 1912 185 185 *1812 19
8
21
8
*18
100 Crex Carpet
18
194 Apr
/
1
4 18
4
100 1014 Jan 5 1918 Mar 21
104 Nov
4
4
184 *17
/
1
183 *163 183 *183 183
4
4
183 .17
•17
600 Crosley Radio Corp____No par
4
85 Feb
4
214MaY 3
2 4 23
,
218 Dec
*23
214 214 *214 3
43* Jan 7
'4 2 4
,
3
2
*23
8 3
3814 Feb
100 Crown Cork & final____No par
4 Dec
95*
133
1578 Mar 5
918 Apr 11
4
94 94 *834 95s *83
94 933
•910 1014 *94 933 •
Crown Zellerbach
67, Jan
No par
112 Jan 2
11* Dec
13
214 Feb 15
*114
4 *114 214 .114 214
134 *114 13
•114 2,
4 *14
600 Crucible Steel of America_100
63 Feb
9 May 4 2314 Jan 14
20 Dec
914 10
9
9
9
9
1112 *9
912
*9
10
10
250
Preferred
24
100 23 Apr 12 497 Jan 14
24
8
23
367 Dec 106 Jan
1
2318 23
*2318 25
23
2333 24
24
24
57 Jan
300 Cuba Co
No per
h Apr 14
.
5
8
1
lh Jan 14
•58 1
7 Dec
8
1
1
1
1,
8
578
114
•3
4
118
1
*18
14
.18
14
Cs
500 Cuba Cane Products_ No par
*18
18 Apr 19
4 Dee
25* Jan
18
4 Jan 15
18
14
•%
33
Cuban-American Sugar____10
*53
78
7
7
8
/
1
4
*53
.5
8
5 Mar
.8
8
7
8
..58
7
8
h Apr 11
%
1 Dec
lh Jan 11
43*
.53* 6
50
Preferred
100
35 Jae
5 Apr 9
6 Dec
84 Jan 18
.518 6
5
5
6
•5
6
*5
*43
4 6
_Cuban-Domin Sugar_No per
112 Jan
12July
8
50 2514May 4 3512 Mar 9 s29 Oct487 Mar
-ii- 17- 1ioti Cudahy Packing
.
132 .
"fir, -- - -2i- 161- -2171-18 16 4 -i15T4 168 -53- 16' 2911 15 Apr 13 31 Jan 15
20 Dee 100 Feb
4 1612 16% 1,000 Curtis Publishing Co___Ne lIar
4
*163 1712 1614 163
17
4.1712 1834 1712 1712 17
Preferred
No par 60 Apr 13 86 Jan 14
6212 1,300
70 Dec 1185* Mar
60
61
62
6014 6112 60
654 6112 6112 62
•60
67 Feb
No par
36,400 Curtbse-Wright
1
21 Feb 2
%Slay 5
1 Dec
7
8
7
8 1
14
1
118
1
1
1
1
lla
Class A
4,400
812 Mar
10
112 Mar 28
13 Dec
112 1'
8
/
1
4
8
3 Feb 1
11 158
/
4
15* 15
158 158
/
4
158 11
15
8
vs
41 Jan
200 Cutler-Rammer Mfg___No par
5 Slay 5 10 Jan 21
7 Dec
512 512
6
5
512
512 •5
512 *5
8 *5
57
*5
23 Feb
No par
34 Dec
2 Apr 11
218 2.500 Davison Chemical
2
54 Jan 15
218
18
2
2
2
214
214 *2
23* 233 *2
Debenbam Securities _5 Sc
1212 Jan
11
/
4Sep
•I3
4 3
.11 3
/
4
.13
4 3
*13
4 3
•lh 3
•13
4 3
22 Jan
20
133 Dec
8
7 Apr 15 1514 Jan 15
714 3,200 Deere & Co pref
7
714 714
712
vs 718 .714
714
7
714 714
100 80 Apr 11 122 Jan P1 11014 Dec 195 Feb
2,200 Detroit Edison
85
8312
89
3
82
82
4 81
813
81
814 8114 82
81a Dec
4
813 10
1918 Feb
o pa
200 Devoe & Reynolds A __N34Feb 24
9 May 5 1
•
8
9
.
*9
*9
.0
10 4
,
10
0
.
9
10
23 Mar
103 Dec
s
No pa
12 Apr 9 15% Mar 10
4
4 1212 1314 124 1312 123 1314 3,500 Diamond Match
4
8 1212 1212 123 123
1214 123
25 215* Jan 13 2415 Mar 18
Preferred
1912 Dec
2812 Aug
200
4
211 2131 *213 2312 •224 2312
/
4
22
22
*2212 23
2312
.22
__
_
on this day. z ix-dIvIdend
• Uld and asked prices uo sales
e Ez-dIvIdend and ex-rights.
3410
I' FOR SALES DURING
New York Stock Record-Continued--Page 4
THE WEEK OF STOCKS NOT RECORDED IN
THIS LIST, SEE FOURTH PAGE PRECEDING.
_
..
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
PER SHARE
PER SHARE
Sales
STOCKS
Rango for Year 1932
I Range for Precious
for
NEW YORK STOCK
Saturday
Monday
Tuesday
On basis of 100
Wednesday
-Mare tots
Thursday
Year 1931
the
Friday
EXCHANGE.
Apr. 30.
May 2.
May 3.
May 4.
May 5.
May 6.
Week.
Lowest
Highest
LarreN
Highest
$ per share $ per share $ per share $ per share $ per share $ per
share Shares Indus.& Miscall.(Con.) Par 3 per share 3 per share
83
4 83
4
$ per share 8 per Mare
8 8 83
5
4
812 83
8
812 9
85
8 914
914 912 4,700 Dome Mines Ltd
No par
712 Jan 4 1138 Mar 6
14
14
14
14
852 Oct 21313 Mar
135 133
8
4 133 14
4
*1314 14
14
14
1,100 Dominion Stores
No par 13 Jan 5 18 Mar 5
7
7
7
7
11 Oct
*7
718
24 A Pr
7
7
*63
4 8
7
7
900 Douglas Aircraft Co Inc No par
7 Apr 29 1372 Feb 1
3718 38
3614 373
4 345 363
77 Dec
2
2114June
8
4 343 37
4
35
3712 3714 393 40,500 Drug Inc
8
No par 333 Apr 14 57 Feb 13
4
.1
2
*118 2
423 Oct
*118 2
4
4
*1 18 2
783 Mar
*118 2
*118 2
Dunhill InternatIonal__Ne par
1 Mar 28
112 Feb 4
*8
10
*8
113 Dec
10
814 Mar 1
*8
97
8 *8
97
8 •8
9
8
8
100 Duplan Silk
No par
8 Apr 7 10,8 Jan 23
*91
9312 *90
10 Sept
93
*90
141 Feb 1
/
4
92
90
92
*87
90
90
90
120 Duquesne Light let
_100 89 Feb 10 97 Mar 14
*118 218 *1 18 218 *118 218 *118 2
923 Dec 10712 Aug
4
*118 2
*1 18 2
Eastern Rolling Mill_No par
pref_2 Apr 13
514 Mar 5
4712 483
4 45 8 485
5
213 Dec
8 453 4814 443 463
1314 Mar
4
4
4 443 473
4
4 4613 5014 40,100 Eastman Kodak Co___No par 44 4May 4
3
8754 Jan 14
•111 115
111 111 .110 115
77 Dec 18534 Feb
110 110
1097 1097 *108 110
8
8
70
6% cum preferred
100 99 Jan 22 11912 Feb 18 103 Dec 135
4
4 4 43
4 *412 43
3
43
8 412
Sept
8
412 412
413 43
43
8 47
8 1,900 Eaton Mfg Co
No par
414 Apr 4
8 Feb 19
28
29
582 Dee
273 29
4
2172 Mar
8
275 2812 2718 2812 2678 287
8 2812 31 122,900 E 1 du Pont de Nemours__ _20 267
8May 5 593 Feb 19
4
*90
91
50 Dec 107 Mar
*90
90,
4 9018 9018 90
90
90
90
90
907
8
800
6% non-voting deb ,
100 8914 Apr 14 105 Mar 17
94 Dec 12414 Aug
*14
3
8
*14
as
*14
3
8
*14
3
8
*14
3
8
Eitingon Schild
*14
3
3
No par
14 Apr 12
114 Jan 6
*418 6
418 413 *313 5
13 Dec
8
11, Feb
*214 5
*318 5
*31
5
100
6Si % Preferred
100
318 Apr 11
1212 Jan 6
12
78 13 Dee
1212 12
1214
1178 123
69 Feb
8 11
1214
1114 12
12
133 23,700 E1ectric Antoine
8
No par
11 May 4 323 Mar 7
4
70 70
20 Oct
741 Mar
70 70
/
4
68 68 12 68 68
*65
71
*65
71
80
Preferred
100 68 May 3 10014 Feb 16
94 Dec 110 Jan
114 114
113 1 14
1 18
118 *1
118
1
1
*1
118
1,000 Electric Boat
No par
1 May 5
212 Jan 6
113 15
411 July
8
15
3 Dec
4
8 13
4
15
13
8 13
4
4 13
4
13
4
17
8
13
4 17 10,400 Elec dr Mus Ind Am shares_
8
113 Apr 29
4 Jan 8
97 July
g
213Sept
7
718
63
4 718
63
4 7
618 63
4
612 7
67
8 75 12.700 Electric Power & Light_No par
8
512 Apr 8 153 Mar 9
8
9 Dec
31
603 Feb
31
4
29 30
28
29
*27
28
27
27
*265 2812
8
600
Preferred
No par 22 Apr 7 64 Jan 14
41 Dec 10812 Mar
2318 2318 2414 2414 2312 2312 *23
26
23
23
*241 1 2612
500 86 preferred
No par
193 Apr 8 5513 Jan 14
4
32 Dec
18
9814 Mar
18
173 173 *1712 183
4
4
4 173 173
4
4 1912 1912 1912 193
4
900 Elee Storage Battery No par
1653 Apr 13 3314 Mar 7
23 Dec
66 Mar
Elk Horn Coal Corp___No par
ls Jan 13
14 Jan 13
18 Dee
114 Feb
*26
261. 257 26
28 Mar
4
14 Dec
8
*25
26
2514 25,
4 2512 2552 *26
28
500 Endicott-Johnson Corp__50 2514May 4 3618 Feb 15
2312 Dec
458
•102 1031 10112 102 *101 10514 *101 105
8Sept
;
,t 101 10112 *10012 10514
400
Preferred
100 10013 Jan 9 10714:Mar 17
2983 Dec 115 Aug
8
*11
14
*10
*10
12
14
*11
14
10
11
*5
Engineers Public Serv__No par
10
200
10 May 5 25 Feb 16
15 Dee
49 Mar
*33
40
*33
38
*30
38
*30
38
*30
38
*30
$5 preferred
38
No par 3514 Apr 7 51 Feb 23
42 Dee
87 Jan
*3313 40
*3312 40
*3313 40
*3312 40 .3312 40
*3312 40
45Si preferred
No par 37 Apr 21 67 Mar 16
42 Dec
91 Mar
15 4 16
3
*153 16 .15 4 16
4
3
153 16
4
1512 16
4
*153 16
1,400 Equitable Office BldgNo par 1512311w 5 19 Jan 4
1212 Oct
353 Jan
8
3
3
*3
312
*3
3
3
314
3
3
*3
312 2,100 Eureka Vacuum Clean_No par
3 Apr 20
714 Mar 29
314 Dec
123 Mar
4
*1
114
1
1
*1
114 *1
lli *1
lir
114 *I
100 Evans Auto Loading
1 May 2
5
214 Mar 5
1 Deo
85 Feb
8
*10
103 *10
4
103 .10
4
103 *10
10 4 *10
4
3
10 4 .10
3
Exchange Buffet Corp_No par
8
1034
0 4 Jan 30 1114 Jan 11
10 Dec
25 Jan
*II 2
*14 2
*14
*14 2
*14
2
*14 2
2
Fairbanks Co
25
125ept
3 Mar
*13
3 314 *138 314 *13
8 314 *138 314 *1
314
314 *1
Preferred
113 Mar 31
100
314 Mar 31
2 Dec
*313 412 *313 43
13 June
8 •312 412 *312 412
100 Fairbanks Morse
313 313 *338 331
No par
318 Apr 11
53 Jan 19
4
313 Dec
293 Mar
8
•___
28 •___
28 .._ 28 •____ 28
.....
*20
20
28
10
20
Preferred
100 29 Mar 24 4734 Mar 8
40 Dec 1097 Feb
3
*i. 1
•43 1
.13 1
*T
2 1
*12 1
.
1
1
100 Fashion Park Assoo____No par
1 Apr 12
114 Jan 25
1 Dec
613 Feb
*6
15
*6
15
10
10
15
*8
15
*8
15
*7
100 Federal Light dr Trao
15
05* Apr 20 22 Jan 25
81513 Dec
497 Feb
8
43
435* .43
43 43
50
*38
*39
50
*38
50
50
90
Preferred
No pax 42 Apr 9 64 Mar 11
48 Dec
92 Mar
214 214 .2
23
8 •2
233 *2
218 *2
23
8 *2
218
100 Federal Motor Truck No pay
2 Mar 30
33 Feb 6
8
218 Dec
75 Feb
8
*53 1
*58
1
*58
*5
1
8
*5
1
8 1
*12 1
Federal Screw Worke__No par
7 Apr 15
8
2 Jan 14
112 Deo
1513 Feb
518 518
5
513
5
5
47
8 53
,
45
8 5
45
8 514 3.000 Federal Water Serv A __No par
312 Jan 4 1032 Mar 16
3 Dec
30 .11411
•10
123 *10
4
123 *10
4
4
*9 4 10
03 10
3
105*
03
4 93
300 Federated Dept. Storas_No par
4
4May 4 14 Jan 7
93
1012 Deo
2718 Aug
113 12
8
1118 115
1112 11
8 11
1112 10, 11
8
1013 103
4 8,100 Fidel l'hen Fire Ins N Y___10 1018May 5 273 Jan 15
4
20 Dec
5614 Feb
*65
8 713 *65
8 712 *65
8 712 *653 7 2
8 712 *65
8 712 "65
Fifth Ave Bus
,
812 Mar 8
No par
612 Feb 18
518 Oot
9 Feb
.10
20
*8
20
*8
20
20
*8
*8
20
*8
20
Filene's Sons
No par
7 Mar 31
7 Mar 31
1514 Oct
24 Aug
.85
90 "85
90 .85
*85
90
90 •85
90
*85
90
Preferred
100 80 Apr 14 94 Jan 18
8514 Feb 104 may ,
•117 12 .117 12
8
8
12
4 117
*113
8 113 12
8
1112 117
8 1112
4.500 Firestone Tire & Rubber___10 1112:May 3 163 Mar 8
2
12 2 Dec
7
20 June
49 49
483 49
4
4813 48
48
4812 4812 48
*48
4914 2.500
Preferred
100 48 May 4 5913 Jan 20
/
1
4
49 Dec
6613June
42 4212 417 42
4112 4114 43
8
4112 40
403 4214 40
8
9.000 First National Stores__No par 3912 Apr 8 53 Mar 7
41 Jan
63 Aug
18
18
18
18
18
18
18
18
Is
18
18
1
1,300 Fisk Rubber
le Feb 1
14 Sept
No par
38 Jan 11
7 Feb
2
*3
3
3
12 .
8
12
12
*3
*3
1
3
*3
12
8
*3
12
8
8
let preferred
7 „fan 9
8
100
14 Feb 2
118419
8 Feb
2 112
*3
*3
2 112
*3
11*
*38
8 112
*3
2 ill
3
8 112
let pre/ convertible
100
14 Feb 3
112 Apr 13
*412 -- - *5 -_
10
10 - .5
*5
10
*5
10
*5
Florabeim Shoe °Lase A_No par
414 Apr 29 10 Feb 20
77 Dec
"ar
284 o
815‘12 Jan
825* 8214 *82
*81
95
*81
95
"81
82
82
85
95
110
6% preferred
100 65 Feb 6 8212 Apr 14
80 D.c 10212 Mar
3
3
*2
3
*2
3
414 *2
4
*2
4
*2
100 Follansbee Bros
3 Apr 30
No par
712 Mar 7
4 Dea
1914 Feb
5 8 518
,
472 5
5
5
518
5
434 5
5
618 3,300 Foster-Wheeler
No par
43
4:May 5 12 Mar 10
8 Dec
6412 Feb
*13
2
2
8 214 *13
•17
8 212 *17
8 214 *13
8 214
8 214
100 Foundation Co
No roar
1 1s Apr 11
413 Jan 14
212 Dec1612 Mar
*15
.143 147
1518 147 15
4
167
8
8 1518 1518 15
8 15
15
700 Fourth Nat Invest w w
1
147
8May 4 2112 Mar 9 $1.553 Deo
2213 Feb
2
2
2
218 218
218
2
213 213
2
2
2
1,100 Fox Film Mass A
No par
2 Apr 9
53 Jan 14
8
8
212 Dec38 8 Feb
8 143 15
8
143 143
4
8
4 137 143
8
8 137 143
8
4 145 147
143 15-5* 10.200 Freeport Texas Co
4
No par
137
8May 3 1912 Jan 15
4314 Mar
1814 Oa
*3
4 1
*3
4 1
*31
1
*3
4 1
•3
.3
4 1
4 1
Gabrlel Co (The) el A__No par
53 Apr 22
17 Jan 4
8
3
1 Dec6 2 Feb
652 65
612 612
612 7
612 7
78
,
7
8
618 65
8
690 Gamewell Co
No Par
618May 6 17 Jan 11
13 Des
60 Feb
Gardner Motor
5
18 0.2
233 Mar
178
13
17
4 13
3
8
8 218
8 .17
8 23
4 *17
2
17
17
8
2
1.100 Gen Amer Investore___No par
13
4May 2
3 8 Jan 14
5
218 D.c
773 Mar
45
45
*41
5013 .41
4312 4312 *41
*41
45
*41
45
100
Preferred
100 4313 Apr 11 61 Feb 16
65 Dee
82 Mar
16
1613 1634 16
17
16
157 16
8
157 157
2 1614 1713 7.800 Gen Amer Tank Car ___No par
8
831ay 4 35 4 Mar 8
157
3
28 Deo
4.818 87
731s Feb
8
8
8
813 85*
73
3 713
73
8 712
8
8 14 1,500 General Asphalt
No par
73 Apr 8 1512 Jan 15
8
95* Sept
67 Mar
117 1214 1178 12
1218 1214
8
1114 12
115* 1214 1212 1212 6.800 General Baking
5 11 Jan 5 195 Mar 4
8
913 D.c
2552 Apr
9012 96
*96 100
*9618 100
9018 90,8 *9014 100
*90 100
260
$8 preferred
No par 90'8/May 4 10534 Mar 11
95 I)ec 114 Mar
*114 2
*114
17
*114 2
8 *114 2
17
8
17
8 *114 2
100 General Bronze
No par
112 Apr 8
338 Jan 8
13 Dec913 Feb
4
*1
138
•1
114 *1
1
1
114 *1
114 *1
114
100 General Cable
No par
1 Apr 29
254 Feb 1
18 Feb
112 Dec
2
*218 3
nio 3
2 18 *1 8 214 *2
214 *2
214
500
Clams A
8
No par
17 Apr 21
513 Jan 13
212 1).o
2513 Feb
*73
4 8
618 7
7
*613 8
7
712 713
8 65
65
8
120
7% cum preferred
100
613May 4 1612 Jan 4
1112 Dec
65 Jan
26
26
27
275 2813 27
8
24
25
243 253
4
8 26
28
2.200 General Cigar Inc
No par 24 May 4 383 Mar 10
8
25 Oct48 Feb
/
1
4
8
8 1234 1312 123 137
1314 1358 1313 133
4 133 137
4
8 133 147 99.000 General Electric
8
8
4May 4 2018 Jan 14 2237 Dec54 Feb
No par 123
8
84
8
107 107
3
2 10 4 1034 107 11
8
107 107
8 1034 107
3
8 107 11
8
10.000
Special
10 10 4 Apr 22 1114 Jan 14
3
107 Dec1218 Jan
2
29 4 3112 283 3012 2918 3012 293 317 42.200 General Foods
3014 31
3
8
303 31
8
3
8
No par 28 8May 4 4012 Mar 9
5
284 Dee
/
1
50 Apr
118 114
114
•1 18
1 18
1
114 *Ds
1
1 18
113 l's 3.400 Gen'l Gas & Elea A
No par
1 May 4
3
2 4 Feb 17
114 Des
812 Feb
1012 10
10
13
11
14
1312 1,000
1212 14
1412 *10
*11
Cony pref see A
No par
812 Apr 20 24.14 Jan 14
144 De..
/
1
78114 Mar
•1713 -- •187
*19
__ •1858
19
-_ •19
19
__
__
8
100 Oen Dal Edison Elea Corp__
1818 Apr 29 25 Mar 11
2038 Dec
853 Mar
4
31
3012 *30
305
2913 -- 8 30 -*3012 31
- -13 30
31312 307e -32
3,900 General Mills
Na par 2812 Apr 14 37 Feb 15
2918 De
50 Mar
4
,
823 84,8 *8214 84 8 *8212 8473
*8412 85,
3
8 8412 8412 *84, 85
500
Preferred
100 823
4May 4 88 Jan 29
85 De
10014Seld,
8 1018 10
4 10's 10,
1012 103
s 1014 103
8
3
13
97 1012 103 113 174.300 General Motors Corp
8
10
97
81May 5 244 Jan 14
/
1
211 Dee
/
4
43 mar
4
70
,
70
71
31 673 70 4 70
73 I 5.600
3 71
713 7112 715* 713
8
$5 preferred
No par
623 Apr 8 874 Mar 12
4
791 Dee 10353Juir
4
400 Gen Outdoor Adv A
5
5
51s
512 *5
*518 512 *5
5 2 513
,
618 612I
No par
5 Apr 12
9 Feb 13
514 o.s
8 jam
.312 37
35
8 4
8
353 4
*312 37
8 *312 331
35
8 4
3,500
Common
No par
312 Feb 9
4 Jan 5
314 Oct
105* Fe8
614 614 *514 7
712 712
•712 8
*713 8
*712 2
100 General Printing Ink No par
614May 5 14 Jan 28
1014 Oct31 Mar
*40
50
41
40
45
*41
*40
210
4012 42
45
*42
50
$6 preferred
No par 40 May 4 60 Feb 18
43'sSept
76 Jan
112 112
1
112 1I2
112 112
114
1
1 18 *13*
13
4 3.900 Oen Public Bervice
No par
1 May 4
5 Jan 13
25 Dee
8
23 Feb
4
13
8 1214 123 *1218 13
1312 3,500 Gen Ry Signal
1312 1312 123 1314 1212 125
4
No par
1214510y 4 285 Jan 14
8
21 Dec
84, Mar
2
82 *__
_ 82 •___ 82
80
6% preferred
_
75 'P.__ 76 *---- 82 *__
75
100 76 Mar 31 90 Jan 13
81 Dec 114 Mar
*12
12
5
700 Gen Realty & Utilltiee_No par
8
12
5
2
12
12
5
8
*12
12
*12
53
13 Apr 25
114 Mar 5
52 Dee
912 Mar
*5
9
$6 preferred
900
9
913 *6
9
10
.10
173
8 10
*912 11
No par
9 May 4 1612 Feb 19
7418 mar
184 Dee
/
1
*8 4
900 General Refractiales_No par
3
14 314 *312 41
6
4
6
412 *3
57
*4
/
4
33
4May 5 1434 Jan 9
12 Dee
573 Feb
2
3
*14
8
14
14
14
14
14
14 Apr 5
800 Oen Theatres Equip v t°No par
14
14
*14
3
8
14
113 Jan
13 Dee
1811 Feb
1313 1313 15
65,000 Gillette Safety itazor Ne par 10 2 Jan 5 2414 Mar 11
1418 143
4 1418 1412 123 143
8 1218
8
4 113 123
4
3
3
94 0e1
/
1
41MaY
383
51 12 5134 513
Cony preferred
50
52
4 1,000
*50
51
*55
No par 850 Jan 6 6812 Mar 3
51
55
573
4 51
45 Dec
767
2MaY
112
100 Gimbel Bros
112 *133
1. *114
114 .114
1
114
13
•114
13
8
4 *114
No par
114 Apr 19
2 Jan 14
/
1
4
13 Deo
4
773 Feb
300
Preferred
8
87
*8
10
914 95- •9
8
5
958 9 8
.953 1012 *95 12
8
100
914May 4 81 Jan 13
We Dec52 July
*4
900 Glidden Co
4
4
4
4
4
4
413 414
414
438 438
No par
4 May 3
7 Mar 0
412 Oct16.8 Feb
Prior preferred
40
40 .35
40
20
.40
40
40
42
*40
42
42 .40
100 35 Apr 28 64 Feb 13
40 Dcc
82 Aug
33
31e
No par
8 2.200 Gobel (Adolf)
3
312
3 33
314
312 312
33
3
312
*3
3
3 Apr 29
613 Jan 21
2158 Oct9 Mar
74
4
18,900 Gold Duet Corp v t c
Ne pa: 1118May 4 195 Mar 0
8 1114 1178 113 13
121s 1218 117 1233 115 117
8 11 18 117
8
8
8
1413 Des
4318 Mar
eon./ preferred
. No par 86 Jan 8 95 Feb 11
85
*75
85
*75
$8
85
*75
81
*75
85
9412 no
*75
85 Dec 11713MaY
314 314
314 312
312 2.100 Goodrteh Co (B F)
314
314
No par
35*
3 4 314
,
318 314
27 Apr 14
5
553 Jan 14
3 Deo
/
1
4
304 Feb
/
1
Preferred
400
100
4
8
97
7
8 98
4 •97 123
912 912
8 Apr 6 17 Jan 8
914 912 *914 10
*97 123
8
10 Dec
68 Feb
1014 101 4 1018 10,8 10
8 6,900 Goodyear Tire & Rub_No par
93 113
4
8
913 10
103
93 10
4
918 Apr 8 183 Mar 9
4
1311 Dee
4
WI Feb
let preferred
35
800
34
3413 3413 34
*3412 36
.34
38
*337 3618 33
No par 33 Apr 14 61 Mar 10
8
85 Dee
91 Feb
127 1314 123 1314 1258 1314 1214 133
4
8
3 127 1414 1313 1412 11,400 Gotham Silk Ilorle
8
No Par
7 Jan 5 1412May 6
14
4
33
4Elept
133 Apr
Preferred
31
*59
65
.59
65 .59
65
*59
59
65
59
*59
65
100 5014 Jan 11 6513 Mar 1
72 Apr
50 Jan
.3
2 1
•14
*38
300 Gould Coupler A
1
No par
•8 1
3
1
13
3
8
3
.3
8May 2
12
8
1 Jan 11
3
63 Feb
3 Dec
4
113 112
13
4
113 13
4 3,500 Graham-Palge Motore_No Par
4 13
112 112
13
13
4
13
3
4 134
118 Apr 11
458 Jan 12
17 Sept
2
612Ms2
500 Granby Cons M Stn & Pt 100
4
4
33
4 33
4
4
4
4 *Ps 33
33
33
4 *3114 4
353 Apr 6
71 Jan 14
4
514 Dee
225 Feb
2
'412
52
*12
88
12
12
*12
12
12
5
8
12
300 Grand Silver Storee
12
Ne par
38 Mar 21
3 Jan 22
113 Deo
2513 Mar
514
51,
514 514 *514 a's
514 539
5
5'
8
452 512 1,700 Grand Union Co
No par
43
311ay 6
9114 Mar 4
1272 Mar
7 Oct
Preferred
26
2614 2614 •2612 32
900
26
*2614 32
27
28
26
26
No par 2314 Jan 5 3514 Mar 7
46 May
21 Dec
1212
200 Granite City Steel
*1218 13
*12
8 13
No par
8
*12,
127
1213 1218 *12
*12
13
1218 Feb 1
1313 Feb 23
293 Feb
111 Dec
4
/
4
2012 21
2014 2012 193 2012 1713 197
183 10.500 Grant (W T)
3
4
2 1752 18 8 18
1
No par 1712May 4 301431ar 8
43 Aug
2412 Deo
5,100 Gt Nor Iron Ore Prop_ _No par
613 7
75*
7
6 4 612
634
,
6
6
7
7
7
6 May 3 1314 Jan 14
2313 Apr
10 Dec
12
Great Western Sugar Ne par
*4
412 1,000
41g 418
4
4
413 412 *4
4
4
4
314 Apr 5
613 Jan 8
111 Jan
/
4
534 Oct
Preferred
380
*6213 67
67
*62
62
6018 •____ 60
6018 6112 60
62
100 60 May 5 8114 Jan 5
9618 Jan
78 Dec
8 7,900 Grigsby-Grunow
7
/
/
1
4
1
4
/
1
4
3
/
4
1
4
/
1
4
/
1
4
No par
7
7
8
8
/
1
4
11
12 Apr 13
114 Jan 11
81 Mar
4
1 Dec
els
1
14
14
14
1.
,
8
cs
5
•18
58
•18
58
200 Guantanamo Sugar
Ne per
18 Mar 7
14 Jan 12
112 Jaa
la Dec
100 Gulf States Steel
613
612 *4
612 *418 613 *4
*4
4
4
613 .4
No par
4 Apr 30
8 Feb 16
6 Dec
3714 Feb
Preferr d
*6
20
*6
20
*6
20
*6
20
20
*5
.6
20
104 20 Mar 8 20 Mar 8
80 Mar
15 Dec
500 Hackensack Water
20
1712 19
*173 183
4
8
*1812 2313 *1812 20 .19
•183 20
8
25 1712May 5 23 Jan 12
22 Dec
3012 Mar
460
*2612 27
7% preferred class A _ __ _23 25 Feb 27 28 Apr 26
*2612 27
28
27
•27
28
*2612 27
27
27
30 A pr
2614 Sept
•5
114 ,
51
133
114 3,400 Hahn Dept Stores
1
1
11g
*1 18 152
114
112
No par
1 Apr 12
PA Dec
03 Mar
214 Jan 14
4
900
912 912 .914 10
Preferred
10
914 91,
1012 103
8 10
•105 11
8
10
6378 Mar
914May 4 19 Jan la
14 Dec
400 Hall Printing
*63
3 7
3 7
614 7 - •63
.614 712
7
7
*63
3 812
10
c Apr 23 Ills Jan 7
11 Sept193.Mar
1
• Blel end asked Snow: no sales on this San
s Ex-dividend. 2 Ex-rights.
e Ex-dividendit
New York Stock Record—Continued—Page 5
tar FOR SALES
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday
Apr. 30.
Monday
May 2.
3411
DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FIFTH PAGE PRECEDING.
Tuesday
May 3.
Wednesday
May 4.
Thursday
May 5.
Friday
May 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1932
On bast. of 100
-Mare lots
Lowest
Highest
$ per share $ per share $ Per share $ Per share $ Per share $ per share Shares Indus. & MlacelL (Cowl.) Par 11 per share $ per share $
e____ 70 •_ ___ 90 * ____ 90
90 •____ 90 *____ 90
Hamilton Watch pref
100 30 Mar 7 30 Mar 7
58
57
57
55
56
58
56
53
No par 52 May 6 70 Jan 14
53
53
52
250 Hanna pre/ new
52
712 712 *714 712
73
4 73
4 *73
.784 8
4 8
7 4 73
3
4
300 Harbison-Walk Refrao_No par
712:..lay 5 16 Jan 6
•7, 1
•7
8
*7
8
1
1
1
7
8
53 Apr 18
7
8
1
14 Jan 15
200 Hartman Corp elms B_No par
*7
8
114 3 4 *114 312 •118 212 *118 212 *118
212
,
.114 312 •
Class A
112 Mar 2
4 Mar 8
No par
418
43
4
•___43 •_ _ 4
*418 434
4'8
*4
43
4
4 May 6 10 Jan 12
4
4
200 Hawaiian Pineapple Co Ltd _ 20
*12
•12
3
4
3
No par
4
13
81
12
600 Hayes Body Corp
112 Jan 12
*12
3
4
12 Apr 13
3
4
34
70
6614 6614 *65
65
65
*63
6314 6314 *83
66
300 Helme (0 W)
25 6314May 4 78 Mar 9
70
*514 614 •514 614
*5 4 6 4 *514 614 *514 614
,
,
514 Apr 27
614 614
N. par
100 Hercules Motors
813 Jan 15
18
•16
*16
18
•16" 18
16
16
*16
18
*16
No par 16 May 4 28/8 Feb 18
1718
100 Hercules Powder
77
77
75
78
27314 7314 7314 73 4 743 743 *7314 80
,
4
4
250 Hercules Powder $7 oum pf 109 27314May 3 95 Jan 12
82
644 644 58
56
7.100 Hershey Cboaolate
No par 5212May 4 83 Mar 9
573
4 5212 54,
55
55
2 5212 54
69
64
69
683
4 64
*64
No par 64 May 2 83 Mar 8
66
Preferred
64 4 *64
66
,
*643 70 4 1.200
8
,
*3
8
12
12
12
*3
8
12
.
3
8
12
No par
*3
8
12
200 Hoe(R)& Co
4 Apr 1
12
13 Jan 12
4
12
*914 97
•914 10
9 May 5 117 Jan 11
No par
9
9
8
9
9
8 '914 95
8
300 Holland Furnace
9 4 914
,
*4
44 .4
47
8 •4
4
478
4
478 *4
4 Apr 12 1038 Mar 10
*4
100 Hollander & Bons (A) No par
47
8
•I1412 120 •116 121
11612 11814 118 124
12213 123
123 124
2.700 Homestake
100 110 Feb 15 13014 Jan 7
*214 212
218 214 *2
218
2
4 Mar 5
2
2
13
4May 6
2
1,800 Houdallle-Herahey el B N. Dar
13
4 2
45
45
*45
47
45 45
4618 *44
44
45 .44
500 Household Finance part p1_50 44 May 4 5718 Jan 6
464
1018 1012
93
4
4May 2 2438 Mar 8
93 1012 1018 1014 1018 10 4 1014 1118 103 1313 11,400 Houston Oil of Tex tea o131100
3
4
214 212
2 8 214
,
518 Mar 8
214 214
Voting trust Ws new____25
118May 4
23
8 23
118 214
214 24
4 9.300
*6
6,
4
5
6
No par
6
6 Apr 14 1612 Jan 12
6
6
6
*6
614
6
6 14 3,300 Howe Sound
413 414
418 41
N• par
414 4,
4 May 4 113 Jan 8
414 438 2.500 Hudson Motor Car
4
418
4
418
4
4
'Vs 212
218 21
214 2 4
10
2 Apr 14
53 Jan 11
8
218 212
,
213 2,
8
2
2 8 2,000 Hupp Motor Car Corp
,
4.38 1
*58
7
8
3
4
34
*12
52
13 Jan 9
8
58 Apr 5
No Par
100 Indian Motooyale
7
8
*8
,
*12
1
13
4
1
138 *118 13
*118
10
152 Jan 21
118
118 *I
1 Apr 1
8 *IN
13
3
200 Indian Refining
2512 253
4 25
2514 22
No par 207
2May 5 3838 Mar 7
25,
207 215
8
8 22
4 2118 211
2434 7,500 Industrial Rayon
143 1512 15
4
18
1434 Apr 29 3913 Feb 19
No par
1614 163
8
1712 183
7,900 Ingersoll Rand
4 167 181
18
20
11
11
12
12
12
12
No Par 11 Apr 30 24 Feb 13
1214 13
14
1.100 Inland Steel
"1114 14
14
13
4 2
*2
214 *2
414 Jan 14
13 Apr 30
4
214
2
2
214 21
2
218 1.400 Inspiration Cons Copper--.20
*212 3
•212 3
214
37 Jan 7
8
214 Apr 20
2,2 *214 21
1,500 Lnsuranshares COB Ine_No par
214 2 4
214 214
,
653 65
63
8
3 65
614 612
44 Jan 2
8 Jan 12
618 614
8
618 63
s
1318 6 4 1.600 Insuranshares Corp of Del_ _ _1
,
14
14
14 Apr 6
4 Jan 19
*14
•14
33
N• Par
*14
3
5
*14
3
8 1,500 Intercont'l Rubber
*14
*2,
8 212 *218 212 *213 212 *214 212
414 Jan 22
No par
218 Apr 15
300 Interlake Iron
2
18
212 '2
213
•12
1
*12 1
112 Jan 9
14 Apr 7
No par
12
*12 1
•12 1
12
100 Internal A.grieul
•12 1
*4
6
*4
6
74 Jan 18
6
3 4 Apr 16
3
*4
100
Prior preferred
*4
7
6
*4
6
*4
7912 803
80
76
3 77
80'8 764 8012 7812 8012 8014 8312 13,600 Ins Business Machines No par 7512 Apr 20 117 Mar 9
*218 23
8 *218 23
4 •218 23
54 Jan 13
..
200 lnternat Carriers Ltd .No par
13 Apr 13
4
218 24
2 8 25
5
8 *2
214
83
8 85
8 *8 8 9
4
,
812 812
,
713 Apr 9 183 Jan 14
918 918 1,900 InternatIonal Cement__No par
812 8 8
812 83
4
3
4 1.500 Inter Comb Hag Corp_ _ No par
5
8
5
8
5
8
14 Jan 15
*5
8
3
4
5
8
5
8
33
5
8
,
8
52 Jan 7
*75
8 8 4 *75
,
8 978
47 Jan 6 21 Jan 15
8 *712 818
8
200
73
8 73
Preferred
713 712 *712 812
100
18
184 1714 175
8 1613 17
4
173
3 1614 1852 11,600 Internal Harvester____Ne par 154May 4 293 Jan 18
155 167
8
s 16
*SG
92 4 *88
93
85
Preferr•CI
,
84
851
x84
SOO
893 893
100 zS4 May 5 108 Jan 8
4
88
4 88
63
4 7
2.600 Int Hydro-El 89901 A _.No par
638 63
512 Apr 8 1158 Mar 9
63
4 7
67
3 7
612 63
4
6 8 67
,
8
3
8
$
3
8
3
3
14 may 2 2412 Feb 19
14
14
3
8 5.500 IntarnatIonal Matey prof ___35
3
8
3
8
14
3
8
3
8
2
2
4 Jan 7
4Nlay 5
13
4
8
500 Int Merozuitile Marine *813.100
•13
4
178 *13
13
*13
4 17
13
4 21
4
13
4
13
512
518
512 31.100 Int Nauss! of Canada__No par
514
914 Mar 7
5
54
5
58
3
5 May 4
512 51
518 5 4
,
Preferred
71
200
.
80
71
100 71 May 6 86 Mar 7
71
75 '70
727 7273 •65
8
76
73
*70
*312 512 *312 51
4
4
80 Internal Paper 7% pref
313 3 3
100
,
312May 3 1012 Jan 15
312 312 *312 51
400 Inter Pap & Pow el A__No par
*78
112
11
213 Jan 21
*1
•118
11s •1
1 Apr 8
1 14
1
1
1
1
7
8
012
Class B
No par
2 •1
*13 13
13
4
8
114 Jan 21
•3
4
1,
58 Apr 7
1
1 18
•
*12 1
•8
8
•3
8
1,
.14
3
Class C
300
No par
*14
3
8
•14
3
8
8 Jan 4
4
14 Apr 14
'8
3
8
312 312
8
Preferred
312 Apr 14 11 Jan 15
37
8 37
300
8
100
33
*4
3 33
414 *314 414
*43
8 5
400 lot Printing Ink Corp_No Par
414 Jan 14
412 412
834 Mar 10
414 414
412 412 *412 458
*412 5
412 412
42
Preferred
*35
42
*35
70
18() 22434 Jan 15 90 Apr 15
42
353 *35
353 353 *35
4
*353 42
4
4
4
1614 1814
*1413 19
300 Internrtional Salt
•157 167
100 14 Apr 20 2312 Feb 17
15
8
163
4 15
8 1513 1512 "15
4
37
364 3912 373 39 4 373 3918 76.900 International Shoe_ _ _.No par 3572 Apr 7 444 Jan 15
8
8 36
3618 3914 38, 363
,
3
133
8 1.300 International Sliver
8
*12
12
12
12
100 12 May 4 247 Mar 10
•13
15
15
•12I2 15
1212 12
7% preferned
35
35 '30
35 •30
•10
•___ 35 •____ 35
100 3412 Apr 29 65 Feb 13
35
*30
43 Apr 11 1214 Feb 19
4
8
5
5 3 27,700 Inter Telep & Teileg_ _ __No par
4
54 53
514 53
5
514 5 2
54
5 8 53
3
8
s
,
24 3
*23
*218 5
8 234 *214 212
214May 5 11 Jan 9
*23
8 5
500 Interstate Dept Storea_No par
2,
4 212
27
32
28
*2914 30
29 *____ 3912
Preferred ex-warrants_ 100 27 May 3 524 Jan 8
2914 *28
"2914 30
50
No par
4 4 4 *33
4 412 *334414 •33
,
4 414
7 Apr 1
•33
4 5 4 • 4 412 *33
,
IntertyPe Corp
4
33
33 Apr 12
1
300 Investors Equity
1
17
8
24 Jan 14
*1
No par
•1
178 "1
114
1 Apr 9
1,
4 •1
114 "1
14
•1012 13 '1012 1414 •I013 1113 1012 1013 •1014 1414 •12
100 Island Creek Coal
1
1014 Apr 18 18 Jan 14
23
No par 21 May 8 35 Feb 13
*253 2712 2514 2514 25
23
21
2318 2412 "21
2.400 Jewel Tea Ins
4
25
1218 121, 12
1318 125 135s 15.500 Johns-ManvIlle
8
8
123
8 12
s 117 123
No par .1014 Apr 13 2512 Feb 19
4 1112 125
Preferred
*50
76
*50
100 8314 Apr 8 99 4 Jan 22
*60
70
76 .
60
70
76
3
•60
76
"50
4
493 5018
4May 6 84 Jan 5
4
340 Jones & Laugh Steel pref 100 493
*50,8 523 '5014 5114 5013 5012 50
4
5014 •493 50
K C P & Le 1s3 pf use B_No pa
•9413 100
4
•93 100 .
904 Apr 8 1133 Jan 23
*9412 100 •943 100
94 100
4
'4
*64 100
.3
*3
3
4
*3
8
5
8
Karstadt (Rudolph)
112 Jan 6
'8
43 Ady 11
78: r 2
2
*3
8
•12
33
*12
5!.8
8 6
914 Mar 7
•478 514 *47g 51 1 •47
*5
47
8 .5
200 Kaufmann Dept Stores $12.50
8 514 *47
97 Feb 19
8
.5 4 6
3
6
6
6
6
5 4 Apr 11
3
64 531 *53, 6
000 Kayser (.1) Co v t S.- -.Na Par
4 53
4
53
118 2,700 Kelly-Sprtngfield Tire_No par
1
1
1
1 12 1 13
118
1
1 Jan 4
1
1
118
278 Mar 7
8
125 125 •12
8
14
*12
20
8% preferred
13
20 •12
20
300
100
1913 *12
684 Jan 6 2278 Mar 8
40 .
.30
*30
30
40 '30
_ *30
100 20 Jan 2 45 Mar 9
40
6% preferred
40
40
*30
8
112
138
13
8 1,200 Kelsey Hayes Wheel___No per
18 138
1 Apr 8
13
8 14 9,3
112 IN
414 Jan 14
113 112
514 53
47
8 514
8
5,8 53
No par
5
44 514
5, 12.000 Kelvinator Corp
4
1032 Feb 19
3
5
5 14
27
2718 2812 2812 "27
.28
31
28
No par
32
27 27
28
38 Feb 23
80 Kendall Co prof
614 7
5725A :iy 1 3
63
4 7
67
1
8 714 29,800 Kennecott Copper
68 7
,
2
No par 245 18 A!Pr 14 13 Jan 14
612 67
614 63
4
8
14
"13
•1313 14
•1313 14
1312 •13
131
100 Kimberley-Clark
No par
1312 Apr 11
1312 13, •13
1913 Jan 9
2
•12 1
*1,
12
1
12
1,
12
12
1
No par
*12 I
212 Jan 22
SOO Kinney Co
Apr 4
512 A pr 12
*5
•612 10
814
814
8
10
•7
Preferred
10
.
814 10
•84 10
No par
1318 Jan 23
8 10
97 1013
Kresge (S ig) CO
103 103
3
958 10
10
8
1014 10
1014 9.200 Kr
1012
83 Apr 7 19 Jan 14
8
*2918 3018 *2918 30
.2918 32
2918 2714 28
28
700 K111411 CO
2714May 6 37 Jan 21
•2918 30
No par
Is
14
18
18
14
18
18
18
14 44,100 Kreuger & Toll
18
10
Is
14
1138 Apr 31
,
8
918 Jan 26
123 13
4
13
13
12
1213 124 14
123
4 117 12 4 12
8
,
.
7,900 Kroger Oroo & Bak __No Par
1872 Mar 8
8
8
8,000 Lambert Co
3314 343
3312 3414 323 3312 3212 34
4 334 353
317 34
No par
563 Jan 14
4
.3
*3
•3
4
4
4
4
4
4 Apr 1
200 Lane Bryant
No par
.312 4
4
3 Apr 13
*3
•17
8 2
178
174
2
17
2
2
17
24 Jan 8
8
218
218 214 2.100 Lee Rubber & Tire_._ _Ne per 31:4:1 a r 14
'
•2
1 4i : 6
13 A p r 2
*4
5 *4
5
*4
5
*4
5
612 Jan 28
352 Apr 6
4
200 Lehigh Portland Cement__.60
414 414 .414 43
55
54
55
53
52
52
*50
7% preferred
51
51
300
100 50 May 6 75 Jan 12
50
503
4 50
•114
134 "114
*114
13
4
313 Jan 8
13
114
11
100 Lehigh Valley Coal... _No par
*1 18
184
114 •1
*3l8 4
4 4 4
,31
312 31
*313 912 •31 2 412
9 Jan 9
Preferred
•313 412
200
50
3 Apr 22
3414 3418 343
8 313 34 4 32
34
8
8
363
3418 367
8 357 3778 54.600 Lehman Corp (The)_ __No par 3138:May 3 464 Mar 7
,
24I Mar 7
1458 1514 14
1514 1514 147g 15
14
41
153
15
4 2.200 Lehn & Fink
15
15
15
47
8 47
8
43
.47
2 5
4 43
45
8 5
412 45
8 Jan 20
1.100 Libby Owens Glue_- .No par
45
8 45
8
A py 3
8
No a?
4
21'l a r 14
4418 4478 44
4418 45
2
4418 4312 4414 44
4413 4612 4.200 Liggett & Myers Tobacco. 25 43I2May 4 597 Mar 7
45
465 474 4614 4714 4612 463
8
8
26 4518May 4 6184 Mar 8
4
9518 4612 463 493 10,500
4 4518 47
•1087 112 •10858 112 •10858 112
8
10858 1085 1085 1083 108 108
300
8
100 107 A pr 14 11812 Mar 7
BeriPrefwerr7
781, Al
21
8
8
1612 •16
*16
1612 '16
1612 16
16
*16
300 Lily Tulip Cup Corp_..No Par
1612 163 163
16 Apr 12 21 Mar 8
8
2
*10
10
104 10
10
10
10
10
1.100 Lima L000mot Worka_.No par
10
10
163 Jan 14
4
93 10
4
Apr
714 712
N8paarr
712 77
7
8
7
14 Mar 9
2.000 Link Belt Co
No par
7
7
7
7
Slay
1112
9
1012
113 1214 11
4
9 May 3 22 Mar 8
10 4
,
9 2 10 2 1052 117
7
9
s 7,200 Liquid Carboni.,
,
2212 2082 2214 2114 223
22
215 224 2238 23
8
15.200 Loew's Incorporated_ No par 2018 Apr 12 34 Mar 5
8 2212 24
60 •58
59
68
58
200
*58
•58
'55
61
Preferred
58
60
58
N o par 56 A pr 12 72 Feb 19
212 212
213 212
213 258
par
212 25
8
43 Mar 12
8
212 24 2,400 Loft Incorporated
212 212
212 Apr 30
*12
12
•12 1
12
*12 1
. 12 1
.
1
_ N
100 Long Bell Lumber A_Noo
118 Jan 29
"2 1
*2413 2512 2412 2412 2414 24 4 *2514 2712 25
8
253
4 1.100 Loose-Wiles Distill&
247 25
,
24114 A rir 29 3638 Feb 17
' r 6
A
8
No par
135 133
8
12 Jan 4 113, Mar 10
4 133 1312 1318 1353 1314 1312 1314 137
.
8 1332 1414 12,700 Lorillard
1,100
7% preferred
80 80
85
*80
84
8212 8212 '80
100 7318 Jan 5 9314 Mar 8
•80
83 .80
83
4.12 118
3
4
3
4
113
34
114
3,
4
*12 114
30 Louisiana Oil
No pa
1
1
15 Mar 8
8
•103 24
8
*103 24
3
100 12341‘laY 3 18 Jan 9
Preferred
•103 24
8
*103 24
8
Feb 2
8
*1038 24
*103 24
.No pa
17
173
8 1,600 Louisville G & El A...
1712 1612 1634 1612 1612 163 1714 17
4
137 Apr 9 2338 Mar 8
8
17
17
100 Ludlum Steel
No par
•313 4
3
82 382 •312 4
III Jan 5
6 Jan 21
4 •312 4
*33
4 4
*3,2 33
171
No per
Preferred
•1212 18
•12
1712 .12
1712 •12
613 Jan 5 20 Mar 3
1712 •12
•12
18
900 Ma:Andrews & Forbes_No pa
10 Apr 7 1514 Feb 17
1012 1012 1012 1012 10
1012 1012 1012 1018 1018
•1012 14
170
6% preferred
*59
60
60
60
60
5712 573 *5818 60
100
624 Jan 6
60 .57
8
60
5.200 Meek Trucks Inc
1318 14
No pa
123 1318 1234 13,8 123 13
4
4
12 Jan 5 1818 Mar 4
Y 3
13
13
13
13
321 10,700 Macy Co
29
No pa
30
27I Jan78N a y 4 6013 Jan 14
2
8
277 2934 29
8
2833 29
301, 2813 30
30
100 Madison So Garden
No par
3
*234 33
4 3 4 *314 3 4
3
4 334 .23
3
3
33 Mar 9
4
4 .23
.23
4 33
4
100 Magma Copper
No pa
4 5
*44 54 *43
81 A pr 126
2
4
*43
4 6
4 6
•43
*43
4 6
84 Jan 14
5
5
*3
4
.3
4
7 '
8
7
8
Mallison (H R) & Co No Pa
*3
Jan
4
7
*3
4
7
8
7
8
14 Jan 18
3
4
*3
4
7
8
•18
14
•18
14
*18
38
.18
•
1,
3
8
Martial Sugar
100
Mar
*18
3
8
1 Jan 11
•14
•14
114
*14
Preferred
100
114
114
414 Apr 2
A pr , 2 Jan 25
13
4
1,
•14
114
•14
*14
11
•112 2
*112
200 Mandel Bros
2
No pa
piyyr 5
49
2,142May 2
63
*112 2
8 Jan 5
2
2
•112 2
*2
21
100 Manhattan Shirt
'44 5
2
7 Jan 15
*418 5
418 418 *44 5
*44 5
*418 5
54
.088
.5
8
Maracaibo 011 Explor__No pa
3
4
.58
21
31
•58
1 Mar 14
'4
"4
34
*58
13.600 Marine Midland Corp
812 9
83
8 834
1
124 Jan 14
814
8114 9
9
9
0
9'
6
6,
2 3.100 Marlin-Rockwell
1112 Mar 8
No pa
6
6
7
7
6 2 6114
,
•712 73
712 712
200 Marmon Motor Car
*12 1
No pa
12 Apr 21
12
•12 1
3
4
2 Jan 9
4
•12
1
12
•12 1
412 43
4 2,000 Marshall Field & Co..
.No pa
412 43
412 Apr 30 1312 Jan 14
4
45
43
8
,
8 58
43
2 *45
• 8 5,
412 8
•t2
61,
N
84 Mar 23
*13
Martin-Parry Corp...
.No pa
*12
4 Apr 19
4
,12
5
8
5
8
57r
• Dia and asked pilaw: no sales on this day
Ex-dIvideno
r Ex-rights
PER SHARE
Range for Prerlows
Year 1931
Lowest
Highest
per share $ per star,
94 June 103 Jam
67 Dec
94 Feb
1113 Dec
4414 Feb
13 Dec
758 Feb
17 Dec
4
1052 Feb
84 Nov
424 Jan
8 Mar
1 Dec
60 Oct 100 Feb
5 Dec
18 Mar
26 Dec 058 Mar
95 Dec 1194 Mar
88 Dec 10334 Mar
7013 Dec 104 Mar
13 Dec
8
813 Mar
1014 Dec
37 Feb
1918 Apr
514 Dec
81 Jan 138 Dec
213 Dec
94 Mar
524 Sept
65 Mar
1514 Dec
6812 Feb
3 Dec
1418 Feb
1112 Dec
2912 Feb
73 Oct
4
25 Jan
334 Oct
1318 Feb
7 Dec
8
44 Feb
112 Dec
Or Feb
21 Oct
86 Feb
253 Dec 182 Jan
4
197 Dec
8
71 Feb
3 Dec
111 Feb
8
214 Dec
93 Feb
8
414 Dec
12'* July
14 Sept
44 Feb
24 Dec
15 Jan
1 Dec
514 Pak
412 Dec
5114 Feb
92 Oct 17934 Feb
123 Fe!,
2
3 Dec
16 Dec
6212 Feb
Is Oct
4 Feb
893 Feb
4
312 Dec
223 Dec
2
604 Ma
105 Dee 14312 Mar
918 Dec 81 Fe
7314 Mar
11 Dee
212 Dec 164 Jan
2012 Feb
7 Dee
80 Dec 123 Mar
7 Dee 42 Mar
14 Oct 1014 Feb
13 Dec
6 Jan
12 Oct
44 Feb
614 Dee 4312 Mar
44 Dec
1614 Feb
26 Dec 6912May
18 Dee 42 Feb
87 Dee
54 June
1574 Dee 51 Mar
ISO Dee 9018 Mar
74 Dee 333 Feb
8
8 Dee
2132 Feb
524 Dee 6712 Mar
45 Dee
3
1812 Feb
114 Dee
914 Feb
1414 Dec 81 Jaz
24 Oct
5712 Feb
803 Mar
4
1552 Dec
8314 Dec 126 Apr
88 Dec 1234 Mar
11114 Oct 11513 Apr
14 Deo
7 Jan
6 Dec
12
18 Fe
2432 Mu
74 Dec
34 Oct
312klay
54 Oct
26 Ma/
10 Sept
46 Mar
3 Dec
293 Feb
4
8 Sept
1511 Ma
20 Jan
60 A Ir
314 Feb
95 Dec
8
1373 Dec
41 Jan
113 Dec
204 Jan
70 Jan
5 Dec
15 Dec
2952 Aug
55 Feb
2614 Dec
274 Mar
414 Dec
1212 Dec 3354May
877 Mar
4
404 Oct
34 Dec
178 Oct
5 Dec
72 Dec
14 Dec
6 Dec
35 Oct
184 Oct
54 Dec
89 Oct
40 Oct
110 Dec
16 Sept
123 Dec
4
14 Dec
134 Dec
234 Dec
56 Dec
1718 Jan
414 Mar
184 Feb
1014 Feb
83 Jae
8
80 July
694 Feb
84114 Feb
207 Apr
3
91 Feb
9134 Feb
146 May
2813Jun•
343 Feb
4
33 Fe!
554 Feb
634 Feb
99 Mar
28 Oct64 Apr
1
4 pm
4July
5474 Mar
297 Dec
8
10 Oct217
8July
743 Dec1024 Aug
4
1 Dee
44 Feb
20 Dec
55 Jan
177 Dec
4
85 Feb
/
1
4
19 Mar
4 Dec
524 Feb
10 Dec
18 Dec
25 Feb
60 Sept 10012 Apr
12 Dec
434 Feb
.
60 Dee 1061 Feb
712 Mar
2 Sept
8
714 Oot
273 Feb
13 Dee
48 Mar
4
',Nov
5 Mar
127 Jan
3
84 Dec
3 Sept
8 June
Ills Dec
12 Feb
33 Feb
4
is Sent
914 Dee
2414 Feb
95 Dec
2
324 Feb
114 Dec
10 Feb
912 Dec
3252 Feb
4 Dec
818 Jan
3412
New Tuns
3WUK
rceuura-uontinuea-Fage b
gar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
PER SHARE
PER SHARE
-PER SHARE, NOT PER CENT.
Sales
STOCKS
HIGH AND LOTV SALE PRICES
Range for Year 1932
Range for Previous
for
NEW YORK STOCK
On basis of 100-55are lots
Year 1931
_
Friday
Tuesday
Wednesday
Thursday
the
EXCHANGE
Monday
Saturday
May 4.
May 5.
May 3.
May 6.
Week.
Lowest
May 2.
Highest
Highest
Lowest
Apr. 30.
-r•-•
$ Per share $ per share $ per share $ Per share $ per share $ per share Shares Indus. & MIscell. (Con.) Par I per glare .3 Per share I Per share $ per share
8
1112 1112 113 1112 1112 1134 1114 1218 5,800 Matbleson Alkali WorksNo par 1112May 6 207 Mar 10
2
3112 Jan
12 Dec
12
1214 1112 12
Preferred
20
*91
4
100 893 Apr 13 105 Jim 13 104 Oct 1254 Mar
90
961_ 90
9612 *90
•9012 9612 *9012 961 *90
25 1212May 5 20 Jan 13
71212 1314 13 118 6.900 May Dept Stores
125 13
8
13
13
13
*13
134 13
155s Dee
39 Ma
700 Maytag Co
2 Jan 5
No par
*2
218
2
2
212
212 *2
3 Jan 14
*2
2
112 Iiec
2
87 Feb
8
2
218
Preferred
3 Apr 14
No par
000
512
*338 312 *2
312 *314 4
3
314 *3
314 314
814 Jan 13
2438 Ma
5 Sept
Prior preferred
No par 34 Mar 24 3514 Jan 7
____14*_ __ _ 34
34
A 34 *__
34 *
_
7112 Mar
35 Dec
-- - 34 0_
No par
1,700 MoC.411 Corp
15
1412 Apr 28 21 Jan 14
15
4
1512 Dec
1412 1412 .143 16
*1412 15
15
15
36 Jan
f*- 15
15
McCrory Storm clam A No par
14 Apr 9 18 Apr 18
*15
22
*15
22
*15
22
*15
22
15 Dec
*15
22
5134 Feb
015
22
Class B
No par 13 May 2 19 Jan 14
30
1312 *13
1312 *13
1312 *13
*13
13
5158 Feb
144 Dec
13 2
,
1314 1314 13
Preferred
100 4312May 4 82 Feb 18
120
4312 4312 *____ 4312 *__ 434
45
4 45
54 Dee
*45
453
*45
47
9311 Mar
5 Apr 8
McGraw-H111PublIca's No par
712 Jan 7
29 Feb
6 Dec
*314 412 *314 412 *314 412 0314 412 *314 44 *314 412
8
3,000 McIntyre Porcupine MInee_5 51314May 2 1812 Mar 16
1353 135
8 133 14
12 Oct
2612 Mar
8 1312 1312 1314 14
133 133 51314 133
8
8
384 Oct 10312 Apr
3312 3514 3312 354 3434 3938 10,100 McKeesport Tin Plate_No par 3312N1ay 4 6214 Feb 19
4
4 343 37
3612 363
4 3614 363
24 Apr 13
512 Feb 15
8 2,600 McKesson & Robbing_ _No par
17 Jan
33 Dec
2
218 23
212 212
25
8 28
5
*258 234
218 24
24 212
418 Apr 12 23 Feb 13
Preferred
50
1,200
6
6
15 Dec
6'4 614
3738 Feb
618 614
8 712
712 *6,
612 67
8 *6
1142.Iay 5
No par
1,800 McLellan Stores
4 Mar 5
114
112 *114 2
138
138 *112 2
1012 Mar
14 Dec
14 14 *112 2
Melville Shoe
par 1012 Apr 29 18 Jan 9
No
200
144 Dec
1012 1012
*1012 13
11
11
34 Mar
*1012 13
*1012 13
*10
13
2 4 Jan 8
,
118 Apr 6
200 Mengel Co (The). . .No par
*112 2
2
2
84 Feb
2 Sept
13
4 13
4
*13
4 2
*13
4 2
013
4 2
100 Metro-Goldwyn Plotprel _27 17 May 2 2214 Jan 14
*1618 20
*16
20
15 Dec
*16
20
27 Apr
*16
20
17
*16
1912 17
414 Jan 13
2 Apr 7
5
14
24 Sept
400 Miami Copper.
2
2
*214 212
105 Feb
*2
8
2
*214 278 *214 212 *214 212
6112 Mar 8
33 Apr 9
4
Na par
5 Oct
44 43
4 3,300 Mid-Cont Petrol
41; 412 *414 5
1634 Jan
*43
8 412
8
412 45
412 412
212 Apr 4 10 Jan 14
318 31, *3
7 Oct
700 Midland Steel Prod._ No par
3
34
3
3
3
3112 Feb
4 312
*23
4 314 *23
100 30 Apr 7 5114 Mar 9
8% cum let pre!
400
*3212 40
3514 Oct
*3212 40
35
94 Feb
35
35
35
333 35
4
*3212 44
1314 April 2312 Jan 18
Minn-Honeywell Regu_No par
15 Dec
5812 Feb
*1314 143 *1314 1414
8
*1314 16
*14
16
*14
16
16
*14
258 Jan 18
1 Apr 8
600 Minn-Moline Pow Imp'No par
*1
118 *1
1
712 Feb
114 Dec
118
1
118 118
118
118
*1
114
6 Apr 20 11 Jan 25
Preferred
No par
*514 8
84 Dec
*514 8
48 Mar
*514 8
*514 8
*514 8
*53
4 8
1,100 Mohawk carpet Mills_No par
714
7
3
612 Apr 12 10 4 Jan 20
7
7
214 Mar
736 Dec
712
712 *7
7 2 07
3
7
712
Monsanto Chem Wks_No par 2018 Apr 11 3034151.4r 8
1614 Oct
1.000
22
22
2118 2014 21
283 Aug
4
4 2114 2114 21
*2118 2414 213 213
4
614 Apr 12 1114 Mar 5
65s Dee
2914 Feb
67
s 758 31,100 Mont Ward Co III Cory No par
63
4 7
65
8 7
658 7
63
4 718
67
8 714
No Dar 2712Slay 5 3514 Mar 12
400 Morrel (.7) ar Co
28 Dec
27
2712 2812 *25
58 Feu
*2812 32
*2812 32
*2812 32
*2812 32
14 Jan 2
Coalltion.No par
3 Jan 4
8
3,200 Mother Lode
3 Feb
4
14Sept
3
8
'14
4
4
4
1
14
14
*14
3
8
*14
as
1 Jan 9
14 Apr 22
700 MotoMeter Gauge&Ed No par
412 Mar
5 Dec
8
3
8
3
s
3
8
*14
3
8
3
8
3
8
*14
8
3
2
3
*14
3
8
15 Oct
143
475 Apr
8
4 1,000 Motor Products Corp-No par 13 Apr 8 264 Mar 2
138 1334 *1336 1418 14
14
143 143
8
8 14
*1418 15
64 Jan 14
318 Apr 28
No par
1,300 Motor Wheel
5 Dee
197 Feb
8
314 314 *3
314 314
314
314 314
314 314
4
*314 43
412 Apr 12 134 Jan 13
No par
364 Mar
84 Dec
800 Mullins Mfg Co
*43
4 712 *514 712
5
5
53
4
*5
5
5
5
5
14 Apr 7 27 Jan 13
No par
Preferred
15
20 Dec
*14
724 Mar
70
14
14
15
*14
14
14
14
14
14
14
107 Jan 8 15 Feb 25
2
No par
Munsingwear Inc
*12
15
11 Dec
15
3114 Jan
*12
15
*12
*12
15
17
*12
*12
17
972 Mar 2
418 Apr 14
No par
5 Oct
414 43
1834 Mar
44 43
4 3,700 Murray Body
8
438 412
412 434
8 514
0458 514 *45
Myers p & E Bros
No par 12 Apr 27 19 Feb 13
*10
12
12
4512 Mar
20 Oct
*10
144 •10
16
*10
*10
16
16
*3
9 Slay 4 1918 Jan 14
15 Dec
No par
407 Mar
8
94 1014 13,200 Nash Motors Co
912 912
912
9
93 10
8
1014
1014 10
10
37 Jan 14
8
2 Apr 25
National Acme stamped____10
212 Dec
8 212
8 212 *17
104 Mar
8 214 *17
8 214 *17
4 218 *17
*13
4 218 *13
____ ____ ____ ____ ____ ____ ____ ____ ____
74 Jan 21
Nat Air Transport
4 Sept
54 Jan 5
No par
13 Mar
118 Jan 5
72 Dec
4 Mar 17
Nat lianas Hess
No par
10 Feb
__
5
8may 4
5 Feb 17
378 Dec
32 Feb
Preferred
100
300
12
5
8
----8
*1
2
2
*1
1
--13632 Dec
10 2914 April 4678 Mar 7
833 Feb
4
3112 3312 3312 3518 29,400 National Biscuit new
8
4 3112 3212 307 33
3218 3314 3112 323
100 120 Apr 18 130 Feb 19 11912 Deo 15314May
7% cum prof
200
1204 12012
1205 12058 *12012 129 *12012 124 *12012 124 *12012 124
8
712 Dec
714 Jan 5 1438 Mar 7
3934 Feb
84 914 6,600 Nat Civil] Register A w INo par
8
8 14
8
814
818 818
818
8
814 812
8
20 Deo
503 Mar
4
No par 2012May 4 313 Mar 8
8
2012 2214 2118 224 2214 237 64,700 Nat Dairy Prod
224 2318 2214 2278 2138 23
1 Feb 19
712 Feb
12 Apr 19
4 Dec
Nat Department Stores No par
re
"10
5
8
*10
*18
5
8
*18
5
8
5
8
3 *- -,4
*--,478 Dec
8 Jan 2
60 Jan
212 Apr 8
Preferred
_100
43
8
43
8 *3
438 *3
43
8 *3
43
8 *3
43
8 *3
*3
3838 Feb
16 Dec
1714 Jan 4 2412 Mar 3
1812 1,700 Nat Distil Prod otfa-No par
173 1814 18
4
18
18
184 18
4
*1812 1812 173 18
8 Jan 21
274 Feb
514 Dec
5 Jan 5
Nat Enam & Stamping
9
.100
*5
9
*r
05
9
*5
9
9
*5
9
*5
100 4914518y 2 92 Jan 8 27812 Dec 132 Jan
3,600 National Lead
*5612 6912 *6614 73
55
5018 547
8 52
4914 53
5314 55
111 Dec 143 June
4Nlay 5 125 Star 11
100 993
997 101
8
Preferred A
550
4
10018 10012 993 101
1003 10214 101 101
8
10214 103
4July
Preferred B
100 85 Apr 20 105 Jan 13 100 Dec 1203
130
893 90
4
*85
90
85
86
95
*86
85
85
85 85
1014 Dec
4414 Feb
83 Apr 6 1638 Mar 8
8
No par
12
124 12,400 National Pr dc Lt
8
1114 1214 115 12
1112 12
1136 117
118 12
4
8
18May
112 Feb
No par
National Radiator
____ ____ ____ ____ ____ __-___ ____
11 Sept
218 Jan
Preferred
No par
184 Oct
5818 Feb
18 May 4 2312 Jan 8
Na Par
1,700 Nat Steel Corp
16
17
16
1612 16
16
8
1714
'
;1536 - .-- -iiTs -1271- *1612 17
5 Deo
7014 Feb
914 Mar 4
5 Apr 11
National Supply
50
*412 8
0412 8
*412 7
*513 7
'
*412 8
*412 8
20 Dec 111 Feb
7 May 3 34 Mar 5
Preferred
100
60
17
17
17
*16
20
*16
17
18
*18
20
*18
22
7611 Mar
614May 6 174 Jan 14 210 Deo
so
614 712 1,400 National surety
7
7
7
7
8
712 *7
74 712 *7
614 Dee
247 Mar
8
5 May 5 10 Mar 8
Na par
512 512 1,600 National Tea Co
5
5 121
634 57
8
8 612 *678 614
*67
8 64 *57
3 Dec
54 Jan 14
112 Apr 26
2514 Feb
No par
100 NI/timer Bros
*112 2
*112 2
*112 2
214
0112 214 *112
2
2
43 Dec
4
8
65 Jan 14
143 Feb
4
4
23 Apr 6
8 6.700 Nevada Consol Copper No Par
33
8 34
8
314 314
8 , 318 33
318 33
318 33
2
34 34
1012June
2078 Mar
No par
-- ---------- ---- ----------Newport Co
41 June
50
5514 Oct
Class A
_ ___
--- - - --,- _
- -- - -- - 472 Jan 18
24 Dec
2 Apr 6
24 Feb
No Dar
300 Newton Steel
12
3
,
5112
33- -35 4 *514 - 4 ; 4 1'2 112 *314 /
1- 4 -12 *5
518 Feb 28
44 Deo
512 Apr 14
No par
25 Jan
500 N Y Air Brake
6
*5
6
512 512 *5
512 54
*536 61s *558 7
74 Jan 2
6 Apr 13
100
New York Dock
373 Jan
4
714 Dec
1012 *5
1012
1012 *5
1012 *5
1012 *5
1012 *5
*5
20 Sept
80 Jan
Preferred
100 20 Apr 9 20 Apr 9
*15
45
*15
45
45
*15
45
*15
45
*15
45
*15
2 Jan 14
112 Dec
1 Apr 7
Na par
124 Jun
3,800 N Y Investors Inc
*as
1
1
1
1
1
13
4
01
1
1
118
1
8018 Dec 1073 Mar
No par 80 Apr 8 98 Feb 5
10 N Y Steam $41 pref
4
84
84
*84
92
*84
92
92
*84
91
*84
*8012 92
94 Deo 118 Apr
No par 9612 Apr 7 10918 Mar 14
20
$7 let preferred
100 100
*9914 100
*9914 100
*9914 100
*9914 100
*985 100
8
8
• 1114May 4 177 Mar 15
10 Oct
8 11,000 Noranda Mines Ltd
2912May
1214 *13
4 1212 1114 124 12
1212 1314 125
13
13
4N1ay 4 40 Feb 19
26 Oct
,
9014 Feb
8
,
,
217 2318 2134 23 8 2214 23 8 233 25 8 64,800 North American Co __Nopar 213
8
225 24
8
2314 24
50 3514 Apr 14 473 Mar 3
.4
4012 Dec
57 Mar
Preferred
600
40
*37
40
*37
40
3712 374 *37
4
*373 40
8
0373 40
5
414 Feb 1
134 Apr 13
23 Dec
8
4,200 North Amer Aviation
14 2
11 Apr
13
4 2
17
8 2
2
2
2
2
2
2
79 Dec 10712 Aug
400 No Amer Edison pref__No par 66 April 884 Jan 18
73
73
73
73
73
73
*72
75
73
73
75
*70
8 Jan 21
4 Dec
34 Apr 12
3538 Apr
100 North German Lloyd
43
8
412 *4
47
8 *4
44 418 *4
4
*418 47
8 *418 43
21 Dec
300 Northwestern Telegraph _50 28 May 5 28 Jan 29
19
19
18
19
19
4712MaY
20
1s 19
19
8
*203 26
*203 28
8
14 Mar 10
34 Feb 9
13 Jan
500 Norwalk Tire & RubberNo par
2 Nov
1,
8
118 *1
*1
1
1
1
1
114 *14 114
'
111
518 Dec
74 Mar 31
5 Jan 5
1912 Jan
No par
77 29,900 Ohio Oil Co
8
13
614
6
57
8 614
53
4 6
530 536
55
8 54
2 Jan 15
12 Apr 28
100 Oliver Farm Equip new Na par
3
4
538 Feb
3 Dec
2
3
4
8
7
*54
7
8
*54
7
8
*54
7
8
*12
7
8
*12
No par
258 Apr 28
612 Jan 15
212 Dec
Preferred A
100
4
*3
*24 4
26 Jan
3
3
4
312 *3
*3
4
*3
43 Mar 8
4
112 Jan 4
No par
15 Oct
8
1,000 OmnIbus Corp
3
3 14
4 3
25
8 25
8 *23
612 Mar
24 234
4
23
4 23
3
3
5 Mar 29
97 Jan 21
8
700 Oppenheim Coll & Co N0 par
512
818 Dec
*5
2812 Feb
5
5
5
5
*5
6
6.
*5
5
5
6 Jan 4 1414 Jan 13
30 Orpheum Clreult Ins pref _100
44 I)ec
72 Mar
*612 10
7
7
*712 8
7
7
10
*7
*612 10
11 Apr 8 2212 Jan 8
No par
133
4 7,500 Otis Elevator
164 Dec
1278 133
8 13
5818 Jan
1258 1314
8 1318 1314
8 1314 137
1312 135
Preferred
100 92 Apr 14 105 Jan 15
98
97 Dec 12912 Mar
090
98
*90
98
*90
98
*90
98
*90
98
*97
13 Apr 26
4
No par
44 Jan 7
34 Dec
500 Otki Steel
16 8 Feb
,
4 17
8
184 Da
8 •13
4 17
8 *13
4 17
8 *13
17
8 17
*13
4 2
312 Apr 15 14 Jan 16
100
Prior preferred
150
*412 5
6912 Feb
8 Dec
*412 5
5
5
536
*5
5
5
5
5
1,300 Owens-Illinolm Gloss 0o____25 194 Apr 14 27 Feb 19
22
22
20 Deo
3934 Jan
2014 21
2012 2014 21
2014
*2012 21
*2014 25
25 245 Apr 8 37 Feb 13
8
8 2614 1267o 7,800 Pacific GM & Elestrie
295 Oct
5478 Mar
8
4
2612 253 263
2612 26
8 26
8 2612 265
2614 265
4
Vo par 284 Apr 12 413 Mar 7
3.800 Pacific Ltg Corp
6912 Mar
35 Oct
4 2912 2912 2912, 31
3012 3012 2912 3038 2914 293
31
*30
6 Apr 8 1014 Jan 11
Paelfis Mills
100
*514 6
2614 Mar
78 Dec
4
6
*5
6
05
6
*5
*514 6
*514 6
4Slay .5 1043 Mar 5 x0314 Dec 1313 Mar
100 713
4
630 Pacific Telep & Teleg
743 76
4
4
4
7812 743 76
*76
76
76
7518 7512 *7512 77
2 Apr 8
514 Jan 11
258 20,200 Packard Motor Car__No par
214
8
1178 Feb
37 Dec
8
24 23
24 24
214 238
214 212
214 214
Pan-Amer Pair & Trans____60 1718 Mar 18 28 Apr 20
41
*293 38
3512 Jan
20 Oct
*22 i 40
40
*22
40
*22
40
*22
29
*22
Class 13
50 18 Feb 8 31 187,Iay 6
18 Dec
364 Jan
8
2212 2212 .225 2838 28 (31's 1,700
28
287 .22
8
*22
30
22
2 Apr 28
412 Jan 13
Park-TlIford Inc
No par
3 Sept
11 Mar
412 *2 I 3
*2
3
*2
3
*2
3
*2
3
*2
12 Apr 7
2 Jan 8
100 Parmelee Transporta'n No par
478 Jan
1 Deo
12
*3
8
12
*3
8
12
*5
8
12
12
13
*3
3
',
03
8
8
•3
4 27
12 Jan 23
Panhandle Prod & Ref_No par
14 Jan 15
7
8
*3
4
44 Feb
7
8
.3
4
5 Dec
2
7
8
*3
4
7
8
*3
4
7
8
.3
25
8May 4 1136 Jan 14
No par
8
5014 Feb
54 Deo
24 33 36,600 Paramount Publix
24 3
24 3
3
34 3 8
336 336
313 35s
1
5 Apr 14
8
300 Park Utah C M
114 Jan 4
214 Mar
72 Sept
4
3
4 45
5
8
5
8
58
4
31
*4
4
a78
54
*58
No par
1 Feb 17
as Jan 2
14 Dec
27 Feb
8
014 JP 311 2,800 Pathe Exchange
8
3
8
5
4
14
12
3
8
*3
8
3*
4
3
8
154 Jan 11
Class A
No par
5 4 Feb 17
3
900
4
118 Dec
83 Jill/
8
4 *212 23
214 *212 23
2
212 212 *214 212
8
*212 27
33 Apr 8
4
9 Feb 13
400 Patino Mines & EnterprNo par
412
44Sept
154 Fob
414 414 *44
414 438
8
4 44 *414 45
*414 412 *4,
3
112 Apr 20
1,600 Peerless Motor Car
45 Feb
8
44 Apr 12
2
2 Oct
2
178 2
2
2
*13
4 2
134 2
4
13
4 13
No par 20 May 4 323 Mar 8
4,200 Penick & Ford
464 Feb
22 Oct
8
4
8 217 23
217
2114 21
8 20
21
200 207
2112 21
21
1914May 3 3412 Mar 8
Na per
444 Aug
264 Dec
s
8
195 20 4 2010 2212 217 227 74,800 Penney (T C)
8
3
4
8 1914 213
267 264 2112 265
8
Preferred
100 78 May 4 91 Mar 5
704 Dee 10014860
8373 1,400
*78
83
78
793 *77
4
84
8 81
844 844 8412 845
12 Apr 14
18 Jan 2
2
Penn-Dixie Cement-Ns par
512 Feb
3 Dec
4
*12
58
•
12
5
8
•12
5
8
5
8
*12
5
8
*12
3
4
*12
Preferred
100
8 Mar 22
34 Feb 13
29 Jan
212 Dec
100
5
5
512
512 *5
512 *5
536 *5
512 *5
*5
People's Drug Store_ -No Dar
3512 Mar
15 Deo
*1612 20
*1612 20
*1612 20
*1612 20
*1612 20
20
•1612
834% cony preferred____100 75 Jan 7 95 Feb 26
78 Dec 10414 Aug
*6512 93
*6512 93
*6512 93
*6512 93
*6512 93
*6512 93
8 13,300 People's 0 L Ss C (ChIc)___100 5014 Apr 14 121 Jan 15 107 Dec 250 Feb
8 64'4 685* 6614 7012 6812 717
'
674 66 4 674 6733 687
68
No par 1012 Apr 9 1213 Jan 7
174 Jan
Pet Milk
9 Deo
*1012 11
*1012 11
*1012 11
*1012 11
*1012 11
11
*10
23
4Nlay 5
3l8 312 9,100 Petroleum Corp of Am_No par
104 Feb
47 Jan 7
8
24 Dec
23
4 318
3
318
34
3
312 3'8
318 318
25
84 Jan 8
4 Apr 5
54 Dee
2552 Feb
43
8 44 4.500 Phelps-Dodge Corp
432 44
44 458
47
8 478
412 44
8
45
45
8
Philadelphia Co (Pittsb)
50
150 May 155 June
____
__ --__
32_
5612 Mar
50 30 Apr 8 41 Mar 10
30 Deo
6% preferred
400
30
32 1430
*30
30
12 30
3114
4 33
.5iI li- ;5i1. 4
1214 Mar
23 Apr 8
2
2 4 Deo
1
512 Feb 20
24 4. 24 24 7.100 Piffle& Read C & I____Ne par
2
4
24 234
234 278
23
4 234
25
8 258
125 Aug
8
8 Apr 7 10 Mar 8
10
8 Dee
Phillip Morris & Co Ltd_
9
*8
9 A *8
*8
9
9
*8
9
•8
9
*8
8
147 Nov
312 Apr 25 '
94 Jan 5
Phillips Jones Corp____No par
8 Dec
12
*4
8
7111
*4
718 r *4
8
*4
8
*4
8
*4
52 Jan
86 Dec
100 10 Apr 26 82 Feb 10
50 PhIllipe Jones Prof
1236
*10
1212*11
11
1212 10
1212 .11
1212 *11
*10
165 Jan
2
4 Dec
812 Mar 8
312Slay 5
30.900 Phillips Petroleum____No par
16.312 4 .1s1 312 4
33
4 4
37
8 4
418
4
418
4
1014 Apr
312 Dec
312 Mar 23
5
312 Mar 23
Phoenix Hosiery
____
8
6
8 *____
*1
6 *____
*1
6
si
6
2714 Feb
518 Oct
3 Apr 7
9 Jan 13
Pierce-Arrow glass A___No par
4
5
02
*2
4
02
4
*2
4
*2
4
14 Dee
*2
14 Feb
14
3,
14
14
14
14
12 Jan 8
14 Jan 2
25
38 2,600 Pierce Oil Coro
14
3
8
*14
14
14
234 Feb
312 Deo
714 Mar 8
312 Jan 5
100
Preferred
400
411 43
8
414
44 *4
Cs *4
4
8
*418 518 *418 47
33 Feb
8
4 Deo
118 Jan 7
53 Jan 2
No par
5
8 3.460 Pierce Petroleum
5
8
5
8
5
8
8
5
8
5
5
8
5
8
5
8
52
3
4
*3
8
37 Mar
183 Dec
4
4
1612 1634 163 164 .165 18
1,000 Pillsbury Flour MIlls_No par 18 Mar 28 2212 Jan 9
8
•1614 174 *1614 174 1614 1614
• Bid and asked prices, no sales on this day. 8 Ex-dividend and ex-r gists. a Ex-dividend. s Ex-rights.
New York Stock Record-Continued-Page 7
3413
.
M FOR SALES DURING THE WEEK OF STOCK. NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING
.
"
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
Apr. 30.
Monday
May 2.
Tuesday
May 3.
$ per share 3 per share $ per share
4
*3
*3
4
4
*3
24
23
2418 *23
24
24
*23
4 314
4 314 *23
4 314 *23
*1212 15
1212 1212 *1212 15
112
114
1 18 *118
•1 12
114
*17
1912 *1612 1912 *1612 19
•12 3
*12 3
*12 3
*218 3
214 214
*218
33
4
*2
23
4 *21 4 23
4 *2
212
*3
4 114
*3
2 114
31
3
4
*5
512 *5
7
5
5
*44 5
/
1
*41 5
/
4
*414 5
614 614
51 612 *6
/
4
614
118
1 18
1 18
118 *1 18
112
*313 5
.312 5
*313 4
30
3012 3018 3012 29
30
/
1
4
12
12
12
12
/
1
4
N
*5 4 8
3
*53
4 8
*5 4 8
3
4112 4212 41
42
4114 4213
*7618 77
764 763
/
1
4 77
77
*85
91
*841 91
/
4
*85
91
*97 109 *100 109 *101 109
*11314 125 *113 118 *11314 118
*88
95
*88
9012 *88
901
4
*143 1514 143 15
8
1312 141
/
4
'Wednesday
May 4.
Thursday
May 5.
Friday
May 6.
Sales
for
the
Week.
$ per share $ per share S per share
3
3
*3
4
*33
4 4
23
23
*22
221 22
/
4
22
*23
4 314 *23
4 314 *23
4 314
*1212 15
*123 15
4
*123 15
4
*118
114
114
114 *114
112
*1612 1814 *1712 1814 *1712 1814
*12 3
*12 3
*12 3
4
2
218
*218 33
2
24
*2
213 *2
23
4 *2
2
/
1
4
*34
1
*3
4 1
3
4
/
1
4
4 6
4
43
4 434 *43
43
4 43
*4
3
43
4 43
4
43
4 434
6
51 63
/
4
8 •618 7
63
8
8
/
4
*1 18 1 12 *118 11 •118 15
4 3
*33
4 4
*33
*33
4 414
283 301 4 2912 3014 30
4
3114
N
13
5
8
"
15
53
N
*53
4 8
4
53
4 5
/
1
4
53
4 52
8
4 4312 457
4012 42
/ 40
1
4
/ 423
1
4
*76
78
77
761 77
/
4
77
•85
91
*87
91
*8814 90
*98 109
*98 109
.98 109
11314 11314 *113 120 *113 120
*85
*88
92
9013 88
88
134 14
/
1
1314 14
/
1
13
/ 154
1
4
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. &1111scell. (Con.) Par
100
100 Pittsburgh Coal of Pa
600
100
Preferred
PIRO Screw & Bolt ___No par
30 P1115 Steel 7% cum pref
100
25
200 Pittsburgh United
100
Preferred
No pat
Pittston Co
No par
50 Poor & Co class B
Porto Rican-Am Tob cl A_ _100
No par
Class B
300
400 Postal Tel & Cable 7% prof 100
25
300 Prairie 011 & Gas
25
2.200 Prairie Pipe Line
No vat
400 Pressed Steel Car
100
Preferred
No par
10,600 Procter & Gamble
1,600 Producers & Refiners Corp _ _50
50
Preferred
110
41,400 Pub Ber Corp of N J___No par
No par
55 preferred
800
100
6% preferred
7% preferred
100
100
100
8% preferred
200 Pub Ser El & Gas pf 35_No par
No par
10,700 Pullman Inc
Punta Alegre Sugar
60
418 418
418 41
/
4
418 41
25
/
4
33
4 44
3
/ 37
1
4
8
37
8 418 4.000 Pure 011 (The)
55
*54
55
*54
54
100
8% preferred
5414 54
541 .54
/
4
70
*54
55
55
7
7
714
714
No par
6
/ 73
1
4
63* 61
8
/
4
6
/ 6
1
4
/
1
4
64 714 7,000 Purity Bakeries
/
1
414 412
3
/ 41
1
4
/
4
33
4 4
33
4 4
32
4 4
37
8 412 46,300 Radio Corp of Amer...No par
1912 1913 19
19
*15
50
Preferred
19
*17
500
22
1714 1814
*164 19
78 7
,
/
1
4
7
74
3
Preferred B
No par
618 67
9,200
8
6
8
6 12
612 7
7
3
3 18
318 318
.No par
3
318
3
27
8 318 3,800 Radio-Keith-Orph __
3
3
3
*5
/ 61 *53
1
4
/
4
4 614 *5
/ 614
1
4
5
/ 5
1
4
/
1
4
200 Raybestos Manhattan_No pat
512 512
*512 63
4
3
/ 3
1
4
/
1
4
312 4
*3 8 4
,
10
4
3 8 33
,
41 2,600 Real Silk Hosiery
/
4
8
312 44
111 12
/
4
10
1018 1012 1012 1012 1012 *1012 12
100
Preferred
140
12
12
Rels (Robt) & Co
No par
*4
14
*,
8
14
*18
14
*4
14
*4
14
*18
14
*218 234 *2
24 *2
/
1
1st preferred
100
8 23
4 *11 2
23
4 *112 24 *15
/
4
/
1
/
1
4
218 214
2
2 18
4,600 Remington-Rand
No par
/
4
17
8 2
11 2
/
4
11 11
/
4
11 2
/
4
*74 912 *7
1st preferred
400
100
.63
4 61
/
4
93
7
7
7
4
6
/ 7
1
4
7
20
100
2c1 preferred
84 818 *____ 10 •____ 10
912 912 *84 1214 *818 1214
•11 11
10
/
4
/
4
/
4
11 11 2.200 Rao Motor Car
/
4
11 1 8
/
4
/
4
/
4
,
1 8 11
,
11 1 8 •15
/
4
,
8
11
*3
312
318 314
3
3
3
3 18
3
34
34 34 2,400 Republic Steel Corp___No par
6% cony preferred
100
1,000
*813 9
9
714
812 812 *713 9
71 713
/
4
*714 814
100 Revere Copper & 13rass_No par
4
*1
4
4
•1
•1
4
*1
2
2
*2
4
Class A
100
No pa
•213 _ _
*212 _
*212 312 *212 3
212 212 *212
400 Reynolds Metal Co__No par
74
/
1
4
818 818
73
4 - -1
7
814 .712 - /
*8
81 1
7
/ 73
1
4
4 *8
400 Reynolds Spring new No par
4
4
4
4
*212 312 *214
4
4
312 312
3
/ 33
1
4
/
4
/
4
8 31 18 311 3118 311 3112 3212 45,200 Reynolds(R J) Tob class 13_1
311 32
/
4
311 317
/
4
31 8 32
Class A
1,325
10
6512 6518 6514 6518 6518 6518 6518 *654 67
*6512 67
64
300 Richfield 011 of Calif.__Ns par
12
•3
3
N
12
3
8
12
"8
12
12
"a
12
*3
8
214 2,100 Rio Grande 011
No par
218 218 *2
218 21
/
4
218 214
218 218 *218 214
Ritter Dental Mfg
7
*6
*6
No par
7
7
*6
*6
7
7
*6
*6
7
1,600 Rossta Insurance Co
10
314 314
/
1
213 23
4
212 24
2
/ 21
1
4
/
4
3
3
314
*3
1513 17
/ 55,900 Royal Dutch Co (N Y shares)
1
4
,
,
141 1514 153
/
4
14
141 14
4 15 8 16 8 1614 17
/
4
1,800 St Joseph Lead
10
5
/ 6
1
4
/ 53
1
4
4
513 5
/
1
4
5
63
.8 5
/
1
4
5
/ 53*
1
4
*5
/ 7
1
4
No par
/ 4412 4713 17,800 Safeway Stores
1
4
/ 4518 434 45
1
4
46
42
/ 45
1
4
42
44
454 46
/
1
74
90
100
6% preferred
74
.7112 74
73
73
73
7014 7014 7012 7012 73
100
500
7% preferred
844 8512
/
1
84
8512 83
8512 8512 85
*8512 8612 *8513 87
8 1,400 Savage Arms Corp____No par
212 27
2
2 12
212 212
212 212
212 212
212 213
800 Schulte Retail Stores__No par
8 13
184
4 .11 11 •13
/
4
13
3 11 .13
/
4
/
4
s
11 11
/
4
/
4
*1
112
Preferred
70
100
10
1014
1014 1014 1014 1014 *1014 1212 *1014 1212 .1014 20
/ 10.800 Seaboard 011 Co of Del_No par
1
4
7
/ 8
1
4
74 8
/
1
73
4 731
71
'8 8
712 8
73
4 814
No par
200 Seagrave Corp
1 18
1 18
118 *1
1 18 *1
113 *1 18
118
1 13
1 18
•1 18
1812 76,800 Sears, Roebuck & Co No par
1614 153 161 16
8
/
4
1718 1818 1614 1712 1514 164 15
/
1
53
4 I
Second Nat Investors
I
*34
1
•34
1
*78
1
.741 1
*3
4 1
Preferred
1001
1
35
*28
27
27
*28
*27
30
36
*27
35
.27
35
No par
400 Seneca Copper
*18 14
,
8
14
*18
14
14
14
8
*15
/
1
4
•4
3
No par
2
24 8,200 Serve' Inc
2
/ 212
1
4
/
1
11 23
/
4
8
11 24
/
4
2
/ 2
1
4
/
1
4
213 213
6,200 Shattuck (F G)
No par
7
712 8
7
/
4
6
/ 74
1
4
712 77
8
63
4 712
8
81
100 Sharon Steel Hoop
/
1
4
No par
25
8 2
*Ds 3
.212 23
*212 3
8 *212 218
*212 3
No par
218 2,700 Sharp & Dohme
2
*2
212 212
212 *2
2
214 212
214 214
Preferred
51712 22
100
No par
4
22
.1514 243 *1514 20
18
*15
•17
2434 18
318 9,600 Shell Union 011
No par
3
2
/ 3
1
4
/
1
4
25
8 278
28 2
,
212 21213 25
8
100
Preferred
23
/ 25
1
4
1,000
24
*2313 247. 23
8
/ 233
1
4
4 241 1 2414 2313 2312 •23
Shubert Theatre Corp_No par
N
N
•14
*14
3
8
•14
/
1
4
514
*4
/
1
4
*14
3
8
No pa
4
/ 43
1
4
4
412 412 1,300 Simmons Co
*5
6
5
5
5
5
*484 5
1.100 Simms Petroleum
10
4
312 312 *3
*312 414
/ 4
1
4
312 33
312 312
312 312
Sinclair Cons 011 Corp_No par
_
_ __
_
Preferred
100
1,000 Skelly 011 Co
25
a
34
-18
ai8 1
*5Ts - -34 518 -3
18
14
3
5 Ts - -18 33* 3
100
Preferred
18
300
*1718 20
*171 18 1 18
/
4
•1714 20
18
*1714 18
18
*is
14
*I
14
.18
.14
,
4.18
14
14
*is
I,
Snider Packing_
No par
III
•18 23*
*13 212
Preferred
No pa
512 212
*18 1
/ 213
1
4
*1 1
/
4
*
818
8
8181 28
8
25
814
812 35,800 Socony Vacuum Corp
8
818 814
84 814
700 Solvay Am In401 39
39
t Pref_100
.39
48
*39
*39
42
41
3918 539
39
518 54 1,800 So Porto Rico Su; r___No par
54
/
1
6
518 518
54 5
*512 5
/
1
4
/
1
4
518 512
130
100
Preferred
*89
89
95
90 .8712 100
8918 8918 .8912 92lI 8912 8912
2414 247
25
8 24
247
8 24
2413 2312 234 234 24
234 241 4,000 Southern Calif Erlisol
/
1
/
4
/
1
/
1
200 Southern Dairies el 11__No pa
.213 23, *218 5 •____
218 218
/
1
212 *11 218
/
4
21 24
/
4
No pa
*9
1012 *9
814
1012
400 Spalding Bros
9
814 *7
9
814 812 •7
let preferred
*55
100
62 .55
593 *55
4
69
/ *55
1
4
594 *55
/
1
59 •
/ 55
1
4
593
4
SpangChalfant&Colne_No par
*212 11
.3
/ 11
1
4
*3
/ 11
1
4
•3
/ 11
1
4
*212 11
*212 11
100
Preferred
40 *____ 40 *____ 40 •____ 40 •____ 40 *____ 40
/
4
11 *114
/
4
300 Sparks WithIngton____No par
114
13
8
11
/
4
114 *114
11 11
/
4
11 11 *114
/
4
/
4
9
9
300 Spencer Kellogg & Sons No par
84 08
/
1
812 812
*8
8/
1
4
81 *8
/
4
8
8
600 Spicer Mfg Co
*5
512
5
3
5
5
No par
5
5
5
3
*5
518
*111 13
/
4
*113 13
8
No par
*111 13
/
4
Preferred A
*111 13
/
4
*111 13
/
4
*111 13
/
4
/
4
Spiegel-May-Stern Co_No par
/
4
8 •11 214 *11 2
8 •I1 24 •13
/
4
/
4
511 27
/
4
/
1
8 •11 27
3 27
1114 104 1113 10
10
/ 113 17,700 Standard Brands
1
4
/
1
4
10 8 11
,
No par
/ 11
1
4
1034 11
11
112 112
8
Preferred
100
No par
/
4
8
011314 117 *112 1167 *112 1161 *112 1167 *112 114
/
4
Stand Comm Tobacco_No par
/
4
/
4
/
4
•112 11 *112 11 .113 11 *112 11 .112 13
4 *113 13
4
/ 1614 15
1
4
154 16
/
1
154 1614 15
174 23,300 Standard Gas & El Co No par
157
8 1512 1614 16
/
1
22
2112 234 2.400
2212 22
Preferred
22
22
No par
2214 2214 2212 2212 22
3813 37
37 1
200
56 cum prior pref
3812 •35
40 •35
39
39 .35
No par
43
*29
44
300
44
44
*38
57 cum prior pref
41
4
.38
Ne par
43
*38
3912 41
*41
47
400 Stand Investing Corp No par
3
/
1
4
•
/
1
4
/
1
4
*3
3
8
3
8
•1
/
4
/
1
4
/
1
4
/
1
4
*1
/
4
/
1
4
/
1
841
/
4
700 Standard 011 Export pref__100
844 83
/
4
4
/
4
4 843 841 *83
841 841 843
/
4
*5312 84
/ *83
1
4
171 1812 1814 1918 27,700 Standard 011 of Callf
/
4
No par
/ 1814
1
4
18
18
17
/ 1812 171 1812 17
1
4
/
4
*7I4 712
714 7141 1,900 Standard 011 of Kansas___25
Vs
714 714
714
7 8 712
3
/
1
7
/ 74
1
4
4
,
,
/
4
8 2314 2-114 233 25 8 137,500 Standard 011 of New Jer5ey_25
2212 2278 221 22 8 2212 2314 2212 237
_____--__
Standard Oil of New York_ 25
*212 41
300 Starrett Co (The) L B__No par
*212 4
4
4
4
4
4
4
*4 2 612
5,
81
12
12
*12
4
8
1.,
12
*38
12
*32
12, 2,000 Sterling Securities el A_No par
Preferred
100
114
11 •
/
4
114 112
.14 112
No par
*11 2
/
4
*11 2
/
4
•13
4 2
18
900
18
18
18
Convertible preferred____50
18
4
/ 18
1
4
18
18
173 17
19
•18
/ 23
1
4
4 2,200 Stewart
,
2
-Warner speed corp lo
212 212 *212 2 8
/
1
4
21 2
/
4
8
23
4 2
/
1
4
21 27
/
4
8 9,300 Stone & Webster
No par
7
71
/
4
714 83
3
74 74
718 7 8
8
,
8 x718 73
7 8 77
8,500 Studebaker Corp (The) No par
41 5
/
4
418 43*
418 412
3 8 418
,
414
4
44 45*
72
130
70
65
65
Preferred
75
100
*6518 75
75
80 .6513 80
*65
2612 27
1,900 Sun 011
26
26
No par
25
/ 26
1
4
26
26
28
*26
26
26
/
1
4
20
Preferred
/
1
4
/
1
741 744 744 733 73
/
4
100
7412 *72
7112 *72
/ *72
1
4
73
•72
10
300 Superheater Co (The)__No par
94 94 5912 1012 10
912 912
/
4
594 101 *912 1012
/
1
33
53
5
38
12
112
*3
8
14
12
12
3
8
3
8
12 1,300 Superior 011
No par
1,000 Superior Steel
3
3
S•253 3 1
3
3
100
4
24 273 *3
/
1
•2
/ 4
1
4
8
Sweets Co of Amerlea
*5
8
*5
50
8
*5
8
55
8
*5
8
*5
Symington
No par
12,
*14
12
*14
12
*14
12
514
12
0
4
1*
•14
5,
Class A
No par
*58
*5
8
34'.
3
4
•54
N
*5
8
3
4
•8
,
.1
3
*1
/
4
1,100 Telautograph Corp
No par
91s 912 •914 10
/
4
94 91
/
4
91 91
/
4
10
10
*914 10
/
4
13
3 11 1,200 Tennessee Corp
No par
1141
114
112 112
114
114
112
114
13
8 15*
/
4
8
25
,
10 4 1014 10 8 103 111 32.400 Texas Corporation
3
10
/ 10
1
4
1012
/
1
104 11
104 11
/
1
8 1712 1834. 7,500 Texas Gulf Sulphur____No par
177
8
8 173 1778 17
,
17 8 183
173 1814
4
18
18
800 Texas Pacific Coal & 011
10
2
2 141
21
,2
8 2
17
8
11 17
/
4
8
17
8 17
•134 2
hy
71
-
5
Bid and asked prices; no sales on this day. 2 Es-dividend. p Ex-rIghte.
PER SHARE
Range for Year 1932
-share lots
On basis of 100
LAMM
Highest
PER SHARE
Range for Previous
Year 1931
Lowest
Highest
5 per shwa 5 pe• share 3 per share; per share
3 May 4
713 Jan 14
4 Dec
2812 Jan
80 Jan
22 May 6 40 Jan 28
273 Dec
4
2 Apr 12
154 Feb
4 Feb 16
3 Dec
1212 Apr 28 24 Jan 18
8
87 Jan
217 Dec
I Jan 4
1 Dec
15 Feb
212 Mar 8
16 Apr 20 40 Jan 21
40 Dec
991 Feb
/
4
53 Dec
8
1814 Jan
j Jan 14
/
1
4
11 Apr 9
/
4
3 Oct
133 Jan
4
2 Apr 13
2 Sept
27 Feb
514 Jan 15
178 Jan 14
583'I,ty 6
8 Feb
%Sent
4 Dec
9 Jan 14
8912 Jan
312 Apr 11
4 Apr 19
418 Dec
2083 Feb
718 Mar 8
934 Mar 8
53 Apr 12
4
57 Dec
4
2612 Feb
1 18 Apr 20
114 Dec
74 Feb
2 Jan 14
/
1
4
/
1
4
47 Feb
/
1
4
3 Apr 9 11 Jan 14
512 Dec
2512 Apr 11 4234 Jan 14
714 Mar
364 Dec
/
1
1 Dec
6 Feb
1, Mar 9
8
12 Apr 25
16 Feb
93 Mar 30
4
318 Jan 8
8 Dec
3814 Apr 11 60 Mar 7
491g Dec
9612 Mar
7214 Apr 11 87 Mar 7
78 Dec 10212N1ay
/
1
4
92 Dec 120'4 Aug
89 Apr 21 1 0 Mar 11
108 Feb 10 114 Mar 10 11212 Oct 13F3 Aug
4
11012 Apr 14 13014 Mar 5 118 Dec 16012 Aug
86 Jan 5 96 Mar 9
87 Dec 1074 Aug
/
1
4
1314May 5 26 Jan 14
1514 Dec
5813 Feb
14 Aug
2 Jan
3 Jan 2
8
18 Feb 17
814 Dec
117 Jan
518 Jan 15
8
314 Apr 12
5313 Dec 1017 Jan
8
50 Jan 5 6012 Jan 14
618May 4 1578 Mar 7
5514 Mar
103 Dec
4
518 Dec
2712 Feb
/
4
33
4May 3 101 Feb19
5518 Mar
20 Dec
1714May 6 32 Jan 12
/
1
4
94 Dec
/
1
60 Mar
/
1
6 May 4 184 Jan 14
3
4 Dec
7 Jan 14
2 4 Dec
2 Jan 4
/
1
4
2912 Mar
/
4
/
4
41 Apr 19 111 Feb 15
812 Dec
jig Dec
304 Feb
/
1
214 Jan 4
513 Mar 12
6 Dec
90 Feb
914 Apr 28 16 Mar 14
/
4
18 Apr 12
11 Jan
12 Jan 12
4 Dec
/
4
6 Sept13 Apr
4 Feb 4
11 Apr 15
17
8May 3
17 Dec
8
193 Feb
4
33 Jan 14
3
88 Jan
67
8May 3 1312 Mar 24
614 Dec
98 Jan
818 Apr 20 12 Jan 21
10 Dec
112 Apr 4
*
1018 Feb
3 Jan 8
/
1
4
27 Dec
/
1
4
Vs Dec35 Feb
3 Apr 8
612 Jan 14
54 Feb
/
1
714May 6 154 Mar 6
818 Dec
2 May 2
218 Dec
13 Jan
314 Jan 29
30 Jan
6 Jan 30
212IMay 3
6 Dec
10 Mar 3
/
1
4
6 Apr 21
7 Sept22 Mar
5 Jan 14
/
1
4
3 Feb 23
212 Oct1814 Mar
31 13:May 4 4014 Jan 14
6412June
3212 Dec
64 May 2 69 Jan 2
69 June
7512 Feb
8May 5
54 Jan 11
3
/ Dec
1
4
63 Jan
2
2 Jan 2
1014 Feb
212 Mar 18
14 Nov
6 Mar 28
411 Mar
8 Jan 9
/
4
/
1
4
5 Dec
6 Jan 14
/
1
4
212May 4
314 Dec
26 Feb
23 Mar 4
1218 Apr 21
42 8 Feb
,
13 Dec
518 Apr II
1012 Feb 15
303 Feb
8
7 Dec
39 Jan 2 6914 Mar 5
6912 Aug
381 Jan
/
4
70 Apr 29 84 Mar 8
9818 Sept
6314 Dec
76 Jan 4 94 Jan 15
71 Dec 10812 Aug
2 May 5
732 Feb 1
8 Dec
/
1
4
2014 Feb
13 Apr 28
8
4 Jan 13
8 Dec
1118 Mar
10 Apr 12 30 Jan 5
30 Dec
65 Mar
,
6 8 Apr 12
20 Apr
9 Mar 8
/
1
4
/
1
4
512 Oct
1 Apr 12
2 Jan 21
/
1
4
214 Dee
11 Feb
15 May 4 373 Jan 18
6314 Feb
3
304 Dec
7 Apr 11
8
11 Jan 12
h Dec
612 Feb
/
4
27 May 4 32 Jan 2
27 Dec
584 Feb
13:1.1ay 4
12 Jan 4
4Sept
11 Feb
/
4
5 Jan 13
/
1
4
13
4May 4
111 Apr
/
4
3 Dec
/
1
4
4
63
4May 3 123 11.1ar 8
814 Dec
2912 Feb
212 Apr 26
5 Jan 14
212 Dec
13 Feb
/
1
4
2 Apr 11
21 Mar
5114 Jan 13
318 Oct
18 Apr 26 3014 Jan 18
28 Dec
6112 Mar
418 Mar 9
212 Apr 23
212 Dec
104 Jan
19 Jan 2 31 Mar 7
15 Dec
78 Feb
14 Jan 4
/ Jan 14
1
4
18 Dec
9 Mar
/
1
4
414 Apr 13 1012 Mar 5
6 Dec
/
1
4
2384 Feb
314 Apr 8
6 Feb 19
312 Dec
11 Fel,
414 Jan 4
718 Jan 7
418 Dec
157 Feb
8
79 Feb 6 96 Mar 24
64 Dec 103 Mar
2 Feb 8
13
412 Mar 8
2 Dec
12 Jan
/
1
4
12 Jan 4 19 Mar 12
62 Jan
10 May
1 Jan 11
15 Apr 18
'*Sept
Os Feb
118 Mar 8
414 Jan 11
2 Oct15 8 Feb
5
8 Apr 25 10 4 Feb 15
8 Dec
/
1
4
3
21 Aug
39 Apr 4 63 Jan 19
40 Dec
93 Mar
412 Apr 12
83 Jan 14
/
1
4
s
4
63 Dec17 Jan
88 Jan 8 93 Jan 5
87 Oct11212July
2314 Apr 8 32 Feb 19
/
1
4
288 Oct5412 Feb
8
6 Mar
218May 6
3 Feb 23
2'Sept
814May 4 12 Jan 12
36 Jan
8 Dec
65 Apr 7 95 Jan 9
94 Dec 11612May
884 Mar 7
93 Dec2712 Feb
4
934 Mar 3
40 Mar 9 4812 Jan 2
4812 Oct9213 Jan
131 Mar
313 Jan 14
/
4
114 Apr 25
2 1)ec
8 Slay 4 10 Jan 16
9 Sept1612 Mar
5 Apr 20
61 Feb 19
/
1
4
/
4
6 Sept17 Feb
13 Apr 7 15 Mar 22
3313 Feb
1114 Dec
11 Apr 15
/
4
3 Jan 14
/
1
4
3 Dec
1712 Mar
14 Mar 5
93 Apr 11
arr Dec 2013 Feb
4
112 May 6 11912 Jan 22 1143 Doc 124 July
4
11 Apr 9
/
4
13 Dec
4
4 Feb
2 Jan 4
1412 Apr 8 344 Mar 8
2518 Dec
883 Mar
8
20 Apr 14 414 Jan I,
6478 Mar
297 Dec
8
/
4
37 May 6 611 Jan 11
40 Dec 101 Mar
3912May 2 75 Jan 16
65 Dec 1093 Mar
4
3 Mar 26
8
414 Feb
/ Jan 13
1
4
is Dec
8718 Dec 108 Sept
83 May 6 9113 Jan 9
163 Apr 14 2714 Mar 9
2318 Dec 5184 Feb
4
7 Apr 7 121 Jan 21
/
4
7 Dec
/
1
4
19 Jan
19 Apr 23 3112 Mar 9
/
1
26 Dee
4
5212 Feb
4 Apr 5
78 Jan 22
8
12 Apr 6
114 Jan 9
114May 5
3 Mar 6
173
4May 2 2312 Jan 2
2 Apr 13
/
1
4
6 Jan 14
/
1
4
7 May 6 151 Mar 10
/
4
3 May 3 1314 Jan 14
/
1
4
65 May 5 10478 Mar 31
24 Apr 13 32 Mar 1
/
1
4
70 Apr 14 87 Mar 16
914May 4 1312 Jan 18
14 Jan 5
/ Jan 18
1
4
23
4May 2
74 Feb 13
/
1
818 Apr 21 11 Jan 4
14 Mar 31
8 Jan 21
8
h Apr 8
2 Jan 19
918 Apr 13 13 Mar 23
/
1
4
118 Apr 14
2 Jan 16
/
1
4
10 Feb 9 1374 Jan 14
16 Apr 14 261 Feb 17
/
4
112 Apr 12
2 Jan 15
/
1
4
187
01111e
8 Dec
12 Dec
11 Dee
/
4
1618 Dee
43
4Sept
94 Dee
/
1
9 Oct
75 Dec
268 Oct
4
75 Dec
11 Dec
14 Dec
2 Dec
/
1
4
1012 Dec
/ Dec
1
4
1 Oct
1118 Dec
2 Dec
97 Dec
8
1912 Dec
17 Dec
4
26 Feb
3414 Feb
5 8 Feb
7
94 Feb
/
1
40 Mar
217 Mar
8
5412 Mar
26 Mar
11814 Apr
4514 Feb
10412 Feb
40 8 Feb
,
13 Feb
4
187 Mar
8
157 Aug
8
24 Feb
612 Jan
2112 Mar
912 Jan
357 Jan
8
5534 Feb
612 Jan
New York Stock Record-Concluded-Page 8
3414
rar
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
Apr. 30.
Monday
May 2.
$ per Share
312 3 4
3
•8 210
*2114 26
*5
6
*I
114
*115 12
8
*912 14
312 312
*12
3
4
*13 . 18
214 214
*2414 25
*7
9
3214 3214
278 278
1378 137
8
$ per share
38 35
*23
8 212
1
.2114 26
5
5
114
*1
115 1158
*912 10
4
*31
*12
7
8
*13
18
218 218
3
243 24 4
4
*7
9
*32
36
*278 3
1312 13%
__
Tuesday
May 3.
Wednesday
May 4.
Thursday
May 5.
Friday
May 6.
Sales
for
the
Week.
e.TOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1932
On basis of 100
-share tots
Lowest
Highest
_
S Per share $ Per share $ per share S Per share Shares Indus. & Mlacell.(Cona.)Par $ per share 5 per share
33
314Nlay 5
7,900 Texas Pacific Land Trust____1
612 Mar 8
4
314 312
312 312
38 312
100 Thatcher Mfg
*214
418 *212 418 *212 418
238
38
2 Apr 5
No par
4% Jan la
Preferred
*2114 26
No par 2218 Apr 19 29 Jan 21
100
24
24
*2114 26
*2114 26
*5
57
8 *5
57
8 *5
4, Apr 5
8
No par
100 The Fair
57o *5
7 Jan 12
55
8
400 Thermold Co
138
*1
1 Apr 12
No par
114
138
114
3 Jan 12
114
114 *1
1034 Apr 15 1812 Mar 3
1
500 Third Nat Investors
4
11% 11% 113 1114 *1114 12
1114 113
8
93
26
83 Feb 9 163
300 Thompson (J R) Co
95) 958
912 *912 9 8
*912 10
4Mar 6
5
312 Apr 7 10 Feb 29
100 Thompson Products Inc No par
*312 4
*312 4
*312 33
4 8312 4
112 Jan 9
12 Apr 9
100 Thompson-Starrett Co_No par
7
8
7
8
"8
5
7
8
*5
a
7
8
*12
%
13 Apr 14 1412 Jan 30
$3.50 cum pref
No par
*1318 18
*1318 18
13
18
*1318 18
214
3% Feb 13
2 Apr 8
214
212 8,500 Tidewater Assoc Oil_ No par
218
218 218
2% 214
Preferred
100 20 Feb 3 2818 Mar 15
*243 2514 2412 2512 1.300
4
245 2458 245 24
7 Mar 29 29 Mar 18
100
400 Tide Water Oil
*7
8
•7
9
7
7
7
7
Preferred
100 30 Feb 9 41 Mr j1
600
*32
36
*31
36
31
30
32
32
238 Apr2 5 235 Jan 6
3
.
10
1,200 Timken Detroit Axle
4 31
212 252 *23
234 27
8
9
4 314 *23
Jan
13% 143
8 1412 1512 5,800 Timken Roller Bearing_No par 1314May
8
1314 134 133 14
2% Jan 5
638Mar 5
____ ____ ____ ____ ____ ____ ____ ____ ______ Tobacco Products Corp No par
No par
9 Mar 3
83 Jan 4
*
31
2% Jan 2
6 Feb 17
8,500 Transamerica Corp.:_No par
5
314
3
3% -313 314
314
518 -314
58 314
6 Mar 4
4
Transue & Williams St'l No par
35
23 Apr 11
'318 5
*318 5
*313 312 *314 5
"314 32* 8314
2 Apr 12
414 Jan 14
Tr -Continental Corp__No par
218 212 5,000
2
214
218 214
214 238
218 23
8
212
212
6% preferred
No par 428 Jan 2 5634 Mar 8
600
50
4814 50
4718 4718 48
4612 47
*4612 50
*46
50
3112 Mar 9
600 Trim)Products Corp_No par 20 Apr 11
4
2112 '203 2112 *203 22
4
2218 *2112 2212 21
22
*22
23
1 Mar 3
Truax Traer Coal
No par
318 Jan 14
13
8
1% •1
1% *1
138 •1
13
8 *1
*1
133 *1
858 Jan 12
2 Apr 19
10
100 Truscon Steel
*318 43
4 *318 458 *318 41
.318 412 *318 412
4
4
12May 4
3 Jan 13
No Par
300 Ulen & Co
3
4
"8
*5
8
3
4
12
12
*14
12
3
4
*18
3
4
34
1,200 Under Elliott Fisher Co No par 11 Apr 28 2312 Mar 7
1118 1112 1214
*11
113
4 1118 11% 1112 1112 1118 1114 11
717
614Nfay 5 1014 Jan 20
700 Union Bag&Paper Corp No par
712 712
%
*714 912
*7
9
614 7
714 74 *71
1612Nfay 3 363
8Nlar 7
8
s
4 167 1812 177 191 95,800 Union Carbide & Carb.No par
1612 175) 1612 173
173 183
4
4 171 18
5 54aF 5 1193748 Feb ce
811.15y 4
97 10
Jan 172
7
95 103
8
8 4,200 Union 011 California
10
98 10
1018 1018 10
1014 101.1
9
No p2r 12
a
5
Jan
1212 1218 1218 1212 1212 1,500 Union Tank Car
1212 1212 1212 1212 1212 1212 12
9 ,2 Jan 5 1878
3
8 1014 10% 1012 1112 41,100 United Aircraft & Tran_No par
4 1018 107
8 1018 103
1014 10 4 103 107
3
3
Preferred_
50 40 4Nfay 6 46 Feb 16
1,800
417
8 4034 411
4 41
4218 4118 413
4133 '41
417 4178 42
163
4May 4 2812 Mar 4
NO par
3,100 United Biscuit
19
8 18
163 175
4
8 1712 177
20
*2038 2114 2018 208 18
3
Preferred
100 91) Jan 5 103 Mar 23
70
9314
4 9314 95 '90
993
4
*95
993 *95
95
9531 *95 105
712 Apr 23 14 Mar 8
No par
500 United Carbon
9
9
3
4
83
4 83
9
812 812 11833
*812 958
*812 9
58 8,400 United Cigar Stores
38 Apr 5
_No par
5
8
13 Jan 11
4
5
8
12
12
12
12
12
5
8
12
513
5
8
100 10 Apr 8 20 Jan 11
Preferred
*3
9
*3
9
*3
10
*212 10
*212 10
*212 10
.5 Apr 7 1013 Jan 15
No par
4
618 63 43,900 United Corp
63
8
6
6
614
8
618 63
63
8
6
614 6%
3
Preferred
No par 27 Apr 8 38 4 Mar 7
4
29
29% 283 2914 2918 3014 3.000
295 30
8
30 30
*30
31
3 Jan 4
100 United Electric' Coal._.No par
55 Nfar 23
8
8
*314 38 *312 37
8 38
*33
8 37
8 *33
8 4
38 37
*35
1518May 4 3012 Mar 9
18,600 United Fruit
17
No par
1518 1612 151 164 16
1612 18
19
1914 1818 19
83 Mar 8
1414 Apr 8 21
No par
3
4 15 4 1612 154 1614 158 1714 23,500 United Gas Improve
1612 163
4 1614 1612 1614 163
Preferred
1,400
4
No par 82 Apr 11 94 Mar 10
4
3
8
83 8312 823 82 4 823 824 823 83
8312 84
86
86
4
,14
1
United Paperboard
100
*14
1
1
*14
1
14
*14
1
1
*14
11 Jan 6
63 April
4
800 United Piece Dye Wks_No par
*714 8
*714 8
*714 8
714 714 *714 8
4
*714
73
3 Jan 28
1 Apr 14
1
2,200 United Storm class A__No par
1
118
118
11
1%
113
1%
118 118
*I
118
Preferred clam A__ _ _No par 27 Jan 4 4814 Mar 9
600
395
8
3934 *37
3818 •37
3814 38
3812 3812 38
*3812 42
1512May 6 20 Jan 7
1718 1512 1612 1,300 Universal Leaf Tobacco No par
1714 1712 17
3
*1714 177 *1714 177 *1712 177
8
470 Universal Pictures let pfd_100 24 May 3 50 Jan 27
32
32
32
*27
31
28
24
33
*24
29
*28
30
1 Fob 2
12 Apr 7
200 Universal Pipe & Rad_ _No par
53
•12
53
*12
3
4
*12
12
12
*12
14
813
3
4
1513 Jan 21
84 Apr II
20
2,600 U El Pipe & Foundry
10
103
93 10
4
912 10
912 914
4
912 93
*912 10
1214 Apr 14 1512 Fob 3
let preferred
No par
400
4
4 124 123
4
123 123 *1212 123 *1212 123
4
4
1233 125
*123 13
8
313 Jan 27
3 4 Jan 27
2
US Distrlb Corp
5
No par
*2
*2
5
*2
5
*2
5
5
*2
5
*2
100
14 Jan 15
% Jan 23
*18
12
*18
12
*18
12
*1
8
12
12
*18
U 8 Express
013
12
8 Jan 14
33
4May 6
No par
600 U S Freight
33
4 4
4
4
412
*4
418 41
43
4
418 4% *4
312 Feb 15
13
4Nlay 5
No par
2
*13
4 218 1,200 US & Foreign Seeur
14 14
2
218
2
214 214
*214 212
Preferred
No par 29 May 3 5112 Mar 11
3314 3314 3514 3512 2,200
32
3412 32
3714 29
3712 3712 35
8
20 145 Apr 11 2514 Mar 5
1,500 U 8 Gypsum
157 17
157 16
8
16
1612 16
167 167
8
8 1614 1614 *16
4 Feb 19
138
132 1,000 U s Hoff Mach Corp_ _No par
2 Apr 29
4
las
138
138
138
13
4
118 *118
118
I
114
8
8
8 177 193 27,600 U S Industrial Aleohol_No par 167 May 4 3118 Mar 9
167 183
8
8
4 167 18
173 193
4
193 2012 1914 20
4
312 Mar 9
112 Apr 13
1,100 U 8 Leather
15
No Par
15
4
112 15
8 *112 13
112 112
112
112
•118 218
712 Mar 9
4 Jan 2
No par
Class A
*418 412 1,400
4
4
4
412
412 412
414 414
8
*414 45
200
Prior preferred
100 55 Apr 14 65 NIar 14
*54
60
60
5514 '54
*553 597
8
8 55
*5514 60
60
*55
812 Feb 13
33
4May 6
900 U S Realty es Impt____No par
33
4 33
4
412
4
5
5
"518 512
512 51
*512 53
35
53 Jan 14
8
3 Apr 6
No par
1,300 U 13 Rubber
3
318 '314
318
31
*318 312 *3% 35)
318 31
.5 Apr 14 1112 Mar 9
1st preferred
100
600
512 512
5
5
512
612 *5
612 *5
612 *5
*5
8
1,800 135 Smelting Ref & Min____50 1112 Apr 13 197 Mar 9
4
123
4 123 13
124
8
133
8 127 1314 127 13
13
81314 14
Preferred
60 3414N1ay 6 39 Mar 8
600
3414 3412
4
3412 343 '3412 35
*343 35
4
35
35
40
*35
8N1
100 263 ay 4 5258 Feb 19
265 28
8
8
273 3118 199,600 US Steel Corp
8
8 275 2812 263 277
8 2712 285
273 283
4
Preferred
100 6514Niay 4 113 Feb 19
25,900
79
694 69
x7318 7614 7012 7318 6514 7012 67
7712 78
No par 59 Jan 5 66 Apr 27
900 U S Tobacco
60
6014
*59
60
5912 60
60
6014 6014 60
65
*60
8
2127*Iay 5 103 Jan 14
6,500 Utilities Pow & LI A_ No par
25
1 8 3
28
25) 21
212
23
4 3
23
4 3
27
27
8
12 Jan 4
14 Mar 3
No par
700 Vadsco Sake
3
8
3
8
3
8
*14
3
2
*14
2
8
14
14
*14
*14
3
3
25%
100 16 Apr 13 20 Jan 9
Preferred
2512 *16
178 *16
2512 *16
2013 *16
2512 *16
.16
8
65
8Nlay 4 187 Feb 19
No par
65
75
714 87
8 5,600 Vanadium Corp
7
7
714 75
5
7 8 78
77
8 7%
7 Jan 16
2
12 Mar 14
400 Virginla-Carolina Chem No par
12
12
3
4
*12
12
12
5
8
53
8
3
4
*5
14
*58
CI Jan 15
318 Feb 26
6% preferred
100
4 4
*33
*334 4
*334 4
*334 4
54 4
4 4
*33
*3
100 20 Apr 12 3912 Jan 14
100
7% preferred
4
*233 29
24
24
2412 *2412 27
4
2914 8233 2412 •24
*24
220 Virginia El & Pow $6 pt No par 75 Apr 30 88% Jan 22
80
*75
78
75
767
764 75
*75
77
*75
77
75
100 11 18M5y 2 29% Jan 12
830 Vulcan Detinning
113 1212 1118 1212 1112 1212 12% 15
8
1118 12
12
12
1012May 4 19 Jan 2
No par
700 Waldorf Syetem
1012 1012 1012
1012 10 4 *10
3
107 11
8
3
*10 4 11
8
*107 11
7 Apr 8
8
No par
3 Jan 14
500 Walworth Co
114
114
114
114
114
114
114
114 *118
114 *118
114
4 Apr 13 1014 Jan 13
300 Ward Bakeries* Wass A_No par
5
*2
5
*2
7
*2
4
4
5
8 48
45
*43
4 7
252 Jan 14
7
3May 6
Class B
1,900
No par
7
8
7
8
1
1
1
1
1
1
1
1
I
1
Preferred
100 16 May (3 4012 Mar 16
900
1614
194 16
*15
19
19
20
2012 2012 20
22
*21
114 Apr 9
1% 9,000 Warner Bros Pictures_ _No par
45) Jan 13
114
13
8
14
13
8
114
138
112
112
138
112 112
512 April 20 Feb 1
Preferred
No par
300
10
'4
6
6
6
*5
10
*5
7
*5
10
'5
No par
53 Apr 30
1% Jan 11
300 Warner Quinlan
7
8
*53
8
7
8
*5
5
8
5
8
5
8
5
8
7
8
*%
5
8
58
7 Feb 19
213 Apr 12
Warren Broe new
No par
500
21
4
212 *212 23
4
233 234 *212 23
4
23
4 23
4 3
'23
5 Apr 8 1712 Jan 14
Convertible pref____No par
*512 10
*512 10
*5% 10
"512 10
*512 10
10
*6
812 Apr 19 14 Feb 3
100 Warren Fdy & Ilpe____No par
812 812
'812 10
*812 10
*812 10
'812 1112 *812 10
*3
8 I
%May 4
No par
2 Jan 18
100 Web.ter Eisenlohr
2.53 1
2
8
is
*5
8
7
8
*5
8
*5
8
7
8
23
912 Apr 6 1512 Jan 14
1014 5,500 Weetnn Oil & Snowdrift No par
10
4
93 10
93 10
4
10
101* 10
*10
10
10
No par 47 Mar 28 50 Jan 6
Preferred_
1,400
47
47
48
4718 *47
47
48
*47
47
47
49
847
38,500 Western Union Telegraph.100 207
8May 5 50 Feb 19
21
2318 20% 2212 214 24
25
2373 2514 241 2514 22
914 Apr 8 1714 Feb 13
Weetingtese Air Brake_No par
8
11 1* 113 1112 *1114 114 107 1112 3,600 Westinghouse El &
11
11
11
11
11
8
7
Nffg____60 19 2 Jan 4 357 Feb 19
247 73,100
4
213 2314 23
2112 2238 215 227
2114 2218 2112 22
let preferred
65
4
50 8118 Apr 9 723 Jan 20
270
65% 64
65
65
65
65
6618 6618 65
69
'65
212 Apr 8
914 Feb 19
200 Weston Mee Instruml_No par
4 612
433 43
4 '43
4
*414 43
7
8 612 *4
*47
*47
7
Class A
1314 Apr 8 19 Jan 19
No par
100
1618
1618 '14
1612 *14
163
4 1312 1312 *14
*131* 17 .1312
100 West Penn Eleo class A_No par 40 Apr 29 70 Feb 14
41
40
45
"41
45
*41
45
.41
"4012 45
47
"40
Preferred
100 4914 Apr 29 78 Jan 11
120
4912 4912
4
8 4938 495 *483 499
4
493 497
51
5114 51
"50
100 4112 Apr 29 70 Jan 12
6% preferred
50
487
8
*35
42
485
8 42
'41
*41
488
44
44
*4014 44
100 9512May 4 110 Mar 17
170 West Penn Power pref
96
96
955 99
8
9814 9512 98
98
9812 9916 *9814 987
100 83 Jan 6 10134 Mar 28
6% preferred
20
85
85
87
87 '85
885
*834 87
83
83
89
*83
8 Apr 7 1612 Mar 3
300 West Dairy Prod al A__No par
818 818 *818 812
818 818 *811 812
912 812
*812 9
Class B
2 Apr 8
No par
43 Mar 4
8
500
*2
218
2
2
21,
2
2 18 '2
218 2%
*213 3
8
5% Apr 30 125 Mar 9
500 Westvaco Chlorine ProdNo par
4
53
4 53
77
4 *5% 612
4 53
53
513 512 *6
5% 518
6 Apr 8
Wheeling Steel Corp
No par
018 Apr 9
913
918 *6
918 *6
*6
*6
11
11
918 •6
*6
734 Apr 12 12 Mar 6
No par
73
4 734 1,300 White Motor
4 754
73
73
4 8
4 814
814 '73
4
*73
4 814 *73
800 White Rock mu] Spring etf_50 1618 April 2812 Mar 7
1712 1712
18
1712 1712 18
1712 19
"17% 1858 *1713 20
I Jan 2
14 Apr 8
100 White Bowing Maohine_No par
3
8
*14
3
8
*14
3
8
•14
3
8
*14
2
3
3
8
3
3
*14
Preferred
3 Apr 8
4
No par
100
*3
4 1
17 Feb 3
1
*3
4
3
4
*3
4 1
9,
*3
4 1
*3
4 1
234Nlay 4
No par
53 Mar 8
1,100 Wilcox 011 & Gas
4
3
33
4
23
4 3
23
4 3
35
*23
4 314
*234
314 3)
4
500 Wilcox-Rion al A itonv_No par 15 May 2 2012 Mar 17
2312
1812 *13
*13
20
*13
15
15
15
2112 15
*15
11,400 Willys Overland (The)
78
1
3 Jan 13
4
114
3 Apr 18
6
1
114
1
114
118
138
118
8
13
114
Preferred_...
100
7 Apr 13 25 Jan 28
100
30
30 .10
*10
19
30 '10
*10
30
1212 1212 '12
700 Wilson & Co toe
*3
4 1
3 Jan 11
4
No par
7
8
78
78
14 Mar 14
33
*34
1
*1
1
118
1
218 Jan 12
Class A
2% 212 1,100
No par
43 Mar 9
4
'214 212
'
1
4 *214 21*
212 258 ' 214 23
*25
8 23
4
Preferred
400
8 Jan 7 31 Mar 10
100
20
20
22
20 - *20
2012 20
2012 2012 *20
22
'20
7
10 21 18May 5 4558 Mar 8
8
3418 313 3314 3118 328 3218 34 146,400 Woolworth (F W) Co
32
3
3414
33
3414 35
2,400 Worthington P & If
734 Apr 12 233* Fob 19
933 1014
100
84
3
814
,
814 8 2
812
8
8
8% 83
858 914
18
Preferred A
200
8May 5 41 Jan 15
100 173
8 18
175 175
8
18
*11
18
*11
IS
.16
*1512 18
Preferred B
*1314 20
100 14 Apr 14 30% Jan 11
"1314 20
*1314 20
20 "1314 20 "1314 20
•15
37 Apr 8
612
Wright AeronautIcal___No par
8% Jan 14
612 "4
612 *4
1
4 62 *4
4 612 *43
*43
612
*5
1,700 Wrigley(Wm)Jr (Del)No par 311 Apr 21 57 Jan 18
8
3512 355 *3612 38
36
3812 *3712 3819 '3612 3712 35
'38
*8% 9
300 Yale & Towne
814 Feb 10 1012 Jan 18
*814 9
25
812 9
14
*9
*913 14
14
*9
17
6 Jan 14
17 Apr 8
2,700 Yellow Truck & Coach el 13_10
2
2
2
2
2
2
2
2
2
2
2
17
Preferred
20
17
17
100 15 Apr 30 24 Jan 12
*16
17
177 *15
17% *15
*15
15
15
9% Mar 8
33 ay 4
8114
200 Young Spring & Wire_ _No par
*312 5
'3% 6
333
38
3
*312 6
5
*312
'312 5
8
8 14
8 Apr 25 1714 Feb 17
300 Youngstown Sheet & T_No par
812
818 "8
s *8
87
3 87
4
*93 10
*93 10
4
2 Jan 22
5 Apr 6
8
Zenith Radio Corp__Ns par
34
"8
5
3
4
.
%
3
4
*53
3
4
"3
3
4
"8
97 Mar 3
3
7
8
'
53
6.300 Zonite Products Corp
7
7
'6% 7
6 N 11111 2
7
1
618
634
618
05
8
6
68 Cs
s.
.x
day. s Ex, v en .
• Sid and asked crime: no sales on 11,13
PER SHARE
Range for Previous
Year 1931
15
8June
6 Dec
2 Dec
2% Dec
2 Dec
3812 Dec
24 Dec
1 Dee
57 Dec
2 Dec
135) Dec
5 Dec
2718 Dec
19617a DecI) c
1.
Highest
per share
175) Feb
22 Feb
41 Mar
23 Jan
9 Feb
27 Feb
35 Mar
18 Feb
8% Mal'
34) Mar
4
9 Jan
88 Jan
18 Mar
83 Feb
5192
Feb
412 Nov
14 AM
18 Feb
17't Mar
113 Feb
4
9414June
455) Feb
10 Jan
24 Feb
218 Mar
7634 Feb
14 Aug
72 Feb
322851575i Fee
.,a b
40 Oct
18 Dec
91) Dec
elle Oct
118 Dec
20 Dec
7% Dec
2818 Dec
3 Jan
1712 Dec
1538 Dec
83 Dec
2 Sept
914 Dec
13 Dec
8
21 Oct
157 Oct
8
24 May
12 Oct
10 Dec
133 Dec
4
4 Dec
3 Dec
8
41 Dec
17 Oct
40 Deo
1412 Dec
212 Dec
*
208 Oct
15 Dec
8
314 Dec
5714 Dec
512 Dec
313 Dec
Ws Dec
8Sept
125
35 Sept
38 Dec
94 Dee
588 Dec
7% Dec
3 Dec
8
14 May
11 Dec
12 Oct
28j Dec
34 Dec
81 Dec
2014 Dec
173 Oct
2
Ili Dec
814 Apr
DI Dee
24 Apr
218 Dec
812 Dee
7 Dec
8
33 Dec
4
1214 Dec
1314 Dec
14 Deo
12 Dec
4414 Oct
38% Dec
11 Dec
2213 Dee
8014 Dec
8 Dec
219 Dec
5018 Dec
55 Dec
4911 Dec
9314 Dec
88 Dec
814 Dec
218 1)er
7% Dec
9 Dee
75) Oct
20 Dec
78 Dec
1 Dec
214 Dec
1714 Dec
13 Oct
4
1412 Oct
5 Oct
8
134 Oct
15 Oct
35 Dec
154 Dec
3814 Dec
23 Dee
7% Dee
48 Dec
814 Dec
3 Dec
1512 Dee
6 Dec
12 Dec
38 Dec
83 Dec
4
Mar
6114 Aug
4114 Mar
122 Mar
284 Feb
712 Apr
276 Apr
3114 Mar
52% Mar
12 Feb
674 Feb
3712 Mar
1063 Aug
4
314 Jan
318 Feb
95) Apr
52 Apr
4112 Apr
5712 Aug
4 Feb
3718 Mar
20% Mar
10 Mar
13 Jan !
4
3012 Mar
1212 Feb
90 Feb
50 Mar
*
128 Apr
8
773 Feb
1034 Mar
15% Mar
8812 July
3614 Feb
2038 Mar
Ma Mar
255)740*
47 Apr
1528 Feb
8
150 Mar
717a Mar
31 Feb
2 Feb
28 - Feb
7634 Mar
314 Feb
17 Feb
7134 Jan
109 May
7138 Feb
2778 Feb
15 Feb
27% Mar
858 Jan
57% Jan
20 8 Feb
3
4012 Jan
75) Feb
4632 Feb
8
497 Feb
82 Feb
6 Feb
2814 Mar
5718 Feb
1504 Feb
3618 Feb
4
1073 Feb
11912 Feb
28 Feb
3614 Jan
10514 Apr
112 Mar
103 Mar
120 Feb
113101112
4412 Feb
8
127 Mar
40 Mar
2014 July
2614 Jan
41714 Mar
5 Apr
4
103 Apr
938 Mar
30 Mar
8 Mar
5814Mal
4 Feb
103 Feb
4
5134 Jan
723 Aug
4
10678 Fe.)
95 Mar
8353 Mar
27 Feb
803 Mar
8
30 Jan
1518 Mar
76 Mar
29 Feb
78 Feb
514 Feb
14 June.
Lowest
$ per share $
414 Dec
37 Dec
8
245 Dec
8
51 Dec
1% Dec
1114 Dec
12 Dec
83 Oct
8
78 Dec
1411 Dec
2% Dec
20% Oct
97 Nov
30 Dec
161 Dee
3 D
1
: ee
On
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
3415
J(Jn. 1 1909 the &scheme method of gaoling bonds was changed and prices are now
"and interear-excepl for Ozanne and defaulted snouts.
r. •
::„BONDS.
V.3
Price
1 Week'st,"_,
Range
BONDS
Weer,
V. C
4
Price
Range
N. Y. STOCK EXCHANGE ,,....,
Range or
Pridag
aZ
Since
N. T, STOCK EXCHANGE i
Friday
0o
Range o
,
Week Ended May 6.
4
::o: May 6.
Mae
,
Last Sale.
Jan. 1.
,,
1
Week Ended May 6.
....67; May 6.
Last Sale
,,
';:
"
Jan. 1.
U. S. Government.
Bid
Ask Low
High No. Low
High
Bid
Ask Low
High No Low
First Liberty LoanHigh
Cundinamarea (Dept) Colombia
34% of 193247
1 D 100112, Sale 1003
., 1012,, 1955 9411,, 10112,
External a t 634e
1959 MN
7
94 6
/
1
Cony 4% of 1932-47
51 17
/
4
75
8 24
1 1) 101.2,101 110 101
3 96344 100s. Czechoslovakia (Repot)85_1951 A 0 8812 Sale
101
897
8
Cony 434% of 1932-47
85 100
9032 10
J D 191 170 Sale 100112,101w,, 1364 9711n 102122
Sinking fund 85 aer 8_1952 A 0 __ _ 8812
2/1 cony 414% of 1932-47_ _ 1 0
8514 1001,
2
89
1011.22Sep'31 .___ ____ ____ Denmark 20
-year exti6e____1942
i5i4 Sale 73
Fourth Liberty Loan79
36
701 87
4
External gold 514s
1955 E A 68 Sale
44% of 1933-38
62
08918 24
85 4
1
A 0 10211 Sale 101102,1021. 5308 981
/
4
,
0
External g 4 3.45__Apr 15 1962 A 0 GO Sale 67
.n
/
421021
Treasury 434.
a5712
GO
5518 71
110
1947-1952 A 0 105.0 Sale 104112 10610 634 981 0 10611,, Deutsche Bk Am part
.
,
ctf 60_1932 M S 6612 Sale 6512
Treasury 45
99
67
571 7512
/
4
1944-1954.3 0 10211,, Sale 101110 10310 1230 94 103112, Dominican Rep
Cost Ad 5148 '42 51 8 40
Treasury 334,
____ 3812
10
40
38
554
1946-1956 M 8 10010 Sale 9911,, 1012,, 1051 891.22101 1142
0
2d series ef 548
.1942 M S --------50 Feb'32 ____
Treasury 3328
35
50
1943-1947 1 D 98110 Sale
838
1st aer 534e 01 1926
90
1940 A 0 3314 40
33
Treasury aa_ -Sept 15 1951-1955 M ii 9314,, sale 96110 9402 1460 67100 99112,
4
33
65
50
9112,,
,
26 aeries sink fund 5348_ _ _1940 A 0 33
82.22
34
33
1 2088t117 Ms June 15 1940-1943.3 1) 9822,, Sale 062., 99 1099 87110951.22
.
2
33
44
32
991
.22 Dresden (City) external 71_1945 51 N
3312 37
357
8
357
8
Treasury 33211
2
242 45
,
1941-1943 M 8 9814,, Sale 96222 981.22 2182 8810 991.22 Dutch East Indies 23281
,
Go_ ..1947.3 J 857 Sale 8512
8
89
Treasury 841-June 113 1946-1919 1 D
25 a81
92
0
943 Sale 92110 961.0 1617 83
96w2,
40
-year external (iii
1962 M 8 81 Sale 8014
833
4 28
7718 89
80
-year ext 545____Mar 1953 M 8 75
80
Stets and City Securitle...
8114 Apr'32 ___76 087
30
-year ext 51411----No, 1253 M N 75
N Y C 348 Corp stk_Nov1954 NI N
82
7913
2
.
80
75
8712
92 Nov'30 ____ ---- ---- El Salvador (Republic) 8s...1948.3 1 184 23
/
1
22
345
2312 15
21
61
1955 51 N ---923 Anr.31 __
4
-___ ____ Estonia (Republic of) 7a____1967 1 1 3612 Sale 3614
41 registered
38
17
1936 NI N - --- :-...824 5924
/
1
10012 APr'31 ____ ---- --__ Finland (Republic) Intl 68__1945 M 5 49 Sale 4812
421 registered
24
50
421e 567
195536 N - -_-8
9912 July'31 ___ ---- --External sinking fund 76_1950 31 S 533 Sale 5334
4
4% corporate stock
5413 14
4318 597
8
1057 M N : _
____
102 l'ilay'31 ___
External sink fund 63,4a..1956 M 5 46
434% corporate stock
49
48
49
6
421 56
/
4
1957 M N
-0812 Dee'31
---- ---External sink fund 5)45_ _1958 F A 4714 Sale 46
434% corporate 'took _
4913 36
354 52
1957 M N -_-_-- -- _ 109 May'31 ____ ---- __-_ Finnish Mun Loan 614s A..1954 A 0
____ 487 44
8
4% corporate stock
44
1
44
541
/
4
1958 M N _
10012 Apr'31 ____ ---- ____
External 614s whit, 13____1954 A
49
4% corporate stock
Apr'32 ____
41
1959 M N _ -_
541e
10912 sep3.34 __ ___ ____ Frankfort (City 01)81848-1953 51 0 20_ Sale 50
N
19
2038 25
434% corporate stock _
183 80
8
1960 M 8
-991 per,•31 ____ ____ ____ French Republic extl 734e-1941 1 D 12212
Sale 1193
4
1231, 359 1105 12312
434% corporate stock _
8
1963 PA 8
.... 10614 Dec 30 ____ --.- External 7a of 1924
.
1949.3 D 1173 Sale 11614
8
11734 169 51087 118
43.4% corporate stock _ _ --1965 1 D
,
:: 1105 10512 Dec'30
8
New York State 434e
1963 M 5
_ 112
Jan'31 ____ --.... ____ German Government Interimtional 35-yr 534e of 1930..1965 J D 3434 Sale 3214
Foreign Govt. A Municipals.
3514 890
272 442
4
8
German Republic extl 76_ _ _ _1949 A 0 57 Sale a5512
M(210 Mtge Bank 6 f 622
59
408 a55
854
1
1947 F A 3114 Sale 3114
22
83
German Prov & Communal I3k8
29
33
Sinking fund 66 A __A pr 161948 A 0
3118 34
83
23
(Cons Agile Loan) 614e_ -A958 J D
325
325
8 22
8
17 Sale 16
Akershus (Dept) eat 522
19
49
16
1331g
1963 M N 555 Sale 51
8
Gras (Municipality )812
e
497 63
555
8 49
1954 MN ---, 381 3712
Antiouula (Dept) col 78 .4...__1945 1 1
/
4
40
4
281 60
/
4
512 Sale
1612 Gt Brit & Ire(U K of) 5340_1937 F A 1013 Sale 10013
512 14
5
5
4
External o f 7a aer B
10212 533 08913 10213
1945.3 1
5
7
51,
7
8
512 157
8
Reglatered
F A --------100
External a f 78 sec C
Apr 32 ____
100 100
1946.3 1
5
10
•4% fund loan f opt 1960_1990 M N •7214 725 07214
15
5
512 Apr'32 ____
8
07214 10 sa513 •a767
External 8 I 72 ser D
2
1945.3 1
5
67
8 5
512
2
5
15
•5% War Loan C opt 1929_1947 J I)*0753 Sale 74
8
External 8 f 7i2 let eer
a75 8 47 •a653
3
4•a77
1957 A 0
512 7
7
614
512
512 1212 Greater Prague (City) 745_1952 M N __ 87
87
89
External sec e 1 75 26 ger 1957 A 0
6
79
981,
512 7
512
512
1
512 143 Greek Governments t eer 78_1964 M N
4
27 Sale 223
4
23
7
17
634
/
1
External see a t 75 3(1 ser_1957 A 0
512 8
14
6
6
Sinking fund sec 6e
1968 F A
15 Sale 15
1614
Antwerp (City) external 52 .1958.3 D 6712 6012 68 Apr'32 __ H a65 r77
11
15
48
69
Haiti (Republic) a t 62
1952 A 0 58 Sale 58
5912
Argentine Govt Pub Wks Os. 1960 A 0 463 Sale a465
3
58
6612
66
4
65
8
5013 33
Hamburg (State) 65
1948 A 0 18
237 1818
8
2014 11
Argentine Nation (Govt of)1818 86
Heidelberg(Germany)extl 7148'50 J .1 2514 2934 2814
Sink funds 68 of June 1926-1959.3 D 465
2712 86
/
4
4514 671 Ileiaingtors (City) ext 834e....1960 A 0 443 sale 4318 Apr'32 ____
8 Sale
4912 47
8
437
12
84
Exti 8 f 6e of Oct 1925_1959 A 0 475 Sale 4514
52
8
45
87
Hungarian Munic Loan 734s 1945 J .1
5058 58
4614
163 175 155
4
8
8
173
4 41
15
Extl a f 64 Berle,' A
2518
1957136 5 463 Sale 45
4
50
4418 68
54
External a 1 75......Sept 1 1946 .1 1
163 Sale 1513
4
17
22
14
25
External tia series 13_ _Deo 1958 .1 0 46
4812 45
67
491g
45
11
Hungarian Land M Inet 7345 '61 M N
18
21
17
20
12
Exti 5 1 138 of May 1926_1960 M N
17
80
4812 Salo I 47
491 20
/
4
1
443 67
Sinking fund 74/26er B_ ..1961 M N
183 Sale 143
4
4
19
22
1414 31
External 516,(State 117).1960 M 9 463 Sale 46
4
67
45
5131 25
Hungary (Kingd of) o f 7 46.1944 F A ____ 3114 273
8
32
Eat! On Sanitary Works _ ..1961IF A
18
271 55
/
4
46
4912 22
481z 4518
67
44
Blab Free State extle t 512___1960 M N 73
75
74
74
1 a89
Exti Os pub wks May'27).1961 M N
76
4658 Sale 4658
50
47
454 67
/
1
Italy (Kingdom of) extl 713_1951 1 D 833 Sale 82
8
883 257 082
4
Public, Worka extl 53.4,...1962 1 A 405 Sale 4014
91's
1
8
44
/ 47
1
4
598 Italian Cred Consortium is A '37 M 8 861 88
4
3
9
/
4
90 Apr'32 _-__
Argentine Treasury 522
82 100
.
_1945 m 5 5912 60 60
60
1
5412 67
External sec a f 7e see B___1947 M 8 77 Sale 77
79
18
Australia 30-yr 5a___July15 1955 1 1 563 Salo 54
7012 83
.C_8
585 154
8
4612 617 Italian Public Utility extl 78_1952 .1 J 72 Sale 7112
8
77
204
60 8 77
1
External 5f3 of 1927_ _Sept 1957 51 S 5712 Sale 5312
5914 151
4613 615 Japanese Gov 30-yr 5 t 6422_1951 F A 613 Sale 6513
8
/
1
4
68
/ 185
1
4
6512 84
External g 4345 of 1928
1958,M N
5312 Sale 51
5412 97
41
56
Extl sinking fund 53411---1265 M N 58 Sale 553
8
58
Austrian (Govt) 5 1 7a
127
554 731
/
1
/
4
19431 1 1) 79 Sale 077
8614 128 077
98
Jugoslavia (State Mtge Bank)
Internal a 1 7,
1957 J 1 20 Sale 28
57
34
28
55
Secured a 1 g 75
1957 A 0 32 Sale 32
35
26
31
43
Leipzig (Germany)a 1 7s_. 1947 F A
221 277 213 Apr'32 ____
/
4
8
Bavaria (Free State) 6148___1945 E A
4
213 35
4
28
40
30
33
27
27 r43
Lower Austria (Prov) 734..1950J D 39
93
38
Belgium 25-yr extl 834s
38
1
33
50
194936 5 8912 Sale 8913
91
81
83
95
Lyon* (City of) 15
-Year 61.-1934 MN 10414 Sale 10314
External 5 t 6s
1043
8 44
93 1041s
/
1
4
1955 1 .1 85 Sale 84
85
118
80
8912
External 30-years I 7s_ _1955 1 1) 94 Sale 94
963 265
8
913
4a101
Marseilles(CRY of) 15-yr 61_1934 11.1 N 10414 Sale a10314 104 8 40
3
98 1043
/
1
4
2
Stabilization loan 78
1956 51 N 95 Sale 94
963 150
4
912 10114 Medellin (Colombia)64e___1954 1 D
4
9
/ 13
1
4
938
Bergen (Norway)1214 48
93 1812
8
Mexican Brig Aestng 4 48_ _1943 MN ____ ____
2 Eeb'T. ____
/
1
4
ExtlaInk funds 5a_ _Oct 15 1949 A 0 55
24 1114
63
57 Apr'32
58
83
Mexico (US) call 50 of 1895 Z '45 Q J --------26 Apr'30 ____ ---- - -External sink fund 5a _ _ _1960 51 5 54
75
54
48
i
553
4
Amenting te of 1899
1945 ____
2
4
412 Apr'32 ____
Berlin (Germany)if 654e __ _1950 A 0 18 Sale 54
318 5
18
24
18
18
3178
Assenting 522 large
312 10
5 Nlar'32 ____
External a 1 6s ..Jun 15 1958 J D
5
5
Sale 1732
1814
'201 51
/
4
17
/ 287
1
4
8
Assenting 45 of 1904
24 4
2 Apr'32 ____
110801,(City) extle f 8s_ ___1945 A 0 11
/
1
4
14 23
4
12
1154 ,
117
3 18
812 a22
Assenting 4s of 1910
3
10
314 Apr'32 _
Bolivia (Republic of) exti 88_1947 M N
212 Ca,
5 Sale
5
514 28
5
10
Assenting 42 of 1910 large
____ ---3 Apr'32 ____
External secured 7e (flat)_1958 J 1
3
5
3
4
312
4
2
3'2 81/
Assenting 4e of 1910 small ___ _ ____
/ 21
4
4
11 _--- 3 Apr 32 ___
.
External 51 7a (flat)
3
118
1969 M 13
3
4
33
4
9
3
818
Trees 6e 01'13 assent(large)'33 J J --------6 Dec'31 ____
Bordeaux (City of) 15-yr (4_1934 51 N 10414 Sale
____ _ _
a103141 1043
8 52
983 10E4
4
Small
/
1
- 5 Apr'32 ____
33
4
5
Milan (City, Italy) extl 64s 1952 A 0 63 Sale 63
Brazil(U 8 of) external Ss_ __1941 J 0
765
73
62
797
2
18
2018 26
18
3118 Minas Genies (State) Brazil
External a 163411 of 1926_1957 A 0 15 Sale 16
16
113 a14 72512
External a f13348
1958 M 8
914 13
External 13 1134s of 1927 _1957 A 0 1434 Sale a14
83
4
9
5
8
11312
a14
154 58 a14
/
1
253
8
Eat) sec 63.411 series A-_1959 M 5
To (Central Ry)
918 1013 9
813 17
5
912
1952 J I) 13 sale 13
16
11
1218 25
Montevldeo (City of) 7s___.1952 J D
13 Sale 13
7145 (coffee oecur) I(fiat).1952 A 0 75
14
3
13
2814
80
76
76
1
8512 86
External s f 65 series A.
..1959 51 N --------934
Bremen (State of) extl 7a
15
7
912 25
1935 51 5 38 Sale 367
8
39
147
297 4312 Netherland/ (38 (flat prices)_ _1972 M 13 ____ ____ 10014 Mar'32 ___
8
13riebane (City) e the
1001 10514
/
4
1957 M 8 38
45
38
40
3311 48:4 New So Wales (State) extl 52 1957 F A
17
Sinking fund gold 58
483 Sale 4314
8
5014 85
3012 56
1958 F A 40
44
39
48
32
27
484
External i 1 542
20-year a f 118
Apr 1958 A 0 a48 Sale 43
77
50
297 .56
2
1950.3 0
8
4614
47
9
37
5712 Norway 20
-year en!65
Budapest (City) ext1 if 65.1962 1 D 467 50
1943 F A 7512 Sale 7514
84
78
70
71
17 Sale 14
1714 93
14
2618
29
-year external 85
Buenos Aires (City)6462 B 1955.3 J
1944 F A 753 Sale 7414
8
7612 70
7118 8412
4314 Sale 4012
45
24
4014 5812
30-year external 68
External e t 65 se. C-2_ __ _1980 A 0
74
75
1952 A 0 74
754 24
/
1
70
84
3618
1
36
50
40
-year 8 f 54e
External,10,ser C-3 _ ...._1960 A 0 35___ 3618
1965 J D 7218 Sale 06914
725
8 46
6414 79
35 93
3518
365
8
6
351s 55
Buenos Atm (Prey) extl 66.1961 M
External 13 I 5a__ _Mar 15 1963 M 8 705 Sale 70
8
/
4
6314 7614
711 5S
33 2518 Sale 24
25
75
24
3714
Municipal Bank extl of 55_1967 J D 70 Sale 68
Hal 4 1 6344
70
13
593g 703
4
1961 F A 2418 Salo 2314
244 39
/
1
2314 37
Bulgaria (Kingdom)if 71Municipal Bank extl a f 522_1070 J I) _- 80
73
Apr'32 _-__
643 73
4
1967
1112
15
24
1112 34
Nuremburg (City) Intl 6s__1952 F A
20
(HAMM 11 1 7141---Nov 15 1968 1 -1 a1412 Sale 1113
22
Apr'32 __
20
18
SIN
3112
Sale a1412
17
17 al412 1112 Oriental Devel guar Os
5412 Sale 5218
5412 72
1953 M 13
511 72
/
4
Exti deb 510
Caidas Dept of
1958 NI N 5018 Sale 4912
52
4812 684
264
(Colombla)7 4846 J J
/
1
103
8
9
0
2014 Oslo(City) 30-year 61(35
Canada (Dom'n of) 30-yr 45_1960 A 0 1014 Sale 10
4
1955 M N 663 Sale 663
4
67
9
75
60
4
a773 Sale 0773
4
4 52
783
71
81
58
1952 M N 95 Sale 94
9512 166
87
964 Panama (Rep) e211 545.
/
1
4 4a
1953 J D 93 Sale 93
971
88
10
93
1936 F A
9514 Sale 03 8
7
9514 85
88
9518
Exit a t 56 ear A May
Carlsbad (City) s 1 8e
1963141 N 53 Sale 52
53
13
45
6412
1954 1 J
Sale
76
1
7112 90
Pernambuco (State of) extl 78 '47 M 8
Cauca Val (Dept) Colom 734646 A 0 76 sale 76 A
57
81a
Is
57
12
3 94
8
12
1212 24
12
19
/ Peru (Rep of) external 712_1959 M S
1
4
Central Agric Bank (Germany)512 Sale
513
613 10
512 1418
I
11.4.
Nat Loan extl a 1 &slat per 1960.3 D
Farm Loan.f is-.Sept 15 1050 M 8 2712 Sale 261
3 Sale
3
4
33
3
73
4
/
41
2912 32
2612 47 8
7
Nat loan esti a 11 66 2d ser_1961 A 0
Farm Loan s f lio_ _July 15 1960.3 J
3 I r.„4
3
4
18
3
7
/
1
4
2412 Sale
261
4111 Poland (Rep of) gold tis_ _1940 A 0 5412 Sale 497
: 91
24
Farm Loan 51 68__Oet 15 1060 A 0 2414 Sale 24 4
8
55
40
48
601
/
4
2314 1
279 152
2314 4214
Stabilization loan if 75._1947 A 0 46 Sale 4514
Farm Loan Os ser A Apr 15 1938 A 0 2612 Sale 26
4912 176
4534 5812
4
293 63
26 743
External oink fund g 88.„1950 J J 5014 Sale 4912
Chile(Rep)-Eit if 78
55
48
79
64
1942 MN
812 912 8 II
8
8
8
19
Porto Alegre (City of) 88- _1961 J D
External sinking fund 65 1960 A 0
107
84116
10
10
5
10
6 Sale
18
512
71 18
512 15
Extl guar /ink fund 7348_1966 J .1
External oinking fund (is 1961 F A
7 Sale
612
7
8
814 Sale
64 11'2
538
612 24
5-3* 143 Prussia (Free State) extl 6 14/3 '51 NI 5 23 Sale 2212
4
Ry ref ext1 51 Os
2514 30
22
85
1941 .1 „I
814 9
532
612 33
534 15
External a !Os
Eat' oinking fund 65
1952 A 0 22 Sale 21
2412 43
204 831
/
1
1961 M S
4
63 Sale
8
612
12
0
612 1514 Queensland (State) ext1 i f 7s 1941 A 0 69 Sale
Extl sinking fund 66
655
s
70
20
604 88
/
1
1962 51 8
514 613 67s
67
s 20
6
1412
25
-year external 65
Ext1 sinking fund ile
1947 F A 691 Sale 553
8
5814 29
47
69
1963 M N
51 6
/
4
51g 2: 53
4 10
518 1412
Chile Mtge Ilk 6 halune 30 1957 J D
538 Sale
53
8
712
8
538 20
RhIne-Main-Danube Ta A
1050 NI 5 34 Sale 34
8 f 646 of 12 6-June 30 1961 J D 253 Sale 25
34
2
1
8012 55
4
2618 65
19 732
Rio Grande do Sul extl 51 86_1946 A 0 1014 Sale 10
Guar 5 f (is
1012 16
10
Apr 30 1061 A 0
21
6
7
6
741 12
6
1512
External /Inking fund (92._1968 J D
712 Sale
71
/
4
Guar 51 (is
73
4 17
1962 M N
6
/ 1114
1
4
918 Sale
814
912 22
8
1534
External a 1 76 Of 1926____1966 M N
6
97
8 7
Chilean Con/ Muni., 721
8
22
67 1414
s
1960 M 5
53 Sale
4
534
7
12
5
/ 13
1
4
External s f 76 mimic loan_1967 J D
818710
818
Chinese (Ilukuimg Ry)5....1951 .1 D
812
4
8's 18
7
12
3 Apr32 ____
7
13
1110 de Janeiro 25-year 6 I 86_1948 A 0 1014 Sale 10
Christiania (Oslo) 20-yr 2 16s '54 M 13 71 Salo 71
12%
7
812 18
71
1
71
75
External 5 161422
1953 F A
614 Salo
6
1111 612 27
6
122
4
Rome (City) eat'645
1952 A 0 643 Sale 6314
4
6314 714
80
69
Cologne(City)Germany 6481950 M 8 73114 Sale 31
3212 17
2212 73813 Rotterdam (City) ext.! 6e. _1964 M N a91 Sale 91
Colombia (RepublIc) 6s,,...19431 1 J
843 94
4
83
93
17 Sale 13 8
7
18
63
1378 30
Roumania (Monopolies) 78_1959 F A 35 Sale 35
3614 37
35
External 8 f 68 of 1928_ __ _1961 A 0 17 Sale 1312
58
18
75
1313 30
Bfutrbrueeken (City) 621
1953 J 1 60
7012 55
Apr'32 __
40
Colombia Mtge Bank 6346 of 1947 A 0 21 Sale 20
60
231
11
1811 2712 Sao Paulo (City),t 8a__Mar 1952 SIN
11
12
12
r1413
3
11
23
Sinking fund 7,01 1926-1946 MN
2112 Sale 2018
22. 13
18
27
Externals f 63,4. of 1927 1957 MN
1118
1014 12
111N
1
1018 ,17
Sinking fund is of 1927_1947 F A
22 Salo 21
22
11
18
2812 Ban Paulo (State) exti e f 52.1938.3 J 3014 33
31
36
8
31
50
Copenhagen (City) .Si
1952.3 I) 64
66 66
661
4
5512 714
External sec, 1 86
1950.3 J 71413 Bale 13
13
2
13
25
25-yr g 4 348
6112 5912
1053 M N 59
6012 40
50
67
External a f 723 Water 1:13.19513 M 5 10
12
10
12
3
10
18
17
Cordoba (City) sit] 3 f 75-1957 F A
22
1812
2012
3
1812 34
External 51 Os
4
1968 J J
83 Sale
814
87
8 22
8
17
External e 1 75- _Noy 15 1037 M N
36 Sale 36
371
82
8
46
Secured s f 78
1940 A 0 57 Sale 57
59
34
46
6414
Cordoba (Prov) Argentina 7s '42 .1 -I
36 Sale 36
3614 21
3014 42
Banta Fe (Prey Arg Rev) 71_1942 NI 5 3812 Sale 3614
40
13
811 44.612
4
Costa Rica (Repub)621176_1951 51 N
36 Sale 34
36 a 46
25 3 745
5
Saxon Pub Wks(Germany) 7s'45 F A
233 Sale 23
4
251 81
/
4
224 844
/
1
Cuba (Republic)58 of 1904_1944 M 13 89 Sale 89
89 18 33
78 r96
/
1
4
Gen ref guar 6345
1951 M N
18 Sale 16
21
37
18
83
External 52011914 ear A..1949 F A _ _ ._ 891 90
/
4
91
15
84
9218 Saxon State Mtge Inat 721_1945 J D 39 Sale 3812
39
30
84 4 48
1
External loan 43,4s ser C__1949 F A 65
60
711 12
6313
52
74
Sinking fund g 834s__Dec 1946.3 D ---- 35
37
37
/
1
4
6
2111 424
/
1
Bluldrur fund 544a Jan 15 1953 .1 J 71 Sale 7314
7478 42
711
80
Serbs Croats A Slovene, 88-1962 M N 38 Sale 3512
.
39
61
80
50
8
373 102
4
Public wks 53.4s June 30 19451.3 D 3713 Sale 365
88
40 4
3
External WO 78 eer B_-1962 M N 34 Sale 3112
3513 192
27
47
r Cash sale. • It the exchange ate of 54.8665 to the Z sterling. a Deferred delivery.
r
g -7.,
sale
15
714 578
71e
4
New York Bond Record—Continued—Page
3416
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 6.
Zt
Bid
Foreign Govt. &Municipals.
4
313
1958
Silesia (Prov of) exti 7a
F )
1
1t
Sileetan Landowners Algal 68_1947 MN 20
Solssons (City of)(fit! Ss _ __ _1936 FA 10418
Styria (Prov) external 78___ _1946 MN ____
Sweden external loan 5141..1954 * 0 a77
Switzerland Govt exti 510_ _1946 FA 104
35
1955
Sydney (City) at 544
.1
Taiwan Elea Pow a f 51-48_ _ 1971 MS
Tokyo City 58 loan of 1912_1952 A0
External s f 5148 guar_ _ 1961 MN
Tolima (Dept of) teal 71_ __ _1947 MN
Trondhlem (City) let 5148_1957 3D
Upper Austria (Prov) 7e___ _1945 J D
External s f 6 lin_June 15 1957
FA
Uruguay (Republic) ext1 88_1946 MN
1960
External at 68
N
May 1 1964
at
Fitts 65
Venetian Prov Mtge Bank 78 '52 AO
MN
Vienna (City of) extl at 1314._1952 FA
Warsaw (City) external 7s__1958 J O
Yokohama (City) en] 85_1981
I;•
Week's
,
=MI
Range or
c%
Lail Said.
Price
Friday
May 6.
Ask
Sale
Sale
Sale
35
Sale
Sale
42
Low
8
307
17
1023
4
35
77
103
3812
,
48 8 Sale
36 Sale
51 Sale
412 10
40
2718
27
8512
48
31
54
Sale
Sale
Sale
92
Sale
Sale
Sale
Range
Since
/an. 1.
High
High No. Low
8
307 47
85
37
17
28
1912 13
97 1041s
104181 12
28% 42
3
35
92
75
8
807 106
34 101 105
105
34
50
21
40
58
50
48
9
36 14
36
27
51
48
3
9Is
918
2
45
45
Apr'32
34
2418 Apr'32
2
40
40
3812
174
28
,
27 4 149
2614
1
88
88
148
55
48
35
153
28
5414 23
5112
48
35
4712
9
4114
2814
23
alb
2312
24
8012
47
28
5112
6784
4512
70
18
58
41
3812
50
3514
8
347
9112
643
4
4514
75
2
!Claws
;
Week's
•
gv.
Since
Range or
Ian. 1.
Lain Sale.
co53
— —
Hilt
Bid
.1sk Low • High No. Low
84
79
3
8
Chic Burl & Q—III DI,3145_1949 33 82 Sale 811 828 10
J
91
Jan'31
Registered
86
894
3
89
1949 J J 89 Sale 89
48
Illinois Division
8
81
883
8614 70
1958 MS 85 Sale 8512
General 48
,
41
81 8 8814
83
1977 F A 8212 8314 82
let ref 414s ear 13
91 14 9912
9312 18
1971 FA 9212 Sale 9114
1st & ref 5s scrim A
7012
50
Chicago & East Ill let 68_ _ 1934 A0 5012 60
5014 Apr'32
8
17
1214 Sale 10 8
,
1212 153
C A E Ill Ry (new co) gen 58_1951 MN
80
87
8212 Mar'321_-- 1982 MN
Chic & Erie let gold 58
4
39141 89
4
4
333 563
Chicago Great West let 48_ _1959 MS 3712 Sale 333
60
5
46
46 I
Chic Ind & LOUIS," ref 8e.....1947 33 46 Sale 46
50
46
46
Apr'32,____
1917 J J 411s 46
Refunding gold 54
35
91
1947 J
Apr'31...._
Refunding 45 series C
N
247k 42
28
1966
Apr'32,____
let A gen 55 aeries A
.1
28
40
28
30
Apr'32,
let & gen 65 ear B_ __May 1966
80
80 Mar'32,..___
SO
1956 J J -.-. 70
Chic Ind & Sou 50-yr 4a
93 Dec'31 I__
93
Chic L BA East 1st 4146_ _..1969 3D 85
.1 54
5711
58
6212, 23
58
Ch M & St P gen 4e A_May 1989
J
58
55
51
Apr'321_
__May 1989
Gen g 334s ear
72
4
62
8
66 I
Gen 4148 series C___May 1989 J J 6018 633 66
5812 7112
65
1
65
65
series E___May 1989 33 60
Gen 4148
73
_
59
68 Apr'32
Gen 414e aeries F___May 1989 33
42
25 I 436
20
1975 FA 24 Sale 20
Chic Milw St P & Pac 5a
4
478 Sale
4
53 523
4,2 118
412
Jan 1 2000 A0
Cony adj St
48
81
Apr'32
49
51
Chic & No West gen g 3145_ _1987 MN 44
Q F
7912 Mar'31
Registered
4
643 70
-3
1987 MN -_-_-_-_ 14; 5484 Apr'32
General 45
70
55
1
55
Stpci 48 non-p Fed Inc tax '87 MN 5014 5418 55
72
1
60
67
60
60
Gen 41is stpd Fed Inc tax.1987 MN 60
83
65
,
67 8 72 Apr'32
Gen 5e stpd Fed Inc tax_ _1987 MN 66
85
62
65
65 Apr'32
1933 MN 55
Sinking fund deb td
MN
60
75
72 Feb'32
Regletered
,
66 8 87
4
683 67
67
14
07
15-year secured g 614s ___1936 M
2918 57
4
33
2918
May 2037 3D
1st ref g 58
D 2813 Sale 28
2
2512 46
2812
May 2037
let & ref 4148
2018 46
16
,
32
& ref 41455er CMay 2037 JD 32 Sale 28 3
10
39
574
14 Sale 10
15
1949 MN
Cony 4148 series A
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 6.
ct
Price
Friday
May G.
Railroad
J
3
Ala GS Sou let C01111 A 5e____1943 J O 79 - -- 05 Sept'31
4
833
78
8012 Feb'32
83
1943
let cons 4e aer B
6712 7014
7014 Feb'32
let guar 3145_1946 * 0
Alb & Sum
71
71
AO
Feb'32
71
1998
Alleg & West let g gu 4s
89
a85
8
go" 147- 89 Feb'32
Alleg Val gen guar g 4a___ _1942 M
1914 26
5
20
25
1914
17
Ann Arbor let g 45_ ___July 1995 Q J
8112 91
AO 85 Sale 837
8512 350
8
Atch Top & S Fe—Gen g 41_1995
4
813 8612
AO
8312 Apr'32
Registered
72
8412
4
79
72
___ 78
Adjustment gold 411__July 1995 Nov
7912 10
85
74
July 1996 MN -7912 Sale 74
Stamped
80
MN
80 Mar'32
80
Registered
84
3 a70
70
70
70
Cony gold 4s of 1909____1955 ▪ D
6614 8314
5
70
8
1955 3D 6614 717 6614
Cony 48 of 1905
7412
74
3D
Jan'32
8
817 74
Cony g 4e learnt of 1910_1960
12
6212 65
64
6212
Chic R I & P Railway gen 48 1988 J
77 a94
8212 245
1948 ▪ D 80 Sale 7814
Cony deb 4145
.t
_
71 Nov'31
82
Registered
79
• J
2
79
79
79
1965
Rocky Mtn Div let 4s
36
129
8
1934 A 0 333 Sale 30
8018 89
Refunding gold 48
J J 80
Feb'32
82
86
Trans-Con Short I. let 45_1958
A0
9614 Apr'31
,
92,
86
Registered
S 8518 8912 88 Apr'32
Cal-Aria 1st & ref 4148 A.1962
34
27
1952 Si S 28 Sale 28
_
Secured 414a eerie. A
10312 Feb'31
All Knoxv A Nor let g 58_ .1946 J o
4
143 Sale 12
4
183 176
781, - 1960 M N
85
Cony g 414e
J J
8014 Apr'32
82
Atl & Chart AL lat 414e A...1944 ▪ j
Apr'32
72
90
Cl, St Len NO 5e_June 15 1951 3D 6012 81
70
4
7514
4
743 70
70
1944
let 30-year 5a aeries B
3D
8
957 98 Sept'31
J
Registered
--_- 89 Mar'31
Atlantic City 1st cone 4s1951 MS
8518 May'31
75
645,
June 15 1931 3D 45
Gold 3148
19
72
All Coast Line let cons 48July '52 3D 72 Sale 71
7212 50 Mar'32
82
70
Memphis Div let g 4s_ __1951 Jo 50
8
687 70 Apr'32 _
1964
General unified 414s
1
,
99 8
,
99 s
4
65
43
Ch St LAP let cone g 5s-___1932 A0 993
50
11
L & N coil gold 4a____0c8 1952 MN 45 Sale 45
Feb'31
A0
101
35
18
2
Registered
2014
1812 2012 2014
1948 J J
All & Dan let g44
4
3714
35
36
30
1960 JO 33
Ch TH .4 So East 1st 5a
15
go go 58
J J _
2012 Apr'32
18
1948
2(148
2112 10
17
1714 29
Dee 1 1960 M
64 Sept'31
40
1949 AU
All & Yet, 1st guar 4e
22
94
92
93
Chic tin Stan let gu 410 A _1963 I J 91
104 Mar'31
Austin & N W let gu g 54_1941 J J
, 10012 21
,
1963 J J 99 8 Sale 99 8
let 55 series B
8
9614
66
1944 JO 9614 Sale 96
8612
4 55
723
Guaranteed g 58
Ohio let g 44- - -July 1948 AU 71 Sale 66
Salt &
81
10812 Sale 10812 10912 35
80
1963 J
let guar 61-44 series C
80 Mar'32
July 1948 Q J ____ 75
Registered
5
33 68 Sale 68
70
40
1952
87
Chic & West Ind rood.
194
48
1933 MS 47 Sale 40
-year cony 4345
20
8212 Oct'32
7112
28
1962 MS 6518 80
lat ref 5 AB series A
38
93
Refund & gen 5s series A.I995 3D 36 Sale 28
80 Dec'31
,
7312 96 8 Choc Okla & Gulf cone 5e__ _1952 SIN
A0 793 Sale 731
8112 17
•
4
let gold 58
July 1948
.1 90 Sale 90
7
90
793 CInItA D 2d gold 410
4
35
1937
55
47
Ref & gen Os series C____1995 3D 42 Sale 35
Apr'32
93
80
54
MN
C 1St LA C let g 48_ _Aug 2 1936 Q F
62
11
PLEA W Va Sys ref 4a__1941• j 5612 6512 54
Jan'32
Q F
85
5512 8212
Aug 2 1938
61
Registered
36
57 Sale 5512
1950
Southw Div let 5a
62
77 Mar'32
45
4612
Cin Lab A Nor let con gu 48_1942 MN
J 43
47
4612
Tol & Cii, Div let ref 45 A..1959
93
93
71
28
Cin Union Term let 4148 _ _ _ _2020 .1
39
60
28
37
33
Ref & gen Ea merles D___ _2000 M
90
99
2012 59
2020 3' 9718 Sale 97
let in 5s serlea B
283 444
4
8
257 Sale 2012
.1960 FA
Cony 4145
9814 Apr'31
88
70
3
Clearfield es Stab let
1 2 '3
3 7118 10112 70
5e_ _2949
'
72
10
Bangor & Aroostook let Se__1943 J
D 70
80
7014
7014
8
507 6612 Cleve Cin Cl,& St L gen 48_1993
6
53
53
5112 60
1951
Con ref 411
97 Nov'31
D
1993
Feb'31
General fas eerier] B
61
Battle Crk es Slur let gu 38_1989 JO
3
75
75
J
92's
91
J
Ref & impt 68 aer C
92 Mar'32
Beech Creek let gu g 4/3_ .._ _1936
62
17
5012
J
Ref & Rapt 58 aer D
Jan'30
100
1938 J
2d guar g 5a
ill
45
49
94
11r7
Ref & impt 4345 ser E1 731'3 551' Sale 43
*0
88 Mar'31
Beech Crk ext let g 310_1951
803
(4
,
80 8
'I 78
1939
Cairo Div let gold 4s
▪ J
Belvidere Del cons gu 310_1943 3D
61 Mar'32
75
50
1
;
-85 4 11
4
WA NI Div let g 4e_ _1991 J
.15 -g54 Jan'32
1944
Big Sandy let 4e guar
74 Mar'32
56
7814
MS 57 Sale 56
1990 MN 68
St L Div let coil tr g 4a
22
57%
Boston & Maine let 5a A C.1167 MN
75 Dec'31
55
77
Spr A Col Div let g 41 - -1940 St S 74
1-5712 20
5712 Sale 55
1955
let Si be series 2
6-608 - 3 9734 July'31
74
56
1940 J
W W Val Div let g 4s
1
56
,
1961 AO 54 4 5914 56
let g 4128 ser JJ
5113 75
5
59
Boston & N Y Air Line let 48 1955 P A 59 Salo 59
0014 Apr'32
102
19343
CCC&Igen COW] ga65
Oct'31
Brunt & West let gu g 48_1938 ▪ J 82_ 88
90 Apr'32
100
A
- 17- 90 Clev Lor & W con let g 5a 1933 3 0
MS 80 - 12 87 Apr'32
17
Buff Roch & Pitts gen g 5s_ _1937
01 Sept'31
J
61
40
Cleve!& Mahon Val g 5a__ _1938
N 40
43
41
43
1957
Consol 4148
3
61
83 4 Ci
mar let gU g 4 As
* 0 52
68
1935 M N ---- -- 9912 Oct'31
61
61
Burl C R A Nor let .1c coll 56_1934
4
Cleve & P gen gu 4144 ear 11_1942 A 0 9012 -- 013 Mar'28
97 klar'29
T
4
mj N
1942 A O 823
7618 893
4
*0
Series B 3145
4
,
76%
7612
Canada Sou cons gu 58 A _ _1962 M S 76 8 80
-. 98 Dec'30
8
723 8312
Series A 414e
8
80
4
Canadian Nat 4 48_Sept 15 1954 ii 793 Sale 78
8014 Dec'31
89
76
9012- 9
1194482
7318 8312
Berle. C 810
8
,
79 8 21
793 Sale 78
1957
-year gold 4144
30
8618 Apr'30
,
73 8
4
723 8214
Series D 31421
,
79 8 Sale 7714
,
79 8 47
1968 J
Gold 4345
_ 10112 Aug'31
79%
80
90
Gen 4145 eer A
J J
,
85 8 35
Re
Guaranteed g 58..„-July 1969 AO a8518 Sale 85
9961 rA AF
8018 00
8718 MaY'32 - Cleve Shor Line 1st gu 4148_195°77 A 0
8512 51
8514 Sale 8434
1969
Oct
Guaranteed g 5a
8614 11
8412
884 Cleve Union Term 1st 55411_ -1972 A 0 gi Sale 81
81
4
4
1970 FA 853 Sale 84
Guaranteed g 68
1973 A 0 78 Salo 75
80
16
85
75
lat a f 5a series II
8212 15
,
__June 15 1955 3D 8114 Sale 80 4
Guar gold 414e70
28
73
1st f guar 414a series C 1977 A 0 70 Sale 65
8314
FA
7912 49
7914 Sale 76
1958
Guar g 4148
____ 85 Apr'32
1945 J D 80
7512 8318 Coal River Ry 1st go 45
8012 47
Sept 1951 MS 80 Sale 7834
Guar g 414a
8012 10
92
I/012 Colo A South ref A ext 4148_1935 M N 78 Sale 78
8 60
ID
Sale 973
987
4
Canadian North deb a f 78_1940 3, 983e Sale 9814
45
56
45
50
11
,
91 8 102
Gent m4148 ser A
,
98 8 13
9812
1946
25
-year .1 deb 634a
4
A
1 89 A A
1 948 F O
1948 M N 7318 833 75 Feb'32
g
9 83 9334 Col & II V 1st ext4s4a
93
8
15 1935 FA 927 Sale 9214
10-yr gold 414a__Feb
75
80
Apr'32
80
5212 6914 Col & Tol let ext
211
58
J J 56 Sale 537
8
Canadian Pac Ry 4% deb stock.. MS
_
90 Dec'30
81
Conn & Passum Ely 1st 48_1943 A 0
6412 12 al34
6412 Sale 064
1946
Coil It 4144
35
50
50
Jan'32
88
70
Consol Ry non-cony deb 48 1951 3 J 604 12
823
8012
7712 82
1944 J
tie enuip tr etfa
45
4112 Apr'32
A J
1955 1 0 35
Non-cony deb 45
4 36 (16614 8314
673
3D
Dec 1 1954• j 6612 Sale 6614
Coll It g 5a
_ 44 Dec'31
35
8014
1955
62
Non-cony deb 48
6412 81
6312 Sale 62
1960
4148
Collateral trust
3 J
-14 45 Dec'31
21
1956 3 D 35 16
17
Non-cony deb 48
Apr'32
17
70
17
1949 J
Caro Cent let cons g 48
1712 Sale 17
90
1942
86
8 28
177
Cuba Nor Ry lat 5149
Apr'32
89
85
Caro Clinch & 0 lat 30-yr 5a _1938 3D
8
26
Cuba ER let 50-year 5e g__ _1952 3 J 24 Sale 233
94
17
72
J O
72 Apr'32
70
let A con g Se set A _Dec 15'52
8
35
367 31
35
let ref 7145 series A
16
Oct'31
75
80
1981 3D
Cart & Ad let gu g 4e
35
47
35
38
37
let lien & ref (36 ser 13
5
35
38 Apr'32
73
Branch U P let ir 44_ _1948
Cent
6814 r81
A 63
81 Mar'32
Central of CM let g 5a__Noy 1945 M
9368
1193 M DD
Del es Hudson let & ref 48_1943 jj N 77 Sale 7612
80
4212 55
37
4414 4414
1
N 30
4414
1945
Consol gold 55
A O
93
87
1935 M N 89
30-year cony be
1
25In 41
87
23
30 Mar'32
1959 AO
Ref & gen 5148 series I3
8712 Sale 8712
1937
15
90
-year 514s
38
18
18
2012 36
1959 * 0 19 Sale 18
Ref & gen 5a series C
90
D ER & Ltrithre 1st gu g 48_1936 F A
Oct'31
75
75 Sept'31
Div put money g 48_1951 3D
Chatt
1938 J J 38 Sale 34
1st cons g 4s_
Deo & R
41
96
3
' -_-_
9314 June'31 _
Mac & Nor Div let g 56_1946
42
19311 3 J 40 Sale 40
Consol gold 4144
39
'
10212 Nov'30
NIid Oa & All Div put m 55'47 J 3
Den & R 0 West gen (Se Aug 1955 F A 16 Sale 14
16
33
95 Sept'31
1948
Mobile Div 1st g 5s
28
"8012 Vi" Ref A inapt Meer 5_ _Apr 1978 A 0 23 Sale 20
23
.1
Apr'32
4
603
cent New Eng let gu 4a ___ _1961
2
25
8 Feb'32
19363
Des M & Ft D Mita 45
39
50
N "ig" 40
40 Apr'32
de Ilkg of Ga coil 55 1937
Cent RR
2
J J
2212 4
Feb'32
Certificates of deposit
98
75
J J 7812 Sale 7714
7812 14
Central of NJ gen gold 5.s.__1987
_ 99 Noy'30 ___ _
Dee Plalnee Val let gen 4148_1947 M 13 25
8712 r94
90 Mar'32
80
1987 Q J
Registered
34
24 Apr'32
76
Det & Mac let lien g 48
1955 J 13
76
76 Feb'32
90
1987 J J
General 48
25 Mar'32 ___ _
Gold 4e
35
85
124 068
A 472 Sale 70
75
1949 P
Cent Pac let ref gu g 4e
2
Detroit River Tunnel 434e 1995 M D ii/ 1 81
81
7818
961 ir N
7
FA
9614 July'31
Registered
_ 9812 Feb'32 __ __
Dul Mitioabe & Nor gen Is 1941 J J 98
69
10 -OF
AO
Sale
Through Short L let gu 49 1954• A 69 Sale 63
4
Dul A Iron Range let 5a... 1937 A 0 973 91112 9912 Apr'32
51 5614 79
58
5614
58
1960
Guaranteed g be
24
Apr'32
DUI Sou Shore &
1937 J J - . 24
g 5s
111 June'31
Charleston & Say'h 1st 7e_ _1938
4
973 July'31 __ _ _
East Ry Minn Nor Div let 46 '48 A 0 CR
56 -51i- 103
N 102 Sale 100 8
, 102
1939
Cheri & Ohio let con g 5a
4
8
F.ast T Va & Ga Div let 5a 1950 M N 705 gale a69
8
977 98
,
70 s
Apr'32
MN
98
100
Registered
9318 Elgin Joilet & F.aat let g 5e 1941 MN 8212 9114 9012 Apr'32 _
83
8612 19
8514
8
1992 tel S 855 86
General gold 43.44
98 Sept'31 -A O
83
83
jJ ---- 93
El Paso Sr S W let 5s
_ 83 Feb'32
MS
Registered
34
6512 Sale 6512
68
73
85
Erie let cony g 4s prior
65
9
19 8
_ _ 767 7512 Apr'32
8
1993 A0
Ref & impt 4145
6612 Feb'32 --- 7112 8614
1996 3 J ---- 85
Registered
7412 35
7112 Sale 7112
1995 J J
931
Ref & impt 4145 set D
44
4
_
4
993 993
let consol gen lien g 4a
1996 3 J 44 Sale 40
4
993 Feb'32
__ 100
1940 J J
Craig Valley let 6e May
57 Mar'32
Registered
u
8812 945 Aug'31
J J
6
9912
Potts Creek Branch 1st 48_1048 33 75
9912
076
8112
51 F 3
Penn coil trust gold 4a
1996 3 A -9912 100
8012 Mar'32
79
1989
1
35
35
35
R & A Div 1st con g 48
1953 A 0 28
70
79
50-year cony 48 aeries A
Apr'32 _
70
80
3 54
'
1989
8
2
28-5,
283
26 consol gold 45
1953 A 0 2818 34
Series 11
Mar'31
4
1043
M
Warm Spring V let g 155 _ _1941 * 0 3812 Sale 3812
4
38i 48
313 6712 Aug'32
1953 A 0 Gen cony 4e series D
7
39
147
25
2:try Sale 2012
Chi & Alton RR ref g 38_1949
40
47 4
,
Ref & Brun 58
4518 Mar'32
2512 151
Ctf dep end Apr 1 1931 Int.-- 33
975 A O 2512 Sale 21
75
75
Ref & Rapt 5a of 1930...1967 M N
1
75
75
7811
1950
8478 78 Apr'32
Railway first lien 3145
1955 J .1 75
Erie &Jersey lat f 65_
2
85
85
89
Geneseee River let a f Se_ .1957 J J 83
1:
----
----
777:
r Cash sale. a Deferred delivery.
55
30
80
/3
8314
50
75
28
12
46
451
69
9914 10014
-84- 1617
86
9718
9414
106
63
68
87
94
101
99
11114
79
87113
"go-
90
95
85
77
95
99
91
85
75
85
95
63
75
5012
43
75
61
65
fi99
84
7112
85
70
7412
10014
97
------- 94
90
------- -------
8718
80 -14118
84
75
65
85
78
43
75
77
10312
93
SSIt
8811
93
70
75
80
60
60
4112 5714
17 168
233 45
41 14
84
38
35
7218 87
8214 91
8714 95
-34- 89
40
14
20
8
4
70
88
,
69 4
8
24
25
7818
98
96
24
16"
25
89
9812
9912
3212
J265-
87
4
843 95
67
7513
32
6812
991a
83
8
283
6314
5.8
9914
6112
4918
6612 mit
-2012 Ws;
49
21
93
78
7514 91
3417
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 6.
t..
Price
F'rtday
May 6.
Range
Since
Jan. 1.
Week
Range or
Lail Sale
High
High No. Low
Ask Low
Bt4
83
83
Jan'32
83
Erie & Pitts go g 810 ear B_1940 .1 1 8712
9518 July'31
19402 J 8514
Series C 3)4e
4212
30
Apr'32
4E
Fla Cent A, Pen 1st cons g 5a '43 J I 30 .- - 35
4419 60
5112 53
Florida East Coast 1st 049_1959 J D 5112 Sale 4812
712
4
3
4
4
1974 M S
312 4
let & ref 55 series A
312 612
4 312 Apr'32
23
4 33
Certificates of deposit
17
8
IV
8 818 Apr'32
612 157
4 Sis 1952 id Fonda Johns & Glov let
,
,
12 92
912 Apr'32
8
(Amended) let cons 4315-.1982 M N
Oct'31
96
Fort St U D Co lst g 4 As 1941 J J
13i
-- 81
1
81
0612 81
Ft WA Den C lat g 514s-1961 2 D
S612 96
6
90
Frem Elk & Mo Val let 6s_.1933 A 0 90 Sale 90
65
65
60 (15 Mar32
Galv Hous & 'lend let 55_1933 A 0
18
10
104
1018
Oa & Ala Ry 1st cons 5s Oct 1945J I 104 49
Oa Caro & Nor 1st gu g rat '29
15
15
Apr'32
15
45
J .1 20
Extended at6% to July 1_1934
63
63
8
1946 A 0 ____ 497 63 Mar'32
Georgia Midland let as
Jan'31
____ 100
& Oswegatchle let 5e 1942 J D 60
Gout/
-Si- 00
Apr'32
85
Or K & lent 1st gu g 410_1941 J J 60
921 99
8 40
977
Grand Trunk of Can deb 741_1910 A 0 9712 Sale a97
874 a9714
,
94 8 19
S 947 Sale 94
8
15-year 9 (138
1935M
96 Nov'30
1947 J D
Grays Point Term let 55
7414 134 -SSTs
7212 Sale- 6812
Great Northern gen 7s set A.1936 J J
9712 Oct'31
J J
Registered
15 -71- 85
80
8
797 Sale 78
let & ref 41(s series A..._1961 J J
8011 85
4
63
6212 6012
General 5145 series B____1952 2 J
60
7812
14
6014
60
60
1973 J J
General S. series C
8
737
53
18
58
571/ 5612
1976 J J 49
General 4145 serial D
7412
51
22
56
54
8
1977 J J 553 Sale
General 4146 series E
6712 Apr'31
40
Green Bay & West deb ars A___ Feb 20
3 Apr'32
Feb
212 3
Debentures Ws 11
8
953 Mar'31
Greenbrier fly let gu 45____1944) M N 871
-40- 16Apr'32
I- 40
3
2-Gulf Mob & Nor let 510_1950 A 0
50
39
8
497 Mar'32
45
let SI 5s series C
1950A 0
25
40
4
40
40
Gulf & S I let ref & ter 5e_Feb '62 J J 3012 55
864
80
Apr'32
81
76
Hocking Val let cons g 43'4e.19992 J 65
_ 10012 Apr'31
1999 J J
Registered
88
79
Apr'32
88
91
1937 M N 88
Housatonic fly cons g 5s
08012 a8518
H & TO let g 56 int guar_ _ _1937 J J 8518 100 a8518 Apr'32
89
87
87 Apr'32
87
Houston Belt do Term 1st 59_1937 2 J
4
943 9434
4
943 Jan'32
Houston E & W Tex let g 69_1933 M N
9512 98
1st guar 55 redeemable_ _1933 M N 94 10012 9512 Mar'32
89
69
7814 34
4
Hud & Manhat let S. set A.1957 F A
763 Sale 75
4312 64
4514 43
Adjuetment Income Ss Feb 1957 A 0 45 Sale 4312
BONDS
N. Y. STOCK EXCHANGE
Week Ended Slay 6.
3.3
a.
1
Price
Friday
May G.
S
Max Internal let 4e asstd _ A977 M I
-Mich Air L 45..1940 ▪
Mich Cent
Jack Lane & Sag 3 As____1951 51 S
1952 MN
let gold 3).4s
78
1979 J I
Ref & impt 4;is ser C
12- 66
1940 AG 1
Mid of N I let ext 55
90
Mil & Not let ext 4 Hs(1880)1934 J D
4
743
1934 ID
Cons ext 14s (1884)
6912
1947 MS
14111 Spar & NW let gu 4s
3.111w & State Line let 349_1941 22
212
Minn & St Louis let cone 58_1934 MN
10
3
1934 M N
Ctrs of deposit
,
14
1949 M S
1
let & refunding gold 4s
8 8
7
1962 Q F
Ref & ext 50-yr 5s ser A
14
Q F
Certificates of deposit
J. 42 Sale
M St P & SS NI con g 4a int el'38
1938 J 3
1938. . 20 Sale
let cons 55
441/ Sale
lst cons 55 gu as to Int
21 Sale
1946 J
lst & ref 6s series A
15
1949 Al
25
-year 514s
55
1978 J -1 48
let ref 5 As ser B
4
763 ---1941 MN
Terms f 45
let Chicago
Week's
Range or
Last Sale
Range
Since
Jan. 1,
High No Low
Hi08 :
Low
212 Dec'30
98 Aug'31
79 May'26
4
. 77
4 -76
73
8
703
Oct'31 _
95
72 Sept'31 _
75 -i7
Jan'32
75
50
7112
Apr'32
50
694 694
6918
6918
Apr'28
90
--i1T2 31.
212 Mar'32
8
5
5 Mar'32
24
1
Apr'32
1
8
5
5 Mar'32
5
5
5 Mar'32
38 080
21
43
40
39
18
11
22
18
5114
6
4412
40
42
18
11
224
22
18
31
18
18 Apr'32
45
2
50
50
_
9558 Dec'30
_-_-
_-_.
8('
75
_
Apr'32
77
85
72
Mississippi Central let 65_1949
1412 42
2
1412
1412
1959 ..
J4. 1118 20
Ivlo-Ill RR let 5s ser A
8412 60
9
69
6412 Sale 644
Mo Kan & Tel let gold 48_1990
a4612 79
53
04612 Sale a4612
Mo-K-T RR pr lien 5s set A_1962
68
2 a40
42
a40 Sale a40
1982
-year 4e series B
40
6914
50
1
50
8
545 50
1978 2
Prior lien 43.45 ser D
2011 80
21
25
u 25 Sale 2012
_
Cum adjust Is ser A_Jan 1967 A
6311
28
20
33
A 33 Sale 28
1985
Mo Pee let & ref 5s ear A
1018 4112
273
15
14 Sale 1018
1975
General 48
2712 60
4
323 340
81 S 3212 Sale 2712
1977
let & ref 5e series F
2712 60
3112 41
1978 MN 3014 _- 2712
let & ref g 55 set 0
tePt,
8
1212 375
8
1112 Sale
1049 MN
Cony gold 534e
27
80
129
31
1980 AO 3312 Sale 27
let ref g 5e eerie, H
3
273 60
3112 115
8
1981 FA 33 Sale 273
let & ref Is earl
53
53
Apr'32
53
Mo Pao 3d Ts ext at 4% July 1938 MN
95 Aug'31
Mob & Bit prior lien g 5a.. _ _ _1945
Sept'31
97
J J
Small
69 Nov'31
1945 J
let 51 gold 4.
J
81 July'31
Small
80 May'31
Mobile & Ohlo gen gold 45..1938 MS
FA
8
547 9512 Sept'31
Montgomery Div let g 154_1947
80 a88
8212 Feb'32
gC2
12
28
812
Illinois Central let gold 4s_ 1951 J I 65
1977 MS 1012 Sale
Ref & 'mot 4345
Dec'31
28
70
12
J 6112
9
1951
14
lot gold 310
.1938 MS 1212 Sale 12
Sec 6% notes
8614 June'31
4
753
67
J J
Registered
SI S 55
67 Apr'32
74
614 611s Mob & Mal let gu gold 45..1991
614
6118
93
93
Apr'32
Extended let gold-33.0_1951 A 0 60
4
1937 ▪ 1 9314 963 93
Mont C let gu 65
73 Mar'30
a85
90
1951 M 13
Apr'32
let gold 3s sterling
J J _
87 a85
1937
let guar gold 5.
45
67
2
46
734
69
12
1952 A 0 4612 4912 45
73
Collateral trust gold 4s
Morrie & Essex let gu 3345_2000 3D 73 Sale 72
42
56
4
45
45
86
88
Feb'32
let refunding 45
1955 M N 4512 50
86
91
1955 M N _
Conetr NI 5s set A
8412 July'31
67
7914
4
70
1952 J J
SI N
724
Purchased lines 314e
70
iifx 74
1955
Constr 51 43.45 ser B
35 - -3i
E2
8 14
435
8
8
1953 It N 435 Sale 423
Collateral trust gold 4s
46
60
Apr'32
55
60
704
55
50
1
1955 51 N
50
50
Refunding 5.
4
Chatt & St L 4e set A..1978 FA 493 57
54
823 Nash
4
6
8
607
4
15-year secured 63.45 g_- -1936 J J 593 Sale 5934
99 Dec'31
1937 P A
go g 5s
N. Fla AS
8
303 52
34
130
3312 Sale 303
8
_
18 July'28
40-year 4 he
Nat fly of Mex pr lien 4 14s._1967 J J
56
50
2
50
50
66
9 P A
Aug 1 1950 J D 4812
.1 .1
4
183 July'28
Cairo Bridge gold 45
July 1914 coupon on
70 Sept'31
_
11s Apr'32
Litchfield Div 1st gold 39_1951 1 J
118
Assent cash war rct No. 4 on
-a- 66
Mar'32
55
40
-6
4
123 July'31
Loulay Div & Term g 3345 1953 J J
Guar 45 Apr'14 coupon_ __1977 I Oct'31
65
4
2
3
2
Omaha Div let gold 3s.._ _1951 F A 413
2 Sale
Assent cash war rot No.5 on
7218 Sept'31
35
3512 July'28
St Louis Div & Term g 34_1951 J J
Nat RR Mex pr lien 43,0 Oct '26 II
67
57
Jan'32
67
86
29
19511 .1
1
Apr'32
1
Gold 3145
112 2
war rot No. 4 on
Assent cash
7812 85 Sept'31
22 Apr'28
Springfield Div 1st g 83.44_1951 1J 50
1951 AG
451 5113
let consol 45
5112 85
5112 Apr'32
1951 F A
Western Lines let g 4s
134 14 Apr'32
118
Assent cash war rct No.4 on
9012 July'31
F A
74 56
Reentered
4
713 66 Dec'31
Naugatuck RR let g 4e ___ _1954 Sti_ 100 Sept'31
7112
iii Cent and Chic St L & N 0
New England RR cons 65_1945 11
54
87
40
Joint let ref 5e series A..-1983 J D 3612 Sale 35
45 -i4- 4 90 Sept'31
3
1945 J
4s
Consol guar
52
32
79
39
let & ref 4)4e series C--- -1963 J D 38 Sale 35
FA
92 Nov'30
1986
NJ June RR guar let 45_
80 Dec'31
156 1
6 -25- --.7
Ind Bloom& West let ext 45.1940 A 0 7514
30
NO At NE let ref & impt 43.45 A'52 J J 29 Sale 29
9114 Sept'31
85
19501 J 63
86
3
Ind III& Iowa 1st g 45
60
61 12
.1 60
61
75
New Orleans Term let 4e_..1953
45
45
45 Mar'32
70
1956 J J
35
3971
1
Ind & Louisville let gu 45
381z
3812
N 0 Tex & Mex n-a lIe 65_1935 AO 3812 84
Nov'31
98
____ 83
1712 41
12
23
Ind Union fly gen Is set A...1965 .1
1912
25
1954 AG 21
series 13
1st 5s
10318 Oct'31
1965 J
304 3971
Gen & ref 6. series II
P A 21
3012 Apr'32
31
1958
let 5. series C
22
60
34
30
25 Sale 22
444
24
lot & Ott Nor 1st (is set A_1952 J
2412 Apr'32
1912 24
1956 P A
let 434s series D
30
5
14
5
5
6
5
45
20
Adjustment 6s set A_July 1952 AO
8
25
1954 AO 25 Sale 20
let 51441 series A
22
50
2414 11
22
25
1956 Ii 20
8212
1st 55 series 11
80
8212 Feb'32
21
4812 N & C Bdge gen guar 414e _ _1945 J J 6712 89
6
22
21
37
1958 J 1 20
let g Is eerie' C
944 944
1935 AO _--- 9714 9412 Jan'32
con g 5s
NYII&MB let
2859 84
10
33
30 Sale 30
Int Rye Cent Amer let 55..1972 MN
304 5014
5
3112
3012 3018
92
1941 MN 30
1st coil tr 6% notes
24
74
NY Cent RR cony deb 65___1935 MN 66 Sale 61
26
18
Apr'32
18
1812 28
1947 FA
151 lion & ref 63.45
5s
2
82'i 80
6
621
7214 54
4
4
713 Sale 703
1998 FA
Consol 4s series A
514
3
514 Feb'32
5
25e
Iowa Central let gold 5... _.1938 • D
4112 72
41
50
Ref & lmpt 43.45 series A..2013 AO 47 Sale 4112
,
2 8 312
8
25 Apr'32
J D
7
8
22
4133 72
Certificates of deposit
76
8
52
4412 Sale 413
Is
12
When issued
12 Mar'32
8
17
12
lit & ref g 45
4
1951 M
783
43
59
58
Ref & impt 58 series C____2013 AO 50 Sale 43
75
68
7412 52
NY Cent A. Bud Illy M 3}411 1997 .1 1 74 Sale 7312
80
75
7912 79 Mar'32 _
James Frank & Clear let 45..1959 J D
6712 70
Apr'32
J J
70
1997
Registered
103 May'31
Kai A & OR let gu g 55___1938• 1
77
76
70
1934 MN - .- gilt) 674
Debenture gold 45
83 Sept'31 _
75
1990 AO 50
8
5
92:
Kan & M let gu g 45
781 80
775s 821 2
68
Apr'32
1942 J J
-year debenture 45
80
95
70
_
Apr'32
46
3638 45
K C Ft 8& M Ry ref g 4s_ 1936 AO
1
8,
62,2 7278
7
66
Lake Shore poll gold 33.4e-1998 FA 66 Sale 6512
43 a504 70
56
A( 527 Sale 5012
8
Kan City Sou let gold as_ _ _1950
6814 Apr'32
69
1998 FA 59
7114
Registered
40
5212 11
45 Sale 40
Apr 1950 J J
Ref & impt be
70
64
3
64
64
70
Mich Cent coil gold 8 Hs_ -1998 FA 64
8714
80
8434 56
4
843 Sale 8214
Kansas City Term let 45...-1960
841 8212 Mar'31
1998 FA -.
Registered
88
68
68 Mar'32
BiKentucky Central gold 46_1087 J J
644 1
4
643
6434
A0 ST oo
s
N Y Chic & St L 1st g 4s__ _1937
Sc
84 Aug'31
J
Kentucky A Ind Term 4145_1961
_
- 9314 Mar'32
1937 AG
Registered
8914 July'31
92
io
1961 J J
-7Stamped
22, /4 s
3112 147
1932 AG 34 Sale 24
gold Dottie
6%
1961 J J
Plain
4
163 4612
56
26
4
Refunding 514e series A 1974 A0 22 Sale 183
40
551
16
20
4
1978 M S 223 Sale 16
Ref 4 tie series C
60
8312
4
60
Lake Erie & West 1st a 511_1937 .1 J 60 Sale 60
7512 88
7512 10
7512
N Y Connect let gu 43.4i A.1953 FA 7518 88
60
69
Apr'32
68
1941 J J --_- 75
2d gold 5e
904 93
93 Mar'32
_
1953 P A
1st guar 5. series B
704 78
73
72
Lake Bb & Mich So g 33'45-1997 ID 6814 72
Dec'31
N Y & Erie let ext gold 4s._1947 MN 7712 --- 81 Sept'31
67
67
67
67
1997 ID 6514 75
Registered
100
1933 M
ext gold 414s
8712 9012
8
_ 873 9012 Mar'32
Leh Val harbor Term gu 55_1954 FA
80
70
80 Mar'32
55
66
Leh Val NY 1st gu g 4143_1940
4
883 Nov'31
75
1946 MN 30
N Y & Greenw L im g 5s
69
36
4
45
77 Lehigh Val (Pa) cons g 45_2003 MN 38 Sale 38
72
_
77 Mar'32
___
N Y & Harlem gold 33'45_2000 MN 69
_
MN
64 Nov'31
90
Reentered
75
76
3
75
75
1973 M
NY Lack & W ref 4149 B
-7T2
4412 3712
1 -27 13
3712
General cons 43.45
2003 MN 35
8412 Dec'31 _
51 S
NY & Long Branch gen 45_1041
43
65
1
4412
4412
20(13 MN 4012 52
Gen cone 5a
9512 July'31
1939 AO
N Y& NE Bost Term 4a
90
84
3
00
90
61;Leh V Term fly 1st gu g 65_ _1941 AO
18- -1
83
1947 MS So- -- - 62 Apr'32
NY NH& II 111-0 deb 4s
_
Lehigh ANY la gu a 45._ _1945 MS _83 9514 Aug'31
51 r67
Apr'32
51
70
Non-cony debenture 348_1947 MS 52
7912 714
7912 Feb'32
Emit 1st 50-yr 55 gu 1965 AG ao
90
81
Lea &
46
1
46
46
50
Non-cony debenture 3140_1954 AG 45
9112 May'31
4
/
Little Miami gen 45 series A.1962 It N _
484 6811
21
54
5012 50
50
Non-cony debenture 45_1955 J J
-Si- 16195
95
1935 AO 6i 100
Long Dock cormol g 6e
_
5212 68
5012 Sale 53 Apr'32
1956 MN
Ncn-conv debenture 45
Long Island
3
485 58
8
485 Apr'32 _ _ _ _
J J 45
50
1956
Cony debenture 314e
5' 8214 89
89
89
1938 J D 80
89
General gold 45
05
75
45
a81
I 78 Sale 78
'
1948
Cony debenture 60
98
98
98
Feb'32
1932 J
Gold 45
92
75
1
75
75
▪ J
Registered
7014 80
80 Mar'32
1949 MS 70
78
Unified gold 45
94
74
824 16
AG 81 Sale 81
1940
Collateral trust 6s
95
90
92 Apr'32
1934 J
81
90
Debenture gold 55
59
48
8
377 50 Apr'32
1957 MN 33
Debenture 43
80
75
75
5
1937 MN 75 Salo 75
77
20-year p m deb 55
51
604 25
1067 ID 54 Sale 54
let & ref 4 348 set of 1927
82
73
76
3
1940 MS r76 Sale 7.5
Guar ref gold 45
83
68
Apr'32
68
Harlem R& Pt Ches 1st As 1954 MN 6812 78
99 1001 1
9912 Apr'32
8
995 100
Nor 1111 B let con gu fie Oct '32 Q
50
31
3614 18
33 Sale 31
Louisiana A Ark let baser A _1969 J J
4
383 55
5112 32
73
75
N Y 0 & W ref g 45 June.__1992 St S 6112 Sale 4512
75 Feb'32
____ 73
Louts &Jeff Bilge Co gd 249_1945 M
46
35
3
40
1955 J O 40 Sale 38
General 4s
90
96
3
90
92
90
Louisville & Nashville fa _1937 MN 90
96 Mar'31
& Boston 45 1942 AO
4
7514 883 N Y Providence
8414 44
1940 J J 083 Sale 8212
Unified gold 45
77T 775,
7718 Jan'32
90
Y & Putnam let con gu 4a_1933 AG 65
7612 8212
10
81
I
80 Sale 80
Registered
54
80
3
s
313
4
Y Snap & West let ref 5e 1937 11 203 301z 30
62
84
13
62
let refund 5145 series A _ --2003 AO 6312 Sale 62
75 Mar'30
1937 FA
2d gold 4148
59
78
59
6012 10
60
2003 AO 58
let & ref Sc series 11
25
8913
5
4
253
25
1940 P A 2012 33
General gold be
4
50
754
53
AO 483 5512 50
3
2003
9212
let & ref 4)48 series C
92
9212 Feb'32
1943 M N
Terminal let gold 55
1941 AO 00 Sale 95 Dec'32
62
10-yr ftee g 5S
44
6
48
48
____ 75
704 8012 N Y W Chem & B lat ser I 446'46 J
7312 Apr'32
_ 87
Stem Div 48_1946 FA
Paducah &
4
963 101
45
8
Nord fly ext'l sink fund 6;45 1950 A 0 101 Sale al023 104
45
56
Apr'32
55
55
7
2012
St Louis Div 2d gold :4_1980 MS io
5
7
7
10
8
Nrrfolk South 1st & ref A 68_1961 F A
81
81
Feb'32
81
40
50
Mob & Montg lstg4%e.1945 III S
Apr'32
40
35
12
Nt rfolk & South let gold 58_1941 MN
8
827 Nov'31
J J
101 10234
South ICY joint Monon 45_1952
8
81
Non & West RR Impt&ext 65'34 F A 10314 1035 10212 Apr'32
7413
81 Mar'32
9934 10014
Atl Knoxv & CM Div 45-1955 M
10014 Apr'32
New River let gold 6s____1932 AO
82
9212
46
r91
NA W Ry let cons g 4s___1996 A0 897 Sale a874
_
101 100 Sept'31
1934 I .1 _
8018 81
8018 Apr'32
Mahon Coal RR let Ss
1996 AG
-14
Registered
7 -Tsars
5312
534
Kis 60
9212
87
9212 37
Manila RR (South Lines) 4s_1939 MN
a9l'x Sale 9134
Div'l let lien & gen g 45..1914 J
52
65
1
65
65
MN
1959
9
8514 924
91
9018
let ext 45
Pocah C & C joint 4c...1941 ID 9018 91
96 Dec'31
Manitoba SW Colonlsalt be 1934 'ID
8712 Aug'31
1
hlan GB&NW 153 /45-1941 J
r Cash sale. a Deferred del very
_-
----
----
_-
----
----
____
New York Bond Record-Continued-Page 4
'3418
,
BONDS
N. Y. STOCK EXCHANGE
, Week Ended May 6.
.'2:
't
... gi:
Price
Friday
May 6,
Weeks
Range or
Las: Sale
.
..,
13_
ici,
Z
Range
Sines
Jan. 1.
BONDS
N. Y STOCK EXCHANGE
Week Ended May 6.
:!3
Pries
....
Friday
Z
.
....a. May 6.
Week's
Range or
Last Sate
;Range
g1
Since
iool
Jan. 1
Bid
Ask Low
High No Low
Filch
North Cent gen & ref be A...1974 M 16 ____ 104
Bid
Ask Low
High No. Lou
High
993 Apr'32 ____
4
993 993 Seaboard All Fla let gu 6e A_1935 F A
4
4
Gen & ref 4145 ser A
112 212 112
1974 M 16
154
4
112 8
85 104 Sept'31
Certificate. of deposit
.
North Ohio let guar g be_ _1945 A 0 ____
112 2
112
112
4
112 a%
45
Series B
4
1935 F A
North Pacific prior lien 4s_..1997 Q 2 a7712 Sale 783 Oct'31 ____ ____ ____
13 ____
4
154 Apr'32 ____
258
Ds
7712
793 127
4
Certificate, of depoeit _ ____ ___694 8214
Registered
13
212 Feb'32 --__
Q 2 6812 7514 7534 Apr'32 ---212
212
4
753 Seaboard & Roan 1st be extd-1931 J J ____4 - ._
69
Gen lien ry & Id g 3s_Jan 2047 Q F 5514 56
8212 9012 Aug'31 --__ -:
575
5412
.
70
11 & N Ala cons gu g be
5114 83
1938 F A 86
Registered
__ 8712 Apr'32 ___ _
Jan 2047 Q F 50
8712 8712
58
4
Gen cons guar 50-yr 58
553
50
4
1963 A 0
Ref & inapt 4 148 series A_ _2047 J J ____ 593 553 Apr'32 ____
-8
8
So Pac coil 4s(Cent Pao coll) k '49 J D ____ Sale 100 Nov'31 ____ --__
4
60
5712 76
7
Itet. di impt (le series B___2047 J 1 6812 Sale4 593
48
04534
48
44 . 4
31
76612
1,t 434e (Oregon Lines) A.1977 M 8 64
69
123
9012
66
Ref & lmpt be series C___2047 J J ____
Sale 6312
64
4
6312 804
20 year cony to
78
73
1934 J D ___ 838 85 Apr'32 ____
Ref & impt Sc series D_2047 J 2 5814 6434 73 Mar'32 ---55
2
Si,
55
97
78
Gold 430
55
1968 M 13 44 Sale 38
Nor Pao Term Co let it 6L.1933 J .1 9714 68
4412 34
38
7311
10012 Mar'32 ____ 10012 10012
Gold 410 with war.
1969 M N 4212 Sale 3714
Nor Ry of Calif guar g 58_1938 A 0 96
45
_ 95i4 Oct'31 ____ ___
188
3714 74
Gold 410
_
1981 M N 42 Sale 3715
Og & L Cham let gu g 4s___19482 2 31
45
161
37% 72%
W
40
40
2
San Fran Term let 45_ 1950 A 0 65
49
40 -- Ohio Connecting Ry let 4a_ A943 M 5 --------70 68
7212
.. _
8
68
84
So Pac of Cal let con gu g 53_1937 M N
97 mar.31 __
Ohio River RR let g 5s
98 100 93 Apr'32 ____
1936 J D
i5 2
_ 86
98
99
86
80 -- - So Pao Coast let gu g 4s
i
. 90
1937 J .1 72
General gold be
__ _ - 96
1937 a 0
Jan'30 ---_
__ - .
8
6 7858 Apr'32
_
. _
7858 7858 So Pac RR let ref 48
19552 J 7112 Sale 06712
Oregon RR & Nay corn g 4s_1946 J r)
7112 99 06712 3612
81
---- 8114
8114
2
80
Registered
87
.I j
Ore Short Line let COW g 58_1948 J J
Ws 937 Apr'32 __ _
8
90
99
Stamped (Federal tax)_1955 J J --------9558 Nov'31 ____ ___ _ _ _
Guar stpd cone 5e
____ ____
1946 J J 98i
-_ 96
2
_
Southern Ry let coca g 58_1994 J J 71 Sale 9212 May'30 - - - -943 100
4
9714 14
Oregon-Wash let & ref 45_1961 J J
06612
71
47 a6812 - 12
70 Sale 70
14
7214 32
70
Registered
83
J 1 --------1
___
--_
Devel & gen 48 eerie. 4_1956 A 0 2514 Sale 04 July'31 ____
Pacific Coast Co let g 58
2112
2514 18
1946 J D 18
2112 54
22
18 "Apr'32 --__
Devel & gen 68
1914
18
1956 A 0 3014 Sale 28
Pac RR of Mo let ext g 4e1938 F A
31
24
28
79 2 83
67
81121Apr'32 -___
8112 90
Devel & gen 610
1956 A 0 3354 Sale 30
2d extended gold be
335
1938 J J
8 30
85
30
. 94
93
72
93 1Mar'32
Mem Div let g be
Paducah & the islet g 4142_1955 J 1 65
1996 J .1 55
9614 93 Nov'31
91
St Louie DB, let g 4e
9514
93
1951 .1 J ____ 60 6314 Feb'32 __-Paris-Lyons-5f ed RR ext 68_1958 F A 10112 Sale 93 Mar'32 - -,..
60
6- 1
74
101141 ,1013 136
91 1013
4
4
East Tenn reorg lien g 58_1938 M 5 71
Sinking fund external 70_ -1958 M 5 104 Sale 10334 5
91 101 Sept'31 ____
33
98 ri0412
_
1104%
Mob & Ohio coil tr 45
1938 M 5 10
Parts-Orleans RR ext 510_1968 M S
30
30 Apr'32 ---- ____- 13
30
11 9812 Sale 98
0914 68
8812 9914 Spokane Internet let g 55_1955 J 1 ____ 23
Paulleta Ry lot & ref. f 78_ _1942 M 13 50
25 Apr'32 ____
191 31
65
56
56
2
65
41
Staten Island fly let
PaOhlo & Del 1st & ref 4148 A'77 a 0 _ 7214 6812
____ 60
60
6812
1
5
6812 787 Sunbury & Lewiston 434e_ 1943 J D 49
60
60
let 4s 1938 J J --------9714 Nov'31 ____ ____ ___
Pennsylvania RR cons g 48_1943 M N -___ 9212 90 Apr'32
--__
88
92
Congo! gold 4a
1948 M N -884 90
8612 93% Penn Cent let 6e A or B.._.1947 A 0 25 Sale
8812
89
20
4s sterl sptd dollar May 1 1948 M N 88% 893 83
25
253
4
3
3474 88
4
9104 Term Assn of St List g 410_1939 A 0
3
4
894 17
85
94 Sale 9212
Coneol sinking fund 430_1980 F h 9454 Sale 9334
94
13, 883 94
96
let cone gold be
90
66
98
1944 F A 90
92
General 410 series A
92
9212
1985 J D 69% Sale 6612
3, 92
96
7212 59
6612 8712
Oen refund 8 I g 45
1953 .1 J 7412 84
General be eerie. B
743
4
7434
71
1968 J 13 7812 Sale 78
3
79
4
82
923 Texarkana & Ft 8 lst 544e A 1950 F A 60
78
21
15
-year secured 610
63
967 Sale 967
1936 F A
5
6212 74
8
9818 110
95 10214 Tex & N 0 Con gold &L....1943 J 1 ___ 6212 6212
88 10012 Nov'31 ___
Registered
F A
____ ._
____ .._
65_
833 Mar'32 ------------Texas & Pac let gold ba_ _ _2000 J D
4
Texas
83
40
-year secured gold 5a___1984 MN 63 Sale 60
85
65
92
70
2d Inc 58(Mar'28 cpon)Dec2000 Mar -___ 8212 Apr'32 ____
32
Deb g 414s
95 131ar'29
1970 A 0 55 Sale 523
743
4
56
524
26
Gen & ref be series B
1977 A 0 ---- - General 410 ser D
69
4512 Apr'32 ____
1981 A 0 68 Sale 63
44
70
69
68
79
39
Gen & ref ba series C
1979 A 0 ___- 40
Pa Co gu 330 colltr A reg-1937 M 5 --------87iNov.31 ____ _ _ --__
4013
43
10
4012 7012
Gen at ref bs series D
1980 J D ---Guar 3148 coil trust ser B_1941 F A --------81
4
45
Feb'32 --__
70%
81
8i
Tex Pac-1310 Pao Ter 510_1964 M 5 ____ 403 47 Apr'32 ___ _
Guar 334 trust ctfs C
85 Mar'32 ____
,
1942 J D
80
5/Jan'32 --8912
87 853
85% 85% Tol & Ohio Cent let gu 68_1935 J .1 753 80
Guar 310 trust ctfs D
4
88 Apr'32 ____
1944 J D
_ 76
88
78
923
78 Mar'32 ____
4
807
4
Western Div let g be
1935 A 0 ---- 86
Guar 4s ser E Inlet ctie
---- ----78 Apr'32 --__
96 Mar'32 ___
1952 M N
98
96
7612 78
Gen gold 5a
1935 1 D ____ 94
Secured gold 414e
95 Sept'31 _
1983 M N 66 Sale 66
- __
67
Tol St I- & W 5
9
6012 82
Peoria & Eastern let cons 4a_1940 A 0 2514 40
0-Yr g 48._ _1950 A 0 ____
55 4
3
553
4
1
.553 553
51' Apr'32 ---4
4
55
40
Tol WV & 0 gu 41459er B 1933 J J ____ 90
Income 4s
____ 10014 Oct'30 _______ _April 1990 Apr
212 6
25
81Apr'32
254 2%
let guar 48 series C
Peoria & Pekin Ull let 510.._1974 F A 6514 72 69 4 Apr'32 ---1942 M 5 79
____ Ms Apr'31 ____ ___ __
---,
65
79
Toronto Ham & Buff let g 48 1948 .1 D
Pere Marquette let ser A 5e_1956 J .1 5212 Sale 49
643 ...-- 88 Dec'31 ___- ____ _
4
5212 18
45
69
Ulster di Del lot bs
let 4e Benet' B
1928
1956 J J 4218 Sale 4214
4214
1
40
55
Ctfs dep stpd as to Dec 1930
let g 414s series C
1980 M S 453 Sale 4512
4
47
14
40
58
lot and 5570 ref of prin _ ____
Phil,' Bait & Wash let g 48_ _1943 M N
_
12
8912
25
91
523 Apr'32 ____
5
60
8614 917 Union Pac let
77%
8958 92
4
RR .4 Id gr 413A947 .1.11 9058 Sale 883
General be series B
_-1974 F A
9112 185 a8514 937
4
4
96 10812 Sept'31 ---- .
Registered
Gen'l g 434s ser C
J J ____ 90
86 Apr'32 ...._
86
91
1977 1 J
Jan'32 -__
77
77
80%
let lien & ref 40
3 Sale a773
Pbilippine fly let 30-yr 5 f 48 '37 J 1 1934 Sale 1814
June 2008 M 5 78
72% 84
73 4 54
4
3
197
16% 21%
4
Gold 4 34e
Pine Creek reg let as
19672 J 7212 Sale 71
75
24
1932 J D--------100 Apr'32 --- 100 100
70
8712
let lien & ref 58
PC C & St L gu 4348 A
June 2008 M B 9012 Sale 9014
9014 99
7
92
1940 A 0 922 9512 95 Apr'32 -__ 09212 96
40-year gold 45
Series B 410 guar
1988 J D 68 Sale 65
1942 A 0 02% 943 95 Apr'32 -__
69
17
80
65
4
92
90 U NJ RR & Can gen 4a_1944 M 8 90
Series C 414e guar
____ 90 Feb'32 --1942 Al N 92
90
9312
94 Mar'32 - 94
04
Utah & Nor let ext 45
Series D 4s guar
1933 I .1 --------100 July'31 __-- __ ____
1945 M N 8612 ____ 8712 Mar'32 -__
8614 90
Series E 410 guar gold 1949 I A 77
,
____ 95 Alar'30 __ _ ____ ____ Vanden/4 cone g
4e aeries A.._1955 F A ---- _-_ 95% June'31 ____ ____ ____
Series F 45 guar gold
1953 J 13 8012
98 Sept'31 --Cons e 14, series B
Series 04,guar
1957 MN ___.
_ 9312 Sept'31
1957 MN 8114 ____ 8314 Mar'32 ___
8314 8314 Vera Crux & P east 4148_1933 J 1
Series II cone guar 44
23
114 _-- 4 114 Feb'32 ____
11
1960 F A 8014 ____ 80 Apr'32 ___
1l4
80
80
Virginia Midland gen ba_ _ _1936 M N 90
Series I cons guar 410-1983 F A 8414 ---- 8414 Apr'32 _ _
94
90 Apr'32 ____
90
95
84% 90
Va & Southw'n let all 58_ _2003 J J ____ 79
Berke J cons guar 4348_1964 MN 8414
80 Feb'32 ____
80
80
93 Apr'32 -__
93
87
let cons 50
-year be.
General 111 5e series A_ _ _1970 1 D 70 - 1958 A 0 30 Sale 30
30
2
30
45
77 80 Apr'32 -__
773 92% Virginia Ry let bs mriee A.. _1902 M N 8212 Sale
4
Oen mtge guar 54 ger 6_ A975 A 0 ____ 80
8212
84
26
80 4 91
3
90 Mar'32 --4
873 9412
let M 410 eerie. II
Gen 410 eerie. C
19(12 M N 75
767 75
8
75
19772 .1
4
70
7658
747 77 Mar'32 --__
4
7414 8514
Flue McK & Y let gu 68
59
61
50
6214 46
1932 J J 991271003 9912
9912
9912 100% Wabash RR let gold 58... _1939 M
4
1
N
2d guar Se
1934 .1 J
79
55
00
100
1 100 100
2d gold be
Flits Sh & L E let g fo
1939 F A
37
40
37
40
3
1940 A 0 --------99 1110ct'31 ____
36
59
____ ____
Deb 6e series B registered_1939 .1 J --------9814 May'29
lot consol gold be
19432 1 --- ---- 10014
1Aug'28 --__
____ ____
let Hen 50
-year
Pitts Va & Char let 45
80 87 July'31 ____
_ _
1943 M N 60
___ 985 une'31 ------------Del & Chic ext g term 4s_1954 J J 22
0
let be_ _ _1941 J J 60
Pitta & W Va let 414e ser A_1958 J 13 -___ 65 60 Apr'32 -_
_
60
73
59
54 Mar'32 ---45
58
Dee Moines Div let g 4,1_1939 J J ---- 45
let M 434e series II
32 Feb'32 ---1958 A 0 ____ 50
BO
46
53141Feb
.32 --__
53%
47
Omaha Div let g 814s
1941 A 0 32
let NI 410 series C
40
79 Aug'31
1960 A 0 - __ 44
42
42
2
42
58%
Tol & Chic Div g 40_
1941 M 8 27
70 50 Feb'32 ____
P11111 Y & Ash let 45 ser A _ _1948 1 D -__- ---- 95147Sept'31
id
iii
---- _ _.
. Wabash Ry ref & gen 510 A.1975 M S
let gen be series B
53
4 7
53
4
7 • 8
1962 F A 89
5
____ 89 :Apr'32
19
8812 89
_-Bet & gen 5s(Feb'33 cottp)B '78 F A
Providence Secur deb 4s..1997 M N --------7134 July'31 ---_
53
4 812 5
r
5
5'
5
19
____
____
__
Ref & gen 410 eerie.eerie.C
1978 A 0
3
Providence Term let 48_ __ _1956 M S 75
54 8
53
4
6
3,
43 1612
4
75
79
3
75
75
7412 _Ref & gen Is series D
1980 A 0
512 Sale
512
6
10
512 16'2
Warren lot ref gu g 3;.48_ _ _2000 F A ____ 65
Reading Co Jersey Cen col! 4,'51 A 0 --- 70
78 July'31
75 Mar'32 --__
75
79
Washington Cent 1st gold 48_1948 Q M 50
Oen & ref 410 series A....,1097 1 J 637 Sale 6114
86
56 Mar'32 ____, 88
4
58
-64
44
8112 Wash Term let gu 310
fit
7758 90
1945 F A
7758
Gen & ref 430 series B 1997 J . 6014 68
7758
1
1
66
5
778 6212
66
6412 82
let 40
-year guar 4e
1945
A
Rensselaer & Saratoga 6e_ _1941 M N 80
8312 1335
113
Oct'30 --_- ____ ____ Western Maryland let 4e__ _1952 F 0 8358 ____ 8312 Apr'32 ____
A
44 Salo 43
Rich & Mech letg 4e
45
63
1948 131 N ---- 43
79121F4ept'31 -----------1.1 & ref 510 melee
72
62
A ___ -1977 J .1 45 Sale
Mehra Term Sty let gu be_ _1952 1 J 90
4512 48
435 83
9612 963
4Apr'32 -- __
9612 West N Y & Pa let g be__ I937 J J 9312 9412 4354
93
093
Rio Grande June 1st gi, 58- -1939 3 0
9312
4
85 Sept'31
911 98
99
1943 A 0 ____ 76
-""" 7414
Rio Grande Sou let gold 48.1949 J -1, ---- __-_
- --- Western
7812
Gen gold 4,
2 a74?8 9112
_--214 June 31 ____ ____ ____
Pac let
Guar 45 (Jan 1922 coupon) '40
30% 60
--------7121Apr'28 ___ ____ -__ West Shore 1st be ser A__ _1948 M 8 29 Sale 29
28
49
4s guar
2361 J J 6912 Sale 68
RIO Grande West let gold 4s_1939 J .1 1.5
6912 12
45
61
61
78
Apr'32 ____
61
75
Registered
2361 1 J 68 Sale 68
let con & coil trust 4e A 1949 A
___ 43 4274
43
42% 58
10
68
1
6314 74
Wheel & L E ref 4148 ser A-1968 at 8 ____ 55
54 Apr'32 _--RI Ark A Louie let 410_ _1934 M 035
S 13312 40
38
5
3412 70
54 r6114
Refunding be series B
1966 M S 51
__ 9712 Aug'31
Rut
-Canada let gu g 45
45
19492 J 130
39 1-Jan'32 __
39
48
RR let consol 4s
1949 M S 7058 7 5
/
7012 Apr'32 -_, 6 4 Rutland let con 410
1941 3 J1 ---- 4418 44141,Apr'32 ____
4112 47
.
911 7 12
Wilk dr East let all a 50-.1942 J D
6
1612 20
18
20
2
1712 29
Will & S F 1st gold 5e
1938 J D --------9158 Oct'31
St Jos & Grand tel 1st 4s.__1947 J J 1723 78
Apr'32 ____
4
72
61
84
Winston-Salem B 13 let 4s 1960 J J 73
8912 73 Apr'32 ---_
51I.awr & Adr 1st g Se
95' Apr'31 ____ _ _
1998 J J ____ 92
_ Ma Cent 50-yr let gen 45_ A949
ii- 81j
J ./ 2814 29
2814
241 gold 68
29
1996 A 0 40
11
897
60
.
41Feb'32 ____
2514 4014
8ilit - - -74
89
Sup & Did flty & term lot 48'38 M N ____ 24
24
St Louis Iron Mt & Southern24% 11
24
34
Wor & Conn East let 4148..1943 J „I 6314 .._
88% Sept'31 _----fly &0 Div let g 421
5112 35
41
8312
M N 511 Sale 41
1933
St L
-Ban Fran Dr lien 48 A 1950 J .1 1912 Sale 15
20
165
34
15
INDUSTRIALS
Con M 430 series A
1978 M 13 1474 Sale
912"1 1458 613
1
912 2614 Abitibl Pow & Pap let 5(1_1953 J D 2954 Sale
29%
31
51
Registered
2812 el
J D _,r- - --- 42121AUg'31 ____
___ Abraham & Straus deb 510_1943
Prior liens, eerie. B
19502 J 23 Sale 17 ap. 22
62
17
53 ____With warrants
A 0 73 Sale 6812
Ht L Peor & NW let au 68_ _1948 J .1
75
23
1812 22 105 Aug'31 ____ ____
5812 843
__ Adams Exprem coil tr a 48__1948 M 8 50
57
5812 Apr'32 -___
S1 L IS W let g4, bond ctfe_1989 MN ____ 97
5812 70
55
57
3
54 -Adriatic Else Co en! 7s_..1052 A 0 ---- 7312 75
89
Apr'32 __
2(1 g 45 Inc bond ctf5 Nov 19803 J 45
72
8212
4012-7Apr'32 ____
56
37
4958 Ajax Rubber let 15-yr 8 f 88_1936 J D
214 10
5
Jan'32 ____
5
6
CO11201 gold 4s
1932 J D 59% Sale 5712 hi 61
89
42
68
Alaska Gold M deb (Se A___1925 M 8 10
103 10 Apr'32 ____
4
let terminal & unifying 58_1952 1 3 22
147
8
4
32
20
37
12
20
55
Cony deb 6, series B.
1928 M 8 10
1312 113
4
113
4
St Paul & K C Sh L let 4101_1941 F A
1
9
20
39 Mt 39
40
14
80
Albany Fedor Wrap Pap 681948 A 0 2554 32
39
1
26
26
St P & Duluth let con g 48..1968 J D 55
1
___ 73 Mar'32 ____
20
461s
73
Allegany Corp coil tr 158____1944 F A a15 Sale 14
73
1634 93
St Paul E Or Trk 1st 430_1947 .1 .1 -,-- 85 99141Aug'30 ____ _ _
14
She
___
Coll & cony 58
19402 D
1214 Sale 11
14
St Paul Minn & Man con 48_1933 J 1 04 Sale 94
61
40
ii
94% 16
94% 97
Coll & cony 5Is1950 A 0 1034 Sale a912
1214 99
let comiol g6.
a912 33
19332 1 __-- 937 9812
9812
4
96 100% Allis-Chalmers Mfg deb 5e_1937 M N 69% Sale 6912
7212 59
6e reduced to gold 4148
6912 91
98
1933 J 1 9414 Sale a9414
26
fit
98
Alpine-Montan Steel let 7. _1955 M S ____ 44
4312 Apr'32 _-__
40
5112
Heal/Bared
.1 D --------100 Apr'31 ____ _ _
_ Amer Beet Sug cony deb 88_1935 F A
1514 20
20
21
14
Mont ext. let gold 4e
1812 22
19373 D _- 06
4131ar'32 ____
877
84 9American Chain deb a f 68_1933 A 0 44
48
43
44
9
43
87%
Pacific ext gu 4e (sterling)_1940 2 J ---- 7512 76
76
1
70
81
Am Cyanamid deb be
1942 A 0 70
7112 71
St Paul Un Dep let & ref 58_1972 .1 J 96
74
eg 80
10
08
97
98
1
91
99
Am A, Foreign Pow deb 58_2030 M El 28 Sale 25
2812 76 a22
8 A h Ar Pam 1st gu g 4e_
67
1943 J J 60
647 68
4
68
3
6711 8012 Amer Ices f deb 50
19532 D 68% 7112 6812
6912
4
65
Santa Fe Pie,& Phen let 58_1942 M 5 93 Sale 90
75
93
3
90
Amer I G Chem cony 5148_1949 M N 58 Sale 55
93
59
94
Say Fla & West 1st g 8s
55
7012
1934 A 0 ____ ____ r10718Sept'31 ____ ____ ____ Am Internat Corp cony 510 1049.3 J 13354 Sale 6358
7114 859
6312 721k
let gold Se
4
1934 A 0 -------- 101 4.0ct'31 ____
____-_ Am Mach de Fdy e f 65
1939 A 0 10212 10312 102% 1023
8
1 10214 10314
Scioto V & NE let gu it 45-1989 MN 79
Apr'32 ---80
85
7858 85
Amer Metal 534% notem_ _ _1934 A 0 4512 Sale 45
a4714 51
45
68
Seaboard Air Line 1st it 48-1950 A 0
6
16 11131a.r32 ____
23
Hi r25
Am Nat Gas 610(with war) 1942 A 0
3 Sale
2
3
7
112 4
Gold 48 stamped
1950 A 0
8
8 Sale
8
3
8
19% Am Sm & R let 30-yr 58 ser A '47 A 0 82 Sale 82
83
80
88
ge
Certificates of deposit
A 0
6
6 Sale
6
3
1314 Amer Sugar Ref 5-yr 6a_ _1937 .1 .1 102 Sale 101
6
102
21
98 105
Adjustment be
Apr'32 ___
1
1
Oct 1949 F A 3 12
Ill Am Telep & Teleg cony 4..2936 M 8 100 Sale 099
1
100
29
9414 100
Refunding 4s_
19591A 0
3
3 Sale
3
10
212 53
30-year coil tr 5e
4
D 10112 Sale 101
1946
10214 107
975 10212
4
Certificates of deposit
3121,Apr'32 _
212 7
2
1
7
35
-years f deb .5e
1980
J 983 Bale 0818
3
99
363
95% 100%
let & cons 65 eerie, A
19451 M 5
212
23 Sale
4
3
38
212 614
-year St 5348
1943 M N 10314 Sale 10212 105
20
289 10012 10514
Certificates of deposit
27
5
5
212 7
Cony deb 4 10
1939
J 102 Bale 10012 1021
41 100 107
I
i All & Birm 30 ie 1st g 44_51933,M 5 1358 SSalalee 1212
2
2
13
.
8
12
-year deb be
1965 F A
20
35
9312 Sale 98
99
212
9514 10084
1
r Cash sale. 0 Due May. t Due August. a Deferred delivery
3419
New York Bond Record-Continued-Page 5
BONDS
fq Y. STOCK EXCHANGE
Week Ended May 6.
Price
FrWm(
May 6.
Week's
Range or
Leal Sale.
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week Ended May 6.
Price
Friday
May 6.
Week's
Range
Last Sale.
tT1,
%
Range
Blau
Jas, I.
High
Bid
Alt Low
High No. Low
High
5 66 76
7412 72
69
74
973 Federal Light & Tr let 1542___1942 M
4
66
7612
4
7312
8
693
74
let lien e I be stamped__ 1942 MS 69
95
82
70
2
7512 70
70
70
1942 M
8418
lat lien 68 stamped
46
66
2
4738
50
1954 J o 4738 50
-year deb as series B
30
30
13 65
'
66
80
1
70
66
66
1212 Federated Metals c f 7e
1939
7712 82
98
81
8014 82
82
1946 3
Fiat deb a t g 7s
16
28
4
18
15
20
1941 MS 183 20
Fisk Rubber let •f Se
80
4
8252 913
63
4
863 Sale 83
88
Franlerican Ind Des 20-yr 7.84842 .1
79
15
20
19
20
15
Apr'32
Francisco Sag let e I 7AS-1942 MN
89
7514
69
4
5
743 72
74
1943 FA 72
Gannett Co deb 6.
70
____ 10314 Sept'31
1014 Gas & El of Berg Co cons g 561949• D 98
50 -29- 43
31
1934 MS 30 Sale 30
9514 Ge'senkirchen Mining 6s_
7518 7712 75
5 74 82
75
44
Gen Amer Investors deb 58_1952 FA
8912 9512
93855 11
1940 * 0 93(4 9414 9314
9515 Gen Baking deb 66 5'is
3512 5612
4458 64
1947 J J 4334 Sale 4334
Gen Cable let f 5-,,. A
96
93
Apr'32
9812 95
1942 FA 95
9812 10112 Gen Electric deb if 3 As
4
9812
9812
Baldwin Loco Works let 56 1940 MN 9812 99
5012
3 4012 Sale 39
39
'
9
40
74 Gen Flee(Germany) 7s Jan 15'45
5
334 5
5 Apr'32
Flaragua (Comp Azuc) 734.1937 J J
3578 19 033', 49
1940 J O 34 Sale 34
f deb 814m
7512 68 a7012 8212
"3 7414 Sale 7414
Batavlan Petr guar deb 44e 1942
2815 43
34
60
2818 Sale 2818
1948 MN
85
20-year s f deb (Ss
90
85 Apr'32
Belding-Hemingway 61
1936 .1 .1 80
4
971 10214
10014 68
4
1937 P A 10014 Sale 983
Gen Mot Accept deb 65
9850104
4 51
1033
Bell Telep of Pale seriee B 1948 J J 10312 Sale 10234
4
953 1002,
4
4
10012 25
1940 FA 983 Sale 983
9834 1037 Gaul Petrol let e f be
8
let & ref be series 0
1960 AO 103 Sale 10212 1033
4 88
84
73
6
80
1939 33 7818 Sale 78's
Gen Pub Serv deb 534.
28
80
70
7118 72
72
71
Beneficial Indus than deb 66 1946 M
3912 6112
13
40
3212 20
284 4,718 Gen Steel Cast S('56 with wary '49 ▪ J 40 Sale 3912
Berlin City Elm Co deb 634e 1951 JO 30 Sale 30
1
74
AO
33
4
44 42
34 Sale
2512 42
Gen Theatres Equip deb tie__1940
2818 40
26 Sale 2512
Deb sinking fund 834s- -1959 FA
24
40
4
243 2514 Apr'32
Goo] Hope Steel & Ireec 7s__1945 AO 18
4
2712 50 a2334 37
Debenture ris
1955 A0 24 Sale 0233
60
SO
68
80
244 5512 Goodrich(B F) Col et8 As__1947 J J 78 Sale 78
31
29
Berlin Elea Elk !Indent 634. 1958 AO 28 Sale 2712
4518 87
3612 463
4
1945 3D 44 Sale a43
Cony deb 6s
7612 97
Beth Steel let & ref 5s guar A '42 MN 78 Sale 7612
7978 18
6112 8214
45
66
18
Goodyear Tire & Rub 161 58.1917 MN 62 Sale 6112
90
8
867 98
-year pm & impt t 58_1936 3" 8814 Sale 8814
30
7212 8012
2
79
4
813 79
J O
Gotham Silk Hosiery deb 68_1938
30
19
3
20
Bing & Bing deb 814.
20 Sale 19
1950 M
22
2512
4
413
814
1940 P A 2112 23
4
734 93
174 Gould Coupler let e 1 645
8
Botany Cone Mille 6 Sie
8
1934 AO
44
4413
09
27
47
50 (3t Cons El Pow (Japan)7e...1944 FA 4634 Sale
Apr'32
35
39
45
Bowman-Bill Hotels let 7s.._1934 M
38
37,8 60
28
41
3918 3912 38
1950• J
let & gen s f 5L.s
38
25
5
29
29
3
Fi'way & 7th Ave lit cons 56.19433 D
e
47 Gulf Stated Steel deb 5,4e..1942 3D 2912 33
212 31z 3 Apr'32
1
I
3
114
1 Mar'32
Certificates of deposit
J D
7814 86
5
86
86
8
.• 11 853 86
55
685 Hackensack Water 161 4s___1952
55 Apr'32
61
Brooklyn City RR let 5s_ __ _1941 J J 57
8
12
27
1612 15
Hansa SS Uneaten with warr_1939 AO 15 Sale 15
9710105
Bkiyn Edison Inc gen 58 A _ _1949 J J 10318 10412 103
1043
4 32
8018 914 Harpen Mining 66 with elk purch
Bklyn-Manh R T sec Ss._ _ _1968 J J 8478 Sale 8114
,
847 423
24 r4314
254 25
.1
8
247 24
war for corn stook of Am shs '49
Bklyn Qu Co & Sub con gtd 521'41 M N 55
Apr'32
7012 56
0518 58
3
1812
1812 25
55
5518 Havana Eleo consol a 5e_ ___1952 P A -18 Sale 18
lst be stamped
1941 J J 5714 ___- 554 Apr'32
4
8
45
5
4
5
4
Deb 5 As series of 1928 ___1951 MS
9212 June'29
Brooklyn R Tr let cony g 41 2002 J 3
(08 28
6' Apr'32
4
83 10
13
Hoe(R)& Co 1s2 6 -Meer A_1934 AO
Sale 68
72
13klyn Union El let g 58_ __ _1950 F A 70
1712 197
8
8
197 Mar'32
MN 1212 28
8 100 1047s Holland-Amer Line ea (flat)_1947 MN .51 Sale 4934 5412 66 4934 7014
8
1047
bklyn Un Gas let cons g 58_1945 M N 10412 Sale 10414
51
32
2 107 111
Houston 01• sink fund 51 28-.1940
108
.
16t lien & ret sedan A _1947 M N 10738, ___- 1074
44
28
• D 29 Sale 28
147 147
Hudson Coal 1st s f bs ser A_1982
____ 147 Feb'32
Cony debg5l4e..
19363 J 140
98 10117,
4
10112
_ _ 10014
Hudson Co Gm 1s1 g 5a____1949 MN 9914
934 18
8
005 99
1950 3 D 9718 Sale 9512
Debenture gold 5s
4
10034 39, 9912 1003
10012 Sale 10014
'
Humble Oil& Refining 5,0_1932 J
9 32
5
9
Buf• & Susq Iron In f 158932
D _ T4 1_6174 9634 Nov 7
94 100
9914 29
* 0 97 Sale 97
11 -ii" 9S'
Deb gold 52
1937
96
Buff Gen El 434. series 13_1981 F A
625, 80
8
663 8258 Apr'32
Bush Terminal 1.1 48
1952 A (.) 40
984 10312
10311 91 1
8
4
Illinota Bell Telephone 5.8___1956 3D 1025 Sale 102
58
71
4
8
497 563 58
5912
19553
Consol be_
611 934 9913
98
74
3
Illinois Steel deb 434e
70
70
1940 * 0 07 Sale 97
90
Bush Term Bldgs 5.go tax ex 60 A 0
2012 30
8
4
2534 Sale 2512
253
13
Ilaeder Steel Corp mtge 68_1948 FA
40
60
35
MN 35 Sale 35
By-Prod Coke lit 534. A
1945
4
81
18
5
81
7
8
Indiana Limestone 1st st 88_1941 MN
96
91
N
9118 Apr'32
9
9914 10134 Ind Nat Gas & 011 ref be
1936
_- 010012 1013
4
Cal0& E Corp unit & ref 58_1937 M N 101
84
68
7214 25
Inland Steel let 434e
5412 23
5212 71
1978 A0 6812 Sale 68
5212 Sale 5212
1940J J
Cal Pack cony deb be
82
85
3
74
72
70
7
1st NI f 4 As ger B
1981 FA 68
7712
8118 80 4
3
7612 Sale 7612
Cal Petroleum cony deb 815.1939 F A
94 104
10 Apr'32
8114 27
Interboro Metro') 484s
82
1956 AO 1018 12
8018
64
1938 M N 8018 87
Cony deb e tg 514.
Mar'32
8
3
*0
8
3
-514
2
1
Certificates of deposit
4 3
63
3
1942 A 0
Camaguey Bug let e f 71
AO
69
48
94
3 4614 sale 45
'
6
28
23
3614 Interboro Rap Tran let be__1988
2614
28
Canada SS L 1st gen 68-1941 A 0
59
60
474 85
3 4634 Sale 45
'
Stamped
9104 10212
_1943 .1 D iiKT4 Sale 10112 10218 10
Cent Dist Tel let 30-yr be _
4
2514 443
28
27
24
10
1932 AO 2712 33
-year 6e.
4
853 93
83 Apr'32
88
Cent Foundry let s 1.55 May 1931 F A
79
6234 37
57
7
-year cony 7% notes__ _1932 54 S 58 Sale 05714
10
100
963 10012
4
Cent Iludmn 0 & E be Jan 1957 M 8 100 gale 9934
60
30
8
32
1951 MN 32 Sale 30
Interlake Iron 1st 5. B
6514 20
64
64 Sale 63
77
Cent III Elea & Glop let be_ _ _1951 F A
9910'10114
9912 Mar'32 _
8312 11
lot A gric Corp 1s1 20-yr 5a_ _1932 MN 2712 33
82 82
97
77
82
Central Steel 1st g s t 8e._ 1941 MN
38
32
4
60
32
32
27
Stamped extended to 1942_ _ _ _ MN 58
27
443
25
4
Certain-teed Prod 534. A__ _1948 M 8 26 Sale 25
7014
52
20
581
Int Cement cony deb 58
1948 MN 5212 Sale 5212
Apr'32
5
10
5
8
6
Cespedes Sugar Co let a f 7 As'39 M 3
54
30
361
86
239
Internet Hydro El deb 56....1944 * 0 a35 Sale 30
48
41 18 76
Cheeep Corp cony 56 May 15 '47 M N 46 Sale 4118
8212
413 131
2
24
3 Sale
1947 MN
Internet Match if deb 5s
2718 July'31
Chic City it Conn Rys be Jan 1927 A 0
1 14 84
134 Sale
J J
1941
40 "ii" 176014
100
2 Cony deb be
Ch Ci I. & Coke 1st gu a as _ _1937 J .1 993 Sale 99
40
41
4
4114 148
5434
114
1941 AO 40 Sale 40
Inter Mere Marine if 6s
Chicago Rye let S. stpd rcte 15%
58
45
21
48
3 4612 Sale 47
'
42
4018 Apr'32
36
Internal Paper laser A & B_1947
39
50
Principal and Aug 1931 int__ F A
3812
19
49
21
29, 20
Eats 16s series A
25
1955 MS 21 Sale 19
48
1943 A 0 2414 Sale 21
Childs Co deb be
61
19
21
271
59; 28
3012 Sale 28
37
6012 Lot Telep & Teleg deb g 434s 1952 J J 25 Sale 24
1947 J J
Chlle Copper Co deb be
59
23
29
a2712 Sale 2618
123
1939 • J
Cony deb 414e
9014 18
1
82 4 9212
1968 A 0 8912 Sale 89
Cln CI & E 1st M 4s A
21 14 5412
91
28 Sale 24
28
_
77 Dec'30
Deb be
1955 FA
Clearfield Bit Coal let 4s _1940 J J ____ 74
55
7018
651±
5
63 65
47 -32i8 -- - Investors Equity deb 56 A 1947• D 64
Sale 33
6
4
4
343
1938 J J 33
Colon 011 cony deb 6e
60
55
_
A pr'3
1
;45
45
1948 * 0 624 7414 66
45
Deb 5s ser B with warr
67
45
Colo Fuel & Ir Co gen if 58_1943 F A 40
i 65 65
65
17
Without warrants__ .1948 AG 624 6754 65
30
30
_ 35
35
65
Col Indue 1st & coil 5s gu_ _ _1934 F A
9318
80
8 13
945
96
9312
47
69
8
615 8512 K C Pow & Lt lst 434eser B_1957
Columbia G & E deb 5e May 1952 M N 68 Sale 65
92
947
8
4
9012 963
23
1961 P A 9434 gale 935
let 54 414s
60
69
85
Debenture. be_ ___ Apr 15 1952 A 0 69 Sale 66
7412 86
24
81
83
Kansas Gam & Electric 4 As_1980• D 81 Sale 77
69
59
844
Debenture 58
Jan 15 1961 J J 69 Sale 65
s
253
14
17
16
14 Sale 14
9812
9512
5
9512 98
90
9612 Karstadt (Rudolph) let 88..1943 MN
Columbus Gas let gold be.
.1932 .1
3412 63
3412
6
4014
Keith (B F) Corp let 8s_
83
1948 MS 3512 45
7
84
8112 92
Columbus R P & L let 4 tie 1057 3 .1 8312 86
65
61
44 Sale 41
Kendall Co 151.09 with wary. _1948
70
67
8
8112 28 67
67
10
Keystone Telep Co let 5s_ 1935 Ji 664 70
90
85
95
Commercial Credit s 6.____1934 MN 88 Sale 88
9812 102
__ 10114 Apr'32
8312
21 8312 9112 Kings County El L & P 588.. _1937 AO 102
8312
Coll trot 5 % notee
1035 J J 874 8912
119 12312
3
8112
Purchase money fie
8 88
835
92
79
1997 AO 120 4 125 12312 Apr'32
Comm'l Invest Tr deb IStia_1949 F A 8112 83
6114 7612
11
63
3' 105 10812 Kings County Elev let g 4e_ _1949 FA 63 Sale 83
4
106
8
Computing-Tab-Rec e t Ite 1941 J J 1043 1067 106
98
93
Apr'32
aS714 (15714 Kings Co Lighting let 58
1954 J J 924 97 97
,
Conn IQ & L 1st & ref g 4tis 1961 1 .J a8714 Sale a8714 48714
106 10918
4
94
91
91
First and ref 6 As
1954• 3 10612 1073 10712 10712
4
923
89
Stamped guar 4 tie
1951 J J 89
56
45
4612 Apr'32
Kinney(OR)ar Co 7,4% notes'36 J D
Consolidated Hydro-Elea Work.
76% 9112
8
763 Apr'32
2938
2718 354 Kresge Found'n coll tr 88.....1938 J D ____ 70
4
of Upper Wuertemberg 76.1956 J J 273 2812 2718
1594
8
48
11
812
812, Sale
8 17
185
1814 2214 Kreuger & Toll am s f 5s_ _ _ _1959 M
4
Cone Coal of MO let & ref 58_1950 J D 1814 183 1814
72 al004 105
103 Sale 103
104
Comm!Gan(NY)deb 634. 1945
80
8
4
923
8114 83141 8138
8
815
8
933 220
Lackawanna Steel let 63 A..1950 M
96
89
Debenture 434.
1951 3D 9234 Sale a92
71
98
5
78
14
08
9612 101
Laclede G-L ref & ext 5a__ _ _1934 AO 78 Sale 73
Coneumers Gas of Chic go be 1938 JO 9612 Sale 9612
78
50
17
53
4
102
58
97 102
Coll & ref 5AB eerie. C___1953 FA 513 Sale 50
Consumers Power let be _ _1952 MN 10114 Sale 10078
8
753
49
5212 26
301
11
Coll & ref 5,,s series D___1960 P A 51 Sale 5038
30
Container Corp let 6s
3712
1946• D 30 Sale 30
13
13 Sale 13
all
10
24
15-year deb 5.8 with wary...1943• D
Lautaro Nitrate Co cony 68_1954
112 1412
314 19
112
J J al% Sale
70
7014 11
82
Without warrants
Copenhagen Telep be Feb 15 1954 FA
--- 70
7214
90
84
1
84
84
83
85
9 100 10314 Lehigh C & Nay sf4AsA__1954 J
Corn Prod Refg let 25-yr f 5a '34
N 10314 Sale 103
5
.
1034
1
8014 90
85
85 Sale 85
74
2
74
74
73
Cons sink fund 4 is ear C_1954 J
Crown Cork & Seal e f 6s_ ....1947 J O
84
93
80
8
783 8834 Apr'32
67
15
69
7512 Lehigh Valley Coal let g 58_ _1953 33
Crown Willamette Paper 68_1951"3 6712 Sale 6712
8
_ 995 94 Dec'31
8
8 13
527 Sale 02
527
bet 40-yr gu lilt red to 4%.1933 J J
Crown Zellerbach deb Sew w 1940 M
48
80
981, lO0'
8
13
112 138
114
1
s
27
138
1934 P A 1001410014 Mar'32
1st & ref f 5a
Cuban Cane Prod dab as_..1950
3
'
8976 44
40 Feb'32
50
5 Dee'31
14 ____
1944 P A
1st & ref f 5e
Cuban Dom Sugar let 7146_1944 MN
394
35
Feb'32
35
39
13
4
2 Mar'32
1954 P A
let & ref s f 58
Stpd with purch wary attached
63
43
Jan'32
__ 4212 43
4 13
4
13 Apr'32
1964 P A
7"
1st & ref a f 58
Ctrs of dap MIA and unstpd... _
Fs
118
41
41
Jan'32
____ 3912 41
21
4
1013 Sale 10138
102
1974 FA
let & ref s f be
9714 10214
Climb T & 1' let & gen l&.1937
20 115 119
118
117 Sale 116
4
4
4
97 1043 Liggett & Myers Tobacco 79_1944 A
Cuyamel Fruit lst•f 136 A1940 AO 1013 10214 1043 Mar'32
9612 102
32
102
P A 101 Sale 101
be
1951
33
9014
75
79
93
1941 AO 7512 Sale 75
Loew's Inc deb a 6a
8.5
Del Power & Light let 4 5413_1971 .1 .1 8818 Sale 88
8814
71
57
97
71
82
Lombard Elm 7e without war_•52 J O 66 Sale 66
1989 J J
let & ref 44e
69 Nov'31
92
J o
8934 _Apr'32
With warrant.
88
-ii" 92
let mortgage 414.
1969
9212 Lorillard (P) Co deb 75
Apr'32
85
1944 AO 115614 Sale 10412 10614 20 lair; 1018 85
Den Gas & El L tel & ref s t 58'51 MN 8618 92
814 9
212
20
83
8814
8814
Se
924
1951 P A 8618 Sale 86'e
85
Stamped as to Penne tax_ 1951 MN 8612 92
8
997
91
9918 17
_
Oct'29
61
Louisville Gam & El(Ky) Ee_1952 MN 994 Sale 9814
Dory(DO)Corp let ef 7e_ A942 M
3
_
Deo'31
1
Lower Austria Hydro El Pow2d 7. stpd Sept 1930 eoupon__ NI 13
34
46
Apr'32
36
34
101
10112 28 loOrs 1617
lat f Ettie
- 8
1944 FA
Detroit Edison let coll tr 58_1933 1 3 Ha" Sale
28
102
8
9512 10214
1949 AO 1013 Sale 101
Gen & ref Sc scrim A.
91
55
10
59
94 r104
McCrory Storm Corp deb 6 As'41 J o 5834 Sale 5814
1955 3D 10012
- - 10012 Apr'32
Gen & ref be sealed _
60
38
4512 43
10112
8
96 10112 McKesson & Robbins deb 6553'50 MN 45 Sale 44
1982 FA 101 Sale 101
Gen & ref 5. series C
10
3
314 512 3 Mar'32
8 32
947
4
953 Menet' Sugar late f 7148___1942 * 0
87
Gen & ref 434. series D_ __1961 FA 9412 Sale 94
6
2
5 Mar'32
Stamped Oct 1931 coupon 1942 A0
70 Sale 69
7012 66
s
86
66
314 47
Dodge Bros cony deb as__ __1940 MN
5458
5418
214 133
6
Certificates of deposit
1
. 5812
50
4
Gold (Jacob) Pack let 6.___1942 MN 5358 _
3112 26
2812 434
5
8212
75
8612 Mantua Ry(NY)cons g 45_1990 AO 31 Sale 30
1942 3, 78 Sale 78
1st ref 7s
Donner Steel
_
2712 30 Apr'32
30
30
32
63
4
2d 421
55
2013 3D 22
8112
Duke-Price Pow let 6.ear A_1966 MN 5612 Sale 553
62
r100
84
Manila Cleo RR & Lt a f as_ _1953 MB 71
98 Sept'30
9314r100
Duquesne Light let 434e A 1987 AO r100 Sale 97
Mfr, Tr Co Ws of panic In
83
6
_
74
12
A I Namrn & Son let 115_ _1943 3D 74 Sale 74
77
4
5 Apr'32
41s 512
East Cuba Bug 15-yr s f g 7tie'87 MS
23
36
21
44 Dec'31
Marlon Steam Shovels t ess_ _1947 AO 3214 36
33
324
__
4
stamped as to t guar
92
78
2 -54- 957 Market St Sty 7e a& A _April 1940 Q J 78 Sale 78
8
8
967
8012 12
967 967
Ed El 111 13klyn let con 4s_1939 ii 96 -- 8 010518 Apr'32
4
383 51
14
Mead Corp let 68 with warr_1945
39
4
383
al0513 110
39
N 33
3
' 106 110
Ed Elec(NY) let cons g 5e.1995
2612 14
1
7312 86
Nfericlionale Elm let 7s A
7312
254 Sale 2518
,
25, 38
1957 AO 7312 Sale 7312
El Pow Corp (Germany) 6346'50 MS 243 Sale 243
4
90 100
3
8 2434 38 Metr Ed let & ref be sex C 1953 J J 90 Sale 90
27
95
4
1953 AO
let sinking fund 634/1
4
4
773 85
82
20 Apr'32
4
1st g 4 As series D
214
20
25
1968 MS 773 Sale 7734
J O 20
Elk Horn Coal let & ref 8%el 1931
3314 50
24
40
15 Aug'31
Matron Wat Sew & Dr 51
4s_1950 * 0 384 4014 364
D
Deb 7% notes (with wary) 1931
4
583
88
_ 24
38 Mar'32 Met West Side El(ChM)8*_ _1928 FA
Breda Co let in 78..1954
Ernesto
2
30
18
16
18 16
1956 ▪ D ii
22
42
524 /Meg Mill Mach lets f 7e
Sale 38
33
With stock purchase warrants_ FA 42
34
8784 97
91
Sale 89
894
Midvale St & 0 coil In s f 56_1936 M
AO Low
Bid
Am Type Found deb 6s. _ _1940 AO 60 Sale 5812
Wat Wks & El coil tr 58_1934 AO 78 Sale 78
1975 MN 60 Sale 54
Deb g 6s series A
2012
24
18
in) Writing Paper let e 88-1947• J
1945 MN
214 312 2
Anclo-Chilean ef deb 7s
10
5
I
A ntilla (Comp Azuo) 7349-1939"3
85
4
753
75
Ark & Mem Bridge & Ter 58_1984 M
Armour & Co (III) let 41.4.1939 J 13 6412 Sale 63
Armour & Co of Del 634e.. _1943 J J 51 Sale 51
55
53
Armstrong Cork cony deb ba 1940 ID 52
Associated 0116% gold note. 1935 M S 99 Sale 984
95
1947 "13
Atlanta Gas L let 541
ALI Gulf & W I SS 1. coil tr 5s 1959"3 32 Sale 32
4
943 94
Atlantic Refining deb 5e __ _1937 .1 .1 93
HiriA No. Low
5612
5
60
78
15
82
50
614 25
1
2012
2012
2
Apr'32
Sept'31
Mar'32
-7534
8014
111
68
5014
5814 117
6
52
55
3
98
99
95
Apr'32
3212
17
33
854
94 14 10
--
r Cash sale. a Deferred del very
New York Bond Record-Concluded--Page 6
3420
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 6.
Price
Friday
May 6.
Biel
755
8
7612
83
6513
Ask
Sale
Sale
Sale
Sale
Week's
Range or
Lass Sale.
Low
74
74
82
61
;•
4,
4
Range
Since
Jan.].
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 6.
Prue
Friday
May 6.
Week's
;
Range org•=4;.,
Lass Sale,
0:1,
Range
Since
Jan, I.
High No. Low
80
25
74
7812 18
74
12
81
85
6512 10
60
High
Bid
Ask Low
High No Low
High
9412 Rims Steel lets I 78
1955 F A
3312 Sale 3312
3614 28
261., 39
95
Roch G&E1 gen mtge 614seer C'48 M S 95
9512 95
9612 13
95
99
9512
Gen mtge 4448 series D_ _ _1977 NI S 90
92
9212 Mar'32 --__
918 9234
4
4
823 Roch &Pine C & I pm bs1946 M N
70
85 Dec'32 ----Royal Dutch 48 with warr_1945 A 0 6914 Sale 6853
r7112 115 -65- I
li
78
79
7
7812
79
68
823 Ruhr Chemical s f ee
s
1948 A 0 20
24
20
Apr'32 ____
20
30
78 Sale 78
30
87
79
8212
81
84
3
82
757 8412 St Joeeph Lead deb 5 yie _ _ ._19411M N
82
g
75
80
78
1
78
76
91
62
68
60 Dec'31 ---- ____ ____ St Joe By Lt Ilt & Pr let be_1937IM N 80
9412 78
78
1
77
85
62
94 May'3I ___ St L Rocky Mt & P be stpd_1955 J J
37
3712
373
4
7
3712 42
55
68
60 Feb'32
- - -- .- St Paul City Cable cons 58_1937 1 .1 50
6 6
6
92
50
Apr'32 ____
50
50
62
9112 9312 May'31 ------------Guaranteed be
---1937 J J 50
69
40 Feb'32 __
__
40
40
61 Sale 61
69
29
61
78
San Antonio Pub Fiery let(is 1952 J J 80 Sale 791
2
80
3
797 93
2
4014 70
4014 Mar'32 -___
4014 4014 Schuico Co guar 6148
1946.3 1 60
75
38
4012 58
38
5012
78
7314 Apr'32 ____
72
9512
Guar at 611s series B__1946 A 0 75 Sale 70
76
72
60
82
91
99
05 Apr'32 --93 100
Sharon Steel hoop at 5440_ _1948 F A
32
33
30
30
I
30
44
997 Nov'31 -___ ---- ---. Shell Pipe Line at deb be__ _1952 M N 68 Sale 65
3
68
92
5712 78
Shell Union Oil 5 t deb ba
1947 M N6
A o 64 s
Sale 62
643 419
4
47
71
Namm (A I) & Son_See Mini Tr
_
62
64
521
47
7114
Nassau Elec guar gold 4s___ _1961 J J 4314 45
4314
44
2
4112 50
Shinyeteu El Pow let 6345.19523 D 3812 Sale 3812
3912 24
58
3704 593
8
0
4
Nat Acme let at Se1942 J D 58
60
60
68
60
Shubert Theatre 8e_June 15 1942 J D
2
4
112 Mar'32 ____
114
311
Nat Dairy Prod deb 53.4e ..1948 F A 853 Sale 843
3
8434 9512
4
88
338
Nat Radiator deb 634e -----1947 F A
14
17
14
11
13
8
1935 1 J 4314 60
1412 Siemens & !Wake s t 7s
46
46
1
42
78
Nat Steel let coil bs
1956 A 0 7012 Sale 6812
7312 43
68
80
1951 M S 41 Sale 1240
Debenture 8 f 644/1
4312 71 a38
5914
Newark Comm' Gas cons 58_1948 J D 9612 9912 9512 Apr'32 ____
95
98
87 Sale 87
Sierra & San Fran Power 58_1949 F A
9212 25
87
951s
NJ Pow A Light let 43.0_1960 A 0 8138 Sale 81
823
4 10
77
953 Silesia Elec Corp at 634e..
4
15
1946 F A
16
16
1612
3
1514 28
Newberry (3.3) Co 541% notes'40 A 0 65
6912 65 Apr'32 ____
65
8114 Silesian-Am Corp coil tr 7s 1941 F A
24 Sale 21
24
32
21
4113
New Eng Tel & Tel 5a A.--1952 i D 103 Sale 103
10312 13
9712 1093 Sinclair Cons 011 15-yr 78-1937 M 8 8613 Sale 8618
4
89
163
725 9312
8
lst g 444seeriee B
1961 MN 98 Sale 97
10
91
98
98
let lien 614e series B
1938 3 D 8512 Sale 8412
863
4 86
68
90
New On Pub 8erv let be A__1952 A 0 6212 sale 6212
6512 14
6212 82
Sinclair Crude Oil 53.60 tier A_1938 1 1 9814 Sale 9713
9814 85
913 981.4
4
First & ref 5e series B____1955 J D 63
6512
6512 6412
8
64
80 8 Sinclair Pipe Lines f be
5
1942 A 0 95 Sale 933
4
95
34
891s 95
N Y Dock 50
-year let e 4s--1951 F A 47
51
1
47
47
46
58
Skelly 011 deb 534e
1939 M S 5912 Sale 58
5912 26
43
61
Serial 5% notes
1938 A 0 35 Sale 3412
37
12
30
43
Smith (A 0)Corp let 6148_1933 M N 9712 Sale 97
100
44
87 1011,
NY Etitern let & ref 81.4e A_1941 A 0 110 Sale 109
110
39 10612 11014 Solvay Am Invest be
1942 M 8 68 Sale 68
7212 19
68
89
let Hen & ref Sc series B___1944 A 0 103 Sale 103
104
48
9712 104
South Bell Tel & Tel let a f 156'41 J J 1023 Sale 1017
4
3
1023
4 80
9754 1027
3
NY Gas El LID & Pow g 58 1948 J 0 10512 -- -- 1053
3 1053
4
6 10014 106 4 Sweet Bell Tel let & ref 5.....1954 F A 1021s Sale 1017
,
3
1027
8 36
9612 1033
8
Purchase money gold 4s__1949 F A 93 Sale 93
9312 61
871s 95
Southern Colo Power 68 A 1947 J .1 77
81
7914
9312
7914
76
1
NY LE&WCoal&RR 5148'42 MN
90 102 SePt'30 -- ----- ---- Stand 011 or NJ deb be Dec 15'46 F A 1013 Sale a101
3
1013 130
8
99127102
N Y LB & W Dock & Imp be '433 1
95 100 June'31 ------------Stand 01101 NY deb 440._1951 .1 D 8953 Sale 8712
895 106
8
87
93 8
7
N Y Rye let RE & ref 4s_ __.1842 J J
3
433 Apr'32'___ _
18 43
Stevens Hotel let Se series A 1945 J 1 18 Sale 1518
19
14
1518 28
Certificates of deposit-_-.
60
40 Dec'31'____ ____ ___- Sugar Estates (Oriente) 7s 1942 NI S
12
1
118
118
1
1 13 8
18
- C1
113 212 Dee'30 ____ ____ _.-20
-year ad) Inc be__ _Jan 1942 1 M S
Certificates of deposit
_
1
38 Apr'32
A 0 ---- ----1 July'31 ____ ---- ---- Syracuse
4
Certificatee of deposit
Ltg.Co. 1st g 5 s__ _ 1951 J D 10112 103 10012 Apr'32 ____
9814 10012
N Y Rye Corp Inc 13e___Jan 1965 Apr
113
2
173 Apr'32 __
Is 212
1965 .1 .1 3414 373 35
Prior lien dowries A
4
351e
3
30
50
Tenn Coal Iron & RR gen fie 1951 J J _ _ _ 973 9512
4
973
4
7
9512 10112
N Y & Richm Gas let ee A 1951 M N
9014 ---- 93,
9312
1
923 98
4
2
Tenn Copp dr Chem deb 6e 13 1944 M S 60 Sale 60
60
1
50
83
NY State Rye let cons 4148_1962 MN
15s 312 112 Apr'32 ____
14 212 Tenn Eleo Power let 614
94
40
91 102
Certificates of deposit
M N
15 13
8
I Mar'32 ____
1
1
Texas Corp cony deb 58...._1947 j D 77 Sale 9 ,
1 9 4 A O 94
e 7 8
223
7111 83
1
77
13
4 212 212 Mar'32 ____
50-yr let cons 631s ser B__1982 M N
2
212 Third Ave By let ref 48....__1960 1 J 445 Sale 4433
8
4512
4013 5012
9
N Y Steam let 25-yr 139 set A 1947 M N 1013 10312 103
4
104
13 10012 106
AdJ Inc be tax-ex N Y Jan 1960 A 0 2912 Sale 2818
30
247
271s 3904
let mortgage be
1961 M N 9512 Sale 9512
9612 61
92
98
Third Ave RR let g be
91
9412 9053
1937 J 1 90
003
4
9
84
let M be
1956 M N 93 Sale 9212
933
4 75
9053 943 Tobacco Prods(NJ)6 As._ _2022 Nf N
4
90
90 Sale 8712
164
823 93
4
N Y Telep let & gene 4348-1939 MN 10053 Sale a9953 1005 110
8
0513 1005a Toho Electric Power let 78-1955 M S 45 Sale 43
4212 68
46
38
N Y Trap Rock 1st 6e
1948 J 0 61 Sale 61
4
62
58
70
991 99
L46_1932 J J 99
9413 09
37
99
Tok7fo eo
6 . gEild nZight Co,
Meg Lock &0Pow let ISsA _1965 A 0 9412 97
95
9
9413
8618 97
let es dollar series
1953 1 D 3812 Sale 3712
62
37
3958 149
Niagara Share deb 534a
1950 M N
57 Sale 5512
5712 31
5512 7012 Trenton G & El let g Se....l949 M 8 g 2
NorddeutscbeLloyd 20-yr et 68 47 M N 2012 Sale 2212
253
4 16
2212 8512 Truax-Ter Cl cony 6148 1943 M N
m Coal
Nor Amer Cam deb 6415 A_ _1940 M S 17 Sale 17
1713
b
1614 263 Trumbull Steel Islet es____1910 M N
4
2
5249;8- Sale9a13- 113214
6t4
65
2
5 "33 --1
591s 'N
9199
8
5532 i7
2e5
North Amer Co deb be
1061 F A 7312 Sale 73
76
47
68
88
Twenty-third St By ret tia_.1962 .1 .1
10
30
10
Feb'32 ____
10
No Am Edison deb be ser A....1957 M 8 7312 79
7312
75
13
7312 91
Tyrol Ifydro-Eloo Pow 714e 1953 M N
5212
3
44
40
46
Deb 644s ser B_Aug 15 1983 F A 7412 Sale 73
73
94
763
4 35
Guar eee e t 74;
si AS
F
2
3712 51
40
3712
Deb be series C___Nov 15 1969 MN 70 Sale 70
7415 39
70
89
Nor Ohio Trac & Light 6s__1947 M 8 96 Sale 96
965
8
6
907 101
4
Ultgawa Elea Power a t 7._ _11994652
60 Sale
Nor States Pow 25-yr be A__1991 A 0 798 Sale 95
r98
49
9214 99 4 Union Elec Lt & Pr(Mo) be 1932 NI S 10012 Sale 55
,
10012
101 12 32
60
8
0
5 1 10
99% 7
4
let & ref S-yr 138 ser B--__1941 A 0 10112 Sale 101
8 100 1053
10112
4
Rat & ext be
1933 M N 10114 Sale 101
99 10112
1013
3 23
North W T let td g 4)4e gtd_1934 J 3 91 Sale 91
91
1
80
9712 Un EL de P(l11) let *6348 A 1954 1 .1 10014 Sale 10014
9814 10114
10012 16
5418 Sale 5412
Norweg Hydro-El Nit 64421__1957 M N
5434 12
411
65
Union Elm By (Chic) 58_ __ _1945 A 0
,
3912 46 Mar'32 ____
4512 48
Union 011 30-yr 6e A__May 1942 F A
9512 98
97
6
95 101
97
9912
Ohio Public Service 730 A1946 A 0 96
5
98
99
981s 10614
let lien e t be ser CFeb 1935 A 0 9513 98
9812
0812
1 092
98'2
let dr net 78 aeries B
9212 90
1947 F A 90
91
3
90 10414
Deb be with warr___ _Apr 1945 J D
7412 Sale 7412
7412
2
69
80
Old Ben Coal let Se1944 F A
13
127
3
4 11
127 20
8
163
United Biscuit of Am deb 6s 1942 NI N
9612 Sale 96
Ontario Power N F let be
1943 F A 9053 94
1
90
90
83
95
United Drug 25
-year be__1953 M 8 70 Sale 6238
623 "
88 8 9312
96'2 103
7
6
12
Ontario Power Serv let 534s-1950 J 3 4713 Sale 413
31
413 64
4
53
4
United Rye St List g 49_ __ _1931 1 J 26
31
30
40
30
3
22
Ontario Transmission let 58_1945 M N 813 90 84
4
80
e5
3
8618
US Rubber let &ref be ear A 1947 .1 J
3553 Sale 35
36
61
32
5912
Oslo Gas dr El Wks extl ba
1983 M 8 61 Sale 61
61
5
5014 7114 United SS Co 15
-year 68_ __ _1937 M N 75
85
80
Apr'32 _ _._
79
8112
Otis Steel let M (ie ser A
1941 M El 20 Sale 20
27
25
20
50
Un Steel Works Corp 644e A 1951 J D
157 Sale 1478
8
19
147 82
8
43
Sec e t 64s series C
1951 .1 D
153 Sale 1512
4
18
18
1513 3012
Panne Gas & El gen & ref 56_1942 1 1 10112 Sale 1005e
9414 1015
10153 70
8
Sinking fund deb 6160serA1947 J .1
15 Sale 15
165
8 14
14
3014
Pac Pub Sery IS% notes
1936 M S 86
87
85
854
3
2
85
90
United Steel Wks of BurbachPantie Tel & Tel let be
1937 .1 J 10253 Sale 10214
10253 14 a97 7103
Each-Dudelange at 7e____1951 A 0 70
80
77
Apr'32 ____
77
0274
Ref unite 5s eerlee A
1952 M N 10112 1013 101
4
1013
4 15
9634 102
Universal Pipe & Bad deb es 1938 J 0 ____ 20
20 Dec'31 ____ 261s 2618
Pan-Amer P dr T cony ef 63_1934 M N 10112 Sale 10112 1017
3 22 100 1017 Unterelbe Power dr Light 66.1953 A 0 2618 Sale 2514
3
2712
7
24
3504
Pan-Am PetCo(otCal)cony (is '40 1 D
912 11
12 Apr'32 ____
12
21
Utah Lt & Trac let & ref 58_1944 A 0 63 Sale 58
63
6
58
80
Certificates of deposit
4 Apr'32 ____
4
518 11
1112 Utah Power & Light lst 58_1944 r A
7312 Sale 7012
914
7312 28
70
Paramount-irway let 5 348_ _1951 J J 50 Sale 50
50
59
13
82
Utica Elect,& P lets f g 58_1960 1 .1 97 106
97
Jan'32_
97
07
Paramount-Fam'e-Lasky 8s_ 1947 J D 25 Sale 233
4
3212 50
233 60 8 Utica Gas & Mee ret & ext be 1957 J 1 97 105
4
5
9812
993
4
4
9812 10314
Paramount Publix Corp 510 1950 P A 2034 Sale 2012
28
68
2012 55
Urn Power & Light 5141____1947 J D 2212 Sale 2212
2312 82
18
49
Park-Lox let leasehold 63413_1953 J .1
18 Sale 17
18
11
15
28
Deb 58 with warranta____1959 F A
23 Sale 2114
29
172 81812 477
8
Parmelee Trans deb 63
13
812 Apr'32 ____
812 2313
4
1944 A 0
Without warrants
F A
37
Pat & Passaic0& El cons Is 1949 M 8 --_- 100
9914 Jan'32 ____
9914 9914
Pathe Exch deb 75 with wan' 1937 M N 65 Sale 6212
65
13
59
8012 Vanadium Corp of Am cony bs'41 A 0 35 Sale 30
35
25
30
75
Penn-Dixie Cement 1st 68 A_1941 5.1 S 33 Sale 33
36
11
33
4334 Verttentes Sugar let ref 7e_1942 J D _ _1_ Sale
1
1 , 11
1
10
Pennsylvania P & L let 440_1981 A o 8412 Sale 1 82
803 804 Victor Fuel let a t 58
4
853 118
4
15
10
10
14
Peop Gas I.& C let cons 68_1943 A 0 105 112 10712 Apr'32 ____ 103 1071 Va Eleo A Pow cony 514s_ 1953 '1 S 95 sale 933 Apr'321 ____
4
942 51 LI
4
95
33
9312 9553
8812 9712 Va Iron Coal & Coke let g be 1949 M 8 40
943
4 46
Refunding gold be
1947 M S 93 Sale 9112
56
45
Apr'32 ____
45
693
4
96
M S --------96 Apr'32 ____
Registered
96
Va Ili & Pow 1st dr ref bs._ _1934 J J 9913 Sale 99
993
4 87
984 100
/
1
Ptilla Co sec Is series A
90
68
77
60
1967 J D 71 Sale 68
100
35
921s 100
PhIln Eiec Co let & ref 434e..1967 M N
99 Sale 99
Waiworth deb 0548 with warr 1935 A
13
'
Apr 32
13
22
9212
83
let & ref 45
9114 42
1971 F A 9114 sale 8912
Without warrants
13 sl
alo 20 Mar'32 ____
1
22
20
PhIla & Reading C & I ref 68_1973 1 J 61
28
59
69
62
63
61
let oinking tund &leerily/ A 1946 A 0
11
13
23
11
28
Cony deb lie
1949 M S 39 Sale 35
39
70
32
63
Warner Bros Pict deb es _ __ _1939 M S 1512 Sale 1514
17
78
1514 40
Phillips Petrol deb 5tie
45
86
62
56
Warner Co let 6e with warr_1944
1939 J D 56 Sale 5312
:
577 60 Apr'32 ____
3
60
66
Pillsbury F1'r Mills 20-yr 65_1943 A 0 9612 9712 96
94 101
9712 16
Wlthout warrants
- - 60
65 Mar'32 ___
60
66
843
4
8
80
Pirelli Co (Italy) cony 711___ _195'1 M N 8412 Sale 84
92
Warner-Quinlan Co leb As .....
onde t e
Mlle; El By & Lt let be B1961 .1 D
let mtge be
1971 3 1
Montana Power let Es A
1943 J J
Deb Es series A
1962 3 D
Montecatini Min de Auto-Deb 78 with warrants
1937 1 1
J J
Without warrants
Montreal Tram let dr ref 5e1941 J J
Oen & ref at be series A___1955 A 0
1965 A 0
Gen & ret e I 53 ter B
Gen & ref 8 t 44.43 ser C
1956 A 0
Gen & ref at 58 ser D
1955 A 0
Morris dr Co let.1 4)48_ ___1939 3 J
Mortgage-Bond Co 48 ear 2_1966 A 0
Murray Body let 63491934.3 D
Mutual Fuel Gas lot ire e 58_1947 MN
Mut Un Tel gtd Els ext at 5% 1941 M N
3 _ii_ ,3
Focal) Con Collieries et a t 58 '57 1 J
Port Arthur Can & Dk Cs A_1953 F A
let M Se series B
1953 F A
80
Port Gen Elec let 4 he ger C_1960 M S 51 Sale
Portland Gen Elm let 5e_ .1935 I 1 93
96
Porto Rican Am Tob cony-681942 .1 J 2214 24
Postal Teleg dr Cable coil 58_1963 J J
2112 Sale
Pressed Steel Car cony g be_ _1933 1 1 -- -- 7112
Pub Sem El & G let & rat 410'67 J D 98 Sale
let & ref 434e
9312 sale
1970 F A
let & ref 48
4
1971 A 0 913 Sale
Punta Alegre Sugar deb 7e._1937 J J
Pure 01151 5)47 notes
1937 F A
73
75
8 1 54% Both
1940 M IS 6814 Sale
Purity Bakeries 8 f deb 5s___1948 J 1 60 Sale
80
80
104
4614
95
2014
20
72
9753
07
90
47
3
73
663
4
58
80
Mar'32 ____
89
80
80
1.0 32 ____
Stamped July 1931 coup on '39 1 J
C
Mar'31 ------------Warren Bros o deb 621
1941 M 8
678 Wash Water Power s t 58-1939 J 1
72
51
97
45
89 985 Westchester Ltg be stpd gtd 1950 .1 D
4
201 1 4212 West Penn Power ser A Se...1946 rei 6
20
23
M 8
1812 39
75
23
let Is series F.
56
Apr'32 ____
797
3
1st sec be eerlea 0_ _ ......1956 J D
91 14 99
65
99
Western Electric deb be
1944 A 0
91
984 Western Union coil trust 68_1938 1 .1
9814 36
93
83
13
Funding & real eat g 410_195 M N
'
92
41s
Jan'32 ____
47
16
-year 61.4
6513 76
34
25
-year gold be
75
82
73
42
1116 'I 11
2)M 8
,F
1
69
79
Westp eai 58 El Power 60_1953 1 1
36-yh aria Un
58
60
17
Radlo-Keith-Orptieurn pare paid
et to for deb Se & corn elk _1937 M N -------- 90 Mar'32 ____
90
Remington Arms lets f 68_1937 M N
74 Sale 6812
07
15
7414
Rem Rand deb 5348 with war '47 M N 4012 Sale 4014
35
61
42
Repub I & S 10-30-yr be 5 t_ _1940 A 0 6012 Sale 60
60
6
6012
Ref & gen 514s series A_1953 1 .1 2413 40
39
3
45
45
Revere Cop ,k Brass tie_Jully 1948 M 8 55
6
49 4
5
5512 5.112
57
Rhelneibe Union at 78
2314 1884
1946 J J 17
242
8 17
183
4
Rhine-Ruhr Water wiles 68_1953
15 Sale 15
1553
155
8 28
Rhine-Westphalia El Pr 7s_ _1950 M N
32 Sale 32
32
37
11
Direct mtge 8s
1952 M N
25 Sale 2312
2312
32
28
2334 Sale 2212
_ 1953 F A
Cone NI 641 of 1928
221 2
26
89
Con 680501193(2 with war 1065 A 0 2213 Sale 22
22
253
4
73
Richfield 011 of Calif 13s
1994 M N
a612 sale
54
812
7
54
3
5
Certificates of depoelt____-_ M N
612 5 Apr'325
1
1
r Cash sale
2 _____
iri i"
J
JP S2772 1,V,'s Dc
1
14 F 12 17 gl's. ig4
Warner Sugar Corp let 7e._1939 1 J ____
eb:31 ___ _____ --ii- -ii
c 32
.-
10412
853
4
5414
85
81
58
41
30
6811
45
41 s
,
401s
17
143
4
4t;
173 Sale
4
51i
1734
Wheeling Steel Corp let 5146 1948 J 3 4212 447 48
,
8
1st & ref 4%s aeries B_ __ _1953 A 0 32
41
41
White Engle Oil& Ref deb 5%8'37
With stock punch warrants.,... _ M 8 10012 Sale 100
White Sew Mach 65 with wan''30; 1
318 _ _ _ 1912
, 3
8 06_,4 3
Without warrants
Panic a f deb es
Wickwire Spencer St'l let?, 1940 1 N
9 M J
35
3 2 . __
91'8 1
312
CU dep Chaim Nat Bank__ ___
13
3 3
2
7e(Nov 1027 coup on) Jan 1936 NI N
112 6
13
4
Ctt dap Chase Nat Bank. __ Nf N
2 Sale
2
Willys-Overland at 6 41s._ _ _1933 M S
787 80
8
Wilson & Co let 25-yr at 88_1941 A 0 793 Sale 79
4
Youngstown Sheet & Tube be '78 1 J
let mtge a t 55 ler B
1970 A 0
a Deferred delivery. d Union 0 I be series C 1936 sold on Jan 6. 81.000 as 73 "deferred deliver)
15
6
722
29 Sale 28
100
_ 10012
10012 10 3 10018
--4 3
101
00
124 S017 108124
4 1 4 0 2
10012 Sale 993
4
9714 Sale 963
4
50
60
55
_ _ 58
57
Sale
51 Sale
542 Sale
1
54
53
100
323'1
10018
16
5
I
9553 10 1 12
28
56
100 10514
111124 3
2 11
10012 29
9712 89
60
13
61
17
6313 79
45
111
147 131
01
:
02
97181 102%
96
96 r102
91 10212
65
86,
4
58
80
50
97
36
75
534 gs
7
49
41
3
6
10113
10
38
7
18
Feb'32 __
Jau'31 ___ _
Dec'31
i
2
Apr'32 -__
84
84
58
5714
63
28
48
41
47
65
9612 1011s
814 11
Z.a
312
i ri;
t
312
3.
.
R
-- -. .- -.
_ _ l, ... 4
_793 92
4
45.2
75
54
53
72
72
3421
Financial Chronicle
Volume 134
Outside Stock Exchanges
Exchange.
-Record of transactions at
the Boston Stock Exchange, April 30 to May 6, both inclusive, compiled from official sales lists:
Boston Stock
Sales
Friday
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Continued) Par. Price. Low. High. Shares
Range Since Jan. 1.
Low.
High.
Jan
Apr 122
64 Feb
May
7231
674 7211
2
2
5,150
50
51
2
14
12
3
34
34
14
5-4
113-4 13
234
3
34
34
34
34
5,450
5,000
6,500
300
1,050
34 May
11% May
2% Apr
34 Apr
34 Apr
234 Jan
21
Jan
84 Jan
4
Jan
2
Jan
5
54
2834 2914
4
34 3%
200
70
120
750
356
28
3
34
Apr
Am
May
May
18
64
5
8
Jan
Jan
Mar
Jan
204
1834
32
10
131
13
831
34
200
50
100
40
100
300
1,500
1,400
173-4
184
31
10
111
11
634
34
May
May
May
Apr
Apr
May
Apr
Apr
394
42
55
15
2
19
1834
154
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
634 734
316 334
11
11
1,600
250
6
Apr
34 May
May
11
114
534
15
Jan
Jan
Jan
534 65-4
154 24
4
4
58
58
4
31
14
1
3
3
434 44
300
700
250
20
7,000
500
50
150
456
14
4
50
34
4
234
454
Apr
May
Jan
Apr
Apr
Apr
Apr
Apr
114 Mar
4
Mar
511 Jan
95
Jan
534 Jan
17
Jan
5
Jan
12
Jan
100
234 234
10
244 2434
5
6% 614
234 20,600
34
200
614
10
134 1%
35
1234
12
34
18
5
54
5
134
11
Apr
Apr
Jan
May
Apr
May
Apr
Feb
Jan
48
794 Feb
434 Jan
104 Jan
714 Jan
1854 Feb
5
34 34
20
25
22
3
34 2,200
24 24
200
150
10
11
14
14 10,050
150
24 24
450
111
1%
314
22
34
24
10
A
24
1
May
May
May
May
May
Apr
Apr
Mar
554
35
104
434
144
7
54
84
44
43-4
611
34
534
3
2111
4
414
4
15
2
11
34
30
12
34
134
34
514
10%
1034
50
160
60
400
400
10
20
100
190
500
10
300
1,150
150
1,350
300
50
150
300
100
50
20
3
3
631
h
514
3
204
34
4
334
15
1
31
34
80
104
14
104
214
434
10
10
May
Apr
May
Apr
May
Apr
Apr
May
Apr
May
Feb
Apr
Jan
Apr
Apr
May
Jan
Feb
Apr
Apr
Apr,
Apr!
434 43.4
*
Ontario Mfg Co corn
54 53-4
.1
Penn Gas & El A corn.
18
19
Perfect Circle Co corn_ _._• 18
134
134
Pines Wintertront oom__.•
114
3
331
Process Corp corn
•
Pub dery of Nor Ili
534 5934
• 59
Bootle
Common
54
54
American Tel & Tel__ 1946
Common
100
1024 10214 $1,000 1024 May 10254 May
75
75
100
Amoskeag Mfg Co 68_1948 50
50
50
Apr 6554 Mar
1,000 46
7% Preferred
Chic Jot & Un Btkyds te'40 79
661( 69
100
Mar
79
Apr 85
6,000 79
79
0% Preferred
58
1940
Jan Quaker Oats Co
Feb 95
5,000 90
90
90
s: Maas St By sir A 634e'48
Common
• 7834 75% 83
2731 2734 5,000 174 Jan 813-4 Mar
Hood Rubber 78
1014
101
100
1936
Preferred
494 4911
1,000 4934 Jan 5314 Mar
New Eng Tel & Tel Si 1982
14 1
3-4
1004 1004 1,000 9954 Jan 1004 Jan Raytheon Mfg corn
Pocohontas 78
11
31
72
May 85
70
Jan Reliance Int Corp A corn_•
70
4,000 70
8
8
Rollins Hos Mills cony pf_*
• Nn par value
Ex-dividend
19
19
* 19
Roes Gear & Tool com
Westfield Mfg., corn. sold Apr. 29 at 11, was an error, should have been Waldor
•
7
7
Ryerson de Son corn
System.
20
50
500
350
300
44
5
174
14
3
May
Apr
Apr
Apr
Apr
2,550
50
10
40
41%
41
67
60
Apr
Apr
Apr
Apr
1,010
30
650
650
100
150
50
7554
984
34
51
8
19
7
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Railroad
91
100 9034 88
Boston & Albany
100
644 654
Boston Elevated
Baden de Maine
8
8
1st preferred class A send
25
28
Prior preferred stamped.
10
10
SeriesC let pref. stpd 100
12
12
Ser D 1st pref stpd
Boston & Providence_ _ _100 127% 127% 128
79
80
Chi Jet & Un Stk Yds pref. 79
4
4
Eastern Mass St RY 1st
3
3
100
Preferred B
131
100
114
AdJ
11% 13
NYNH& Hartford _100
804 8034
100
Old Colony
11%
Pennsylvania RR
60 1134 10
Miscellaneous
14 14
Amer Continental Corp-- -----50o 50o
American Founders Corn • 50c
9
10
American Pneumatic 1st Pf
Amer Tel & Tel
100 10034 95 101
214
•
24 214
Amoskeag Mfg Co
Bigelow Sanford Carpet • 10
9% 1034
Brown & Co prof
3
331
114 2
Crown Cork & Int Nat Seal
1
1
East Boston Land
10
East Gas & Fuel Men
Common
•
5
6
64% Drier preferred 100 5734 554 58
6% cum preferred-100 40
39
4011
Eastern SS Lines
Common
•
7%
7
714
100 2834 2834 30
Preferred
Edison Elea Ilium
126 139
100 137
Employers Group Assn _ _
634
64 614
rieneral Capita, Corn _ •
134 13%
Georgian Corp Inc plc! A20
Gillette Safety Razor_
11% 1454
•
Hygrade-Sylvana Lamp Co
13
13
Int Button-Hole Mach..10
934
9S4 94
Jenkins Television Corti_ -- -----4 550
g,
Loew's Theatres
8
8
8
Mean Ulillitlee Assoc vs e.•
14 134
114
344 344
Mergenthaler Linotype 100
Mullins Mfg Co
511
511
.30 .30
National Leather Co_ _ _ _10
69
69
Preferred
100
9034
New Eng Tel & Tel
100 894 87
6
Pacific Mille
63-4 6
100
834 834
Reece Buttonhole Mach
114 14
Reece Folding Machine__ -----454 54
einawmut Asen T0
•
5Si
734
Stone & Webster
7
Swift & Co new.
104
934 14
2911 30
Torrington Co..
30
13-4
United Found Corp com •
1
St
3314
United Shoe Mach Corp_25 334 31
30
30
Preferred
25 30
United Electric Pow-Corp.
4
34
Waltham Watch pref
10
10
10
Warren Bros Co new
214 24
•
13
13
I Winfield Mfg
• 13
MictlaoCalumet & Hecla
25
Copper Range
25
Mohawk Mining
25
North Butte....
Old Dominion Co
25
Pond Creek P000hontas Co
Quincy Mining
25
Utah Apex Min
5
Mali Metal & Tunnel...
.1
2.4
34
450
30c
2
134
16
3.1
34
434
31
40e
260
234
1%
16
270
14
5
14
45c
33o
77
697
Range Since Jan. 1.
Low.
High.
Jan
88
May 130
6234 Apr 7634 Jan
8
Apr 26
20
35 25
May 62
May 32
82 10
May 50
6 12
10 12734 May 135
21 79
May 92
6
54
4
Apr
3
50
3
Feb
30
.90 Mar
111
1,295 114 May
3134
5 80
Apr 100
1.598 10
May 2354
550
312
20
7,188
145
230
100
95
10
427
148
342
14
11
9
95
2
834
3
14
1
19
8.03
2
5
200
10
1,228
205
50
384
1,545
1,070
7,049
2,560
1,203
5.295
65
5
40
90
315
35
308
20
1,505
85
270
2,570
90
4,700
Apr
634 Mar
134 Jan
Apr
May 14
Feb
May 18534 Feb
44 Feb
Apr
Mar
Apr 22
May
94 Jan
14 Feb
Jan
Apr
234 Jan
4% Apr
5534 May
39
Apr
5
265
125 284
2,091 126
834
400
243 1034
2
10
1.318 1034
10 11
330
9
200 500
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Feb
Jan
Jan
Jan
Jan
10
64
70
Feb
Jan
Jan
Feb
Apr 10
Apr 3634 !Jan
Mar
May 205
May
11
Jan
Mar 2
034 Mar
Jan
6
May
Jan 2434 Mar
Apr 2414 Jan
Jan
934 Apr
1
Feb
Feb
794 Jan
834
14 Apr
291
Apr 53
34
54 May -53j
35
.05 J
Apr 70
65
May 116
87
5
Apr 11
94
Feb
8
1%
Jan
1
714
44 Apr
154
May
7
94 May 20
2934 May 82
254
14 May
Apr 4054
30
30
Apr 82
14
54 Apr
93-4 Apr 1234
234 Apr
7
13
Mar 1854
2
Apr
14 Apr
1131 Jan
Apr
250
11 Apr
434 May
31 May
40c Apr
4 Jan
Mar
Jan
Jan
May
Feb
Apr
Jan
Jan
Jan
Jan
Mar
Mar
Apr
Jan
Jan
Mar
Feb
Jan
Feb
Feb
Jan
334 Jan
8% Jan
1854 Feb
Jan
60c
154 Jan
84 Jan
234 Jan
Feb
60c
Feb
65e
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, April 30 to May 6, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Abbott Laboratories cum.• 244
25 10%
terne Steel Co
Adams Mfg (J D) com_ •
Allied Products A
Amer Equities Co com_ •
Amer Pub eery Co prat 100
•
Appalachian Gas COM
•
Art Metal Works corn
•
14
Ala00 Tel MU Oo OOM
Balaban & Katz v t 0 com25
Bastian-13Iessing com__ •
64
Bandit Aviation °um__ _•
mks Mfg Co cone pref A.'
Borg-Warner Corp corn lii
6
100
7% preferred
5
Brach & Sons E J cam_ ._•
53-4
Brown Fence & Wire A _ ...•
•
mace Co(EL)common..
20
134
Butler Brothers
Canal Constr cons' pref._ •
•
Ceco Mfg Co corn
Cent Illinois See Co corn. •
•
854
Convertible preferred..
• 42
Central iii P S Dreg
•
Pub Ser Corp A
Cent
Cent SW Util corn new
•
5
Preferred
Prior lien oumul prat ___•
Chicago Investors corn. •
• 1134
Cony preferred
33-'
Cities Service Co corn. •
•
Club Alum Uten corn_
Coleman Lamp&Stovecom*
2334
104
934
5
14
11
54
2
14
14
4
634
2
5
60
5
54
44
134
14
Si
34
854
41
34
134
434
1134
14
1134
314
3-4
43.4
244
200
12
1,350
50
914
250
5
50
134
12
70
100
14
2
300
800
2%
14
10
200
434
74 1,500
2
200
4,950
614
130
65
150
5
100
54
54
250
550
154
2
100
150
51
300
3-4
400
84
42
230
850
34
750
134
760
73-4
410
1354
4 1,200
12
1,100
33' 11,400
280
44
50
Range Since Jan, 1.
Low.
2314 May
10% May
94 Apr
434 Feb
14 May
11
Apr
14 Apr
2
Mar
114 May
14
Apr
4
May
6% May
134 Jan
5
May
60
May
5
May
534 May
434 Apr
134 Apr
14 Apr
34 Apr
4 Jan
84 May
Apr
35
34 May
1
Apr
4% May
Apr
9
4 May
1134 May
34 Apr
11 May
44 May
High.
314
1734
12
64
24
60
34
234
124
26
8
1854
5%
1234
80
751
814
14
254
2
154
15*
15
6934
84
654
64
55
254
1756
64
1
511
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Jan
JIM
Mar
Jan
Jan
Feb
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Commonwealth Edison.100
Const Mat'!$34 pref.- •
Conti Chicago Corp
•
Common
Preferred
•
5
Cord Corn
Corp Sec of Chic allot etf.•
Common
Crane Co
25
Common
Preferred
100
5
Curtis Mfg com
Eiec Household URI Corplu
Empire Gas & Fuel
100
6% preferred
100
654% preferred
100
8% preferred
Gardner-Denver Co corn_*
General Candy class A_ _5
Goldblatt Bros corn
•
•
Great Lakes D & D
Grigsby Grunow Co com_•
Hall Printing Co com___10
Hart-Carter cone pre/-•
Hormel & Co corn
Houdallle-Hershey Cert)Class A
•
•
Class B
25
Illinois Brick Co
100
Ill Nor Util pref
Instill OBI Invest Inc....'
•
20 preferred
•
Iron Fireman v t C
Jefferson Electric com
•
Kellogg Sw'bd & SUP
10
Common
Ky Util Jr cum prat__ _50
Leath & Co cum pref
*
10
Libby McNeil corn
Lindsay Light corn
10
Lindsay Nunn Pub $2 pf_.•
Lynch Corp DOM
•
McGraw Electric eom
•
McQuay-Norzis Mfg
•
McWilliams Dredging Co-•
Manhattan-Dearborn corn*
Material Service coin_ __10
MIddle West URI new----•
cony pre!A
Midland United Co cam- •
Midland Utilities Co
7% class A pref
100
7% prior lien
100
Miller & Hart cony pref__•
ai-Kan Pipe Line oom____•
Modine Mfg corn
Monroe Chemical cony_ .
1
.
Preferred
Morgan Litho corn
•
Muskegon Motor spec A_ _•
Nachman-Springfilled corn*
National Battery pref....._ 1
Nat Eleo Pow A cony_ _*
National Leather corn_ _ _10
Nat Secur Inv Co com---1
100
6% preferred
Nat-Standard corn
•
Nati Linton Radio corn_ ...*
N'oblitt-Sparks Ind corn..'
North Amer Car Corp coin*
Nor Amer L &P corn
*
Northwest Bancorp eon)
-50
No West UM 7% pr In_100
Seaboard UM Shares Carp'
Bhaler Co class A
•
Signode Steel Strap corn.*
30
Preferred
Southwest Gas & El 7% pf•
Southern Union Gas corn.'
Standard Dredge cony pl.
•
Common
•
Swift International
15
Swift & Co
25
Telephone Bond & Share
Class A
•
Thompson Co (J R) coin 25
United Amer Util corn
*
20
rj 13 Ortoum
U S Radio & Telev
..•
Util & Rid Corp corn_
•
Convertzbie preferred •
vik big Pump Co pref.-- -•
Vorsec Co part pref
•
•
Vortex Cup Co coin
Clans A
•
Walgreen Co common_ _..•
Ward (Monta) & Co A •
Western Corn Util cl A
•
Western Grocer Co com_25
Wieboldt Stores Inc
•
Williams 011-0
-Mat corn..*
Wisconsin Bank BM onm.10
Yates-Amer Mach pr pfd..*
Zenith Radio Corp coin...*
Bonds
Chic City By 5s
1927
Certificates of dep 1927
Chicago Rye& califs of deposit_1927
insult tail Inv fie
1940
Metr West Side El 48.1938
Swift dr Co 58
1944
174
184
31
10
14
11
634
35
11
74
34
33.4
534
14
154
x634
3
h
44
11
2
30
13%
3
3
631
4
54
3
214
4
4
34
15
134
11
,
34
30
104
34
13
34
25
104
10
50
Jan
Feb
Jan
Jan
Jan
JIM
Jan
Jan
Jan
Jan
May
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
24
214 Jan
Feb
60
484
60
104
2
12
43.4
324
134
10
511
1934
12
55
2
45
204
91
154
814
751
274
(1,
1
434
Apr
Mar
Mar
Jan
Jan
125
Jan
115
Feb
114
Jan
1044 Jan
Mar
May 103
Apr 10756 Mar
Apr
134 Jan
May
8
Feb
Feb
19
Jan
Jan
May 104 Jan
54
13
10%
5
14
3-4
50
53.4 54
100
34
34
130
5
54
100
40
4134
A
200
34
650
134
134
200
11
14
13
204 56.900
94 144 64,100
Apr
514 AD
Ap
5
May
40
Apr
34 May
Apr
1
3May
13
May
954 May
1)4 Jan
54 Apr
154 Feb
Jan
Jan
69
24 Mar
354 Jan
14 Feb
3554 Mar
19
Mar
104
1831 184
934 104
1811 May
84 Feb
44
Jan
1541 Mar
514
50
750
2
25
12)4
114
3
23
24
144
2334
11%
73
6
4
Jan
Mar
Jan
Jan
Jan
Feb
Apr
Jan
Jan
Jan
Jac
Jan
Feb
Feb
3% Feb
4
Jan
1114 Jan
114 Jan
17
714
10
59
234
34
Si
• No par value. r Ex-dividend.
50
20
50
150
1,250
300
50
11
15
5
14
1
17
134
6
154
84
59
14
14
34
3
2
56
54
Apr
Apr
Mar
Jan
Apr
May
Apr
Apr
Apr
Apr
Apr
May
Apr
Jan
Feb
Apr
May
Apr
384 385-4 $1,000
3734 3754 16,000
6
3414
34
Apr
Apr
384 40
19,000
56
54 141,000
2354 2314 1,000
994 9934 5,000
Jan
Apr 50
35
4 May 8854 Jan
Mar
2334 May 37
98 34 Jan 1003.4 Mar
h
16
556
154
634
17
134
6
1591
9
59
1.4
214
54
33-4
2
54
.46
164
6
154
64
17
156
74
16
10
59
14
214
54
34
25-4
.54
y Ex-rights
50
450
2,150
600
400
100
100
1,000
550
1,500
45
49
Jan
Mar
3422
Financial Chronicle
May 7 1932
Toronto Stock Exchange.
-Record of transactions at
-Record of transactions
the Toronto Stock Exchange, April 30 to May 6, both in- atPhiladelphia Stock Exchange.
Philadelphia Stock Exchange, April 30 to May 6, both
clusive, compiled from official sales lists:
inclusive, compiled from official sales lists:
134
5
2234
90
1954
1934
934
4
1731
1431
21
334
39
5
4174
431
13
11
Dome Mines Ltd
*
5334 5336
Eastern St'l Prod pr pf_100
9
834 934
Famous Players com_-_ _25 1231 12
1234
Fanny Farmer pref
•
431
4
434
Gen Steel Wares corn....'531
634 634
Goodyear T & R pref_ _100
80
82
Gypsum Lime & Alabas- •
234 334
Internat'l Milling 1st pf 100
9434 9434
Internat'l Nickel com-_-_*
634
534 634
Loblaw Groceterlas A----*
931 10
934
B
•
834
831 9
Maple Leaf Milling corn...
3
3
Preferred
100
8
8
8
Massey-Harris common_ _•
234
254 23.4
McIntyre Porcupine M._5
15.45 15.45
Moore Corp common__•
535
531 734
A
100
70
70
Out Eqult Life 10% pd-100
634
6
631
Page-Hersey Tubes corn.... 45
4234 45
Photo Engrav & Electro_ _• 1134 1131 12
Russell Motor pref.-..i00 5834 55
5834
Stand Steel cons corn.
*
234 231
Steel Cool Can oom
• 1534 1534 16
Preferred
25
22
22
Walkers-Gooderham
•
3
Worts
234 3
Preferred
•
931
931 931
Winnipeg Electric corn_ _ _•
2
2
• No par value.
75
120
10
557
11
85
3,228
25
183
155
115
203
23
35
300
130
10
555
1
5
1934
85
12
1734
9
4
17
1231
19
334
30
4
413.4
434
1134
10
231 Apr
9.34 Apr
2
May
Mar
Mar
Apr
Feb
Jan
Mar
Mar
Apr
Mar
Mar
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Mar
554 Mar
12
Feb
334 Apr
Toronto Curb.
-Record of transactions at the Toronto
Curb, April 30 to May 6, both inclusive, compiled from
official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Beath & Son(W D)A.
Brewing Corp
•
Preferred
Canada Bud Brew corn. •
Canada Malting Co
•
Canada Vinegars corn.
*
Canadian Wineries
•
Cosgrave Expt 13rewery_10
Distillers Corp Seagrams.•
Dominion Bridge
•
Dom P &Tr ord stubs_ _100
English El& Canada B
•
Goodyear T & Rub corn _ _*
Humberstone Shoe com_ •
Imperial Tobacco ord_ _ _ _5
Montreal LII & P Cons _ _*
National Steel Car Corp_ _•
Pelissier's Limited corn_ •
Rogers Majestic
Service Stations corn A_ •
Preferred
100
.
Stand Pay & Mats corn. _ _•
Thayers Limited pref._ •
Oil
British American 011
•
Crown Dominion 011 Co..
Imperial Oil Limited
•
International Petroleum..'
McColl Frontenac 011 corn'
Supertest Petroleum ord_ •
Union Natural Gas Co_ •
UnlistedNoranda
Teak Hughes
Wright Hargreave3
5
1134
4
11
734
53%
27%
4
30
1%
8%
1131
8%
5
34
134
731
10%
11%
2
2%
3%
11
7%
2
5331
17
635
2734
10
300
234
334
30
1%
17
5
31
2
7%
11%
12
2
3%
4
13%
7%
2
54
17
6%
28%
10
30c
234
4
30%
I%
17
83‘ 9
2
2
8
8%
1034 11%
831 9
1331 13%
235 3
14.50 14.75
3.60 3.60
2.20 2.20
*
1
•
250
1
7
200
91
175
10
125
255
160
10
25
15
10
145
1,022
35
100
25
445
220
80
40
2,336
90
5,088
3,940
310
95
145
Range Since Jan. 1.
Low.
High.
5
May
5
% Jan
1
131 Apr
331
631 Apr
9
10
Apr 1434
11% May 16
2
May
2%
2% Apr
334
3% Apr
634
11
May 13%
4
Mar
731
131 Feb
2%
5331 May 82
15
Apr 21%
6% May
8%
2631 Apr 38
8% Feb 12%
300 May
34
4
234 Apr
3
Apr
7
30
May 46
131 May
3
17
May 18
8%
2
7%
9%
7
13%
234
May
May
Apr
Apr
Apr
May
May
101 14.50 Apr
300 3.15 Apr
25
2.20 Apr
11%
3
10%
1134
10%
18%
5
May
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Jan
May
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Apr
Mar
Jan
Feb
Jan
Mar
Mar
Jan
Mar
Mar
Jan
Jan
Jan
19.80 Mar
5.25 Jan
3.03 Jan
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, April 30 to May 6, both
inclusive, compiled from official sales lists:
Stocks-
Aluminum Gds Mfg corn.*
Arkansas Nat Gas corn.
Preferred
10
Armstrong Cork Co corn.. _
Blaw-Knox Co
---434
Columbia Gas & El corn....7
.
834
Devonian 011
7
Harb-Walker Ref corn.. _•
731
Independent Brew corn _50
Koppers Gas& Coke P1-10
0 40
Lone Star Gas
434
Mesta Machine
5
Pittsburgh Brew pref. __50
PlUsbgh Plate Glass
_25
Pitts Screw & Bolt Corp..'
Plymouth 011 Co
7
5
Stand Steel Spring
United Engine & Fdy corn •
United States Glass
25
Westinghouse Air Brake..' 11
Westhouse El & Mfg__..50 24
931
1
4
4
431
734
731
2%
40
43.4
8
734
1434
234
63.4
6
15
131
11
2134
931
134
4
434
53
'
,
831
7
734
231
42%
4%
9
734
1534
2%
7
6
15
131
1135
24
Range Since Jan. I.
Low.
20
931
150
1
30
4
595
4
1,145
05
1,159
6%
100
4
7%
200
90
2
40 40
5,116
3%
8
95
100
6
170 14
145
2%
1,350
6
5%
235
20 14%
134
151
931
245
265 21%
May
May
Apr
Apr
May
Apr
Mar
May
Jan
May
Apr
Apr
Feb
Apr
May
Apr
Apr
Apr
Jan
Jan
Apr
High.
1035
2%
5%
10
831
16
7
14
3
61
9%
1934
931
20
4
73.4
10%
23%
2
16%
27%
Jan
Mar
Feb
Jan
Mar
Mar
May
Jan
Jan
Jan
Jan
Jan
Apr
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Stocks-
• No par value.
7
1%
_ _•
7
1%
34
7
2
331
80
652
481
5
Mar
131 Apr
3
Apr
10
2
5
Feb
Apr
Feb
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Arundel Corp
• 17
Black dr Decker corn
*
Ches & Po Tel of Balt p1100 112
Com'l Credit pref
25 14
Preferred B
25
631% 1st pref
100
Consol Gas E L & Power.* 53
0% Piet set D
100
534% Prof ser E w1-100
5% preferred
100
Eastern Rolling Mill
•
Emerson Bromo Seltz A w 1 24
Fidelity & Deposit
60 3634
Finance Coot Am cl A_ _ _ _ -----Humphreys Mfg Co pref. -----MfrsFinance corn v t. _25
1st preferred
25
2d preferred
25
Maryland Casualty Co...
Monon W Penn P S pref_25 --18
New Amsterdam Cas Ins.. 15
NorthernCentral
Pa Water & Power
• 42
Standard Gas Equip corn..
United Rys & Electric_50
US Fidelity & Guar new 10
4
Western Md Dairy Inc pt.* 7631
Bonds
All Coast L Conn 4% Ws_
Baltimore City Bonds:
4s sewerage impt_ _1961
4s harbor
1937
Is sec school
1938
City 331s
1980
United Ry dr Eleo 4s _ _1949
• No par value.
16
17
1
1%
iii
112
1331 1531
16
16
55
59
51
54
10434 10431
100 100
95
96
2
2
24
26
36
38
Si 6
20
20
2
2
10% 10.34
6
635
335 4
17% 18
14
15%
54
54
42
4331
3
3
50o 55c
334 4%
7634 76%
72
9931
17
72
9634
9935
9834
82
163.4
9634
9935
9834
8431
1734
675
85
56
425
100
29
546
16
55
48
25
185
307
116
20
117
25
805
200
40
765
20
116
99
650
656
16
32,000
3,100
1,000
4,000
5,500
4.000
Range Since Jan. 1.
Low.
16
May
Mar
1
Apr
111
13% May
15% Apr
55
Jan
5031 Apr
10434 Apr
100
Jan
95
May
2
May
24
Jan
36
May
3
Apr
20
Apr
131 Feb
834 Feb
531 Feb
331 Apr
1711 Apr
12
Apr
54
May
40
Apr
3
Feb
50o Mar
231 Apr
76 34 May
72
May
90
Jan
95
Jan
98
May
8131 Apr
1631 Apr
High.
2631
434
116%
20%
20
68
68%
11134
107
100
454
2931
85%
734
20
8
1031
6%
831
20
21%
7631
53%
3
1%
5%
9(1
Mar
Jan
Feb
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Feb
Jan
Mar
Apr
Feb
Apr
Apr
Jan
Mar
Jan
Feb
Jan
Feb
Ma
Jan
Jan
72
May
96%
9931
98
84%
1734
May
May
May
May
Apr
Cincinnati Stock Exchange.
-Record of transaction
at Cincinnati Stock Exchange, April 30 to May
6, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
1Veek.
Par. Price. Low. High. Shares.
Amer Laund Mach com.20
Amer Rolling Mill corn _ _25
Amer Thermos Mt A
•
Cin Ga.s & Elec prat _ _100
Cincinnati Street Ry__ _50
Cin & Sub Tel
50
Cin Union Stock Yards..'
Crosley Radio A
•
Eagle-Picher Lead cam _20
Hobart Mfg
•
Julian & Kokenge
•
Kroger common
•
Lazarus preferred
100
Procter & Gamble new....
5% preferred
100
Pure 0116% pref
100
US Ptg & Litho prat __._ 50
Waco Aircraft
•
• No par value.
63i
5134
10
5434
1 37-4
31
43
6
11
12
534 7
236 234
75
7634
10 ' 11
5431 57
16
16
234 234
331 334
12
1434
6
6
12
13%
85
85
2834 31
9131 9131
40
45
6
6
2
2
835
538
30
124
319
312
166
20
16
435
100
660
10
1,742
4
288
10
10
Range Since Jan, I.
Low.
11
5%
2%
75
10
50
16
231
331
12
5
1131
85
2531
9131
40
6
2
High.
May 17
May
12%
Apr
331
May 9031
May
1734
Apr 69
May 19
Apr
4
May
534
May 24
Jan
8
Apr
1831
May 86
Apr 42%
May 102%
May 50
Apr 10
May
231
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Apr
Mar
Feb
Jan
Jan
Jan
Jan
Apr
Milwaukee Grain & Stock Exchange.
-Following is
the record of transactions at the Milwaukee Grain & Stock
Exchange, April 30 to May 6, both inclusive, compiled
from official sales lists:
Stocks-
UnlistedCopperweld Steel
Pennroad Corp v t c
Western Pub Ser v t c _
High.
transactions at
Baltimore Stock Exchange, April 30 to May 6, both inclusive, compiled from official sales lists:
•No par value.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. I.
Low.
American Stores
• 3234 3034 3231 7,900 3034 May
Bankers Securities pref..
734 8
600
7
Apr
Bell Tel Coot Pa pref__100 10834 108 10836
250 106
Jan
Budd (E G) Mfg Co
•
34
134
800
31 Apr
Budd Wheel Co
154
134
400
134 Apr
Camden Fire Insurance
______
11
1134
100 11
Apr
Central Airport
134 2
300
1
Jan
Consol Traction of N J..100
2034 2
034
12 2034 May
Electric Storage Battery100
1734 193.4
673 1674 Apr
Fire Association
10
431
431 5
1,900
431 Apr
Insurance Cool N A
10 25
25
26
700 25
May
Lehigh Coal dr Navigation_
10
931 1034
1,800
831 Apr
Lehigh Valley
734 834
137
734 Apr
Pennroad Corp
13-4
131 134 3,600
131 May
Pennsylvania RR
50
1034 1134 4,600 103,4 May
Phila Elea of Pa S5 pref.-- 9134 91
9231
265 91
Apr
Phila Elec Pow prat
25
2734 2734
500 25
Jan
Phila Rapid Transit.
50
234 234
100
2
Apr
7% preferred
50
534
534 8
400
534 May
59
Mar Philadelphia Traction. 50
24
24
50 22
Apr
13
Mar Reliance Insurance
10
234 234
200
2
Apr
2274 Mar Seaboard Utilities CorP--35
35
100
31 May
6
Feb Telephone Security pref..7
7
25
7
Jan
8
Jan Union Traction
50
1274 13
300 123.4 Apr
9334 Mar United Gas Imp corn 'new.' 1754 1534 1734 74.600 1431 Apr
U S Dairy Prod claas A._ •
5
Feb
25
25
15 20
Apr
Common class B
97
Mar
•
234 3
51
234 Apr
234 231
11
Jan Victory Park Land ImPt-100
231 May
Warner Co
•
23.4
2
1051 Jan
3
1,000
2 May
1031 Jan
Bonds
5
Mar
Abitibi 1st 5s
1953
203.4 Jan
30
30
$5,000 30
May
434 Jan Amer Elea & Gas 5s- _2028
77
77
1,000 77
May
19.25 Jan Elea 43: Peoples tr ctfs 48'45
2131 2234 14,500 20
Apr
Ctrs of deposit
10
22
Jan
22
1,000 2034 Apr
93
25
Jan Germany Cen Bk 6E1_1960
25
5,000 25
May
Phila El(Pa) let 5s_ _1960
9
Feb
103 10334 15,600 100
Feb
66
104 104
Jan Phila Elea Pow5 As--1972
6,000 100
Jan
1934 Mar Republio of Chile ....1960
9
9
5,000
9
May
RenublIn of Peru lia__ _1031
55
May
354 334 5.000
331 May
334 Mar
•No par value.
2336 Mar
29
Jan
Baltimore Stock Exchange.
-Record of
May
334
May 10
Apr 25
May 119
Feb 25
Jan 20
May 1434
May
634
May 2431
May 20
Apr 32
May
7
Apr 66
Apr
734
May 55
May
734
Apr 1536
May 17
143 5331 May
244
834 May
4,597 12
May
75
4
May
234
5
Mar
40 80
May
305
234 May
1 9434 Apr
4,269
531 May
510
934 Mar
435
834 May
5
2
Feb
10
8
May
450
234 May
50 15.45 Apr
53,4 May
652
7 70
May
20
6
May
351 3531 Apr
165 1131 May
13
7
Jan
150
2
Apr
170 15
Apr
20 22
May
2,223
8,004
50
Stocks-
High.
nntnEEtEtEnng%gtnEnatgggggg.
134
5
2234
85
18
1834
934
4
17
1234
2034
334
37
5
4174
434
13
10
Low.
'V.:Tint4
Abitibi Pr & Paper com--•
1
6% preferred__ _ _ _ -100
5
Atlantic sugar common_ •
Bell Telephone
100 8934
Blue Ribbon 634% pref_50
Brantford Cordage 1st pf 26
Brazilian T L & P com--*
9
B C Packers prof
100
B C Power A
• 1734
Can Dredg & D'k prat-_100
Can Gen Elec com
.50 21
Can Locomotive pref__100
Can Ohl common
•
Cookshutt Plow common.'
5
Conduits Co common__ •
Cons Min & Smelting _25
Consumers Gas
100
Cosmos Imp Mills com--• 10
many
owes
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High Shares.
Range Since Jan. 1.
..
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High Shares.
OONWbOWW
0W.
N. 00..
.0.00000 In ,...00000.0.—a 0. ...
-.0
..000.0.000
Stocks-
Harnischfeger
Herta Mining
Line Material N L
Outboard Motors A
13
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
•
25c
4
3-4
4
4
234 2%
4
4
2
2
31
54
45
300
200
100
100
Range Since Jan. 1.
Low.
4
2%
331
2
34
Jan
Apr
Apr
Apr
Apr
High.
5
Mar
5
Jan
6
Mar
234 Jan
1
Jan
I.
Financial Chronicle
Volume 134
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
10
Wig Bankshares
•
Wls Investment A
Wis Pub Serv pt 6%._.100
100
Wis Tel pref 7%
2%
2% 2%
134
114
75
75
10355 105
Range Since Jan. 1.
Low.
2%
796
134
350
5 75
21 103%
High.
4
Jan
Apr
2% Jan
May
May
May 75
May 11054 Jan
•No par value.
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange, April 30 to May 6, both inclustte, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Bank and Trust
First National Bank_ _ _ _20 40
Mere-Corn Bit & Tr Co.100 99
St Louis Union Tr new -------
40
41%
98% 100
50
50
MiscellaneousBrown Shoe corn
100 27
2551
Preferred
100
110
Coca-Cola Bottling Co _I
13
Como Mills Co
• 14
14
Ely & Walker DGds corn 2.5
6
6
International Shoe corn__ _• 37% 36
Preferred
100 102% 10234
Knapp Monarch pref
•
34
Laclede Steel Co
20
9
NIcQuay-Norris
•
24
Marathon Shoe corn. _25
6
Nf0 Portland Cement_ _25
5
5
National Candy corn
•
551
554
1st preferred
100
90
Pedigo-Lake Shoe
•
2
Securities lily pref
100
100
Southwest'n Bell Tel p1_100
105
Wagner Rice corn
100
6%
6
Preferred
15
100
Street Railway Bonds
United Railways 4s.._ _1934
30
28
2735
110
13
14
6
37%
103
34
9
25
6
5%
655
90
2
100
106
6%
100
30
330
70
47
Range Since Jan. 1.
Low.
May 49
40
9844 Mar 110
May 67
50
Mar
Jan
Feb
May
May
May
May
May
Apr
Apr
Mar
May
May
Feb
May
Apr
May
May
May
May
May
May
Mar
Jan
Jan
Star
Jan
Jan
Mar
May
Mar
Feb
Slay
Feb
Mar
Mar
Mar
Feb
Mar
Feb
Mar
280 25%
10 110
140 13
345 14
100
6
365 3551
157 102
30
9
50
72 24
325
5%
76
5
5%
315
5 90
40
2
24 100
18 105
53
6
100
$4,000
High.
28
May
36%
120
20
1654
835
4335
105
34
15%
35
6
15
9
95
4
101
115
9%
100%
40
Jan
•No par value.
We also give the following record of transactions at the
St. Louis Stock Exchange for April 23 to April 29, both inclusive, compiled from the official sales list, but received
too late for publication last week:
Stocks-
Sales
Nada
'
,
Last Week's Range for
Sale
ofPrices.
Par Price. Low. High. Shares.
Bank & Trust
20
First Nat Bank
Lafayette-So Side Bank 100
-Comm Ilk& Tr Co100
Mere
St Louis Union Trust new.
Miscellaneous
Brown Shoe corn
100
Coca-Cola Bottling Co _1
Cons Lead & Zinc A
Como Stills Co
•
Curtis Mfg corn
5
40
100
100 100
50
40
43
100
10035
50
30
33
15
40c
15
5
264
1455
40c
1455
1435
5
Range Since Jan. 1.
Low.
High.
110 40
5 100
141 100
100 50
Apr 49
Apr 100
Apr 110
Apr 67
297
80
100
60
25
Apr
Apr
Apr
Apr
Apr
2651
1455
40c
14%
5
Mar
Apr
Jan
Feb
36% Mar
20
Jan
1
Feb
16% Mar
7
Feb
3423
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week
Stocks (Concluded) Par. Price. Low. High. Shares,
Dr. Pepper corn
Ely &M'Ikr Dr Gds com _25
International Shoe pref..100
Common
Knapp Monarch pref_ - •
Laclede Steel Co
20
McQuay-Norris
• 25
Mo Portland Cement_ _ _25
6
Nat Candy corn
•
Securities Inv corn
Sowestern Bell Tel pref _100 106
Wagner Electric pref.__ _15
Common
100
6
• No par value.
15
15
6
6
103% 103%
36% 36%
32% 32%
9
10
25
25
6
6
6
6
26
26
106 106%
100 100
6
6%
Range Since Jan. 1.
Low.
10 15
25
6
10 102
30 35%
50 30
9
160
250 25
80
6
10
5%
50 26
408 106
10 100
425
6
High.
Feb
Jan
Mar
Jan
Apr
Mar
Feb
Feb
Mar
Mar
Mar
Mar
Feb
Apr 18%
Apr
834
Apr 105
Apr 43
Mar 32%
Apr 1.5%
Apr 3.5
Apr 15
9
Apr
Apr 27
Apr 115
Apr 100%
Apr
955
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, April 30 to May 6,
both inclusive, compiled from sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par Price. Low. High. Shares.
Admiralty Alaska
1
15c
Allied General pre
1.12
1
Atlas Gold
Banearnerica Blair
10
-----Corporate Trust Shares.
10
155
Fuel Oil Motors
3%
Globe Television
•
IT Rubenstein pref
10
Home Insurance
Internat. Rustless Iron..1 25c
'
Jenkins Television
•
8c
Keystone Consolidated...1
•
Kildun Mining
9,000
15c 200
1055 ION
400
1.00 1.13 31,200
1%
100
1%
1.50 1.50
200
1,900
134 1%
3% 11,200
3
7% 751
100
935 954
100
1,500
25c 25c
450 500
600
5,000
12c
Sc
1.90 2.00
200
1
Nfacassa Stifles
Macfadden Publications..
*
Preferred
North American Tr 1955..
1956
Pan American 1934 warm
Petroleum Conversion_ _ _5
Railways
•
Royalties Management A *
Sanabria Television
*
Seaboard Fire
10
SherrItt Gordon
1
Shortwave & Television__1
Tobe Deutscbmann
1
Tublze Chatillon A
•
UM Hydro warrants
Warner Aircraft
•
1
Western Television
Zenda Gold
1
• No par value.
27c
26e
17
17
1.55
1.55
55
2
6
51
I%
2%
25c
%
35c
9%
1-16
34
2
160
6%
2
34
56
,
255
3%
310 11,500
351
100
30
18
100
1.55
100
1.55
400
55
1,100
2%
1,300
635
%
300
4,000
2
10
251
500
250
51 11,100
5,500
35c
140
955
1-16
30
55
100
2% 25.300
200
1,000
Range Since Jan. 1.
Low.
lie
7%
65c
134
1.50
1
I%
5
9%
19c
45c
8c
1.55
Jan
Apr
Apr
Apr
May
Apr
Jan
Apr
May
Jan
Mar
Apr
Feb,
High.
23c
1051
1.13
2%
2.36
4
355
10%
1055
42c
1.25
25c
3.00
Feb
Apr
May
Jan
Feb
Jan
May
Mar
Apr
Feb
Jan
Jan
Apr
Feb 37c
3% May 5
17
May 30
2.25
1.55 May
2.25
1.55 May
Sell or 7.
3%
151 Jan
8%
Jan
4
51
55 Jan
351
155 Mar
451
2% Apr
25c Apr 32c
2
54 May
1.25
25c Apr
9%
934 Apr
1-16
1-16 May
35
55 May
55 Ma
255
5c Feb 24c
Star
Feb
Feb
Mar
Mar
25c
Feb
Apr
Feb
Jan
Jail
Apr
Jail
Apr
Apr
May
May
Jan
Apr
-See page 3399.
San Francisco Stock Exchange.
-See page 3399.
Los Angeles Stock Exchange.
-See page 3399.
Cleveland Stock Exchange.
New York Curb Exchange Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last(April 30 1932)and ending the present Friday(May 6 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.
Week Ended Slay 13.
Stocks-
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Indus. & Miscellaneous.
Acetol Prod cony A
Arco Supply MR B
•
Air Investors v t c
•
Cony pref
•
Alexander Industries
•
Allied Mills Inc
•
Aluminum Co common„.•
6% preference_ __100
Aluminum Goaxia Mfg .•
Amer Capital Corp
55.50 prior pref
•
Amer Cyanamid coin B. •
Amer Dept Stores corn__ _•
American Foultien oom_ •
Amer Founder! Corp
•
Amer Hardware Corp_ _ _25
Amer Investors corn B. •
Amer Maize Products_ •
100
Amer Mfg
Amer Thread pref
5
Amet Yvette Co corn_ __ ..•
•
Anchor Post Fence_ _
Arcturus Radio TubP____•
•
Armstrong Cork corn_
•
Art Metal Works
Assoc Laundries common..
Atlas Plywood Corp.....*
Atlas Utilities Corp oom. •
.
•
$3 preferred...
Aviation Secur of N E....5
Bellanca Aircraft v t c corn*
Beneficial Indust Loan...'
Blue Ridge Corp corn....'
6% opt cony pref._ 150
Blumenthal (15) 6, Co corn'
•
Brill Corp class A
•
!Wove Watch pref
Brit-Amer Tobacco Co Ltd
Am dep rcts ord bear stk
Burma Curb
Am den Fete res.
2
6
Butler Bros
Cable Radio Tube corn eta'
__. •
Centrifugal Pipe.
Chain & Gen Equities....•
Chain Storm Stocks Ina •
•
Charis Corp common
251
251
55
34
3% 355
23% 28
355( 4055
9
9%
4% Apr
55 Apr
% Jan
2% Slay
'is Jan
255 Apr
23% May
35% Apr
9
Slay
43
43
234 251
%
35
2
2
55
%
14
14
1% 154
11% 1134
9
954
254 255
94
55
200
200
200
1,000
1,900
50
800
200
100
200
300
43
251
h
1%
54
14
154
9
555
255
55
9
551
35
4%
34
3111
11%
Low.
200
100
100
100
600
1,000
1,450
1,100
3,800
434
55
28
4056
951
Range Since Jan. 1.
iS
400
51
54
9%
900
855 9%
1
155 2,700
1
1951 :19
20% 53,300
400
155 2%
100
1%
154 1%
200
8% 855
%
855
z94
17%
1%
1
5%
1,400
1231
Jan
200
300
200
2,000
200
200
600
I%
51
%
2
51
4%
6
Apr
Apr
May
Slay
May
Apr
May
234
34
151
15.4
55
2
34
4%
8
1%
145
55
254
51
4%
8
654
255
54
455
'is
4%
Jan
Feb
Feb
Jan
Feb
J an
61%
Jan
67
1055
hen
Jan
May 5155 Feb
8,4 Mar
Apr
Jan
55 Mar
Jan
a Mar
Apr
I% Jan
Apr r2255 Mar
Apr
3% Jan
Apr
13
Mar
Jan
10
Mar
Jan
3
Jan
Mar
135 Feb
100
1
Feb
1%
154
100
135 Jan
1%
155
150
4
4
4
Aor
200 z2
Star
2
2
100
fie Jan
%
55
100
155 Apr
1% 155
N Jan
556 514 11,700
1,000 z3335 Feb
33% 35
156 Mar
255 255
100
1251 1255
High.
155
355
9
255
55
254
734
36
255
Jan
Mar
Jan
Apr
Jan
Feb
Mar
Mar
Mar
May
154 Feb
Feb
1134 Jan
Apr
2)4 Mar
Jar 27
Mar
May
6
Jan
Jan
155 Jan
Apr e12
Jan
15
Mar
1%
255
134
4311
34
6W
1234
Mar
Jan
Mar
Feb
May
Jan
Jan
Sales
Friday
Last Week': Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Cities Service common.. •
Preferred
•
Preferred BB
•
Claude Neon Lights cona-•
Cleveland Tractor Co...
Columbia Syndicate
1
Consol Automatic Merchandising corn v t c...•
Cons Retail Stores corn_ •
Coon (W B) Co corn
•
Cooper Bessemer Corp
$3 pref A with warr_ _100
Cord Coro
corroon& Reynolds corn.•
$6 preferred A
•
Crocker Wheeler Rice..
..•
Curtis Mfg (Del) class A...•
33-4
32%
20
55
1
31
Fairchild Aviation corn_ __•
Parlardo Sugar
100
Fanny Farmer Candy _ _•
7%
Federated Capital corn...
•
Flat Amer den receipts_ _ - _ -----Film Inspection Mach_
•
Finance Co (Bait) A corn _•
Fire Assn of Phil&
10
Flintkote Co class A oorn_•
Ford Motor Co Ltd
Amer dep rine ord reg_gl
Ford Motor of Can cl A_ .
•
754
Class 13
• 1255
Foremost Dairy Prod•
Foundation Go
Foreign shares claim A. •
•
For Theatres oom •
Slay
May
May
Apr
May
Jan
400
300
100
Mar
5$2
55 Feb
455 Jan
45,5
251 3
1 4 1%
7
114 13
151 2
3
;on
3% May
8,500
200
300
700
100
Is
455
2%
155
13
2
3
Low.
355
29
20
2%
2
la/
55
455
54
455
Davenport Hosiery
Deere & Co common.... •
De Forest Radio coin...-.
Dow Chemical Co corn_ •
Draper Corp
•
Durant Motors Inc
•
East Util Invest class A..'
Eisler Etectric common •
Elec I'ower Assoc com
•
C1a.ss A
•
Elec Shareholdings •orn..•
26 cum pre/ with wan'..'
Emerson's Bromo -SeltzerClass A non-vot corn_
3% 455 85.900
3555
29
2,500
100
24
20
100
31
51
2
2%
200
1,200
Range Since Jan. 1.
3%
200
10
10%
1,100
53-4 6
55
14 14,700
26% 2655
200
100
20
2055
800
3-4
34
31
Si
1%
1
4% 455
455 455
1%
154
r31
33
24
24
51
51
1155 1155
754 735
94
%
551 531
35
35
634 644
455 5%
2
2
3.% 3%
6% 734
1255 14
31
4
374
T,
23-5
134
774
151
3
Apr
Apr
Jail
May
May
May
10
451 Apr
55 Apr
Apr
25
1855 Feb
55 AM
51 May
400
500
1
Jan
100
331 Apr
900
3% Apr
1,300
134 Apr
1,200 z31
May
May
11toh
654
53%
45
1 N'
334
Feb
Mar
Mar
Jan
Jan
Feb
2
5
Feb
Mar
Jan
9s
5
854
255
18
555
13
Jan
Jan
Mar
Mar
Jan
Mar
14
Jan
Jean
Jan
3551 Mar
2254 Mar
Jan
1434
136
,
I
254
8(
914
Jan
Jan
Jan
Jan
444
4934
Mar
30
Mar
100
24
200
500
100
100
300
100
100
300
300
5.6 Apr
1134 Apr
734 May
55 Feb
5511MaY
55 May
634 May
455 Slay
2
Apr
135
1134
735
3
7%
4.4
634
814
4
3,600
3,400
75
200
354 Apr
655 Slay
1251 May
54 Jail
6% Jan
15
Mar
25
Mar
Jan
5
400
600
3
%
Feb
Apr
4
114
Feb
Mar
Feb
May
Jan
Feb
May
May
Feb
Mar
Apr
Jan
Financial Chronicle
3424
Sales
Friday
Last Week's Range for
Sale
Week.
ofPrices.
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low,
6
400
Garlock Packing Co
6
•
631
•
234 231 1,500
A
234
General Alloys Co
100
Genera/ Aviation Corti- •
231
231 234
Gen Elea Co (GS Britain)
631 654 1,000
Am dep rats ord reg-il
634
631
400
fi
A
he
he
Gael Theatres Equip pf_•
834 1,400
8
8
8
Glen Alden Coal
•
334
700
Globe Underwriters Exc.h-•
334 4
Goldman-Sachs Trading__'
134 131 11,700
131
131
600
A
Gold Beal Electrical Co..'
sir
X
Gorham Inc com class A--*
1
100
1
1
1
$3 prat with warrants •
7
7
50
7
134 131 3,100
134
Gottutm Itnitbac Mach_.•
%
100
2
Grand Rapids Varnish- •
2
2
*
Graymur Corti
1334 1431 1,200 1151
Gray Telep Pay Station,..' 2731 2731 2931
450 23
01 Ail & Pie Tea490 122
122 130
Non Tot corn atoek___• z122
7% first preferred_ -100
210 2115
116 11731
Hackmeister Lind Co- •
Hall Lamp Co
•
*
Hazeltine Corp
Helena Rubenstein nom •
Horn & Hardart corn
• 2131
Hydro Electric Secure
•
fiend. Food Prod
•
234
[mull Utility Investment.'
Insurance Coot No Am_10 25
Insurance Securities...JO
A
Interstate Equities oom__•
A
$8 eon, prat
• 10
Irving Air Chute com_
•
Kleinerts (J B) Rubber.'
334
Kolster-Brandes LtdAmerican shares
£1
Lackawanna Securities__' 2134
Lefcourt Realty pref '
I thigh Coal & Na,
• 10
Libby Me N dr Lib com •
134
Lindsay Light Co corn_ _10
631
Loulsbuia Land & Explor-•
*le
•
Mapes Consol Mfg
Marion Steam Shovel- --•
Mavis Bottling corn A_15
Mayflower Associates..__'
May Hosiery Mills$4 pref with warrants- •
Mead Johnson & Co
•
Mercantile Stores cam_ •
Minneapolis-Honeywell
Regulator pref
100
Miss River Fuel warr
Mock-Judson-VoherInger •
Montgomery Ward el A_ _•
Moody's Invest Serv pref.*
Moore Drop Forg A
*
Mtge Bk of Colom Am she
Nachman-Springfilled- •
Nat Amer Co Inc
•
National Aviation
•
Nat Bond & Share Corp_ •
.
Nat Dairy Prod pre! A_1(10
Nat Investors nom
•
•
Warrants
National Leather Co_ ___10
Nat Rubber Machry corn •
Nat Service Cos corn
•
Cony part pref.
.
•
Nat Short Term Bee A...'
National Steel warr
Nat Sugar Refining
•
Nehi Corp com
•
Nelson (Herman) Corp_ _5
Newberry (J J) Co com_ •
7% preferred
100
New Mexico & Arts Land_ I
N Y Shipbldg !dm* shs _•
Niagara Share of Md _ _ _5
Niles-Bement
-Pond Co.. •
Nitrate Corp of Chile(Cosach) ctfs for ord B_
Noma Electric Corp corn.•
North Amer Cement_ __ -*
Northam Warren pref____*
Northwest Engineering......'
Novadel Agana com
•
A
42
60
1
334
2031
98
A
1
134
2
31 34
Outboard Motors pref A...
Class B common
35
•
Pan Amer Airways Corp_•
*
Paramount Motors
• 1534
Parke. Davis & Co
parker Rust proof com_._• 2834
Patterson-Sargent
• 12
papbroaq Corp own y e s_•
P4
Pepperell Mfg Co
100
*
Philip Norris Cons
Philip Morris Inc new_ _10
254
Phoenix Scour owl) evu.•
51
*
Cony pre:class A
Pilot Radio & Tube el A...*
1
Pitney Bowes Postage
2
•
Meter Co
Pittab Plate Glass com_25 15
Poiymet Mfg Corp com'
• 13
Pratt & Lambert
Prudential Investors corn •
3
Public Utility Holding CorP
Corn without warrants.'
31
2
*
$3 CUM pref
1-32
Warrants
PYrene Mfg Co
231
10
*
Quaker Oats Co corn
Radio Products from
•
234
•
A
Railroad Shares corn
Ry de VIII toy com A-- _10
Reliance Internal com - _•
A
Reliance Managem't corn •
•
Republic Gas
1
10
Reybarn Co Inc
Reynolds Investing com_'
*
Roosevelt Field Inc
• 16
Safety Car. Ht & Lt
23-1
St Regis Paper Co corn_ _ 10
Preferred -----100
Seaboard Bill Shares corn •
54
Securities Allied Corp....'
Seeman Bros common....'
Segal Lock & Hardware .
•
Selby Shoe Co corn
34
Selected Industries corn.,.,'
*
$5.50 prior stock
Allot ars full pd unstpd. 34
Sentry Safety Control--•
Shenandoah Corp DOM-•
ao
6% oonv pref
Sherwin-Wins Co com-25 21
Silica Gel Corp corny t c_•
May
Jan
May
May
Mar
Apr
Apr
Apr
Feb
May
Apr
Jan
May
Apr
Apr
High.
831 Jan
3
Apr
351 Jan
831
131
22A
45(
831
5-16
154
9
131
6
17
4231
Mar
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Apr
Jan
Mar
Jan
May 150
Feb $118
Jan
Feb
431 431
234 231
5
5
54
A
2031 2135
431 5A
254 234
A
A
25
27
.1
3
/
35
54
Si
10
10
3
3
331 334
100
200
100
100
800
800
200
300
400
1,400
300
800
100
500
434
234
5
31
20
454
234
A
25
X
5-16
10
234
334
May
Apr
Feb
Apr
Apr
Apr
Apr
Apr
May
May
Apr
Jan
Apr
Apr
1431
4
734
31
29
1131
6
0
40
234
134
12
431
434
Jan
Mar
Jan
Feb
Jan
Mar
Jan
Jan
Mar
Jan
Feb
Feb
Feb
Feb
134 131
22
21
634 634
934 10
I
131
634
6
31
700
1,200
100
600
1,700
200
3,300
1
16%
634
834
1
6
A
Feb
Apr
Apr
Apr
May
May
Mar
134
2934
1834
1231
4
11
A
Mar
Feb
Feb
Jan
Jan
Jan
Jan
32
32
131
131
%
Si
21
21
100
200
900
100
32
A
%
21
May
Jan
May
Apr
43
134
A
2831
Feb
Feb
Jan
Jan
1734 1734
42
4234
12
11
100
1,000
200
18
61
15
Mar
Mar
Jan
il0
1731 May
42 May
10
Feb
10 65
5
300
600
3
10 60
400
034
100 12
400
131
334
300
300
1
2,100
234
600 19
525 95
300
151
%
200
400
31
400
2
200
A
6
300
1,000
51
100
1
100 1934
100
131
100
234
700 14
50 65
1.500
34
100
134
1,200
154
2000
8
May 7131 Mar
6
Jan
Mar
3
Apr
Apr
Apr 72
Mar
Jan 10
Apr
Apr 14
Apr
May
Jan
3
May
534 Jan
I% Feb
Jan
Jan
314 Feb
Jan 2334 Feb
Jan 101
Apr
Apr
834 Jan
May
134 Feb
May
X May
Feb
831 Mar
Jan 13-16 Jan
Apr
631 May
May
234 Jan
131 Jan
Feb
Apr 2334 Jan
May
234 Mar
Apr
Feb
7
Apr 1731 Feb
Apr 7931 Feb
Mar
34 Jan
534 Feb
Apr
Apr
834 Jan
Apr
834 Jan
1-16 3-16
2
2
%
34
31 34 3134
23-4 234
27
27
3,900
1,100
200
100
200
100
1-16
2
34
2774
254
27
May
Apr
Apr
Jan
May
Apr
34
834
54
3734
634
36
Jan
Jan
May
Mar
Jan
Jan
131
A
1434
354
1434
20
12
134
25
254
234
54
9
1
154
34
1434
334
1531
2834
1234
13-4
2531
251
234
31
9
134
100
700
200
100
700
600
100
6,000
1,300
200
700
5,100
500
2,300
131
34
1234
354
1174
20
12
154
25
13-4
2%
1-16
9
1
Apr
Apr
Jan
Jan
Apr
May
May
May
May
Jan
Apr
Jan
Apr
May
254
A
1654
631
19
55
1831
831
363.4
234
431
fi
1034
351
Jan
Feb
Mar
Feb
Jan
Mar
Jan
Jan
Mar
Apr
Mar
Mar
Mar
Jan
2
234
1434 15
%
A
13
1334
3
3
1,800
300
500
600
100
Jan
2
1331 Apr
A Apr
13 May
Apr
3
834
1934
134
19
531
Mar
Mar
Jan
Jan
Feb
3-16
A
2
2
1-32 1-32
231 236
80
80
2
234
54
A
34
34
A
51
if I
34
34
31 1
hs
la
%
A
3 900
300
2,800
100
20
1,400
200
100
300
1,200
100
1,300
200
100
3-16
131
1-32
23.1
7854
1
134
34
54
A
34
34
May
X
6
Apr
Apr 8-32
Apr
2.34
Feb 102
8
Jan
6
Apr
Mar
1
14
Jan
151
Feb
Apr
34
Jan
15-4
IR Jan
hi
3-4 Apr
134
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Apr 3134
75 15
a%
7,000
234 may
100 40
Apr 50
131
200
A Apr
7%
7,500
531 Apr
Jan 29
1,500 25
2
34 May
4,700
100
85-4 Apr 10
34 May
2,000
15-4
Apr :42
300 28
1,200 2834 Jan 45%
1
% Apr
200
2
34 Apr
1,700
634 Apr 1234
2,300
May 3434
125 21
131
34 Apr
100
Feb
Feb
Apr
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Jar,
Mar
55
5
3
60
734
12
134
354
I
3A
1934
973-4
134
A
31
2
A
6
31
1
2031
154
331
14
70
34
134
134
6
15
234
40
55
554
25
35
834
A
3054
2954
A
%
7
21
34
55
5
3
60
8
12
131
331
1
334
20 34
98
17.4
A
X
234
54
634
I
1
2031
134
331
1434
70
55
154
134
635
16
234
40
34
534
2534
51
834
A
34
34
35
A
754
2434
34
,
JAIL
Jan
May 7 1932
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Stocks (Concluded) Par. Price. Low. Nigh. Shares
Simmons Boardman Pub
Convertible preferred- •
Singer Mfg
100
Singer Mfg Ltd
Am dep rats for ord regEl
Smith (A 0)Corpcom_ •
Preferred
Ho
•
Southern Corp com
Spanish dr General Corp
Am dep rats ord bear eh _
Standard Invest cony pf--•
Standard Motor Constr. •
Starrett Corporation
6% pref. with priv_ _50
Stetson (J B) Co corn_
•
Stinnes (Hugo) Corp
•
•
Stutz Motor Car
•
Sun Investing $3 pf
25
Swift dr Co
Swift International
15
Syracuse Wash Mach B..*
Tastyeast Inc class A____'
Technicolor Inn (tom
•
Tobacco & Allied stocks •
Tooacco Prod (Del) new w 1
Tobacco Secur Trust Ltd
Am dep rats ord rep'sAm dep rcts deferred. _
Todd Shipyards Corn- •
Transoont Air TransP- -•
Trans Lux Daylight
Plot Screen common..-*
TrI-Cont'l Corp warrants-Triplex Safety Glass Co
Dep rats for ord sits_ ..£1
Trunz Pork Stores Inc_ __•
Tubb° Chatillon Corp
Common B Pot tr certifs.
Tung-Sol Lamp Works_ •
95
25%
534
5
95
5
110
134.134
1931 2531
109 109
131 131
A
531
34
A
534
A
100
1,890
Range Since Jan. 1.
Low.
5
95
100
131
650 1931
10 109
300
I
500
25()
200
High.
May
9.31 Mar
May 184
Jan
Jan
2
Apr
May 59
Jan
May 10931 Apr
Mar
131 Mar
34 Feb
534 Jan
ffi Mar
51 Jan
934 Mar
A Feb
34
134
A
831
134
A
131
• 1-16
Union Tobacco corn
United Carr Fastener.....'
2
United Founders corn.._..'
1
United Profit-Sharing- •
Preferred
5
10
United Stores Corp v t a--*
31
U.S Dairy Prod class A..*
•
Class B
•
US Finishing Co
•
234
U EI Foil class B
U S & Internat Securities
let pref with warr
• 16
U S Playing Card
10
Util at Indus Corp pref_..'
Utility Equities corn ___•
.
•
Priority stock
Van Camp Packing oom__•
Vick Financial Corp
5
•
Vogt Mfg Corp
Waitt & Bond class B_
•
(H) Walker Good'm & Wort
•
Common
*
New preferred
Welch Grape Juice
•
West Auto Supply corn_ _• 10
West Va Coal & Coke-- _.
0
Wilson-Jones Co
7
•
Woolworth (F W) Ltd
Amer dep rats tor ord she 10
134
731
A
9
1931
931
13
2
Mar
May
Jan
May
May
May
May
Feb
231
831
1
1354
24
22
26
8
34
31
134
1
1831 1834
A
A
3,500
1,900
200
1,200
A
1
1831
34
Apr
May
May
Apr
A Jan
331 Jan
24
Mar
X Jan
834 83-1
151 134
1031 1031
154
114
100
100
100
400
834
134
1031
1.31
Apr
Apr
Apr
Apr
151
54
1,600
1,300
1
Apr
35 May
231 Jan
134 Feb
534 531
10
1055
11
1931
10
1431
200
134
50
731
51
100
11 34
700
1931
100
1431 45,900
20
29,200
200
234
200
200
431 Jan
10
May
631 Mar
1014 Apr
2
434
900
200
1% Feb
334 Jan
534 Mar
636 Mar
135
731
31
9
1931
934
13
231
1
A
134
454
934
234
1835
1134
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Apr
Mar
Jan
1-16 1-16
200
2
2
200
51 134 15,800
,2
51 100
5
6
100
31 1,200
A
22
21
200
500
23.1 231
134 131
100
400
234 234
Its
134
32
X
5
31
20
134
134
231
2L4
an
May
134
Jan
6
Aprit
Apr ao
5
Apr
May
234
4
Apr
Jan
Jan
Jan
Jan
Apr
Mar
Jan
16
1631
1331 1331
634 634
1
A
34
34
34
A
4
4
23-4 234
234 234
500
25
100
400
100
500
600
100
100
16
13
6
A
34
%
331
234
231
May
Apr
Apr
Apr
May
Apr
Jan
May
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Mar
Feb
Mar
231 234
834 834
33
33
10
10
32
X
534 7
100
500
25
100
600
500
234
834
33
10
34
534
May
234 Mar
Apr
834 Apr
May e3634 Jan
Mar
May 15
Jan
A Feb
May 1031 Mar
951 1034
8,000
734
Public Utilities
Alabama Power 25 pref •
63
•
$7 preferred
72
Amer Mies P & L oom A 50 1831 1734
•
1
134
Common It
5-16
Am Com'w•th Pow oom A.•
2
Amer & Foreign Pow warr_
2%
Amer Gas & Else com____• 2735 2434
Preferred
.•
7631
Amer L & Tr com
25 16 34 1534
Am Superpower Corp corn •
2
131
•
45
First preferred
s17
$6 cum pref
Appalactdap Gas corn....'34
Arkansas P dr L $7 pref....*
64
131
Assoc) Gas & Elea corn,....'
Class A
231
234
1.60 Int bear allot etre
631
Assoc Telep util corn
2
*
Jan
Jan
May
Jan
40 63
May
6534
30 72 May
7234
1835 1,600 1734 Apr
1
134 1,300
may
5-16
400
fi Jan
2)4 1,800
134 Apr
2734 13,700 s203-4 Apr
763.4
200 75
Apr
1634
900 1251 Apr
8,000
2
134 Apr
800 8934 Apr
4531
18
600 17
May
34 1,000
34 Apr
65
60 64
May
300
131
131 May
234 7,300
A Apr
100
634
6
Apr
2
100
2 May
lig Jan
334 Jan
30
23
II%
234
4931
2
434
5
431
1034 Mar
85
93
283.4
3
1
5
394
8834
24
431
6234
42
34
87 34
7
434
11
1134
Jan
Jan
Mar
Mar
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Bell Temp Coot Can__.100 79
79
79
25 79
Apr 100
Brazilian Tr Lt & Pr ord.,
. 834
774 834 2,980
73-4 May 1354
Buff Niag & East Pr of-25 1936 1931 2034
400 1931 May 2234
Cables & Wireless Ltd
Am dep rats B ord shs il 3-16 3-16
%
500
A Jan
q
Canadian Marconi-See M arconi Wireless Tele g. of A merles.
*
Cent Pub Serv corn
34
A
100
4
35 Feb
*
Class A
A
A 3,300
z31 Apr
334
Cent States Elea corn.....'
34 11-16 1
4,700
Ilii may
234
Warrants
200
32
X
A Apr
15-4
Cities Serv P & L6% pf _.
31
34
• 31
200 33
May 50
Cleve Elea Ilium corn.....' 2334 2335 2434
400 2231 Apr 30
on 31
6% preferred
96
96
60 9234 Apr 103
Columbia Gas & EleoCony 5% pref
63
61
280 55
Apr 90
Commonwealth Edison 100 73
73
67
2,220 50
Apr 122
Com'w'Ith & Sou Corn
5-16
Warrants
St
A 6,200
A Apr
Si
Community Water Sem%.•
31
31
A
200
A Apr
13.4
Consol0 E L&P Balt corn* 53
51
53
2,000 5031 Apr 69 34
Consol Gas Util cl A •
134 134
100
151 Jan
234
East Gas dr Fuel 6% pf_100
39
39
25 39
May 68
East VIII Association__ • 1834 1854 19
.
300 1854 May 25
Convertible stock
*
231
234 234
900
234 May
531
EleoBond&Share new comb 1231 1131 1374 41,078
974 Apr 3234
• 38
26 cum preferred
31
39% 1,35 :2954 Apr 62
115 cum prof
• 35
31
35
SO :2734 Apr 54
Eleo Pow dz Lt 2d pref A.,.'
100 1534 Apr 45
1631 1631
Warrants
234 234
23.4
800
6
134 Apr
Empire 0 & P7% p1_100 24
23
26
450 23
May 4654
89 preferred
2534 3435
100
500 2534 May 5234
Empire Pow part stock._' 10
8
10
1,100
8 May 18
Florida P dr L $7 pref
50
*
50
50 46
Apr 7951
Gen G&E 118 prof B
• 14
1234 1574
450
654 Apr 25
Georgia Power 36 nref___• 62
62
6434
100 6131 Aro 82
III Pow. dr Lt. $6 pref.- • 4334 4234 44
200 4031 Apr 6334
6% preferred
45
iOo
45
25 40
Apr 6134
Int Hydro-El $3.50 pref_.' 16
16
14
200 14
May 2331
Internal Super Power__ •
434 5
900
43-4 Apr 1234
•
Internal Util class B
1
151 4,900
May
3
1
•
$7 prior pref
31
31
May 51
50 31
Warrant for cl B stock_
200
A
34
34
34 May
Interstate Pow $7
•
19% 20
50 1834 Apr 5231
Italian Superpow com A.•
pref-100
A
I%
A Mar
A
Long Isld Ltg corn
• 143.4 1474 15
500 14 34 May 1931
Marconi Wirel T ot Can_ 1
54 Jan
134
X
it 4,500
X
Mass Utli Assoc corn yto •
234
134
136 134 2,500
134 May
5% preferred
50
16
16
75 1534 Apr 23
Memphis Nat Gas nom_ •
2% 231
2% May
800
534
Mar
Mar
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Mar
JR11
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Feb
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Public Utilities
Par. Price. Low. High Shares
(Concluded)
Range Since Jan. 1.
Pacific 0& E 6% lat P1-25 23
534
Pa Gas & Elea class A-__
•
Pa Water & Power
•
Philadelphia Co corn
Rhode Lsland Pub Serv pf • 18
Sou Calif Edison
25 2554
Preferred A
25
Preferred 13
prel class 0....25
554%
Southern Union Gas
Si
Southwest Gas 11111 cam_ •
•
Standard P & L nom_
• 10
Common class B
Preferred
Stand Pub Serv v t __-_•
Swim Amer Elea pre-_ ------
Former Standard Oil
Subsidiaries25
Chesebrough Mfg
Cumberland Pipe Line
Liquidation rct ctfs
100
Eureka Pipe Line
Humble Oil& Relining_ _25
Imperial 011(Can) nouP--•
•
Registered
10
Indiana Pipe Line
National Transit_ _ _ _12.50
10
New York Transit
100
Ohio Oil 6% pref
25
Penn Sfax Fuel Co
26
South Penn 011
50
Sweat Pa Pipe Line
Standard 011 (Indiana)_.25
10
Standard 011(Ky)
25
Standard 011 (Neb)
Stand 011 (Ohio) corn.. 25
Other 011 Stocks
•
Amer Maracaibo Co
Ark Nat Gas Corp nom_ •
Clans A
Atlantic Labos pref _...50
25c
Carib Syndicate
Colon 011 Corp corn
Columbia 0& Gas•11 e •
Consol Royalty 011
1
•
Cosden Oil Co corn
Ctis col deposit
Creole Petroleum Corp_ _•
Crown Cent Petroleum_ _ _•
Darby Petroleum com_ •
Derby Oil & Ref Pf
•
(lull 011 Corp of Puma_ _25
21
2
1 Si
1%
30
334
20
34
3%
74%
39
8
34
3
12%
17%
11%
25
23
534
40
10
18
23%
554
42%
10
18
25% 2554
21% 21%
19% 19%
54
Si
hi31
10
10
10
10
38
38
1
1
324
30
2054
2
1%
1
28%
,
Ii
3
20
54
lie
34
2
1,500 23
200
554
1,200 38
8
200
100 .18
200
100
300
100
900
SOO
500
50
100
400
22% 1,300
600
234
1%
600
1% 10,300
300
30
he 1,500
334 4,550
23% 1,300
Si 6,000
100
it
% 3,400
700
3%
Apr
Apr
Apr
Jan
Apr
Jan
7
26
72
May 5934
55
May
Apr 114
751
Apr
144
Apr
lsto
Apr
354
May
Apr 83
Apr 9454
Jan
Mar
Mar
Jan
Apr
Feb
Jan
Jan
Jan
28%
6%
53
17
22%
Jan
Feb
Mar
Jars
Mar
May
Jan
Apr
Apr
May
25%
19%
19
54
3-16
6
654
34
31
30
Apr 27%
Apr 25
Apr 2231
2%
May
9.4
May
Apr 20
20
Apr
Apr r67
154
Apr
May 54%
204 Apr
May
2
1% Apr
Apr
1
2151 Apr
34 Apr
24 Apr
16% Apr
3.4 Apr
1-16 Apr
831 Apr
254 Apr
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Apr
Mar
Jan
32
454 Jan
Jan
4
2% Jan
Jan
55
74 Jan
8% Jan
53% Jan
1% Jan
34 Jan
8% Jan
13% Jan
Jan
90
Mar
100
20
2,600
8,00
2,200
10
74
23
37%
834
7
3
Mar
Jan
May
Apr
Apr
Apr
8
35
49
May
Mar
Mar
20
8
100
3
100
65
30
5
1,20
1254
5
28
17% 14,580
1134 2,600
400
14
600
26
6%
3
60
4
9%
28
134
10
14
1554
Jan
May
Jan
Apr
Jan
May
Apr
Apr
May
Apr
1034
7691
34
6%
14%
37
1751
1534
19
2834
200
7454 75
8
8
26%
26
37% 39
7% 8
8
3% 354
8
3
65
5
12%
28
15%
10%
14
23
Bonds
High.
Low.
3,500
54
34
34
Middle West Util corn _ _ _•
100 2354
244 24%
Montreal Lt, Ht & Power.
1,550 49
• 62
5454 62
Nat P& L $6 pref
New Eng Pow Alan
160 37
39
37
_100 37
_
6% preferred_ _ _
200 41
42
41
• 41
N Y Steam Corp com
200 108
1094 110
% Pref__100
N Y Telep
4
434 454 14,400
43.4
Niagara Ilud Pow corn_ _10
400 1234
1234 13
New common w I_ __15
400
34
515
opt warrants_ -----Class A
1i
500
1
34
Class B opt warrants.
100 51
Nor States Pow corn A_100 5454 544 5454
300 z65
70
100 70
69
7% preferred
Tampa Electric common.•
Union Nat Gas of Can._.
United Corp warrants__
United Gas Corp com___•
Pref non-voting
•
Warrants
United Lt & Pow corn A..'
•
$6 cony let met
U S Elea Pow with warr_ •
Stock purchase warrants
Utll Power & Light corn_ _•
•
Class Byte
7,5
91 M r
9
NI r
754 Feb
Feb
Mar
Mar
Mar
Feb
Mar
Mar
Jan
Jan
34 10,100
100
154
134 1,400
100
34
1,300
600
3.4
700
31
110
154
100
54
500
94
234 6,700
200
34
1%
200
50
164
31% 3,800
34
14
1
34
51
54
34
1
94
54
1%
94
134
15
2534
Jab
Apr
Apr
Mar
Jan
Feb
Apr
Jan
Feb
Apr
Jan
Apr
Jan
Apr
Jan
34
254
Si
254
24%
354
Apr
Jan
Jan
Mar
Jan
Jan
Jan
May
Mar
Apr
Apr
Jan
Apr
Feb
Mar
100
231
200
34
31
931 10% 11,400
200
34
100
134 1%
434 434 3,000
700
2
2
231
1016
8%
31
14
3%
2
May
Jan
Apr
May
Apr
Apr
Feb
43.4
34
10%
5i
23.4
94
2
Jan
Jan
Mar
Jan
Apr
Jan
Feb
34
Si
Si
34
34
24 234
1134
10
34
Si
100
900
100
300
2,400
200
Si
34
%
2%
10
34
Apr
Apr
Mar
Apr
Apr
Jan
154
2%
Si
3
13%
Si
Jan
Jan
Mar
Jan
Jan
Star
•
Pacific Western Oil
334
5
Plymouth Oil Co
674
Pure 011 co 6% pref-100 ,4331
Salt Creek Consol Oil__ 10
Salt Creek Prod Assn_ _ _10
•
Southland Royalty
3
5
Sunray Oil Corp
•
Tenon Oil & Land
5
Union Oil Associates. _ _25
Venezuela I'dt
34
3% 334
634 656
44
41
54
4
334 34
34
3
sis
34
5
5
734 8%
Si
34
200
710
120
200
900
1,800
500
100
1,000
6,700
334
6
41
Si
33,4
3
51
431
774
34
Apr
Apr
May
Jan
Jan
Apr
Feb
Apr
May
Apr
634
74
4954
Si
434
34
54
634
12
Si
Jan
Apr
Jan
Apr
Mar
Jan
Jan
Mar
Jan
Jan
Mining Stocks
Bunker 11111 Az SullIvan__10
Voting trust certits_ 10
COMstock Tun & Drain __I
Consol Copper Mines_ _ _ _5
Cresson Cone GM & M__1
Cusi Mexican Mining _1
15
16
16
16
%
94
%
3.4
sis
Si'
15
16
%
3,4
%
let
May
Slay
Jan
May
Jan
Apr
24
2354
34
154
%
711
Jan
Feb
Jan
Jan
Jan
Jan
234
z334
1%
23%
12%
1454
7)4
34
1,1
,
2%
iss
Apr
May
May
Apr
May
Apr
Apr
Apr
Jar
Apr
May
5%
5
234
2654
14%
28%
14%
1
Indian Tarr tilurn 011c113.•
.5
Intercont Petrol Corp...
•
.
'
Internat Petroleum
25
Leonard Oil Develop.
Lion Oil Refining
•
Lone Star Gas Corp
•
Mexico Ohio Oil Co
Middle States PetrolClassA v to
Mo-Kansas Pipe L corn..5
1
Mountain et Gni:011
Mountain Producers _ _ _ _10
•
National Fuel Gas
...5
New Bradford 011 Co.
25c
Hecia Stifling Co
Hollinger Congo!G M....5
Ilud Bay Min & Smelt__
Lake Shore Mines Ltd_...1
NY & Honduras Ros. 10
25
New Jersey Zinc Co
Newniont Mining Corp_ _10
5
Nil:arising Mines
1
Ohio Copper Co
Pioneer Gold Mines Ltd_ _1
Prernier Gold Sibling- -1
25
Quincy Min'ng
Roan Antelope Copper
tit American shares
1
St Anthony G Mines
"
So Amer Gold & Plat
Standard Silver Lead_ _ _ _1
1
Tack Hughes Mines
United Verde Extens'n_50c
5
Mining
Utah Apex
1
Walker Mining
iVenden Copper Mining--1
iVr1ght Hargreaves Ltd_ •
it
Yukon Gold Co
3425
Financial Chronicle
Volume 134
t6
,
Ti,
1)4
34
34
134
254
15
31
q034
454
2
34
34
1%
34
24
94
1%
15
27%
Si
24
11
15%
515
2354
21
734
34
23.1
4
3,11
3%
24
24
z334
14
23%
12%
19
754
Si
hs
231
sis
24
454
1%
23%
124
21
8%
54
h
3
34
500
800
2,600
700
100
2,000
500
300
500
3,190
800
134
234
150
12'
100
800
100
200
154
300
4
hs
34
54
3
o254
Si
74
Si
2
lir
434
400
2,000
1'O
1,700
3,800
600
100
200
700
200
200
34
sil
334
3%
54
34
sis
2
ill
134 Apr
4
SO
54
1111
3
194
sill
Apr
Jan
Jar
Star
Apr
Apr
Ma
5.imm
Its Jan
1% Apr
lis May
Si
2%
2%
54
7.4
34
174
131
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Jan
4
Mar
hi Jan
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Price. Low. High.
Alabama Power Co
1916
1st 55
1951
1st & ref be
1956
1st & ref 54
1967
let & ref 43-4.
1968
1st & ref 5e
Aluminum Cosi deb 5411952
Aluminum Ltd, deb Si, 1948
Am Commonw'h Pr 68 1940
1953
45
Debenture 55
Am Commun Pow 5548 '53
Am & Coot Corp 5s- - _1943
Am El Pow Corp deb 68 '57
Am Gas & El deb 5i..2028
Am Gas & Pow deb 68 1939
1953
Secured deb 58
Am Pow & Lt deb 68_ _2015
A mericanRadiators%.1947
Am Rolling Mill deb 581948
434% notes___NoY 1933
Amer Seating cony 84_1936
Amer Solv & Chan 6.54s'36
With warrants
Appalachian El Pr 58.1958
Appalachian Gas 6e_ _ _1945
Cony deb 65 ser B__1946
Appalachian Pow 55....1941
2024
Debenture Its
Arkansas Power& Lt 581956
Arnold Print Wks 65 1941
Associated Eke 4,48_ _1953
Associated Gas &Electric-1938
Cony deb 514s
Registered
1948
Cony deb 4 34s
1949
Cony deb 4948
1950
Cony deb for
1968
Debenture fie
Registered
1077
Cony deb 5141
Associated Rayon 55_.1950
Assoc Simmons Hardware
1933
63.4e
Alison T & T deb 548A '55
Assoc Telep Util 5948_1944
6% notes
1933
Atlas l'lywood deb 5545 '43
95%
89%
78
87
82
60
2
1%
50
284
7734
19
6234
37
43
31
857-1
474
6
9836
78
39
21
21
21
2355
2254
2034
2234
27
95
8954
89%
7554
87
81
60
2
%
3
48
25%
75
23
18%
95% $16,000
905,i 6,000
2,000
90
73,000
79
2,000
87
66,000
86
62% 37,000
21,000
2
174 14,000
6,000
4
13,000
50
30,000
29
78% 186,000
2755 12,000
23% 35,000
60
90
33
46
31
6354
91%
38
49
34
15
85
s254
3
96%
7054
764
53
37%
15
8894
534
67.4
9854
71
7834
55
40
s1954
19
20
1854
21
2034
20%
2234
26
27
26
47% 4554
s3254
33
45
34
111,000
9,000
38,000
85,000
12,000
Cities Service Es
1966
Cony deb 5.5
1954)
,
Cities Bert Gas 5,4s._1942
Cities Serv Gas Pipe L 6843
Cities Serv P & L 5%8_1952
Cleve Else III 1s1 58_1939
Gen 55 series A
1954
Columbia River Longview
Bridge 6345 stpd--_1953
Commers und Privat
1937
Bank 55411
Commonwealth Edison Co
1st mtge 55, ser A._1953
1st mtge 5s, ser B..1954
1st 43.4a series C
1st m 4 lie ser D____1957
1st NI 4%88er E_ _ 1960
1981
1st M 45 ser F
Corn'wealth Subsid 534848
Community Pr & Lt 881957
Conn I.t & Pow 434s C 1956
Consol Gas El Lt & P(Belt)
bit ref s f ige
1981
431s series G
1969
-Consol Gas Utll Co
1st at coil lis ser A._1943
Deb 6%s with warr_194.3
Cons Publishers 6318_1936
Consumers Power 4%61958
let & ref 5s
1936
Cont'l0& kJ be
1958
Continental OH 5345_1937
Cont Securities 55 A._1942
Crane Co be__ --Aug 31940
Crucible Steel dabs 55_1940
Cuban Telep 7 Sis__ _1941
Cudahy Pack deb 554e 1937
Sinking fund 58.. _1946
Cumb Co P & L 454s_ _1956
9931
Low.
High.
91
85
83
72
80
81
60
2
Apr
Feb
Apr
Apr
Feb
May
Slay
Apr
34 Apr
May
3
41
Jan
2534 Slay
72
Apr
23
May
Apr
18
99%
9554
9654
8434
91
9834
74
11
8
19
5234
4234
ES%
454
874
55% Apr
Jan
80
May
33
Apr
46
Apr
30
8234 Jan
Apr
93
Mar
87
Mar
76
47
Mar
3,000 z15
41,000 8054
59,000
24
59,000
%
8,000 9634
5,000 68
51,000 75
6,000 50
83,000 36
2274 41,000
6,000
19
21% 31,000
21% 295.000
26 175,003
2454 219,000
204 2,000
26% 16,000
12,000
28
22
92
16
184
9334
85
88
60
57%
Feb
Mar
Jan
Jan
May
Jan
Mar
Mar
Feb
Apr
May
Apr
Apr
Apr
Apr
Apr
Apr
May
89
19
43
89%
4454
4454
35
47
4054
Jan
May
Jan
Jan
Jan
Jan
Feb
Jan
Jan
17
19
17
17
1754
17
2054
19
26
20,000 8354
43,000 84
26,000 8354
4,000 75
5,000 70
5,000 60
11,000 92
7,000 100
10,000 9434
2,000 94%
6,000 44
5,000 92%
193,000 97
11,000 101
9854 100% 62,000
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Feb
Apr
Apr
May
Apr
Jan
Apr
Apr
May
2874 68,000 27
4831 53,000 4554 Slay
.54,000 z28% Apr
35
Apr
7,000 842
49
Feb
2,000 33
34
83
87
Bell Tel of Canada 56_1957 88
8754 88%
let mtge 5. ser A__1955 83
88
let mtge 58 ser C..1960 879-4 87
Binghamton L 11 & P 55 '46 7854 783-4 79%
71% 72%
Birmingham Elea 4545 1968
60
60
Birmingham Gas 55..1959
944 95
BlackstoneVal 0 & E 5s '52 95
10034 10034
1st & gen M bs
1939
94% 94%
5s series A
1951
98
9834
Boston Consol Gas 55.1947
44
48
Broad River Pow 5.s 1954
95
9634
13klyn Borough Gas .5s 1967
Bklyn Edison 5* ser E_1952 102% 10154 10234
Buffalo Gen Elea 55 _1939 10234 1014 102%
Canada Nat Ry 03Q 78 1935
Capital Admin 5s_ _ _ _1953
Without warrants
Carolina Power & Lt 581956
Caterpillar Tractor 58 1935
Cent Arizona L & P58 1960
Cent Ill P S 4548 F.1967
55 series E
1956
1st mtge 58 ear 0..1968
1981
4545 series It
Cent Maine Po. 454s E'57
Central Pow Is ser 13 1957
Cent Pow & Lt 1st 55 1956
Cent Pub Sery 5%1 1949
With warrants
Without warrants
Cent States Elea 5....1948
Deb 5%e_ __Sept 15 1954
Cent States P & L 5%s '53
Chic Dist Elan gen 4348'70
Debenture 554s Oct 1 '35
Chic Rys 55 ctf of (1(113_1927
Cigar Stores Realty Hold
Deb 554s singed A ___1949
Cincinnati St Ry 53-0_1952
Range Since Jan. 1.
Jan
Jan
Jan
Apr
Jan
Apr
Apr
Apr
May
Feb
May
Apr
Feb
Mar
Mar
37
Feb
72
Jan
54
754 Feb
3754 Jan
z94%
93%
94
84
81%
7554
100
100%
943-4
100
68
99
103%
10254
Mar
Niar
Mar
Apr
Mar
Jan
Apr
Apr
May
Jan
Mar
Mar
Apr
May
Jan
Apr 100
94
7034
70
81
80%
59
67
66
60
76%
5154
4754
75
78
82
81%
63%
70
68
61
78
5451
53
4,000
37,000
23,000
2,000
45,000
26.000
13,000
3,000
10,000
4,000
68,000
70
70
804
80
574
64
65
58
753-4
5154
4754
Feb 80
May 85
Jan 91
Apr 9034
Apr 744
Apr 70
Apr 85
Apr 75
Apr 89%
May e70
May
7131
Apr
Jan
Mar
Jan
Mar
May
has
Jan
Jan
Feb
Jan
2534
26%
244
67
534
534
2454
2434
234
66
50
3834
654
534
28
2854
3534
67Si
5554
40
220,000
3,000
67,000
84,000
57,000
11,000
13,000
23,000
z5
534
2434
2434
234
54%
50
34
Apr
Slay
May
May
Slay
Apr
May
Apr
273.4
15Si
394
42
69
734
7954
50
Jan
Mar
Jan
Jan
Feb
Mar
Jan
Jan
52
20
52
244
52
9,000
2,000
20
50
Slay
Apr
40
62
Mar
Mar
7131
81%
59
70
67
51%
52
554
34% 3054 34%
33% 3134 z3454
394 42
41
554 57
56
3734
33
36
102% 10234 102%
10031 10134
8
8
55,000 30% May 47% Jan
1017000 831% Slay 52% Jan
93,000 39% May 5934 Mar
Mar
23,000 5254 Feb 65
Slay 6834 Jan
225,000 33
Mar
33,000 9931 Jan 103
Feb 10334 Apr
24,000 99
1,00
333-4 34% 33,00
9734
96
85
85
8654
794
5054
45
96
9534
85
8454
85
78
5054
40
94
977.6
9634
83
8654
8754
8034
55%
50
94
92
90
10194102
2654
14
94%
102%
55%
82%
39
61
73
85%
38,00
37,00
14,00
10,00
5,000
131,000
45.000
36,000
, 2,000
21,000
14,000
8
Apr
8
Apr
32%
Apr
91
9034
82
81%
8154
72
507.6
40
94
Apr
Apr
Feb
Apr
Feb
Apr
Slay
May
May
9854
98
93%
93
9334
84
55
6154
94
82
98
Jan
Mar
9234 Mar
102 May
4654 Feb
Mar
Mar
Mar
Jan
Jan
Mar
Apr
Feb
May
Apr
26
3154 25,000 18% Apr 32
Mar 20% Jan
14
1634 8,000 12
Feb
Jan 81
75% 75% 1,000 72
Apr
9331 9554 54,000 8734 Feb 96
10154 102% 28,000 100% Mar 102% May
56% 129,000 5051 Apt 675( Mar
53
Jan
8234 82% 22,000 8051 Apr 85
Jan
45
3,000 38
May
33
39
JAB
29,000 57% Apr 89
60% 63
Mar
May 77
1,000 55
55
55
2,000 (36
May 83
Jan
66
67
Mar
22,000 73
May 87
79
73
Mar
35.000 9531 Jan 99
99
97
78
Feb 8534 May
85% 8534 3,00
24 Feb
6
'ii
31
Si
43-4
4%
Si
54
51
234
94
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Dallas Pow & Lt(35-1949
lot 5s series C
1952
Dayton Pow & Lt 58_ _1941
Del Flee Power 754e _1959
Denver & Salt Lake 6s 1960
Del City Gas (Ss ear A_1947
let series B
1950
Del Int Bridge 6345..1952
Dixie Gulf Gas (1%8 1937
With warrants
Duquesne Gas Corp Its 1945
Duquesne I,t 151 431s. 1957
91
9794
10194
92
100
60
27
9054
82
6
103
92
100
60
27
91
82
6
11,000 100
1,000 91
7,000 95
2,000 6531
6,000 2554
9,00(
90
6,000 79
1,00
5
69% 12,000
68
4,000
7
5
9734 07% 15.000
Apr el03.4
Apr 99
Jan 100
Apr 73
Apr 4354
Jan 974
Apr 89
Mar
754
Jan
S Apr
934 Mar
82%
74
8
98
Apr
Jan
Apr
Mar
Mar
Feb
Mar
Mar
Feb
Jan
Apr
4
3426
Bonds (Continued)
East Utilities Investing
158 with warrants_ __1954
Edison El(Boston) 5s_1933
1933
44s
4% notes____Nov 1 1932
44s
1932
5s
1935
Elec Power & Lt 5s__.2030
Elec Pub Sera 551s C_1942
El Paso Nat Gas 65111-1938
655s w w
1943
Empire Dist El 5e..1952
Empire 011 & Refs 534e '42
Ercole Mareili El Mfg
651s with warrants_1953
Ere Lighting 5s
1967
European Elec 6411_1965
Without warrants
European Mtg&Inv 710'67
Fairbanks Morse deb 55 '42
Farmers Nat Mtge 78_1963
Federal Water Sera 54.54
Finland Residential Mtge
Bank 6.
1961
Firestone Cot Mills 511_1948
Firestone T & Rub Ea 1942
FirstBohemlanGlassWksl.d
7s with warrants___1957
Fisk Rubber 1548____1931
Ctfs of deposit
Fla Power Corp 531._ _1979
Florida Power & Lt 55_1954
Financial Chronicle
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Price. Low. Ilion.
17%
10131
10055
10054
100%
99
42
34
Range Since Jan. 1.
Low.
15% 1951 100,000
10
Apr
10151 10151 147,000 98% Jan
100% 1004 5,000 10054 May
10054 10031 24,000 98
Jan
100% 100% 10,000 10031 Apr
99
9931 52,000 99
May
38
4231 213,000 3231 Apr
20
May
2,000 20
20
2,000 49
49
49
May
6,000 59
6531 66
Jan
12,000 50
55
50
May
3131 53531 76,000 3131 May
49% 49% 11,000
93
9855 32,000
45
93
4031 424 69,000
19% 22
64,000
3751
7,000
44
48
174 3,000
14
30,000
3751 40
45
14
26
744
20,000
39
33
66
6856 20 000
7451 7531 9,000
26
62
7051
Hamburg E az Und 534838
Hood Rubber 7s_-_--1936
10
-year 551s_ _Oct 15 '36
Houston Gulf Gas 6a 1943
Deb 6 As_
Apr 1 1943
How L & P lit 4%2E1981
let bs series A
1953
1st & ref 451s ser D_1978
Hudson Bay M & S 6s 1935
Hungarian-ltal Bk 7558'63
tivirrade Food 6.ser A_ '49
Hy iraulic Power (Niagara
Falls) 5,8
1951
Idaho Power 58
1947
Illinois Nor Util 55-.1957
Illinois Power 1st 5s__1933
Ili Pow & L 1st as ser A '53
1st & ref 55.5e ger B_1954
1st & ref 58 ser C___1966
St deb 555a_Mae 1967
laden 011 & Gas 6s___1939
Indiana Elea be ser C_1951
1st M Be series A___1947
Indian Hydro-Elee System
Is series A
1958
Ind & Mich Elec 5s___1957
1st & ref Is
1955
Indiana Service be
1963
let & ref be
1950
Indianapolis Gas Is A_1952
ind'oolle P & 1.68 ser A '57
Indianapolis Water 451s '40
[mull URI Invest 68_1940
With warrants
Deb 68 series A _1949
Internal Pow Sec 64s B '54
Secured 6 %a ser C__1956
Secured 7s ser D___1936
7s series E
1957
International Salt .58-1951
Internat Securities 58_1947
Interstate Nat Gas 6s_1936
Interstate Power 5s
1957
Debenture Si
1952
44
1254
5254
6254
38
1154
1351
50
61
1,000
38
5,000
1211
1,000
1351
5251 33,000
6951 107,000
Jan
May
3351 Mar
104 Apr
8
Apr
May
50
May
61
8
El
Jan
Feb
May
21
Feb
5834
87
55
974
914
62
59
93
90
72
6431
27
93
88
72
64%
Feb
25
914 Apr
88
May
6751 Apr
6434 Apr
9256
97
644
64
6031
5154
694
8251
89
27
82
Feb
Mar
Mar
Mar
Jan
May
Apr
May
5851 60% 20,000
3,000
96
96%
8,000
58
61
11,000
9831 100
11,000
98
97
83% 6,000
82
59
2,000
59
3234
Jan
Feb
Feb
Mar
Feb
Jan 10051 Apr
Jan 99
Mar
Jan 9834 Mar
Jan 9754 Mar
Apr 75
Apr
Apr 414 Jan
Apr 36
Apr
Apr
Apr
77
48
60
17
1551
6234
78
Apr 86
Apr 74
70
Jan
Jan 68
Mar 40
Feb101
58
994
9751
82%
59
83
924
Mar
Jan
Mar
48
7834 Mar
Mar
81
36% 37
91
89
5034
49
85
Jan
Jan
Feb
90
2,000
27
84,000
94
9251 36,000
7251 14.000
6831 9,000
6331 Mar
99
Mar
Mar
60
2951 Jan
Mar
52
73,000
7751 80
4,000
5151
51
8,000
90,000
Feb
Apr
May
Apr
Apr
May
Jan
Apr
Mar
Apr
Jan
Jan
May
May
Feb
7951
51
Jan
90
61551 Mar
3231 Apr 47
774 Jan .93
Feb
Mar
May 70
Jan 100
Feb 69
Feb 10031
Feb 984
Apr 85
May 59
Mar
Jan
Mar
Mar
Mar
Apr
May
3951 Mar
96
Mar
9634 Feb
Jan
94
75
Jan
29
3054
50% 50%
3731 39
2854 33
284 29
814 834
92% e9331
8351 8551
61
61
29
30
3255 34
49,000
12,000
21,000
27,000
6,000
45,000
12,000
17,000
3,000
10,000
13,000
29
43
35
2834
27
7744
86
78
68
26
31
4434 Feb
May
Apr 55
Mar
Jan 45
Mar
May 61
Jan
Apr 50
Jan
Jan 86
Mar
Apr 0451 Jan
Jan 86
Mar
Feb 63
Mar
Mar 4851 Feb
Apr 4934 Jan
99
92
724
9631
63
61
58
50
8251
66
80
100
94
72%
97
6731
6651
6451
52
83
6931
83
6,000
6.000
1,000
2,000
35,000
19,000
101,000
5,000
18,000
33,000
9,000
9531
883a
7251
96
63
61
58
30
64
55
70
Feb 100
Feb 9634
Apr 90
Apr 9734
913*
May
May 88
Apr 83
may
7451
Jan 854
Jan 79
Jao 90
6151
94
8855
27
30
83
8131
9051
6351 2,000
9451, 8.000
19,000
92
13,000
39
3851 9,000
4,000
86
58,000
86
903-1 2,000
6151
92
87
27
30
83
RI%
8851
Jan
May 71
Jan 98
Mar
Feb .9351 Mar
Feb
May 62
Feb
May 63
May
May 86
Apr 06
Jan
Feb 9031 May
205,000
%
34
11,000
7,000 90
25,000 62
22,000 8054
68,000 88
9,000 60
28,400 4254
16,000 100
84,000 5131
1,000 354
May 8814 Jan
May 27
Jan
Jan
Jan 98
May 78
Jan
Feb
Jan 97
Jan
Apr 87
May 7334 Mar
Jan
51
Jan
May 10134 Mar
Apr z6954 Mar
Jan
Apr 51
54
11
4 131
9034 92
67
62
63
8755 87 38734
699-'. 6851 7255
60
62%
50%
49
50
100 100%
5831 5551 59
3551 3511
3.4
Interatate P B 58 D__1956 6851
lit & ref 451. F___1958 6351
631s series 11
1919 8051
Interstate Tel M
1961 59
Investment Coot Am 58'47
With warrants
Without warrants
lowa-Neb L & P 56___1957 78
5e series 11
1961 73
Iowa Pow & Lt 4116_1958
Iowa Pub Service 5s_1957 63
Iowa Ry & Light 58_1932 9751
Isarco Hydro-Eloo 76.1952
Italian Superpower of Del
Debi as without war* '63
ackaonville Gas 5s
1942
Jer C P & L 18t Si B 1947 91
1s1 455s series C....1961 7855
Jones & Laughlin Steel
Es
1939 96%
Kansas Elea Pow 65_1937
Kansas Gas & Elec 68_2022
1947 7a 31
Kansas Power 58
30
10134
1003.4
10051
1003.4
9951
64
27
80
70
654
48
Apr
38
1931 Apr
9855
Gary El &Gas 58 ser A 1934 62
63% 6,000 59
61
Gatineau Power let S. 1956 62
624 77,000 5951
61
5951 22,000 54
Deb gold Be June 15 1941 5851 55
Deb Baser BA & 0_1941 56% 5531 5751 32,000 50
1,000 30
30
Gen Bronze Corp deb 6s 40
30
Gen Cigar serial 6s_ __1932 10051 100% 101
15,000 100
Gen Motor. Accept Corp
5% serial notes____1933 100% 100% 10051 12,000 98
5% serial notes
9851 984 7,000 9631
1934
8,000 9434
97
97
5% serial notee____1935
9754 2,000 9334
97
5% serial notes____1936 97
27,000 62
70
865
Gen Pub Sera 58
1953
2231 27% 30,000 2231
Gen Pub Utli 6558 A _1950 26
7,000 2751
20
28
1933 30
64a
con Vending Corp 63_1937
2,000
151 3
With warrants
1
Gen Wet Wks Corp 5/81943 25
24
2651 28,000 24
Gen Wat Works Gas & Mee
Cony deb 6. B__1944
84
83% 1031 11,000
855
Georgia Power ref 58_1967
(laurel& Pow & Lt 58_1978
Gestural deb Be
1953
Without warrants
Gillette Safety Razor 58'40
Gob& (Adolf) 648_1935
With warrants
Grand Trunk fly 6%8_1936
Grand Trunk West 4s 1950
Great Nor Power 58_1935
01 West Power let Be 1946
Green Mtn Power 53_1948
Greenwich IV G Is A_1952
Guardian Investors 58 1948
With warrants
Gulf 011 of Pa Es
1937
Sinking fund deb 58_1947
Gulf States Util 54_1956
lit & ref 4548 ser B_1961
Inch.
6231
55
75
69
60,000
69
45,000
65
8055 5,000
4,000
62
6131 Apr
5134 Apr
May
75
4751 Apr
6255
624
73
7255
78
63
9751
5151
63% 6,000
63% 2.000
10,000
78
16,000
74
6,000
79
6751 6,000
9851 5 000
54.51 25,000
5834 Apr 67
4751 Apr 6756
7051 Apr 80
Apr e79
88
Apr eSO4
77
6754 May 8251
Jan 9951
92
Jan 60
CI
3251
48
91
7734
33 130,000
11,000
50
9134 4,000
33,000
81
Mar
27
Apr
48
8831 Jan
7731 Jan
954
75
75
7554
9751 11,000
1,000
75
2,000
75
75% 7,000
9551 May el01
May 89
75
Apr 90
75
7554 Apr 90
79
75
95
62
424
66
9634
864
May
Mar
Feb
Apr
Jan
Jan
Jan
Feb
Mar
Mar
Mar
Bonds (Continued)
Kan Pr & Lt Is li____1957
Kentucky Util lit 58_1961
6 4a series D
1948
1st 551s series I
, _1955
lit mtge 58 ser 1_1969
Keystone Telep 555s 1955
Kimberly-Clark 5s A.1943
Koppers G & C deb be 1947
Sink fund deb 543_19513
Kresge (SS) Co 5s _ _1945
Certifs of deposit
Laruton Gas Corp 651s '35
Lehigh Pow Recur 68_2026
I.exington Utilities 58 _1952
Libby McN & Libby 15s 42
Lone Star Gas 5s
1942
Long Island Ltg is.
.1945
LosAngelesG&E 551s 11949
Louisiana Pow & Lt 6.1957
Manitoba Power 634.1951
Mansfield Min & Smelt
7s with ware
1941
Mass Gas Co 548_1946
Bunk fund deb 58.....1955
Mass Util Alison 5a_ 1949
McCord End & Mfg 68 '43
With warrants
Melbourne El Sup 734s '46
Memphis P & L be A_1948
Metropolitan Edison 4s '71
Mich Assoc Telep 5s__1961
Middle States Pet 1351s 1945
Middle West UtiiitiosCony
notes....1932
Cony 5% notes____1933
Cony 5% notes_ __1934
Cony 6% notes._ __1935
May 7 1932
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week,
$
Price. Low. High.
Low,
High.
83
66
72
6551
60
8155
844
78%
714
9
934
71
5155
254
634
355
351
354
1,000
13,000
10,000
4,000
22,000
4,000
15,000
16,000
40,000
75
64
75
5851
6334
50
81
64
66
Feb
Apr
May
Apr
Apr
May
Jan
Jan
Apr
37
88
6251
5951
5851
85:4
88
98%
81
6753
6151
63
89
90
9851
83
1,000
1,000
62,000
2,000
28.000
16,000
7,000
2,000
33,000
85
32
50
55
5851
77
88
97
794
45
65
76
67%
81
704
66
51
86
68
744
85
3
8
65
78
76
65
75
70
65
50
83
66
72
5151 19,000
40
15
8234
77
7155
1551 2,000
864 25,000
824 44,000
7155 12,000
15
8214
77
70
9
73
9331
7054
5151
25
10
2,000
73
2,000
94
9,000
724 17,000
1 000
511-4
27
10,000
9 Slay
60
Feb
92
Jan
7031 May
5131 Apr
24
Apr
651 n84 35,000
72,000
354 6
33-4 6
44,000
22,000
355 6
Milwaukee Gas Lt 451s '67
9234 9231
Montan Gaa Lt 4518_1950
70
67
Minn General Elec 5s_1934 10051 100% 10051
Minn P & I. let 434s__1978 74
75
74
lot & ref 55
84
80
1955 80
Mississippi Power 58 A955
604 61
Miss Power & Light M '57 68
7034
65
Miss River Fuel art_ _1944
With warrants
71
71
71
Without warrants
68
68
Mise BAT Power 1st Es 1951 94% 93:4 95
Monon West Penn Pub Ser
let lien & ref 5548 B '58 604 57
61
Montreal L El & P
& ref Es see A _ _ 1951
8654 8751
1st & ref loser 11_ ..i970 85
8251 85
Munson 88 Line 6518_1937
With warrants
515 654
,
Narragansett Elea 5s A '57 93
93
9351
Nail Elea Power 5e__ _1978 17
1131 17
Nat Food l'rod es
23
1944
23
Nat Pow & Lt 68 A __.2020 7456 7251 7451
Deb 5a series B
59
2030 63
633-4
Nat Public Service 58_1978 23% 19% 2451
National Tea Co 5s_ _1935
714 71%
Nat Transcon Ry 451s '55
75
75
Nebraska Power 448_1981
904 9036
Deb Os series A
8451 8651
2022
Nehuier Bros Realty 68 '48
24
24
Nevada-Calif Mee 66_1956 6551
65
6754
N 14 G11.9 & El Assn 56_1947 46
4451 49
Con• deb 6s
4451 49
,
1948 49
Cony deb 58
48%
43
1950 48
New Eng Pow Assn 56_1948 47% 4651 4854
Deb 54s
51
47
1954 5031
New On P Sere 4411._1935 60
65
57
Income Os series A _ _1919
484
48
New Rochelle Wat 5558 '51
82
82
N Y Edison 58 ser 0_ _1951 102% 10151 10331
N Y & Foreign Inv 1531s '48
with warrants
50
48
NY P&L Corp 1.1 431,67 894 87 1 8953
NY State G & E 448_1980 7531 7551 76
NY & V. eaten 1.tg 4.4.2004 87
84
87
Niagara Falls Pow 61_1950 104% 104
bs series A
9951
1959
NiMs)n El Pow 6546_1953
38
Nor Amer Lt & Pow 5%'34
7854
5% notes
70
1935 _ _70
5% notes
1936
66
Nor Cont URI 5348_1948
26
Nor. Ind. P.S.4 Ms E 1970 68
68
1st & ref Si ser C..1966
74
1st & ref 5s ser D
1969 75% 754
Npr Ohlo Pr & Lt 5516 1951
9151 90%
Nor Trac & Light 5s _1956
844
No States Pr 551% notes'40 82
80
Refunding 455e_ _1961
84%
N'western l'ow 6s A.-1960 1551 1551
Ohio Edison 1s1 5e
1960
Ohio Power 1s1 5a B 1952
lat & ref 414s ser D.1958
Ohio Public Service Co
1st & ref 5518 ser E_1961
Okla Oaa & Elm 5s
1950
fis series A
1948
Osgood Co deb 65..._1938
With warrants
Range Since Jan. I.
92
92
8831
105
9951
40%
79%
7051
6751
31
7156
7551
764
93
844
82
8634
20
84
82
96%
84
82
Jan
Jan
Feb
J
Jan
56
86
88
9051
Mar
Mar
Mar
Mar
May 93
Feb 42
Apr 83
Apr 78
May 81
Feb 9351
Feb 99
Apr 1083 344
7930 ,
7 5
Jan 93
Jan
Jan
Mar
Jon
Mar
Mar
Jun
.
3 ani
..18a ,
J r
1
Mar
Jan
651
351
334
351
61
Jan
May
May
Slay
Apr
90
90
Mar
Jan
Apr
May
May
May
28
Jan
80
96
60
38
Jan
Jan
a
Apr
8954
69
65
60
Jan
Jan
Jan
Jan
3,000 90
Feb 96
Mar
6,000 6634 Jan 784 Jan
18,000 1004 May 1004 Apr
3,000 74
May 7951 Apr
2,001) 80
May 9055 Apr
2,000 60
Apr 7755 Mar
23,000 65
Jan 8256 Mar
2,000
2,000
17,000
71
68
90
May
Apr
Feb
90
Mar
94
Mar
98% Jan
21,000
57
May
8051 Mar
31,000
16,000
8254 Feb 93
Mar
8156 Feb' 8751 Mar
13,000
5
29,000
54,000
1,000
18,000
50,1100
29,000
5,020
2,000
2,0011
7,000
3,000
59,000
29,000
09,000
86,000
84,000
75,000
67,000
6,000
2,000
46,900
92
8
23
61
54
17
69
75
88
84%
23
604
40.51
40
41
40
40
57
48
82
97
Jan
14
Jan
Apr 984 Mar
Apr 464 Jan
May 34% Jan
Apr 84% Mar
Apr 72
Jan
Apr 46
Jan
Mar
Jan 78
Slay 75
May
Mar
Feb 94
Slay 98
Mar
Mar 314 Jan
Apr 77
Jan
Apr 674 Jan
Apr 68
Jar
Apr 6411 Jul.
Apr 675a Jan
Apr
Jan
70
Slay 80% Mar
Apr 63
Apr
May 82
May
Jan 1034 Mat
8,000 .42
Jan
72,000 8151 Jan
11,000 75
Apr
8,000 7834 Apr
60
Feb
904 Apr
12% Mar
87
Apr
14,000 1014 Jan 105
6,000 954 Apr 10051
40,000 33
Apr 59
6.000 604 Feb 8354
6,000 67
Feb 78
11,000 65
Jan 77
25,000 24
Apr 40
10,000 68
May 8151
4,000 72
Apr 8751
4,000 75% May 88
9,000 88
Feb 96%
2,000 79
Jan 89!4
14,000 80
Apr 02
83 000 79
Apr 91
8,000 154 Slay 4334
Mar
Jan
Feb
Apr
Mar
Apr
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Mar
9051 92
66:000
92
93
28,000
87
9034 83,000
8634 Jan
90
Feb
7951 Feb
95
96
9251
Jan
Jan
Apr
80
81
56
80
70
64
83
874
01
Apr
Jan
Apr
60
Jan
80
81%
56
4,000
8,000
1,000
25
25
30
6.000 25
Pao (laa & El let 4548.1957 9151 9031 92
30,000 88
let 6s series B
10556 1044.1054 13,000 10151
1941
let & ref 541 0-.1952 102
10151 10251 76,000 97.51
5s series I)
1955 974 97
98
19,000 92
1st & ref 4551 F
1960 9156 90 4 0251 87,000 84
Pao Invest (Pb Is....
_1948
64
6455 14,000 56
Pao Ltd & Power 58_ .1942
103 10351 2,000
Pao Pow & Light 58_1955 6756 6754 7055 12,000 102
67%
Feb Pacific Western 011 6318'43
With warrant.
Feb
5156 5051 5151 23,000 5051
Mar Park & Tilford 6s
1936 45
45
45
1,000 45
May Penn Cent L & P 450.1977 7231 7251 7451 9,000
70
Penn Else 1st & ref 48_1971 70
69
7051 16,000 68
Feb Penn Ohio Ed 551s B.1959
61
62
5,000 5734
Deb 6s series A.....1950 6655 66
Mar
6751 13,000 604
Jan Penn-Ohio P & L 5518A '54 93
93
94
20,000 894
Jan Penn Power Si
1956 8831 88
89% 11,000 88
Jan Penn Public Serv 6/3_ _1947
894 90
3,000 894
Jan Penn Wat & Pow Es
1940 101
100% 10155 6,000 100
451s series B
Mar
1968 88
88
914 19,000 8634
Jan
Peoples Gas Le & C 4.B '81
7851 7855 1,000 754
Jan Peoples Lt & Pr 5s
1979
251
,
13-4 231 4,000
14
Feb Phila Electric Co 58.__1966 10331 1034 104
3,000 10134
Phil& Elec Pow 5518..1972 103
Jan
103 104
35,000 99%
Jan Phila Rapid Tran 6s_ _1962
55
55
1,000 55
Phila Suburban 0 & E
1st dr ref 4548
Mar
1957
95% 9651 2,000 94
Jan Piedmont Hydro-El Co
1st & ref 651. ci A 1960
Jan
5451 26,000 .61 1.4
52
Jan Poor & Co 68
60
1939
60
1.000 60
Apr
Apr
Apr
May
Apr
Apr 94
Jan 810534 Jan
Apr
Jan el03
Apr 68 May
Apr 9354 Apr
Jan 67
Mar
Apr 103% May
Mar
May 85
Apr 71% Mar
Feb
Apr 60
Apr 7955 Jan
Mar
76
Feb
Apr 834 Aug
Apr 8451 Mar
Apr 10034 Mar
Apr
Apr 92
Apr 9455 Mar
Apr 10151 May
Jun 9153 May
Mar
Apr 82
Jan
6
Mar
Apr
Apr 104
Jan 10551 Apr
Jan 6855 Jan
Jan
9651
Jan
Jan
63% Mar
Mar
70
Jan
Financial Chronicle
Volume 134
Bonds (Continued)
Friday
Last Week's Range Sales
Sale
for
of Prices.
Price. Low. High.
91% 91%
Portland Gas & Coke Is '40
Potomac Edison 56 E_1956 7814 77% 78%
63
61
Power Corp (N Y)549.'47
99% 100%
Procter & Gamble 44e '47 100
17% 19%
Prussian Elea deb 66...19114
81
Pub Serv of N It 455s B '57
81%
Pub Serv of N J 6% ctts_ -- 10534 103 nI0554
Pub Sem of Nor Illinois
1st & ref Is ser C___1966 814 784 814
76% 7855
let & ref 434s ser D..1978
lot & ref 44s ser 11_1980 77% 77% 7785
1st & ref 455s ger F_1981 77
7634 78%
Pub Sere (Okla) be D.1957
64
63
Puget Sound P & L 546'49 67% 66% 68
int & ref 5s ger C__ .1950 604 6034 6155
1s1 & ref 4346 ger D_1950
58
61%
Quebec Power 5s A_1968
Queens Borough 0& E 54s
series A
1952
Radio-Neith-Orpheurn
1941
6s full paid
Reliance Management Corp
bi with warrants_ _1954
Remington Arms 5%s_1933
Republic Gas Se J nun 1645
Comas of deposit
Rochester Cent Pow 561953
Ruhr Gas Corp 64s...1953
Ruhr Housing 64s A_1958
Ryerson (J Ti & Sons Is '43
Range Since Jan. 1.
Low.
Mar 9235 Mar
Mar
Apr 90
Mar
May 72
Feb 104% May
Feb
Apr 31
May 85
Jan
Mar
Apr 107
9,000
14,000
4,000
20,000
5,000
27,000
11,000
26,000
784
69
68
6934
59
6834
6034
68
May 90
Apr e8185
Apr 84
Apr 824
Apr 7954
Apr 8134
May.7754
May
73
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Mar
75
May
75
May
May
824 Mar
2,000
70
73
10,000
70
50
67
High.
1,000 91
2,000 77
10,000 61
14,000 96%
14,000 17
5,000 81
10,000 10055
75
50
2,000
50
65
55
12
12
23
18
21
67
67
55
12
12
2584
20%
21
67
75
13,000
2,000
10,000
10,000
14,000
30,000
4,000
3,000
Apr 106
Ma
65
Jan
65
10
Apr
Apr
12
23
May
18
Apr
20% Apr
67
An
rano Elea Power 58 1958
Tenn Public Service Is 1970
Terra Hydro-Eiee 6 4s '53
lexaa Electric Serv 56_1960
Ceuta Gam Util Os _1945
Cagan Power & Lt 56__1958
1937
bg
2022
Debits
I hermoid Co 6e
1034
With warrants.
Uri-Utilities deb Is,...1979
rwin City Rap Tr 535a '52
Feb
Mar
Feb75
Mar
Mar
Mar
Mar
Jan
Jan
Jan
May
Mar
Mar
Mar
Mar
Apr
Mar
Mar
Mar
Mar
Mar
Apr
Feb
Jan
Mar
Jan
6,000
49,000
55,000
61,000
33,000
78,000
14,000
54,000
4,000
55
4.3%
47
4054
39
52
53
40%
30
23%
22
21
23
88
88%
614 6434
59% 634
98% 100
8554 87
95., 9074
34,000
21,000
2,000
14,000
7,000
41,000
40,000
67,000
22
21
86
55%
52
97
84
84
Mar e31
May 294
Jan 96
74
Apr
Apr 72
Feb 101
Jan 95
Apr 974
Mar
Jan
Mar
Jan
Jan
Mar
Mar
Apr
9735
8254
8554
754
49%
70
10
82%
964
8234
13,000
2,000
78,000
50,000
3,000
13,000
44,000
12,000
81
714
45%
70
8
78
95
78
Apr
Jan
Apr
May
Apr
Apr
Apr
Apr
92%
86
61
85%
24
92%
98
9134
Mar
Mar
Feb
Mar
Feb
Feb
May
Feb
2614
374 10,000
1,000
2434 28% 26,000
Jan
34 Apr
24% May
4354
31%
Mar
Jan
Apr
13% May
34% Mar
45%
88%
62
62
9855
85%
9654
85%
74
11%
55
5454
564
48
48
57
56%
4454
34
864
7555
5085
7435
11
8455
93
834
35
1944 15
Olen Co debt%
tin Amer Invest 53_ -1948
With warrants
En El Lt & Pow 5s 13_1967 98
Union Gulf Corp 511 Jul 150 8931
United Elea Service 76_1958
Without warrante
(Inked Industrial 6541 1941
1915
1st 65
Wilted Lt & Pow 85_1975
jut 546._AprIl 1 1959 704
On Lt & Rye 6.ser A_1952 76%
1973
Be
1932 100
let aeries bs
1952 43
Deb 541
2%
United Pub Sera ils_ _1942
United Rya of Hay 7543'36
11 8 Rubber
3
-year 6% notes____1933 6335
635% serial notes. _1934
655% aerial notes_ _1935
655% aerial notes__1936
64% serial notea_.1937
64% serial notes...1938
655% aerial notes_ _1939
84% serial notes. _1940
Utah Pow & Light 44e '44
2022
its scrim A
Utica Gas & El be E1952 92
Va Elea & Pow 5e....1955
1912
Va Power 1st 59
Va Public Sera 534s A_1946
1st ref be aeries 14...1950
Feb 1 1948
Deb tis
waldorf-Astorla Corp
1st 7s with warr____1954
Ward Baking Co Go...1937
wash Water Power Si.1984)
West Penn Elea be_ _2030
Wait Texas Util 55 A..1957
Apr
Feb
Apr
Apr
Feb
57
5755
859
50
50
60%
60
4755
35
57
57
5754
494
49
60%
5351
454
43
1334 15
85,000
Apr
Apr
Apr
Apr
Apr
Jan
Jan
Apr
Apr
70
Jan
784 Mar
79
Mar
73
Jan
71
Jan
60% May
60 ,Slay
684 Jan
51
Jan
29
65
65
8,000
98
98
11.000
8911 904 57,000
65
Apr 7135 Feb
90
Feb 100
Mar
89% May 0634 Mar
50%
20
1914
4434
70
764
47
99%
424
255
19
514 3,000
20% 9.000
20
6,000
50
3,000
704 6,000
19,000
80
49
2,000
100
37,000
50% 51,000
434 4,000
22
7,000
50%
20
194
4455
68%
7255
47
924
4234
2
19
63
39
274
26
25
25
25
25
6935
62
92
6355 30.000
1,000
39
2,000
28
1,000
26
2534 11,000
2534 6,000
254 9,000
5,000
25
6,000
70
1,000
62
9234 24,000
594 Jan
37
Apr
274 May
26
Apr
Apr
25
24
Apr
21
Apr
22
Apr
6935 May
614 Apr
91% .Apr
89$1
63
63
4655
4354
394
39
40
83
70%
94%
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Apr
Mar
91
92%
55
56%
45
9154 4,000
9255 2,000
(3135 43,000
6155 12,000
4,000
50
88
92
54
5631
45
Apr
Feb
Apr
May
May
97
924
794
74
7034
Jan
Feb
Feb
Feb
Feb
4%
80
94
50
3934
24,000
5
3,000
82
7,000
95
2,000
60
45% 81,000
4%
80
92
45
394
Apr
Fe
Feb
Apr
May
205(
904
9714
66
68
Jan
Mar
Jan
Feb
Feb
May 65
Apr
32
May 33
May 66
Apr 85
Apr 88
Apr e64
Jan 100
May 884
Apr 29
Mal
31
Bonds (Concluded)
Westvaco Chlorine Prod10-yr deb 555s
1937 10155 101 34
Western Newspaper Union
Cony deb its
1944 1535
15
Western United Gas & Flee
1st 540 ser A
1955 7754 76
Wise El Pow Is A. _1954
93
w. Ur Pow & Lt 5e F_ _1958
7934
Wise Pub fiery 6s..1952
90
Yadkin River Pow 5s_1941
York Railways 5s_ _1937
Foreign Government
And MunicipaNtiesAgric Mtge Bk (Colombia)
20
1946
-year f 7s
20-yr a f 75 Jan 15 1947
Baden (Congo]) Th.__ _1951
Buenos Aires(Prov) 74s•47
Eat 76
Apr 1952
101
1534
774 22,000
934 (1,000
3,000
80
90
3,000
90
DO
7815 7835
3215
20
36.4
30
32
314
19%
34
2955
7,000
5,000
1.000
1,000
3256 6,000
s3285 12,000
2055 9,000
3755 24,000
3085 19,000
Range Since Jan. I.
Low.
99
High.
Feb 101 WNW'
1435 Apr
294
88%
83
78
884
Apr
Apr
Mar
Feb
80
94
91
95
88
78
Feb
Apr
93
83%
22
Jan
21
Jan
1754 Apr
284 Jan
27
Apr
Jar.
Slat
Apr
Jan
Apr
Jan
Apr
35
Jan
34
Jan
30
Feb
44
Apr
434 Jan
Jan
888e Jan
Mar
81
Jan
25
14
Mar
Jan
40
Jan
35
Feb
27
84% Jan
San Antonio S Is._ _1958
2,000 70
76
76
Jan 85
Banda Falls 1st Is. _ _ _1955
94
1,000 88
94
Jai
99%
St Paul Gas Lt 5s
1944 98
1,000 97% APT 98
98
98
safe Harbor Wen Pr 44s79 93% 934 94
23,000 3854 Apr 9434
-.lawn Pub Works 56_ _1932
35% 3754 57,000 254 Jan 44
Schulte Real Estate 65 '35
Without warrants
20
20% 9,000 20
Apr 42
+erten(E W)deb 546 1943
6234 18,000 58
58
May 704
Serve' Inc Is
1,000 58
1948
May
58 58
-Inawinigan W & P 44e 67 60
GO
6.554 47,000 60 May 76
let & eo1144seer 8_1968
27,000 6054 Apr .76
604 65
tat 56 series C
13,000 6754 May 88
70
1970 67% 67
1st 4%. series D_ _1970 59
6535 57,000 59
May 75
59
Sheffield Steel Corp 54,1'48
56
1,000 52
56
Apr 70
Silica Gel Corp 635s__1932
With warrants
1,000 28
28
May 40
28
3,000 24
34
Snider Packing 6s- _ _.1932 35
35
Jar
38
1.000 29
29
Series B ctfs of deposit._ ------ 29
May 29
61% 614 1,000 50
Jan 70
South Carolina Pr 58..1957
southeast P & L rat _2025
64
65
88% 69,000 6214 Apr 85
Without warrants
65.000 94
98
.8ou Calif Edison 56_ __1951 99
99
Feb 99
5,000 9314 Feb 99
9834 99
1952 99
Refunding 56
Refunding 56 June 1 1954 984 97% 98% 120,000 93
Feb 9854
1939 1024 101% 1024 14,000 9854 Feb 10254
Oen & ref be
16,000 7955 Apr 88%
81
Sou Calif Gas Corp 55_1937 80% 80
81% 814 5,000 75% Feb 864
Sou Calif Oas Co 4 55a..1.961
Southern Gas 6545 1935
7334 6,000 68
without warrants
73% 73
Jan 8034
southern Natural ea 68'44
32
32
32
With privilege
1,000 26
Feb 43
48
49
3,000 48
Sweat ARSOC Tel 5s_ _ _1961 48
May 55
Southwest0& E 5e A _1957 614 614 6334 29,000 58
Apr 80
57
8,000 51
54
Sou'west Lt & Pow 56.1957
Apr 72
So'weei Nat Gas es__ _1945 14% 11% n1634 8,000 11% May 34
So'weat Pow & Lt 65_2022 614 60% 62
28,000 5255 Apr 81
1942
Staley Mfg 68
Stand Gas & Elea 61_1935
Cony fla
1935
Debenture fla
1951
Debenture Si Dec 1 1966
Stand Invent 64e
1939
10-yr deb Si
1937
_ _ _1957
gaud Pow & Lt
Stand Telephone 5150.1943
+Mums(Hugo) Corp
Ts Oct 1 '36 without warr
7s without warr____1948
Sun 011 deb 534s_ _ _1939
+twee Pow of III 4 ras'...68
let 54 44e
1970
'Owtft&Co let M s f 58.1944
5% notes
1940
Syracuse Lt laser B._1957
3427
Friday
Sales
Lan Week's Range for
Sale
of Prices.
Week.
Price. Low, High.
Feb
Jan
Mar
Jan
Jan
Mar
Mar
Apr
Jan
Jan
Feb
Cauca Valley 78
434 7
1948
Cnt Bk of German State &
Prov Banks Os A.__1952 22% 21
24
19151 s31 55 s3155 35
as serial It
1943
54
Danish Cons be
59
515s
1955
65
69
Danzig Port & Waterways
33
65413
July 1 1952 33
3334
German Cons M tulle 7e '47 22% 021
24
1947 20% s20
21
Secured (la
Hanover (City) 7s_..h039
Hanover (Prov)6548_ 1949
Indus Mtge Bk (Finland)
let mtge coil f 7a..1944
Lima (City) Peru 64e 1958
Maranhao (State) 78 _1958
Medellin 7s series E...1951
Mendosa (Pro's Argentine
'
,
Externals f g 7%I..1951
Mortgage Bank of Bogota
Ta issue of May '27 1947
78 issue of Oct '27_1947
Mtge Fit of Chile Rs_ 1931
Mtge Bk of Denmark Ss '72
30,000
44,000
69,000
1,000
2,000
Apr
15%
Jan
19
Jan
2854 Jan
45
Feb
53
Jan
3834
40%
6434
75
Feb
Feb
Mar
Mar
3%
9,000 32
Apr
50,000 021
May
84,000 18% Apr
2334 2434
18% 194
30
51
60
51i 5%
9,000 z50
May
1,000
315 Feb
555 555
1234 134
5.%
3,000
6,000
4,000
5,000
2255 Apr
16% Apr
443.4 Jan
354 Jan
32
Mar
35
31
Jan
Jan
70
Apr
934 Mar
554 May
1255 May
10
18
Feb
Jan
30
37% 21,000
2534
Jan
41
Apr
25%
254
1.5
534
2634 4,000
254 10,000
1.000
15
534 1,000
204 Jan
2034 Jan
114 Jan
5334 May
37
37
18
68
Jan
Jan
Feb
May
Netherlands (Eingd) 6s '72 10331 10354 10355 10,000 101
Parana (State) 7g__ _1958
5
5
755 3 000
Rio de Janerlo 654a_ _1959
6
6
634 2,000
Russian Government
2000.
8548 certificates_ _1919
4
4
N
5%5
1
11,000
1
1921
1
Mar e104% Feb
May
114 Jan
May .18
Jan
Saar Bashi Counties 7s 1935
Saarbrucken 7s
1935
Sante Fe (City) 78._ _1915
Jan
Mar
Jan
95
93
97% 98
3055 30%
7.000
-1.000
1,000
83
88
30
Apr
Slay
154
Jan
Jan
Feb
95
98
Slay
384 Mar
• No par value. 1 Correction, n Bold under the rule o Sold for soh. I Deferred delivery. r Ex-rights and bonus'. it When Pawed. z Es-dividend. fr Esright..
e See alphabetical list below for "Under the Rule" sales affecting the range for
the year.
Bulova Watch pref., Feb. 2 10 at 124.
Central Power 55 series D, 1957, Mar. 7, 51,000 at 72.
Cities Service, pref. B. Jan. 11, 10 at 5.
Dallas power & Eight 6a, 1949, April b. $1,000 at 105.
Houston Lt. & Power Is, series A, 1953, May 3, 13,000 at 96.
Iowa Power & Light 455s, 1956. April I, $1.000 at 8114.
Jones & Laughlin Steel 58, 1939, afar. 31, 53,000 at 10314.
Hams City Gas its. 1942, afar. 1, 34.000 at 98.
Netherlanda 8e 1972, Jan. 5. $10,000 at 106
Nlpissing alines, March 23, 100 at 13t.
Pacific Gas dc Elec. 515s ger. C 1952, Apr. 27. 52.000 at 10355.
Rio de Janeiro 834s 1959. Jan. 18, 312,000 at 1634.
Public Service of No. Ill., 434s, 1978, Feb. 8, 81.00051 85.
Russian Govt. 514e MM., 1921, Feb. 4, 51,000 at IA.
Shawinigan Water & Power 454s. series B, 1968. Mar. 10. 32.000 at178.
Stinnes (H.) deb. 7s. 1938, Jan. 25. 81,00058 3134.
Sylvanite Gold Mince, Jan. 27. 100 at 34
Toledo Edison 58, 1947, Apr. 26, $1,000 at 94.
Union Gulf Corp. 5s, 1950, Mar. 9, 51.000 at 98.
United Light & Rye. deb. 6s. 1973. Mar. 9. 52.000 at 6534.
Welch Grape Juice corn.. Jan. 27, 25 at 374.
See alphabetical
for the year.
lin
below for "Deferred Deliver," sales affecting Ins range
Amer. Cities Pow. & Lt. class B. April 23, 100 at 155.
Amer. Gas & Elec., pref., April 12. 100 at 88.
American Solvents de Chem. 654s, w. w., 1936. Mar. 17.51,000 at 1455.
Arkansas Power & Light $7 pref., Mar. 30, 20 at 73.
Art Metal Works, corn., Mar. 29, 100 at 14.
Associated Telephone Utilities 555a, 1944, April 8. 52,009 at 28.
Associated Telephone Utilltlee Its, 1933, April 11, 81,000 at 37.
Atlas Plywood deb. 555s, 1943, Feb. 29, 31,000 at 33.
Beacon Oil deb de, 1936, with warrante, Jan. 2. $9,000 at 94.
Bell Telephone of Canada 5., 1957. Mar. 7. 59.000 at 944.
Blue Ridge Corp. corn., May 6, 10 at 14.
Central Public Service. class A, April 23, 100 at 5-4.
Central Public Service deb. 534e, w. w., 1949. April 14, 55,000 at 11.
Cities Service, corn., April 9. 400 at 354.
Cities Service, deb. Is, 1950, May 5, $3,000 at 3034.
Claude Neon Lights, corn.. April 12. 100 at 4.
Gillette Safety Razor 5., 1940. Mar. 7. 31.000 at 94.
Indiana & Michigan Elec. be, 1955, Mar. 12. 82,000 at 94.
Industrial Mortgage Bank of Finland 7 1944, JIM. 2, 51,000 at 50.
Interstate Power 5s. 1957. Mar. 10. 55,000 at 70.
Lenaer Stores Corp., corn., Feb. 9, 300 at 634.
New Bradford Oil, Feb. 8. 500 at 4.
N.Y.& Foreign Investing deb. 555s 1948 with warrants, Jan. 18.81,000 at £154.
Northern States Power 7% pref.. April 14, 100 at 64.
Pacific Gas & Elec. 6% first pref., Mar. 9. 52,00051 244.
Pacific Gas & Elec. its, series B 1911, April 30, 52,000 at 105%.
Piedmont Hydro-Electric tat & ref. 834s 1980, Jan. 7. 32.000 at 51
Pittsburgh Steel 65, 1948, Feb. 8. 51.000 at 78.
Public Service of No. III. 7% pref., April 5, 75 at 68.
Securities Corp. General, April 9. 300 at 2.
Southwest Bell Telephone, 7% pref., April 15, 150 at 110.
Southwest Dairy Products deb. 84e 1938, Jan. 20. 51,000.1 7
Tri-Utilitles Corp. deb. 56, 1979. Feb. 1. 52.000 at 34.
United Verde Extension Mining, Mar. 16. 100 51 2%.
West Penn Electric deb. 5. 2030, Jan 4,81.000 at 5354.
3428
Financial Chronicle
May 7 1932
Quotations for Unlisted Securities
Public Utility Bonds.
Au, Cont'Lls P 534e '53_111AN
Amer S PS 534s 1948 _MAN
A ppalach Pow 58 1941_ J&D
Appalach P deb Se 2024_J&J
Atlanta 0 L be 1947__J&D
Broad Riv P 56 1964_51AS
Cen 0 & E 514e 1933_ F&A
1st lien coil tr 61048 JA D
1st lien con IF (le '46 _M&S
Cen Ohio L & P58'60 _A&O
7
Derby GI & E be 1946_1,4A
Fed P 8 let 68 1947_ __JAB
Federated UM 5341
3'57 IYIAS
Gen Pub Lail 612s'56&A&O
Houston Gas & Fuel 56_195'
III Wat Ser 1st be 1952_J&
Interstate P 8 431/3 '68 INAS
Iowa So Ut11 53413 1950 _J&J
Jamaica W 55348 19516_JA
Lexington ULU 58 1952_ F&A
Louis CI & E 4348 1961 _F&A
A&O
Deb e f (is 1937
Louie Light let 5s 1953_A&O
New On P 5 ele 1949__J&D
Bid Alt
1
312 Newp N & Ham fs '44.J&J
5312 5514 NY Wat Serbs 1951 _MAN
NY & Wes L 4e 2004_ _J&J
N
7012 73• Am LAP et deb51+9 66J&J
.
_
94
Okla GA E 58 1940_ __M&S
44
48 Oid Dom Pow Se _May 1551
3
1314 15 4 Parr Shoals P Ess 1952_A&O
2318 251 4 Peoples LA P 534e 1941 J&J
2412 27 Pow Corp NY 6348'42 MAN
.FAA
52 60 Pow See coil tr 68 '49.
5512 58 Queens G & E 4 W2'58 _MAS
2712 Roanoke W W Se 1950__J&J
25
29
3212 Sierra A S F 56 1949___J&J
223 2414 Tide Wat Pow Se '79_ _ FAA
4
30
35
United L & Ry fie '73_ _lea
8412 68
United Wat Gas & E 58 1941
62
623 Virginia Pow 5e 1942__J&D
4
49
51
86
90 Wash Ry & E 4s 1951 _J&D
Western PS 5148 1960 _ F&A
57 67
92
Wheeling Eleo Is '41 _MAN
88
Wichita Hy & L be 1932_
95 2 100
,
99 Wise Elec Pow 68 '54_ _ FAA
95
Wise Minn LAP Is '44 MAN
48
52
Win Pow A Lt Si '66 _MAN
Investment Trusts (Concluded).
Bid
80
7218
84
453
8
An
84
733
4
87
4612
73
5812
8412
2614
85
7612
61312
88
29
89
6112
82
89
5112 55
7612 82
53
5611
46
83
95
78
65
95
81
93
7812
7812
4814
97
82
67
94
82
82
Public Uti ity Stocks.
Par
. 74
Alabama Power $7 prof_ _100 70
64
Arizona Power 7% pref._100
•59 62
Ark Pow & Lt $7 pref
13
Assoc Gm & El ortg pref..• 10
18
• 16
$6.50 preferred
2212 2412
$7 preferred
Atlantic City Eleo $6 pref_' 98 101
Bangor Hydro-El 7% p1_100
lilughamton LH& P $6 Pi-•
pref.
•
Birmingham Eleo
Broad River Pow 7% P1-100
Buff Niag A E pr pref__ _25
Carolina Pow A Lt $7 prer_•
Cent Ark Pub Serv pref_100
Cent Maine Pow 6% pf _100
100
7% preferred
Cent Pow A Lt 7% pref _100
Cent Pub Serv Corp pref_ •
pref. _100
Cleve El Ilium
Col Ry P & L 6% 181 p1.100
100
% preferred B
100
Como! Traction N J
Consumers Pow 5% pref. •
100
8% preferred
100
6.80% preferred
Cont'l Gas & Eleo 7% Df-100
Dallas Pow A Lt 7% pref 100
Dayton Pow A Lt8% p1.100
Derby Om & Elec $7 pret_ _•
Detroit Canada Tunnel._..
•
Erie Railways
100
Preferred
leo
Essex-Hudson Gas
Foreign Lt & Pow units__ -Gas A Mee of Bergen_ ..100
Gen Gas & El part ctfs
Hudson County Gae____100
Idaho Power 6% pref
100
7% preferred
Illinois Pow A Lt 6% p1..100
Inland Pow A Lt 7% p1.100
interstate Power $7 pref...
Jamaica Water Stipp pf_60
Jersey Cent PA L7% pt 100
Kansas City Pub Service_ _•
•
Preferred
Kansas Gae & El 7% Pf - 10
0
Kentucky Sec Corp corn.100
100
6% preferred
Kings County LW 7% Pi 100
Long Island Lt 8%, phi_ _100
_100
Preferred A
Los Ang Gas & El 8% pf_100
Pay
Memphis Pr A Lt $7 pref..' 92
97
Metro Edison $7 pref B___• 57
_
$6 preferred C
• 60 52
Mississippi PAL $6 Pret • 44
50
Miss River Power pref__100 78
82
klo Public Serv
pref_100 28
35
Mountain States Power._ _•
5
100
7% preferred
50
103 Nassau & Suffolk Ltg pref. 69
75
75
_ Nat Pub Serv 7% pf A..100
6
9
60 65 N• ebraska Pow 7% pref_100 92
95
27 Newark Congo] Gm_ _ _ _100 91
99
20
2012 New Jersey Pow & Lt $8 Dr• 70
75
New Orleans PS 7% D1-100 45
55
83 6612 N Y & Queens E L & P 0100 100
75 Nor States Pow (Del) corn A
50 55
59
83
68
Preferred
75
72
76
46
50 Ohio Edison $6 prat
69
41x - 78 80
$7 preferred
9
• 67
9312 96 Ohio Pub dery 6% pref_ _
12
62
100 ---- 60
7% preferred
52
64
di- O• kla Gas A El 7% pref. 100
18
27 Pao Gas & El $1.50 pref_85 23
24
67
69 Pac Northwest Pub Serv- 26
20
85
89
8% preferred
18
87
90
12
15
Prior preferred
47
50 Pac Pow & Lt 7% pref__100 70
74
8812 9.,12
Pa Pow A Lt 7% pref
93
9612 Philo Co 15 pref
48
80
83 Piedmont Northern Ry _100 20
30
35
45 Pub Serv Co of Col 7% pf100 60
70
45
48
la
88 Puget Sound Pow A Lt pr of
2 Rochester G & E 7% pi 13100 50
55
30
8% preferred C
47
100 45
fiE 140 Sioux City G & E 7% pf_100 61 65
35
40 Somerset Un Md Lt..._100 72
79
90
95 South Calif El $1.50 pref.25 241s 2512
20
221 x
26 21
$1.75 preferred
135 14-6- So Colo Pow corn A
25
4
512
78
7% preferred
SO
100 70
85 South Jersey Gas & Elec.100 133 138
42
46 Tenn Elee Pow 8% pref _100 54
68
13
7% preferred
62
100 58
-- - 21
18
Texas Pow & Lt 7% pfd_100 8512 89
46
4812 Toledo Edison pref A __ _100 63
66
72
75 United OAR(Corm) pf_100
_ 48
5 United G A E (N J) pf 100 40 15
8
112 312 United Public Service pref _ _
212
87 Utah Pow & Lt 7 pref
• 55
57
81
225 300 Utica Gm & El 7% pref _100 87
91
49
Utll Pow A Lt 7% pref--100 1412 17
91
Virginian Ry corn
85
100 40
60
62
65 Wash Ry & Elec com
100 265 305
76
81
5% preferred
100 78
82
84
Western Power 7% pref _100 82 87
87
Investment Trusts.
23
8 318 Diverelfled Trustee She A-A B C Trust ISharee ser E..
1
3
B
Amer Brit A Coot $6 pref._•
3
C
218 23
Amer Composite Tr Shares.
Amer Founders Corp
Convertible preferred.
- Equity Corp corn stamped
-- 1- 16 - E• quity Trust Shares A
16 2
6% Preferred
103 1518
8
7% preferred
Five-year Fixed Tr Shares_ _
1-40the
•
1-70the
Fixed Trust Sharee A
•
Warrants
Fundamental Tr Shares AAmer A General Sec corn A.
Common B
Shares B
's 1
29
35 Granger Trading Corp-- •
$3 preferred
Trad Corp..
3
Amer Insuranstocks Corp _•
4
112
23
2 274 Huron Holding Corp
/
Assoc Standard 011 Shares_ _
Atl & Pac Inter'l Corp units 151 4 ___ Incorporated Investors---•
14
Common with warrants
Ili 'twerp Inveitors EQUItied
15
Preferred with warrants_
lot Sec Corp of Am corn A
23
Atlantic Securities Corp Pf-• 19
Common B
Warrants
614% preferred
1
6% preferred
1
BanearnerIca-Blatr Corp 139 Independence Trust Shares_
Bankers Nat law-tali Core)• 13
17 Investment Trust of N Y__ _
3
13 412 Investor, Trustee Shares...
lianelellla Corp
Basle Industry Shares- - - -• 1.05 2.05 Leaders of Industry A
• .75 1.25
British Type Invest
13
Central Nat Corp clase A... 1112 1412
C
12 2 Low PrIcee Shares
Clam 13
133 1412
4
Century Trust Shares
12 114 Major Shares Corp
Chain & Gen'l Equities inc •
1
3 Mass Investors Truqt
Chartered Investors corn...
241
45 Mutual Invest Trust cl A._
Preferred
14 1
Chelsea Exchange Corp A..
Mutual Management com_•
14 Nat IndustriceShares A....
Class B
1.50
Corporate Trust Shares.
National Trust Shares
1.45 1.60 Nation Wide Securities Co_
Series AA
1.45 1.60 N Y Bank Trust Sharers.
Accumulative series
No Amer Trust Shares
Crum & Foster Ins Shares
10 10
13
Series 1955
Common LI
100 50
Series 1968
7% preferred
10
13
Crum A Foster Ins corn B__
70
80 Northern Securities
8% preferred
218 218 011 Shares Inc unite
Cumulative Trust Shares
Old Colony Inv Trust corn
2.25
Deposited Bk She tier N Y
21218 -- 2 Old Colony Trust Assoc Sri •
Depoe Bk She N Y ger A
2
212 Petrol & Trad'sr Corp el A 25
Deposited Insur She A
• No par value. a Last reported marked. 6 New stock. s En-stock
53 --4
43
4
1.75 2.00
3
33
s
14
2
4
1.75 2.05
17
2
512
414
212
23
4
8
Alt
Par
Par
Public Service Trust Shares 816
259 21 Trustee Standard Oil She A
1 81
Representative Trust Shares 5.3S 5.76
Second Internal See Corp A
3
8
13 Trueteed Amer Bank Shares
8
Common B
18 1
Series A
0% preferred
14
20 Trusteed N Y City Bk Shq.
Securities Corp Gen $6 pret
20th Century Fixed Tr She_
Selected American Shares_
--.601 7 70 Two-year crust Shares.....
1
.
0
Selected Cumulative Sal
41s 41z United Bank Trust
Selected Income Shared._
214 23 United Fixed Shares
4
Selected Man Trustees She_ 260 3.10 Unit Founders Corp
1-70the
_
Shawmut Bank Inv Trust.*
United Ins Trust
•
Spencer Trask Fund
914 10 - U S A Brit Internal clase A.
Standard All Amer Corp_ _ _ 2.70
Class B
Standard Amer Trutt Shares 2.20
Preferred
Standard Collet Trust She_ _
27
s 359 U 8 Elea Lt & Pow Shares A
State Street In, Corp
3612 3812
Super Corp of Am Tr She A
214 212 Universal Trust Shares
218 23
8
lends.
4
41s lot Seeur Trust of Amer
3 8 412
3
Secured gold 68
1933
Trust Share. of America...
2
23
8
Secured gold 8e
1943
Trustee Stand Investment C 1 45 165
Secured gold 193
1933
1 40 1.60
Secured gold be
1943
12
7
7
10
1.50 1.75
23i 314
22
,
238
13 - -,74
4 2
138 218
2
212
13
8 24
,
121s 1312
312 414
23
4
1- 8
J
459
4
214 2%
23
4 314
1.70
1 60 1.75
1.60 1.75
44. 50
5
9
1
3
73
4 9
4
8
Ask
_
3l
Is
234
4
31i
434
7
23
8
3 12
214
712
-1
14
14
7
15
27e
214
Industrial Stocks.
Adams Millis $7 pref
• 66
Aeolian Co $7 pref
100 6....
Aeolian Weber P&P corn 100 0
Preferred
100 a ____
Alpha Portl Cement p1-100 80
American Book $7
100 60
Amer Canadian Properties.*
15
8
American Cigar prof..
..100 100
Amer Hard Rubber
1004 8
Amer'can Hardware
25 1412
American Meter new
• 12
Babcock A Wilcox 4%_100
Baker (J T) Chemical corn.'
Bancroft (J) A Sons corn__ •
Preferred
100
Bliss (E W) 1st pref
50
2d pref B
10
Bohn Refrigerator 8% pf 100
lion Ami Co It corn
•
Bowman-Bittmore Hotels..
1st preferred
100
2d preferred
100
Brunew-lialke-Col pref___-•
Bunker Hill A Stall com_10
Burden Iron pref
75
28
3
3
90
65
23
8
4
2
26
17
35
1
7
£0
38
712
17
19
22
52
30
3
44
15
85
27
- 101
31
16
20
45
Eistmann Magneto com_ --Preferred _
...100
Gen Fireproofing $7 p1_100
Graton & Knight cons
•
Preferred
100
DI Northern Paper $2.40.35
Herring-Hail-Mary Safe.100
Howe Scale
Preferred
100
212 412
17
20
53
48
24
16
25
De Forest Phonofilm Corp..
Dictaphone Corp corn- ---•
$9 preferred
100
Dixon (Joe) Crucible $4_100
Doehler Die Cast pret___50
Preferred
•
Douglas Shoe pref
100
Draper Corp
100
Driver Harris $7 pref...100
Dry-Ice Holding Corp
•
Macfadden PubileVne com.5
•
$6 preferred
Merck Corp $8 pref__..100
60
23
30
9
2
25
5
49
18
95
2
4
11
12
7
2
4
20
35
3
4
14
22
1
214
'S
012
8
99
Franklin Ry Supply
•
Liberty Baking corn
Preferred
100
Locomotive Firebox Co...
• 32
National Casket $3
36
1612
$7 preferred
87
82
20 National Licorice corn..100 18
24
National Paper A Type Co_
20
35 New Haven Clock pref..100 28
38
13 New Jersey Worsted pref_ _ _ 27_
4
Northwestern Yearn_ __100 81
94
35
30 Ohio Leather
Ills 1412
Ole
1st preferred
70
80
26 preferred
60
70
28 Okonite Co $7 prof
100 -_-- 65
Canadian Celanese corn...
Preferred
100
Carnation Co $1.50 corn...
Preferred
100
Chestnut Smith corn
Preferred
Childs Co prof
100
Clinchtleld Coal Corp._ _10(
Preferred
100
Color Pictures Inc
Columbia Baking cons_ -•
1st preferred
•
26 preferred
Colts Pat Fire Arms Mfg_25
Congoleum-Nairn 67 0-100
Crosse & Blackwell coin__
Crowell Pub Co $3 corn new
$7 preferred
Industrial Accept coin_ _ __•
Preferred
100
Internal Textbook
100
Lawrence Port! Cem 34 100
318
Biel
3
234
24
214
3
17
8
8
518
17
2
Jo.
43
4
14
Is
5
13
212
13
4
5
55
Petroleum Derivativee
Publication Corp $3.20 corn'
$7 1st preferred
100
Reming'n Arms $7 1st pi 100
Riverside Silk Mille Rockwood & Co
•
_100
$8 preferred
Rolle-Royce of America. _
Preferred
.00
Rory Theatres unit
Common
Preferred A
Rubel Corp corn
Preferred
Ruberold Co $4
100
214
5
31
85
30
859 11
12
51
a
18- 384
4
Is
154
17
20
I2
314
7
20
25
Safety Car Heat & Ltg_100
&oval Manufacturing_ ..25
Singer Manufacturing _-100
Solid Carbonic Ltd
Splitdort 180th Mee
Standard Screw Co
100
Standard Textile Pro( ..100
Class A
100
Class 14
100
Stetson (J B) Co corn .___•
$2 preferred
25
14
1612
95
214
14
28
17
18
99
3
1
28
1
7
13
4
812
17
Taylor 111111 Corp com
•
Taylor Wharton Irk St corn*
Preferred
..i00
Tenn Products Corp pref 60
Tubize Chathlon $7 id 13 100
a
712
. 412
4
6
4
9
32
38
Unexcelled Mfg Co 41.1e._10
United Buslness Pub pref100
United Publishers prof-.100
U S Finishing $7 pref___100
1'4
24
15
20
12
70
90 Walker Dishwasher corn...'
312
14 114 Welch Grape Juice pret_100 90
5
10 IV VaPulti& Pap $1.00 corn' 11 12
17
19
$0 preferred
100 x79
White Rock Mln Spring
17
22
$2 it preferred
100 92
3
6
$20 26 preferred
100 110
15
18
Willcox A Gibbs $2.60 coin_
20
Woodward Iron
100
459
4
Worcester Salt $5
100
34
4
5 Young (J 5) Co cons _ _100 70
12
Preferred
100 85
5
94
131z
83
10
98
10
812
85
Telephone and Telegraph Stocks.
Am Dist Tel of NJ $4____• 46
7% preferred
100 76
Bell Tel(Can)8% pref..1t10 74
Bell Tel of Pa 814% prat 100 107
Cie & Sub Bell Telep___60 63
Cuban Telephone
7% Preferred
48
Empire & Bay State rel_100 28
Franklin Teleg $2.50--100 20
lot Ocean Teleg 6% _ ___100 40
Lincoln Tel & Tel 9%
95
Mountain States Tel & Tel_
92
New England Tel & Tel_100 87
51
80
78
109
58
100
55
38
30
50
105
95
90
New York Mutual Tel_1(8) 4 10
15
Northw Bell Tel 9i634%100 103 106
Pack All feleg U H 1% _25 0 7
11
Peninsular ieleph $1.40..• 121e 16
• Preferred A
84
100 s79
Porto Rico Telephone
60
Roch Telep $6 50 1st pL100 100 1ESo A All leleg $1.25
15
25 e 10
So A NE Telephone 8 4_100 09 103
,
W Bell Tel 7% pre-- 100 103 106
Tr1-State, Tel & Tel M..* 090
4.60 preferred
10
7
Wisconsin Teter,7% prof 100 103 108
Chain Store Stocks.
Bohack (H C) Inc con....' 19
25
7% let preferred
100 68
78
Butler (James) common....
2
Preferred
100
1812
Diamond Shoe pref with war 46
62
Edison Bros Stores Prof.11)0
- 55
Fan Farmer Candy Sh pf _ • -- - 24
2018
Fishman (II M)Stores corn_
18
•
Preferred
90
CU All & Pea Tea pret__100 11512 11711
Melville Shoo Corp
1st pref 8% with warr_100
Miller (I) A Sons pref. _100
Mock -Jude& Voehrlugerpt100 20
Murphy (8 C) 8% pref-100
•
Nat Shirt Shops oom
Preferred 8%
100
6£1
Newberry (J) Co 7% p1.10 - N Y Merchandise let pL100 63
Kobacher Stores prof...100
Kress (811)6% pref
z 9
54
Lerner Stores 614% Melt w w
Lord A Taylor
100 692
155 preferred 6%
100
See preferred 8%; _
100
•
63
PlgglY-WIgglY Corp
4
103
Reeves (Daniel) Prof--id
...100
Rogers Peet Co coin. -100 40
80
100 45
Schiff Co prof
15
5
Silver (Isaac) & Bros p1.100
20
100 10
U El Stores 1st pre
dividend. z Dividend. v Ex-rights.
40
10 2
,
40
135
89
88
65
18
40
90
4
45
75
3429
Financial Chronicle
Volume 134
Quotations for Unlisted Securities-Concluded-Page 2
Insurance Companies.
Sugar Stocks.
Par
100
Fajardo Sugar
Ilaytian Corp Amer
Savannah Sugar corn
7% preferred
•
100
66
86
48
82
Ask
Par Bid
Sugar Estates Oriente p1100
United Porto Rican corn
Preferred
8
Federal Land Bank Bonds.
80 1 81
81
SO
8012 8112
8012 8112
80121 8112
8012 8112
91341 9214
90 100
is 1957 optional 1937 _MAN
Is 1958 optional 1938.MAN
411s 1956 opt 1936____J&J
J&J
41is 1957 opt '37
44is 1957 opt 1937____MAN
43.1e 1968 opt 1938___MAN
55 1941 optional 1931_81AN
JAD
410 1933 opt 1932
440
440
440
440
440
is
44is
1942 opt 1932_1316,N
1943 opt 1933____J&J
1953 opt 1933____J&J
1955 opt 1935____J&J
1956 opt 1936Ala
1953 opt 1933 __ __J AJ
1954 opt 1934____Jda
87
87
86
86
86
8612
8612
4
873
8734
4
863
8634
4
863
8714
,
87 4
New York Bank Stocks.
100
35
Bank of Yorktown
20 - - 14 3214
Chase
0
3
20 353 3734
4
City (Natlonal)
Columbus Bank
100 1V_ 150
127
Comml Nat Bank A Tr 100 1
Fifth Avenue
100 1340 1440
First National of N Y 100 1090 1190
Flatbush National
100
80
Grace National Hank._J00
500
25
50
Harbor State Bank
Harriman Nat Bk & Tr_100 1366- 1400
64
Kingsboro Nat Bank_ _ _100 54
25
Lafayette National
12
8
Liberty Nat Bank A Tr_ _25
5
3
Manhattan Company ____20
100
Merchants. _.
50
Nat Bronx Bank
National Exchange
Nat Safety Bank A Tr_....25
25
Penn Exchange
100
Peoples National
Public Nat Bank & Tr .25
Steal g Nat Bank & Tr__25
Textile Bank
100
Trade Bank
Washington Nat Bank_ A00
Yorkville(Nat Bank of).100
21. 23
70
44
37
18
13
7
4
9
5
200
23
21
12
29
26
45
30
13 5
30
Trust Companies.
Banca Comm Italians Tr 100
20
Bank of Sicily Trust
Bank of New York A Tr_100
10
Bankers
20
Bronx County
100
Brooklyr
20
Central Hanover
Chemical Bank A Trust_ _10
100
Clinton Trust
10
Cent Ilk & Trust
Corn Exch Bk & Trust___20
County
20
Empire
150 158
1612 1812
280 300
4914 5114
18
13
171 186
112 116
3014 32 4
,
45
30
1314 1514
4912 5212
22
24
22
100 220 250
Fulton
100 235 240
Guaranty
40
100 35
Hibernia Trust
10 7612 1712
Irving Trust
100 2180 2280
Kings County
51
4
Lawyers . We A Guar_ I00 46
Manufacturers (new) _ __25 2412 2612
4
4 45
23
Mercantile Bank A Tr w 1._
74
25 71
New York
40
Title Guarantee A Trust_20 37
70
100
Trust Co of N A
20
512 712
Underwriters Trust
100 1280 1380
United States
Chicago Bank Stocks.
100 60
Central Republic
Chic Bk of Commerce
Continental 111 Ilk & Tr_100 86
100 1
First National
62 Harris Trust A Savinge_100 238 243
100 278 283
1214 Northern Trust Co
50
Peoples Tr A Say Bank.100 45
871254
157 Strauss Nat Bank A Tr_100 100 105
Par Bid Ask
29
Aetna Casualty & Surety_10 24
22
10 20
Aetna Fire
10 1612 1812
Aetna Life
45
25 35
Agricultural
712 1012
10
American Alliance
9
7
American Colony
9
4
American Constitution
10
7
American Equitable (new)- 4
American Home
712
4 73
63
4
American of Newark
26
22
American Re- insurance _ _ _
9
5
10
American Reserve
13
25 10
American Surety
9
13
10
Automobile
53
47
80
75
88
8812
1;6
2712 35
7212
35
68
39
11
85
3
5312
20
8
63
60
53
2612
76
45
72
45
15
63
if
70
65
60
28
Loew'e New BM Prop
JAL)
Se 1945
Merchants Refits 8e 1937_ _
N 0 Or No RR 65 '55 FAA
NY & Hob Ferry 51146 JAD
N Y Shipbldg 5e 1946 MAN
Piedmont A No fly 58'54J&J
Pierce Butler A P 6445 '42
Realty Assoc Sec Se '37 J&J
Securities Co of N Y 4s_
61 Broadway 540 '50 AA0
So Indiana Ry 45 1951 FAA
Stand Text Pr 640'42M&S
Struthers Wells Titusville
6445 1943
Tol Term RR 444e '57131&N
U S Steel 5s 1951
Ward Baking Se '37 J&D 15
Witherbee Sherman Se 1944
Woodward Iron 55 1952J&2
Lincoln Fire (new)
Lloyds Casualty
Voting trust certifs.
Par Bid Ask
100 500 600
4
4 53
33
7
2
2
3
1
1
10
10
10
Majestic Flre
10
Maryland Casualty
25
Mass Bonding A Ins
25
Merchants Fire Amur com10
Mereh A Mfrs Fire Newark 5
10
Missouri State Life
Morris Plan Insurance
5
2
312 712
28
15
19
15
5
3
414 514
9
7
14
1412 2612
22
4 414
23
1912 2912
10
Carolina
100
City of New York
1
Colonial States Fire
Columbia National Life_100
Connecticut General Life_l
Consolidated Indemnit7 __1
Constitution
Continental Casualty_ _1
Cosmopolitan Insurance___
National Casualty
10
10
National Fire
National Liberty
5
National Union Fire
912 1112 New Amsterdam Casual_ _10
83 New Brunswick
10
68
10
7 New England Fire
4
35 New Hampshire Fire_ _ _ _10
30
20
36 New Jersey
31
1
3 New York Fire corn
4 North River
2
25
10 Northern
512 812 Northwestern National _ - -
Eagle
Excess Insurance
10
Federal Insurance
Fidelity & Deposit of Md.50
20
Firemen's
Franklin Fire
5
6
4
39
34
40
37
6
712
718 918
28
Pacific Fire
10
Phoenix
20
Preferred Accident
Providence-Washington _10
Public Fire
Public Indemnity (formerly
Hudson Casualty)
55
4
4
342 363
83 133
4
4
1311 1812
4
2
2
Baltimore Amer Insurance _5
25
Bankers & Shippers
100 270
Boston
General Alliance
10
Glens Falls Fire
Globe A Republic
Globe A Rutgers Fire__ _100
10
Great American
10
Great Amer Indemnity
Halifax Insurance
10
Hamilton Fire
50
Hanover
10
Harmonia
10
Hartford Fire
10
Hartf St'm Boiler Ins&Ire 10
Home
10
Home Fire Security
Homestead
10
10
Hudson Insurance
Importers & Exp or N Y__25
Independence Indemnity___
Industrial and Railroad Bonds.
Adams Express 45 '47 JAD
American Meter 65 1946_
Amer Tobacco 45 1951 FAA
Am Type Fdrs (le 1937 MAN
Debenture 65 1939_MAN
Am Wire Fab 74 '42_ _ MAS
Bear Mountain-Hudson
River Bridge 75 1953 Adr0
BlItmore Comm 7s '34 M&S
Chicago Stock Yd, 58 1961
Consol Coal 440 1934 MAN
Consol Mach Tool 75 1942
Consol Tobacco 4e 1951___
Continental Sugar 7s 1938_
Equit Office Bldg 58 1952._
Flak Tire Fabric 644e 1935
Haytian Corp 8s 1938
Hoboken Ferry 58 '40 MAN
Internet Salt 58 1951.Adr0
Journal of Comm 640 1937
Kane City Pub Sent 138 1951
Kansas City Life
Knickerbocker (new)
3
65
_95
712 912
13
8
15
31
6
10
2
6
5%2
81
54
45
75
35
65
lie 238
(1
2
4
2
2812 3112 Reliance Insur of Phila
6
3
10
8 Rhode Island
5
30
25
90 Rochester American
60
25 7212 8212
81 10 St Paul Fire & Marine
4
2
8 Seaboard Fire lc Marine
4
Security New Haven_..AO
1712 1912
49
71
,
9 2 Springfield Fire A Marine 25 39
45
50 15
108 Standard Accident
11
6
25
8
151 17, Stuyvesant
100 250 350
7
9 Sun Life Aseurtuoce
241 2612
7
5
35 Transportation Indemn'y 10
30
8
100 330 380
95a 113 Travelers Fire
5
25
138 U S Casualty
13
8
7
4
63
33
9 US Fidelity dr Guar Co 10
12
10 10
151 18 U S Fire
U S Merch & Shippers_ _100 105 135
12
9
4
2
10
Victory
4
10
6 Westchester Fire
4
3
7 4 91,
Realty, Surety and Mortgage Companies.
61
9312
12
6212
75
65
5
36
40
80
32
17
613
97
14
60
10
42
50
64
36
21
483
70
114
79
51
78
441
Bond A Mortgage Guar__20
Empire Title A Guar____100
Guaranty Title & Mortgage.
HomeTitle Insurance__ __25
2912 3212
60
180
14
18
International Germanic Ltd
20
Lawyers Mortgage
National Title Guaranty 100
State Title Mtge (new)__100
15
,
92
8
25
20
1112
11
35
12
114
4
Aeronautical Stocks.
Alexander Indus 83 nret___
American Airports Corp____
Aviation Sec of New Engl..
Central Airport
Cessna Aircraft corn
Cunha, Reid Aircraft COM
Khmer'Airplane A Mot new
Sky SpecmItles
Southern Alr Transport_ _
4 Swallow Airplane
112 Warner Aircraft Engine.....
112 Whlttelsey Manufacturing
40
1
2
2
48
85
2
2
2
114
If
Quotations for Other Over-the-Counter Securities
Railroad Equipments.
Short Term Securities.
Bid
Allis-Chal Mfg Es May 1937 6812
Alum Coot Amer 5e May'52 8312
Amer Metal 510 1934 A&O 42
Amer Had deb 430 May '47 90
Am Roll 81111 deb 58 Jan '48 30
444% notes 1033___MAN 08
Amer Thread 544e'38_MAN 92
Amer Wat Wks 5s 193411/c0 75
Bell Tel of Can 5s A Mar '55 5712
Baldwin Loco 540 '33 M&S 70
Cud l'kg deb 510 Oct 1937 73
Edison Eleo III Boston
4% noise Nov 1 '32 MAN 100
,2
5% notes Jan 15'33__J&J 101 18
Gulf 011 Corp of Pa
Debenture Se.._Dec 1937 92
,
Debenture 5s___1 eb 1947 88
Ask
71
84
46
91
33
4812
94
82
8812
8
787
75
Ask
Bid
General Motors Accept
5
5% ser notes__ _Mar 1933 100 4 1007
,
5% ser notes___Mar 1934 9514 983
4
9712
5% ser notes_ _ _Mar 1935 97
5% ser notes. _ _Mar 1996 97
9712
Koppers Gas & Coke
68
Debentures 5s. _June 1947 66
Stag Pet 410 Feb 15 '30-35 98 10012
8312
Mass Gas Cos 540 Jan 1946 82
Proc & Gamb 440 July 1947 9912 10012
Swift & CoM&S 8612 87
b% notes 1940
9612 97
Union Oil 58 1935_ _ _ _FAA
101
101 12 United Drug deb as '33 A&0 100
93
90
Water Bonds,
Alton Water 5e 1956--A&O
Ark Wat let 55 A me Adr0
Ashtabula W W Se 1958A&O
Atlantic Co Wat 66 '58MAS
Birm W W lst 5345A'140,3040
let m 6e 1954 ser 13_JAD
.FAA
let 55 1957 ser C...
Butler Water S. 1957_A&O
City W (Chat) 15e B '54 JAD
let 5s 1957 ser C__MAN
Commonwealth WaterFAA
let OS 1950 11
let m 5e 1957 tier C.F&A
Davenport W 55 1961.J&J
E B L A Int W 5s '42 J&J
let M 65 1942 eer B_J&J
F&A
1st 5e 1960 ser D
6
75
60
70
92
80
80
75
84
84
85
85
79
78
85
70
70
80
70
78
94
85
83
80
_____
90
90
84
83
90
80
HuntIon W 1st 65 '54 MAS
let m 5e 1954 ser B_MAS
Si, 1962
Joplin W W 58 67 eer A MS
Kokomo W W 89 1958 iktr)
Mourn Con W let Es'56J&D
Monon Val W 540 '50 J&J
.137MdrN
Richm'd W W let 56
St Joseph Wat Es 1941 A&O
South Pith) Water Co
FAA
Ist fs 1965
let A ref 55 '60 ser A J&J
let & ref 55 '60 ser B J&J
Terre ll'te W W Os'49AJAD
1st m 58 1956 ser BANAT)
Texarkana W let 5e '58F&A
Wichita Wat 1st Ss '49 M&S
let m 5e '56 ser BF&A
let m Ss 1960 eer C_MAN
90
82
75
60
60
70
80
70
88
90
54
80
90
80
60
90
81
81
94
86
76
70
70
75
85
74
92
94
86
95
68_
95
85
85
Atlantic Coast Line 6e
Equipment 640
Baltimore & Ohio 6s
Equipment 440 A
Buff Roth A Pitts equip 65Canachan Pacific 440 dr 88..
Central RR of N J Ss
Chesapeake dr Ohio (M.....
Equipment 6345
Equipment 5s
Chicago A North West Cs
Equipment 610
Chic RI A Pac 444e & 55
Equipment 611
Colorado dr Southern 85
Delaware A Hudson 6s. _ _
Erie 410 A 58
Equipment Sc
Great Northern 85
Equipment Sc
Hocking Valley Si
Equipment 65
Illinois Central 434e & 55
Equipment Cs
Equipment 7, A 640_
Kanawha A Michigan (Se.
Ask
5.50
5.50
5.50
5.50
5.50
0.00
5.50
540
5.50
5.50
5.50
6.00
5.50
5.75
5.75
5.50
8.00
6.00
5.50
8.50
5.50
8.75
6.00
6.00
6.00
5.50
Kansas City Southern 540
Louisville & Nashville (34._.
Equipment 654e
Michigan Central 5s
Equipment 88
Minn St P & SS'A 444e A 61
Equipment 634. A 711Missouri Pacific 610-- Equipment ea
Mobile A Ohio 58
New York Central 445 A fici
Equipment 65
Equipment 7s
Norfolk & Western 440.-- _
Northern Pacific 75
Pacific Fruit Express 75_ _
Pennsylvania RR equip Si..
Pittsburgh A Lake Erie 640
Reading Co 440 A 55
St Louts A San Fran 55....
Seaboard Air Line 5145 A ON
Southern Pacific Co 440_ _ _
Equipment 78
Southern Ry 440 & 55.-Eauipmer t (le
Toledo & Ohio Central 158_ _
Union Pacific 78
Bid
6.75
6.25
6.25
Ask
6.00
5.50
5.50
5 50
7.00
7.00
7.00
7.00
6.75
5.75
5.75
5.75
S-50
6.00
8.25
5.60
6.25
5.60
6.75
7.50
6.00
6.25
6.50
6.50
6.50
6.25
5.00
0.25
6.25
6.25
6.25
6.00
5.25
5 95
5.25
5.00
5.50
5.50
5.00
5.50
5.00
6.00
6.50
5.25
5.50
8.50
5.50
5 50
5.50
Investment Trust Stocks and Bonds.
Bankers Nat Invest corn A _ _
Beneficial Indus Loan pref...
Colonial Investors Shares...
Continental Metrop Corp A
Cent Secur Corp prat
Industrial A Pow See
Invest Fund of N J
Mohawk Invest
Nor American Trust Shares.
• No par value. aAnd dividend. 4 Last reported market. I Flat price. z Ex-dividend.
Bid
6.25
6.25
6.50
6.50
6.50
7.00
8.25
6.00
6.00
6.00
6.60
6.75
6.50
6.75
6.76
6 50
6 75
6.75
6.00
6.00
6.00
6.50
7.00
7.00
7.00
6.50
Ex-rights.
Old Colony Inv Tr 4 34% bde
Shawmut Association corn_ _
Shawmut Bank Invest Trust
1:6e)
1942
410
6s
1952
15
Standard 011 Trust Shares A
8 414
35
Class B
2412 253
4
1 82 1.87
13
34
17
39
4
43
50
50
318
4
23
1(8
current Camino
giontbip,
uartertp anti limit
pearly.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND
PREVIOUS ISSUES.
Below will be found all returns of earnings, income and profits for current
periods, whether monthly, quarterly or half-yearly, that have appeared the present week. It covers all classes
of corporate entities, whether
railroads, public utilities, industrial concerns or any other class and
character of enterprise or undertaking.
It is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however, is not confined to the returns which have come to
hand the present week.
It includes also those given in our issue of April 30 and some of those given in the issue of
April 23. 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, April 22, embracing
every monthly, semiannual 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
representing companies which had not yet made up their returns when the
list,
April 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 supplemnt
ary index in the
"Chronicle" will furnished an invaluable addition. The "Chronicle" index in conjunction
with the
Earnings Record" will enable any one at a glance to find the very latest figures of current earnings "Monthly
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. Page.
Name of Company
When Published. Page.
Name of Company
When Published Page.
Adam-Millis Corp
• Apr. 23__3098 Campbell Wyant & Cannon Fdy. Co.Apr. 30..3259
(E.I.) du Pont de Nemours & Co._ .... _A pr 33 359
Apr. 2; 25
Addressograph Multigraph Co
. 0
02
Apr. 30..3277 Canada Northern Power Corp
May 7..3435 Durham Hosiery Mills
Affiliated Products, Inc
Apr. 23..3098 Canadian Nat. Lines in New Engi_ _ _Apr. 30..32
53 East St. Louis & Suburban Co
May 7..3437
Ainsworth mfg. Co
Apr. 30..3258 Canadian National Rys
May 7..3434 Eastern Gas & Fuel Associates
May 7_3437
Air Reduction Co
Apr. 30__3258 Can. Pac. Lines in Maine
May 7..3432 Eastern Massachusetts Street Ry_
_ _Apr. 30_3259
Akron, Canton & Youngstown
Apr. 30..3252 Can. Pac. Lines in Vermont
May 7.3432 Eastern Roiling Mill Co
May 7..3437
Alabama Power Co
Apr. 30..3258 Carman & Co
Apr. 30..3259 Eastern Steamship Lines, Inc
Alabama Water Service Co
May 7..3437
May 7..3434 Carolina Clinchfield & Ohio Ry......Apr.
33__3093 Eastman Kodak Co
Alaska Juneau Gold Mining Co
Apr. 23_ _3088
May 7..3434 Central of Georgia
Apr.
Allegheny Steel Co
May 7..3437
May 7..3434 Central Illinois Electric & Gas Co_ _May 30..3253 Electric Auto Lite Co
7..3435 Elgin Joliet & Eastern
May 7_ _3432
Allied Kid Co
Apr. 23..3099 Central Power & Light Co
Apr. 30..3259 El Paso Electric Co.(Del.)
Allied Products Corp
May 7..3437
Apr. 23..3099 Central RR.Co.of New Jersey
May 7_ _ 3447 Engels Copper Mining Co
Allis Chalmers mfg. Co
May 7..3466
Apr. 30_3258 Central Vermont Ry., Inc
Apr. 30..3256 Engineers Public Service Co
Alton RR
Apr. 30..3252 Cerro de Pasco Copper Co
Apr. 30__3259
Apr. 30..3380 Erie RR. Co
Alton & Southern
Apr. 30..3253
Apr. 23..3079 Certain-teed Products Co
May 7_ _3435 Erie RR. System
American Bank Note Co
May 7..3434 Chain & General Equities Corp
Apr. 30..3257
May 7..3436 Evans Wallower Lead Co
American Bemberg Corp
Apr. 30..3281
Apr. 30..3277 Chain Store Investment Corp
May 7_.3436 Ex-Cell-0 Aircraft & Tool Co
American Commercial Alcohol Corp_May 7.-3434 Charleston & West Carolina
Apr. 30_ _3260
Apr. 30_3353 Exeter Oil CO., Ltd
American Dist. Telegraph Co(N.J.) Apr. 23_ _3099 Chesapeake & Ohio Lines
May 7..3437
May 7..3432 (The) Fair
American Electric Power Corp
Apr. 30..3282
May 7_ _ 3453 Chester Water Service Co
American Hide & Leather Co
May 7_3455
Apr. 23..3081 Chicago Burlington & Quincy RR_ May 7_ _3436 Federal Public Service Corp
_May 7..3448 Federal Water Service Co
American Home Products Corp
MayAia y 7.... 3467
Apr. 23..3081 Chicago & Eastern Illinois Ry
7 .343
6
Apr. 30_3253 Federated Dept. Stores, Inc
American Ice Co
Apr. 30..3258 Chicago & Erie
Apr. 30__3253 Finance Service Co
American Laundry Machinery Co_ Apr. 23_ _3099 Chicago Great Western RR
Apr. 30_3260
May 7..3449 Florida East Coast Ry
American Light & Traction Co
May 7__3434 Chicago & Illinois Midland
May 7..3432 Florida Power Corp
American Machine & Metals Co
Ma y 7 345j
M ay 77...M 56
Apr. 30..3258 Chicago & Indianapolis & LoulsvIlle.Ma
y 7.3432 Follansbee Brothers Co
American Metal Co., Ltd
May
May 7..3435 Chicago Milw. St. Paul & Pacific__
_Apr. 30..3253 Foote Brothers Gear & Machine Co_A pr. 7..3437
American Rolling Mill Co
May 7_ _3434 Chicago & North Western Ry
30..3282
Apr. 30_ _3253 Foote Burt Co
American Steel Foundries
Apr. 30_3260
May 7_ _3435 Chicago River & Indiana
May 7..3432 Ford Motor Car Co. of Canada
American Thermos Bottle Co
Apr. 30_3268
Apr. 23__3099 Chicago Rock Island & Gulf
May 7..3432 Fort Smith & Western
American Type Foundries Corp_
Apr. 30..3253
Apr. 30_3258 Chicago Rock Island & Pacific
American Utilities Co
May 7..3432
Apr. 23..3095 Chicago St. Paul Minn.& Omaha_ May 7..3432 Ft. Worth & Denver City
_May 7..3432 Fort Worth & Rio Grande
Amer. Water Works & Elec. Co.,Inc_May 7..3435 Childs Company
Apr. 30_3255
Apr. 30..3259 (Geo. A.) Fuller Co
American Writing Paper Co., Inc
Apr. 30_3260
May 7..3435 Chile Copper Co
Apr. 30..32go Galveston Wharf
American Zinc Lead & Smelting Co.Apr. 30_3258 Chrysler Corp
Apr. 30..3253
May 7-3436 Gannett Co., Inc
Amparo Mining Co
May 7..3437
May 7_3462 Cin New Orleans & Texas Pacific.
-Apr. 30_ _3255 General Asphalt Co
Anaconda Copper Mining Co
May 7..3437
Apr. 23_3091 Cities Service Co
May 7_3436 General Cable Corp
Anchor Cap Corp
Apr. 30_3260
Apr. 30__3258 Clark Equipment Co
Apr. 23_3101 General Cigar Co., Inc
Andes Copper Mining Co
Apr. 30..3260
Apr. 30_3277 Cleveland Electric Illuminating Co
General Foods Corp
-May 7
6
-343
Ann Arbor RR
Apr. 23_3083
Apr. 30_3256 Clinchfield
May 7..3432 General Motors Corp
Archer Daniels Midland Co
Apr. 30..3260
May 7_3435 Coca Cola Co
May 7-.3436 General Printing Ink Corp
Arkansas
May 7...3437
-Missouri Power Co
May 7_3453 Colonial Beacon Oil Co
315Y 7 3436 General Railway Signal Co
Art Metal Construction Co
May 7_3438
Apr. 23_3100 Colorado Fuel & Iron Co
Apr. 30_325o General Refractories Co
Artloom Corp
May 7..3438
Apr. 23_3081 Colorado & Southern
May 7_ _ 3432 Georgia & Florida
Arundel Corp
May 7_.3435 Columbus & Greenville
May 7..3432 Georgia RR
Mpr 3 23153
A ay 7
Associated Gas & Electric Co
. 0
May 7..3453 Commercial Credit Co
34
6 GLori
May 7._3432 G rti:Prer Co
p we a Light co
Associated Telephone Util. Co
Apr. 30_3260
May 7_3454 Commonwealth Edison Co
Apr. 23_308
May 7.-3456
Atchison Top.& S. Fe Ry. System—Apr. 30_3256 Commonwealth & Southern Corp
May 7..3436 Georgia Southern & Florida Ry
Atlanta Birmingham & Coast
May 7..3451
may 7..3432 Community Power & Light Co
Apr. 30_3259
May 7..3438
Atlanta & West Point
Apr. 30..3252 Conemaugh & Black Lick
Apr. 30._3253 G(Ardnonibf)yGeCobensi'.IMncining. Smelting
Atlantic City
-Apr. 30_3252 Connecticut Electric Service Co_ _Apr. 23_3082
Power Co.,Ltd
&Apr. 23..3083
Atlantic Coast Line
Apr. 30..3252 Consolidated Coppermines Corp
May 7..3465 Grand Rapids RR
Apr. 30..3271
Atlantic Gulf & West Indies SS LinesMay 7...3463 Cons. Gas El.Lt.& Pow.Co.of Balt_May 7_3436 Grand Trunk
Western
Apr. 23..3079
Atlas Powder Co
Apr. 30_3258 Consolidation Coal Co
May 7..3436 Great Northern Ry
Apr. 30..3253
Atlas Stores Corp
May 7_3463 Consolidated Gas Utilities Co
Apr. 35 _3259 Green Bay & Western
Buy 7-3432
Baltimore & Ohio RR
Apr. 30..3264 Cons.Min.& SmItg.Co.of Can.,Ltd.Apr. 30..3280 Green Cananea Copper Co
May 7_3467
B.& 0.Chicago Terminal
Apr. 30..3252 Consolidated Oil Corp
Apr. 23..3102 Gulf Colorado & Santa Fe
May 7..3431
Bangor Aroostook RR.Co
Apr. 30..3256 Consolidated Textile CorP
Apr. 23..3102 Gulf & Ship Island
Apr. 30_3253
Bangor Hydro-Electric Co
May 7_3435 Consumers Power Co
May 7-.3436 Gulf Coast Lines
Apr. 30..3256
Barcelona Tr. Lt. & Pow. Co., Ltd—May 7_3435 Container Corp. of America
Apr. 23_3082 Gulf Mobile & Northern RR
Barnet Leather Co..Inc
May 7...3430
Apr. 23_3100 Continental Baking Corp
Apr. 30..3259 Gulf States Steel Co
Barnsdall Corp
237. 3
7 34113
Apr. 30_3258 Continental Diamond Fibre Co
30 0
Apr. 23..3l02 Gulf States Utilities Co
May 7-3438
Baton Rouge Electric Co
May 7_3435 Continental Oil Co
May 7..34e Hackensack Water Co
Baxter Laundries,Inc
May 7-3438
May 7_3463 Continental Sher...Inc
Apr. 23..3l02 (M. A.) Hanna Co
Beatrice Creamery Co
May 7-3438
Apr. 23_3100 Copenhagen Telephone Co
May 7..345
Havana Electric Railway Co
Beaumont Sour Lake & Western
Apr. 23..3083
May 7_3433 Copper Range Co
May 7..3465 Hazel Atlas Glass Co
May 7..3438
Apr. 30-3258 Corno Mills
Beech Nut Packing Co
-Apr. 30_32
59 Hercules Powder Co
Apr. 30..3260
May 7-3435 Cory,Inc
Bell Telephone Co. of Pa
Apr. 23_3103 Hershey Chocolate Corp
May 7..3438
Belt Ry. of Chicago
Apr. 30-3252 Crown Cork & Seal Co., Inc
Apr. 23..3103 Holly Development Co
Beneficial Industrial Loan CorP
Apr. 30..3283
Me7 7..3435 Curtiss Aeroplane & Motor Co.,Inc MaY 7-3436 Honolulu Rapid Transit
Co
Apr. 30..3260
30_3252 Curtiss Wright Corp
Bessemer & Lake Erie
Apr.
May 7_ _3436 Houston Lighting & Power
May 7..3438
Apr. 30_3158 Darby Petroleum Corp
Bethlehem Steel Corp
May 7..3437 Houston Oil Co.of Texas Co
May 7_ _3438
Birmingham Electric Co
May 7-3435 Deep Rock Oil Corp
May 7_ _3446 Houston Pipe Line Co
May 7_ _3438
Apr. 30_ _3259 Delaware & Hudson
(Sidney) Blumenthal & Co
Apr. 30_325 Howe Sound Co
3
Apr. 30..3260
Apr. 30.3258 Delaware Lackawanna & Western..Apr. 30_3253 Hudson
Borg Warner Corp
Motor Car Co
May 7_3438
Apr. 30..3256 Denver & Rio Grande Western
Boston & Maine RR
May 7 3432 Humble Oil & Refining Co
Apr. 30_3258 Denver & Salt Lake Ry
Apr. 23-3105
Boston Elevated Ry
May 7..3432 Hupp Motor Car Corp
Apr. 30_3260
Brazilian Trac..Lt.&POWer Co.,LtdApr. 23..308I Denver Tramway Corp
May 7_343 Illinois Central RR
7
Apr. 30..3254
Apr. 30..3259 Derby Oil & Refining CO
Briggs & Stratton Corp
Apr. 30..3281 Illinois Bell Telephone Co
May 7-.3438
British Col. Pulp & Paper Co., Ltd_Apr. 30_3279 Detroit & Mackinac
May 7..343 Illinois Central System
2
5 Detroit Street Rys
A . 2 3 38
...54
.. 2
34
May 7..343
British Columbia Power Corp
Apr. 23..3082 Illinois Northern Utilities
Co
May 7..3454 Detroit Terminal
Broad River Power Co
May
May 7..343 Illinois Terminal Co
2
Apr. 30..3254
Apr. 30..3253 Detroit & Toledo Shore Line
Brooklyn E.D.Terminal
Apr. 30_325 Illinois Water Service Co
3
May 7_ _3438
Buffalo General Electric Co
May 7-3455 Detroit Toledo & Ironton
Apr. 30_325 Indiana Harbor Belt
3
May 7..3433
4 Dexter Co
Buff.. Niagara & Eastern Pow.Corp-May 7
.-345
Apr. 30_3259 Inland Power & Light Corp
May 7..3456
7.3432 Di Giorgio Fruit Corp
Burlington-Rock Island
May
Apr. 30_328I Inland Steel Co
Apr. 30..3260
Apr. 30..3259 Dome Mines. Ltd
Butte Copper & Zinc Co
Apr. 23..308 Inspiration Consol. Cooper Co
2
Apr. 30..3284
5
May 7._ 343 Duluth Missabe & Northern Ry
(A. M.) Byers Co
May
1
Apr. 23_3106
California-Oregon Power Co
May 7...3455 Duluth South Shore & Atlantic Ry May 7-343 Intercontinental Rubber Co
7-3434 Interlake Iron Corp
Apr. 23-3083
Cantbria & Indiana
Apr. 30-.3253 Duluth Winnipeg & Pacific
May 7..343
2
Financial Chronicle
Volume 134
3431
Issue of Chronicle.
Issue of Chronicle
Issue of Chronicle.
When Published. Page.
Name of CompanyWhen Published. Page.
Name of Company-When Published. Page.
Name of CompanyApr. 23__311I
Apr. 30__3289 Simmons Co
International Business Mach.Corp _Apr. 23__3083 Nineteen Hundred Corp
May 7_ _3442
Apr. 30_ _3254 Simms Petroleum Co
May 73432 Norfolk Southern
International Great Northern
Apr. 30_3275
Apr. 30_ _3257 Sioux City Gas & Electric Co
Norfolk & Western RR
International Printing Ink Corp_May 7__3438
May 7..3442
Apr. 23.3084 Skelly Oil Co
Apr. 30_3284 North American Cement Corp
International Products Corp
May 7__3442
Apr. 30_3261 (A.0.) Smith Corp
May 7_3475 North American Co
Inter. Rys. of Central America
Apr. 23_3111
May 7__3438 North Boston Lighting Properties_ May 7..3458 Socony Vacuum Corp
International Silver Co
Apr. 30__3260 North Centre!Texas Oil Co.,I ac__ _ _ Apr. 23.3109 Solvay American Investment Corp_ _May 7_ _3472
Intertype Corp
Apr. 30_ _3257
7_3456 North Coast Transportation Co. _May 7_ _3440 Soo Line System
May
Iowa Public Service Co
Apr. 30__3260 North Continent Utilities Corp..._Apr. 30__3272 South Bay Consol. Water Serv. Co May 7-3442
Island Creek Coal Co
Apr. 30__3275
May 7_ _3456 Northeastern Public Service Corp_ _Apr 30_3272 South Carolina Power Co
Jamaica Public Service, Ltd
Apr. 30__3293
Apr. 30_3272 South Penn Oil Co
Apr. 23__3106 Northeastern Utilities Co
Joint Investors, Inc
May
7._3442
Apr. 30..3255 Southern Bell Tel.& Tel. Co
Apr. 30_3260 Northern Alabama
Jones & Laughlin Steel Corp
Apr. 30__3293
7_ _3432 Northern New York Utilities. Inc__Apr. 30_3273 Southern Bond & Share Corp
May
Kansas City Southern Ry. Co
May 7__3433 Southern Calif. Edison Co., Ltd____Apr. 30__3262
May 7__3432 Northern Pacific
Kansas Oklahoma & Gulf
Apr. 30..3275
May 7_ _3444 Southern California Gas Corp
May 7__3457 Northern States Power Co
Kansas Power Co
May 7__3433 Southern Canada Power Co., Ltd ___May 7- _3442
Apr. 30__3260 Northwestern Pacific
(Julius) Kayer & Co
May 7_ _3459
Slay 7__3440 Southern Colorado Power Co
May 7 _3438 Norwalk Tire & Rubber Co
Kelsey Hayes Wheel Corp
May 7_ _ 3472
Apr. 30..3261 Southern Ice Co
Apr. 23__3107 Ohio Edison Co
Kennecott Copper Co
Apr. 23_3098
Apr. 30_3273 Southern Ice & Utilities Co
Keystone Tel. Co. of Philadelphia _ _Apr. 30..3260 Ohio Electric Power Co
May 7__3440 Southern Indiana Gas & Elec. Co_ _Apr. 30_3275
Key West Electric Co
May 7._3439 Ohio Water Service Co.
May 7_ _3433
May 7__3433 Southern Pacific Co
Ada-Atoka
Kidder Participations, Inc
Apr. 30__3285 Oklahoma City
Apr. 30_3255
May 7 _3458 Southern Pacific SS. Lines
Kidder Participations, Inc. No. 2_ Apr. 30_3285 Oklahoma Gas & Electric Co
Apr. 23__3090
Apr. 30__3289 Southern Ry. Co
Kidder Participations, Inc. No. 3_ Apr. 30__3285 Oliver Farm Equipment Co
May 7__3442
CoApr. 30__3273 Southwestern Bell Telephone Co
Kidder Peabody Acceptance Corp
Apr. 30_3285 Omaha & Council Bluffs St. Ry.
May 7..3433
Kresge Department Stores, Inc
May 7__3469 (The)Orange & Rockland Electric CoApr. 30.326I Spokane International Sly
May 7_ _3433
May 7__3433 Spokane Portland & Seattle
Lake Superior & Ishpeming
Apr. 30..3254 Oregon Short Line
Apr. 30_3263
May 7__3433 Standard Brands, Inc
Lake Terminal
Apr. 30..3254 Oregon Washington RR.of Nay
May 7_ _3442
Apr. 30_ _3273 Standard Cap & Seal Corp
Lambert Co
Apr. 23_3084 Oswego River Power Corp
Apr. 30_3261 Standard Fruit & Steamship Corp_ _May 7__3442
Lehigh Coal & Navigation Co
May 7..3439 Owens-Illinois Glass Co
May 7..3444
Apr. 30..3262 Standard Gas & Electric Co
Lehigh & Hudson River
May 7._3433 Pacific Lighting Corp
May 7-3442
Apr. 30_3262 Standard Oil Co. (Calif.
Lehigh & New England
Apr. 30_3254 Pacific Tel. & Tel. Co
May 7_ _3448
Apr. 30..3262 Standard Oil Co. of Indiana
Lehigh Valley
Apr. 30__3254 Packard Motor Car Co
May 7..3459
Coal Co
Apr. 30__3286 Panhandle Prducing & Refining Co May 7 3440 Standard Power & Light Corp
Lehigh Valley
Apr. 30_3255
May 7__3432 Staten Island Rapid Transit
Lehigh Voila Transit Co
May 7_3457 Panhandle & Santa Fe
Apr. 30__3262
Apr. 30__3262 Stewart Warner Corp
Lessings, Inc
May 7.3439 Parker Rust-Proof Co
May 7__3442
May 7_ _3440 Stone & Webster, Inc
Lily Tulip Cup Corp
Apr, 30_3260 Pathe Exchange, Inc
Apr. 30__3263
Apr. 23.3084 Studebaker Corp
Link Belt Co
Apr. 30__3261 Penick & Ford, Ltd
Apr. 30_3263
Liquid Carbonic Corp
May 7__3439 Pennsylvania Coat & Coke Corp_ _Apr. 30_3262 Superior Steel Corp
May 7-3460
May 7_.3450 Syracuse Lighting Co., Inc
Loblaw Groceterias, Ltd
Apr. 30__3260 Pennsylvania Co
Apr. 30__3255
Apr. 23__3084 Tennessee Central Ry
Lone Star Gas Corp
May 7__3457 Pennsylvania-Dixie Cement Corp
May 7_ _3473
Pennsylvania Gas & Electric Corp Apr. 30__3273 Tennessee Corp
Long Island RR Co
Apr. 30__3255
May 7..3442
May 7__3433 Pennsylvania Power & Light Co_ ..May 7_3440 Tennessee Electric Power Co
ZoslAngeles & Salt Lake
Apr. 23_ _3085
Apr. 30 _3255 Texas Gulf Sulphur Co
Louisiana & Arkansas Ry. Co
Apr. 30..3257 Pennsylvania RR
Apr. 30__3257 Terminal Ry. Assn. of St. Louis_ _ _ _Apr. 30_ _3255
May 7__3433 Pennsylvania Regional System
Louisiana Arkansas & Texas
May 7__3432
Louisiana Power & Light Co
May 7_ _3439 Pennsylvania Water & Power Co_ ..May 7..3440 Texarkana Sr Fort Smith
May 7_ _3433
Apr. 30__3262 Texas & New Orleans
Louisville Gas & Elec. Co. of Del._..May 7__3457 Peoples Drug Stores
May 7__3433
Texas & Pacific
Apr. 30_3254 Peoples Gas & Elec. Co. (Oswego,
Louisville & Nashville
May 7.3433
Apr. 30__3274 Texas-Mexican
N. Y.)
Apr. 30_3261
Ludlum Steel Co
_Apr. 30_3263
Apr. 30__3254 Texas Pacific Coat & Oil Co
Apr. 30...3287 Peoria & Pekin Union
MacAndrews & Forbes Co
Apr. 30..3294
Apr. 30_3255 Thermoid Co
May 7._3439 Pere Marquette
Mack Trucks, Inc
Apr. 30_3263
Apr. 23_3085 Third Avenue Ry. System
Apr. 30_3261 Philadelphia Co
Magma Copper Co
Apr. 30__3263
Apr. 30 _3257 Philadelphia Dairy Prod. Co., Inc Apr. 30_3290 Thompson Products, Inc
Maine Central
May 7._3473
Apr. 30 _3262 Timken Detroit Axle Co
Apr. 30_3287 Philadelphia Electric Co
Margay Oil Corp
Apr. 30_3294
Apr. 30_3261 Timken Roller Bearing Corp
Apr. 30__3261 Philadelphia Rapid Transit Co
Maytag Co
Apr. 30__3287 Phila. & Reading Coal & Iron Co Apr. 30__3290 Tokyo Elec. Light & Pow. Co., Ltd.Apr. 23- _3098
Mead Corp
.Apr. 30..3274 Toledo Peoria & Western
May 7__3433
Apr. 30__3287 Philadelphia Suburban Water Co.
Mengel Co
May 7__3433
May 7_ _3440 Toledo Terminal
Apr. 23..3108 Phila. & West Chester Tr. Co
Mesta Machine Co
May 7,.3434 Tung Sol Lamp Works
Apr. 23__3112
May 7._3439 Philippine Ry. Co
Memphis l'ower St Light Co
Apr. 23..3085 Trico Products Corp
Apr. 23__3085
Phillips Petroleum Co
Apr. 23_ _3097
Metropolitan Edison Co
May 7_ _3440 Twin City Rapid Transit Co
Apr. 23_3085
May 7__3439 Pierce Oil Corp
Mexican Light & Power Co
May 7.3440 Union Carbide & Carbon Co
May 7_ _3442
May 7_3439 Pierce Petroleum Corp
Mexico Tramways Co
May 7.3442
Apr. 30__329l Union Elec. Lt.& Pow. Co. of 111
May 7_3457 Pirelli Co. of Italy
Michigan Electric Power Co
Apr. 30..3254 Union Elec. Lt.& Pow.Co.of St. L_ _May 7-3442
Apr. 23_3097 Pittsburgh & Lake Erie
Michigan Gas & Electric
May 7_ _3433
_Apr. 23_3191 Union Pacific
May 7..3457 Pittsburgh Railways Co
Michigan Public Service Co
Apr. 30 _3255 Union RR
Apr. 30_3255
Apr. 23__3108 Pittsburgh & Shawmut
Mid-Continent Petroleum Corp
Apr. 23.31l0 Union St. Ry. of New Bedford. MassApr. 30__3263
May 7__3433 Pittsburgh Screw & Bolt Corp
Midland Valley
May 7__3442
Milwaukee Elec. Ry. & Light Co... May7-3439 Pittsburgh Shawmut & NorthernA pr. 30_3255 Union Water Service Co
May 7__3440 United Aircraft Sc.Transport Corp_May 7_3443
Apr. 30__3254 Pitts. Sub. Water Service Co
Minneapolis & St. Louis
Apr. 23..3112
May 7__3433 Pittsburgh Terminal Coal Corp_ _Apr. 30__3262 United American Bosch Corp
Paul & S. S. Marie
Minn. St.
Apr. 30_ _3255 United Carbon Co
May 7...3443
.Apr. 30_3288 Pittsburgh & West Virginia
Minnesota & Ontario Paper Co...
May 7 3441 United Carr Fastener Corp
Apr. 23..3112
May 7_ _3433 Ponce Electric Co
Mississippi Central
May 7 3440 United Dyewood Corp
Apr. 23_3113
May 7__3439 Poor & Co
Mississippi Power & Light Co
Apr. 30_3263
May 7_ _3439 (The) Power Corp. of New York_ _Apr. 30..3274 United Gas Corp
Mississippi River Power Co
slay 7_ _3443
May 7_.3433 Public Service Cool New HampshireApr. 30._3274 United Gas Improvement Co
Missouri-Illinois
May 7__3443
May 7_3444 Public Service Corp.of New Jersey- Apr. 23_ 3085 United Milk Products Corp
Missouri-Kansas-Texas RR. Co
Apr. 30_3276
May 7_ _3433 Public Service Co of Nor. Illinois_ Apr. 23_3085 United Public Service Co
Missouri & North Arkansas
May 7.344l United Public Utilities Co
Apr. 30__3276
Apr. 30_3254 Puget Sound Power & Light Co
Missouri Pacific RR. Co
May 7_ _ 3441 United Rys. & Electric Co
May 7.3440
Apr. 30_ _3254 The Pullman Co
Mobile & Ohio RR. Co
May 7__3441 United States Dairy Products Corp_Apr. 30__3295
May 7__3458 Pullman, Inc
Mohawk Hudson Power Corp
May 7_ _3447 U. S. Hoffman Machinery Co
Apr. 23..3085
Apr. 23_ _3079 Pure 011 Co
Monongahela Connecting
May 7 _3441 United States Leather Co
Apr. 30_3263
Apr. 30_3254 Purity Bakeries Corp
Monongahela RR
May 7_ _3441 U.S. Oil & Royalties Co
Apr. 23..3113
May 7__3439 Radio Corp. of America
Monsanto Chemical Works
Apr. 23_3086
Apr. 23..3079 Railway Equip. & Realty Co., Ltd-Apr. 30__3274 U.S.Realty & Improvement Co
Montour RR
M ay 7 _3441 United States Steel Corp
Apr. 30..3263
Mother Lode Coalition Mines Co___ _May 7_3470 Railway Express Agency, Inc
Apr. 23_3
Apr. 23_31l3
085 Utah Copper Co
Apr. 30_3261 Railway & Light Securities Co
Motor Products:Xorp
Apr. 30 _3291 Utah RR
Apr. 30_3255
May 7.3458 Raybestos-Manhattan, Inc.
Mountain States Power Co
Apr. 30_ 3255 Utica Gas & Electric Co
May 7_3460
May 7__3439 Reading Co
Mullins Mfg.Co
Apr. 30.
Apr. 30_3304
.3262 Vanadium Corp. of America
Apr. 23.-3108 Reliance Mfg. Co. of Illinois
Muskegon Motor Specialties Co
M ay 7__3441 Virginia Electric & Power Co
May 7_3443
7_ _3449 Reo Motor Car Co., Inc
May.
Nashville Chatt. & St. Louis Ry
Apr. 30_ _3262 Virginian RR
Apr. 30_3255
Apr. 30__3261 Republic Petroleum Co., Ltd
National Acme Co
Apr. 30_.3262 Vulcan Detinning Co
May 7__3443
May 7.3439 Republic Steel Corp
National Air Transport, Inc
May
May 7_3434
Apr. 30. 3261 Revere Copper & Brass,Inc
Wabash Ry
National Cash Register Co
Apr. 23_3113
3 49
4
Ail
National Distillers Products Corp_Slaz 7: 3 34 Richmond Fredericksb'g & PotomacApr. 30_3255 Waco Aircraft Co
May 7_3443
Roch.& Lake Ont. Water Serv. Co__MaY 7 _3441 Walgreen Co
National Electric Power Corp
May 7__3443
Apr. 30__3291 Walworth Co
Apr. 23..3108 Rolls Royce Co. of America
National 011 Products Co
May 7__3474
Apr. 30__3291 Warner-Quinlan Co
May 7-3430 Russell Motor Car Co., Ltd
National Railways of Mexico
May 7__3443
Apr. 30__3255 Webster Eisenlohr, Inc
Apr. 30_ 3261 Rutland
National Steel Corp
Apr. 30_3257
Apr. 30_3292 Western Maryland Ry
Apr. 23__3108 Ryan Car Co
Nehl Corp
May 7__3433 Western N. Y. Water Service Co.-.May 7_3443
Apr. 23_3084 St. Joseph & Grand Island
Nevada-California Electric Corp
May 7_3434
May 7_ _3433 Western Pacific
Apr. 30_3254 St. Louis Brownsville & Mexico
Nevada Northern
May 7..3443
Apr. 30_3254 St Louis Rocky Mt. & Pacific Co__Apr. 30-3262 Western Public Service Co
Newburgh & South Shore Ry
Apr. 30_3256
Apr. 30.3255 Western Ry. of Alabama
New,England Power Association _ _ May 7-.3475 St. Louis-San Francisco Ry
Apr. 30_3263
SlayA pr 2 3483 St. Louis-San Francisco of Texas_Apr. 30_3255 Westinghouse Air Brake Co
. 7 3034
3"
New England Tel. & Tel. Co
Apr. 30__3253 St. Louis-San Francisco System__ __Apr. 30_ _3257 Westinghouse Electric & Mfg. Co. .Apr. 30..3264
New Jersey & New York
St. Louis Southwestern Ry. Lines__Apr. 30_3257 Western Electrical Instrument Corp.Apr. 30_3304
New Orleans Great Northern
Apr. 30_3299
-Apr. 30_3292 %Vest Kentucky Coal Co
New Orleans & Northeastern RR.CoApr. 30--3255 Salt Creek Consolidated 011 Co.
May 7_3443
May 7__3433 West Virginia Water Service Co
Apr. 30__3255 San Antonio Uvalde & Gulf
New Orleans Terminal
Apr. 30_3256
May 7..3433 Wheeling & Lake Erie
New Orleans Texas & Mexican Ry. ..May 7._3433 San Diego & Arizona
Apr. 30_3264
May 7_3440 San Diego Cons. Gas & Electric Co__May 7__3441
Newport industries
Vheeling Steel Corp
Apr. 23_3113
Apr. 30_3289 Savannah Electric & Power Co
May 7_3441 White Sewing Machine Corp
New River Co
May 7_3434
May 7__3470 Schalco Co., Inc
May 7__3441 Wichita Falls & Southern
Newton Steel Co
Apr. 23_3118
Schulte Real Estate Co., Inc
Gas Co
Central
Apr. 30..3292 (H. F.) Wilcox Oil &
Apr. 30__3254
New York
May 7_3443
Apr. 30_3292 Winnipeg Electric Co
Apr. 30_3254 Schulte Retail Stores Corp
New York Chicago & St. Louis
May 7_3444
Scott Paper Co
Apr. 30__3262 Wisconsin Electric Power Co
pr.
New York Connecting
May 7_3444
Apr. 23..3109 Scovill mfg. Co
Apr. 30_3292 Wisconsin Gas & Electric Co
New York Dock Co
May 7_3444
N.Y.& Honduras Rosario Mining CoApr. 30_3289 Scranton Spring Brook Wat.Serv.CoMay 7-3441 Wisconsin Michigan Power Co
May 7_3460
Apr. 30_3255 Wisconsin Public Service Corp
New York New Haven & Hartford Apr. 30_3257 Seaboard Air Line
May 7_3461
Slay 7__3442 Wisconsin Valley Electric Co
New York Ontario & Western Ry.CoApr. 30_3257 Seaboard Oil Co
May 7_3443
May 7.3458 Seaboard Public Service Co
Apr. 30._3275 Wright Aeronautical Corp
York Power & Light Corp
New
Apr. 23_3086
May 7_3441 (Wm.) Wrigley Jr. Co
New York Susquehanna & Western_Apr. 303254 Seattle Gas Co
May 7__3444
Apr, 30..326l Sharp & Dohme, Inc
May 7_3442 Yale & Towne mg.Co
New York Shipbulidine.Corp
Apr. 30_3261 (Frank G.) Shattuck Co
Apr. 30_3254
Slay 7.3442 Yazoo & Mississippi Valley
New York Telephone Co
May 7 3440 Shawrnut Association
Apr. 30_ _3262 Yellow Truck & Coach Mfg. Co
May 7-3475
New York Water Service Corp
May 7-3461
New York Westchester & Boston Ry_Apr. 30-3261 Shawmut Bank Investment Trust___Apr. 23.3085 York Railways Co
May 7_3440 Shell Pipe Line Corp
Apr. 30_3262 (L. A.) Young Spring & Wire Co.___Apr. 23..3086
Niagara Falls Power Co
Apr. 30._326i Shell Union Oil Co
May 7_3444
Apr. 30-3262 Youngstown Sheet & Tube Co
Niagara Hudson Power Corp
Apr. 30_3275 Zonite Products Corp
Apr. 23__3086
Niagara Lockport & Ont.Pow.Co-_ _May 7--3458 Shenango Valley Water Co
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
CurreaS
Previous Inc. (-I-) or
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Mobile & Ohio
• SouthernSouthwestern
St Louis
Western Maryland
Period
Corered.
3d week of April
4th week of April
2d week of April
4111 week of April
4111 week of April
4th week of April
4th week of April
3d week of April
Year.
$
2,890,499
3,105,000
19,500
146,475
242,552
2,558,271
331,400
252,543
Year.
Dec.(-)
$
3,531.682 -841,183
3,889,000 -784,000
-12,975
32,475
-60,526
207,001
343,698 -101,146
3,601.167 -1,042,896
505,486 -174,086
-44,324
296.868
Net Earnings Monthly to Latest Dates.
Atch Top & Santa Fe System
Gulf Colorado delSanta FeMarch1929.
1932.
1930.
1931.
Grossfrom railway- - - $1,262,892 $1.336.214 $2,033.472 $2,071,257
Net from railway._
387.314
71,771
183,772
40.299
Net after rents
187.579
-26.846 -162.496 -182.954
From Jan 1
Grossfrom railway_ - - 3,661,082
6,604.212
5.888.440
3.965.971
Net from railway..
1.350,492
228.867
490,372
187.856
757,458
Net after rents
-116,934 -429,900 -.499,934
3432
Financial Chronicle
may
7 1932
Atch Top & Santa Fe System
Columbus & GreenvillePanhandle & Santa FeMarch
1932.
1931.
1929.
1930.
March1932.
1931.
Gross from railway....
1930.
1929.
$75,478
$91.085
$136,149
$146,385
Grossfrom railway- - 3695.795
$872,850 $1.234,735 $1.306.492
Net from railway_ _ _ _
3,244
10.979
19.075
21,543
Net from railway.. _ _ _
110,939
92.713 -102,707
248,674
Net after rents
3.670
8,820
5,248
17,279
-36,405
-65,897 -291,791
Net after rents
From Jan 1
103,536
From Jan 1
Gross from railway_ _ _
262.394
215,475
454.678
444,157
Grossfrom railway_
2,127,432 2,501.747 3,689,208 3,907.498
Net from railway_ _ _ _
7,378
25,628
72,779
91,235
323,732
313,928
392,142
1,146,492
Net from railway.. _ _
Net after rents
11.136
22,686
27,666
65,483
Net after rents
-104.750 -163.044 -149,624
630.795
Denver & Rrio Grande WesternAtlanta Birmingham & CoastMarch1932.
1931.
1930.
1929.
March1932.
1931.
1930.
1929.
Grossfrom railway...... $1,277,596 $1,918.495 32,229.148 $2,548,712
Grossfrom railway.. _ - $255.560
$341,786
$372.812
$406,245
Net from railway.._..
.
193,392
503,876
640,180
719,903
Net from railway. _ _ -14,104
21,008
-14,665
4.695
Net after rents
60,069
364,431
494,568
615,862
Net after rents
-44,964
64,498
-53,158
-33,228
From Jan 1
From Jan 1
Gross from railway._ 4,070.396 5,765,861
7,064,467 7,741,023
Grossfrom railway.. _ _
693,787
903,823
1.048,248
1,115.573
Net from railway_ --...
606,773
1,436.660
1.792,123 2,196,338
Net from railway.... _ - -145,590 -142,296
-82,048
-15,192
Net after rents
185,261
1,040,938
1,324,195 . 1,873,101
Net after rents
255,405 -179,350 -107,006
-237.457
Denver & Salt LakeBurlington-Rock IslandMarch
1932.
1931.
1930.
1929.
March1932.
1931.
1930.
1929.
Grossfrom railway...... 3149.194
3146,990
3145.875
3217,195
Grossfrom railway.
$99.322
$88,820
$134,166
$152.443
Net from railway.. _ _
62.045
35,662
-4.953
53,397
Net from railway... _ _
10.021
-8,969 -116.689
2,423
Net after rents
50,346
30.424
-8.775
50,906
Net after rents
10,498
--43,451 -149.624
--28,573
From Jan 1From Jan 1
Gorssfrom railway
562,581
484,052
837,856
from railway.. _ _
1,027,768
Gross
305,492
330.963
459,544
552,213
Net from railway..._
283,590
150,859
352,693
502,096
Net from railway_ _ _ _
--16,500 --237,793
47,041
42,598
Net after rents
249,104
133.470
330,887
488,980
Net after rents
-59.724
-23,671 --121,656 --342,071
Detroit & MackinacCanadian Pacific Lines in Maine-March
1932.
1931.
1930.
March1929.
1932.
1931.
1930.
1929.
Gross from railway
$52,896
$67,308
$82,663
Grossfrom railway_ -- $228,607
$128,907
$336,797
$407,712
$272.541
Net from railway...- 4,678
14,941
7.950
31,148
Net from railway__ _ _
90,543
61,077
63,800
122,707
Net after rents
-3,340
3,539
--1,309
23,572
Net after rents
54,644
82,224
33,767
30.358
From Jan 1
From Jan 1
Gross from railway....
864,709
Gross from railway....
675,079
148.840
1.155,955
787,203
186.048
228,989
314,142
Net from railway._ _ _
221,132
Net from railway_ _ _ _
171.325
161,091
9,329
307,664
27.855
--8,750
25,474
Net after rents
117.568
Net after rents
76,869
58,789
-14.490
356
171.959
--37,256
2,613
Detroit TerminalCanadian Pacific Lines in VermontMarch1932.
1932.
March
1931.
1929.
1931.
1930.
1930.
1929.
Grossfrom railway-- Gross from railway......
$74,820
$87,921
$128.710
$153,436
5105,844
$181.956
$131.965
$274,898
Net from railway.... _ _ -17.283
Net from railway..--5,099
-8,684
18,166
30,661
18.782
32.085
108,105
1,744
Net after rents
-43,612
36,133
-43,380
Net after rents
1.271
16,862
18,119
84,100
From Jan 1
From Jan 1
Grossfrom railway__ 263,414
347,187
446,186
498,166
215,780
281,431
Gross from railway....409,915
740,980
Net from railway_ _ _ -52,936
-36,120
33,301
-6,570
52,142
Net from railway_ _ -68,383
104,495
284,280
Net after rents
-131,547 -128,359 -109.441
-71,796
Net after rents
7,473
10,085
60,059
221,655
Chesapeake & Ohio LinesDuluth Missabe & NorthernMarch1932.
1931.
1930.
1929.
1931.
1932,
1930,
March1929.
Gross from railway.-- $8,429,140 $9,711,979 $10,436,792 $11,842,981
$116.221
$81,910
5189.194
Gross from railway......
$198.209
Net from railway.... 3.591.206
3,206,186 2.943,053 3,667.958
Net from railway.. _ _ _ -360,711 -597,011 -563.833 -511.398
Net after rents
2,866,022 2,366,291
2,157,182 2.980,317
-369.059 -669,021 -665,890 -631,744
Net after rents
From Jan. 1
From Jan 1
Gross from railway.... 24,110,166 28.798,441 33,788,676 35,998,925
358.114
243.338
567.668
579,336
Grossfrom railway.. _ _
Net from railway...-. 9,321,796 9,278,166 10,746,433 11,721.716
Net from railway_---1,109,402 -1,645,947 -1.620,287 -1,496,285
Net after rents7.066,815 6,867.428 8,648,812 9,841,287
--1.138,120 --1,883,920 --1,939,106 -1,857.429
Net after rents
Chicago & Illinois MidlandDuluth South Shore & Atlantic1932.
March1931.
1930.
1929.
1930.
1931.
1932.
1929.
MarchGross from railway...- $371,584
$240,910
$266,728
$242,833
$269,812
3336.684
$445,045
Gross from railway.-- $148,933
Net from railway...-193,111
57,824
66,163
54.576
58,504
108.351
Net from railway_ _ .._
-3.686
50,330
Net after rents
177.958
52,862
45,111
38,966
Net after rents
14,540
56,553
-33,633
14.636
From Jan. 1
From Jan 1
Grossfrom railway_ -833,736
706,422
760.834
753,979
747.756
1,021,237
1,214,479
Gross from railway__ _
418,938
Net from railway_ _ _ _
330.267
135.499
183,813
113.030
Net from railway.. _ _ _ -52,320
117,395
161,451
225.671
Net after rents
301,003
67.843
89,390
148,507
Net after rents
3,424
75,822
-148,724
27,037
Chicago Indianapolis & LouisvilleDuluth Winnipeg & PacificMarch1932.
1931.
1930.
1929.
March1931.
1932.
1930.
1929.
Gross from railway--- $757,124 $1,012,013 31,322,467 $1,556,906
Gross from railway-- - $ 81.022
$203,889
Net from railway....
3102,816
$184,756
440,274
134,932
216,925
296,469
Net from railway__
-6,054
-23,333
71,831
Net after rents
def26.873
24.701
90,316
197.406
59,590
Net after rents
-21,374
57.618
IP From Jan. 1
6,460
9,589
From Jan 1
3.877,861
4,346,002
Grossfrom railway..-- 2,214.658 2.929,701
Gross from railway_
263,085
579,042
355.740
563.813
628,044
866.871
1,060.341
393,900
Net from railway-Net from railway_
-2,561
-35,525
78.877
178,352
433,050
-97,372
70,658
253,257
f. Net after rents
Net after rents
-30,044
39,328
42,067
151,723
Chicago River & IndianaElgin Joliet & Eastern1931.
1929.
1932.
1930.
March1931.
1932.
March$486,758
8535,433
3598.152
1930.
1929.
I. Gross from railway....- $382,142
Gross from railway-- $930,452 $1,523,752 52,123.521 $2,385,966
212,405
213.513
269.940
182,817
Netfrom railway
Net from railway_ _ _ 337,223
203,308
313,831
205,226
648.330
246,284
241,738
967.721
Net after rents
Net after rents
35,914
138,153
334,285
632,644
From Jan. 1
From Jan 1
1,600.854
1,735,160
1.398,423
Gross from railway.... 1,161,103
Grossfrom railway.-- 2,530.928 4.317,327 6.040,968 6,435,448
750.778
648,007
568.704
605,510
Net from railway.. __ Net from railway__ 370.451
865,875
743,035
878,901
636.118
714.198
1,748,924 2.218.598
C. Net after rents
Net after rents
-112.856
255.089
819,321
1,223,682
Chic R I & Pacific SystemGeorgia & FloridaChicago Rock Island & Pacific,
March1932.
1931.
1931.
1930.
1929.
1932.
1930.
March1929.
Gross from railway- $85,354
$168,630
$158,486
$165,079
Gross from railway-- $5,958,991 $8.215,001 510,141,118 811,400,173
Net from railway...--4,782
2,648,655 2.652,034
33,110
1,885.356
32,957
31,442
k Net from railway--- 1,326,233
Net after rents
-13.938
1,537,481
18,969
972,487
1,695,927
506,018
18,134
21.577
Net after rents
From Jan 1From Jan. 1Gorss from railway.-223.372
375,125
381,864
390,294
1 Gross from railway-- 17,584.173 23,606.829 29,296.510 33.101,889
Net from railway__ -- -39.137
7,447,424
1,278
23,875
34,838
Net from rallway--- - 3,189,286 5,334,493 5,734,095
Net after rents
-68,051
-31.277
647.210 2,593.925 2,883,157 4,026,969
-8,461
14,837
IL Net after rents
Green Bay & WesternChicago Rock Island & GulfMarch1932,
1929.
1931.
1930.
1931.
1930.
1932.
1929.
MarchGross from railway...... $104,114
$016,730
$570,112
$121.768
$471,340
5150.409
8152.058
Gross from railway.-- $363.634
Net from railway..14,810
245,882
189,418
12.672
166,349
140,214
46,851
28,805
Net from railway--Net after rents
6,172
211.555
149.669
2.657
120.832
34,308
22,235
70,651
Net after rents
From Jan 1
From Jan. 1
Gross from railway--1.795,282
285,594
354,391
1,624,412
1,414,401
435.777
425,939
Gross from railway--- 1,089,612
Net from railway_ _ _ 22,152
731,993
38.010
453,072
511.042
78,235
114,804
410,169
Net from railway--Net after rents
-2,123
571,175
8,610
300,377
78,130
354,725
38,583
208,913
Net after rents
International Great NorthernChicago St Paul Minn & OmahaMarch1932.
1931.
1929.
1930.
1930.
1931.
1929.
1932.
archGross from railway-- $889,905 81.823,454 51,308,383 31,577.591
Gross from railway....- $1,255,461 $1,610,598 $2,019.099 $2,095,561
Net from railway- -114,001
364,934
569.909
360,554
307,612
167.560
206.128
142.030
railway...-.
Net from
Net aftei rents
-19.378
336,882
199,188
146,673
141,393
8,249
41.770
-22,870
Net after rents
From Jan 1
From Jan. 1
Gross from railway...... 2,671.70o 4.112,936 3,829,520 4.557,949
4,615.537 6,140,639 8,136.557
Gross from railway--- 3,633,537
25o,498
Net from railway...-.
914,829
832,960
430,212
810,075
429.567 1.095,664
297,794
Net from railway__Net after rents
-138,761
437,678
321.605
538,142
17,074
333,344
-71,088
-183,154
Net after rents
Kansas City Southern System
ClinchfieldKansas City Southern1929.
1930.
1931.
1932.
March1932.
March1931.
$598,064
$562,427
1930.
1929.
$519,701
Grossfrom railway....- $404.029
Gross from railway.... 3740,225 81,165.322 51,470,945 81,513.425
217,787
194.048
208.139
155.008
Net from railway.... _
136,904
Net from railway....-385,044
259.370
482,110
193.173
458.287
183,366
Net after rents
106.042
Net afte:rents
28,189
260,816
297.766
260,368
From Jan 1
From Jan 1
1,800,670
1,643,966
1,480.490
Grossfrom railway--- 1,150,873
Gross from railway...... 2,337.360 3.363.499 4,187.673 4,471.783
707,427
582.760
500.634
Net from railway....
397.746
602.939
Net from railway-1,157,183
824,448
1,292,163
1,339,048
625,025
478.073
239,302
Net after rents
Net after rents
279.017
801,355
794.845
778.171
Colorado & Southern System
Texarkana & Fort SmithColorado 8c SouthernMarch1932.
1931.
1929.
1930.
1920.
1930.
March1932.
1931.
Gross from railway-- $105,298
$150.093
3272,222
3900.248
5208,295
$866.863
$642,057
Gross from railway- -- $4472,462
46.707
Net from railway.....59.948
211.076
52,382
153,668
183.077
94,164
65.555
Net from railway........
Net after rents
18.536
32,357
90.670
113,925
10,451
86,258
Net after rents
-19,590
9,500
From Jan 1
From Jan 1
Gross from railway
277.853
772.928
411.742
592.207
from railway...... 1,457.170 2.050,260 2,703,653 2,846.918
Gross
67.065
railway _ _ _ _
Net from
139.019
402.840
746.929
208.096
221.362
687,110
412,472
Net from railway_
Net after rents
-13,990
238,292
46,250
470,077
72.294
405,495
-23,283
157,882
Net after rents
Kansas Oklahoma & Gulf& Denver CityFort Worth
.
March1932.
1929.
1931.
1930.
1932.
1929.
1931.
1930.
March$297,752
Gross from railway...... $161,195
$218.139
$252,630
890.688
577.890
792.171
' Grossfrom railway__ - 3459.142
137,967
Net from railway...-.
71.607
116,440
91,400
267.497
165,630
163.591
196.393
Net from railway........
94,314
Net after rents
39.878
54,429
72,564
207,896
107.046
140.405
109,599
0, Net after rents
From Jan 1
c.. From Jan 1891,780
Gross from railway....
474.645
626.359
802.508
2,805,299
1,697,858 2.416,831
t Grossfrom railway_ -- 1,467.646
.
408.284
Net from railway,.....
394,042
207,566
269,263
984.871
507,111
567,342
447.355
Net from railway.- _ 280,768
Net after rents
107.689
158,836
264,136
791,263
333,982
293,939
403,398
Net after rents
Volume 134
Financial Chronicle
3433
Oklahoma City-Ada-Atoka
1929.
1930.
1931.
1932.
March$87,579
$36.971
$ 54,384
Grossfrom railway12,051
13,751
10,014
Net from railway.---6,099
-1,755
-2,463
Net after rents
From Jan 1252,015
154.849
106.467
Gross from railway...
37,774
39,969
27.685
Net from railway--17.678
-6,266
--9,597
Net after rents
San Diego & Arizona
1929.
1930.
1931.
1932.
March
$126,601
$101.970
$77.090
$49,938
Gross from railway.-.41,902
25,312
13.112
3.244
Net from railway35.953
21,113
9.626
--711
Net after rents
From Jan 1356.309
311,985
223,668
128.367
Gross from railway110,551
85,779
34.132
-2,471
Net from railway....
91.709
71,699
23,269
-14,460
Net after rents
San Antonio Uvalde & Gulf1929.
1930.
1931.
1932.
March$219,560
$195,459
$177,999
Grossfrom railway--- $104,347
92.001
84,527
64,174
29,057
Net from railway....
54,201
49,689
29,021
-3.529
Net after rents
From Jan 1
534,879
471.723
476,798
333,000
Gross from railway
164,948
152,866
172.403
114,573
Net from railway...
68.151
58,197
72,368
17,423
Net after rents
Pacific System
Southern
Southern Pacific Co
1929.
1930.
1931.
1932.
March$18,500,636
Grossfrom railway_ _ _ $9,095,013 $12,519,058 $16,208,644 5,613,369
4.131,410
2,673,556
Net from railway_ --- 1,734,231
2,338.722 3,787,681
1,068,207
177.040
Net after rents
From Jan 1
26,359,727 36,285.289 45,957,952 51,659.964
Grossfrom railway10,983,925 14,458,635
Net from railway_ --_ 4,377,003 6,814,330 6,149,817 9,031,607
2,348,496
118.952
Net after rents
Texas & New Orleans1929.
1930.
1931.
1932.
March$2,778,820 $3,909,118 $5,361,517 $6,495,455
Grossfrom railway_
1.815,212
1,069,628
535,773
304,308
Net from railway_ _ -477,229 1,081,136
192,171
-152,965
Net after rents
Lehigh & Hudson River1929.
1930.
1931.
1932.
March$213,773
$181,694
$160.155
Grossfrom railway-- $151,418
50,195
43.942
35.069
44,224
Net from railway. 21,766
16,979
4,625
16.445
Net after rents
1
From Jan.
626,192
552,892
491,458
417,673
Gross from railway163,573
115,301
127,275
87.701
Net from railway- --76,129
37,236
38.447
9 860
Net after rents
Los Angeles & Salt Lake1929
1930.
1931.
1932.
MarchGrossfrom railway-- $1,349,217 $1,665,615 $1.933,178 $2,337,303
661,000
415,206
284,407
411,784
Net from railway---419.342
132.354
5.587
127,164
Net after rents
From Jan. 1
5.778,844 6,538,629
Gross from railway--- 3,979,767 4,791,821
1,726,687
1,302,214
725.922
Net from railway---- 1.133.012
1,010.053
430.856
Net after rents
301.810 -103.726
Louisiana Arkansas 8c Texas1929.
1930.
1931.
1932.
March$80,373
887.535
$61,383
Grossfrom railway- $50,161
-24,025
2,607
4,165
Net from railway--1,713
-42,094
-15.591
--7,787
Net after rents
-5,045
From Jan. 1
240.558
249.427
193,033
Grossfrom railway- -147,625
-22,645
-18.323
17,825
Net from railway---6.942
-74,611
-73,298
Net after rents
--18.568
-17,006
Midland Valley1929.
1930.
1931.
March1932.
$253,463
$247,330
Grossfrom railway--- $133,389
$171.396
96,849
100,713
Net from railway---48,702
53,912
59,899
70.635
24.496
Net after rents
35,687
From Jan. 1
852.492
714,595
Gross from railway..513,651
402,522
361,774
284,293
Net from railway---.
171,914
155,447
245,674
193,372
Net after rents
95.537
94,526
Minn St Paul & Sault Ste Marie1929.
1930.
March1931.
1932.
Gross from rallway--. $1,797301 $2,458,432 $2,968.434 $3,499,555
644,354
328,395
Net from railway-- 304,762
21,170
283,137
-32,981
Net after rents
-306.229
-57,249
From Jan. 1
From Jan 1
Gross from railway--- 4,940,150 7,003,869 8,653,069 9.828,059
17.929,670
Grossfrom railway_ -- 8,244,568 11,718,191 15,697,747
1,381,519
Net from railway-- . -273,551
760,600
690.602
4,106,580
2.904,941
1,463,901
701,769
369.818
Net from railway_ __ Net after rents
2,163.278
-1,219,325 -351,902 -307,450
1,175,362
102,547
-667,983
Net after rents
Mississippi CentralInternational1929.
Spokane
1930.
March1931.
1932.
1929.
1930.
1931.
1932.
March$144,137
$140,967
$91,896
Grossfrom railway
$59,444
$95,605
$70.189
$66,031
$41,000
43,881
43,127
Gross from railway--19,568
Net from railway
1,715
26.412
7,484
13,882
-13,692
32.458
Net from railway_
32,043
10.443
Net after rents
-6,119
14,210
-2.849
6,159
-22,183
Net after rents
From Jan. 1
From Jan 1
404,883
372,050
310,240
258,550
162,034
Gross from railway
220,492
182,214
132,850
Gross from railway__ 114,063
81,193
75,809
41.562
Net from railway.... -20,728
22,208
22.646
Net from railway.._ _ -29,158
85,485
59,619
14,457
38,791
-44,011
Net after rents
-7,665
-2,387
-54,276
Net after rents
-Missouri & North Arkansas
Spokane Portland & Seattle1929.
1930.
1931.
1929.
1932.
1930.
March1931.
1932.
March-:$159,659
$162,647
$121.231
$738,937
$78.749
Grossfrom railway- -$699.615
$495,323
Grossfrom railway.._ $387,350
10.655
40,051
26,918
265,748
-588
223,354
Net from railway_
146,645
77,865
Net from railway--_
-6,016
22,368
12,210
165,833
-11,300
Net after rents
131,571
56,572
-10,195
Net after rents
From Jan 1
From Jan 1
440,140
435.975
318,362
242,301
Grossfrom railway_ -1,854,966 2,034.551
1,398.991
Grossfrom railway__. 1,137,927
29,764
79,599
12,504
742.367
4,970
Net from railway-- -530,850
376.745
247.969
Net from railway_ _ _ -15,507
31,082
455,047
-28,263
-29,698
Net after rents
232.973
93.246
-9,636
Net after rents
Missouri IllinoisTexas & Pacific1929.
1930.
1931.
1932.
1929.
March1930.
1931.
1932.
March$184,232
$162,186
$110,913
$85.654
Grossfrom railway--$1,795,252 $2.693,415 $3,388,222 $4,102.851
Grossfrom railway55.015
55,048
25.940
24,601
Net from railway---1,357.068
1,126,014
866.280
467,977
Net from railway__ -35,123
37,093
10.631
8,264
900,803
Net after rents
761,860
563,339
228.185
Net after rents
From Jan 1
From Jan 1
448,264
499.586
319,157
229,612
Grossfrom railway-11.399,952
Grossfrom railway..-- 5,280,798 7,531,308 9.640,910 3,372,981
146,769
119.681
61,382
48,488
Net from railway_ - _ _
Net from railway__ -- 1,224,358 2,171,213 2,647,556
89.365
75,488
13.543
6.167
Net after rents
1,939,501
1,497,828
1,216.955
603,863
Net after rents
New Orleans Great NorthernTexas Mexican
1929.
1930.
1931.
March1932.
1929.
1930.
1931.
1932.
92,895GrossMarch$283,321
$276,550
Grossfrom railway_ -- $152,113
$187,469
$104,740
$97,311
$106,265
$51,299
from railway--87,341
62,214
Not from railway_ --49,486
14.729
18,582
17,829
8,664
Net from railway... _
47,242
41,438
42,707
Not after rents
14,801
4,628
6,300
8,183
1,448
Net after rents
From Jan 1
From Jan 1775,033
764,119
538,958
Grossfrom railway--440,895
303,754
266,260
247,966
145,447
Grossfrom railway...
238.712
230,453
153.450
Net from railway- -131,342
34,145
23,082
-1,273
3,326
Net from railway_ _ _ _
111,939
88,515
Net after rents
72,881
27,779
-299
-14.841
-32,195
-20,689
Net after rents
New Orleans Texas & Mexico System
Toledo Peoria & Western
New Orleans Texas & Mexico1929.
1930.
1931.
1932.
March1929.
1930.
1931.
March1932.
$180,899
$181.406
$133,129
Grossfrom railway... $116,167
$260,420
$290,056
$207,425
Grossfrom railway_ -- $143,766
53,332
43,891
25.425
18,983
Net from railway_ _ -62,736
81,642
Net from railway_ _ _ _
48,022
23,917
35.672
24,655
15,122
7,950
Net after rents
89,055
87,847
Net after rents
59,761
29,356
From Jan 1From Jan 1
553.821
489,506
388,093
325,437
Grossfrom railway_ -814,337
716,617
Grossfrom railway...
573,623
453,995
184.970
61,834
76.097
46,918
Net from railway_ _ _ 140,539
Net from railway- --224,231
100,500
79,315
130,804
20,588
45,347
16,053
Net after rents
245,240
191,713
Net after rents
133,911
85.184
Toledo TerminalBeaumont Sour Lake & Western1929.
1930.
1931.
. March
97,8881932.
1929.
1930.
March1931.
1932.
$144,365
$107,558
$108,929
$77.243
Gross trom railway....
$333,240
$
Grossfrom railway-- - $160,899
.312,565
$226,388
65.551
26,468
30,257
18,141
Net from railway....
94,705
66.880
Net from railway- -- 36,914
79,669
36,493
43,738
20,166
Net after rents
14,257
Net after rents
13,707
--4,532
--21,270
From Jan 1From Jan 1
414,735
321.877
288,673
225,264
Gross from railway884,016
Grossfrom railway--919,233
614,119
462,872
160,461
90,638
84.520
58,926
Net from railway_ __ 226,800
Net from railway---292,601
92.269
132.073
194.633
121.129
117.235
72.081
Net after rents
75.365
Net after rents
-469
--71,715
--77,175
Union Pacific System
St Louis Brownsville & MexicoUnion Pacific Co.
March1929.
1930.
1931.
1932.
1929.
1930.
1931.
1932.
March
$948,634
ar068from railway--- $602,531
$701,517 $1,003,721
89.298.675
Gross from railway__ _ $5,323.471 $7,509,115 $7,703,009 2,828.893
380,174
Net from railway..-470,567
263,247
294,509
1,925.059
Net from railway_ _ _ - 1,764,969 2,055,248
Netfrom rents
279.297
364,174
158,938
197,191
1,960.393
1,108.604
1,142.795
1.100,172
Net atter rents
From Jan 1
From Jan 1Grossfrom railway--- 1.765.097
2,803,463 2,504,136
2,044,477
26.503.940
Grossfrom railway_ _ - 15,211,026 21,084,671 22,370,834 8.574,076
Net from railway..
860,507
1,179,107
827,424
718,179
. 4,279,843 5,772,612 5,924,576 6.036,326
Net from railway_ _ _
Net after rents
625,651
891,412
439,258
554,378
2.422,562 3.220.388 3,468.254
Net after rents
New York Central System
Oregon Short Line
Indiana Harbor Belt1929.
1930.
1931.
1932.
March1929.
March1930.
1932.
1931.
Gross from railway_ -- $1,746,180 32.469,861 52,650,763 $3,079,673
$953,909 $1,118,145
$872.279
Grossfrom railway._. $702.227
944.749
767,907
778.728
566.887
Net from railway__ _ _
railway....
392,736
243,021
172,237
Net from
245,486
589,859
397.811
381.905
223,076
Net after rents
287.752
165,147
179,533
Net after rents
146,928
From Jan 1From Jan 1
9,113,399
6.981,605 7.898.821
railway.... 5,204.313
Gross from
Gross from railway- $1,978,530 $2,425.347 82,788.301 $3,093,929
2.427,197 3,173,918
2,041,717
Net from railway_ -- .. 1.483,317
934.472
713,114
603,082
554,865
Net from railway---1.286,078 2,123.946
887.820
484.445
Net after rents
645.367
506,415
385,707
Not after rents
340,456
Oregon-Washington Ry & Nay Co-Northern Pacific1929.
1930.
1931.
March1929.
1930.
1931.
1932.
March157,630 51.638,747 51,977,157 82,346.122
Gross from railway... $1,1932
Gross from railway--- $3,893,124 $5,390,244 $8.625,498 $7,831,859
265,588
262,855
194,981
146.729
___
Net from railway_
2,090,763
1,109,702
751,738
49,911
Net from railway----46,370
--11,198
-115.760
-136,148 Net after rents
1,858,341
758,185
461,700
299,086
Net after rents
From Jan 1From Jan 1
4,691.409 5.779,323 6.515,427
. 3,400,537
Gross from railway_ _
10,509,134 14,701,691 17,937,987 20,584,827
Gross from railway887.026
814.459
386.157
306,189
Net from railway_ _
1,427,997 2,151,565 4.123,949
Not from railway-- -321,069
--44,275
--30.583
504.286
--475,009 Net after rents
1,126,858 3,365,679
387,848
-1,374,242
Net after rents
& Grand Island
St. Joseph
Northwestern Pacific1929.
1930.
1931.
March
1929.
1930.
1931.
1932.
March$323,155
5288.832
5285.943
3
1 8.412
Grossfrom railway_ _ _ 519 2
454,360
406,807
308,466
246,400
Gross from railway- -109,615
84,210
97.205
71,898
Net from railway_ _ _ _
13,142
-33,722
-64,162
-34,867
Net from railway68.329
46,107
o1,245
39,658
Net after rents
-28,567
-73.821
-76,355 -109,855
Net after rents
From Jan 1From Jan 1
946,195
863.355
796,100
. 570.439
Gross from railway_ _
1.221,443
1,146,667
866,136
691.867
338,402
Gross from railway
300,885
276,853
192,904
Net from railway_ -- _
-89,531
-223,267 -135.580
216,242
Net from railway.... -132,354 -356,314 -254,386 -214,051
184.034
145,706
100,517
Net after rents
-253,342
Net after rents
3434
Financial Chronicle
WabashMarch1932.
Grossfrom railway--- 63.517,517
Net from railway_ _ __
692.756
Net after rents
129,942
From Jan 1
Grossfrom railway_ _
. 9,771.452
Net from railway.-- - 1,316,891
Net after rents
-345,128
Western PacificMarch1932.
Grossfrom railway--- $765,482
Net from railway_ _ _ -22,167
Net after rents
-98,086
From Jan 1
Grossfrom railway.. _ _ 2,311,821
Net from railway- ___ -124,783
Net after rents
-39,657
Wichita Falls & SouthernMarch1932.
Grossfrom railway.. _
. $69,695
Net from railway_ _ _ _
34.235
Net after rents
26,535
From Jan 1
Grossfrom railway- $148,069
Net from railway... _ _
40.694
Net after rents
16.391
1931.
1930.
1929.
84,436,042 35,650.722 $6.484,392
797,943
1,265,434
1.846,624
216,627
680,194
1,220,658
12,412,556 16,128,462 18.344.402
2,259,417 3,410,184 5,057,455
607,779 1,616,313 3,217,463
1931.
1930.
1929.
$1,020,421 31.186,563 $1,338,659
-12,689
-21,577
221,360
83.918
55,816
191,557
2,782,041
22,563
-236,399
3,287.671
-59.888
-214.719
3,704,034
523.964
394.427
1931.
847.629
2,955
-5,900
1930.
$85.197
27,116
17,128
1929.
$89.092
32,694
23.318
$146.498
12.793
-13.767
$232,027
52,186
19,862
$250,280
81,347
53,996
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.
Canadian National Railways.
-Month of March3 Mos. End. Mar.311932.
1931.
1932.
1931.
Gross revenues
$12.248,624 $15,030,052 $34,201,350 442,200.990
Operating expenses
11.690,019 14,249,112 34,820,296 42,105,527
Net revenues
558.604
780,938 def618,946
98,161
nirLast complete annual report in Financial Chronicle April 16 '32, p.2896
Duluth South Shore & Atlantic Ry.
Quar. End. Mar. 31Freight revenue
Passenger revenue
All other revenue
1932.
$325,170
49,810
43,958
1931.
$623,865
72.130
51,761
Total operating rev...
Maint. of way & struct_
Maint. of equipment__ _
Traffic expenses
Transportation expenses
Miscellaneous operation
General expenses
$418,938
77,161
105,727
20.331
236,424
4,314
27,301
$747,756 $1,021.237 $1,214,479
92,315
130,246
161,547
134,991
201.553
205.047
23.497
24,818
21,645
343,476
464,493
560.368
6,245
7,545
8,973
29,837
31,131
31,228
3630,361
$8859,786
$988,808
117,395
161,451
225,671
94,000
93,000
96,000
14
337
2
10.696
29,547
38,654
9,261
11.530
15,193
Total oper. expenses.._
Net operating revenue._
Railway tax accruals.._ _
Uncollec. railway rev_
Equipment rents
Joint facility rents
$471,258
def52,320
86,300
280
7,824
1930.
$847,802
118,210
55,225
1929.
$968,649
176,379
69.451
Net ry. oper. income_def$146,724
Other income
9,646
$3.424
10,381
827,037
13,068
$75,822
10.519
Gross income
def$137,078
Interest on funded debt..
220,950
Other income charges
772
813.805
217,125
67
$440,105
217.675
184
$86,341
218,225
53
Net deficit
def$358,800
$203,387
$177,754
$131,937
a"Last complete annual report in Financial Chronicle May 931, p. 3520.
Georgia & Florida RR.
Month of March1932.
1931.
Net ry. oper. income.. _ _ def$13,938
$18,968
Non-operating income_ _
1,507
1,454
Gross income
def312,430
$20,423
Deductions from income
1.233
1.138
Surplus applic. to int_ def$13,664
$19,284
3 Mos. End. March 31
Net ry. oper. income..... def$68,051 def$31,276
Non-operating income__
5,116
4,803
Grossincome
def$62,935 def$26 A73
Deductions from income
3,518
3.418
Surplus applic. to int_ def$136.454 def$29,892
1930.
$18,135
1.288
819,424
1.128
818,295
1929.
$21,577
1,244
$22,822
1.117
$21,705
def$8.460
4,600
def33,859
3,385
def$7,215
$14,837
4,914
$19,751
3.376
316.375
National Railways of Mexico.
-Month of February- -2 Mos. End, Feb. 291932.
1931.
1932.
1931.
Pesos,
Pesos.
Pesos.
Pesos,
Railway oper. revenues_ 6,192,463
12.487.158
*
Railway oper. expenses_ 5,503.087
•
11,323,056
•
Net oper.revenue_ _ _ _
Percentage eine. to revNon-operating income..
Deductions, items 536541 (I. C. C.)
689.375
88.87
7.082
1,164.102
90.68
50.686
369,622
691,194
Balances
326,835
873,360
523,594
1.709.157
Kilometers operated11,533,619 11,519.800 11,533,619 11,519,800
•Due to classification, figures not available.
-Last complete annual report in Financial Chronicle Jan. 9 '32, p. 323
Iff
(The) Philippine Railway Co.
-Month of February-- -12 Mos. End. Feb. 291932.
1932.
1931.
1931.
$61.799
860.866
$654,629
$628,261
35,991
433,018
34.720
494,617
Gross oper. revenue
Operating exp. and taxes
Net revenue
$25,807
Deductions from income
Interest on funded debt28,496
Net income
-Dr
Income approp. for investment in physical
property
$2.689
8160.011
326.145
3195,243
28,496
341,960
341,960
8146,716
3181,948
32.351
76,293
41,855
Balance
-Dr
$2,689
$188,572 $258.241
$2.351
lr& Last complete annual report in Financial Chronicle Apr. 23 '32, p. 3092
-
INDUSTRIAL AND MISCELLANEOUS COS.
American Rolling Mill Co.
(And Subsidiaries)
Quarter Ended March 311932.
1930.
1931.
Net loss after deprec., int. and taxes $571.917
8730 404
3663.049
Earns, per eh. on corn. stk. (par $25)
Nil
80.51
Nil
tarLast complete annual report in Financial Chronicle Apr. 2 '32, p. 2517
May 7 1932
Alabama Water Service Co.
12 Months Ended
Operating revenues
Operation expense
Maintenance
Taxes (including Federal income tax)
Feb. 29 '32. Feb. 28 '31.
8841.111
$860.397
301,438
323,498
38,543
36,449
96.787
87,128
Net earnings from operations
Other income
$404,344
3,984
8413.323
4,033
Gross corporate income
$408,328
8417,356
Interest on funded debt
214,966
202,217
"Last complete annual report in Financial Chroncile April 30'32, p.3270
Alaska Juneau Gold Mining Co.
Period End. April 30- 1932
-Month-1931.
1932-4 Mos.-1931.
Gross profit
$263,000
8335.000 31,032,500 $1,325,500
Net profit after open.,
exps.& develop. chgs.,
but before deprec., depletion & Fed. taxes_
101.800
140,500
294,200
547,250
WLast complete annual report in inancial Chronicle Mar. 26'32, p. 2340
Allegheny Steel Co.
Earnings for Three Months Ended March 31 1932.
Gross sale
Cost ofsales
Selling, administrative and general expense
Miscellaneous losses
Depreciation
$2,219,711
2,286,479
146.795
5,792
172.148
Loss for period
Other income
$391,503
25,124
Net loss
$366,379
IZPLast complete annual report in Financial Chronicle Feb. 13'32, p. 1197
American Bank Note Co.
Quar. End. Mar.31xOperating profit
Other revenues
Total income
Depreciation
Miscell. charges, &c.Net profit
Prof. dive. of for sub_ _ _ _
Preferred dividends_ Common dividends---
1932.
369.242
36,970
1931.
$133,891
68.172
1930.
8883,854
49,459
1929.
8870,268
57,688
3106.212
76,119
21,029
8202,063
78,760
18,792
8933.313
88,500
121,921
8927,957
89,082
146,960
$9,064
8,088
67.435
3104,512
5.868
67,435
326,387
$722,892
$691,913
See y.
y74,735
y74,721
326.234
296,715
Surplus
def$66,458 def8295,177
8321,923
$320,476
Shares corn, stock outstanding (par $10)- ..652,773
652,773
652,469
593,430
Earnings per share
Nil
$0.05
$0.99
$1.04
x After expenses and Federal taxes. y Includes dividends of foreign
subsidiary.
IcLast complete annual report in Financial Chronicle Feb.27'32, p. 1581,
and Feb. 20 12, p. 1373.
American Commercial Alcohol Corp.
Earnings for Quarter Ended March 31 1932.
Net earnings after expenses, taxes, &c
Other income
$159,730
13.061
Total income
3172,791
Depreciation and bad debts
64,534
Net profit
3108,257
Earns, per eh. on 377,097 BIM. cap. stk. outstanding (par
$10)..
$0.23
Earns, per sh. on 188,548 shs. new capital stock to be outstanding (par 820)
$0.57
0
I 'Last complete annual report in Financial Chronicle Mar. 19 '32, p. 2150
American Light & Traction Co.
(With All Inter-Company Accounts Eliminated.)
Period End. Mar. 31- 1932-3 Mos.-1931.
1932-12 Mos.-1931.
Sub. Operating Cos.
Gross revenues
$9.708,249 410771,529 $39,419,193 *1142768,009
Gen. oper. expenses
4,489,692 * 5,000,867 18,121,969 * 20,047666
Prov. for retire, of gen.
plant
796,366
909.746 3,399,204 3,508,428
Maintenance
523.216
621,862 2.150,202 2.712,379
Gen. & Fed. inc. taxes_ 1,232,685 *1,222,051
4,944,299 *4,740,658
Operating profit
$2,666,291 •$3,017.003 $10,803,518 *811758,878
Miscell. non-oper. rev.,
Net
Dr33.972
*4,886
51,218
*219,999
Total revenue
$2,632,318 43,021,889 310,854.737 *$11978,869
Int. & dive, on bonds,
pref. stocks & notes
owned by public
1,001,308 *1,011,955 4,016,024 *3,960.065
Amort. of bond disct. &
expense
42,844
38,426
159,030
153,708
Profit of oper. subs......$1,588,166 $1,971,508
36,679,682 87,865,095
Portion accruing to min.
interests
6,657
8,049
28,442
36,196
Bal. applic. to Amer.
Traction Co__ 81.581,509 31,963,459 36,651,239
Lt. &
$7,828,899
Sub. Investment Cos.
Gross revenues
$275,336
$342,122 $1,285,142 82,300.573
General expenses
1,244
859
3,201
6.692
Gen. & Fed. inc. taxes
7,014
9,962
33,222
80,107
Interest
327,573
Bal. applic. to Amer.
Lt. & Traction Co... $267,079
$331,302 $1,248,719 $1,886,201
Total accruing to Amer.
Lt.& Tr. Co.fr.sub-- 1,848,588 2.294,761
7.899,959 9,715,099
Amer. Lt. & Tr. Co.inc.:
Int. & dive. (excl. of
int. & dive. h.subs.)
300,735
286.566
1.108,983
1,038,651
Miscellaneous income___
255,668
222,201
Total inc. accruing to
im*•1
Amer. Lt. & Tr. Co. 32,149.322 $2,581,327 39,264,610 $10,975,951
General expenses
81,682
80,886
337,760
342,964
Gen. & Fed. inc. taxes
30.000
36.000
106,000
65.000
Res. for contingencies....
20,000
80,000
60,000
Interest83,877
116,917
359,242
1570.156
Net income
$1.953,764 82,327.524 $8,442,607 $9,876,831
Pref, stock dividends
201.122
201.121
804.486
804,486
Bal.avail. for com.stk. $1,752,642 $2,126 402 37.638.121 39.072,345
* As compared with figures submitted in the 1931 report these accounts
have been adjusted because of certain changes in classification.
• -* 1
arLast complete annual report in Financial Chronicle Mar. 26 '82, p. 2351
Financial Chronicle
Volume 134
3435
American Metal Co., Ltd.
Baton Rouge Electric Co.
3 Mos. End. Mar.311932.
1931.
1929.
1930.
Net profits after all expenses & depreciation loss$240,044
$108,392
$776,471
$773,273
Sim common stock outstanding (no par)....-853,085
868.185
868,185
841,194
Earnings per share
Nil
$0.79
$0.01
$0.77
The detailed consolidated income account for the quarter ended Mar. 31
1932 follows: Profit after taxes and inventory write-down,$275431;interest,
$265,418; depreciation and depletion, $250,057; net loss, $240:044.
fOrLast complete annual report in Financial Chronicle Feb. 27 '32, p. 1582
Balance
Other income
1931.
1929.
1930.
$258,855 31.407,192 $1,570.219
250,478
325,532
333.031
$8,377 $1,081.660 $1,237,188
89,234
84,395
152,461
loss$402,107
53,703
Total income
df.$348.404
Net ofsubs. appertaining
to minority stock, &c_
1,896
Federal taxes
$97,611 $1.166,055 $1,389,649
3.716
27.500
6.095
140.500
7.633
171,000
Balance,surplus
$66.395 31,019.460 31,211,016
loss$350,300
She.com.stock outstand.
(no par)
993,020
993,020
993,020
902.745
Earnings per share
I ii
$0.91
$1.21
Nil
a After Federal taxes.
arLast complete annual report in Financial Chronicle March 121932, pa
1959 and Feb. 13 1932, page 1198.
American Water Works & Electric Co., Inc.
-Month of March- 12 Mos. End. Mar. 311932.
1932.
1931.
1931.
Gross earnings
53,774,422 54,209,862 548,590,157 $53,090,329
Olaer. expenses, maintenance & taxes
1.888.895 2,192,587 24,296,693 27,423,822
Gross income
$1,885,527 $2,017,275 824,293.463 825,666.506
Lets:
Interest & amortiz. of discount ofsubsidiaries- _ - $8.666,620 $8,795,278
Preferred dividends of subsidiaries
5,637,262 5,628,853
Balance
514,303,883 $14,424,131
Balance
59.989,580 811.242.374
Int. & amortiz. of disc't of American Water Works
& Electric Co., Inc
1,313,657 1,286.186
Balance
Reserved for renewals, retire. & depletion
38.675,922 89,956,188
2,915.810 3,787.488
Net. income_.
Preferred dividends_
55,760.112 $6.168.699
1,200,000
1,200,000
Available for common stock
Non-recurring income
54,560,112 54,968,699
294,972
Total available for common stork
54,855.084
Shares of common stock outstanding
1.750.888
1,750.888
larLast complete annual report in Financial Chronicle Mar. 12 '32, p. 1942
American Writing Paper Co., Inc.
Quarter End. Mar.311932.
1931.
1930.
1929.
Net sales
51,317,842 82,227,726 $3,087,837 $3,225,760
Costs and expenses
1,269,620 2,061,711 x2,876,237 x3,068,054
Operating profit
$48,222
$166,015
$211,600
$157,705
Other income
26,862
55,182
45.011
41,623
Total income
$75,084
$221,197
$256,611
$199,329
Interest
77,677
80,013
81,312
81,990
Depreciation
53,467
70,145
See x
Feoieral taxes
3,924
15,748
9,760
Other deductions
48,366
38,343
32,137
36,008
Net profit
loss$104,426
328,772
5127,414
571,571
x Includes depreciation.
The net profit of $28,772 for 1931 is equivalent to 32c. a share on 89,266
shires (no par) pref. stock and compares with net profit in first quarter of
1930 of $127,414, equal after allowing for div. requirements on pref,stock at
1930 annual rate of $4, to 20c,a share on 188,077 no par shares of com.stk.
arLast complete annual report in Financial Chronicle April 9 '32, p. 2725
Archer-Daniels-Midland Co.
Period Ended March 3 19323 Months. 9 Months.
Net profit after deprec, Federal taxes, &c
5213,553
$658,426
Earns, per sh. on 549,546 shs. com. stk. (no par).
$0.87
$0.30
arLast complete annual report in Financial Chronicle Sept. 19'31, p. 1930
3 Months Ended March 311932.
1931.
Net profit after charges
$3378,313
$406,139
Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1027
-Month of March- 12 Mos. End, March 31
1932.
1931.
1932.
1931.
$168,755
$176,435 $2,224,207 $2,240,129
76,600
80,314
970.777
1,003,598
Gross income
Interest, &c
$92,155
24,550
$96,121 $1,253,430 $1,236,531
24,381
298,030
246,200
Net income
Preferred stock dividends
Depreciation
$67,605
$71,740
-
$955,400
302,498
136,809
$990.331
289,256
133,609
$516,093
433,994
$567,466
428,594
I Balance
$82,099
$138,872
tarLast complete annual report in Financial Chronicle Feb. 20 '32, p. 1369
Barcelona Traction, Light & Power Co., Ltd.
_Month of March- 3 Mos. End. March 31
1931.
1932.
1932.
1931.
Pesetas.
Pesetas.
Pesetas.
Pesetas.
Gross earns,from oper__ 9,675,587 9,266.449 30,077,022 29.492,950
Operating expenses
3,194,815 3,224,945 9,574,208 9,885,190
Net earnings
6,480,772
6,041,504 20,502,814 19,607.760
Beneficial Industrial Loan Corp.
(And Subsidiaries)
Earnings for 3 Months Ended March'31 1932.
Consolidated net earnings after all interest, amortization, chgs.
and provision for minority interest and Federal income tax._ $1,234.577
Net Income applicable to common stock after pref. dividends... 1,046.130
$0.50
Earnings per share on 2,091.552 shares common stock
ra"Last complete annual report in Financial Chronicle May 7'32, p. 3484
$69,225
4,671
12.229
$704,575
57,502
137,862
$711,100
56,172
133.538
Net operating revenue
Inc.from other sources *
$48,177
14,495
$36,593
13,970
$524,968
$487,045
16,255
$33,681
$22,622
$524.968
168.627
$503,301
155.340
Balance
Reserve for retirements (accrued)
$356,340
115.000
$347,960
115,000
Balance
Dividends on preferred stock
$241,340
35.055
$232.960
29,750
Balance
$206.285
$203,210
* Interest on funds for construction purposes.
During the last 25 years. the company has expended for maintenance a
total of 6.93% of the entire gross earnings over this period, and in addition
during this period has set aside for reserves or retained as surplus a total of
14.24% of these gross earnings.
a'Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1021
Bell Telephone Co. of Pennsylvania.
3 Mos.End. Mar.311932.
1931.
1930.
1929.
Telep. oper. revenue____$17,411,173 $18,511,833 $18,240,170 $17,408,532
Telep. oper. expense...-. 12,708,209 12,777,274 12,804,450 11,900,442
Uncoil. oper. revenues...
195,129
154,818
199,428
122,239
653,000
777,000
731,000
713.000
Taxes & Federal taxes-Operating income..--- $3,854,834 $4,802,741
211,343
Non-oper. revenue (net)
123,514
$4,505,291 84,672,850
258,432
249,846
Total gross income-- $3,978,348 $5,014,084 $4,763,724 $4,922,697
427,633
364,428
465,956
478,399
Rent & misc. deductions
1,417,193
1,398,580
1,536,061
1,432,569
Interest
$1,976,333 $3,103,115 52,918,898 83.159,687
325,000
325,000
325,000
325,000
1,600,000
1,800,000
2,200,000 2,200,000
Net income
Preferred dividend
Common dividend
5793.898 31.234,687
Balance
3578.115
def$548,667
Last complete annual report in Financial Chronicle Feb. 20 '32, p. 1369.
KNand Feb. 13'32, p. 1193.
Birmingham Electric Co.
(National Power & Light Co. Subsidiary)
-Month of March- -12 Mos. End. Mar. 311931.
1932.
1931.
1932.
Operating revenues
$539,353
$634,067 $7,089,748 $7,950.165
Oper. exp., incl. taxes
401,977
440,650 4,954,440
5.514,867
Net revenue from oper. $137,376
$193,417 $2.135.308 52,435,298
Other income
369,561
1,571
27,464
81.277
Gross corporate Inc_ __ $138,947
$220,881 $2,216,585 $2,804,859
Int. on long-term debt__
612,933
890.501
45,750
66.514
Other int. & deductions_
153.109
119,494
14.067
19,634
Balance x
$79,130
$134,733 51,450,543 51,794.864
Dividends on preferred stock
432.972
413,158
Balance
51.017,571 $1,381,706
Retirement (depreciation) reserve appropriation_
270,000
345,000
Balance
$747,571 $1,036,706
x Before diva. & retirement (depreciation) reserve appropriation.
British Columbia Power Corp., Ltd.
-Month of March- 9 Mos. Ended March 31
1931.
1932.
1931.
1932.
Gross earnings
$1,150,139 $1,213,585 $10,464,996 311.103,732
Operating expenses
629,247
653,985
5.567,863 5.828.645
Net earnings
$520,892
3559,600 54.897.133 85,275,087
rff-Last complete annual report in Financial Chronicle Sept. 19 1931, p.
1924, and Sept. 26 1931, p. 2103.
(A. M.) Byers Co.
(And Subsidiaries)
Period End. Mar,31- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Net loss after taxes, depredation, &c
$360,322prof$103.233
$229,138 prof$49,255
The detailed income account for quarter ended Mar. 31 1932 follows:
Loss after expenses and taxes, $82,724; miscellaneous income, $13,169;
loss, $69.555; patent amortization, $22,727; depreciation, $136,856: net
loss, $229,138.
i&'Last complete annual report in Financial Chronicle Jan. 9 1932, p. 330
'
-
Gross earnings
Operating expenses
-Month of March- 3 Mos. Ended March 31
1931.
1932.
1931.
1932.
$836,003
$862,222
$281,565
5282,293
258,407
267,815
88,431
86,655
3594,407
$577,596
3193,134
Net earnings
3195.638
arLast complete annual report in Financial Chronicle Mar. 12 '32, p. 1951
Bangor Hydro-Electric Co.
Balance
Common stock dividend
$64,195
5,266
11,782
Canada Northern Power Corp., Ltd.
Arundel Corp.
Gross earnings
Oper. expenses & taxes
Operation
Maintenance
Taxes
Balance
Interest and amortization
American Steel Foundries.
Quar. End. Mar. 31.
1932.
Net earnings
14364154,621
Depreciation
247,486
-Month of March- -12 Mos.End. Mar.311932.
1931.
1932.
1931.
$129,422
5122.719 $1.424,908 $1,387,857
Gross earnings
Central Illinois Electric & Gas Co.
(Controlled by Central Public Service Corp.)
Period End. Mar.31- 1932-3 Mos.-1931. 1932-12 Mos.-1931.
Operating revenues
$1,184,165 $1,280,896 54,614,426 $5,023,373
1.184
996
7.286
Non-operating revenues_
565
Total gross revenues.- $1,184,730 $1,282,080 $4,615,422 $5,030,658
Operating expenses-- $422,715
$4479,419 31,743.957 $1,880.919
330,808
69,213
240,905
Maintenance
51,556
52,089
Uncollectible accounts
8.680
59,083
18,624
General taxes
328,062
359,702
90.549
81,228
Net earnings
5634,219 $2,243,414 $2,407,139
8610.607
Annual interest requirements on funded debt_
882,550
Provision for retirement_
621,949
581.730
157,546
147.770
ItZrLast complete annual report in Financial Chronicle Mar. 19 '32, p. 2193
Certain-teed Products Corp.
Quar. End, Mar.31Gross oper.prof.after deduct. repairs & maint.
Inc. from other sources_
Total
Selling, admin.& general
expenses and bank int.
Depreciation
Depletion
Interest on bonds
Federal taxes
Sundry adjustm'ts (net)
1932.
$438,412
27,214
1931.
1930.
$465,626 31,006,984 31,143,171
668.810
212,727
3,272
138,090
Cr45,336
1929.
$972,057 $1,116,413 31,065,239
26.758
1.885
34,927
778,940
275,063
1,879
171.630
4.315
Dr9,049
1,177,795
360,488
4.077
177,632
5.760
Cr32,016
$1,067,124
1.074.176
372,909
5,384
188,196
10.700
Cr665
Net deficit
$511,937
$233,892
$550,564
$583.575
larLast complete annual report in Financial Chronicle Mar.5'32, p. 1752
•
Financial Chronicle
Chain & General Equities, Inc.
Quarters Ended March 31Interest
Cash dividends
Stock dividends
1932.
$974
17,267
1931.
$387
37,267
1,511
1930.
$4,861
44,125
4,929
Total income
Advisory and operating expense
Fiscal agency expense
Taxes and legal fees
$18,241
2,471
2,100
454
$39,166
3,853
2,100
655
$53,915
6,904
1,875
Net income
Dividends on preferred stock
$13,215
$32,558
43,618
345,136
65,000
Balance deficit
sur$13,215
$11,060
$19,864
Statement of Changes in Surplus
-Three Months Ended March 31.
1931.
1932.
Balance of special surplus. Dec. 31
$1,468,240 81.928.063
Special surplus created upon retire, of pref.stock
Excess of par value over cost ofshares
11.918
513,254
Adjustment of accrued dividends
802
501
Total surplus
81,480.961 52,441,819
Net income for period (as above)
13,215
32,558
Net loss on securities sold during period
108,731
240,976
Remainder
$1,385,445 $2,233,401
Dividends on pref. stock-declared and paid
26,842
Accrued but not declared
41,208
16,776
Balance of special surplus, March 31
$1.344,236 $2,189,783
10
-Last complete annual report in Financial Chronicle Feb.6'32, p. 1029
Chain Store Investment Corp.
Earnings for 3 Months Ended March 31 1932.
Dividends income
Interest income
Total income
Managers'commission
Taxes
Miscellaneous expense
Losses on securities sold (net)
$951
103
$1,054
159
38
94
14.020
Net loss
Credit balance. Jan. 1 1932
Miscellaneous credits
$13,258
455,230
14.418
Credit balance, March 31 1932
$456,390
May 7 1932
Coca-Cola Co.
(And Subsidiaries)
Quar. End. Mar 31.
1932.
1931.
1930.
1929.
Gross receipts
$7,281,140 $7,838,527 $8,370,589 $7,601,073
Mfg. & gen. expenses
4,550.287 4,790,352 5,165,419
4,818,793
Operating profits_ _ _ - $2,730,853 83,048,175 $3,205,170 $2,782,280
Miscell. deductions
52,996
145,374
356,014
227,650
Federal taxes
359,637
Net income
$2,318,220 x$2,902,801 x$2,849,156 x$2.554,630
x Before Federal taxes. y Equivalent, after allowing for dividend requirements on 691,380 no par shares of $3 class A stock outstanding at
close of 1931, excluding 308,620 shares held by company, to $1.80 a share
on 1,000,000 no par shares of common stock. This compares with $2.01
a share on the common stock in the same period in 1931.
10
-Last complete annual report in Financial Chronicle Mar. 19 '32, p. 2153
Commercial Credit Co.
(And Subsidiaries)
3 Months Ended March 311932.
1931.
Net profit after interest and taxes
8700,515
3865,752
Earnings per share on common
$0.22
80.34
rirLast complete annual report in Financial Chronicle Feb. 27 '32, p. 1571
(The) Commonwealth & Southern Corp.
(And Subsidiary Companies)
-Month of March- -12 Mos. End. Mar. 311931.
1932.
1932.
1931.
Gross earnings
810,122,597 $11,079,659 8127356,0998138425,808
Oper. exps. & taxes
4,709,825 5.406.707 58,330,529 66,975,598
Gross income
Interest, &c
85.412,772
Net income
Preferred stock dividend
$30,579,099 836,607,515
8,995.041
8,623,610
Balance
Depreciation
321,584.058 $27,983,905
9,552,081
9.569,024
Balance
$12,031,977 $18,414,881
"Last complete annual report in Financial Chronicle June 6 '31, p. 4238
Chester Water Service Co.
12 Months EndedOperating revenues
Operation expense
Maintenance
Taxes (including Federal income tax)
Consolidation Coal Co.
Feb. 29 '32. Feb. 28 '31.
$530,869
$572,685
140,980
140,066
23,157
22,318
20,175
16,781
Net earnings from operations
Other income
$346,556
$393,520
7,747
12,430
Gross corporate income
$354,304
$405,949
Interest on funded debt
148,995
143,375
i: Last complete annual report in Financial Chronicle April 16 '32, p. 2903
Chrysler Corporation.
(And Subsidiaries)
Quarter End. Mar.31- 1932.
1931,
Sales
$37,368,443 $39,758,601
Cost ofsales
32,996,144 34,915,237
Gross profit
$4,372.299 $4,843,363
Int. & miscell. income
475,759
288,970
Totalincome
$4.848,059 $5,132,334
Admin., engrg.. sell.,
adv.,service & general
expenses
6.160,370 5.363,146
Interest paid & accrued_
730,261
728,769
Prov. for income taxes
(U. S., &c.)countries..
23,913
20,345
1930.
1292.
$60,607,156 $99,831,619
53,463,855 81.734,917
$7,143,300 $18,096,702
381,151
920,271
37,524,451 319.016,972
6.498,292
771,792
8,029,180
917,890
73,650
1,231,730
Net income
10642,066,485 1os4979,927
$180,717 $8,838,173
Note.
-Cost of sales and
expense incl. deprec.&
amortiz.in the amount
of
2,958.215 3,522,053 3,959.926 4,671,918
Surplus Account March 31 1932 follows: Balance, surplus Jan. 1 1932.
$43,017.196; deduct: loss from operations for the 3 months' period ended
March 31, $2,066.485; dividends paid, $1,101,102; surplus. March 31 1932,
339.849.608.
faieLast complete annual report in Financial Chronicle Feb. 20 '32, p. 1364
Cities Service Co.
-Month of March- 12 Mos. End. Mar. 311932.
1931.
1932.
1931.
$3,348,576 $3,410,997 $37,054,000 $55,476,751
188,197
196,066 2,174,129 2,671.763
Gross earnings
Expenses
Net earnings__
Int.& disc,on debent
$3,160,379 $3,214,930 $34,879,871 $52,804,987
936,498
1,014,932 11,950,432 10,640,814
Net to stocks & rea _ _ _ 82,223,881 82,199,998 322.929,438 $42,164,173
Dividends pref.stock- _
613,466
613,465 7,361,586 7,361,555
Net to corn.stk.& res. $1,610,414 $1,586,533 $15.567,852 $34,802.617
WLast complete annual report in Financial Chronicle Apr. 23 '32, p. 3088
Cleveland Electric Illuminating Co.
12 Mos. End. Mar. 31- 1932.
1931.
1929.
1930.
Operatingrevenues
$25,405,136 $26,192,435 $27,472,979 $25,131,446
Operating expenses
8.036,765 8,625,962 8,954,446 8,570,432
Maintenance
1,629,946
1,729,928
1,646,462
1,220,733
Taxes
3,246,500 3,195.473 3,107,600 3,175,850
Net operating revs---312,491,925 $12,641,071 $13,764,471 $12,164,431
Non-operating revenues..
252,099
572,496
519.375
446,519
Gross income
$12,744,024 $13,213,568 $14,283,846 $12,610,951
Interest charges (net)_.. 2,208,038 2,458,983 2,457,657 2,454,993
Approp. for deprec. res- 3.271,000
3,032,000 3,363,000 3,111,000
Balance
Preferred dividends--
37,264,985 37,722,585 $8,463,190 $7,044,958
916,902
916,902
916,902
956,902
Bal.for com.divs.& sur 36,348,083 86,805,683 $7,546,288 $6,088,056
IWLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1758
Colonial Beacon Oil Co.
Quarter End. Mar. 31- 1932.
1931.
1930.
1929.
Gross earnings
81.999,418 $1,968,886 $1,272,968 $1,592,906
Operating expenses
2,219,444 2,442,876
1,591,902
1,014,014
Depreciation
454,263
390,962
389,919
314,955
Interest
191,613
140,059
148,008
, 123,460
Net loss
Preferred dividends-
$865,902 31,005,011
$856,861 sur$140,477
21,040
Deficit
$865,902 31,005.011
8856.861 sur$119,437
larLast complete annual report in Financial Chronicle Mar. 19 '32, p. 2154
85,672,952 $69,025,570 871.450,210
38,446.471 34.842.695
(And Subsidiaries)
Earnings for 12 Months Ended March 31 1932.
Net loss after taxes. interest, amortiz., deprec. and depict_ _ - _ 82,986,063
iZPLast complete annual report in Financial Chronicle Mar. 19 '32, p. 2154
Consol. Gas, Electric Light & Power Co. of Baltimore.
1929.
1930.
1931.
1932.
Quar.End. Mar.31$7,604,451 $7,793,343 $7,699,561 $7,409,299
Gross revenue
Expenses & depreciation y4,930,965 5,055.848 5,075,387 4,834,144
$2,673,486 $2,737,495 $2,624,174 $2,575,155
Operating income- 90,064
90,831
189.832
106,274
Other income
32,779,760 32,927.327 82,715,005 $2,665,219
756,325
660,008
743,622
727,944
82,051.816 $2,183,705 82,054.997 81,908.894
Net income
970,144
276,2981
279,131
Preferred dividends_ - 285,140
947,1871
1,048.787
Common dividends
1.050,492
8938,750
3831,512
$855,787
$716,184
Surplus
949,145
1,052,516
Shs.com.stk.out.(no par) x1,167,229 x1,165.414
81.74
31.69
$1.63
$1.51
Earnings per share
outstanding, y Includes amount credited to hydrox Average amount
equalization account.
WEast complete annual report in Financial Chronicle Mar. 5 '32, p. 1758
Gross income
Fixed charges
Consumers Power Co.
(The Commonwealth &:Southern Power Corp. System)
-Month of March- -12 Mos. End. Mar. 311932.
1931.
1931.
1932.
32.458,226 32.625,477 $30,472,823 $32,187,396
Gross earnings
1,212,535 12,591,127 14,182,043
Oper. exps. & taxes- --- 1,052,440
31.405,786 81,412,942 817,881,696 818,005,353
4,064,090 3,369,388
Gross income
Interest, &c
Net income
Preferred stock dividend
$11,817,606 $14,635,965
4,170,223 3.931.644
$9,647,383 810,704.321
2,784,000 2,781.000
Balance
Depreciation
36,863,383 87,923,321
Balance
arLast complete annual report in Financial Chronicle July 11 '31, p. 284
Continental Oil Co. (of Del.).
Quarters Ended March 31Gross income
Cost and expenses
1931.
1930.
1932.
$11,244,915 $14,032.117 $19,967,218
9,626,161 12,461.776 14,139,127
Operating profit
Other income
81.618,754 31,570.341 35,828.091
466.187
289.142
Dr.8,157
Total income
Franchise taxes
Intangible development costs
Depletion
Depreciation
Interest
Minority interest
$1,610,597 31,859.483 36,294,278
419.617
474,483
399.452
513,300
729,639
1,430,067
529,592
879,993
1,274,139
1,883,514
1,977,752 2,129,788
140,583
531,051
291,586
Cr.3.161
6,479
Cr.2,827
31,872,848 $2,491,143profx$523302
Net loss
x Profit before Federal taxes.
tar:Last complete annual report in Financial Chronicle Mar. 19 '32, p. 2139
Curtiss Aeroplane & Motor Co., Inc.
(Controlled by Curtiss-Wright Corp.)
1932.
1930.
3 Months Ended March 311931.
396.700 loss$46.515 loss$61,449
Net profit after charges and taxes_ _
Curtiss-Wright Corp.
(And Subsidiaries)
1930.
1932.
1931.
Quarter Ended March 31Net profit after depreciation. interest
$302,013 *31,088,124 *$1,620,920
and other charges
Earnings per share on 1,141.214 shares
Nil
Nil
class A stock (par $I)
$0.26
*Loss.
.Last complete annual report in Financial Chronicle April 9 '32, p. 2730
Financial Chronicle
Volume 134
Darby Petroleum Corp.
Earnings for the Quarter Ended March 31 1932.
Number of net barrels of crude oil produced
Average market value per barrel produced
Crude oil sales
Increase in inventory of crude oil
327,721
$.81473
261,064
5,939
Total crude oil produced
Gas sales
$267,003
23,445
Total
Operating and administrative expenses, taxes, &c
$290,448
91,533
Net profit from operations
Non-operating income
$198,916
10,664
$209,579
Gross income
2,268
Interest paid
Depletion
78,548
61,117
Depreciation
Leaseholds surrendered, abandoned wells, loss from sale or other
37.553
disposition of capital assets, &c
Net profit
$30,095
W'Last complete annual report in Financial Chronicle May 7,'32 p. 3465
Denver Tramway Corp.
Quar. Ended Mar. 31- 1932.
1929.
1930.
1931.
Total operating revenue- $829,862
$920,725 $1,060,205 $1,088,420
726,359
xOperating expenses..__
727.162
648,644
615,509
Taxes
124,035
113,282
123,083
100,694
Net operating income_
Total miscell. income_ _ _
$113,658
13,066
$158,798
12,607
$209,960
11,845
$238,025
12,323
Gross income
Int. on underlying bonds
Int. on gen. & ref. bonds
Amortiz. of discount on
funded debt
$126,724
39,275
74,265
$171,405
41,525
76,355
$221,805
43,775
78,070
$250,348
46,025
79,316
3,319
3,564
3,810
4,056
Balance, surplus
$120,951
$96,150
$49,961
$9,865
Shs. pref.stock outstanding (par $100)
104.412
104,412
104,412
104,412
Earnings per share
$0.92
$1.15
$0.47
$0.09
x Including depreciation.
CarLast complete annual report in Financial Chronicle Jan. 30 '32, p. 845
Eastern Gas & Fuel Associates.
Earnings for 12 Months Ended March 31 1932.
Total income
Depreciation & depletion
Other reserves
Interest, Federal taxes, minority interest
Net income
43. % prior preferred dividends
6% preferred dividends
$14,021,641
2,691,520
1,527,770
4,501,695
$5,300,657
1,100,994
2,472,472
31,727,190
Surplus
Earns, per sh. on 1.987,676 shs. coin. stock (no par)
'Last complete annual report in Financial Chronicle April 16 '32, p.2904
Eastern Rolling Mill Co.
Quar. End, Mar.311931.
1932.
1930.
Operating profit
loss$124,578 loss$18,781
$75,640
Prov. for depreciation-45.173
48.267
64,139
Prov. for Fed. inc. tax_
1929.
3368.947
59,048
42,359
Net income
def$169,751 def$67,048
$11,501
$267,540
Shs. cont. stk. outstand.
(no par)
211,610
239,200
239,200
239,200
Earns. per share
Nil
Nil
$0.05
$1.12
Surplus Account March 31 1932.
-Earned surplus, Jan. 1 1932, $206,124;
net loss for quarter. $169,751; earned surplus after loss for quarter, $36,373:
extraordinary credits and charges for period, net charge, $406; earned
surplus. Mar. 311932, $35.967.
Capital Surplus.
-Jan. 1 1932. $170,372; arising from acquisition of
capital stock, to be retired. $6,685; capital surplus, Mar. 31 1932, $177,057,
IZF'Dast complete annual report in Financial Chronicle Mar. 19'32, p.2156,
and Mar. 12 '32, p. 1963.
Eastern Steamship Lines, Inc.
-Month of March--3 Mos. End. Mar.311931.
1932.
1932.
1931.
Operating revenue
$691,417 31,874,489 $1,941,450
$683,189
Operating expense
710,413
737,229
1,971,613
2,032,644
Operating deficit
45,812
97,124
27,224
91,194
Other income
5,422
19,977
6,119
18,898
Other expense
55,868
179,457
60,542
170.044
Net deficit
$96,258
$81,647
$256,604
$242,340
Last complete annual report in Financial Chronicle Apr. 30 '32, p. 3281
East St. Louis & Suburban Co.
(And Subsidiaries)
12 Mos. End. Mar. 31- 1932.
1931.
1930.
1929.
Operating revenues
$3,815,849 $4,548,876 34,745,084 54.324,413
Operating expenses
2.414,648 2,744,967 2,762,947 2.386.375
Maintenance
423,145
525,794
627,604
593,451
Taxes
178,402
238,743
232,511
299,646
Net oper. revenues_,.$799,654 $1,039,372 $1,122,023 31.044.941
Non-operating revenues.. Dr.10,240
20,783
90,939
170,738
Gross income
$789,413 $1,060,156 31,212.962 31,215.689
Interest on funded debt..
459,900
459,900
459.967
460,700
Amortization of bond discount & expense
5,090
5,090
5,095
4,797
Other interest charges...
258,869
255,526
264,710
270,565
Int. during constr.-Cr_
3,431
7,526
13,424
17.101
Approp. for deprec. res.
288,110
313,489
291,611
287,665
Balance for common
diva. & surplus.. _ _ _def$219,124
$33,677
$205.002
3209,052
tarLast complete annual report in Financial Chronicle Mar. 26 '32, p. 2335
Electric Auto Lite Co.
1931.
1932.
Quar. End, Mar. 311930.
1929.
Profit aftor depreciation $1,053,484 $1 778,588 32,771,136 $4,361,269
} y505,804
(598.627
832,028
Expenses, &c
932.040
8,604
30,145
Interest
1 10,199
Profit before Fed, tax x$547,680 31,169,762 $1,930,504 $3,399,084
x After Federal income taxes. y Includes Federal income taxes.
Last complete annual report in Financial Chronicle Mar. 19 '32, p. 2156
Exeter Oil Co., Ltd.
Earnings for 3 Months Ended March 311932.
$40,907
Operating profit
Reserves for bad accts., deproc. & deplet. (incl. write-offs on prop49,143
erty previously apprec. when acquired)
Net loss for quarter
$S.236
3437
El Paso Electric Co. (Delaware).
(And Constituent Companies)
-Month of March- -12 Mos.End.Mar.311 2..
1931.
Gross earnings
$231,245
$281,799 $3,268,906 $3,643,008
Operation
98,337
124,828
1,357,021
1,506,783
Maintenance
16,642
18,482
177,876
196,303
Taxes
28,230
27,788
316,364
299,672
Net oper. revenue_ _ _ _
Inc.from other sources *
$88,034
37,576
$110,699 $1.417,644 $1,640.249
37,429
46,881
Balance
Interest and amortization
$50,458
$73,269 $1,417,644 $1,687,131
446,874
449.940
Balance
Reserve for retirements (accrued)
$970,769 $1,237,191
230,000
306,500
Balance
Divs. on pref. stocks of constituent companies_ _ _
$740,769
46.225
$930.691
33.620
Balance
Divs, on pref. stock of El Paso El. Co. (Del.)_
$694,543
194,735
$897.070
194,648
Balance for common stock diva, and surplus_ __
$499,808
$702,422
* Interest on funds for construction purposes.
During the last 30 years the company and its predecessor companies
have expended for maintenance a total of 6.96% of the entire gross earnings
over this period, and in addition during this period have set aside for
reserves or retained as surplus a total of 10.40% of these gross earnings.
10''Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1022
Federal Water Service Corp.
(And Subsidiaries)
Consolidated Statement of Earnings from Properties Now Owned (Disregarding
Dates of Acquisition).
1932.
12 Months Ended Jan. 311931.
$17,211,101 $17,529,744
Operating revenues
5,667.016 6,204,560
Operation expense and maintenance
866,509
Reserved for retirements,replacements and conting. 1.103,703
1.304.140
1,254,474
General taxes
$9.136.244 39,204.201
Net earnings from operation
-per Books (Including Earnings of
Consolidated Statement of Income
Properties Only During Period Owned).
$17,102,226 $16,539,502
Operating revenues
4,886,879 5,005,611
Operation expense
726,196
746,856
Maintenance
921,341
807.144
Reserved for retirements and replacements
1,296,311
1,171,373
General taxes
170,000
Reserved for contingencies
$9,101,499 $8,808.517
269,798
669,505
Net earnings from operation
Other income
39,371,297 $9.478,022
Gross corporate income
Charges of Subsidiary Companies
4,995.589 4,409.730
Interest on funded debt
Amortization of debt discount, miscellaneous
292.841
160,823
interest, &c
1,226,530
Dividends on preferred stock, paid or accrued.._ 1.110.558
214,821
Dividends on preferred stock not declared__ _ _
207,799
364,020
Provision for Federal income tax
Balance
Charges of Federal Water Service Corp.
Interest on debentures
Miscellaneous interest and other charges
$2,549,687 $3,316,918
385,393
246,540
385,000
37,304
$1,917,754 $2,894,613
Net income
657,344
982,635
Dividends paid on Federal preferred stock
333,498
Dividends on Federal preferred stock not declared
$926,912 31,911.978
Balance
560.274
568,377
Shares of class A stock outstanding
$2.71
$1.63
Earnings per share
annual report in Financial Chronicle Apr. 2 '32, p. 2516
W'Last complete
Follansbee Brothers Co.
1931.
1932.
3 Months Ended March 31$1,055,190 $1,691,311
Sales
106.484
203,215
Net loss after interest, but before depreciation_ _ _ _
97,472
97,981
Depreciation
5203.956
$301,196
Net loss
la-Last complete annual report in Financial Chronicle Mar. 19 '32, p. 2157
Gannett Company, Inc.
(And Subsidiaries)
Earnings for Quarter Ended March 31 1932.
Gross revenue
Commissions, rebates, discounts, Scc
Expenses
Depreciation
$1,425,269
55,920
1,143,336
39.768
Net operating revenue
Other income
$186,245
42,250
Total income
Interest on 6% debentures
Other interest
Amortization
Federal taxes
Subsidiary preferred dividends
3228,495
62,060
31,617
6,913
27,700
375
Net profit
Equity of Gannett Co., Inc. in undist. prof. of controlled cos
$99,830
40,239
5140,069
Total net profit
W-Dast complete annual report in Financial Chronicle Mar. 12 '32, p. 1965
General Asphalt Co.
1931.
1932.
12 Months Ended March 31$8,771,755 $15,002,180
Gross sales
7,174 prof844,567
Net loss after deprec., deplet.,taxes,&c
tarLast complete annual report in Financial Chronicle April 2 '32, p. 2529
General Printing Ink Corp.
(And Subsidiaries)
Quarter Ended March 311932.
1931.
Net sales
Costs and expenses
1930.
$2,557,797
2.308,375
Operating profit
Other income
3118,551
19,649
$254,720
23,987
Total income
Other deductions
Federal taxes
$138,200
37,835
15,000
$278,707.s.r.„ $283,421
40,914 m.,„ 37,842
29,400 ,fitirOI 28,122
$249,422
33.999
$ 85,365
Net profit
$208,393
5217,457
Shs. common stock outstand.(no par)
185,489
185,489
185.000
Earnings per share
$0.12
50.77
$0.81
eg
-Last complete annual report in Financial Chronicle Feb. 20 '32, p. 1382
Financial Chronicle
3438
May 7 1932
General Railway Signal Co.
Houston Lighting & Power Co.
1929.
1930.
Quar. End. Mar. 311932.
1931.
Net earns, after deprec.,
$511,319
$314,331
Fed. tax &c
loss$16,808
$187,522
Earnings per share on
Nil
$0.76
common stock
$1.33
$_.47
r0=1.ast complete annual repon in Financial Chronicle Feb. 6 '32, p. 1035
(National Power & Light Co. Subsidiary)
-Month of March- -12 Mos. End. Mar. 311931.
1932.
1932.
1931.
Operating revenues
$671,054
$675,774 $8,577,126 $8,750,666
Oper, exps., incl. taxes_
290,179
324,065
4,522,435
3,880,644
Net rev, from oper--Other income
General Refractories Co.
Quars. End. Mar.31Earnings before taxes
interest, &c
Corp.munic. & inc.taxes
Interest on bonds
Bond disc. & expense
Int.on floating debt _ _ _ _
Deprec.& depletion_ _ _ _
1929.
Gross corporate inc.._ _
Int. on long term debt
Other int. & deductions_
$382.777
108,125
9,767
$354,962 $4,731,940 $4,277,530
101,679
1,206,708
1,062,648
8,627
100,436
84,183
Balance_x
$264,885
Dividends on preferred stock
$244,656 $3,424,796 $3,130,699
330,000
330,000
$1,496
21,030
62,500
19,600
3,607
71,031
$451,856
57,410
10,417
$939,156
97,235
$738,365
18,042
54,120
31,454
83,373
11,063
70,817
10,130
64,330
$269,203
300.000
$760,041
375,000
$591,744
450,000
$141,744
Surplus
def$176,272 def$30,797
$385,041
She, cap. stk. outstand.
225,000
(no par)
300,000
300,000
300.000
$2.63
Nil
Earnings per share
$2.53
$0.90
10 Last complete annual report in Financial Chronicle Mar. 19 '32, p. 2158
-
(Adolf) Gobel, Inc.
(And Subsidiaries.)
24 Weeks EndedApr. 16 '32. Apr. 18 '31.
Net loss after int, taxes divs. on subs. stks. &
$348,751
$184,246
Invent. deprec
larLast complete annual report in Financial Chronicle Dec. 26 '31, p. 4336
Gulf States Utilities Co.
-Month of March- -12 Mos. End. Mar. 311932.
1931.
1932.
1931.
$386,351
$472,247 $6,116,640 $7,039,389
3,272,812
189.220
2,713,914
249,815
19,870
217,379
266.149
23,633
36,134
545,428
450,165
47,001
Gross earnings
Operation
Maintenance
Taxes
Net operating revenue
Inc.from other sources_x
$141,126
90,892
$351,709 $4,696,482 $4,228,231
3,253
49,299
35,458
1930.
(And Subsidiaries)
1932.
1931.
loss$176,272
Net income
Dividends
$380,875
1,902
$151,797 $2,735,181
81,442
7.659
Balance
Retirement (depreciation) reserve appropriation_
$3,094,796 $2,800,699
1,284,838
1,275,868
Balance x
$1.809.958 $1,524,831
x Before dividends and retirement (depreciation) reserve appropriation.
tOF'Last complete annual report in Financial Chronicle June 13 '31, p. 4409
Houston Oil Co. of Texas.
(Including Houston Pipe Line Co.)
1931.
1929.
Quar. End. Mar. 311932.
1930.
$1,623,115 $2,786,716 $3,467,406 I2.454,255
Gross earnings
1,636,619
968,736
2,197,707
1,367,617
Oper.& gen.exp.& taxes
Inc. from operation
Other income credits.. _ _
$654,378 $1,150,097 $1,269,699 $1,086,6.38
18,427
24.564
88,744
70,230
Total income
Int., amort. & Fed. tax_
Depreciation & deplet_ _
Prop.retired & aban_ _ _ _
$678,942 $1,168,525 $1,358,443 $1,156,868
391,305
232,142
180,825
2,71.510
408,583
548,517
603,053
560,209
69,387
$20,146
$228,704
$523,249
$345,148
Net income
Shs. corn. stk. outstand.
1,098,618
1.098,618
x249.686
x249,686
(par $25)
Nil
$0.08
$1.55
$0.84
Earns. per sh.on com
x Par $100.
rarLast complete annual report in Financial Chronicle Feb. 27 '32, p. 1590
$2,954,997
19,141
Houston Pipe Line Co.
1932.
1931.
$794,318 $1,342,639
447,721
670,603
$50,234
$70,355 $2,742,840 $2,974,139
8,200
1,072,137
970,793
3 Months Ended Mar. 31Gross income
Operating & general expenses, including taxes
Balance
$50,234
Int. (Eastern Texas Elec. Co., Del.)
$62,155 $1,670,703 $2,003,345
61,680
16,741
Income from operations
Other income
$346,597
29,292
$672,036
13,186
Total income
Depreciation & depletion
$376,889
223,639
$685,222
298,703
$152,250
$386.520
Balance
Int. & amortiz. (public)_
Balance
Reserve for retirements (accrued)
$1,653,961
458,000
Balance
Dividends on preferred stock
$1,195,961 31,489,664
552,553
567.014
$1,941,661
452,000
Bal. for corn. stk., divs. & surplus
$937,110
$628,947
x Principally interest on funds for construction purposes.
WLast complete annual report in Financial Chronicle Feb. 6 '32, p. 1022
Hackensack Water Co.
(And Subsidiaries)
Quarter Ended March 311932.
Gross earnings
$912,498
Expenses,taxes and depreciation. &c_
548,095
Balance
Other income
•
Total income
Bond interest
Other interest amortization,&c
1930.
$919,801
533.701
$364,403
5,759
1
1931.
$912,583
544,344
$368,239
5,090
$386,100
5,873
$370,162
160,432{
$373,329
97,500
23,016
$391,973
- 97,500
41,370
Net profit
$209,728
$252,813
$253,103
'Last complete annual report in Financial Chronicle Mar. 5 '32, p. 1760
.(M. A.) Hanna Co.
1932.
1931.
Quar. End. Mar.31$248,059
Operating profit
$489,136
68,250
73,500
Interest
47.530
79,009
Deprec. and depletion_ Federal taxes
1930.
$536.645
78,750
72,504
4,172
1929.
$731,725
152,820
192,653
4,513
Hershey Chocolate Corp.
(And Affiliated Companies)
1929.
1931.
1930.
1932.
Quar. End. Mar, 31Sales$9,682,231 $11,450,059 $11,180,223
8,051,084
7,864,825
Not
1 5,892.320
x Cost of goods sold_ __I676,873
637,676
available
583,305
Expenses
Operating profit
Other income
$2,095,721 $3,206,706 32,761,299 $2,638,525
113,114
155.080
39.068
55,913
Total income
Cash discount,&c
Federal taxes
$2,151.634 $3,245,774 $2,874,413 $2,793,605
219,582
267,426
210,854
170,522
308,883
364,190
286,769
237.733
Net income__ ______ $1,743,379 $2,670,730 32,320,218 $2,265,140
121,201
156.431
Prior pref. dividends...
y293,480
643,574
350,000
y270,971
Cony. pref. dividends___
847,766
883.150
1,091.293
Common dividends
$707,677 $1758,709
$381,115 $1,494,100
Surplus
678,213
650.000
706.520
727.529
Shs.com.stk.out.(no par)
$2.29
$2.57
$2.95
$1.65
Earnings per share
adjustment of inventory fluctuations. y Does not
x Includes reserve for
incl. extra div. of 31 per share payable in Feb. from previous fiscal years'
earnings.
tarLast complete annual report in Financial Chronicle Mar. 12 '32, p. 1966
Hazel Atlas Glass Co.
(And Subsidiaries)
Mar.26 '32. Mar.28 '31. Mar.29 '30. Mar. 3029.
Quarters Ended$935,428 $1,248,917
$1,124,688 $1,099,663
Gross income
324.469
261,819
225.851
215,298
Repairs & maintenance_
441,643
527,197
442,900
555,677
taxes,depr.,&c_
Prov.lor
18,677
9,948
9.917
25.822
Interest
$464,127
$220,760
$336,698
$327.892
416,348(3%)325,856(3%)299,908(3%)298,221
$165.906
$10.842 def$79,148
Balance,surplus
der$88,456
Shares capital stock out396,478
393,928
434.473
434.474
standing (par $25)--$1.17
$0.55
$0.77
Earnings per share
$0.75
-Full provision has been made for Federal taxes, but the above
Note.
figures are subject to change after annual audit.
rarLast complete annual report in Financial Chronicle Feb. 27 '32, p. 1589
Hudson Motor Car Co.
1929.
1930.
1931.
1932.
3 Mos.End. Mar.31Net inc. after deprec.,
•
Fed. tax provision and
loss$1,245,913
$226,395 $2,316,945 $4,567,783
all charges
Shares capital stock out1,596,660
1,596,660
1,596,660
1,596,660
standing (no par)_ _
$2.86
$1.46
$0.14
Nil
Earnings per share
report in Financial Chronicle March 2'32, p. 1772
WLast complete annual
and Feb. 27 '32, p. 1590.
Illinois Bell Telephone Co.
Earnings for Three Months Ended March 311932.
$21,752,200
Total revenues
17,924,478
Total expenses, including taxes
802,880
Interest
$3,024,842
3,000,000
Net income
Dividends
$24,842
Surplus
tgrLast complete annual report in Financial Chronicle Feb. 13 '32, p. 1194
$132,289
$336,627
$381,219
$381,739
Net income
Earns. per sh. on 1,016,$0.13
Nil
$0.09
$0.13
(no par)
961 shs.com.stk.
Last complete annual report in Financial Chronicle Mar. 5 '32, p. 1771
Net profit
Dividends paid
Net income
Illinois Northern Utilities Co.
Period End. Mar.31--1932-3 Mos.-1931. -1932-12 Mos.-1931
$926,706
$966.237 $3,703.764 $3,854,644
Grossearnings
Bal. after taxes & chg.s.
397,908
398.624
but before depreciation
1,471,333
1,438,951
larLast complete annual report in Financial Chronicle Feb. 27 '32, p. 1578
Illinois Water Service Co.
12 Months EndedOperating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
Net earnings from operations
Other income
Feb. 29 '32. Feb. 28 '31.
$662,566
$667,898
235,241
262,675
42,721
43,492
36,203
50,753
$348,402
1,941
$310,979
936
Gross corporate income
$350,342
$311,915
Interest on funded debt
157,201
150,592
10"'Last complete annual report in Financial Chronicle April 16'32, p. 2905
International Printing Ink Corp.
(And Subsidiaries)
Earnings for 3 Months Ended March 31, 1932
Sales (net)
Costs,expenses & depreciation
$2,568.689
2,523,035
Operating profit
Other income (net)
$45,654
3,374
Total income
Federal taxes
Foreign exchange adjustments
$49,028
5,000
1,866
Net profits
Preferred dividend
$42,162
91,573
Deficit
$49,411
"Last complete annual report in Financial Chronicle Apr. 23 '32, p. 3106
International Silver Co.
(And Subsidiaries)
Quarter End. Mar.311931,
1932.
1929.
1930.
Net income after deprec.
int. and Federal tax_loss$461,808 loss$148,847
$268.819
$168,148
Earns.per sh.on corn.stk
$1.79
Nil
Nil
$0.69
n"Last complete annual report in Financial Chronicle Mar. 12 '32, p. 1967
Kelsey-Hayes Wheel Corp.
Earnings for 3 Months Ended March 31 1932.
$127.914
Net loss before deprec. & interest
656,532
Net loss after provision for deprec.& interest
-Last complete annual report in Financial Chronicle Mar. 26 '32, p. 2352
129
Financial Chronicle
Volume 134
3439
Key West Electric Co.
Mexico Tramways Co.
-Month of March- -12 Mos. End. Mar. 311932.
1931.
1932.
1931.
$221,258
$18,094
$204,152
$15,998
92,235
6,739
83.680
6,459
16,920
19,030
2,271
1,008
1.620
20,137
18,818
1,869
Gross earnings
Operation
Maintenance
Taxes
Net operating revenue
Interest and amortizat'n
$5,397
2,259
$8.726
2,302
$82,622
27.699
$91.964
28,143
Balance
$3,138
Reserve for retirements (accrued)
$6,424
$54.923
5,000
563.821
22,500
$49,923
24,500
$41,321
24.500
Balance
Dividends on preferred stock
Balance for common stock dividends & surplus_
$16.821
$25,423
During the last 25 years the company has expended for maintenance a
total of 9.25% of the entire gross earnings over this period, and in addition
during this period has set aside for reserves or retained as surplus a total of
15.81% of these gross earnings.
10 Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1022
-
$3,421,278
1,037,136
Net income
$2,384,142
Earnings per share on 1,930.065 abs. cap.stock (no Par)
$1.23
Including company's proportion of undistributed earnings and losses of
subsidiaries, whose stock is either owned or controlled, the consolidated
net income for 12 months ended March 31 1932, was $1,811,178, equal to 94
cents a share.
arEast complete annual report in Financial Chronicle Feb. 20 '32, p. 1384
Lessings, Inc.
Quarters Ended March 31
Sales
Cost of sales, oper. & general expenses
Milwaukee Electric Ry. & Light Co.
(And Subsidiaries)
12 Mos. End. Mar. 31 1932.
1931.
1930.
1929.
Operating revenues
$28.472,521 530.484,554 131.688,406 $30,212,560
Operating expenses
13,540,857 14,084,812 14,873,650 14,292.462
Maintenance
2.393.417 2,701.990 3,023,564 2.736,001
Taxes
3,910,500 3.923,997 3,616,985 3,197,228
Net oper. revenues
58,627.747 $9,773,754 510,174,207 59,986,869
Non-operating revenues_
412.912
359,065
306,771
268,142
Balance
52,848,369 54,398.534 $5,310,489 S5,013.907
Preferred dividends__ _- 1,443,619
1.459.404 1,318,358
1.284,178
Bailor com.divs.dr sur 51,404,751 52,939,130 $3,992,132 53.729.729
larLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1766
Mississippi Power & Light Co.
(Electric Power & Light Corp. Subsidiary)
-Month of March--12Mos.End.Mar.311931.
1932.
1931.
1932.
$381,828 55,008.202 55.059.010
Operating revenues
$401,123
255.500 3,090.628 3,331,925
Oper. exp., incl. taxes
247,326
Net rev,from oper_ -Other income
5153,797
6,455
5126.328 $1,917.574 51,727,085
219,605
114,366
12,149
Gross corporate inc.__
Int. on long-term debt-Other int. & deductions-
8160.252
68,531
9,888
$138,477 52,031.940 51,946,690
690,071
839.048
68,142
252,578
126,131
11,443
529,417
4,704
Balances
$81,833
Dividends on preferred stock
$58,892 $1.066.761 51,004,041
355,820
406,094
$24,712
10,030
Balance
Dividends on 2d preferred stock
5660.667
210,000
5648,221
210,000
Balance
Retirement(deprec.)reserve appropriation
3450.667
125.205
$438,221
151.760
1932.
$114,552
100.088
1931.
$132,587
110,490
1930.
$171,492
142,453
Profitfrom operations
Other income
$14,464
1,070
$22,097
1,540
$29.039
377
Total income
Provision for Federal & State taxes_
$15.534
2.496
523.637
3.886
Net income
Dividends paid
513.038
11.243
$19,751
11,701
Balance
$14,682
$1.795
58,050
Earnings per share
$0.59
$0.40
$0.74
Financial Chronicle April 2 '32, p. 2536
larLast complete annual report in
Liquid Carbonic Corp.
1932.
12 Months Ended March 311931.
Net profits after all charges & Fed. taxes
5896,099 51.180,888
$2.61
$3.44
Earnings Per sh.00 342,406 shs. cap. stk
12 Last complete annual report in Financial Chronicle Nov. 28 '31, p. 3637
ir
Louisiana Power & Light Co.
(Electric Power & Light Corp. Subsidiary)
-Month of March- -12 Mos. End. Mar. 311932.
1931.
1932.
1931.
Operating revenues
5474.960 55.973,412 56,265,862
5416,806
Oper. exps. incl. taxes_ 224,847
227,292 3,022.089 3,218,127
Net revenue from oper $191,959
$247,668 $2,951,323 $33,047,735
Other income
69.919
86,969
3,633
4,797
Gross corporate Inc_Int. on long-term debt-Other int. & deductions_
Net earnings_Dr
175.210
86.180
454.660
325,370
M-Last complete annual report in Financial Chronicle July 4 '31, p. 115
Gross income
19,040.660 510,132.820 510,480.978 510.255,012
Interest charges.net.... 3,339,445 2.796.878 2.367,066 2,337,899
_
Approp.for deprec.res.. 2,852,845 2,937,408 2,803,422 2,903,205
Lehigh Coal & Navigation Co.
Earnings for 12 Months Ended March 31 1932.
Income before interest
Interest
(And Subsidiaries)
-Month of March- -3 Mos. End. Mar. 311932.
1931.
1932.
1931.
(Mexican currency)- Pesos.
Pesos.
Pesos.
Pesos.
Gross earnings
736,550
804,330 2,165,890 2,269,230
Operating expenses
911,760
890.510 2,620,550
2,594.600
$196,756
73,057
4,433
$251,301 53,021,242 53,134.704
696,390
877.191
66,250
5,888
44,574
129,157
Balance x
$119,266
Dividends on preferred stock
Balance
5325,462
$286.461
xBefore dividends and retirement (depreciation) reserve appropriation.
I3eLast complete annual report in Financial Chronicle Mar. 19'39, p.9146
Mississippi River Power Co.
(And Subsidiaries)
12 Mos. End. Mar. 31 1932.
1931.
1930.
1929.
Operating revenue
$3,547,012 $3.
448• 38 53,741,042 53,822,308
7
Operating expenses
408.388
352,710
324,061
307,121
Maintenance
39,567
47,223
51,523
49.850
Taxes
438,728
392.713
381.541
350.876
Net operating revs_ _ _ 52,660,329 $2,656,092 53,023,918 53,114,462
Non-oper. revenues_ 368.983
335,707
325.794
252,033
Gross income
$3,029,312 $2,991,799 $3,349,711 53.366.495
Interest charges, net_ _ _ 1.071,571
1,079.210
1,089,680
1.125.097
Approp. for deprec. res.
260,000
260,000
260.000
260,000
Balance
51,697,741 $1,652,589 $2,000,031 51.981,398
Preferred dividends....
494,069
494.069
494,069
494,069
Bal.for com.divs.& sur $1,203,672 $1,158,521 $1,505,963 $1,487,330
tgrLast complete annual report in Financial Chronicle Feb. 6 '32, p. 1023
$179,163 $2,099,477 52,309.157
354,952
352,500
Balance
Dividends on second pref.stock
$1,744,525 $1,956,657
180.000
187.500
Balance
Retirement (deprec.) reserve appropriation
51.564.525 51,769.157
305.200
452.622
Balance
$1.259,325 $1,316,535
x Before dividends and retirement (depreciation) reserve appropriation.
Mack Trucks, Inc.
3 Mos End. Mar. 31- 1932.
1931.
1930.
1929.
Net profits after deprec.,
maint., repairs & est.
Federal taxes
loss$313,071 loss5178,737
$490.709 $1,429,587
She. corn. stk. outstanding (no par)
788.062
771,820
763.320
755.625
Earnings per share
Nil
Nil
30.61
$1.89
reLast complete annual report in Financial Chronicle Feb. 27 '32, p. 1593
Memphis Power & Light Co.
(National Power & Light Co. Subsidiary)
-Month of March- -12 Mos. End. Mar.311932.
1931.
1932.
1931.
Operating revenues
$634,283
$629,721 56.790,343 56,917.098
Oper. exps. Incl. taxes-377,196
376.853 3.926.499
4,095.559
Net revs,from oper--- 5257,087
5252,868 52.863,844 52,821,539
Other income
2,599
83,004
15,986
224,587
Gross corporate inc.-- $259.686
$268.854 52.946,848 53.046,126
Int. on long-term debt_ 61.448
61.448
737,375
753.909
Other int. & deductions12.820
9,664
147.641
80,474
Balance x
$185,418
5197,742 52.061,832 52.211.743
Dividends on pref.stock
398,070
369,992
Balance
51.663.762 51,841,751
Retirement (deprec.) reserve appropriation
693,427
659,247
Balance
x Before dividends and retirement (depreciation) reserve ipp!:W82 a.
appropriation.
iatiV4
'Last complete annual report in Financial Chronicle July 25 '31, p. 641
Mexican Light 8c Power Co.
(And Subsidiaries)
-Month of March- -3 Mos. End. Mar. 311932.
1931.
1932.
1931.
Pesos,
Pesos.
Pesos.
(Mexican currency)- Pesos.
2,110,020 2,027.480 6,427,410 8.281,210
Gross earnings
1,325,230
1,104,860 3.858,130 3,216,190
Operating expenses
922,620 2,569,280 3,065,020
784,790
Net earnings
OrLast complete annualreport in Financial Chronicle July 4 11, p. 115
Monsanto Chemical Works.
Quarter Ended March 311932.
1931.
1930.
Net prf. after charges & Federal taxes $275,859
$255,378
$293,170
Shs.common stock outstand.(no par)
429,000
429,000
404,254
Earnings per share
$0.64
$00.72
$0.59
The detailed consolidated income account for the quarter ended March
31 1932, follows: Gross profit $1,029,388; expenses. $345,347; operating
profit, $684,041; depreciation. $230,480; research expense, $96,269: other
deductions (net) $26,084; Federal taxes, $55,349; net profit, $275,859;
dividends,5133,314;surplus,$142,545.
tgrLast complete annual report in Financial Chronicle Mar. 23 '32, p. 2354
Mullins Manufacturing Corp.
Quer. End. Mar. 31Gross profit
Expenses
1932.
5150,416
126,214
1931.
5154.624
132,328
1930.
576,782
112,907
1929.
$296.187
139,497
Operating profit
Other income
$24,202
1,608
322.296 loss$36.125
6,609
7,405
156,690
26,724
Total profit
Interest &c
Federal taxes
525.810
9,187
529.701 loss$29,516
$183,414
Net profit
Preferred dividends_
516,623
329,701 loss429,516
52.500
50,356
5164.256
52.500
19,158
Deficit
$82,016 sur$111.756
$20,655
sur$16,623
rLast complete annual report in Financial Chronicle Feb. 27 '32, p. 1594
National Air Transport, Inc.
Quarter End. Mar.31- 1932.
Operating revenues
$701,846
Costs and expenses
728,947
1931.
$716.958
613,798
1930.
5578,010
448.188
1929.
$548,783
448,115
Operating profit
Other inc. & adjust
loss$27,101
20,351
$103,160
27.990
5129,822
13,174
1100.868
19.958
10848.750
$131.150
13.571
1142,996
15,728
$120.626
Total income
Federal taxes
Net profit
8127.268
8117,579
10846.750
5120.626
Earns,per sh. on 650,000
she. corn.stk.(no par)
Nil
$0.19
$00.18
$0.18
x No Provision made for taxes In 1929 quarter as profits were applied to
previous losses.
National Distillers Products Corp.
Quar. End, Mar. 311932.
1931.
1930.
1929.
Operating profit
4248,955 4433,539 $:355.576
$319,663
Interest
21,126
17,365
55.547
36.458
Depreelarion
See x
31,837
Subs. pref. dividends...114,609
114,622
Minority interest
4.356
Profit before Fed.taxes $223,473
$204.496
$301.565
5232.279
x Includes depreciation,
larLast complete annual report in Financial Chronicle Feb. 13 '32, p. 1208
May 7 1932
Financial Chronicle
3440
National Electric Power Co.
(And Subsidiaries)
1932-12 Mos.-1931.
Period End. Mar.31- 1932-3 Mos.-1931
Gross earnings of subs_ 416,382,566 $15,846,531 $65,924,003 $59,740,105
for retire. & stock
Net
owned by National
ElectricPower Co_ _ _ _ 1.647,975 2,391,469 7,317,064 8,213,991
Interest & other deductions of National Elec560,303
990,797
116,252
329,792
tric Power Co
Net for retirement &
stocks of National
$1,318,183 $2,275,216 $6,326,267 $7,653,688
ElectricPower Co_
rarLast complete annual report in Financial Chronicle Apr. 9 '32, p. 2719
Newport Industries, Inc.
(And Subsidiaries)
3 Months EndedNet loss after deprec., int. & other charges
Idle plant expenses
Mar.31 '32. Dec.31 '31.
$123,706
$56.541
25,528
31,129
New York Water Service Corp.
(And Subsidiary, Rochester & Lake Ontario Water Service Corp.)
Feb. 29 '32. Feb. 28 '31.
12 Months Ended$2,822,509 $2,781,412
Operating revenues
833,339
749,171
Operation expense
85,462
100,877
Maintenance
244,468
261,326
Taxes (excluding Federal income tax)
$1,711,136 $1,618,142
Net earnings from operations
70,592
51,427
Other income
$1,762,563 $1,688,734
Gross corporate income
710,608
792,851
Interest on mortgage debt
-The common stocks of Western New York Water Co., South
Note.
Cortlandt-Harmon Water Service
Bay Consolidated Water Co., Inc.. and
Corp. are show as investments by the New York Water Service Corp.,
and the earnings of these companies are not included above.
rLast complete annual report in Financial Chronicle April 30'32, p.3272
Niagara Falls Power Co.
(And Subsidiary Companies)
Period Ended Mardi 31-1932-3 Mos.-1931. -1932-12 Mos.-1931.
$2,442,949 $3,507,001 311,658,956 $13,049.292
Operating revenue
666,665 2,226.388 2,791,822
415,093
Operating expenses
693,813
520,736
155,348
101,862
Retirement expense--- 561,043 2,155,345 2,064,619
592.118
Taxes
$1.333,876 $2,123,945 $6,756,487 37,499,038
Operating income
365,411
360,250
103,290
24,701
Non-oper. income (net)..
$2,227,235 $7,116,737 $7.864,449
$1,358,577
Gross income
1,953,115
485.787 1,836.990
Int. on funded debt---389,136
840,642 1,209,287
289,895
86,428
Miscell. deductions
Net corporate income- $883,013 $1,451,554 $4,439.105 $4,702,047
tarLast complete annual report in Financial Chronicle May 7 '32, p. 9458.
Norwalk Tire & Rubber Co.
1930.
1931.
1932.
6 Months Ended March 31$57,309
$94.814
$156,448
Gross profit on sales
106,342
64.984
82,484
Expenses
$29,830 1°88349,033
$73,964
Operating profit
6,478
4,094
4,747
Other income
$33,924 1°08342,555
25,481
25,109
7,841
6.056
$78,711
25,396
14,166
Total income
Depreciation
Other deductions
$2,759 1°3475.877
$39,149
Net profit
2 "Last complete annual report in Financial Chronicle Nov. 21 '31, p. 9472
Nov. 14 '31, p. 3266.
and
North
Coast Transportation Co.
--Month of March- 12 Mos.End.
Mar. 31 '32.
1931
1932
3163,912 $1,852,817
$109.940
Gross earnings
$94,706 $1,147,534
285,367
25.293
109,053
8,783
$75,630
20,236
8,373
Operation
Maintenance
Taxes
$5,700
9.037
$35,128
9,261
$310,861
250
*$3,337
4,075
$25,866
3.900
3311,111
109,689
$7,412
Balance
Interest (Puget Sound Power & Light Co.)
$21,966
$201,421
44,700
Net operating revenue
Income from other sources
Balance
Interest (public)
$156,721
244,203
Balance
Reserves for retirements (accrued)
*$87,481
Balance for pref. and common stock dividends and surplus- _
* Deficit.
Traction Co.
The company on June 1 1930 purchased Pacific Northwest
and Puget Sound International Railway & Power Co. Twelve months'
operations for year ended March 31 1931 are not comparable and therefore
will not be snown until May 1932.
Ohio Water Service Co.
12 Months EndedOperating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
Feb. 29 '32. Feb. 28 '31.
$628,141
2522,297
187,679
154,471
24,131
23,311
66,586
78,304
Net earningsfrom operations
Other income
$266,211
20,477
$347,745
22,629
$370,374
$286,689
Gross corporate Income
175,018
190,828
Interest on funded debt
Chronicle April 16'32, p.2908
re'Last complete annual report in Financial
Profit from operations
Other income
Total profit
Interest on funded debt &amortization of discount & expenses_ Provision for deprec. offixed assets in excess of regular prov
$191,352
188,319
tgal
$99,366
62.007
1,329
$36,029
Net profit
Last complete annual report in Financial Chronicle April 21 '32, p.2541
and March 26'32, p. 2357.
(And Subsidiaries.)
1932.
Quarter Ended March 31inter-co. St
Gross oper. inc. (excl. all
inter-dent.sales & gasoline sales tax) $412,870
6230,728
Cost of goods sold
164,017
Direct operating costs
Net income from sales
General expenses
Ad valorem taxes (note)
Lease rentals
Intangible development costs
Depreciation
Depletion
Amort. of undeveloped leases
Loss on inventories due to decline in
Price
1931.
$93,074
71,088
9,979
1,965
2,147
52.911
24,033
34,744
See x
$122,612
4,213
$287,936
87,679
11,937
5,241
20,152
,
103,957
56,737
25,891
18,819
$131,820
1°6313,440
Net operating loss
Non-operating income
1930.
$697,003 $1,232,781
678.420
357,214
266,425
246,714
$18,127
41,806
8,181
410
12,296
52,730
25,108
9,414
$145,260
Total loss
2,916
Int., discount & other charges
Profit applicable to minority interests_
$23,657
77.991
$118,399 prof354,334
16,463
8,158
644
$126,557 prof$37,226
Net loss accrued to corporation_._ $148,175
iarLast complete annual report in Financial Chronicle Apr. 9 '32, p. 2736
Pennsylvania Power & Light Co.
(Lehigh Power Securities Corp. Subsidiary)
-Month of March- 12 Mos. End. Mardi 31
1932.
1931.
1931.
1932.
$2,898,044 $2,916,349 $34,812,809 $332.104,518
Operating revenues
1,574,539 16,726,527 16,172,093
Oper. exp., incl. taxes-- 1,547,513
Net rev,from oper- $1,350,531 $1,341,810 $18,086,282 $15,932,425
601,582
540,582
27,324
46,005
Other income
Gross corporate inc--- $1,396,536 $1,369,134 $18,626,864 $16,534,007
523,622 6,098,192 5,470,527
504,158
Int. on long term debt.413,842
238,627
56,394
16,993
Other int. & deductions$875,385
Balance*
Dividends on preferred stock
$789,118 $12,290,045 $10,649,638
3,813,902 3,493,943
Balance
Retirement(depreciation) reserve appropriation
38.476.143 87,155.695
1,500,000
1,500,000
36,976,143 35,655,695
Balance
* Before dividends and retirement (depreciation) reserve appropriation.
This is a statement of earnings (from dates of acquisition only) of properties owned and operated by the Pennsylvania Power & Light Co. and
does not include any operating earnings of controlled companies. Income
received from controlled companies is included in other income of Pennsylvania Power & Light Co.
Pennsylvania Water & Power Co.
Earnings for Three Months Ended Mardi 31, 1932.
$1,208,873
Gross Income
Net revenue after expenses, maint., renewals. & replace. exp.
782,116
& taxes
265,475
Interest charges
$516,641
Net income
322,386
Dividends paid
$194,255
Surplus
$1.20
Earns, per sh. on 429,848 ohs. cap.stk. outstand.(no par)Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1015
I'
Philadelphia & West Chester Traction Co.
1932.
$228,781
165,705
30,395
1931.
$269.402
198,779
32,094
$32,680
317,215
55,519
Quar. End. Mar. 31Railway operating revenue
Operating expenses & taxes
Depreciation & amortization
$38,528
14,352
55,519
Net operating income
Non-operating income
Interest, rents, &c
$2,639
35,623
Net loss
Co.
x Includes 33,000 dividend received from Aronimink Transportation
Co., bus subsidiary of Philadelphia & West
Aronimink Transportation
31
Chester Traction Co.. Income statement for first quarter ended Marchde1932 shows balance after dividends $7,048, against $10,705 in 1931,
crease of $3,656.
Pierce Oil Corp.
1932.
3 Months Ended March 31Dividends received
Interest received
$54
1931.
$110,342
387
3110,729
$54
Total income
"Last complete annual report in Financial Chronicle April 23'32, p. 3110
a
Pierce Petroleum Corp.
1931.
$163.597
18,173
3 Months Ended March 31Total income
Expenses & franchise tax
1932.
$1,139
14,280
Net loss
Dividends
$13,141prof$145,424
250,000
$13,141
Deficit
Earns, per share on 2,500,000 shares capital stock
Nil
(no par)
ra"Last complete annual report in Financial Chronicle April 29
$104,576
$0.06
p.8110
Pittsburgh Suburban Water Service Co.
12 Months EndedOperating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
Net earnings from operations
Other income
Pathe Exchange, Inc.
(And Subsidiary Companies)
Earnings for 13 Weeks Ended April 2 1932.
Gross sales & rentals
Cost ofsales & rentals & selling & general administrative exps_ --
Panhandle Producing & Refining Co.
Feb. 29 '32. Feb. 28 '31.
$342,500
$335.739
124,257
117.063
22,542
15,227
7.570
9,367
$194,082
682
$188,131
838
$188,969
$194,764
Gross corporate income
87.364
92,954
Interest on funded debt
"Last complete annual report in Financial Chronicle Apr. 16 '32, p. 2908
Poor 8c Co.
(And Subsidiaries)
1930.
1931.
1932.
Quarters Ended March 31$629.135
Net profit after charges and taxes___Ioss394.028 63211,204
of the shares to 40 cents
x Equivalent under the participating provisions
a share on the combined 160.000 no par shares of class A and 362,843 no
par shares of class B stock. This compares with 50 cents a share on class A
and $1.51 a share on class B stock in first quarter of 1930.
IZ'Last complete annual report in Financial Chronicle Mar. 12 '92, p. 1973
Radio Corporation of America.
Ponce Electric Co.
-Month of March- -12 Mos.End. Mar.311931.
1932.
1931.
1932.
2409,229
2323.196
233,357
$32,966
Gross earnings
$179,263
$130,671
215,398
$13,294
Operation
21,650
20,356
1,486
1,635
Maintenance
40.616
35,956
3,366
3,508
Taxes
2167,699
$136,210
$13,105
214,527
Net operating revenues
914
1,036
76
61
Interest charges
$166,784
2135,174
213,028
$14,465
Balance
40,000
40,000
Reserve for retirements (accrued)
$126,784
295,174
Balance
26,545
26,274
Dividends on preferred stock
2100,238
$68,899
Balance for common stock dividends and surplus predecessor companies
During the last 30 years, the company and its the entire gross earnings
of
have expended for maintenance a total of 7.76% period have set aside for
over this period, and in addition during this of these gross earnings.
a total of 10.32%
reserves or retained as surplus
Chronicle Feb. 6 '32, p. 1023
OrLast complete annual report in Financial
(And Subsidiaries)
1931.
1932.
3 Months Ended March 31520,322.408 $24,562,683
Gross income from operations
280,689
262,815
Other income
520.585.223 224,843,372
income from all sources
Total
Cost of sales, gen. oper., develop., sell. & adm.exp_ 18,334.904 20,821,011
354,874
329,015
Interest
1,875,967
1.218.080
Depreciation
125.000
150,000
Amortization of patents
100,000
50.000
Provision for Federal income taxes
2503.224 $1,566,520
Net income
343,500
343,019
Preferred A dividends
959.372
Preferred B dividends
2263.648
$160,204
Surplus for period
11,327,789 30.010.538
Surplus at Dec. 31
211,487,994 $30,274,186
Surplus at March 31
Nil
$0.02
Earnings per share on common stock
Chronicle Mar. 19 '32, p. 2138
1ZPLast complete annual report in Financial
Puget Sound Power & Light Co.
Gross earnings
Operation
Maintenance
Taxes
3441
Financial Chronicle
Volume 134
(And Subsidiary Companies)
-Month of March- -12 Mos.End. Mar.311931.
1932.
1931.
1932.
$1,151,206 21,304,071 215,295,162 216,740,659
2561,563 $6,205,853 27,246,552
$468,159
1,092,116
852,223
86,078
64,271
893,304
1.013,110
85.599
81,095
Net operating revenue
Inc. from other sources-
$537.679
106.727
$570,829 27,223,975 $7,508,685
768,534
1,198.406
80,039
Balance
Interest and amortiz
2644,407
341.299
2650,869 28,422.381 28,277,220
4,118,298 3.713,566
317,341
$333.528 $4,304,083 24,563,654
1,313,998
1,295,453
2303,108
Balance
Reserve for retirements (accrued)
$3,008,630 $3,249,655
Balance
2.138,848 2,508,996
Dividends on preferred stock
$740,659
$869,782
Balance for common stock, dividends and surp-its predecessor companies
During the last 32 years, the company and of the entire gross earna total of 10.12%
have expended for maintenance
period have set aside for
ings over this period, and in addition during thisof these gross earnings.
reserves or retained as surplus a total of 7.10%
Feb. 6 '32, p. 1023
10 Last complete annual report in Financial Chronicle
(The) Pullman Company.
Operations.)
(Revenues and Expenses of Car and Auxiliary
-Month of March- 3 Mos. Ended March 31
1931.
1932.
1931.
1932.
Sleeping Car Operations
$4,820,272 $10,441,113 $14.741.695
$3,267,309
Berth revenue
1,848,138
1,353,214
594,070
430.664
Seat revenue
374,157
240,272
105,926
68,369
Charter of cars
5,000
1.846
1,852
135
Miscellaneous revenue
440,621
652.684
47,808
227.353
Car mileage revenue_
589.661
313,825
167,897
188,239
-Dr
Contract revenue
23,805,592 55.402.032 $12.375,305 $16,819,955
Total revenues
5,843,638 7,365,526
2.449,977
Maintenance of cars_ --- 2,027,167
114,802
106,804
37.346
34,185
All other maintenance
_ _ _ _ 1.769,399 2,125,689 5,586.028 7,473.542
Conducting car oper
840,621
738,818
281.213
247,282
General expenses
24,078,034 24,894,226 $12,275,290 $15,794,493
Total expenses
3100,015 51.025,462
$507,806
def.) loss$272,441
Net revenue (or
Auxiliary Operations
5.337,189
$247,362
8119.561
$83,986
Total revenues
283,686
211.691
93,747
71,561
Total expenses
$12,424
$533,619
260,292
$35,671
$25,813
Total net rev. (or def.)_loss$260,016
171.217
Taxes accrued
Oper. Inc. (or loss) loss$431,234
Not revenue
$53,502
8135.686 $1,078,964
697.600
574.395
$273,327 loss$438,709
$381,363
Pullman, Inc.
(And Subsidiaries)
1929.
1930.
1931.
1932.
Quar. End. Mar. 31.
after expenses
Earnings
$7,790,280 $6,514,526
and Federal taxes____22,320,202 $3,938,671
3.359.148 3.267.420 2,875.741
Deproc. and charges_ __ - 3,198,371
$579,523 $4,522,860 53,638.785
loes$878,169
Net income
Shares capital stock--- - 3,875,000 3,875,000 3,375,000 3,375,000
$1.08
' $1.34
$0.15
Nil
Earnings per share
larLast complete annual report in Financial Chronicle Mar. 26 '32, p. 2327
Purity Bakeries Corp.
(And Subsidiaries)
Apr. 23'32. Apr. 18'31. Apr. 19'30. Apr.20'29.
16 Weeks EndedNet profit after int- de$630,995 $1.248,544 $1,372,252
prec. and Federal tax_ 8118,593
Shares common stock
804,042
805,061
805,044
805,045
g (no par)..
outstandin
$1.70
21.55
$0.78
20.15
Earnings per share
report in Financial Chronicle Jan. 30 '32, p. 840
a''Last complete annual
Reo Motor Car Co.
1929.
1930.
1931.
1932.
Quar. End. Mar. 31$2,098,824 54,626,175 89.134,321 212,949,389
Sales
4
,967,610 9.061,770f 9.846,427
2.692,550{
Cost ofsales,&c
1 2,188,444
Expenses. &c
272,551
2914.517
dof$593,726 def$341,435
Operating profit
142,321
162,057
147,327
67,379
Other income
def$526.347 def$194,108
226,724
226.930
Total profit
Depreciation
Federal taxes
$234,608 $1,056.838
410,044
446,027
73,297
2175,436 Ill'2537,514
2420,832
$753,277
Net loss
"Last complete annual report in Financial Chronicle Apr. 23 '32, p. 3110
Revere Copper & Brass, Inc.
Quarters Ended March 31Operating profit
Depreciation
Interest
Federal taxes
Cash discount on sales, int. paid. &c..
1932.
575.019
297.768
137.537
1931.
$372,890
297,432
140.961
15,314
19,691
1930.
$807.403
282,611
148,890
43,500
13,244
$85,094 Pf$319.158
8375,600
Net loss
Earnings per share on 251.022 shares
Nil
$0.57
Nil
par)
class A stock (no
p. 2368
Last complete annual report in Financial Chronicle Mar. 26
Railway Express Agency, Inc.
-Month of February- -2 Mos. End. Feb. 291931.
1932.
1931.
1932.
Revenues & Income
for transport'n_211,635,943 214.829,579 522.923,853 $29,719.310
Charges
514,168
460,696
239,719
226,547
Other rev. & income_ ___
_211,862,490 $15.069,298 223.384,550 $30.233,478
Total rev. & income_
Deductionsfrom Revenues & Income
$7,228,108 $9,138,915 515.172.947 818.459,927
Operating expenses
247,672
213,642
121,242
106,684
Express taxes
Interest & discount on
290,433
292,464
145',216
146,232
funded debt
5,823
10.761
3,783
3,493
Other deductions
57,484.518 59,409.157 515,689,816 219.003.857
Total deductions
Rail Transportation Revenues
(Payments to rail & other
carriers-express privi$4,377,972 55,660.140 57.694,734 211,229,621
leges)
9 '31, p. 3544
"Last complete annual report in Financial Chronicle May
Rochester & Lake Ontario Water Service Corp.
12 Months Ended Feb. 29Operating revenues
Operation expense
Maintenance
Taxes (excl. Federal income tax)
'
Feb. 29 '32. Feb. 28'31.
$576,511
$549,674
187,795
159.876
21,471
27.289
41,583
48,387
$314.123
265
Net earnings from operations
Other income
$325.662
1,012
$326,674
$314,388
Gross corporate income
125,000
125,000
Interest on funded debt
Chronicle May 7 '32, p. 3459
tarLast complete annual report in Financial
San Diego Consolidated Gas & Electric Co.
Gross earnings
Net earnings
Other income
-Month of March--12.Mos.End.Mar.311931.
1932.
1931.
1932.
$631.078 $7,641,013 $7,413,584
$669,856
3,928.399 3.800.651
317,096
340,950
3,972
5,563
601
721
$317,698 $3.933.962 $3,804,623
Net earn. incl. oth. inc $341,672
3,146,338 3.063,542
Balance after interest
'32, p. 3459
garLast complete annual report in Financial Chronicle May 7
Savannah Electric & Power Co.
-Month of March- 12 Mos. End. March 31
1931.
1932.
1931.
1932.
$172,937 52,032,860 $2,162,252
$161.381
Gross earnings
803,483
683,948
66,168
55,825
Operation
137,890
116.325
10,987
9,071
Maintenance
215,995
214,226
18,369
18,450
Taxes
$77,412 $1,018,359 $1,004,882
$78,033
Net operating revenue
428,727
417,613
36.410
34.000
Interest & amortization5576.155
8600.745
241,002
$44,032
Balance
187,500
37,500
Reserves for retirements (accrued)
$388,655
2563,245
Balance
203,002
208,437
Dividends on preferred and debenture stock
2185,652
2354.808
& surplus_
Balance for common stock dividends
During the last 30 years the company and its predecessor companies
entire gross earnings
have expended for maintenance a total of 8.51% of the
aside for re.
over this period, and in addition during this period have set
earnings.
or retained as surplus a total of 7.78% of these gross
serves
Feb. 6 '32, p. 1024
arEast complete annual report in Financial Chronicle
Schulco Co., Inc.
Quar. End. Mar. 31
Rentals earned
Expenses,&c
1932.
8220.862
113,976
1931.
$220.768
114,601
1930.
$264.097
144,011
1929.
2263,750
139,589
Net Inc. from oper--Other income
$106,885
44,425
2106,167
26,245
8120,087
23,398
$124,161
2.083
$126,243
5143.485
5132.412
$151,311
Totalincome
117.595
115,236
86,310
80,242
Int. accrued on bonds__ _
$8,648
528,249
846.102
$71,069
Net Inc. before taxes_ Chronicle Apr. 30 '32, p. 3292
a"Last complete annual report in Financial
Scranton-Spring Brook Water Service Co.
12 Months EndedOperating revenues
Operation expense
Maintenance
Taxes (excl. Federal income tax)
Contingency reserve
Feb. 29 '32. Feb. 28 '31.
55,149,949 $5,218.275
1.269,791
1,185,770
282,540
259.508
138,039
165,358
170,000
Net earnings from operations
Other income
$3,369,313 $3,527,904
11,863
19,585
23.388,898 $3,539,767
Gross corporate Income
1,500,996
1.599,443
Interest on mortgage debt
p. 3274
"Last complete annual report in Financial Chronicle April SO
Seattle Gas Co.
(Controlled by Central Public Service Corp.)
1932-12 Mos.-1931.
Period End. Mar.31- 1932-3 Mos.-1931.
$575,149 52,225,776 22,458.714
$540,605
Operating revenues
175
88
175
88
Non-operating revenues$575,324 52,225,863 52,458,889
$540,692
Total revenues
1,134.469
1.011,928
260,731
262,910
Operating expenses_ _
100.339
69,439
26,319
18,548
Maintenance
24,134
26.119
5,755
9,111
Uncolloctible accounts_ 216,255
194,695
54,819
51,821
General taxes
3983.691
8923,681
8227,700
$198,302
Net earnings
588,800
Ann.int. req.on fd. debt
Financial Chronicle April 9 '32, p. 2721
'Last complete annual report in
3442
Financial Chronicle
Seaboard Oil Co. of Delaware.
3 Mos.End. Mar.31Gross operating revenue
Share of prod, accruing
to operators of Kettleman Hills absorp.plant
Operating expenses
(And Subsidiaries)
1932.
1931.
$709,650
$564.939
May 7 1932
Southwestern Bell Telephone Co.
1930.
$948,721
1929.
$669,247
82,088
214.621
116,021
253,173
467.682
265,723
Balance
Other income
$412,940
16.864
$195,745
10,764
$481,039
20,668
$403,524
10.097
Total income
Deprec. and depletion
Debenture interest
Intang. develop. costs
$429,804
205,695
$206,509
89.057
$413,621
43,770
64,297
$501,707
41,879
4.316
163,973
Quar. End. Mar. 311932.
1931.
1930.
1929.
Gross income
$18.936,109 $21:014,966 $21,538,352 320.784,469
Net after taxes
3,837,826
5,174,458 5,288,829 5,646.054
riOrEast complete annual report in Financial Chronicle Mar. 12 '32,
p. 1956
96.827
290,849
Standard Cap & Seal Corp.
Quarter Ended March 311932.
1931.
1930.
Net profit after all charge; & taxes__
$156,644
$200,170
Earns. per share on 206,000 shares $148,587
common stock (no par)
$0.72
$0.76
'Last complete annual report in Financial Chronicle Feb. 20 '32, $0.97
p. 1390
Standard Fruit & Steamship Corp.
Net profit
y$180.339
$53.155
$291,539
x$25,945
x Before providing for depreciation y Equivalent to 14 cents a
on 1.244.383 no par capital shares as.against 4 cents a share for theshare
first
quarter of 1931.
farLast complete annual report in Financial Chronicle Mar. 26 '32, p. 2358
(And Subsidiaries)
3 Months End. March 311932.
1931.
Net loss after charges, deprec., & Fed. taxes
373,205prof$302,399
a "Last complete annual report in Financial Chronicle May 7 '32,
p. 3472
Sharp 8z,Dohme, Inc.
Quarter End. Mar.31- 1932.
1931.
1930.
1929.
Operating income
37,193.819 38,563,116 314.140.542 $12,994,343
Other income
248,005
670,214
723,305
946,990
Total income
37,441.824
Deprec., depl. & amort_ 4.321.583 39,233,330 $14,863,847 313.941.333
4,598.720 4,858,623
5,222.256
Federal taxes
190,000
266,000
575,000
460,000
Net profit
32.930.241 $4,368.610 $9,430,224 38,259,077
Shares capital stock outstanding (no par)13.102.900 13,102,900 12.845,980 12,544.098
Earnings per share
$0.22
$0.33
30.73
30.65
MPLast complete annual report in Financial Chronicle May 7
'32, p. 3445
Quarters Ended March 31Gross profit
Expenses
Charges(net)
Depreciation
Federal taxes
1932.
1931.
1930.
31.263,576 31,555,029 $1,585,964
1,024,824
1,164,186
1,223,918
40,483
45,389
28,612
34,612
31,343
26,682
19,639
37,693
33.742
Net profit
Preferred dividends
$144,018
$276,418
$273,010
200,449
200,449
Surplus
def$56,431
375,969
$273,010
Earns. per sh. on 776.627shs.common
stock (no par)
Nil
$0.09
$0.09
rZ'Last complete annual report in Financial Chronicle Mar. 19 '32, p. 2169
(Frank G.) Shattuck Co.
(And Subsidiaries)
Quar. End. Mar. 311932.
1931.
1930.
1929.
Net profit after deprec.
and Federal taxes_ __ _ $259,502
$556,896
$749,029
$623,040
Shs.c,ap.stk.out.
(no par) 1,290,000
1,290,000
1,290,000
350,000
Earnings per share
$0.20
$0.43
$0.58
$1.78
ra"Last complete annual report in Financial Chronicle Mar. 26 '32, p. 2359
Simms Petroleum Co.
Quar.End. March 31Gross oper. revenue___.
Operating expenses
Net operating profit__
Other income
Total income
Interest, rents, taxes. &c
Drilling cost, &c
Deprec., deplet. & aband
(And Subsidiaries)
1932.
1931.
1930.
1929.
$798,685
$883,424 $1,685,304 $1,520,493
534,063
663,6o9
962,350
926,238
$264,622
$219,765
$722,954
$594,255
9,918
12,170
25,047
15,978
$274,540
$231,935
$748,001
$610,233
74,288
89,735
85,179
87,372
72,334
55,962
146,934
132,292
354,819
482,614
553,443
447,920
Net loss
$226.899
$396,376
$37.555
$57,351
Kal Last complete annual report in Financial Chronicle Mar. 12 '32, p. 1945
-
1930.
1929.
$6.511,796 $6,220,383
4,146,846 3.118,438
263,850
1,553,589
245,622
1,686.115
$547,510 $1.170,208
x547.094
x544,755
Balance, surplus
def$278,628 def$956,045
$416
$625,453
Shares com. stock outstanding (par $25)1,011,752
1,011,922 x1.095,581 x1,089,510
Earnings per share
Nil
Nil
$0.50
$1.07
x Capital stock.
al
-Last complete annual report in Financial Chronicle Apr. 16 '32, p. 2899
(A. 0.) Smith Corp.
6 Mos. End. Jan. 311932.
1931.
1930.
1929.
Profit after deprec___loss$2,761.206 $3,645.662 $3,302.416 $1,200,744
Interest
111,621
119,746
127,871
134,647
Federal taxes
659,295
499.734
152.763
Net profit
loss$2,872,827 32,866.621 $2,674,811
$913.334
Dividends
47.040
547,040
547,040
347.398
Surplus
def$2.919.867 32,319.581 $2,127,771
3565.936
Profit & loss surplus_ --- 22.307.336 25.406,426 20,889,134 12,479.025
Earns, per sh.on 500,000
shs. corn. stk. (no par)
Nil
$5.64
$5.25
$2.13
ItOPLast complete annual report in Financial Chronicle Oct.3 '31, p.2278
South Bay Consolidated Water Co., Inc.
Net earnings from operations
Other income
Feb. 29'32. Feb. 28 '31.
3543.233
$471,776
142,653
157,018
24.925
28,391
42,707
64.147
$332,949
2,593
$222,221
8,057
Gross corporate income
$335.542
$230.278
Interest on funded debt
158,347
158.948
12"Last complete annual report in Financial Chronicle April 16'32, p.2909
Southern Bell Telephone & Telegraph Co., Inc.
-Month of March- 3 Mos. Ended March 31
1932.
1931.
1932.
1931.
Telephone oper. revs.._ 34,615.259 $5,133,691 $13,831,392 $15,189,861
Telephone oper.expenses 2,985,351 3.216.457 8,988,223 9,641,381
Net telep. oper. rev__ 31,629,908 31.917.234 $4,843,169 35,548.480
Uncoil. oper. revenues-65,000
40,000
180,000
145,000
Taxes assign, to oper--484,260
519.500
1.452,749
1,558,500
Operating income-- 31,080.648 $1,357,734 $3,210,420 $3,844,980
tarLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1763
Southern Canada Power Co., Ltd.
Gross earnings
Operating expenses
-Month of March- 6 Mos. End. March 311932.
1931.
1932.
1931.
$181.120
5185.191 51,167,410 $1,215,274
63,076
72.505
427,691
471,588
Net earnings
$118,044
$112,686
5739,719
$743,686
la"Last complete annatd report in Financial Chronicle Doc. 5 '31, p. 3790
Stone & Webster, Inc.
(And Subsidiaries)
Earnings for Three Months Ended March 31 1932.
Consolidated net operating income
$ 496,669
Earnings per share on 2,104,500 shares outstanding
$0.24
These earnings exclude net profit on securities owned
and sold during the quarter,such net profit being carried toon Jan. 1 1932,
surplus account.
Because of the restatement of assets of the parent company
and
subsidiaries at the end of 1931, it is possible to report earnings certain
for the
quarter only, as earnings for the corresponding
periods of 1931 are not on a comparable basis. quarter and other quarterly
10 Last complete annual report in Financial Chronicle Mar. 26 '32, p. 2327
-
(The) Tennessee Electric Power Co.
Gross earnings
Oper. exps. & taxes
Gross income
Interest. &c
-Month of March- -12 Mos. End, Mar. 311932.
1931.
1932.
1931.
$1.029,346 $1,123,280 313,375.105 314.367.741
502,202
599,384 6,469,914 7,565.823
$527,145
$523,896 $6,905,191 $6,801,918
2,430,096 2.196.298
Net income
Preferred stock dividend
$4,475,095 $4,605,620
1,542.604
1,430,381
Balance
Depreciation
$2,932,491 $3.175,239
1,260,000
1,258.995
Balance
$1,672,491 31,916.244
lOrLast complete annual report in Financial Chronicle Mar. 21 '31, p. 2197
Skelly Oil Co.
(And Subsidiaries)
Quar. End. Mar. 31.
1932.
1931.
Gross earnings
331873,563 $44.800,766
Operating expenses
2.629.031
3,786,453
Other Income
Cr.165,314
Interest charges
187,560
212.581
Depreciation, depletion- 1.335,600
1.578,076
Surplus for quarter_ loss$278,628 loss$776.345
Preferred dividend
179.700
Common dividend
12 Months Ended
Operating revenues
Operation expense
Maintenance
Taxes (excl. Federal income tax)
Standard Oil Co. of California.
Union Carbide & Carbon Corp.
(And Subsidiaries)
Quarters End, March 31- 1932.
1931.
1930.
1929.
Earns. (after prov. for
inc. & other taxes)-- _ $4,015,780 56.743,413 38,755.165
39.646,500
Int. on fund. debt & dlvs.
on pref. stk. of subsids
307,804
311,016
308,440
309,752
Deprec., &c.,chgs.(est.) 1,726,536
1,818,726
1,973.942 2,132,802
Balance
$1,981,440 $4,613,671 $6.472,783 $7,203,946
No. ofshs. corn. outstdg. 9,000,743 9,000,743 8,095,208
2,752.072
Earnings per share
$0.22
$0.51
$0.72
$2.62
tO"Last complete annual report in Financial Chronicle April
2 '32, p. 2510
Union Electric Light 8z Power Co. of Illinois.
12 Mos. End. Mar. 31- 1932.
1931.
1930.
1929.
Operating revenues
$3,884,411 33,387,511 $3,815,450
$3,620,577
Operating exptnses
35.000
36.803
36,332
29,638
Net oper. revenues-$3,849,411 $3,850,708
$3,779,118 $3,596,938
Non operating revenues..
10,930
423
514
595
Gross income
$3,860,341 $3,851,132 $3,779,632
$3,591,533
Interest charges, net
713.392
1,112,294
1,134,003
1,082,582
Approp. for deprec. res. 1,007,070
1,007.873
989,190
938,668
Balance
$2.139,381 $1,i30,965 $1,656,346
31,570,2R2
Preferred dividends
480,000
480,000
480,000
479,998
Bal. f“r corn. divs. &
surplus.
51.659.881 51,250.965 $1,176,346
$1,090,283
129
-Last complete annual report in Financial Chronicle
Feb. 6 '32, p. 1024
Union Electric Light & Power Co., St.
Louis.
(And Sub‘idiaries)
12 Mos. End. Mar, 31- 1932.
1931.
1930.
Operating revenues
1929.
$30,414,033 $32,225,077 $31,625,471
Operating exp.mses
7,976,651
8.621,186 8,552,984 $27,152,830
Maintenance
8,646,349
1.771,088 2,299,911
2,341,575
1,429,654
Taxes
3,542,770 3.389,417 3,482,223
3.381,204
Net oper. revenues---$17.123,524 $17,923,563
$17,248,687 $13,695,532
No., operating revenues.
173,958
235,037
270,911
897.398
Gross income
517,297,482 $18.158,601 $17,519,598
Net interest charges
3,929,055 3.949,787 4.184.072 $14,39'2,930
Pref. divs. ofsues
3,597,411
1,020,185
1,020 801
1,026,024
794.018
Minority interesos
7,245
7,758
13,182
18,683
Approp. for deprec. res- 3.526,618 3.411,496
3,367.727 2,525,344
Balance
$8,814,350 $9,768,756 38,928,591
37,457,571
Preferred dividend9
870,000
870.000
870.000
870,000
Bal, for coin. dive. &
surplus
37,944,350 $3,898,756 38,058,691
SR,587.571
airLask. complete annual report in Financial Chronicle
Mar. 5 '32, p. 1764
Union Water Service Co.
(And Subsidiarier)
12 Months Ended
Gross revenues (incl. other Income)
Operating expenses
Maintenance
General taxes
Feb. 29'32. Feb. 28'31.
5511.440
.1499,558
141,677
131,124
14.976
16.985
57,834
58.688
Gross corporate Income
$296,963
Interest on funded debt
144,663
arLast complete annual report in Financial Chronicle April 30
292,761
$146,520
p. 3276
3443
Financial Chronicle
Volume 134
United Milk Products Corp.
United Aircraft & Transport Corp.
(And Subsidiaries)
1929.
1931.
1930.
1932.
Quar. End. Mar. 31profit after charges,
Net
minority lot., Federal
$900.391 $1,816,160
$806,648
$441,445
taxes, &c
1,550,000
1,840,460
(no par) 2,084,319 2,083,622
Shs.com.stk.out.
$1.05
$0.39
$0.30
$0.12
Earnings per share
2 '32, p. 2547
10 Last complete annual report in Financial Chronicle April
(And Subsidiary)
Earnings for Quarter Ended March 31 1932.
Net loss after depreciation, &c
Wright Aeronautical Corp.
Quarter Ended March 31
Net profit after charges
Earnings per share on 599,857 shares
capital stock (no par)
United Carbon Co.
3 Mos. End. Mar.31Oper. profit after deduct.
mfg., sell., gen. and
adminis. expenses---Other income
1930.
1932.
1931.
$334.724 loss$356,859 loss$384,857
Nil
$0.56
Nil
Walgreen Company.
(And Subsidiaries).
1931.
1932.
1930.
1929.
$230,745
$184,733
45.143
$650,810
85,348
$821.554
Total income
Deprec. and depletion_
Bond int. and discount_ Prov. for contingencies
Prov. for Fed. inc. tax_
$230,745
169.075
$229,876
207,618
$736,158
387,858
50,000
35,000
$901,951
384,914
24,149
20.000
60,000
Net profit
Balance, Jan. 1
Sundry adjustments
Prior years
$61,667
1.123,092
$263,300
1,791.141
$412.887
1.349.305
$22,258
1,551,406
$7,308
80,397
16,701
Dr.5,623
Dr.2,891
$1.568,041 $2,054,441 $1,778.893
Total surplus
$1,181,867
187.709
73,743
Preferred dividends_ -- 198.943
Common dividends
Premium on prof. stock
94.129
bought, &c
Bal. per balance sheet_ $1,181,867 31,568,041 $1,687,627 $1,591,184
Shares com, stock out
212,564
397,885
397,885
standing (no par).....368,885
Earns. per sh.on 212,564
$0.65
$0.41
Nil
shs.com.stock (no par)
$0.08
tarEast complete annual report in Financial Chronicle Mar. 5 '32, p. 1781
United Gas Improvement Co.
(And Sub. Cos. Excluding the Philadelphia Gas Works Co.)
1932-12 Mos.-1931.
Period End. Mar,31- 1932-3 Mos.-1931.
Oper. rev, of util. subs--$27,072,653 $28,129,441 $105031,034 5108114,010
Oper. exps. (incl. maint.
renewals & replacem'ts
& prov. for taxes)____ 14.662,759 15,684,141 59.211.798 61,978.049
Operating income_ ___$12,409,894 512,445,300 545.819.236 546,135.961
1,702,472
1,828,881
278,684
326,488
Non-operating income__
(And Subsidiaries)
6 Months Ended March 31Net sales
Costs, expenses, &c
1931.
1932.
$25,072,280 $26,061,014
24,214,306 25,124,130
$936.884
138.445
Operating profit
Other income
$857.974
128,717
Total income
Other charges
Federal taxes
$986,691 $1,075,329
176.305
154.745
64,690
22,840
Net profit
Subsidiary pref. dividends
Walgreen pref. dividends
$787.546
20,479
137.560
$855.894
11.095
157,500
$687.299
$629,507
Surplus
858,409
801,980
Shares common stock outstanding (no par)
$0.80
$0.78
Earnings per share
-Balance Sept. 30 1931, $5,March 31 1932.
Earned Surplus Account
933,566: net profit for six months ended March 311932 (as above).$787.546;
total, $6,721,112: goodwill, leasehold premiums, lease cancellation, premiums, &c., written off, less miscellaneous credits, $131,737: leasehold
improvements written off, $1,567,960: dividends paid on Walgreen Co.
preferred, $137,560: dividends paid on subsidiary companies' preferred
stooks in hands ofpublic,520,479; earned surplus, Mar.311932.$4.863,376.
UrLast complete annual report in Financial Chronicle Nov. 28 '31, p. 3478
Walworth Co.
(And Subsidiaries)
1929.
1930.
1931.
1932.
Quar. End. Mar. 31
5499,659 51.607.620 51,615,816
5390,901
Gross profit
957,783
889.770
776.367
392,837
Expenses
10,632
29,686
x3,837
752
Federal taxes
125.294
129.936
101,647
59,921
Depreciation
169,120
168,512
157,212
155.360
Interest
$340,757
14,930
159,882
loss$217,969 loss$539,905
14,897
81,965
Net profit
Preferred dividends
Common dividends
$401.946
17.544
90,000
Gross income
Income deductions
$12.736,382 $12,723,984 547,521,708 547,964.842
3.578.815 3,614,921 14.276,121 14,516,361
59.157,567 $9.109,063 $33,245,587 $333,448,481
Net income
Divs. on pref. stocks &
other prior deductions 1,250,987 1.032,487 4,935,660 4,433,569
2,615,588
622.067 2,366.471
630,033
Min. & former interests-
$294,402
$165,945
def$217,969 def$636,767
Surplus
300,000
319,925
327,860
(no par)
327,860
Shs.com.stk.out.
$1.26
Nil
51.02
Nil
Earnings per share
121PLast complete annual report in Financial Chronicle Mar. 12 '32, p. 1977
Balance of earnings applicable to The U.
$7,276,547 $7,404,509 525,893,456 526,349,324
G. I. Co
1,692,438
834,362
255,857
111.782
Earns. of other subs__ -Int. & divs. on investm's
other oper.
& inc.from
2,619,335 2.667,510 10,674,749 10,600,648
(net)
Quarter End. Mar.31- 1932.
$121,420
Gross profit
156,366
Expenses
Federal tax reserve
510,007,664 510,327,876 $37,402,567 $38,642,410
Total income
879,807 3.826,080 2,800,842
956,520
Divs. on $5 div. prof. stk
Balance applicable to
$9,051,144 969,448,069 $33,576,487 $35,841,568
common stock
Earns.per sh.on com.stk.
$1.54
$1.44
50.41
$0.39
outstand.end of period
-1931 figures restated and adjusted for comparative purposes.
Note.
The above earnings, applicable to The U. G. I. Co. capital stocks, indude earnings of subsidiary companies acquired during the period, only
from the date of acquisition. Non-recurring income of The U. G. I. Co.
is not included.
10'Last complete annual report in Financial Chronicle April 9 '32, p. 2708
Virginia Electric & Power Co.
Gross earnings
(And Subsidiary Companies)
-Month of March- 12 Mos. Ended Mar. 31
1931.
1932.
1931.
1932.
$1,318,038 51,396,113 516.727.941 517,097.194
Operation
Maintenance
Taxes
$486,527
91,636
118.435
$541,353 56,315,419 56,740,686
1,288,815
1,199.762
98,228
1.380.000
1,485,532
115,744
Net operating revenue
Inc. from other sources*
3621,439
2,891
$640.787 $7,727,227 57,687.692
38,480
70,663
6,585
Balance
Int. and amortization
$624.330
162,248
$647,372 17,765,707 57,758,355
1,864.589
1,780.512
151,895
Balance
$462,082
Reserve for retirements (accrued)
$495,476 55,901.118 $5.977,843
2.025,000 2.100,000
53,876.118 53,877,843
1,171,182
1,166.083
Balance
Dividends on preferred stock
$2,704,936 52,711.760
Balance for common stock divs. and surplus-• Interest on funds for construction purposes.
During the last 22 years, the Company has expended for maintenance a
total of 10.85% of the entire gross earnings over this period, and in addition
during this SaIlle period has set aside for reserves or retained as surplus a
total of 13.17% of these gross earnings.
"Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1025
Vulcan Detinning Co.
1931.
1930.
1929.
$982,992 $1,538,370 $1.697.701
143,239
173,528
Cr25,007
Quar. End. Mar. 31Sales
Inv. of finished products
1932.
$688,920
114,207
Total
Expenses, doproc., &c_ -
5574,712 51,007,998 51,364,842 51,554.461
914.418
1,230.935
1.369.007
540.806
Webster Eisenlohr, Inc.
1931.
5241,181
347,706
1930.
3240,497
345.868
1929.
$408,910
326.433
10,264
3105,371 xpts72.213
5106.525
$34,946
Net loss
x Does not include earnings of companies of which Webster-Eisenlohr.
Inc., owns part of the stock.
lZPLast complete annual report in Financial Chronicle Mar. 26 '32, p. 2363
Western New York Water Co.
Fea. 29 '32. Feb. 28 '31.
$797.144
$766.741
258.762
192,452
31.756
14,941
83,049
87.814
12 Months EndedOperating revenues
Operation expense
Maintenance
Taxes (excluding Federal income taxj
$471.533
1,316
Net earnings from operations
Other income
$420.577
2,502
$423,079
$472,849
Gross corporate income
177,689
205,084
Interest on mortgage debt
"Last complete annual report in Financial Chronicle April 16 '32, p. 2911
(The) Western Public Service Co.
(And Subsidiary Companies)
-Month of March- -12 Mos. End. Mar. 311931.
1932.
1931.
1932.
$180,596 $2,424,658 $2,436,890
$166,265
Gross earnings
1,315.071
1.269,539
105.170
86,797
Operation
108,480
89.478
10,199
7,186
Maintenance
142.311
127,353
14,317
11.621
Taxes
$871,027
$938,286
$50,908
$60,660
Net operating revenue
9,283
5,306
998
550
Inc.from other sources x
$880,311
$943,593
$51.906
$61,211
Balance
286,039
286,930
23,896
24.097
Int.& amortiz.(public).
$594,272
537,114
528,010
$656,662
19,617
16.690
222,987
159,617
$17,496
Balance
Reserve for retirements (accrued)
511,320
$433.675
220,000
$434,655
219,357
$213,675
59,450
$215.297
60,001
Balance
Int.(Eastern Texas Elec,
Co.. Del.)
Balance
Dividends on preferred stock
1155,296
$154,224
Balance for corn. stk. dividends & surplus
x Interest on funds for construction purposes.
Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1025
r'
West Virginia Water Service Co.
Feb. 29 '32. Feb. 23 '31.
51,157.619 $1,196.133
$486.921
435,049
52.034
53,445
130,637
136,149
12 Months EndedOperating revenues
Operating expenses
Maintenance
General taxes
Net income
Other income
$33,906
3.605
$93,581
6.560
$133,907
5,191
$185,454
13,842
Net earnings from operations
Other income
5532.976
2,457
$526,539
1.852
Total income
Taxes, &c
$37.511
7,472
$100,141
20,876
$139.098
28,653
5199,296
34,732
Gross corporate income
Earnings on new properties for period prior to
acquisition
5535.433
$528.391
48,352
150.920
y$30,039
1,353,193
479,265
1.293.695
$110,445
1.232,620
$164,563
1,121,656
Net profits
Bal.,surplus, Jan.1_ _ _
Total surplus
Dividends paid
51,383,232 51,372.960 $1,343,065 51,286.219
66,749
142,524
87.340
44,906
Profit & loss surplus- - 51.338.327 51.306.211 51.200.542 $1,198,879
x Equivalent to $1.38 a share on 32,258 common shares (after allowing
for diva. on 7% pref. stock), and compares with $2.21 a share on combined
20,000 common shares and 12,258 class A corn. shares (after pref. dividend
requirements) in first quarter of 1930. y Equivalent to $0.04 a share on
the 32,258 shares common stock outstanding.
ItarLast complete annual report in Financial Chronicle Feb. 27 '32, p. 1600
Balance
$377,472
$487,082
Interest on funded debt
190.941
237.556
ast complete annual report in Financial Chronicle April 16'32, p.2911
-L
127
Winnipeg Electric Co.
Gross earnings
Operating expenses
-Month of March- 3 Mos. Ended March 31
1931.
1931.
1932.
1932.
,
5514,102
5511.138 $1,537..60 $1,564.828
1.034.46.3
348,477
1,063.515
357,237
$165,625
5153.901
b502.997
$501,313
Net earnings
rirLast complete annual report in Financial Chronicle April 16 '32,p. 2911
3444
Financial Chronicle
Wisconsin Electric Power Co.
1931.
12 Mos. End. Mar. 31 1932.
1930.
1929.
Operating revenues
$3,166,098 $2,873,233 $2,517,858 $2,104,765
Operating expenses ---45,720
.
42,123
26.217
21.323
Taxes
303,000
234,000
244,700
127,100
$2,817,377 82.597.110 $2,246,941 61,956,342
Net oper. revenues
Non operating revenues
573
359
479
$2,817.736 32.597,683 82,247.419 $1,956,342
Gross income
600,204
Net interest charges_ _ 630,921
539,275
491,755
Approp. for deprec. res..
735,624
676.759
584,280
508,242
$1,481,908 $1,290,003 41,123,864
Balance
Preferred dividends-295,931
271,427
274.072
$956.344
280,604
dal.for com.divs.& sur $1,185.977 $1,018,576
$849,792
$675,540
prLast complete annual report in Financial Chronicle Mar. 19 '32, p. 2149
Wisconsin Gas & Electric Co.
12 Mos. End. Mar.31 1932.
1931.
1930.
1929.
Operating revenues
35,922,057 86.069,608 86,306.663 85,912.680
Operating expenses
2.527,390 2,595.052 2,785,245 2,861,035
Maintenance
336.458
381,077
452,0.37
380,277
Taxes
828,418
806,197
808.750
608,186
Net opts. revenues
$2,229,7P2 42,287.282 $2.260.6.32 4,063,182
Non oper. revenues---85,060
102,117
137,041
116,688
Gross income
$2,314,852 $2,389,399 $2,397,673 $2,179,87
Net interest charges
522,10i
496,205
341,693
283,66
Approp. for deprec. res.
630,178
602,386
571,988
530,06
Balaace
$1,162,566 31,290,808 $1.483,991 $1,366,137
Preferred dividends.-281,304
290,432
297,229
304,309
Bailor com.divs.& sur 8881,263 $1,000,376 81.186,761 $1,061,826
"Last complete annual report in Financial Chronicle Mar. 19 '32, p. 2149
Wisconsin Michigan Power Co.
12 Mos. End. Mar. 31
1930.
1931.
1932.
1929.
Operating re venues
$3,262,286 $3,483,490 $3,569,499 $3,407,594
Operating expenses
1,179.500
1,046,679
1,305,900 1,239,827
Maintenance
121,924
168,647
159.926
239,411
Taxes
476,160
486,738
462,514
422,444
81,606,944 11.659.182 $1,641,159 11,505.911
Net oper. revenues
Non opor. revenues__ ...
2,924
15,514
29,018
18,782
Gross Income
51.609,868 31,674,696 31,670,177 31.524,692
Interest on funded debt..
456,916
442,167
448.107
450,167
Amortization of bond
discount and expense_
16,016
22,646
22,646
22,651
Other interest charges164.643
.
155,469
51,110
66,289
Interest during construct
Cr3,807
Cr44.216
Cr36 441
Cr65,048
Approp. for doprec. res..
416,270
411,514
382,021
357,719
Balance
Preferred dividends-
-
$678.118
213,488
$673,188
166,772
$728,923
121,608
4604,309
84,650
Bal!or com Ave.& stir $464,630
$506,416
3607.315
$579.659
OrLast complete annual report in Financial Chronicle Mar. 5 '81, p. 1765
Yale & Towne Mfg. Co.
Quer. End. Mar. 311932.
loss/39,441
Net earnings
Depreciation
119,496
Federal taxes
1931.
$142,264
134,317
1930.
$293.548
136.754
26,372
1929.
$781,417
117,722
89,841
Net income
Dividends
$7,947
x243,328
$130.422
486,656
$573,854
440,000
def$158.937
x121,644
def$280,581 def$235,381 def$356,234
Surplus
$133,854
Shares com, stock outstanding (par $25)
486.656
486.656
486,656
440,000
Nil
Earnings per share
$0.02
$1.30
$0.27
x Estimated by Editor.
ItarLast complete annual report in Financial Chronicle April 2 '32, p. 2511
Youngstown Sheet & Tube Co.
(And Subsidiaries)
1931.
Quer. End. Mar. 31-1932.
1930.
1929.
earnings
$1.331,871 $5,434,450 87,250,390
a Net
385,356
529,721
Other income
682.547
loss$441,773 $1,717,227 $5.964.171 $7,932,937
Total income
1,991,707 2,070,714
1,614,647
Deprec. & depletion---- 1,556,831
925,489 1,455,758
1,059,132
1,431,907
Interest, &c
loss$3,057,736 loss$822,909 $2,516,706 $4,430,316
Net profit
Common stock outstand1,186.034
1,200,000
1,000,000
1,186.184
ing (no par)
$4.22
Nil
61.92
Nil
Earnings per share
a From operations after deducting all expenses, including charges for
repairs and maintenance and Federal taxes
rff'Last complete annual report in Financial Chronicle April 9 '82, p. 2711
and March 12 '32, p. 1977.
FINANCIAL REPORTS
Kansas City Southern Railway Co.
(32nd Annual Report-Year Ended Dec. 31 1931.)
The remarks of President C. E. Johnston will be found
under "Reports and Documents" on subsequent pages.
Our usual comparative tables were published in V. 134,
p. 2512.-V. 134, p. 3269.
Missouri-Kansas-Texas Railroad Co.
(Annual Report-Year Ended Dec. 31 1931.)
The remarks of President M. H. Cahill, together with
comparative income account and balance sheet and other
tables, will be found under "Reports and Documents" on
subsequent pages. Our comparative income account and
balance sheet tables were published in V. 134, p. 2326.
GENERAL STATISTICS FOR YEARS ENDED DEC. 31.
1929.
1930.
1928.
1931.
3,189
3.189
3,189
3,241
Average miles operated886,795
1.186,619
1.311,461
619,362
Passengers carried
Pass. carried one mile--115.932,266 154,528.714 191,307,807 205,043,884
3.24 eta.
3.27 cts.
3.30 cts.
Revenue pass. per mile- 2.95 eta.
Revenue tons carried_ _ 9,457,890 11.681,526 13.383,867 13,269.647
do 1 mile (000 omit.) 2,248.866 2,920,824 3,568,164 3,636,216
1.25 cts.
1.26 rte.
1.24 cts.
1.22 cts.
Rev, per ton per mile
$14,410
$17,570
$10,608
817,735
Rev, per mile of road
-V.134, p. 3093.
May 7 1932
Northern States Power Co. of Delaware & Subsidiaries
(22d Annual Report-Year Ended Dec. 31 1931.)
The remarks of President Robert F. Pack, together with
the income account and balance sheet as of Dec. 31 1931,
will be found under "Reports and Documents" on subsequent pages of this issue.
INCOME ACCOUNT FOR CALENDAR YEARS.
Gross Earnings1931.
1930.
1929.
1928.
Electric department-__$28,627,890 $27,784.755 $27,155,981 $25,915,677
Gas department
4,335,320 4,348,792 4,357,938 4,309,541
Steam department
685.708
761,895
826.846
723.028
Street railway dep't- -199.773
239,376
275,820
261,315
Telep. & water dep'ts
134,318
137,144
137,534
130,160
Total gross earnings..-$33,983,009 $33.271.962 $32,754,120 $31,339,721
Operating expenses
12,200,572 12,365,075 11,615,348 10,887,407
Maintenance
1.366333
1.778,099
1,601,294
1,593,713
Taxes
2,800,203
2,942,567 2,749,997 2,761,221
Withdrawalfrom conting
Cr.420,000
Net earnings
817.615,802 116.606,220 816,787,479 116,097,380
Other income
217.486
234.100
642.142
572,872
Total income
$17.833,288 $16,840,320 617329,621 $16,670,252
Interest charges (net)
5,726,079 5.646,354 5,647,736 5,577,919
Approp'n for deprec'n
2.900,000 2,560,000 2,900.000 2,750,000
Net income
$9,207.209 $8,633,966 $8,881,885 $8,342,334
Pref. stock dividends
5,070,567 4,717,143 4,679,054 4,739,735
Common stock dividends 3,315,614 3.315,542 3,236,534 2,833,480
Approp'n for amortiz. of
debt disc. & expense.... 11153.750
75.000
75,000
75,000
Balance, surplus
$667,278
$526,281
$891,296
$694,118
Surplus Jan. 1
6,583,574 6,057.294 5,165,997 4,471,878
Total surplus Dec.31- 87.250,852 16,583,575 $6,057,294 65,165,997
Shs.cl. A out.(par $100)x 341,551
341.551
341,551
292,761
Stu. cl. B out. (no par):
729,166
729,166
729,166
625.000
Earns. per sh. on cl. A_
$9.98
$.45
$10.13
$10.14
Earns, per sh. on cl. B
$0.99
$0.94
$1.01
$1.01
x After payment of preferred dividends, both classes of common share
In dividends without preference in ratio of 10 cents In each class B share
for each $1 paid on class A stock.
a Appropriation for amortization of debt discount and expense is exclusive of any portion of debt discount and expense heretofore charged against
capital surplus arising from an appraisal of the properties of the companies.
CONSOLIDATED GENERAL BALANCE SHEET DECEMBER 31.
Assets1931.
1930.
1929.
1928.
Plant, prop..rights,fran$
$
$
chise, &c
237,782.633 232,449,793 221,525,975 213,911,291
Stock disc. expenses_ -- 9.206,209 8.821,556 8,436,765 7,988.299
Sinking funds and other
deposits
2,262
175.502
274,678
655,141
Investments, stocks and
bonds of other cos..
associations, &c
544,860
591,458 2,474,197
478,782
Bal. of unamort. disc. &
exp.since Dec.31 1924 4,963,566
365,853
288,863
346,667
Prepaid insurance & int_
117,430
147,005
89,669
106,116
Extraordinary retirem'ts
in process of amortiz_
401,386
Exp. & adv. on purch.
of property
61,281
62,751
78,093
Misc. def.& unadj.items
280,580
394,478
290,808
228,378
Cash
5,514,598 7,238,185 3,847,080 4,333,654
Call loans
300,000 4,000,000
Cash dep. for bond int144,708
167,836
145,352
151,280
Notes receivable
164,462
190,115
154,359
115,674
x Accounts receivable
3,025,479 2,956,862 2.854,625 2.665,446
Unbilled gas & electricity 1,549,667 1379,667 1,401,867 1,326.867
Rec. on sale of pref. stk643,892
346,283
185,774
153,096
Due from attn. cos, on
open account
20,213
Materials and supplies- 3,377,689 2,659,268 2,849,378 2.866,422
Total assets
267,444,940 258,339.837 245,162,142 239,475,208
Liabilities
37,593,800 39,189,300 40,502,800 43,846,500
asumul. pref. stock
7t c
40,845,000 34,421,500 28,571,200 27,321,900
6 o cumul. pref. stock
C
A common stock_ - 34,155,100 34,155.100 34,155,100 29,276,100
Class B common stock_ - x7.291,663 7.291,663 7,291,663 6,250,000
Subscrip, to pref. stock218,200
298,000
Capital stock of subs. in
hands of publlc
574,400
594,900
612,100
651,300
114,627.784 111,265,184 102,632,723 104,139,963
Funded debt
Deferred
-458,785
462,422
476,838
463,667
Purch. obligat. due 1930
liabilities_1,800,000
Accounts payable
897,488
1.140,332
1,085,799
1,112,285
Accrued interest
1,373.249
1,171,516
1,139,696
1,155,156
Accrued taxes
2,544,667 2,558,257 2,466,407 2,855,585
Accr. pref. stks. diva _- 1,273.917 1,205.623
1,140,926
1,180,933
Corn.stk, dive. payable_
828,935
829,049
829,037
710,642
Sundry cur.liabilities
177.989
109,676
61,528
Deprec. (retire.) reserve 15,337.353 14,903,837 13,379,332 12,930,089
Miscell.reserve
277.737
211,769
191,174
181,245
Miscell. unadj.credit--137.411
188,842
303,405
35,982
Contrib. for line extens262,754
215.816
148,854
211,927
Reserve for conting
649,953
875,573
1,635,573
1,285,243
Sur. of books of cos. acq.
at date of acquisition
thereof
667,901
667.901
700,692
700,692
Earned surplus
7,250,852 6,583,574 6,057,294 5.165,997
Total liabilities
267,444,941 268.339,837 245,182,142 239,475,20
x Represented by 729,166 shares of no par value. y
deducting
reserve for uncollectibie accounts ($349,389 in 1931).-V.After p. 3098.
134,
Standard Gas & Electric Co.
(Annual Report-Year Ended Dec.311931.)
The remarks of President John J. O'Brien, together with
income accounts, balance sheets and other statistical tables,
will be found under "Reports and Documents" on subsequent
pages.
INCOME ACCOUNT YEARS ENDED DEC. 31 (COMPANY ONLY).
Income Credits1931.
1930.
1928.
1929.
Int. on bonds owned-- $161,429
128,403
$20,631
$171,663
Int. on notes & accts.rec. 1,376.900 1,146,736
813.925
900,416
Divs, on pref. and corn.
stocks owned-Public
utility cos., Byllesby
Eng. dc Mgt. Corp..&c. 15,251,400 17,068,864 11,705,883 11,286,166
Net prof. on secur..old_
1,020 008
105.695
1,537,716
Total
$16,789,730 $18,349,698 $14,164,646 $13,291,763
Gen. exps. and taxes
275,605
142,236
328,631
188,721
Int. on funded debt
4,533,677 3,863,771
2,322,599 2,402,184
Miscellaneous interest...
205,202
39.122
95,174
89,168
Net income
$11,775,245 $14,062,121 811.564.157 110,708,220
$7 prior pref. dividend - 2,936,836 2,906,892 1,396,836
dividend_
1,438,702
cum. pref.
- 3,028,931
2,632,945 2,326,860
3.021,251
cum. pref. dividend_ 00,000
450.000
% non-cum. dividend_
6 0,000
60,000
Common diva. (cash)
5,132 622 4,959,746
7.566,561
7,525,251
Surplus for year-def$2,357.083
1,922,911
$158,728 $2,341,754
Previous surplus
16.589,929 16.431,201 14,089,447 12,166,536
Surplus Dec.31
514.232.846 816.589.929 $16,431,201 614,089,447
Shs. corn. outst (no par) 2,162,607 2,162,607 1,562 607 1,418,946
$4.85
Earns, per sh. on corn....
$4.78
$3.55
i$.39
IA
Financial Chronicle
Volume 134
BALANCE.SHEET DEC. 31 (COMPANY ONLY).
1931.
1931.
1930.
Liabit
(diesAssets$
$
Secure. owned__299,734,551 288,060,520 Preferred stock _ b93,526,785
Reacquired sec_ 1,464,106
1,200,919 Common stock a136,609,722
-year 6% gold
Cash
3,538.244 4,088,888 20
Cash deposit,for
notes
15,000,000
note interest_
6% deb. due '35 9,950,000
298,515
Accts.receivable:
6% deb. due '51 15,000,000
Subsidy cos 19,083,631 19,031,792 6% deb. due '66 10,000,000
Sundry debtors
668,919 Stand. Pr. & Lt.
95,940
Accrued interest
Corp.6% gold
& dividends._ 4,160,649 4,904,194
deb. due 1957 24,000,000
Unamortiz. debt
Notes payable_ _ 5,500,000
disc. & exp._ 1,767,394 1,189,887 Accts. payable_
134,652
Office furniture
Accrued int.,&c. 1,635,368
and fixtures
1
1 Divs, accrued
Prepaid insur__.
2,611
1,323 capital stock. 3,029,045
Deferred charges
96,073
96,073 Misc. reserves... 1,622,845
MLsc.unadj.cred.
14,232,846
Surplus
1930.
93,179,978
136.609,722
15,000,000
15,000,000
10,000,000
24,000,000
2,500,000
606.521
1,335,478
3,028,785
1,377,102
15,000
16,589,929
Total
330,241,764 319,242,515
330,241.764 319,242,515
Total
a Represented by 2,162,607 shares (no par). b Represented by 430,000
shares of $7 cum. prior preference (no par); 100,000 shares of $6 cum. prior
preference (no par); 757,642 shares of$4 cum. pref.stock (no par).
-V.134,
P. 3098.
Standard Oil Co. of California.
(Annual Report
-Year Ended Dec. 31 1931.)
CONDOLIDA TED INCOME ACCOUNT FOR CALENDAR YEARS.
1929.
1928.
1931.
1930.
Operating income
$31,864,406 $55,673,961 $66,384,618 $66,026,086
Non-operating income.- 1,368,510
3,933,073 3.607,992
3.401,347
Total net income
833,232,916 $59,075,308 370.317,691 $69,634,078
Deprec., depl. & amort- 18,023,323 19,330.007 21,089,201 19,996,260
Income tax (estimated).
2,595,000
3,554,000
650,000
2,070,000
Net profit to surplus- _$14,559,593 $37,675,301 $46,633,490 $46.083,818
Surplus beginning of yr_253,135,219 253,389,103 244,410,016 236.287,318
Adjustments
745,091 Cr608,765 Cr127,892 Dr178,826
Total surplus
Dividends-Cash
Dividends
-Stocks
$
968,439,903 $291.673169 1291171.398 8282192,310
32,777,250 32,114,950 31,485,245 37,782,294
6,423,000 6,297.050
Surplus end of year_a$235,662.653 8253135,219 825.3389,103 8244410,016
Ohs,cap.stock (no par). 13,102.900 13,102.900 12.845,980 12,594.098
Earnings per share
83.70
$2.87
$3.66
$1.11
a Of which $173,710,873 capital surplus and $61,951,780 earned surplus.
CONSOLIDATED BALANCE SHEET DEC. 31.
1931.
1930.
1931.
1930.
$
LiabtlUiesAssets$
Cash
11,607,443 12,635.213 Accts. payable- 3,451.736 7,143,564
Accts. receivable 20,669,108 28,642,967 Gas'ne tax pay- 1,202,826 2,314,039
Market secur_ - 2,897,221 3,088,217 Notes pay.subs. 1,645,265
Purchase money
Guar. notes reo 1,000,000
obligations.-- 2,133,334
46,480,204 55,125,384
Invent.,oils
Accr. liab. (Fed.
Invent. mat. &
630,000 2,035,000
tax)
6,678,050 7,77.1,355
supplies
110,564
150,809
Other curr. Hob_
Invent.
-other
Deferred credits
302.670
698,338
531,942
merchandise _
0th. curr. assets
178,092
87,721 Gen. ins. res've_ 11,257,254 10,905,685
Res. for empls.
Inv. In non-aril.
2,060,000 2,060,000
benefits
companies _ - 8,840,582 7,881,758
4,281,000
14,365,907 13,570,399 Res. for conting. 4,301,000
Inv. aril. cos_
.
Fixed assets-a470,713,077 480,004,054 Pref.stk. of sub.
company.. _ _
400,000
Prepd.&def.clurs 6,770,177 3,489,085
500 327,572,500
Capital stock-.b327,572,
Cap. surplus__ _173,710,873 172,080,988
Earned surplus_ 61,951,780 81,054,231
590,729,803 610,296,155
Total
590,729,803 610,296,155
Total
a Less reserve for depreciation and depletion of $220,399,669. b 13,102.900 no par shares.
-F. 134, p. 1598
Southern Pacific Company.
(48th Annual Report
-Year Ending Dec. 31 1931.)
Henry W. De Forest, Chairman, says in part:
Funded Debt-Southern Pacific Lines.
On March 6 1931. the Executive Committee authorized the issue of
350,000,000 Southern Pacific Co. 50
-year
% gold bonds, to reimburse
the treasury for the cost of $46,072,000, par value, of bonds of Transportation System companies, purchased at or before the maturity thereof
and held alive in Southern Pacific Co.'s treasury, but not heretofore capitalized, and to provide funds for the purchase before, on, or after their
maturity on may 1 1931 and July 1 1931, respectively of 813.418,000 of
first mortgage and $2.539,000 of second mortgage 5% bonds issued by the
Galveston, Harrisburg & San Antonio By. on its Mexican and Pacific
Extension. The I.
-S. C. Commission in its order dated April 16 1931
authorized the issue and sale of $50.000.000 of such bonds, all of which were
issued and sold during the year.
The net increase during the year in funded debt of Southern Pacific
and Transportation System companies held by the public amounted to
$28,007,059.56, as follows:
•
Funded Debt Issued During the Year-year 4 % gold bonds issued for purSouthern Pacific Co. 50
poses above
$50,000,000
El Paso & Southwestern RR.1st & ref. mtge. 5% gold bonds delivered to the public during the year in exchange for an equal
& Southwestern subamount, par value, of bonds of El Paso
sidiary companies,in accordance with El Paso & Southwestern
refunding plan,approved by 1.-S.C. Commission, Dec.26'23 1.124,000
Total funded debt issued during the year
$51.124,000
Funded Debt Retired During the Year
Southern Pacific Co. equip, trust certificates
$7,210,600
Southern Pacific Co. San Francisco Terminal 1st mtge. 48
purchased from payments to sinking fund
5,000
Central Pacific Ry. 1st ref. mtge. 45 purchased from payments
to sinking fund
25,000
Galveston, Harrisburg & San Antonio By. 1st mtge. Mexican
and Pacific Extension 5s purchased from the public and held
alive in the treasury of Southern Pacific Co
12,392,000
Galveston, Harrisburg & San Antonio By. Co. 2nd mtge.
Mexican and Pacific Extension 5s currency bonds purchased
from public and held alive in treasury of Southern Pacific Co 2,093,000
Los Angeles Public Market CO. 1st mtge. & coll. trust 65.
matured during year. paid off
32,500
Southern Pacific RR. 1st ref. mtge. 4% bonds purchased from
payments to sinking fund
12,000
South Pacific Coast By.1st mtge.4% purchased from payments
219,000
to sinking fund
Texas & New Orleans RR., State of Texas School Fund Debt,
amount matured during the year, paid off
3.840
Bonds of E. Paso & Southwestern subsidiary companies, acquired from the public during year in exchange for an equal
amount of E.Paso & Southwestern RR.Co. 1st and ref. mtge.
1,124,000
5% bonds owned by Southern Pacific Co
Total funded debt held by the public,retired during the year.$23,116,940
828,007.060
Net increase in funded debt held by the public
-The total taxes for the year, of the Transportation System and
Taxes.
of all separately operated soley controlled affiliated companies, amounted
to $19,204,782.
-In view of the business depression which for an extended
Dividends.
period had reduced, and which still continued to heavily reduce, the revenues of company, and because of the uncertainties of the future, directors
3445
felt it was essential to the interests of the stockholders to conserve the company's resources and, accordingly, at regular meeting on Nov. 18 1931.
the board reduced the quarterly dividend distribution payable on Jan. 2
1932 from $1.50 to $1 per share. As there was a still further decline in the
revenues, resulting from a reduction in the volume of freight and passenger
traffic handled, board, at its meeting on Feb. 17 1932, decided to conserve
the cash resources of the company and postpone consideration of further
dividend declaration until the regular meeting of the board in May, by
which time it is hoped that a better understanding of the trend of traffic
for the remainder of the year can be reached.
Hale Holden, Chairman of the Executive Committee,
states in part:
Transportation Operations.
-Total railway operating revenues for 1931
amounted to $198,642,175. They were the smallest for any year since
1917, and were $60,115,953, or 23.23%, less than for 1930.
This decrease in operating revenues was due to the continuance through
1931 of the nation-wide business depression that developed in the latter
part of 1929, as a result of which the traffic and earnings of y•our lines, in
common with those of all other carriers, have been severely affected. The
volume of traffic handled in the early months of the year followed a declining
trend similar to that of 1930, but the situation became acute during the
last five months of the year and revenues dropped more sharply.
The decrease in operating revenues was accompanied by a decrease of
$35,936,312 or 19.15%, in operating expenses; by a decrease of $2,184,827.
or 11.35%, in taxes; and by a decrease of $850,607 in equipment and joint
facility rents and other charges;the net result being a decrease of$21,144,205
or 49.05%,in net railway operating income.
Freight revenues decreased 846,948,459, or 24.25%, the result, principaBy, of a decrease of 3.102,912,439 ton-miles, or 21.92%, in the volume
of revenue freight carried by your lines.
Other causes which operated to decrease freight revenue were: smaller
crops of grapes, deciduous fruits, fresh vegetables, wheat, and barley,
due to drouth and hot weather in the West, partly offset by unusually
large crops of citrus fruits, melons, and sugar beets, for which there was a
good demand; competition of steamship lines, which was unusually severe
in 1931 owing to drastic cuts made in rates on both intercoastal and coastwise traffic; the construction of several hundred miles of gas pipe lines in
California in 1930 and 1931; the completion, in June 1931, of a gas pipe
line from El Paso, Texas, into Douglas and Bisbee, Arizona,serving copper
smelters that have been users of large quantities of fuel oil; and competition
of unregulated motor trucks, particularly for tonnage of cotton. Although
there was an increase in the cotton crop in Texas and Louisiana of approximately 1,380,000 bales, there was a decrease in the cotton handled by your
lines into Texas gulf ports from August to December 1931. of 311,123
bales, or 34%. On the other hand the cotton carried to such ports by motor
trucks during the same period increased from 1,017,400 bales in 1930, to
1.779,700 bales in 1931, an increase of 762,300 bales, or about 75%. Motor
trucks have also continued to compete actively for other traffic, although
some of the traftic lost to motor trucks has been recovered through our
subsidiaries, the Pacific Motor Transport Co. and the Southern Pacific
Transport Co.
Passenger revenues decreased $9,970,121.29 or 23.12%, the result of
prevailing conditions, and the continued diversion of rail line passenger
traffic to motor coaches, private automobiles, and airplanes. In an effort
to overcome the losses in local revenues, company placed in effect over
the various holidays during the year, special reduced excursion rates introduced through an advertising campaign as "dollar day" rates. The
response to these special rates was gratifying, extra trains being required
on several occasions to handle the additional traffic so developed, which
produced additional revenues of approximately $1,000,000. These excursion rates will be continued from time to time during the coming year so
long as they continue to be profitable.
Taxes
.-Railway tax accruals decreased $2,184.827 or 11.35%. due to a
decrease of $1,818,053 in the amount of Federal income taxes payable,
and to a decrease of $629,363 in the amount of California gross receipts
tax. which decreases were partly offset by an increase of $262,588 in other
State and County taxes,the result ofincreased rates and assessments.
Acquisition of St. Louis Southwestern Railway.
In last year's report mention was made of an application filed by the
Southern Pacific Co. with the I.
-S. C. Commission on July 25 1930 for
authority to acquire control of the St. Louis Southwestern By., operating
approximately 1,800 miles of railroad extending from St. Louis, Mo.,
Cairo, Ill., and Memphis, Tenn., to various points in Arkansas, Texas
and Louisiana, which railroad, with connections at 14 different points with
your Texas and Louisiana lines, forms a practical route for through rail
traffic moving between territory on your existing lines and such Central
Mississippi Valley gateways. At the time the application was filed, the
Southern Pacific Co. owned 87,200 shares of preferred stock and 42.600
shares of the common stock of the St. Louis Southwestern By., and had
an option to purchase 59,380 additional shares of preferred stock and
24,700 additional shares of common stock. The application sought
authority to acquire the stock on which the option was held, which would
give your company 213,880 shares, or 58% of the 370,797 shares of outstanding common and preferred stocks of the St. Louis Southwestern By.
On May 19 1931 the Commission served your company with a proposed
report of its Examiner in the case, which contained a recommendation
that the Commission find it would not be in the public interest for the
Southern Pacific Co. to acquire the St. Louis Southwestern By. The
Examiner's report contained a further recommendation that in the event
the Commission approved the application, your company should be required, at any time within six months after such approval, to acquire
any outstanding stock to be offered to it, at not less than the prices to be
paid for the stock to be acquired under its option.
Following the service of the Examiner's proposed report of. May 19
1931, your company requested an extension to Oct. 1 1931 of time for filing
exceptions, to enable it to enter into negotiations with the minority stockholders for the acquisition of their stock. On June 16 1931 your company
made an offer to a committee representing the minority stockholders of
the St. Louis Southwestern By., in which the Southern Pacific Co. agreed
to exchange its own common stock for St. Louis Southwestern By. stock
on the following terms:
For each three shares of St. Louis Southwestern By. common stock,
one share of Southern Pacific Co. common stock;
For each five shares of St. Louis Southwestern By. preferred stock,
three shares of Southern Pacific Co. common stock;
provided (1) that acceptances of this offer were received in an amount
sufficient, when added to the 213,880 shares of preferred and common
stock then owned by or under option to the Southern Pacific Co., to aggregate 85% or more of the total outstanding common and preferred
stocks of the St. Louis Southwestern Ry., or such lesser percentage as
might be acceptable to the Southern Pacific Co.; and (2) that the I.
-S. C.
Commission should, prior to Feb. 1 1932 or such later date as might be
acceptable to Southern Pacific Co. (a) grant authority for the above
exchange and for the issuance of Southern Pacific Co. stock in connection
therewith, and (b) grant the application of Southern Pacific Co. then
pending to acquire control of St. Louis Southwestern By. through stock
ownership.
The owners of 58,450 shares of common stock and of 46,561 shares of
preferred stock, or a total of 28% of the issued and outstanding shares of
the St. Louis Southwestern Ry., by written acceptance, agreed to exchange
such shares on the basis outlined above; and as such exchange would meet
the condition imposed in its offer of June 16 1931 your company on Sept.
22 1931 filed an application asking the Commission to approve its offer of
June 16 1931 to the minority stockholders, and to authorize your company
to issue $6,626,800 common stock, being the amount required to effect
the exchange of the total amount of minority stock of the St. Louis Southwestern By. outstanding.
On Jan. 12 1932 the Commission authorized the Southern Pacific Co.
(1) to purchase the capital stock of the St. Louis Southwestern By. on
which it held an option; (2) to exchange its common stock on the terms
mentioned in its offer of June 16 1931 to the minority stockholders for
such common and preferred stocks,of the St. Louis Southwestern By. as
might accept such offer, and (3) to issue not to exceed $6,626,800 common
stock for the purpose of making such exchange. This approval was subject
to certain conditions respecting the maintenance of present traffic routes
via existing gateways; the acquisition by your company of certain short
line railways, if so ordered by the Commission; and the condition that
your company must accept any additional minority stock tendered to it
for exchange prior to Jan. 1 1933 on the basis set forth in its offer of June
16 1931 to minority stockholders.
On Feb. 26 1932 your company notified the Commission that it would
agree to, and undertake to comply with, the conditions imposed by tne
Commission in its order of Jan. 12 1932, provided the minority stockholders
deposited with the Guaranty Trust Co. of New York sufficient shares of
3446
Financial Chronicle
their stock, under Southern Pacific Co.'s offer of June 16 1931, to enable
the Southern Pacific Co. to become the owner of 85% of all the Issued and
outstanding shares of the St. Louis Southwestern By., or such lesser percentage as might be acceptable to tne Southern Pacific Co.
On Marco 23 1932 the Commission released its supplemental order dated
March 14 1932 fixing the effective date of control by your company of the
St. Louis Southwestern By. 30 days thereafter, or as of April 14 1932, and
in pursuance of this supplemental order, your company on April 14 1932
purchased the 59,380 shares of preferred stock and the 24,700 shares of
common stock of the St. Louis Southwestern By.on which it held an option.
Concurrently with the taking over of this option stock on April 14 1932,
your company served the Guaranty Trust Co. of New York, depositary,
with the five-day notice required by the deposit agreement that there had
been deposited under our offer of June 16 1931 sufficient shares to justify
the exchange, and accordingly on April 19 1932 it issued 37,459 shares of
its common stock and paid in cash sums aggregating $1,323 in lieu of 98
fractional shares of its stock, in exchange for 37,315 shares of preferred
stock and 45,504 shares of common stock of the St. Louis Southwestern
Ry., deposited by minority stockholders with the Guaranty Trust Co.
of New York under the said offer of June 16 1931. With these acquisitions
your company, therefore, up to the close of business on April 19 1932,
owned an aggregate of 296,699 shares, or 80.02% of the 370,797 shares
of outstanding common and preferred stocks of the St. Louis Southwestern
Ry. Further exchanges of Southern Pacific Co. common stock for such
additional St. Louis Southwestern By. stock as may be tendered to it
for exchange prior to Jan. 1 1933 will be effected at the office of the company
at 165 Broadway, N. Y. City.
-S. C.
On Jan. 26 1932 the St. Louis Soutnwsstern By. filed with the I.
Commission an application to the Reconstruction Finance Corporation for
a loan of $31,727,750 to enable it to pay its currently maturing interest:
to pay bank loans maturing June 1 1932 amounting to $9,000,000; and
to pay off its first consolidated mortgage bonds maturing June 1 1932
amounting to $20,727,750. This application was flied both with the
-S. C. Commission,
Reconstruction Finance Corporation and with the I.
because the terms of the Reconstruction Finance Corporation Act require
approval of the Commission as a condition precedent to the granting
tne
of a loan thereunder to a railroad corporation.
On April 4 1932 the application was amended by reducing the amount
of the loan applied for to $18,000,000. This was based on the understanding
that by paying $4.500,000, or one-half the bank loans, in cash, the remaining $4,500,000 could be extended for a term of three years; and that
by paying one-half of the $20,727,750 of first consolidated mortgage bonds
in cash, the remaining one-half of said bonds could be retired in exchange
for a like amount of bonds issued under its gen. & ref. mtge. due in 1990.
-S. C. Commission approved a loan of not to
On April 8 1932 the I.
exceed $18,000,000 by the Reconstruction Finance Corporation to the
St. Louis Southwestern By. in accordance with sued amended application.
In its consideration of tne matter the Commission took the position that
as the Southern Pacific Co., upon taking over on April 14 1932, the stock
upon which it held an option would then own 58% of the outstanding
stock, its interest in the St. Louis Southwestern By. was of an extent and
character which justified a requirement that the Commission's approval of
the loan should be conditioned upon the guaranty by Southern Pacific Co.
of the collection of the principal and interest of such loan, and upon approving the loan the Commission imposed such a condition.
On April 14 1932 your company advised the St. Louis Southwestern By.
tnat it would give its unrestricted guaranty of the collection of the principal
and interest of the notes evidencing the $18,000,000 loan as required by
the Commission, provided the several specific conditions contained in
the report and certificate of the Commission are complied with, among
Which conditions is one to the effect that (a) after payment in cash, out
of the proceeds of the said loan from the Reconstruction Finance Corporation, of 50% of the bank loans, the remainder of such bank loans, aggregating $4,500,000, will be duly extended by the holders thereof for a
term of three years by promissory 5% notes payable June 1 1935, secured
by collateral ratably with the obligation to the Reconstruction Finance
Corporation; and (b) that after payment in cash, out of the proceeds of
said loan, of 50% of the first consolidated mortgage bonds outstanding.
the remaining 50% of such bonds will be refunded by exchange therefor
of a like principal amount of St. Louis Southwestern By. gen. & ref. mtge.
o
57 gold bonds, series A. due July 1 1990.
The Reconstruction Finance Corporation on April 15 1932 granted a
loan to the St. Louis Southwestern By. in the amount of $15,813,415
to be used for the following purposes:
$400,000
For interest payable May 1 1932 on the 1st mtge. bond ctfs_ For interest payable June 1 1932 on the bank loans and 1st con549,540
mtge. bonds
solidated
For payment of one-half of the $9,000,000 of bank loans ma4,500,000
turing June 1 1932
For payment of one-half of the 1st consol. mtge. bonds ma10,363.875
turing June 1 1932
$15,813,415
Total
The loan was granted on the condition that on or before June 1 1932 the
St. Louis Southwestern By. most file with tne Reconstruction Finance
Corporation binding commitments from tne holders thereof, or proof of
equal force, that the holders of the bank loans would extend one-half the
amount thereof for a period of three years, and that the holders of the
first consolidated mortgage bonds would surrender the same in exchange
for a cash payment of 50% thereof and the delivery to them of gen. & ref.
mtge. 5% bonds equal in par value to the remaining one-half. The bankers
have agreed to extend one-half of the bank loans in accordance with the
-S. C. Commission; and the St. Louis Southwestern
requirement of the I.
By. has mailed to the holders of the first consolidated mortgage bonds
a circular letter explaining the situation and requesting them to deposit
their bonds, on or before May 15 1932, with the Chase National Bank
of New York as depositary under an agreement which provides that for
the first Consolidated mortgage 4% bonds so deposited the owner will
receive (a) 50% of the par value thereof in gen. & ref. mtge. 5% bonds,
bearing coupon due July 1 1932 and subsequently maturing coupons, and
(b) an amount of cash equal to the interest due June 1 1932 on the deposited bonds, plus one-half the par value of the deposited bonds, lees
accrued interest to June 1 1932 on the gen. & ref. mtge. 5% bonds.
-The operations during the
Southern Pacific Golden Gate Ferries. Ltd.
year 1931 of the Southern Pacific Golden Gate Ferries, Ltd., organized
In 1929 for the purpose of consolidating the operations of the vehicular
ferries across San Francisco Bay, were satisfactory. A total of 6,105.109
vehicles and 14,929,926 passengers were transported during 1931, compared with 6,117,186 vehicles and 14,855.753 passengers during 1930.
The net income for 1931 was $1,082,512, an increase over 1930 of 178,018.
or 7.77%.
-The Southern Pacific Co. owns a one-third
Pacific Greyhound Corp.
Interest in the capital stock of the Pacific Greyhound Corp.. a holding company for most of the important motor coach lines in the territory west of
El Paso, Tex., and Ogden. Utah, and south of Portland, Ore.
Operations of these motor coach lines during the year 1931 extended
over an average of 8,445 route miles on which the motor coaches ran a
total of 23,919,880 miles and carried 5,141,371 passengers. Gross operating
revenues were $6,610,324 and after deducting therefrom $4,524,314 for
operating expenses, $575,213 for taxes, and $1,130,740 for depreciation,
there remained a net operating profit of $380,056. Other credits amounted
to $2,908, making the net income for the year $382,964.
Under a contract between the Pacific Greyhound Corp. and the Southern
Pacific Co. the bus company agrees to furnish on a cost plus basis whatever
substitute or feeder service the rail company may desire. This arrangement has permitted the Southern Pacific Co. to substitute bus service for
a considerable amount of unprofitable rail service, resulting in substantial
savings in operating expenses.
-The Southern Pacific Co. owns approxiSouthland Greyhound Lines.
mately a one-third interest (34.91%) in the common capital stock of the
Southland Greyhound Lines, Inc., a Delaware corporation, which owns
the entire outstanding capital stock of a Texas corporation of the same
name, operating motor coaches within the State of Texas and between the
-Louisiana State line and Lake Charlea, La. Further rearrangement
Texas
of schedules was effected during the year and several unprofitable lines
discontinued, resulting in more efficient and economical operations. Six
new modern coaches were purchased during the year and 20 coaches were
rebuilt at the company's shops. Agreements were made during the latter
Dart of the year with other Greyhound companies for the formation of a
through transcontinental route from the Pacific Coast to the East, which
Is expected to result in considerable increase in traffic over the line between
El Paso and Dallas, Tex. As a result of these agreements the Southland
Greyhound Lines will also handle all the transcontinental and local traffic
between Fort Worth and El Paso, Tex. Operations during the year
May 7 1932
extended over an average of 1,952 route miles, on which the company's
motor coaches ran a total of 6,482,367 miles and carried 846,894 passengers.
Pacific Motor Transport Co.
-The results of the operations during tne
year of the Pacific Motor Transport Co. were very satisfactory. Company
was organized for the purpose of providing shippers and receivers of less
than-carload freight, in the territory served by your Pacific Lines, with
store-door pick-up and delivery service in connection with rail station to
station movement of such traffic, the service being established to meet
the competition of motor trucks. The volume of traffic secured by the
Pacific Motor Transport Co. during the year 1931 increased 438% over
that for the year 1930. Its operations during the year have been substantially extended so that the service is now available quite generally
throughout the territory served by your lines in California, Oregon and
Arizona. The operations are still Intra-State in character, the question
of filing tariffs with the I.
-S. C. Commission for handling inter-State
traffic still being under consideration.
In addition to its store-door pick-up and delivery service, the Pacific
Motor Transport Co. also owns and operates three highway truck lines
serving as feeders to its rail operations. Early in the year 1931 a general
attack upon the Pacific Motor Transport Co.'s method of operation was
filed with the California Railroad Commission by the Association of Interurban Highway Freight Carriers. This attack was the subject of a series
of hearings before the California Railroad Commission, which rendered
a decision favorable to the company.
Service of the Pacific Motor Transport Co. is increasing in popularity
and the outlook is good for continued success in recapturing not only
less-than-carload freight, but also much carload freight which had been
lost to highway motor truck carriers.
.
Southern Pacific Transport Co.
-The full year's operations for 1931
were quite satisfactory, the number of stations in Texas at which such
service is available having been substantially increased during the year.
The service rendered by the company has proven popular and its operation
has been valuable in meeting competition of highway motor carriers.
The service rendered by the Southern Pacific Transport Co. has been
limited to territory served by your Texas lines. In order to extend such
service to territory served by your lines in Louisiana your company caused
the Southern Pacific Transport Co. of Louisiana to be incorporated on
March 29 1932 in Louisiana. The new company commenced operations
on April 16 1932 and a substantial portion of the traffic heretofore lost
to highway carriers is expected to be recovered.
Motor Truck Competition.
Efforts to recapture freight traffic lost to motor trucks handling less
than-carload freight were continued during the year by extending the
operations of the Pacific Motor Transport Co., operating on the Pacific
lines, and of the Southern Pacific Transport Co., operating on the Texas
lines, which render a store-door pick-up and delivery service on this class
of traffic. This service has been favorably received by shippers and the
results so far have been so satisfactory that, since the close of the year.
the Southern Pacific Transport Co. of Louisiana has been organized to
perform similar service on the Louisiana lines. In connection with motor
truck competition, which has been especially severe in Texas, it is encouraging to note that new laws providing for more comprehensive and
adequate regulation of trucks in that State were enacted by the State
Legislature in 1931, becoming effective towards the end of the year. These
laws have been upheld in both the Federal and State courts, as a result
of which the State Railroad Commission and other State officers have
made substantial progress in organizing for their enforcement, and when
this is accomplished considerable benefit to rail carriers should result.
It is also interesting to note that the I.-S. C. Commission, in its report
of its investigation of the matter of co-ordination of motor transportation
dated April 6 1932, finds that one of the contributing causes, aside from
the general business conditions, of the unsatisfactory financial condition
of the railroads is the existence of unrestrained competition by rival transportation agencies: that Federal legislation relating to the regulation of
motor vehicles operating upon the public highways and engaged in interState commerce is desirable in the public interest; and such legislation is
accordingly recommended to Congress.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1931.
1930.
1929.
1928.
Average miles of road
13,807
13,832
13,888
13,800
Passenger Traffic
Rail pass. carried No
10,153,702
11,262,415
12,876,437
12,932,911
Rail pass. case. 1 mile 1,383,699,343 1,551,398,937 1,788,501,209 1,737,915,938
Av.rec.per pass.per m
2.241 cts.
2.626 cts.
2.697 cts.
2.755 eta.
Freight Traffic-.
Tons care, rev. MU-40,402,959
59,744.399
83,905,098
61,259,597
TOW carr.1 m.,all fgt11,053,657,887 14,158,570,108 16,485,032,008 15,695,443,557
Av.p.ton p.m.rev.fgt
1.278 cts.
1.320 cts.
1.348 eta.
1.368 eta,
Net tons p.train,allfgt
273.59
268.40
829.12
613.14
INCOME ACCOUNT FOR CALENDAR YEARS (INCL. TRANSPORTATION
SYSTEM
-COMPANIES ONLY).
[Southern IqicIfic Co., and Proprietary Companies.]
1931.
1930.
1929.
1928.
Operating IncOnteFreight
148,632,651 193,581,110 231,566,637 222,360,880
Passenger
33,147,838 43,117,760 50,185,916 50,353,832
Mall and express
9,725,781 11,389,479 15,024,124 12,184,801
Ali other transportation
4,908,765
5,200,918
7,071,724 8,808,334
Incidental
4,944,348 6,380,273 8,127,541
7,399,352
Joint facility-Credit
224,059
276,054
367,900
307,803
Joint facility-Debit
939,045
1,187,485
1,374,705
1,310.776
Total ry. operating revenues_ _198,842,175 258,758,129 310,989.138
Maintenance of way & structure_ 24,681,194 32,755,049 39,271,282 300,104,027
Maintenance of equipment
34,179,603 44,413,238 54,281,873 38,753,847
51,678.503
Traffic
.410,CSU„
7,431.580
7,245,269
Transportation
73,089.597 88,788,292 102,879,126
104,182.759
Miscellaneous operations
3,888,865 4,681,123 5,682,855 4,961,450
General
10,379,151 11,276.851 11,621,210 11,408,643
Transportation for invest-Cr.528,232
1,430,183
1,449,502
1,494,181
Total railway oper. expenses_ _151,708,649 187,844,861 219,898,403
Net revenues from railway oper_ 46,933,627 71,113,267 91,270,735 216,734,202
Railway tax accruals
17.056,835 19,241,863 22,263,808 83,389,825
21,525,425
Uncollectible railway revenue
81,348
82,580
72,990
75,588
Equipment,rents
-net
7,408,782 8,480,878 8,970,776
7,018,073
Joints facility rents
-net
442,207
199,487
221,501 Cr157,342
Net railway operating Income_ 21,964,455 43,108,680
59,741,880 64,908,101
Revenues from miscell. operations
843,914
575,100
243,503
Expenses of mlscell. operations_ Dr621,038 Dr554,158
Dr223,903
Total operations, revenue
21,987,331 43,129,602 59,781,460 54,908,101
Non-Operating Income
Income from lease of road
100,353
97,928
111,839
95,442
Miscellaneous rent income
1,856,368
1,804,512
1,737,725
1,691,917
Miso. non-oper. physical prop- - _
59,451
77,295
59,501
91,344
Dividend income
11,070,808 11,410,253
Income from funded securities_ - 3,311,997 3,457,212 9.697,672 5,729,407
.
3,271,424
2,953,171
Incl,from unfunded secure. & accta
419,685
785,709
1,791,557
1,480,047
Inc.from sink., dui., res. funds.-570,824
978,869
1,087,280
1,053,340
Other miscellaneous Income
99,932
214,707
95.237
225,927
Gross income
39,278,737 61,953,884 77,813.675 68,208.759
Rents for leased roads
79,496
77,916
282,539
253,428
Miscellaneous rents
797.275
790,378
748,879
790,340
Miscellaneous tax accruals
57,093
81,857
72,981
43,984
Separately operated property__ -252,738
340,164
303,598
73,481
Interest on funded debt
29,896,436 28,816,752 27,609,928 27,423,829
Interest on unfunded debt
234,283
374,845
326,483
320,657
Amortiz. of cilact. on funded debt
378,105
331,590
225,838
99,095
Maintenance on investment org'n
37,727
39,052
36,982
35,158
Miscellaneous income charges
407,213
437,238
138,347
573,342
Total deductions
32,138,365 31,269,780 30,178,745 29,180,127
Net Income
7,138,372 230,684,103 47,434,930 39,028,633
Inc. applied to s'kIng., dm.,funds. 1,071,070
1.494,159
1.578,323
1,491,833
Income appropriated for Investmeat in physical properties_ _33,597
143.147
Dividends
77 899
2
9
81'883
(554 %)20,480,999 (8)22342908 (8)2234. 71 (6)22342574
Balance, surplus
det14,447,294
Earns. per share on capital stock..
$1.92
6,619,727 23,522,427
$12.74
x$8.24
15,110,016
810.48
COMBINED NET INCOME OP SOUTHERN PACIFIC LINES AND SOLELY
CONTROLLED AFFILIATED COMPANIES.
1930.
1928.
1931.
1929.
Calendar Years$7,138,372 $30,684,103 $47,434,930 $39,028,633
Net income Transit System
848,024
925,853
def3,257,039 def841,921
Net income affiliate companies_.
$3,881,334 $29,842,182 $48,360,783 $39,876,657
x Combined net income
$10.71
$12.99
$8.01
$1.04
Earnings per share
x Combined net income of Transportation System and all separately operated
controlled affiliated companies.
BALANCE SHEET DEC.31 SOUTHERN PACIFIC CO. AND TRANSPORTATION
SYSTEM COMPANIES COMBINED.
1931.
Assds-
3447
Financial Chronicle
Volume 134
$
1930.
1929.
1928.
$
$
$
Integrated, and as well balanced between the different elements of the whole
petroleum cycle as any in the industry. It is, therefore, not subject to the
menace of the occasional inequitable relation between the different phases.
Its immediately available supplies of crude are greatly in excess of its refinery
and market needs. While in view of what has already been done, it would
not be reasonable to expect a decrease in operating expenses, there is no
prospect that they will be increased. The management has confidence that
It can maintain and probably materially increase the volume of its sales.
With these premises the stockholder, in appraising prospects for the coming
year, would seem to be safe in assuming that any advance in retail prices
would bring about an equal increase in the net earnings of the company.
The general opinion of the industry is that the scale of prices during the
last year was abnormally low, and that there is small prospect that as low
Prices will ever prevail again for any considerable period. In spite of this the
company, in the whole cycle of its operations, was able to make a profit.
With even a moderate advance in the prices ofrefined products the prospects
for the future would seem distinctly favorable.
Invest,in road and equip_ 1,517,509,132 1,512,792,742 1,483,830,251 1,457,765,341
Improvements on leased
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDED MARCH 31.
603,929
634,653
638,557
rail property
650.005
21,351,456
1932.
21.847,205
1931.
19,546,326
5,990,524
Sinking funds
1929.
1930.
Deposits in lieu of mtge.
$
2,966,437
2,220,650
791,470
Cross earnings
213,911
property sold
Not
56,310,836 64.680,513 76,889,316
2.940,554
3.196,590
3,274,246
3,097,588
Casts & oper. expenses.. 46,027,488 53.092.807 61,161.303 available
Miscell. physical property
Invest in affiliated cos.:
Operating Income.. $10,283,348 $11,587.706 915,728.013 $22,510.254
Stocks
371,301,126 371,131,311 369,913,256 367.381,809
148,359,675
914.994
42.640
Non-operating profits..
Bonds
176,138,985 148,471,784 147,578,241
3.126.305
596.154
57,024,085
63,493.198
62,897.968
Other stocks and bonds 62,029.011
24,419,757
24,060,605
23,923,640
Notes
24,225,999
Total income
$10,325,988 $12,502700 $18.854.318 823,106.408
45,758,295
45.914,020
47,099.051
Advances
49,368.745
1,277,599
1,647,686
1.447,320
1.541.837
Taxes
8,129,761
19,957.643
4,416.330
1.347.130
Other investments
2,395,462
31,830,365
1.244.846
Int(rest on notes, &c _ - - 2.273.467
24.449,427
28.359,732
22,571,739
21,389,072
Cash
5.708.419
9,690.067 9327.189
Depletion. deprec., &c.. 5.646.299
10,617,501
3,138
1.305
Demand loans & deposits_
239,234
1,30.5
286,358
Minority interests
500.000
Time drafts and deposits_
7,890,000
6,000,000
36,349
46,599
58,642
Special deposits
52,087
Net income
$470.178 12.617,748 16.539,.521 $11,287,053
762.290
203,418
291,390
Loans and bins receivable
1,799,172
62,972
Subs, preferred dividends
Traffic and car service
1,936.088
1,935.631
2.056.869
Priferred dividends- _ _ - 2,057.241
3,467,770 (
3,069,729
balance received
3,064,378
2,727,350
2,278,870
2,278.860 4.557.721
\Allmon dividends
Net balance receiv, from
2,907,410
3.036,239
2,245.596
agents & conductors_ _ _
1,683,547
$45,712 17,009,580
df$1,587,063df$1.717.981
Surplus
Miscell. accounts receiv- _
10.638.079
7,340.223
4,800,457
5,573.663
61.150.360 65,921.092 65.875.380 59,407,748
Previous surplus
Material and supplies__ - - 30.716.897
33,154.664
30.925.697
33,367,058
2,832,243
Interest and diva. recelv...
2.687,794
2.831,922
2,941,301
959,563,297 $64.203,111 165.921.092 $66.417.328
Total surplus
14,019
Rents receivable_ _
5.000
14,019
14,019
Dr541.948
Surplus adjustments......Dr294,450 Dr3.052.750
1,846.093
6.909,357
Other current assets
7,716.040
7,278.846
Working fund advances..
136,390
89,912
128.990
104,549
459,268,846 161,150.361 865,921.092 965,875,380
Total surplus
35,810
35,810
Insurance, &c.,funds35,810
35,810
3,038.370 3,038.370 3,038.370
Shs.corn. out.(Par $25)- 3,038,370
2,130,383
1,234,085
Other deterred assets... _
2.626,168
$1.51
1.072,113
53.05
Nil
80.18
barns. per sh.on corn_ _ _
Rents & insurance prm.
a Of which $39,540,621 capital surplus, 88,748,009 paid-in surplus and
147,844
251,043
paid in advance
208,217
276,372
810,980.216 earned surplus.
3,813,600
5,959,083
3,813,600
Discount on capital stock
5,959,083
8,978,086
10,820,436
3,281.297
CONSOLIDATED BALANCE SHEET MARCH 31.
Discount on funded debt_
13.384,546
7,809,220
7,060,055
10,296,725
7,193,667
Other unadjusted debts_ 1932.
1931.
1931.
1932.
Liabilities$
$
$
Assets-$
2 349,785,584 2,321,512,942 2,277,770,543 2,243,378,454
Total
Prop.,equip Ate:175,219,428 176,095.667 Preferred stock_ 30,000,000 30,000,000
Liabilities-Other investm'ts 9,995,360 10,217,301 Common stock_ 75.959,250 75,959,250
372,403,586 372,403,866 372,403,866 372.402,166
Capital stock
5.353,069 4,419.431 Funded debt.. 34.500,000 36,500.000
Cash
383,466,460 383.466,160 381.069.840 397.870.640
do trans.system cos
Accts. receivable 4,715,563 5,591,501 Notes payable.. 5,824,065 5,425,100
6.304,845
6,304,845
6,304,440
a6,304,845
Prem. on capital stock- - _
„
'
3,960,285
Notes & accept654.300
742,163
502,602
748,315
515,000
Governmental grants-- 515,000
1,726,010 Pref. divs. pay_
ances receiv_ _ 1,615,146
b827,064.787 784,672,728 744,342,446 736.025,854
Funded debt
Accrued liabil_ _ 1,176,447
934,607
Finished & crude
Non-neg. debt to affiliated
323,591
354,981
11,501,511 12,334,602 Def. pur. oblig_
oils
48,240,991
38,582,324
52,264,374
27,959,846
companies
1,752,339
Materials & supp 2,878,219 3,024,553 Minority interest 1,825,013
Traffic and car service
Deferred charges 2,196,782 3,142,855 Capital surplus_ 39,540,621 39,540,621
3.538,358
4.513,804
4,514,407
3,087,058
balance payable
Paid-in surplus- 8,748.009 8.748,009
Audited accounts and
Earned surplus_ 10,980,216 12,861,730
16.953,819
16,856,184
11,829,702
8,166.832
waxes payable
3,000,000
6.040,000
40,000
Loans and bills payable_
213,475,078 216,551,922
Total
213,475,078 216,551,922
Total
1.743,275
1,565,012
5.775.108
1,533,560
Miscell. accounts payable
.-V. 133. P. 1626.
x After depreciation and depletion of $49,051,883
Interest payable and int.
4,036,574
4.095,180
4,035.756
4,057,789
matured unpaid
Divs. payable and dive.
Central Railroad Co. of New Jersey.
5.631,129
5,627,284
3,768,986
5,625,077
matured unpaid
63,570
69,520
222,580
Fund, debt matured unpd
81,000
-Year Ended Dec. 31 1931.)
(Annual Report
7,171,438
6,547,275
6.792,963
7.507.995
Unmatured int. accrued..
171,332
169,865
164,964
167,736
Unmatured rents accrued
TRAFFIC STATISTICS FOR CALENDAR YEARS.
511,523
798,650
399,397
957,820
Other current liabilities..
/928.
1929.
1930.
1931.
Revenue Freight33,750
19,260
416,748
Liability tor prov. funds.23,689,752 23,003,360
Other revenue freight409,953
525,890
478,997
Deferred liabilities
353,035
9.035.093
8,177,558
Bituminous coal(tona)-- 6,023,728 7.355,544
9,140,492
5,231,292
6,363.653
8.650.175
Tax liability
Anthracite coal (tons).- 7,497,629 8,474,352 8.541.716 9,205.978
3,365,463
3,346.024
3,120,208
Insur. and casual. reserves
3,282.326
Totalrevenue freight- - 28.652,719 35,849,825 40,409.024 41.244,328
Aver. deprec. of road and
Tons carried one mile_ _ i936,541.455 2547700,596 2827472.385 2846678,538
c137,519,727 129.483,284 121,002,316 116,513.227
equipment
34,410,255
Revenue per ton per mile 1.549 cts. 1.567 cts. 1.593 cts. 1.601 cts.
36,656,551
40,312,642
Other unadjusted credit- 36,673,825
22,488,670 27.311.717 29,021.578 26.951.412
Passengers carried
Additions to property
10.855,858
Pass. carried one mile-- _419,694,846 472,280.819 499.750,125 475.678,778
10,339,907
9,596,724
through income & surp- 10,861,628
1.541 eta. 1.710 cts. 1.751 cts. 1.776 cts_
Rev, per pass, per mile
Fund.debt retired through
26,193,120
26,454,920
11.931,710
24,628,246
Income and surplus_ _ -COMBINED OPERATING ACCOUNT FOR CALENDAR YEARS.
20,114,924
21,600.786
8,009,093
20,576,844
Sinking fund reserve
1928.
1929.
1930.
1931.
Operating Revenue-Appropriated surplus not
517.786,080 524,101,698 128.619333 927,359.686
Merchandise
3,818.178
3,818,178
3,818.173
3,818,178
specially invested
2,962,600 3,679,700 3.871.760 4,022.650
Bituminous coal
480,753,855 458,820,999 451,337.870 409,650,446
Profit and loss
9,251,000 12,142,900 12.552.400 14,181,380
Anthracite coal
8,450,286
6,467,167 8.074.892 8.749.394
Passenger
2,349,785,584 2,321,512,942 2,277.770,543 2,243,378,454
Total
1,504,818
1,683.630
1,390.498
1,073,969
ExPress and mail
-year cony.
a Represents (1) difference between $27,319.240, par value, 4% 20
424,717
429,512
365.849
Water line
311,372
bonds converted into common stock, and $21,014,800, par value, common stock
557.775
516.846
406.150
416,8;8
Water transfer
exchange therefor and (2) difference between $900, par value, and $1,305,
issued in
1,201,730
1.451.614
1,378.257
1,012.740
Incidental
selling price, of 9 shares of common stock issued at $145 per share upon surrender
299.015
262.649
215.879
160,085
Miscellaneous
of warrants attached to Southern Pacific Co. 40-year 414% gold bonds of 1929.
b Includes $127,867,106 owned by Southern Pacific Co., $13.308,000 owned by
Total
$39.441,831 $51.753,823 $58,136,939 558.002,057
Transportation System companies, $478,000 owned by solely controlled affiliated
companies, $5,642.000 held in sinking funds of Transportation System companies,
Operating Expenses
and $390,000 held in sinking funds of solely controlled affiliated companies.
Maintenance of way,&c. $3,754,016 $4,958.726 $5,796,291 $5.879.478
7,355,145 10.799,653 11,955.091 12,041,766
c Represents, principally accrued depreciation on electric power plants and subMaintenance ofequip_
stations, general office building at San Francisco, on storage plants, grain elevators,
Transportation expenses 16,065,816 19,845,774 21,813,140 21.684,241
647,136
-V. 134, p. 3094.
744,786
713,346
703,431
and similar facilities.
Traffic expenses
The Pure Oil*Co., Chicago.
-Year Ended March 311932.)
(18th Annual Report
Henry M.Dawes, President, reports in part:
The company has, in recent years, made acquisitions both of physical
properties and securities which have increased very largely in value. On the
other hand, other assets of the company, due to conditions which are of
universal application, have decreased in earning capacity on the basis of
present prices. On this account,the valuations which are now set up on the
segregated assets of the company are not in correct proportion one to the
other. Until this is corrected, no proper basis for amortization of the company's property as a whole can be established. A condition exists where it is
possible that conventional accounting procedure might, in the future,
necessitate the setting up of such large depreciation and depletion items as
would preclude the payment of earned and properly distributable dividends.
After consultation with competent legal and accounting authorities, the
management recommends, as a necessary step to correct this situation. that
the common stockholders exchange their present shares of $25 par value for
an equal number of shares of no par value. be re-adjusted on a basis which
On approval of this change the books will
will show a book value on the common stock of$22.25 per share. Of this $10
and $12.25 as surplus.
per share will be accounted for as stated capital conditions, it will be
In arriving at a valuation, under present dayhonest appraisements recogmight
a wide margin within which
nized that there is
reasonably vary. In the exercise of its judgment the management feels that
the company's interest to use conservative estimates, and the
it will be in
values which it sets up will be on the basis of the continuance of present day
conditions.
This readjustment will serve to make more certain the maintenance of
reasonable asset values, the continuance of preferred dividends, and expedite
common stock. I very strongly urge that
the resumption of dividends on the
as those of the company,the stockholders send
in their own interests, as well
promptly proxies authorizing this adjustment.
In
outlook for the coming years the following
In drawing inferences as to the
considerations should be borne in mind. The earnings upon the properties
Pure 011 Co. directly and upon its majority and minority
owned by The
stockholdings were more than sufficient to pay all charges and the preferred
debt by $2,000,000 without
dividends. It was possible to reduce the fundedcompany is now completely
assets. The
an equivalent reduction of quick
1,325,610
248.169
760
General expenses
Miscall. operations
Transp.for Inv.-Cr.
1,540,382
310,530
1,160
1,564.484
346.227
1,724
1.577,046
295,726
3,234
$29,451,426 $38,167,251 $42,218,296 $42,122,160
Total
9,990,406 13,586,572 15,918.644 15,879,897
Net revenue
Railway tax accruals--- 4.759,326 5,038.952 5,074.797 5,059.307'
17,470
10,959
5,483
2,713
Uncollectible revenue--1,144,902
1,249,845
1.147,476
823,655
Hire ofequipment
215,999
273,161
242,053
179,929
Joint facility rents
Net oper. income..- $4,224,783 $7,152,607 $9.367.044 $9,385.057
Nan-Operating Income
Miscall.rent income- Non-oper. phys. prop..,_
Dividend income
Income from funded secInc. from unfunded sec..
Release of premium on
funded debt
Miscellaneous
Gross income
Rent for 115ased roadsMiscellaneous rents_ _ --
Miscell. tax accruals.,,._
Int. on funded debt..-Int. on unfunded debt- Maintenance of investmentorganization__
Miscall. incomdthargesIncome applicable to
sink.fund.&c.res.fd_
Net Income
Dividends paid
385,128
238,128
318.377
456,183
182,952
333,778
221,317
278,757
515.289
129.564
339,381
217,705
282.949
497,566
195.620
429,192
153.960
254,380
495,377
1,285.236
1.231
68,763
1,291
102,065
54.476
31,810
$5,875,543 $8.734,667 $10,954,742 $12,035,013
2,384,483 2,382,551
2.379.237 2,383,506
314,032
310,710
324,013
353,944
325,665
311,307
307.047
342,670
2,776.388 2,812.932 2,863,475 2,946,074
20,077
11,761
22.940
9,674
1,229
12.438
1.392
13.360
2,228
13.668
13,484
9,448
5,995
13,521
$17,842 $2,824,404 $5,036,759 $6,051.710
(12)3292,416(12)3292.416(12)3292,416
(4%)1,097.472
Balance, surplus... def$1,079.630 def$468.012
Shares of capital stock
outstanding (par $100)
274,368
274,368
Earns, per sh. on corn......
.
$10.29
S0.06
91.744.344 92.759,294
274,368
$18.36
274,360
s2.88
3448
Financial Chronicle
BALANCE SHEET DEC. 31.
1931.
1930.
1931.
AssetsLiabilities
$
Road & equip. 164.892,266 166,037,965 Capital stock_ _ 27,436,800
Imp. leased rys_ 13,938.147 13,702,758 Mtge. bonds_ __y57,541.000
Inv.in aril. cos.
Loans Fe bills pay
Stocks
6,040,696 6,049,726 Int., dividends,
Bonds
2,060,000
2,060,000 &c., due
927,154
Advances_ _ 2.017,937 1,976.749 Accts. & wages_ 2,616,756
Notes
240,000
240,000 Traffic, &c., bal. 1,127,105
Other invest'ts_ 5.743,164 9,257,151 Miscell. accts._
34,100
Misc, phys. prop 3,491,245 3,488,848 Interest & rents
Secure. unpldg_ 1,274,000 1,474,000
accrued
139,405
Cash
1,930,993 1,918,751 Unmatured diviSpecial deposits_
306,965
809,963
dends declared
Traffic, &c., bal.
752,876
854,158 Taxes
46,617
Misc. accounts_ 1,329,341
1,509,622 Prem. on funded
Loans & bills rec
881
12,306
1,016
debt
Agts. & conduct
329,883
378,460 Deferred accts.._
283,061
Mans & suppl_ 2,516,635 2,852,052 Unadi. accts.__
30,182
Int. & dive. rec_
150,387
326,831
204,290 Insur.& cas. res.
Ins., &c.,funds_
351,215
263,912 Corporate sun _x67,540,013
Oth.unalLaects, 4,998,496 4,286,924 A ccr. deprec_ _ _ 30,832,028
Oth, def. assets_
326,318
271,499 Profit and loss_ _ 23,798,087
1930
$
27,436,800
59,198,500
500,000
925,298
3,012,131
1,470,741
38,660
172,259
1,097,472
221.732
14,204
128,800
27,047
239,581
67,578,698
30,091,718
25,484,204
Total
212,691,445 217,637,845
212,691,445 217,637,845
Total
x As follows in 1931: Additions to property through Income and surplus;
(1) investment in road and equipment, $55,725,699; (2) improvements on
leased property, $11,813,237; (3) investment in miscellaneous physical
property, $1,077. y Includes (a) equipment obligations in company's
treasury. $200,000 with public, $7,343,000: (b) general mortgage 57 bonds,
$49,998,000, of which $1,096,000 are held in treasury and $48,902,000 with
public.
-V. 134, p. 1191.
Chicago Burlington & Quincy Railroad Co.
(78th Annual Report-.--Year Ended Dec. 31 1931.)
Ralph Budd, President, reports in substance:
Explanation of Freight Decreases -Greater competition and a futher curtailment of general industrial and building activities resulted in a decrease
In the tonnage of practically all commodities. Comparison by classes of
commodities 1931 with 1930:
Tons carried in 1931
31,815,102
Tons carried in 1930
41,701.447
Decrease (23.71%)
9,886,345
Decrease.
Revenue.
Decrease.
Tons.
Products ofagriculture- -$20,160,245 $4,118,576 $7,355,318 $1,490,892
Animals and products__ _ 12,372,381
150,430
2,132.716
530,375
Products of mines
18,068,031
7,458,398 13,116,023
5,268,770
Products of forests
2.947,689
560,502
1,034,179
1,613,125
Manufactures & miscall. 28,075,835
7,236,004
7,463,393
2,094,077
Less carload tonnage- - - 10,482,785
2.883,765
321,674
940.862
Total
$92.106,966 $24,067,632 $31,815,102 $9,886,345
Note.
-"Revenue" is gross freight revenue without adjustment for absorptions or corrections.
A comparison of carloads shows:
Total cars (all commodities)in 1931
1,015,772
Total cars (all commodities)in 1930
1,285,504
Decrease in 1931 (20.98%)
269.732
The total grain production in the territory served by the Burlington was
somewhat in excess of the production a year ago, but market conditions
resulted in a considerable portion of wheat being held on farms or in elevators. The movement of fresh fruits and vegetables increased slightly.
While the upward trend of livestock trucked in at the important yards
served by the Burlington RR. continued throughout the year. the truck
receipts increasing 3,500,000 head, equaling 27.8% of the total receipts
at the markets referred to, the tonnage of animals and products handled
decreased only 150,430 tons, or 6.59%.
Products of mines decreased 28.66% due to depressed business conditions
and mild weather, together with the increased use of natural gas and truck
competition. Bituminous coal tonnage originating on the line decreased
27.96%. while tonnage received from connections decreased 31.69%.
73.73% of the total tonnage handled originated on the line and 62.62% of
It was destined to system points, 95.43% of the tonnage received from connections was destined to system points. Sand and gravel showed an unusual
decrease, amounting to 32.75%, due to a much lighter movement of silica
sand to various manufacturing plants, as well as ordinary sand and gravel
for building and road making purposes.
Explanation of Passenger Decreases.
-The continuance of the general
business depression, as well as increased highway competition, resulted in a
decrease of 27.05% in passenger revenue.
The revenue from Chicago suburban traffic decreased 13.6% due to the
smaller number of people employed in the Chicago area. Suburban train
miles decreased 3.95%. Exclusive of suburban passengers 1.064.008 less
revenue passengers were carried than last year, a decrease of
27.9%,
and the passenger revenue miles decreased 117.661,396, or 24.97 , indicating that the long haul traffic is Still affected to a lesser extent than the
°
short haul.
Low rate summer tourist traffic constitutes a larger proportion of the
total traffic each year, and this together with the tendency to establish
excursion rates for holidays and special occasions resulted in a decrease in
the average revenue per passenger mile from 2.969 cents in 1930 to 2.833
cents in 1931.
Passenger train miles decreased 1,417,048, or 8.07%, compared with the
previous year, brought about largely by the combining of through trains
and reductions in local and suburban train service, made possible in some
cases by co-ordination of bus and rail service.
1931 was the seventh year for Burlington Escorted Tours, operated
With the Great Northern and Northern Pacific railways, and handled 2,205
passengers, a decrease of 27.37% below the previous year.
Revenue received from the transportation of United States mails decreased $329,489, or 6.96%.
This company's proportion of revenue derived from the operation of the
Pullman cars and credited to income of 1931 was $93.027. The average for
seven jorevious years was $430,255. The estimated amount for 1932 is
$31,000.
This marked decrease was due to reduced number of Pullman passengers.
to a reduction of Pullman rates, and to a new contract between this company and the Pullman Co.. effective Dec. 20 1929. This latter resulted in
decreasing this company's receipts from the Pullman Co. by $71,990,
$93.027 and $31,000 for the years 1930. 1931 and 1932,
respectively.
This revision of contract was necessitated by this company's demand on the
Pullman Co.for new cars, with the latest improvements, necessary to enable
this company to hold its share of competitive traffic.
-Because of the steady decline in gross revenue, drastic reducGeneral.
tions in payroll, material and other expenditures were necessary in all departments. These, however, were confined to items not essential for the
proper maintenance of the property. In reducing forces it was found
possible, not only to consolidate various offices and departments heretofore
operating as separate units, but also to consolidate entire operating districts
and divisions under one source of supervision.
In the maintenance of way department forces were reduced throughout
the year, but with no unusual weather conditions and less wear on the track
from the declining traffic it was possible to bring about a satisfactory result
In general conditions at the end of the working season.
Reductions in train miles, both passenger and freight, were brought
about by changing schedules as conditions warranted, and by consolidating
trains between certain terminals. A vigorous fuel conservation campaign
was continued with good results.
Forces were reduced in the maintenance of equipment department in
line with the decreased requirements due to the decreases in both locomotive
and car miles. During the latter part of the year the car shop at I'lattsmouth was discontinued, the major portion of the facilities and employees
being taken over by the Burlington Refrigerator Express Co. At the same
time the locomotive shop at Havelock was converted into a freight car repair
shop and work which had heretofore been carried on at various points was
consolidated at that point. The locomotive work formerly done at Havelock was transferred to the shops located at West Burlington and Denver.
-The cost of this work during the year was $223,678, being a
Valuation.
decrease of $74,242 over that incurred during the year 1930. The expense
the year includes cost of preparing completion reports and all other
for
May 7 1932
records specified in Valuation Order No. 3 and supplements. The addition
and betterment reports under supplements to Valuation Order No. 3 for
the period from the original valuation date to Dec. 31 1927, were practically
completed during the year.
Burlington Transportation Co.
-Considering general business conditions
the results obtained from the operation of your highway motor subsidiary
were entirely satisfactory. A total of 1.786,282 bus miles were operated
an average of 148,857 miles per month. over 1,031.4 miles of highway in
Burlington territory. Every effort is being made to secure the greatest
co-ordination between our bus and rail operations, and provide efficient,
satisfactory service to the public.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1931.
1930,
1929.
1928.
Average mike °per_ _
.
9,313
9,353
9,373
9,375
Operations
Rev. passengers carr9,856,396
11,920.934
13,848,078
13.896.397
Rev, pass. carr. 1 m_. 472,741,806
606,612,275
719,016,096
730,969,834
Rate per pass. p. m_ _
2.370 eta.
2.721 eta.
2.617 eta.
2.697 cts.
Rev.freight (tons)___ 31.815,102
41.701,447
46.819,641
46,009,515
Rev. freight 1 mile__ _8,888,693.958 11,356,358,912 12,873,521,492 12,931,723,281
Rate per ton per m_.993 eta.
.979 eta.
.985 eta.
.982 eta.
Av.tons per tr. mile_ _
650.82
717.26
723.19
714.67
Earns, per pass, tr. m_
$1.17
$1.42
31.63
31.66
Earns, per fr-t tr. m__
$6.46
$7.02
$7.13
$7.02
Oper,rev, per mile_ _ _
$11.943
$15.149
117.327
$17.374
INCOME ACCOUNT FOR CALENDAR YEARS.
1931.
1930.
1928.
1929.
Railway Operating Revenues$
$
$
$
Freight
88,237.564 111,157,128 126,777.844 126,952,879
Passenger
11.205,062 15,360,186 18,817,973 19,715.276
Mall
4,407,436 4,736,925 4,772,938 4,181,410
Express
2,536,106 3,501.775 4,435,119 4,348,682
All other transportation
2,687,998 3.603,112 4,157,411 4,413,370
Incidental
1,577,195 2,216,891 2,547,035 2,471,026
Joint facility
567,600
803.405
901,605
808,765
Total railway oper. revenues_111,218,960 141,379.422
Railway Operating ExpensesMaintenaee of way & structures-- 13,721,164 20,311,640
Maintenance of equipment
17,785,942 22,553,488
Traffic
2,913.2383,456,600
Transportation
38.030,549 46,922,911
Miscellaneous operations
952,425 1,444,452
General
4,200,626 4,426,143
Transportation for investment_
Cr137.974 Cr237,421
Total railway open expenses__ 77,465,969 98,877,813
162,409,925 162,891,409
24,414,605 25,515.422
26,080,966 27,197.586
3,353,452 3,275,345
52,083,144 52,922,445
1,611.939 1.496,193
4,508.564 4,411,170
Cr487,129 Cr827.002
111,565,542 114,191,159
Net revenue from railway °per_ 33,752,990 42,501,608 50,844,382 48,700,251
Railway tax accruals
9,955,502 11,191,877 12,025,394 11,192,210
Uncollectible railway revenues_
23,739
30,200
33,784
26,563
Railway operating income
23,773,749 31.279.532 38,792,426 37,474.257
like of equipment-net
DI
-987,165 Dr1,087.321 Dr1,267,146 Dr2,467.282
Joint facility rents-net
Dr2,279,667 Dr2,236,146 Dr2.167,317 Dr2.094,609
Net railway oper.income----- 20,506,918 27,956,064 35,357,963 32.912,367
Other Non-operating Income
Miscellaneous rent income
712,514
581,140
632,584
589,206
Dividends and miscell. interest._ 1,540,188 2,847,134 3,046,484 2,3M01
5
Miscellaneous income
46,372
45,380
76,802
Total other non-oper. income
2,299,074 3,525,099 3,712,492 3,037.726
_
Gross income
22.805,992 31.481,163 39,070,455 35,950,093
Other Deductionsfrom Gross
Income
Miscellaneous rents
213,577
202,384
224,591
219,027
Interest on funded debt
9.084,635 9,084,635
9,084,635 9377,555
Interest on unfunded debt
42,774
146,657
44,984
46,807
Amortization of discount on
funded debt
145.271
145,246
145,271
145,271
Total other deductions from
gross income
9,486.257 9,501,304 9,493,917 9,671.841
Net income
13,319,735 21,979,859 29,576,538 26,278,252
Dividends
x8.541,935 17,083,870 17,083.850 17.083.82
0
Income balance transferred to
profit and loss
4,777,800 4,895,989 12,492,688 9,194,432
Earns, per sh, on capital stock
(par $100)
$7.79
$12.86
$17.31
$15.38
I in addition a dividend of 5% ($8,541,935) was charged to profit and loss.
y In addition an extra dividend of 5% ($8,541,935) was charged to surplus in 1930.
GENERAL BALANCE SHEET DECEMBER 31.
1930.
1031.
1931.
1930.
LiatAlitiesAssets$
$
$
Road& equipm1611,772,459 612,756,714 Capital stock_ _170,839,100 170,839,100
Funded debt_ _ _219,672,000 219,672,000
Inv.In attn. cos_
33,321.249 33,321,249 Traf., &c., bals_ 1,283,284 1,798,549
Stocks
516,729 Accts. & wages_ 4,609.062 5,426,110
544,795
Bonds
3,772,632 3,815,038 Matured interNotes
est,&c
5,947,914 6,754,020
Advances_
960,885
975,527
3,940 Funded debt
3,940
Spec. dens, &cmatur. unpaid
Other investmls 4,988,762 7,155,578
4,600
4,600
966,082 Miscell. accts._
958,631
Misc. phys. prop
555,933
819,348
Accrued int., &c 2,265,793 2.265,793
Dep. for mtgd.
72,867 Accrued taxes.. _ 7,015,953 8,155,613
property sold_
44,995
Other current
Impts. on leased
14,088
14,703
liabilities _
property
159,414
151,994
6,762,671 6,871,892 insur., &c., res. 1,607,925 1,628,090
Cash
Deferred Habil...,
Time drafts and
51.244
189,595
1,371,307 Accrued depree_ 66,870,019 66,691,651
877,947
deposits
32,073 Unadjusted, &c
Rents receivable
32,199 accounts
344,168
Loans de bills rec.
2,032,865 2,471,797
Nlaterials,Se supp 11,431,943 14,151,593 Additions to
52,981
Int. & MN's. rec_
95,779
property
618,997
014,355
753,866 1.144,931 Funded debt reBal. from agents
260,118
308,236
0th. curr. assets
tired
44,044,177 44,044,177
994,097 Sinking fund reTraf., &c., bals_
653,477
Misc. accounts_ 5,132,218 5,331,417 serves
600
SOO
Disc.on fund. dt 5,139,833 5,285,104 Profit and loss...172.934,947 178,135,143
321,031
117.147
Deferred charges
Other unadjust.
&c.,accounts_ 2,296,870 2,870,295
Total
695,519,378 703.891,483
-V. 134, p. 2141.
Total
695,519,378 703.891.463
Standard Oil Co. (Ind.)(& Subs.).
(Annual Report-Year Ended Dec. 311931.)
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1931.
1930.
Gross operating income
$301,338,022 $457,106.817
Costs, operating and general expenses
221,246,228 321,728,597
Adj. of petroleum products Inventory (lower of
cost or market)
6,101,529
17.026,964
x Taxes
• 7,583,720
13,723,550
Intangible development costs
1,862,039
3.602.993
Depletion and lease amortization
5,233,467
2,507,244
Depreciation, retirements and amortization
49,409,293
46.955,896
Net operating income
$15,081,365 $46,381,954
Non-operating income (net)
8,645,358
6,120,956
Income before interest charges
$21,202.321 $55,027,312
Interest & discount on funded & long-term debt4,502.511
3,534,841
Other interest
261.274
131.931
Profit for period
$17,535,549 $50,263,527
Profit applicable to minority interests
3,892,089
loss60.847
Net profit accrued to corporation
$17,596,396 $46,371,438
Financial Chronicle
Volume 134
SURPLUS ACCOUNT DEC. 31.
Previous earned surplus
$96,211,472 $83,212,441
Adjustment of earned surplus (net)
2,913,828
7,990,756
Net profit for year-Majority interest
17,596,396
46.371,437
Minority interest
3,892,089
loss60,846
Total surplus
Provision for contingencies
Dividends on common stock
$116,660,849 $141,466,724
5,000,000
25,823,023 y45,255,252
Total earned surplus Dec. 31
485,837,826 $96,211,472
Shares common stock outstanding
16,896,595
16,908,543
Earnings per share
$1.04
$2.73
x In addition to the amount of taxes shown above, there was paid (or
accrued) for State gasoline taxes the sum of $46.398,908 in 1931 and
$47.651.658 in 1930. y Dividends paid by Standard Oil Co. gld.) during
i
year 1931, $25,481,075 and 1930. $41,607.033. balance be
amounts
paid by sub. cos. to minority in
interest. z Of which $82,658,37 majority
Interest and $3,179,451 minority interest.
CONSOLIDATED BALANCE SHEET DEC. 31.
1931.
1931.
1930.
1930.
Assets$
Liabilities$
$
$
Cash
27,258,889 47,026,199 Accepts. & notes
Market. secure. 61,904,615 41,109,157
3,341,334 2,506,500
payable
Accepts. & notes
Accts. payable. 18.120.938 27,138,682
receivable._ 6,454,911
2,349,097 Accr. liabilities. 7,143,863 19,112,879
Accts. receivable 22,690,008 29,651,358 Other curr. Hate
183,365
357,616
Prod. (lower of
Bonds payable_ 47,611,500 57,575,500
cost or mark.) 103,355,309 120,229,905 Long-term notes
Matta. & suppl's 15,045,582 18,387,052
payable
191,080
97,760
0th. curr. assets 6,977,915 6,867,696 Purchase oblige.
520,201
335,996
Invest. In nonDeferred credits
85,647
82.079
affiliated cos. 29,384,607 22,658,405 Res. for insur. &
Inv.in affil. cos_ 2,288,333 2,150,881
contingencies. 5,715,081
1,110,404
Sinking & special
Cap. & surp. of
trust funds_ _ _ 1,525,766
min. interests 14,880,482 16,738,005
1,868,753
Properties, Plant,
Com, cap. stock422,713,577 424,914,895
equip., A":"..x481,715,519 503,966,332 Capital surplus
Prepaid & def'd
paid-in
159,657,742 158,838,788
charges
4,128,412 4,919,232 Earned surplusunappropria'd 82,658,375 92,281,647
Total
762,729,866 801,184,071
762,729,866 801,184.070
Total
x After reserve for depreciation of 3425,543,394.-V. 134, p. 3293
Nashville Chattanooga & St. Louis Ry.
(81st Annual Report-Year Ended Dec. 31 1931.)
TRAFFIC STATISTICS
-YEARS ENDED DEC.31.
1929.
1930.
1931.
Average miles operated1,235
191,8
2 259
1,203
1,203
No.of rev. pass. carried..
1,171,108
680,347
1.444,887
444,582
No. ofrev.pass.carr.1 m. 48,689 909 63,188,708 84,902,117 98,425,482
$2.48
$2.31
Aver.rev. per pass
$3.08
SA.19
3.43 cts.
3.32 cts.
3.39 ct
Aver, rev, per pass. mile
2.92 cts.
8,187.007
7,370,044
7,910,659
Tons of rev. frt. carried_ 5,278,168
Tons rev.frt. carr. 1 mile989,835.055 1251832276 1423927.721 1368340.410
$2.22
$2.10
$2.28
Aver, rev, per ton_ _
$2.33
Aver,rev, per ton mile
.01241 cts. .01235 eta. .01277 eta. .01317 eta.
INCOME ACCOUNT FOR CALENDAR YEARS.
1929.
Operating Revenues1928.
1930.
1931.
Freight
$12,284,179 $15,462,401 $18,180,107 818,015,059
Passenger
2,909.4403,335,146
1,419,860
2,095,942
Mail
684,486
641.366
672,902
718,899
Express
461.953
324.816
589,512
647.303
Miscellaneous
612.671
470,033
722,412
747.974
. Ry,oper. revenues...415,140,254 $19,317,453 323.203,724 $23,335,033
Operating Expenses
Mafia. of way & struc_ - $2,527.333 $2,925,963 $2,717,426 $3,128,240
Maint. of equipment-- - 3,171,276
4,082.228
4,649,291
4,919.654
Traffic
813,463
926,207
951,935
975,630
Transportation
7,404,441
6,105,864
8,031,216
8,061,823
Miscellaneous
96,142
79,104
107,307
111,534
General
894,781
965,914
929.219
956,096
Transportation for inv.Cr10,945
20,489
25.711
25.784
Operating expenses--313,580,865 $16,343,711 $17,397,378 $18,127,193
Net rev. fr. ry. oper- - - 1,559,389
2,973.742
5,806,346
5,207,840
Tax accruals
767.537
590.550
1,081,000
978,923
Uncollectible
2,383
1,058
4,993
2.139
Operating income- - - 8966,455 $2,201,212 $4,724.288 $4,226,778
Non-Oper. Income
Hire of equipment
Dr$461 531 Dr$373.893 Dr$167,332 Dr$258,708
Joint facility rents, &c....
435,211
399.849
317.168
285,018
Inc. from lease of road...
4.269
4,183
82,610
85,081
Misc, physical property34,441
27,127
25,479
36,843
Inc.from funded securs_
46,655
48,603
110.004
51,835
Inc.from unfund.securs.
228.831
137,918
159.445
159,991
Dividend income
12.998
12,998
13,048
114.193
Miscellaneous income...
1,794
2,760
1,097
1,014
Gross income
$1,178,210 $2,551,670 35,265,807 84,702.046
Deductions
Separately oper. prop_ _ _
368
$15,139
$15,138 loss$12,719
Rent for leased roads_ _ _
806,506
806,506
806,506
806,506
Miscellaneous rents_ _ _ _
193
1
33
97
Miscell. tax accruals_ _
56,311
58,982
57.353
60.450
Interest on funded debt..
729,426
740.016
750,606
835.729
Int. on unfunded debt...
4,831
8,888
12.224
13,714
Miscell. income charges162
Total deductions
$1,597,636 11,629.533 31,641.859 $1,729,378
Net income
def419,425
922,137
3,623.948
2,972,668
Dividends
(4%)1,023,892(7):1.359.911 (7)1,120.000 (7)1.120000
Surplus
df$1,443,317 def$437,775 $2,503.1148 $1.852.668
Shs. cap. stk. outstanding ($100 par)
256,000
256,000
160,000
160,000
Earns, per share
Nil
$3.60
$22.64
$18.58
z Does not include stock dividend of 60% (39 600.800) payable to stockholders as of record Jan. 25 1930, issued Feb. 15 1930.
GENERAL BALANCE SHEET DEC. 31.
1931.
1930.
1931.
1930.
Assets
Liabilities8
-Road _..33,393,418 33,315,897 Capital stock
Invest.
25,600,000 25,600,000
Equipment _ _18,864,917 18,900,004 Prem. on cap.stk.
10,480
10,480
Improv. on leased
Funded debt
17,866,000 18,072,500
railway property 5,687,122 5,628,936 Audited accts, and
Misc. phys. prop_ _ 667,507
wages payable_ _
661,655
853,333 1,073,923
Inv.in ann. cos_ _ _ 1,043,395 1,049.232 Traffic & car serv.
Other Investments 677,729
balances payable 252,683
684,916
339,669
Depos. In lieu of
Misc. accts. pay. _
62.643
63,855
mtged. property
6,200 Int. matured unp'd
1.940
2,020
904,774
Cash
979,708 Dividends matured
unpaid
Demand loans and
2,518
2,456
215,000
deposits
715,000 Unmet. int. accr_ _ 297,615
301,344
Time drafts & dep. 3,216,000 3,691,000 Other current !lab.
30,191
68,018
Deferred liabilities 199,035
1,940
Special deposits.._
2020,
198,910
Tax liability
Loans and bills re456,210
494,403
2,334
2,415 Accrued depreciaceivable
tion-Equip _ _ _ 9,758,442 9.292,099
Traffic & car Derv.
241,873 A ccr. dep.-Misc.
38,806
36,237
balances rec- _ 227,036
0th. unadj. credits 1,418,108 1,278,270
Net bal. due from
84,410
134,452 Addns. to pron.
agents & conduc
through Income_ 395.588
720,310
387,208
Misc. accts. rec. _ _ 567,557
Material & supple. 1,488,416 1,751.468 Profit & loss bal. _10.657,770 12,030,442
2,300
6 205
Other curr. assets_
14,538
14,618
Working fd. adv..
39,614
42,228
Other def. assets..
706,392
Unadj. debits- - 800.655
67,901,354 69,251,834
Total
-V. 134.P. 1367.
Total
67 901,354 69,251,834
3149
Chicago Great Western RR.
(22nd Annual Report
-Year Ended Dec.31 1931.)
TRAFFIC STATISTICS CALENDAR YEARS.
1931.
1930.
1929.
1928.
Miles of road operated....
1,459
1,495
1,495
1,495
Revenue tonnage
6.142,543
7,046,448
7.573,945
7,289,091
Revenue ton mileage...1944391,962 2061495,969 2249856,744 2093964.819
Av. rev, per ton per mile 0.897 cts. 0.927 eta. 0.922 cts. 0.950 cts.
Passengers carried
291,059
427.686
730,730
743,621
Pass.carried one mile_ - - 51,625.657 68,762,298 93,940,609 93,684,763
Av.rev, per pass, per mile 2.444 cts.
2.877 cts. 2.995 eta. 3.134 cts.
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenue1931.
1930.
1929.
1928.
Freight
$17,437,811 $19,114,782 820,739,859 819.891.568
Passenger
1,261,794
1,977,957„2,935,709
Mail and express
809,947
947.517
1,277,585
1,050,269
Miscellaneous
339,464
438.374
574.147
578,387
Incidental
132,747
197.395
243,102
237 802
Joint facility
126,024
154,295
176.869
177.288
Total ry. oper. rev_ - -$20.107.787 $22,830,321 $25,825.337 $24.871,023
Operating ExpensesMaint.of way & struct__ 32.790,871 $3,345,431 $3.406,912 $3,294,815
Maint. of equipment--- 2,277,687
2,772,638
4,372,253
4,357,831
Traffic
962,689
997,809
990,157
974.842
Transp.-Rail line
7,424,340
8,776,051 10,279.128
9.969,368
Miscellaneous operations
62,731
113.400
161,488
159,845
General
701,159
654.441
707.923
690,242
Transp. for invest.-Cr_
36,012
79,372
50.787
20,421
Total oper.expenses.,.814,183,465 $16,580.399 119.867,072 819.426.521
Net rev,from ry. oper..- 5,924,322
6,249,922
5,958.264
5,444,502
Railway tax accruals.....
931.940
1,099.203
1.085.000
1,076,255
Uncoil. railway revenues
4,747
2,268
3.271
3,847
Railway oper.income_ $4,987,635 $5,162,653 $4,855.790 $4,364,400
Non-Operating Income
Hire of equipment
823,301
815.025
$33,852
121,875
Joint facility rent inc..70,278
62,382
88,471
102,170
Misc.non-oper.phy. prop
879
1,515
1.377
1,373
Miscell.rent income- 87,870
91,218
84,162
84,342
Dividend income
5,146
5.300
5,143
5,152
Inc.from funded secur _ _
77,970
67,828
119.553
107.88.5
Inc. from unfunded securities & accounts.....
53.031
30.090
50.257
41,139
Miscellaneous income__ _
278
380
309
329
Gross income
$5.260.582 85.482.198 $5.238,914 $4,728,665
DeductionsInt, on funded debt .._ - - 1.727,315
1,630.021
1,695.762
1.705,661
Int. on unfunded debt....
17,084
12,535
12,731
15,936
Rlreofequipmens
1,500,266
1.202,837
1,381.980
996,435
Joint facility rents
1.021.074
993.683
981,614
973,742
Rent for leased roads_
77.692
77,724
77,690
78,540
Miscellaneous rents_ _
7,614
7,391
7,385
7.395
Miscell. tax accruals_ _ _ _
4,047
4.975
2,591
2.553
Amortization of discount
on funded debt
18,791
14,754
13,379
13,547
Miscell. Income charges_
17.528
17.989
16.956
19,134
Net income
3901,113 $1,309,205 31,235.880
3907.811
Prof. dividends
(32)922,216 (81)461,346
Earns. per sh.on pref._ _
$1.96
$2.84
$2.62
$1.93
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1931,
1930.
1931.
1930.
AssetsLiabilities$
$
$
$
by,road & eq't.142,464,660 140,697.360 Common stock. 45,209,613 45,209,613
Misc. phys. prop
289,519
291,633 Pref.stock
46,070,802 46,134,602
Impta. on leased
C. G. W.1st 4s_ 35,537,000 35,489,000
railway prop..
61,516
61,516 Minn.Term.3hs
500,000
500,000
Inv.In affil. cos.:
M.C.& Ft.D.45
41,000
105,000
Stocks
1,406,025
1,406,026 Misc. obits. &c_ 7,459,947 4,971,313
Bonds
322,000
282.000 Bab.in con, with
Notes
165,443
165,443
acquis. of sec_ 3,475,200
Advances_ _
307,697
305,423 Traffic, &c., bal.
720,163
843,618
Other Investm'ts 3,479,677
5,015 Audited accounts
Cash
673,543 2,757,176
and wages_ _ _
950,052
990,921
U. S. Govt. sec. 1,215.473
1,364,866 Misc.accta. pay.
38,757
36.751
Traffic, &c., bal.
198,098
251,456 Interest matured
Net bal. from
unpaid
28,508
52,747
agts.& conduc
202,018
118,751 Unmatured int.
Misc, sects. rec..
532,957
547,546
accrued
502,535
505,497
991,119
049,104 Unmatured dive.
Material & suPP
Int. & dive. rec.
121,732
112,631
declared
230,354
461.348
Other curr.assets
13,369
18,840 Unmatured rents
Work's fund adaccrued
79,159
71,204
advances....
9.165
7,975 Divs. matured
Other def. assets
16,176
16,340
unpaid
3,044
1,269
Unadjust. debits 1,655,595
1,203,138 Other curr. liab_
133,263
114,613
Deferred liabil's.
35,228
42,831
Tax liability_ _
1,027,097
.
998,827
Depreciation_ _ _ 5,221,504
2,618,737
Other unadjust897,490
874,599
ed credits_ _ _.
Corp. surplus.. 6,017,334 10,486,584
Total
154,125,783 150,562,242
-V.134, p. 2518.
Total
154,125,783 150,562,242
New Orleans Texas & Mexico Ry. (Gulf Coast Lines).
(16th Annual Report
-Year Ended Dec. 31 1931.)
[Includes all companies except International
-Great Northern RR.]
The report includes: New Orleans, Texas & Mexico Ry. Co., Beaumont,
Sour Lake & Western Ry.,Orange & Northwestern RR., St. Louis, Brownsville & Mexico By., New Iberia & Northern RR.,Iberia, St. Mary & Eastern
RR. San Benito & Rio Grande Valley Ry., Houston & Brazos Valley By.,
San Antonio, Uvlade & Gulf RR. Asphalt Belt By., Sugar Land Ry.,
'
Asherton & Gulf By., Rio Grande City By., Ban Antonio Southern Ry.,
Houston North Shore By.
President L. W. Baldwin says in part:
Federal Valuation.
-Since the last annual report there has been little
activity under this head. As a member of the Western group of the President's Conference Committee we have negotiated with the Commission.
chiefly respecting current costs and prices and have complied with the orders
requiring returns showing the cost and extent of additions and betterments.
Some work has also been done pursuant to the Commission's orders which
contemplate the bringing down to date of the primary valuations.
Recapture of Excess Income.
-On Feb. 15 1932, the Commission released
an Examineet3 proposed report in the proceeding relating to the period
March 1 1920
-Dec. 31 1923. to which exceptions will be filed. In that
report the net railway operating income, the value of the property and the
amount claimed to be due the Commission under Section 15a of the Inter
State Commerce Act are stated as follows:
Amount
PeriodValue.
Claimed.
Income.
1920
835,802,500
$256,822.99
$1,540,103.22
1921
37,360,000
None
1,990,714.12
1922
37,859,500
2,653,430.19
190,930.10
1923
37,826,000
626,128.12
3,521,816.24
It is impossible to say when a final order may be entered by the Commission but it is not likely that one will be made before the Latter Part
of
1932. It is quite possible that the entry of a final order may be deferred
even longer.
GENERAL STATISTICS FOR CALENDAR YEARS.
1931.
1930.
1.833
1,817
5,676,797
7,350,949
724,211.148 1047765,041
1.54 cts.
1.61 cts.
751,812
491.483
32,818,645 53,930,013
2.84 cts.
2.76 cts.
Average miles operated
Revenue tons carried
Rev, tons carried 1 mile
Rev. per ton per mile
Passengers carried
Pass. carried 1 mile
Rev, per passenger Per mile
3450
Financial Chronicle
CONSOLIDATED INCOME ACCOUNT
-YEARS ENDED DEC. 31.
Railway Operating Revenues:
1931.
1930.
Freight
811,705.825 816,178,806
Passenger
906.406
1,532,662
Mall
272,011
280,605
Express
488,285
302,709
Miscellaneous
70,341
109,854
Incidental
105,648
153,808
Joint facility
72,594
75,473
Total
Railway Operating Expenses:
Maint. of way and structures
Maintenance of equipment
Traffic expense
Transportation expense
Miscellaneous operations
General expenses
Transportation for investment
-credit
$13,435,533 $18,819,492
$2,150.979 $3,269,999
2,269,679 3,082,688
621,305
660,224
3,996,464 5,180.903
66.271
47,017
922,228
850.008
43.459
130,396
Total
$9,891,993 813.051,918
Net operating revenue
Railway tax accruals
Uncollectible railway revenues
$3,543,541 $5,767.574
732,153
728,854
10,921
12,430
Railway operating income
Other Operating Income:
Rent from locomotives
Rent from passenger train cars
Rent from floating equipment
Rent from work equipment
Joint facility rent income
82.800.466 $5,026,291
Total operating income
Deductions from Operating Income:
Hire of freight cars-debit balance
Rent for locomotives
Rent for passenger train cars
Rent for floating equipment
Rent for work equipment
Joint facility rents
$3,337,627 85.555,590
$356,042
76,773
36,500
23,176
44,669
$338.244
78.143
36,500
24,222
52,190
$910,312 81,048,691
477.617
543,978
129,491
163,629
Cr1,235
35.018
31,888
362,028
355,503
Net railway operating income
$1,426.290 $3.410,005
Non-Operating Income:
Miscellaneous rent income
356.079
$43.175
Miscellaneous non-operating physical property_ _ _
1,692
8,410
Dividend income
2,000
Income from funded securities
32,408
63,950
Income from unfunded securities
22,992
9,883
Miscellaneous income
3,414
3,433
Gross income
$1.542,875 $3,540,856
Deductions from Gross Income:
Rent for leased roads
312
Miscellaneous rents
1,915
1,999
Miscellaneous tax accruals
460
Interest on funded debt
2,617,260 2,588,921
Interest on unfunded debt
32,446
261,867
Miscellaneous income charges
13,216
12,807
Net income
df$1,122,422
$674,950
Dividend approp. of surplus
1,038,198
1.038,198
• Balance deficit
$363,248
82,160,620
CONSOLIDATED GENERAL BALANCE SHEET DEC. 31.
1931.
1930.
1931.
1930.
Assets
Liabilities$
$
Invest. in road &
Capital stock
15,000.000 15,000.000
equipment
74,296,214 74,197,359 Funded debt
45,030,000 45,258,000
MIseell. physical
Non-negotiable debt
468,167 to affiliated cos_ 8,143,627 5,259,223
453,885
property
Invest.in Mill. cos.
Traffic car service
-pledged
262,000
262,000 balances payable 272,263
456,559
Invest.In affiliated
Audited accts. &
cos.-unpledged 4,915,527 4,884,205 wages payable 2,446,040 2,998.021
Other investments
accts. Day.
33,614
22,181
-unpledged_ _
12,133
13.211 Int. matur. unpaid
28,578
42.705
Cash
385.126
852,556 Divs.matured unp.
1,647
1,647
Time drafts dr dep.
10,000
10,000 Fund, debt mat'd
Special deposits. _ _ 122,693 '136,821
unpaid
1,000
1,000
Loans & bills rec. _
54.466
39,851 Unmat. its. accr d 926,489 1,310,534
.
Traffic & car service
Other liabilities_ _
23,531
22,106
balances receiv_ 483.041
660,165 Deferred liabilities 126,755
154,971
Net balance rec.
Tax liability
308,664
314,814
from agents and
Ins.& casualty res.
38,336
38.336
conductors
127.382
142,179 Accr.Depr.-equip 5,339,691 4,025,224
Miscell. accts. rec_ 1.197,148
974,489 Accr•Depr.-Misc,
Material dr supplies 1,181,789 1.868,356
physical property
7,973
6.832
Int. & dive. ree_ _ _
88.634
52,624 Other unadjusted
Other cur. asseBi- 861
1,583 credits
533,538
474,820
Working fund adAdd, to prop. thro
vances
8,865
7,853 inc. de surplus_ 2,427.743 2,381,387
Insurance & other
Approp. surp. not
funds
15.401
15,074 spec. invested..
5,248
5,248
Other defer. assets
31,191
34,318 Profit and loss_ - 4,426,080 8,185.875
Rents & insurance
Prem. paid In advance
38.379
18,693
Other unadjusted
debits
1.365,932 1,390,131
Total
85.048,667 86,029,636
-V.134. p. 1368.
Total
85,048,667 86,029,636
Pennsylvania Co.
(60th Annual Report
-Year Ended Dec. 311931.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1931.
1930.
1928.
1929.
Dividend Income
$9.227,738 $12335,284 313,023.938 810,182.019
Miscell. rent income_ _
8.364
11,339
9,416
10,984
Income from fund. sei_ur.
244
267,771
14,313
113,700
Income from unfunded
securities & accounts_
34,671
40,044
297,347
118,309
Miscellaneous income,. _
5
395
10
Grossincome
$9,271,023 $12.399,452 $13,266,941 $10,758,476
Deductions
Tax accruals
$750,204
8630.859
$313.463
8364.619
Int. on funded debt- _ ....t 2.582,553 3.175.000 3,838.4771 ' 924,852
Int. on unfunded debt_ -1
1 2,467,358
Maint. of invest. organ22,335
38,295
15.252
34.326
Miscell. income charges3,206
6,671
6,345
6,135
Total deductions
NetIncome
$3.358,297 83,827,246 $4,243,767 $3,750,639
5.912,726 8,572,205 9,023,174 7,007,837
Balance transferred to
credit of prof. & loss 85,912,726 88.572.205 89,023,174 87,007.837
Previoussurplus
47,457,257 46,429,558 40,628,082 28,162,330
Sundry net credits during year
4,255,802 11,596.665
Profit on sale of stocks
3,738,317
Totalsurplus
$57,108,300 $55,001,763 $53.907,058 $46,766,832
Less dlv. apProP----(5%)6,231.250(6)7,477,500(6)7,477,500(6)6.138.750
744,899
67,006
Sundry net debits
Profit and loss surplus
$50,132,151 $47,457,257 $46,429,558 $40,628,082
Dec.31
may
SECURITIES OWNED DEC. 31 1931.
StocksShares.
Baltimore Mail Steamship Co., common
9,000
Baltimore Mall Steamship Co., preferred
9,000
Belt Ry. Co. of Chicago
2,400
Calumet Western Ry. Co
1,080
Detroit Union RR. Depot & Station Co
22,500
Englewood Connecting Ry
2,500
Erie & Pittsburgh RET.. guaranteed betterment
3,888
Grand Rapids & Indiana Ry
24,632
Indianapolis Ze Frankfort RR
49,600
Lake Erie & Pittsburgh Ry
21,500
thigh Valley RR., common
365,039
Lorain, Ashland & Southern RR
8,995
Louisville Bridge & Terminal By
9,356
Massillon & Cleveland RR
2,129
Norfolk & Western Ry., common
357,000
Ohio Connecting Ry
40,000
Ohio River & Western Ry
6,526
Pennsylvania Ohio & Detroit RR
233,998
Pennsylvania-Ontario Transportation Co
1.875
Pittsburgh Cincinnati Chicago & St. Louis RR
361,923
Pittsburgh Ohio Valley & Cincinnati RR
6,000
Pittsburgh Youngstown & Ashtabula Ry.. preferred - 27,250
Pittsburgh Youngstown & Ashtabula By.,common
21,000
Sharpeville RR
3,402
South Chicago & Southern RR
8.425
Terre Haute & Peoria RR., preferred
11,707
Terre Haute & Peoria RR., common
2,903
Wabash Ry., common
362,900
Wabash Ry., 57 preferred A
312,900
Walhonding Coal Co
2,625
Western Warehousing Co
1,000
West Jersey & Seashore RR., common
7,500
Wheeling Coal RR.renna.)(10% Paid)
1.400
Wheeling Coal RR. West Virginia)
1,000
Wheeling Terminal y
12.000
Youngstown & Ravenna RR
3,200
Miscellaneous
Total stocks
Bonds
Fruit Growers Express Co. 5% serial notes
Grand Rapids & Indiana Ry. 2d mortgage 4%
Lorain Ashland & Southern RR. 1st mortgage 5%
Lorain Ashland & Southern RR., 2d mortgage 5%
Pennsylvania Co. 35
-year 4 4% secured
,
United Stated of America 34‘% Treasury
Miscellaneous
7 1932
Total Par.
no par
MT.'S«)
108,000
2.250,000
250.000
194,400
2,463,200
4,960,000
2,150,000
18,251,950
899,500
935,600
106,450
35,700,000
2.000,000
652,600
23.399,800
187,500
36,192,300
300,000
2,725,000
2,100,000
170,100
842,500
1,170,700
290,300
36,290,000
31,290,000
262,500
100,000
375,000
140,000
1,000
00
1.200,000
320,000
314,580
$208,931,980
$224,000
200,000
750,000
600,000
5,000
25,000
10,000
Total bonds
$1,814.000
Total securities
$210,745,980
Carried on the books at
$220,043,109
Of the foregoing securities, $35,725,000 par value, of stocks are deposited
as collateral.
BALANCE SHEET DEC. 31.
1931.
1930.
1931.
1930.
Assets$
$
Liabilities3
$
Mtge. phys. prop 4.561,817 4,528,363 Common stock_ 124,625,000 124,625,000
Securities owned:
4% gold loan of
Stocks
219,601,731 236,033,633 1906 certifs. _
20,000,000
Bonds
441,378
gold bonds 50,000,000 50,000,000
4
Advances- _ - 391,024 Misc. accts. pay.
39,435
42,883
Cash
387,396 1,412,322 Int. mat'cl unpd.
60,395
57,140
Misc. accts. rec.
462
18,782 Unmatured int.
Int. & dive. roe_ 1,315,464 2,128,016 accrued
395,833
595,833
Accrued taxes
1,409,737 1,734,021
Profit and lose,
balance
50,132,151 47,457,257
Total
226,662,551 244,512,144
Total
226,662,551 244,512,144
-V. 133, p. 3462.
Gulf Mobile & Northern RR.
(15th Annual Report-Year Ended Dec. 311931.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1931.
1930.
1929.
1928.
Oyer. revenue-freight- $3,742,003 $5.384,463 $6,918,233 $6,825,960
Passenger
137,964
253,841
335,481
366,992
Mall, express, &c
181.885
215,322
307.521
247,591
Incident .1 revenue
32,891
43.990
69,987
69,806
Total oper. revenue-- $4,094,743 $5,897,615 87,631,822
Operating ExpensesMaint. of way & struc-- 8586,031
3991,588 $1,065,941
Maintenance of equip__
737.922
956.256
1,148.445
287,716
Traffic
359.178
395.437
Transportation_ _
1,508.149
1,95 0 2,263:9
:
1
14
Miscellaneous operations
801
243,780
General expenses
301,798
358,950
Total oper. expenses_ - $3,364.400 $4.566,791 $5.240,214
730,343
Net operating revenue..
1.330,824 2,391,008
298,822
Railway tax accruals, &c.
325,827
514,612
Net operating income- $431.521 81,004.998 81,876.396
Rent from equip., &c_ def265,518 def373.879 deb446.447
Miscellaneous
40,545
41,393
25.089
54,558
Inc. fr. unf. sec. & accts..
45.461
17,025
Inc. from funded securs_
33,208
14,906
87,510,349
$1,281,315
1.130,942
386.020
2,264.366
•
Gross Income
Rent for leased roads_
Int. on funded debt...Int, on unfunded debt..
Misc,income charges...
$294,314
519,939
1.446
33R,728
9
$5,400.358
2,109.991
370,346
81,739,644
deb439,312
19,280
168.531
96.550
8732,880 $1,472,064 $1,584,694
237,550
441,667
370,000
370,000
17,413
20,691
10,648
12,300
9,968
9,974
Net income
Preferred dividends_
der.,227,070
$261.500 81.071.399
$956,526
(6%)684,936(6%)684.936(6%)684.936
Balance, surplus
def$227.070 def$423,436
$386.463
8271,590
Shs. common stock outstanding (par $100)..
135.356
109 961
109,961
Earned per sh on corn._
13"N94
11
Nil
$A.51
GENERAL BALANCE SHEET DEC. 31.
1931.
1930.
1931.
19:02..47
.issets$
5
Lia'i Mrs$
$
inv. inroad & eq _34.735,607 34.7137,105 Common stock.. _13,539,400 13,535,600
Misc. phys. prop. 744,562
711.952 Preferred stock_ _ _11.415.600 11,415.600
Inv. In Mill. cos__ 3,349,417 3,327,790 Let tnt ge.5iii__ _. 4,000,000 4,000,000
t nit 5
Investment in securities issued..
5.500
Traffic & car eery. 6,03"320 6,C00,000
Dep.in lieu of mtg.
balances payable
92,005
54,747
Property sold...11,875
500 Audited accts. and
Other investments
71,672
26,774
wages payable__ 299.605
461,295
Cash
1 213,598 2,074,396 Misc. accts. pay__
30,361
21.367
Special deposits__
40.199
1,000 Int. matur. unpd_
1,000
1,435
Loans & bills rec.. 429,852
67,442 Divs. mard unpd_
15,000
Net balances rec.
Unmet. dive. dec.
from agents and
Unmat. int. accru. 129,875
4
171, 39
29299
conductors
13,749
15,841 Other cur. Hahne.
120,480
75,279
Misc. accts. receiv. 176.815
199,028 ',lab, for prov. ids. Cr.18.048 Cr.7,617
Material & suppl. 438,104
592,346 Tax liability
224,137
:3
1.768 5 2
182 8
Int. & dive. receiv.
37,445
31,801 Accrued deprec. of
Other curr. assets.
18,673
273185 road and equip.
Deferred assets...
46.558
19071 Leased material._
3 6409
0
30.216 1.633, 23
Unadjusted debits 490,716
8137,571 Other unadl. creel_ 156,641
8
174 8 2
Profit and loss.... 4,148,263 4,697,214
Total
41,822,344 42.730,301
-V. 134. p. 2712.
Total
41,822,344 42,730,301
Financial Chronicle
Volume 134
Florida East Coast Ry. (Flagler System).
(Annual Report
-Year Ended Dec. 31 1931.)
GENERAL STATISTICS FOR CALENDAR YEARS.
1928.
1931.
1930.
1929.
856
Average miles operated_
854
865
863
2.083,606
Tons freight carried_ _ _ _ 1.402,826
1,762,181
1,969,365
Tons carried one mile_ _ -298,796,929 393,479,472 458.516,383 449,948,943
1.719 cts.
1.642 cts.
Av.rev. per ton, p. mile_ 1.891 cts.
1.671 cts.
622,970
Passengers carried
442,904
547.803
312,915
Pas. carried one mile__ - 72,590,058 97,415,049 111,215,292 122,351,680
3.563 cts.
3.630 cts.
Av.rev, per pass. p. mile 3.361 cts.
3.571 cts.
INCOME ACCOUNT FOR CALENDAR YEARS.
1929.
1928.
1930.
1931.
Freight
$5,650,126 $6,575,008 $7,527,671 $7,734,934
Passenger
4,036,665
4.358,945
2,439,750
3,479.031
Rail. express, &c
1.161,625
1,318,133
1.159,407
902,188
Incidentals, &c
563,546
619,216
516,365
386,965
Total oper. revenues_ $9,379,029 $11,729,811 $13,446,015 $13,874,723
Expenses
Transportation
$2,771,492 $3,574,295 $3,836,966 $4.290,761
Maint.of way,&c
2,459,384
2,247,164
1,401,861
1.732,509
Maint. of equipment_
2,262,521
2,136,317
2,238,776
1,674,876
Traffic, &c
1,091,015
1,002,745
1,068,625
1,011,622
Total oper. expenses- _ $6,859,850 $8,614,205 $9,437,666 $9,889,207
Net earnings
3,985,516
4,008,349
3,115,606
2,519,180
Taxes
1,544,865
1,749.447
1,330,079
1,196,339
Uncollectible revenue__ _
62,148
39,306
4,969
7.178
Railway oper.Income. $1,317,873 $1,778,350 $2,401,336 $2,196,763
Other income
150,180
150,564
100,542
87,865
Gross income
$2.50
- $2.316.943
8
$1,405.738 $1,928.914 - 1,87 Deduct
Hire of equipment
$729,575
$595,218
$676,643
$707,504
Joint facility rents_ _ _ _ 40,570
55,871
58,018
61,553
Interest on funded debt_ 3,0.37,250
2,962,232
3.142,700
3,072,400
Miscellaneous charges..
101,529
131,524
110,297
116,630
Total deductions
$3,800,784 $3,927,226 $3,827,136 $4,044,369
Deficit
$2,395,046 $1,998,312 81,325.259 $1,697,425
GENERAL BALANCE SHEET DEC. 31.
1931.
1931.
1930.
1930.
AssetsLiai
8
$
Inv. in road and
Common stock_ 37,500,000 37,500,000
equipment _ _ _116,752,719 116,932,044 Equip. Obliga'ns 5,010,000
5,755,000
Dep. In lieu of
1st mtge. b Aids _ 12,000,000 12,000,000
property
265,366
211,866 1st & ref. m. bds. 45,000,000 45,000,000
Misc. phys. prop
34.027
203,499
195,037 Govt. grants- - 30.133
Impts. on leased
250,000
%
Rec.'s ctfs
1,000,000
railway prop_
25,062
25,043 Loans & bills pay 1,900,000
Inv.in MM.cos.:
Tref. & car serv.
161.086
128,731
Stocks
balances pay_
781,823
781,823
1,623,147
533,373
Notes
601,851
539,351 Aud. acc'ts, &c..
53,437
324,041 Int. mat'd unpd x1,171,895
Advances_ _
334,385
194,635
40,509
Other investmls
1,250 Misc.accts. pay.
15,807
857,512
Cash
586,122 Unmet.int.accr. y853,013
778,323
Special deposits_
46,895
53,437 Unamort. rents
10,988
accrued
Loans & bills rec.
13,724
35,085
4,018
6,003
Other curr. Bab_
Tref. & car serv.
4,280
bal. receivable
361,092
260,098 Other def. liab _ _ 3,633,225
1,773,528
45,151 A ccr.deprec.road 1,995,219
AM.& conduct.
66,926
4,980,532
1,215,302 Accr.depr.equip. 5,688,393
Misc.accts. rec..
234,004
1,335,101
Material & supp. 1,601,745
2,082,403 Tax liability_ _ _ 1,195,338
Int.&divs.receiv.
83,397
205,914
576
384 0th. unadl. cred.
Rents receivable
8,750 Addlis to prop.
through Inc. &
Work. fund adv.
5,150
6,350
932,714
918,900
Other def. assets 3,805,008
155,757
surplus
0th. curr. assets
2,435
6,709 Profit and lass_ _ 10,670,811 13,193,656
UnadJust. debits 2,897,045
2,969,074
Total
128,793,436 126,435,079
Total
128,793,436 126,435,079
x Includes $1,125,000 interest due Sept. 1 1931, and unpaid on 1st &
ref. mtge. 5% gold bonds, series A. y Includes $750,000 interest accrued
since Aug. 311931. on 1st & ref. mtge. 5% gold bonds series A.
-V. 134,
p. 2712.
Georgia Southern & Florida Ry.
(38th Annual Report-Year Ended Dec. 311931.)
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1930.
1931.
1929.
1928.
Miles operated
398
398
398
399
Passengers carried
145,936
90,966
217,563
263,904
Passengers carried 1 mile 14,954,651 23,454,473 30,738,791 37,498,365
Receipts per pass. per m. 3.191 cts.
3.333 cts.
3.376 cts.
3.359 cts.
Tons freight carried_ _ _ _ 1,263,553
1,357,627
1,436,494
1,565,447
Tons freight car. 1 mile_ 153,055,221 189.425,606 207,823,299 237,769,518
Rates per ton per mile
1.373 cts.
1.316 cts.
1.319 cts.
1.215 cts.
Gross earnings per mile_
$6.939
$8.755
810.295
811.032
14pr- enerat
INCOME STATEMENT FOR CALENDAR YEARS.
Operating Revenue1931.
1930.
1928.
1929.
Freight
$2,101,708 $2,491,935 $2,740,661 82,890,018
Passenger
477,157
1,259,651
781,732
1,037.761
Mail, express, &c
188,169
220,101
326,794
257,586
Incidental
47,364
113,777
101,073
64,558
Joint facility
4,802
5,384
7,402
10,9E0
Total oper. revenues- $2,819,201 $33,563,710 $4.226,395 $4,519,309
Operating ExpensesMaint. of way & struc$597,762
$668,629
$865,874
$892.539
Maint. of equipment.._ _
687,593
786,197
886.486
996,907
Traffic
23,330
24,823
39,765
97,764
Transportation
1,037.229
1,334.530
1,568,522
1,770,464
Miscellaneous operations
47,133
58,798
67.919
68.052
General
32,077
31,361
53.846
97,605
Transp. for invest.-Cr_
1,373
632
2,516
132
Total oper. expenses_ $2,423,752 $2,903.705 $3,590,317 $3,812.778
Net revenue from oper__
395,449
660.005
636.078
706,531
Taxes
281,961
278,168
216,566
273,394
Uncollectible revenues
1,909
2,257
788
1,794
Hire of equipment
2,952
Cr74,792
Cr17,898
Cr28.011
Cr385
2,820
Joint facility rents
Cr5,114
23,404
Operating income____
$201,111
$373.567
$427,624
$435,950
Non-Operating IncomeMiseell. rent income__..
$8,332
$8,974
$7,583
$8,719
4,124
3,601
3,648
Misc. non-op. phys. prop
4,065
Dividend income
2,609
14,536
2.609
2,689
Income from unfunded
5.041
5,027
1,980
9,222
securities and accounts
$447.882
$460,644
Gross income
$217,407
$405,078
Deductions
2;765
$ 61
2
$390
$390
Miscellaneous rents__ _ _
18 6
.
3 885
9
3 473
:7
Int. on unfunded debt_ _
6,09
$3
30
2,063
2,133
Misc, income charges__
290 175
47;643
2_97:6 22
296,574
I
mt. on fund
2961,69652
5
funded debt_ ___
36,817
Int. on eiuip. obligations
32.977
$113,365
$65,947
$103,726 Balance ofincome_
_ df.$120,607
(5)34,200
(5)34,200
(23.)17,100
(5)34,200
1st pref. dividends
(5)54.200
(2% 27,100
)
(5)54,200
2d pref. dividends
$24,965
$15,326
$4,647
Bal. carr. to P.& L.df. $137,707
Earns, per share on 20$1.24
Nil
$0.77
Nil
000shs.com.
(par $100)
GENERAL BALANCE SHEET DEC. 31.
1931.
1930.
1931.
1930.
$
$
Assets5
Liabilities8
Invest, in road_ _ _ 12,809,295 12,743,187 Common stock.- - 2,000,000 2,000,000
684,000
684,000
Invest. in equip__ 3,538,511 3,621,563 1st pref. stock_ ___
Sinking fund for
2nd pref. stock- 1,084,000 1,084,000
6,401,128 6,386.272
retirement of deFunded debt
768,000
bentures
61,100 Equip. trust Wig. 683,000
73,458
Misc. phys. prop_
57,326
53,393 Loans & bills payInv. in MM. cos.:
able
1,300.000 1,300,000
Stocks
73,865
73,865 Traffic & car servAdvances
ice bats. payable
35,281
45,810
3,750
3,750
Other investments
1
I Audited accounts &
Cash.
127,489
114,928
wages payable__
412,478
386,440
Special deposits_
102,984
103,369 MISC. accts. pay__
80,739
53,674
Traffic & ear serInt, mat'd, unpaid.
vice bals., receiv. 143,344
198,880
IncLint.due Jan.1 142,122
142,265
Balances due from
Divs, mat'd unp'd
677
920
agents & conduc
2,240
3,377 Unmet. int. accr'd
12,796
9,826
Misc. accts. receiv. 182,507
262,851 Other curr. Habit's
34,045
47,033
Mat3 & supplies
279,126
339,554 Deferred liabilities 360,344
284,491
Other curr. assets.
801
1,531 Taxes accrued_ _ _ _
60,766
94,411
Deferred assets_ _ _
18,347
3,284 Operating reserves
50,488
52,246
Unadjusted debits 403,354
345,335 Accrued deprec'n
on equip., &c__ 1.173,455 1,126,974
Other unadj. cred
143,970
168,304
Add'as to property
since June 30 '07
55,828
56,242
thro. Inc. & surp.
Profit and loss_ _ _. 3,100.867 3.239,474
Total
17,816,399 17,929,968
-V.134, p. 1755.
Total
17,816,399 17,929,968
New England Power Association.
(Annual Report
-Year Ended Dec. 31 1931.)
The annual report for 1931 is given on page 3475.
International Railways of Central America.
(Annual Report
-Year Ended Dec. 31 1931.)
The annual report for 1931 is given on page 3475.
Corporate anti 33nbefitinent AetufS.
STEAM RAILROADS.
Fewer New Freight Cars and Locomotives Placed in Service During First
Quarter.
-Class I railroads of the United States in the first three months of
1932 placed in service 1,079 new freight cars, the car service division of the
American Railway Association announced. In the same period last year,
3.855 new freight cars were placed in service. Of the new freight cars
installed during the first three months this year. 299 were box cars, while
there were 432 new coal cars installed. In addition, there were installed in
the three months' period this year 172 refrigerator cars and 20 miscellaneous
cars. The railroads on April 1 this year had 2,974 new freignt cars on order,
compared with 7,516 on the same day last year.
The railroads also placed in service in the first three months this year, three
new locomotives compared with 34 in the same period in 1931. New locomotives on order on April 1 this year totaled 36 compared with 86 on the
same day last year.
Freight cars and locomotives leased or otherwise acquired are not included in tho above figures.
Matters Covered in the "Chronicle" of April 30.-(a) Lehigh Valley RR.
to receive $1,500,000 loan from Reconstruction Finance Corporation; loan
of $75.000 denied to Cairo Truman & Southern; Boston & Maine requests
loan of $10,000,000.-P. 3211.
Aberdeen & Rockfish RR.
-Bonds Authorized.
The I .-44. C. Commissionon April 28 authorized the company to procure
the authentication and delivery of not exceeding $127,000 of 20
-year 6%
gold bonds to refund a like amount of outstanding 1st mtge. bonds. The
bonds are to be pledged as security for a loan front the Reconstruction
131, p. 2900.
Finance Corporation -V.
Baltimore & Ohio RR.
-Changes in Personnel, &c.The following changes in the official personnel and territorial divisions
operating department of the Baltimore & Ohio System, are anIn the
nounced by C. W. Galloway. Vice-President in charge of operation and
maintenance. effective May 1:
C. W. Van Horn will become General Manager of Eastern lines, with
headquarters at Baltimore. Md.,succeeding E. W. Scheer, who was elected
Vice-President of the Reading Co. on April 28, Mr. Van Horn has been
General Manager of Western lines at Cincinnati.
F. B. Mitchell has been appointed General Manager of Western lines to
succeed Mr. Van Horn. Mr. Mitchell has been General Superintendent at
Cleveland, O.
R. B. Mann has been appointed Asst. General Manager of Western lines
at Cincinnati from his former position of General Superintendent of the
Southwest district.
The positions of General Superintendent of both the Northwest and Southwest districts will be abolished.
3451
The St. Louis and Ohio divisions are consolidated and will be known as
the St. Louis division. That part of the territory formerly operated as the
Ohio division will hereafter be known as the Ohio subdivision of the St.
Louis division. W. C. Baker will be the Superintendent of the St. Louis
division, with headquarters at Cincinnati.
The Toledo and Indianapolis divisions are consolidated and will be
known as the Toledo division. That part of the territory formerly operated
as the Indianapolis division will hereafter be known as the Indianapolis
subdivision of the Toledo division. A. A. lams will be Superintendent
of the Toledo division, with headquarters at Dayton, 0., and M. V. Hynes,
will be Asst. Superintendent, with headquarters at Indianapolis.
-V. 134,
P. 3269. 3264, 3093.
Bellefonte Central RR.
-New Director.
H. D. Brigstock has been elected a director, succeeding 0. H. Baird,
resigned.
-V. 129, p. 1116.
Canadian National Rys.-Tenders.-
The company will on July 1 next have £168,658 of sinking fund moneys
available for the redemption by purchase of a certain part of the 1927
guaranteed debenture stock (issued in exchange for the Grand Trunk
Pacific Ry. Co. 4% debenture stock). Tenders are therefore invited
for the sale of stock to the company for redemption and cancellation.
Tenders may be made at any price not less than E60 and not more than
£100 cash per 4100 of stock, including accrued interest thereon from Jan. 1
to July 1 1932. Tenders must be forwarded so as to be received not
later than 12 noon on May 15 at either the office of the European Secretary
and Treasurer of the company at Orient House. 42-45 New Broad Street,
E. C. 2 London, England, or at the office of the Secretary and Assistant
to the President of the company, 360 McGill Street, Montreal. Canada.
V. 134, p. 2896.
Canadian Pacific Ry.-New Director.
J. W. Hobbs of Toronto has been elected a director to fill the vacancy
caused by the death of Sir Vincent Meredith.
-V. 134. p. 2509.
Chicago & Eastern Illinois Ry.-Pays Interest.
Money with which to meet the May 1 interest payments on the general
5% bonds has been placed in the hands of the road's trustees, according
to officials of the company.
-V. 134, p. 3267.
Chicago Great Western RR -Budget Approved.
President Patrick H. Joyce reported at the regular monthly meeting
held this week that the budget of expenditures for maintenance and capital
improvement to way and structures for the remainder of the year was
approved. While the amount of the budget, especially for capitalTimprovement, would have been larger had business held up even to last
3452
Financial Chronicle
year, the policy of the road is to keep up the physical condition of the
property, he stated.
S. M. Golden was appointed Assistant to the President. J. M. Baths.
formerly General Manager, was appointed Vice-President in charge of
properties. The office of General Manager is abolished.
-V. 134. p. 2518.
Chicago & North Western Ry.-Denied Review.
The company has been denied a review by the U. S. Supreme Court of
its suit contesting the valuation of its common carrier property in Nebraska
by the State Board of Equalization and Assessment for 1930.-V. 134.
p. 3265.
Chicago Rock Island & Pacific Ry.-Seeks Loan of $10,000,000from Reconstruction Finance Corporation.
The company has applied to the I.
-S. C. Commission for approval of a
$10,000,000 loan from the Reconstruction Finance Corporation. Proceeds from the loan, which would be for tnree years, would be used to
meet interest obligations, bank loans and equipment trust requirements.
Toe carrier proposes to pledge as collateral for tne loan $10,747,473 of
its first mortgage bonds.
Unification of 11 Properties Approved-New Directors
Salaries Cut.
The stockholders on May 5 approved the plan of unification of the 11
properties in the system to provide a foundation for the financing in 1934,
when the first and refunding mortgage bonds of the parent company and
some subsidiaries issues fall due.
E. G. Wilmer and Hamilton Moses were elected to the board of directors,
succeeding Jesse Hirschmann and P. G. Ten Eyck, resigned.
In response to Enquiries, President J. E. Gorman remarked that he rather
thought there would be another pay cut, "but I would not like to see the
Rock Island do it if other roads paralleling ours do not." His own salary
cut of
he said, brought his pay from $88,000 to $57,750 annually.
Marcus L. Bell. Vice-President and General Counsel, received a reduction
of the same size and other officers 107. Salaries of vice-presidents, he
he said, range from $15,000 to $18,000 annually. Carl Nyquist, VicePresident, Secretary and Treasurer, stated that his present compensation is
$22,500.
Bonds Authorized.
The I.
-S. C. Commission recently authorized the company to issue
not exceeding $178.000 1st & ref. mtge, gold bonds, in reimbursement
for capital expenditures heretofore made, the bonds to be pledged and
repledged as collateral security for short-term notes.
-V. 134, p. 3289.
Cincinnati Union Terminal Co.
-Bond Application.
-
The company has asked the I.
-S. C. Commission for authority to issue
$12,000.000 first mortgage 5% gold bonds, dated May 1 1932. and maturing
May 1 1957. The company also seeks authority to issue and renew from
time to time $5,000.000 short term promissory notes. at not more than
67 interest and to mature not later than July 1 1933.
The bonds will be guaranteed, both as to principal and interest, by the
company's proprietary lines. These include the Baltimore dc Ohio, Chesapeake & Ohio,Cincinnati New Orleans dc Texas Pacific, Dig Four, Louisville
de Nashville, Norfolk & Western and Pennsylvania RR.
The bonds will be sold for cash at best price obtainable when bond
market conditions permit. No definite arrangements have as yet been
made, but these steps will be taken through J. P. Morgan & Co. and
Kuhn, Loeb & Co., when bond market conditions are more favorable.
V. 133, p. 4151.
Cleveland Cincinnati Chicago & St. L. Ry.-Tenders.
The Central Hanover Bank & Trust Co., trustee, will receive
to sell $30,419 of St. Louis division 1st collat. trust mtge. bonds proposals
at a rate
not exceeding 105 and interest. Sealed proposals will be opened on May
13
at noon.
-V. 133. p. 3091.
Denver & Salt Lake Ry.-Earnings.Calendar YearsOperating RerenuesFreight _
Passenger
Mail
Express
All other
1931.
1930.
1929.
1928.
$2.038.529 $2,835,677 $3.471,169 $3,540,316
95.814
149.735
198,691
254,472
101,953
106.701
a201,946
82,527
24,341
34.299
40.011
48,323
42,198
70,869
69.313
86,024
Total oper. revenues_ _ $2,302,835 $3,197,282 $33,981,131 $4,011,663
Operating ExpensesMaint. of way & struct_ _
3358.080
$626,161
$660,393
$824,448
Maint. of equipment_ - 395,303
641,779
785,256
902,749
Traffic
23,161
26,837
26,703
22,995
Transportation
395,597
513.896
610.269
687,738
General
131,228
180.930
163.992
129.486
Transp. for Investment_
Cr14,652
19,966
31,094
Total oper. expenses.. _ $1,303,369 $1,974,951 $2,226,647 $2,536,322
Net operating revenue
999,466
1,222,331
1,754,484
1,475,341
Tax accruals
199.657
185,004
156,447
131.570
Uncollectible revenue_ _ ..
23
139
87
129
-net
Hire of equip.
Cr59,573
Cr86,565
Cr81,337
Cr84,769
Net railway oper. Inc_
$859,359 $1,123,752 $1,679,287 $1.428,412
Other IncomeMiseell rent income_ _ _
.
266.019
6,280
5.844
7,018
Inc.from funded secur- 112,657
107.937
86,971
99,843
Income from unfunded
securities & accrued_ _
21,491
12,724
49.367
19,215
Total open and other
income
$1,246,039 $1,264,181 $1,821,471 31,554,489
Deductions
Rent for leased roads:
Moffat Tunnel
345,900
345,900
345,900
292,209
Northwestern Terminal
RR. Co
65,732
54,848
47.508
51,730
Miscellaneous rents.. _ _ _
151
146
151
151
Interest on funded debt:
First mtge. bonds_
150,000
150,000
150,000
150,000
Income mortgage bonds.
660,000
660,000
ii660,000
660,000
Interest on unfunded debt
572
1,081
36
934
Miscell. income charges_
9,164
11,070
7,811
7,691
Total deductions
$1,220,635 31.233,934 51.211,402 31.162.716
Net income bal. trans.
to profit and loss
25.404
30.247
610,068
391.773
a Includes $71,537 back mail pay applicable to period Aug. 1 1927 to
Dec. 31 1928.
Comparatite Balance Sheet Dee. 31.
1931.
1931.
1930.
1930.
LtahtlUtes-Assets$
$
8
$
Road & equip---16,663,445 16,684,898 Capital stock
5,110,035 5,110,035
Long term debt_ .13,500.000 13,500,000
Improv. on leased
130,362 Traffic & car service
77,032
railway property
balance payable
Invest. In Mill. cos
8,770
3,300
4,900
13,933
Other investments 2,719,209 2,721,784 Audited accts, and
wages payable_ _
Cash
155,217
119,933
983,498 1,033,612
76,211 Mlscell. accts. pay.
36,153
74,514
Special deposits_ _ _
41,253
Int. matured unpd.
Traffic & car service
74,514
76,211
balances recelv.. 128,733
211,247 Unmatured interest
Net balance reedy.
accrued
660,000
660,000
Other current nab_
2,371
from agents and
4,394
5,986 Unadjusted credits 765,755
5,550
702,530
conductors
Corporate surplus:
60,159
Miscell. accts. rec_ 371,240
Material ,S: supplies 291,807
349,900 Additions to property through In16,418
16,052
Accrued Int. reedy
28,199
come ,k surplus.
Other current assets
27,181
906
709
Deferred assets_ _ _
240 Profit and loss_ _
1,081,059 1,067,556
266
Unadjusted debits
63,287
49,833
21,386,790 21,358,313
Total
-V.134, p. 1755.
Total
21,386,790 21,358,313
May 7 1932
Denver & Rio Grande Western RR.
-Abandonment of
14 Miles.
The I.
-S. C. Commission on April 18 issued a certificate permitting the
company to abandon a part of its line of railroad extending southerly from
Lascar to Cuchara, approximately 13.65 miles, all in Huerfano County,
Colo. The line has not been operated since 1925.-V. 134, p. 2518. 2706.
2712. 3269.
Duluth South Shore & Atlantic Ry. Co.
-Earnings.
-
For income statement for 3 months ended
March 31 see "Earnings
Department" on a preceding Page.
-V. 134, P. 1019.
Fonda Johnstown & Gloversville RR.
-Interest.
-
The New York Stock Exchange having received notice that interest
amounting to 17 will be paid on May 1 1932, on the (amended)first con0
solidated general refunding mortgage (2-4%) gold bonds, due 1982 on
presentation of "fixed interest coupon" No. 2, the Committee on Securities
ruled that the bonds be quoted ex-interest 1% on May 2 1932, and
that thereafter to be a delivery must carry the "fixed interest coupon"
No. 3 (Nov. 1 1932), "cumulative interest coupon" No. 1 (May 1
1937)
and subsequent coupons.
-V. 134. p. 2141, 2326.
Georgia Northern Ry.-Bonds.The I.
-S. C. Commission on April 26 authorized the company to issue
$44,000 of 1st mtge. 6% gold bonds, to be sold at not less than par and the
proceeds used in partial reimbursement for capital expenditures heretofore
made.
The report of the Commission states in part:
The applicant states that it does not propose to make any contracts or
pay any commissions for the sale of the bonds, but that they will be sold
by its Treasurer at par.
-V. 123, p. 322.
Great Northern Ry.-Abandonment.-
The I.
-S. C. Commission on April 25 issued a certificate permitting the
company to abandon that part of its line of railroad extending from Lewis
Jct, in a southerwesterly direction to Sand Coulee, 2.38 miles, all in Cascade
County, Mont.
-V. 134, p. 2712.
Louisiana Arkansas & Texas Ry.-Trackage.-
The I.
-S. C. Commission on May 2 issued a certificate authorizing the
company to operate, under trackage rights, over the line of railroad of the
Missouri-Kansas-Texas RR. of Texas between Greenville and Dallas. Tex.
about 54 miles.
-V. 134, P. 2901.
Maryland & Pennsylvania RR.
-Bonds.
-
The I.
-S. C. Commission on April 27 authorized the company (1) to
issue $203.000 of 1st mtge. 50
-year 4% gold bonds,
pledged under its
first-consolidated mtge. or otherwise disposed ofto be
as may hereafter be
approved, and (2) to procure the authentication and delivery of $500,000
offirst-consolidated mtge. bonds. series B,6%,to be pledged and repledged
as collateral security for the short-term notes.
-V. 134, 0. 3093.
Minneapolis & St. Louis RR.
-Loan of $2,698,630 Approvedfrom Reconstruction Finance Corporation.
-The I.-8. C.
Commission has approved a loan of $2,698,630 to the receiver
of the road from the Reconstruction Finance Corporation.
-V. 134, p. 2712.
Old Colony RR.
-To Vote on Bonds.
A
special meeting of the stockholders will be held on May 16 for the
following purposes:
1. To consider and act upon a proposed issue of bonds not exceeding
$1,500,000, to be issued under and secured by this company's 1st mortgage
to the Old Colony Trust Co. as trustee, dated Jan. 30 1924, for the purpose
of purchasing, paying, retiring or refunding, before, at or after maturity
the present issue of bonds of this company aggregating a face value of
$1,000,000, bearing interest at the rate of 3j.k % per annum, and maturing
July 1 1932, and for permanent extensions, additions and improvements
as provided in said mortgage and (or) for discharging this company's
Indebtedness to the New York New Haven & Hartford RR.,for expenditure
for such extensions, additions and (or) improvements in the sum of $500,000.
2. To consider and to act upon a proposed issue of this company's note
or notes, in an amount not exceeding $1.500,000. to be secured, it necessary,
by this company's 1st mtge. gold bonds, or otherwise, if the directors a
this company determine that the sale of said bonds prior to July 1 1932
will be inexpedient or unduly costly.
-V. 131, p. 625.
Pennsylvania RR.
-Temporary Gen. Manager Appointed.
George Le Boutillier, Vice-President of the New York zone, on May 1,
assumed the additional duties of General Manager and will continue to
serve in that capacity during the absence of J. F. Patterson, who has been
relieved from active service because of illness -V. 134, p. 3270, 3393,
2902, 2712, 2703.
St. Louis-San Francisco Ry.-Loan of $1,800,000 Approved from Reconstruction Finance Corporation-Must File
Plan with 1.-S. C. Commission by July 1 Reducing Fixed
Intereat Charges.
-See under "Current Events" on a preceding page.
The financial reorganization of the road to meet the conditions laid
down by the I.
-S. C. Commission in approving the $1,800,000 loan from
the Reconstruction Finance Corporation have begun according to J. M.
Kurn, President who is quoted as saying:
"The Frisco is prepared to meet the most important condition, that the
interest charges on its $292,000,000 funded debt be reduced by July 1.
"We will be in a position to meet all the conditions laid down by the
Commission. The Frisco management is hopeful that through the aid
of bondholders a thorough reorganization may be effected without the
expense of a receivership."
Mr. Kurn is further quoted as saying:
"As to what form the plans will take, it is impossible to say. There are
several methods by which a reduction could be made, but they are all of
such a complex character that it will require some time to arrive at a decision acceptable to all concerned. I do believe, however, that a plan will
be agreed upon in accord with the Commission's wishes."
Commerce Commission Approves Bonds Needed to Secure
Loan.
The technical detail which had been holding up the $1,800,000 loan from
the Reconstruction Finance Corporation to the St. Louis-San Francisco
was cleared up on May 5 with authorization by the Commerce Commission for the road to issue $1,679.000 consolidated mortgage
bonds.
series H. In its order approving the loan the Commission had 67
asked that
these bonds be pledged as collateral, but in some way it had overlooked the
fact that it had not yet passed on the application to issue the bonds.
V. 134, p. 2713.
St. Louis Southwestern Ry.-Securities Authorized.
-
-S. C. Commission on April 28 authorized the company to issue
The I.
(a) not exceeding $4.500,000 of promissory notes and to pledge pro rata as
collateral security not exceeding $6,375,000 of its gen. & ref. mtge. 5%
gold bonds, series A. and $132,000 of Southern Illinois & Missouri Bridge
Co. 4% 1st mtge. bonds, and (b) not exceeding $750,000 of promissory
notes payable to the Railroad Credit Corporation, its successors or 1188ignii
and to pledge as collateral security its equity in certain bonds to be Pledged
for a loan from the Reconstruction Finance Corporation; the notes under
(a) to be issued to refund in part bank loans, and under (b) to procure
funds to pay maturing interest.
That part of the application which sought authority to pledge certain
securities and other assets as collateral for the notes to be issued to the
Railroad Credit Corporation was dismissed.
The report of the Commission says:
The company has duly applied for authority to issue not exceeding $5.250,000 of promissory notes and to pledge as security in connection therewith not exceeding $6,375,000 of its gen. Sc ref. mtge. 5% gold bonds.
series A,$132,000 of Southern Illinois & Missouri Bridge Co. 44, 1st mtge.
bonds, its equity in certain collateral furnished to secure any loan which
the Reconstruction Financ Corporation may make to it, and the following:
Volume 134
Financial Chronicle
Arkansas & Memphis Railway Bridge & Terminal Co. pref. stock- _8550,000
Valley Terminal Fly. common stock
5,000
Valley Terminal Ry.'s demand note for the face amount of
840.432
Southwestern Town Lot Corp. common stock
100,000
Assignment of all rights, title and interest in and to advances made
to the Southwestern Town Lot Corp. in the sum of
846,843
Assignment of undertaking by Valley Terminal Ry. and Southwestern
Town Lot Corp. that they will not dispose of or subject their property
holdings to any lien in excess of $1,000 without the consent in writing of
the St. Louis Southwestern Ry.; also the amount due and to become due
the applicant as a participating carrier in distribution from time to time
and in final liquidation of the marshalling and d.stributing funds of 1931.
No objection to the granting of the apllication has been presented to us.
The applicant has outstanding $9,000,000 ot promissory notes which
were authorized by our order of Feb. 9 1931. Of this amount of notes
*7.000,000 is held by the Chase National Bank, New York, and *2.000.000
is held by the Mississippi Valley Trust Co., St. Louis. The notes have
been renewed from time to time and the last renewal will mature on June 1
1932.
By our certificate of April 8 1932, we approved a loan of not exceeding
$18,000,000 from the Reconstruction Finance Corporation to the applicant,
which proposes to use $4,500,000 of the loan to pay one-half of the
$9.000,000 of notes and to refund the remainder of the notes by the issue of two
notes as follows: One note in the amount of $3.500,000 will ne issued to the
Chase National Bank and the other in the amount of $1,000,000 will be
ssued to the Mississippi Valley Trust Co. The notes will be dated
June 1
1932, will bear interest at the rate of5% per annum, payable semi-annually
and will mature June 1 1935. As security for the new notes, the applicant
proposes to pledge pro rata not exceeding $6,375,000
5% gold bonds, series A, and $132,000 of Southern of gen. & ref. mtge.
Illinois & Missouri
Bridge Co.4% 1st mtge. bonds. The gen. & ref. mtge bonds are part of the
bonds authorized by our order of March 21 1932, and the
& Missouri Bridge Co. bonds are part of $600,000 of bonds Southern Illinois
of that company
in respect of which the applicant was authorized to ssume obligation
liability oy our order of Aug. 27 1931. The applicant states that is is and
not
possible to give the specific amounts of each class of bonds that
will be
pledged for the respective notes, as our certificates of
that the amounts of bonds of these two issues to be April 8 1932 provides
pledged for the loan
therein approved shall not be less than such proportion of the total principal amount of bonds of these two issues which may become available
for
pledge under the bank loans and the approved loan as the face amount
of
the latter bears to the sum of itself and
to be made by the banks. It appears the total face amount of new loans
that this requirement will reduce
somewhat the amount of bonds available for pledging for the notes
to be
issued to the banks as aforesaid.
The applicant states that $400,000 of interest on its 1st
certificates will mature on May 1 1932, and that $414,540 ofmtge. bond
interest on
its 1st consolidated mtge. bonds will mature on June 1
1932.
tended to borrow from the Reconstruction Finance Corporation It had in
of which $400,000 was to be used to pay the interest due May 1, $750,000,
mainder to pay in part the Interest due June 1. This loan was and the reto be paid from funds to be borrowed from the Railroad Credit subsequently
Corporation.
The applicant now proposes to obtain the *750.000 loan directly from
the
Credit Corporation and to home to it in evidence of the indebtedness a like
amount of notes payable to the Railroad Credit Corporation, its successors
or assigns, the notes to be dated the day of issue, to bear interest
then current rediscount rate of the Federal Reserve Bank in the Newat the
York
District, and to be adjusted quarterly to the rediscount rate then prevailing,
and to mature on demand or otherwise within two years from date.
As security for the notes to be issued to the Credit Corporation, the
applicant proposes to pledge its equity in the collateral to be furnished by
it to secure any loan which may be made to it by the Reconstruction
Finance
Corporation, consisting of not less than $22.818,000 of the applicant's
gen. & ref. mtge. 5% gold bonds,series A, and $468.000 of Southern Illinois
& Missouri Bridge Co. 4% 1st mtge. bonds. The applicant would
also
pledge as security for these notes the securities and other assets
(listed
above). As the applicant has not assumed obligation
liability in respect of any of the securities and other assets referred andno
to,
authority is
necessary to permit it to pledge them as proposed. That part of
the application which seeks such authority will be dismissed.
See also annual report of Southern Pacific Co. under
"Financial Reports" on a preceding page.
New Directors.
-
Henry W. De Forest and Walter Douglas, both of New York,
have been
elected directors, succeeding Frank Riney and William M.
Greve, retired.
-V.134. p. 3094.
Southern Ry -Bonds.-
The I.
-S. C. Commission has modified its order
to permit a loan of $2,000,000 of development and of Feb. 6 1932 so as
gold bonds to the Mobile & Ohio RR. for pledge general mortgage 4%
as collateral security
for a loan from the Reconstruction Finance Corporation.
-V. 134, p. 3090
Wabash Ry.-Pays May 1 Interest.
-
On application of Walter S. Franklin and Frank C.
receivers for the company, U. S. District Judge Davis Nicodemus Jr.,
has authorize
them to pay $847.275 semi-annual interest, due on May I, on the
1st mtge.
5%,bonds.
The receivers were also authorized to disburse $4.000 in semi-annual
Interest payments to holders of the Columbia & St. Louis
RR. 1st mtge.
4% bonds
.-V. 134. P. 3089.
PUBLIC UTILITIES.
Matters Covered in the "Chronicle" of April 39.-(a) Electricity
production
fell off 12.3% during the week ended April 23 as compared with
the same
period last year, p. 3172.
Alabama Water Service Co.
-Earnings.
-
For income statement for 12 months ended Feb. 29 see
"Earnings Department" on a preceding page.
-V. 134, p. 3270.
American Light & Traction Co.
-Earnings.
--
For income statement for 3 and 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V.134. p. 3094.
'American Power 8c Light Co.
-Omits Stock Distribution.
-The directors on May 4 declared the regular quarterly cash
dividend on the common stock of 250. per share, payable
June 1 to holders of record May 14. For several years past
the company has paid on its common stock, in addition to
cash dividends, a semi-annual dividend of 2% in common
stock on June •1 and Dec. 1. No action was taken on the
declaration of this stock dividend heretofore payable June 1.
-V. 134, p. 2902.
American Public Service Co.
-Reduces Capital Stock.
The stockholders on March 29 voted to decrease the authorized capital
stock from 150,000 shares of common stock, par $100, and 150.000 shares
of 7% cum. pref. stock, par $100, to 120,000 shares of common and 80,000
shares of pref. stock, both of $100 par value.
At Dec. 31 last, the company had outstanding 79,746 shares of pref.
and 96.447.08 shares of common stock. Practically all of the latter issue
isfowned by the Central & South West Utilities Co., a subsidiary of the
Middle West Utilities Co.
-V. 134. p. 2714.
- Appalachian Gas Corp.
-Receivership.
-
Chancellor J. 0. Wolcott at Wilmington, Del., May 3 appointed Elwyn
Evans of Wilmington, Arthur B. Koontz of Charleston, W. Va., and
0. H. Simonds of Glen Ridge, N. J., as receivers.
The bill of complaint sets forth that semi-annual interest upon the
second series of debentures, which was due May 1. was not paid, and
that a note for $818,000 secured by Pledge of 94,736 shares of Memphis
Natural Gas Co. common stock becomes due and payable May 16 and that
the corporation has not on hand sufficient funds to meet the notes and
accounts payable falling due this month.
Debentureholders' Protective Committee.
A committee has been formed for the purpose of representing and protecting the Interests of holders of the cony. 6% debentures, initial series
3453
duo March 1 1945: series B. due May 1 1945. John C. Adams of Hale,
Waters & Co. is Chairman of the committee which includes John B.
Stetson Jr. of Stetson & Blackman. Walter Logan of P. W. Chapman
& Co.. Inc. Charles B. Roberts III of the Pennsylvania Co. for Insurances
on Lives & Granting Annuities, and C. T. Williams of C. T. Williams &
Co., Inc. Walter Logan,42 Cedar St., New York,is Secreatry,and Semmes
Bowen & Semmes, Baltimore: Saul, Ewing, Remick & Saul of Philadelphia,
and Chapman, Snider. Duke & Radebaugh. New York, counsel.
The committee is now engaged in the preparation of a plan of reorganization and urges the prompt deposit of debentures with New York Trust
Co., depositary. The committee has agreed to receive no compensation
unless'it shall in the future be provided for pursuant to the reorganization
plan to be submitted to depositing debentureholders.
In its announcement to debentureholders the committee points out that
a recent statement of the Treasurer of the corporation indicated that a
major portion of the assets of the corporation, including a substantial
amount ofcash, approximately 345,000 shares ofcommon stock of Memphis
Natural Gas Co., and substantial majorities of common stocks of certain
other operating companies, are unpledged and held as free assets.
-V.134.
p.844.
American Electric Power Corp.(& Subs.).
-Earnings.
Calendar YearsOperating revenues
Other income
1931.
1930.
1929.
1928.
$11,208,949 $14,195,480 $13,952,208 $13,503.847
582,396
181,815
149,496
166.939
Total gross earnings_ _811,791,345 $14,377,295 $14,101,704 $13,670,786
Oper. exp. & taxes, incl.
Federal income taxes- 6,434.253
8,986,771
8,876,970
8,496,009
$5,357,092 $5,390,524 85.224,734 85.174,777
Net earnings
Deduct chgs. ofsub. cos.:
2,370,748
2,399,829
2,235,130
2,175,643
Int. on funded debt
33,843
43.580
34,971
Int. on unfunded debt
48,822
Amortiz. of debt disc. &
132,854
132,729
125,067
125,536
expense
Divs, on pref., partic. &
1.090,913
1,034,864
1.042,541
corn. stks.. held by pub 1,011,257
Cr.21,901
Cr.12,774
Cr.22.560
Int. chgd. to construct'n Cr.21.440
Net inc, before prov.
for retire. res. &
chgs. of A.E.P.CorP 81,829,831 31.802,084 31.808,926 31,746.637
Deduct-Cbgs. of A.E.P.Corp.:
473,463
432.353
518,527
555.846
Int. on funded debt_ 16.091
32,589
3,758
17,234
Int. on unfunded debt
Amortiz. of debt disc. &
15.539
13.178
21,275
23.112
expense
758,532
618,232
756.739
595,967
Retirement reserve
$637,678
$472,953
Net income
9.644,796
9,413,079
Surplus
-Jan. 1
Direct surp. credits
-net Dr.386,780 Dr.465,385
Restoration of div. on
101,240
corn, stock of sub__ _ _
14,695
Min. int. of sub. cos--
$739,044
9.115.951
21,903
$4485,372
8.481.109
310.125
89,765,210 39,667.059 39,876.898 39.276,607
Total surplus
Divs. on A.E.P.Corp.Stk.:
Divs. on $7 pref. stock
7.822
22,101
25,714
27.433
series of 1927
Divs. on 86 pref.stock
152,834
210,000
210,000
210,000
series of 1928
18.267
54,800
Second preferred
160,748
Surplus charges
208,396
Adjustment
Profit & loss surplus- - 89,103.833 80,413,070 $9,644,797 $9,115,951
Shares of coin, stock out200,000
200.000
200.000
200,000
standing (no par)
$1.62
$2.53
$1.09
$1.73
Earned per share
-V. 132, p. 2959.
-Earnings.
Arkansas-Missouri Power Co.(& Subs.).
Calendar Years
Operating revenues
Operating expenses
Uncollectible bills
Taxes
1930.
1931.
81,355,507 81,476.783
930,815
x802,857
8.519
5,430
66,983
73.030
Net operating Income
Non-operating income
$4474,189
6,069
$4470,465
9.484
Gross income
Interest on funded debt
Miscellaneous interest deductions
Amortization of debt disc. & expense
Miscellaneous deductions from gross income
Dividends on pref. stock of subsidiary
$480,258
y290.556
43,671
35,255
3.136
5.551
$479.949
269.147
41,778
30.649
2,946
3.721
Net income
Surplus, Dec.31
$102,088
111,632
$131,707
398.985
Total income
Dividends paid & accrued on 7% pref.stock
Dividends paid on common stock
3213,720
89,966
8530.692
89,810
40.500
Surplus Dec. 31
Including retirement provision of $13.656.
to construction $2,940.-V. 132, p. 3522.
$400.382
8I23.754
y Loss interest charged
Associated Gas & Electric Co -Dividend on $4 Cum.
Pref. Stock Payable in Scrip.
The directors recently declared a quarterly dividend of $1 a share in
scrip on the $4 cumul. pref. stock, the scrip carrying interest of 7% and
maturing May 1 1937. Heretofore quarterly payments of SI a share in
cash or 1-70th of a share of $5 pref. stock have been made on this issue.
The company in a letter to the shareholders states that earnings for 1931 after
generous provisions for retirement of fixed capital and depreciation were
sufficient to meet dividend requirements.
The dividend on the $4 cum. pref. stock was payable on May 2 to holders
of record March 31.
Consolidated Statement for 1931.
-
The statement below includes earnings and expenses of all properties
owned on Dec. 31 1931 for the full period, irrespective of the dates of
acquisition. Appropriate adjustment has been made for the net earnings
of properties acquired during the year but which accrued prior to acquisition.
A statement issued by the company says:
"The company has made vigorous efforts to improve its current position
by the reduction of short term liabilities and notes payable. The success
of its efforts in that direction is shown by the comparative balance sheet.
The purchase money obligations show a substantial reduction and the notes
payable have been reduced to less than 50% of the amount outstanding
at Dec. 31 1930. Additional improvement has been shown since the date
of the balance sheet with the result that the purchase money obligations
have been reduced to 81,355.551 and the notes payable to 83,800.000.
Arrangements are now being made to liquidate these liabilities, with the
expectation that upon the conclusion of these arrangements there will be
no short term maturities of the Associated Gas & Electric Co.
"From that time on it will merely be faced with the day to day requirements for interest and dividend purposes, for which sufficient revenue and
cash will be received fro& the operating properties as required. The improvement in the current position of the company is being effected as the
result of economies and the curtailment of construction, coupled with the
sale of securities to customers of the underlying companies.
"In line with the tendency of decreasing prices, there has been provided
a reserve of $50.000,000 out of surplus for such shrinkage in value of the
investments of the company as may have taken place as a result of the
drastic decline in the price levels, and other contingencies.
"For the first time since their acquisition, the consolidated statement
of earnings and expenses has included therein the full operations of the
General Gag & Electric Corp. and the Eastern Utilities Investing Corp.
Heretofore these two corporations have been treated as investment companies, and the income from them has been included as other income.
Financial Chronicle
"The earnings per share fro class A stock after depreciation was Mc.
A substantial portion (57c.) of the decrease in earnings per share,from those
for the 12 months of 1930, is the result of increased provisions for retirment
of fixed capital (depreciation).
"In order to make true comparisons the figures for the year 1930 have also
been revised to include the operations of the two groups mentioned above."
Comparative Consolidated Statement of Earnings and Expenses 12 Months
Ended Dec. 31.
x1931.
1930.
$22,971,462 $24,322,371
Electric revenues: Residential
21,629,577 20,253,068
Power
14,199,032 14.079,525
Commercial
5,486,848
5,196,502
Municipal
3.745,478
2,067,041
Electric corporations
1,249,789
1.368,295
Railways
Total sales, electric
Miscellaneous revenue
$67.431,912 $69,137,082
261,716
345,576
Total electric revenue
Gas revenues: Residential
Commercial
Industrial
$67,777,488 $69,398,798
9,879,276
$10,032,612
1,664,920
1,731,871
808,166
993,511
Total sales. gas
Miscellaneous revenue
$12,7b7.996 $12,352,363
71,206
98,032
Total gas revenue
Water, transportation, heat & misc. revenues
$12.856,028 $12,423.570
8,694,610
9,473,260
Total operating revenues
Operating expenses
Taxes
$90,106,778 $90,516,980
42,623,467 41.595,663
5,875.135
4,865,947
$42,617,364 $43,046,181
Net operating revenue
Provision for retirement of fixed capital (renewals
8,308,412
5,698,407
-depreciation)
replacements
&
Operating income
Income of non-utility subsidiaries
Other interest, dividends, &c
$36,918,956 $34,737,768
$2,733,253
3,576,558
Total other income
Other expenses and taxes
Net other income
$6,309,811
1,319,569
$4,990,242
$39,728,011
Gross income
8.897,881
Operating companies,interest on funded & unfunded debt
2,462,293
Operating companies, preferred stock dividends
y4,498,142
Group companies, interest & preferred stock dividends
yl.121.497
Other companies, interest on funded debt
Income applicable to common stocks of subsidiary companies
38,010
held by the public & earnings prior to acquisition
Sub-total
Credit for interest during construction
Total underlying deductions
Balance
Interest of Associated Gas & Electric Co.: Funded debt
Unfunded debt
Total
$17,017,825
1,044,766
$15,973,059
$23,754,951
11,156,551
505,360
$11,661,911
$12,093,040
Balance
Interest on junior obligations convertible into stock at option of
company ($2,465,983) and other charges ranking therewith
4.120.009
($1,654,026)
Balance
$7,973,030
Dividends on preferred stock of parent company ($1,917.015)
2,431,067
and other charges ranking therewith ($514,052)
$5,541,962
Balance
Dividends on preference stock of parent company ($280,376)
1,729.023
and other charges ranking therewith ($1,448,647)
$3,812,939
Balance for class A dividends & surplus
4,518,498
Average number of shares class A stock outstanding
$0.84
Earnings per share for class A stock after depreciation
x Preliminary. y Exclusive of that portion of charges ranking after
Interest of Associated Gas & Electric Co.
Comparative Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Assets
Cap. & surplus_284,798,702 289,114,361
Inv. In (at cost)
()Wig. cony,into
& obligat's of
stocks at co.'s
673,409,425 537,962,963
subs
82,014,021 76,003,224
option
Inv. in subs. (at
Funded debt _ _ _ 253,040,269 195,326,875
cost) pledged
Pur.money oblig 2,990,153 8,831,793
as sec. for pur.
3,064,575 15,346,655 Notes pay. (unmoney oblig
7,450.000 15,000,000
secured)
8,148,653
4,781,665
Cash
Accts. pay. and
Accts. rec. from
130,534
175,502
accrued taxes_
6,465,162 18,056,422
subs
4,164,032
6,017,804 Accrued Interest x5,074,878
195.652
Int. & divs. rec _
379,930 Divs. declared,
223,479
Prepay. & susp_
2,490,874
pay. in cash_ _ 1,413,885
Joint guar'ty of
Divs. declared,
sub.co.'s mtge
360,113
pay. in stock_
bds. due 1941 2,661,000
770,411
Res.for taxes4c 1,386,391
Unamort. debt
7,453,845 Res. for addit'l
disc.& expense
taxes (co.'s
Endorse, of sub.
1,564,168
estimate),,,2,067,043
notes (contra)
315,000
Res. for conting. 50,000,000
Conting. liability
for sub. notes
315,000
endorsed(con.)
691,115,960 593,396,275
Total
691,115,960 593,396,275
Total
x Including matured interest $178.769.
sheet Dec. 31 1930, has been regrouped and adjusted
-Balance
Note.
to make it comparable with balance sheet Dec. 31 1931. Since Dec. 31
1931, the purchase money obligations have been reduced to $1.355,551,
and the notes payable, all unsecured, to $3,800,000.-V. 134, p. 3270.
-Earnings.
Bell Telephone Co. of Pennsylvania.
For income statement for quarter ended March 31 see "Earnings De-V. 134, p. 3270.
partment" on a preceding page.
-Output (Cubic Feet).Boston Consolidated Gas Co.
1931.
1932.
Month1,346,934
1,226,027
January
1,176,509
1,200,837
February
1,215.763
1,243,212
March
1,120,406
1,093,065
April
has put into effect as of May 1 1932 a new schedule of
The company
rates for gas used in house heating. Reductions run up to as much as
15%. Discounts for prompt payment provided under the old schedule
-V. 131. p. 2715.
are cont nued .
-Common Dividend Omitted.
Broad River Power Co.
The directors have declared the regular quarterly dividend of 1%%
cum. pref. stock, par $100, payable
on the outstanding $3,810,500 7%
May 2 to holders of record March 31.
outstanding
The company recently decided to omit the dividend on the
$4,329,400 common stock par $100. Distributions amounting to 5% per
issue during 1928. 1929, and 1930 and
annum were made on this latter
paid.
33.1% in 1931. In 1927 a total of 4% was
May 7 1932
1929.
1930.
1931.
Earns.for Calendar Years$3,044,522 $2,836,734 $2,713,604
Operating revenues
672,264
858,512
} 1.546,783{
Operating expenses
144,734
95,570
Maintenance
Prov, for retire, of fixed capital (re127.173
242,065
274,754
placements, renewals, &c.)
296.348
319,997
411,810
Taxes (incl. prov. for Fed. inc. taxes)
$811,175 $1,320,590 $1,473,085
income
Operating
97.647
45,116
35,066
Other income
$846,241 $1,365,706 $1,570,732
Gross income
661,673
653.703
642,171
Interest on funded debt
81,406
88,457
92.366
Interest on unfunded debt
70,065
67,381
65.403
Amortization of debt disc. & expense
Cr.40,289
Cr.18,248
Cr.9,847
Interest during construction
$797,878
$574,413
$56.148
Net Income
266,735
266,735
288,963
Preferred dividends
216,470
216,470
162,353
Common dividends
$314,673
$91,208
def$395,168
Balance surplus
Balance Sheet Dec. 31.
1930.
1931,
1930.
1931,
8
Liabilities8
8
8
AssetsPlant & property_31,061.034 24,495,315 Cap. stock & cap.
115,002,322 8,405,079
surplus
25,005
4
Investments
173,110 Adv.from stkhldrs 2,366,774
Cash on spec. deps_ 186,715
44,730
Matured bond int_
80,625
Cash
1,433,634
7,200 Adv.fr. affil. cos_ _
7,200
Notes receivable__
11,796,500 11,975,000
543,518 Funded debt
428,632
Accts.receivable_ _
50,000
Notes payable
166,268
Materials dr. suppl. 130,012
66,684
.
18,492 Pref. diva. declared
2,351
Prepayments
45,594
131,336
26,751 Accts. payable_ _ _
26,744
Miscell. suspense_
165,254
Accrued taxes_ _ .._ 1 297,3955
1
163,427
Accrued interest__
15,813
Other accruals_ _ _ _
65,038
69,811
Consumers' deps__
1,458.841 2,014,119
Reserves
638,924 1,172,702
Surplus
31,923,317 25,455,659
Total
31,923,317 25,455,659
Total
x Represented by 38,105 shares of cum. pref. 7 stock (par $100) and
43,294 shares of common stock (par $100).-V. 134. p. 504.
-Earns.
Associated Telephone Utilities Co.(& Subs.).
1929.
1930.
1931.
Calendar Years$17,358.465 $15,559,445 $8,845,181 $4,738,498
Operating revenues
158.343
91,402
65,762
43,768
Non-operating revenues_
Total gross earnings_ _$17,402,233 $15,625,207 $8,936,583 $4,896,842
1,452,030
2,856,985
5,277,539
5,817,318
Operation
666,814
1,266,219
2,366,059
2,567,793
Maintenance
326,860
528,971
945,3945
State and local taxes_ __ _1 1,177,943
59,086
126,349
1
Federal income taxes...)
Net earnings before de$7,036,215 $4,158,058 $2,392,052
$7,839,179
preciation
823,297
1,427,870
2,878,580
Interest on funded debt_ 2,150,673
548,718
925,658
1,451,095
1,743,987
Depreciation
76,871
68,727
6.242
32,167
General interest
Amort. of debt discount
74,669
130,454
210,791
142,737
and expense
Int. charged to construe38,501
67,830
41,271
tion--Cr
Dividends on pref. stock
of subs. in hands of
103.536
328,286
512,789
630,114
public
57,367
70.864
166,384
69,141
Minority interest
Int. on funded debt &
amortiz. of Associated
1,632,384
Tel. Utilities Co
$707,594
$1,479,246 $1,878,163 $1,244,700
Net income
261.422
597,853
868,015
1.477.970
Previous surplus
$969,016
$2,957,216 $2,746.178 $1,842,553
Total surplus
257,333
359,197
585,878
667,895
Preferred dividends_ _ - 131,575
y553,902
x505,277
x501,939
Common dividends
Premium on unexpended
discount & expense on
33,282
93,126
194,553
sub. bonds retired_ __ _
44,549
Prop, retire, of subs_..
. Sundry direct surplus
36.204
61,438
83.926
27,040
items (net)
$510,622
$868,015
$1,521,242 $1,477,970
Profit & loss surplus
Shs. of corn. stk, out-,
217,024
580.762
642.884
862.391
standing (no par)
$1.52
$2.08
$2.01
$0.94
Earnings per share
Paid by issuance of 50,194 shares of common stock at $10 Per share In
x
1930. y Includes $253,822
1931 and 50,527 shares of common stock in
-V. 134, p. 2520.
paid in common stock, represented by 16,253 shares.
-Earnings.
Buffalo Niagara & Eastern Power Corp.
1929.
1928.
1930.
1931.
Calendar Years$34,319,757 $35,067,755 $36,951,937 $33,960,529
Operating revenues
retireOper. expenses,
ment expenses, taxes_ 17,216,680 18.658,167 20.287,041 18,424,233
Operating income-- --$17,103,077 $16,409,588 $16,664,896 $15,586.296
355,532
378,686
234,335
494,303
Other income
Gross income available
for interest charges_$17.597,380 $16,643,922 $17,020,428 $15,914,982
4,239,850
4,263,183
4,201,664
Interest on funded debt_ 4,964,799
540.788
Divs. on pref,stk. ofsub.
441,184
277,602
329,802
37,314
deductions
Miscellaneous
Net corporate income_$12,054,479 $12,112,456 $12.479.643 $11,233,948
1,750,000
1,750.000
1,750.000
1st pref. div. requirem'ts 1,750,000
3,240,443
3,273,567
3,301,054
$1.60 pref. dividends__ _ 3,343,896
601,792
789,852
777,315
802,389
A dividends
Class
2,352,502
3,107,157
3,081,505
3,221,335
Common dividends
$2.936,859 $3,202,582 $3,559,067 $3,289,211
Consolidated Balance Sheet Dec. 31.
1931.
1931,
1930.
1930.
Liabilities
$
Assets
Fixed capital_ - _228,720,208 220,047,981 1st pref. stock__ 33,281,015 33,281,015
211,513 Preferred stock_ 52,321,500 52,157,625
74,969
Sinking funds__
8,755,793 Class A stock...501,493
501,493
Misc. invest'ts-- 7,356,734
3,735,034 Common stock_ 2,016,269
4,001.695
2,009,721
Cash
Scrip
589
826
Notes and accts.
4,235,871 Cap.stk. subtler.
receivable._ _ _ 3,978,943
41,940 41,940
365,555
746,065
employees _
Market. secure_
1,535,682 Pref. stock-sub.
Mat'ls & suppl's 1,385,800
1,212,262
company ____ 11,209,050
938,022
Prepayments...
Funded debt.-- 93,741,250 80,482,550
Subscr. to cap.
119,540
227,849 Advances from
stock-empl
affiliated COB. 3,426,458 21,450,008
Unamort. debt
3,398,877 Res. for acquis.
3,725,361
• disct. & exp
of corn. stk. of
2,385,316
Other def'd deter 4,806,737
sub. cos, not
2,583
yet exchanged
Accts. payable__ 1,562,867
1,523,678
462,573
Consumers' deps
471,124
Div. accrued On
pref. stocks__
291,667
389,991
1,989,957
Taxes & rent accr 1,794,722
L976.381
Interest accrued 1,283,993
Res. for retire't
of plant and
16,098,908 16,027,109
property
2,182,893
2,182,117
Other reserves
Capital surplus_ x15,059,321 14,874,244
P. & L.-surp- _ 19,443,727 16,827,728
Balance
Total__ ------255,149,954 245,788,117
255,149,954 245,788,117
Total
-V. 134, p. 135.
x Including initial and paid-in surpluses.
Volume 134
Financial Chronicle
Buffalo General Electric Co.
-Earnings.
-
Calendar Years1931.
1930.
1928.
1929.
Operating revenue
$2,189,364 $2,211,653 $2,206,567 12.058,795
oper.exp.,maint.& taxes 1,341,367 1,415,175 1,285,069
1,018.726
Operating income_ _ _ _
$847.997
$796,478
$921,498 11,040,069
Other income
5,348
13,797
125,147
55,272
Total income
$853,345
$810,275
$976,770 $1,165,217
Int. on funded debt and
other deductions
1,084,109 1,036.556
822,311
932,907
Net income
def$230,764 def$226,281
$342,904
$43,863
Prov. for div. on pf. stk.
113,236
147,660
Common dividends
120,000
60,000
Balance, surplus
def$230,764 def$226,281 def$129,374
$75,245
-V. 132. p. 3144.
California-Oregon Power Co.
-Earnings.
-
Calendar YearsGross earnings
Oper. exps.. maint. & taxes
1931.
1930.
1929.
$3,853,247 $3,923,982 $3,387.415
1,783,814 1,653,030 1,354,385
Net earnings
Other income
$2,069,433 $2,270,952 12,033,031
5,095
6,259
15,800
Net earnings
Lease rentals
Bond interest
Debenture interest
General interest
Interest charged to construction
$2,074,528 12,277.211 82,048,831
230.899
155.982
15,577
567,986
580,346
582,914
220,000
220,000
220,000
160,786
25,326
47.053
Cr27,912
Cr20,763
C*35,389
Balance
Preferred dividends
$922,769 $1,294,592 11,240,402
534,704
533.345
525,716
Balance for retire. (deprec.) res.
amortiz., corn. diva. & surplus
$388,065
$761,246
Condensed Balance Sheet Dec. 31.
$714,685
1931.
$
1930..
1931.
1930.
Assets$
Liabilities$
$
Plant, prop., rts.,
7% pref. stock-- 2,883,000 2,883,000
franchisee, &o..33,554,790 31,167,083 6% pref. stock- -- 1,000.000 1,000,000
Unamort. (It. disc.
6% pref. stock-- 4.715.900, 4,500,000
and expense_ - -- 959,188 1,008,492 Subscr. to pf stk..
58,700
Investments
2,850
2,850 Common stock- 5,941,100 5,941,100
Sinking funds _
187
13,669,700 14,192,500
5,274 Funded debt
Prep'd accounts.8,874
10,989 Std. Gas & El. Co_ 4,376,690 1,125,364
Insur. unexpired-28,881
183,954
8,532 Accounts payable_ 211,320
Def. accts. In proAccrued for Int.__
290.187
302,980
cess of amortiz__
328,952
1,489 Accrued for taxes_ 420,122
429,547
Cash
238,921
197,850
231,141 Accrued for diva.. 138,191
Cash on dep. for
55,874
Customers' dens63.385
bond interest- 73,244
13,850 Misc. unadj. creds.
127,544
Accounts & notes
Deprec. reserve-- 1.857,727 1,792,321
receivable, net.... 728.851
134.252
708,292 Other reserves__ -_
214,106
Reedy, from sees.
532,849
Surplus
532,849
sales
48,071
Mats.& supplies_ 498,782
369,581
Total
38,354,837 33.525,555
36,354.837 33,525,555
Total
-V. 134, p. 2903.
-Earnings.
Central Illinois Electric & Gas Co.
For income statement for 3 and 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 2143.
Chester Water Service Co.
-Earnings.
For income statement for 12 months ended Feb. 29 see "Earnings Department" on a preceding page.
-V. 134. p. 2903.
Cleveland Electric Illuminating Co.
-Earnings.
For income statement for 12 months ended March 31. see "Earnings
Department" on a preceding page.
Balance Sheet March 31.
1932.
1931.
1931.
AssetsLiabilitiesProp'y & plant _127,543,749 130,152,584 Preferred stock_
Sundry invests.
514,845
514,845 Common stock_
Cash
8,281,337 11,278.885 Funded debt_ - _
Notes & bills ree
80,839
40,238 Accts. PayableAccts.receivable 2,663,439 2,540,229 Sund. curr. nab_
Marls & suppl's 2,330,901
2,229.524 Taxes accrued__
Sun. curr. assets 2,028,824
151,155 Interest accrued
Prepaid sects..
108,358
128,887 Divs. accrued_
Res.& sPec.fds.
77,412
132,232 Deprec. reserve_
Open accounts
430,930 1,395,858 Other reserves__
Disct. & exp. on
Surplus
securities...
712,743
1,081,380
Total
142,749,175 149,623,533
Total
1932.
$
15,281,700
51,089,400
40,000.000
131,605
704,531
2,984,432
340,120
1,021,788
14,167,621
772,194
18,275,785
1931.
$
15,281,700
51,089,400
45,000.000
158,435
897,137
2,932,424
389.907
1.021,788
17,555,588
898,894
14,800,281
142,749,175 149,823.533
-V. 134, p. 1758.
Consolidated Gas Co.
-Balance Sheet.
(Pro forma balance sheet of parent company only.)
.Mar.31 '32. Dec. 31 '31.
Assets$
$
Fixed capital_ _119,777,137 119,743,551
Invest. in secur.827,383,932 827,348,882
Misc.inv.(ri est) 1,374,802
781,815
Fire ins. par. etre 1,028,759
997,059
Real est, mortgages owned_
204,510
204,510
Loans At adv. to
affiliated cos_ al5,415,000 7,385,350
3,065,129 2,894,214
Cash
Accts.receivable
& def. charges 15,073,453 14,396,991
Mat. & supplies 3,594,984 3.792,994
Unamort. debt
2,801,835 2,844,252
disc. & exp
*Mar.31 '32. Dec. 31 '31.
LiabfIi.tf.es$
$
85 pref. stock_13191,031,859 191,031,659
Common stock c392,095,819 392,095,819
514% deb.(1945) 50,000,000 50,000,000
4lf% deb.(1951) 60,000,000 80,000,000
Real est. mtgs.,
assumed
35,000
35,000
Notes pay. to
Nat. City Ilk.
N. Y
22,000,000 18,800,000
Advance from
.
affiliating co_ 5,000,000 2 500,000
Taxes accrued_ _ 1,248,979
1,824,505
Accts. Payable &
accrued chrgs. 5,240.444
5.445,130
Consumers'dep. 2,170.284
2,204,434
Retire. reserve_
599,058
480,493
Contingency res. 8,801,859 8,801.859
Fire ins, part res
898,388
888,888
Contribution for
external res. _
39,534
39,533
Oven replace. res
183,485
188,274
Prof. & loss surp 47,156,832 48,098,024
789,499,141 780,189,218
Total
Total
789,499,141 780,189,218
* Giving effect to changes in short term notes payable to National City
Bank of New York, and in advances to Westchester Lighting Co., between
April 11932. and close of business April 28 1932. a Consists of $1,100,000
to Consolidated Telegraph & Electrical Subway Co., $315,000 to Tarrytown Terminal Corp. and $14,000.000 to Westchester Lighting Co.
b Represented by 2.099.249(no par)shams. c Represented by 11,476,327
-V. 134, P. 3271.
(no par) shares.
The company has applied to the New York P. S. Commission for authority to issue $30,000,000 5% 25-var gold debenture bonds, the proceeds of
not less than $28,200,000 to be applied toward the liquidation of 822,000,000 of notes payable to the National City Bank and of $6,200,000 of
advances from the United Electric Light & Power Co., a subsidiary.
The company recently withdrew its application to issue 574,374 shares of
$5 dividend cumulative (no par) preferred stock which it had filed with
the Commission in March 1931, The Brooklyn Edison Co.. the New
York Edison Co. and the United Electric Light & Power Co. have all
withdrawn applications for stock issues, except those granted on May 26
1931.
Plans for marketing the $30,000,000 debentures have not been arranged,
but the securities may be offered when the Commission has approval
their issuance, depending upon conditions in the bond market.
3455
New York Edison Co.and Brooklyn Edison Co.sold recently $25,000,000
of bonds each in furthering the Consolidated Gas System refunding program. The year's $80,000,000 financing by the group compares with
160,000.000 in 1931.
The Westchester Lighting Co. a wholly-owned subsidiary, has applied
for authority to issue 150.000 sliares of (no par) common 'stock at $80 a
share, the $12,000,000 proceeds to be applied to reducing accumulated
indebtedness. The Westchester compan3's inter-company indebtedness
is $17,600,000, of which $14,000.000 is due to Consolidated Gas Co.,
$2,000,000 to Astoria Light, Heat & Power Co., 8900,000 to Standard
Gas Light Co.,and $700.000 to New York Edison Co., reflecting additions,
improvements and acquisitions of pr..iperty between Dec. 31 1926 and
April 28 1932.
The 150,000 additional shares are to be acquired by the Consolidated
Gas Co. to reduce its loan to the subsidiary.
The Consolidated Gas Co. petition covers capital expenditures from the
end of the period covered by its preceding application to Jan. 1 1931,
tho $30,000,000 representing a part of the money actually expended for
improvement and extension and for advances of $14,000,000 to Westchester
Lighting Co.
Consolidated Gas Co.'s petition asks also for authority to acquire .,he
150,000 shares that Westchester intends to issue.
Record Number of Stockholders.
There were 106,129 holders of stocks of this company on March 31. a
new high record, comprising 84,279 owners of common and 21.850 owners
of preferred shares.
-V. 134. p. 3271.
Consolidated Gas, Electric Light & Power Co. of
Baltimore.
-Earnings.
For income statement for quarter ended March 31 see "Earnings De-V. 134, p. 2903.
partment" on a preceding page.
Copenhagen Telephone Co.
-Earnings.
Income Account for Fiscal Year Ended Dec. 31 1931 (in Danish Kronen).
21,933,681
Subscription charges
5,377.951
Toll receipts
1.560,623
Recording fees, removals, &c
28.872,255
Gross revenues
Salaries to the management & employees in exchange service_ _ _ _ 7,882.080
1,120,009
General expenses,rent,office expenses,&c
5,434,206
Maintenancesif exchanges,lines & instruments
Expenses in connection with the company's 50th anniversary..-- 1,069,152
Depreciation in accordance with Government's regulations
Income tax-State and municipal
5.804,829
783,030
Net earnings
Interest and commissions
6.778,948
1.817,415
Net income
4,961.533
750,000
Reserve for taxes credited back to profit and loss
Total surplus
5.711,533
Reservefund
200,000
Directors fees
50.000
Reserve for taxes
100.000
Reserve for reduction of rates
1,361.533
8% dividends on 50.000,000 capital stock
4,000,000
Balance Sheet Dec. 31 1931 (/n Danish Kronen).
Assets
Liabilities
Plant & real estate
x117,288,909 Capital stock
50,000,000
Materials and supplies
4,891,979 Funded debt
33,919,101
Investments in bonds & shares 1,481,491 Real estate mortgages
2,188,023
Cash
102,492 Reserve fund
12,300,000
Accounts receivable
4,005,332 Reserve for renewals
1,808.339
Dividends to shareholders_ _. 2,750,000
Directors' fees
50,000
Pension fund
13.630,117
Bank debt
3,737,129
Accounts payable
4.216.318
Reserve for meeting discounts
& expel, in connection with
stock & bond Issues
550,926
Reserve for reduction of rates 2,520,251
Reserve for taxes
100,000
127,748,204
127,748,204
Total
Total
x After depreciation of 57,439,517 kronen.
-V. 131, p. 1420.
Denver Tramway Corp.
-Earnings.
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V. 134, p. 1577.
Eastern Gas & Fuel Associates.
-Earnings.
For income statement for 12 months ended March 31 1932 see "Earnings
Department" on a preceding page.
-V. 134. p. 2904.
East St. Louis & Suburban 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.
Mar. 31 '32 Dec. 31 '31
Assets-Liabilitie.s$
$
$
Property Av plant.18,808,225 18,923,277 Cum. pref.stock_
.2,400,000 2.400,000
60,000
Due from MM.cos.
74,168 Common stock_ _ _
80,000
58,388
7,997,000
231,640
Cash
158,292 Funded debt
Funded debt of sub 1,201,000 1,201,000
Cash with trustee
for pay, of bond
Due to affil. cos__ _12,405.969 4,308,295
143,160
129,706
141,399
134,489 Accounts payable_
interest
64,787
130,208
Notes & bills rec._
47,151 Sundry liabilities_
54,498
389,992
.
355,316
241,531 Taxes accrued_ _ _ _
Accounts reedy_ _ 241,654
105,717
189,213 Interest accrued_ _
19.879
Materials & suppls 197,455
8.811 Depreciation yes.. 2,412,596 2,420,570
.
9,883
Sundry assets_ __
210,933
202,391
21,008
Prepaid accounts_
24,556 Other reserves_ _ ._
432.177
597,524
Surplus
Disc. & exp. on
41,585
42,837
securities
19,805,711 19.842.305
Total
-V. 134p. 2335.
Total
19,805.711 19,842,305
Electric Power & Light Corp.-Cifs. Off List.
The New York Stock Exchange on May 2 announced that it had stricken
from the list the corporation's full-paid preferred stock allotment certificates and 90% paid preferred stock allotment certificates.
-V. 134. p. 3096.
Federal Public Service Corp. (& Subs.).
-Earnings.
Calendar Years-
Taxes
1931.
1930.
$3,676,834 $3,709,452
1,860,273
1,831.210
245,502
246,360
218,830
209,436
Net earnings
Other income
$1.352,230 11.422.446
18.202
17.340
Gross earnings
Operating expenses
Maintenance
Gross income, irrespective of dates of acquisition
of subsidiaries and operating property
$1.370,432 $1,439,787
Funded debt interest
1,134,826
1.022,479
General interest
41,510
13,164
Miscellaneous charges
32.182
24,893
Appropriation for retirement reserves
98,305
103,182
Earnings of subsidiaries
Dr81,379
Net income
$63,609
$194,689
Preferred stock dividends
226,399
189,272
Balance..
def$162,790 sur$5,417
Note.
-The Federal Public Service Corp. charged against its "Paid-in
Surplus" account the amortization of debt discount and expense on its
funded debt, applicable to the current year, amounting to $44,873. Accordingly, no charge has been made above for this amortization.
-V. 134.
p.2521.
Financial Chronicle
3456
-Usual Stock Dividend.
Federal Light & Traction Co.
The directors have declared the regular quarterly dividend of 37%c. per
share in cash and 1% in common stock on the common stock, both payable
July 1 to homers of record June 13. Like amounts were paid in each of
the 13 preceding quarters.
-V. 134, p. 2717.
Federal Water Service Corp.
-Earnings.
For income statement for 12 months ended Jan.31 see "Earnings Department" on a preceding page.
-V.134, P. 3096.
Florida Power Corp.(& Subs.).
-Earnings.
-
May 7 1932
-Earnings.Inland Power & Light Corp.(& Subs.).
Calendar YearsOperating revenue
Operating expenses
1931.
$6,004,655
3,318,744
Operating income
Uncoliectible bills
Taxes
$2,685,911 $2,798,052
24,327
19,112
413,940
454,398
Operating income
Rent for lease of lines and plants
$2,212,401
191
Net operating income
Rent from lease of lines and plants
Non-operating income
$2,212,210 $2,356.447
29,956
70:162
80,316
1930.
$6,632,752
x3,834,699
$2,359,783
3,336
Calendar Years
Operating revenues
Operating expenses
Uncolleetible bills
Taxes,general
1930.
$2,633,g01 $2,566,045
1,146,821
1,249,937
12,961
16,709
106,464
109,736
Net operating income
Non-operating income
$1,260.867
34,295
$1,296,050
18,828
$1,295,162
Gross income
748,014
Bond and other interest charges paid or accrued__ _
42,167
Amortization of debt discount and expense
90,589
Retirement appropriation
Miscell, deductions from gross income
8,948
Provision for Federal income tax
$1,314,878
840.639
34,575
108,249
Net income for the year
Earned surplus, Jan. 1 1930
2405,444
235,011
2323,244
193,730
Dividends paid and accrued on pref.stock
Dividends paid on common stock
Other deductions
$640,455
138,827
275,500
85,820
$516,975
106,964
175,000
Gross income
$2,322,482 $2,426,609
Interest on funded debt
1,394,201
1,546,407
Miscellaneous interest deductions
88,029
Amortization of debt discount and expense
154,320
172,859
Miscellaneous deductions from gross income
18,789
15,652
Dividends on preferred stocks of subsidiaries
391,606
407,048
Net income
$180,517
$381,664
Surplus Dec. 31 1929
2,379,745
2,496,763
Total
$2,677,280 22,761,409
Divs. paid & declared on 7% cum. pref. stock.-113,673
112,854
Dividends paid on class A common stock
120,000
Adjustment of capital surplus
Cr340,714
Miscellaneous debits
30,974
8,721
Surplus Dec.31 1930
02,896,420 $2,496,763
retirement provision, $167,694. y Of which 2726,813
x Including
-V. 132, p. 3524.
earned and $2,169,607 capital surplus.
2235,011
International Telephone & Telegraph Corp.
-Ericsson
Deal Awaits Negotiations.
$208.476
Earned surplus Dec.31
Consolidated Balance Sheet Dec. 31.
1931.
1931.
1930.
Liabilities$
Assets
Capital stock:
Plant, property di
7% preferred-- _ 300,000
26,154.159 25,870,819
equipment
86,757
7% pref. ear. A. 2,858,100
35,226
Cash
Common
x10,840,650
30,267
Notes receivable_ _
35,914
90,100
274,103 Cap.stk.subscribd
Accts. receivable__ 341,217
154 Funded debt- _ _ -11,060,000
Divs. receivable_ _
236,241 Purch. cont. obits.
Materials & suppls 166,708
10,000
11,623
20,496
due 1934
Prepayments
51,575
Note payable
Subscribers to cap75,169 Accounts payable_
103,787
65,049
ital stock_ __ _
69,381
46,417 Disctd.contrs. pay.
60,238
Miscell. assets_ _ _
263,887
Deferred debits_ __ 2,061,995 1,766,959 Consumers' depos_
396
28,500 Mtge, cur. liabils. _
Reacquired securit
2,400
98,729
Accrued liabilities_
Disct. & exp. on p1.
419,439
250,308 Due to Mill. co.'s_
capital stk. sales 252,961
Reserves
751,999
42,458
Misc. unadj. crdts.
Capital surplus_ _ _ 2,027,388
208,476
Earned surplus-
8,170
1930.
$
300,000
1,242,000
8,840,650
87,500
9,060,000
10,000
74,671
55,554
258,763
5,388
61,019
5,523,626
843,468
52,280
2,027,387
235,010
29.196.365 28.677.320
Total
29,196,365 28,677,320
Total
x 650,000 shares (no par).
-V.133 p. 3629.
-Extra Dividend.
Gas Securities Co., New York.
The directors recently declared the regular monthly distribution of 50c.
per share in cash and an extra dividend of 3.6 of 1% in non-interest-bearing
scrip on the preferred stock, both payable May 2 to holders of record
April 15. Like amounts were also paid on April 1 last -V.134, p. 1952.
-Earnings.
Georgia Power & Light Co.
Calendar YearsOperating revenues
Operating expenses
Uncollectible bills
Taxes, general
1930..
1929.
1931.
$1,035,119 $1,129,419 $1,108,922
708,401
614,765
685.729
6,135
6,897
11,416
72,411
67,868
67,378
Net operating income
Non-operating income
$336,527
5,573
$369,887
4,016
$326,245
2,906
Gross income
Bond & other int. charges paid or accr
Amortization of debt disct. & expense
Retirement appropriation
Miscall, deductions from gross income
Provison for Federal income tax
2342,100
187,869
9,305
36,050
2,250
$373,703
180,948
8,235
42,440
$329,151
167,412
8,224
29,891
4,577
2,615
Net income for the year
Unbilled income
Previous surplus
$106,625
28,682
87,113
$137,504
$121,009
59,623
39.689
Total surplus
Dividends paid & accr. on pref. stock
Dividends paid on common stock_ _ _
Miscellaneous charges
$222,420
60,444
51,075
23,706
$197.127
63,514
46,500
$160,698
56,625
42.780
1,670
Surplus Dec. 31 1930
259,622
$87.195
$87,113
Balance Sheet Dec. 31.
LiabilitiesAssets1930.
1931.
1930.
1931.
Plant, property &
$6 cum. pref. stock $995,161 $958,146
equipment
$5,661,015 $5,529,526 Common stock.,_31,462,770 1,249,270
14,818
Cash
30,568 Capital stock sub18,824
18,009
Notes receivable
scribed
10,558
163,244 Funded debt
3,149,500 2.709,500
Accts.receivable_ _
155,512
5,975
Materials & suppl's
40,574
86,382 Notes payable__
15,449
31,456
Prepayments
4,481
4,381 Accounts payable_
38,031
Consumers' depos_
39,624
Subscribers to cap.
1,501
stock
13,137
12,999 Misc. curr. liabils
44,907
26,757
Miscell. assets,.. _
13,848
13,575 Disc. contr. pay__
30,751
85,062
.
434,446 Accrued liabilities_
Deferred debits
457,809
51,766 Due to affil. cos__ 361,111 1,007,635
Re-acquired secur_
38,315
24,430
29,727
Reserves
Cost of preferred
618
1,267
2,164 Misc. unadj. cred_
1,373
stock sales
132,164
132,164
Capital surplus__
87,113
87,195
Earned surplus_ __
$6,411,439 $6,332,681
Total
$6,411,439 $6,332,681
Total
-V.133. D. 3463.
x Represented by 21,650 shares no par value.
-Earnings.
Hackensack Water Co.
For income statement for quarter ended March 31 see "Earnings De-V. 134, p. 1760.
partment" on a preceding page.
-75% of Bonds Deposited
Houston Gas & Fuel Co.
Under Exchange Offer.
-year 5% gold
More than 75% of this company's ref. & impt. mtge. 20
bonds, due Sept. 1 1932. have been deposited under the plan that expired on
Apr1130 providing for a par-for-par exchange for new 5% collateral trust gold
bonds of the Houston Gas Securities Co.and $25in cash for each $1,000 bond
of the Houston Gas & Fuel Co. The Chase National Bank is depository.
See also V: 134, p. 1952.
-Earnings.
Illinois Bell Telephone Co.
For income statement for 3 months ended March 31 1932 see "Earnings
-V. 134, p. 3271.
Department" on a preceding page.
-Earnings.
Illinois Northern Utilities Co.
For income statement for 3 and 12 months ended March 31 see "Earnings
-V. 134, p. 1578.
Department" on a preceding page.
-Earnings.
Illinois Water Service Co.
For income statement for 12 months ended Feb. 29 see "Earnings De-V. 134, p. 2905.
partment" on a preceding page.
The following is taken from the New York "Times" of May 3:
Negotiations between International Telephone & Telegraph Corp.
representatives and Swedish banking- interests with respect to the shares
of Ericsson Telephone Co. stock held in escrow on behalf of International
by the Skandinaviska Kreditaktiebolaget are still in progress and no
definite arrangements have been concluded, according to available information.
Stockholm dispatches indicated that the Ericsson Telephone Co. would
transfer its concessions in France and in Argentina to International in lieu
of the delivery of stock in repayment of 211,000,000 advanced to the
Kreuger & Toll Co. by International in payment for Ericsson shares.
The contract to purchase these shares was cancelled early this year, but
International did not obtain the refund of its advances which Ivar Kreuger
had guaranteed.
The discussions are understood to have taken the form outlined in the
Stockholm dispatches, but there are no indications as to wehther the proposal outlined is acceptable either to International or to Ericsson officials
The Ericsson company, in return for its properties, would have to be financed by Swedish banks, which, in turn, would have to provide funds to
-V. 134, p. 2905.
release the Ericsson shares in escrow.
-Earnings.
Iowa Public Service Co.
1931.
1930.
1929.
Calendar YearsOperating revenues
$4.230,003 $4,390,200 $4,190,125
62,568
Non-operating revenues
150,427
122,737
Gross earnings
$4,380,430 $4,512,938 $4,252,694
1,919,185
Operation
2,004,069
1,847,543
319,979
250,310
385,694
Maintenance
159,251
77,707
Retirement reserve
170,151
Taxes, including Federal
322,426
284,554
310,889
Net earnings
$1,801,537 21,541,497 $1,651,268
Interest on funded debt
686,663
790,729
} 869,797
Other interest (net)
8,525
18,636
Amortization of debt discount and exp
34,258
40.815
39,183
Net income
$921,823
$890,924
$792,949
Dividends on first preferred stock- - -247,845
223,647
216,942
Dividends on second pref.stock
87,346
87,346
87,346
Balance
$617,534
2555,732
2481,955
Sheet Dec. 31.
Balance
1930.
1931.
1931.
1930.
Assets
Liabilities$
$
Corn. stk.(no par) 7,354,335 7,354,335
Plant and equip.,
incl. real estate_27,403,346 26,856,866 87 1st pref. stock
(no par)
Investments
2,394,808 2,330,391
1,527,100 1,527,100
$6.50 1st pref stock
Special deposits_ _ _
72,375
(no par)
398,000
Unamortized debt
398,000
disct. & expense 1,101,079 1,147,073 $6 1st pref. stock
(no Dar)
Def'd charges and
2,271,762 1,543,262
155,933 $7 2d pref. stock
prepaid accts.__ 212,907
110,746 (no par)
Unadjusted debits
1,247,800 1,247,800
58,623 Due to MM. cos__ 443,645
Sinking fund
Funded debt
7,512
Marketable secure
16,400,500 16,578,500
Cal), stock subscr_
11,800
Accrued interest__
1,580
Accts. & notes pay
651,490
Due on subscrip.
55,709
Accrued accounts_ 511,737
476,991
98,048
to pref. stock
Dividends payable 153,937
Accounts and notes
732,915 Miscell. curr. liab_
518,741
836
receivable
Contr.for extens_ _
Materials and sup12,221
486,359 Def'd liabilities..
324,803
67,912
11,455
plies
346,422 Unadjusted credits
348,155
22,996
Cash
Res.for retiremls_ 547,166
567,685
Other reserves__
313,441
121,620
Surplus
1,369,075 1,517,474
32,483,354 32,225,329
Total
-V. 132, p. 2761.
Total
32,483,354 32,225,329
Jamaica Public Service, Ltd.(& Subs.).
-Earnings.
Calendar Years
1931.
Total earnings
$829,597
Operation expenses
386,573
Maintenance
73,159
Taxes
33,592
Net earnings
2336,273
Income from other sources
3,911
Balance
$340,184
Interest & amortization
112,846
Retirement reserve
90.000
Balance
$137,338
Preferred dividends
38.500
Preferred B dividends
17,500
Capital dividends
45.000
Balance for reserves & surplus
236,338
Consolidated Balance Sheet Dec. 31.
1931.
Assets1930.
1931.
Plant & property_33,884,798 $3,729,696 Preference shares_ x$750,000
Cash
273,798
121,108 Prefer. B shares._ x250,000
Accts. receivable
126,199
85,193 Common stock _ y1,033,783
Materials & supPl_
113,352
122,449 Bonds
x2,000,000
Prepayments
1.913
2,684 Notes payable165,466
Miscall. investmls 220,982
220,240 Accounts payable_
34,289
Unamortized debt
Accts. not yet due_
53,039
disc. & expense_ 214,146
224,679 Retirement reserve 313,558
Unadjusted debits
25,945 Approp.reserve for
Reacquired secure_
15,000
retirements
1,514
33,471
Operating reserve_
31,925
Unadjusted credits
183,144
Earned surplus._
1930.
$833,853
385,434
71.780
37,338
$339,300
$339.30d
95,857
90,000
$153,443
45,500
17,500
22,492
$67,950
1930.
$750,000
250,000
1,033,690
2,000,000
30,783
43,999
213,125
28,187
41,054
11,979
129,175
Total
$4,850,192 $4,531,995
$4,850,192 $4,531,994
Total
x Of Jamaica Public Service Co., Ltd. y Represented by 45,000 shares
(no par).
Note.
-The above figures converted from £ Sterling at the rate of$4.86 2-3
to the £1.-V. 132, 0. 3145.
Financial Chronicle
Volume 134
Kansas City Power & Light Co.
-Listing of Additional
1st Mtge. Gold Bonds, 432% Series Due 1961.
The New Stock Exchange has authorized the listing of $5,250,000 additional 1st mtge. gold bonds, 4M % series, due Feb. 1 1961. upon official
notice of sale and distribution, making the tote- amount applied for $35.250,000 bonds.
The Exchange in connection with the listing required the company as
one of its agreements "to notify the Stock Exchange immediately of the
change or removal, to a substantial extent, of collateral deposited under
any of its mortgage or trust indentures under which listed securities are
outstanding."
-V. 134. P. 3097.
Kansas Power Co.
-Earnings.
Calendar Years
Operating revenues
Operating expenses
1931.
$1.765,585
x953,510
1930.
92,042,179
1,138,104
Operating income
Uncollectible bills
Taxes
$812,074
5,172
143,644
$904.075
7.296
129,116
Operating income
Rent for lease of lines and plants
$663.258
190
$767.663
846
Net operating income
Rent from lease of lines and plants
Non-operating income
$663,068
22,500
7.794
3457
Los Angeles Gas & Electric Corp.-Bal. Sheet Dec.31.1931.
1930.
1931
1930.
Assets$
Liabilities5
9
$
Plants at equip_115,083,340 112,335.125 Pref. stock
Subset*Ip. to cap.
Cora. stock
11,152
stock
10,784 Bonded debt
511,717
Sinking funds
1,632,719 Current liabCurrent assets- - 6,092,395 5,136,256 Divs. accrued
Deferred debits_ 3,076,869 3,201,224 Deferred credits
Consum. deposReserves
Surplus
19,518,100 19,517,084
20,000,000 20,000.000
47,023,000 46,282,000
3,809,102 4,024,683
194,974
195,089
828,704
941.617
26,389,682 21,900,106
6,898,884
7,568.558
124,775,473 122,316,110
Total
Total
124,775,473 122,316,110
Our usual comparative income account for year ended Dec. 31 was
published in V. 134, p. 2905.-V. 134. p. 3271.
$766,817
5,878
Gross income
$693.362
$772,695
Interest on funded debt
218,889
272,930
Miscellaneous interest deductions
21,742
Cr.3,218
Amortiz. of debt discount Sc expense
23,304
32,581
Miscellaneous deductions from gross income
2.092
3.109
Net income
$506,667
$387.961
stock dividends
26,494
27.069
preferred stock dividends
90,498
81,798
stock dividends
320,000
320.000
Balance, surplus
$78,375
def$49,606
x Including retirement provision, $61,133.---V. 132, p. 3525.
preferred
Common
Lehigh Valley Transit Co.(& Subs.).
-Earnings.
Calendar Years1931.
Total gross earnings.._-- $3,059,650
Total op. exp., incl. tax_ 2.330.659
1930.
$3.803,254
2,788.702
1929.
1928.
$4,220,636 $4.314,937
3,199.996
3,022.681
Inc. from int. on bonds_
int. from int. on notes
and deposits
Inc.from diva, on stock_
$728,991 $1,014,552
1,263
1,249
$1,197,955 $1,114,941
1,255
1,067
Total net earnings_ _ _
Depreciation allowance_
$888,562
231,361
533,590
19.589
Net earns, from oper_
int. on funded debt_
Amort. of disc. &
50,040
108,283
86,775
108,283
32,467
110,076
66,896
109,791
$1,210,874 $1,375,897 $1,258,551
260,215
305.893
210,330
554,372
548,211
540.337
19.589
19,589
19,589
Net income
$502,204
$440,619
$104,023
Shares of common out59.947
standing (par $50)--59.947
59.947
Earns. per share on com_
Nil
$4.22
$3.19
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
$
Assets$ ' Liabilities$
Cost of propertles_24,473,070 25,134,163 Lehigh Val. Trans.
2,144,330 1,891,569
Investments
Co. 5% pt. stk. 4,979,687
272,245 Common stock...... 2,997,350
Materials as suppl_ 248,415
56,234 Corn, stock Easton
Accts. receivable
65,603
298,479
Cash
189,991
Consol. Elec. Co
375
53,134 Funded debt
Dave. with trustees
76,947
11,155,000
Unadjusted debits 132,340
287,582 Accounts St wages
payable, &c...
62,926
Accr. int. & rents
110,825
payable
Unadjusted credits . 387,789
2,588,606
Reserves
5,048,138
Surplus
Total
27,330,696 27,993,409
-V. 134. P. 2905.
Total
$424.375
59,947
$2.92
1930.
4,979,687
2,997,350
425
11,276,000
96,513
106,993
398,889
3,198,437
4,939,115
27,330,696 27,993,409
Lone Star Gas Corp.(& Affil. Cos.).
-Earnings.
Calendar Years1929.
1930.
1931.
1928.
Gross earnings
$18,643,285 $19,990,724 918,210,710 $15,080,140
Oper. exp., gas purch.
dc taxes
10,701,263 10,239,547
7.122,225
8,380,831
Operating income-- $7,942,022
Deprec. & depletion_ - 1,704.207
$9,751,177
1,701,845
$9,829,880 $7,957,915
2,076,808
2,054,783
Net earns, from oper_ 86,237,815
Non-operating income__
300,565
$8,049,332
166.778
$7,753,071
90,319
$5,903.132
87,711
Gross income
$6,538,380 $8,216,110 $7,843,391 85,990,843
Int. on curr. & fund. dt- 1,653,256
1,753,524
1,166,038
1,302.810
Net earns, for the year $4,885,124 $6,462,586 $6,540,581 $44,824,805
Preference dividends._520,000
520.133
Common dividends
4,319,863
4,797,237
2,911,518
2,732.678
Pref, diva, of subs
33.649
257,563
Balance, surplus
def$689,676 $1,588,941 93.629.063 82,092,127
Previous surplus
9,481,902
10,966,585
5.883,676
3,849,969
Total surplus
Adjustments..
$10,276,909 $11,070,843
104,256
$9,512,739 $5,942,096
30,837
58,420
Profit & loss surplus_ _$10,276,909 $10,966,587 $9,481,902
fibs. ofstock outstanding
(no par)
5.451.043
4,557,131
3,595,841
Earned per share
$0.75
$1.29
$1.82
x Par $25 per share.
Consolidated Balance Sheet Dec. 31.
[Inter-company transactions eliminated.]
1931.
193Q.
1931.
Assets$
$
Liabilities$
Property acct. A45.952,958 137,861,488 Stock of subs_ _ _ 4,220,900
Securities owned 6,362,3913,123,779 6% cum. pref.
Cash
1,546,677 2,002,174
stock
8,000,000
Notes receivable
93,366
681,308 Common stock_x65,250,101
Accts. receivable 3,142,434 3,697,310 Subs. to cap. stk
Material & SUMS. 1,483,183
1,519,995 Funded debt_
25,963,500
Prepaid sects_ - _
220,055
120,871 Notes payable.- 6,402,500
Other assets_ _ _ _
627,236
599,248 Accts. payable. 1,437,640
Deferred charges 1,382,800
1,533,202 Customers' deps 1,763.796
Accr, taxes az int
678,177
Accr. for divs,
on pref. stock
88,558
Miss. curs. nab.
15,639
Miscall, reserves 1,629,935
Deferred credits
788.470
Res. for dense°.
23,313,675
at depletion
Capital surplus_ 10,981,300
Surp,from property appraisal
Earned surplus_ 10,276,909
$5,883,676
x1,458,850
$3.31
1930.
$
470.900
8,000,000
52,803.547
3,675,719
26,842,000
1,577,000
1,513,631
1,806,330
707,703
Net earnings
Other income
85,915,789
449.079
$5,412,994 $5,324,205 $4,989,704
541,459
303.964
322,473
Total earnings
36,364,867 85,716,958 $5,865,665 95.312,177
Interest charges (net)
1.454,984
1,585.637
1,469,919
1.318.572
Preferred dividends_ 1,326,212
1,367,858
1.320,550
1.364,877
Appropr. for retirement
(deprec.), depletion &
other reserves
811,336
$3,411,373 $2,941,424 $3,069,533 $1.817,392
Condensed Balance Sheet Dec. 31.
1931.
1931.
1930.
1930.
8
Assets
Plant, property.
Capital acct. (Del.
rights, Iran., dtc.80,989,094 79,872,308
company) .._ ...223.069,664 23,069,664
Unamortized debt
7% pf.stk.(Ky.co.) 8,373,200 8,617,000
(Ky.co.)11,146,600 11,500,000
Meet. dr exp._ __ 2,828,749 2,345,410 6% pf.stk.
Invest. In other
5% pf.stk.(Ky.co.) 1,860,000 1,500,000
cos., assns., 3,c.. 4,110,321 3,783,483 Corn. stk. of Ky.
Sinking funds and
8,600
8,600
co.held by public
30,738,500 28,014,200
other deposits_ _
4,735
7,702 Funded debt
Prepaid accounts_
38,623 Stand. O. de E. Co
9,434
36,097
Insur. unexpired__
2,000,000
22,189
43,663 Notes payable. _
Det'd accounts in
367,447
Accounts payable_
253,360
process of amort 348,822
261,851
235,604 Accr.for interest__ 342,560
Cash
327,772
1,012,611
804,883 Accrued for taxes. 435,352
Cash on deposit for
Accrued for dive__ 473,705
473,511
bond interest_ _
540
105,984
3,810 Other aces. Habits_
104,709
Accounts and notes
Customers' depos_
81,799
78,216
receivable (net). 1,001,008 1,320,735 Misc. unadj. cred_
238,284
192,759
Due from attn. co_ 345,937
298,020 Depr. & depl. res_ 8.799,602 8,170,718
Malls ee supplies_ 461,585
427,431 Other reserves........ 1,057,684 1,011,745
Surplus
4,223,597 3,427,244
Balance
Total
91,161,691 89.181,677
Total
91,161,691 89.181,677
x Common stock class A, 600.374 shares (no par): common stock class
B,300,949 shares (no par),
-V. 134, p.3097.
Michigan Electric Power Co.
-Earnings:
Calendar YearsOperating revenues
Operating expenses
1931.
8.891,822
x544,555
1930.
$858.841
552,667
1929.
$826.799
567,537
$347.268
4.506
$306,174
1,358
$259.262
1,261
Gross income
Bond and other int. chgs. paid or accr
Amort. of debt discount & expense-Miscell. deductions from gross income
Retirement appropriation
Provision for Federal income tax_
$351,774
119.600
9,623
2,666
9307,532
101.552
8,408
$260,523
101.971
8,398
14.506
5,241
10,200
11.931
Net income for year
Dividends on preferred stock
Dividends on common stock
$219,885
102.508
112.183
$177,825
102.455
56,750
$128,023
88.464
21.000
Net operating income
Non-operating income
Balance
$5.194
$18,620
$18.559
x Including retirement provision, 942,282.-V. 133. p. 3630.
Michigan Public Service Co.
-Earnings.
-
Calendar Years
Operating revenues
Operating expenses
Uncollectible bills
Taxes
Rent for lease of lines and plants
$1,061,246
a532,384
3,050
96,126
22.246
$1.092,122
542.128
4.554
87.903
24.840
Net operating income
Non-operating income
9407,438
1.672
$432,695
4,150
Gross income
nterest on funded debt
Miscellaneous interest deductions
Amortization of debt discount & expense
Miscellaneous deductions from gross income
$409,111
233,634
1,897
24,868
1,638
$436.846
184.493
9,482
22,829
3.126
Net income for the year
7? preferred dividends
6 preferred dividends
$ cum. junior preferred stock
Common dividends
9147,074
9,158
37,122
3.132
136,000
$216,915
9,210
35.029
tective Committee.
20,668,762
1,208.878
19,249,693
10,966,585
-New Vice-President.
Long Island Lighting Co.
-V. 133,
William A. l'rendergast has been elected a Vice-President.
P. 1926.
110.625
Balance, surplus
$62,051
def$38,338
a Including retirement provision of $35,947.
Balance Sheet Dec. 31.
Assets1931.
1930. i Liabilities1931.
1930.
Fixed capital
$8,415,860 58,120,69717% pref.stock- -- - $134,600 $133.500
Cash
50,116
52,525 6% pref.stock- --- 636,500
628.100
Notes receivable._
191
242 $6 cum. junior pref 131,500
ACCV3. receivable...
164,033
206,473 Corn, stk. (85,000
Materials & suppl.
75,093
94,464
1,700,000 1,700,000
shares)
Prepayments
9.225
7,858 Cap, stock subecr_
5,900
18,000
Subscr, to cap. stk
3,205
8,338 Funded debt
4,009,500 4,000,000
Miscall. assets........
2,511
497 Current liabilities_
139,261
236,423
Deferred debits... 549,826
582,324 Accrued liabilities_
122,030
120,498
Reacquired securs_
32,900
3,200 Advs. from ann.
cos
676,500
396,500
Reserves
368,723
422,658
Misc.unadj. credits
17,151
21,310
Earned surplus_ _ _
185,845
224,184
Capital surplus..... 1,175,449 1,175:448
$9,302,960 $9,076,618
Total
Total
87,067
-V. 133, p. 2104.
12,679
1,548,879 ,
--Middle West Utilities Co.
-Preferred
160,811,100 15}.139,374
Total
160,811,100 151,139,374
Total
-V. 134. p. 2718.
x Represented by 5,451,043 shares (no par).
Louisville Gas & Elec. Co.of Del.(& Subs.).
-Earnings.
12 Mos.End.Dec.311931.
1930.
1929.
1928.
Gross earnings
$10,714,011 $10,566,387 $10,338,097 $9,685,999
Operating expenses
4,798,222
5,153.393
5.013,892
4,696,295
39.302,960 89.076.618
Stockholders' Pro-
A protective committee representing the holders of the pref. stock has
been organized. The committee states: "While the committee has already
received the promise of deposit of large holdings of pref. stock, it nevertheless again urges the importance of unity of action on the part of stockholders, believing that its effectiveness in the protection of the interests
of the preferred stockholders as a whole will be materially increased by the
deposit of a substantial proportion of the pref. stock."
The committee consists of: C. Frederick Childs. Chairman: Adolphe
Boissevain, Robert Stevenson and Rawleigh Warner; Robert Stevenson,
Sec., Ill West Monroe St., Chicago: Platt, Taylor & Walker, 120 Broadway, New York, and Cutting, Moore & Sidley,_11 South La Salle St., Chiclgo, Counsel. The depositaries are: Harris Trust & Savings Bank, 115
Financial Chronicle
3458
'West Monroe St., Chicago: Guaranty Trust Co., 140 Broadway, New York,
and N. V. Het Administratiekantoor van Bebroeders Boissevan en Kerk-V. 134, p. 3079.
hoven en Compagnie, Gevestigd te Amsterdam.
--Earnings.
Milwaukee Electric Ry. & Light Co.
For income account for 12 months ended March 31 see "Earnings Depart.ment" on a preceding page.
Comparative Balance Sheet.
Mar. 31 '32. Dec. 31 '31.
Mar. 31 '32. Dec. 31 '31.
L1.abilities$
$
Assets'Property & plant130,621.694 130,274,716 6% Pref.stock__ 4,500,000 4,500,000
Preferred stock
Cash on deposit
f
20,688,200 20,659,400
13 061 6% series_ _
with trustees_
Common stk. 21,000,000 21,000.000
'Cash &securities 1,250,979
1,197.174 Pay, on subscr.
in pension Id.
80,179
77,773
pref.stock_
8,686
18,186
Sundry invest__
Inter-co. accts.._ 5,479.158 4,130,631 Mortgage bonds 64,164,500 64364.506
351,998
170,722
Cash
1,548,540 1,666,763 Inter-co.sects
675.188
640.809
24,044 Accounts pay__
16,154
Notes & bills rec.
Accounts recelv_ 2,630,067 2,126,714 Sindry currilab. 1,033,329 1,445,453
Material & supp. 2,167,583 2,414,747 A ccrucd Habil__ 5,420,131 3,110,206
636.714
220,824
Prepaid accounts
79,565 Open accounts__
103,155
24,273,231 24,027,770
4,423
644,147 Reserves
Open accounts
7,795,142 7,817,760
Reacquired secur 1.945,488 1,648,187 Surplus
Discount & exp.
on securities__ 4,199,255 4,240,732
149,984,662 148,469,171
Total
149,984,662 148,469.171
Total
.
-V. 134, p. 1760.
-Earnings.
Mississippi River Power Co.(& 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.
$
$
LiabilitiesAssets$
$
Property St plant.48,013,963 47,992,788 Preferred stock- - 8,234,475 8,234,475
13,842 Common stock_ _16,000,000 16,000,000
13,841
Sundry investmls
29,037 1st mtge.5% 1951 17,033,300 17,033,300
31,358
Cash
145.092 5% deben., 1947_ - 2,911,000 2,911,000
Notes receivable
145,092
14,698
17,063
129,942 Accounts payable_
Accounts recelv_ _ 150,209
4,357
5,053
93,659 Sundry curr. Habil.
90,619
Material & suppl_ _
914
210
470 Inter-co. accounts
fund
Sinking
413,914
Inter-co. accts.._ _ _ 5.571.643 5,336,697 Taxes accrued__ __ 403,623
24,258
8,968 Interest accrued__ 271,729
6,595
Prepaid accounts_
37,245
53,066
Sundry accr. liabil.
470
Res. & special fds.
.etirement res've_ 3,270,056 3,205,197
Reacquired secur_ 164,900
68.893
91,933
Other reserves.._
Bond & note disc.
6,178,993 6,089,011
288,767 Surplus
281,812
&expense
54,470.503 54,037,284
Total
54,470,503 54,037,264
Total
-V.134, p. 1023.
-Earnings.
Mohawk Hudson Power Corp.(& Subs.).
1929.
1930.
1931.
Calendar Years$37,054,399 $36,922,616
$36,625,674
Operating revenues
15,318,044 15.560.777 16,064,138
Operating expenses
2.586,024 2,738.296 2.763,288
Retirement expense
3,880,137 3.864.365 4,079,328
Taxes
514,841.470 514,890.961 $14,015,862
Operating income
1.432,173
708,890
719,914
Non-operating income (net)
Gross income
Interest on funded debt
Divs. on pref.stocks ofsub.cos
Miscellaneous deductions
Net corporate income
Div. requirements on pref. stocks_ _
Common dividends
515.561.384 $15,599,851 $15,448,034
4,443.608 4,507.626 4.668,706
2,203,567 2,179,005 2,150,453
99,058
321,504
1,117,999
$7.796,210 $8,591,716 38,529,818
4.547,809 4.547,766 4,561,939
2,233,605 2,074,063
51,014.796 51,969.887 13.967.878
Balance
1,595,378
1,595,432
Shares com,stock outstand.(no par)- 1,595.432
$2.36
$2.53
$2.04
Earned per share
-V. 134. p. 847.
-Earnings.
Mountain States Power Co.
1928.
1929.
1930.
12 Mos. End. Dec. 31- 1931.
53.367.338 $3,436.683 $33,081,421 52.872.005
Gross earnings
1.728,143
1,887,747
Oper.exp.,maint.& taxes 2,209.520 2,232,745
649,702
587,452
785,918
854,760
Interest
$494,160
5606.222
8418,020
3303,058
Net earnings
109,051
59,183
159.332
235,796
Other income
$603,211
5665,405
5577.352
$538,854
income
Total
356,826
368,496
371.842
373,438
Preferred dividends_ _ -Bal. for retirem't res.,
5296,909
$205,510
com.divs.,amort.,&c 5165.416
Condensed Balance Sheet Dec. 31.
1931.
1930.
1931.
Liabilities$
Assets7% pref.stock-- 5,312,800
Plant, property.
to pref.
rights, man.,&c.20.799,198 20,334,358 Subscrip.stock_ _ _
4,100
capital
Unamortized debt
491,786 1st mtge. 20-year
491,011
discount & exp
664 gold bonds, ser.
9,981
Investments
A,5% due 1938_ 1,341,350
528
55
Sinking funds- -649 1st mtge. 20-year
545
Prepaid accounts_
15,108 gold bonds, ser.
22,542
Insur. unexpired-B,8% due 1938_ 6,840,900
L068 on property
Conver. 6% gold
dbmosed of In
388.088 notes,ser.B, due 50(1,100
process of amort. 288,087
......
1935
Deferred accts. in
9,438 Purchase obligation 100,000
17,480
process of amort.
Standard Gas &
Receivables from
Electric Co.....5,671,917
4,026
securities sales-253,662 Accounts payable.. 133.744
179,848
Cash
Accrued for Int__ 256,229
Cash on deposit for
238,760 Accrued for taxes_ 311,904
bond interest_ _ _ 238,761
93,028
11,014 Accrued for diva__
9,014
Marketable secur_
Customers' dews_ 138,833
Accounts and notes
960,228 Miscell.unadJusted
785.159
0 reedy., net. _ _
48,661
397,580 credits
Materials & suppl. 289,051
Retirem't (deprec.)
206,215
reserve
291,714
Other reserves_
Common stock_ _ _x1,562,439
292.821
Surplus
Total
23,112,754 22.999,861
Total
-V. 134, p. 3097.
x 142,500 shares (no par).
$246.384
1930.
$
5,329,200
1,341,350
6,840,900
520,600
100,000
5,298,022
167,421
255,134
326,766
93,261
141,719
73,380
372,243
284,601
1.562,439
292,821
23,112,754 22,999,861
-Earnings.
National Electric Power Co.
ended March 31 see "Earnings
For income statement for 3 and 12 months
Department" on a preceding page. Reid points out that since the first
to stockholders Mr. others have been reduced by more
In his letter
and
of the year notes payable to banks
omission of dividends on the class A and B
than 53,000,000, and that by the time ago, such reductions can be still
announced some
common stocks,
maturities in the next 12 months will
further accelerated. Funded debt which over V.000,000 are now owned
amount to less than $3,000,000. of maturities occurs before Nov. 1 1932,
these
within the system. None of
operating companies.
and are maturities of several minor
the company is paying for
"The present policy means, in effect, that
cash income," said Mr. Reid.
pmmanent improvements out of its current
your securities are steadily
equity and earning power behindbenefit."
"In this way the
your
being built up. and are thus accruing to to 802,467, or 23%, and power
Customers have increased from 650,472 134. p. 2719.
-V.
plant capacity 18% in the past year.
May 7 1932
New York Power & Light Corp.(& Subs.).-Earning8.
1929.
1931.
Calendar Years1930.
Operating revenues
522,896,616 522.867,467 $22,362,018
9,869,373 9,584,555
Operating expenses
10,165,231
1,664,322
Retirement expense
1,420.737 1.837,718
1,891,543
Taxes
2.178.556 2,035,192
Operating income
Non-operating income (net)
$9,132,092 $9,325.183 $9.221,598
71.014
25,149
30.708
Gross income
Interest on funded debt
Miscellaneous deductions
$9,157,241 59,355.891 $9,292,611
3,025,758 3,036,846 3,042,803
65,350
1,007,407
300.036
Net corporate income
$6 preferred dividends
7% preferred dividends
Common stock
55.124.075 56,019.010 36.184.658
Not
576,528
1,012,4731
576.528
Reported
1,012.473
3,649,738 3,096,834
Balance
def$114,664 $1,333,175 $6,184,657
-V. 133, p. 3255.
-New York Water Service Corp.
-Earnings.
For income statement for 12 months ended Feb. 29 see "Earnings De-V.134. p.3272.
partment" on a preceding page.
--Earnings.
Niagara Falls Power Co.(& Subs.).
1931.
1929.
1930.
512,723,009 $12,737,505 $12,535,766
2,477,960 2,927,029 2,996,954
574,222
1.062.145
716,835
2,124,270 1,982,172 1,873.699
Calendar YearsOperating revenues
Operating expenses
Retirement expense
Taxes
Operating income
Non-operating income (net)
$7,546,557 $7,111,469 $6,602,968
242,235
349,146
438,839
Gross income
Interest on funded debt
Miscellaneous deductions
$7,985,396 57.460,615 $6,845,204
1.933,640 1,962,843 2,001.430
1,263,700
1,044.109 1,227,382
Net corporate income
Dividends
55.007,647 54.270,390 53.580,073
4,267,886 2,226.723 2,004,051
$739,761 82.043.666 51.576.022
Balance
742,241
742,241
742,241
Shs. of corn, stock outstand. (no par)
$4.82
$5.75
$6.74
Earned per share
-For income statement for 3 and 12 months ended
Report.
Quarterly
March 31 see "Earnings Department" on a preceding page.
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Liu!. flies$
A sseis84,828,579 76,948,765 Common stock. x35,575,565 18,557.465
Fixed capital
29.188,750 35,914,750
183,232 Funded debt
38,370
Sinking fund
Miscell. investm'ts 5,481,003 6,250,456 Adv.from still. cos 4,154,500 18,719,910
372.463
4.450,000 Accounts payable_ 273,506
Adv. to affil. cos
1,287,341 1,133,192 Subscrip. to stock
Cash
of But., Niagara
Accts.receivable _ 1,408,167 1.822,521
37,540 & Eastern Power
37,540
Market. securs_ _ _
86,748
38,720
361,524 Corp. for empi_
Marls. & supplies 319,862
563,217
789.159 Taxes & rents accr 780,395 1,003,344
Prepayments
285,020 •
Interest accrued.. 212,954
Empl. subscrib. to
Res. for retire. of
stk. of Buffalo,
Plant & property 9,022,700 8,700,335
Niagara & East.
388,488
340,416
10,057
20,911 Other reserves._
Power Corp- -5,722,958
Capital surplus_
disc
Unamort. debt
10,288,134 9,659,616
1.602,816 1,633.101 Profit & loss
& expense
21,646
57,737
Miscell. del. debs.
95,598.598 93,688,139
95,598,598 93,688,139 Total
Total
-V.134. p. 327.
x Represented by 742.241 shares (no par).
-Earnings.
Niagara Lockport & Ontario Power Co.
Calendar YearsOperating revenues
Operating expenses
Retirement expense_
Taxes
1928.
1929.
1930.
1931.
$10,319,023 310,676.177 511,610.240 510.653.335
5,153.585 5,866,732 5,197,450
5,140,186
462.784
481,200
490,200
496,286
884,824
925,281
799,034
767,773
Operating income.... $3,914,778 34,233,359 34.337,027 $4,108,277
128,836
119,667
63,066
38,721
Non-oper. inc. (net). $3.953.499 $4,296,495 34.456,694 84.237.113
Gross income
1,278,126
1,243,178
1,242,659
1,261,871
Int. on funded debt_ _
735,154
940.837
1.004.909
1,017,464
Miscell.deductions
Net corporate income_ 81,693.377 $2,048.338 $2,253.986 $2,223,832
398,234
Preferred dividends.
1,113,500
1,193,375
1.572.000
1.703,000
Common dividends
5712,098
$476,338 81.058,611
da$9.623
Surplus
Shares of common stock
327.500
327.500
327.500
327.500
outstanding (no par).
$5.17
$5.57
$6.25
$6.88
Earned per share
-V. 134. p. 136.
North Boston Lighting Properties.-Earntngs.1931.;
1928.
Calendar Years1929.
$2.926.658 $2,730,781
Total revenue
32.374,730 $1,616,288
18,163
General & misc. expenses}
120.624
28,080
26,167
) 531
260
Taxes
336,023
67.383
285.993
300,254
Interest, Sze
$2,562,556 $2,423,633 $2,042,048 $1,530,741
Net income
684.234
684,234
Preferred dividends_ - _ _
684,234
684,234
839,749
1.733,408
Common dividends
1,722,687
1.272,077
Balance, surplus
-V. 133, P. 3789.
$144,914
516.712
$85,737
$6,758
Ohio Water Service Co.
-Earnings.
For income statement for 12 months ended Feb. 29 see "Earnings De-V. 134, p. 2908.
partment" on a preceding page.
Oklahoma Gas 8c Electric Cov-Earnings.(Including all properties for the periods operated onl
1928.
1929.
1930.
12 Mos. End. Dec. 31- 1931.
$11.887,260 514,284,675 $14,162,361 811,638.277
Gross earnings
5,899,866
Oper.exp.maint. & taxes 5,856,655 7,606,331
7,524,924
Net earnings
Other income
36,030.605 86,678,344 86,637,437 $5,648,111
776.129
83,800
183,713
392.905
Total income
Lease rentals
Bond interest
Note interest
General interest
56.114.405 86.862.057 $7.030,342 $6,424,840
65,625
1,416,353
1,436,061
1,729,926 1,554,253
516,953
457,973
433,900
436,298
*37,947
*132,316
129,726
61,264
$2,225,091 82.120,277 82,026.351 52,036,879
Total
90,885
82,327
120,159
21.075
Less int. chrge to constr..
Net Interest charges $2.204,016 $2.000,118 $1,944,023 51,945,994
$3,910,389 $4,861,939 $5,086,319 $4.479,848
Balance
1,326,301
1,190.536 1.272,432
Preferred dividends---- 1,225,189
Bal.for retire(deprec.)
res, corn. dive. &
82,685.200 $3.671.403 *83,813.887 o33,152,545
surplus
100,000
190.000
191,900
191,900
Shs. corn. out.(par $100)
53.153
$20.07
$19.14
$13.99
share
Earnings per
* Interest and dividends on securities converted into common stock
included in common dividends.
3459
Financial Chronicle
Volume 134
Condensed Balance Sheet Dec. 31.
1931.
1931.
1930.
Assets$
7% pref. stock_ _ _14,624,600
Plant,prop.,rights.
franchises, ese....75,091,634 74,545,847 6% pref. stock__ 2,587,900
Common stock-19,190,000
Brokerage, comm..
&O., on cap.stk. 2,657,147 2,497,966 1st mtge. 5% gold
bonds, series A.
Unamort.debt disc.
33,500,000
due 1950
and expense--- 6,811,888 7,010,631
30,733 6% gold deben.,
1,057.368
Investments
series A due 1940 7,217,000
Sinking funds and
36,262 Okla. Power Hold.
38,510
other deposits_ _
1,029,500
Co. 551s
38,108
21,576
Prepaid accounts_
82,390
105,629 Standard Gas &
Lour. unexpired__
383,800
Electric Co_
Def. charges in pro43,986
131,897 Accounts payable_ 258,740
cess of amortiz_ _
776,704 2.209,473 Accr. for interest_ 857,225
Cash
Accrued for taxes_ 1,481,789
Cash on deposit for
98,256
28,770 Accrued for diva._
27,024
bond interest_ _ _
Customers' depos_ 649,829
Accounts & notes
110,806
receivable, net - 1,853,312 1,999,062 Misc.'mad). cred_
Materials dr suppl_ 1,325,692 1,761,488 Deprec. reserve- _ 3,070,094
- 1,059,376
Other reserves3,684,848
Surplus
Total
89,803,783 90.379.337
-V. 134, p. 3097.
Condensed Balance Sheet Dec. 31.
1931.
1931.
1930.
Liabilities$
Assetsi
S
7% pref. stock-- 6,292,500
Plant,prop.,rights,
franchises, arc-38,715,504 37,753,296 Common stock-10.032,500
15.368,000
Funded debt
Unamor.debt disc.
778,372 Notes payable726,674
& expense
7,450 Accts. payable__ 215,462
5,200
Investments
42,428 Accr. for interest_ 257,484
44.415
Insur. unexpiredAccrued for taxes_ 869,407
Deferred accts. in
477,977
61,494 Accrued for divs__
42,210
process of amor_
1,600
486,301 Other accr. Habits_
827,308
Cash
,
Customers deps__
Accts. dr notes rec.
652,066 Misc. unadj. cred_ 458.349
741,285
-net
499.077 Retirement res___ 5,115,054
Materials dr suppl. 413.094
533.105
Other reserves_ - _ _
1,803,557
Surplus
1930.
16,112,200
1,109,700
19,190,000
33,500,000
7,248,800
1,096,000
9,283
263,254
856,905
1,103,759
99,948
692,235
,
118064
2,999,
384
1.608,987
4,370,813
41,515,891 40,280,485
Total
.
-v 134 P. 2523.
,
Pacific Lighting Corp.
-Balance Sheet March 31.
1932.
8
1931.
1931.
1931.
AssetsPreferred stock_ 15,031,300
Plant, prop, and
franchises_ _232,014,176 228,457,487 Common stock 29,937,924
Pref. cap.stk. of
Invest.in securities
subsicllarles _ _ 30,662,656
10,057,200 8,881,218
Min. Int. In cap.
Cash and securities in sinking
stk. dr surp. of
6,084
517,191
fund
subsidiaries __
424,223
Cash
8,894,461
8,737,930 Funded debt_ .. _106,562,000
Other curr.assets 7,669,008 17,828,298 Adv. for constr. 3,734,067
Deferred charges 6,652,015 7,582,441 Current liabil___ 10,147,874
Deprec. reserve_ 51,286,609
Other reserves__ 3,910,504
14,525,033
Surplus
13,993,200
29,937,924
32,533,408
36,070
108,820,500
4,366,574
19,890,193
45,844,225
3,923,083
12,766,422
265,804,051 271,911,597
Total
Total
265,804,051 271,911,597
-V. 134. P. 3273.
Represented by 1.608,631 no par shares.
-Earnings.
Pennsylvania Water & Power Co.
For income statement for 3 months ended March 31 1932 see "Earnings
-V. 134, p. 1015.
Department" on a preceding page.
-Earnings.
Philadelphia & West Chester Traction Co.
For income statement for 3 months ended March 31 see "Earnings
-V. 134, p. 2908.
Department" on a preceding page.
-Earnings.
Pittsburgh Suburban Water Service Co.
For income statement for 12 months ended Feb. 29 see "Earnings Depart-V.134, p. 2908.
ment" on a preceding page.
-To Postpone
Quinte & Trent Valley Power Co., Ltd.
Interest and Sinking Fund Payments.
The holders of series"A"6% 1st mtge. sinking fund gold bonds, dated
July 1 1925 will vote May 28 on approving a proposal to again postpone
interest payments for and during the period of 24 months from and incl.
July 1 1932 to and incl. July 1 1934 when interest accumulated for said
period, and for the previous period of 18 months shall become due and
payable, with the privilege to the company to anticipate by payment at any
earlier date, the whole or any part of the interest so postponed.
The stockholders will also vote on approving a proposal whereby the
covenants and obligations of the company in respect of sinking fund as
provided under the deed of trust and mortgage for and during the years
1932 and 1933 shall be waived by the trustee and shall not be operative or
endorceable by the trustee or by the holders of the bonds in respect of the
years 1932 and 1933. See also V. 132, p. 657.
-Earnings.
Radio Corp.of America.
For income statement for three months ended March 31 see "Earnings
-V. 134, p. 2909.
Department" on a preceding page.
Rochester & Lake Ontario Water Service Corp.
Calendar YearsOperating revenues
Operating expenses
Maintenance
General taxes
1931.
$554.863
163.815
27,485
46,887
1930.
$572,874
189.300
23,891
42,151
1929.
$563.433
188,330
30 440
35.757
Net earningsfrom operations
Other income
$316,677
315
$317,532
1,181
$308,966
1,445
Gross corporate income
Int. paid or accrued on funded debt_ _
Reserved for retirements, replace. &
Fed.inc. tax & miscell. deducts.....
$316,992
125,000
$318.713
125,000
$310,351
125,000
46,714
36.164
19.670
Net Income.
$145,279
$157,549
3165,681
-For income statement for 12
Earnings for 12 Months Ended Feb. 29.
ended Feb. 29 see "Earnings Department" on a preceding page.
months
Balance Sheet Dec. 31.
1931,
1930,
Liabilities
AMU--1930.
1st mtge. 5% gold
0
Plant. Prop. &LPL.
,147,218 S5,078,567
bonds
ds
19 ,000 .500,000
&e
:
$2,5 1, 82
1.000 Consumers' dope
17,146
Inv. in other cos1,225 Misc. 6sf. liab, dr
MIscell.spec. dePs.
53,479
20,481
unadi. credits
22,186
367
Cash
97,217 Due affiliated cos. 200000
70,608
180,952
:
85 144
Accounts receivle_
19,435
Notes payableUnfilled revenue
26,510 Accounts payable
20,845
15,885
18,846
Mats. &supplies
85 Int. accrued
41,667
Misc. ourr. assets_
Taxes accrued_ __ } 91,5481
45,469
Def. digs.& PrePd.
13,794 Mtscen. accruals..
18.88(1
4,523
accounts
Reserves
417,328
394,724
Corn,stock & surp.x_1,996,177 2,035,186
--Total
$5,328,269 $5,238,879
$5,328,269 $5,238,879
Total
-V.134, p.506.
2,000 shares (no par).
x Represented by
-Earnings.
Scranton-Spring Brook Water Service Co.
For income statement for 12 months ended Feb. 29 see "Earnings De-V. 134, P. 3274.
partment" on a preceding page.
--Earnings.
Seattle Gas CO.
For income statement for 3 and 12 months ended March 31 see "Earnings
-V.134, p. 2721.
Department" on a preceding page.
-Earnings.
San Diego Consolidated Gas & Electric Co.
12 Mos.End. Dec. 31- 1931.
87.512,402
Gross earnings
Opel. exp.. maint. & tax 3.653.945
783,899
Interest
1930.
87,397,939
3,891,194
724.003
1929.
87.322,176
3,802,502
710,566
1928.
$6,834,773
3,632.989
702.708
Net earnings
Other income
83,074,558 $2,982,742 82,809.107 82,499,076
31,482
2,868
3,446
5,325
Total income
Preferred dividends
83,079.883 82,986,188 82,840,589 82,501,944
440.475
440,475
440,475
440,475
Bal. for retirem't res.,
corn. divs., amort.
82,639,408 82,545,713 82,400.114 82.061.468
and surplus
1.010.000
1.175.000
1.120,000
Appro. for retire. res.
Balance
41,515,691 40,280,485
-Dividend Dates.
" "Shawinigan Water & Power Co.
4 ---
89,803,763 90.379.337
Total
Total
1930.
$
6.292,500
10,032,500
13,908,457
1,100,000
300,544
252,805
855,254
477.977
1,600
94.829
467,711
4.346,596
559,028
1,590,684
$2,639,408 81.425,713 81,225,114 81.051.468
The quarterly dividend of 25 cents per share declared April 14 on the
capital stock, no par value, is payable May 16 to holders of record April 25.
On Jan. 11 1932 and on Oct. 10 1931 dividends of 50 cents each were paid.
as against quarterly dividends of 623i cents per share paid from January
1930 to and including July 1931. V. 134. p. 2909.
South Bay Consolidated Water Service Co., Inc.
Earnings.
For income statement for 12 months ended Feb. 29 see "Earnings De-V. 134, p. 2909.
Dartment" on a preceding page.
.
Southern California Edison Co. Ltd -Discontinues
Office of Chairman of Board-Executive Committee Enlarged.
The directors will discontinue the office of Chairman of the board formerly
held by the late John B. Miller, who was regarded as the virtual founder of
the company.
The directorate, in its statement,said that business of the company would
go forward under the direction of the President, Russell H. Ballard, and the
advice and counsel of an enlarged executive committee,the board consisting
R.
of George I. Cochran, Henry M. Robinson, Alber W. Harrish, Ben
Meyer, James R. Page, Harry J. Bauer and George C. Ward, Senior Viceoperating officers will continue, including William C.
President. Other
Mullendore, Executive Vice-President; Fred B. Lewis, Vice-President and
General Manager, and Roy V. Reppy, Vice-President and general counsel.
-V. 134, p. 3098.
-Earnings.
Southern Colorado Power Co.
1928.
1929,
1931.
1930.
Calendar Years$2,105,078 $2.270,668 $2,258,382 $2,290,899
Gross earnings
1,217.837
1.195,675
1,215,467
Op. exp., maint. & taxes 1,096,556
Net earnings
Other income
$1,008,522 $1,055,201 $1,062,707 $1.073.062
7,548
30,112
1,954
10,726
Total income
Bond interest
General interest
$1..010,476 $1,065.927 $1,092.819 $1,080,610
413,580
413,580
413,580
413,580
19.394
23,442
22,461
21,075
$432,974
413
Total
Less int. chgd. to constr_
$434,655
332
$436.041
574
8437.022
445
Net interest charged..
$434,323
$435,467
$436.577
$432,561
$576,152
297,773
$630,458
297.773
8656.243
297,773
$648,049
297.865
Balance
Preferred dividends_ - - -
Balance for retirem't
res. (deprec.), corn.
$358.470
$332.685
div. and surplus_ _ _ - $278.379
Condensed Balance Sheet Dec. 31.
1931.
1930.
1931.
Liabilities-$
Assets
7% pref.stock.... 4,253,900
Plant, property.
Corn. stk. classA_ 2,750,000
rights, franchises,
16,776,702 16,680,146 1st mtge. bds.,6% 6,893.000
.to
14.320
2,501 Std. Gas & El. Co_
2,501
Investments
42,162
5,244 Accounts payable_
8,872
Insurance unexp'd
213,133
Accrued for in_ _ _ _
Def, accts. in pro14,470 Accrued for taxes_ 323,118
24,721
cess of amortiz- _
61,484
109,089 Accrued for dive-80,699
Cash
Customers' depos.
Cash on deposit for
107,738
dz unred.tokens_
206,790
206,790
bond interest_ _ _
Pay. dr betterment
Accounts & notes
assessments due
409,476
receivable, net.. 354,635
203,507
1931 to 1954_
Materialsand sup16,647
218,336 Misc. unadj. cred_
195,969
plies
Depreciation res've 319,815
83,71
Other reserves...
Coin. stk. class B. 2,228,673
139,681
Surplus
17,650,888 17,646,055
Total
-V. 134. p. 3098.
Total
$350.183
1930.
4,253.900
2.750,000
6,893,000
11,678
46,108
213,619
332,591
61,481
110,281
215,567
18,336
291,349
79,786
2,228.672
139,681
17,650,888 17.646,055
-Earnings.
Southwestern Gas & Electric Co.
For income statement for 3 months ended March 31 see "Earnings
-V. 134. p. 2909.
Department" on a preceding page.
Southwest
Committee.
Gas
Utilities
-Protective
Corp. (Del.).
Corporation has failed to make the payment of the semi-annual interest
due May 1 1932, on its first lien & secured sinking fund gold bonds 6Sia
series, due 1943, and the semi-annual sinking fund payment for such bonds
due May 1 1932.
The committee (below) has been requested to represent the interest of
all bondholders who shall deposit their bonds under a protective agreement,
dated May 2 1932.
Bondholders are requested to deposit their bonds with Manufacturers
Trust Co., depositary. Coupon bonds must be accompanied by all coupons
due May 1 1932, and subsequently.
Comrnittee.-.I. Lawrence Gilson, (Vice-Pres., Manufacturers Trust Co,),
Chairman; Robert B. Prentice, 217 Broadway New York; James T.
Woodward, 25 Broad St., New York; R. M. Craigmyle, Sec., 120 Broadway, New York; Chadbourne, Stanchfield & Levy, Counsel, 25 Broadway,
New York.
-V. 134. p. 3098.
-Annual Report.
Standard Power & Light Corp.
The report for the year ended Dec. 31 1931 shows a balance of consolidated net income of $4,725.206, after preferred stock dividends, which was
equivalent to $2.68 per share on the total ot 1,760,000 shares outstanding
at the end of the year. This compares with a balance of consolidated net
Income 01 87,027.100 equivalent to $3.99 per share on the same number of
sharesfor the year ended Dec.31 1930. There was no change in the capitalization during 1931.
The statement of consolidated Income of the corporation and subsidiary
and affiliated companies for the year ended Dec. 31 1931.shows gross earnings of $159,070,292; operating expenses of $85,038,831;leaving net earnings
of 874,031,481. The comparable figures in the report for the year ended
Dec. 31 1930 were gross earnings of 5172,460,871; operating expenses of
$96_,349,773 and net earnings of $76,111.098.
The condensed consolidated balance sheet of Dec. 31 1931, shows total
assets of 81,181.919.599 as compared to $1.166,009,082 at Dec. 30 1930.
Consolidated surplus at Dec. 31 1931, is stated as $15,885,357 and was
$14,963,375 at the beginning of the year.
Bon owns a majority of the common stock of Standard Gas 8:
Co
Electo,, which with its subsidiary and affiliated compmanies comprises a nation-wide system of public utility companies. This is one of the
largest and most diversified public utility systems in the United States and
renders electric light an I power, gaa, transportation, telephone , steam,
-V. 134, P. 1764
and water service In 21 States and to 1.862 communities.
3460
Financial Chronicle
Stanford & Western Gas Co.
-Tenders.
--
The New Jersey National Bank & Trust Co., of Newark, as successor
trustee, invites tenders on or before May 20 of 1st (closed) mtge. 7%
sinking fund gold bonds at a price not exceeding 102 and int., in an amount
sufficient to exhaust as nearly as may be the sum of $29,164 now held
In the sinking fund.
-V. 134. P. 1196.
Syracuse Lighting Co., Inc.
-Earnings.
-
May 7 1932
Consolidated Balance Sheet as of Dec. 31.
1931.
1930.
1931.
Assets
Road & equipm't_91,723,837 92,314,842 Common stock_ _20,461,200
Sink. & depr. ids-- 520,606
489,476 Grants in aid of
Investments
812,288
769,644
construction.... 508,198
Treasury bonds.-- 797,340
548.840 Income bonds--__14,000,000
Current assets_
1,514,323 1,941,208 Funded debt
53,128,682
17nadJust. debits_ _ 1,542,420 1,771,816 Current liabilities_ 2,895,823
Def. credit item
305,236
UnadJu.st. credits_ 2,769,398
Surplus
2,842,276
1930.
20,461,200
533,111
14,000,000
53,402,924
Calendar Years1931.
1929.
1930.
3,076,416
Operating revenues
$8,279,109 $8,680,024 $8,716,432
312,431
Operating expenses
3,987,362 4,302,748 4,317,312
2,608,488
Retirement expenses
450,000
422,000
422,000
3,441,256
Taxes
822.731
988,554
1.084.194
Total
96,910,813 97,835,826
Total
96,910,813 97,835,826
Operating income
33,019.016 $2,966.721 $2,892,926
-V. 134, p. 2149.
Non-oper. income (net)
3,240
3.538
2,996
Gross income
83.022.256 $2,970,260 $2,895,922
Union Water Service Co.
-Earnings.
Interest on funded debt
611.429
614,424
618,049
For income statement for 12 months ended Feb. 29 see "Earnings DepartMiscellaneous deductions
459.319
365.973
226.971
ment" on a preceding pgae.-V. 134, P. 3276.
Net corporate income
$1,951,508 $1,989,863 $2,050,902
United Gas Improvement Co.
Preferred dividends
530,014
-Earnings.
530,014
570,848
Common dividends
For income statement for 3 and 12 months ended March 31 see "Earnings
1,200,000
1,200,000
Department" on a preceding page.
-V. 134, p. 2708.
Balance
$221,494
S259,849 31.480,054
The Chase National Bank of New York, as successor trustee, is notifying
Western New York Water Co.
-Earnings.
holders of 1st & ref. mtge. gold bonds.
% series, due 1954, that tenders
For income statement for 12 months ended Feb. 29 see "Earnings Departofso many of these bonds as will be sufficient to exhaust the sum of $33,013
ment" on a preceding page.
-V. 134, p. 2911.
now held in the sinking fund will be accepted until noon May 12, next,
at prices not exceeding 106 and int. Sealed offers must be addressed to .."...Western States Utilities Co.
-Receivers Appointed.
the corporate trust department of the bank, 11 Broad St., N. Y. City.
A consent decree, appointing former Judge Hugh M. Morris and Harold
-V. 134, P. 1958.
S. Schutt as receivers for the company, was entered May 2 by Judge
John P. Nields in the United States District Court at Wilmington, Del.
Tr -Utilities Corp.
-Sale Postponed.
The receivers were appointed as a result of the bill of the receivers for
The sale of securities which were to have been sold at public acution on
the Peoples Light & Power Corp. against the Western States Utilities Co..
May 9 on behalf of the Equitable Trust Co. has been postponed to May 19.
stating that the defendant owes the plaintiffs $108,981 in promissory
-V. 134, p. 3275.
demand notes. The defendant also owes the Power Gas & Water Securities Corp. $300,000 on a promissory note which matured Feb. 23. The
Union Electric Light & Power Co. of Illinois.
-Earns. defendant concern is a subsidiary of the Tri-Utilities
Corp.
-V.124. p.2122.
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
West Virginia Water Service Co.
-Earnings.
Balance Sheet March 31.
For income statement for 12 months ended Feb. 29 see "Earnings Department" on a preceding page.
-V. 134. P. 2911.
1931.
1932.
1932.
1931.
AssetsLiabilities-$
$
$
Property and
Preferred stock... 8,000,000
plant
35,999,131 35,817,037 Common stock__ -12,500,000
Accounts receivFunded debt
8,000,000
able
1,289
38 Inter-co. accounts 104,145
Prepaid accounts.
1,625 Sundry curr. Habil.
2,480
2,562
Discount and exTaxes accrued__ _ - 512,520
Interest accrued_ - 110,000
penses on se915,976
curities
963,829 Sundry accr. Habil.
22,896
Deprec. reserve.- 4,659,660
Other reserves__ _ _
3,664
Surplus
3,003,593
Total
36,918,958 36,782,529
Total
$
8,000,000
5,000,000
11,500,000
4,600,313
1,805
786,533
514,022
29,103
3,727,540
4,501
2,618,712
36,918,958 36,782,529
-V.134, p. 1957.
Union Electric Light & Power Co. of St. Louis.Earnings.
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
Balance Sheet March 31.
1932.
1931.
Assetss
$
Prop., MI,&c_ _220,984,564 210,635,331
Stocks & bonds
of other cos_ _
31,900
26,900
Cash on deposit
with trustees_
146,385
25,642
Sundry invest'ts
293,326
281,612
Cash
1,448,723 1,952,851
256,832
Notes & bills rec
230,484
Accts.receivable 2,957,066 3,161,204
Mat'is & suppl's 2,300,419 2,290,445
379.712
Prepaid accts.__
276,171
84
Due fr. MM.cos.
7,842
Bond & note ills. 2,081,548 2.263,874
Total
230,883,317 221,149,600
1932.
Liabilities$
Preferred stock_ 13,000,000
Common stock.:52,500,000
Funded debt__ _ y47,201,000
Real est, mtge.
notes
288,663
Sund.cur. Habil. 1,288,010
Due to &MI. cos. 17,088,093
Accra liabilities 4,335,098
PM.stk. of subs. 16,952,475
Min. int. in cap.
& cur. of subs.
133,640
Fd. dt.of subs__ 30,136,300
Retirement res. 23,109,244
Other reserves__ • 2,323,907
Surplus
22,546,885
Total
1931.
$
13,000,000
45,000,000
47,201,000
352,810
1,694,827
9,511,396
4,370,324
17,002.675
140,548
37,758,300
20,968,179
2,785,707
21.365.835
230.883,317 221,149,600
x Represented by 2.295,000 shares without nominal or par value. y Consists of 36,200,000 1st mtge. 5% bonds, due Sept. 1 1932, $11.026,000 ref.
and ext. 5% bonds due May 1 1933 4,975,000 gen. mtge. 5% bonds, series
A, due Dec. 1 1954 and $25,000,000 gen. mtge. 5% bonds, series B, due
Aug. 1 1967.-V. 134. p. 3098.
-Earnings.
--Utica Gas & Electric Co.
Calendar YearsOperating revenues
Operating expenses
Retirement expense
Taxes
1931.
1930.
$5,248,503 35.361,851 $5,929
1 380,388
2,302,878 2,355,647 2,294,451
332,056
345,627
330,515
510,584
497.505
583,710
Operating income
Non-operating income(net)
32,102.984 $2,163,072 $2,171,713
36.373
20,749
14,320
Gross income
Interest on funded debt
Miscellaneous deductions
$2,139,357 82.183.820 $2,186,032
781,460
791,673
804,597
137,801
176,807
111.751
Net corporateincome
Preferred dividends
Common dividends
31,181,089 $1,254,346 $1,269,684
660,000
660,000
660,000
480,000 Not avail.
480,000
Balance
Shares of com. stk, outst d g(no par)
Earnings per share
-V.134, p. 1957.
$41,089
400.000
$1.30
$114,346
400,000
$1.48
8609,684
400,000
$1.52
-Earnings.
•United Rys. & Electric Co.
1928.
1929.
1930.
1931.
Calendar YearsRevenue from trans_ -313,869,402 $16,029,431 $16,590,546 $16,141.821
133.392
138,927
127,774
132,005
Rev,from other ry. oper
Total oper.income---$14,008,330 $16,162,822 $16,718,321 $16,273,826
782,069
809,418
684.472
876,730
Maint. ofway & struc_ 926,190
863,808
791.636
632,501
Maint. of equipment-....
35,273
37,081
31.571
39,176
Maint.of power
1,638,660
878,693
1,638,660 1,638,660
Depreciation
1,436,412
1.333.552 1,382,337
1,421,911
Power service
Conducting transport.- 4,430,397 4.893.019 5,050,539 5.158,583
38,165
23,021
42,101
25,473
Traffic
1,605,445
1,612.958
Gen.& miscellaneous_ -- 1,525,792 1,499,579
Cr39,900
Cr77,415
Cr6,920
Cr56.858
Trans. for investment
1.579,061
1,659.968
1,567.044
1,413,111
Taxes,licenses,&c
Net operating income- $2,244,472 $3,558,380 $3,729,215 83,809,056
198,667
152,963
138,430
175,041
Non-operating income__
$2.382,902 $3.711,343 $3,927,882 83,984,097
Grossincome
1.979,408 2,081,609 2,093,415
Interest on funded debt_ 2,049,178
69.212
66,271
78,276
86,274
Int. on unfunded debt- _
564,094
564,500
563.327
562,676
Rents
559,080
559.080
559.080
232,873
Int. on income bonds
Amortization of discount
71,721
82.877
61,687
85,164
on funded debt
42,719
42,997
47,172
40,384
Miscellaneous
def$665,649
Net income
Earns. per sh.on 409,224
Nil
shs.cap.stk.(par $50)
$413.268
$542,387
$573,142
$1.01
$1.32
$1.40
Wisconsin Electric Power Co.
-Earnings.
-
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
Balance Sheet March 31.
1932.
1931.
1932.
1931.
AssetsLiabilities
$
Property & plant_26.128,613 25,511,603 6 % pref. stock__ 3,492,000 3,492,000
Cash
188,925 6% pref.stock- _ _ 1,642,200 1,227,200
101,027
Reserve and special
Par val.instal.subs.
14.803
11,563
funds
300 Prem. on pf. stk._
1,208
4,544
Sundry current asCommon stock_ _ 8,000,000 3,500,000
sets
Funded debt
1,592,617
8,257,000 8,437,000
Open accounts.-- Cr13,350 1,533,242 Inter-corn. smile!. 1,411,875 6,443,855
Reacquired securiSundru curs. Habil.
9,513
82,989
ties
471,500
311,300 Taxes
339,430
276,678
Discount and exInterest accrued- 70,308
68,808
penses on securiDividends accrued
65
ties
1,319,108 1,398,752 Open accounts
78
Sundry aces. Habil.
8,150
1,400
Deprec. reserves._ 4,721,090 4,012,107
Surplus
1,559,956 1,457,812
Total
29,599,515 28,944,122
-V. 134. p.2149.
Total
29,599,515 28,944,122
Wisconsin Gas 8c Electric Co.
-Earnings.
-
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
Balance Sheet March 31.
1932.
1931.
1932.
Assets
Liabilities
Property dr plant_27,243,421 25,417,899 Preferred stock... 4,742,500
Sundry investmls 304,790
307,775 Common stock-. 6,000,000
Cash
302,137
995,935 Par val.instal.subs.
68,888
Notes & bills rec._
76,732
96,798 Prem.on 6% Pf.stk.
93,782
Acc'ts receivable_ 845,147
851,002 Mortgage bonds. 10,400,000
Material & supp
535.182
485,805 Inter-com. sorts_ 718,314
Inter-com. ace t,s_
28,410 Accounts payable_
16,798
187,618
Reacquired secure..
90,400
327,400 Sundry cum. nab_
186,602
Res. & spec. funds 365,642
319,895 Taxes accrued.... 566,437
Prepaid accounts_
16,748
4,274 Interest accrued-- 171,250
Open accounts._._ 1,024,478
816.895 Dividends accrued
68.671
Bond and note disMisc. accr. Habil__
24,427
366,627
count
374.294 Open accounts_ _ _ _
121,812
Reserves
5.462,057
Surplus
2,375,741
Total
-V. 134.
31.188,101 30,026,382
Total
1931.
4,684,700
6,000,000
6,880
3,686
10,400,000
358,098
130,674
169,582
498,527
171,250
73,116
21,740
297,513
4,648,295
2,562,320
31,188,101 30,026,382
p. 2149.
Wisconsin Michigan Power Co.
-Earnings.
-
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
Mar. 3132. Dec. 31'31.
Mar. 3132. Dec. 31116
Assets$
s
LiabUilier$
$
Property & plant-21,997,479 21,975,961 6% pref.stock-- 3,890,200
Sundry investmls
39,201
39,201 Common stock__ _ 5,225.000 3,869.700
5,225,000
Special fund assets
Par. on
Cash
Acc'ts receivable
Material and sup-
80,971
267,593
Plies
Inter-company so-
113,336
counts
Sundry current assets
prepaid accounts..
Open accounts__ _
Reacquired secure_
Discount and expense on securs_
22,983
Total
4,335
20,085
694,950
106,900
360,383
23,708,218
-V. 134, D. 1765.
15.000
subscrip's
27,965
to pref. stock.- _
33,680
38,301
285,733 Prem. on pt. stock
56,415
56,005
Mortgage bonds._10,000,000 10,000,000
126,467 Due to affil. cos_
9,296
196,599
Accounts payable_
93,973
107,568
213,874 Sundry curs. Habil. 204,619
333,493
Taxes accrued._ ._ 300,381
328,663
Interest accrued__
129,167
10,417
21,676 Dividends accrued
18,833
18,691
681,895 Sundry accr. Habil.
238
161
115,300 Open accounts._
90,105
94,030
Reserve,'
2,422,296 2,354,872
362,585 Surplus
1,234,016 1,232,158
23,865,659
Total
23,708,218 23,865,659
Wisconsin Public Service Corp. (4k Subs.).
-Earnings.
12 Mos.End.Dec.311931.
1930.
1929.
1928.
Gross earnings
$5.514,448 85.592,331
Op.exps., maint.& taxes 3,114,480 3,278,481 $5,512,207 34,994.239
3,147,322
2,790,344
Net earnings
$2.399.968 $2,313,847 32,364,885 82.203,895
Other income
19,088
19,445
17,123
12,817
Total income
32.419,056 $2.333,292 $2,382,008 $2,216,712
Bond interest
794,054
800,881
801,574
802,885
General interest
75,485
147,063
34,091
83,385
Bond interest •
43,611
Total
Less int. chgd. to constrNet interest charges--
$913,151
4,852
$947.944
38,852
$884.959
64,418
$836,977
56.727
$908,298
$909,092
$780,249
$820,540
Balance
$1,510,758 31,424,200 81,561,468 31.436,462
Preferred dividends_ _ _ _
713,304
666.586
548,027
611,499
Balance for retirem't
res.(deprec.), amortiz.,
div. St surp
$797.454
$888,435
8949.969
$757.614
Volume 134
Financial Chronicle
Condensed Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Assets
Liabi2ities-Plant, Property,
7% pref.stock-- 3,176,900 3,396.500
rts., french., &c.35,874,934 35,266,008 614% pref.stock-- 3,502,200 3,719,000
Unamort. debt disc.
6% pref.stock_ _
4,473,400 3,808,300
and expense_ _ __ 362,107
354,557 Subscr. to pref.--25,400
24,300
Investments
163,453
163,502 Common stock_ _ _ 7,000,000 6,500,000
loser. unexpired
34.160
43,283 Funded debt
16,450,000 14,212,000
Extraordinary reStd. Gas & El. Co_
2,085.608
tire. In process
Notes payable_
400,000
of amortization_ 294,593
385,362 Accounts payable_ 142,743
182,805
Deferred accts. In
Accrued for Int_
350,288
307,729
process of amort.
63,698
70,389 Accrued for taxes.. 287,126
252,894
Cash
304,261
198,331 Accrued for dive- 129,869
91,499
Cash on deposit for
Other seer. Habil762
bond int., &e_ _ _ 236.748
194,420 Customers' deposits
Accounts and notes
542,192 & unred. tickets
85.489
79,265
receivable, net - 496,180
Misceltunadj. cred
52,675
70,490
Receivables from
Deprec. reserve_
1,202,749 1,210,616
securities sales
46,271
110,141 Other reserves_
505,752
476,201
Mats.& supplies._ 743,276
780.711 Capital surplus_ _ 725,000
,
725,000
545,102
530.914
Surplus
Total_____ 38,619,681 38,108,899
-V. 134, P. 3098.
Total
38,619,681 38,109,899
Wisconsin Valley Electric Co.(8c Subs.).
-Earnings.
--
Calendar Years1931.
1928.
1930.
1929.
Gross earnings
$2,326,253 $2,255,152 $1,923,705 $1,681,955
Oper.exps., maint.& tax 1,339,577
1,346,878
1,124,890
993,861
Net earnings
$908,274
3986,676
$798,815
$688,093
Other income
25,128
22,732
25,755
20,464
Net earns.,incl.oth.inc $1,011,804
$931,006
$824,569
$708,558
Bond interest
$193,700
$193,772
$193.923
$193,100
General interest
157,020
216,065
149,190
86,554
Int. charged to construeCr.26,014
Cr.4,631
Cr.29,183 0%31,157
Note interest
78,500
Total interest charges-
$424,589
$383,823
$313,930
$248,498
Balance
Preferred dividends-- -
$587,215
109,417
$547,184
83,867
$510,640
83.933
$460,060
84,000
Bal. for retirem't (deprec.) res., amort.,
corn. divs.& surplus $477,798
$463,317
$426,706
Condensed Balance Sheet Dec. 31.
1931.
1931.
1930.
AssetsLiabilities
$
$
Plant,prop.,r1ghts,
7% pref. stock_ 1,992.700
franchises, &c_ _12,491,018 12,187,841 Common stock-- 2,000,000
Unamort.debt disc.
7,687,000
Funded debt
& expense
107,079 Standard G&E Co
132,663
Investments
201,199 Notes payable247,200
Insur. unexpired
50.653
4,969 Accounts payable_
4,756
Def. accts. In proAccr.for interest_ - 122,233
cess of amortiz_
22,834
12,163 Accrued for taxes_ 141,742
Cash
911,705
189,912 Accrued for diva__ 129,745
Cash on deposit
13,559
Other accr. Habits_
for bond Int.,&c.
42,039
5,286 Customers' depos_
5,250
Accounts & notes
Misc. unadi. cred_
8,480
receivable, net - 323,912
432,205 Deprec. reserve_.1,484,943
Materials & cupid_ 276,034
291,557 Other reserves____
36,572
Surplus
705,707
Total
-V. 134,
14,415,373 13,432.212
Total
$376.060
1930.
1,198,100
1,260,000
3,688,200
3,896,048
550,000
105,992
33,493
126,521
306,533
11,627
42,812
8.748
1,469,926
28.498
705,707
14,415,373 13,432.212
p. 3098.
York Rys. Co.(& Subs.).
-Earnings.
-
Calendar YearsOperating revenue
Operating expenses
1931.
1930.
1929.
1928.
$2,675,474 $2,941,354 $2,841,235 $2,688,423
1,621,481
1,696,143
1,637,375
1,510,298
Operating income_ _
$1,053,993 $1,245,211 $1,203,860 $1,178,125
Non operating income-64,060
79.802
94,356
76,519
Total income
$1,118,053 $1,325,013 $1,298,216 $1.254,643
Bond & other int. chgs.
paid and accrued
258,805
243,405
245,291
247.839
Amortization of debt discount and expenses_
7,914
5,295
5,295
5,295
Retirement appropria'n_
197,449
181,387
179,643
178,201
Prov. for Fed. inc. tax_
98,391
98,000
98,797
Miscell. deductions
3,381
Net inc. for the year.. _
Preferred dividends._ _ _
Common dividends
$650,505
80,003
1,100,000 .
$796,535
80,003
600,000
$769,987
80,004
1,400,000
$724,511
80,000
187.500
Balance
def$529,498 sur$116,532 def$710,017 sur$457,011
Note.
-Taxes. deprec. and int. on bonds have been adjusted in accordance
with the results arising from an agreement with York Haven Water &
Power Co., whereby it assumes certain fixed charges of the company's
steam power plant.
-V. 133. p. 4161.
INDUSTRIAL AND MISCELLANEOUS.
3461
to Senate Committee llst of common stockholdings of investors in fixed
shares
-Number of trust shares outstanding, p. 3198: (j) Reconstruction
Finance Corporation issues $250,000,000 six months' notes-Purchased by
Treasury-325.000.000 allocated to Secretary of Agriculture, p. 3207.
Alaska Juneau Gold Mining Co.
-Earnings.
-
For income statement for month and four months ended April 30 see
"Earnings Department" on a preceding page.
-V.134, p. 2724.
Allegheny Steel Co.
-Earnings.
-
For income statement for quarter ended March 31 1932 see "Earnings
Department" on a preceding page.
-V. 134, p. 1197.
--Allerton New York Corp.
--Reorganization Committee.
A reorganization committee has been
formed to represent the holders
1st mtge. 5;4% sinking fund gold loan certificates, clue Jan. 1 1947, of
sisting of George T.Purves, Chairman (Graham. Parsons & Co.), New conYork:
Edward 0. Bostock (Pitcairn Co.), Philadelphia; Henry E. Bothfeld.
Boston, Mass.; J. Lawrence Pagen (Blyth lk Co., Inc.). New York, and
Lyman Rhoades(Vice-Pros., Chase National Bank), New York: Norman L.
Mansfield, Sec., 48 Wall St.. New York; Cravath, de Gersdorff, Swaine &
Wood, Counsel, 15 Broad St., New York, N. Y.
The depositary is The Chase National Bank of the City of New York,
11 Broad St., New York.
In a letter to certificate holders the committee states:
Default now exists under the agreement securing the above certificates by
reason, among other things, of non-payment of taxes and penalties thereon
aggregating $298,974 as of Feb. 29 1932. Moreover, Allerton Properties
Corp.. the parent company, has advised that the corporation will not be
able to pay the interest coupons on the certificates due July 1 1932.
In view of the foregoing, we have consented to act as a reorganization
committee to protect the interests of the certificate holders and to represent
them in the preparation of a reorganization plan.
The committee represents the first mortgage certificates exclusively. It
has no connection with any other committee. Certain members of the committee either represent direct ownership of substantial amounts of these
certificates or are members of firms which have placed large amounts of
these certificates with their clients, and are therefore vitally interested in
protecting the interests of the certificate holders. Neither the members of
the committee nor their firms have ever been stockholders, or represented
In the management, of Allerton New York Corp. or of its parent company,
The Allerton Corp.(now Allerton Properties Corp), or in any way interested
in the sale of any securities of these companies, other than the above
certificates.
The committee is familiar with the properties covered by the first mortgage, and certain of its members have for some time been giving consideration to the situation resulting from the tax arrearages referred to above
and the possibility of a default in interest on the above certificates. During
1931. a committee representing the debentures of The Allerton Corp.
(which owned all the stock of Allerton New York Corp.) formulated a plan
for the reorganization of the parent company under which sufficient funds
were to be supplied to Allerton New York Corp. to discharge its tax liability.
Although we are advised that the terms of such plan were agreed to and a
substantial amount of the cash requirements subscribed, the plan was not
completed owing to the subsequent decline in earnings which has now made
It evident that the corporation will not be able to pay the interest coupon
maturing July 1 1932. In the opinion of the committee a reorganization of
the properties in the interests of the certificate holders is therefore necessary.
The underlying security for the certificates consists of three advantageously situated properties in New York City, owned in fee by Allerton
New York Corp., which are operated under the club principle and afford
economical and attractive living quarters for young men and women.
The properties, in the past, have amply earned their fixed charges. The
lessened demand for such facilities in New York during the last two years,
as well as the development of other properties of a similar and competitive
nature, has resulted in a reduction in the revenues of Allerton New York
Corp. to such an extent that its current net income is substantially less
than interest, depreciation and other charges under the mortgage. The
corporation has advised that for the first two months of the current year
operating revenues were $111,598. and that net income. before depreciation,
was $9,269. as compared with interest charges on the certificates for the
period of $36.644. The 1st mtge. certificates, originally outstanding in
the amount of 54.250.000. have been reduced through sinking fund operations to 33,991,000, as of March 31 1932. The committee believes that,
notwithstanding the present earnings, the properties have substantial
value and potential earning power.
In order to enable the reorganization committee to protect the interests
of the certificate holders most effectively in the important questions growing
out of the defaults under the mortgage and in the preparation of a reorganization plan in their interest, it is necessary for the committee to speak for a
substantial majority of the certificates. To this end, it is essential that all
holders of small amounts of certificates, as well as the larger holders, should
deposit their certificates with the committee. You are therefore urged to
forward certificates before June 1 1932 to the depositary. Deposited
certificates must be in negotiable form and have all coupons maturing July 1
1932 and subsequently attached.
Statement of Earnings Years Ended Dec. 31.
1931.
1930.
Operating revenues
$790,005
$982,646
Operating expenses & general taxes.
631,052
644,742
Net operating Income
Add interest income
Totalincome
Interest on 1st mtge.certificates
Miscellaneous charges
Provision for depreciation
Deficit
-V. 134, p. 3099.
3158,952
1.172
$160,125
222,005
11.873
102.544
$176,298
$337.904
3.990
$341.895
226,063
21,111
103.457
$8,737
Allied Business Corporation Shares, Inc:
Price of Refined Sugar Reduced.
-Revere Sugar Refinery reduced the price
Negotiations are reported to be under way for the acquisition under
of refined sugar to 3.77K cents a pound less 2,54 cents, or the four-payment
option by this corporation, depositor for A. B. C. Trust Shares, of the
plan. National and American Sugar Refineries have reduced the price of
Transcontinental Shares Corp., depositor for Universal Trust Shares.
refined sugar 2% cents a pound to 3.75 cents a pound to eaual the record
-V. 134. p. 2150.
low for all time, which was 3.75 on April 8 1914. Boston "News Bureau,"
May 6, p.2.
Altorfer Bros. Co., Peoria, Ill.
-Dividend Deferred.
Longshoremen Accept 10% Wage Cut.
-Union longshoremen who left the
The directors recently decided to defer the quarterly dividend due April 30
piers of the Clyde-Mallory, Savannah and Morgan lines April 15 when their
wages were reduced 10%, will return to work at the new rate fixed by the
on the $3 cum. conv. pref. stock, no par value. The last regular quarterly
payment of 75 cents per share was made on this issue on Jan. 30 1932.
lines. N.Y."Times," May 2, p. 35.
Pave Way to End Building Strike.
-V. 133, D. 1455.
-By deciding to abrogate the verbal
agreement made with the Elevator Constructors Union, the Elevator
Manufacturers Association paved the way for an early resumption of work ''''.-Aluminum Industries, Inc.
-Dividend Decreased.
by ap roximately 35,000 building trades mechanics and helpers and an
A quarterly dividend of 12M cents per snare nas been declared on tne
end o the strike which has virtually paralyzed New York building procapital stock, no par value, payable June 15 to holders of record May 31.
gram. N.Y."Times." May 6, p. 33.
This compares with 25 cents per share paid on March 15 last and 37%
Ships Fares to Coast Reduced 18% to 45%.-Reductions of steamship
cents per share in preceding quarters.
passenger rates were extended to the intercoastal field with the announceOrganizes Canadian Subsidiary.
ment by the Panama Pacific Line. a subsidiary of the International Mercantile Marine Co., that rates from 18 to 45% below those now charged
The company is reported to be forming a Canadian subsidiary, Permite
would become effective May 8. Similar announcements by other interProducts of Canada. Ltd., with headquarters at 22 Hayter St.. Toronto,
coastal lines of the Panama Pacific class are expected to follow. N. Y.
Ont.-V. 131, p. 1197.
"Times," May 4, p. 41.
Matters Covered in the "Chronicle" of April 30.-(a) Wage stand of
Amerada (Oil) Corp.
-Earning Dividend.
printing trades unions criticized by American Newspaper Publishers
The corporation's earnings at present, Chairman E. L. De Golyer,
.Association. Report says they alone refuse to aid needed economies
-20 to
stated at the annual meeting held on May 2, are running at the dividend
-Newspapers advised to Fight five-day week, p. 3178;
Cut Vital
25V
rate which is 50c. quarterly. He stated that net profit in the first quarter
(b) New committee created by National Association of Real Estate Boards
was $225.000.
to Head Drive for better State taxation, p. 3192; (c) Inquiry into Stock
Moves Offices.
trading before Senate Committee-Percy A. Rockefeller resorts
Exchange
This corporation, the Amerada Petroleum Corp. and the Geophysical
to short operations to recoup losses, p. 3192-3196; (d) Inquiry into Stock
Research Corp. announce the removal of their executive offices from 65
Exchange trading before enate Committee-John J. Raskob, W. P.
Broadway to 120 Broadway, N. Y. City.
Kenny and W.C. Durant named as losers in $32,000,000 copper pool
-T.E.
-V. 134. p. 2724.
Bragg lists P. A. Rockefeller as in group that paid around 1.70 for stock now
American Commercial Alcohol Corp.
-Listing.
at 5--B. E. Smith and Edward P. Knight also testify, p. 3193; (e) New
The New York Stock Exchange has authorized the listing of 194.748 shares
York brokerage firm of Merck C. Steinberg & Co. In receivership. p. 3196;
of common stock (par $20) upon the dissolution of the voting trust and
New York State Insurance Department issues notice to companies
(f)
filing of the articles of amendment to the company's charter; with authority
regarding valuation of securities-Cautions against payments from surplus
to add 1.720 shares upon notice of issuance in connection with exercise of
based on "Convention" prices, p.3197;(g)Creditors of Watson & Chambers,
stock purchase warrants, making the total amount applied for 196,468
failed Montreal brokerage house to get initial dividend of 15%-Partners
shares.
make application to Court for discharge from bankruptcy, p. 3197; (h)
At the annual meeting held on April 5 1932, the stockholders voted to
Ernst & Ernst find better operating results shown by corporations in 1931
amend the charter to reduce the number of authorized shares of common
than in 1921. p. 3197;(1) J. S. Myers of Distributors' Group makes available
3462
Financial Chronicle
stock-from 750,000 to 375,000 shares and to change the par value from $10
to $20 a share.
For income statement for 3 months ended March 31 1932 see "Earnings
-V. 134, P. 3277.
Department" on a preceding page.
-Earnings.
American Bank Note Co.
May 7 1932
-Record April Sales.
American Trustee Share Corp.
More Diversified Trustee Shares, Series D. were issued during the
month of April 1932 th tn in any month since the formation of the trust
a year ago, according to American Trustee Share Corp., the distributor of
these shares.
"While this record is partly due to the present low price of the shares.
the dollar value of the Series D shares issued during the month was the
'mond largest since the Inception of the trust," says the report.
There are outstanding in the hands of investors more tha I a million
-V. 134, p. 3277.
Diversified Trustee Shares, Series D.
For income statement for quarter ended March 31 see "Earnings Department- on a preceding page.
Consolidated Balance Sheet March 31,
1932.
1931.
1931.
1932.
Liabilities$
Assets
s''American Utilities & General Corp.
-Reorganization
Preferred stock__ _ 4,495,650 4,495,650
Land, bidgs., maPlan Ratified.
6,527,730 6,527,730
chinery, &c_ .._ _11,438,195 11,669,235 Common stock_
391.032
The stockholders at an adjourned special meeting held on May 2 ap2,219,080 2,574,789 Pref. foreign subs.
Inventories
255,238
973.533 Accounts payable_ 243,696
proved the plan to reorganize the company by creating a new corporation
Accts.receivable_ _ 565,188
323,483
128,307
Reserve for taxes_ _
and exchanging its securities for the securities of the present company.
Corn.stk. acquired
16,401
114,966 Advances on cusfor resale
(See details in V. 134, p. 2524.)
234,148
161,661
tomers' orders_ _
Marketable invest. 2,066,506 2,478.596
-Earnings.
American Writing Paper Co., Inc.
108,385 Pref. and common
108,385
Contract deposit
393.821
67,434
dive. payable_ _ _
1,335.425 2.400,962
For income statement for quarter ended March 31 see "Earnings DeCash
Insur. pensions .k
partment" on a preceding page.
Invest. of appro769.213
special reserves_ 418,838
407,690
priated surplus_ 418,838
Balance Sheet March 31.
Surplus
5.817,740 7,475,054
Deferred & unadj.
1931.
1931.
1932.
1932.
137,213
84,071
charges
Liabilities$
$
$
$
Assetsy9,278,572 9,278,572
:Plant, equip., &c.11,987,318 11,936.587 Capital stock
Total
18,252,090 20,865,370
Total
18,252,090 20,865,370
366,562 Funded debt
5,188,500 5,247.500
587,772
Cash
-V. 134 . 1581.
153,000
Serial notes
305,700
Notes, accept. &
308,550
accts. receivable 630,193 1,041,835 Accounts payable. 137,677
-New Director.
168,459
116,192
American Cyanamid Co.
1,129,472 1,969,897 Accrued accounts_
Inventories
18,877
361,322 Fed. tax reserves414,579
Investments
Dr. Milton C. Whitaker, Vice-President of American Cyanamid Co.,
430,774
df.47,918
15,041 Total surplus
7,393
Deferred assets-._
and formerly Vice-President of U. S. Industrial Alcohol Co., has been
1
1
Trademarks, &c-elected a director of American Cyanamid Co., filling the vacancy of J. M.
67,187
69,295
-V.134, p. 3099.
Prepaid expenses_
Belden. deceased.
-To Reduce Stated
-------American Electric Securities Corp.
Value of Preferred Shares.-
Total
14.826,023 15,758,432
14,826,023 15,758.432
Total
x After depreciation. y Represented by 89,266 no par shares of preferred
excluding shares in treasury and 188,077 no par shares of common stock
excluding voting trust certificates for 2.748 shares held in treasury anti
-V. 134. P. 2725.
9,175 shares In escrow for options.
-.A special meeting of the holders of participating preferred and of common stock will be held on May 16 to act upon two proposals of major
Importance: First, that the certificate of incorporation be amended to
-Earnings.
Amparo Mining Co.
decrease the par value of the partic. pref. shares from $20 per share to $5
per share, and second, that the capital of the corporation be reduced
1928.
1929.
1930.
1931.
Calendar Yearsamount equal to the sum of the aggregate par value of the partic.
$458.397
$319,747
to an
$508,910
$435.484
Gross earnings
pref. shares and $1 per share in respect of each common share.
480,028
368,289
523,124
438,178
Operating expenses
The capital of the corporation is now the sum of the total par value
of the partic. pref. shares, at $20 per share, and $i per share in respect
$21,630
$48,543
$2,693
al6,214
Operating deficit
of each common share and it is proposed that the surplus which will be
24,928
26,368
27,778
23,894
Otherincome_
created by the reduction of capital be made available for use for such
$3,298
Purposes of the corporation as the board of directors may from time to
$11,564 def$22,175
321,201
TotalIncome
78,024
47,011
time determine.
70,833
50,438
Deprec. & depletion.. _ _ _
1,110
President A. F. Ritter, April 16, stated in part:
1,238
Int. paid on notes
2,005
2,000
"The laws which must be considered by the board of directors in the
2,010
2,005
Taxes
12,180
12,693
conduct,of the business and affairs of the corporation do not permit the
11,511
12,311
Miscellaneous expenses_
payment of a dividend unless the value of the assets remaining after the
$88.912
$84.993
payment of the dividend shall be at least equal to the liabilities of the
$74,028
$43,553
Net deficit
80,000
80,000
corporation, including capital. As the persistent decline in general seDividends paid
curity prices has depreciated the market value of the assets of the cor$168,912
$164,993
poration below tne amount of its liabilities, including capital, the directors
$74,028
$43,553
Deficit
do not feel justified, unless the capital be reduced, in declaring further
-V. 132, p. 3342.
dividends even when net current income exceeds dividend requirements,
-Defaults
corporation. If the -.
regardless of the intrinsic value of the assets of the
Anglo-Chilean Consolidated Nitrate Corp.
proposed reductions in par value and in capital be not acted upon favorably
Interest.
by the shareholders it is probable that the board of directors will not deThe New York Stock Exchange having received notice that the interest
dare any further dividends until the depreciation in market value of the
-year 7% sinking fund debenture bonds, due
due May 1 1932, on the 20
assets of the corporation has been restored by a rise in the prices of such
1945, will not be paid. The Committee on Securities rules that beginning
assets or by accumulated earnings.
April 29 1932, and until further notice the bonds shall be dealt in "flat
"In view of the unsettled condition of business in general the directors
and to be a delivery must carry the May 1 1932. and subsequent coupons.
do not feel justified in deciding at this time what its policy will be in re-V.132. p. 4415.
spect pf the continuance of dividends, but if the decrease in the par value
of the partic. pref. shares and the reduction in capital shall be effected the
-Earnings.
-Daniels-Midland Co.
Archer
board will be in a position, assuming no further extended decline In market
For income statement for 3 and 9 months ended March 3 1932 BOO "Earnvalues, where it can, if it shall so deem advisable, continue the payment
-V. 134, p. 1027.
ings Department" on a preceding pare
dividends at the present rate or at a reduced rate.•
of
"The proposed changes will not affect the rate of dividends payable
-Supreme Court Invalidates
Armour & Co. (Ill.), U. S.
on the partic. pref. shares or the amount payable in liquidation on such
shares or the priority in respect of either such right over the common
Modification of Consent Decree.
shares or otherwise change the respective rights of the two classes of shares.
The U. 5, Supreme Court in a decision handed down May 2 invalidated
Therefore, after the change in par value from $20 to $5, the holders of
the modification of the packers consent decree authorized by the lower
the partic. pref. shares will still be entitled as at present to cumulative
court to permit packers to handle at wholesale food lines unrelated to the
dividends at the rate of $1.50 per share per annum before any dividends
meat packing industry.
can be paid on the common shares, to share as a class equally with the
The decision held that the ruling of the lower court should be reversed
common shares in any additional dividends and to the payment of $25
and tne petition asking modification dismissed.
per share and accrued dividends before any payment in liquidation be
Swift & Co. and Armour & Co. petitioned the lower court for the modifi-V. 134, p. 1026.
common shares."
made to the holders of
cation which was granted Jan. 31 1931. The Federal Government, the
American Wholesale Grocers Assn. and the National Wholesale Grocers
- Association opposed the modification.
-Smaller Div.
---American & General Securities Corp.
The decision sustains the power to modify the decree, but neld that conA quarterly dividend of 10 cents per share has been declared on the class
ditions had not changed so as to warrant the modification requested.
A common stock, no par value, payable June 1 to holders of record May 14.
In the course of tne decision, Justice Cardozo, woo read the opinion,said the
This compares with quarterly distributions of 121e cents per share made
court decided to leave the defendants where they found them, especially
on this issue from Dec. 1 1930 to and incl. March 1 1932.-V. 134, p. 1026.
when the place we found them, especially when the place we found them is
where they agreed to stay.
-Earnings.
American Metal Co., Ltd.
The opinion pointed out that the development of the chain grocery store
ended March 31 see "Earnings DeFor income statement for quarter
did not alter the subsequent situation. It was pointed out that the chain-V. 134, p. 1582.
partment" on a preceding page.
stores look to the packers for their meats and the opinion was expressed
-Omits that they would look to them for their groceries if the modification was
permitted.
- -American Radiator & Standard Sanitary Corp.
.... opinion emphasized that modification
The gist of
-The directors on May 5 voted to omit open the doorthethe suppression of competition which itof the decree would
Common Dividend.
to
sought to prevent.
Justice Cardozo, in concluding the opinion said "that the case comes
the quarterly dividend ordinarily payable about June 30
their
down to this:
par value. On March 31 last a sistently as to The defendants had abusedwhen powers so grossly and Peron the common stock, no
lead to the belief that even
they were acting separately
distribution of 100. per share was made on this issue as their actions should be subjected to extraordinary restraints. There was
the fear that even when so acting they would still be ready and able to crush
each quarter.
against 15c. per share previously
their feebler rivals in the sale of groceries and kindred products by forms of
The directors, however, declared the regular quarterly competition too ruthless and oppressive to be accepted as fair and just.
or
these restraints upon the exercise
dividend of 134% on the 7% cum. pref. stock, par $100, of"Wiselythatunwisely they submitted to They chose to renounce what they
would normally be theirs.
powers
payable June 1 to holders of record May 16.-V. 134, p. 2725. might otherwise have claimed and the decree of a court confirmed the renunciation and placed it beyond recall.
"What was then solemnly adjudged as a final composition of an historic
American Republics Corp -84ock-Strictra7r51rfrt2t.litigation will not lightly be undone at the suit of the offenders and the comThe New York Stock Exchange on April 30 struck from its list the no par
postion held for nothing."
-pe-3277-.
company.-;44847
value common stock of this
The modifying decree, which was entered Jan. 31 1931, in the Supreme
Court of the District of Columbia gave permission to deal at wholesale
-Resignation.
in groceries and other enumerated commodities, but maintained the injuncAmerican Rolling Mill Co.
W.L. Allen, former Chairman of the board of the Sheffield Steel Corp. tion against dealing in them at retail.
The decision said that the court was not doubtful of the power of acourt
and director and member of the executive and finance committee of the
of equity to modify an injunction in adaptIon to changed conditions, though
American Rolling Mill Co., has resigned to engage in consulting work.
It wasentered by consent. This power was conceded by the Government and
challenged only by the intervenors.
Earnings.
The court added that it did not know whether the defendants would
For income statement for quarters ended March 31 see "Earnings Deresume the practice which had previously been complained whereby they
partment"on a preceding page.
fixed prices for groceries so low over temporary periods of time so as to elimassets March 31 were $29.152,924 and current liabilities $3,Current
inate competition by rivals less favorably situated.
772,189 comparing with $36,526,076 and $3,948,344, respectively. on
"They certainly would have the temptation to resume it. Their low
-V.134, p. 2517.
March 31, of previous year.
overhead and their gigantic size, even when they are viewed as separate
units, would still
position
- size, according toput them in aof this to starve out weaker rivals. Mere
-Stock Decreased.
Ship & Commerce Corp.
'"American
the holding
court, is not an offense against the
The stockholders on May 4 voted to reduce the authorized capital stock
Sherman Act unless magnified to the point at which it amounts to a moshares from 1,500,000 shares.
(no par value) to 600,000
nopoly. But size carries with it an opportunity for abuse that is not to be
ignored when the opportunity is proved to have been utilized in the past."
The amendment does not affect the 591.271 shares issued and outstanding.
Justices Sutherland and Stone did not participate in the consideration
The directors were reduced from 12 to 9 members. W. A. Harriman.
and decision of the case.
A. Ellis, all of New York, were elected to serve
J. W. Powell and George
as directors until 1935.
May Seek Rehearing-Decision Does Not Disturb Current
The stockholders voted to reduce the board from 12 to 9 members,divided
to
Operations.
into three classes of three directors each. The class of three elected A.
The Supreme Court's decision in no way affects the meat business of
serve until 1935 follows: W. A. Harriman, J. W. Powell and George
-V.134, p.3099.
Armour & Co., and that company may consider a petition for rehearing
Ellis, all of New York.
when it is in receipt of the full text of the decision, T. G. Lee, President of
the company, says. He made the following statement:
-Earnings.
American Steel Foundries.
"Its only affect is to prevent Armour & Co. from handling a full line
months ended March 31 see "Earnings GeFor income statement for 3
of foods in addition to meats. As a matter of fact, we have handled these
-V. 134. p. 2523.
partment" on a preceding page.
Financial Chronicle
Volume 134
so-called unrelated lines only in a small way and in minimum amounts
since entry of the decree in 1920.
"Naturally the Supreme Court decision is disappointing. Through the
handling of a full line of foods, distributive costs both on these additional
lines and also on meats could have been reduced and this would have been
of benefit both to producers and to consumers, especially at this time when
minimum distributive costs are of the utmost importance.
"The matter of a petition for rehearing will be fully considered when we
receive the full text of the decision."
-V. 134, p. 3099.
-Stated Value Decreased.
---Arnold Constable Corp.
The stockholders on April 5 approved a proposition to reduce the capital
of the corporation from $5,508,056.15 to $1,685,545 (said latter amount
being equivalent to $5 for each share of capital stock now issued and outstanding).
Receivership Petition.
The company has been named in motion filed in the New York Supreme
Court by seven stockholders seeking a temporary injunction to restrain
Its officials from "further dissipating" its assets and the appointment of a
temporary receiver pending the outcome of the action. The plaintiffs,
controlling 100 shares of a total of 337,109, charged management principally
with reducing from $475,000 to $300.000 annual rent of Fifth Avenue building which it leases to Bonwit, Teller & Co.
-V. 134, P. 2524.
Arundel Corp.
-Earnings.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 2725.
Atlantic Gulf & West Indies Steamship Lines (Including Subsidiary Companies).
-Earnings.
Calendar Years1928.
1929.
1931.
1930.
Operating revenue_ _ - - -$23,732,411 $27,880,306 $34,011,398 $31.876,60
6
Total oper.exp.& taxes- 21,873.836 25,653.100 29,681,502 29,396,382
Net operating income- $1,858,575 $2,227,206 $4,329,986 $2,483.224
Other income
287,660
571,370
140,595
311,194
Gross income
$1,999,170 32.538,400 $4,901,267 $2,770,884
Interest,rentals,&c..- -- 1,905,400
2.122,698
2,032,353
1.948,847
Net inc.for year
Prof.dividend
Common dividends
Subs.com.dive.
$648,186
$589,553 32,868,914
$93,770
(5)534,238 (5)597.911 (4)539.416 (3)412,287
(3)503,200
30,800
Balance, surplus
def$471,268 def$511,558 $2,329,498
She, corn. stk. outstand.
(no par)
199,512
199,512
150,000
Nil
$11.00
Earnings per share
Nil
-V. 134, p. 1583.
$235,899
199,512
Nil
-Again Decreases Colnmon Dividend.
Atlas Powder Co.
The directors on May 5 declared a quarterly dividend of 25c.
4
per share on the outstanding 261,4383 shares of common
stock, no par value, payable June 10 to holders of record
May 31. This compares with 50c. per share paid on this
issue on March 10 last and with quarterly distributions of
$1 per shara made from Sept. 11 1923 to holders of record
Dec. 10 1931. An extra dividend of $1 per share was also
paid on Jan. 10 1927 and on Dec. 10 1929.-V. 134, p. 3278.
Atlas Stores Corp (& Subs.).
-Earnings, &c.
The name of the company has been changed to Davega Stores Corp.
(which see below).
Consolidated Income Account.
9 Mos.End.
Dec. 31 '31.
Not sales of merchandise
$9,363,665
Cost of merchandise sold, selling, general & administrative expenses, including provisions for bad debts and repossession
losses & for New York State franchise tax (excl. of depreciation & amortization)
9,475.049
Depreciation & amortization
•
123,575
Net operating deficit
Miscellaneous earnings
$234,959
125,348
Net deficit for period
Earned surplus at beginning of period
$109,611
764,889
Balance,surplus
Preferred dividend
Common dividend (net)
$655,279
112,500
230,810
Earned surplus at end of period
$311,969
Consolidated Balance Sheet Dec. 31 1931.
Assets
Liabilities•
Cash In banks and on hand._ _ _$1,491,560 Dividends payable
$37,500
Federal & municipal obligat'ns 1,806,719 Accounts payable
1 121,901
Net receivables
2,134,446 Accrued expenses
68,967
Merchandise
915,312 Customers deposit
61,527
Sundry deposits
6,164 Prey. for Federal & State taxes
94,011
Empl. stk. purchase accounts_
12,945 Prey.for Federal & State taxes
Cash surr. val. of life loser.
(deferred)
123,570
policies
41,024 Pref. stock (50,000 shs. $3
Furniture & fixtures
707,113
cum. cony.)
2,250,000
Scrip-City of Chicago
18,807 Common stock (327,591 shs.) _ 1,462,500
Deferred charges & prepd.exp_ 107,913 Earned surplus
311,969
Capital surplus
1,710,062
Total
-V. 134. p. 3100.
$7,242,007
Total
$7,242,007
Aviation Corp. (Del.).
-Changes Par Value.
-
The stockholders on April 29 approved a proposal to change the authorized capital stock from 5,000,000 shares of no par value to 5,000,000
shares, par value $5 per share, each present share to be exchanged for one
new share.
E. L. Cord, R. A. Lovett, and L. B. Manning have been elected directors
to succeed A. P. Barrett, P. M. Mazur and H. L. W lliams. The other
19 directors of the board whose terms expired were re-elected for a term
of three years expiring in 1935.-V. 134, p. 3100.
Baxter Laundries, Inc.
-Plan of Reorganization.
A plan of reorganization has been prepared by John C. Meiners, Henry C.
Lodge and Lloyd E. Work as a reorganization committee and is being submitted to security holders for their approval. Perry G. Anderson, 100 West
Monroe St., Chicago is Secretary, and Pam & Hurd, 231 South La Salle
are counsel. The ontinental Illinois Bank & Trust Co.,
St., Chicago,C
231 South La Salle St., Chicago.. is depositary.
The committee in an introductory statement states in substance:
In December 1931. company advised us that it could not pay the Jan. 1
1932 interest coupons on its 1st mtge. & coll. trust 634% sinking fund
gold bonds. series A. due Jan. 1 1938. without seriously depleting its
working capital. The Jan. 1 1932 sinking fund requirement has not been met.
Securities Outstanding Dec. 26 1931.
(1) Baxter Laundries, Inc.
$2,008,200
mortgage and collateral trust 6348, 1938
1st
serial gold notes
*984,500
Convertible 834%
17,194.5 shs.
7% preferred stock (cumulative)
439 shs.
Employees' stock ownership certificates
81,432 shs.
-Class A
Common stock (no par)
153.900 she.
Class B
* $134,500 due April 15 1932. $250,000 due April 15 1933, $300.000 due
April 15 1934, and $300.000 due April 15 1635.
first mortgage
'The bonds are secured by a first lien (either through directand all
of the
or through the deposit of all of the first mortgage bonds
except directors' qualifying shares, of certain subsidiaries)
capital stock,
in Chicago. Ill..
on 12 laundries and (or) dry cleaning properties located
3463
Milwaukee, Wis.. Minneapolis, Minn., Grand Rapids, Muskegon, Kalamazoo and Lansing. Mich. and by the deposit of $309,300 of the first
mortgage notes and 25,000 shares of the class B common stock of Great
'
Lakes Laundries, Inc.
The convertible 634% serial gold notes are secured by the deposit of a
$500.000 demand note of Fame Laundries, Inc.
For the 52 weeks ended Dec. 26 1931, total revenues were $1,784,300:
profits before depreciation and interest (after pro-rating general expenses
according to sales) were $200.200; the depreciation charge was $132.000;
and the balance applicable to interest and Federal taxes was $68.200.
(2) Fame Laundries, Inc.
Underlying mortgages and land contracts payable
$190.602
6% pref.stock (cum.) of Fourteenth and Illinois Realty Co._ _x
100,000
1st mtge.5H% sinking fund gold notes due April 22 1936
y825 000
500000
:
Demand no 7%
note
Common stock (no par)
z500 shs.
x A fully owned realty holding subsidiary. y Owned by Barter Laundries,
Inc.. and deposited with trustee as collateral for Baxter Laundries cony.
6345 serial gold notes, z All owned by Baxter Laundries, Inc.
0
The first mortgage notss are secured by a direct first mortgage on nine
laundries and (or) dry cleaning plants located in Indianapolis, Ind., Covington, Ky.. Toledo and Canton, 0.,Saginaw and Detroit, Mich. and Beaver
Falls and Harrisburg, Pa.
For the 52 weeks ended Dec. 26 1931, total revenues were $1.462,000:
profit before depreciation, interest and Federal taxes (after pro-rating
general expenses according to sales) was $124.300; depreciation charge
was $94,900; and balance applicable to interest and Federal taxes was
$29,400.
(3) Great Lakes Laundries, Inc.
1st mtge. 10-yr. 634% gold notes, series A,due April 15 1937_ _
*$695.400
* Baxter Laundries owns $343,600. of which $309.300 are deposited a
collateral to its 1st mtge. & coll. trust 634% sinking fund gold bonds
series A.
Note.
-All the pref. and com,stocks are owned by Baxter Laundries, Inc.
The 1st mtge. notes are secured by a direct 1st mortgage on five laundries
and (or) dry cleaning plants located in Chicago. Flint, Pontiac and Detroit.
For the 52 weeks ended Dec. 26 1931, total revenues were $759.200; profit
before depreciation and interest (after pro-rating general expenses according
to sales) was $41,400; depreciation charge was $65,400; and loss before
interest and Federal taxes was $24,000.
Treatment of Presently Outstanding Securities Under the Plan.
(1) Baxter Laundries, Inc., 1st mtge. & coll. trust 634% sinking fund
gold bonds, series A:
There will be issued in exchange for these bonds deposited under the
plan, par for par, new income bonds maturing Jan. 1 1952, to bear int.,
to extent earned, from Jan. 1 1932, at 6%% per annum: this interest will,
however, be cum, to extent of 3% per annum for years 1932 and 1933. 4%
per annum for years 1934 and 1935. 5% per annum for years 1936 and
1937, and 634% per annum thereafter.
The new bonds will be secured by the present mortgage in modified
form or by a new mortgage on the fixed properties owned by the Baxter
Company and such other property, if any, as the committee may determine.
If any substantial amount of the present Baxter company bonds or Great
Lakes notes are not exchanged the bonds and notes so exchanged will also
be pledged as additional security for the new Baxter bonds. The indenture
securing the new bonds will provide for the release of property under
proper restrictions, and for a shaking fund dependent upon earnings.
The Baxter company has agreed with the committee to pay to each
depositor of old Baxter bonds, promptly upon such deposit. an amount
equal to 134% of the principal amount of the bonds so deposited ($15 per
31.000 bond).
-year 634% gold notes.
(2.) Great Lakes Laundries, Inc., 1st mtge. 10
series A:
Outstanding notes deposited under the plan are exchangeable, Isar for
par, for the new Baxter bonds above described. Notes of this issue
owned by the company will be cancelled unless kept alive for the better
security of the new Baxter bonds.
Interest coupons due April 15 1932, on Great Lakes Laundries, Inc.,
-year 634% gold notes, series A, will not be paid.
first mtge. 10
The Baxter company has, however, agreed with the committee to pay to
each depositor of Great Lakes notes, promptly upon such deposit, an
amount equal to 134% of the principal amount of the notes so eposited
($15 per $1,000 note).
(3.) Fame Laundries. Inc. 1st mtge. 534% sinking fund gold notes:
These notes are ad held by one person who has agreed upon Fame Laundries complying with certain conditions, and provided the reorganization of
the Baxter company is effected substantially in accordance with this
reorganization plan, to extend their maturity to April 15 1947, and to cut
the fixed annual sinking fund payments in half until the principal is reduced
to $500.000.
No major changes are to be made in the provisions of the underlying
mortgages and land contracts payable, or in the preferred stock of the
realty holding subsidiary.
(4.) Baxter Laundries, Inc.. cony. 634% serial gold notes:
The present issue ($984,500) is secured by the deposit of a $500,000
demand note of Fame Laundries. Inc., for which there is to be substituted
an equal amount of Fame Laundries 635% unsecured non-cum. income
,
notes due April 22 1947. The Baxter company will guarantee payment of
the principal of these notes and of any interest which shall from time to
time become payable thereon. Income applicable to interest on these notes
will be determined after providing for the requirements of the Fame Laundries senior funded debt. These notes will not carry any sinking fund until
the Fame Laundries 1st mtge. notes shall have been reduced to $500,000,
at which time a sinking fund based upon earnings will become operative.
These income notes of Fame Laundries will be distributed proportionately
to depositing holders of Baxter Laundries, Inc., cony. 6%% serial gold
notes in exchange for a like principal amount of such notes, and for the
balance of such notes ($484,500) the noteholders will receive pro rata in
exchange an equal principal amount of unsecured income notes of the
Baxter company due Jan. 1 1952, to bear Interest, to the extent earned.
from Jan. 1 1932, at 83.i %. Interest on these new Baxter notes will, however, be cum. to the extent of 3% per annum for the years 1932 and 1933;
4% per annum for the years 1934 and 1935; 5% per annum for the years
1936 and 1937: and 634% per annum thereafter. Indenture securing these
Baxter notes will provide for a sinking fund dependent upon earnings.
(5.) Baxter Laundries, Inc., 7% cum, pref. stock, and corn, stock.
classes A and B:
The certificate of incorporation is to be amended so that the present rate
of dividend on the outstanding preferred stock shall not be changed, but
such dividends shall be strictly non-cumulative and all accrued divs, shall
be waived and upon liquidation, dissolution or winding up holders of this
pref. stock shall be entitled to receive only the par value of their shares plus
only any dividends which shall have actually been declared and remain
unpaid.
The class A and class B stock will remain unchanged but will necessarily
be subject to the dividend limitations to be contained in the indentures
securing the new Baxter bonds and notes.
It is of course contemplated that current liabilities will be paid in the
regular course of business.
Comparative Income Statement (Including Sub. Cos.)
52 Weeks EndedDec. 26 '31. Dec. 27 '30. ',Dec.2829. yDec.29'28.
Net sales
$3.969,496 55,167;777 $5,971,426 $4,250,331
Operating costs
2,119.727
2,760,350
3,101,478
2,179.315
Coll., sell. & adm. exp
1,428,469
1,897,021
2,138,415
1,478,089
Operating profit
0th. inc. less 0th. ded'ns
$421,299
Dr60,782
$510.406
Dr29,752
$731,533
23.268
$592,927
Total profit
Interest paid
Provision for deprec'n
Federal income tax
Divs, on pref. stock of
14th & Ill. Realty Co..
Other deductions
$361),517
279,309
292,440
$480,654
285.>•63
256.742
$754,800
242.544
260.102
24,067
$592,927
143,213
168,327
30,500
6,186
6.485
4,530
Net profit
loss$217,418 loss$98,436
Preferred dividends- 56,618
Class A dividends
$223,558
103,144
163,242
18,942
5233.944
102,671
137.782
Deficit after dividends $217,418
$155,054
$42,828
$6.509
x Does not include net earnings of the constituent properties forming
Fame Laundries, Inc., for the period prior to acquisition thereof (Jan. 1
1929 to April 20 1929), which amounted to $44,696, after adjustment of
depreciation in accordance with the policy of Baxter Laundries. Inc..
3464
Financial Chronicle
elimination of certain non-recurring income, provision for interest on indebtedness incurred in the acquisition thereof and adjustment of Federal
Income tax. y This does not include net earnings of approximately $32.000
of the Hennepin Laundry Co., Minneapolis. for a period from Jan. 1 to
June 9 1928, the date acquired by Baxter Laundries, Inc.
Consolidated Balance Sheet.
Dec.26'31. Dec.27'30. LiabilitiesDec.26'31. Dec.27'30.
Assets$143,855 $218,074 Accts. pay., payCash
157,311
$147,079 $187,796
Accts.receivable_ _ 118,230
rolls, &c
85,719
42,484
58,880
Inventories
106.931 Nts. pay.for equip
Notes pay. to launReal est. not used
24,512
dryowners Nat.
in operations__ - 453,271
500
13,050 Assn
2,674
Securities owned
Accr. int., taxes,
Cash surr. value of 141,734
146,048
7,305
6,525 insurance, &c
life insurance__ _
5,200
Federal inc. taxes_
Personal & miscell.
11,316
11,622 Long term indebt_ 4,382,152 4,475,681
accounts
Res,for empl. pay.
Claims agst. closed
10,963
4,655
on stk. subscrip.
banks
292.500
Res. for conting__ 142,583
Ld., bldg.. mach.,
. & equip.. &c_ _ _x5,090,043 5,885,350 Pref.stk. 7% cum. 1,719,450 1,720,150
105,000
Laundry tr. routes 2,122,803 2,122,803 Pref. stk.6% cum. 100,000
1
1 Empl. stk. ownerGood-will
10,408 ship certificates_
38,600
43,000
30,625
Unexp. ins. prem.
968,220
Common stock_ _ _ y968,220
Office & advert's.
402,716
619,248
Surplus
supplies, prepaid
31,972
41 497
expenses, &c.. _ _
$8,100,296 $8,598,083
$8,100,294 $8,598,083 Total
Total
x After depreciation of $948,212. y Represented by 81,432 shares of
-V.
class A stock (no par) and 153,900 shares of class B stock (no par).
132, p. 4060.
Bankers & Shippers Insurance Co. of New York.
Omission of Dividend.
The directors recently decided to omit the quarterly dividend ordinarily
payable about May 10 on the capital stock, par $25. Distributions of
$1 each were made on Feb. 10 1932 and on Nov.5 1931 as against $1.50 per
share each quarter from Feb. 5 1930 to and incl. Aug. 5 1931.-V. 133,
p. 2765.
-Dividend Omitted.
Beacon Mfg. Co., New Bedford.
The directors have decid3d to omit the quarterly dividend originally
payable about May 15 on the common stock, per $100: The last regular
quarterly payment of 134% was made on this issue on Feb. 15 1932.-V.
132, p. 1805.
-Earns.
-Beneficial Industrial Loan Corp.(& Subs.),
Earnings for the Year Ended Dec. 31 1931.
$14,321,067
Operating income
8,289,306
Operating expenses (inel provision for doubtful loans)
Net operating income
Income credits
$6,031,761
310,066
$6,341,826
Gross income
310,410
Interest on 6% convertible debentures
382,036
Other interest
320,000.
Provision for Federal income taxes
Amortization of expenditures for business development, debenture discount and expense and commissions and expenses Al
240,643
connection with sales of capital stocks
4,775
Other charges
79,168
Net income applicable to minority stockholders of sub. cos.
Net income
Earned surplus, Jan. 1 1931
$5,004,794
4,287,951
$9,292,745
Total surplus
Transfer to paid-in surplus of profit realized- during year 1930
341,794
on sale of treasury common stock
39,448
Other charges (net)
750,039
Preferred stock series A dividends
3,100,036
Common stock dividends
061 427
Earned surplus, Dec. 31 1931
Earnings per share on 2,090.902 shares, corn. stk. (no par).- $5, $.03
For income statement for three months ended March 31 1932 see "Earnings Department" on a preceding page.
Condensed Consolidated Balance Sheet Dec. 31 1931.
LiaMtitiesAssets53,285,090 Notes payable to banks
$4,675.000
Cash
Federal income tax
320,000
Instalment notes rec. (after
Other current liabilities
421,075
reserve for doubtful loans.
41,997,225 Employees' thrift accounts-- 1,382 408
$1,430,426)
267,617 Reserves for insurance, &c__
98:701
Misc. notes & accts. receiv6% cony. debs., due Mar.
Due from sub, for cap. stock
6,911
1 1946
6,466,000
employees' subscriptions423,658 Outside interests in secs. of
Investments
667,445
subsidiary companies
Purchase fund for acquisition
10,768,000
33,340 Preferred stock
of 6% cony. debentures_ _ _
x14,915,059
Common stock
(after reserve for
Furn. & fix.
4,279,908
706.381 Paid-in surplus
depreciation, $414,250) _ _ _
5,061,427
Expend. for business develop. 1,303,588 Earned surplus
_ - _1,031.211
Unamort. deb. disc. & exp.
$49,055,022
Total
$449,055,022
Total
-V. 133, 13. 3466.
x Represented by 2,090,902 no par shares.
-Dividend Omission.----Blew-Knox Co.
defer action on the
quarterly dividendd
The directors have decided to
value. The
usually payable about June 2 on the common stock, no par dividends of
quarterly
company on March 2 last and on Dec. 12 1931 paidSept.2 1931 and 3734c.
against 25c. per share on
1234c. each on this issue as
-V. 134, p. 2526.
per share in previous quarters.
.
-To Reduce Pref. Stock.Bloomingdale Bros., Inc.
Exchange has
The committee on securities of the New York Stock preferred stock
received a notice irom the corporation that the authorized 134, p. 2525.
-V.
has been reduced from 40.000 shares to 34.000 shares.
-Sales Lower.(H. C.) Bohack Co., Inc.
-1931.
1932-13 Wks.
-1931.
Period End. April 30-- 1932-4 Wks.
$2,583,681 $2,713,725 $8,536,392 ;8,869,015
8les
-V. 134, p. 2526.
-Depositary.Bowman-Biltmore Hotel Corp.
for bond
The manufacturers Trust Co. has been appointed depositary
the
holders in connection with an extension of principal payments by
-V. 134, p. 2726.
corporation.
-Dividend Reduced.-,
Brach & Sons, Chicago.
(E. J.)
declared on the
A quarterly dividend of 10 cents per share has been
May 14.
common stock, no par value, payable June 1 to holders of recordpreceding
share were made in each of the
Distributions of 25 cents per
-V. 134, p. 1584.
three quarters as against 50 cents per share previously.
-Seeks to
British Columbia Pulp 8c Paper Co., Ltd.
Postpone Interest and Sinking Fund Payments.-
the postHolders of 77 gen. mtge. bonds will meet May 16 to consider
fund requirements. It is
ponement of payment on interest and sinkingyears and that sinking fund
two
proposed to postpone interest payments for
obligations be waived until Nov. 1 1935.-V. 134, p. 3279.
-Quarterly Report.Bullock Fund, Ltd.
The first quarterly report shows several portfolio changes. common
49.68%
On April 20 1932 the funds were invested as follows: cash as against
stocks, 10.92% preferred stocks, 13.50% bonds and 25.90%
18.39% bonds on
67.859' common stocks, 13.76% preferred stocks and
Jan. 27 1932.
May.7 1932
Between Jan. 27 1932 and April 20 1932 the break-up value of Bullock
Fund, Ltd. declined 21.06%. As of April 20 1932 the net asset value Per
share of Bullock Fund, Ltd. was $11.36.
In making payment on May 2 of 20 cents per share the company reported
that actual income received amounted to $0.234 per share.
-V. 134, p.
2915.
Butler Bros., Chicago.
-Costs Reduced.
-
In a letter to the stockholders, President Frank S. Cunningham states
that "with something more than one quarter of the year behind us, it is
certain that our losses for the six months will be substantially less than in
1931.
"We are holding unrelenting pressure on reduction of expense. Budgets
indicate our savings in cost of doing business will aggregate more than
$1,000,000 from last year. We are merchandising on a highly conservative
basis," he said, "pushing for volume with utmost vigor, and doing eur
best to balance our budgets on assumption the present depressed s
state
business may be with us an indefinite time longer.
"Business thus far in 1932 has been abnormally low in volume. Demand
has been pretty well throttled down to bare necessities and those mainly
of the lower priced, least profitable nature."
-V. 134, p. 1028.
(A. M.) Byers Co.
-Earnings.
-New Chairman, etc.
For income statement for 3 and 6 months ended March 31 see "Earnings
Department" on a preceding page.
J. Frederic Byers, Vice-President, has been elected Chairman of the board
succeeding the late E. M. Byers.
George A. Blackmore, Vice-President of the Westinghouse Air Brake
Co., has been elected a director to fill Mr. Byers' place on the board.
-V. 134, p. 2916.
Campbell Wyant & Cannon Foundry Co.
-Correction.
The matter appearing in last week's "Chronicle," p. 3279, underjthe
above heading and relating to Canadian Bank Stock Trust Shares should
have been given under that caption.
-V. 134, p. 3279.
Canada Dry Ginger Ale, Inc.
-To Open New Plant.
-
Salaries and wages paid by this company were reduced 10%, effective
Feb. 1, according to President P. D. Sayor. Mr. Saylor said advertising
and selling expenses in the six months ended March 31 were somewhat
heavier than in the corresponding period of the preceding fiscal year.
A new leased plant, constructed by outside capital, is expected to be
opened about July 1, eliminating high cost of freight to the Pacific Coast,
Mr. Saylor said. The company has an option for renewal of the lease or
purchase of this plant.
Canadian Bank Stock Trust Shares.
-Trustees Notify
Holders of Series D Shares of Final Conversion Date.
The Empire Trust Co., as trustee, is notifying holders of Canadian Bank
Stock Trust Shares, series D. of the termination by the United States
Shares Corp. of the agreement and declaration of trust under which these
shares are issued. All holders of certificates representing in the aggregate
1.000 Canadian Bank Stock Trust Shares, the notice states, should present
them for conversion at the office of the Empire Trust Co. prior tofJuly 20
1932. After July 19 all rights of the holders to convert such shares will
cease and the trustee will sell all of the remaining deposited stocks and,
on Sept. 18 1932, or as soon thereafter as the stocks have been sold, the
trustee will distribute the net cash proceeds of the sales and the balance
of all other cash held by it pro rata to the holders of the trust shares. After
July 19 1932, holders of Canadian Bank Stock Trust Shares, series D.
will have no rights except to receive their distributive pro rata share of
cash and net proceeds of sales.
The above item erroneously appeared in last week's "Chronicle," page
3279, under the caption "Campbell Wyant & Cannon Foundry Co.
V. 133, p. 4334.
-Earnings.
Certain-teed Products Corp.
For income statement for quarters ended March 31 see "Earnings Department" on a precding page.
-V. 134. p. 1752. a,
Cespedes Sugar Co.(Compania Azucarera Cespedes).
-Listing
.The New York Stock Exchange has authorized the listing of $1,991.000
1st mtge. 734% sinking fund gold ilbnds, due Sept. 1 1939,in denominations
of $1,000 and $500 (now listed), stamped with legends as to (1) readjustment of interest on the bonds (2) restatement of the sinking fund obligations of the company and (3) subordination of principal of and premium
and interest on the bonds to loans made or to be made to the company for its
corporate purposes, in an aggregate amount not in excess of $250,000 at
any one time outstanding and interest upon official notice of stamping
from J. & W.Seligman & Co., as depositary. The bonds are to be stamped
pursuant to the plan of readjustment dated Dec. 1 1931 between the company and J. & W. Seligman & Co. as depositary and such holders of the
bonds as may become parties thereto by the deposit of their bonds with the
depositary.
-V. 134, p. 2916.
Chain & General Equities, Inc.
-Earnings.
-For income statement for quarters ended March 31 see "Earnings Department" on a preceding page.
Balance Sheet March 31.
1932.
1931.
Assets1932.
1931.
$389,277 $187,473 Secur. bought and
Cash
not received_ _ _
Securities owned_a 4,288,638 4,894,240
$15,798
Depos. for sec.loan
Divs. received on
8,2501
Accounts payable_
stocks selling ex3,311
4,908
5,860
13,902 Accr'd div. on pref.
dividend
stock
Treasury stock (at
173,287
.89,473
57,588 Reserve for taxes.
cost)
954
3,558
184 Preferred stock_ ._ 2,535 900 2,684,200
Deferred charges
Common stock_ _ _ b630,40
0
160,000
Surplus
1,344,236 2,189,782
$44,687,133 $5,153,367
Total
Total
$4,687,133 $5,153,367
aThe cost of securities owned on March 31 1932 exceeded the market
value or estimated fair value in absence thereof, at that date by $3,176,417.
-V. 134, p. 1961
b Represented by 627,200 no par shares.
Chain Store Investment Corp. Earnings.
--
For income statement for 3 months ended March 31 1932 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
111ar. 31 '32. Dec.31 '31. LtaMlities- Mar.31 '32. Dee.31 '31.
Assets$20,764
$2,165 Preferred stock__ $115,515 $138,968
Cash
602,362 Common stook_ __
x564,614
Investments
10,000
10,000
3,680 Accounts payable_
Accts. receivable- _
2,066
147 Unclaimed diva_ _
Accrued interest_
292
292
Taxes accrued_
1,115
1,872
Res. for organ. exp
2,000
Surplus
456,390
455,230
$585,378 $608.354
Total
Total
x Market value .588.459.-V. 134, p. 1029.
$585,378
$608,354
Chase Discograph Corp.
-Transfer Agent.
-
The City Bank Farmers Trust Co. has been appointed transfer agent for
10,000 shares class A stock (no par) and 10,000 shares class B (no par).
-Sales Gain.
Chevrolet Motor Co.
Dealers In Chevrolet automobiles reported sales of 19.672 new cars and
-day period of April, H. J.
35,322 used cars to retail buyers in the second 10
Klinger, Vice-President and General Sales Manager, announced. This
was a gain of more than 2,000 new and 9,000 used cars, compared with the
-day report since last August.
first 10 days of the month,and was the best 10
Mr. Klinger said.
From March 1, when an intensive used-car campaign was opened by
Chevrolet dealers, up to April 20 the sale of 147,000 used cars has been reported.
-V. 133, p. 2767.
Volume 134
Financial Chronicle
Chrysler Corp.
-Earnings.
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V.134,P.3280.
Continental Motors Corp.
-Acquisition.
The corporation has purchased the assets and business of Divoo Detroit Corp., manufacturers of a special type retail milk delivery truck.
And has organized a wholly owned subsidiary, Continental Divco Co. to
carry on this business. Directors of the new company are: W.R. Angell,
Roger Sherman, F. F. Beall, Wallace Zweiner, John Nicol and Craig Keith.
The Dive° milk delivery truck, on the market f w more than sixcars. is
specially designee. for multiple stop delivery and is widely used blieading
dairy companies.
-V. 134, P. 1962.
Cleveland Quarries Co.
-Smaller Dividend.,
Atquarterly dividend of 10 cents per share has been declared on the
common stock, no par value, payable June 1 to holders of record May 15.
Distributions of 25 cents per share were made on this issue in each of the
two pirecoding quarters, as against 75 cents per share previously.
-V. 133.
p. 3097.
Copper Range Co.
-Earnings.
--
------Coca-Cola Co.
-Usual Extra Dividend.
-
Calendar Years1931.
1930.
1929.
1928.
Copper produced (lbs.)_ 17,721.270 23,799,770 24,197,316 24,254,132
$1,017,980 $2,720,734 $4.341,462 13,642.177
Proceeds
Interest, &c., received
215,858
195,250
334,541
290.362
The directors have declared the regular quarterly dividend of $1.75 a
share and an extra dividend of 25c. a share on the outstanding 1,000,000
shares of common stock, no par value, both payable July 1 to holders of
record June 14. Like amounts were paid on this issue in each of the five
preceding quarters. From April 1 1930 to and incl. Jan. 1 1931, quarterly
dividends of $1.50 a share were paid as against $1 a share quarterly from
April 1 1929 to and incl.:land 1930.
Earnings.
-For income statement for 3 months ended March 31 see
"Earnings Department" on a preceding page.
-V. 134, p. 2153.
Gross income
$1,233,838 $2,915,984 $4,676.003 $3,932,539
Net after expenses, &c
def194,242
36,826
1,345,921
1,027,317
Surplus earnings of Copper Range RR. Co_ _ _ Cr105,640 Cr165,535 Cr127.662 Cr115,048
Deduct-Champion(net)
Cr16,477
633,843
414,679
Deprec. & depletion_
687,016
Interest on Conner
Range RR. bonds
114,000
114,000
Adj. copper on hand
Dec. 31 to mar. val.
248,849
493.444
789,510
Dividends
394.755
Colonial Beacon Oil Co.
-Earnings.
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V. 134, p. 2154.
Colonial Finance Corp.(R. I.).
-Omits Dividend.- The directors recently d(cided to omit the quarterly dividend due April 15
on the 7% pref. stock, par $10. Quarterly payments of 173. cents per
share were made on Jan. 15 1932 and on July 15 1931. The payment
due Oct. 15 1931 was omitted.
-V.134, P. 511.
Ba1ance, deficit_ _ _ _
1.
-Sale of Ctfs.Corporation Securities Co. of Chicago.
-Div. Omitted.
---Crandall-MacCenzie & Henderson, Inc.
Consolidation Coal Co.
-Earnings.
For income statement for 12 months ended March 31 1932 s e"Earnings
Department" on a preceding page.
-V. 134, p. 2345.
Consolidated Coppermines Corp.
-Earnings.
Calendar Years1931.
1930.
Copper produced (lbs.)
15,075,605 32,612,203
Average price
$0.07
b0.13170
Gold produced (055.) ® $20
8,129.851
13,917.59
Silver produced (ors.)
18,410.87
32,157.12
Average price
$0.28489
50.38365
Copper revenue
$1,055,292 $4,294,982
Gold revenue
162,597
278,352
Silver'revenue
5,245
12.337
Total operating revenue
$1,223,135 54,585,672
Mining, including development charge_.
802,761
1.710,361
Freight on ore
130,724
236,258
Milling and smelting
518,525
1,248,299
Blister freight and refining
253.820
564,286
Income from operations
loss$482,696
$826,467
Miscellaneous income (net)
10,250
15,636
Total income
def$472,445
$842,104
Depreciation
133,038
130,770
Miscellaneous charges & Federal income tax
298
27.793
Net income without charge tor depletion
km4605,782
$683,540
Balance Sheet Dec. 31.
1931.
1931.
1930.
1930.
AssetsLiabilities$
$
$
Prop. dc equipm't_x7,327,937 7,340,778 Capital stock
7,118,289 7,113,895
Det'd developml_ 5,431,239 5,178,041 *Vendors
34,082
29,688
Investments
138,443
138,380 Current liabilities_
514,644
282,970
Current assets.-- 1,380,843 2,166,205 Deferred liabilities
9,426
9,093
Deferred accounts 156,427
160,044 Surplus
6.762.840 7,544,310
Total
Total
14,434,888 14,984,350
14,434,888 14,984,350
* Stock to be issued for property acquired. x After deducting 81,003,624
reserve for depreciation.
-V. 133, P. 2272.
Consolidated Film Industries, Inc.
-Revises Capital.
-
Continental Oil Co. (Del.).
-Earnings.
-
Continental-Diamond Fibre Co.
-Listing.
The New York Stock Exchange has authorized the listing of505,000 shares
of capital stock (par $5) upon official notice of issuance in exchange for
certificates for capital stock (no par value)
.-V. 134,P.3280.
1354.085
An order has been entered by Judge Walter C. Lindley in the Federal
Court at Chicago authorizing the receivers to sell for 130.725 and accrued
interest Chicago Board of Education certificates of indebtedness and 1931
tax warrants now in their possession.
The order also designated the First National Bank of Chicago as depositary for funds of the receivers.
-V. 134, p. 3103.
Community Finance Service, Inc.-Dividenas Deferred.
For income statement for quarters ended March 31 see "Earnings Department" on a preceding page.
Consolidated Balance Sheet March 31.
1932.
1931.
1932.
1931.
AssetsLiabilities
Property acct_ 96,840,960 105,515,817 Capital stock &
Investments and
surplus ___ _1132,394,180 145,936,055
advances - ___z21,507,642 22,596,803 Funded debt_
10,557,457 19,979,753
Cash
4,056,943 8,097,788 Funded debt due
Marketable secs.
3,410,000
in 6 months.
17,500
339,386
Ctfs. of deposit_
614,000 Accts. payable_
2,892,305 3,531,665
Notes and accts.
Accrued interest,
receivable.._ 4,531,997 5,611,303
taxes, &c.._.. 1,013,224
987,915
Oil inventory...17,728,965 21,952,989 Minority int_ _
424,284
492,204
Mail & supplies
752,494
946,765 Contingent res. 3,021,737
1,897,802
Other curr.aesets
97,929
121,285 Other reserves_
495,878
Employees stock
held ln trust1,828,966
1,429,137
Unadj. debits &
sundry assets_ 1,965,339
2,000,679
Deferred charges 1,009,452
1,364,092
-Total
150,320,687 173,660.658
Total
150,320,687 173,660,658
x After depreciation, depletion, &c
y Represented by 4.738,593 no par
shares. z After reserves of $10,698,761 for possible losses.
-V. 134,
p. 2139.
$388,603 sur$50,231
F Thomas N. Perkins, George P. Gardner and John B. Paine declined reelection to the board of directors at the annual meeting.
W. Cameron Forbes and Philip F. Beaudin were elected to the directorate.
-V. 134, p. 681.
The directors recently voted to defer the regular quarterly dividends due
April 30 on the class A and class B pref. stocks, no par value. Three months
ago, quarterly distributions of 9 cents per share and 7A cents per share,
respectively, were made on these issues.
-V. 133, p. 2272.
The stockholders on April 29 approved a proposal to reduce capital
represented by outstanding preferred and common stocks from $9,000,000
to $6,524,973 (preferred stock $15 per share, common stock $1 per share);
also on changing the authorized common stock from 600,000 shares without
par value to 600.000 shares par value $1 per share, each present share to be
exchangeable for one new share.
It was stated that earnings for the first quarter were approximately
$300,000 and would be about the same for the current quarter.
President Herbert J. Yates anticipates an increase in earnings during the
second half of the year, due to new contracts now being negotiated and
operating economies as a result of the perfection of new machinery.
-V.134,
P. 2916.
$451,450
New Directors.
-
Commercial Credit Co.
-Earnings.
For income statement for 3 months ended March 31 see "Earnings Department" on a preceding page.
A statement issued by the company says:
Interest and discount charges were earned 1.88 times for the first quarter
of 1932 as compared With 1.96 for 1931. Dividends on the company's
06% and 7% first preferred stocks were earned 3.58 times, and on the
class A $3 convertible stock 2.32 times for the first quarter of 1932 as compared with 4.02 times and 2.78 times, respectively for 1931. Dividends
on all preferred, including the convertible A stock, were earned 1.52 times
for the first quarter of 1932 as compared with 1.69 for 1931.
During the first quarter of 1932, there was realization of $1,510,348 on
the assets of Kemsley, Millbourn & Co., Ltd., in liquidation, with reduction in reserves of only $213,570, leaving unliquidated assets, excluding
cash, on March 31 1932 of $3.072,164, with reserves thereon $1,187,490
or nearly 40%
.-V. 134, P. 2527.
3465
The directors recently decided to omit the quarterly dividend ordinarily
payable about May 1 on the common stock. In each of the three preceding
quarters, the company paid a dividend of 15 cents per share, as against 25
cents per share on May 1 last year.
-V. 133, p. 806.
-Dividend Accumulations.
Crown Zellerbach Corp.
The directors have declared dividends of 3735 cents per share on the
,
series A and B preference stocks, no par value, payable June 1 to holders
of record May 13 on account of accumulations. Like amounts were paid
on March 1 1932 and on Dec. 1 1931, as against 75 cents per share in each
of the two preceding quarters and $1.50 per share previously.
After the above payment,accumulations on both series A and B preference
stocks will amount to $4.87M per share.
-V. 134. p. 1769.
-$2.50 Liquidating
Cumberland Pipe Line Co. (Inc.).
Dividend.
At a meeting of the board of directors held April 28 1932, it was ordered
that a payment in liquidation of $2.50 be made upon each and every share
of stock (30,000 shares outstanding), and will be dividend in liquidation
No. 2, account liquidation authorized by stockholders Dec. 3 1931.
The dividend will be payable June 15 1932 only to holders of record upon
presentation of Coupon No. 2 from the liquidation receipt-certificates.
Checks will be mailed June 15 1932for all coupons received at the office ofthe
company in Oil City,Pa., up to and incl. June 10 1932. Checks for coupons
received after June 10 1932 will be mailed as soon after June 15 1932 as
practicable.
-certificates will be closed
The books for the transfer of liquidation receipt
-certificates with
from May 31 1932 to June 15 1932. Liquidation receipt transferred until
coupon No. 2 detached, received for transfer, will not be
after June 15 1932.
An initial distribution in liquidation of $20 per share was made on Jan.
25 1932.-V. 134. p. 332.
-Earnings.
-Curtiss Aeroplane & Motor Co., Inc.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, P. 3467.
Darby Petroleum Corp.
-Earnings.
Calendar Years1929.
1931.
1930.
Number of net barrels of crude oil
1,973,422
51.272.924
1.736,678
produced
81.506
$1.296
Average mar. value per bbl. produced 10.65940
Crude oil sales
$846,251 $2,258,701 $2,915,063
4,963
Dr8,674
Increase in inventory of crude oil _ _ _
Dr6,880
221,299
79,805
Gassales
46,576
Total sales
Operating gen. Wm.&c expenses_ _
Net profitfrom operations
Other income credits
Gross income
Interest paid
Depletion
Depreciation
Federal income tax
Leaseholds surrendered, abandoned
wells, &c
Net income
Surplus at beginning of year
Surplus credits
•
$885,947 $2,329,832 $3,141,325
656,749
749,916
471,209
5414,739 $1,579.915 82,484,577
154.001
119.736
73.200
$487,939 $1,699,651 $2,638.577
4,162
7.490
655,055
509,651
377,953
512,615
392,987
316,945
40,000
6,545
778,918
Loss$993.368
622,390
35,000
428,270
271.163
5362,198 41,155,582
615.467
897,312
def$335,978 $1,259,510 $1,771,049
Gross surplus
Adjust. of prov. for deple.. deprec.,
8,348
&c.,appllc. to prior period
Federal & State taxes applicable to
3,828
prior period
861.562
637,120
Dividends
Red.in val.of unlisted securities
33,318
Other charges
8,679
$897,312
Surplus at end of year
def$377.975
$622.390
$1.13
Earns, per sh.on capital stock
$0.71
Nil
z Earnings from properties acquired from Tidal Osage Oil Co. included
for the period from May 14 1929 to Dec. 31 1929 only.
For income statement for 3 months ended March 31 1932 see "Earnings
Department" on a preceding page.
--Consolidated Balance Sheet Dec. 31.
1930.
Assets1931.
1931.
1930.
Cash & liberty bds $268,802 $791,172 Accounts payable_
$91,285 $133,338
08,878
57,669
Marketable secur. 497,453
478,117 Def. credit items_ _
Notes & accts. rec. 146,298
195,802 Capital stock_ _ _ y 5,055.128 5,055,128
Invent. of crude oil
875,846
det142,639
12,709
19,301 Surplus
Materials & anent. 189,292
150,060
Other securities_ _
19.162
53,420
Operated proper__x3,805,209 2,750,210
Undevel. oil & gas
leases, &c
1,626,230
Def. debit items._
359,000
57,669
Total
$5,387,930 $6,121,982
$5,387,930 $6,121,982
Total
:After depletion & depreciation of $3,784,509. y Represented by
509,696 shares (no par)
132, p. 4418.
Financial Chronicle
3466
-Earnings.
Curtiss-Wright Corp.
For income statement for quarter ended March 31 see "Earnings De-V. 134, p. 3104.
partment" on a preceding page.
-Listing of Stock.
Davega Stores Corp.
The New York Stock Exchange has authorized the listing of 256,500
shares of common stock (par $5). which shares are issued and outstanding
in the hands of the public and listed on the New York Stock Exchange
under the corporate title of Atlas Stores Corp. as shares of common stock
without par value of a total authorized issue of 500,000 shares, upon official
notice of filing with the Secretary of State of Delaware of a certificate of
amendment to the certificate of incorporation changing the name "Atlas
Stores Corp." to 'Davega Stores Corp." and the shares -f its common
tock from shares without par value to shares of the par value of $5 each.
Fro Forma Consolidated Balance Sheet Dec. 31 1931.
[After giving effect as at that date to the following transactions consumto be consummated:(I) change of name to Davega Stores Corp.,
wated or
(2) acquisition and retirement of all of the outstanding preferred stock,
i change of common stock from shares without par value to shares of
::,
3)
5 par; (4) acquisition of 32,700 shares of common stock subsequent to
ec. 31 1931. and prior to March 15 1932, and (51 retirement of all shares
of common stock acquired prior to March 15 1932.1
Liabilities
Assess
$37,500
$1,036,871 Dividends payable
Cash
1,121,901
Fed. & municipal obligations_ 1,063,750 Accounts payable
68,967
2,133,756 Accrued expenses
Net receivables
61,527
915,312 Customers'deposits
Merchandise
94,011
6,165 Prov. for Fed. az State taxes_
Sundry deposits
-del 123,570
12,945 Prov.for Fed &State taxes
Employees'stock purch. accts_
41,024 Common stock
1,299,000
Cash surrender val. of life Ins
311,969
707,113 Earned surplus
Furniture & fixtures. &c
2,925,214
City of Chicago scrip
18,807 Capital surplus
Deferred charges & prepd exp_
107,913
Total
$6,043,659
See also Atlas Stores Corp. above.
$6,043,659
Total
Sells Cincinnati Stores.
The corporation has sold its majority interest in Atlas Krauss Stores, Inc.,
to Morris Krauss, the former owner, the controlling interest in the Krause
company, which operates two stores in Cincinnati and one in Hamilton.
Ohio, was sold to the Atlas Stores Corp. in 1928.-V. 134, p. 2346.
Deep Rock Oil Corp.(& Subs.).
-Earnings.
1929.
Calendar Years1931.
1930.
Gross earnings
$13,541,490 $18,728,391 $18,604,300
Oper. expenses, maintenance & taxes- 12,533,734 16.633,164 14,556,746
1,018,284
852,773
1,153,874
Interest charges
def$146,119
$1,076,943
350,000
$3,194.781
350.000
Balance
def$146,119
Approp. for retirement (deprec.) and
depl. reserves & amortiz. of debt
discount & expense
$726,943
$2,844,781
726,943
1,829,344
Balance
Preferred dividends
May 7 1932
Dome Mines, Ltd.
-Value of Production.Month of.1931.
.1932. Feb. 1932. Apr.
Apr. 1932. Mar.
$296,680
Output(value of)
$319,057
$319,052
$354,254
-V.134,p.3281,3104.
Eastern Rolling Mill Co.
-Earnings.
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V. 134, p. 2156.
Electric Auto Lite Co.
-Earnings.
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, P. 2917.
Engels Copper Mining Co.
-To Liquidate..H. Bru, Treasurer,in a letter to stockholders of the company and stockholders of California Copper Corp. states:
At the annual meetings of stockholders of your companies, held April 4.
conditions and affairs of the Engels Copper Mining Co. were discussed and
considered in connection with the general situation of the copper mining
industry.
After due consideration, it was agreed that,in view of conditions it would
be for the best interest of all concerned to liquidate, wind up the company's
affairs and dissolve the corporations.
By unanimous vote of all the stock represented at the meeting, such a
plan was approved and adopted. Details of accomplishing this was.left
to the discretion of the directors and officers of your corporations.
Income Account for Calendar Years.
1930.
1928.
1929.
1931.
11,000,162 11,137,234
Copper produced (lbs.)_
$454,422 $1,492,895 $1,189,915
Net rcts. fr. metal sales
16,824
30,333
23,997
Sundry profits
$5,693
Income from investments
73,176
66,684
Total earnings
Loss on supplies sold_ - _ _
Oper.exp., taxes,int.,&c
Reserve for deprec., &c_
$5,693
$471,246
$1,596,404
$1,280,596
38 97
1,119
58,073
573,207
134,669
829,367
651,410
829,856
505,085
$54,345
Balance deficit
$236.630 sur$115,625
$91,596
Note.
-Operations were closed down in July 1930.
Balance Sheet Dec. 31.
Liabilities1931.
1930.
1931.
1930.
Assets
$3,277
$561
$76,826 $123,596 Accts. payable- --Cash
11,863
150
515
1,931 Accrued wages.. _
Aects.¬es reedy
2,985
2,985
101.800 Unclaimed wages_
97,750
Inventories
544,781 Res. for depl. on
Investments
545,785
2,777,484
mineral lands..Adv. for Calaveras
1,150,699
317,000 Res. for deprec_
320,000
operations
Res.for workman's
Mines & mineral
119,236
127,278
compens. nab__
2,457,587 5,235,071
lands,&c
30,550 Res. for inc. tax on
Ranches
30,550
(3
6
bond interest- -_
97,388
Engelmine cottages'
{
2,886.813 2,886,813
Capital stock
& townsite
366,7511
990,142
903,078
1,478,136 Surplus
Plant & equipmentl
8,945
5,714
Deferred charges_ _
Total
$3,912,828 $7,939,199
V. 132, p. 2777.
Total
$3,912,828 $7,939,199
Balance for corn. diva. & surplus _ _def$146,119
$1,015,437
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1930.
1931.
LiabilitiesAssets$
$
6% cony,gold notes
Real estate, &c., oil
due 1933
10,000,000 10,000,000
wells and equipment, &c
:44,184,698 44,143,040 Sub. co.'s bonds,
notes & capital
Unamortized debt
stk held by public 372,734
207,201
disct. & expense 2,587,383 2,595,121
Standard Gas &
Advances to allied
8,276,920 6,453,694
Elec. Co
Interests
377,913
536,008
558,748 1,021,248
426,537
426,885 Notes payable_ _
Investments
Accounts payable_
758,766
880,094
Sinking fund &
4,309
2,995 A ccrd. for Interest. 200,744
200,167
other deposits_ _
Accrued for taxes_
509,101
421,615
Prepd. accts. & in142.622 A ccrd.for dividnds
87,500
surance unexplrd 140,024
146,364
6,309
6,309 Misc. unadj. crdlts 225.016
Deferred charges_ _
966,519 Depr.& depl. reser 4,568.648 6,398,452
888,141
Cash
82,194
59,000
45,000 Other reserves.-,... 168,290
Sped,cash deposts
Capital stocks__ _ y25,110,534 25,110,534
Accts. & notes re2,030,745 1,925,553
ceivable- net _ 1,955,621 1,937.537 Surplus
2,192.234 2,290,677
Inventories
Total
52,780,245 52.934,617
52,780,245 52,934,617
Total
x Includes oil and gas leases, oil wells and equipment, pipe lines, tank
cars, refineries, distributing stations and facilities, &c. y Represented by
50,000 shares cony. pref.stock,$7 cum. and 599,475 shs. corn.stk.(no par).
-Balance sheet does not include Deep Rock Oil & Refining Co.,
Note.
the entire property of which is leased to Deep Rock Oil Corp. The rentals
received from such lease accrue to Standard Gas & Electric Co. through
its ownership of the entire capital stock of Deep Rock Oil & Refining Co.
-V. 134, p. 2730.
-Agent.
-Delancy-Clinton Theatres Operation Corp.
See Threesite Realty Corp. below.
-Receivership.
-& Canada Tunnel Co.
Federal Judge Arthur J. Tuttle in Detroit May 2 appointed George R.
Cooke, President, as receiver.
The tunnel, it is said, is in excellent physical shape. Income is sufficient
to meet all operating expenses. Receivership was asked, however, because
revenue was insufficient to pay interest and bond retirement fund requirements.
May 1 Interest Not Paid-Protective Committee:
Interest due May 1 on the 1st mtge. 6% bonds was not paid. There
are at present $8,491,000 of the 1st mtge. bonds outstanding on which the
semi-annual interest is $225,000. Interest on the debentures was defaulted
Nov. 1. A protective committee for holders of 1st mtge. bonds has been
formed, consisting of M. Haddon MacLean (V.-Pres. of Harris Trust &
Savings Bank), Chicago, Chairman; Archibald Cattell (attorney): Henry
A. Gardner (attorney). Fred T. Murphy (Chairman of board of Guardian
National Bank of Commerce). Detroit: and George Ramsey (V.-Pres. of
-V. 134, p. 1201.
Chase Harris Forbes Corp.).
-Common Dividend Omitted.
Dictaphone Corp.
The directors have voted to omit the quarterly dividend ordinarily
payable about June 1 on the common stock, no par value. On March 1
last, a distribution of 25 cents per share was made on this issue as against
50 cents per share each quarter during 1931 and 75 cents per share previously.
The directors have declared the regular quarterly dividend of $2 per share
on the pref. stock, payable June 1 to holders of record May 20.-V. 134, p.
512.
-North American Trust ExDistributors Group, Inc.
change Warrants Will Exptre May 15.
All holders of North American Trust Shares 1953 (original issue) are
now being notified that a preferential basis on which they are permitted
to exchange their shares for the new North American Trust Shares 1955
and 1956 expires May 15. Warrants evidencing the right to such a preferential basis have been made available through more than 1,600 investment
houses and to every bank in the United States so that they may be supplied
to all holders of the original trust.
After May 15, Distributors Group, Inc. announces there will be no
preferential basis of exchange. Holders, after that date, may dispose of
their shares by conversion through the trustee or by sale, and use the propreferential
ceeds to purchase new issues. But they will no longer receive
treatment.
Distributors Group, Inc., reports that already more than 16 million
shares of the new North American Trust Shares have been purchased by
-despite the fact that the trusts are only six months old.
investors
V. 134, p. 3281.
-Earnings.
Exeter Oil Co., Ltd.
For income statement for 3 months ended March 31 1932 see "Earnings
Department" on a preceding page.
.11sr.31 '32. Dec.3I '31
Lim:MilesAssetsMar. 31 '32. Dec. 3131
$99,278
$90,278
Current assets- -- - $157,082 $156,485 Current liabilities_
87,152
65,
Purchase obliga'ns
Investments
800
5,320
4,585
Property
1,471,426 1,469,094 Deferred credits..
531,127
580,270
500 Reserves
Franchise
500
1 Minority interest
Organization caps_
1
10,250
in subsidiaries..
Prepaid & deferred
834,600
834,600
12,590 Class A stock
charges
8,031
50,000
50,000
Class B stock
20,943
12,706
Surplus
Total
$1,637,841 $1,638,670
- 134, p. 1380.
V.
Total
$1.637.841 $1,638,670
.
-Acquires Park Row Bldg.
Fifteen Park Row Corp.
See Park Row Building below.
-April Sales Lower.(M. H.) Fishman & Co., Inc.
1932-AprU-1931.
$195,231
$207,221
-V. 134, p. 2731.
Decreased 1932-4 Mos.-1931.
811,99018616,783
$558,365
Increase.
$58,418
-Earnings."
Follansbee Brothers Co.
For income statement for quarters ended March 31 see "Earnings Department" on a preceding page.
The balance sheet of the company reported as at March 31 1932 shows
current assets of $3,157,477, as against current liabilities of $356,992, a
ratio of8.8 to 1. Cash and Government securities alone are reported at $894.521, or over 2.5 times the amount of current liabilities.
-V. 134, p. 3282.
Federated Dept. Stores, Inc.(& Subs.).
-Earnings.
[Includes operations of Wm. Filene's Sons Co., R. H. White Co., Continental Clothing Co., Abraham & Straus, Inc., F. & R. Lazarus Co.,'
John SIAM° Co., and Bloomingdale Bros., Inel
Years Ended Jan. 311932.
1931.
1930.
Net sales
$105,309,440 8113021,652 8117003,398
Other income (net)
Cr150,862
Cost of sales and expenses
100,524,635 106,934,097 110,391,926
Depreciation
1,396,015
1,263,237
889,905
Federal taxes
430,430
526,009
579,558
Interest
381,903
425,011
285,941
Subsidiary preferred dividends
1,184,170
1,261,373
1,300,945
Minority interest
296,553
512,966
815,009
Net profit
$1.246,594 $2,098,959 82,740,113
Shares corn, stock outstand.(no par)_
907,018
898,388
860,245
Earnings per share
$1.37
$2.34
$3.18
Consolidated Surplus
-Year Ended Jan. 311932.
Jan. 31 1931
-Balance
Paid-in surplus
$10,618,250
Excess of book value of sub. cos. acquired during the year over
stated value of capital stock issued in exchange by parent co
94,671
Excess of proceeds from sale of 3,750 shares of capital stock
over stated value thereof
37,500
Discount on preferred stock reacquired by subsidiary companies
-parent company's proportion
122,851
Total surplus
$10,873,271
Additional payment for common stock of underlying subsidiary
company-parent company's proportion
10,583
Appreciation ofstore fixtures ofsubsidiary company to appraised
values in prior years written off
-parent co.'s proportion
17.079
Balance Jan. 31 1932'
$10,845,610
Earned Surplus
Balance Jan. 31 1931 (incl. $418,695 representing the parent
company's proportion of the par value of preferred stock reacquired Icpy subsidiary companies
2,996,195
Net profit for year (as above)
1.246,594
Payments for acquisition of fixed assets which were charged to
income in prior years-parent company's proportion
44,688
$4,287,477
Total
452.904
Dividends declared
-two dividends of 25c. each per share....
Reduction, as of Jan. 311932. of merchandise inventory of sub.
91.960
company by discounts applicable thereto-parent co.'s propor.
Balance Jan. 31 1932 (incl. $1.775,279 representing parent
$3,742,613
co.'s propor. of par value of pref. stock reacq. by sub. cos
$14,588,223
Total surplus
3467
Financial Chronicle
Volume 134
Consolidated Balance Sheet Jan. 31.
1932.
1931.
Assets
4,055.808 4,891,087
Cash
U. S., State and
municipal oblig_ 7,269,900 4,739,490
47,411
Other market.secs. 472,625
Customer accts. A:
notes reedy.,
less reserves:
Reg. retail terms 7,681,538 9,903,690
InstalIm't terms 3,000,576 3,555,097
Sundry debtors__ - 495,113
434,101
Mdse. on hand
8,908,622 10,809,434
Mdse. in transit
401,774
283,347
Miscell. invest'ts. 295,185
309,758
Fixed assets
y25,902,917 24,731,810
Deferred charges__ 1,043,617 1,095,110
Good-will
4
4
1932.
925,000
Notes payableAccounts payable,
trade credit-- 1,726,434
Mdse. In transit-- 262,158
Sundry creditors-- 147,421
Accr.salar.& exps. 1,029,528
Reserve for Federal
Income taxes_ _ _ 454,851
Divs. on pref. stks. 156,858
87,500
Reserve for Insur__
For contingency 269,506
15-year 5.34% gold
debentures
5,150,000
Real estate mtges. 1,580,000
Pref,stocks of sub.
cos. owned by
other interests-18,960,550
Minor.int. in com,
stocks of subs-- 7,001,052
19,070,172
Capital stock
Paid-in surplus_ -.14,588,223
TotaL
Total
59,409,253 59,918,746
x Represented by 907,017 no par shares.
V. 134, p. 1769.
1931.
$
Accrued interest will in all cases be paid to May 12 1932 on debentures
aceepted under this offer. This interest amounts to $18.20 per $1,000 face
value of debentures, making the total payment, including accrued interest.
--V. 134, p. 3105.
$688.20 per $1,000 face value of debentures.
1.778,013
381,067
189,421
1,283,486
For income statement for quarters ended March 31 see "Earnings De-V. 134, p. 1588.
partment" on a preceding page.
-Earnings.
General Railway Signal Co.
General Refractories Co.
-Earnings.
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page -V.134. p. 2158.
544,450
168,274
87,500
547,195
-To Purchase Stock.
Glens Falls(N. Y.) Insurance Co.
The company has address..d a communication to the stockholders asking
for a vote on a plan to acquire the company's stock through the Glens
Falls Investing Co., shares of which are held in trust for the benefit of
the stockholders of the Insurance company. The market for the stock
around $30 a share, is held to be "below its value."
Purchase of shares from officers, directors or &gents will not be made.
The company says its officials own more stock now than they did one or
two years ago.
In May 1931, the company sold 90% of its common stock investments,
which, if they had been retained, would now represent a shrinkage of
-V.132, p. 860.
$3.500.000 at least.
5,150,000
1,650,000
18,595,450
8,945,588
8,983,878
13,614,444
59,409,253 59,918,746
y After depreciation.
-Reorganization Proposed.
-" Globe-Wernicke Co.
Foote-Burt Co.
-Comparative Balance Sheet.
A 83C15Mar.31'32. Dec.31'31.
Mar.31'32. Dee.31'31. LkiWities-Cash
$26,789
$23,099
$73,412Accounts payable_ $101,952
Marketable secur- 167,552
168,944 Bills payable- ---_ 150,000
Receivables
12,139
7,427
166,457
44,095 Accruals
Inventories
377,859
x1,165,780 x1.165.780
165,156 Capital stock
Cash val. Insur_
266,562
79,738
336,161
78,587 Surplus
Fixed assets
904,113
897,217
Pat., goodwill, 4/c.
1
1
Deferred charges
6,330
5,795
Other assets
36,170
38,063
'
Total
81,781.320 $1,471,271
$1,761,320 $1,471,271
Total
x
- Represented by 97.457 shares of no par value.
-V. 134. p. 3282.
(Robert) Gair Co.
-Time for Deposits Extended.
Holders ot more than 87% of the outstanding shares of capital stock
have already deposited or agreed to deposit their shares under the plan and
agreement dated April 8, according to a notice issued by the committee,
composed of F. Winchester Denio, Chairman William J. Alford Jr., Grant
H. Fairbanks, George E. W.de Clercq add T. Raymond Pierce. To enable
holders of stock not yet deposited to participate in the benefits of the plan,
the committee has extended the time within which stock may be deposited
until the close of business May 25. Depositaries for the committee are
Old Colony Trust Co. Boston, and the First of Boston Corporation,
New York.
-V. 134, p.2917.
*
-Earnings.
Gannett Co., Inc.
For income statement for 3 months ended March 31 see "Earnings De-V. 134, p. 1965.
partment" on a preceding page.
-To Change Par
""-General American Investors Co., Inc.
and Reduce Stated Value of Preferred Stock.
The Committee on Securities of the New York Stock Exchange has
received notice from this company of a proposed change in the authorized
pref. stock from 100,000 shares, par $100, to 100,000 shares of no par value.
and a reduction in capital represented by outstanding pref. stock from $100
to $50 per share.
-V. 134, p. 320.
--Earnings.
General Asphalt Co.
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 2529.
General Electric Co -Organizes New Department.
The organi7ation of an air conditioning department within the General
Electric Co., which will market various electrical devices for home heating,
humidifying and temperature control, has been announced by President
Gerard Swope. One of the first products to be marketed by this new
department will be a complete oil-burning furnace.
J. J. Donovan of Cleveland, formerly in charge of apartment-house
refrigeration sales, will be Manager. Associated with him will be E. D.
Harrington of Schenectady, in charge of application engineering; J. R. Rue
of Pittsfield, in charge of manufacturing, and H. S. Woodruff of Schenectady, in charge of design engineering. Headquarters will be maintained
at General Electric's New York offices, 120 Broadway.
-V. 134, p. 3105.
#...... General Foods Corp.
-214114tHaker-Bannett-Day, Inc.. a subsidiaryet has been formed to specialize
in the processing and marketing of nuts broh.
t shelThd fil'in-the shell;
ester-Jr..„-President of General
f-laras allneWiced on-Max 2 by C. M.
-CorP.
Tild new corporation is a merger of the nut department -of Franklin
Baker Co., Inc., of Hoboken, and the Bennett Day Importing Co., Inc.,
of New York. Ralph G. Coburn. Vice-President of General Foods Corp.,
has been elected President: T..._M. Rector and Lee Garnett Day, VicePresidents; J. S. Prescott, SecretaryT Louis-A. Zalyrn, Treasurer; Leonard
-Rhodes, Clarence E. Etheridge and S. E. Ferguson.
W.
-Assistant-Treasurers, and L. E. Waterbury, Ag8 tant Secretary.
Corp..__
-V. 134, p. 3105.
"
-- "Ge,neral Motors
Reduces Dividend Rate on Common
Stock)!,ofa $2 to-$1-per-Annum.
-The directors on May 4
declared on the outstanding $435,000,000 common stock,
par $10, a quarterly dividend of 250. a share payable June
13 1932 to holders of record May 14 1932. In addition the
regular quarterly dividend of $1.25 a share was daclared on
the $5 pref. stock, payable Aug. 11932, to holders of record
July 5 1932.
On March 12 last the company made a quarterly distribution of 50c. a share on the common stock as against
75c. a share each quarter from March 12 1929 it) and incl.
Dec. 12 1931. Extras of 300. a share were also paid on July 2
1929 and on Jan. 3 1930.
President Alfred P. Sloan, Jr., with respect to the above
action said on May 4:
At their meeting to-day the directors felt that a reduction in the common
dividend rate from 50c. to 25c., equivalent to a change in the annual rate
from $2 to $1, was in keeping with the fact that, due to the downward
trend in business, the Corporation's earnings have not met expectations
and was in harmony with the Corporation's policy of maintaining its present
strong financial position.
Buick April Shipments.
Apr. 1932. Mar. 1932. Apr. 1931.
Month of13,939
4,092
6,747
Buick cars (produced and shipped).-V.134. p.3253.
-Earnings.
General Printing Ink Corp.
For income statement for quarters ended March 31 see "Earnings De-V. 134, p. 1770.
partment" on a preceding page.
-Offers to Buy Debentures.
General Public Service Corp.
President S. B. Tuell, May 2, states:
Until May 12 1932, the corporation will purchase its gold debentures,
5% convertible series due 1953, at 67% of their face value plus accrued
interest, provided, however, that debentures will be accepted in the order
delivered and the corporation reserves the right to reject debentures after
purchased.
a total of $128,000 face value of debentures has beenmust deliver their deDebenture holders desiring to accept this offer
bentures to Central Hanover Bank & Trust Co., 90 Broad St., N. Y. City,
on or before May 12 1932.
President H. C. Yeiser Jr., April 28, in a notice to holders of 7% cony.
coupon notes, states:
In response to the letters addressed to the security holders of the company, under dates of April 18 and 20, advising them of the immediate necessity of effecting an adjustment of the capital structure, we are pleased to
advise that to date substantial amounts of the outstanding securities already
have been deposited. However, we have had so many inquiries regarding
the method of procedure that we have written a letter to the holders of
7% cony. coupon notes under date of April 27 outlining the steps which
will be taken to reorganize the company.
The directors do not desire to offer a plan of reorganization, but prefers
rather that a plan be worked out by the security holders themselves. The
most feasible way in which to obtain their united action would be for the
their interests
various classes of same to appoint delegates to represent their approval.
and develop some plan of reorganization to be submitted for the First Nadeposit your notes with
To accomplish this you are asked to
tional Bank of Cincinnati, and at the same time indicate your choice for
members of the note holders' committee.
When a sufficient number of notes and shares have been deposited, the
committees will be selected. However, before forming a plan of reorganization it is desired that a large number of holders of the 7 cony, coupon
notes deposit their notes and indicate their choice for members of the
note holders' committee, in order that the committee appointed may represent the greatest possible number of such note holders.
Under the terms of deposit you will be permitted to withdraw your notes
on or before May 18. It is expected that before that date the note holders'
committee will be appointed, and if you are not satisfied with the members
of that committee, you have the privilege of withdrawing your notes. The
following names have been suggested by the owners of substantial amounts
of the notes for members of the note holders' committee: H. E. Coombe.
President of the Wm. Powell Co.: Herbert Jackson, Attorney, and W. E.
-V. 134. p. 3105.
Pierson, President of Midland Acceptance Corp.
-Earnings.
(Adolf) Gobel, Inc.
For income statement for 24 weeks ended April 16 see "Earnings De-V. 134, p. 1382.
partment" on a preceding page.
.-April Sales Off
(W. T.) Grant Co.(Del.).
Decreased 1932-4 Mos.-1931.
-1931.
1932-April
$6,000,520 $6,401,697
-V. 134, p. 2732.
$401,1771$20,898,910 $20,192,665
Increase.
$706,245
-Proxies Sought.
Gray Telephone Pay Station Co.
The New York "Times" of May 1 had the following:
Stockholders of the Gray Telephone Pay Station Co. received on April 30
a request from the directors for proxies "to vote your shares at any and
all meetings which may occur until the next annual meeting of stockholders
on Feb. 7 1933." The proxies are sougnt as evidence of "confidence in
the management."
President George A. Long said there was no intention of calling a stockholders' meeting.
The management refused some time ago to consider a proposed deal with
the Western Electric Co. and two brokerage houses, Stevenson, Gregory
& Co. and Shaw & Co., have been accumulating proxies since April 16 to
enable them to negotiate with Western Electric. It is said they have
proxies for more than 35,000 shares of the 150,000 shares outstanding.
In the letter to the stockholders the directors say:
"We wish to go on record that neither Stevenson, Gregory & Co. nor
Shaw & Co. have been authorized to negotiate with Western Electric or
any other concern for the sale of the assets of your company. Their
action was absolutely unwarranted and has in no manner the sanction
'
of Tour board of directors.
We are frank to confess to you that we are able to see but one reason
for this action on the part of these brokers. It is our belief that Stevenson,
Gregory & Co. and Shaw & Co. desire to sell out Gray to Western Electric
for the financial remuneration which they would receive.
"It is not conceivable that our shareholders would countenance such
interference in the business of this company by rank outsiders.
"To assume that brokerage houses, or individuals, without the slightest
knowledge of the workings of the telephone business, would be able to
command a better price for your company, does not display sound judgment and even this assumption would be contingent upon their right to
conduct such negotiations. This right they do not have. confidence in
"In signing the enclosed official proxy you are voicing
tne management of your company. It is our belief that the record of
your officers and directors fbr almost a half century justifies this confidence."
Stevenson, Gregory & Co. and Shaw & Co. In reply said that the matter
was one of business judgment, that they were interested in the company
because they had placed substantial amounts of the stock with investors,
and that they had stated previously that they would expect "reasonable
--F. 134. p. 1966.
compensation" ifs deal with Western Electric was made.
-To Reduce Stock.
Great American Insurance Co., N. Y.
The stockholders have been notified that a special meeting will be held
on June 1 to vote on a plan to readjust the capital. The proposal is to reduce
the capital stock from $16,300,000 to $8.150,000, and to lower the par
value of the shares from $10 to $5. This would enable the company to
traasfer $3,150,000 from capital to surplus.
"During the past two years the securities held in the company's portfolio in common with other investment securities have suffered a reduction
In market value which has fallen directly on surplus account," says President William H. Hoop, in his letter to the stockholders. The directors feel
that the surplus should be so strengthened as to leave no doubt regarding
your company's strong financial position, even in the event that no recov11Pri
ery in security prices should take place.
"The proposed change will not in any way affect your proportionate interstockholder nor
est in the company, nor the number of shares held by each
the liquidating value, which, calculated on the customary insurance formula,
was more than $15 per share, based on April 30 1932, market prices of the securities owned by the company. While some reduction in the company's
income from interest and dividends his taken place, it is expected that dividends at an annual rate of at least $1 a share can be paid."-V.132.p.1043.
-Earnings.
Greene Cananea Copper Co.
1928.
1929.
1931.
1930.
Calendar Years
Total receipts
$2,906,501 $6,223,804 $7,635,228 46.043,357
3,745,425
4,230,307
4,494.452
Exp., taxes, admin., &c_ 2,333,286
Cr.99,205
Cr.52,404
133,443
96,809
Interest
423,090
319,822
444.072
239,911
Depreciation, &c
Net income
Dividends paid
$236,495 $1,276,087 $3,013,254
1,375,000
4,000,000
$1,974,047
1,750,000
$236,495 def$98.913 def$986,746 sur$224,047
Balance
Earnings per share
$0.47
$2.55
$6.03
$3.95
x Includes income from investments amounting to $23,324.
3468
Financial Chronicle
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Assets$
$
$
$
Mines. min. claims,
Capital stock
50,000,000 50,000,000
lands, buildings,
Mexican legal rerye.& equip____52,930,523 53,020,650 serve
4,000
4,000
Inv.in sundry cos_
99,565
99,565 Res. for contIng
232,071
342,881
Supplies and preNotes payable.... 2,500.000
paid expenses__ 1,051,524 1,206,828 Accounts & wages
Metals In process
payable & taxes
and on hand-- 2.109,217 1,805,464
accrued
117,740 1,234,608
Accts.receivable-- 1,288,669
55,992 Surplus
4,766,320 4,780,006
Cash & cash assets 132,314
163,872
Deterred charges-8,320
9,125
Total
57,620,132 56,361,495
-V. 132, p. 3895.
Total
57,620,132 56,361,495
(M. A.) Hanna Co.
-Earnings.
-
For income statement for quarters ended March 31 see "Earnings Department- on a preceding page.
-V.134. P. 1771.
Hartman Corp.
-Chairman Elected.
-
Martin L. Straus has been elected Chairman of the board as well as President and all other officers were re-elected. Jack Blostein, who has been a
division merchandise manager, has been elected an additional 2nd VicePresident.
-V.134, p 3283.
Hathaway Bakeries, Inc.
-Lower Class A Dividend.
-
The directors have declared a dividend of 37%c. per share on the $3 cum.
class A stock, no par value, payable June 1 to holders of record May
16.
Previously the company paid regular quarterly dividends of 756. per share
on this issue.
-V. 134, p. 1966.
Hazel-Atlas Glass Co.
-Earnings.
-
For income statement for quarter ended March 26 see "Earnings Department" on a preceding page.
-V. 134, p. 1772.
Hershey Chocolate Corp.
-Earnings.
--
For income statement for quarters ended March 31 see "Earnings
Department" on a preceding page.
Consolidated BalanceSheet March 31.
1932.
1931.
1932.
1931.
Assets$
$
Liabilities$
Land, buildings,
x272,471
$4 pref.stock
293,480
machinery,&c--17,735.219 16,702,175 Common stock _ _ _ 7727,529
706,520
Cash
2,211,436 3,059,439 Accts. payable... 402,124
629,967
Bank acceptances_ 499,026
Accrued Fed. taxes 1,070,686 1,133.270
Pref. stk. In treas. 114,287
Accrued dividends 1,362.265 1,176,630
Accts.receivable.. 1,399,098 1,597,482 Accr. exp., tax, &a
9,602
816,164
Inventories
6,126,848 4,939,951 Depreciation res.. 8,778,042 7.816,515
Deterred assets_ _ _ 379,637
362,968 Surplus at organlz. 2,793,597 2,389,826
Earned surplus_ _ _13,049,235 11,699,643
Total
28.465,551 26,662,015
Total
28,465,551 26,662,015
x Represented by 272,471 no par shares. y Represented by
727.529
no par shares.
-V.134, P. 1988.
Holland-America Line.
-To Pay Nov. 1 1931 Interest
Plan Approved.
White Weld & Co., fiscal agents, have been advised by cable that
plan prepared by the bondholders' protective association in Hollandthe
in
conjunction with the company has been approved by a majority of the
holders of the 25
-year 6% sinking fund bonds at the meeting held in Rotterdam on April 29 1932, and accordingly has become effective. The
plan provides, among other things, for the payment on May 1 1932 of the
interest coupons due Nov. 1 1931, on which no payment has been made
to date, and for tne omission of any cash payment on account of the interest
coupons due May 1 1932.
Accordingly, the interest on these bonds due Nov. 1 1931 will be payable
at White Weld & Co.'s office, 40 Wall St., N. Y. City, on and after May 2
1932, on presentation of the Nov. 1 1931 coupons. This interest is payable in U. S. money at the rate of exchange for sight drafts on the Netherlands on the day of presentation of the coupons for payment, without
deduction for Dutch taxes.
Interest coupons due May 1 1932 should not be presented since no
payment is to be made with respect to these coupons.
The New York Stock Exchange having received notice that the interest
due Nov. 1 1931, on the 25-year 6% sinking fund bonds, due 1947, will
be paid on May 2 at the rate of exchange for sight drafts on the Netherlands
prevailing on the date of presentation of coupons. The Committee on
eni
Securities rules that the bonds be quoted ex-inte:est 3% on May 2 1932.V. 134, p. 2532.
Holly Development Co.
-Comparative Balance Sheet.AssetsMar.31'32.Dec. 31'31.
Capital assets.. -32.654,462 x$700,200
Investmls & adv. 178,250
178,250
Salvaged materials
385
Accts.receivable__
18,145
22,492
Inventory
7,423
7,564
Cash
125,958
127,543
Marketable secur_ 224,212
235,194
Deterred charges
2,394
1,046
LiabilitiesMar.31'32. Dec. 31'31.
Capital stock
$900,000 $900 000
Dividends payable
22,500
22,500
Accts. payable....
4,440
Res. tor taxes
2,634
1,12
5 75
7
Res.for Fed.inc.tax
& contingencies. y114,074
113,040
Res, for deprec___ 744,513
Res. for deple____ 899,935
Capital surplus... 417,017
113,922
Earned surplus_ _ _ 104,382
117,659
Total
$3,209,496 $1,274,024
Total
$3,209,496 $1,274,024
z After reserves for depletion and depreciation of *1.939,503. y Federa
taxes only.
-V. 134, p. 3283.
Homestake Mining Co.
-Dividend Rate Increased.
-
The directors have declared a monthly dividend of 756. per share, payable
May 25 to holders of record May 20.
From Oct. 26 1931 to and incl. April 25 1932, monthly dividends of 65c.
per share were paid on the outstanding $25,116,000 capital stock, par MOO.
This compares with d stributions of 50c. per share made each month from
Nov. 25 1922 to and incl. Sept. 25 1931. The company also paid extra
dividends of $1 each on April 25 1924. on Jan. 25 of each year from 1925
to 1930, incl., on Oct. 25 1930, on April 25 and Sept. 25 1931, and on
Feb. 25 1932.-V. 134, p. 2532.
Houston Oil Co. of Texas.
-Earnings.
--
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V. 134, p. 1967.
Houston Pipe Line Co.
-Earnings.
-
For income statement for three months ended March 31 1932 see "Earnings Department" on a preceding page.
-V. 133, p. 3099.
Howe Sound Co.
-Listing.
-The New York Stock Exchange has authorized the listing of voting
trust certificates for 496,03R shares of the common stock (par $5) on official
notice of issuance in exchange for voting trust certificates for a like number of shares (no par value) previously listed and at present outstanding,
share for share.
-V. 134, p. 3283.
Hudson Motor Car Co.
-Retail Sales Improve.
-
The company reports a sharp upturn in current retail sales of Hudson and
Essex cars. The week ending Apri130 reached a high point for the year and
was the best week since early last July.
Last week's sales were 15% higher than the week previous topping a
series of successive increases which started the third week of March.
The sales for the last three weeks of April were 27% above the corresponding period a year ago.
Last week's sales were especially good in Detroit. New York, Boston,
Philadelphia, Chicago, Cleveland, Albany, Washington, Denver, Memphis.
Providence, the announcement added.
Earnings.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 3283.
May 7 1932
Hupp Motor Car Corp.
-April Shipments.
-
Month of
Cars shipped (no. of)
-V. 134. P. 3283.
April1, 33 Mar.1932. April 1931.
199 .
22
3,139
2,622
Imperial Oil, Ltd -To Underwirte $1,750,000 Bonds.
-
The company is reported to have reached an agreement with the Newfoundland Government whereby the former will underwrite a $2,500,000
% bond issue of the latter to the extent of *1.750,000, at a price of
not less than $94. The company will pay the Government during the
currency of the loan $300,000 annually in consideration of the exclusive
right to import petroleum products into the Dominion. For every 100
gallons of gasoline and kerosene sold in excess of 3.500,000 gallons, the
company will pay $6. with a reduction of the capital sum in the same
amount for any deficiency below the fixed figure. The wholesale price at
St. John's is fixed at 24c. an Imperial gallon for gasoline, subject to variations in landed cost.
-V. 134, p. 2160.
Incorporated Investors.
-April Sales Increase.
-
Sales of Incorporated Investors during April were the largest for any
month since last October, and over 35% above the monthly average for
the first quarter of 1932. Approximately 40% of the total number of
shares sold last month were to old shareholders of Incorporated Investors.
The number of shareholders of Incorporated Investors also increased to
a new high record of 17,384, the net gain during April exceeding any other
month this year. The States showing the largest increases in shareholders
were Massachusetts, Ohio, Nebraska, New York and Colorado.
During April Incorporated Investors acquired its first shareholder in
Norway, and now has shareholders in every State in the United States
except one, and in 14 foreign countries.
-V. 134, p. 2920.
International Agricultural Corp.
-Bonds Off List.
-
The New York Stock Exchange on May 2 announced that it had stricken
from the list the corporation's let mtge. & coll. trust 5% 20
-year sinking
fund gold bonds, due on May 1 1932.-V. 134, p. 858.
International Match Corp.
-Interest.
-
The New York Stock Exchange having received notice that the interest
due May 1 1932, on the 20
-year 5% sinking fund gold debentures, due
1947, is not being paid, the Committee° on Securities rules that beginning
May 2 1932 and until further notice,the bonds shall be dealt in "flat" and
to be a delivery must carry the May 1 1932, and subsequent coupons.
The Committee further rules that in settlement of all contracts in the bonds
made heretofore on which interest ordinarily would be computed until
after May 1 1932, interest shall be computed for six months only.
Inquiry Starts.
Examination of representatives of the International Match Corp. and
Lee. Higginson dr Co. in connection with the Match receivership was begun
May 3 before Referee Oscar W.Ehrhorn at 280 Broadway. N. Y.City..
The Irving Trust Co., as receivers for International Match Corp., are
co-operating with foreign investigators in the labor of straightening out
the tangled affairs of the Kreuger & Toll Co which controls International
Match through the Swedish Match Co., a Kreuger subsidiary.
A new "Independent" committee for security holders of the Kreuger
& Toll Co. and the International Match Corp., to be made up of members
of the present Colby. Ramos and Redfield committees, will be announced
shortly. it is said.
-V. 134. P. 3284.
International Printing Ink Corp.
-Earnings.
-
For income statement for 3 months ended March 31 1932 see "Earnings
Department" on a preceding page.
-V. 134. p. 3106.
International Securities Corp. of America.
-Tenders.
The corporation is inviting tendersfrom holders of its 5% gold debentures.
due June 11947. for the purchase of $1,000,000 principal amount of debentures at 51. Tenders will be received until noon, May 12.-V. 134. p. 1206.
International Silver Co.
-Earnings.
-
For income statement for quarters ended March 31 see "Earnings Department" on a preceding page.
-V. 134, p. 1967.
Island Refining Corp.
-Committee for Minority Bondholders-Breach of Contract Suit Brought by Receiver-Possible
Realization for Bondholders.
The committee (below) in a circular letter, dated April 19, to the minority
holders of the 77 bonds states:
The total principal amount of 7% and participating 10
-year gold bonda,
which were issued by Island Refining Corp. in 1919, was $5,500,000. Of
this amount 115,009.700 of bonds were deposited with the committee of
which A. B. Westervelt was chairman, and eventually were acquired by
Middle States Petroleum Corp.,the present holder. The remaining $490,300
of bonds are outstanding in the hands of the public. With the exception of
the claim for breach of contract, all of the assets of Island Refining Corp.
were liquidated several years ago and the net proceeds ordered to be distributed to the oondholders.
An action for breach of the 50,000,000 barrel oil contract dated April 15
1919 has been brought by Irving Trust Co., the present receiver of Island
Refining Corp., against the Mexican corporations, formerly subsidiaries of
Island Oil & Transport Corp., which were parties to the contract. The Mexican companies have been awarded all or practically all of the funds held in
the Island Oil & Transport Corp. receivership, and in the event that this
award is sustained, a judgment in the action above mentioned will be
collectible.
The Mexican companies have applied to the U. S. District Court for the
Southern District of New York for an order directing Irving Trust Co. to
discontinue the action above mentioned on various_grounds. This application has been set for hearing before John C. Knox, U. S. District Judge, on
May 6 1932. In view of the fact that some of the arguments which may be
asserted at that hearing against the continuance of the action are directed
particularly against the position of Middle States Petroleum Corp., it
appears to be in the interest of the other holders of Island Refining Corp.
bonds to organize and be separately represented at the hearing. For this
purpose and for the purpose of taking such other action as may be later
deemed wise, a committee has been formed, consisting of Herbert M.Olney,
Trust Officer of Underwriters Trust Co. 37 Broadway, N. Y. City, Arnold
R. Hanson, of Hanson & Hanson, and John D. Colgan, Pres. of Godwin
'
Court Apartments, Inc.
Bondholders are requested to deposit their bonds immediately with the
depositary for the committee, Underwriters Trust Co., 37 Broadway. N. Y.
City. No personal expense or liability is incurred by the making of the
deposit. In case any amount is realized on the bonds, the expenses and
reasonable compensation of the committee, its depositary and counsel, will
be deducted from the proceeds realized and the net balance distributed to
the depositors.
H. H. Hubbard is Secretary of the committee and Mumma & Costabell
are Counsel.
-V. 123, p. 2271.
Kelly-Springfield Tire Co.
-Deposits.
-
Substantial deposits of the stock of the company have been made with
the Central Hanover Bank & Trust Co. under the plan of capital readjust
ment which was announced recently, according to William II. Laney,
President. Thefinal deposit date has been set for May 16.-V. 134, p. 2734.
Kelsey-Hayes Wheel Corp. Earnings.
For income statement for three months ended March 31 1932 see "Earnings Department" on a preceding page.
-V. 134, p. 2352.
Kelvinator Corp.
-April Shipments Higher.
-
Shipments of Kelvinator and Leonard electric refrigerators for April
amounted to 25,400 units, an increase of 10%, over the corresponding
period in 1931, according to 11. W. 13urritt, Vice-President in charge o
sales. It is not expected that dollar sales will show the same percentage
of increase because of recent price reductions on all lime, Mr. Burritt
stated.
-V. 134, p. 3107.
Kennecott Copper Corp.
-Makes Offer to Holders of
Nevada Consolidated Copper Co. Stock.
The Kennecott Copper Corp. on May 3 announced a formal offer to
exchange its common stock for stock of Nevada Consolidated Copper Co.
on the basis of one share of Kennecott for two shares of Nevada.
Deposit of Nevada shares may be made with the Treasurer of the Kennecott company on and after May 12 and prior to June 15.
Financial Chronicle
Volume 134
The announcement of the offer followed the annual meeting of the stockholders of Kennecott company held on May 3. Stephen Birch, President.
said that assuming complete conversion of Nevada shares into Kennecott
shares, there would be outstanding approximately 10,734,000 of the latter
against 9,394,000 outstanding at the present time.
"Giving effect to the consolidation, 'said Mr. Birch,"the combined companies will have in cash marketable securities consiting mainly of Government issues and sold and unsold copper, more than $50,000,000, or about
$5 a share on the basis of 5M cents a pound for copper.
The Kennecott company owns a substantial interest in the Utah Copper
Co., which in turn controls the Nevada company.
J. Harry Covington has been elected a director of the Kennecott company
to succeed the late R. A. F. Penrose Jr.
-V. 134, p. 3285.
Kresge Department Stores, Inc.-Earnings.(Incl. wholly owned subs.: Palais Royal, Inc., and Royal Stores Corp.)
Years Ended Jan.311932.
1931.
1930.
1929.
Net sales
14,557,167 $4,714,657 $4,918,687 $4,824,350
Cost of sales & expenses_ 4,468,349
4,622.558 4,706,165 4,618,162
3469
(The) Mengel Co -Reduces Stated Capital, 4s.
--
The stockholders on May 4 approved a proposal to change the authorized
common stock from 400,000 shares of no par value to 400,000 shares.
par value $1 per share, each present share to be exchanged for one new
share and to reduce capital represented by outstanding common stock
from $25 to $1 per share. This results in $7,680,000 being carried to surplus account.
It was also voted that no dividends could be paid from the surplus so
created on either the common or preferred stocks as long as any bonds
are outstanding and no dividends can be paid from this surplus on the
common as long as any preferred stock is outstanding.
Frank Berries of Louisville, Ky., and A. W. Cornwall of WinstonSalem, N. C., have been elected directors, succeeding 0. C. Mengel, Jr.
and C. E. Davis.
-V. 134, p. 3287.
Merchants Fire Assurance Co.
-Dividend Deferred.
-
Action has been deferred on the quarterly dividend of $1.75 per share
due May 1 on the 7% cum. pref. stock, par $100.
Three months ago, a distribution of 25c. per share was made on the
common stock in addition to the usual quarterly dividend of $1.75 per share
on the pref. stock.
-V.134, p. 860.
Operating profit
Other income
$88,818
c189,574
$92,098
413,543
$212,522
461,571
$206,189
370.032
Total income
Depreciation
Federal taxes
Contingent reserve
a Other deductions
$278,392
49,896
$505,641
43,620
$674.093
38,700
$576,221
38,015
32,000
10,000
150,000
34,000
300,000
The directors have declared an extra dividend of 30c. per share in addition
to the regular quarterly dividend of $1.75 per share on the pref, stock, both
payable July 1 to holders of record June 15. Like amounts were paid
three months ago.
-V. 134, p. 1969.
Net profit
d$228,496 14302,022 14301,392
$506,206
a Provision for impairment of advances to Kresge Dept. Stores Corp.
b After taking into account one-half of the year's losses of Kresge Dept.
Stores Corp the deficit for the year was 1605,062 in 1931 and $423,229
in 1930. c Dividends received from The Fair, Chicago. d Before loss
on sale to S. S. Kresge of capital stock and account and notes receivable
of Kresge Department Store Corp. (payable by notes in amount of
12,000,000 and assumption by Mr. Kresge of all liabilities of Kresge Department
Stores, Inc., in connection therewith) less reserves previously provided,
amounting to $1,767,624, which was charged against surplus.
1932.
1931.
1931.
1932.
Assets-i
Liabilitiesi
8
Furniture, fixture,
8% pref. stock- 3.540,380 3,540,380
equipment, &e_ 8497,399
167,584 Common stock...135,357,027 5,357,026
Land
75,292
167,195 Accts. pay., 5re. _ 253,441
225,369
Goodwill
150,000
150,000 Mortgage payable
22,500
Sundry invest...
6,513
9,513 Conting. reserve._
86,002
86,002
Notes rec. accruing
(11326,854 1,212,273
Surplus
fr. sale of assets_ 2,000,000
Accr. Int. on notes
receivable
25,000
Dividends reeelv
78,444
Inv. in and adv. to
affiliated cos-- 4,392,575 8,160,699
Inventories
744,781
750,749
Accts. & notes ree_ c403,111
425,175
Cash
536,356
448,529
Deferred charges._
78,967
85.662
The Guaranty Trust Co., trustee, 140 Broadway, N. V. City, will until
10 a. m. on May 17 receive bids for the sale to it of ,Midvale Steel & Ordnance Co. 20
-year 5% cony. s. f. gold bonds. due March 1 1936, to an
amount sufficient to exhaust 21,096,925 at prices not exceeding 105 and int.
-V. 134, p. 2162.
Total
8,909,995 10,443.550
8,909,995 10,443.550
Total
a After depreciation of $289,745. b Represented by 243,524 no par
shares. c Accounts receivable only and after reserve of 140,000.-V. 133,
P. 2937.
KToger Grocery & Baking Co -Sales Off
Period End. April 23- 1932-4 Wks.
-1931.
1932-16 Wks.
-1931.
Sales
417,190,044 $20,804,136 $67.903.652 $79,911,301
x The corresponding period last year included Easter week, which fell
In the third period in 19.32.
The average number of stores in operation for the fourth period of 1932
was 4,845, as against 5,057 for the corresponding period of 1931, or a
decline of 4%.
Retail food prices declined 16.907 between March 15 1931 and March
15 1932, according to the Bureau of Labor Statistics of the United States
Department of Labor.
-V. 134, p. 2922.
""Landis Machine Co.
-Dividend Omitted.
-
The directors have decided to omit the quarterly dividend usually payable
about May 15 on the common stock, par $25. On Feb. 15last a distribution
of 50c. per share was made as against 75c. per share previously each quarter.
-V. 134, p. 517.
Lehigh Coal & Navigation Co.
-Earnings.
For
income statement for 12 months ended March 31 1932 see "Earnings
Department" on a preceding page.
-V. 134, p. 1384.
Leasing's, Inc.
-Earnings.
-
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
Balance Sheet March 31.
Assets1932.
Liabilities1931.
1932.
1931.
Cash
16,591
$20,661 Accounts payable_ $10,021
$11,029
Accts. receivable_ 697
2,575 Accrued payroll- _
1.652
1,078
Amt. Int. reeelv.
1,156
903 Fed. & State tax..
9.862
14,525
Inventories
11,747
15,895 Capital stock
160,620
167,170
Prepaid lime.,&e.
6,178
3,608 Surplus
81,238
107.379
Mar.see. (at cost).
60,540
76,713
Land, bides., dm-. x176,482
180.826
Good-w1.1 & leases.
1
1
Total
$263,393 $301,181
Total
$263,393 $301,181
x After deducting reserve for depreciation of 8151,184.-V. 134, p.
2536.
Lindsay Light Co.
-Reduces Salaries.
-
Effective
1 the directors have authorized a reduction in
and wages ranging from 10% to those receiving more than $1,000salaries
a year
up to 20% on the highest salaries.
-V. 134. p. 3286.
Liquid Carbonic Corp.
-Earnings.
-
For income statement for 12 months ended March
31 see "Earnings
Department" on a preceding page.
-V. 134, p. 1592.
McLellan Stores Co.
-Sales Fall Off
.-
1932-April
-1931. Decreased 1932-4 Mos.-1931.
Increase.
$1._653,954 81,797,277
S143,3231$5,811,449
24.041
The company operated 275 stores on April 30 last,$5,807,408
against 277 on April 30
1931.-V. 134, p. 2161.
Mack Trucks Inc.
-Earnings.
-
For income statement for quarters ended March 31 see "Earnings
Department" on a preceding Page.
-V. 134, p. 1593.
"-Magnavox Co., Ltd.
-To Reduce Capital Stock.
-
The stockholders will vote May 25 on reducing the authorized capital stock
(no par value) from 2,500.000 shares to 1,750,000 shares. The issued and
outstanding shares will not be affected. The amendment is proposed
solely as a tax-saving measure.
-V. 132, p. 3354.
----Manhattan Shirt Coe-Omits Dividend.
-The directors
on May 3 decided to omit the quarterly dividend ordinarily
payable about June 1 on the common stock, par $25. The
company on March 1 last made a distribution of 15c. per
share as compared with 25c. per share each quarter from
Sept. 2 1930 to and incl. Dec. 1 1931.-V. 134, p. 1038.
N--May Radio & Television Corp.
-Stock Dividend.
A 2% stock dividend has been declared on the common stock, no par
value, payable May 15 to holders of record April 30. From February 1930
to and incl. February 1932, the company made regular quarterly cash
distributions of 25c. per share on this issue.
-V. 133. p. 2773.
Metropolitan Ice Co.
-Extra Dividend.
-
-Tenders.
Midvale Co.
-
Minnesota & Ontario Paper Co -Over 90% of Notes
Deposited.
The committee for 5
-year 6% gold notes due March 1 1931 (Storer
P. Ware, Chairman) states that more than 13.161,000. or approximately
90.3% of the outstanding notes have been deposited and the committee
still urges those noteholders who have not yet deposited their notes to
do so promptly. See also V. 134, p. 3288.
Mohawk Carpet Mills -Increased Sales Volume.
In spite of unfavorable conditions in the woven floor coveridg market
during 1931, sales of the company showed an increase in yardage of more
than 11% for that year, as compared,with 1930, according to a recent
summary.
-V. 134, p. 1385.
Mohawk Mining Co.
-$5 Special Distribution.
A special dividend of $5 per share has been declared on the capital stock.
par $25, payable May 31 to holders of record May 14. This is in addition
to the usual quarterly dividend of 254. per share previously declared payable May 31 to holders of record April 30.-V. 134, p. 1776.
The Committee of Securities of the New York Curb Exchange rules that
the stock of the above company shall not be quoted ex on May 13 and not
until further notice, and that all deliveries after May 13 and until further
notice shall carry due bills.
The $5 distribution is not the first step in liquidation, it was stated.
In the annual report for 1931, President Lunsford P. Yandell said that
the directors had been giving consideration to the desirability of liquidating, but no definite decision has been made. The funds from which the
current payment will be mad- on May 31 is cash which the company
previously planned to use in
,
alopment of its mining lands. This work
has been indefinitely postpone .
On last Dec.31 the compand bad cash and government securities amounting to $1,381,335
$12 a share on the 115.000 shares of stock. Net quick
assets, with copper at c Ist, were in excess of $30 a share. Consequently
the payment of the above $5 a share dividend calling for $575,000 will not
jeopardize the company's liquid position. See also V. 134, p. 1776.
Monsanto Chemical Works, Inc.
-Earnings.
For income statement for quarters ended March 31, see "Earnings
Department" on a preceding page.
Current assets as of March 31 1932. including $2,111,844 cash and
marketable securities, amounted to $6,002,937 and current liabilities
were $967,688. comparing with current assets of e5,895,505 and current
liabilities of $940,254 on Dec. 31 1931. Earned 13111101116 as of March 31
last totaled $2,795,557. against $2,653,011 at close of 1931.-V. 134, p.2354.
Mortgage Guarantee 8c Title Co. of New York.
Committee Representing the Holders of Guaranteed Mortgag
Certificates-Liquidation of Company Ordered.
A committee, consisting of John D. Colgan, Chairman (Pres. Gode
Court Apartments, Inc.): John A. Eubank (attorney) and Herbert
Olney (Trust Officer Underwriters Trust Co.), has been organized to reps'
sent the holders of guaranteed mortgage certificates issued by the Mortgage
Guarantee & Title Co. of New York. Macfarlane & Monroe, 26 Liberty
St., New York, are counsel, and James W. Miller, 25 Broadway, New
York, is Secretary.
A circular issued by the committee states as follows:
The Insurance Department of the State of New York has assumed the
liquidation of the Mortgage Guarantee & Title Co. of New York.
We have undertaken an Investigation of the company and the securities
which it had guaranteed. We have also conferred with the Insurance
Department. Study of the situation indicates that it is a difficult one.
The company's assets are represented by cash and securities on deposit
with the State Insurance Department which we are advised total less than
25% of the principal amount of the outstanding guaranteed certificates.
There are outstanding 16 different issues of the guaranteed mortgage
certillcates aggregating about $690,000 principal amount. They all represent participations in second mortgages on New York real estate. Their
standing varies. Most of these mortgages, if not all, are already in default.
In some cases taxes are in arrears. In at least one instance foreclosure
proceedings have been started by the first mortgagee, and defaults have
occurred under others of the first mortgages which may precipitate foreclosure of such mortgages. Because of the terrific deflation suffered by
real estate during the last two years refinancing in any case will be a dimcult operation.
Such a situation calls for co-operation by the holders of the mortgage
certificates issued by the company. An informed committee can best
make the wishes of the certificate holders known to the Insurance Depart
meat, interpret the wishes and preferences of the investors, assist in the
orderly liquidation of the company and the various certificate issues, and
in the making of the many decisions with respect to the various properties
which will have to be made.
The committee, owning and representing mortgage certificates,whas
agreed to act to represent investors in the certificates. The committee
will endeavor to keep in close touch with the Insurance Department during
the liquidation. The activities of the committee are not intended to interfere with the lawful liquidation of the company by that Department, but
it will be the policy of this committee to discourage sacrificial liquidation.
Subject to the approval of a majority in interest of the investors in the
various issues and as provided in the deposit agreement, the committee
may formulate a plan or plans for reorganization of the properties or some
of them. The methods pursued may vary with the situations presented
as to each individual issue.
All holders of mortgage certificates issued by the Mortgage Guarante &
Title Co. of New York are invited to deposit same with the Underwriters
Trust Co., 37 Broadway, New York, which has agreed to act as depositary
for the committee.
It will be the endeavor of the committee to keep the depositors informed
of the situation and developments. Certificate holders are invited to
correspond with the committee and to call and discuss thelsitultion with
any member of the committee.
Mullins Mfg. Corp.
-Earnings.
-
For income statement for three months ended March 31see "Earnngs
Department on a preceding page.
-V. 134, p. 2923.
."""Munsingwear, Inc.
-Common Dividend Decreased. 11
-`
The directors
on May 4 declared a quarterly dividend of 25 cents a share
on the no par value common stock, payable June 1 to holders of record
May 16. A distribution of 35 cents a share was made on March 1 last,
Financial Chronicle
3470
as compared with 50 cents a share in each of the three preceding quarters
-V. 134, p. 1040.
and 75 cents a share previously.
-Earnings.
Mother Lode Coalition Mines Co.
Calendar YearsOperating revenue
Operating costs
1928.
1929.
1931.
1930.
$522,814 $1,594,940 $1,565,634 $2,710,519
778,893
1.465,416
417,666
1,076,743
Operating profit
Other income
$105,149
4,098
$518,196
3,590
$786,741 $1,245,103
1,158
7,181
Total income
'Taxes
Interest, &c
$109,247
12,195
$521,786
66,684
$793,921 $1,246,261
101,323
196,152
13,260
Net income
$97,051
$455,103
Shs. corn. out. (no par)- 2,500,000 2,500,000
Earns. per sh. on com
$0.18
$0.04
Balance Sheet Dec. 31.
$692,599 $1,036,849
2,500.000 2,500,000
$0.41
$0.27
AssetsMining prop. &
1931.
1930.
x$784,953
237,033
Copper on hand_ _
196,939
Metals sold
34,810
Ore & concentrates
22,256
Accts. receivable_ _
581
Materials on hand
468,027
Cash
2,599
Deferred charges
equipment
$983,864
63,299
418,779
56,493
52,316
950
377,958
2,638
Liabilities-Capital stock
surplus
1931.
1930.
de
y$1,518,062 $1,655,112
Accounts payable_
Deterred liabilities
& contingencies_
Accrued taxes_ _
_Unpaid treatment,
refining and delivery charges-_
122,102
12,181
40,940
61,156
.
96,253
66,669
53,913
77,107
$1,747,199 $1,956,297
Total
$1,747,199 $1,956,297
Total
z After depreciation and depletion. y Represented by 2,500,000 no
par shares.
-V. 133, p. 1136.
-Earnings.
National Air Transport, Inc.
For income statement for quarter ended March 31 see "Earnings De-V. 134, p. 2923.
partment" on a preceding page.
-Earnings.National Distillers Products Corp.
For income statement for 3 months ended March 31 see' Earnings De-V. 134, p. 1594.
partment" on a preceding page.
-Class A Dividend Deferred.
National Oxygen Co.
The directors recently decided to defer tile quarterly dividend due April
1 on the 82.25 cum.class A stock, no par value. On Jan.2 last a distribution
2831, cents per share (clearing up all accumulations) was made in addition
-V. 134. p. 1040.
to the usual quarterly dividend of 56% cents per share.
-Dividends Payable in Scrip.
National Service Cos.
The directors have declared regular quarterly dividends of 75c. per share
on the no par value $3 cum. cony. partic. pref. stock and $1 per share on
the no par value $4 pref. stock, both payable May 15 to holders of record
May 2. These dividends will be payable in interest bearing scrip, redeemable by the company either in casn or $3 pref. stock on tile basis of $50
134, p. 1594.
per share, plus interest at the rate of 6% -V.
-Sales Decrease.
National Tea Co., Chicago.
-1931.
1932-16 Wks.
-1931.
Period End. April 23- 1932-4 Wks.
Sales
$5,386,777 $6,053,009 $21,747.814 $24,858,064
-V. 134, p. 3108.
.-April Sales Off
Neisner Bros., Inc.
Decrease. 1932-4 Mos.-1931.
-April
-1931.
1932
$1,208,107 $1,412,035
-V. 134, p. 3109, 2737.
$203,928134,125,853
Decrease.
14,534,307
$408,454
-Offer to Stockholders.
Nevada Consolidated Copper Co.
-V. 134, p. 2923.
See Kennecott Copper Corp. above.
-Earnings.
Newport Industries, Inc.
For income statement for 3 months ended March 31 1932 see "Earnings
-V. 133, p. 2113
Department" on a preceding page.
-Earnings.
Newton Steel Co.(& Subs.).
1931.
$306,544
422,882
Calendar YearsGross profit
Depreciation
1930.
$866.229
284,044
1928.
1929.
$2,848,883 $2,142,528
231.275
288,308
Pacific Coast Aggregates, Inc.
-Readjustment Effective.
The protective committees for the 6%% bonds and 7% debentures
have declared in effect the agreements of readjustment with respect to
Interest and sinking fund on such securities, according to a letter being
mailed to bond and debenture holders.
The company has deposited with the trustee sufficient.funds to pay onehalf of the interest which was due on the 63. % first mortgage bonds on
Jan. 1 1932. Depositing bondholders may collect their share of this interest.
according to the letter being mailed them, by forwarding bheir certificates
of deposit to the depositary which issued them together with the usua form
1000 U. S. internal revenue ownership certificate. The certificates of
deposit will be endorsed and returned to the depositing bondholders, together with a check in the amount of the interest being paid.
The committees have extended the time for deposit under the agree-
ments of readjustment and bond and debenture holders who have not
already deposited may still do so. The depositaries are Bank of America,
N. T. & S. A., and Anglo-California Trust Co. in San Francisco, and California Trust Co. in Los Angeles.
The agreements of readjustment provide that for the next three years
interest and sinking fund will be paid upon the company's bonds and
debentures only if earned but that unpaid interest and sinking fund will
accumulate and fall due at the end of the three-year period, at which time
the terms of the present trust indentures securing both bonds and debentures will be again in full effect.
-V. 134, p. 1209.
Pacific Fire Insurance Co.
-Dividend Omission.
-
The directors have voted to omit the quarterly dividend ordinarily
payable about May 8 on the capital stock, par $25. Distributions of $1
each were made on Feb.8 1932 and on Nov.9 1931 as compared with $1.50
per share each quarter from Feb. 10 1930 to and incl. Aug. 10 1931.V. 133, p. 2939.
Packard Motor Car Co.
-Balance Sheet March 31.1931.
1932.
1932.
1931.
Assets$
z Property wet_ - -33,207,469 35,461,260 Capital stock-- --y50,000,000 50,000,000
Rights, privileges,
Accts. payable, &c 1,572.808 1,469,228
1
1 Federal tax reserve
goodwill, &c____
1,267.106
Mtge.& land contr.
Misc. liabilities._ _ 1,204,214 1.345,324
1,024,257 1,114,227 Reserves
receivable
1,752,711 2,067,885
Inventories
9,351,206 9,211,718 Surplus
3,658,580 12,741,786
Accts. receivable__ 1,112,525 1,138,885
Deferred bills &
notes receivable 1,813,415 3,022,741
Government secur. 6.041.750 8,045,750
Other securities_ __ 2,127,935 5,010,022
Cash
3,135,996 5,187,804
Deferred charges
373,759
698,921
--- --Total
Total
58,188,313 68,891,329
58,188,313 68.891,329
x After dereciation. y Represented by 15,000.000 no par shares.
00.
"'Pan American Petroleum Co.
-Receivership Extended
-
The receivership of the company, which was previously granted through
action brought by creditors, has been extended to include the properties
securing the $10,450,000 first mortgage6% bonds of 1940. W.C. McDuffie,
receiver of the unmortgagtd assets, was also made the receiver of these
properties.
The action was brought by the Bank of America N. T. & 8. A. and the
Chase National Bank of New York, trustees for the bond issues. Attorneys representing the trustee, state this action was taken simply as a
means of protecting the bondholders by placing the mortgaged properties
under the receivership.
Edward S. Pinney, of New York, representative of the Pan American
bondholders' protective committee, stated in this connection that the
appointment of the receiver has no bearing on the recently reported reorganization plans as offered by the Getty interests.
The stock of Pan American Petroleum Co. is held by Richfield Oil Co.
of Calif., which is in receivership.
The company has no connection with Pan American Petroleum & Transport Co.,owned by Standard Oil Co.of Indiana.-V. 134. p. 1209.
Pan American Petroleum & Transport Co.
-Foreign
Holdings to Be Sold to Standard Oil Co. of New Jersey.
-See
Standard Oil Co. of Indiana below.
-V. 133, p. 4170.
Panhandle Producing 8c Refining Co.
-Earnings.
-
Gross profit on sales_ _def$116,338
17,139
Miscellaneous income__ -
$582,185 82,578,557
def$99,199
Gross income
320,948
Admin.& genera exp--Selling & adver. exp
Prov.for doubtful sects
31,003
Loss on equip.sold, &c111,809
Idle plant expenses
123,720
Special invent. adjust-Loss on Uper Mahoning
18.238
Land Co
5,716
Int. on borrowed money
Federal income taxes
Write down ofinvent_
180.000
Int. on cony, gold notes_
$642,233 $2,782,235 $1,965 401 -- ,
.
"
...Park Lexington Corp.
-Foreclosure Asked.
217,794
421,896
495,682
The Empire Trust Co., as trustee for the 53i'% first
60,048
$
22,887
260.000
177,808
Park Row Building (Park Row Realty Co.).
-Plan
Operative.
-
$2,077,852
130,500
750,123
$1,356,933
128,864
284,709
def$929,406 def$570,673 $1,197,027
264,000
264,000
261,550
$7.37
Nil
Nil
$943,359
200,000
$6.13
2,449
69,882
174,000
$
1931.
1930.
Liabilities
-
1,505,811 1,864,375 Accts. payable de
Inventories
payroll accrued_
686,016
Notes & accts. rec. 418,576
787,083
Notes payable to
Invest, in market100,000
banks
32,303
able securities- 103,660
69,388
356,010 Accr. general taxes
215,424
Cash
3,470
90,000 Federal taxes
Cash held by trust
202,822 Accrued Interest _
Other assets
Div. on pretshares
Inv. in the Upper
payable
Mahoning Land
52,728
182,222
174.867 Reserves
Co
-year 6% gold
Capital assets_ --z11,341,453 11,635,008 2
3,000,000
notes
Coro, treas. shs.
6% pref.stock-- 2,585,000
of Newton Steel
139,368 Common stock_ _ _y5,670,221
579
Co
1,558,949
59,114
24,365 Surplus
Deterred charges- -
830,589
103,602
90,000
38,798
43,500
3,000,000
2,586,500
5,792,604
2,719,543
13,826,838 15,205.135
13,826,839 15,205,135
Total
Total
x After reserve for depreciation of $2,111,935. y Represented by 261,550
-V. 133, p. 3639.
no par shares including 2,450 shares of treasury stock.
-Exchange Warrants to
North American Trust Shares.
Expire on May 15.
See Distributors Group, Inc. above.
-V. 134, P. 519.
-Earnings.
Norwalk Tire & Rubber Co.
For income statement for six months ended March 31, see "Earnings
Department" on a preceding page -V. 134. p. 1972.
-The directors on
-20c. Common Dividend.
'-Ohio Oil Co.
May 6 declared a dividend of 20c. per share on the common
stock, no.par value, payable June 15 to holders of record
May 17. The last previous payment on this issue, totaling
25c. per share, was made on March 14 1931 and compares
with 50c. per share paid on Sept. 15 and Dec. 15 1930.V. 134, p. 2166.
For income statement for three months ended March 31 see "Earnings
-V. 134, P. 2738.
Department' on a preceding page.
mortgage leasehold
sinking fund bonds dated July 1 1932 has filed,I foreclosure action in the
New York Supreme Court asking for the sale (f properties which include
the Grand Central Palace and the 247 Park Ave ue Building. The petition
alleges the corporation defaulted in the paymentof $28,080 due the sinking
fund on Jan. 1 1932 and an interest payment of $154,976 due the same date.
There are outstanding approximately $1,768,500 of the bonds.
-V. 134.
p. 863.
Comparative Balance Sheet Dec. 31.
1930.
1931.
Assets-
54,148
203,678
165.141
3.978
43,747
loss$890,831 108499,782
Net profit
144,275
38,775
Preferred dividends_ _ _ 326,618
Common dividends
Balance,surplus
No. corn. shs. outs'd'g
Earned per share
$1,911,253
May 7 1932
Douglas G. Wagner, Chairman of the committee for certificates dated
as of April 1 1923, representing shares or parts in the bond and mortgage
of Park Row Realty Co. given to secure its 20
-year 6% sinking fund gold
loan maturing April 1 1943, in a letter dated May 2 states:
The mortgaged property was purchased for the account of the committee
and title to the property was taken by Fifteen Park Row Corp. a corporation organized by the committee under the laws of the State ol New York
for such purpose; corporation has issued its bonds and stock in accordance
with the plan of reorganization dated Feb. 11932. The plan has been fully
consummated, so that holders of certificates of deposit have not become
entitled (upon their surrender for exchange) to the securities or cash proActed in said plan.
Holders of certificates of deposit who have elected to take cash are entitled
to receive cash at the rate of 26% of the principal amount of the share certificates represented by such certificates of deposit.
Holders of certificates of deposit who have not elected to take cash are
entitled to receive for each $1,000 of principal amount of the share certificates represented by such certificate of deposit (and in tile C880 of $500
of principal amount, one-half thereof) the following:
(1). $650 offirst mortgage 20
-year gold bonds,due May 11952,of Fifteen
Park Row Corp. issued under its mortgage dated as of May 1,1932, to Irving
Trust Co., as trustee, in bearer form: and
(2). 35 shares of class A stock (no par) of Fifteen Park Row Corp.
V. 134. p. 2739.
Pathe Exchange, Inc.
-New Directors, &c.
-
Wallace Groves, Andrew P. McLean, Clinton Scollard Jr., Arthur Sewall
2d,T.C.Strelbert and C. B. Wiggin have been elected directors,succeeding
C. G. Cushing, R. C. Hunt, R. M. Nelson, P. W. Thlrtle, H. P. Preston
and C. A. Reynolds, retired.
The new directors, it was said, represent interests affiliated with Stuart
W.Webb,former Executive Vice-President, who has been elected President
of the company. The retiring directors included several representatives
of the Bancamerica-Blair Corp.
Quarterly Earnings.
-For income statement for 13 weeks ended April 2
1932 see "Earnings Department" on a preceding page.
-V, 134. P. 2541.
(J. C.) Penney Co., Inc.
-Status.
-
In a letter to store managers, President R. C. Sams states there is nothing
in the operation of the company to warrant the recent drastic decline in tile
price of Penney common stock.
"There has been general comment thus far this year on the way in which
the dollar sales of this company have held up," Mr. Same stated. "Only
part of the store reports are in for April but the indicated dollar loss in sales
is under 10%. When this is compared with the losses for other chains and
for department stores, ranging up to two and nearly three times that percentage, we have every reason to congratulate ourselves that the stores
did a good selling Job in April despite unfavorable weather and despite
general conditions.
"Our cash position is splendid. At the end of Ail we do not owe tile
banks a penny and we have on hand approximately $5,000.000 in cash.
Volume 134
Financial Chronicle
The economies in the central offices and stores which played a big part
in last year's excellent showing are continuing to operate effectively and
profitably."
Referring to the permanency of the current $2.40 annual dividend rate,
Mr. Sams said this matter would not be discussed until the meeting of.the
board of directors called for the latter part of May. -However," he added.
"I see nothing in the present situation as regards earnings or cash position
that should interfere with the continuance ofthe present dividend rate at
that meeting."
-V. 134, P. 2925.
3471
Pierce Oil Corp.
-Earnings.
-
The new stock would be issued on a share-for-share basis for the $25
par stock, fully paid and non-assessable, of the present company.
An assessment of 50 cents per share will be declared on 226,821 shares
of stock of this company if the proposed reorganisation of the company
is approved by the shareholders, it was announced on May 5. Through
this means the company will be provided with $113,460. which will be used
to maintain the property in condition to reopen, and to pay taxes for 1932.
Under the reorganization, it is proposed to issue one share of part paid
stock in exchange for each share of the present company. Holders of
more than 60,000 shares have signified their approval of the plan -V. 133.
P. 974.
Pierce Petroleum Corp.
-Earnings.
-
Radio-Keith-Orpheum Corp.
-Calls for Payment by
Debenture Holders.
-
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V. 134, p. 3110.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 3110.
ey
'littsburgh Equitable Meter Co.-yterrisetturr--
his company has acquired the capital stock oferco Nordstrom Valve
Co.. San Francisco, and will operate it as a division W.F. Rockwell of the
Pittsburgh company becomes President of the M co Nordstrom companY.
Warehouse stocks of both concerns will be carried concurrently and sales
offices of each will be available to both.
-V.134. p.2739.
Poor & Co.
-Earnings.
-
For income statement for quarter ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, D. 1973.
Prairie Oil & Gas Co.
-Stock to Remain on Board Until
Differences Are Settled.
See Prairie Pipe Line Co. below.
-V. 134, p. 2167.
Prairie Pipe Line Co.
-Stock to Remain on Board Until
Differences Are Settled.
The New York Stock Exchange in a circular to its members says:
The Committee on Stock List of the New York Stock Exchange
has
been advised by counsel for the Prairie Oil & Gas Co. and the Prairie Pipe
Line Co. that shareholders who did not assent to consolidation with Sinclair
Consolidated Oil Corp., upon the terms set forth in the agreement dated
Jan. 14 1932 between the three companies (V. 134, p. 521) have
to the value in cash of such shares and are entitled only to sharesno right
solidated Oil Corp. Counsel for certain dissenting shareholdersin ConPrairie Oil & Gas Co. and the Prairie Pipe Line Co. have advised theof the
Committee that dissenting shareholders have a right to the value in cash of
such shares. In view of this difference of opinion and since the Committee
is advised that it is impossible to determine promptly the rights of such
dissenting shareholders, the Committee will allow shares of the Prairie
Oil & Gas Co.and the Prairie Pipe Line Co. to remain listed on the Exchange
until further notice. However, the Committee calls the attention of members to the fact that there is no assurance that purchasers of such shares
acquire any other right than that of turning in such shares for the number
ofshares of Consolidated Oil Corp.set forth in the consolidation agreement.
The Committee on Securities is advised that the transfer books of the
Prairie Oil & Gas Co. and the Prairie Pipe Line Co. were permanently
closed on March 25 1932 but that, for the present, the transfer agents of
these companies are splitting certificates in the ame name, when re
,
quested.
-V. 134. p. 2167.
Public Utility Investing Corp.
-Exchange Offer.
-
Holders of the 5% gold bonds, due 1948, of this corporation are hereby
given the opportunity of exchanging all or any portion of their holdings
any of the issues described below, up to the amounts of such issues
available for that p
The securities avilrat for this exchange are as follows: Associated
a
.
Electric Co. 5s, due 1961: Associated Electric Co. 4 Yis, due 1953, or New
England Gas & Electric Association 5s, due 1947, 1948 or 1950. Accrued
interest will be adjusted on exchanges so that it will be continuous but
not overlapping.
Holders who desire to exchange their bonds for any of the above seentities on a par for par basis should forward their bonds to the
Public
National Bank & Trust Co.. 76 William St., N. Y. City, depositary,
indicating the security desired. The corporation states: "As only
ited amounts of some of the above issues are available, it is suggested limthat
a first and second choice of the securities desired be indicated.
.
This offer is only for a limited period and will terminate when
the bonds
available therefor have been exhausted.
-V. 134, p. 864.
I
Pullman Co.
-Final Valuation.
-
The I.
-S. C. Commission has placed a so-called final valuation of
$119.750.000 on the owned and used common carrier properties of the company
as of June 30 1919. The company's owned but not used properties
were
appraised at $237,786 and its leased properties at $44.710.
The book investment of the property, including land
was $144,522,062 which .the Commission reduced to on date of valuation
$137,513,561. The
adjusted amount includek cost of the estimated non-carrier portion
(20%)
of the general office building at Chicago. It does not include cost
of all
the carrier tracks owned nor the cost of the manufacturing plant.
The original cost to date of the common carrier property was
at $136.384,385. Common carrier lands on the valuation dateestimated
were appraised at $3,191,989. Cost of reproduction new of
erty, exclusive of land and materials and supplies,owned and used propwas placed
254,342 and as $104,553,115, less depreciation. Report allowed at $156,$6,000,1141
for working capital which was included in the aggregate figure of
$119.750.000.
As to capitalization, the company had outstanding on June
30 1919,
$117,105,960 par value of common stock.
The company claimed its original cost was $202,400,802,
comprising
$188.486,886 of alleged reports costs, and $13.953.916 of
estimated costs.
V. 134, p. 2167.
Pullman, Inc.
-Earnings:
For income statement for quarters ended March 31 see "Earnings Department" on a preceding page.
-V. 134, p. 2327.
Pure Oil Co.
-To Change Common Stock to No Par Shares
Book Value to Be $22.25 Per Share, of Which $10 for Stated
Capital and $12.25 as Surplus.
-See remarks of Henry W.
Dawes,President, under "Financial Reports" on a preceding
page.
The stockholders will vote June 4 (a)on amending the articles
poration so as to change the common stock from shares of $25 of incorto a like number of shares without par value (the outstandingpar value
stock to be exchanged share for share for the new no par stock), andcommon
by such
amendment to provide that any of the new authorized common
exchangeable for outstanding common stock, as hereinbefore stock not
provided,
may be issued at any time or from time to time for such consideration
as may be fixed from time to time by the board of directors;(b) on reducing
the stated capital represented by each share of outstanding common stock
from $25 to $10 and directing that any surplus created by such reduction
shall be subject to disposition by the board of directors.
-V • 133, 1)• 1626.
---Purity Bakeries Corp.
-Reduction of Common Dividend.
-A quarterly dividend of 25c. per share was declared on
May 4 on the common stock, no par value, payable June 1
to holders of record May 16. Distributions of 50c. per
share were made on March 1 1932 and on Dec. 11931, as
against 75c. per share in each of the two preceding quarters.
From Sept. 1 1929 to and incl. March 1 1931 the company
paid quarterly dividends of $1 per share on this issue.
Earnings.-For income statement for 16 weeks ended April 23 see "Earn-V. 134. p. 840.
ings Department" on a preceding page.
-To Reorganize.
Quincy Mining Co.
At the annual meeting to be held on June 1 the stockholders will vote
ea proposal to organize a new company with 250,000 shares of $25 par
stock of which paid-in capital would amount to $20, leaving the additional
$5 subject to call.
The company on April 30 in a notice to holders of
paid certificates
for 10
-year 6% gold debentures and common stock stated:
Notice is hereby given of a call by the corporation for a payment on
June 1 1932 at the office of J. & W. Seligman & Co.• 54 Wall St.. N. Y.
City, by each holder of record of part-paid certificates for 10
-year 6% gold
debentures and common stock of the corporation of an amount equal to
6 2-3c. for each $5 principal amount of debentures represented by the
part
-paid certificates registered in his name, such amount being the accrued interest upon the remainder of the purchase price from Dec. 21
1931 to June 1 1932.
It will not be necessary actually to make payment of the amount
called, for in lieu of requiring such actual payment the corporation will
deduct such amount from the amount which will be payable by the corporation on June 1 1932 to the holders of part-paid certificates of record
at the close of business on May 21 1932 as interest upon the debentures
represented by such part-paid certificates.
-V. 134. p. 2925.
Reo Motor Car Co.--Shipments Increase-Earnings.
Month of April1932.
1931.
Shipments (number of cars)
1,204
941
rnings.-For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
Consolidated Balance Sheet March 31.
1931.
1932.
1931.
1932.
Lt.:M/01es$
Assets$
$
Capital stock
gLand, buildings,
18,105,130 20,000,000
machinery.&c__ 9,689,608 10.054,175 Accounts payable_ 614,505
594.110
179,982 Accrued payroll
Land contr. rec.__ y987,916
128,761
157,503
624,977 1,424,693 Federal tax, arr.__
Cash
99,411
126,785
351,523 Dividends payable
40,820
Sight drafts
200,000
1,008,550 1,968,826 M iscell. payable__ 162.908
Receivables
205,350
4,696,186 6,972,605 Deferred credits__
Govt. bonds
16,137
24,792
711,486 Earned surplus_ _ _ 2.551,975 6,205,436
Treasury stock
4,966,868 5,970,603 Capital surplus__ _ 568,689
Inventories
472,509
67,567
See y
Investments
285,045
232,591
Deferred charges
22,247,516 27,986,485
Total
Total
22.247.516 27,986,485
x After depreciation. y Includes investments.
-V. 134. p. 3110.
Revere Copper & Brass Inc.
-Earnings.-For income statement for quarters ended March 31 see "Earnings Department" on a preceding page.
-V. 134, p. 2358.
-Common Dividend Omitted.
---Reymer & Bros., Inc.
The directors have decided to omit the quarterly dividend usually payable
about May 15 on the common stock, no par value. Distributions of 123ic.
each were made on Feb. 15 1932 and on Nov. 16 1931. as against 25c. Per
-V.133.P. 3800.
share previously, each quarter.
-Sales.
Safeway Stores, Inc.
Consolidated sales of the Safeway System for the four weeks ended
April 23 1932. based on continuing stores, are reported at $18,411,698.
Accumulated sales for the 16 weeks ended April 23 1932 are given at $73,599.
677,
Number of continuing stores in operation during the period was 3,527.
-V. 134. p. 2739.
-Acquisition.
Sanford (Me.) Mills.
-Acquisition by this company of L. C. Chase & Co., 85 year old leader
in the textile industry, was announced last week by William H. Marland,
President and General Manager of Sanford Mills. The Chase company,
heretofore a partnership and selling agents for Sanford Mills, Reading
Rubber Manufacturing Co., and Troy Blanket Mills was incorporated on
May 1 as L. C. Chase & Co.. Inc., a wholly owned subsidiary of Sanford
Mills. It will continue to serve as the distributing division for these three
mills.
-V. 134, p. 1042.
San Francisco Bay Toll Bridge Co.
-Reduces Funded
Debt.
A total of $197,000 let mtge. 63 % bonds were retired up to March 31
-ii
1932. according to officials of the company, thus bringing the total outstanding amount to $4,303,000. against the original issue of $4,500.000.
Although the trust indenture contemplated retirement of only $34.000
Par value of bonds by the end of March, the company, by making sinking
fund purchases at prevailing low prices and applying about $60,000 of
surplus construction funds to the retirement of bonds in 1931. has been able
to reduce its fended debt to a greater extent than was calculated could be
effected by April 1934.
While the first quarter of the calendar year is seasonally the poorest for
the bridge company, first mortgage bond interest and interest on current
debts were covered by a small margin, it was said. ("Wall Street Journal.")
-V. 133. p. 3800.
Schulco Co.
-Earnings.
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
Comparative Balance Sheet.
Mar. 31'32. Dec. 31'31
LiabilitiesAssetsMar. 3132. Dec. 31'31
Real estate. mod &
$4,894,000 85,004,500
Funded debt
4,534
3,497
$6,501,750 $6,501,750 Accounts payable_
buildings
Mtge. sink. fund
Interest accrued on
111,361
gold bond purch. 115,833
134,379
gold bonds
115,833
Cash in banks_ _ _ _
5,892 Interest accrued on
3,591
51,243
Cash deposit with
76,252
1st mortgages_ _
trustee for int.
84,500
83,000
Loans payable
on 1st mtge_ _
76,252 Reserve deprec. on
51,242
Cash for amort. of
748,629
buildings owned 783.169
1st mortgages- _
1500
500
1,875
750 Capital stock
Cash deposit with
796.620
867.689
Surplus
trustee for int. &
sinking fund on
gold bonds
119,027
142,046
Accts. receivable
2.178
4,355
Total
$6,795,496 16,846.878
Total
x Represented by 100 no par shares.
86,795,496 $6,846,878
Savoy-Plaza Corp.
-New Offer Made to Holders of Debentures.The United States Realty & Improvement Co. will purchase a limited
amount of 10-year 53 % sinking fund told debentures, due Feb. 1 1938,
at par and accrued interest to June 1 1932 (81.018.33 for each $1,000
debenture). $1,000 to be paid by the 6% debenture note of the United
States Realty & Improvement Co. and the $18.33 in cash. Such 6%
debenture note to be dated May 2 1932 and in the principal amount of
$1,000: due Feb. 1 1938, payable to bearer: registerable as to principal;
interest from June 1 1932 payable semi-annually (F. & A. 1), on presentation of coupons annexed to the note; principal and interest payable at the
office of the company. Such note will provide that on default for 30 days
in the payment of interest, the principal will become due at the option of
the holder thereof and also contain a provision for prior payment on any
interest day, at the option of the make:.
Holders of the debentures of the Savoy-Plaza Corp., who desire to sell
same on the above terms, should present their debentures with Aug. 1
1932 and all subsequent coupons attached, at the offices of the United
States Realty Co., 111 Broadway, N. Y. City.
This is the third offer that has been made by United States Realty in an
effort to retire the Savoy-Plaza 5Yi% debentures. On Nov. 1 the company
3472
Financial Chronicle
announced that it would purchase the debentures up to Dec. 1 1931, at
$500 per $1,000 debenture (see V. 133, P. 3104). On April 1 1932, the
company made another offer-namely, the payment of $450 per $1,000
debenture until April 25 (see V. 134, p. 2545, 3111). The total amount
of debentures surrendered under these offers has not yet been made mown.
The Realty company owns all the common stock of the Savoy-Plaza
Corporation.
-V. 134, p. 3111.
Seaboard Oil Co. of Delaware.
-Earnings.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
Current assets as of March 31 1932, exclusive of investment in company's
own stock, amounted to $2,386,800, and current liabilities were $149,331.
-V. 134, p. 3993.
-..--- Securities Corporation General.
-Dividends Deferred.
The directors recently voted to postpone the quarterly dividends of
10c. per share on the common stock, $1.50 on the $6 preferred and $1.75
on the $7 preferred stock, which are usually payable at this time. The
last regular quarterly distributions on these issues were made on Feb. 1
1932.
Explaining the deferment of action on the quarterly dividends, President
P. M. Chandler says in a letter to stockholders:
"The severe decline in market prices of certain stocks held in the portfolio
has created a condition whereby the market value of assets is less than the
liabilities plus the capital represented by the preferred stock and common
stock. Although in many cases the directors feel that the market value
does not represent the inherent worth and value of the assets, nevertheless
it was not deemed wise to pay any dividends while the above condition
existed.
"The directors, however, are anxious to resume payment of dividends at
the earliest possible moment and, therefore, intend to call a meeting of
stockholders to consider a reduction of the stated capital represented by the
common stock. If this capital is reduced sufficiently, a surplus will be
created which, it is expected, will permit the resumption and continuance
of dividends at least on the preferred stock.
The statute under which such reduction of capital may be effected was
adopted by the Virginia Legislature at its 1932 session but such statute by
force of the Virginia constitution does not become effective until about
June 21 1932, so that it is impossible to hold the stockholders' meeting to
-V. 132, p. 2790.
vote upon such reduction prior to that date.
Sharp & Dohme Co.
-Earnings.
For income statement for quater ended March 31 see "Earnings Department" on a preceding page.
-V. 134, p. 2109.
-Earnings.
(Frank G.)Shattuck Mining Co.
For income statement for quarter ended March 31 see "Earnings De-V. 134, p. 2359.
partment" on a preceding page.
-Earnings.
' Simms Petroleum Co.
For income statement for quarter ended March 31 see "Earnings De-V. 134, p. 2740.
partment" on a preceding page.
-Earnings.
Skelly Oil Co.(& Subs.).
For income statement for quarter ended March 31 see "Earnings De-V. 134, p. 2899.
partment" on a preceding page.
-Earnings.
• _(A. 0.) Smith Corp.
For income statement for six months ended Jan.31 see "Earnings Department" on a preceding page.
-V. 134, p. 2546.
-Reorganization Progressing.
------Snider Packing Corp.
Clifton M. Miller, Chairman of the reorganization committee, made the
following statement May 3:
"The committee has made substantial progress towards the consummation of the plan of reorganization and at the present time has in its control
over 90% of the outstanding notes. Upon consummation of the plan of reorganization. it is expected that the coupon due May 1 will be paid, as the
new first mortgage bonds to be delivered in exchange for the present outstanding notes are to be dated Nov. 1 1931 and carry a coupon for the 6
months interest due May 1 1932."-V. 134, p. 2711, 2740.
-Earnings.
Solvay American Investment Corp.
May 7 1932
Supreme Courtrof the State of New York. That approval has now been
obtained."
-V.1134, P. 2926, 2359.
Southern Ice Co.-Earnzngs.Calendar YearsGross sales and earnings
x Net sales-Ice
x Net sales
-Coal
1931.
$1,105,810 $1,220:389 $1,348,552
576.076
58,232
630.493
72,740
76,930
75,585
Net sales
-Ice and coal •
Delivery selling and general expenses
Taxes
$648,817
421,931
See z
$707,423
458,807
48,238
$833,817
460,272
64,295
Operating income
Non-operating income
-Net
$226,886
7,108
$200,378
8.139
$309,250
7,811
Gross income
Interest charges
$233,994
z110,855
$208,517
66,965
$317,062
67.229
Balance
Prior earned surplus
$123,139
304,826
$141,552
322,973
$249,833
239.329
Total surplus
Retirement reserve_y
$427,965
105,000
$464,525
106.000
$489,162
105,000
Balance
$322,965
$358,525
$384,162
Net direct credits
4.522
15.475
12,972
Balance
$327,487
$373,999
$397.135
Preferred dividends
17,258
69,174
74.162
Earned surplus
$310.229
$304,826
$322,973
x Gross sales less cost of products sold. y Amount set aside by the directors during the 12 months' period. z Includes taxes.
Balance Sheet Dec. 31.
LiabilUiesAssets1931.
1930.
1931,
1930.
Plant
$2,438,886 $2,403,357 7% pref.stock_ _ _ _21,217,200 $1,217,200
Cash
31,455
35,583 Carolina Pub. Ser.
Co.8s, 1942_ _ _ 710,100
Notes receivable _
150
728,600
Accts.receivable _ 130,138
120,783 Notes payable_ _ _ _
90,000
130,000
Mater.& supplies_
9,125
10,105 Accounts payable_
65,017
48,949
1,322
1,419 Accts. not yet due_
Ice inventory _ _ _ _
32,552
36,918
30,195
26,053 Retirement reserv 324,517
Fuel inventory_ _
231,879
Prepayments
12,387 Appropriated res.
21,758
995 for retirements _
714
444
Misc. cur. assets_
30,705 Common stock __x 172,488
30,705
Mkicell. investm_
172,486
141 Earned surplus _ _
Sinking funds_ _ _ _
141
310,228
304,826
110
21
Unadjusted debts_
Reacquired secure.
229,000
(7% pref. stock) 231,000
Total
Total
$2,922,816 $2,871,302
22,922,816 $2,871,302
-V.134, p.865.
x Represented by 37,497 shares of no par value.
-Omits Common Dividend.
(A. G.) Spalding & Bros.
The directors on May 3 voted to omit the quarterly dividend
usually payable about July 15 on the common stock, no
par value. Distributions of 25e. each were made on this
issue on Jan. 15 and Apr. 15 last and on Oct. 15 1931, as
against 50e. per share each quarter from Oct. 15 1929 to and
incl. July 15 1931.-V. 134, p. 339.
-Pays Accrued Pref. Div.
Spiegel, May,Stern Co., Inc.
The directors recently declared 3 dividend of 1%% on account of accumulations on the 64% cum. pref. stock, payable May 1 to holders of record
April 27. The last payment of 334% had been made on this issue Feb. 1
1932. Accumulations, after the aforesaid distribution, amounts to 4%%.
-V.134. p. 1974.
Standard Cap & Seal Corp.
-Earnings.
-For income statement for 3 months ended March 31 see "Earnings
-V.134. p. 1390.
Department" on a preceding page.
1930.
1932.
1931.
Year Ended March 31-Omits Dividends.
-... Standard-Coosa-Thatcher Co.
$3,101,031 $3,021,974 $2,634,802
.Dividends received
The directors have voted to omit the quarterly dividend usually pay578,176
599,020
651,507
Interest received
the common stock.
Royalty2,695 able about July I on share was made, as par $25. On April 1 last a discompared with 37%c. per share
tribution of 25c. per
1,357,088
549,886
Profit on realization of investments loss522:606
on Jan. 2 last and 50c. per share previously each quarter.
-V.134, p. 1211.
$3,158,134 $4,172,962 $4,646,093
Total income
Standard Fruit & Steamship Corp.(& Subs.).
-Earns.
750,000
750,000
750,000
Interest on secured gold notes
1931.
1930.
Calendar Years1929.
32,500
32,500
32,500
1928.
Discount on notes payable
6,802.203
Bananas import.(stems) 10.963,403
237,292
5,993,012
258,589
251,355
4,437,801
General 8ic.. expenses
Net earns. after all chges $741.985
$10.685
31,947
$248,313
$67,256
10,646
10.944
Taxes paid and refunded
100,000
7,500
Federal income tax
Quarterly Enrninos.-For income statement for 3 months ended March 31
see "Earnings Department" on a preceding page.
$2,113,334 $3.113,726 $3,494,354
Net income
Consolidated Balance Sheet Dec. 311931.
3,989,253
2,432,947
3,865.810
Balance, March 31
Liabilities
Assets
Dr527
Income tax adjustment
2991,137 Accounts payable
Cash
$689,577
2,157.280 Acceptances payable
Accounts receivable
400,000
$5,979,144 $7,102,452 $5,927,301
Total, surplus
Notes payable-banks
Advances to planters & con995,000
634,032
1,375,007
1,343,904
Preferred dividends
188,628 Deferred accounts payable. _ _
tractors, &c
5.690
1,800,000
1,200,000
Common dividends
Reserve for contingencies__ _ _
Inventories-merchandise &
750,000
61,635
104,016
153,542
Approp. as add. res. for sec. g. notes.
606,233 Cumulative 27 pref. stock...814,000,000
manufactured products_ _
21,777
Add.res.for poss. tax claims
& supCommon stock
Inventories-materials
612,010,547
Excess of par val, over cost of pref.
plies
730,545 Surplus
1,403,952
cr.193,830
stock reacquired
424 617
Investments
Excess of face val. over cost of corp.
Prep- insurance premiums &
5% gold notes purch. but not retired cr.236,292
200,972
interest
Other deferred charges
119,864
$5,197,126 $3,865,810 $3,989,253
Balance March 31
Lands, bidgs., RR.,mach.&c 24,835,489
Earnings per share on 300,000 shares
$5.79
$9.53
$2.56
common stock (no par)
• Total
$30,258,766 Total257 66
65 ,7
4.
Balance Sheet Mar. 31.
a 140,000 no par shares. b 1.100,000 no par shares -V. 133.63:
1931.
1932.
1931.
1932.
$
Liabilities$
Assets$
Standard Oil Co. of California.
-Earnings.
1,286,015 2,285,381 Notes Pay., sec.
Cash
For income statement for quarter ended March 31, see "Earnings Dey10,082,000 15,000,000
78,239,689 80,307,542 series A
Investments
partment" on a preceding page.
-V. 134, p. 1598.
62,500
z41,925
8.777,714 10,129,649 Interest accrued _
Advances
93,551
4,800
321,121
425,377 Sundry creditors_
Int. & dive. accr
Standard Oil Co. (Ind.).
-Sale of Foreign Properties of
875 Est. res. for Fed,
Sundry debtors_
25,000
7,500
income tax
1.512,109 1,665,851
Reserve fund
Pan American Petroleum & Transport Co. to Standard Oil
Special reserve _ _ 1,512,109 1,665,651
Pref'd stock reCo. of New Jersey Practically Concluded.
-Sale of the interest
1,825 Cum.pref.stock_ _24,034,000 25,000,000
demption fund_
Common stock _ _x49,475,880 49,475,880
Unamort. dlsct. on
of Standard Oil Co. (Ind.) in the foreign properties of Pan
5,197,126 3,865,810
354,792 Earned surplus _
216,193
notes payable
90.352.841 95.170,892
Total
90,352,841 95,170,892
Total
x Represented by 300.000 no par shares. y After deducting $4.938,000
not ret'red. z After
worth of bonds purchased and held by corporation but
-V. 134, p. 1389.
deducting $20,575 as interest on bonds held (see note y).
-In Liquidation.
Southern Surety Co. of N. Y.
George S. Van Schaick, State Superintendent of Insurance on May 3
announced that his department has completed certain preliminary negotiations with the Home Indemnity Co. whereby that company would take
over some of the reinsured business of the Southern Surety Co., now in
process of liquidation. Details of the plan have been sent to various insurance commissioners throughout the United States.
The State Insurance Department, pursuant to court order, took possession of the assets of the Southern Surety Co. on March 22 as statutory
successor and liquidator of the company. At that time a number of questions arose concerning the reinsurance agreements and arrangements which
had been made between that company and the Home Indemnity Co.
"Up to within a short time," the announcement stated, "the two companies had been run from the same office under substantially the same
management and personnel. The reinsurance situation involved many
difficult problems in view of the adjudicated insolvency of the company in
liquidation.
"The liquidator immediately set about a study of the legal rights of the
parties affected by these various reinsurance agreements and arrangements.
After giving the matter careful attention and after consulting with a disinterested reinsurance expert, an interpretive agreement was concluded
with the Home Indemnity Co. on April 29, subject to the approval of the
American Petroleum & Transport Co. to the Standard Oil
Co. of New Jersey was practically concluded yesterday
(May 6), according to Edward G. Seubert, President, who
further states:
The transaction is being carried out on the basis of book value of the
Pan American foreign properties as of April 30 1932 estimated at $146.000,000. The Jersey company's agreement with Standard of Indiana is to
pay for these properties $50,000,000 in cash over a period of four years and
the remainder estimated to be $96,000,000 in shares of Jersey stock at
their book value as of Dec. 31 1931. Standard of Indiana has agreed to
transfer its interest in the foreign property amounting to about 96% on
this basis and all other Pan American stockholders will have an opportunity
to sell on a basis not less favorable to them.
The net result to all Pan American stockholders will be that they will
have an opportunity to accept for their interest in the foreign situation
$14.65 in cash and more than one-half share of Jersey stock for each share
of Pan American stock now held by them. They will have remaining an
interest in Pan American's domestic properties amounting to approximately
$10 in cash or its equivalent, and approximately $14 book value of additional assets per share.
Book values were agreed upon as the basis for the deal as being fairer to
both parties than an attempt to arrive at market values under the present
disturbed conditions.
Standard of Indiana will receive out of the total consideration approximately $48,000,000 in cash and 96% of the Jersey stock payment.
The deal will materially improve the company's position in relation to
the world trade in oil. The foreign properties in which it has been interested
Volume 134
Financial Chronicle
3473
have been dependent in large part upon outlets In the United States. If
Consolidated Balance Sheet Dec. 31.
the threatened tariff on oil should be adopted they would be obliged to
1931.
1930.
seek additional outlets abroad in competition with established companies
1931.
1930.
Assets$
$
Meaniesand at great cost. Standard of New Jersey, on the other hand, is in position
$
2
Fixed assets
116,446,010 16,167,918 Capital stock- ---y4,000,000 4,000,000
to provide foreign outlets by a mere adjustment in flow of business. By
Investments
204,917
306,407 Funded debt_ -_-- 3,107,900 3.207,900
exchanging its interest in the Pan American foreign properties for an investCash
122,136
108,707 Accounts and notes
ment in the Jersey company Standard of Indiana will insure itself against
Govt. secur., &c 1.251,337
580,401
payable
loss through tariff developments and put itself in position to share not only
335,225
561,175
Inventorial
2,927,484 4,127,574 Accrued sink. fund
in any benefits which the Jersey company may gain from the transaction,
8,333
8,333
Accounts & notes
Accrued expenses_ 328.950
but also in the earnings of that company's entire business, both foreign
343,609
receivable, &c
446.442
780,647 Tax reserve
and domestic.
73,565
Deferred charges
108,445
95,582 Surplus
Pan American will organize a new holding company and transfer its
13,606,032 13,839,996
Minority interest •
foreign holdings to the new corporation in exchange for its entire capital
in subs
stock. This stock in the new corporation Pan American will distribute to
122,333
132.658
Its present stockholders on a share for share basis.
Total
21,506,775 22,167,237
Total
When this formality is carried out, each Pan American stockholder will
21,506,775 22,167,237
x After deducting $4,833,588 for depreciation. y Represented
hold one certificate representing his interest in the foreign properties and
by
857,871 shares (no par).
one representing his interest in the domestic properties, in place of a single
-V. 133. p. 1939.
certificate which previously represented both. He will then be in position
(John R.) Thompson Co.
to exercise his own judgment as to acceptance or rejection of the offer
-Chairman Resigns.
At a special meeting of the board of directors,
which the Jersey company has agreed to make to buy all the stock in the
resigned as Chairman of the board and Treasurer. Charles A. McCulloch
new corporation. Standard of Indiana's agreement to sell its stock assures
This action was taken
in order to permit him to devote more of his time in connection with
the Jersey company of at least a 96% interest in the foreign properties.
his
duties as one of the receivers of the Middle West Utilities Co.
Cash and marketable securities amounting to approximately 835,000,000
Earl F. Swaim, General Manager of John R. Thompson Co., has been
and properties of a book value of approximately $48.000,000 will remain
elected Executive Vice-President.
in the Pan American domestic set-up in which the Indiana company retains
---V. 134, p. 1781.
its full interest.
- "'Tide Water Associated Oil Co -Decreases Stated Capital
--The domestic business will receive its petroleum supplies from the
sources if a tariff is not adopted. If one is adopted, supplies have same
been
-Grrpitat-Surplus of-$34,069.543 Created in Order to Providearranged for from domestic sources -V.134, p. 3293.
,
---Standard Oil Co. of Nebraska.
-Reduces Dividend.
The directors on May 4 declared a quarterly dividend of
25c. per share on the capital stock, par $25, payable June 20
to holders of record May 28. This compares with quarterly
distributions of 50c. per share made from March 20 1931
to and incl. March 21 1932. Previously quarterly payments
of 623c. per share were made.
-V. 134, p. 1390.
Standard Oil CO.(New Jersey).
-Extra Dividend.
The directors have declared the usual extra dividend of
and the regular quarterly dividend of 25c. per share on the 25c. per
$25
capital stock, both payable June 15 to holders of record May par
amounts have been paid quarterly since and including June 16.
15
share
value
Like
1929.
To Purchase Foreign Properties of Pan American Petroleum
& Transport Co. from Standard Oil Co. of Indiana-Cost
Estimated at $146,000,000, to Be Paid $50,000,900 in Cash
and $96,000,000 in Stock.
-See Standard Oil Co. of Indiana
above.
-V. 134, p. 3294.
Stone & Webster, Inc.
-Earnings.
For income statement for 3 months ended March 31 1932 see "Earnings
Department" on a preceding page.
-V. 134. p. 3112.
Stuyvesant Insurance Co., N. Y.
-Dividend Omitted.
-
The directors recently voted to omit the quarterly dividend usually
payable about May 1 on the capital stock, par $25. Three mid six months
ago a quarterly distribution of 37;i cents per share was made on the stock
as compared with 50 cents per share previously each quarter.
Swift 8c Co.(Inc.).
-Supreme Court Invalidates Modification of Consent Decree Granted Jan. 31 1931.
-See Armour &
Co. (Ill.) above.
In commenting on the decision of the U. S. Supreme Court
in the Consent Decree case, G. F. Swift, President, May 2
said:
The ruling of the Supreme Court will have practically no effect
on our
current business. The court's decision will merely limit our operations
to
those in which we have been engaged during the past 12 years.
We had
hoped for a favorable decision so that we might handle canned
foods along
with meat and produce. This would have made it possible
tribution costs not only on meat but on other food items to reduce disas
naturally this would have benefited producers, retail dealers and well, and
consumers,
as well as packers.
The following statement to the shareholders was issued
May 3 by L. A. Carton, Treasurer:
We take this opportunity to advise you that the ruling of the
Supreme
Court in the consent decree case will have no appreciable effect
on our
current operations.
The recent ruling in the courts leaves us in the same
to serve
our trade as heretofore, the court declaring modification position urevious
of their
ruling unnecessary for this purpose. There will
of our pleasant relations with our customers as therefore be a cont nuation
in the past with
ment as opportunity offers, and we welcome suggestions from improvethem that
will enable us to render them a service that will help them to
increase
e
r e.
That you may better understand the effective organization
within Swift
& Co. and their superior financial standing at this time, we
submit the
following for your information:
With no bank loans or other short-term borrowings, Swift
cash in bank, U. S. notes, bonds and other listed securities. & Co. has
Inventories of raw materials, products and supplies,carried at 234,000,000.
lower of cost
or market, $71,000,000. Accounts receivable after deducting
for
doubtful items, $44,000.000. Other good securities, $10,000,000. bad or
Total
current assets, $159,000,000, against which there are no current
borrowings,
Our sales expressed in money are running 20% less than
pressed in weight, sales are 5% larger. The results for the last year. Exof this year, after writing off inventory losses due to fan in first six months
prices, are substantially better than for the same period last year. At the
our inventories are carried at the lowest price in 30 years.present time
position a moderate improvement in business should give us From this
satisfactory
earnings.- V. 134, p. 339.
Swift Internacional Corp.-Divs. Earned
-Status.
President Edward F. Swift says: -The company has no
bank
any other obligations except current trade debts not yet due. debts nor
It has
-strong financialposition represented by a surplus, resources ------ a
.S
Government and other marketable securities worth $10,000.000
in U.
gold, In addition to its net working capital of $15,000,000, makings total S.
25,000.000 free liquid resources against which there are no obligations of
of
any kind. This is equal to $16.66 U. S. gold per share.
"Estimated earnings for the first four months of 1932 equal or
earnings for the same period in 1931, and fully cover dividend exceed
the
requiretnents. Business tonnage is being well maintained and indications
are
that results will continue satisfactory."
-V. 134, D. 1599.
Tennessee Corp.(& Subs.).
-Earnings.Calendar Years1931.
1930.
1929.
1928.
Sales
$7.572,760 $12,106,518 $12,395,407 $10,223,579
Interest received
28.219
60.774,
. 2
Other Income
150,279
97,220
207.480
202.879
Total
$7.698,200 112,317,572 $12,849,772 $10,501,481
Cost ofsales incl. all mfg.
exps. except deprec
6,342,832 9,091,439
9,124,331
7,960,016
Selling & adminis. exps791,507
1,052,598
915,956
700,918
Interest
190,474
196,474
192,670
88,800
Amortization expenses_
30,000
Depreciation
271,074
752,036
458,252
427.597
Miscellaneous expenses96,711
102,805
110,291
25,694
Federal income taxes_
73,565
132,881
1,233
235
13,747
Res. for minor. interest_
37,959
$5,365 $1.034,907 S1,877.432 $1,267,226
Net profit
Dividends
214,454
857,683
847.605
596.566
def$209.089
1177,224 $1,029,828
Surplus
$670,660
Shs. cap. stk. outstand.
857,871
857.761
(no par)
857.761
857.761
$0.01
Earnings per share
$1.20
$2.19
$1.47
for-Cextaizz-Write-Offs-Nevr-Directors;rtc
The stockholders of the latter company on May 5 approved a proposal
to restate the book value of the no par common stock to $10 per share
(from $15.68 per share), thus creating a capital surplus of $34,069.543
to which will be charged the amount required to give effect to certain
write-offs.
The stockholders also approved the action of the directors in retiring on
Dec. 30 last year 37,155 shares of the company's pref. stock previously
purchased.
President Axtell J. Byles stated that the company would be out of the
red in the first quarter this year. The figures of earnings, which will be
issued in a few days, have not yet been submitted to the board. In the
first quarter of last year the company reported a net loss of $191,575 after
all charges.
George N. Armsby, Frank Callahan, J. H. Markham Jr. were elected
directors, succeeding F. I. Fallon, H.(1. Freeman and Hunter S. Marston.
-V. 134, p. 2926. 2898.
Timken-Detroit Axle Co.
-Earnings.
Calendar YearsGross income
Expenses
1931.
1930.
1929.
1928.
$3,499,461 $3,702,910 $4,257,894 $4.518,057
2,357.876
1.978,030
2,085.966
2,239,096
Operating profit
$1,141,585 $1,724,880 $2,171.928 12,278.961
Other income
150,467
132,842
255,892
276,731
Total income
$1,292,052 $1,857,722 $2,427,820 $2,555.692
Depreciation
706,609
656,240
528,665
432.516
Federaltaxes
29,902
92,600
225,052
235,000
Other deductions
227,213
266,646
161.074
149.839
Net profit
$328,329
$842,237 $1,513,029 $1,738,337
Preferred dividends- - 195,256
225,382
245.368
257,633
Common dividends
192,776
771.105
771.657
646,105
Surplus
def$59,703 def$154,250
$835,599
1496.004
Shs. common stk. outstanding (par 110)---992,096
992,096
992.096
834.596
Earnings per share
$0.13
$0.62
$1.28
$1.77
Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Assets$
Liabilities$
$
Land, Wigs., &c _x7,490.524 7,760,676 7% preferred stock 2,775,600 2,844,900
Good-will & pat's- 1,883,758
1 Corn. stk.(par $10) 9.920,960 9,920,960
Cash
1,371,400 1,346,081 Federal tax (est.)
. 52,291
86,825
Ctrs. of deposit
313,048 1,364,864 Notes pay.assumed
Notes & accts. ree_ 1,922,230 1,653,113
fr. Silent AutoInventories
3,248,243 3,392,535
matic Corp.
373,279
Mudd.& Cloy.sec 1,803.393
690,459 Payrolls, commisOther assets
1,065,963 1,261,571
113,062
sions, &c
Deferred assets_ _ _
227.848
213,218 Miscell. accounts_
28,563
Deferred liabilities 1,161,700
Accounts payable
not due
511,540
406,385
Accrued dividends
and expenses_
21,041
39,626
Other reserves_
159,522
301,268
Deferred income
18,833
18,359
Surplus
3,990,016 4,064.194
- --Total
19,126,410 17,682,519
Total
19.126.410 17,682.519
x After $6,521.494 reserve for depreciation.
-V. 133. p. 2612.
-- ---Ti ken Roller-Bearing Co.
"
-Annual Dividend Rate Reduce to--114760-fmn-S2-pof-Ephare-. The directors on May 3
declared a quarterly dividend of 37Y0. per share, payable
2
June 6 to holders of record May 20. Distributions of 500.
per share were made on March 5 last and on Sept. 5 and
Dee. 5 1931, as against 75c. per share previously each guarter.
-V. 134, p. 3294.
Thompson Products, Inc.
-Earnings.For income statement for quarter ended March 31 see "Earnings De
partment" in last week's "Chronicle," page 3283.
Consolidated Balance Sheet March 31.
Asset
1932.
1931.
1932.
1931.
Land, bldg., ma7% Pret.stock_ 8371,500 8386,300
chinery,eq.. ace:43,301.984 $3,248,960 Common stock_ --y2,831,600 2,631,600
Good-will, patents,
Notes & accounts
&c
828,905
831,991
payable
470,972
473,160
Cash
72,117
81,331 Land contract pay. 150,000
Accrued accounts_
39,698
84,144
acct.'s. receivable 518,219
746,975 Capital surplus___ 633,731
633,731
Inventories
857,960 1,061,526 Profit a,
surp. 1.886,348 2,264,965
Treasury stock
99,703
106,203
Emp.& misc.notes
& accts. receiv_
82,323
33,436
Affiliated co.'s_ _ _ 329,900
267.103
Options & license
deposits
17,150
Prepaid exp.. &c
75,587
96,375
Total
96,183,851 $6,473,900 Total
16,183,851 16,473.900
x After depreciation of $1.766,978.
Represented by 336.160 no Far
shares, inclu
treasury stock.
-V 14. p. 2547.
Threesite Realty Corp.
-Paying Agent.
-
Manufacturers Trust Co. has been appointed coupon paying
for
8400.000 first mortgage bonds of the Threesite Realty Corp. and agent for
agent
the voting trustees of the no par capital stock of the Delancey-Clinton
Theatres Operation Corp.
Transcontinental Shares Corp.
-Proposed Merger.
-
See Allied Business Corporation Shares, Inc., above.
-V.134. P. 340.
Union Carbide 8c Carbon Corp.
-Earnings.
-
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V. 134, p. 2510.
Union Central Life Insurance Co., Cincinnati, O.
-
The company has declared a semi-annual dividend of 47 c. per share
on the capital stock, par $20. Previously, semi-annual distributions of
60c. per share were made on this issue.
Financial Chronicle
3474
-The direc-Smaller Distribution.
Tank Car Co.
tors on May 3 declared a quarterly dividend of 35c. per
share on the outstanding 1,254,048 shares of common stock,
no par value, payable June 1 to holders of record May 16.
This compares with quarterly distributions of 40c. per share
made from March 1 1930 to and incl. March 1 1932.-r. 134,
p. 2927.
-Distribution of Assets to Preferred
Union Tobacco Co.
Stockholders Opposed.
A group of class A and common stockholders has sent a letter to other
claw A and common stockholders asking their support in opposing a plan
of the management to distribute part of the assets of the company to the
preferred stockholders. The company has investments with a market
value on April 22 of $2.223,299. which included 52.100,000 par value of
Tobacco Products Corp. of New Jersey debentures. Against this there
are liabilities of approximately 5400.000, leaving an equity of approximately
51.823,299 for the three classes of stock.
This proposal, the protesting stockholders say, would give 83% of the
net assets of the company, with a market value of over $1,513,000 to its
nine preferred stockholders, in exchange for only 4234% of the outstanding
preferred stock, which has an asset value of only $775.000. This would
be as follows: A 634% debenture of Tobacco Products Corp. of New
Jersey, with a market value of $89, for a share of preferred stock, with
an asset value of $45.58 and a market value of much less. This would
leave in the company assets of the present value of only about $310.000.
with 5734%, or 82,300,000 par value of pre.erred stock still outstanding
in the hands of the same nine stockholders, ranking ahead of the 172,596
shares of class A stock and 763,916 shares of common stock, the letter says.
A second proposal would give $435,000 to the North Virginia Corp.,
the letter continues, by releasing it, without receiving any consideration
therefor, from its obligation to pay 31,000.000 to the company when called
upon so to do by the company, pursuant to an agreement to underwrite
the subscription at par for 10,000 additional shares of preferred stock of
the company. If such underwriting obligation were enforced, the 10.000
additional shares would have a present asset value of about $56.46, or
$435,000 less than the North Virginia Corp. has contracted to pay therefor.
The North Virginia Corp. represents the estate oi Thomas Fortune Ryan.
The meeting of stockholders of the Union Tobacco Co., originally
scheduled for May 6, has been postponed to May 31.-V. 134, P. 3112.
-Earnings.
United Aircraft tic Transport Co.
For income statement for 3 months ended March 31 see "Earnings
-V. 134, p. 3295.
Department" on a preceding page.
-Earnings.
United Carbon Co.
For income statement for 3 months ended March 31 see "Earnings De-V. 134, p. 1781.
partment" on a preceding page.
-Preferred Dividend Deferred.'
--- -United Chemicals Inc.
The directors have voted to defer the quarterly dividend due June 1
on the $3 cum. & partic. pref. stock, no par value. Distributions of 50c.
per share were made in each of the two preceding quarters, while from
June 1 1929 to and incl. Sept. 1 1931 regular quarterly payments of 75c.
-V. 134, p. 2927.
per share were made.
.
.."----United Industrial Corp.(Viag).-Smaller Dividend.
The company has declared a dividend of 5% for the year 1931, compared
with 7% paid for 1930. The entire capital stock Is owned by the German
Govenament.-V. 134, p. 3295.
-Earnings.
United Milk Products Corp.
For income statement for 3 months ended March 31 1932 see "Earnings
Current assets as of March 31 1932 amounted to $1,872,887 and current
llabilities were $283,892.-V. 134, P. 2927.
Department" on a preceding page.
-Defers Div.
--United States & Foreign Securities Corp.
-the quarterly dividend of $1.50
The directors recently decided to defer
ner share due May 1 on the $6 cum. 1st pref. stock, no1par value. The
last quarterly payment on this issue was made on Feb. 1932.
President Ernest B. Tracy, in a letter addressed to the 1st preferred
stockholders, stated: "In view of the shrinkage in the market value of the
corporation's assets, the directors have not declared the May 1 quarterly
dividend on the cum. 1st pref. stock."
Net assets on April 29, basing security value on market quotations, or on
nominal values In the absence of market prices, were approximately $22,390,000. At that time there were 225,660 1st preferred shares in the hands
-V. 134. p. 1214.
of the public.
U.S. Hoffman Machinery
Corp.-Bal. Sheet March 31.-
Liabilities1931.
1932.
1931.
1932.
AssetsPlant property. c 8825,012 8862,382 Capital stock_ ..b$4,632.181 $4,632,182
57,879 Accounts payable
73,124
rn't constr.&eqpt.
& accrued accts.,
a1,194,427 1,357,523
Patents
Includ'g Federal
1
1
Good-will
318,321
taxes(est.)
767,021
296,399
571,785
Cash
50,018
2,339.487 2,828,363 Purch.money notes
Notes & accts.rec.
77,287 Deposits on acct.of
57,726
Prep'd & def. chgs.
uncompl.sales_
5,240
10,178
1,143,865 1,129,108
Inventories
Reserves for taxes
Deposits on leases,
and royalties.. _
1,349
67,342
43,332
2,766
contracts.&c__.
132,417 Earned surplus_
1,289,371 2,075,662
129,417
Investments
44.420
24,883
Treasury stock
Total
86,362,475 $7,057,753
86,362,475 87.057,753
Total
a After deducting reserves of $2,234,677. b Authorized 223,334 shares
of no par value outstanding, 222,203 1-3 shares. c After deducting reserves of 5420,090.-V. 134, P. 3113, 1213.
-Makes New
United States Realty & Improvement Co.
-See
Offer to Holders of Debentures of Savoy-Plaza Corp.
latter above.
Consolidated Balance Sheet.
Mar. 3132. Dec. 3131.
Assets
Cash
Accts. rec., incl.
amts, due on
bldg.contracts
Inventories
Building, plant.
equipment,&c
Deferred chgs.,
unexp. Maur.,
&c
Mtges. receivle.
see. of and
adv. to other
cos. and inv.
In other stocks
& bonds, at
4,167,538
3,966.946
3,772,671
539,949
4,252,417
626,244
5,164.940
5,182,281
1,987,448
2,083.332
12.529,898 14,356,718
Mar. 31'32. Dec. 3131
Liabilities
$
Accts. payable-- 2,385,306 2,371,782
96,164
98.588
Dividends pay-10-yr.5)i% s.f.
gold debs--- 4,854,500 5,561,000
1
15-yr. 6% 5..
gold debs.--- 2,692.000 2,754,500
993,584
.
Taxes & int awe 1,553.884
Adv. pay. on
contr. & rents
& def. credits_ 1,706,623 1,125,166
100,000
Bills payable._
Mtges. on cos.
real (state__ 29,656,440 30,118,340
Geo. A. Fuller
Co.,can.,Ltd.
703,500
703,500
8% preferred.
G. A.Fuller Co.
prior pref..- 3,102,100 3,102,100
GI. A.Fuller Co.
cost
Real estate and
79.900.321 79,900,309
buildings
26 preference- 3,308,800 3.327,900
Leasehold and
783,675 Int. in Savoy
783.775
Improvement_
42,300
54,700
Plaza Corp_Capital stock_a45.475,163 50,274,208
8,792,118 7,157,936
Reserves
4,377,642 3,510,660
Surplus
Total
108,846,541 111.151 923
Total
108,846,541 111,151,923
of which 46,200 shares
a Represented by 900,000 shares of no par value3113.
-V. 134. P.
are held in the company's treasury.
-New Vice-Presidents.
United States Rubber Co.
Rubber Co., Ltd., Montreal,
William A. Eden,President of the Dominion
O'Shaughnessy, General Manhas been elected Vice-President and Joseph been elected Vice-President in
Detroit, has
ager of the tire department,
-'V. 134, P. 3113.
charge of sales, with headquarters in New York.
May 7 1932
-Canadian Trust AgreeUnited States Shares Corp.
ment to Terminate.
-V. 134, p. 1782.
See Canadian Bank Stock Trust Shares above.
-15% Steel Wage Cut to Go
United States Steel Corp.
-The following statement was issued
into Effect May 16.
by the company May 6:
Effective May 16. the United States Steel Corp. and subsidiary com-
panies will reduce by approximately 15% all wage and salary rates at all
departments in the more important steel districts and in other locations
to rates reflecting equitable differentials.
The last reduction in wages took place on Oct. 1 1931, and amounted
to 10%. About three months before the wage cut, salaries of employees
earning more than $1,800 annually were cut 10% to 15%. In the case of
both salaried and wage-earning employees the reduction varied somewhat,
depending upon the character of the work performed.
New Officials.
Charles S. Belsterling has been appointed Vice-President in charge
of traffic.
R. E. Zimmerman has been appointed Assistant to the President.
V. 134, p. 3304.
United Steel Works of Burbach-Eich-Dudelange
(Societe Anonyme des Acieries Reunies de BurbachEich-Dudelange) (Grand Duchy of Luxemburg) "Arbed."-Passes Dividend.
The company has passed Its dividend, according to a Paris dispatch,
which added that the entire net prafits of 20.000,000 Belgian francs have
-V. 132. p. 1635.
been placed to depreciation account.
-Output.United Verde Extension Mining Co.
Production of Copper (in Pounds).
1930.
1931.
1929.
Month1932.
January
3,043,930 2,824,696 4,447.540 4,675,640
February- -3,031,458 3,221,198 3,737,914 4,047,610
March
3,049,976 3,236,882 3,362,598 5,207,946
4
J. S. Douglas, President. says in part:
1928.
3,265,898
3,247,052
3,397,172
There are no changes worthy of note in the mine at Jerome. The drift
toward the Haynes on the 1,500-foot level is as yet about 800 feet from
the Haynes boundary line. Work in an upraise on the 3,000-foot level
discloses low-grade ore, which, under present conditions, Is not commercial.
Some copper is being sold, but most of our production is being piled up
at Clemenceau.
Cash, etc., April 1 1932.
Cash on hand
$857,680
1,268,258
Marketable securities (cost $3,669,_172)
528,869.
Other investments(cost $1,726.037)
-V. 134. p. 2928.
Vertientes Sugar Co. (Compania Azucarera Vertientes).-Depositary.Manufacturers Trust Co. has been appointed depositary for the bondholders protective committee of the first mortgage sinking fund 7% gold
bonds. due Dec. 11942.-V. 134, p. 3113.
-Earnings.
Walworth Co.
For income staterdent for 3 months ended March 31 see "Earnings.
-V. 134, p. 2928.
Department" on a preceding page.
Warner-Quinlan Co.
-Earnings.
Calendar Years-
1931.
1930.
1929.
1928.
Sales, less discounts, &c..$13,877,440 216,310,526 515,538,182 $12,281,875
Cost of sales
10,939.564 13,579,399 11,603,467 8,506,208
Sell., admin. & gen. exps 2,202.036
1,960,010
1,797.176
2,236,131
Balance
Other income
5735,839
187,619
Total income
Deprec, and depletion_ Oil leases, wells & other
development cost &
equipment written off
Interest
Taxes
$923,458 . $705,189 $2,223,847 $2,257,044
550,451.
756.413
785.531
856,653
Losses incurred in connection with charter
Party agreements _
Provision for contingOther charges
56,132
585.169
13,470
$494,996 21,974,705 $1,978,490
278,554
210,193
249,142
186,552
599,997
7,504
561.632
76.804
224,25268,602
84,581
50,000
14,614
loss$531,459loss$1080098
Net profit
Int.in net earns.of MuniDr180,065 Dr216,581
cipal Service Corp_
5828,997 21,413,736.
893,958
loss$711,5241os41296679 $1,722,955 21,413,736.
Total
Amount required to adjust Inventory to Price
358,000
Jan. 15 1930
x359,154
Written oft
Balance
Preferred dividends_
Common dividends
Surplus
def$711,524def$1655,833 81,364.955 $1,413,736.
101,327
348,121
719,529.
1.193,545
def$711,524def$2003,954
$171,410
$592,878
Shares of common outstanding (no par)Earnings per sh.on com-
759,538
759,538
632,948
488,359'
Nil
Nil
$2.74
$2.15
x In respect of the liquidation of employees' common stock acquisition.
plan and other advances to employees secured by Warner-Quinlan Co.
common stock.
-1929 net income was equal to $2.96 per sh. on 581,939 shit., the
Note.
average number of shs. outstanding during year, and to $2.72 per gh. on.
632,948 shs. outstanding at the close of year. This is before special inventory adjustment made on Dec. 31 1929 to give effect to a reduction in
market price made on Jan. 15 1930. After such adjustment, net Income is.
equal to $2.15 per sh. on 632,948 shs. The earnings per sh, on the average
amount of common shs. outstanding during 1928 (339,752 shs.) amounted,
to $3.86.
Consolidated Balance Sheet Dec. 31.
1931.
Assets743,032
Cash
Accts. dr notes rec.. 1,953,331
Advs. to officers
& employees.... 371,880
1,467,198
Inventories
Adv. to trustees
under stock subscription plan for
officers and em267,605
ployees
Interest in oil prod.
from prop. sold. 490,735
Accts.rec.from af619,573
filiated cos
0,387,139
Investments
Oil lands, leases dr
equip., refinery
& distributing fa13,803,957
&c
121,699
Def. disc.& expo_
Insur., int., taxes
& other expenses
197,356
1930.
1931.
$
Liabilities$
941.829 Notes payable.. _ _ 875,000
2,061.811 Trade acceptances 1,017,947
Accts. pay.& accr. 751,525
379,375 Accounts payable
to ann.cos
1,294,377
3668524
ProP.Purch.obliga. 1,351:2 9
ee. for contingencies and other
operating res._
. 265,535
267,605 Fed.& state taxes. 243,453
Deferred Credits - 473,661
10-yr. 6% cony.
gold debentures. 6,385,000
582,361 8Ctoamtumtoornystockrv x18,771,648
reserves
9,563,640
of Mexican sub-
sIdlary
Surplus
40 00
df1,163;5577
19 0000
1,330,. •
112,864
1,117,222
9
58 0
42 3 8
1, 89:3 5
190,648.
6,554,000
18,771,648
84 5°5
83..720-
14,808,482
139,045
203,777
29,423,505 30,242,301.
29,423,505 30,242,301 Total
x Represented by 759,538 no par shares. V.133, p 2943.
Total
Volume 134
Financial Chronicle
Warner Co.
-Reduces Stated Value of Common Shares.
-
The stockholders on May 2 approved the reduction of the capital applicable to the outstanding 234,657 shares of common stock, without nominal
or par value, from $3,223,708 to 11.173,285, and the transfer of the difference to acquired surplus. The effect of this change is to reduce the capital
applicable to each outstanding share of common stock from approximately
213.74 per share to $5 per share. It does not affect the number of shame
of common stock outstanding nor change the amount of capital applicable
to the outstanding shares of $7 1st pref stock and $7 2d pref. stock, both
of no par value.
-V. 134, p. 1601.
Walgreen Co.
-Earnings.
-
For income statement for 6 months ended March 31 see 'Earnings
Department" on a preceding page.
Balance Shea March 31.
1932,
1931.
1932.
1931.
Assets
yd.,bias..equip..
6% pref.stock__ 4,123,100 4,400.000
&o,
a8,617,150e10.843,684 Common stock_ __66,028,534 6,391,146
Cash
1,256,035 1,052,628 Stocks of sub. cos_ 590,058
742,650
Accts. notes.. 50..
Accts. & notes pay 2,092,882 2,833,949
receivable
883,048
524,736 Empl. invest. Ws_
35,200
35,700
Inventories
6,361,348 6,735,795 Accr. salaries, &e_ 369,198
258,722
Mtges.& notes rec.
Federal tax reserve 152,432
160,000
(not current)
290.494
290,000 Contracts & mtges.
Cash value insur.
payable
35,750
d63,000
policies
95,108
98,379 Paid-in surplus...
425,543
Prof. treas. stock_
91,600 Earned surplus.- 4,863,376 5,472,950
Investments other
cos., at cost---- 339,878
477.738
cInvest. WU. Co.
at cost
300,000
300,000
Good-will, Ac
1
1
Prepaid items.... 347,578
369,099
Total
18,290.630 20,783,660
Total
18,290.630 20,783.660
a After depreciation of $3,252,516.
b Represented
shares. c Represented by 3,000 shares of preferred by 801,980 no par
stock of Walgreen
Managers' Investment Co. d Not current.
e After depreciation and
amortization.
-V. 134. D. 2928.
Webster Eisenlohr, Inc.
-Earnings.
For income statement for quarter ended
March 31 see "Earnings Department" on a preceding page.
-V. 134, p. 2363.
----Westvaco Chlorine Products
Corp -Divide
A quarterly dividend of 25c. per share has been declared nd Reduced.
on the common
stock, no par value, payable June 1 to holders of record
May 16. In each
of the two preceding quarters a distribution of
as compared with 50c. per share previously. 40c. Per share was made
-V. 134. p. 2171.
White Motor Co.
-New Directors.
-
T. It. Dahl, Vice-President and Secretary, and George H.
Kelly, Treasurer, have been elected directors.
-V. 134, p. 2329.
Yellow Truck & Coach Mfg. Co.-Earnings.(Incl. Yellow Manufacturing Acceptance Corp.)
Calendar Years-1931.
1930.
1929.
1928.
Net sales
$26,948,154 $42,725,225 $49,908,177 $46,124,368
Net profit before prov.
for deprec. and special
adjustment
def1.869,419
2,178,034
2,576,825
125,248
Prov. for depreciation..
892,916
1,062,619
1,173.319
1,096,488
Prov. for U. 8. and foreign income taxes
13.105
Special adjustments_ _ _ _
Cr750,167
ov,for employees'saving and investment_
212,602
133.171
Net profit
def$2,762,335 11.115.415 $1.927.965
1oss$1104410
Previoussurplus
2,104,048
988,633 def939.332
165,078
Total surplus
def1658,287 $2,104,048
$988,633def$939,332
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Ands
Liabilities
$
Land, buildings,
Preferred stock_ _15,000.000 15.000.000
machinery,&e.-15,402,890 16,707,293 Class 13 stock
Inv. In atilt. co's__ 8,557,757 8,699,930 Common stock_ y13,000,000 13.000,000
__
Marketable secur. 3,114,000 4,015,000 Accounts payable_ y8,000,000 8,000,000
1,347,474
Notes receivable__ 244,223
305,543 Accrued liabilities_ 683,401 1,906.796
723,745
Cash
2,586,053 2,397,647 Res. for employees'
Accts. receivable-42,220,563 2,607,633
saving fund_ _ _ _ 884,119
Inventories
11,459,806 12,824,043 Reserve for depreSight drafts, &o..
195,350
52,656
ciation, &a
5.537,346 5,130,804
prepaid expenses.
49,928
57,776 Sundry reserves.. 531,179
798,981
Deferred charges__ 1,567,830 1,508,279 Other reserves...
z599,754
z599.754 z321,273
Patents, &()
1
1 Employees' saving
fund
473.414 1,190,156
Profit dr loss surp.def658,287 2,104,048
Total
45,398,401 48,175,803
Total
45,398,401 48,175,803
x After reserves of $195,847. y Par $10. r Reserves
on notes receivable under repurchase agreement with for possible losses
Yellow Mfg. Acceptance Corp.
-V. 134, p. 3304.
Willys-Overland Co.
-John N. Willys to Assume Active
Duties as Chairman.
John N. Willys, Ambassador to Poland,
United States after spending a few days with who recently returned to the
business
in Toledo and New York, has arranged with Presidentfriends and associates
Hoover to be relieved
of his duties as Ambassador sometime In June, and will
return to Toledo,
0. to actively resume his duties as Chairman of the
board of the Willys04riand Co.
Mr. Willys has large investments in Willys-Ove
rland and other Toledo
Industries.
"During the years I have been away," Mr.
Willys said, "great strides
have been taken by the management of
processes and reducing costs, so that to-day Willys-Overland in improving
there is a
plans that have great promise, but they will require foundation for future
.
all of the directors and executives of the company.' constant attention by
In a brief statement to the stockholders President
L. A. Miller said:
"We are particularly fortunate in Mr.
participation in the affairs of Willys-OveWilly's decision to resume active
rland. For
century he has been recognized as one of the most more than a quarter
of a
forceful and resourceful leaders in the automobile industry and his renewed
active interest in
the affairs of Willys-Overland should have an immediate
beneficial effect
which will be welcomed by all of his associates.
"In resigning his Ambassadorship Mr. Willys
declared that he had
accomplished what he set out to do in Poland
and
portant duty at this time is to give the company feels that his most imhe founded the benefit
of his long experience. Mr. Willys has always enjoyed the utmost
confidence of his company's dealers and distributors and his renewed
activities
with the executive family undoubtedly will be received by them
with
gratification.
'Willys-Overland's immediate and future plans are
well
Rosition to take advantage of any betterment in established and
we are in a
general business
conditions.
The directors elected at the annual meeting held on April 26 were:
willys (Chairman), C. 0. Miniger, George M. Jones, Marshall
Clore, Rathbun Fuller, Gordon M. Mather, Thomas H. Field,
Charles
Tracy.
L. A. Miller, J. 11. Gerkens and 'I'. A. Russell.
Officers of the company were re-elected as follows: L. A. Miller, President:
Oerkens, Vice-President and Treasurer; H. B. Harper, Vice-President
J. H.
In charge of sales: A. II. Qualy, Secretary, and W. E. Miner, Comptroller.
The executive committee was elected by the directors as follows: 0. 0.
miniger (Chairman), George M. Jones, Charles F. Glore, Rathbun Fuller.
Gordon M. Mather and L. A. Miller.
-V. 134, P. 2363.
For other Investment News, NM page 3479.
3475
New England Power Association (& Subs.)
(Annual Report
-Year Ended Dec. 31 1931.)
CONSOLIDATED STATEMENT OF EARNINGS YEARS
END.DEC. 31.
1931.
1930.
1929.
1928.
Gross oper. rev. (after
eLim. of inter-co.sales)$52,639,762 *38,228.480
$38,196,784 330.292.660
Other income
3,008,054
2,992.306
2,211.224
1.542,944
Total income
$55,647,816 $41,220,786 $40,408,008 $31,835,604
Operating expenses
20,143,286 14,295,065 14,720,913 11.207.405
Maintenance
3,782,908
3.097,791
3,271.935
2,865.208
Depreciation
4,297,530
3,305,792
2,965,778
2,934,746
Taxes
6,359.632
3.732.224
3,631.022
2,893.447
Net before int.& divs-$21,064,461 116.789,914
$15,818,359 $11.934,798
Int. pd.& amort.of disc. 8,547,928
6,422,084
5,088,436
4,542.270
Min.int.in earns.of subs. 1,080,802
692,114
1,207,429
401.300
Prof. & cl. A div.of subs. 3,123,971
1,498,535
1,520,042
1,549,651
Earnings not received... 1,194,664
Net consol. earnings__ $7,117,097 18,177,181
18.002.453 $5.441.576
Prof. diva. of New England Power Assn
3,992,823
3,959,261
3,48
.
7,578
2,059.059
.
Common diva.($2)
1,864,725
1,853,662
Balance, surplus
11.259.549 12.364.258 $4,514,875 $3.382,517
Earns, per sh. on average number outstand'g
$3.35
$4.52
$5.25
$4.44
* Quarterly dividends of 50c. per share paid but amounts not available.
CONSOLIDATED BALANCE SHEET AS AT DEC. 31.
1931.
1930.
1931.
1930.
A ssetsCapital assets. 360,281,598 279,134,029 Prof. stock
64.195,105 64.070,005.
Work orders in
$2 pref.stock...
838,464
532,640.
progress
4,553,855 5,683,535 Common stock _450,614,547 50,597,595.
Cash
5,411,571
6,076,378 Subscr. to pref.
Accts. & notes
stock
825,795
rec. (less res.) 7,431,666
5,408,176 Min.Int. in corn.
Div. ds int. accr.
38,293
92,212
stock & surp.
Midis & suppl_ 3,786,761
2,901,035
of subsidiaries 15,207,348
7,713,691
Prepaid charges
868,708
590,444 Pref. & class A
Accounts receiv.
stocks of subs. 49,430,588 21,599,165
from employ's
5% notes due
under savings
Dec. 1 1932.. 20,000,000 20,000.000
and stock sub20-yr. 5% debs.
scription plans
291,626
1,008,367
due 1948
25,000,000 25,000,000
Stocks held for
534% gold dote. 25,000,000 25.000.000
empl. subscr_
518,981
751.413 534% sec. serial
Restricted del).
notes
3,600,000
and cash in
Funded debt of
sinking funds_ 1,177,656
397,107
subsid. cos_ _ _ 68,906.102 55,235,645
,
Securs. owned__ 13,357,466 19,018,823 Purchase °Wig
246,964
Accts..knotes rec
Notes payable
19,111,155 6,605.450
(not cur. due)
104,897
567,672 Accts. payable &
Unamort. bond
accr.(inc.prov.
disc., &c., unfor inc. tax)
3.622,105.
adjusted deb_ 7,088,019 6,703,086 Divs. payable _ _ 4,874,387
1,233,269
697.136
Res. for deprec_ 36,476,184 27,718460*
Res, for cas.
790.815.
Other oper. res. 1,663.433
251,382:
Sus. cred.of Un.
Elec. Rys. Co. 3,342.493 3,092,788
do 010th. cos.
251,292
Empl. stk. subsc
1,974,285
Surplus paid-in. 1.500,000
1,500,000
Surplus earned_ 13,092,226 11,832.678
Total
404,911,096 328,332,276
Total
404,911,096 328,332,278
Represented by 932,607 shares of no par value.
-V. 133, p. 4159.
International Railways of Central America.
(Annual Report
-Year Ended Dec. 31 1930.)
CONSOLIDATED INCOME ACCOUNT
-YEARS ENDED DEC. 31.
1931.
1930.
1929.
1928.
Railway operating rev_ - $5,208,652 $6,432,513 $7,578,993 $7.758,080
Railway operating exp.- 3.524.728
3,785,055
4,664,340
4,451,501
Railway tax accruals...
65,000
216,900
232,346
296,220
Uncollectible ry.revenue
339
3,453
631
15,223
Railway oper. income_ 11,618,585 12,427.105 $2,894.514 12.782.287
Net inc.from misc. oper_
341,039
452,794
484.352
285,976
Non-operating income-230,289
289,633
301,654
316,047
Cross income
$2.189,913
Int. on bonds and notes- 1,516.021 $3,169.532 $3,680,520 13.384.311
1,589,279
1,201.034
1,021,245
Amort. of discount
109,100
110,900
65.456
42.694
Inc. applic. to Occidental
.
RR. minority interest20
20
14
37
Miscell. income charges.
18,639
19,148
4,512 •
6,200
Net income
$546,132 $1,450,185 $2,409,504 82.314.135'
Sinking fund reserve_
133.279
124.557
117,529
111,256
Dividends pref. stock...
375.000
500,000
500.000
500.000
Balance, surplus
$37,853
$825,628 $1,791.975 11,702.878
Previous surplus
8,607,613
7,604,714
5.846,868
5,112.741
Donations
616
1,381
Unrefundable over. chgee
106
Prof. on road & eq. sold_
336
975
249
Miscell. adjustments..- 185,596
304,224
44,190
Total
$8,832,119 88.736,922 $7,683,283 $6,889.606
Deduct
Value placed on 15.000
abs. common stock_
:886,144
Loss on retired rd. & eq _
7,207
10,840
3.788
Forfeiture of concession
dep.,Govt.ofHonduras
25.000
Miscell. adjustments--140.413
118,469
53,569
152,805
Bal. at cred., Dec.31- $8,684.499 $8 607 613 $7 604 714 $5846
868
Earns. per sh. common-$0.12
$2.62
$5.69
$5.76
a Value placed on 15 000 shame com.stock (no par) issued in dis=f
obligation under contract of Jan. 19 1927 between company and
its
CONSOLIDATED BALANCE SHEET DEC. 31.
1931.
1930.
1931.
1930.
Assets$
$
Liabilities$
$
Road dr equipm't_ 79,556,924 79,510,277 Common stock
30,886,144430,886,144
Imp, on leased ry.
Preferred stock_._l0,000,000 10,000,000
Property
85,002
86,474 Governm't grants_ 7,471,837 7,497,615
Inv.In attn. coo.. _ 786,697
782,588 Funded debt
23,958,291 26,828,228
Mac. Phys. prop_ 369,390
344,782 Loans & bills pay_ 2,058.815
88.222
Dep.in lieu of mtg'
Accts.& wages pay 102,283
156,484
property sold__
15,266
26,450 Int.& dive. mat'd _
107,947
Other investments 1,367.270 1,738,944 Interest accrued-. 129,489
346,230
355,146
Sinking fund
827,536
694,256 Miscell. accts. pay
63,502
48,177
Cash
688,082
612,310 Fund, debt mat'd,
Special deposits
42,515
44,217
unpaid
17,650
16,650
Loans & bills rec__ 301,075
Minority Interest,
Int. & diva. rectle_
24.972
26,046
Occidental RR_
210
190
Agents& conduct'r
43.850
61,770 Tax liability
644,189
Materials & suppl's 992.730 1.151.833 Ins.& casualty res. 596,416
34,896
33.312
Miscell. account__ 612,420 1,032,933 Accrued depreen_ 3,208.131
3,063,103
Other def. assets _ 849,910
.
849,999 Operating reserves
47,595
96,233
Disc, on fund debt 2,267,188 2,430,634 0th. unadj. credits 131,207
108,661
Rent & insurance_
92,401
74,069 Sinking fund res. 827,536
694,258
Oth. unadj. debits
43,230
166,318 Appropriated surp. 401,729
401,729
Profit and loss
8,684,499 8.607,613
Total
88,966,458 89,633,900
Total
88,966,458 89,633,900
Represented by 315 000 shares (no par).
-V.134 p. 2712.
67.487
7
Financial Chronicle
3476
May 7 1932
glacnintuts.
geports ana
PUBLISHED AS ADVERTISEMENTS
THE KANSAS CITY SOUTHERN RAILWAY COMPANY.
THIRTY SECOND ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 1931.
Kansas City, Mo., May 1, 1932.
To the Stockholders of
The Kansas City Southern Railway Company:
The thirty-second annual report of the affairs of your
Company, being for the year ended December 31, 1931, is
herewith presented.
SUMMARY OF OPERATIONS.
That portion of the system lying within the State of Texas,
the mileage of which is included in the operated mileage of
your Company, is operated separately by its owner, the
Texarkana and Fort Smith Railway Company, which maintains its own general offices and books of account at Texarkana, Texas, in accordance with the State law. The reports
of that company are, however, combined with those of the
parent Company in so far as necessary to enable a comprehensive survey of operations for the entire line from Kansas
City to the Gulf.
The succeeding statement shows the results of operation
for the year, compared with such results for the preceding
year:
1930
1931
Railway Operating Revenues:
Freight
Passenger
Excess Baggage
Mail
Express
Other Passenger-train
Milk
Switching
Special Service Train
Other Freight-train
Incidental and Joint Facility
Increase.
Decrease.
883.20
883.22
.02
• $11,920,959.82
532,016.85
•
•
3,346.39
258,905.36
211,403.99
4,813.37
•
•
19,323.87
•
840,351.09
3,583.02
•
20,144.95
•
258,561.67
84.71% $16,290,103.76
854,456.59
3.78
5.597.89
.02
276,596.25
1.84
327,454.25
1.50
9,904.51
.03
23,602.49
.14
965,336.23
5.97
4,237.40
.03
7,646.89
.14
331,757.53
1.84
85.30% •
$4,369,143.94
4.47
322,439.74
.03
2,251.50
1.45
17,690.89
1.72
116,050.26
.05
5,091.14
.12
4.278.62
124,985.14
5.06
.02654.38
312,19- 70e
8
.04
73,195.86
1.74
$14,073,410.38
100.00% $19,096,693.79
Average Mileage Operated
Total
Railway Operating Expenses:
Maintenance of Way and Structures
Maintenance of Equipment
Traffic
Transportation
Miscellaneous Operations
General
Transportation for Investment-Cr
$1,342,697.57
2.239,226.19
686,186.84
4.313.335.88
70,689.21
938,431.43
44,170.42
9.54%
15.91
4.87
30.65
.50
6.67
.31
$2,261,224.91
3,123,845.00
847,797.04
5.703.045.96
96,399.46
1.099,699.19
11,812.47
$5,023,283.41
100.00%
$918,527.34
11.84%
884,618.81
16.36
161,610.20
4.44
1,389,710.08
29.86
25,710.25
.50
5.76161,267.76
$32, - - - 95
3 .
- 57
.06
$3,573,802.39
$9,546,396.70
67.83% $13.120.199.09
68.70%
Net Revenue from Railway Operations
$4,527,013.68
32.17%
$5.976,494.70
31.30%
Railway Tax Accruals
Uncollectible Railway Revenues
$1,187,937.16
2.481.72
8.44%
.02
51,170,082.58
3,494.21
6.13%
.02
Railway Operating Income
$3,336,594.80
23.71%
54.802.917.91
25.15%
$1,466,323.11
$642,900.35
74,265.84
4.57%
.53
$956.475.86
75,664.23
5.01%
.39
$313.575.51
1,398.39
18.61%
$3,770.777.82
Total
-Net debit
Equipment Rents
-Net debit
Joint Facility Rents
Net Railway Operating Income
Ratio of Operating Expenses and Taxes to Operating Revenues
$2,619,428.61
The combined statistics of the Kansas City Southern and
the Texarkana and Fort Smith also include the properties
and operations of the following wholly owned and directly
operated subsidiaries of the parent Company:
The Maywood and Sugar Creek Railway Company,
Kansas City & Grandview Railway Company,
Fort Smith and Van Buren Railway Company.
The Kansas City. Shreveport and Gulf Railway Company.
DIVIDENDS.
Dividends on the Preferred Stock of your Company,
aggregating $840,000.00 and being at the rate of 1 per cent.
quarterly, were declared during the year and paid out of
current earnings or available surplus, as follows:
No. 96, declared March 4, 1931, payable April 15.
1931,to stockholders of record March 31. 1931-___$210,000.00
No. 97, declared June 17, 1931, payable July 15, 210,000.00
1931,to stockholders of record June 30, 1931
No. 98. declared September 16, 1931, payable October 15, 1931, to stockholders of record Septem- 210,000.00
ber 30. 1931
JanNo. 99. declared December 16, 1931. payable
uary 15. 1932, to stockholders of record Decem- 210,000.00
ber 31, 1931
$840,000.00
z.
78.270
$1,449,481.02
517,854.58
$1,012.49
$1,151,349.21
19.75%
1 44at
74.53oZ.
OPERATING REVENUES.
Freight Revenue:
Decreases due to the lesser movement of
Refined petroleum
$824,843.82
Wheat for export
551,295.77
Other grains, grain products, and hay
329,722.49
Pine lumber
285.542.67
Products of iron, steel and other metals
254,576.95
Logs, posts and piling
222,794.56
Lubricating oils and greases
218,742.15
Automobiles, trucks and parts
128,777.58
Railroad ties
123,467.86
Other products of forests
122,675.28
Crude petroleum
116.739.27
Asphalt
113;976.37
Fresh fruits and vegetables, except peaches
113,000.47
Other products of mines
102,479.70
Fertilizers and chemicals
92,909.37
Live stock and animal products
75,284.15
Other agricultural products
73,544.47
Brick, lime, tile and plaster
53,994.17
Canned food products
43,414.95
Agricultural implements
34,353.86
Automobile and truck tires
29,709.04
Other manufactures and miscellaneous
367,278.88
Less-than-carload consignments
198,645.51
Increases due to the greater movement of
Gravel, sand and stone
34,540.04
Peaches
33,194.01
Cement
26,580.44
Bituminous coal
14,310.91
$4,369,143.94
Dividends on the Common Stock of your Company,
31 per
aggregating $524,340.25 and being at the rates of 1
of 1 per cent., respectively, were declared
cent. and M
surplus, as
during the year and paid out of accumulated
follows:
No.9,declared March 4,1931, payable May 1, 1931,
$374,528.75
to stockholders of record March 31, 1931
August 1.
No. 10, declared June 17. 1931, payable 1931
149,811.50
30.
1931, to stockholders of record June
$524,340.25
of dividends
No further action has been taken in the matter
on the Common Stock.
OPERATING REVENUES.
The decrease of $5,023,283.41 in Operating Revenues
resulted from the following causes:
Passenger Revenue:
Decrease in local traffic
Decrease in interline traffic
$212,712.62
109,727.12
322,439.74
Mail Revenue:
Decrease due to less space used by the United States Post
Office Department
Express Revenue:
Decrease due to general business conditions and to greater
competition of motor trucks
Switching Revenue:
Decrease due to lesser number of cars handled at
Kansas City
$69,200.61
Other points
55,784.53
Other Transportation Revenues:
Increase on account of miscellaneous items(Net)
Incidental and Joint Facility:
Decrease due to general business conditions
.
Net decrease in Operating Revenues
17,690.89
116,050.26
124,985.14
222.42
73,195.86
$5,023,283.41
Volume 134
Financial Chronicle
OPERATING EXPENSES.
The decrease of $3,573,802.39 in Operating Expenses
resulted from the following causes :
OPERATING EXPENSES.
Maintenance of Way and Structures:
Decreases on account of
Roadway and track maintenance-Ordinary$237,974.44
Net rail laid in previous year
213,678.27
Supervision
76,437.95
Rail renewals
-Ordinary
61,507.33
Tie renewals
48,319.87
Bridges, trestles and culverts
'34,722.45
Dredging at Port Arthur, Tex., in previous
year
28,000.00
Conversion of water stations from steam to
electric operation in previous year
23.430.53
Strengthening embankments on new Leeds
Grandview line in previous year
22,724.00
Small tools and supplies
22.560.53
Shops and enginehouses
21,274.57
Miscellaneous items (Net)
127,897.40
Maintenance of Equipment:
Decreases on account of
Classified and running repairs to
Locomotives
$433,420.28
Freight-train cars
183,551.17
Work equipment
78,795.17
Passenger-train cars
59,834.67
Supervision
62,388.93
Shop machinery
36,804.69
Miscellaneous items (Net)
29,823.90
Traffic:
Decreases on account of
Solicitation
$101,769.60
Supervision
34.654,84
Miscellaneous items (Net)
.25,185.76
Miscellaneous Operations:
Decreases on account of
Grain elevator at Port Arthur, Tex
Dining car service
Power production
General:
Decreases on account of
Clerical forces
Law expenses
Federal valuation
Miscellaneous items (Net)
First
Main
Track.
787.88
82.20
Total Mileage Owned or Controlled_ 870.08
Branch Lines Operated under Lease__
5.94
Lines Operated under Trackage Rights
7.18
Total Mileage Operated
883.20
Second
Main
Other
All
Track. Tracks. Tracks.
21.40 453.74 1.263.02
31.87 114.07
21.40
5.11
485.61 1,377.09
5.94
13.81
26.10
26.51
499.42 1,409.13
The total track mileage was increased from 1,406.14 to
1,409.13, making a net change of 2.99 miles, which consists
of the following items:
Additions:
Yard, Terminal, Industrial and Side Tracks (Net)
Deductions:
First main track (Net)
Net increase
3.01 miles
.02 miles
2.99 miles
$918,527.34
EQUIPMENT.
The Rolling Equipment owned or otherwise controlled on
December 31, 1931, consisted of:
884,618.81
Locomotives
Passenger-train Cars
Freight-train Cars in Commercial Service
Freight-train Cars in Work Service
Caboose;
Work Equipment
Total Units
Under
Owned.
Trust. Total.
144
13
157
8282
3.276
-fiili
4.070
419
- -- . 419
78
- --78
53
53
4,052
807
• 4.859
During the year 462 freight cars were put into good condition, while 2 freight cars were dismantled and their value
was written out of the property account.
ADDITIONS AND BETTERMENTS.
Net expenditures were made for Additions and Betterments to road and equipment in the amounts following:
For Road
For Equipment
For General Expenditures
$885.383.03
83,092.19
15,274.05
$983.749.27
1,389.710.08
$13,757.67
11,499.53
453.05
25,710.25
$94,610.49
35,851.17
16755.60
14,050.50
161,267.76
Transportation for Investment-Cr.:
Decrease due to the greater quantity of materials for construction purposes conveyed in transportation trains_ _ _ _
Net decrease in Operating Expenses
MILES OF RAILROAD.
The track mileage operated by your Company at the end
of the year was as below stated:
Main Line Owned or Controlled
Branch Lines Owned or Controlled_ _ _
161.610.20
Transportation:
Decreases on account of
Locomotive, yard, and train service, caused
by lighter traffic
$596,302.29
Consumption of fuel
$258,540.08
Price of fuel
160,223.05
418,763.13
Station forces
119,971.76
Supervision
79,192.90
Casualties
79.068.07
Operating joint terminals
34,594.38
Dispatching trains
20,440.06
Miscellaneous items (Net)
41,377.49
3477
32.357.95
$3,573,802.39
A classified schedule of such expenditures is presented in
the statistical section of this report.
The bridges, trestles and culverts of your road were improved principally by decreasing the length of wood trestles
from 57,822 feet to 57,541 feet. A table showing the progressive improvements made in bridges, trestles and culverts
from June 30, 1900, to December 31, 1931, appears in the
statistical section.
Additional ballast was applied during the year in the tracks
at various locations at a cost of $17,202.63. The condition
of your main line with respect to ballast at the end of the year
is shown by the succeeding tabulation:
Section of 6 inches or more under ties
Section of less than 6 inches under ties
Deferred ballasting on Leeds-Grandview line
771.23 miles
3.90 miles
12.75 miles
Total main line mileage owned
787.88 miles
TAXES.
Following is a statement of charges on account of taxes,
compared with the preceding year:
The weights of rail in the main line at the end of the year,
there being no changes other than adjustments of measurements, are as shown by the tabulation below:
1931.
1930.
State, county and municipal taxes$1,142,639.27 $1,082,700.64
Federal income tax
45,297.89
87.381.94
Totals
81,187.937.16 $1.170,082.58
Rail weighing 127 pounds per yard
Rail weighing 115 pounds per yard
Rail weighing 100 pounds per yard
Rail weighing 85 pounds per yard
Rail weighing 80 pounds per yard
Rail weighing less than 80 pounds per yard
Increase.
$59.938.63
42,084.05
$17,854.58
The increase in State, county and municipal taxes was
due to adjustments of reserves. The decrease in the Federal
income tax was the result of a smaller taxable income and
the adjustment of reserves for previous years.
REVENUE TONNAGE.
The revenue tonnage movement for the year, as compared
with that of the year preceding, was as follows:
For the year ended December 31. 1930.
Revenue Tons one mile-North
Revenue Tons one mile-South
For the year ended December 31, 1931.
Revenue Tons one mile-North
Revenue Tons one mile-South
Decrease in Revenue Tons one mile
861,204.513
847.710,112
1,708,914.625
706,056.700
493.007,046
1,199.063,746
509,850,879
COST OF MATERIAL AND SUPPLIES.
The prices of the several classes of materials used in construction and maintenance generally declined. The cost
of lumber and metal products (other than rails and fastenings), which comprise a large part of the materials used, was
substantially lower. The cost of rails and fastenings, however, remained practically the same as in the previous year.
The cost of fuel oil declined 20.19 per cent., and that of coal
receded 10.60 per cent.
65.51
11.00
120.19
576.83
4.24
1.11
Total main line mileage owned
miles
miles
miles
miles
milts
miles
787.88 miles
Work was continued upon the schedule for the reinforcement of track through the application of tie plates, with
a view to stability, permanence and economy of maintenance.
The expenditure for this purpose was $20,711.83.
Other principal items of additions to and betterments of
your road property, together with the amounts expended
therefor, were as follows:
Bank protection:
Arkansas River
Red River
Shop improvements:
East Kansas City, Mo
Pittsburgh, Kas
Shreveport, La
Construction of industrial tracks:
Standard Oil Co., Sugar Creek,
Mo
Various industries
Electric interlocking signal systems
at railroad crossings
New or improved water stations and
treating plants at various locations
New station building, Westville.
Okla
Barracks for employes, East Kansas City. Mo
Replacement of Bridge A-310
Drainage of tracks, Shreveport. La_
Purchase of 50 section motor cars_
Totals
Prior to
1931.
1931.
Total.
07,177.56 $204,786.68
12.784.69
$251,964.24
12,784.69
1,57178
5,371.41
7,936.57
38,550.11
31,282.43
7,936.57
45,123.89
36,653.84
15,114.71
36,676.41
104,643.35
38,471.10
119,758.06
75.147.51
9,923.07
25,200.16
35,123.23
29,977.81
3.906.00
33,883.81
21,007.93
3,907.68
24.915.61
813.34
8,018.40
8,472.20
5,115.70
12,966.82
8.018.40
8,472.20
5,929.04
12,966.82
$172,636.02 $506,041.89 $678,677.91
Financial Chronicle
3478
The expenditures for additions and betterments include
the cost of 13 sidings to serve industries not heretofore
reached by your tracks, and 3 additional sidings to accommodate industries previously established on your line. Incidentally, 26 new industries located on existing tracks of
your Company during the year.
During the year 4 new all-steel combination mail, baggage
and express cars were acquired, involving an expenditure
of $99,129.72. Improvements to equipment, made at a
cost of $48,520.18, consisted mainly in the following:
Locomotives-Application of larger tenders, Economy tender trucks, cast
steel tender frames, additional air pumps, Walschaert valve gears.
Dabeg feed water heaters, piston valve cylinders and superheaters.
Nicholson thermic syphons, cast steel end sills and radial buffers, and
cast steel pilot beams.
Freight-train Cars
-Application of A. R. A. type D couplers, metal draft
arms, steel center sills, anecopper-bearing deck plates.
-Application of electric lights, stationary electric
Passenger-train Cars
fans, and flush toilet hoppers.
EQUIPMENT TRUSTS.
The aggregate face amount of Equipment Trust Notes
and Certificates outstanding December 31, 1931, was as
below set forth:
Trust No. 34, dated January 15, 1920.
Balance last reported
Paid during the year
$318,000.00
63,600.00
Series E, dated September 1, 1923.
Balance last reported
Paid during the year
$864,000.00
108,000.00
$254,400.00
756,000.00
Total
$1,010,400.00
DEPRECIATION RESERVE FUND.
Moneys equaling the amount of charges to operating
expenses representing the so-called depreciation of equipment, and for the amortization of equipment retired and of
property abandoned in connection with improvements,
together with proceeds from the sale of obsolete equipment,
are deposited in a special fund set aside for additions to and
betterments of your property. The total amount so deposited, and withdrawals therefrom, are shown by the
statement following:
DEPOSITS.
Charges for Depreciation of Equipment:
From June 1, 1916,to December 31, 1917_ _ $215,923.27
From January 1, 1918.to February 29, 1920
363,196.93
From March 1, 1920, to December 31, 1930 3,378,880.25
From January 1,1931,to December 31,1931
375,715.80
$4,333,716.25
Charges for Amortization of Retired Equipment:
From January 1,1918,to February 29,1920 $371,965.45
From March 1.1920. to December 31, 1930
728.415.20
From January 1,1931,to December 31,1931
23,137.81
1,123,518.46
Charges for Amortization of Abandoned Property:
from January 1,1918,to February 29,1920 $195,464.27
From March 1, 1920, to December 31, 1930
891,071.70
From January 1,1931, to December 31,1931
1,086,535.97
Proceedsfrom Sale of Obsolete Equipment:
From June 1, 1916,to December 31, 1917__
From January 1,1918,to February 29,1920
From March 1, 1920, to December 31, 1930
From January 1,1931, to December 31,1931
$165,926.00
120,585.29
38,746.88
3,600.00
Interest on Bank Balances and Loansfrom Fund:
From June 1, 1916,to December 31, 1930-- $102,735.81
8,679.26
From January 1,1931, to December 31,1931
Replacement Fund released by Trustee under Equipment
Trust, Series D:
From January 1, 1925, to December 31, 1931
Total Deposits
Less deposits not actually made until February, 1932
Net Deposits
WITHDRAWALS.
Payments for New Equipment:
From June 1, 1916, to Decem$907,244.49
ber, 31, 1930
From January 1, 1931, to De99,129.72
cember 31, 1931
$1,006,374.21
Improvements to Existing Equipment:
From June 1, 1916, to Decem$1,909,476.36
ber 31, 1930
From January 1, 1931, to De57.127.64
cember 31, 1931
$1,966,604.00
Shop Improvements, etc.:
1922, to DeFrom January 1,
$2,189,410.37
cember 31, 1930
From January 1, 1931, to De102,456.40
cember 31. 1931
2,291,866.77
Addition to K. C. S. Grain Elevator, Kansas City, Mo.:
From January 1, 1931, to December 31, 1931 123,213.35
Amount temporarily withdrawn for other
500,000.00
purposes
Balance December 31, 1931
328,858.17
111,415.07
22,592.59
$7,006,636.51
402,453.61
$6,604,182.90
May 7 1932
GROUP INSURANCE.
The agreement entered into with the Metropolitan Life
Insurance Company,referred to in preceding annual reports,
providing for a plan of group insurance affording comprehensive protection to employes of your Company against
loss by death, accident, illness, and total and permanent
disability, was continued in effect.
At the close of the year 93.1 per cent. of eligible employes
were subscribers to the original plan of group insurance,
and of these 74.4 per cent. had subscribed to additional
life insurance.
Payments to employes and their beneficiaries amounted
during the year to $180,807.48, classified as follows:
40 Death claims
$103,916.70
15 Accidental death and dismemberment claims_ 17,311.60
53 Accident claims
1,977.21
524 Health claims
27,140.70
65 Total and permanent disability claims
30,461.27
$180,807.48
Since the inauguration of the plan of group insurance for
employes, the Insurance Company has paid claims aggrogating $1,282,643.08.
LITIGATION.
• In the last annual report reference was made to an application which had been filed by the Missouri Pacific Railroad
Company and The Atchison, Topeka and Santa Fe Railway
Company for a certificate authorizing the construction by
them of a line of railroad between Beaumont and Port
Arthur, Texas, and it was stated that an examiner for the
Commission had filed a proposed report in which he recommended that the application be denied. Your management
is pleased to report that the Interstate Commerce Commission has sustained the recommendation of the examiner
and denied the application.
Reference was also made a year ago to two proceedings
under the Federal income tax law. The case involving taxes
for the years 1918 and 1919 has finally been decided by the
United States Circuit Court of Appeals. The Company was
sustained as to one point, but was overruled as to its contention that it was entitled, in arriving at net income, to
deduct amounts charged to operating expenses over a period
of years, in accordance with an order of the Interstate
Commerce Commission, on account of property previously
abandoned in connection with changes of line. The Court
held that under the terms of Ulf income tax law only a loss
which occurred during a particular year could be deducted
from the incom,e of that year. The Company's contention
that the amounts received for the possession and use of your
property during the period of Federal control were not
subject to the Federal income tax, because if so the Company
would be denied full compensation, was also overruled.
There are no new developments with respect to the case
covering taxes for the years 1920 and 1922 to 1925, inclusive.
FEDERAL VALUATION.
The Company has been continuing the necessary work in
connection with the Federal valuation of your property as
of the years 1920 to 1927, inclusive. If, however, as now
proposed by legislation pending before Congress, Section 15a
of the Interstate Commerce Act were repealed, or amended
so as not to require the recapture of excess earnings, such
work and the consequent expense would probably be reduced
substantially.
COST OF FEDERAL VALUAlION.
t
Pr9 r1lo
iio .
3
1931.
Total.
Field work
$68,824.72
$68,824.72
Valuation orders, Interstate Commerce Commission
218,488.02 $25,996.20 244,484.22
Contrbution to Presidents' Conference Committee
11,207.46
873.92
12,081.38
Appraisal of real estate
103,494.25
131.50
103,625.75
General and miscellaneous
326,454.74
3,783.85 330,238.59
Totals
$728,469.19 $30,785.47 $759,254.66
SEPARATELY REPORTING SUBSIDIARY
COMPANIES.
In addition to those subsidiaries heretofore mentioned,
your Company controls, by virtue of its ownership of securities, all the property of the following separately reporting
companies, whose balance sheets and income accounts are
also published in the statistical section of this report:
THE KANSAS AND MISSOURI RAILWAY AND
TERMINAL COMPANY.
5.888,058.33
1716,124.57
A company operating an electric switching line in and
through Kansas City, Kansas, which connects with the
present terminal tracks of your Company and forms an
intermediate connection between your line and a substantial
Interurban line serving an industrial territory from Kansas
Financial Chronicle
Volume 134
City, Kansas, to Lawrence, Kansas, a distance of about
35 miles. Its property, the construction of which was completed on June 30, 1924, consists of 5.56 miles of main track
and 5.32 miles of yard and side tracks.. Control is had by
your Company through ownership of all the capital stock
and bonds.
THE ARKANSAS WESTERN RAILWAY COMPANY.
A standard-gauge line from Heavener, Oklahoma, to
Forester, Arkansas, 55.55 miles, together with rights of way,
buildings and appurtenances; controlled by your Company
through ownership of all the capital stock and bonds.
On September 1, 1930, construction was completed of an
extension running southeasterly from Waldron, Arkansas,
to Forester, Arkansas, a distance of 23.22 miles, in order to
reach standing timber owned by the Caddo River Lumber
Company. The Lumber Company has contracted to operate on this extension lumber milling facilities having a
capacity of at least 30,000,000 feet per annum.
THE KANSAS CITY, SHREVEPORT AND GULF
TERMINAL COMPANY.
Union depot property at Shreveport, Louisiana, including
its real estate, buildings, and 1.58 miles of yard and terminal
tracks; controlled by your Company through ownership of
all the capital stock and bonds.
PORT ARTHUR CANAL AND DOCK COMPANY.
Lands, slips, docks, wharves, warehouses, one grain elevator. (capacity 500,000 bushels), etc., all at Port Arthur,
Texas; controlled by your Company through ownership of
all the capital stock. The bonds of the Dock Company are
outstanding in the hands of the public.
Under an agreement entered into as of February 1, 1923,
all the property of the Port Arthur Canal and Dock Company
is leased to the Texarkana and Fort Smith•Railway Company
for °potation by the Railway Company pursuant to the terms
of the lease.
THE K. C. S. ELEVATOR COMPANY.
One grain elevator, of capacity of 1,570,000 bushels,
situated at Kansas City, Missouri; controlled by your Corn(F. W.) Woolworth Co.—Sales Fall Off.-
1932—April--1931.
Decrease.' 1932-4 Mos.-1931.
Decrease.
$20,754,984 $23,831,615 $3,076,6314;78,795,212 $84,180,388 $5,383,176
—V. 134, p. 2928.
Wright Aeronautical Corp.—Earnings.—
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.—V. 133, p. 3478.
Yale & Towne Mfg. Co.—Earnings.—
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.—V. 134, p. 2511.
Yosemite Lumber Co. San Francisco, Calif.—Call.—
It is announced that $63,000 1st mtge. 63
'
sinldng fund
dated Jan. 1 1925, will be redeemed July 1 1932 at 102 and gold bonds,
int., at the
offices of the Detroit Trust Co., Detroit, and the American Trust Co.,
San Francisco—V. 132. p. 3546.
Youngstown Sheet & Tube Co.—Earnings.—
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.—V. 134, P• 3304.
CURRENT
NOTICES.
—Announcement is made of the dissolution of the firm of Lilley, Blizzard
& Co. of Philadelphia, and the formation of a new firm composed of William
Lilley and George It. Kemon, under the name of Lilley & Co., to
continue
the offices and other facilities of Lilley, Blizzard & Co., at the
Packard
Building, Philadelphia, with membership on the Philadelphia Stock
Exchange and associate membership on the New York Curb Exchange.
The
firm will continue to transact a general brokerage and trading business,
specializing in markets for unlisted public utility and industrial
bonds and
stocks, with a private telephone to New York—Digby 4-8585. Howard
J.
Comber, Frederick Stelwagon, Henry C. Welsh, Jr., and William
Lilley,
Jr. will continue to be in charge of their respective departments.
—Richard A. Springs, founder of the stock and commodity exchange
firm of Springs & Co., in 1898, is retiring as senior partner of the firm and
becomes a special partner, coincident with the admission to partnership in
tho same firm of William A. Leek and Charles Acosta, who have been
partners of John Muir & Co. Charles Acosta is the son of Julian A.Acosta,
who as manager helped Mr. Springs establish the business of Springs
& Co.34 years ago and now succeeds Mr. Springs as senior partner and head
of the firm. Harlow W. Young, who has been with Springs & Co. for 14
years, and John P. McConnell, with the firm for the last 20 years, are the
other partners of Springs & Co.
—Herbert If. Blizzard for the past ton years partner and manager of the
trading department of Utley, Blizzard & Co., announces the formation of
Herbert H. Blizzard & Co., at 123 South Broad Street, Philadelphia, to
operate strictly as brokers in all unlisted securities. A private New York
telephone has been installed connecting with the New York Stock Exchange
firm of Hemphill, Noyes & Co., Hanover 2-4120. Mr. Blizzard has been an
active member in the American Legion of New Jersey, having served as
State Commander of New Jersey and Post Commander in Camden, New
Jersey.
—Guy M. Standifer, who has long been prominent in banking, lumber,
construction and shipbuilding activities on the Pacific Coast, has been
admitted to general partnership in the New York Stock Exchange firm of
Munds, Winslow & Potter. Mr. Standifor was formerly head of the G. M.
Standifor Construction Corp.of Portland, Ore., which has done considerable
work for the United States and Canadian Governments. He will make his
headquarters hereafter in New York.
3479
pany through ownership of all the capital stock. No bonds
have been issued or authorized.
During the past year, construction of additional storage
tanks, which increased the total capacity of the elevator from
1,070,000 to 1,570,000 bushels, was completed. This addition involved a capital expenditure of $123,213.25, which
amount was withdrawn by your Company from its depreciation reserve fund and advanced to the Elevator Company.
THE UNION LAND COMPANY.
A company owning 91.57 acres of land in and adjacent to
Kansas City, Kansas, suitable for industrial sites. All the
capital stock is owned by The Kansas and Missouri Railway
and Terminal Company, and control of the Land Company
is had by your Company through its ownership of the Terminal Company. No bonds have been issued or authorized.
INDUSTRIAL LAND COMPANY.
A company owning 677.91 acres of land, mainly situated
in the northeastern part of Kansas City, Missouri, and
acquired for future yard expansion; controlled by your Company through ownership of all the capital stock and bonds.
Your Company has from time to time advanced to the
Land Company the purchase price of property acquired.
During the past year, the Land Company delivered to your
Company $582,000.00 face amount of its First Mortgage
Bonds, being the entire issue thereof, in part consideration of such advances.
The appended balance sheets and statistical statements
give full detailed information concerning expenditures for
improvements, and the results of operation.
A report, including balance sheet, income account and
other pertinent matter, in form prescribed by the Interstate
Commerce Commission, has been filed with that body at
Washington.
By order of the Board of Directors.
C. E. JOHNSTON, President..
For comparative balance sheet, &c., see V. 134, p. 2512.
—Following the dissolution of the firm of Coady, Beinecke & Co., announcement is made of the formation ot the firm of MacQuoid & Coady
with offices at 120 Broadway. The partners of the new firm are Charles B.
Coady, M.F. MacQuoid, Arthur De Young, Harold M. Ward, member New
York Stock Exchange, and Frederick F. Turret!, member New York Curb
Exchange.
—The following New York investment and brokerage houses have
moved their offices to the addresses listed below:
Buell & Co.. 1 Wall St.; Charles L. Davis & Co., 92 Liberty St.; E. L.
Mansbach & Co., 60 Broad St.: Rothschild & Mayer, 120 Broadway; Rushmore & Greene, Inc., 30 Broad St.; Sayre & Co., Inc., 40 Wall St.
—Hayden W. Ward and Charles D. Speier are now associated with Cannon, Stephan & Nelson, in charge of its bond department, specializing in
real estate mortgage bonds and title certificates. The
partnership of
Speier & Co., of which Messrs. Ward and Speier were members, has been
dissolved.
—McDaniel Lewis and Russell F. Hall announce the formation of
Lewis & Hall to conduct an investment securities business, specializing
In Municipal bonds, at 905 Jefferson Standard Building, Greensboro.
North Carolina.
—Hirsch, Lilienthal & Co.announce the reopening of their branch office
at 535 Fifth Avenue under the management of Max Gutman. The firm's
office formerly located at 3 East 44th Street has been merged with it.
—S. D. Lemon, formerly Vice President in charge of the Southern California territory for Bancameirex Co., has become associated with GriffithWagenseller S; Durst, Los Angeles, as sales manager.
—Arthur Lipper & Co., announce that Harry F. Louchheim who has
been a member of the firm for the past twenty-nine years, has retired as a
general partner. but continues as a special partner.
—L. H. Ingraham & Co., 72 Wall St., N. Y., announce that Calvin V.
Good is now associated with them. Mr. Good for the past eight years was
associated with Richard W. Clarke & Co., Inc.
--Charming W. Daniel, formerly of Daniel & Co., which has been discontinued, has been elected a Vice-President and director of Martin & Co..
Inc., Packard Building, Philadelphia.
—Douglas L. Skelly Co., Inc., Los Angeles, recently opened a branch
office in Long Beach, Cal., under the management of W.Sherman Whiseman
and E. I. Peckinpaugh.
—Nehemiah Friedman has joined the trading department of Pohl &
Co., 50 Pine St., N. Y., where he will specialize in Joint Stock Land Bank
bonds and stocks.
—Edmund Huerstel has become associated with Swart, Brent & Co.,
Inc., 52 Wall St., N. Y., as manager of their Municipal Trading Department.
—Charles A. Bezer, formerly with Hopkins Bros., has been elected
Vice-President of C. H. Berets & Co., in charge of the trading department.
—James Talcott, Inc. has been appointed factor for the Perkins Strong
man Corp., Putnam, Connecticut, manufacturers of cotton piece goods.
—Walter W. Phelps and Don L. Moore have been admitted as general
partners in the New York Stock Exchange firm of Goodbody & Co.
—Buell & Co. announce the withdrawal from their firm of William Constable who will continue to make his headquarters at their office.
—On April 30 the firm name of N. II. Griffith & Co., members Boston
Stock Exchange, Boston, was changed to Norman H.Griffith.
—Frank G. Tallman, Jr., formerly of Tallman, Smith & Co.,has become
associated with J. R. Williston & Co.
—Stanley L. Roggenburg has been admitted as a general partner
the firm of Ludwig, Robertson & Co.
3480
Financial Chronicle
May 7 1932
STANDARD GAS AND ELECTRIC COMPANY.
REPORT FOR THE YEAR ENDED DECEMBER 31, 1931.
Office of the President
231 South La Salle Street
Chicago, Illinois
April 28, 1932.
To the Stockholders:
The twenty-second annual report of your Company is
submitted herewith. Consolidated earnings of Standard
Gas and Electric Company and subsidiary and affiliated
companies, irrespective of changes during the years in
holdings of the parent company of capital stocks in subsidiary and, affiliated companies consolidated therein,
compare as follows:
Year, ended December 31—
1930.
1931.
Gross Earnings:
Public Utility Companies
145.528.802.96 153,732,480.28
Deep Rock Oil Corporation and its subsidiary and affiliated companies
13,541,489.80 18,728.391.45
Totals
159,070,292.76 172,460,871.73
Operating Expenses, Maintenance and Taxes:
Public Utility Companies (After deducting
contingent reserve withdrawal of $308,411.73 in 1931 and $420,000.00 in 1930;
and in 1931 of $300,000.00 extraordinary
operating expenses to be amortized, approved by regulatory commission)
73,105,097.28 80,301,168.38
Deep Rock Oil Corporation and its subsidiary and affiliated companies
11,933,734.17 16.033,164.28
Totals
85,038.831.45 96,334,332.66
Net Earnings:
72,423,705.68 73.431,311.90
Public Utility Companies
Deep Rock Oil Corporation and its sub1,607.755.63
2.695,227.17
sidiary and affiliated companies
74,031,461.31 76,126.539.07
Totals
Other Income, Net—Interest and dividends
outside investments, profits on enon
gineering and supervision fees (including
those capitalized by subsidiary and af4.089.797.12
5,560,446.14
filiated companies). etc
Net:Earnings including Other Income, before
Appropriation for Retirement of Property
78,121,258.43 81,686,985.21
and for Depletion
Less:
Interest (less interest charged to construction)
Appropriation for Amortization of Debt
Discount and Expense
Rent of Leased Properties
Appropriation for Retirement of Property
and for Depletion:
Public Utility Companies
Deep Rock Oil Corporation and its
subsidiary and affiliated companies
Miscellaneous Charges
Totals
Net Income
25.530.770.72 24,017,245.54
1,298.370.16
1,820,521.41
912,366.52
2,287,651.36
14,728,580.89
15,143,034.88
Nil
235,967.16
726,768.99
546,984.89
43,414,210.34
43.634.052.18
34,707,048.09 38,052,933.03
Less:
Dividends on capital stocks of subsidiary
and affiliated companies held by public:
13,775,923.48
Preferred Stocks
4,246.263.35
Common Stocks
Undistributed net income accrued to
capital stocks of subsidiary and affiliated
1,412,425.46
companies held by public
19,434,612.29
Totals
Remainder—Net Income of Standard Gas
and Electric Company and undistributed
net income accrued to capital stocks of
subsidiary and affiliated companies held by
15,272,435.80
Standard Gas and Electric Company
Less Dividends paid and accrued on Standard
Gas and Electric Company preferred stock 6,565.766.79
Surplus for the year before deduction for
dividends on Standard Gas and Electric
Company common stock
8,706,669.01
12.934,883.78
4,361,838.76
1,265,626.07
18,562,348.61
19,490,584.42
6,408,086.83
13.082,497.59
Other Income for 1930 includes profits from sales of securities (including
profits of parent company from trading with the public In securities of
subsidiary and affiliated companies).
The surplus for the year 1931, before deduction for
dividends on Standard Gas and Electric Company common
stock, of $8,706,669.01, was equivalent to $4.02 a share on
the 2,162,607 shares of Standard Gas and Electric Company
common stock outstanding December 31, 1931. This
compares with a surplus for the year 1930, before deduction
for dividends on Standard Gas and Electric Company
common stock, of $13,082,497.59, equivalent to $6.04 a
share on the same number of shares of Standard Gas and
Electric Company common stock outstanding December 31,
1930.
The Summary of Income and Surplus of Standard Gas
and Electric Company, which will be found on page 14 of
pamphlet report, shows the amounts actually received or in
process of collection by the Company. The report of the
Treasurer on page 11 of pamphlet report shows the earnings
per share on the common stock of Standard Gas and Electric
Company on that basis.
Earnings of subsidiary and affiliated public utility companies were adversely affected by the general business
depression. Consolidated gross earnings decreased $8,203,677.32, or 5.33 per cent, and net earnings, before appropriation for retirement of property and for depletion,
decreased $1,007,606.22, or 1.37 per cent, as compared
with 1930. A reduction of $7,196,071.10, or 8.96 per cent,
in public utility operating expenses accounted for the relatively small decrease in net earnings.
Continued over-production and proration of crude oil
resulted in ths lowering of prices of both crude and refined
petroleum products, and were the main factors having an
adverse effect on earnings of Deep Rock Oil Corporation
and its subsidiary and affiliated companies.
The financial condition and results of operations of your
Company and its subsidiary and affiliated companies are
reflected in the accompanying balance sheets, earnings
statements and statistical information. Your attention is
directed to the map inserted at the end of this report,
showing territories served by subsidiary and affiliated
public utility comiianies of Standard Gas and Electric
Company.
DIVIDENDS.
•
Quarterly cash dividends were regularly declared and
paid on Standard Gas and Electric Company's prior preference stock, $7.00 cumulative, prior preference stook, $6.00
cumulative, and $4.00 cumulative preferred stock, at the
specified rates, and on the common stock at the rate of
$3.50 a share a year.
CHANGES IN CAPITAL STRUCTURE.
In January, 1931, your Company issued and sold $10,000,000 face value Six Per Cent Convertible Gold Notes,
due 1935. Of this amount,$49,500 face value were converted
during the year into 792 shares of the $4.00 cumulative
preferred stock, resulting in an increase in the number of
shares of that class of stock outstanding from 756,850 to
757,642. During the year, there were reacquired and held
in the treasury $124,000 face value Six Per Cent Convertible
Gold Notes, due 1935, and $177,000 face value TwentyYear Six Per Cent Gold Notes, due 1935. There were no
other changes in capitalization in 1931.
Changes in capitalization of subsidiary and affiliated
companies are noted in the pages of this report referring to
operations of the respective companies.
SUBSIDIARY AND AFFILIATED COMPANIES.
The subsidiary and affiliated public utility companies of
Standard Gas and Electric Company as a whole made a
favorable showing in 1931, despite the continuation of
adverse business conditions. Decreased demands of industry
for electricity and gas resulted in sharp reductions in gross
earnings, and transportation revenues suffered from reduced
patronage, but these losses were partially offset by increases
in the residential field of service, especially in sales of
electricity.
The average annual use of electric service per residential
customer increased from 605 to 648 kilowatt-hours during
1931, a gain of 7.10 per cent.
Although revenues were reduced on account of decreased
industrial power business, a large amount of new business
of this class was contracted for and added to the lines of the
various companies. Sales of electric and gas appliances
decreased in line with the general trend of retail trade, but
even so a large volume of new business resulted from this
activity, not only from sales in the companies' own stores,
but also as the result of cooperative efforts with other retail
outlets for such appliances.
Fourteen communities were added to the properties now
comprising the system, and at the end of the year the number
of communities served totaled 1,662, having a combined
estimated population of 6,000,000. Numerous extensions
of transmission and distribution facilities were made to serve
rural territories. As of December 31, 1931, a total of 1,622,725 customers of all classes was served, an increase during
Volume 134
Financial Chronicle
the year of 7,168 customers, or 0.44 per cent. These figures
include an increase of 8,222 customers, or 0.72 per cent, in
the electric department, and a decrease of 628 customers, or
0.13 per cent, in the gas department. Electric connected
load or business served increased 84,629 kilowatts, or 2.55
per cent, to a total of 3,397,104 kilowatts. Electric energy
output for the year amounted to 4,404,785,857 kilowatthours, a decrease of 4.13 per cent, while gas output was
41,714,034,000 cubic feet, a decrease of 9.80 per cent.
Capital expenditures of the subsidiary and affiliated
public utility companies for additions, renewals and replacements during 1931 totaled $30,752,892. After deductions for retirements of property and sale of certain ice
properties, net construction expenditures, including property acquisitions, amounted to $15,899,899. As of Decemder 31, 1931, the aggregate capacity of the generating plants
of the subsidiary and affiliated public utility companies was
1,580,802 kilowatts. A 35,000 kilowatt turbine unit was
installed in the Riverside steam electric generating station
of the Northern States Power Company at Minneapolis, the
largest installation completed for the electric department
during the year.
The capital expenditures budget for the year 1932 totals
$25,012,000, of which $21,458,000 is for new projects, while
$3,554,000 is for completion of work started prior to January 1, 1932. Of the total budget $8,225,000 is for extensions
to serve new business. Included in plans for 1932 is the
completion of the Prospect diversion project for The California Oregon Power Company, which includes a 7,200
kilowatt automatic hydro-electric generating station on the
South Fork of the Rogue river in Oregon. Northern States
Power Company contemplates the installation of a 5,000
kilowatt turbine unit in the steam electric generating
station at Grand Forks, North Dakota; the installation of
additional boiler capacity in the Minnesota Valley plant at
Granite Falls, Minnesota; a new water gas machine at
Saint Cloud, Minnesota, and miscellaneous transmission
line and substation construction. Practically all other
construction planned for the year consists of miscellaneous
items, none individually of great magnitude, but in the
aggregate providing considerable additions to facilities for
serving the public.
Deep Rock Oil Corporation continued its refining operations almost at peak capacity throughout the year,and did a
moderate amount of necessary drilling for new production.
Byllesby Engineering and Management Corporation, the
wholly-owned subsidiary of Standard Gas and Electric
Company, cooperated with the subsidiary and affiliated
companies of the system in bringing about marked reductions
in operating expenses, and continued its record of successful
public utility operation.
CUSTOMER OWNERSHIP.
Sales of preferred shares of subsidiary and affiliated public
utility companies of Standard Gas and Electric Company
direct to customers under the customer ownership plan
continued throughout the year. During 1931, sales totaled
$13,287,400 par value, represented by 23,744 separate
transactions, the average par value per sale being $559.
The total number of shareholders of preferred and common
stocks of subsidiary and affiliated companies of record at
the close of 1931 was 159,402, of which the customer or
home shareholders are estimated to number in excess of
112,000.
In addition to the shareholders of the subsidiary and
affiliated companies, Standard Gas and Electric Company
had of record 43,674 shareholders of preferred and common
stocks.
PERSONNEL.
It is with deep regret that announcement is made of the
death of Mr. Halford Erickson, vice-president and director
of your Company, on April 7, 1932. Mr. Erickson, as a
member of the first Wisconsin regulatory commission and
later as chairman of the commission, had an important part
in formulating laws pertaining to utility regulation in Wisconsin, and because of his participation in the rendering of
decisions in the early stages of public utility regulation, he
was often referred to as the "father of state regulation."
In 1918, he became associated with the Standard Gas and
Electric Company organization as vice-president of Louisville Gas and Electric Company. In January, 1923, he was
elected a vice-president and director of Byllesby Engineering
and Management Corporation, in charge of operation of all
subsidiary utility properties in the Standard Gas and
3481
Electric Company system. He was known as a foremost
authority on public utility regulation and on holding company control and management. Through his death your
Company has lost a strong and able operating head who had
the confidence and affection of everyone who knew him.
CONCLUSION.
At the close of the year, the current position of the Standard Gas and Electric Company system was satisfactory,
with current assets $12,905,118 in excess of current liabilities,
and with combined cash resources of $17,900,757. Standard
Gas and Electric Company has no funded debt maturities
until 1935, and maturities of its subsidiary and affiliated
companies during 1932 aggregate only $10,693,320, apportioned among four companies in the system. Bank indebtedness at December 31, 1931, was $6,550,000, of which $5,500,000 was indebtedness of Standard Gas and Electric Company, and $1,050,000 was owned by subsidiary and affiliated
companies. None of the electric or gas companies in the
system had any bank indebtedness at that date.
With plant capacities and line facilities adequate to take
care of service demands throughout 1932, there is no necessity for large construction projects during the year. The
properties in the system have been well maintained and
efficiently operated.
The Board of Directors takes this opportunity to acknowledge its appreciation of the loyal and efficient services of
the able force of employes and executives.
By Order of the Board of Directors,
JOHN J. O'BRIEN"
President.
REPORT OF TREASURER.
Chicago, Illinois, April 27, 1932
John J. O'Brien, Esq.,
President, Standard Gas and Electric Company,
Chicago, Illinois.
Dear Sir:
I beg to submit herewith Summary of Income and Surplus
for the year ended December 31, 1931, and Balance Sheet at
December 31, 1931, of Standard Gas and Electric Company;
also, Statement of Consolidated Income for the year ended
December 31, 1931, irrespective of changes during the year
in holdings of the parent company of capital stocks in subsidiary and affiliated companies consolidated therein, and
Condensed Consolidated Balance Sheet at December 31,
1931, of Standard Gas and Electric Company and subsidiary
and affiliated companies. The above statements have been
prepared by Haskins & Sells, Certified Public Accountants.
The figures given in the Summary of Income and Surplus
of Standard Gas and Electric Company are the amounts
actually received or in process of collection by the Company.
Dividends were paid at the rate of $7.00 a share on the
prior preference stock, $7.00 cumulative, $6.00 a share on
the prior preference stock, $6.00 cumulative, $4.00 a share
on the $4.00 cumulative preferred stock, and $3.50 a share
on the common stock.
The surplus for the year 1931,of Standard Gas and Electric
Company, not including its interest in the undistributed
surplus earnings of the subsidiary and affiliated companies,
before deduction for dividends on common stock, amounted
to $5,209,478.06, equivalent to $2.40 a share on the 2,162,607
shares of Standard Gas and Electric Company common
stock outstanding December 31, 1931. This compares with a
balance for the year 1930 equivalent to $3.55 a share on the
2,162,607 shares of common stock outstanding December 31,
1930.
The Statement of Consolidated Income of Standard Gas
and Electric Company and subsidiary and affiliated companies, irrespective of changes during the years in holdings
of the parent company of capital stocks in subsidiary and
affiliated companies consolidated therein, for the year ended
December 31, 1931, shows surplus for the year, before
deduction for dividends on Standard Gas and Electric
Company common stock, of $8,706,669.01, equivalent to
$4.02 a share on the 2,162,607 shares of Standard Gas and
Electric Company common stock outstanding December 31,
1931, which compares with surplus for the year 1930, before
deduction for dividends on Standard Gas and Electric
Company common stock, of $13,082,497.59, equivalent to
$6.04 a share on the 2,162,607 shares of Standard Gas and
Electric Company common stock outstanding December 31,
1930.
Financial Chronicle
3482
Immediately following the certified statements will be
found statements of securities owned and capitalization,
and balance sheets, earnings statements and statistical
data of the subsidiary and affiliated companies.
Respectfully yours,
M. A. MORRISON,
Treasurer.
STANDARD GAS AND ELECTRIC COMPANY.
BALANCE SHEET, DECEMBER 31, 1931.
ASSETS.
Securities Owned (including those pledged as collateral to
$299.734,550.64
notes payable)
Securities of the Company Reacquired—at Cost:
Twenty-Year 6% Gold Notes, due Octo$153,610.00
ber 1, 1935, $177,000 face value
6% Convertible Gold Notes, due Octo109,627.50
ber 1. 1935. $124,000 face value
Prior Preference Capital Stock. $7.00
Cumulative, 10,452 shares without par
1.189,693.10
value
$4.00 Cumulative Preferred Capital Stock,
11.225.55
200 shares without par value
1,464.156.15
3,538.244.03
Cash
298,515.00
Cash Deposited for Note Interest
Accounts Receivable:
$19,083.630.91
Subsidiary and Affiliated Companies
95.939.63
Sundry Debtors
19,179,570.54
Accrued Accounts:
75,170.00
$
Interest on Bonds Owned
4.085,479.21
Dividends on Stocks Owned
4,160,649.21
1.00
Office Furniture and Fixtures
2,611.19
Prepaid Insurance
96,072.59
Deferred Charges
Unamortized Debt Discount and Expense, Subsequent to
1,767,393.80
December 31, 1925
$330,241,764.15
Total
LIABILITIES.
Funded Debt:
Twenty-Year 6% Gold Notes, due Octo$15,000,000.00
ber 1, 1935
6% Convertible Gold Notes, due Octo9,950,500.00
ber 1, 1935
i.egolaryD i
67 nid iebegres, Series "A," due
15.000,000.00
m D
Gold r r:ntures, Series "B," due
6
6
10,000,000.00
Dece
Standard Power and Light Corporation
6% Gold Debentures, due February 1,
24.000,000.00
1957
Notes Payable
Accounts Payable
Accrued Liabilities:
Interest
Taxes
$73,950,500.00
5,500,000.00
134,651.79
$1,136,729.66
1.892,315.70
1,635,368.45
ASSETS.
$1,102,356,468.84
Plant, Property, Rights. Franchises, etc
29,720,534.60
Investments in Other Companies, Associations, etc
643,760.82
Sinking Funds and Other Deposits
Current and Working Assets:
$17.900,757.55
Cash
Cash on Deposit for Bond and Note
1.459,951.99
Interest, etc
Accounts and Notes Receivable (less
17.641,084.06
reserve)
13,601,977.04
Inventories—Materials and Supplies
50.603,770.64
1,223,493.98
Prepaid Accounts and Insurance Unexpired
Deferred Charges:
Deferred Expenses and Charges
$2,527,573.72
Unamortized Debt Discount & Expense 34.052.667.57
36,580,241.29
$1,221,128,270.17
Total
3,029,045.36
1,622,845.23
93,526.785.45
Miscellaneous Reserves
Preferred Capital Stock
(Prior Preference without par value—Authorized,750,000
shares:
$7.00 Cumulative—Issued, 430,000 shares; entitled in
liquidation to $100.00 per share.
$6.00 Cumulative—Issued, 100.000 shares; entitled in
liquidation to $100.00 per share.
$4.00 Cumulative Preferred without par value—
Authorized. 1,500,000 shares; issued, 757.642 shares;
entitled in liquidation to $50.00 per share.) .
Common Capital Stock without par value—Authorized,
136,609,722.06
10,000.000 shares; issued. 2.162,607 shares
14,232,845.81
Surplus, per Accompanying Summary
$330,241,764.15
Total
STANDARD GAS & ELECTRIC COMPANY.
and
SUBSIDIARY AND AFFILIATED COMPANIES,
CONDENSED CONSOLIDATED BALANCE SHEET, DEC. 31 1931.
$1,549.890.00
85,478.45
Accrued Dividends:
Preferred Capital Stock
Common Capital Stock
May 7 1932
STANDARD GAS & ELECTRIC COMPANY.
SECURITIES OWNED, DECEMBER 31, 1931
Face Value.
Bonds and Notes—
The California Oregon Power Company: General and Refunding Mortgage Gold Bonds, Series "A". 534%.due 1946_ __ _$3,000,000.00
San Diego Consolidated Gas and Electric Company, 434%
266.000.00
Gold Notes, due 1932
Without
With
Par Value Par Value
Preferred Stocks—
(Amount). (Shares).
The California Oregon Power Company, 7%
384,900.00
The California Oregon Power Company,6
197,800.00
The California Oregon Power Company,6 ,Series
of 1927
132,900.00
969
Deep Rock Oil Corporation
Market Street Railway Company
3,925,000.00
Market Street Railway Company, 2d Preferred_ _ _ 2,550,000.00
Southern Colorado Power Company
50,000.00
52,000
Standard Power and Light Corporation
Wisconsin Valley Electric Company
802,600.00
Common Stocks—
100,000
Byllesby Engineering and Management Corporation
$5,941,100.00
The California Oregon Power Company
9,000
Deep Rock Oil and Refining Company
579,132
Deep Rock Oil Corporation
Empress de Servicios Publicos de los Estados Mexi2,900,000.00
canos, S.A
25,000
Fort Smith Traction Company
Louisville Gas and Electric Company (Delaware),
281,915
Class "B"
6,152,000.00
Market Street Railway Company
88,530
Mountain States Power Company
Northern States Power Company (Delaware)—
920,000.00
Class "A"
729.065
Class "B"
19,190,000.00
Oklahoma Gas and Electric Company
9,438,000.00
Pacific Gas and Electric Company
4,626,930
Philadelphia Company
San Diego Consolidated Gas and Electric Company 9,936,800.00
51,175.00
Southern Colorado Power Company,class"A"
75,000
Class "B"
7,000,000.00
Wisconsin Public Service Corporation
2,000,000.00
Wisconsin Valley Electric Company
LIABILITIES.
Funded Debt:
Standard Gas and Electric Company_ _ $73,649,500.00
Subsidiary and Affiliated Companies—
418,206.613,53
held by public
Notes Payable
Accounts Payable
Accrued Liabilities:
Dividends Payable and Accrued
Accrued Taxes
Accrued Interest
Other Accruals
Deferred Liabilities:
Municipal Assessments
Customers' Depositors, etc
$491,856,113.53
6,584,542.47
5,000,321.91
$6,702,840.49
11.795,937.72
7,239.656.82
375,352.93
26,113,787.96
$326.247.69
2,522.247.07
2,848,494.76
1,942,937.08
Note.—Standard Gas and Electric Company was contingently liable at
December 31, 1931, in amount of $165.000, for obligations of subsidiary
companies.
Unadjusted Credits
Reserves:
Retirement (Depreciation) & Depletion $87,735,633.90
13,678,408.09
Other
CERTIFICATE OF AUDIT.
Standard Gas and Electric Company:
We have audited your accounts for the year ended December 31, 1931,
and
We Certify that in our opinion the above Balance Sheet and accompanying
Summary of Income and Surplus set forth, respectively, your financial
condition at December 31, 1931, and the results of your operations for the
year ended that date.
HASKINS & SELLS.
Preferred Stocks:
Standard Gas and Electric Company_ _ $92,325,866.80
Subsidiary and Affiliated Companies—
243.731,350.00
held by public
Chicago, April 8. 1932.
SUMMARY OF INCOME AND SURPLUS FOR THE YEAR ENDED
DECEMBER 31, 1931.
(Not including the Company's interest in the undistributed Surplus earnings of
the subsidiary and affiliated companies.)
Income Credits:
$ 161,429.19
Interest on Bonds Owned
Interest on Notes,Accounts Receivable,etc. 1,376.899.91
Dividends on Preferred and Common
Capital Stocks Owned—Public Utility
Companies, Byllesby Engineering and
15.251,400.41
Management Corporation, etc
$16,789,729.51
275,605.49
General Expenses and Taxes
Net Income Credits Available for Interest and Other Charges $16,514.124.02
Interest:
Funded Debt, including Amortization of
84,533,677.47
Debt Discount and Expense
205,201.70
Miscellaneous
4,738,879.17
Net Income
Surplus. December 31, 1930
$11,775,244.85
16.589,928.67
$28.365,173.52
Total
Dividends:
Prior Preference Capital Stock, $7.00
$2,936,836.00
Cumulative
Prior Preference Capital Stock, $6.00
600,000.00
Cumulative
$4.00 Cumulative Preferred Capital Stock 3.028,930.79
7,566,560.92
Common Capital Stock
14,132,327.71
Surplus, December 31. 1931
HASKINS & SELLS
814,232,845.81
101,414,041.99
Common Stocks:
Standard Gas and Electric Company_ -$136.609,722.06
Subsidiary and Affiliated Companies—
60,426,383.11
held by public
336,057,218.80
197,036,105.17
Surplus:
Standard Gas and Electric Company_ _ $14,232.845.81
Subsidiary and Affiliated Companies:
Portion .accrued, since dates of acquisition, to capital stocks held by
Standard Gas and Electric Company 22,633,853.53
Portion accrued to capital stocks held
by public
15.408,009.16
Surplus,at dates of acquisition, accrued to
capital stocks of subsidiary and affiliated companies held by Standard Gas
and Electric Company, eliminated_ _ - $38.005,131.76
52,274,708.50
Nil
Total
$1.221,128,270.17
Note.—This Balance Sheet does not include operated lessor companies,
with outstanding capital stocks of 816.409.800 and bonds of 82,001.000,
certain of which are guaranteed as to dividends,. principal and interest by
certain subsidiary companies.
CERTIFICATE OF AUDIT.
Standard Gas and Electric Company:
We have audited your accounts for the year ended December 31, 1931.
and those of your subsidiary and affiliated companies which have the major
part of the operating assets and income, and have examined reports ofother
accountants on their audits of the remaining subsidiary and affiliated companies. Appropriations for retirement (depreciation) and depletion reserves, including those of the current year. are stated in the amounts as
determined by the companies; no appropriation for retirement of property
and for depletion has been made during the current year by the Deep Rock
Oil Corporation and its subsidiary and affiliated companies.
We Certify that, subject to the foregoing, in our opinion the above
Condensed Consolidated Balance Sheet and accompanying Statement of
Consolidated Income set forth, respectively, your consolidated financial
condition at December 31. 1931, and the results of operations (on the basis
indicated therein) for the year ended that date.
HASKINS & SELLS.
Chicago. April 11, 1932.
Financial Chronicle
Volume 134
STANDARD GAS AND ELECTRIC COMPANY
and
SUBSIDIARY AND AFFILIATED COMPANIES.
STATEMENT OF CONSOLIDATED INCOME FOR THE YEAR
ENDED DECEMBER 31, 1931.
(Irrespective of changes during the year in holdings of the parent company of
capital stocks in subsidiary and affiliated companies consolidated herein.)
Gross Earnings:
Public Utility Companies:
Electric Department
$93.982,641.89
Gas Department
22.096,021.71
Steam Department
1,807,307.00
Telephone Department
205,695.88
Transportation Department
26,892,686.88
Water Department
370,337.98
Ice Department
61,624.27
Oil Department
. •
affili$145528802.96
Deep Rock Oil Corporation and its subsidiary and
ated companies
13,541,489.80
Total
$159,070,292.76
Operating Expenses, Maintenance and Taxes:
Public Utility Companies:
Operating
$55.131,998.98
Maintenance
8,170,696.84
Taxes
10,410,813.19
Total
$73,713,509.01
Less—$308,411.73 Contingent Reserve
Withdrawal; and $300.000.00 extraordinary operating expenses to be amortized, approved by regulatory commission
608,411.73
$73,105,097.28
Deep Rock 011 Corporation and its subsidiary and affiliated companies
11,933,734.17
Total
$85,038,831.45
Net Earnings:
Public Utility Companies:
Electric Department
Gas Department
Steam Department
Telephone Department
Transportation Department
Water Department
Ice Department
Oil Department
$56,729,653.96
8,627,200.37
834,795.58
88,893.51
5,935,208.23
163,783.47
17,900.35
26,270.21
Deep Rock Oil Corporation and its subsidiary and affiliated companies
Total(carried forward)
S
3483
Total (brought forward)
$74,031,461,31
Other Income, Net—Interest and dividends on outside investments, profits on engineering and supervision fees
(including those capitalized by subsidiary and affiliated
companies), &c
4,089,797.12
Net Earnings including Other Income before Appropriation for Retirement of Property and for Depletion-- $78.121,258.43
Less:
Interest (less interest charged to construction)
825.330,770.72
Appropriation for Amortization of Debt Discount and
Expense
1,298,370.16
Rent of Leased Properties
1,820,521.41
Appropriation for Retirement of Property and for Depletion:
Public Utility Companies
14.728,580.89
Deep Rock Oil Corporation and its subsidiary and
affiliated companies
Nil
Miscellaneous Charges
235,967.16
Total
$43,414,210.34
Net Income
$34.707,048.09
Less:
Dividends on capital stocks of subsidiary and affiliated
companies held by public:
Preferred Stocks
$13,775,923.48
Common Stocks
4,246,263.35
Undistributed net income accrued to capital stocks of
subsidiary and affiliated companies held by public
1,412,425.46
Total
$19,434.612.29
Remainder—Net Income of Standard Gas and Electric
Company and undistributed net income accrued to capital
stocks of subsidiary and affiliated companies held by
Standard Gas and Electric Company
$15,272,435.80
Less Dividends Paid and Accrued on Standard Gas and
Electric Company preferred stock
6,565,766.79
Surplus for the Year (on above mentioned basis) before
deduction for dividends on Standard Gas and Electric
Company common stock
$8,706,669.01
$72,423,705.68
1,607.755.63
$74,031,461.31
The appropriation for amortization of debt discount and expense is exclusive of any portion of discount and expense heretofore charged by certain
companies to capital surplus. No appropriations for amortization of debt
discount and expense have been made by Deep Rock Oil Corporation and
Mountain States Power Company.
HASKINS & SELLS.
SUBSIDIARY AND AFFILIATED COMPANIES OF STANDARD GAS AND ELECTRIC COMPANY.
COMPARATIVE STATEMENT OF GROSS EARNINGS FOR YEARS ENDED DECEMBE'R 31.
(Figures for Each Period are for Properties Now Comprising the System)
GROSS EARNINGS.
Company, Including Subsidiary Companies.
1930.
1931.
The California Oregon Power Company
Empress de Servicios Publicos de los Estados Mexicanos,S.A
Fort Smith Traction Company
Kentucky West Virginia Gas Co.(commenced operations Dec. 1 1927)Louisville Gas and Electric Company (Delaware)
Market Street Railway Company
Mountain States Power Company
Northern States Power Company (Delaware)
Oklahoma Gas and Electric Company
Philadelphia Company
San Slag° Consolidated Gas and Electric Company
Southern Colorado Power Company
Wisconsin Public Service Corporation
Wisconsin Valley Electric Company
$3,853,246.54
331,657.91
104,053.02
3,036,006.23
10.714,010.65
8,589.034.30
3,367,338.25
33,983.009.21
11,887,260.26
56,036,779.16
7,512.401.89
2,105,077.88
5,514,448.21
2,326,252.65
$3,923,982.61
468,075.98
132,105.31
2,981,470.54
10,566,386.94
9,221.210.76
3,436,682.83
33,271.961.52
14.284.674.88
61,521,044.47
7.397,938.54
2.270,667.67
5.592.331.05
2,255,151.95
1929.
$3,387,415.92
439,360.52
154,118.54
2,676.251.15
10,338,097.90
9,621.188.95
3.344.922.94
32,754.119.65
14,162,360.96
6.3,676,775.71
7,322.175.55
2,258,381.82
5,512,207.02
1,923,705.11
1928.
1927.
$3,384,861.93
427,491.27
180,310.52
2,153,782.36
9,685,999.09
9,787.794.57
3,157,528.69
31,339.721.01
12,241,494.93
61,954,822.47
6.834,772.80
2,290.899.21
4,994,239.08
1,681,955.40
$2,913,081.34
377,000.00
206,230.44
223,450.65
8.817,922.59
9,854.417.97
2,837,194.82
2.9.803.692.71
10,239.175.74
61.250,923.87
6.564,212.75
2.327.653.40
4,676,215.80
1,616.839.40
Totals—Public Utility Companies
Less—Inter-Company Eliminations
$149,360,576.16 $157,323,685.05 $157,571,081.74 $150,115,673.33 $141.708,011.48
3,591,204.77
3.831,773.20
2,933,633.77
2,322,523.68
358,736.28
Totals—Public Utility Companies
Deep Rock Oil Corporation and affiliated company
$145,528,802.96 8153.732.480.28 $154.637,447.97 $147,793,149.65 $141,349,275.20
13,541.489.80 18.728,391.45 18,604,300.15 17,872,741.88 17.111,914.13
Totals
$159,070,292.76 $172,460,871.73 $173,241,748.12 $165,665,891.53 $158,461.189.33
NET EARNINGS.
Company, Including Subsidiary Companies.
The California Oregon Power Company
Empress de Serviclos Publicos de los Estados Mexicanos,S.A
Fort Smith Traction Company
Kentucky West Virginia Gas Co.(commenced operation Dec. 1 1927)
Louisville Gas and Electric Company (Delaware)
Market Street Railway Company
.
Mountain States Power Company
Northern States Power Company (Delaware)
Oklahoma Gas and Electric Company
Philadelphia Company
San Diego Consolidated Gas and Electric Company
Southern Colorado Power Company
Wisconsin Public Service Corporation
Wisconsin Valley Electric Company
r- w Totals—Public Utility Companies
Deep Rock Oil Corporation and affiliated company
Totals
* Deficit.
1931.
1930.
$2,069,432.94
99,156.97
22,535.21
1,873,762.40
5,915,788.39
1,249,371.70
1,157,818.18
17,615.801.81
6,030,604.96
28.180.881.27
3,858,456.67
1,008.521.79
2,399,967.86
986,675.95
$2,270.952.08
150,751.66
*3,798.69
1,792,120.60
5,412,994.20
1,346,895.88
1.203,937.95
16,606.220.07
6,678.344.00
29.988,827.51
3,706.744.71
1,055,200.62
2,313,846.99
908,274.32
1928.
1929.
$2,033,030.73
144,161.19
11,745.82
1,486,881.58
5,324,205.40
1,520,074.61
1,307,949.30
16.787.478.76
6,637,436.61
31,201,642.68
3,519,672.71
1,062,706.88
2,364,885.3
798,814.84
1927.
$2,207,468.30
150,795.74
21,626.91
1,085,150.39
4,989,704.19
1,395,139.93
1.285,412.17
16,097,380.00
5,869.535.61
28,430,225.25
3.201.783.71
1.073,062.13
2,203,894.90
688,093.98
$1,787,240.31
141,940.80
7,672.54
142,028.92
4,552.966.21
1.554,569.94
1,125,617.87
15.092.232.16
4,840,701.87
26,522.687.44
3.067,314.56
1.017.335.32
1,884.613.59
780,098.13
$72,423,705.68 873,431311.90 $74,200,686.49 $68.699,273.21 $62,517.019.66
3,724,634.62
2,695.227.17
4,647,554.09
4,668,781.76
1,607,755.63
S74.031.451.31 278.126.539.07 S7R.R4R.240.58 373.313R.1154.07 Sfi6.241.654.2R
SUBSIDIARY AND AFFILIATED COMPANIES OF STANDARD GAS AND ELECTRIC COMPANY.
CAPITALIZATION OUTSTANDING. DECEMBER 31, 1931.
Company, Including Subsidiary Companies.
Outstanding (Less Inter- Owned by Standard Gas
Company Holdings).
and Electric Company.
Outstanding
with Public.
FUNDED DEBT—
The California Oregon Power Company
Louisville Gas and 'Electric Company (Delaware)
Market Street Railway Company
Mountain States Power Company
Northern States Power Company (Delaware)
Oklahoma Gas and Electric Company
Philadelphia Company
San Diego Consolidated Gas and Electric Company
Southern Colorado Power Company
Wisconsin Public Service Corporation
Wisconsin Valley Electric Company
Face Value.
Face Value.
Face Value.
$13,669,700
$3,000,000
$10,669.700
30,738,500
30.738.500
8,030,000
8.030.000
8,688.350
8.688,350
114,627,783
114,627,78.3
41,746.500
41.746,500
147,467.097147.467.097
15,368,000
-161,6156
15,102,000
6,893.000
6,893.000
16.392,700
16,392.700
7.684,800
7.684,800
Totals—Public Utility Companies
Deep Rock Oil Corporation
8411.306.430
10.166,183
$3,266.000
1421 472 811
IR 211 orgi
Totals
8408,040.430
10.166,183
12111 905 112
3484
Financial Chronicle
May 7 1932
SUBSIDIARY AND AFFILIATED COMPANIES OF STANDARD GAS AND ELECTRIC COMPANY.
CAPITALIZATION OUTSTANDING, DECEMBER 31, 1931.
Outstanding (Less InterCompany Holdings).
PREFERRED STOCKS—
The California Oregon Power Company
Louisville Gas and Electric Company (Delaware)
Market Street Railway Company
Mountain States Power Company
Northern States Power Company (Delaware)
Oklahoma Gas and Electric Company
Philadelphia Company
San Diego Consolidated Gas and Electric Company
Southern Colorado Power Company
Wisconsin Public Service Corporation
Wisconsin Valley Electric Company
With
Par Value
Without
Par Value
(Amount)
$8,598,900
21,379,800
21,279.050
5,312,800
79.013,200
17,212,500
54,361.600
6,292,500
4,253,900
11.152,500
1,992.700
Totals—Putuic Utility Companies
Deep Rock Oil Corporation
Deep Rock Oil and Refining Company
153.863
50.000
203,863
Ottai.anding
wi.h Public.
Without
Par Value
$8,043,200
$231,056,950
Totals
COMMON STOCKS—
Byllesby Engineering and Management Corp
The California Oregon Power Company
Empresa de Servicios Publlcos de los Estados Mexicanos, S. A.
Fort Smith Traction Company
Louisville Gas and Electric Company (Delaware)
Market Street Railway Company
Mountain States Power Company
Northern States Power Company (Delaware)
Oklahoma Gas and Electric Company
Philadelphia Company
San Diego Consolidated Gas and Electric Company
Southern Colorado Power Company
Wisconsin Public Service Corporation
Wisconsin Valley Electric Company
(Shares)
$230,849,450
207.500
Totals—Public Utility Companies
Deep Rock Oil Corporation
Totals
Owned by S.andard Gas
and Electric Company.
With
Par Value
Company. Including Subsidiary Companies.
$8,043,200
(Amount)
$715.600
(Shares)
6,475,000
153,863
50.000
802,600
8,600
10,647,400
34,155,100
19,190.000
1,034,020
10.032,500
2,750,000
7,000,000
2.000.000
(Amount)
$7.883,300
21,379.800
14.804.050
5,312,800
79.013,200
17.212.500
54.361,600
6.292,500
4,203,900
11,152,500
1.190,100
Without
Par Value
(Shares)
153.863
969
$222,806,250
207,500
153,863
49.031
969
$223,013,750
202,894
$8,600
4,495,400
___
88.530_....
729.065
33,235,100
619,408
100.000'
$5,941,100
2,900,000
With
Par Value
100,000
$5,941,100
2,900,000
25,000
901.323
25,000
281,915
6,152,000
142.500
729,166
920.000
19,190.000
4.800.563
75,000
4,626,930
9,936.800
51 175
7.000.000
2,000.000
75.000
53,970.
101
1.034.020
95.700
2.698,825
173,638.
$95.658,720
6,773.552
599.845
9,000
$54,091,075
5,926,440
579,132
9,000
$41,567,645
847,112
20,713
EA5 Anst 720
7 RR9 RA7
acs AQ1 WA
A F14 A79
tail KR7 CUM
SM./ OOK
SUBSIDIARY AND AFFILIATED PUBLIC UTILITY COMPANIES OF STANDARD GAS AND ELECTRIC COMPANY
COMPARATIVE STATISTICAL SUMMARY
(Figures for Each Period are for Properties Now Comprising the System)
At December 31—
1931.
1930.
1929.
1928.
1927.
Electric Customers
1,144,390
1,106,342
1,058.018
1.001.650
1,136.168
Gas Customers
457,671
451,520
439.769
425,972
458,299
Water Customers
12,353
11.495
12,220
12,237
11.871
Steam Customers
1.583
1,685
1,695
1.660
1,717
Telephone Subscribers
6,728
7,004
5,969
7,153
6.456
Total Customers
Kilowatt Lighting Load
Kilowatt Power Load
Kilowatt Railway Load
Total Kilowatts Connected
Kilowatt-hour Output*
Gas Output (Cubic Feet)*
1,622.725
1,615,557
1.578,798
1,517,774
1,446,771
1,653,807
1.640.632
102.665
1,593,289
1,620,450
98,736
1,536,582
1,498,841
87.441
1,422,563
1,324,118
87.368
1,287,486
1,206,868
82,258
3,397,104
3,312,475
3,122,864
2,834.047
2.576,612
4,404,785,857
41,714,034.000
4,594,752,028
46,247,039,000
4,551,670,111
46.408,384.000
4,147.201,705
43,243,262,000
3,678.413.582
43,901,773,000
*For Calendar Years.
NORTHERN STATES POWER COMPANY.
REPORT FOR THE YEAR ENDED DECEMBER 31, 1931.
To the Shareholders:
The twenty-second annual report of your Company is
submitted herewith. Comparative consolidated earnings
were as follows:
1931.
1930.
• Year Ended December 31—
$33,983,009.21 $33,271,961.52
Gross Earnings
Operating Expenses, Maintenance and Taxes 16,367,207.40 16,665,741.45
Net Earnings before Appropriation for Re$17,615,801.81 $16.606,220.07
tirement (Depreciation) Reserve
217,486.31
$234.099.54
Other Income
$17,833.288.12 $16.840,319.61
Net Earnings including Other Income
5.646,354.45
5,726,079.21
Interest Charges—Net
Balance
Preferred Dividends
$12,107,208.91 $11,193,965.16
5,070.566.67 4,717,142.53
$7,036.642.24 $6.476,822.63
Balance
Appropriation for Retirement (Deprecia2,900,000.00 2,560,000.00
tion) Reserve
Balance for Amortization of Debt Discount
and Expense, Common Dividends and
$4.136,642.24 $3,916,822.63
Surplus
The 1930 Operating Expenses include $420,000.00 credit for withdrawal
from ContingentlReserve.
Earnings of the electric department represented 84.24 per
cent of the Company's gross earnings and 91.47 per cent of
the net earnings.
CHANGES IN CAPITAL STRUCTURE.
During the year Northern States Power Company of Minnesota issued and sold $45,000,000 face value Refunding
Mortgage Gold Bonds, Four and One-half Per Cent Series
due 1961, and redeemed $22,067,000 face value of its First
Lien and General Mortgage Five and One-half Per Cent
and Six Per Cent Gold Bonds, $5,367,500 face value underlying bonds, $4,094,200 face value Six and One-half Per
Cent Gold Notes, due November 1, 1933, and $10,000,000
face value Four Per Cent Gold Notes that were due December
1, 1931. Through sinking fund operations or purchase
during the year, outstanding funded indebtedness was
further reduced $108,700. The Company reacquired $1,614,000 par value seven per cent cumulative preferred stock
during the year and sold from the treasury $6,423,500 par
value six per cent cumulative preferred stock.
The total number of shareholders of preferred stocks of
record at December 31, 1931 was 71,629, most of whom arecustomers of the Company or residents of the territory served.
DEVELOPMENT OF BUSINESS.
Five communities were added to the system in 1931, making a total of 619 communities now served. Business connected to your Company's lines increased at a satisfactory
rate over 1930. Exclusive of customers served indirectly
through wholesale contracts, your Company supplied service
at December 31, 1931, to a total of 480,707 customers, a
gain of 6,315, or 1.33 per cent over 1930.
Electric connected load, or business served, increased from
1,054,886 kilowatts to 1,090,734 kilowatts, a gain of 3.39
per cent over 1930. The output of electric energy totaled
1,064,002,895 kilowatt-hours, an increase of 3.88 per cent.
Kilowatt-hour sales of electric energy, including industrial
power, increased 4.68 per cent over 1930. Sales for residential purposes increased 9.92 per cent, and for commercial
lighting, 2.63 per cent. The use of electric service per residential customer increased 44 kilowatt-hours during the year,
a gain of 8.56 per cent over 1930. Total gas output was
4,041,119,000 cubic feet, a decrease of 1.02 per cent as•
compared with 1930.
It is the policy of your Company to promote the maximum
sale and use of electric and gas load-building appliances, and
to accomplish this end it co-operates actively with all local
dealers selling this class of merchandise. As a result of
this policy a gratifying volume of such appliances has been
sold, both by the dealers and by your Company.
At December 31, 1931, your Company served 5,183 farm
customers with electricity, a gain of 7.73 per cent over 1930.
1931 CONSTRUCTION.
Net construction expenditures during 1931 amounted to
$5,887,866. The largest items were the installation of
35,000 kilowatts of additional generating capacity in the
Riverside steam electric station at Minneapolis, the building
of two 66,000-volt transmission lines and the necessary
substations to connect the new Minnesota Valley steam deo-
Financial Chronicle
Volume 134
trio station at Granite Falls, Minnesota, with the system
lines, a new office building at Grand Forks, North Dakota,
and an underground line and cable from Riverside station
to the Aldrich substation in Minneapolis. A new office
building in Saint Paul was completed, and formally opened
February 23, 1931.
1932 CONSTRUCTION.
The construction budget for 1932 totals $5,719,000. Plans
include installation of 5,000 kilowatts of additional generating capacity in the steam electric station at Grand Forks,
North Dakota; a new office building at Mankato, Minnesota; a new boiler and circulating water pump for the Minnesota Valley steam electric station at Granite Falls, Minnesota, and miscellaneous plant, transmission line and substation construction.
CONCLUSION.
Your Company's operations were adversely affected to
some extent by the business depression, which was accentuated locally by poor crop conditions resulting from insufficient precipitation. Depending largely upon agriculture and
related occupations, the weather is naturally a determinihg
factor in the prosperity of this territory. A satisfactory
amount of rain and snow will do much to bring about improved conditions.
During the year, Mr. R. F. Pack, formerly vice president
and general manager, was elected president of Northern
States Power Company, succeeding Mr. John J. O'Brien,
Mr. J. J. Molyneaux was elected vice president and treasurer, Mr.Henry Grenacher, vice president in charge of operation, Mr. T. D. Crocker, vice president, Mr. H. E. Young,
vice president in charge of sales and Mr. C. F. Stuart,
assistant to the president.
The Board of Directors desires to express its appreciation
to the shareholders and customers for their cooperation, and
make sincere acknowledgment to the able force of employes
and executives for their loyal and efficient services.
By Order of the Board of Directors,
ROBERT F. PACK, President.
April 20, 1932.
3485
NORTHERN STATES POWER COMPANY OF DELAWARE AND
SUBSIDIARIES.
CONSOLIDATED INCOME ACCOUNT FOR THE YEAR ENDED
DECEMBER 31. 1931, AND SUMMARY OF CONSOLIDATED
SURPLUS ACCOUNT.
Gross Earnings:
Electric Department
$28.627,890.41
Gas Department
4,335,319.89
Steam Department
685,708.01
Transportation Department
199,773.24
Telephone and Water Departments
134,317.66
Total Gross Earnings
$33.983,009.21
Operating Expenses and Taxes:
Operating
$12,200,571.57
Maintenance
1,366,432.80
Taxes
2,800,203.03
Total Operating Expenses and Taxes
16.367.207.40
Net earnings before Appropriation for Retirement (Depreciation) Reserve
$17,615,801.81
Other Income
217,486.31
Net Earnings Including Other Income
Interest Charges:
Bond Interest
Note Interest
General Interest
Total
Less Interest Charged to Construction
$17.833,288.12
$5,115.712.14
676,808.17
60,953.60
$5,853,473.91
127,394.70
Net Interest Charges
5.726,079.21
Balance of Income before Deducting Appropriation for Retirement (Depreciation) Reserve, etc
$12.107.208.91
Deduct:
Preferred Stock Dividends
5,070,566.67
Remainder
Common Stock Dividends
$7,036,642.24
3.315,614.20
Remainder
$3,721,028.04
Appropriation for Retirement (DePrectation) Reserve as
made by companies
2.900,000.00
Remainder
Appropriation for Amortization of Debt Discount and
Expense
• Balance—Carried to Surplus
Surplus Balance at January 1, 1931
$821,028.04
*153,750.00
$667,278.04
6.583,574.35
Total Surplus at December 31, 1931_
$7.250,852.39
•Appropriation for amortization of debt discount and expense 18 exclusive of any portion of debt discount and expense heretofore charged
against capital surplus arising from an appraisal of the properties of the
companies.
ARTHUR ANDERSEN & CO.
NORTHERN STATES POWER COMPANY OF DELAWARE AND SUBSIDIARIES.
CONSOLIDATED BALANCE SHEET. DECEMBER 31. 1931.
ASSETS.
Plant, Property, Rights, Francises, etc
$237.782,633.22
Discount, Premium and Expense on Original Sales and on
Resales of Preferred and Common Stocks
9,206,209.07
Cash Sinking Funds and Other Deposits
2,261.84
Investments in Stocks and Bonds of Other Companies,
Associations, etc
544,859.84
Unamortized Debt Discount and Expense—Balance Incurred since December 31, 1924
4,963,565.82
Prepaid Accounts and Deferred Charges:
Prepaid Insurance
$117,430.39
Extraordinary Retirements in Process of
Amortization
401,385.95
Miscellaneous Deferred and Unadjusted
Items
280,580.22
799,396 56
;
Current Assets:
Cash in Banks and on Hand
$5,514,597.72
Bond Interest and Other Deposits
167,836.46
Notes Receivable
164,461.98
Accounts Receivable
$3,374,867.69
Less—Reserve for Uncollectible Accounts__ _
349,388.51
3.025.479.18
Unbilled Electricity and Gas
1,549,667.00
Receivable from Sale of Preferred Stock
346,282.82
Materials and Supplies
3,377,689.31
14,146,014.47
Total
$267.444,940.82
LIABILITIES.
Capital Stock of Northern States Power Company of
Delaware Outstanding and Subscribed:
7% Cumulative Preferred
375,938 shares, par value $100.00 each._$37,593,800.00
6% Cumulative Preferred
408,450 shares, par value $100.00 each.- 40,845,000.00
Subscriptions to Preferred Stock
2,182 shares, par value $100.00 each-- 218,200.00
Class "A" Common
341,551 shares, par value $100.00 each.- 34,155,100.00
Class "B" Common
729.166 1-3 shares, of no par value.... 7,291,663.33
$120,103,763.33
Capital Stock of Northern States Power Company
of Wisconsin Outstanding:
7% Cumulative Preferred
574,400.00
5,744 shares, par value $100.00 each
Funded Debt (page 8, pamphlet report)
114,627,783.57
Current Liabilities:
Accounts Payable
$897,488.15
Accrued Interest
1,373.249.44
Accrued Taxes
2,544,667.25
Preferred Stock Dividends Payable
1,273,917.17
Common Stock Dividends Payable
828,935.27
Sundry Current Liabilities
177.989.10
7.0£4,246.38
Deferred Liabilities:
‘Customers' Deposits
458.785.13
"
137.410.93
Unadjusted Credits
Reserves:
Retirement (Depreciation) Reserve
$15,337,353.17
Operating Reserves
277.736.86
Contribution for Excursions
262,754.31
Reserve for Contingencies
649,953.26
16.527,797.60
Capital Surplus:
Surplus on Books of Subsidiary Companies at Dates of
Acquisition Thereof
667,901.49
u=plus
7,250,852.39
Total
$267,444.940.82
CERTIFICATE OF AUDIT.
NORTHERN STATES POWER COMPANY OF DELAWARE:
We have examined the accounts of the Northern States Power Company of Delaware and subsidiary companies for the year ended December 31, 1931.
As of December 31, 1924, the companies reflected on their books the cost of reproduction of their properties and accrued depreciation as determined
by an appraisal as of that date by Byllesby Engineering and Management Corporation. Subsequent property additions have been accounted for at cost,
which, in the case of certain major acquisitions of new properties, includes cost over appraisal values. Subsequent annual appropriations for retirement
(depreciation) reserve, including that of the current year, are stated in the amounts as determined by the companies.
On the foregoing basis, we certify that, in our opinion, the above consolidated balance sheet and the accompanying consolidated income and surplus
accounts (page 9, pamphlet report) fairly present the financial position of the companies at December 31, 1931, and the results of their operations for
the year ended that date.
chimp, Illinois. April 6, 1932.
ARTHUR ANDERSEN & CO.
May 7 1932
Financial Chronicle
3486
MISSOURI-KANSAS-TEXAS RAILROAD COMPANY
and Controlled Companies.
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1931.
St. Louis, Mo., April 19, 1932.
To the Stockholders:
and affairs of your property for the year ended DecemThe Board of Directors submit herewith report of the operations
ber 31, 1931. A summary of results of operation compared with the year 1930 is as follows:
Increase.
1931.
1930.
$34,383,379.64
24,501,399.36
Net Operating Revenue
Taxes
Uncollectible Railway Revenues
$9,881,980.28
2,455,586.33
21,044.33
$15,723,856.41
2,356,928.85
13,551.46
Railway Operating Income
Miscellaneous Income
$7,405,349.62
250,214.81
Rentals and Other Payments
Per Cent.
$45,948,859.05
30,225,002.64
Decrease.
Per Cent
$11,565,479.41
5,723,603.28
25.17
18.94
5,841,876.13
37.15
$13,353,376.10
969,906.37
$5,948,026.48
719,691.56
44.54
74.20
$7,655,564.43
2,111,554.55
$14,323,282.47
2,348,823.17
6,667,718.04
237,268.62
46.55
10.10
Income for Year Available for Interest
Fixed Interest Charges for Year
$5,544,009.88
4,189,904.87
$11,974.459.30
4,195,450.88
6,430,449.42
5,546.01
53.70
.13
Balance Available for Interest on Adjustment Bonds_
Interest on Adjustment Bonds
$1,354,105.01
678,878.36
$7,779,008.42
696,461.21
57 n$19 ket7 91
6,424,903.41
17,582.85
82.59
2.52
a ACM con ea
OA 47
Operating Revenues
Operating Expenses
til7K 995 11A
FINANCIAL.
There was no change in the amount of preferred or common
stock outstanding in the hands of the public during the year.
Long term debt was decreased $94,100 on account of
underlying bonds and equipment notes paid and retired
during the year.
Underlying bonds amounting to $25,000 were exchanged
during the year for a similar amount of Prior Lien Series
"A" and Series "B" Bonds.
Three quarterly dividends of 1% per cent each were
declared out of surplus during the year on the Preferred
Stook Series "A" outstanding in the hands of the public.
Pursuant to authority granted by the Interstate Commerce Commission, dated March 26, 1931, this company
acquired control, as of July 1, 1931, of the Beaver, Meade
and Englewood Railroad Company through purchase of all
of its capital stock and bonds. Operations of the Beaver,
Meade and Englewood Railroad Company since July 1,
1931, are included herein.
The Interstate Commerce Commission granted our
application for authority to charge Profit and Loss with
$2,944,508.85 covering equipment retirements during the
year.
OPERATION.
Passenger train revenues, including mail and express,
continued to decline throughout the year due to the general
depression in business and to automobile and bus competition. Revenue from passengers carried in 1931 was less
than in 1930 by $1,628,525, or 32.27%.
The total operating revenues during 1931 were $11,565,479
less than in 1930, or 25.17%. Operating expenses during
1931 were $5,723,603 less than in 1930, or 18.94%.
Train operation, both freight and passenger, was satisfactorily maintained during the year. The property is
being maintained in good physical condition to meet all
requirements of the service.
While our loss in freight revenue is largely a result of the
general business depression, other contributing factors are,
the growing use of gas as a substitute for coal, and severe
competition encountered from other forms of transportation.
More extensive use of pipe lines in transporting gasoline
has resulted in loss of tonnage from the Oklahoma fields.
Truck competition has seriously affected our movement of
cotton, livestock, automobiles and a growing list of other
carload commodities. Truck competition in the movement
of cotton necessitated a reduction of approximately 30%
in our cotton rates from points in Oklahoma and Texas to
the Texas ports. To further meet truck competition, we
inaugurated, effective October 1, 1931, free pick-up and
delivery service for the handling of I. 0. 1. merchandise
between all points' within a radius of 300 miles, which
service is still in the experimental stage.. Laws regulating
truck operations enacted in the state of Texas during 1931
are proving helpful to the rail lines.
ADDITIONS TO PROPERTY.
and improvements to the road, during the year,
Additions
involved capital account charges amounting to $1,312,509.
$98,657.48
7,492.87
4.19
55.29
The more important road improvements consisted of tile
near completion of the superstructure of the Missouri
River bridge at Boonville, Missouri; replacing 373 lineal
feet of timber trestle with concrete structures; application of
59,200 tie plates and 4,960 rail anchors and providing grade
separations at nine locations.
Expenditures for new equipment amounted to $242,227
and expenditures for improvements to existing equipment
amounted to $56,977. The amount of retirements, for the
year, less replacements was $6,995,882. There was a net
decrease in value of equipment owned, amounting to
$6,696,678.
FEDERAL VALUATION.
During the year the Interstate Commerce Commission
issued its "final value for rate making purposes" for the
lines of the former Missouri, Kansas and Texas Railway and
subsidiary companies as of June 30, 1918, on a level of
prices of land as of June 30, 1918, and of other property as of
1910-14, amounting to $144,957,389 for property devoted
to common carrier purposes, including therein the cost of
reproduction, less depreciation, working capital and other
elements of value.
No final value applicable to the present system lines has
been found by the Commission. As a result of property
changes due to relinquishments in the reorganization, to
additions and retirements made since June 30, 1918, and of
variations in price levels, the final valuation is subject to
revision for use as of another date. Cost of your company's
valuation work to the end of 1931 aggregated $1,722,372.
INDUSTRIAL DEVELOPMENT.
During the year 1931, 168 new industries representing an
investment of approximately $6,400,000 were established
on rails of the company and during the same period 40
existing establishments with an investment of approximately
$225,000 were removed, leaving a net gain during the year
of 128 industries having an invested capital of $6,175,000.
Substantial progress was made in agricultural development
by perfecting numerous plans for the production of revenue
producing cash crops.
M. H. CAHILL,
President.
DELOITTE, PLENDER, GRIFFITHS & CO.
49 WALL STREET, NEW YORK.
March 14, 1932.
To the Directors of the
Missouri-Kansas-Texas Railroad Company,
25 Broad Street,
New York, N. Y.
We have examined the books and accounts of the MissouriKansas-Texas Railroad Company and its controlled companies for the year ended December 31, 1931.
The securities owned have been substantiated by certificates received from the several Trustees or have been
verified by actual inspection. Cash balances have been
reconciled with the pass books or statements produced to
us, and we have received directly from the banks, bankers
and trust companies certificates in support of the sums on
deposit with them.
Financial Chronicle
Volume 134
We have satisfied ourselves generally that the charges to
property and equipment accounts for the period were
proper capital additions.
We certify that the accompanying Consolidated General
Balance Sheet, Income and Profit & Loss Accounts, in our
3487
opinion, fairly set forth the combined position of the companies at December 31, 1931, and the result of their operations for the year ended that date.
DELOITTE, PLENDER, GRIFFITHS & CO.,
Auditors.
MISSOURI
-KANSAS
-TEXAS LINES.
CONSOLIDATED GENERAL BALANCE SHEET
ASSETS.
Dec. 31, 1931.
Investments:
Investment in Road and Equipment:
Road
Equipment
Improvements on Leased Railway Property
Deposits in Lieu of Mortgaged Property sMd
Miscellaneous Physical Property
Investments in Affiliated Companies—Pledged
Investments in Affiliated Companies—Unpledged
Other Investments:
United States Government Securities
Other Securities
Increase.
$214,493,071.48
45,451,636.14
$210,517,676.61
52.145,654.35
$3,975,394.87
$259,944,707.62
-
Dec.31.1930.
$262,663,330.96
3,564.07
212.50
1,102,841.44
527,000.00
1,168,233.69
212.50
1,182,004.49
527,000.00
1,230,290.35
•
Decrease.
66,694,018.21
$2,718,623.34
3.564.07
679,163.05
62,056.66
•
1,000.078.13
617,433.19
6,639.46
$264,501,726.28
$266,089,255.31
*1,587,529.03
$2,280,291.32
4,116,712.06
8,609.94
$6,469,720.09
6,479,926.84
24,130.84
$4,189,428.77
2,363,214.78
15,520.90
501,544.16
59,094.91
457,922.31
455,745.04
912,735.04
3,560,373.58
57,957.63
16,525.75
2,226,765.02
44,923.61
696,815.44
616,342.77
992.711.39
4,674.431.38
105,845.29
22,817.74
$12,427,511.74
$22,354,430.41
$99,871.53
223,063.82
$107,423.41
1.00
$223,062.82
$322,935.35
$107,424.41
$215,510.94
$83,065.07
448,038.61
Total Investments
624,072.65
686,606.78
585,882.92
Current Assets:
Cash
Time Drafts and Deposits
Special Deposits
Leans and Bills Receivable:
Time Loans
Other Bills Receivable
Traffic and Car Service Balances Receivable
Net Balance Receivable from Agents and Conductors
Miscellaneous Accounts Receivable
Material and Supplies at Cost
Interest and Dividends Receivable •
Other Current Assets
Total Current Assets
Deferred Assets
•
Working Fund Advances
Other Deferred Assets
Total Deferred Assets
Unadjusted Debits:
Rents and Insurance Premiums Paid in Advance
Other Unadjusted Debits
1,000,078.13
1,725,220.86
$14,171.30
238,893.13
160,597.73
79,976.35
1,114,057.80
47,887.66
6,291.99
$9,926,918.67
$7,551.88
$3.541.71
137.844.31
$531,103.68
$672,489.70
$141,386.02
$277,783,277.05
$289,223,599.83
$11.440,322.78
$5,528,364.39
15,730,515.52
11,392,905.46
$5,528,364.39
15,730,515.52
11,687,205.46
17,529,000.00
31.113.000.00
17,504,000.00
31.666.500.00
Total Unadjusted Debits
Total
The following Assets not included in Balance Sheet Accounts:
Securities Issued or Assumed—Unpledged:
Preferred Stock, Series "A"
Common Stock
Long Term Debt
Securities Issued or Assumed—Pledged:
Long Term Debt
Long Term Debt Held for Exchange of Underlying Securities, per contra
6294.300.00
625,000.00
553.500.00
Incorporate Assets and Liabilities are excluded.
LIABILITIES.
Dec. 31, 1931.
Stock:
Capital Stock:
Preferred, Series "A"(Par value $100.00 per share)
Common (No par value. See note)
Stock Liability for Conversion:
Preferred, Series "A"(Par value $100.00 per share)
Common (No par value. See note)
Total Stock
Long Term Debt:
Mortgage Bonds
Equipment Trust Obligations
Income Mortgage Bonds
Total Long Term Debt
Current Liabilities:
Traffic and Car Service Balances Payable
Audited Accounts and Wages Payable
Miscellaneous Accounts Payable
Interest Matured Unpaid
Dividends Matured Unpaid
Fundei Debt Matured Unpaid
Unmaturei Interest Accrued
Unmatured Rents, Accrued
Other Current Liabilities
Total Current Liabilities
Deferred Liabilities
Other Deferred Liabilities
Dec. 31, 1930.
$66,668,948.12
66,672,472.93
$66,660,708.26
66,662,864.87
34,787.49
17,011.55
43,027.35
26,619.61
$133,393,220.09
$133,393,220.09
$93,194,179.30
336,400.00
13.577,567.24
$93,204,179.30
420,500.00
13,577,567.24
$10,000.00
84.100.00
$107.108,146.54
$107,202,246.54
$94,100.00
$514,538.62
2,881,756.26
90,998.34
1,625,594.82
19.667.75
1,642.00
455,526.84
139,233.50
119,799.18
$773,826.38
3,512,281.60
91,329.84
1,637,457.65
1,987,727.00
15,865.00
458,102.10
99,412.89
90,883.73
$259.287.76
630,525.34
331.50
11,862.83
1,968,059.25
14,223.00
2,575.26
$5,848,757.31
$8,666,886.19
Increase.
Decrease.
$8,239.86
9,608.06
$8,239.86
9,608.08
$39,820.61
28,915.45
$2,818,128.88
$288,484.85
$342,968.48
$54,483.63
Unadjusted Credits:
Tax Liability
Accrued Depreciation—Road
Accrued Depreciation—Equipment
Other Unadjusted Credits
$1.060,595.43
136.649.49
11,577,056.01
364,323.78
$1,457,771.87
Total Unadjusted Credits
613.138,624.71
$14,360,165.38
$78,832.57
17,872,727.35
$70,157.86
25,476,440.14
$17,951,559.92
$25,546,598.00
$7,595.038.08
$277,783,277.05
$289,223,599.83
$11,440,322.78
Corporate Surplus:
Additions to Property through Income and Surplus
Profit and Loss—Balance
Total Corporate Surplus
Total
12,553,708.95
348,684.56
$397,176.44
$136,649.49
976,652.94
15,639.22
$1,221,540.67
$8,674.71
$7,603.712.79
The following Liabilities not included in Balance Sheet Accounts:
Securities held by or for the Company—Unpledged:
Preferred Stock, Series "A"
$5.528,364.39
$5,528,364.39
Common Stock
15,730,515.52
15,730,515.52
Long Term Debt
$294.300.00
11,392,905.46
11,687,205.46
Securities held by or for the Company—Pledged:
Long Term Debt
17,529,000.00
17,504,000.00
$25,000.00
Liability to holders of underlying Long Term Debt in exchange for which
securities are hold, per contra
31,113,000.00
31.666.500.00
553,500.00
The Company is guarantor, jointly with other Companies,of the securities of certain terminal companies, none of which is in default.
808,935.6095 shares Common stock outstanding in hands of the public December 31, 1931, an increase of 116.5744 shares. There were
There were
also 206.4007 shares included in Stock Liabilit) for Conversion on December 31, 1931,a decrease of 116.5744 shares.
As no liability is admitted under Section 15A of the Interstate Commerce Act no cognizance thereof has been taken in preparing the above Balance
Sheet.
No provision has boon made for proposed additional assessments in respect to prior years' Federal Income Taxes,under appeal.
Dividends on 7% Cumulative Preferred Stock, Series "A" have been declared and paid to September 30, 1931.
May 7 1932
Financial Chronicle
3488
-TEXAS LINES.
-KANSAS
MISSOURI
YEAR ENDED DECEMBER 31, 1930.
CONSOLIDATED INCOME ACCOUNT YEAR ENDED DECEMBER 31, 1931. COMPARED WITH
1930.
1931.
Per Cent
of Gross
Revenue.
Per Cent
of Gross
Revenue.
Amount.
---Average Mileage Operated
Amount.
$27,544,230.22
3,417,738.22
1,131,261.97
$36,862,328.04
5,046,263.20
1,174,945.52
2.96
.73
1.71
- .91
.35
1,445,046.02
128,117.29
677,004.54
463,317.93
151,836.49
3:15
.28
1.47
1.01
.33
100.00
$45.948.859.05
100.00
$3.980,347.73
5,250,595.06
1,525.083.97
11,685,843.44
258.833.83
1,848,040.57
47,345.24
11.58
15.27
4.44
33.99
.75
5.37
.14
$ 5,532,387.J6
7,045.201.11
1,490,864.86
14,017,281.79
288,250.05
2,000,300.41
149,283.54
12.04
15.33
3.24
30.51
.63
4.35
.32
71.26
$24,501,399.36 -
$30,225,002.64
65.78
28.74
15,723,856.41
34.22
0
Total Operating Expenses
$9.318,097.82
1,628,524.98
43,683.55
80.22
10.98
2.56
$34,383,379.64
Total Operating Revenues
80.11
9.94
3.29
1,019,383.37
252,163.53
587,316.16
312,674.39
118,611.78
Operating Expelses:
Maintenance of Way and Structures
Maintenance of Equipment*
Traffic Expenses
Transportation Expenses
Miscellaneous Operations
General Expenses
Transportation for Investment-Cr
$9.881,980.28
Net Revenue from Railway Operations
425,662.67
$124,046.24
89,688.38
150,643.54
33,224.71
$11,565,479.41
$1,552,040.23
1,794,606.05
.
$34,219.11
2,331,438.35
29,416.22
152,259.84
101,938.30
$5,723,603.28
5,841,876.13
$2,356,928.85
13,551.46
2,455,586.33
21,044.33
Railway Tax Accruals
Uncollectible Railway Revenues
Decrease.
52.68
3,188.57
3,241.25
Operating Revenues:
Freight
Passenger
Mail
Express:
Passenger
Freight
Miscellaneous
Incidental
Joint Facility
Increase.
$98,657.48
7,492.87
$106,150.35
Total
$2,476,630.66
$2,370,480.31
Railway Operating Income
$7.405.349.62
$13,353,376.10
$19,233.35
81,478.34
23,981.47
193,032.77
$13,288.95
104,220.35
25.530.83
173,638.50
65,944.40
$1.047.30
Other Operating Income:
Rent from Locomotives
Rent from Passenger Train Cars
Rent from Work Equipment
Joint Facility Rent Income
$5,948,026.48
$22,742,01
1,549.36
19,394.27
$317,725.93
$316,678.63
Total Operating Income
$7,723,075.55
$13,670,054.73
$5,946,979.18
Deductions from Operating Income:
-Debit Balance
Hire of Freight Cars
Rent AM Locomotives
Rent for Passenger Train Cars
Rent for Work Equipment
Joint Facility Rents
.1,637,922.41
42,646.61
117,404.53
12,880.92
897,136.58
$1.982.389.59
52,544.73
. 125,924.61
52,415.18
806,699.88
$344,467.18
9,898.12
8,620.08
39,534.26
$2,707,991.05
$3,019,973.99
$311.982.94
$5,015,084.50
$10,650,080.74
4
$5,634,996.2
$109,063.58
215,363.65
6,310.38
16,839.00
31,751.21
192,883.47
2,430.75
$120,129.99
268,845.95
11,591.04
2,214.00
267,880.49
567,09349
121,127.35
$11,066.41
53,482.30
5,280.66
$574,642.04
$1,358.882.31
$784,240.27
$5,589,726.54
$12,008.963.05
$6.419,236.51
$1.870.04
10,680.77
32,725.05
440.80
$1,645.60
9,560.22
22,863.39
434.54
$224.44
1,120.55
9,861.66
6.26
$11,212.91
Total Other Operating Income
Total Deductions from Operating Income
Net Railway Operating Income
Non-Operating Income:
Income from Lease of Road
Miscellaneous Rent Income
Miscellaneous Non-Operating Physical Property
Dividend Income
Income from Funded Securities
Income from Unfunded Securities and Accounts
Miscellaneous Income
Total Non-Operating Income
Gross Income
Deductions from Gross Income:
Miscellaneous Rents
Miscellaneous Tax Accruals
Interest on Unfunded Debt
Miscellaneous Income Charges
•
Total Deductions from Gross Income
$90,436.70
$14,625.90
236,129.28
374,210.02
118,696.60
$45,716.66
$34,503.75
Balance Available for Interest
Fixed Interest Charges
$5,544,009.88
4,189,904.37
$11,974,459.30
4,195,450.88
$6,430,449.42
5,546.01
Balance Available for Interest on Adjustment Bonds_ Interest on Adjustment Bonds
$1,354,105.01
678,878.36
$7,779,008.42
696,461.21
$6,424,903.41
17,582.85
$6,407,320.56
$675,226.65
$7,082,547.21
rates,
u
PROFIT AND LOSS DECEMBER 31, 1931.
Net Income
-•
-epreclatton for toe year -
Balance to Credit of Profit and Loss December 31, 1930---- $25,476,440.14
Credits: so
675,226.65
Credit Balance Transferred from Income
6.46
Profit on Road and Equipment Sold
3.37
Unrefundable Overcharges
8,674.71
Donations
2,438.01
Miscellaneous Credits
Debits:
Dividend Appropriations, Preferred Stock, Series "A- 7% $3,501,944.25
Surplus Appropriated for Investment in Physical Property
8,674.71
Debt Discount Extinguished through Surplus
1,602.95
Loss on Retired Road and Equipment
37.995.09
Delayed Income Debits
4,710,091.39
Miscellaneous Debits
9,729.94
$8.290,038.33
Total
$26.162,765.68
Total
Blackface denotes debit.
Balance to Credit of Profit and Loss December 31, 1931
$17,872,727.35
OPERATING REVENUES AND EXPENSES FOR TEN YEARS ENDED DECEMBER 31, 1931.
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
Average
Mileage
Operated.
Freight.
3,737.46
3,359.76
3.193.14
3.188.54
3,188.54
3,188.54
3,188.54
3,188.57
3,188.57
3,241.25
REVENUES
Year.
EXPENSES.
Year.
Passenger.
Mail.
Express.
$39,198,400.88
39,791,214.67
42,331,704.74
43.777,643.01
45,050,764.19
43,961,759.91
45,262,652.73
44.619,989.79
36,862,328.04
27.544,230.22
$10,958,411.71
11,295,456.27
10.457,070.86
9,325,059.52
8,669,898.05
7,812,203.39
6.767,528.93
6,206,420.53
5,046.263.20
3.417,738.22
$1,241,950.01
1,221.101.46
1,189,965.90
1,143,052.49
1,107,607.25
1,116,558.05
1,201,406.65
*1,823,921.67
1,174,945.52
1,131,261.97
$2,130,755.79
2,181.233.24
1.827,782.55
1,758.952.12
1,768,780.98
1.790.566.06
1,824,972.93
1.843,833.85
1,573,163.33
1.271.546.90
Maintenance
of Bray and
Structures.
Maintenance
of
Equipment.
Traffic.
Transportation
Expenses.
General and
Other.
Total.
NET
REVENUE.
$1,041,435.68
1,151,353.02
1.138,962.06
1,177,621.43
1,319,917.96
1,390,797.22
1,379,157.80
1,516,157.57
1.490.864.86
1,525.083.97
$18,780,007.03
18.380.268.53
17,363,774.08
17,592,364.34
17,625,954.47
17,271,332.46
16.920,528.89
16.149,710.01
14.017.281.79
11.685,843.44
$2,076,887.24
2,066,665.86
2,148,686.10
2,020,786.13
2,011,485.76
2,037,523.62
2.629.051.40
2,226,639.98
2,139,266.92
2.059.529.16
$39,683,701.04
43,628,318.95
39.732,034.69
39.618,128.36
39,979,069.65
39,339,173.70
39,933,815.89
37,456,339.57
30,225,002.64
24,501,399.36
$15,352,000.85
12.359,599.13
17,577.310.34
17,874,785.18
18,121,696,02
16,842,354.27
17,615,302.53
18,568,099.58
15,723.856.41
9,881.980.28
.
$7,237,276.60 $10,548,094.49
1922
14,636,724.26
7,393,307.28
1923
11,517.474.98
7,563,137.47
1924
11,422,782.90
7,404,573.56
1925
11,203,004.57
7,818,706.89
1926
10,398,911.11
8,240,609.29
1927
10,143,557.86
7.861,519.94
1928
9,854,928.29
7,708.903.72
1929
7,045,201.11
5.532,387.96
1930
6,250,595.06
3.980,347.73
1931
'Includes $534,882.37 Retroactive Mall Pay.
Miscellaneous,
6620,380.79
637.146.76
665,305.33
705.652.37
758,824.51
822.602.96
842,687.88
805,033.45
677,004.54
587,316.16
Other.
$885,802.71
861,765.68
837,515.65
782,554.03
744,890.69
677,837.60
649,869.30
725,239.86
615,154.42
431 288.17
Total.
$55,035,701.89
55,987,918.08
57.309,345.03
57,492,913.54
58,100,765.67
56,181,527.97
56,549,118.42
56,024,439.15
45,948.859.05
34 383 379.64
Financial Chronicle
Volume 134
3489
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
-WOOL
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
On the 3d there were 500 bags of D and 750 A delivered on
contract here. The Santos dollar buying rate was 60 reis
lower at 14$180. A decline in Havre was attributed to the
fact that the basis trade there is a low-grade Brazilian coffee
which was affected by the new basis of buying prices estabFriday Night May 6 1932.
COFFEE.
-Spot coffee advanced owing to very firm lished by the National Coffee Council, widening differences
Brazilian markets and scarcity of desirable grades here. between 7s and 8s from 30 points to 90 points.
Stocks of coffee in the United States other than Brazilian
Santos 45 were held at 93/i to 10c., and Rio 7s at 7M to Sc.
A bid of 93c. was declined on grinding 7s and 93c. was total 381,025 bags, against 380,058 last week and 263,196
asked. Yet mild coffee prices were said to be none too steady. last year. This week's total includes 305,683 bags at New
On the 3rd inst., it is said, a large National roaster bought York, against 197,508 last year; 47,152 bags at San Francisco
5,000 to 6,000 bags at 10e. in store, grading about No. 3's and 28,190 at New Orleans. Arrivals of muds at all ports
or slightly better. Good spot coffees were said to be getting during April totaled 282,622 bags, while deliveries last
scarcer every day. On the 4th inst. 3,000 bags of Victorias month were 301,491. Total clearances from Rio during
ex-ship were reported sold at 8e. The dollar buying rate at April, according to the New York Exchange were 301,000
Santos declined 100 reis further to 14$040. On the 4th inst. bags including 164,000 to Europe and N. Africa, 108,000
coffee in the "D" contract sold at 8.85 for both Sept. and to the U. S., and 29,000 to elsewhere, Santos clearances for
Dec. representing respective net losses of 4 to 5 points. No April were 903,000 bags, of which 254,000 went to Europe
fresh features were reported. A sale of 1,000 bags of Rio 7-8s and N. Africa 639,000 to the U. S. and 10,000 elsewhere.
Washington advices to Dow, Jones say: "Senate Finance
at 7.35c. c. & f. prompt to Baltimore was reported. On the
5th inst. Rio 7-8s on the Camamu sold at 7.35c. and 1,000 Committee is considering import taxes on rubber, coffee,
bags of 3s at 9 Me. ex-dock by one large roaster to another; tea and cocoa beans as part of the new revenue bill." On
1,500 bags of Santos also sold. Santos 4s were firm at 10c. the 4th the world's vLible supply of coffee, was stated by
and Rio 7s at 8 to 83jc. Maracaibo, Trujillo, 931 to 93/2e.; E. Laneuville of Havre at 6,723 000 bags on May 1, against
fair to good Cucuta, 103 to 103 c.; prime to choice, 11 to 6,538,000 on April 1, and 6,224,000 last year. Arrivals in
%
113/2c.; washed, 103/ to 103 0. Colombian, Ocana, 10 to Europe during April totaled 1,045,000 bags, against 1,165,4
103.c.; Bucaramanga, natural, 10 to 103/2c.; washed, lox 000 last year and 1,163,000 two years ago. Arrivals Tof
milds in the U. S. and Europe for 10
to 10yo.; Honda,Tolima and Giradot, 11 to 113c.; Medelin, against 6,980,000 and 6,544,000 last months were 6,816.000,
year and two year ago.
12to 123.1,o.; Manizales 11% to 11 Mc.; Mexican washed, 14 to
15e.; East India Ankola 25 to 34c.; Mandheling 25 to 32e.;gen- Deliveries of all kinds during Apri lin the U. S. and Europe,
nine Java, 23 to 24c.; Robusta, washed, 83 to 9c.; Mocha, 13 1,927,000, against 2,164,000 last year and 1,995,000 two
to 14e.; Harrar, 12 to 123/20.; Abysinian. 93% to 10e.; Guate- years ago. World's deliveries, 10 months, 20,022,000
mala, prime,10% to 1131e.; Bourbon,93jto 10c. On May 2, against 20,530,000 and 19,725,000. On the 4th a cable
the dollar buying rate at Santos declined 70 reis to 14$300. from Brazil stated that the total destruction of coffee in
Later it declined another 60 reis to 14$240, making a total Brazil to date amounts to 5,600,000 bags. It adds that iris
decline of 130 reis. According to advices to the Exchange the intention to advance exchange gradually to 12$000jas
15,000 bags have been deducted from the Rio coffee stocks conditions permit. On the 5th the New York Exchange
and 3,500 bags from the Santos on account of local con- stated that the Bush Terminal in connection with the
sumption. The National Coffee Council for the week ended 225,000 bags of coffee due under terms of the coffee-wheat
April 30 destroyed 102,000 bags of Santos coffees. 4,000 deal, had received 173,013 bags from Oct. 1931 to April
'
bags of Rio and 12,000 bags of Vietoriss. To date so far 30 1932; 67,799 bags had been delivered, leaving stocks of
3,368,000 bags of Santos coffee have been destroyed; 934,000 103,214 bags on April 30. The New York Exchange will
bags of Rio and 263,000 bags of Victoria. There have also be closed on May 28. The New York Exchange stated the
been burned to date 310,000 bags of Sao Paulo coffee. world's visible supply, excluding interior and restricted
On the 2d the report that the Brazilian Government would stocks, at 5,555,990 bags on May 1, against 5,619,697 bags
replace the 15-shilling export tax by a 55-milreis tax per bag on April 1, and 6,136,173 bags last year. The visible supply
beginning May 3 caused some shippers to raise their cost and in the United States decreased 153,547 bags, and stocksjin
freight price by 5 or 10 points; others unchanged. For Brazilian ports were 76,000 bags lower during the month,
prompt shipment, Santos Bourbon 2-3s were here at 9.70e. while the visible supply in Europe showed a increase of
to 10.15c.• 3s at 9.40 to 10.85c.; Us at 9.25 to 9.75c.; 3-5s at 165,840 bags.
On April 30 Rio futures here closed 1 to 4 points higher
9.30 to 9.513e.; 4-5s at 9.30 to 9.45e.; 5s at 9.15 to 9.25c.;
5-6s at 8.85 to 9.20c.; 6s at 8.85 to 9.20e.; Rio cabled the with sales of 1,000 bags. Santos closed unchanged to 3 points
New York Exchange on the 2d:"The National Coffee Coun- lower with sales of 5,000 bags. On the 2d inst. Rio futures
cil has established new basis buying prices order stimulate here opened 1 to 7 points higher and closed unchanged to
better qualities types three to eight 155500, 145500, 145000, 2 points higher with sales estimated at 7,000 bags; Santos
135000, 125500, 105500, per ten kilos, respectively. Will opened 3 to 6 points higher and ended 2 to 3 points net
also alter basis classification penalizing severely sticks and lower with sales of 10,000 bags. The early advance was
stones and tolerating more broken beans. Present buying due to European and Brazilian selling. Later prices reacted
basis for soft and strictly soft coffees remains the same.' as demand fell off. The export tax of 15s was replaced by
On the 3d cost and freight offers advanced 5 to 10 points one of 55 milreis. On the 3d inst. Rio futures here closed
owing to firmness of exchange still rather slow. For prompt 3 to 5 points higher with sales of 8,000 bags; Santos 11 to
shipment, Santos Bourbon 2-3s were here at 9.75 to 10.300.; 15 points higher with sales of 12,000 bags. The rise was
3s at 9.60 to 9.95c.; 3-4s at 9.30 to 9.94e.; 3-5s at 9.40 to based on stronger Brazilian cables and reports that an export
9.70c. On the 5th cost and freight offerings were unchanged tax is likely to be levied by Brazil of 55 milreis per bag, an
to 10 points advance, with a moderate supply. Prompt increase from 15s and an import duty be put on coffee by
shipment, Santos Bourbon 2-3s at 9.85 to 10.25c.; 35 at the United States Government. On the 4th inst. Rio
9.75 to 9.95e.; 3-4s at 9.40 to 9.90c.; 3-5s at 9.40 to 9.65e.; futures here closed unchanged to 2 points net lower, with
4-5s at 9.45 to 9.60c.; 5s at 9.25 to 9.55c.; 5-6s at 8.95 to sales estimated at 8,000 bags; Santos closed 1 to 7 points
9.35c.; 6s at 9.10 to 9.30e.; 6-7s at 8.900.; 7s at 8.85 to net lower with sales of 11,000 bags. The selling was profit
8.90c.;7-8s at8.65 to 8.90e. Peaberry 4s at 9.50e.; Victoria taking in a small market. To-day there were five Rio
7s at 7.55c. and Ms at 7.500., the latter for June shimpnet notices issued. The Santos dollar buying rate declined
being offered at 7.35c. For prompt shipment from Rio, 40 reis to 14$000. On the 5th inst. Rio futures here closed
Sao Paulo 3-4s were offered at 9%c.; Bourbon 2-3s at 9.70e.; 1 point off to 2 up with sales of 1,000 bags; Santos futures
3s at 9.45c., and 4s at 9.25e. To-day cost and freight 1 point off to 13 points higher with sales of 6,000 bags.
offerings from Brazil were unchanged to 5 points higher Brazilian buying gave support. To-day rumors of a strike
early. For prompt shipment, they included Santos Bour- on the Sao Paulo Railway caused covering and a better
bon 2-3s at 10.200.;38 at 9.75 to 10.05c.; 3-4s at 9.40 to 9.800.; spot demand. A special cable to the Exchange reported a
3-5s at 9.55 to 9.900.; 4-5s at 9.25 to 9.650.; 5s at 9.55 to decline of 130 reis in the dollar buying rate to 13 70, the
9.60e.; Os at 9.35c.;6-7s at 9.15e.; 7-8s at 8.90c., and Peaberry second decline to-day. Santos exchange on London was
%
4s at 9.65e. On the 3d G. Duuring & Zoon of Rotterdam, advanced 1-16d. to 43 d. All this with a sharp advance in
cabled: "Arrivals of all kinds during April, 1,056,000 bags, stocks and better budget news from Washington scared the
shorts. Rio futures here ended 6 to 13 points higher with
of which l3razilian, 409,000; deliveries of all kinds during
April, 946,000 bags, of which Brazilian, 430,000. Stocks sales of 10,000 bags and Santos futures 13 to 22 points
higher with sales of 21,000 bags. Final prices show an
in Europe on May 1, 2,291,000; world's visible supply on advance
for the week on Rio futures of 15 to 18 points and
May 1, 6,682,000 against 6,548,000 on April 1 On the 3d
Santos exchange on London advaticed 5-64d. from the last on Santos futures were 22 to 44 points.
Rio coffee prices closed as follows:
previous cable to 4 11-16d. Another decline occurred in
84
____1September
6 47§nom.
the dollar buying rate to-day at 145140, a decline of 40 Spot (unofficial)
May
6.50
December
6.37 nom.
points from the earlier cable and off 100 reis for the day. July
6.55 nom. March
6.38 nom.
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.
Financial Chronicle
3490
Santos coffee prices closed as follows:
Spot (unofficial)
May
Thy
10September
9.23inom. December
I
March
9.15
- 9.03@nom.
,, 8.96® 8.98® _
COCOA to-day ended 7 to 21 points higher with sales of
51 lots and with May 4.10c.; July 4.20c.; Sept. 4.31c.;
Dec. 4.42c. and March 4.54c. Final prices show an advance
on May for the week of 18 points while July and Sept. at
2 to 6 points lower. On May 2, Liverpool futures at 1:30
p. m. were 6 to 9d. lower. Liverpool spot opened 3 to 6d.
lower and London spot unchanged to 3d. lower. The New
York licensed warehouse stocks on April 30 amounted to
589,983 bags against 587,937 on the previous day and 203,831
last year. Arrivals of cocoa in New York since April 1, were
142,038 against 228,533 for the corresponding period last
year. A "seat" on the Cocoa Exchange was sold at $1,700,
a rise of $200.
SUGAR.
-Spot raws were quiet at one time at 2.62c.
delivered and .62c. c. & f.; later, .59c. to 2.58e. Refined
on the 2nd inst. declined to 3.773i to 3.80c. according to
territory. On April 30 futures closed unchanged to 1 point
lower. May touched .56c. a new low point. May was sold
and July bought at a difference of 7 points; sales 7,500 tons
mostly switches. Sales included 2,500 tons of Philippines at
2.60e. for arrival within a few days, and 16,000 bags of
Porto Ricos prompt at 2.60c. Refined basis prices for fine
granulated less 2% for cash were generally 3.77M early;
later, 3.75c. Most refiners put their list price at 3.77 Mc.
without allowance, but with the four-payment plan. Sales
of raw sugar included 7,000 tons of Philippines and 10,000
tons of Porto Ricos to local refiners on the 2.60c. basis. On
Tuesday it seems 5,000 tons of Philippines for May arrival
and 4,100 tons of Porto Ricos had sold at 2.610. to refiners.
On April 30, London closed unchanged to 2d. lower. Liverpool closed Md. lower. Receipts at United States Atlantic
ports for the week were 51,140 tons against 64,354 in the
previous week and 47,556 in the same week last year; meltjugs 46,494 tons against 45,454 in the previous week and
49,026 tons in the same week last year; importers' stocks
186,822 tons against 186,822in the previous week and 152+869
in the same week last year; refiners' stocks 181,150 tons,
against 176,504 in the previous week and 159,408 in the
same week last year; total stocks 367,972 tons against
363,326 in the previous week and 312,277 in the same week
last year.
Havana cabled for the week ended April 30: Arrivals,
19,767 tons; exports, 64,986; stock, 1,285,651 tons. Centrals now grinding 33. The exports were distributed as
follows: To New York, 8,852; Baltimore, 2,067; New
Orleans, 5,896; Savannah, 3,199; Galveston, 5,986; Brunswick, 2,883; Interior U. S., 133; Canada, 5,069 and United
Kingdom, 40,901 tons. The Sugar Institute, Inc., stated
the total melt and total deliveries of fourteen United States
refiners up to and including the week ended April 23 1932
-1932, Jan. 1
and same period for 1931, as follows: Melt
to April 23, 1,075,000 long tons; 1931, Jan. 1 to April 25,
1,265,000 long tons. Deliveries-1932, Jan. 1 to April 23,
925,000 long tons; 1931, Jan. 1 to April 25, 1,090,000 long
tons. On the 2d inst. futures closed 2 to 4 points lower with
estimated sales of 13,350 tons. The decline was due to
Cuban hedge selling which pushed prices down to new low
levels. The only buying seemed to be ordinary covering
and the covering of hedges against sales of spot sugar.
Refined, 3.80c. and still quiet. On May 2 London opened
irregular, at Id. lower to Md. up. Liverpool opened quiet
and unchanged. London terminal at 3.15 p.m. was X to
13jd. lower than first prices, late months showing the
greater decline. London cabled terminal near at hand parcel
2
was obtainable at 4s. 43/d. British refined declined 3d.
On the 3d inst. fntures closed 1 to 2 points net lower with
sales estimated at 12,700 tons. Cuban hedge selling still
told against prices. They got into new low ground. Spot
raws too were dull and refined price conditions were called
a bit puzzling. The American and C. & H. were scheduled
to advance from 3.70 to 3.723e. for carload lots in the
States of Nebraska, Iowa, Kansas, Missouri, Oklahoma and
Texas. Sales of raws included 4,000 tons of Cuba from New
York stock for shipment to the United Kingdom loading
Thursday at approximately 4s. 3d. c. i. f. to the United
Kingdom which was said to net the seller a parity of 2.67c.
delivered'to the refinery at New York. Against this sale
the local interest replaced these sugars with 4,000 tons of
-Nov. shipment at 2.76c. On the 3d
Philippines for Oct.
London opened M to 1 Md. off; Liverpool opened id. off.
London at 3:15 p. m. was dull with prices unchanged to
id. higher than the opening. London cabled, Terminal
2
market steady. Sellers 4s. 43/d. for May, 4s. 3d. bid.
Trade indifferent. On the 4th inst. futures opened unchanged to 3 points lower and closed 1 to 2 points net lower
with sales of 18,850 tons. The selling was by Europe and
Cuba. London declined and that also told to some extent.
Some of the trade bought July against sales of actual sugar.
On the 4th London opened unchanged to Md.lower. Liverpool opened quiet at Md. decline. London terminal at
3:15 p. m. was barely steady with prices unchanged to 2d.
lower than opening quotations. London reported the market there quiet. On the 3d, Tate & Lyle bought 4,000 tons
Cubas at 4s. 23.(d. To-day parcels are offered at 4s. 3d.,
with refiners indifferent. On the 5th London opened easy
id. lower to Md. higher. Liverpool opened barely steady
at Id. decline. London terminal at 3:15 p. m. was steady
May 7 1932
with prices Md. lower to Md. up. London also reported
terminal quiet but steady with very little offering at 4s.
43d. In Paris there was a holiday. The New York
Exchange will be closed on May 28. The Liverpool Sugar
Exchange will cease trading after Saturday, May 7. Negotiations are under way to revive the Liverpool branch of the
London Terminal Association.
The Board of Managers of the New York Coffee & Sugar
Exchange has resolved to submit various amendments to the
by-laws to a vote of the members by bollat on Tuesday,
May 31. They would establish net cash market quotations
daily, provide for graders and licensing of handlers, forms of
contracts for Intro delivery, commissions, trading rules, &e.
Havana cabled May 5th "that Sugar Club figures to April
30 show production of approximately 2,522,000 tons."
On the 5th inst. sales included 3,900 tons of Porto Ricos
due May 20 at 2.58e. and 2,500 tons of Philippines due next
week and 6,000 bags of Porto Ricos due May 16 also at 2.58e.
and 6,000 tons of Cuba from store on the basis of 4s. 3d.,
equal to about .59c. f. o. b. Cuba. On the 5th inst. futures
closed unchanged to 1 point lower with sales of 6,550 tons.
Trade and Europe sold. A new all-time low of 2.58c. was
established. Confusion over refined sugar terms and dullness of spot raws tended to keep business within narrow
limits. The refined sugar situation was mixed. Revere of
Boston announced a base of 3.773/ic. with the four-payment
plan or 3.75c.regular terms. The National then quoted 3.75c.
in all territory with the four-payment plan but no allowance
and other local refiners followed suit. Late in the day there
was still some uncertainty over what further action Revere
might take and owing to the uncertainty the trade held off.
The local list price less 2% for cash equalled the previous
all-time low record of 3.673/ic. net cash, established April 8
1914. Prior to that, the low record was 3.68e. in 1894.
To-day London opened unchanged to Md. off. London
terminal at 3.15 p. m. was firm with prices unchanged to
13.d. higher than opening levels. London also cabled
terminal firm with a lack of sellers. A cargo for June shipment sold at 4s. 43/id. with the trade dull. The sale of
6,000 tons from the British West Indies to the United Kingdom at 4s. 43/2d. is said to be equivalent to a price of .62 or
.63e. f. o. b. Cuba. To-day the rise in futures was due partly
to a much better stock market and more favorable budget
news from Washington. Futures ended unchanged to 2
points higher for the day with sales of 10,000 tons. Some
3,000 tons of Philippines for May-June shipment sold at
Philadelphia at 2.61c. Final prices show a decline for the
week of 4 to 5 paints.
Closing quotations follows:
Spot (unofficial)
May
July
September
December
0 58
0.0 1 0.53 JanuarY
062
.
5
March
0.66® 0.67 May
0.734® - - -0.75® - --0 79 ® ---0.8388 0.84
LARD.
-On April 30 futures ended 2 to 5 points higher
with less liquidation and a better technical position. Prime
Western cash 4.70 to 4.80c. On the 2nd inst. futures ended
unchanged to 3 points higher with hogs up 10 to 15c.;
Western receipts 94,000 against 125,000 last year. Prime
Western was 4.80 to 4.90c.; Refined Continent, Sc.; South
America, 53c.; Brazil, 6c. On the 3rd inst. futures ended
2 to 8 points lower. Hogs were practically unchanged.
Contract stocks at Chicago were 52,307,876 lbs. on May 1
against 43,853,000 lbs. on April 1, an increase of 8,453,371
lbs. against last year's total of 39,793,000 lbs. Total stocks
of meat were 147,00,0,000 lbs. against 156,000,000 on May 1,
last year. On the 5th inst. futures closed 2 to 5 points lower
with hogs off 10e. Prime Western cash, 4.65 to 4.75e.;
Refined Continent,4/0.; South America, 53'ic.; Brazil 5%0.
On the 4th inst. futures closed 2 to 7 points lower though
hogs were up 5 to 10e. and grain.ended higher; prime Western
cash was 4.70 to 4.80e. To-day futures ended 2 to 5 points
higher. Hogs closed strong and mostly 5e. higher; top $3.85.
Final prices show a decline for the week of 2 to 3 points.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
May
4.22
4.25
4.22
4.17
4.15
4.17
July
4.37
4.40
4.32
4.30
4.25
4.30
September
4.50
4.50
4.47
4.40
4.37
4.42
Season's High and When Made- I Season's Low and When Made
May
7.00
Nov. 14 1931 May
4.10
Apr. 29 1932
July
5.50
Feb. 1 1932 July
4.22
May 5 1932
PORK steady; mess, $16.75; family, $18.25; fat backs,
$12.75 to $14.75. Ribs, 4.25c. Chicago. Beef dull; mess
nominal; packer nominal; family, $13 to $13.50; extra India
mess nommal; No. 1 canned corned beef, $2; No. 2, $3.50;
six pounds, South America, $10.50; pickled beef tongues,
$40 to $50. Cut meats quiet; pickled hams, 14 to 16 lbs.,
93.c.; 10 to 12 lbs., 100.; pickled bellies, 8 to 12 lbs., 83o.;
6 to 8 lbs. 8Me.; bellies, clear, dry salted, boxed, 18 to
20 lbs., 53 .; 14 to 16 lbs., 60. Butter, lower grades to
4
higher than extra, 18 to 210. Cheese, flats, 101 to 19%o.•
%
daisies, 11X to 16e. Eggs, medium to special packs, 124
to 19e.
-Linseed was weak. Leadini cralshe
OILS.
their list price 1 point on the 5th inst. One producer was
down to as low as 6.1e. Seed prices were lower at Duluth.
Cocoanut, Manila,coast tanks, 3c.; tanks, New York,3/43.;
corn, crude, tanks f.o.b. Western mills, 2% to 2Mc.• olive,
spot, 60c.; shipment, 6043..; China wood, New York &urns,
earlots, tanks, 5 to 4%C.;Pacific Coast, tanks, 45% to 43%o.;
soya bean, tank cars f.o.b. Western mills, 2Mo.; carlot,
delivered New York, 3M to 4e.; 1.c.i. 4% to 4e.; edible
olive, $1.65 to $2.15. Lard, prime, 9Me.; extra strained
Financial Chronicle
Volume 134
winter, New York, 70. Cod, Newfoundland, 21 to 26c.
4
Turpentine, 42% to 473 e. Rosin, $3.15 to $6. Cottonseed oil sales to-day, including switches, 2 contracts; crude
S.E., 2%<3. bid. Prices closed as follows:
Spot
May
July
August
3.00
3.23 3.40
3.38©3.45
3 45©3.70
September
October
November
December
3.49 ©3.55
3.583.65
(0)
3A,5®3.70
3.70@3.75
-Buffalo bulk gasoline was advanced to
PETROLEUM.
Wc. by the Standard Oil Co. of New York. Buying of
gasoline showed further improvement and the market is
stronger. Jobbers are buying more freely and consumption
is said to be increasing. United States Motor below 65
octane was firm at Wc. in tank cars refineries, and above
65 octane, 6Me.' same basis. Some refiners were asking
7c. Export inquiries were more numerous, but demand still
lags. Kerosene was firmer with leading marketers here
asking 5 2 to 6c. in tank cars refineries, with very few
quotating the inside price. There was a little better export
demand. Bunker fuel oil was fairly active at 65e. refinery.
Domestic heating oils were rather active. Pennsylvania
lubricating oils were in better demand. Early in the week
the Standard Oil Co. of New York advanced the tank wagon
and service station price of gasoline Mc. in the Buffalo
territory, which among other important cities includes
Syracuse, Rochester and Johnstown. It also advanced the
retail tank car price of kerosene throughout its territory
Me. The Atlantic Refining Co. met the increase. The
Standard Oil Co. of Indiana raised tank wagon price of
kerosene le. throughout its territory with the exception of
Indiana and Michigan. This company also lifted the tank
wagon price of furnace oil lc. The Standard Oil Co. of
New York advanced the price of unbranded motor gasoline
in tank car lots, Xc. to 63c. at Buffalo.
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 April 30 prices closed 3 to 6 points lower
with sales of 420 tons closing with July, 3.09c.; Sept., 3.20c.;
Oct., 3.26c.; Dec., 3.39e. and March, 3.54e. New "A"
May, 2.92c.; June, 2.99e. Outside spot May and June,
3 1-16e. nominal. On April 30 London opened quiet, unchanged to 1-16d. higher and closed quiet; May and June,
2d.; July-Sept., 2 1-16d. Singapore closed 1-16d. up; May,
1 11-16d.; July-Sept., 1%d. On the 2d inst. prices declined
5 to 6 points but later rallied 2 to 7 points from the early
low owing to a suggestion by the U. S. Senate Finance
Committee of an import duty on crude rubber of 5 to 10c.
a pound. The sales of No. 1 standard suddenly rose to
1,740 tons. The closing was 3 points lower to 2 higher.
No. 1 standard May ended at 2.95c.; July, 3.08e.; Sept.,
3.200.; Oct., 3.27e.; Dec., 3.410.; March, 3.52 to 3.55e.
New "A" May, 2.92c.; June, 2.980.; July, 3.05e. Outside
prices: Spot, May and June, 2 15-16 to 3 1-16c. Malayan
shipments of rubber for the month of April are reported at
36,670 tons, against 39,903 tons in March and 43,453 tons
shipped in April, last year. Exports from Ceylon in April
were 3,043 tons, against 3,405 tons in March and 3,487
tons in April 1931. Of this amount 1,761 tons were shipped
to the United States against 2,319 tons in March and 2,263
tons in April last year.
On May 2 London closed 1-16d. off; May and June,
-Dec., 2 1-16d. Singapore
1 15-16d.; July-Sept., 2d.; Oct.
closed quiet, 1-16d. decline; May,1%d.;July-Sept., 1 11-16d.
London rubber stocks on April 30, 61,850 tons, a decrease
of 1,498 tons from the previous week and compares with
86,512 tons on hand at the same time last year. Liverpool
stocks for the week increased 47 tons. On May 2 a membership on.the Rubber Exchange of New York, Inc. was sold
at auction at noon for $650, an advance of $50. On the
3d inst. prices advanced 20 to 43 points on the possibility
that the Senate may impose a duty on rubber and other
commodities. The sales of No. 1 standard were 950 tons,
against 1,750 on the previous day, closing with May at
3.23c.; July, 3.35c.; Sept., 3.44c.; Dec., 3.65c. and Mar.,
3.80e. Spot May and June outside were quoted at 3 5-16d.
On the 3d London closed quiet, unchanged to 1-16d. higher;
May and June, 2d.; July, 2 1-16d.; July-Sept., 2 1-16d.;
Oct.
-Dec., 23/d. The Senate Finance Committee is con8
sidering import taxes on rubber, &c. as part of the new
revenue bill.
On the 4th inst. prices advanced 11 to 19 points, despite
a decline in London of 1-16 to %d.. Shorts were plainly
nervous here. They covered heavily in the fear that import
duty would be levied by Congress. The technical position
had evidently been strengthened by the recent heavy liquidation and sharp fall in prices. On the 4th inst. the sales
of No. 1 standard leaped to 2,250 tons, or more than double
the total of the previous day. Outside prices responded
sharply. The Senate Finance Committee's redrafted tax
bill has been virtually completed in so far as rates arp concerned, according to Senator Bingham, said a Washington
dispatch. A rubber tariff of 5c. per pound, which would
produce $56,000,000, is being considered as one provision
in the event additional revenue must be raised over that
contained in the bill. No. 1 standard closed with May
3.42e.; July, 3.52c.; September, 3.60c.; October, 3.66c.;
December, 3.76 to 3.77c.; January, 3.83e.; March, 3.95 to
3.96e.; new "A" May, 3.39c.; June, 3.44c.; July, 3.49c.;
August, 3.53e. Outside prices: Spot, May and June, 332c.;
/
July-September, 3 9-1604 October-December, 33 0.; January-March, 3 15-160.; spot, first latex thick, 43'e.; thin
3491
pale latex, 43/2c.; clean thin brown No. 2, 33/8c.; rolled brown
crepe, 3c.; No. 2 amber, 33.c.; No. 3, 3 3-16c.; Paras, upriver fine spot, 53/2c.; acre fine spot, 6c.; Caucho ballupper, 23/i to 3c. London opened on the 4th unchanged
to Md. lower and at 2:34 p. m. was dull, unchanged; May
and June, 2d.; July and July-September, 2 1-16d. London closed quiet, unchanged to Md. decline; May, 1 15-16d.;
June, 2d.; July and September, 2 1-16d. Singapore closed
steady and unchanged; May, 1%cl. Complete figures on
Malayan shipments for April showed exports to the United
States at 21,537 tons, a decrease of 2,717 tons from March,
and compares with 29,021 tons shipped to the United States
in April last year. On the 5th London opened unchanged
to 1-16d. advance and at 2:36 p. m. was unchanged; May and
8
June, 2d.; July, 23/d.; July-September, 2 1-16d. London
closed dull, unchanged to 1-16d. advance; May and June,
2d.; October-December, 2%
cd.; January-March, 2 3-16d.
Singapore closed quiet and unchanged; May, 1%cl.
On the 5th inst. futures with opposition in the Senate to a
tax on rubber futures closed 22 to 280. lower with trading
smaller at 970 tons of No. 1 standard. The Central Statistical office at Batavia estimated estate production this year
in the Dutch East Indies at 167,763 tons against 166,814
tons in 1931 apparently indicating that output will be maintained in Sumatra and Java. Native outputs on the other
hand, are expected by Dutch traders to decline this year to
between 50,000 and 60,000 tons against 89,736 metric tons
for 1931 and 90,496 tons in 1930. No. 1 standard here closed
on the 5th inst. with July 3.27 to 3.280.; Sept., 3.38 to 3.40c.;
Dec., 3.52 to 3.53c.; March,3.67 to 2.68c.; new "A"closed
May, 3.14e.; June, 3.190.; July, 3.24e. Outside prices:
-Dee.,
Spot May and June, 33c.; July-Sept., 3 5-16c.; Oct.
33/2c. spot,first latex thick and thin pale latex 43c. To-day
London opened dull, unchanged to 1-16d. off; at 2.37 p. m.
was quiet, unchanged; May and June, 2d; July, 2 and JulySept., 2 1-16d.; London rubber market closed dull; Oct.
Dec., 23'd.; Jan.
-Mar., 2 3-16d. Singapore closed steady,
unchanged to 1-16d. decline; May, 1%d.; July-Sept.,
1 11-16d.; Oct.
-Dee., 1%d. Unofficial estimate of stocks
in Great Britain for the week ending May 7 shows: London,
400 tons decrease; Liverpool, 200 tons increase; Net, 200
tons decrease. To-day came a jump of 67 to 84 pointr,
partly because Secretary of the Treasury Mills asked the
Senate Finance Committee to put a tariff of five cents on
imports of rubber. Alarmed shorts covered heavily, especially as the stock market advanced sharply as well as various
commodities. No. 1 standard contract closed with May at
3.90e.; July, 4e.; Sept., 4.05 to 4.10e.; Oct., 4.140.; Dec.,
4.33c.; Jan., 4.39e. and March, 4.51e. New "A" June,
3.95c.; July, 4c.; Dec., 4.33e. Final prices show an advance
for the week of 79 to 89 points.
l
-.-..17d7n1 -.
- net - ower
)oints
HIDES.
-On the April 30 prices er'
with June at 4.35 to 4.45e.; Sept. 5.05 to 5.15c.;
5.60 to 5.70c. Sales included 1,000 April light frigorifico
steers at 5 5-16c.; 1,000 April frigorifico steers at We.;
4,000 April frigorifico steers at 5 5-16c. and 2,000 MarchApril native cows at 4 and 43(e. respectively. On the 2nd
inst. prices ended unchanged to 6 points higher on the old
contract and unchanged to 5 points higher on the new with
sales of 1,040,000 lbs. June old closed at 4.41c.; Sept. old
5.10 to 5.12c.; new 5.05c.; Dec. old 5.65 to 5.75c.; new,
5.65c.; March old, 6c.; new, 6.05c. On the 3rd inst. prices
advanced 10 to 20 points with sales of 840,000 lbs., closing
with June old at 4.55 to 4.60c.• Sept. old, 5.25 to 5.30c.;
new, 5.15 to 5.200.; Dec. old 5.80 to 5.85e. On the 4th inst.
old contracts closed 5 points off to 5 up; new contract unchanged to 5 points off. June old closed at 4.60c.; Sept. new
at 5.15 to 5.20c.; Dec. old at 5.80 to 5.85c.; new, 5.80c.;
March old and new, 6.20 to 6.30c. Outside sales mcluded
3,000 branded cows, May at 4c.; 3,600 light native cows,
April at 33.c.; 1,900 heavy native cows, April, 33.c.• 4,000
heavy native cows, March at 33.c.; April, 330.;8,000 heavy
/
'
native steers, April, 43,4c.; 3,000 butt branded steers,
April, 43ie. and 4,000 Colorado steers, April, 33 c. On the
4
5th inst. old contracts closed 9 to 15 points lower and new
10 to 15 points lower, closing with Sept. (old), 5.10 to 5.25c.;
new, 5 to 5.15e.; Dec., old, 5.71 to 5.80c., and new 5.70c.
Packer, native steers and butt brands, 40.; Colorados,
-Dec.,
33.c.' bulls, 3c.; Chicago, light native cows, Oct.
4e. New York City calfskins, 9-12s, $1.15 to $1.25; 7-9s,
60 to 70c.; 5-7s, 45 to 50c. To-day futures closed 10 to 20
points higher with sales of 14 lots and with March at 4.10c.;
June at 4.55 to 4.60c.; July, 4.75c.; Sept., 5.20c.• Dec.,
5.85c. Final prices show an advance for the week of 14 tc
15 points.
OCEAN FREIGHTS.
-There was a fair business. Later
business was disappointing.
CHARTERS.
-Grain booked included 4 loads Antwerp, 634c.: 20 loads
Hamburg, Sc.; 2 Bremen. Sc. Grain booked: 2 loads Montreal-Antwerp,
8c.: 9 same Rotterdam, Sc.; 4 New York-Hamburg, 0.ic.; a few New York
Liverpool, is. 6d.; 14 New York-Rotterdam, 5Sic. and 10 New York.
Antwerp, 6c. Grain-26,000 qrs. 10% Montreal, May 1-10 North Spain,
10c. Booked: 5 loads Montreal, May, Rotterdam; 7 loads New York,
Hull, Is. 9d.: 2 loads Baltimore, Hull, Is. 9d.: 10 loads Baltimore, Rotterdam,April, 5c.; 4 loads New York, Liverpool, May. is. 6d.; 10 loads Birkenhead, May. is. 9d.: 32 loads New York, Antwerp, May, 6c.; 4 loads New
York, Hamburg, Sc. and 2 loads London, Is. 6d.; 10 loads Marseilles,
Genoa, 10c.: 10 loads London, Is. 9d.; 8 loads Liverpool, Is. 6d., and 1 load
Hamburg, Sc.; 7 loads Montreal
-Antwerp, 8c.• 2 New York-Liverpool, Is.
13ll.; 1 Bremen, Sc.; half load Antwerp, Sc. and 3 to Hull. Is. 6d. Grain
'
22,000 qrs., 10% Prompt, Montreal, West Italy and Sicily, 11c. basis;
3.4c. more Montreal and Sorel; 35.000_qrs. 10; Gulf, middle May, W. C.
U. K., 2s. 3d.; E. C. U. K., Havre, Hamburg, range 2s. 4Md. Time
West Indies round about 95c.; West Indies round, Mc. Trip-Prompt
New York redelivery plate, 75c.
3492
Financial Chronicle
TOBACCO has been in fair demand here and quiet steady.
Rotterdam cabled the U. S. Tobacco Journal: Friday last,
General Cigar Co. only American buyer at first Sumatra
sale of season in Rotterdam. Prices high. At yesterday's
Rotterdam Sumatra inscription the General Cigar Co.
secured 480 bales. Mayfield, Ky., sales in the Southern
markets during the past week were as follows: At Mayfield,
526,905 lbs., at an average of $2.70, or 57c. higher than the
preceding week. At Paducah, 96,020 lbs., at an average
of $2.65, or $1.07 higher than the preceding week. At
Murray, 131,985 lbs., averaging $3.34, or $1.10 higher.
At Hopkinsville, 1,030,310 lbs. of dark tobacco, average
$3.29, or 33c. lower. At Clarksville, 2,004,925 lbs., average
$4.73, or 40c. lower. At Springfield, 1,185,595 lbs., averaging $5.47, or $1.41 lower. At Owensboro, 133,365 lbs.
of dark tobacco, average $3.37, and 29,485 of Burley,
average $3.67. Dark, lc. higher, and Burley 78c. lower.
At Henderson, 66,100 lbs. at an average of $3.21, or 14e.
higher. Amsterdam to the U. S. Tobacco Journal: The
1932 Sumatra crop, now in process of curing and packing
will yield about 150,000 to 160,000 bales. Already substantially below the level of the 1931 crop, this would be
reduced in 1933 to from 120,000 to 125,000 bales. Normally
this quantity would produce about 15,000 bales of tobacco
for American use. Washington reports cigar withdrawals
-month fiscal period dropped 11.66%; class "A" gain
for 9
3.45%. Manufactured tobacco increased 1.39%; cigarettes
fell off 10.32%; Manila cigar withdrawals increased 12.73%.
Atlanta, Ga., blue mold and early freezes have created a
scarcity of tobacco plants which is contributing to the
curtailment of acreage in sections of the bright leaf tobacco
belt. Reports of thefts in southern Georgia have led growers
to post armed guards over seed beds. Washington wired
to-day: "Secretary Mills told the Senate Finance Committee
that he favored a 10% increase in the tobacco tax."
COAL was dull and in some cases lower. Central West
slow. Smokeless run of mine is quoted through the summer
at $1.25 to $1.50. Current mine run prices f.o.b. mine are:
Southern Illinois, $2.15, Central Illinois, $1.70, Central
No. 6, same, Danville, $1.90, Belleville, $1.20 to $1.70,
Pocahontas, Beckley, Sewell, $1.25 to $1.50, Indiana fourth
vein, $1.40 to $1.60, fifth vein, $1.15 to $1.50, Brazil, $2,
Western Kentucky, 80c. to $1.10, and range for all slack
and screenings, 50c. to $1.25, except for some isolated fields'
product, which is short. Later there were rather more steel
orders. Slack is 60c. to $1.10, bloc, $1.50 to $1.80, nut
slack, 90c. to $1. Chicago was very dull. Fairmont is
shipping substantial quantities of slack at a range of 60 to
85c. Industrial contract renewals are in fair volume. The
anthracite wholesale circular for May 1 was 15c. on broken,
egg, stove and nut and 10c. on pea size. Terms are 30 days
net, with 20c. discount on payment in 15 days for broken,
egg, stove and nut, 15e. for pea and 10c. for buckwheat
and Sc. on for rice, barley and birdseye. Later it was stated
that Western retailers had made considerable reductions in
smokeless domestic coal. In four tons or more Pocahontas
mine run was quoted at $6.70, lump, egg and nut at $8.75,
pea at $7.50; one inch at $6.45. Coke rules at $8, a out of
$3.25. Smokeless prices were reduced about $10. The
basic freight on Pocahontas to the West is $3.35. Eastern
bituminous prices were reported weaker, especially on low
grades.
-On April 30 prices closed 30 points lower to
SILVER.
3 points higher with sales of 1,300,000 ounces, ending with
May at 27.52c.; July, 27.70c.; Aug., 27.93c.; Sept., 28.25c.;
Dec., 28.45c., and Jan., 28.55 to 28.75c. On the 2d inst.
the closing was unchanged to 18 points lower with sales
of 1,275,000 ounces; May, 27.40c.; July, 27.60 to 27.70c.;
Sept., 27.90 to 28c.; Oct., 28.18c. On the 3d inst. prices
ended 15 to 30 points lower with sales of 725,000 ounces;
May, 27.13 to 27.25c.; July, 27.45c.; Aug., 27.55c.; Oct.,
27.88 to 27.98c. On the 4th inst. prices ended 7 to 22
points higher with saki of 725,000 minces, ending with May
at 27.25c.; July, 27.52c.; Aug., 27.70c.; Sept., 27.90c., and
Oct., 27.99c. On the 5th inst. prices closed unchanged to
17 points higher with sales of 1,225,000 ounces and with
May at 27.40 to 27.44c.; July,27.61 to 27.66c.; Aug., 27.75c.;
and Oct., 28.13c. To-day futures closed 30 to 50 points
higher with sales of 1,900,000 ounces. May ended at 27.68
to 27.700.; July at 28.08 to 28.100.; Sept., 28.300.; Oct.,
28.42c., and Dec., 28.72c. Final prices show an advance
for the week of 12 to 33 points.
COPPER was down to 5% to 5Mc. for domestic delivery
with demand rather small. Export sales on the 4th inst. were
495 tons at the special price of 6e. The official export price
was nominally 6 Xe. The lower domestic price did not seem
to hurt the foreign demand. There was a church holiday in
Paris and Berlin on the 5th inst. and sales at London were
absent. The domestic market was very quiet on the 5th
/
inst. Offers to sell at 558c. were smaller in the domestic
market. London on the 5th inst. dropped is. 3d. on spot
standard to £30 5s.; futures unchanged at £30; sales 25 tons
spot and 275 tons of futures; electrolytic unchanged at £34
bid and £35 asked. On the 2nd inst. prices closed unchanged
to 10 points lower,no sales. May ended at 4.15c., July 4.30c.
and Sept. 4.45c. On the 3rd inst. futures ended unchanged
to 20 points higher,no sales. May ended at 4.30c.,July 4.50c.
and Sept. 4.65e. On the 4th inst. prices closed unchanged to
18 points lower with sales of 50 tons. June closed at 4.340.
and July at 4.38e. Futures here on the 5th inst. closed
May 7 1932
unchanged to 3 points higher with sales of 50 tons, ending
with May,4.30c.,July,4.40c.,Sept.,4.50c., Dec.,4.75c. and
March 5.05e. nominal. To-day futures ended with May at
4.30c., June, 4.37c., July, 4.40c., sales 50 tons.
TIN was higher at 223'c. for spot Straits. London on
the 5th inst. advanced £3 5s. on all descriptions; standard
spot, £129 5s.; futures, £131 108.; sales 20 tons spot and 830
futures; spot Straits closed at £133 5s.; Eastern c.i.f. London
advanced £10 7s. 6d. on sales of 175 tons; at the second
London session standard advanced 10s. on sales of 50 tons
spot and 260 tons of futures. Futures here on the 5th inst.
advanced 5 to 15 points, with sales of 10 tons, ending with
May 21.45c.; June, 21.55c.; July, 21.70c.; August, 21.85c.;
September, 22c.i October, 22.15c., with 20 points higher
for each succeeding month. On April 30 futures closed 25
to 30 points lower with sales of 5 tons and May at 18.450.;
June at 18.60c. On the 2d inst. prices here advanced 100
to 105 points with May at 19.45 to 19.64c.; July at 19.75c.;
September at 20.15c.; December at 20.75c.; March at 21.35c.
On the 3d inst. prices closed 50 to 60 points higher with sales
of 10 tons, closing with May at 20.05c.; June at 20.20 to
20.25c.• July at 20.35c.; September at 20.65e. On the 4th
inst. fiitures here advanced 125 to 130 points with sales of
10 tons and with May at 21.30c.; July at 21.65c.; August
at 21.80c.; September at 22.95c., and March at 23.100.
To-day futures closed with May at 21.30c.• June, 21.35c.;
July, 21.50c., and August, 21.65c.; sales of'5 tons.
LEAD was in good demand and steady at 3c. New York
and 2.90c. East St. Louis. In London on the 5th inst.
prices dropped 3s. 9d. to £11 10s. for spot and £11 15s.
for futures; sales 100 tons spot and 650 tons of futures.
ZINC quiet and unchanged at 2.50c. East St. Louis. In
London on the 5th inst. spot was unchanged at £13; futures
off Is. 3d. to £13 3s. 9d.; sales 50 tons of spot and 100 tons
of futures; at the second session prices fell Is. 3d. on sales
of 100 tons of spot and 100 tons of futures. To-day the
price went to 2.50c. East St. Louis, the lowest on record.
--STEEL has remained quiet. The production is stated at
24% but is expected to be reduced. Birmingham wired
May 4: "Steel production in this district is now at 41% of
capacity, but this rate will be reduced to under 20% in the
next few days unless some anticipated business from the
railroads comes in."
PIG IRON.
-American remained dull and nominally
unchanged early in the week. Later prices declined. Eastern Pennsylvania was quoted at $14 to $14.25 at furnace;
Buffalo,$14.50. Cleveland is doing a better business it seems
than any other center owing to buying by makers of automobile castings, stoves,furnaces and oil industry implements.
The output of pig iron in April fell off 9%. New England
sales last week increased a little. But it is said that Eastern
Pennsylvania prices have been shaded owing to the
competition of foreign iron. Buyers were more wary than
ever. About 550 tons of East Indian iron, it is stated, are to
arrive at Boston this month. The composite price of pig
iron is now $14.22, against $14.35 a week ago.
WOOL has been quiet and more or less unsettled. Cheerful predictions are not wanting, but actual business is unsatisfactory. The National Wool Marketing Corp. despite
rumors to the contrary says it has ample funds to handle
the entire wool production of the United States. Mills are
urged to sell only at a profit and so help to bring about
stabilization of prices. The carryover this year, it is added,
is considerably smaller than usual.
San Angelo, Texas
wired May 3rd that the National Wool Marketing Corp.
made first advances of the season on 1932 wool in the shipping to-day on 100,000 lbs. of 12 months wool from Sonora,
with average advances ranging from 8 to 9c. and top
advances of i03.c. Boston wired, April 30: "The National
Wool Marketing Corp. announced to-day that it was prepared to handle the entire wool production of the United
States for 1932. Ample funds, warehousing facilities and
experienced personnel for financing and efficient handling
have been provided. Acceptances by the growers of offers
which ignore entirely present tariff protection will therefore
not be necessary. The wool remaining from 1931 will be
marketed to orderly mill demand as in the past, having in
mind the production of values. The National looks forward
to the future, confident in the belief that the wool industry,
.through co-operative efforts will work its way out of present
difficulties."
WOOL TOPS.
-To-day futures closed quiet unchanged
to 50 points lower with May 55.508.; June, July and August,
56c.; September, October and November, 56.50c.; December, 56.80c.; January, 57.10c.; February, 57.50o., and
March, 57.50c. Boston spot, 63.50c. Roubaix 10 to 20
higher at 17.80f. for July 18f. for September, 12.201. for
December and 18.30f. for January. Antwerp May, 19%d.;
July, 19%d.
SILK.
-On the 2d inst. prices closed net unchanged to
5 points higher with sales of 200 bales; May, $1.34 to $1.36;
June $1.39; July,$1.37 to $1.39., September,$1.40 to $1.42;
October, $1.41 to $1.43; November, $1.40 to $1.41. On
the 3d inst. prices closed unchanged to 4 points lower with
sales of 70 bales; May,$1.33 to $1.35; August,$1.38 to $1.41;
September, $1140. On the 4th inst. prices closed 2 to 3
points lower with sales of 110 bales; May, $1.31 to $1.34;
Volume 134
Financial Chronicle
July, $1.34 to $1.36; August, $1.36 to $1.38; September
October and December, $1.37 to $1.40. On the 5th inst.
futures closed unchanged to 1 point higher with sales of
260 bales; May ended at $1.32 to $1.33; July at $1.34 to
$1.37; August at $1.36 to $1.39; September, October, November and December at $1.38 to $1.39. To-day prices ended
1 to 2 points lower with sales of 410 bales and with May at
$1.31 to $1.33; June, $1.32 to $1.35; July, $1.33 to $1.35;
September, $1.36 to $1.37; October, $1.37, and November,
$1.36. Final prices show a decline for the week of 1 to 3
points.
COTTON
Friday Night, May 6 1932.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below. For
the week ending this evening the total receipts have reached
53,102 bales, against 86,624 bales last week and 76,159
bales the previous week, making the total receipts since
Aug. 1 1931, 9,239,706 bales, against 8,272,275 bales for
the same period of 1930-31, showing an increase since Aug. 1
1931 of 967,431 bales.
•
Receipts at-
Sat.
Mon. Tues.
Wed. Thurs.
Galveston
2,100 2,953 3.674
'796
928
Texas City
Houston
1,506 2,466
988
600
378
Corpus Christi_ _
___ _
3
14
18
53
New Orleans_ _ - _
2.982 2,477 4,371 4,228 5,360
Mobile
3.213 2,907
216 1,342
63
Pensacola
-- _ _
338
____
_ ___
Jacksonville
202
Savannah
808
700
264
100
480
Charleston
59
____
116
487
42
Lake Charles._ _
__
__
__ _
.
_ _ __
_ _
Wilmington
.
97
S' --------75
'
Norfolk
4
15
27
123
21
Boston10
Baltimore
Fri.
Totals this week_
5.178 53102
10.769 11841
10.018
7.694
7.602
Total.
286 10,737
1,323 1,323
1,814 7,752
126
11
573 19.991
113 7,854
_ ___
338
_ __ _
202
706 3,058
31
735
142
142
61
320
76
266
10
;12
248
The following table shows the week's total receipts, the
total since Aug. 1 1931 and the stocks to-night, compared
with last year:
1931-32.
Receipts to
May 8.
1930-31.
Stock.
This Since Aug This Since Aug
Week. 1 1931. Week. 1 1930.
1932.
1931.
Galveston
10,737 2.228.134 1,705 1,383,412 646,367 550,098
Texas City
1,323 236,704
6 111.145
34,330
27,048
Houston_ _ _ _ _
7.752 3,133.944 4,157 2,815.476 1,311,375 987,015
Corpus Ohristl
126 428,114
158 573,056
55,953
39,092
Beaumont25,959
24,668
New Orleans
19,991 1,882,394 11.077 1,381,965 1,037,757 719,757
Gulfport
Mobile
7,854 461.549 5,360 579,013 178,226 247,147
Pensacola
338
66,751
265
62.615
Jacksonville
202
27,186493
16,856
1,360
Savannah
3,058 316,828 5,5ii 699,361 247,513 361,952
Brunswick
-29,776
49,050
Charleston
735 125,631 1.517 288,147 112,069 159,274
Lake Charles_ _ _ _
142 137,547
---59,750
59,207
Wilmington
320
50.859
826
62.951
18.763
13,471
Norfolk
266
64,084
275 152,583
54,023
80,654
N'port News, &c_
New York
1,175 204,749 226,592
Boston
10
933
229
4,988
12,557
3,424
Baltimore
248
23.236
377
22,415
3,193
1.163
Philadelphia
12
5.389
5,213
Totals
53,102 9,239,706 31.266 8,272.275 3.998,327 3.423.260
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.
I
1927-28. 1926-27.
10,737
1,705
5,340
6,527
37,443
15,142
7,752
4,157
5,230
4,717
13,394
15,339
19.991
11,077
9,566
14,837
24,848
17.354
7.854
5,360
1,834
3,579
6,456
5,409
3,058
5,314
4,802
1,523
10,742
13,981
735
1,517
1,559
439
6,882
8.615
320
826
201
224
3,772
4.262
266
275
3,675
1,535
2,116
2,751
N'yort N., ate
All others.-2,389
1,035
16,954
6.752
5,259
6,236
Total this wk_
53,102
31,266
49,161
40,133 110.912
89,089
Since Aug.1_ 9,239,706 8,272,275 7,826,968
8.791,266 7,828,838 12157540
Galveston_-__
Houston
New Orleans_
Mobile
Savannah...
Brunswick_ _ _
Charleston.. _ _
Wilmington.. _
Norfolk
The exports for the week ending this evening reach
a total
of 148,172 bales, of which 34,576 were to Great Britain,
14,330 to France 32,539 to Germany, 10,492 to Italy,
nil to
Russia, 20,846 to Japan and China and 35,389
to
destinations. In the corresponding week last year other
total
exports were 88,209 bales. For the season to date aggregate
exports have been 7,454,109 bales, against 5,961,374 bales
in the same period of the previous season. Below are the
exports for the week.
Week Ended
May 6 1932.
Great
GerExports 170711
- Britain. France, many.
Galveston
Houston
Texas City •
New Orleans__
Mobile
Jacksonville._
Pensacola
Savannah
Norfolk
New York
Les Angeles.San Francisco_
Total
Total 1931
Total 1930
13,138
3,944
2,983
12,700
60
907
3,833 5,870
4.867 4,235
1,678 1.199
3,952 12,431
4.969
438
100
2,997
300
Exported to
Italy.
7,266
2,074
1,052
100
201
643
Japan&
Russia. China. Other.
Total.
4,525 15,068 49,700
11,684 26,804
3.473 9.333
16,321 2,271 48,727
66 5,035
498
-288
338
448 3,445
300 1.507
100
I:269 1,401
641
1,284
34,576 14,330 32,539 10,492
20,846 35,389 148,172
5,559 4,616 29,869 10,732
10.239 11.698 18.623 12,166
19,215 18,218 88,209
8.791 20,137 81.654
3493
From
I
Exported to
Aug. 1 1931 to
Great
May 6 1932.
I GerJapan&
Exportsfrom
Britain. Pranced many. I Italy. Russia. China. Other.
Galveston._ -- 243,119 99,678 ,227,1081162,737
Houston
208,212 191,516 529,471t201,484
24,219 15,508
Texas City44,253 7,434
Corpus Christ
77.687 18,817
29,019 31,064
Beaumont
8,058 1,970
5,336
New Orleans_ 267,705 60,528 185.025130,174
Mobile
102,814 7,400 120,085 9,634,
Jacksonville_ _
4,792
6,747
13,161
Pensacola_ _ _ _
60.229
374;
Savannah_ _ _ _
86,508
129
93,510
750
Brunswick .... _
4,167
24,959
__
54,271
Charleston_
61.459
Wilmington..
186
10,8421
11.763 15,999
21,426
Norfolk
-822
New York_ _ _
2,758
175
1,136
100
,
853
Boston
100
42
Baltimore_
45
Philadelphia _
_
34
5,929
Los A ngeles_ _
385
12,143 1.842
San Francisco
2,022
142
__•
Seattle
Lake Charles.
5,958 9,357
25,303 6,930
Total
1133,890406,185 1,448,906 568.523,
Total.
I0,369'283,65 1,926,670
22 454339,14 ,392,371
,5
41,4084 28,
161,224
139,2051 37,921 333,713
4.328 3,23
22,921
59,93e 99,08 1,102,451
193,674 24,37 457.981
11,661
12
8:282 1,38
83,351
196,103 12,346 389,346
200
4
29,776
35,046 16,48
167,263
2,1
29.957
7,863 2.561
43,214
18,974 2,85
26,002
2.69
3.690
_
45
34
143,305 6,Zo
170,009
41,669 1,40
45,240
7,1
760
8,88
56.430
-_
2838874,067 ,454,I09
Total 1930-31 1,004,878909,745 1,545.647 437,162 29,2791352424 682,23 5.961,374
Total 1929-30 1,209,335 797,557 1,665.690632,602 78.0401154145658,70 .196.276
-Exports to Canada.
NOTE.
-It has never been cur practice to Include In the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it Is Impossible to
give returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow In coming to hand. In slew,
however, Of the numerous Inquiries we are receiving regarding the matter, we will
say that for the month of March the exports to the Dominion the Present season
have been 19,632 bales. In the corresponding month of the preceding season the
exports were 15,848 bales. For the eight months ended March 31 1932 there were
139,115 bales exported, as against 154,933 bales for the eight months of 1930-31.
In addition to above exports,our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard 7% 01 Cleared for
May 6 at-
Great
GetOther CoastBritain. France. many. Foreign wise.
Galveston
Leaving
Total.
Stock.
2,500
New Orleans... 10,464
Savannah
CharlestonMobile
814
Norfolk
Other ports*._
2,500
2,500
4,831
--799
-- - - 10,816
1,500
3,000 20,500
500 28,000'1,694,372
Total 1932._ 16,278
Total 1931._ 14.890
Total 1930- 12.651
• Estimated.
9,630
6,581
5.891
8,973 68.053
8,132 25,255
9.886 34.718
3,633 106,567 3,891.760
5,698 60.5563,362,704
4,600 67,746 1,572,330
4,000 23,000
1,973 13,737
----- --
2.000 34.000 612,367
750 31,755 1,006,002
200
200 247.313
112,069
183 12,612 165,614
Cotton has resisted selling pressure of late especially
to-day when cheering Stock Exchange and Washington news
Injected a distinctly stronger tone into the market. Also
Southern offerings were small. The outlook for balancing
the National budget improved. On April 30th there was a
flood of selling following that of Friday April 29th and
prices without resisting power promptly collapsed. They
fell 20 to 25 points after a decline of 30 to 38 points in the
previous day. Hedge selling was supposed to have played
no small part in the decline. Also there was selling by
Well Street, the West, New Orleans and Japanese and
scattered interests. Liquidation in near months was considerable after three days of a severe decline. It was
supposed, rightly or wrongly, that Southern banks were
forcing spot sellers and mills to hedge against their stocks.
Stop loss orders were reached. The buying here was by
the trade on a scale down, by Liverpool, the Continent and
It was said by some of the silk interests. It was a supine
market, powerless for the moment to help itself. Cloths
were quiet. Further curtailment of output is considered
unavoidable. Overproduction, dullness of trade, low prices,
and the cutting under by second hands are sinister factors
In the textile industry. Manchester's trade was declared
to be disorganized. Further rains fell. Liverpool it is
true did not fuly meet the New York decline of April 29th,
as calling and covering partly offset local and Japanese
selling. But here new low levels were reached. Naturally
the technical position has been improved by the drastic
liquidation of late and the decline in prices.
On the 2nd inst. prices declined 15 to 18 points early
owing to the failure of the Farm Board to announce its
policy as to selling its holdings of 1,300,000 bales. More
tired longs let go. Wall Street and apparently co-operative
Interests sold. Fairchild estimated the decrease in acreage
at only 5.9%. Manchester was dull. The weather looked
better. Stop loss orders were again reached. Pretty much
everything in the news seemed to fall into line processionally making for lower prices. But later came a sharp upturn.
The loss was not only recovered, but a net 'advance followed
of 4 to 10 points. One thing had been forgotten. That
was the stronger technical position. The recent liquidation
had been drastic and the decline severe. Then shorts
reached to secure profits. They found after the first rush
of selling that offerings were smaller. Fixing of prices
was on a considerable scale. Continental and seemingly
Japanese interests bought. Fossick again estimated the
reduction in acreage as 12% to 162/3%. Another estimate
was 11%, which was at least noticeably greater than
several others. Heavy rains fell in the Mississippi Valley
and the Eastern belt which would mean further delay
in
field work and planting. There was buying in Liverpool
for a rally. Sales of fertilizer in nine cotton growing
States
continued to run smaller than the sales in the same
States
3494
for the past three seasons, according to the New York
Cotton Exchange Service. Total sales this season, from
Dec. 1 to April 30, were only 1,739,000 short tons against
2,980,000 for the same period last season, 4,296,000 two seasons ago, and 4,198,000 three seasons ago. The total for
April was 787,000 short tons against 1,005,000 in April last
year, 1,208,000 two years ago, and 1,130,000 three years ago.
The States covered by these figures are North Carolina.
South Carolina, Georgia, Alabama. Mississippi, Tennessee,
Louisiana, Arkansas and Texas.
On the 3rd inst. prices closed 2 to 6 points higher, after
an earlier rise of 6 to 12 points. Selling by mill interests,
Wall Street and professionals was more easily taken. The
technical position looked better. Moreover, the Farm Board
announced that it would gradually sell half its holdings of
1,300,000 bales in the period between Aug. 1 this year and
Aug. 1 1933. This was generally regarded bullish rather
than otherwise, or, if bearish, then the bad news was out
and discounted. The Cotton Co-operative Association has,
it seems, agreed to hold its 2,100,000 bales until July 1 1933.
The Cotton Advisory Committee issued a statement which
said, in part: "The Cotton Advisory Committee believes
that the orderly liquidation of these stabilization stocks to
be desirable, and that such an orderly liquidation will prove
a constructive factor in the market; that a statement as to
the extent and manner of such liquidation will remove much
uncertainty and doubt, and that such liquidation is to be
accomplished gradually with the intent and in such manner
that no markets shall be unduly disturbed." Also the world
consumption of American cotton in March was larger than
In any other month since January 1930, or in over two years,
according to the New York Cotton Exchange Service. It
aggregated 1,157,000 bales compared with 1,066,000 in February and 979,000 in March a year ago. The total consumption in eight months of the season to the end of March was
8,373,000 hales, compared with 7,254,000 in the same period
last season. The world's consumption of American cotton
In March was the largest in over two years. It reflects
heavy spinning by the Orient. The crop is said to have got
a fair start, but is now late. Futures on the 3rd inst., however, could not advance much. The buying was not aggressive by either the trade or the speculative element. Also
stocks and grain were lower. General trade was dull. Confidence was lacking. As to the prospective selling of 650,000
bales by the Farm Board in the coming season it was pointed
out that this quantity will have to be added to the next crop.
On the 4th inst. trading, as a rule, was small, and prices,
under the impact of further liquidation, Southern hedge
selling, and some selling by Liverpool, and, supposedly, Japanese interests, dropped 17 to 20 points. A later rally left
the net decline for the day 8 to 12 points. Back of the
decline was not only that Southern hedge and foreign selling,
but selling by New Orleans, Wall Street and scattered interests. Stocks declined early. Also spot cotton and cotton
goods were quiet, even if the sales of cloth were larger than
recently at the lower prices ruling. Liverpool was something of a wet blanket, owing to hedging sales and liquidation, with Egyptian in Alexandria down 12 to 37 points.
Manchester was dull. The weather was better. The weekly
report, though not uniformly favorable, was considered, in
the main, encouraging. The summary said: Substantial
rainfall was widespread in the belt, but planting made fair
to satisfactory advance in many places, and was active in
the eastern portion of the belt. Germination and growth
were unfavorably affected, however, in most sections, because of low temperatures. In Texas much cotton is up to a
good stand in the central and southern parts of the State,
and chopping has advanced to central districts. Some fields
have come up in southeastern Oklahoma. In Arkansas field
work was inactive, and early cotton made only a fair progress there as well as in other Mississippi Valley sections.
In the Eastern belt, planting advanced favorably as far
with chopnorth as the lower Piedmont in North Carolina,
ping reported as far north as Macon, Ga." Two estimates
of the reduction in the acreage made it only 7%% to 10%.
that the
Later came a reminder, not the first this week,
liquidation
technical position had improved after drastic
fixing
and a severe decline. Offerings fell off. Covering and was
talk
of prices increased. Stocks rallied. Sales tax
cold. Germirevived. After all, the weather had been too
at least a
nation lagged. Some seemed to be buying for
at all
temporary upturn, though such buying was not
considered
aggressive. At the same time, the position was
short.
higher, after
On the 5th inst. prices ended 3 to 5 points
by
early decline, on further liquidation and selling
an
mills. Manchester was unsettled, and the instaSouthern
as a
bility of prices checked business there. Worth Street,
-square
dull, though fair-sized sales of 39-inch 80
rule, was
64x60's sold
c.
1
/
print cloths were made at 42 • but 38%-inch
said, to 3c. spot. The weather was better. But
down, it is
undercurrent of
it was another story later. Again that
further decline was noticed. Offerings sudresistance to a
were scarce.
denly fell off. Contracts, indeed, at times
early low. The
Prices ran up 15 to 20 points from the Shorts covered.
technical position was obviously stronger. spot basis was
The co-operatives seemed to be buying. The advanced on
firm. Waco, Tex. wired that the basis had Japanese the
60
strict middling to' points on July, with the
weeks late,
best buyers. The crop is said to average two
with about 75% planted and 50 to 55% up.
May 7 1932
Financial Chronicle
To-day prices ended 16 to 17 points higher, with stocks,
grain and many other commodities higher in universally
short markets. Every one of them seemed to have been
sold to a standstill. Some were even beginning to wonder
if cotton prices might not be on or near debatable ground,
though nobody Is pontificating about the matter as yet.
But the electrifying jump of 2 to 7 points in stocks, and the
more cheering budget and tax news from Washington, coming something like a bolt from the blue-very blue-threw
a scare into the shorts that was plain to be seen with the
naked eye. And College Station, Central Texas, reported the
weevil emergence the heaviest on record. Also the pest
is plentiful in parts of Eastern Texas. The trade was calling.
Shorts covered freely. And again the firmness of the basis
was stressed. Cotton people, as a rule, seemed too busy
with other things to bother much with the weekly statistics,
but, such as they were, they had, if anything, a bullish ring.
But it was stocks and Washington that clinched the nail.
The House Ways and Means Committee voted against the
bonus bill. Constructive measures, it is felt, may be Just
ahead that will herald the return of confidence. That is all
that business needs. And it may catch everybody napping.
Final prices for the week are 2 points lower to 4 points
higher. Spot cotton ended at 5.90c. for middling, an advance for the week of 5 points. The Board of Managers of
the New York Cotton Exchange has denied the petition
for an extra holiday on May 28.
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
Sat.
5.60
April 30 to Map 6Middling upland
Mon. Tues. Wed.Thurs.
5.70
5.75
5.65
5.70
Fri.
5.90
NEW YORK QUOTATIONS FOR 32 YEARS:
1932
1931
1930
1929
1928
1927
1926
1925
5.90c.
9.85c.
16.45c.
19.65c.
21.95c.
16.00c.
19.35c.
23.55c.
1924
1923
1922
1921
1920
1919
1918
1917
30.25c.
26.85c.
19.55c.
13.00c.
41.50c.
29.20c.
27.20c.
20.100.
12.85c.
10.05c.
12.90c.
11.90c.
11.80c.
15.50c.
15.25c.
10.90c.
1916
1915
1914
1913
1912
1911
1910
1909
10.45e.
11.70c•
11.80c.
7.95e.
13.90c.
10.85e.
9.62c.
8.19c.
1908
1907
1906
1905
1904
1903
1902
1901
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.
Saturday_ _ _
Monday __ _
Tuesday
Wednesday
Thursday _
Friday
Futures
Markel
Closed.
Steady, 25 pts. dec.
Quiet, 10 pts. adv_
Quiet, 5 pts. adv_ _
Quiet. 10 pts. dee_ _.
Wet,5 Pts. adv --Quiet,20 pts. adv_
Barely steady ...
Firm
Steady
Barely steady...
Barely steady_ _
Steady
SALES.
Spot. Contet. Total.
1,200
1,300
1,091
1,384
1,496
1,510
387.46
-1166
1,200
39,900
1,091
2,184
1,496
1,510
7.981 39,400 47.381
128.872 146,400 275,272
Total week
Since Aug. 1
-The highest, lowest and clos ng prices at
FUTURES.
New York for the past week have been as follows:
Saturday,
Apr. 30.
April
Range_
Closing.
May
Range..
Closing_
JuneRange__
Closing_
July
Range.. _
Closing_
Auo.Range__
Closing _
Sept.Range-Closing _
Oct.
Range _
Closing_
Nor.
Range _ _
ClosingDec.
Range....
Closing_
Jan.(1933)
Range__
Closing_
Feb.
Range...
Closing.
Star.
Range __
Closing_
AprtlRange-Closing _
Monday,
May 2.
Tuesday,
May 3.
Wednesday, Thursday,
May 4.
May 5.
Friday,
May 6.
•
5.44- 5.69 5.32- 5.52 5.49- 5.62 5.44- 5.54 5.42- 5.59 5.58- 5.74
5.52- 5.54 5.56- 5.73 -5.60
-5.49- 5.54
5.57 ---- 5.62- 5.78-
5.55- 5.61 - 5.67
5.61- 5.86 5.45- 5.70 5.59- 5.80 5.56- 5.72 5.55- 5.75 5.70- 5.85
5.63- 5.64 5.88- 5.70 5.74- 5.75 5.63- 5.64 5.68 _ 5.84 _
5.71- 5.76- 5.83- 5.72 -- 5.76- 5.92 --5.78- 5.85- 5.91 - 5.80- 5.83 -- 5.995.85- 6.09 5.68- 5.99 5.85- 6.04 5.81- 5.98 5.79- 6.00 5.91- 6.10
5.86- 5.87 5.94- 5.99 6.00- 5.88- 5.91- 5.92 6.07.
5.93- 6.02- 6.06- 5.94 - 5.98- 6.146.00- 6.21 5.83-6.13 5.97- 6.18 5.95-6.10 5.92- 6.10 6.07- 6.23
6.00- 6.01 6.10- 6.13 6.12- 6.14 6.01- 6.02 0.05- 6.21- 6.22
6.08- 6.28 5.92- 6.18 5.06- 6.24 6.03- 6.17 6.03- 6.18 6.14- 6.32
8.08- 6.18- 6.23- 6.10- 6.14 - 6.306.15- 6.25- 6.30- 6.17 --- 6.22- 6.386.22- 6.42 6.06- 6.34 6.23- 6.39 6.20-6.34 6.18- 6.39 6.32- 6.48
6.23- 6.24 6.33- 6.34 6.38- 6.25- 13.27 6.30- 6.46- 6.47
Range of future prices at New York for week ending
May 6 1932 and since trading began on each option:
Option for
April 1932
May 1932.._
June 1932_
July 1932__
Aug. 1932
Sept. 1932
Oct. 1932._
Nov. 1932
Dec. 1932._
Jan. 1933..
Feb. 1933_
Mar. 1933..
Range Since Beginning of Option.
Range for Week.
5.83 May 2 6.23 May 6
5.92 May 2 6.32 May 6
6.63
5.32
6.82
5.45
6.35
6.38
5.68
7.32
5.83
5.92
6.06 May 2 8.48 May 6
.
5.32 May 2 5.74 May 6
5.45 May 2 5.86 April 30
5.68 May 2 6.10 May 6
Mar. 22 1932 6.99
May 2 1932 11.40
Nov. 23 1931 9.74
May 2 1932 9.15
Mar. 31 1932 7.57
Apr. 6 1632 7.68
May 2 1932 7.67
Feb. 111932 7.32
May 2 1932 7.77
May 2 1932 7.84
May
Nov. 6 1931
June 27 1931
July 27 1931
Aug. 1 1931
Oct. 30 1931
Oct. 30 1931
Nov. 9 1931
Feb. 11 1932
Feb. 19 1932
Feb. 19 1932
1932 7.18 Apr. 15 1932
Financial Chronicle
Volume 134
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows: Foreign stocks as
well as the afloat are in this week's returns,and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
May 6Stock at Liverpool
Stock at London
Stock at Manchester
910,000 1,071,000
'316,000
195.000
26,000
96,000
73.000
501,000
384,000
13,000
115,000
71,000
438,000
283,000
8,000
96,000
56,000
467,000
225,000
15.000
78,000
45,000
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &a
Between interior towns
Inland, &c.,from South
706,000 1,084,000
881.000
830,000
211,000
1930.
788,000
1929.
967.000
122,000
104.000
212,000
2,173.000 1,791,000 1,901.000
127,000 159,000 179,000
155.000 165,000 254,000
90.000 105,000
65,000
656,000 528,000 387,000
1,025,000 1,325,000 1,332,000
3,423,260 1,640.076 1,258,802
1,112,593 893,425 512.890
227
9,962
Total visible supply
9,046,432 8,746.815 6,591,501 5,920.919
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
281,000 437,000 350,000 645,000
Manchester stock
73,000
62,000
125.000
88,000
Continental stock
658,000 968,000 790,000 766,000
American afloat for Europe
263,000 155,000 165,000 254,000
U. S. port stocks
3,998,327 3,423,260 1.640,076 1,258,802
U. S. interior stocks
1,664,135 1,112,593 893.425 512.890
U. S. exports to-day
227
9.962
44,970
Total East India, Szc
Total American
7 034.432 6.193,815 3,900,501 3.509.919
333,000
440,000
438,000
322.000
60.000
86,000 124.000
31,000
91.000
48,000 116.000
64.000
34.000 127.000 159,000
179.000
65,000
63,000
90,000 105,000
630.000 656,000 528.000 387,000
818,000 1,025,000 1.325,000 1,332.000
2,012,000 2.553,000 2.691,000 2,420.000
034,432 6.193,815 3,900,501 3,509,919
Total visible supply
9,046,432 8,746,815 6,591.501 5,929,919
4.53d.
5.39d.
Middling uplands, Liverpool__ _ _
8.63d.
10.080.
Middling uplands, New York......
5.90c.
10.00c.
16.55c.
19.55c.
9.50d.
ElitYPt, good Sakel, Liverpool_ _ _ _
7.388.
15.080.
19.080.
Peruvian, rough good, Liverpool_
14.504.
Broach, fine, Liverpool
4.21d.
4.41d.
6.20d.
8.50d.
Tinnevelly, good, Liverpool
4.344.
5.163.
7.55d.
9.654.
Continental imports for past week have been 71,000 bales.
The above figures for 1932 show a decrease from last
week of 64,835 bales, a gain of 299,617 over 1931, an
increase of 2,454,931 bales over 1930, and a gain of
3,116,513 bales over 1929.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year, is set out in
detail below:
Movement to May 6 1932.
Towns,
I Ship- 1Stocks
, meats. May
8.
Week. Season. I Week.
Receipts.
Movement to May 8 1931.
Receipts.
Shit Stocks
,
meats. May
Week. Season. I Week.
S.
Ala.,BirmIng'm
791 100,035
18 73,577, 1,549 24,155
Eufaula__
23 28,633
37 12,519
21 6,691
Montgomery
188 38,785;
490 69,593
302 58,420
Selma
182 87,264' 1,806 57,988
26 99,582
26 119,750 3,856 37,496
Ark.,Blytheville
38 76,796
67 33,8511
Forest CRY-343 16,465
144 15,165
Helena
112 77,6671 1,851 38,764
38 41,698
Hope
80 59,488,
134 32,509
588 10,820
Jonesboro. _ 58 21,080
11
432 2,472
26,398
Little Rook_ 1,235 189,020' 2,862 62,683
28 101,760
Newport.._-.
11 48,551
662 12,356
34 27,954
Pine Bluff
529 176,803 1,982 50,880
131 87,168
Walnut Ridge
-- -47,068
905 6,406
-- -- 23,924
Ga., Albany
1
5,296
20 4,237
10
7,404
Athens
2. 38,639
275 40,930
85 45,113
Atlanta
666 81,091
547 166,914 7,222 213,866
Augusta
2,528 181.906. 2,982 112,179 1,375 328,505
Columbus. _ _
793 58,780
703 25,690
300 49,630
Macon
66 32,080
293 37,726
747 92,352
Rome
10. 14,349
50 10,976
__- 20,886
La., Shreveport
250 111,695 1,898 76,515
IN 107,667
Miss.,Clarksdale
319 197,0261 4,921 81,245
117 112,750
Columbus
8 22,762,
520 10,065
14 25,174
Greenwood
170 170,365' 1,558 81,774
19 138,043
Meridian--. -.-- 25,6521 --- -128,785 1,202 62,043
Natchez
24 12,474
77, 5,402
41
12,440
35 41,094,
Vicksburg
461 12,712
____
35,068
Yazoo City.._
32 47,2051
807 18,237
2 32,881
Mo., St. Louis_ 3,311 134,180 3,330
757 2,889 222,361
N.C.,Greensb'o
81
19,1471
474 20,034
1491 44,754
Oklahoma647 617,703, 4,837, 43,627
15 towns*.-181 532,477
S.C.,Greenville 2,724 161,4711 1,711' 85,642
909 137,164
Tenn.,Memphis 16,14. 1,985,2471 29.803360.799 20.9593,292,688
82 55,5831
Texas, Abilene_
811
338
_I 27,023
Austin
82 28,2961 - _..J 2,572
2
24,829
Brenham____
14 19,889
208 5,259
8 19,436
162 143,2781
Dallas
8711 19,559
1561 144,792
97,632,
118
444 7,558
Paris
171 63,535
Robstown___
---31,129
90
476
-__
54.781
7 17,890;
San Antonio16'
578 2,480 27,657
264 64,636 1,709 10,343
Texarkana -.
131 34,589
57 81,4611
Waco
8111 7,610
411 61,424
-- ,
Total, 56 towns 31,1575,483.278 76,556 1664135 40,9494,702,547
•Includes the combined totals of 15 towns in Oklahoma.
II
128 34.062
126 12,611
1,380 58,033
416 41,990
473 16,452
891 3,976
175 12,527
2,310 1,030
492 1,684
739 26,616
1,151 3,216
591 14,644
25 2,484
37 3,738
700 28,952
5,178167,800
2,848 79,140
2,500 11,500
1,338 30,300
250 10,652
200 65,625
1,680 25,118
356 7,682
1,905 38,781
2,137 19,300
407 6,367
623 9,984
554 7,873
2,889 5,982
2,030 32,993
2,122 32,880
3,398 52,202
22,935214,523
__127
____
443
6, 4,552
195 8,539
69
763
____ 9,569
663 3,157
294 3,235
153 4,491
64.421 1112593
The above totals show that the interior stocks have
decreased during the week 46,695 bales and are to-night
551,542 bales more than at the same period last year. The
receipts at all towns have been 9,792 bales less than the
same week last year.
13,581
691,206
13,939
951,403
258
276
3,034
24,502
10.799
190,851
606
305
10,508
28,590
12.660
259.654
3,568
226.152
11.419
300,904
Leaving total net overland*
10,013 465,054
•
* Including movement by rail to Canada.
2,520
650.499
Total to be deducted
Total European stocks
1,531,000
India cotton afloat for Europe__ _
34,000
American cotton afloat for Europe 263,000
Egypt, Brazil,Stc.,afft for Europe 63,000
Stock in Alexandria,Egypt
630,000
Stock in Bombay, India
818,000
Stock in U. S. ports
3,998,327
Stock in U. S. interior towns_ .....1,664,135
U.S. exports to-day
44,970
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Mancheeter stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
-1931-32-1930-31Since
Since
Week. Aug. 1.
Week. Aug. 1.
3,330 139,830
23,081
421.8589
600
53,015
24,875
4681,509
23
16,713
7,897
-Rio
3,343 146,360
3,846 150,196
6,285 371,776
6,529 499,589
825,00I1 1,089,000
1931.
877,000
Total Continental stocks
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
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 6ShippedVia St. Louis
Via Mounds, Sze
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &C
1932.
bales_ •614.000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
3495
The foregoing shows the week's net overland movement
this year has been 10,013 bales, against 2,520 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 185,445 bales.
-1930-31
-----1931 32
Since
Since
In Sight and Spinners'
Week.
Week.
Aug. 1.
Aug. 1.
Takings.
31,266 8,272.275
53,102 9,239,706
Receipts at ports to MaY 6
2,520
10.013
650,499
465,054
Net overland to May 6
Southern consumption to May 6..103,000 3,692,000 100,000 3.380,000
166,115 13,396,760 133.786 12,302,774
Total marketed
*46,695
588.966
873.908 *24,535
Interior stocks in excess
Excess of Southern mill takings
603,754
317,684
-----over consumption to May 1-109.251
Came into sight during week__ -119,420
13,209,424
14,874,422
Total in sight May 6
North.spinners' takings to May 6 17.375
846,201
12,906
921,410
* Decrease.
Movement into sight in previous years:
Bales.
Since Aug. 1123,615 1929
105,034 1928
172,837 1927
Week1930
-May 11
1929
-May 12
1928
-May 13
Bales.
14,048,867
14,851,275
13,277,151
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week Ended
May 6.
Saturday. Monday. Tuesday. 1Ved'day. Thursd'y. Friday.
Galveston
New Orleans__ _
Mobile_
Savannah
Norfolk
Baltimore
Augusta
Memphis__. _
Houston_
Little Rock_
Dallas
Fort Worth__ _ -
5.65
5.91
5.30
5.58
5.60
5.85
5.63
5.05
5.60
4.88
5.15
___-
5.70
5.67
5.40
5.64
5.70
5.60
5.69
5.10
5.65
4.97
5.20
5.20
5.75
5.72
5.45
5.69
5.75
5.70
5.75
5.15
5.70
5.05
5.23
5.25
5.70
5.65
5.63 . 5.68
5.40
5.35
5.68
5.59
5.65
5.70
5.60
5.65
5.63
5.63
5.10
5.05
5.65
5.60
4.93
4.98
5.20
5.15
5.20
5.15
5.85
5.85
5.55
5.84
5.85
5.70
5.81
5.25
5.80
5.19
5.40
5.40
NEW ORLEANS CONTRACT MARKET.-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturoay,
Ayr. 30.
Monday,
May 2.
Tuesday, Wednesday, Thursday,
May 5.
May 4.
May 3.
Friday.
May 6.
May
5.45- 5.51 - 5.59- 5.60 5.50 Bid. 5.56- 5.74- 5.75
June
July
5.59- 5.60 5.65- 5.67 5.71- 5.73 5.63- 5.65 5.68- 5.84- 5.85
august_ _ _
September
October _ 5.81- 5.84 5.87- 5.88 5.95- 5.87- 5.91 - 6.06- 6.07
November
December_ 5.96- 5.97 6.03- 6.09- 6.01- 6.03 6.05 -- 6.20Jan.(1933) 6.03 Bid. 6.10- 6.11 6.15- 6.08- 6.10 6.12 Bid. 6.27 Bid.
February
March
6.20 Bld. 6.27 Bid. 6.32- 6.24- 6.26 6.28 Bid. 6.43 Bid.
&PSI
Tone
Quiet.
Spot
Quiet.
Quiet.
Steady.
Quiet.
Steady.
rInri......
n....t.,,,,A. Vow et•dv Sittmely Rfteely atrly Steady. Very etdv.
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening denote that cotton planting
has made fair to satisfactory advance in many sections of the
cotton belt and has been active in the eastern portion.
Germination and growth, however, have been unfavorable
in many localities because of low temperatures.
-Much cotton is up to good stands in the central
Texas.
and southern parts of the State.
Memphis, Tenn.
-Cotton planting is active.
Thermometer
Rain. Rainfall.
Galveston. Tex
1 day 0.70 in. high 82 low 66 mean 74
Abilene,Texhigh 84 low 58 mean 71
Brenham, Tex
1 day 9.02 in. high 86 low 60 mean 73
Brownsville, Tex
1 day 0.02 in. high 82 low 64 mean 73
Corpus Christi. Tex
1 day 0.90 in. high 86 low 66. mean 76
Dallas, Tex
high 82 low 60 mean 71
dry
Henrietta, Tex
high 84 low 52 i mean 68
dry
Kerrville, Tex
2 days 0.08 in. high 88 low 52 mean 70
Lampasas, Tex
high 86 low 52 mean 69
dry
Longview, Tex
1 day 0.24 in. high 86 low 56; mean 72
Luling, Tex
high 84 low 60 mean 72
dry
Nacogdoches, Tex
2 days 0.42 in. high 82 low 56 mean 69
Palestine. Tex
high 82 low 58 mean 70
dry
Paris, Tex
1 day 0.04 in. high 84 low 56 mean 70
San Antonio, Tex
1 day 0.08 in. high 86 low 62 mean 74
Taylor. Tax
dry
high 82 low 60 mean 71
ea
Weatherford, Tex
1 day 0.04 in. high 82 low 54 mean 68
Ada, Okla
1 day 0.04 in. high 84 low 52 mean 69
Hollis, Okla
1 day 0.37 in. high 84 low 51 mean 68
Okmulgee, Tex
dry
high 86 low 45 mean 66
Okb.horaa City, Oklahigh 84 low 51 mean 68
Helena, Ark
1: day9 in. high 84 low 50 mean 67
.64
Financial Chronicle
3496
Rain.
1 day
1 day
1 day
1 day
1 day
2 days
1 day
1 day
1 day
1 day
1 day
2 days
2 days
1 day
1 day
2 days
Eldorado, Ark
Little Rock, Ark
Pine Bluff, Ark
Alexandria. La
Amite. La
New Orleans, La
Shreveport, La
Columbus, Miss
Greenville, Mis
Vicksburg. Miss
Mobile, Ala
Birmingham, Ala
Montgomery, Ala
Gainesville, Fla
Madison, Fla
Savannah. Ga
Athens, Ga
Augusta, Ga
Columbus. Ga
Charleston. S. 0
Greenwood, S.0
Columbia, S.C
Conway, S.0
Charlotte, N.0
0
Newbern,N.
Weldon N.C
Memphis, Tenn
Rain all.
0.4b in.
0.46 in.
0.45 in.
0.56 in.
2.10 in.
4.57 in.
1.66 in.
1.37 in.
0.95 in.
0.53 in.
2.91 in.
2.12 In.
1.83 in.
0.19 in.
0.07 in.
1.03 in.
1 day drg.21 in.
0.33 in.
1 day
2 days 0.11 in.
0.56 in.
1 day
dry
2 days 1.32 in.
1.09 in.
1 day
2 days 1.23 in.
2 days 0.58 in.
0.42 in.
1 day
Thermometer
high 85 low 54 mean 70
high 84 low 54 mean 69
high 85 low 54 mean 70
high 89 low 56 mean 73
high 82 low 50 mean 66
high 84 low 61 mean 71
high 85 low 59 mean 72
high 86 low 45 mean 66
high 86 low 49 mean 68
high 83 low 57 mean 70
high 81 low 55 mean 70
high 82 low 48 mean 65
high 84 low 54 mean 69
high 91 low 53 mean 72
high 90 low 54 mean 72
high 84 low 58 mean 71
high 88 low 51 mean 70
high 88 low 54 mean 71
high 90 low 50 mean 70
high 84 low 58 mean 71
high 86 low 47 mean 67
high 80 low 54 mean 67
high 90 low 48 mean 69
high 88 low 67 mean 78
high 92 low 47 mean 70
high 88 low 38 mean 63
high 84* low 52 mean 67
The following statement we have also received by telegraph, showing the height of rivers at the point named at
8 a. m. of the dates given:
May 8 1931.
MayT6 1932.
Feet.
Feet.
•
5.1
10.8
Above zero of gaugeNew Orleans
25.1
16.8
Above zero of gaugeMemphis
14.3
10.7
Above zero of gaugeNashville
10.9
9.7
Above zero of gaugeShreveport
30.2
Above zero of gauge27.3
Vicksburg
Exchange Weekly Crop Report, usually
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
10,000 bales. Exports from all India ports record a decrease
of 73,000 bales during the week, and since Aug. 1 show a
decrease of 1,569,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
May 4.
Stocks at Interior Towns. keceiptsfrom Plantations
1932. 1 1931. ; 1930. I 1932. i 1931.
1930.
!
Jan.
1
15_ 274,657 106.805104.523 2198,05411.725.164 L458.838265.743 81,110 84,011
:
22_ 241,478 80.428 98.3882:1751407 ,896.148 1.432,3871218.831 51.412 73.942
1
29_ _ 280.442 115,045 87.5942,158.4611.668.372 1.403,107263.496 77.269 58.814
Feb
/189.128 74.897 84,791
5. 223.645 105.953 82,277 2,123,9441.827.316 1,311.826
12._ 249.848 06,106 53.6062.102.9901,388,762 1.326.078228.894' 67,552 23.972
19._ 175,417 113,438 65,886 2.080.96111,556,997 1,306,632 153,388 81.673 48,440
26_ _ 161,669 119.362 55,748 2.032,312 1.514,882 1.288,139 113.020 77,047 37.255
Mar.
4-- 184.063 118.571 50.812 1,997,909 1,461,838 1,256,075149,662 65,725 18.248
IL._ 158,701 93,477 44,919 1,961,116 1,420,753 1,228,666 121,908 41.083 17,510
18_ 126.715 88.139 48,41 1,908,510 1,379,378 781,0071 73.109 28,762 20,692
;1,349.018 1,163,170 95,338 31,378 7.133
2&. 130.968 61,736 46.906 1,872.878
Apr.
1-_ 15,587 53,101 49,351 1.847,15511,312,856 1,113,592 89.864 16.939
450
8-- 93,799 40,426 47,498 1,812,832 1,264.845 1,066,544 59,476__
15-- 62,040 52,119 48,693 .781,096 1.213,990 1.024325 30,304 1:284 4,274
6.393
N11
22._ 76,159 33,372 50,23911,747.767 1,175.730 980,279 42,830
29_ 86,624 37,729 50,024 1,710,830 1,138,594 940,9951 49,687 37,195 10,740
I
May
6-- 53,102 31,28J3 49.1681.664.1351.112,593 893.4251 6,407 6,731 1,591
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1931 are 10,040,366 bales;
in 1930 were 8,851,404 bales, and in 1929 were 8,486,184
bales. (2) That, although the receipts at the outports the
past week were 53,102 bales, the actual movement from
plantations was 6,407 bales, stock at interior towns
having decreased 46,695 bales during the week. Last year
receipts from the plantations for the week were 6,731
bales and for 1930 they wiarta 1,591 Wag.
'
WORLD S SUPPLY AND TAKINGS OF COTTON.
1931-32.
Cotton Takings,
Week and Season.
Week.
1930-31.
Season.
Week.
Season.
9.111,267
8.883,285
Visible supply April 29
6,892,094
5,302,014
Visible supply Aug.1
American in sight to May 6. - 119,420 14,874.422 109,251 13.209,424
91,000 2.870,000
101.000 1,638,000
Bombay receipts to May 5
21,000
302,000
520,000
16,000
Other India ship'ts to May &16,000 1.321,900
20,000 1,367,000
Alexandria receipts to May 4
4,000
456,000
541,000
10,000
Other supply to May 5_ *b
9,377,687 25,529,516 9,124,536 23,764,338
Total supply
Deduct
Visible supply May 6
9,046,432 9,046,432 8.746,815 8.746,815
331,255 16,483,084 377,721 15,017,523
Total takings to May 6-a
224,25512,356.084 217.721 10,422,623
Of which American
other160,000 4,594,900
..
Of which
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
1 the total estimated consumption by
a This total embraces since Aug.
-31
Southern mills, 3,692,000 bales in 1931-32 and 3,380,000 bales in 1930 -and the aggregate amounts taken by Northern
takings not being available
and foreign spinners. 12,791,084 bales in 1931-32 and 11,637,523 bales in
1930-31. of which 8,664,084 bales and 7,042,623 bales American.
S Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1931-32.
May 5.
Receipts at
-
Week.
Since
Aug. 1.
1930-31.
Week.
Great
Great Conti- Japan&
ain. neat. China. Total. I Britain.
6.656
6,
Since
Week. I Aug. 1.
Since August 1.
For the Week.
Bombay
1931-32_
1930-31__
1929
-30-Other India
1931-32__
1930-31...
-30-1929
1929-30.
101.000 1.638,000 91.000 2.870.000 51.000 3,078,000
Bombay May 5
Exports
from
Since
Aug. 1.
1
16,
,
9
Japan &
China.
Total.
18,000 118,000 734,000 868,000
7,000
,
6
59,000 75,000 108,000 588,000 1,523,0002,219,000
26,000 41,000 73,000 686,000 1,301,0002,040,000
10,
21,000
11
Total all
6,
6,00 11
1931-3259,
1930-31------ 37,
1929-30... 10.000 20.000 28.
Contineat.
16.000 84.000 218,000
21,000' 120.000 400,000
15,000; 135,000 522,000
302,000
520,000
667.000
1
23.000 100,000 336,111 734, 111.170,000
96,000 228,000 988,1'11,523.0002,739,000
.697.000
56.0001 208,000 1,188,0001,301,
1930-31.
1929-30.
100.000
6,594.698
80,000
6,458,245
190.000
8.087,084
This Since
Week. Aug. 1.
Export (Bales)
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
4,000 180,317
To Liverpool
135.049
To Manchester, &c
To Continent & India_ _ _ 11,006 490.296
34,085
To America
109,390 6,000 130,631
5:666 104.061 10,000 138,519
8,000 459,876 8,000 396,705
1.000 17.385
101,749
Total exports
15,000 839,747 14,000 690,712 24,000 767.604
Aote.-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ending May 4
were 100.000 cantars and the foreign shipments 15,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
yarns is easy and in cloths is active. Merchants are buying
very sparingly. We give prices to-day below and leave
those of previous weeks of this and last year for comparison.
1931.
-see under "Business Indications" on a
appearing here
preceding page.
Receipts at Forts.
Week
tmaea1932. 1931. 1920.
1931-32..
Receipts (Cantars)This week
Since Aug. 1
Dallas Cotton
RECEIPTS FROM THE PLANTATIONS.
May 7 1932
32s Crop
Twist.
,
Jan.
15......
22. _.
29. __
Feb.
5...
12......
19_
26....
Mar.
4..
11_
1825....
April1-...._
8-___
15-22____
29__
day
6____
1930.
133J Lb. Shirt- Cotton
fags, Common Middrg
Upl'ds.
to Finest.
s. d.
s. d.
d.
32s COP
Twist.
d.
83i Lb. Shirt- Cotton
Ws,Common Mideg
to Finest.
Uprds.
d. s. d.
8. d.
d.
smigioit 8 0 is
854010% 8 0 0
itti01034 8 1 is
4
4
4
5.41
5.52
5.60
8%0 9l'i
8140 934
8%0 854
5 is
4 is
4 is
1
0
0
4.41
5.63
5.63
1 is
1 (0
1 is
1 is
4
4
4
4
5.58
5.59
5.95
5.79
8140 94
9 010
9% 0105(
91401034
4 is
4 0
4 is
4 is
0
0
0
0
5.72
5.85
6.04
6.18
d.
d.
850010SS
854010%
9 01034
9 010%
8
8
8
8
9 01034
814010%
tili 010%
8l4 4010
8 I
80
80
80
is
Et
is
is
4
3
3
3
173
5.51
5.51
5.15
iiiietiot
9 610
9 (010
9 010%
4 is
4 is
4 (4)
4 is
0
0
0
0
6.09
5.97
5.91L
6.85
834@ 914
8%0 9%
8140 9%
8%0 9%
854(0 91if
80
80
8 1
81
8 1
is
is
is
is
is
3
3
4
4
4
4.81
4.73
5.00
4.95
4.82
9 (01014
8100 974
814010%
85(0105‘
83401034
4
4
4
4
4
40
(0)
@
0
@
0
0
0
0
0
5.76
6.59
5.55
5.62
5.46
is 931 8 0 is
3
4.53
84401011
4 0
0
5.39
8
-Shipments in detail:
SHIPPING NEWS.
Bales.
-San Jose, 785; Effingham,
GALVESTON-To Havre-April 28
1,918.
1.133
-San Jose, 334; Effingham, 100 May4
To Dunkirk-April 28
1,915
-Toledo, 1,481
225
-Toledo, 225
-May 4
To Oslo
-Effingham, 219
219
-April 28
To Ghent
To Rotterdam-April 28-EMngham, 120_ __April 30-Kelk346
helm, 226
-Colorado Springs,4.410„-May 2
-April 30
To Liverpool
Norton's'', 5.753
10.163
-Clara, 1,448
-May 4
To Venice
1.448
-Clara. 1,228
-May 4
To Trieste
1,228
-Colorado Springs, 1,088___may 2-April 30
To Manchester
Nortonlan, 1,887
2.975
-Toledo, 1.500
-May 4
Gothenburg
To
1,500
-Toledo, 1.711
-May 4
To Copenhagen
1.711
To Bremen-April 30-Kelkheim. 1.894--_May 4-Luetzow,
764_ _ _May 4
-West Chatala, 1.634
4,292
-West Chatala, 78
-May 4
To Hamburg
8
To Oporto-April 30-Prusa, 2,024
2,024
To Lisbon-April 30-Prusa, 200
200
To Corunna-April 30-Prusa, 200
200•
To Genoa-April 29-Labette. 1,133___May 2
-Marina 0,
3,367
4.500
To India-April 29-Labette, 200
200
-May 2-Katsuragi Mani, 4,225
To Japan
4,225
-May 2-Katsuragi Meru,300
To China
300
-Cody, 2,173---May 4
-Mar Negro,
To Barcelona-May 2
7,770
9.943
-Marina O.90
--Ma 2
To Naples
90 •
-To Venice-April 27
-Clara. 952
NEW ORLEANS
952
-Clara, 100
To Trieste-April 27
100
To Liverpool-April 28-Kalimba, 6.375- --April 30-Balirdevon. 6,075
12,450
To Manchester-April 28-Kalimba, 250
250
To Japan-April 30-Katsuragi Meru, 2,100; Silversandal,
217
1,
3,317
-San
-West Tacook, 400-__May 3
To Dunlcirk-April 30
Jose, 800
1.200
To China-April 30-Silversandal, 13,004
13.004
-San
-West Tacook, 2,252---May 3
--April 30
To Havre
Jose, 500
2.752
To Lapaz-May 2-Saramacca. 100
100
-West
To Rotterdam-April 29-Maasriam, 965---April 30
Tarook, 656
1.621
-West Tacook, 250
-April 30
To Ghent
250
--West
-Aachen, 8.166---April 30
To Bremen-April 29
Moreland, 3,777
11,943
-San Joao. 300
3
-May
To Antwerp
300 •
-Aachen. 488
488
To Hamburg-April 29
-April 29-Nortonlan.3,084
-To Liverpool
HOUSTON
3,084
To Manchester-April 29-Nortonian,860
860
To Havre-April 30-Effingham, 3.946
3,946
-Effingham,31
-April 30
To Ghent
31
-Marina 0, 1,757; Labette, 107
To Genoa-April 30
1.864
-Marina 0,100
To Leghorn-April 30
100
-Marina 0.10; Labette,100
-April30
To Naples
110
-Marina 0,3; Labette, 50
53
-April 30
To Piraeus
To Bremen-April 29-Kelkheim, 3,130- --May 2, Luetzow,
414
3,544
-April 29-Kelkheim,48
To Hamburg
48
To Rotterdam-April 29-Kelkhelm,24
24
To Dunkirk-April 30
-Toledo,921
921
-Toledo, 643
To Gothenburg-April 30
643
-Toledo, 1,407
To Copenhagen-April 30
1,407
To Gydnia-April 30
-Toledo,250
250
-May 2
-Mar Negro, 3,826..-May 5 Cody,
To Barcelona
1.877
5,703
To
3-Prusa, 1.564
1,564
To Corunna-May 3-Prusa. 150
150
-May 3-Prusa, 100
To Bilbao
100
-May 3-Prusa. 100
To Gijon
100
-May 3-Prusa. 300
To Passages
300 v
-Steel Mariner, 1,931
-May 4
To India
1,931
-Point Alines. 71
71
To Canada-April 30
Financial Chronicle
Volume 134
SAVANNAH-To Bremen-Apri1130--Schoharle, 2,997
To Rotterdam-April 30-Schoharie, 200
To Antwerp-April 30-Schoh irie, 248
SAN FRANCISCO-To Great Britain.(7) 643
To India-(? 541
To Manila- ?) 100
NORFOLK
-To Liverpool
-May 3-Delillian, 263
To Manchester
-May 3-DellIlian, 644
To Rotterdam-May 3-Delillian,300
To Bremen May 5
-City of Hamburg,300
NEW YORK
-To Naples
-May 2
-Exeter, 100
PENSACOLA-To Bremen-May 2
-Gateway City, 100
To Rotterdam-May 2
-Gateway City, 238
LOS ANGELES
-To Dinteldijk-April 30-Dinteldijk, 201
To Japan-April 30
-President Lincoln, 1,100_ _ _May 2Tatsuta Marti, 100
•
MOBILE
-To Bremen-April 25-Lekhaven, 4,969
To Rotterdam-April 25-Lekhaven, 66
JACKSONVILLE-To Liverpool-April 30-Delillian, 60
To Bremen-April 26-Schoharie, 438
TEXAS CITY
-To Liverpool
-April 30
-Colorado Springs, 1,546
To Manchester-April 30
-Colorado Springs, 1,437
To Havre-April 30
-Effingham, 896
To Dunkirk-May 4
-Toledo, 782
To Gothenburg
-May 4
-Toledo, 300
To Copenhagen-May 4
-Toledo, 474
To Rotterdam-April 28 (7) 150
To Lisbon-April 30-Prusa, 100
To Oporto-April 30-Prusa, 837
To Bremen
-May 4-Luetzow,899
To Barcelona
-May 3
-Cody. 1,346- May 4
-Mar Negro,
566
Total
Bales.
2.997
200
248
643
541
100
263
644
300
300
100
100
238
201
1,200
4,969
66
60
438
1,546
1.437
896
782
300
474
150
100
837
899
1,912
148,172
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &e.,at that port:
April 15. April 22. April 29.
56,000
60,000
51,000
646,000 646,000 623.000
300.000 302,000 289,000
72.000
47,000
36,000
50.000
25,000
24.000
106,000 100,000 112.000
50.000
48,000
57,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
May 6.
54,000
614,000
281,000
38,000
19.000
126.000
94,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market, f
12:15 1
P. M.
Saturday.
Monday.
Quiet.
A fair
business
doing,
Mid.Upi'ds
4.66d.
Tuesday. Wednesday. Thursday.
Moderate
demand,
Moderate
demand.
4.61d.
4.57d.
4.57d.
Friday.
A fair
business
doing.
Quiet.
4.516.
4.53d.
Sales
Futures. Barely stdy Quiet but Steady. Quiet but Steady,
{
Steady,
8 to 10 pts. steady,8 to 9 to 12 pts. steady,4 to 3 to 4 pts. 5 to 7 pls.
Market
opened
decline.
9 pts. dec. advance. 5 pts. dec.
decline.
advance.
Market,
Steady,
Easy,
Very st'dy, Barely stdy
Quiet,
Steady.
4
16 to 8 pts. t6tollpts 17 to 18 pts 12 to 14 pts 5 to 7 pts. 7 points
P. M.
decline,
decline,
advance,
decline.
deelina
Adv....
Prices of futures at Liverpool for each day are given below:
Sat.
Apr. 30
to
May 6.
New Cataract.
May
June
July
August
September_ _ _ _
October
November_ _
December
January (1933)
February
March
April
May
Mon.
I
Tues.
I
Wed.
Thurs..'
Fri.
2.15 12.3012.15 4.0012.15 4.0012.15 4.00 12.15 4.0012.15 4.00
p.m. p. m. p. m. p. m..p. m. p.m. p. m. p. m. p.m. p.m. p. m.p. m.
d.
d.
d. I d.
4.4 4.32' 4.24
1
4.38 4.30 4.22
4.37 4.29 4.21
4.38 4.30 4.22
4.39 4.31 4.23
4.41 4.33 4.24
4.4 4.35 4.26
4.45 4.37 4.28
4.47 4.39 4.30
4.49 4.42 4.33
4.52 4.45 4.36
4.54 4.47 4.38
4.57 4.49 4.40
d.
4.36
4.33
4.32
4.33
4.34
4.35
4.37
4.39
4.41
4.44
4.47
4.49
4.51
d. I d.
d.
4.42 4.32 4.29
4.39 4.28 4.25
4.38' 4.28 4.25
4.40 4.29 4.26
4.40 4.30 4.27
4.411 4.31 4.28
4.43,' 4.33 4.30
4.45' 4.35 4.33
4.47, 4.37 4.34
4.50 4.4 4.37
4.531 4.43 4.40
4.551 4.4 4.42
4.57; 4.47 4.44
d.
d.
4.26
4.22
4.22
4.23
4.24
4.25
4.27
4.29
4.30
4.33
4.36
4.38
4.4
4.23
4.20
4.19
4.20
4.21
4.22
4.24
4.26
4.28
4.31
4.34
4.36
4.38
d
.
4.28
4.25
4.24
4.25
4.26
4.27
4.29
4.31
4.32
4.35
4.38
4.40
4.42
d.
4.30
4.27
4.26
4.27
4.28
4.29
4.31
4.33
4.35
4.38
4.41
4.43
4.45
BREADSTUFFS
Friday Night, May 6 1932.
FLOUR was in only moderate demand, at best, early in
the week, and prices were none too steady. Purchases were
on a disappointing scale. Stocks are said to be light.
WHEAT ended at a moderate advance, with the tone latterly better, as stocks have advance, and the news about
the budget and taxation from Washington improved. Also
the Orient is buying more freely by way of Vancouver. On
April 30 prices advanced % to 7
/
(3c., with the technical
position better, less pressure to sell, and export sales estimated at 800,000 to 1,000,000 bushels, including 200,000 of
hard winter or 700,000 of this grade in two days. May
deliveries were expected to reach 1,000.000 bushels or more.
Liverpool closed % to %c. higher, with Buenos Aires up
14 to 1 2c. Berlin cabled, on April 30: "One hundred thou/
/
sand tons of wheat will be imported into Germany within
the next two months as a result of a decree reducing until
June 30 the import duty on wheat from 250 to 180 marks
per ton, and permitting mills to import within that period
15% of the total amount of wheat they consumed between
April 1 and June $0 1930." On the 2nd inst. prices declined
% to lc., with deliveries of 2,100,000 bushels on May contracts
at Chicago and a total of about 10,000,000 bushels in the
leading markets, including .nie 4,500,003 bushels at Winnipeg. Yet at Winnipeg prices ended 1 to %c. net higher.
4
Chicago weakened under fresh liquidation and other selling, with the stock market lower and apparently Wall
Street getting rid of holdings. The export demand was
called fair and the United States visible supply decreased
during the week 4,465,000 bushels. It did not seem to matter. Liverpool advanced % to 1%(1., supposedly on a reported estimate of the winter wheat crop as only 452,000,000
or some 300,000,000 less than last year. But the Northwest
had beneficial rains, offsetting, in some degree, reports of
3497
lateness of seeding. Kansas had scattered rains. Wheat
prices did not act so badly in the presence of enormous deliveries, but bullish crop news largely fell flat on this side
of the water, however Liverpool might regard it.
At Chicago deliveries on May contracts were 2,117,000
bushels. At least a portion of these deliveries went to
scattered commission houses, but it was believed the bulk
went to one of the commission houses closely identified
with the Stabilization Corporation or Farm Board.
On the 3rd inst. prices ended 1% to 1%c. lower, despite
low estimates of the winter wheat crop, one being 445,000,000
bushels. They average about 460,000,000 bushels against
the Government total of 458,000,000 bushels on April 1 and
787,000,000 harvested last season. There was some export
demand. Covering preceded the announcement of bullish
private crop estimates. Later they became so much burnt
powder. Prices dropped 2 to 2%c. from the early high.
On the 4th inst. prices closed % to %c. higher after an early
decline of % to %c. Russia bought five cargoes of Canadian
and one cargo of Australian wheat. This caused general
buying and a rally of prices which was checked by the
decline in stocks. The technical position was better after
a recent decline of nearly 10c. It is said that 2,500,000 to
3,000,000 bushels were sold on the 3rd and 4th inst. for
export, including some hard winter. Reports from more
than 1,000 local stations indicate average price paid to
farmers of the United States last week for wheat was
43.2c. a bushel, compared with 40.5c. a month ago. In
Kansas, Oklahoma and Nebraska prices of wheat average
Sc. a bushel higher than a month ago.
On the 5th inst. prices declined 1%c. early, but closed
unchanged to %c. lower. Liverpool, facing rather large
Argentine exports, was 1% to 1%c. lower. Winnipeg declined slightly. It 'is said that Russia over-exported earlier
in the season and will not have to buy 10,009,000 bushels.
This was the talk after the close. London cabled on May 5:'
"The Soviet purchases of Australian and Canadian wheat
for shipment from Pacific ports to Vladivostock are suggested here to be due to over-exportation by Russia or to
the discovery that it is cheaper to buy foreign wheat than
to transport domestic wheat eastward over the Transsiberian
Railway." London cabled the Associated Press: "The
financial district heard to-day that Russia had turned wheat
buyer, having contracted for 40,000 tons of Canadian grain,
cash terms." These reports said Russia was in the market
for a total of 100,000 tons of wheat. Washington wired:
"When Russia exported 50,000,000 bushels at the start of
the season it probably overshot its mark." Latest figures,
while not covering the 1931 crop, show that revised estimates of Russia's huge 1930 production are 989,090,000
bushels compared with 1,034,000,000 estimated a year ago.
Seeding in the Northwest is late, and in Canada it is said to
be the latest in five years.
To-day prices closed 1 to 1%c. higher after some early
weakness due to poor cables, good weather in the winter
and spring wheat belts, dullness of export trade, and scattered selling. But the technical position was better. What
is more, a thrilling rise in the stock market and more encouraging budget and tax news from Washington turned the
tables on the shorts, and they ran to cover. And the House
Ways and Means Committee voted against the bonus bill.
Also a cargo of Australian flour was reported sold to
Russia. Vancouver reported a good export business in Manitobas with the Orient London asked for offerings of rye
to go to Vladivostock. Also unfavorable crop reports from
the Southwest and parts of Northern Europe had some
effect. The Washington situation was believed to be much
better. It may prove to be the keylog in the Jam to set
the business world moving and restore confidence, something that alone is needed for a return of normal business.
Final prices are % to 14 higher than a week ago.
/
1c.
DAILY CLOSING PRICES OF BONDED WHEAT AT NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
57
58
56'.'t 57
,
• 56% 57
59
60
July
58% 59t1 58I1 59
NEW YORK.
DAILY CLOSING PRICES OF WHEAT IN
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
681i 70'4
683' 69% 68% 69
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. rileS. Wed. Thurs. Fri.
May
5
53% 55%
54/i 54)4 5334 54
July
5534 56'4 5614 57
573's 563
September
593' 5774 58% 5834 59
60
December
4
6334 6234 61, 6134 6134 62
Season's High and When Madeseason's Low and When Made
May
73
Nov. 9 1931 May
Oct. 5 1931
4834
7334
July
Oct. 5 1931
Nov. 7 1931 July
49
September
6674
Jan. 4 1932
Apr. 14 1932 September
55%
Dec. (new)
6634
May 5 1932
Apr. 26 1932 Dec. (new)
6034
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Theirs. Fri.
May
4 605
4 6094 61%
9
'5 74 .6034 595
July
62, 6214 6136 6234 6294 63%
4
October
6474 6534 6334 6434 6434 65%
May
INDIAN CORN has been rather irregular, but latterly,
on the whole, firmer, in company with wheat and also because of small country offerings and a fair shipping demand.
On April 30 prices declined early some 1 2 to %c. to new
/
lows for the year, and then rallied % to %c. from the low,
ending, generally, %c. net lower. but with May
lower
on the eve of May deliveries, and with liquidation of May a
feature. At Chicago deliveries were 1,470,000 bushels, the
larger portion of which was in job lots and has landed
with scattered commission houses. On the 2nd inst. prices
early were %c. to lc. higher, but reacted later on professional selling as wheat fell. The ending was % to Ihc.
3498
Financial Chronicle
higher. May acted the best, though May deliveries were
3,688,000 bushels. They had little effect. Country offerings were small. Shipping sales were 125,000 bushels.
/
On the 3rd inst. prices closed 114 to 112c. off, or at the
lowest level of the season. May was the lowest, indeed,
since May 1897, or, in other words, in 35 years. In 1897
%c.
May was down to 25%c. On May 3 1932 it touched 277
Early prices seemed steady enough, but liquidation set in.
and this, with wheat falling, was too much for corn prices.
On the 4th inst. prices ended unchanged to %c. higher,
helped by wheat after an early decline. May was the
strongest month. The sales for shipment were 318,000 bushels, with charters for 550,000 bushels to Eastern ports.
Country offerings were small and sales to arrive were only
3,000 bushels. On the 4th inst. Murray estimated stocks of
corn on farms May 1 as 740,000.000 bushels against 446.000.000 a year ago and 595,000,000 the average for the past
five years. In Southern States supplies are 213.000,000
bushels, compared with 74,000,000 a year ago and 128,000,000
the five-year average. In Chicago corn is beginning to attract speculative attention. It has been a football for the
professional element for weeks, but it is now displaying
stubbornness. The falling off in corn receipts and constantly
improving cash demand is giving the market A better foundation than it has had for months.
On the 5th inst. July fell to a new low level for the
season. and May to the lowest price since 1897. Later came
a rally. Shipping demand was active, with sales of 291.000
4
2
1c.
bushels. Prices ended 1 to / higher. To-day prices
closed % to 1c. higher, inspired partly by the rise in
wheat, new buying, continued smallness of the country offer/
ings, and a fair ghipping demand. Final prices are 14c.
lower to %c. higher for the week.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
4434 4534 4434 44% 4534 4634
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues, Wed. Thurs. Fri.
30
2834 29
May
2834 283
4 28
3234 3234 3134 3134 3234 33
July
3434 3534
September
3534 3534 3334 34
3434 35
December
36
3534 3334 34
Season's Low and When Made
Season's High and When MadeMay 5 1932
Nov. 9 1931 May
May
2734
5334
May 5 1932
July
55
Nov. 9 1931 July
3034
May 4 1932
33
Jan. 18 1932 September
September
4534
May 4 1932
33
Apr. 26 1932 December
December
3934
OATS have shown independent strength on the basis of
supply and demand. In fact, they have acted rather better
4
than any other grain. On April 30 prices advanced 1 to
%c., with switching making up a larger percentage of the
trade. May liquidation was a feature. At Chicago, deliveries on May were 1,765,000 bushels. It is understood
that about half of this went to one of the large consumers,
who is believed to have shipped it out. One report put the
deliveries at 1,844,000 bushels.
On the 2nd inst. prices closed 14c. off to Mic. up. Cash
interests bought May and sold July. On the 3rd inst. oats
surprised not a few by advancing regardless of the weakness in other grain. May, indeed. closed %c. higher, seemingly being oversold. It was %c. above July as against
%c. under July on the 2nd inst. But the distant months
4
declined 1 to %c. net, though at one time they were % to
%c. higher. Charters were 500,000 bushels to Eastern Lake
ports. One estimate of the coming acreage was 41A% in4
crease over last year's. On the 4th inst. prices declined 1
to 1,e,c. early. but rallied on covering and lessened selling.
and closed unchanged to %c. higher. May acted the best.
Charters were 200,000 bushels to ports on Lake Erie. On
4c. higher. To-day
the 5th inst. prices closed unchanged to 1
prices closed % to %c. higher on the rise in other grain and
steady buying for both sides of the account. Final prices
4c.
show an advance for the week of % to 2Y
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
33-3334 33-3334 3334-34 3334-3434 33%-34Si 3434-35
No.2white
PRICES OF OATS FUTURES IN CHICAGO..
DAILY CLOSING
•
•
2134 2134 2234 22,4 224 2334
May
2234 21% 224 2334 23
22
July
2234 2234 224 22% 2234 23
September
.
2434 2434 244 24% 244 2434
December
Season's Low and When Made
Season's High and When MadeApr. 29 1932
2034
May
Nov. 10 1931
May
3134
Apr. 29 1932
2134
Nov. 10 1931 July
July
3134
May 5 1932
22
Feb. 19 1932 September
2634
September
May 4 1932
2334
394
Apr. 26 1932 December
December
OATS FUTURES IN WINNIPEG.
DAILY CLOSING PRICES OF
Sat. Mon. Tues. Wed. Thurs. Fri.
1
343(
354 3534 34% 3434 34
May
3234 3234
3344 33
3234 33
July
RYE has advanced with indications of a better export
demand before long. Indeed, there has been more or less
export business actually done during the week. Russia
wants American rye. On April 30 early prices declined
to %e., but reports of a good export business and covering
4e. net
caused an upturn which left final prices 14 to 1
higher. On the 2nd inst. prices closed unchanged to %e.
lower, after an early decline of le. It was reported that
500,000 bushels of Canadian rye had been sold for export.
4
Prices at one time were 1 to %c. higher. Later came a
setback as wheat reacted. At Chicago, deliveries were
about 570.000 bushels and went to scattered commission.
houses. On the 3rd inst. prices declined 11% to 154c. to new
lows, although some export business was reported in Canadian rye. Some crop estimates were 44.000,000 bushels, or
an increase of 11.000,000 over last year.
On the 4th inst. prices fell to a new low level for the
season, and then rallied with wheat and closed % to %c.
May 7 1932
higher. There were reports of good-sized sales for export
at the seaboard. On the 5th inst. rye was quiet and closed
1c.
/
%c. higher. To-day prices closed 1 to 22 higher, with
May leading, and reports from London that offerings were
wanted for export to Vladivostock. Germany, it is thought,
may also buy if Russia takes the lead. Final prices show
an advance for the week of 1 to 114c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
3534 3574 3834
3634 36% 35
May
3934 39% 38
3834 38% 4034
July
4034 4034 4234
4134 4134 40
September
Season's High and When Made- I Season's Low and When Made
May 4 1932
3434
Nov. 9 1931 May
May
6334
May 4 1932
3794
Nov. 9 1931 July
6334
July
May 5 1932
Feb. 6 1932 September
3934
September
5434
mx
Closing quotations were as follows: c.i.f..
GRAIN.
Oats, New York
Wheat, New York34%@35
No. 2 white
No.2 red, c.i.f., domestic__ 7034
3334 ®34
No. 3 white
Manitoba No.1,f.o.b. N. Y_ 7334
.o.b, bonds N.Y.53%
Rye No.2.f
Chicago, No. 2
3834
Corn, New YorkNo. 2 yellow, all rail
domestic 45100%55
454
No. 3 yellow, all rail
Chicago, cash
FLOUR.
1
$3.75$4.05
Spring pat, high protein $4.65 $5.00 Rye flour patents
5.65
4.35 ,Seminole, bbl., Nos. 1-2 6.05
4.15
Spring patents
3.90 4.15 Oats goods
Clears, first spring
3.40 Corn flour
Soft winter straights-- 3.15
3.80 Barley goods
Hard winter straights__ 3.50
:20
.3705 - 50
Coarse
4.05
1 Hard winter patents._ _ 3.80
Fancy pearl, Nos. 2.
3.55
3.05
winter clears
Hard
4 and 7
6.15© 6.50
6.05
5.35
Fancy Minn. patents
5.35@ 6.05
City mills
For other tables usually given here see page 8398.
WEATHER REPORT FOR THE WEEK ENDED
-The general summary of the weather bulletin
MAY 4.
issued by the Department of Agriculture, indicating the influence of the weather for the week ended May 4, follows:
over the eastThe week brought a reaction to decidedly cooler weather approximately
ern half of the country, with the weekly mean temperaturesFrost extended
week was above.
as much below normal as the preceding
to West
farther south than is usual for the season, with freezing weather
Missouri and KanVirginia, southern Ohio, and the northern portions of
sas: light frost occurred as far south as Tennessee.
the week was very
The table on page 3 shows that cool weather during
South, the
extensive. covering nearly the entire country. In the extreme region the
Lake
north Atlantic districts, and locally in the northwestern 3 deg. to 7 deg.
otherwise, mostly from
week had about normal warmth;
Rocky Mountains,
cooler than normal. It was also rather cool west of the
reported from first
except in northern sections, The lowest temperature 28.
on April
order stations was 20 deg. at Pueblo, Colo., rather heavy rains occurred
table shows also'that substantial to
The
districts and a
throughout the Southern States, except in some eastern
generous rains in
few other scattered localities. There were widespread,
States east of the Mississippi River, though
most Central and Northern
the amounts were mostly light along the northern border of the country.
from
Generous amounts were reported in the west-central Great Plains
northwestern Texas northward to Nebraska, and further showers, though
lighter than recently, occurred in the Northwest. West of the Rocky
Mountains precipitation was mostly light, except in northern California
and western Oregon.
The growth of vegetation was slow during the past week in nearly all
sections of the country because of the widespread coolness. While grass
and small grains wore not markedly affected, tender truck crops, gardens,
because of
and field row crops were retarded and germination was slow than usual
the prevailing low temperatures. Frosts were more prevalent
for the season, and local harm to tender vegetation was reported as far
south as the Ohio and lower Missouri Valleys. Damage was not serious,
except in some southwestern sections, principally eastern Colorado and
New Mexico where rather extensive and heavy damage occurred to fruit
and truck crops.
In the East, except in Appalachian Mountain sections, killing frost
does not usually occur after May 1 south of southeastern Pennsylvania.
Farther west it does not occur, as a rule, after this date south of the central
portions of Ohio and Indiana, northern Illinois, east-central Iowa, and
central-eastern Nebraska.
The livestock situation in the western and northwestern grazing sections continues to improve steadily, most pronouncedly in the northern and
northwestern Great Plains and the north Pacific area, where mostly ample
grazing is now afforded. It was less favorable for livestock, expecially
for shearing and for young lambs, in central Rocky Mountain sections and
the Great Basin.
Farm work made only fair progress in the eastern half of the country
as considerable spring planting has slowed up because of the cool weather.
Additional rains, however, improved the soil moisture condition extensively, and were especially beneficial in the Atlantic States, the Gulf section. the Great Plains, and the Ohio Valley; only limited areas are now
insufficiently supplied for present needs.
-In the Ohio Valley winter wheat lain fair condition in
SMALL GRAINS.
western parts, while in the eastern and southern sections advance and
condition were good to excellent. Growth was generally fair in the central portions of the belt, with some fields in Missouri reported 5 inches
tall and Jointing. In Kansas rains were very helpful and wheat is in fair
to very good condition in the eastern two-thirds, but very poor to only
poor in the western third; much is reported joining in the southeastern
quarter and the central third. In the Southwest wheat was greatly improved in Texas, but condition is spotted in Oklahoma. ranging from poor
to very good. In the Northwest most winter grains are doing well, with
material improvement noted in POMP parts; satisfactory progress was reported from the Sontheast where heading continues.
In the spring wheat region seeding is largely completed in the southern
portion, with much up to good stands and growing nicely. Soil moisture
is rather generally ample for present needs. Spring oat seeding has been
practically finished in many northern sections. with much reported up to
good stands in northeastern Iowa. In the Southwest winter oats are
short, but are heading nicely in most localities: in central and southeastern portions of the country condition varies rather widely. Rico is very
late in Louisiana, but the recent rains were decidedly beneficial.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
-Richmond: Temperatures slightly below normal; two modVirginia.
erate rains; no damaging frosts. Corn planting continues. Wheat, oats,
meadows, and pastures growing nicely, but need rain. Tobacco bedded
and tobacco fields being prepared. Truck good. Apples near full bloom
east of Blur Ridge.
-Raleigh: Mostly fair, though rather cool; beneficial
North Carolina.
rains near end of week. Good progress in planting corn and cotton on
coastal plain and lower Piedmont. Beginning to set tobacco; plants scarce.
Small grains and potatoes doing well. Truck improving.
-Columbia: Cool nights and dry weather retarded
South Carolina.
germination of cotton and corn, with stands better up-State than in low
planting
country where soil moisture deficient. Cotton general. practically comWinter cereals
pleted in central and south and corn planting
sweet potato transplanting nearing corncontinue heading. Tobacco and
pletion. • Potatoes, truck, and gardens improved. Copious rains needed.
-Atlanta: Weather too cool and rainfall insufficient, except
Georgia.
in north; drouth severe in southeast. Planting cotton good advance.
over
germination and growth poor, due to cool nights, except progress corn
but
southern half fair and chopping as far north as Macon. Planting
and transgeneral, but growth slow. Bedding sweet potatoes continues up to good
planting where plants are available. Peanuts and cane coming
stands.
Volume 134
Financial Chronicle
Florida.—Jacksonville: Rain over much of peninsula and favorable
temperatures improved corn, melons, beans, cucumbers, and other truck.
Cane and peanuts fair to poor stands. Tobacco backward. Potato harvesting continued in north. Some sweet potatoes set. More rain needed
on uplands of interior for citrus.
Alabama.—Montgomery: Cool, but beneficial rain. Corn planting continues; early-planted up. Condition of oats poor to good, and potatoes,
truck crops, vegetables, ranges, and pastures mostly fair to good, though
backward locally. Transplanting sweet potatoes general in south. Condition of fruits mostly poor. Cotton planting rather general and nearly
finished in south; early-planted up in south and central, but coolness unfavorable for satisfactory growth; chopping progressing in south.
Mississippi.—Vicksburg: Generally dry except moderate to heavy
rains Friday and Saturday. Progress of soil preparation and planting
'
cotton and corn mostly fairly good, with germination, color, and growth
of cotton rather poor account cool nights. Progress of gardens, pastures,
and truck fair to good.
Loutsiana.—New Orleans: Averaged slightly cool; light to heavy rains
relieved drouth generally, but more needed in west-central. Cotton and
corn backward, but progress good; planting about finished; germination
now possible in all sections. Cane made good progress. Rice very late,
but rains beneficial.
Texas.—Houston: Moderate temperatures; dry in extreme west, but
moderate to heavy rains elsewhere. Crops generally benefited. Cotton
planting progressing; much up to good stands in south and central; somechopping to central and some up in northeast; condition fair to good.
Wheat, oats, and corn greatly improved; oats short, but heading good
in most localities. Truck and citrus improved. Pastures good. Rice
planting now progressing rapidly.
Oklahoma.—Oklahoma City: Cool, but sunshine adequate and moderate to heavy showers general and beneficial. Fair progress in planting
cotton, but too cool for favorable germination; some up in southeast.
Progress of corn poor; too cool; stands generally good and some cultivation. Progress of small grains generally good, but condition of winter
wheat spotted, ranging from poor to very good. Oats poor to fair. Pastures fair and improving.
. Arkansas.—Little Rock: Corn planting well along; completed some portions, and cultivation becoming general; stands very good. Progress
of cotton only fair because of cool weather most of week and soil still too
wet in some localities; progress in planting slow, with many localities
walting_for higher temperatures; stands of early very good; some worked
out. Weather very favorable for all other crops, except too cool for strawberries.
Tennessee.—Nashville: Cool, with frost in central and east; moderate
to heavy rains. Progress of early corn very good. Cotton planting progressing, except in north;some early-planted damaged by low temperatures.
Progress and condition of winter wheat fair, while oats poor to good.
Kentucicy.—Louisville: Cool, with moderate to heavy rains, unfavorable for growth and farm work. Corn planting proceeding irregularly;
soil mostly too wet; work ranges from Just commenced to one-third done.
Plowing still unfinished, but most land ready to plant. Tobacco plants
small; improved slowly. Oats small, but good. Progress and condition
of winter wheat excellent.
THE DRY GOODS TRADE
New York, Friday Night, May 6 1932.
Unrelieved dullness has continued to rule in all textile
divisions, and the remark is general that the period ncrw
being negotiated is as bad as any in the memory of'current
members of the trade, though the measures taken in past
months to modify the effects of such conditions have not
been entirely 'without effect. The conditions cited are, of
course, those which obtain throughout the commercial and
industrial structure of the nation and the world at large.
There appears to be a general realization of the responsibility of the fundamental deterrents of the depression itself,
against which complaints are useless, since the course of
their influence is inexorable, and will disappear only in
their own good time. It is perhaps in reflection of this
point of view that a growing disposition to accept the
inevitable, meanwhile doing what can be done to reinforce
the industry against further slackness and prepare for ultimate revival, is noticeable. Thus, while complaints are heard
from some quarters that needed curtailment is not being
instituted quickly enough, while some producers in a relatively strong position are advocating a policy of cut-throat
competition as the only way out, there is less internal inharmony than might have been expected, and by far the greater
part of the trade's complaints, like those of other major
industries, are directed against the irresponsible and inadequate activities of Congress. That the budget must be
balanced if serious consequences are not to be encountered,
is widely conceded, and much concern is expressed over the
inadequate efforts which Congress has made in that direction thus far, as well as over the "inflationary" gestures
popular now in Washington. It is feared that misguided
Congressional activities have already gone far toward nullifying the beneficial effects of the recently Instituted financial restoratives of the Government. Hopes for the future
now go forward to the time when Congress will have adjourned, with faxes fixed (Wimps in a relatively satisfactory arrangement, after all), with the political conventions over, and new wealth from the harvests beginning to
be available. Further financial improvement is hoped for.
with some reason, by that time, and if textile producers
can weather the interim without accumulating great stocks,
the business to be expected with the approach of the fall
season should be large, and go some way toward relieving
and possibly solving the most pressing problems ill textiles.
While curtailment activities are more emphasized in connection with the cotton goods division than in others, the
tendency is actually very general. The wool industry, with
a number of permanently shut down mills out of consideration, is operating at less than 40% of single shift capacity.
It is reported that rayon producers' output has been reduced
by approximately one-third for the past several weeks, with
every prospect of continued substantial regulation in coming months unless demand takes a decided upward turn.
A good many lines of silk goods are also reported as being
produced at less than half capacity. The President of the
Silk Association, indeed, stated the other day that consumption of silk fabrics is currently in excess of production.
Other constructive features of Mr. Gerli's speech included
his statement that the industry has reached bedrock, with a
turning point due toward the end of the current month, and
his reminder that many silk mills are in a sound financial
position.
3499
DOMESTIC COTTON GOODS.—A break in prices in the
gray goods market featured the week in cotton goods markets, the 38%-inch 64x60's construction leading the decline,
being offered at as low as 3c., without attracting noteworthy
business at that figure. Other constructions fell of less
sharply, but a good deal of apprehension nevertheless was
evoked, with the usual crop of adverse rumors in its train.
It was said, for instance, that the sharp concessions available
reflected forced liquidation of stocks resulting from the fact
that banks had called loans on certain mills. This report,
however, is emphatically denied, and the truth of the
matter is averred to be that mills with accumulations had
faced carrying charges on them which they could not afford
to incur, especially as additional financial assistance is
very difficult to come by, and had accordingly liquidated
the superfluity. While the result was bad for the underlying stability Of the market, there is some ground for
thinking that condition to be merely temporary. Thus the
opinion is given that with the accumulations in point disposed of, further curtailment will prevent their reappearance. Many observers contend that the current basis of
prices will not outlast the month, and the fact that mills
will not consider business at current prices for delivery
beyond the end of May strengthens the argument. Meanwhile gray goods have developed slight but encouraging
rallying tendencies in the past two days, and the market
appears to be breathing somewhat more freely. Slightly
better sales incident to the break in prices have been followed by renewed dullness, with no sign of material betterment yet in sight. There is good reason to believe that
plans for producing print cloths and carded broadcloths only
during alternate weeks will be speedily adopted. More
difficulty is expected to be encountered in bringing about
further regulation of output in narrow sheetings and certain other constructions, but the outlook for eventual adoption of further curtailment is cited as favorable. Hope is
voiced that promotion of cotton goods during National Cotton Week will engender a markedly quickened movement of
finished goods at retail. In •the fine goods market it is
still hoped that the extremely slow rate of business presages
an abnormally extended season. Print cloths 27-inch 64x60's
2c., and 28-inch 64x60's at
constructions are quoted at 2Y
2%c. Gray goods 39-inch 68x72's constructions.are quoted
•
/
-inch 80x80's at 412c.
at 3%c., and 39
WOOLEN GOODS.—Woolens and worsteds producers
continue to operate at an extremely low rate, aggregating
somewhere around 35% of single-shift capacity, it is reported. Flannels, white goods, and women's wear coatings
are still being produced, and sample pieces of fall offerings
are being made. A number of mills have shut down completely. many of the smaller units are operating only two
or three days a week, and those which are busy are relatively few in number. The general curtailment of production thus attested reflects a similarly general disinclination
to take business at a loss. The statement is reported from
more than one mill that rather than sell goods below cost a
complete shutdown till business improves will be resorted
to. It is estimated that spring business in men's wear approximated only 25% of normal valume, reflecting the basic
deflation of buying power and confidence throughout the
country. Buyers continue disinclined to order fall goods,
as they observe the generally bad conditions in retail channels, where the difficulties of many stores are greatly aggravated by inability to secure credit. However, there is hope
in the fact that manufacturing costs have been further
materially reduced on fall goods, and that all the various
divisions of the trade have succeeded in reducing overhead
to some extent. Should other conditions unite" to bring
about more confidence in general business channels during
coining months a decided turn in demand for woolen goods
could easily develop early, in relation to other industrial
lines. Openings of women's wear offerings for the fall season feature soft-finished solid-color woolens, patterned and
diagonal suedes, cut twills, &c., which, while demonstrating
the continuous progress in the production of finely finished
and attractively styled goods, will surely tend to accentuate
the popularity of woolens as fabrics for women's clothing.
Most of the cloths featured can be produced rapidly. Worsted dress goods, it is reported, will be shown around the
middle of the current month, and sellers expect an excellent
season in this division.
FOREIGN DRY GOODS.—A feature of current business
in linens is the good trade being done at retail in novelties,
which are excellent sellers in the May sales of local stores.
Popular prices go with the eccentric styling and bright
colors prevalent in these offerings, and they have sold so
well in some quarters that certain stores have been moved
to feature them in separate departments. Reports from
th Middle West are that promotions of table linens have
met with a good measure of success, notably luncheon cloths
at popular prices. Aggregate business in many quarters
approaches and sometimes even exceeds that of last year, in
this connection. White damasks are-reported to be increasing their popularity at the expense of colored cloths of that
denomination. Rumored plans for preventing disruption
of the producing agreement of the Indian Jute Mills Association engendered a steadier undertone in burlaps, but unrelieved slackness of local business reflected no increase in
confidence. Light weights are quoted at 3.10c., and heavies
at 4.25c.
3500
Financial Chronicle
ffitatt and. Txtg pepartutent
MUNICIPAL BOND SALES IN APRIL.
Municipal financing continued relatively light during
April and the aggregate of the disposals of long-term bonds
during the month was only $69,125,732 which compares
• with $107,270,155 in March. Moreover, except for the
placing of two issues of special size the aggregate would be
less than half the present amount. Consideration by Congress of measures for greatly increasing the Federal income
taxes naturally stimulated a demand for municipal issues
which are exempt from Federal taxes, but on account of
municipal extravagance more or less distrust exists regarding
the obligations of numerous cities, as is evident from the
fact that many different municipalities failed to find a
market for their offerings, and it is only high grade issues
that are in demand.
The largest single sale effected in April was the $24,000,000
Boston Metropolitan District, Mass., award of which was
made to a syndicate headed by the Chase Harris Forbes Corp.,
A
of New York. This group paid 94.57 for the bonds as 43 s
and 44s, the net interest cost basis being about 5.17%.
Negotiations for the purchase of the issue were completed
on April 21, after the bankers had changed the callable price
feature of the terms of sale. The State of Tennessee issued
bonds to the amount of $17,000,000 during April.
The municipal bond awards of $1,000,000 or more
that occurred during April are assembled in the following:
S24,000,000 Boston Metropolitan District (formerly known as Metropolitan Transit District), Mass., bonds,awarded to a syndicate
headed by the Chase Harris Forbes Corp.. of New York.
This group took $20,855,000 bonds as 4%s and $3,145,000
as 4s. The price paid the District was 94.57, the net
interest cost basis being about 5.17%. The 43:1% bonds are
due serially from 1940 to 1966 incl., and the 4s from 1933
to 1939 incl. All of the bonds are redeemable at the option
of the District at 102.50 and interest on any interest payment
date or dates, on or after March 1 1937, upon 30 days published notice. It was the callable feature of the terms ofsale
fixed by the bankers that delayed the consummation of the
transaction. The bankers originally bid for the bonds callable
at a price of 105 and interest on or after March 11930. This
feature was objected to by the Department of Public Utilities
of the State. whose approval of the sale was necessary. The
-V. 134,
change in price was then agreed to by the bankers.
p. 3133.
State of Tennessee 6% bonds sold at par and accrued interest
17.000.000
to syndicates headed by the Chase Harris Forbes Corp., of
New York, comprising an issue of S9,000,000 highway bonds,
due $4,000,000 April 15 1946 and $5,000,000 April 15 1947:
$5,000,000 general fund obligation bonds, due 32.635,000 on
June 1 1933, $1,150,000 on May 1 1940 and $1,215,000 on
May 1 1941, while an issue of $3,000,000 bonds was sold.
maturing as follows: $400,000 on Oct. 1 1932 and on Jan. 1
1933 and on April 1 1933; $500,000 on July 1 and on Oct. 1
1933, and $400,000 Jan. 1 and April 1 1934. The issues of
39,000.000 and $5,000,000 were sold to renew similar amounts
maturing on April 29 1932 and June 1 1932, respectively.
3,000.000 Providence, R. I., 45i% bonds, comprising three issues, due
from 1933 to 1962 incl., awarded to a syndicate headed by
Lehman Bros., of New York, at a price of 99.829, a basis of
about 4.52%.
2,007,000 New Rochelle, N. Y., 53(% bonds, comprising three issues,
due serially from 1934 to 1967 incl awarded to a group
headed by the Bankers Trust Co., of New York, at a price of
100.319, a basis of about 5.22%.
Kansas City, Mo., 43i% bonds, comprising five issues, due
1,700,000
annually from 1934 to 1972 incl., awarded to a group managed
by Dillon, Read & Co., of New York, at a price of 104.85, a
basis of about 4.42%.
Kearney, N. J., water supply bonds, due annually from
1,440.000
1935 to 1970 incl., purchased privately as 6s, at a price of
par, by B. J. Van Ingen & Co., of New York, following the
failure to elicit a bid at a competitive offering.
1,411.000 East Orange, N. J. 6% sewer and street impt. bonds, due
from 1933 to 1940 Incl„ purchased privately at a price of
par by a syndicate headed by Lehman Bros., of New York.
1,319,060 Baltimore, Md., 4%, bonds purchased at par by the city's
Board of Pension Trustees. Particulars of issue not made
public.
1,073,000 North Hempstead. N. Y., Belgrave Sewer District 6% bonds
sold at a price of par to a syndicate headed by Lehman Bros.,
of New York. Due serially from 1937 to 1972 incl.
Notwithstanding the improvement in the general condition of the municipal market in April there was still a
considerable number of issues that failed of sale. Our
records show that such failures numbered 52 issues with
a par value of $18,600,165. In March the issues numbered
47 and the amount was $28,100,637. This figure included
$20,000,000 unsold State of Louisiana bonds. In February
the number of issues was 59 and the amount stood at $24,247,291, while in January there were 56 of such issues, aggregating $13,439,293.
In the table which follows we furnish a list of these unsuccessful offerings, showing the name of the municipality,
the amount and rate of interest named in the issue, together
with the reason, if any, assigned for the non-sale of the
bonds:
RECORD OF ISSUES THAT FAILED OF SALE DURING APRIL.
Amount.
NameInt. Rate.
Rirbide
not exc. 6%
$1,550,000
Atlantic Co., N. J
No bids
13,250
Bedford City S. D,Ohio6%
No bids
1,482
x
Belden Twp., N. Dalt_ .._
20,000 Bids rejected
Bristol, Tenn
6%
No bids
71,554
Canton, Ohio
5%
No bids
26,000
Croghan S.D•No.2,N.Y_not exc. 43 %
i
,
No bids
6,300
4%
De alb Co .Ind.
No bids
650,000
not exc. 6%
Dover, N. J
No bids
106,000
East Rutherford, N. J-....not exc. 6%
Page.
5317
2767
3317
2767
3318
2951
3134
3318
2768
May 7 1932
Report.
Amount.
mt. Rate.
I
NameNo bids
850,000
Englewood, N. J
No bids
56,000
not5g 6%
Far Hills, N. J
c.
No bids
189,200
not exc. 5%
Florham Park, N. J
47,500 Bids rejected
Fort Smith, Ark
%
GrantCo. S. D. No. 6,
No bids
22,300
not exc. 6%
N. Mex
No bids
300,000
3134 Gray Co., Tex
0
No bids
1,438,000
not exc.6%
3319 Hillside Twp., N. J
No bids
20,000
not exc. 6%
3135 aJackson Co., Ky
x
No bids
200,000
3319 Lackawanna, N. Y
No bids
125,000
2952 Lafayette, La
6V
No bids
112,000
2769 Lake Co., Ind
No bids
ex
not5°c.6%
393,000
2952 Lon Branch, N. J
0
No bids
120,000
2952 Ludlow, Ky
No bids
89.000
3320 Lyndhurst
Twp.. N.j n sic. 6
not exe 6
No bids
. %
3320 Midland Park. N.J33,000
4%
15,000 Bids rejected
3136 Monongahela, Pa
750,000 Bids rejected
not exc. 5%
3320 Montana (State of)
.5%
1.000,000 Bids rejected
2769 Montgomery Co., Md-eet exe. 6%
Postponed
472,000
2952 Morristown, N. J
185,000
No bids
3320 Mountain Lakes, N. J- not exc. 6
87,000
No bids
not exc. 5%
2953 Murray Co., Minn
3321 bNorth Castle F. D. No.2.
not exc. 6%
No bids
33,000
N. Y
19,000
No bids
6V
2953 North Olmsted, Ohio.. _
No bids
100,000
2953 North Tonawanda, N. Y. 6%
f
2954 cOrang own S. D. No. 3,
No bids
.5 0
notN.net sic.exc 50
60,000
No bids
3137 dOssining, N.Y109,000
2,471,000
No bids
6
3137 ePaterson, N. J
41,000
N
Neo ee
6
3137 Penns Grove, N.I
146,282
bids
7
2954 Phoenix, Ariz
200,000 Partially sold
5%
2770 Portland, Ore
No bids
17.306
5°
3321 Powhatan Point, Ohio_ - _
4A c
55,000
No bids
es
3322 Rochester, Minn
1,146,000 Partially sold
2771 fSacramento H.S. D.,dal. 4j4%
3138 San Francisco (City and
No bids
4%70
2,000,000
County) Calif
3322 gSan Francisco (City and
No bids
4A %
400.000
County), Calif
.
hroon1 e y
3139 ScNe , ilentral B. D.
No bids
320,000
not exc. 6%
No bids
150,000
l de
3140 South Plainfield, N. J_ -not exe.6%
No
7,500
5%
3323 Steubenville, Ohio
3323 Tarrant County Water
& Impt. Dist. No. 1.
No bids
1,220,000
Tex
5%
No bids
521,254
x
3323 Utica, N. Y
No bids
22,237
5 and 6%
2956 Warren, Ohio
Not sold
13,000
3140 hWhite Bear Lake, Minn_ _not exc. 534%
600,000 Bids rejected
5%
2772 Wilmette, Ill
.
a Rate of interest was optional with the bidder. a Issue is being reoffered for award on May 16-V. 134, p. 3135. b Reoffering was made
on May 2. For result see report on subsequent page. c At the reoffering
on May 3 bidder was asked to name a rate of interest up to 6%. For
report
result see report on subsequent page. d At the reoffering on May 3the
interest rate was advanced to a limit of 5ti %. For result see grant
subsequent page. e An option on $1,971,000 of the bonds has been
B. J. Van Ingen & Co.. of New York, the terms of which have not been
made public. f Later a block of $406.000 of the bonds was sold as 6s, at
Co.
a price of par, to a group headed by the National City,e
s
e
a.;
t=
r111'F:sli
.'.
e
r
ar
•nrt n alnih grrds are being
eenee
etilet te
ewas io•a e
:'
g An inrun
the 1::onde or sa nted a local taxpayer.
Pape
3134
2768
3319
2768
2951
:3
The market for short-term issues in April was extremely
active, as a result of the easy money policy adopted during
that period by the Federal Reserve System. Municipal
loans of that nature disposed of during the month aggregated $127,015,686. The State of New York contributed
$75,000,000 to the total, having sold that amount of 23 %
4
one-year notes at a price of par. Distribution of the issue
was mads proportionately to 75 banks and investment houses
in the State, allotments ranging in amounts from $2,000,000
to $100,000. No formal offering of any of the notes was
made, although inter-dealer trading on the afternoon of the
day of the sale, April 27, was done on the basis of 234% bid
and 2% asked. On May 6 the quotations were 2.30% bid
and 2.20% asked. The sale marked the third occasion in the
present year that the State resorted to temporary financing.
On Jan. 26, the initial instance, a rate of 4 2% was named
on an issue of $25,000,000, due May 11932, while on March
30 a loan of $50,000,000, due Jan. 15 1933, was sold at a
-V. 134, p. 3321.
4
33 % interest cost.
The City of New York completed its usual quota of shortterm borrowing during the past month, the amount involved
being $27,164,000. An announcement was made on April
19 by Comptroller Berry to the effect that the Clearing House
banks in the city, which had provided funds for operating
purposes during the first half of 1932 through the medium
of a revolving credit fund of $151,000,000, at an interest
4
rate of 53 %,had agreed to extend further assistance during
the remainder of the current year, the interest charges to
be governed by market conditions at the time of the bor-V. 134, p. 3137. A loan of $10,000,000 on May
rowing.
6 brought the total of borrowings from the initial credit
fund to $148,000,000. Re-payment of the credit is to be
made from May tax collections.
All of the permanent Canadian municipal financing completed in April was absorbed by investors in the Dominion.
The total of ,121,531 consisted in the main of issues of
$3,008,000 by the City of Quebec, Que., $2,560,328 by the
City of Hamilton, Ont., and $1,500,000 by the City of Montreal, Que. Public offering of the City of Quebec 6%
bonds was made on April 27 at 100 and interest, and on April
29 it was reported that the issue had been oversubscribed.
Loan is dated May 1 1932 and due on May 1 1939.-V. 134,
p. 3324. The Hamilton, Ont., bonds, bearing interest at
6% and due serially from 1933 to 1962, incl., were offered
at a price of 100 for the 1933 to 1949 maturities at 100.50
-V. 134, p. 3324. Offering
for the 1950 to 1962 maturities.
of the $1,500,000 6% City of Montreal, Que., bonds, due
Volume 134
Financial Chronicle
from 1935 to 1959, incl., was made at par and interest.—
V. 134, P. 2772. The prices received by the municipalities
for the foregoing bonds were not made public.
No United States Possession bond financing was negotiated
in April.
A comparison is given in the table below of all the various
securities placed in April in the last five years.
1932.
Perm.loans (U.S.) 69.125,732
*Temp.ins (U.S.) 127,015,888
Bonds U.S.Posens
None
Canad.ins(perm.):
Placed in Can__
8,121,531
Placed In U. S...
None
Gen.fd.bds.N.Y.0
None
1931.
1930.
1929.
1928.
105,974,805 152,194,970 91,935,818 129,904,592
117,323,000 79,494,000 102,995,000 77,979,000
None
1,250,000
None
None
33,185,285
17,793.000
None
5,521,199
5,000,000
None
2,367,531 2,497,124
4,000,000
None
None
20,250,000
Total
'
204,262,949 274,278,090 243,460,169 201,298,349 230,630.716
* Includes temporary securities issued by New York City: $27,164,000 in
1932, 593.000,000 in April 1931, 566,500.000 in April 1930, 436.815,000 In April
April
1929 and $58,573,000 in April 1928.
The number of municipalities emitting permanent bonds
and the number of separate issues made during April 1932
were 142 and 177, respectively. This contrasts with 169
and 238 for March 1932 and with 305 and 418 for April 1931.
For comparative purposes we add the following table,
showing the aggregate of long-term issues for April and the
four months for a series of years:
Month of
For the
Month of
For the
April.
Four Months.
April.
Four Months.
1932
$69,125,732 $349,294,378 1912
822,317.243 $97,951,422
1931
4105,974,805 555,578,394 1911
38,562,686 162,028,305
1930
x152,194,970 469,024,905 1910
20.691,260 124.708,581
1929
91.935,818 343.323,940 1909
37,462,552 117,402,998
1928
129,904,592 493,905,006 1908
21,428,859 112,196.084
1927
134,881,048 507,494,813 1907
19,909,004 78,236,067
1926
111,151,259 470,774,988 1906
8,725,437 85,755,686
1925
94,871,659 421,599,166 1905
40,409.428 76,137,234
1924
133,288,881 428,848,418 1904 ______
11,814,584 58,333,230
1923
81,426,486 328,000,980 1903
17,626,820 48,803.588
1922
0137,176,703 429,237,993 1902
6.735,283 38.254,819
1921
88,104,218 292,561,134 1901
9,298,268 33,192,822
1920
88.194,759 240,267,877 1900
14,157,809 48,650,275
1919
52,713,484 158,952,753 1899
7,477,406 26,098,992
1918
14,999,882 90,130,471 1898
3,570,963 27.336,698
1917
*68,277,482 169,324,775 1897
13,060,323 48,631,385
1918
086,899,155 206,902,393 1896
4,521,850 19,672,118
1915
26,402,049 171,261,251 1895
8.469,464 29,498.406
1914
0103,224,074 268,988,826 1894
11,599,392 35,718,205
1913
23,644,915 96.258,461 1893
9.175,788 26,680,211
x Includes $31,550.000 bonds sold by New York State.
* Includes $25,000,000 bonds sold by New York State and 33.000.000 purchased
by the Sinking Fund of New York City.
a Includes $45,000,000 bonds issued by New York City at public
b Includes $55,000,000 bonds issued by New York City at public sale.
e Includes $70,000,000 bonds sold by New York City—$65,000,00 sale.
0 at public
sale and $5,000,000 to the Sinking Fund.
d Includes $34,975,000 bonds sold by New York State.
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
NEWS ITEMS
3501
Illinois.—Senate Rejects $20,000,000 State Relief Bill.—
A bill to appropriate $20,000,000 for emergency relief work
was defeated by the Senate 21 to 19, according to news
dispatches from Springfield on April 29. This bill, if passed,
would have made the second $20,000,000 appropriation,
the Legislature last February having appropriated that
amount to be used by the Illinois Emergency Relief Commission, which was created at the same time—V. 134, p.
1226. The previous bill called for the issuance of one-year
tax anticipation notes to be paid off either with a bond issue
or an increase in the State tax rate next year, as determined
at a referendum to be held in November. The Commission
is said to have reported that the initial fund would soon be
exhausted and appealed for further assistance.
Special Legislative Session Ends.—On May 3 the three
special sessions of the Legislature which have been running
concurrently were adjourned. The results of these sessions,
which have been running respectively since Nov. 5, Jan. 19
and Feb. 1—V. 134, p. 1060—were reported as follows in
the "United States Daily" of May 5:
The three special sessions of the Illinois Legislature which have been
running respectively since Nov. 5, Jan. 19 and Feb. 1 adjourned last night.
The second and third sessions were called for the consideration of additional
matters.
The Legislature enacted an income tax law, which is now on the way to
the Supreme Court, having been held unconstitutional in the Circuit Court.
Cook County's tax machinery was reorganized, and an Unemployment
Relief Commission was created with an appropriation of $20,000,000 for
relief.
Several bills were passed to authorize public bodies to designate banks
In which public funds shall be deposited,relieving the Treasurers of responsibility. Building and loan associations were authorized to pay withdrawals
and maturities on a pro rata instead of a chronological basis, and were
authorized to borrow money to make such payments.
State regulation of securities dealers, brokers, solicitors and agents were
restored. Livestock chattel mortgages were made negotiable, and insurance
companies were authorized to invest in tax anticipation warrants.
Kentucky.—Suit Filed to Enjoin State Bond Sale.—According to press dispatches from Louisville on May 4 a
suit has been brought in the Franklin Circuit Court by the
Kentucky Taxpayer's League to enjoin the State Budget
Commission from selling a $13,000,000 issue of long term
State bonds. The securities were recently authorized to
refund the floating debt of the Commonwealth. (See item
under Kentucky on subsequent page.)
Merced Irrigation District, Calif.—Court Directs Payment of Jan. 1 Interest.—The Bondholders' Protective Committee of this district issued a statement on April 27 advising
depositors of a court order which directs the District Treasurer to pay all interest coupons due on Jan. 1 1932 (V. 134,
p. 2948), until the fund is exhausted. The text of the
statement is as follows:
To the Holders of Bonds of Merced Irrigation District:
The Committee desires to advise bondholders that the District Court
of Appeal has ordered the issuance of a Writ of Mandate directing the
Treasurer of Merced Irrigation District to proceed to make payment in
full of all interest coupons due Jan. 1 1932 in the order in which they were
presented for payment, until the entire fund in his hands available for such
payment is exhausted, and thereupon to proceed to register any and all
interest coupons on which payment has not been made,if such registeration
be demanded by the holders. The Committee understands that the Treasurer has on hand at the present time in the bond interest fund,3350,852.50,
or sufficient to pay approximately 73% of the interest coupons which became
due Jan. 1 1932, and that with the additional income which the District
is receiving from power revenues he will presumably have sufficient funds
to pay all of the Jan. 1 1932 coupons within the next few months. Though
the above mentioned decision has not yet become final, the holders of
coupons are urged to re-present their coupons for payment. Such presentation should be made through the same banking institutions which presented
the coupons on Jan. 1 1932. As suggested in our letter of Dec. 31 1931
to the bondholders,all holders of coupons which are not paid on presentation
should request registeration of such coupons as of the time of original presentation thereof. Very truly yours.
Livingston B. Keplinger,Chairman,
M. Vila& Hubbard,
Thos. W. Banks, Vice-Chairman,
Fred W. Kiesel,
Milo W. Bekins,
J. L. Osborne,
Mark C. Elworthy,
C. A. Sheedy,
Victor Etienne Jr,
Frank Weeden,
Robert Fullerton Jr..
Committee.
Asheville and Buncombe County, N. C.—Bond Payment
Announced by Protective Committee.—It was announced on
April 30 by the Bondholders' Protective Committee that
it
had made collections from various school, sanitary and
other districts in the county, and that it would make a
cash distribution on May 10 to the holders of bonds of certain of the districts who had deposited their bonds under the
Deposit Agreement—V. 134, p. 354. Henry W. George,
Treasurer of the Metropolitan Life Insurance Co., heads the
Protective Committee.
Detroit, Mich.—City Council Cuts Employees' Wages.—
According to news reports from this city on April 30 the
Common Council voted by six to three to adopt the Lodge
Michigan.—House Rejects Proposed Income Tax Resoluresolution, providing for a 50% reduction in the salaries and
wages of all city employees for the months of May and June. tion.—On April 28 the House of Representatives defeated
This action is said to have been taken in order to permit a a resolution introduced on the recommendation of Governor
Brucker to amend the constitution through a popular referenbalance of income and expenditure until June 30, when
fiscal year ends, and is in accordance with promises madethe dum so as to permit the enactment of a graduated State
by income tax—V. 134, p. 2573. A two-thirds majority vote
the city officials to the bankers to institute economies and
was required for adoption and the resolution was defeated
balance the budget.
by a count of 55 "for" and 33 "against," with 12 members
Elizabethton, Tenn.—Protective Committee Formed on not voting. The measure was placed for future reconBond Default.—The organization of a committee to protect sideration but it is not expected to pass. The Detroit
the interests of the holders of bonds of the above city, "Free-Press" of April 29 commented on the defeat as foldefault on which has recently occurred, is announced in lows:
The House of Representatives Thursday turned thumbs down on Gov.
the following notice to owners of bonds:
To the Owners of Bonds Issued by Blizabethton, Tenn.:
This city having defaulted in the payment of principal and interest
on its outstanding bonds, the undersigned have consented to serve on a
committee to protect the interests of the bondholders. In order that
united action can be taken, the bonds have been called for deposit with
the Lincoln National Bank, Cincinnati, Ohio.
Owners of the bonds are requested to communicate with the dealer from
whom the bonds were purchased, or any of the undersigned, for copy of
deposit agreement and other information.
Committee.
H. C. Alexander, Bailey It company. Knoxville, Tenn.
W. N. Estes, Third National Company, Nashville. Tenn.
Henry P. 11 offstet, National Bank of America, Pittsburgh, Pa.
J. A. Magnus. Magnus & Company, Cincinnati, Ohio.
R. If. Wibbing, Missouri State Life Ins. Co., St. Louis, Mo.
R. B. Wooten. Little. Wooten & Co., Jackson, Tenn.
M..1. Tenhundfeld.502 Dixie Terminal Bldg.,Cincinnati, O.,Secretary.
Fulton County (P. 0. Atlanta), Ga.—Court Order
Validates $700,000 School Bonds.—We are informed that the
Superior Court on April 27 issued an order validating the
election held on March 9, at which time the voters approved
the issuance of $700,000 in school improvement bonds—
V. 134, p. 2200. The Court is said to have directed that
these bonds are to be dated July 1 1932, and are to mature
from July 1 1937 to 1949.
Wilber M. Brucker's reque.t for submission to the voters in the fall of
stitutional changes to permit enactment of a graduated State income contax.
"Rep. William J. Thomas' joint resolution was
of 55 to 33, but it failed to muster the necessary supported by a majority
to permit reconsideration at a future date, but two-thirds. It was tabled_
would require the support
of all 12 absentees for adoption, an almost impossible condition.
The debate became acrimonious at times. Reference by Rep. Robert D. Wardell, of Detroit, to the fact Michigan voters have twice rejected a mphatically income levies, was answered by both Rep. John
Espie.
of Clinton, and Rep. Andrew H. Harnly. of Saginaw with insistence it
was just as properly resubmitted as the pending question
State's Prohibition Amendment, which Wardell has helped of repealing the
to initiate.
Accusing fingers were pointed at Wayne Newton, Gov. Brucker's
islative envoy extraordinary, with whom income taxing is almost a legcreed.
Rep. Charles H. Culver, of Detroit, reported that the presence of Newton
during the taxation committee consideration of the bill, and while they
had
voted to report it, had seriously embarrassed himself and two other members not in favor of it. Chairman Thomas, the resolutions
sponsor, defended Newton's activity.
"The House relented in its unenthusiasm for the Campbell
expenditures of local school units to 85% of their 1930 levies Bill, holding
for
three years, and passed the measure, 60 to 28. • It was a part the next
of Gov.
Brucker's program, but many members insisted it was meaningless,
for
practically all districts in the State already have been forced to
costs even more. Doubts were expressed if the Senate will slash school
treat it.`as
kindly.
New York City.—State Court of Appeals Upholds Vete
Power of City Cornptroller.—The New York "Herald Tribune"
of April 29 carried the following report on a decision handed
3502
Financial Chronicle
down by the State Court of Appeals in which the power of
veto of the New York City Comptroller over decisions of
the Sinking Fund Commission was upheld:
has
of
"A decision holding that the Comptroller of the City theNew York
Fund
of
the power of veto over the actions of the membersAppealsSinking
at Albany, it
been handed dovrn by the Court of
Commission hai
to
was learned yesterday. The decision was given in a test case carried
the highest court for Mr. Berry by Jeremiah T. Mahoney,former Supreme
The Sinking Fund Commission was
Court Justice, as special counsel.
represented by Arthur J. W. Hilly, Corporation Counsel.
city
"The controversy involved in the case related to the leasing by the
of quarters in Brooklyn for use of the Municipal Court. The Comprtoller
opposed leasing quarters favored by Mayor Walker, the City Chamberlain
of Alderman.
and the Chairman of the Finance Committee of the Boardand the rental
Mr. Berry took the view that the quarters were unsuitable
high. His office estimated yesterday that in blocking the lease
was too
the Comptroller had saved the city $180.000.
"The effect of the decision was that an ordinance of 1817. incorporated
necesin the city charter, specified that the sanction of the Comptroller is
sary to give effect to any vote by members of the Sinking Fund Commission.
His vote in the negative, it was held, could block any action by majority
vote of the Commissioners."
-Legality of Unemployment Relief Bonds Upheld by
Ohio.
-The State Supreme Court has upheld the
Supreme Court.
constitutionality of the bond Act for poor relief passed at the
special session held recently to permit the issuance of bonds
-V. 134, p. 2766-according
by counties for unemployment
to news dispatches from Columbus on May 4. The decision
was handed down in a suit instituted by the Commissioners
of Hamilton County to have the Court mandamus the State
Tax Commission to approve their application to issue such
-V. 134, p. 3316. This ruling by the Supreme Court
bonds
now makes it possible for the County to issue up to $1,000,000
in unemployment relief bonds to be retired through expected
revenues from the additional 1% tax placed upon utilities.
Owensboro, Ky.-Validity of Funding Bonds Upheld.
In a decision handed down recently in the test suit filed
-the validity
by a local taxpayer on April 8-V. 134, p. 2948
by
of the $160,000 funding bonds in question was upheldThe
Judge George S. Wilson in the Daviess Circuit Court.
Court also upheld an intervening petition entered by Thomas
D. Nolan. It is stated that the bonds were issued to pay
Mr. Nolan the balance due on the Owensboro sewer contract. According to local news reports the case will be
taken to the Court of Appeals.
-Appellate Division Upholds
Suffolk County, N. Y.
-The $5,000,000 bond issue
$5,000,000 Improvement Bonds.
voted by the Suffolk County Board of Supervisors to defray
the cost of an extensive construction project was upheld on
May 3 by the Appellate Division of the Supreme Court in
Brooklyn. The Court unanimously affirmed a decision by
Supreme Court Justice Johnston denying an injunction
sought by a group of taxpayers who contended that the
Board of Supervisors had no power to authorize the bond issue
-V. 133, p. 1790. The decision was reported as follows by
the New York "Herald Tribune" of May 4:
the Appel• In a unanimous opinion, written by Justice Townsend Scudder,
yesterday the
late Division of the Supreme Court in Brooklyn held valid
$5,000,000
action of the Suffolk County Board of Supervisors in calling for a parks and
bond issue to pay for the construction of two bridges, dredging,
parkways and for the building of the Holtsville Tuberculosis Sanitarium.of
Edward Macrun, Frederick Prime and Phelan Beale, all residents
from
Suffolk County, sought an injunction restraining the supervisors the
issuing the bonds. Justice Scudder wrote that regardless of whether
policy or not, the only question for the court to consider
bond issue was good
was the legality of the resolution adopted by the supervisors in approving
the bond issue in April 1931.
-It was
-Bond Refunding Plan Completed.
Tampa, Fla.
announced on May 5 by B. J. Van Ingen & Co., Inc., fiscal
agents for the above city's refunding plan, that all details in
connection with the offer of the city to exchange bonds are
now complete and copies of the plan with full information
are being distributed. Under the terms of this plan the city
proposes to refund its bonds maturing from July 1 1932 to
Dec. 31 1935, incl., and offers present holders an opportunity to exchange for 15-yr. refunding gold bonds which
bonds will
will be due in 1947-V. 134, p. 3132. The new that borne
higher than
carry an increased rate of interest
by the bonds to be exchanged. The sinking fund will become
operative during the fiscal year 1935-1936 to retire one-twelfth
of the amount of the refunding bonds annually in addition
of
to such bonds as may be retired through the collection
special assessments. The Chemical Bank ,ez Trust Co. of
legal
New York will make the exchange for the city. All by
matters pertaining to the new issue will be approved
Masslich & Mitchell of New York.
BOND PROPOSALS AND NEGOTIATIONS
-The following issues
-BOND SALE. offered on may 5
ALBANY,Albany County, N. Y.
$1,940,990
of coupon or registered bonds aggregating a syndicate composed of the
awarded as 4345 to
-were
-V. 134, ip. 3317
Co.: Dillon, Read
Chemical Bank & Trust Co.; Ladenburg, Thalmann &Batchelder & Co.,
Co.; Rutter & Co., and
& Co.; Hemphill, Noyes & premium of $1,533, equal to a price of 100.079,
all of New York,at par plus a
a basis of about 4.24%:
on May 1 from 1933 to
$680,000 series A school bonds. Due $17,000
1972 incl.
1 as follows: $12,000 from 1933
May
500.000 series A water bonds. Due from 1953 to 1972, incl.
to 1952, incl., and $13.000
follows: $7,000 from 1933
300,000 series B water bonds. Due May 1 as to- 1972, incl.
to 1952 incl., and $8,000 from 1953 follows: $12,000 from 1933
school bonds. Due May 1 as
250,000 series B
1952 incl.
to 1942 incl.. and 813,000 from 1943 to
as follows: $19,000 from 1933
150,000 local impt. bonds. Due May 1 1938 to 1942 incl.
$11,000 from
to 1937, incl., and
Due May 1 as follows: $10,000
60,000 municipal equipment bonds.$6,000 from 1936 to 1940 incl.
from 1933 to 1935 incl., and
of the successful group
Each issue is dated May 1 1932. Members yield 3.00% for the 1933
at prices to
made public re-offering of the bonds 1936 to 1942, incl., 4.10%, and 4.15%
maturity; 1934, 3.75%;1935,4.00%;
of the bonds were reported sold
for the 1943 to 1972 maturities. Allof subscriptions. The bonds, acwithin an hour following acceptance
trust
bankers, are legal investment for savings banks andof the
cording to the
and general obligations
funds in New York State, and are direct against all taxable property
City, payable from unlimited taxes levied
therein.
May 7 1932
The city received eight bids at the sale, as follows:
Amt. Bid.
Int. Rate.
BidderChemical Bank & Trust Co., Ladenburg, Thalmann & Co., Dillon, Read & Co., Hemphill,
Noyes & Co., Rutter & Co. and Batchelder &
$1,941,533.00
%
Co.(successfulsyndicate)
Stone & Webster and Blodgett, Inc. Marine Tr.
'
Co. of Buffalo, Phelps, Fenn & Co., Robert
Winthrop & Co., and Graham, Parsons &
1
,
43 %
1,940,911.80
Co., jointly
Chase, Harris Fobes Corp., First National Old
Colony Corp., The N. W. Harris Co., R. H.
Moulton & Co., and L. F. Rothschild & Co.,
4g%
1,940,873.00
jointly
Kidder, Peabody & Co., Estabrook & Co., First
Wallace, Sanderson & Co.,
Detroit Co., and
434%
1,986,716.00
jointly
1,986,695.80
434%
New York State Nat. Bank, Albany
Lehman Bros., Manufacturers & Traders Trust
Co., of Buffalo, R. W. Pressprich & Co., F. S.
-P. Murphy
Moseley & Co., Foster & Co., G. M.
1,977,636.00
& Co., and Hannahs, Balm & Lee,jointly_ _ _ _ 434%
Bankers Trust Co., Nat. City Co., Guaranty Co.
of N. Y., Nat. Commercial Bank & Trust Co.,
434%
1,968,304.60
of Albany, jointly
Bancamerica-Blair Corp., George B. Gibbons &
434%
1,966,365.00
Co.,E. B.Smith & Co.,jointly
ALL SOLD -It was reponod thaciofhTdjafb
BONDSsubscribed for within an hour following the opening of subscription books.
-BOND OFFERING.
-E. C. GalloAKRON, Summit County, Ohio.
her, Director of Finance, will receive sealed bids until 12 m.(Eastern standard time)on May 23 for the purchase of $396,160.436% coupon or registered
bonds, divided as follows:
$238,791.74 special assessment st. impt. bonds. Due Oct. 1 as follows:
$23,791.74 in 1933; $23,000 in 1934 and $24,000 from 1935
to 1942 inclusive.
•
157,368.69 special assessment St. impt. bonds. Due Oct. 1 as follows:
$31,368.69 in 1933; $31,000 in 1934 and 1935 and $32,000 in
1936 and 1937.
Each issue is dated June 11932. Principal and interest (April and Oct.)
are payable at the Chase National Bank, of New York. Bids for the bonds
to bear interest at a rate other than 6%,expressed in a multiple of 34 of 1%.
will also be considered. Bids to be made on an "all or none" basis, and
subject to approval of bonds by Purchaser's attorney. A certified check for
2% of the amount bid, payable to the order of the above mentioned official,
must accompany each proposal.
ALAMITOS WATER DISTRICT (P. 0. Westminster) Orange
-BONDS VOTED-We are informed that at an election
County, Calif.
held recently the voters approved the issuance of $20,000 in water bonds.
ALDERWOOD WATER DISTRICT (P. 0. Edmonds), Snohomish
-On June 11 an election will be held
-BOND ELECTION.
County, Wash.
according to report, to have the voters pass on the proposed issuance
of $75,000 in water bonds.
-BOND SALE-The
ARKANSAS CITY, Cowley County, Kan.
$3,822 issue of coupon general impt. bonds offered for sale on April 27-was purchased by local investors, as 43.1s at par. Dated
V. 134. p. 3132
May.10 1932. Due from May 10 1934 to 1942 incl.
ARLINGTON, Middlesex County, Mass.
-TEMPORARY LOAN.
Jackson & Curtis, of Boston, purchased on May 2 a $200,000 temporary
loan at 2.79% discount basis, plus a premium of $1.60. Due on Nov.
11 1932. Bids received were as follows:
Discount Basis
Bidder2.79
Jackson & Curtis (Successful bidder)
"United States Trust Co _ _ _ - ---------------------------------- 3.05
3.07
First National Bank of Boston
Faxon, Gade & Co
3.12 o
-BONDS REGISTERED.
-An
ATHENS, Henderson County, Tex.
issue of $136,000 6% refunding series of 1931 bonds was registered on April
25 by the State Comptroller. Denom. $1,000. Due serially.
BALTIMORE, Md.-OFFICIAL REPORT OF BOND PURCHASE.
The City Clerk reports that the amount of 4% city bonds purchased at par
as investments by the Board of Pension Trustees on April 29 was 81.306,000
and not $1.319.060 as reported in V. 134, p. 3317. The amount includes
$850.000 public library bonds and $456,000 public building bonds, due
serially from 1933 to 1967 inclusive.
BAY CITY, Bay County Mich.-NOTES OFFERED LOCALLY.'
The city commission on April 25 approved of a proposal to offer for purchase by local investors an issue of $143,000 7% tax notes, being 80% ot
taxes amounting to $182.000, according to the Bay City "Times"
delinquent
of the following day. This action was taken following notice of the refusal
of Detroit and Toledo bonds to make tax anticipation loans, it was said.
The Commission, however, authorized City Manager George L. Lusk to
continue in an endeavor to obtain a purchaser of the entire issue. Notes
will be dated April 28 1932 and mature on Sept. 28 1932. Denoms. $1,000.
$500 and $100. Legal opinion of A. H. McMillan, city attorney.
-BOND OFFERING.-Charles
BEAVER FALLS, Beaver County, Pa.
Ruhe, City Clerk, will receive sealed bids until 9 a. m. (Eastern standard
time) on May 31 for the purchase of $60,000 494% coupon funding bonds.
Dated June 1 1932. Denom. $1.000. Due $5,000 on June 1 from 1933 to
1944 incl. Prin. and semi-ann. int. (J. & D.) will be payable at the office
of the City Treasurer. A certified check for 82.000, payable to the order
of the City, must accompany each proposal.
(These bonds are part of a total of $90,000 authorized recently, the re3
p. 173 )
ma3 ing $30,000 constituting that amount of street impt. bonds.
-V. 134.
BEAVER SCHOOL DISTRICT (P. 0. Beaver) Beaver County,
-An $18,000 issue of 534% refunding school
-BOND REFUNDING.
Utah.
bonds is reported to have been exchanged with the State Board of Loan
Commissioners for the original bonds. This issue matures in 1936.
BEDFORD (P. 0. Katonah), Westchester County, N. Y.
3
7
-B01 /
SALE.
-The $24.000 coupon or registered Katonah Water District bonds
-were awarded as 5.758 to Wachsman
offered on April 29-V. 134, p. 3133
& Wassail, of New York, at a price of 100.129, a basis of about 5.73%.
Dated May 1 1932. Due $2,000 on May 1 from 1934 to 1945, incl. Bids
received at the sale were as follows:
BidderInt. Rate. Rate Bid.
Wachsman & Wassail (successful bidders)
5.75%
100.129
George B. Gibbons & Co., Inc
5 80
100.04
Sherwood & Merrifield, Inc
100.33
5.90%
BELKNAP COUNTY(P.O.Laconia), N. H. TEMPORARYLOAN.
The County Treasurer reports that a temporary loan of $25,000 due in
6 months, unsuccessfully offered on Feb. 2, has since been sold.
-BONDS REGISTERED.
BELL COUNTY (P. 0. Belton), Tex.
-The
State Comptroller registered an issue of $11,000 5% road refunding bonds
on April 25. Denom. $1,000. Due serially.
Ir
BENTON COUNTY(P.O. Fowler),Ind.
-BOND SALE.
-The $11.200
5% coupon Gilboa Tvrp. highway Improvement bonds offered on April
-were awarded to the Fletcher American Co., of
30--V. 134, p. 2950
Indianapolis, at par plus a premium of $30, equal to a price of 100.267,a;
basis of about 4.94%. Dated April 15 1932. Due on Jan. and July 15
from I uly 15 1933 to Jan. 15 1943. The City Securities Co., of Indianapolis bid a price of par and accrued interest for the issue.
BERGENFIELD SCHOOL DISTRICT, Bergen County, N. J.
-The $150.000 coupon or registered school bonds unsuccessBOND SALE.
fully offered on March 16-V. 134, p. 2199
sold on April 19 as fol-were
lows: $92,000 as 6s, at par, to the Bergenfield National Bank & Trust Co..
and $58,000 as 5s, at a price of par, to the municipal sinking fund commission. The entire issue is dated Feb. 1 1932 and due on Feb. 1 as follows:
$3,000 from 1933 to 1938, Inclusive. and $4,000 from 1939 to 1971,inclusive.
-BONDS PUBLICLY
BERGEN COUNTY (P. 0. Hackensack), N. J.
Gibbons & Co., Inc. of New York, are making
public offering of $500.000
% coupon or registered public impt. bonds at
prices to yield 5%. The obligations comprise the unsold portion of a total
Issue of $1,396,000. purchased last November at a price of par and offered
for public investment at time priced to yield 4.80-V. 134. p. 3817. The
bonds now offered are dated Dec. 15 1931 and mature on Dec. 15 from 1936
OFFERED.-George 13.
Volume
134
Financial Chronicle
to 1958 incl. Legal investment for savings banks and trust funds in the
States of New York and New Jersey, according to the bankers, and ellegible
In their opinion, to secure Postal Savings Deposits.
BESSEMER, Jefferson County, Ala.
-BOND rSALE-The $85,000
issue of 6% coupon or registered semi-ann. refunding bonds offered for
sale without success on Dec. 15-V. 133, p. 4187
-is reported to have
since been purchased by Marx & Co. of Birmingham. Dated Feb. 1 1932.
Due from Feb. 1 1935 to 1961 incl.
BEVERLY, Essex County, Mass.
-BOND SALE.
-John C. Lovett,
City Treasurer, reports that the following issues of 445% coupon bnnds
aggregating $95,000 were awarded on April 28 to the Shawmut Corp., of
Boston, at a price of 102.834, a basis of about 4.01%:
$75,000 sewer construction (Wards one, four and five) bonds. Due $5,000
on May 1 from 1933 to 1947, inclusive.
20,000 water construction bonds. Due $4,000 on May 1 from 1933 to
1937, inclusive.
Each issue is dated May 1 1932. Denom. $1,000. Principal and interest
(May and Nov.) are payable at the First National Bank, of Boston. Legal
opinion of Ropes, Gray, Boyden & Perkins, of Boston. Bids received at
the sale were as follows:
BidderRole Bid.
Shawmut Corp. (Successful bidder)
102.834
National City Co. of Massachusetts
102.634
Newton, Abbe & Co
102.43
F. S. Moseley & Co
102.112
Jackson & Curtis
101.923
R. L. Day & Co
101.66
Brown Bros. Harriman & Co
101.52
Estabrook & Co
101.43
Stone & Webster and Biodget, Inc
101.33
Chase Harris Forbes Corp
101.15
E. H. Rollins & Sons
101.148
H. W. Briggs & Co
101.077
Financial Statement, April 211932.
Net assessed valuation for year 1931
$48,522,050
Total bonded debt (present loans included)
1,235,000
Water debt, included in total debt
76.000
Sinking funds
None
Population
24,985
BIG HORN COUNTY SCHOOL DISTRICT NO. 17 (P. 0. Basin),
Wyo.-BOND OFFERING.
-Sealed bids will be received until 2 pm. on
May 23 by 0. R. Booker, Clerk of the School Board, for the purchase of
two issues of 5% bonds, aggregating $45,500, divided as follows:
$32,000 funding bonds. Denom. $1,000. Dated Jan. 1 1932. Due from
Jan. 1 1943 to 1957, inclusive.
13,500 building bonds. Denoms. $500 and $1,000. Dated Jan. 1 1932.
Due from Jan. 1 1943 to 1957. inclusive.
BIG SPRING, Howard County, Tex.
-BOND SALE
-An issue of
• $1,000 6% water works bonds is reported to have been purchased by the
city sinking fund, at a price of 90.00. a basis of about 6.77%. Due in 1961.
BOGOTA, Bergen County, N. J.
-BOND OFFERINO.-IIarlan P.
Ross, Borough Clerk, will receive sealed bids until 8 p. m.(daylight saving
time) on May 19 for the purchase of $178,000 5% or registered bonds.
divided as follows:
$125,000 assessment bonds. Due $25,000 May 15 from 1934 to 1938 incl.
53,000 public improvement bonds. Due May 15 as follows: $2.000 from
1934 to 1943 incl., and $3,000 from 1944 to 1954 inclusive.
Each issue will be dated May 15 1932. Denom. $1,000. If necessary
to effect the sale of the bonds, bids will be considered on the basis of an
interest rate up to 6% expressed in a multiple of yi of 1%. No more bonds
are to be awarded than will produce a premium of $1,000 over the amount
of each issue. The bonds may be sold at a price of 99 and accrued interest.
Principal and interest (May and Nov. 15) will be payable at the Bogota
National Bank,or at the Manufacturers Trust Co., New York. A certified
check for 2% of the amount of bonds bid for, payable to Tyler E. Smith.
Borough Collector, must accompany each proposal. The approving
opinion of Thomson, Wood & Hoffman, of New York, will be furnished the
successful bidder.
BOSTON, Suffolk County, Mass.
-44,856,000 Bonds Awarded.Edmund L. Dolan, City Treasurer,on May 4 made public award of $4.856.000 444% coupon bonds to a syndicate composed of the Chase Harris
the
Forbes Corp. the First National Old Colony Corp., R. L. Day & Co..
Estabrook dz.Co. and Jackson & Curtis, all of New York and Boston, at
.
a price of 100.209, a basis of about 4.48%. The sale comprised $3.356.000
serial bond issues, due from 1933 to 1952,incl., and $1,500,000 traffic tunnel
bonds, dua on March 1 1982, redeemable at the option of the city at par
and accrued interest in 1952. The successful bidders made public reoffering of the bonds at prices to yield 3.00% for the 1933 maturity: 1934,
3.75%; 1935, 4.00%; 1936 and 1937. 4.25%; 1938 and 1939. 4.30%; 1940
to 1947, 4.35%; and 4.40% for the maturities from 1948 to 1952, incl. In
addition to the successful bid, the city received an offer from Dillon, Read
& Co. of New York of a price of par for a block of $500,000 bonds of the
$1,500,000 traffic tunnel issue, with an option to acquire, on or before
June 6, the remaining $1.000,000 bonds, also at par.
The award of $4,856,000 bonds comprised the following issues:
$1,500,000 Traffic Tunnel bonds, Acts of 1929(Chapter 297, Acts of Maas.,
1929), due March 1 1982, but may be called, retired and canceled by the City of Boston after 20 years from the date of this
loan on any date upon which interest is payable on these bonds,
by payment by the City of Boston of the amount of the face
of the bonds, with any unpaid accumulated interest to date
fixed for redemption, and when so called, interest shall cease.
220,000 Boston Airport Improvement Loan, Act of 1931. Payable
$22,000 annually, May 1 1933 to May 11942. inclusive.
15,000 Fallon Field Playground, Improvements. Payable $1,000
annually, May 1 1933 to May 1 1947, inclusive.
15,000 Rogers Park, Improvements. Payable $1,000 annually, May 1
1933 to May 11947, inclusive.
15,000 New Charities Administration Bldg., Furnishing and Equipping. Payable $1,000 annually, May 1 1933 to May 1 1947,incl.
90,000 Boston City Hospital Loan, Act of 1928, Children's Pavilion.
Payable $6,000 annually', May 1 1933 to May 11947, incl.
90,000 Boston City Hospital Loan, Act of 1928, Children's Pavilion.
Payable $6,000 annually. May 1 1933 to May 11947. incl.
150,000 Boston City Hospital Loan, Act of 1928, Pathological Building.
Payable $10,000 annually. May 1 1933 to May 1 1947, incl.
150,000 Boston City Hospital Loan, Act of 1928, Pathological Building.
Payable $10,000 annually. May 1 1933 to May 11947,incl.
75.000 Boston City Hospital Loan. Act of 1928, Power Plant, Improvements. Payable $5,000 annually, May 1 1933 to Nlay 1
1947, incl.
75,000 Boston City Hospital Loan, Act of 1928, Power Plant, Improvements, &c. Payable $5,000 annually, May 1 1933 to
May 1 1947, incl.
23,000 Boston City Hospital Loan, Act of 1928, Tunnel for Hospital
Buildings. Payable $2,000 annually, May 1 1933 to May 1
1940, incl., and $1,000 annually, May 1 1941 to May 1 1947.
inclusive.
23,000 Boston City Hospital Loan, Act of 1928. Tunnel for Hospital
Buildings. Payable $2,000 annually, May 1 1933 to May 1
1940,incl.,and $1,000 annually, May 1 1941 to May 11947.Incl.
820,000 Boston Street Laying Out and Construction Loan. Act of 1930.
Payable $55,000 annually, May 1 1933 to May 1 1942, incl.,
and $54,000 annually May 1 1943 to May 11947, incl.
1,200,000 City of Boston School Loan, Act of 1930. Payable $80,000
annually, May 1 1933 to May 1 1947, incl.
25,000 Charlestown Heights, Improvements. Payable $2,000 annually
May 1 1933 to May 1 1937, incl., and $1,000 annually, May 1
1938 to May 1 1952, incl.
40,000 Dunbar Avenue Playground, Improvements. Payable $2,000
annually, May 1 1933 to May 11052, incl.
20,000 John J. Connolly Playground, Improvements. Payable
$1,000 annually, May 1 1933 to May 11052. incl.
30,000 McConnell Park Playground, Improvements. Payable $2,000
annually, May 1 1933 to May 11942, incl., and $1,000 annually
May 1 1943 to May 11952, incl.
20.000 Playground , Parker Hill, Improvements. Payable $1,000
annually. May 1 1933 to May 11952, incl.
160,000 New Police Stations and additions to and improvement of
existing police stations. Payable $8,000 annually, May 1
1933 to May 1 1952, incl.
3503
60,000 New Charities Administration Building. Payable $3,000
annually May 1 1933 to May 1 1952, incl.
40.000 Savin Hill Bay Sewer Loan, Act of 1929. Payable $2,000
annually, May 11033 to May 1 1952, incl.
The Traffic Tunnel loan will be issued in coupon bond certificates of
$1,000 each, and will be paid on the date specified, all with interest payable
semi annually on the first days of March and September in each year,
at the office of the City Treasurer. The bonds will be dated March 1 1932.
Temporary receipts in denominations of $1,000 each will be ready for delivery and payment May 9 1932. The permanent bonds will be, ready for
delivery about June 15 1932. Interest will begin March 1 and will cease
on the data on which the bonds are payable or called for redemption. The
serial loans will be issued in coupon bond certificates of $1,000 each and
will be paid on the dates specified for each loan, all with interest payaole
semi-annually on the first days of May and November in each year, at
the office of the City Treasurer, Boston. The bonds will be dated May 1
1932. Temporary,receipts in denomination of $1,000 each will be ready
for delivery and payment May 9 1932. The permanent bonds will be
ready for delivery about June 15 1932. Interest will begin May 1 1932
and will cease on the date on which the bonds are payable.
BOSTON, Suffolk County, Mass.
-TEMPORARY LOAN.
-The
temporary loan of $2.000,000 offered on May 2-V. 134. P. 3317
-was
awarded to the Bankers Trust Co., of New York, at 2.07% discount basis.
The loan is dated May 3 1932 and matures on Oct. 3 1932. This rate compares with that of 2.23% named on a loan of $3,000,000, due Oct. 5 1932,
which was sold on April 26 to the First National Bank, of Boston.
-V.
134. p. 3317. The current borrowing augmented the total of temporary
financing effected by the city so fat this year to $14,000,000. Bids received
were as follows:
Bidder
Interest Rate.
Bankers Trust Co.(successful bidder)
Salomon Bros. & Hutzler (plus $29 premium)
2 39%
Chase Ilarris Forbes Corp. (plus $15 premium)
2.49
Shawniut Corp
2 59%
BRIGHTON, Adams County, Colo.
-BOND SALE.
-A $44,000
issue of 5% refunding water bonds was purchased recently at par by
Bosworth, Chanute, Loughridge & Co. of Denver. Denom. $1,000.
Dated May 15 1932. Due $4,000 from May 1 1933 to 1943, incl.
BROOKHAVEN (P. 0. Patchogue), Suffolk County, N. Y
-The following is an official list of the bids received at the offering
OF BIDS.
on April 29 of $33.000 sewer district bonds. award of which was made as
5 703317.
5.70s to Wachsman & Wassail, of New York-V. 134,.P.%
Premium.
.
Bidder/7 8 /Zte.
5iit 0
Wachsman & Wassail (successful bidders)
$154.77
3761..322
Sherwood & Merrifield. Inc
George B. Gibbons & Co., Inc
Union Savings Bank
• 5 990OR
Par
M.& M. Trust Co
62.67
6.00%
BROOKLINE, Norfolk County, Mass.
OFFERING.-Albert
-BOND
P. Briggs, Town Treasurer, will receive sealed bids until 12 M. on MaY 9
for the purchase of $305,000 4% coupon bonds, divided as follows:
$280.000 high school building addition bonds. Due $28,000 Jan. 1 from
1933 to 1942 inclusive.
25,000 high school furnishing bonds. Due $5,000 Jan. 1 from 1933 to
1937 inclusive.
Each issue will be dated Jan. 1 1932. Denom. $1,000. All legal data
concerning the issues will be filed with tne First National Bank, of Boston,
which will certify as to the genuineness of the bonds. Legality to be approved by Ropes, Gray, Boyden & Perkins. of Boston.
BUCYRUS, Crawford County, Ohio.
-BOND OFFERING.
-Constance R. Keller, City Auditor, will receive sealed bids until 12 M.(Eastern
standard time) on May 17 for the purchase of $23,519.50 6% bonds, divided
as follows:
$15,000.00 hospital equipment bonds. Due Oct. 1 as follows: $2,000 from
1933 to 1939, incl., and $1,000 in 1940.
8,519.50 Marion St. special assessment bonds. Due Oct. 1 as follows:
$1.000 from 1933 to 1940, inclusive, and $519,50 in 1941.
Each issue is dated April 1 1932. Bids may be submitted for the bonds
to bear interest at a rate other than 6% expressed in a multiple of 41 of
1%. Principal and interest (April and Oct.) are payable at the office of
the City Treasurer. Bids must be for all of the bonds and are to be accompanied by a certified check for 1% of the amount offered, payable
to the order of the City. The approving opinion of Squire, Sanders & Dempsey, of Cleveland, will be furnished the successful bidder.
CENTERBURG, Knox County, Ohio.
-The
-BONDS NOT SOLD.
issue of $7.250 6% refunding bonds offered on April 22
-VI 134. p. 2767
was not sold, as no bids were received. Dated April 1 1932. Due on April
and Oct. 1 from 1933 to 1938 incl.
CHATHAM COUNTY (P. 0. Pittsboro), N. C.
-NOTE SALE.
A $15,000 issue of 6% tax anticipation notes is reported to have been purchased at par on May 3 by the Bank of Pittsboro. Due on July 28 1932.
CHATTANOOGA, Hamilton County, Tenn.
-BOND SALE.
-The
$100.000 issue of Brainerd sewer bonds offered for sale on May 3-V. 134.
-was purchased by the Third National Co. of Nashville. as 53 s.
P. 3133
4
paying a premium of $305, equal to 100.305. a basis of about 5.72%.
Dated May 11932. Due from May 1 1933 to 1957 incl.
-George F.
CHELSEA, Suffolk County, Mass.
-LOAN NOT SOLD.
Henderson, City Treasurer, reports that no bids were received at the
offering on May 3 of a $200,000 temporary loan, to mature in about 8
months.
CHEROKEE COUNTY (P.O. Cherokee), Iowa.
-BOND ELECTION.
-It is reported that an election will be held on May 24 in order to have
the voters pass on the proposed issuance of $1,300,000 in road paving bonds.
CHILLICOTHE, Ross County, Ohio.
-The 5119.000
-BOND SALE.
coupon or registered sanitary sewer construction bonds offered on May
3-V. 134. p. 2950
-were awarded as 5s to Breed & Harrison. Inc., of
Cincinnati, at par plus a premium of $476. equal to a price of 100.40, a
basis of about 5.46%. The bonds are dated July 2 1932, and mature serially
on Jan. 2 from 1934 to 1958, inclusive.
The following is an official list of the bids submitted at the sale:
BidderInt. Rate. Premium.
Breed dr Harrison,Inc.(Successful bidders)
$476.00
5)4%
Stranahan, Harris & Co..Inc
Assel. Goetz & Moerlein, Inc
54%%
x1. °6 5°
6 10..00
2
Prudden & Co
1,212.00
6%
M.B. Bowman & Co
704.97
6%
N.S. Hill & Co
11:20201:9000
6
Siler, Carpenter & Roose
6'$
Seasongood & Mayer
148.85
5 4%
Banc Ohio Securities Co
95.20
6%
x Bid for the bonds to be dated June 1 1932.
CIRCLEVILLE, Pickaway County, Ohlo.-BOND SALE.
-The
57.000 5% sanitary sewer construction bonds authorized during March by
ordinance of the city council
-V. 134. p. 2379
-have been purchased at a
price of par by the sinking fund trustees. Dated April 1 1932. Due $1,000
on Oct. 1 from 1933 to 1939 incl.
CLINTON, Worcester County, Mass.
-LOAN NOT SOLD.
-This
municipality failed to receive at the offering on May 5 of a $50.000 temporary loan, bearing Dec. 1 1932 maturity date.
CINCINNATI, Hamilton County, Ohlo.-SINKING FUND BUYS
BONDS.
-The Board of Trustees of the sinking fund purchased on May 3
a total of $438.000 general city bonds and $38,908 assessment obligations.
Included in the general bond item, are $175,000 airport bonds, $163.000
water works bonds and $100.000 University of Cincinnati bonds. Acting for the commissioners of the city school district, the Board of Trustees,
at the same time, invested $50,000 of the Board of Education's fund in
that amount of water works bonds.
COHASSET, Norfolk County, Mass.
-TEMPORARY LOAN.
-The
Second National Bank, of Boston, purchased on May 2 a $50,000 tax
anticipation note issue at 3.19% discount basis. Loan matures on Nov. 4
1932. The rate named on the issue compares with that of 5.23% at which
a similar amount was borrowed on April 1, with an Oct. 15 1932 maturity.
-V. 134, p. 2575. The Webster & Atlas Corp., of Boston, bid a rate of
3.22%. plus a $7.50 premium, in the current instance.
3504
Financial Chronicle
COLUMBUS, Lowndes County, Miss.
-BOND SALE.
-A $10,000
issue of refunding street intersection bonds has been purchased by local
investors, as 6s at par. Dated Feb. I 1932. Due in 20 years. Legality
approved by Benj. II. Charles of St. Louis. (This report supplements the
sale notice given in V. 134, P. 2767.)
CRETE, Saline County, Neb.-BONDS AUTHORIZED.
-The City
Council is reported to have passed a resolution providing for the Issuance
of $143,000 in 534% refunding bonds.
CURRY COUNTY (P. 0. Gold Beach), Ore.
-BOND ELECTION.
The County Court is reported by the County Clerk to have called an
election for May 20 to have the voters pass onithe proposed issuance of
$16,000 in county hospital bonds.
DAVENPORT SCHOOL DISTRICT (p. 0. Davenport), Scott
County, Iowa.
-BOND OFFERING.
-Sealed bids will be received until
May 9, by the Secretary of the Board of Education, for the purchase of a
$40,000 issue of reftmdingfibonds. The final hearing, designated as the
time for filing of objections_to the issue, is set for May 13. If there are no
objections filed on that date the issue and sale will be ratified.
DAYTON, Montgomery County, Ohio.
-AGREES TO PURCIIASE
NOTES.
-The National Cash Register Co. of the city has agreed to purchase $100.000 notes of a recently authorized $356,000 6% tax anticipation
Issue, dated May 2 1932 and due Nov. 1 1932, contingent upon approval of
the Issue by the legal firm of Squire, Sanders & Dempsey, of Cleveland.
Local banks are expected to subscribe for an additional amount of $80.000
and the remaining $176,000 will be offered for public subscription. Proceeds of the sale will be used to pay salaries of city employees.
DEEP CREEK SPECIAL TAX DISTRICT (P. 0. Wadesboro),
Anson County, N. C.
-An issue of $1,000 6% revenue
-NOTE SALE.
anticipation notes is reported to have been purchased recently by the First
National Bank of Wadesboro.
DEERFIELD TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Malta), Morgan County, Ohio.
-BOND SALE.
-H. W. Whitaker,
District Clerk, informs us that the State Teachers Retirement System has
purchased at par an issue of $20,000 5 % school building_ construction
bonds, authorized at the general election in Nov. 1931. Dated Jan. 1
1932. Denom. $500. Due one bond each six months on March and Sept.
1 from 1933 to 1952 incl.
DETROIT, Wayne County, Mich.
-BONDS PUBLICLY OFFERED.
Alison & Co., of Detroit are making public offering of a block of $40,000
% full faith and credit sewer bonds of the city at a price of 71 and interest, to yield about 6.85%. Dated Dec. 15 1929, and due on Dec. 15
1959. Principal and interest (May and Dec. 15) payable in Detroit or
New York. Legal opinion of Thomson, Wood & Hoffman, of New York.
Tax free in Michigan and exempt from all Federal income taxes.
EAGLE LAKE SPECIAL TAX SCHOOL DISTRICT NO.9(P.O.Bartow),Polk Co. Fla.
-BOND REPORT.
-We are informed that the $10,000
Issue of 6% send-ann. school bonds offered for sale without success on
Sept. 2-V 133, p. 1792
-has not as yet been purchased. Dated Aug. 1
1931. Due.
$500 from Aug. 1 1934 to 1953 incl.
EAST BETHLEHEM TOWNSHIP SCHOOL DISTRICT (P. 0.
Clarksville), Allegheny County, Pa.
-BOND SALE.
-The $28,000
44% coupon school bonds offered on May 2-V. 134, p. 3134- were
awaeded at a price of par to the First National Bank, of Fredericktown.
Dated Oct. 1 1931. Due Oct. 1 as follows: $3,000 from 1937 to 1943
inclusive: $4,000 in 1944, and $3,000 in 1945.
ELIZABETH, Union County, N. J.
-BONDSPUBLICLY OFFERED.
-The Chase Harris Forbes Corp. of New York, made public offering
on May 2 of $400,000 6% water bonas, dated Jan. 1 1932 and due on Jan. 1
from 1940 to 1972 incl., at prices to yield 5.50%. Bonds, according to the
bankers's advertisement, are legal investment for savings banks and trust
funds in New York, New Jersey and other States. They are also said to be
direct obligations of the City, payable as to principal and interest from
unlimited ad valorem taxes which may be levied on all of the taxable
property therein.
(These bonds are part of a total Issue of $4,468,000, initial public offering
of which was made at prices to yield 5.75%.-V. 134, p. 2379.)
EVANSTON TOWNSHIP HIGH SCHOOL DISTRICT, III.
-BONDS
PUBLICLY OFFERED.
-The H. C. Speer & Sons Co., of Chicago, is
offering for pubiic investment $83,000 6% refunding bonds, due $25,000
July 1 from 1938 to 1940, incl., and $8,000 July 1 1941. Price upon application. The High School District, it Is said, embraces the entire city of
Evanston.
FORREST CITY SPECIAL SCHOOL DISTRICT NO. 7 (P. 0.
Forrest City), St. Francis County, Ark.
-BOND OFFERING -Sealed
bids will be received until May 23, according to report, by E. B. Smith,
Secretary of the Board of Education, for the purchase of a $17,000 issue of
6% semi-ann. school bonds.
FORT SMITH, Sebastian County, Ark.
-BOND SALE.
-The
$47.500 issue of 5% semi-ann. Improvement Paving District No. 47 bonds
offered without success on April 2-V. 134, P. 2768
-has since been purchased by Mr. C. A. Lick, Jr. of Fort Smith, at a price of 90.00. a basis
of about 7.10%. Dated May l 1932. Due from May 1 1933 to 1942, incl.
FORT WORTH,Tarrant County, Tex.
-TEMPORARY LOAN.
-The
City is reported to have obtained a loan of $200,000 at 6%,from a syndicate
composed of the First National Bank. the Continental National Bank, and
the Stockyards National Bank, all of Fort Worth.
FREEPORT, Nassau County, N. Y.
-FINANCIAL STATEMENT.
In connection with the proposed award on May 11 of $284,000 not to exceed
6% interest coupon or registered bonds, notice and description of which
appeared In
-V. 134, p. 3319
-we have received the following:
Financial Statement.
Assessed valuation-1932
$57,297,663
Special franchises
845,750
Total assessed value taxable property
58,143,413
Bonded debt including this issue
3,328,900
Water bonds Included in above
300,000
Sinking funds
None
Floating debt other than tax anticipation
273,000
*Total debt exclusive of water bonds
3,301,000
Population-January, 1931, 19,475.
*$159,000 of this amount is Light Bonds against the Municipal Plant.
-We are
-BONDS NOT SOLD.
GLASGOW, Valley County, Mont.
informed by Mayor Lee B. Coleman that the $7,500 issue of not to exceed
-was not
6% semi-ann. airport bonds offered on April 27-V. 134, p. 2576
sold as there were no bids received. It is stated that the,bonds are being
held for private sale.
GONZALES COUNTY ROAD DISTRICT NO. I (P. 0. Gonzales),
Tex.
-BOND ELECTION.
-An election is stated to be scheduled for May 26
to have the voters pass on the proposed issuance of$350,000 in bonds divided
as follows: $250,000 State highway construction, and $100,000 lateral road
bonds..
GRAYS HARBOR COUNTY SCHOOL DISTRICT NO. 100 (P. 0.
-Sealed bids will be received
Montesano), Wash.
-BOND OFFERING.
until 10 a. m. on May 23, by Asa B. Wilson, County Treasurer, for the
purchase of a $35,000 issue of 6% refunding bonds. Denominations in
multiples of $100 each. Dated June 10 1932. Bonds to run for a period
of 10 years. The various annual maturities of said bonds will commence
with the second year after the date of issue of the bonds, and will (as nearly
as practicable), be in such amounts, as will, together with the interest on
the outstanding bonds, be met by an equal annual tax levy for the payment
of said bonds and interest: provided, however, that the said school district
reserves the right to pay or redeem said bonds, or any of them, at any
time after two years, from date of issuance thereof, on any interest paying
dates. Interest payable annually or semi-annually as may be determined
by the Board of School Directors. Prin. and int. payable at the County
Treasurer's office, at the fiscal agency of the Station in New York, or at
the office of the State Treasurer. These bonds were voted at an election
held on April 16-V. 134, p. 3319. A certified check for 5% must accompany the bid.
6
GREENBURGH (P. 0. Tarrytown), Westchester County N. Y.--Public offering of the $131,00 highway
PUBLIC OFFERING MADE.
impt. bonds awarded as 5$ on April 30 to Phelps, Fenn & Co., of New
-is being made at prices to yield 4.85% on all maYork
-V. 134, P. 3319
turities.
May
7 1932
GREENVILLE, DURHAM, COXSACKIE, NEW BALTIMORE,
CAIRO, COEYMANS, WESTERLOO, RENSSELAERVILLE AND
NEW SCOTLAND (Towns of) CENTRAL S. D. NO. 1 (P. 0.
villa), N. Y.
-BOND SALE.
-The issue of $270,000 coupon or registered
Green
school bonds originally scheduled for award on Dec. 11 (V. 133, p. 3818)
was purchased in the fallowing January as 5$ at a price of par by the M.&
T. Trust Co. of Buffalo. Dated Nov. 1 1931. Due Nov. 1 as follows:
$2,000 in 1932: $7,000 from 1933 to 1951, incl., and $9,000 from 1952 to
1966,inclusive.
GROSSE POINTE PARK (P. 0. Grosse Pointe), Wayne County,
-NOTE SALE.
Mich.
-The $85,000 tax anticipation notes unsuccessfully
-have since been taken for inclusion
offered on March 8-V. 134, p. 2004
in the investment account of the sinking fund commission. Of the total,
$14,000 will mature on Oct. 1 1933 and $71,000 on Oct. 1 1934.
HACKENSACK, Bergen County, N. J.
-BONDS NOT SOLD.
William Schaaf, City Clerk, reports that no bids were received at the offering on May 2 of the two issues of not to exceed 6% interest bonds, aggregating $263.000-V. 134, p. 3135. Arrangements are being made to sell
the bonds privately. The offering included $191,000 public improvement
bonds due from 1934 to 1954, incl., and $72,000 assessment bonds due
from 1933 to 1941, inclusive.
HAMTRAMCK,Wayne County, Mich.
--1400.000 LOAN OBTAINED.
-The city has obtained a loan of $400,000 from the First Wayne National
Bank, of Detroit, bearing interest at 6% and re-payable on Sept. 1 1932.
The loan was obtained following agreement of the city to limit the monthly
budget to $45.644.50, exclusive of water dept. expenditures, until July 1
1933, as requested by the bankers.
-BOND OFFERING.
-C. W.
HARRISBURG, Dauphin County, Pa.
Burtnett, Director of Finance, will receive sealed bids until 1 p.m.(Eastern
standard time) on May 19 for the purchase of $120,000 44,44 or 44%
coupon bonds, one of which is to be named in the proposal submitted.
Bonds will be dated May 15 1932. Denom. $1,000. Due $12,000 on
May 15 from 1933 to 1942, incl. Interest is payable on May and Nov. 15.
The city agrees to pay all taxes which may at any time be assessed on the
principal and (or) interest of the bonds. A certified check for 2% of the
bonds, payable to the order of the City Treasurer, must accompany each
proposal. The approving opinion of Townsend, Elliott & Munson of
Philadelphia will be furnished the successful bidder. Sale is subject to
approval of issue by the Department of Internal Affairs of Pennsylvania.
(The city recently rescinded a proposal to receive bids on April 21 for
-V. 134. p.
the purchase of $175,000 not to exceed 44% interest bonds
3135.)
PARK SCHOOL DISTRICT Wayne County, Mich.HIGHLAND
-The $420,000 coupon refunding bonds offered on May
BOND SALE.
3-V. 134, P. 3135-were awarded to a group composed of the First Detroit
Co. Braun, Bosworth & Co., and Stranahan, Harris & Co. as 5s, at a
discount of $21,336, equal to a price of 94.92, an interest cost basis of about
5.95%. Bonds are dated June 1 1932 and mature $35,000 on June 1 from
1933 to 1944 incl.
-EXTENHILLSIDE TOWNSHIP (P.O. Hillside) Bergen Co., N. J.
-The Township Committee has deSION OF BOND MATURITY ASKED.
cided to ask holders of $1,438,000 bonds which become due on July 1 1932 to
extend the maturity date of the bonds until such time as the Township
is able to re-finance the issue. In January of this year the bondholders
extended the original due date of the Issue to July 1. Last week the Town-V.
ship failed to receive a bid for the purchase of the refunding bonds.
134, P. 3319.
-It Is
HINTON, Summers County, W. Va.-BOND ELECTION.
reported that an election will be held on May 10 in order to have the voters
pass on the proposed issuance of $30,000 in bridge bonds.
-Sealed bide
-BOND OFFERING.
HOBART, Kiowa County, Okla.
will be received until S p. in. on May 9, by E. L. Cupps, City Clerk, for the
purchase of a $250,000 issue of water supply system bonds. The interest
rate is to be named by the bidder. Due as follows: $12,000, 1936 to 1955.
and $10,000 in 1956. A certified check for 2% of the amount bid is required.
(These are the bonds that were offered for sale without success on Dec. 16
-V. 133, p. 4189.)
-On May
HOGANSVILLE,Troup County, Ga.-BOND ELECTION.
25 an election will be held in order to have the voters pass on the proposed
Issuance of $25,000 in school building bonds.
-At an
-BONDS VOTED.
HOMESTEAD, Allegheny County, Pa.
election on April 26 the voters approved of the issuance of $243,000 bonds,
funding issue, to mature in 1962, and a $93,000
including a $150,000
refunding issue, due in 1952. The Borough Clerk has been instructed to
advertise for bids for the bonds, with the interest rate to be either 43.i,
5, or 634%.
-BOND OFFERED.
INDEPENDENCE, Montgomery County, Kan.
KrIenhagen,
Sealed bids were received until 10 a. m. on May 5, by G. H.
$13,000 issue of4)% street paving bonds.
City Clerk, for the purchase of a
Denom. $1,000. Dated Apr. 1 1932. Due $1,000 in 1933 and $2,000.
1934'to 1939, incl. Interest payable A. & 0.
-The $187,-BOND SALE.
INDIANAPOLIS, Marion County, Ind.
-were awarded
p. 3135
388.40 coupon bonds offered on April 29-V. 134, Chicago, at par plus a
the Harris Trust & Savings Bank, of
as 434s to
Premium of $3,815. equal to a price of 102.03, a basis of about 4.26%:1952
to
$100,000 track elevation bonds. Due $5,000 on July 1 from 1933
Inclusive.
Due July 1
87,388.40 thoroughfare funding bonds of 1932, first issue.from 1945 to
as follows: $4,000 from 19:33 to 1944 incl., $5,000
1951 incl., and $4.388.40 in 1952.
sale were as
Each issue will be dated May 2 1932. Bids received at the
follows:
$87,388.40
$100.000
-Issues CamtinedIssue.
Issue.
Int. Rate. Premium.
Bidder$3,815.00
%
Harris Tr. & Say. Bk_
Chase Harris Forbes Corp..
and Northern Trust Co.
3.223.10
44%
jointly
3,629.00
Stifel, Nicolaus & Co---4347
3,454.00
44
First Detroit Co
Fletcher American Co., Fletc er Tr. Co. and 44% $551 434% $471.00
Union Trust Co., jointly
434% 1,719 434% 25.60
National City Co
-TEMPORARY LOAN.
INDIANAPOLIS, Marion County, Ind.
134, p. 3135
The $50,000 temporary loan offered on May 5-V.the following -was
group
the only bidder,
awarded at 6% interest, at par, to
of Indianapolis banks: Toe Indiana National Bank, Indiana Trust Co.,
Fletcher American National Bank, Fletcher Trust Co., Merchants National Bank, and the Union Trust Co. The loan is dated May 5 1932 and
Payable on July 5 1932 at the office of the City Treasurer.
-BOND SALE.
-A $10,000
IRON COUNTY (P. 0. Parowan), Utah.
block of school building bonds is reported to have been purchased by an
undisclosed investor. These bonds are part of the $40,000 issue of net to
-V. 134,
exceed 6% school maintenance bonds that was voted last January
P. 1063.
-ISSUANCE OF BONDS FOREIRON RIVER, Iron County, Mich.
-Because of the fact that there is a delinquency in tax collecSTALLED.
tions of approximately 40%. only $116,000 of tne levy of $177,000 having
been received, tne city is unable to proceed with tne issuance of $75,000
bonds, authorized for tne construction of a municipal lignt and power plant
at an election on April 4.-V. 134, p. 2769." According to report, tne city
nas been advised of tnis fact by tne State Treasurer's office, whose approval
of the sale is necessary.
IRONTON,Lawrence County,Ohio.
-TheIssue
-BONDS NOT BOLD.
of $40,000 6% coupon refunding bonds offered on May 4-V.134,la. 313 5
was not sold, as no bids were received. Dated April 1 1932. Due $4,000
on Oct. 1 from 1933 to 1942 inclusive.
-BIDS
JOHNSBURGH (P. 0. Weavertown), Warren County, N. Y.
2EJEC7'ED.-The $90,000 North Creek Water District coupon or registered
bonds offered on April 14-V. 134, p. 2769-were not sold, as all of the bids
submitted were rejected. Bidders were asked to name a rate of interest
up to 6%. The bonds are dated April 15 1932 and will mature on Feb. 1
as follows: $2,500 in 1917, and $3,500 from 1938 to 1962 inclusive.
-A. J. LauderKENT, Portage County, Ohio.
-BOND OFFERING.
baugh, City Auditor, will receive sealed bids until 12 in. on May 16 for
share sewer improvement bonds.
the purchase of $1,904.33 54% city's
Volume 134
Financial Chronicle
Dated June 1 1932. One bond for $304.33, others for $200. Due
Oct. 1
as follows: $304.33 in 1933, and $200 from 1934 to 1941, incl. Interest
is payable in April and October. Bids for the bonds to bear interest
at a
rate other than 5%%,expressed in a multiple of y
o
sidered. A certified check for 3% of the amount of 1%, will also be conbid for, payable to the
order of the city, must accompany each proposal.
KENTUCKY, State of (P. 0. Frankfor -BOND
REPORT-It was
announced by Bailey P. Wootton, Attorney-t).
General, on April
would not be called for by the State on the $13,000,000 coupon 29. that bids
or registered
funding bonds
-V. 134, p. 3319
-until a court decision
1932 law which provides for the issuance of these bonds.is obtained on the
-V. 134, p. 2001.
The "United States Daily" of May 2 carried the following on
the subject:
"A $13,000,000 bond issue, made up of warrants with
no due
costing the State 5%, to fund the floating debt of Kentucky date and
, has been
authorized by the State Budget Commission.
'Under the law the new issue will run for 20 years and
will
annually. The rate of interest will be fixed during negotiatio be retired
ns with bond
buyers, but must not exceed 5%.
"The Budget Commission authorized the Governor
to have steps taken
to determine constitutionality of the legislation. The
Constitution limits
bond issues without vote of the people
the General Assembly to borrow money to $500,000 but it also authorizes
without a public vote "to pay any
part of the debt of the State."
KIRKLAND, New Hartford, Whitestown
land, Vernon and Paris (Towns of) Central' Marshall, Westmore
School District No, 1,
P. 0. Clinton, N. Y.
-BONDS NOT SOLD.
-No
the offering on May 2 of $350.000 not to exceed bids were received at
5% interest coupon or
registered school bonds
-V. 134. p. 3135. Bonds
Due serially on Dec. 1 from 1932 to 1966 inclusive. are dated Dec. 1 1931.
KOHLER, Sheboygan County, Wis.-BO
-At
a recent meeting the Village Board approved aNDS AUTHORIZED.
issuance of the $100,000 in 4 % coupon sewage resolution calling for the
were recently voted-V. 134. p. 2932. Denoms. disposal plant bonds that
April I 1932. Due from April 1 1936 to 1952 incl.$500 and $1,000. Dated
Prin. and int.(A. & 0.)
payable at the Security National Bank in
Sheboygan.
KULPMONT SCHOOL DISTRICT, Northumberland
County, Pa.
BONDS VOTED.
-J. A. Shoylin, Supervising Principal, informs us that
the proposed 255,000 5% school building construct
ion bond issue submitted at the election on April 26 was approved
by the voters. Issue will
be dated June 1 1932 and mature
amounts
1952, 1957 and 1962. Sale of the in varying be made in 1937, 1942, 1947,
bonds will
about June 1.
LA CROSSE COUNTY (P. 0. La Crosse), Wis.-BO
NDS
IZED.
-At a meeting held recently the County Board approved AUTHOR-calling for the issuance of $250.000 not to exceed 5% coupon a resolution
road impt.,
Series A bonds. Denom. $1,000. Dated April 1
1932. Due
April 1 1937 to 1941 incl. Prin. and int. (A. 0.) payable 350.000 from
&
at the office of
the County Treasurer.
LANGLEY, Island County, Wash.
-BOND ELECTION.
-An
tion is reported to be scheduled for May 28 to submit to the voters two elec.of not to exceed 6% water bonds aggregating $12,000, as follows: issues
16.000
general, and $6.000 revenue bonds.
LARCHMONT, Westchester County, N. Y.
-SALE NOT CONSUMMATED
-SUBSEQUENT AWARD MADE.
-The award on April 11
of 1150.000 coupon or registered highway impt. bonds as 5s to Halsey,
Stuart & Co., of New York, at 100.53. a basis of about 5.43%-V. 134, p.
2952
-was not consummated, owing to a technicality in the schedule of
maturities. At a subsequent offering on May 2 the issue was again awarded
to Halsey,Stuart & Co., of New York,on a bid, however, of a price of 100.18
for the bonds as 5.20s, or a basis of about 5.18%. Bonds are dated April 15
1932 and were reoffered to mature on April 15 as follows: $8,000 from
1934 to 1950 incl., and $7,000 in 1951 and 1952.
LAWRENCE, Essex County, Mass.
-EMPLOYEES AGREE TO
-Employees in the police, fire and school departments of the
WAGE CUT.
.city have volunteered to take a 15% wage cut, retroactive to Jan. 1 1932
and to continue during the remainder of the year, it was reported on April
30. City Treasurer Kelleher has said that on the basis of the
salary reductions he will endeavor to borrow money in anticipatiproposed
on of tax
collections, despite the fact that tne pay cuts will not completely balance
the budget. Boston bankers, it was said, have announced that loans will
not be made until the budget is balanced. Overdue notes of the city
to $1.190,000, unpaid drafts. $435,000, and unpaid salaries amountamount
$600,000. allowing for the 15% reduction, it was further reported. to over
LIMA, Allen County, Ohio.
-BOND OFFERING.
-C.
City Auditor, will receive sealed bids until 2 p. m. on May H. Churchill,
26 for
chase of 150.000 6% first series sewage disposal bonds. Dated the purMay 15
1932. Denom. $1,000. Due Nov. 15 as follows:
1954 incl. and $3,000 in 1955 and 1956. Bids for the $2,000 from 1933 to
at a rate other than 6%, expressed in a multiple of bonds to bear interest
considered. A certified check for $2,000, payable to of 1%, will also be
the order of the City
Treasurer, must accompany each proposal.
and Nov. 15) will be payable at the office ofPrincipal and interest (May
the Sinking Fund Trustees.
Legality to be approved by l'eck, Shaffer & Williams
of Cincinnati.
LINDALE CONSOLIDATED INDEPENDENT
SCHOOL DISTRICT
(P.0. Lindale), Smith County, Tex.
-BONDS VOTED.
-At the election
held on April 20--V. 134, p. 2952
-the voters approved the issuance of the
-$45,000 school building bonds by a large majority.
At the same time the
proposed consolidation of the two school districts was
also heartily endorsed.
LONG BEACH, Los Angeles County, Calif.
-BOND SALE.
-The
$150.000 issue of5% water works bonds offered
for sale on April 29-V. 134.
p.3319
-was purchased by the Security-First National Bank
of Los Angeles,
paying a premium of $10,equal to 100.006, a basis
June 1 1927. Due on June 1 as follows: $50.000. of about 4.99%. Dated
$40.000 in 1964. Prin. and in (J. & D.) payable1962: $60.000, 1963, and
at the office of the City
Treasurer, or at the Central Hanover Bank
Legality approved by 13ordwell. Matthews & & Trust Co. in New York.
and Thomson, Wood & Hoffman of New YorkWadsworth of Los Angeles,
City.
LORAIN, Lorain County, Ohio.
-BOND SALE.
-The following issues
•of special assessment bonds aggregating $102,689.43 offered on may
2V. 134, p. 3136
-were awarded as 6s to Stranahan,
Toledo. at par plus a premium of $360.50, equal to a Harris & Co.. Inc., of
price of 100.35, a basis
at about 5.92%:
$64,432.50 street impt. bonds. One bond for $432.50,
others for $1,000.
Due Sept. 15 as follows: $6,432.50
to 1938, incl., and $7,000 from 1939 in 1933: 36.000 from 1934
to
38,256.93 sewer construction bonds. One bond 1942. incl.
for $256.93, others for
$1.000. Due Sept. 15 as follows: $6,256.93 in
1933 and $8,000
from 1934 to 1937, incl.
Each issue is dated May 15 1932.
LOS ANGELES COUNTY SCHOOL DISTRICTS(P.O.
Los Angeles)
-BONDS NOT SOLD.
Calif.
-The two issues of not to
T semio
ann. school bonds aggregating $1,600,000, offered forexceed 43May 2sale on
-were not sold as there were no bids received.
V. 134, p. 3136
The issues
are divided as follows:
11.000.000 Los Angeles City High School District bonds. Due
$40.000
from June 1 1932 to 1956. inclusive.
500,000 Los Angeles City School District bonds. Due
$20,000 from
June 1 1932 to 1956, inclusive.
LYNN,Essex County, Mass.
-TEMPORARY LOAN.
-F. A. Turnbull,
City Treasurer, reports that the Shawmut Corp. of Boston purchased
on
May 6 a $100,000 temporary loan at 5.25% discount basis. Only
was submitted. The loan is dated May 9 1932 and payable on one bid
1933 at the First National Bank of Boston. Legal opinion of May 9
Storey.
Thorndike, Palmer & Dodge of Boston.
MALDEN, Middlesex County, Mass.
-TEMPORARY LOAN.
-The
First National Old Colony Corp., of Boston, purchased on April
$200,000 temporary loan at 4.23% discount basis. Due Dec.2 1932. 29 a
Shawmut Corp., of Boston, the only other bidder, named a 5.10% The
rate.
MANASQUAN, Monmouth County, N. J.
-BOND SALE.
-Annie B.
Appleget, Borough Clerk, reports that the Manasquan National
Bank purchased on April 26 as 6s at par the following issues of bonds aggregating
$21.000:
39,000 assessment bonds. Due $3,000 on Dec. 1 from 1935 to 1937 incl.
8,500 general kept. bonds. Due Dec. 1 as follows: $2,000 from 1934 to
1936 incl. and $2,500 in 1937.
3,500 general inapt. bonds. Due Dec. I as follows: $1,000 from 1934 to
1936 incl. and $500 in 1937.
Each issue is dated Dec. 1 1931.
3505
MANCHESTER, Tolland County,
-BOND SALE.
-The
$310,000 coupon refunding bonds offered on Conn.
May 4
awarded as Ois to Darby & Co. of New York and (V. 134. p. 3320) were
Hartford, jointly, the only bidders, at par plus a G. L. Austin & Co. of
premium of $1,367.10.
equal to a price of 100.44, a basis of about
4.66%. Dated May 1 1932.
Due $31,000 on May 1 from 1933 to 1942, incl.
Re-offering of the bonds is being made at prices
to
4.40%. They are legal investment for savings banks yield from 4.00 to
and trust [uncle in
New York, Massachusetts, Connecticut and other
States, according to the
bankers.
MARION TOWNSHIP (P. 0. Boyers), Butler
-BOND
.OFFERING.
--Charles McDowell, Secretary of the County, Pa.
Board of Superviso
will receive sealed bids until 10 a. m.
(Eastern standard time) on May rs,
for the purchase of $8,000 5% coupon funding bonds.
14
Dated April 1 1932.
Denom. $500. Due $1.000 April 1 from 1933
redemption on April 1 of any year during the lifeto 1940 incl. Subject to
of the bonds. Bids must
be for at least par and accrued interest.
MASSACHUSETTS (State of).
-s3.000.000 NOTES SOLD.
-Charles
F. Hurley, State Treasurer, on May 3 awarded an
issue of $3.000,000
Metropolitan District notes to the Shawmut Corp.
of
est at 1.82%. payable at maturity of loan. Issue is Boston, ta bear interdated May 5 1932 and
due on Nov. 22 1932. The Metropolitan District of
said, is a subdivision of the Commonwealth. created Massachusetts, it is
exercising jurisdiction over certain highways. parks, for the purpose of
lakes, &c., and is
entirely distinct from the Boston Metropolitan District,
Mass., which sold
an issue of 324.000,000 bonds on April 21-V.134,
p.3317. The temporary
loan was bid for as follows:
BidderRate of Interest.
Shawmut Corp.(successful bidder)
1.82
First National Old Colony Corp.(plus $43 premium)
184 0
Bankers Trust Co
1.92
Chase Harris Forbes Corp. (plus $77 premium)
1.979
F. S. Moseley & Co
F.
1.98%
MAYFIELD HEIGHTS (P. 0. Cleveland),
Cuyahoga County,
Ohio.
-BOND OFFERING.
-Ina L. Granger., Vlllage Clerk, will
receive
sealed bids until 12 M.(Eastern Standard time) on May 23
for the purchase
of $2,100 6% sidewalk bonds. Dated June 1 1932.
One
others for $500. Due June 1 as follows: $500 from 1933 to bond for $600,
1935 incl., and
$600 in 1936. Interest will be payable semi-annu
to bear interest at a rate other than 6%.expressedally. Bids for the bonds
in
will also be considered. A certified check for 5% a multiple of y, of 1%,
payable to the order of the Village Treasurer, must of the bonds bid for,
posal. Should bids be submitted made subject to accompany each proapproval of legal proceedings by attorneys for the bidder,said attorneys must
& Dempsey of Cleveland. Proposals will be opened be Squire, Sanders
at the office of the
Village Clerk, 915 Williamson Bldg., Cleveland.
McCOOK, Redwillow County, Neb.-BONDS
AUTHORIZED,
-An
ordinance is reported to have been adopted by the
the issuance of $53,902.03 in intersection paving City Council authorizing
bonds.
MEMPHIS, Shelby County, Tenn.
-The $600,000
issue of 6% coupon semi-ann. refunding -BOND SALE.
bonds offered for sale on May 3
-V. 134, p. 3320
-was purchased by a
Securities Co., the Commerce Securities syndicate composed of the
Co. and the Union & Planters
Co., all of Memphis, for a premuim
about 5.72%. Dated May 1 1932. of $6,000, equal to 101.00, a basis of
Due $100,000 from Nov. 1 1933 to
1938, incl. There were no other bids received.
MENA, Polk County, Ark.
-BOND OFFERING.
-It is reported that
the City Clerk will receive sealed bids until
May
$35,000 issue of 6% semi-ann. Street Inapt. Dist. 12, for the purchase of a
No. 1 bonds.
MESA COUNTY SCHOOL DISTRICT NO.
2(P.O.Grand Junction),
Colo.
-BONDS CALLED.
-The entire issue of 125.5005 school
buildings
%
bonds, dated May 1 1912, redeemable on May
1942 is called for payment at the U. 8. National 1 1932, and due may 1
Bank in Denver, interest
to cease May 1 1932.
MIDDLESEX COUNTY (P. 0. Cambridge),
Mass.
-BOND SALE.
A group composed of R. L. Day & Co.,the
the First National Old Colony Corp., all ofChase liarris Forbes Corp.,and
Boston, obtained the award on
May 5 of $1,706,900 43.1% coupon tuberculos
is hospital funding bonds at
a price of 101.139, a basis of about 4.08%.
The
1932 and mature serially on April 1 from 1933 bonds are dated April 1
offering of the bonds is being made at prices to to 1947 incl. Public reaccording to maturity. Two bids for the bonds yield from 2.75 to 4.00%,
wore submitted in response
to the invitation of the County Treasurer. The
other offer was a price of
101.125. named by a syndicate composed of the
Guaranty Company of New York. National City Bankers Trust Co., the
Boston, and N. W. Harris & Co. The bonds Co., Shawmut Corp. of
savings banks in the States of Massachusetts and are legal investment for
New York.
MINNEAPOLIS, Hennepin County,
-BOND SALE.
-The
$250,000 issue of coupon public relief bonds Minn.
offered for sale on April 30V. 134, p. 3136
-was jointly purchased
of Detroit, and the Wells-Dickey Co. at auction by the First Detroit Co.
of
premium of $305. equal to 100.122, a basisMinneapolis, as 4%s. paying a
of
1932. Due from 1933 to 1937. The following about 4.46%. Dated may 1
is an oMcial list of the other
bids received:
BidderInt. Rate. Premium.
R. W.Pressprich & Co
4
o
Phelps, Fenn & Co. and the Milwaukee Co
$300
4 %
270
Justus F. Lowe, the Bancamerica Blair Corp.,
and
Darby dr Co
4
1,225
Salomon Bros. & Hutzler
5 o
650
First Securities Corp. and the BancNorthwest
Co5%
500
Official Financial Statement as of April 1 1932.
Sinking fund obligations outstanding
$49,255,420.00
Court house and city hall certificates
262,500.00
Auditorium bonds, serial
2,048.000.00
Local street and park improvement bonds
11,280,261.42
Bond sale anticipation certificates issued in 1931
500,000.00
Tax anticipation certificates
1,000,000.00
Gross debt as of April 1 1932
$64,346,181.42
Bonds sold prior to April 1 1932, not then outstanding:
General city bonds sold March 9 1932
1,482,000.00
Street improvement bonds sold March 28 1932
1,919,632.85
Total
Deductions therefrom authorized by Minnesota statutes: $67,747,814.27
Accumulated sinking funds
6,201,443.17
Less reserves for special bonds
1,000,952.17
Net
$5,200.491.00
Special bonds included above:
Water works bonds
4,029,000.00
Airport bonds
530,000.00
Auditorium bonds
2,048,000.00
Electric light plant bonds
50,000.00
Public market bonds
22,000.00
River Terminal bonds
676,000.00
Revolving fund bonds
1,853,000.00
Assessable portion of local imp. bonds10,217,876.83 24.626,367.87
Net indebtedness balance
$43,121,446.40
Maximum permissible net indebtedness
45,511.561.90
Margin as of April 1 1932. for additional
issues
2.390.115.50
Assessed Valuation 1931.
Real property
$285.323,569.00
Personal property
45,530.071.00
Money and credits
124,261,979.00
Total
$455.115,619.00
Full and True Valuation 1931.
Real property
$714,554,825.00
Personal property
134,356,352.00
Money and credits
124,261,979.00
Total
3973373,156.00
Population.
Population, National census, 1910
Population, National census, 1920
301.408
Population, National census, 1930
380,582
464.753
3506
Financial Chronicle
-BOND OFFEHING.MILFORD, New Haven County, Conn.
a. m.
Sanford Hawkins, Town Treasurer, will receive sealed bids until 10
coupon
(daylight saving time) on May 18 for the purchase of $40,000 5% $10,000
June 1 1932. Denom. $1,000. Due
poor relief bonds. Dated
(June
June 1 from 1933 to 1936 incl. Principal and semi-annual interest
and December) will be payable at the Milford Trust Co., Milford.
MILFORD SCHOOL DISTRICT (P. 0. Milford), Beaver County,
23
-BONDS VOTED -It is reported that at an election held on April a
Utah.
by
the voters approved the issuance of $40,000 in school building bonds
majority of about 2 to 1.
-TEMPORARY LOAN.
MILFORD, Worcester County, Mass.
offering on April 26 of
Although no bids were received at the competitive purchased by the First
loan was later
$100,000 tax anticipation notes, the
National Bank. of Boston, at 6% interest. Due in about 7 months.
-BOND OFFERING
MINNEAPOLIS, Hennepin County, Minn.
-The Park Board Finance Committee is reported to have voted
REPORT.
of$162,700 of bonds for the acquisition and developon Apri130, the issuance
will be sold at
ment of block 20, as a park area. It is said that the bonds
ss of
auction on May 17, and will have no effect on the bonded indebtedne
the city.
-We
.
-NOTE RENEWAL
MISSISSIPPI, State of (P. 0. Jackson).
with the unsucare informed by the Deputy State Treasurer in connection refunding notes
cessful offering of the $2,500,000 issue of not to exceed 6%
-that they have not as yet been sold but that
134, p. 1618
on Feb. 24-V.
up that amount of
a $1.000,000 issue of renewal notes was issued to take
notes maturing on March 1 1932.
-BOND OFFERING.
MISSOURI, State of (P. 0. Jefferson City). by the Board of Fund
Sealed bids will be received until 2 p. m. on May 17. of 4 % road,series T
the purchase of a $5,000,000 issue
Commissioners,for
Denom. $UM.
bonds, according to Larry Brunk, State Treasurer. 1950; $1,000,000,
Dated May 1 1932. Due on April 1 as follows: $500.000, & 0) payable at
in 1955. Prin. and int. (A
1951 to 1954, and $500,000
These bonds are coupon bonds in
the Chase National Bank in New York.as to principal, or as to principal
the denomination of $1,000, registered fully registered bonds in the reand interest, and are exchangeable for
which fully registered
nomination of $5,000, $10.000, $50,000 and $100,000, the denomination of
in
bonds may again be exchanged for coupon bonds
The approving opinion of
thousand.
$1,000 on the payment of $1.00 perand Benjamin II. Charles of St. Louis,
Stratton Shartel, Attorney-General, 95 and accrued interest will be conwill be furnished. No bid at less than
furnished by the State
sidered, and each bid must be submitted on a formor before May 24 1932,'
Treasurer. Delivery of the bonds will be made on
check for 1% of the bonds bid
delivery point to be arranged. A certified
for, payable to the Treasurer, is required.
-CERTIFICATE SALE.
MONTGOMERY, Montgomery County, Ala.
was purchased by
-An issue of $1,350,000 certificates of indebtedness May 1 1932. Due
of Birmingham, at 6% discount. Dated
Marx & Co.
Hanover Bank & Trust Co. in
on Feb. 1 1933. Payable at the CentralHoyt & Washburn of New York.
New York. Legality approved by Reed.
(This Issue is reported to be the only floating debt of the City.)
-BOND OFFERMONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-F. A. Kilmer, Clerk of the Board of County Commissioners, will
ING.
21 for
receive sealed bids until 10 a. m. (Eastern Standard time) on May One
May 1 1932.
the purchase of $242,400 6% refunding bonds. Datedand $13,000 Nov. 1
May
bond for $1,400, others for $1,000. Due $13,400
incl. Principal and
1933 and $13,000 May and Nov. 1 from 1934 to 1941 County Treasurer.
• interest(May and Nov.) are payable at the office of the6%, expressed in a
Bids for the bonds to bear interest at a rate other than check for $2,500,
multiple of % of 1%, will also be considered. A certified accompany each
payable to the order of the County Treasurer, must D. W.
•
A. S.
proposal. Peck, Shaffer & Williams, of Cincinnati. and bonds. and
Iddings, of Dayton, will certify as to the legality of the
-The $28.000
-BOND SALE.
MOOSE LAKE,Carlton County, Minn.
134, p. 2769
issue of lighting plant bonds offered for sale on April 25-V. at par. Dated
-Dickey Co. of Minneapolis, as 6s,
was awarded to the Wells
from Jan. 1 1935 to 1948 incl.
Jan. 1 1932. Due
Westchester County,
MOUNT PLEASANT(P.O. North Tarrytown),Water District coupon
-The $100,000 Thornwood
-BOND SALE.
N. Y.
-were awarded as
p. 3320
or registered bonds offered on May 3-V. 134,
.5lis to Lehman Bros., of New York, at par plus a premium of $1,585
a basis of about 5.39%. Dated Sept. 15 1931.
equal to.a price of 101.58.
Due $5,000 on Sept. 15 from 1952 to 1971, inclusive.
-ELECTION DEMULTNOMAH COUNTY (P. 0. Portland), Ore.
-We are definitely advised that at the primary election to be held
TAILS.
of
May 20 the voters will be asked to pass on the issuanceare $1,000,000
on
authorized
-V.134, p. 3136. It is stated that if the bonds
in road bonds
as the
they shall be issued and sold at such times and in such amounts
from time to time order, not to exceed the sum of 3500.000 in
Board shall
interest at not more than 6% and will mature
any one year. They will bear
serially in 15 years.
MUSCATINE, Muscatine County, lowa.-BONDS AUTHORIZED.
for the
A resolution was recently passed by the City Council providing
43 % funding bonds. Due on Nov. 11937.
issuance of $15.500 in
-BONDS NOT
MUSKOGEE COUNTY (P. 0. Muskogee), Okla.
bonds offered on May
-The $250.000 issue of road and bridge
SOLD.
as there were no bids received. Due $12,000
-was not sold
V. 134, p. 2953
from 1937 to 1956, and $10,000 in 1957.
-The Vil-BOND ELECTION.
NASHWAUK, Itasca County, Minn. providing for an election to be
resolution
lage Council recently passed a issuance of $10,000 in sewer extension and
on the
held on May 10 to vote
drainage bonds.
-The fol-BOND SALE.
N. Y.
NASSAU COUNTY (P. 0. Mineola), aggregating $5,000,000 offered on
lowing issues of coupon or registered bonds 4%s to a syndicate composed of
-were awarded as
May 3-V. 134, p. 3136
Trust Co., Ladenburg, Thalmann
Dillon, Read & Co.Chemical Bank &
& Co., E. H. Rollins & SO/1/3,
& Co., Hallgarten &' Co., Wallace Sanderson Noyes & Co., Batchelder &
Inc. Hemphill,
Inc., B. J. Van Ingen & Co.,
all of New York City. This
Co., and Schaumburg. Rebhann SC Osborne. the bonds, equal to a price
for
group paid par plus a premium of $84,500
of 101.69, a basis of about 4.38%;
1 as follows: $25,000 in 1948
$2.500,000 land purchase bonds. Due May $210,000 from 1951 .to 1955
340.000, 1949 $162,000, 1950
and 1957 $210,000 in 1958 and 1959; $180,000
$205,000 in 1956
in 1960 and 8213.000 in 1961. May 1 as follows: $100,000 in
Due
1,660,000 general hospital bonds. $100.000 from 1950 to 1955; $150,000
1948; $110,000 in 1949;
in 1951.
from 1956 to 1960 incl., and $100,000
May 1 as follows: $250,000 in 1944
590,000 county road bonds. Due 1947.
and 1945. and $90.000 in
Due May 1 as follows: $10,000
250,000 tuberculosis hospital bonds.
to 1955; $5,000 in 1956
from 1948 to 1951 incl.; $20,000, 1952
and $20,000 in 1960 and
and 1957; $40,000 in 1958 and 1959,
1961.
Dated May 1 1932.
-At a special
FINANCES.
BANKERS TO SUPERVISE COUNTY 28, a committee of bankers.
on April
session of the Board of Supervisors
of the Guaranty Trust Co. of
headed by William 0. Potter, Presidentfuture financial activities of the
the
New York, was named to supervise
will pass upon all matters dealing with
county. The bankers, it was said, formal action will rest with the Board
financial operations, although
county
the committee includes Wilfred
of Supervisors. In addition to Mr. Potter, Bank; Henry P. Davison of
National
Aldrich, President of the Chase Smith of First National Bank, Mineola:
George D.
J. P. Morgan & Co.;
Bank of Cedarhurst; Dr. Frank
Albert S. Roberts of Peninsular National
Trust Co., and Harry Beebe of the
T. Delano of Bank of Rockville Centre
First National Bank of Freeport.
-The successful bidders made public
BONDS PUBLICLY OFFERED.
4.30%. They are described
offering of the bonds on May 4 at prices to yield for saving banks and trust
in the advertisement as being legal investment counsel, direct obligations
State, and, in the opinion of
funds in New York
ad valorem taxes may
of the County. for the payment of which unlimitedfollowing is a list of the
The
be levied against all taxable property therein.
bids submitted at the sale:
may
7 1932
Rate Bid.
Int. Rate.
Bidder101.69
Dillon, Read & Co. & associates (success. bidders)__4%%
Guaranty Co. of N. Y., Chase Harris Forbes Corp.,
Nat'l City Co., Bankers Trust Co., F. S. Moseley
& Co., Nassau County Trust Co., Mineola and First
100.94
4%%
National Bank, Freeport, jointly
Lehman Bros., Estabrook & Co., F rat Detroit Co.,
Inc., First Nat'l Old Corp.. R. W. PressprIch
& Co., Kean, Taylor & Co., M. & T. Trust Co.
(Buffalo), G. M.P. Murphy & Co., Foster & Co.,
Edward B. Smith & Co.. R. H. Moulton & Co..
Rutter & Co., Hannahs, Bailin & Lee and Wertheim
102.22
4%%
& Co., jointly
First Nat'l Bk., of N. Y., Bancamerica-Blair Corp.
'
George B. Gibbons & Co., Inc., Stone & Webster
and Blodget, Inc., Salomon Bros. & Hutzler,
Phelps, Fenn & Co., Dewey. Bacon & Co., R. L.
102.20
4k %
Day & Co., and Darby & Co., jointly
Alternative Bids for $2,750,000 Bonds as 43s.
102.31
Dillon. Read & Co., and associates
100.94
Guaranty Company of New York and Associates
100.22
Lehman Bros. and Associates
-An
-TEMPORARY LOAN.
NEEDHAM, Norfolk County, Mass.
issue of $150,000 tax anticipation noties, due Dec. 14 1932, was sold on
April 29 to Faxon, Gade & Co.. of Boston, at 3.485" discount basis. The
Needham National Bank bid 3.73% and the Merchants National Bank,
of Boston. 4.37%.
-TEMPORARY LOAN.
NEW BRITAIN, Hartford County, Conn.
W. II. Judd, President of the Board of Finance and Taxation, reports that
loan offered on May 4 was awarded to the
the $100,000 tax anticipation
First National Old Colony Corp., of Boston, at 3% discount basis. Dated
April 1 1932 and due on June 17 1932. Payable at the National City Bank,
New York. Legal opinion of Storey, Thorndike, Palmer & Dodge, of
Boston.
Bids for the loan were as follows:
Discount Basis.
de
Bidr3.00
First National Old Colony Corp. (successful bidder)
4.25
Salomon Bros. & Hutzler
4.73
S. Moseley & Co
F.
5.50
Putnam & Co
Lincoln R. Young & Co. (for $50,000 only)
$25,000)
Barnet Fuerst & Co. (for
-BOND OFFERING-John Howe.
NEWARK, Essex County, N. J.
Finance, will receive sealed
Director of the Department of Revenue and May 17 for the purchase of
(daylight saving time) on
bids until 2 p. m.
opening
$4,000,000 not to exceed 5%% interest coupon or registered street follows:
bonds. Dated June 1 1932. Denom. $1,000. Due June 1 as
incl.; $130,000 from 1943 to 1952 incl., and
$110,000 from 1933 to 1942,
Principal and interest (June and Dec.)
$160.000 from 1953 to 1962 incl. State Bank, Newark. Rate of interest
will be payable at the National
must be the same for all of the
to be expressed in a multiple of % of 1% and than will produce a premium
bonds. No more bonds are to be awarded be prepared under the superThe bonds will
of $1,000 over $4.000,000.
Continental Bank & Trust
vision of an certified as to genuineness by the 2% of the amount of bonds
Co., of New York City. A certified check for
above-mentioned official, must accent.
bid for, payable to the order of the opinion of Reed. Hoyt 13: Washburn,
Pally each proposal. The approving
bidder.
of New York, will be furnished the successful
-The city
-APRIL TEMPORARY BORROWING, the issuNEW YORK, N. Y.
of April through
borrowed a sum of $27,164,000 during the month
temporary issues, as follows:
ance of that amount of
13. Due June
% revenue bills of 1932. Issued on April
$15,000,000
April 20. Due June 20
6,000,000 56341932% tax notes of 1932. Issued on
corporate stock notes. Issued on April 20. Due
speCial
6.000,000 5%1933
on or before April 20 1935.
Issued on April 28. Due
164,000 5%% certificates of indebtedness. and $56,000 March 11935.
$54,000 March 1 in 1933 and 1934,
ZED.
NEW YORK, N. Y.-25,000,000 RELIEF BONDS AUTHORI
of $5,000,000
The Board of Estimate on April 29 authorized the issuance two to five
to mature in from
bonds for unemployment relief purposes,
froth the
years. The Board also approved the transference of $1,000,000
budget fund for the relief of war veterans in want.
0 of
The city on Friday May 6 availed itself of an additional $10,000,00
by the Clearthe $151.000.000 revolving credit fund provided last January the credit to
usage of
ing House banks in the city, thereby bringing its total made from May tax
will be
$148,000,000. Repayment of the borrowings
collections.
-We are informed
NORFOLK, Norfolk County, Va.-NOTE SALE.
issue
by A. Preston Breeden, Assistant Director of Finance, that a 3500.000
by various local investors.
of6% temporary loan notes was purchased at par given in V. 134, p. 2770.)
Due on Dec. 1 1932. (This report corrects that
NORTH CASTLE FIRE DISTRICT NO. 2 (P. 0. Armonk), West-The $33,000 coupon or regis-BOND SALE.
chester County, N. Y.
tered fire district bonds offered on May 2-V. 134. p. 3321-were awarded
price of par, to the Citizens Bank, of White Plains, the only
as 6s. at a
bidder. Dated April 1 19:32. Due April 1 as follows: $2,000 from 1933
to 1936 incl., and $1,000 from 1937 to 1961, inclusive.
-BONDS REGISNUECES COUNTY (P. 0. Corpus Christi), Tex.
-On April 26 the State Comptroller registered an issue of $127,000
TERED.
534% road refunding, series of 1932 bonds. Denom.$1,000. Due serially.
OAKWOOD (P. 0. No. 30 Park Ave., Oakwood, Dayton), Ohio.-The city failed to receive a bid at the offering on
BONDS NOT SOLD.
April 30 of $63,078.65 6% street impt. and sewer bonds.- V 134, p. 2954.
comprised throe issues, due serially from 1933 to 1957 incl.
The offering
ORANGETOWN UNION FREE SCHOOL DISTRICT NO. 3 (P. 0.
-The $60,000
-BOND SALE.
Piermont), Rockland County, N. Y.
coupon school bonds offered on May 3-V. 134, p. 2954-were awarded
as 5345 to Batchelder & Co., of New York, at a price of 100 32. a basis of
about 5.72%. Dated May 1 1932. Due $2,000 on May 1 from 1933 to
1962, inclusive.
-BOND SALE.
-The 3172,000
OREGON, State of (P. 0. Portland).
issue of coupon or registered State highway bonds offered for sale on April 28
-was awarded as follows: First National Bank of Port-V. 134. p. 2954
land bought $37,000 at 100.35; 810,000 at 100.26; $50.000 at 100.03, and
$54,000 at par, while Blankenship, Gould & Keeler of Portland. purchased
$11,000 at par; M. L. Holzman of l'ortland took $1,000 at par; $5,000 at
par to the Bank of California of Portland, and the remaining $4.000 was
awarded at par to J. D. Leonard.
-BOND OFFERING.
ORLEANS COUNTY (P. 0. Albion), N. Y.
Francis W. Buell. County Treasurer, will receive sealed bids unti 13 p. m•
(Eastern standard time) on May 12 for the purchase of $69,000 not to exceed
6% interest coupon or registered highway bonds. Dated Moil 30 1932.
Denom. $1,000. Due Oct. 30 1946. Rate of interest to be expressed in a
of 1%. Principal and interest (April and Oct. 30) will
multiple of
be payable at the Orleans County Trust Co.. Albion. No bids for less than
the entire issue or for less than par and accrued interest will be considered.
A certified check for 2% of the bonds bid for, payable to the order of the
County Treasurer, must accompany each proposal. The bonds will be
certified as to their genuineness by the aforementioned Trust Co. The
approving opinion of Caldwell & Raymond, of New York, will be furnished
the successful bidder.
ORLEANS LEVEE DISTRICT (P.0. New Orleans), Orleans Parish,
-The $100,000 issue of lake front impt. bonds
-BOND DETAILS.
La.
that was purchased by the Whitney Central Trust & Savings Bank of Now
-V. 134, p.
sale on Jan. 30. at a price of 95.00 for 5s
Orleans, at private
1064-is due on May 1 as follows: $37,000. 1941; $39,000, 1942, and $24,000
giving a basis of about 5.67%. These bonds are a part of the $4.In 1943,
200,000 issue that was offered for sale without success on Sept. 1-V. 133,
various
P. 1649. The entire issue is dated May 1 1931 and matures in
amounts from May 1 1941 to 1980. Inclusive.
-The folCounty, N. Y.-BONI) SALE.
OSSINING, Westch
offered
following issues of coupon or registered bonds aggregating $109,000 Co., of
-were awarded as tilos to Phelps, Fenn &
on May 3-V. 1:34. p.:31:37
a price of 100.38. a basis of about 5.05%:
New York. at
1942
$70,000 sewer bonds. Due April 1 as follows: $3,000 Crum 1933 to
incl., and $4,000 from 1943 to 1952 incl.
Volume 134
Financial Chronicle
39,000 paving bonds. Due April 1 as follows: $2,000 from 1933 to 1951
incl. and $1,000 in 1952.
.
Each issue is dated April 1 1932.
The successful bidders are reoffering the bonds for general investment
at prices to yield 4.85%. Legal investment for savings banks and trust
funds in New York State, according to the bankers.
OWATONNA, Steele County, Minn.
-CERTIFICATE SALE.
-A
$4,000 issue of 4%% city hospital building certificates of indebtedness is
stated to have been purchased recently by local investors. Due in one year.
PASSAIC, Passaic County, N. J.
-BONDS NOT SOLD.
-Henry C.
Whitehead, Director of the Department of Revenue and Finance, reports
that no bids were received at the offering on May 3 of $800,000 coupon or
registered tax revenue bonds of 1931. Rate of interest, up to 6%. was
to be named in the bid.
-V. 134, p. 3321. Bonds were to be dated May 1
1932 and mature on Nov. 1 1935. Arrangements are being made for the
sale of the bonds privately.
PATERSON, Passaic County, N. J.
-The three
-BONDS OFFERED.
Issues of 6% coupon or registered bonds aggregating $1.971,000 taken at
option on April 21 by B. J. Van Ingen & Co. of New York, and part of a
total of $2,4'71,000 for which no bids were received at competitive sale
V.134,P.3137
-were offered for public investment on May 4 by a syndicate
composed of B. J. Van Ingen & Co., Inc., Stranahan, Harris & Co., Inc.,
Redmond & Co., and J. G. White & Co., Inc., all of New York. The
bonds were offered at prices to yield 5.607o. Dated May 1 1932. The
offering comprised 81,000,000 water system bonds, due from 1934 to 1972
Inclusive, $825.000 impt. bonds, due from 1934 to 1952, inclusive, and
$146,000 school bonds, due from 1934 to 1963, incl. The bonds are legal
investment for savings banks and trust funds in the States of New York,
New Jersey and Massachusetts, according to the bankers.
MATURING OBLIGATIONS RENEWED.- It was reported on May 4
that the city had arranged with holders of $1,958,000 temporary water
system bonds which became due on May 1 and May 2 for an extension of
the maturity date to be on or before Aug. 2 1932.
PAYNE, Paulding County, Ohio.
-BOND SALE.
-The $1,650 6%
coupon sewer construction bonds offered on April 15-V. 134, p. 2771
were sold at a price of par to the Union State Bank, of Payne. Dated
April 11932. Due $330 on April 1 from 1933 to 1937, incl. The sale was
completed after no bids had been submitted in response to the public
offering.
PEABODY, Essex County, Mass.
-Patrick
-BOND OFFERING.
M. Cahill, City Treasurer, will receive sealed bids until 11 a. m. (daylight
saving time) on May 10 for the purchase at discount basis of a $200,000
temporary loan. Dated May 10 1932. Denoms, to suit purchaser.
Payable Dec. 15 1932 at the First National Bank, of Boston. Notes,
evidencing the existence of the loan, will be authenticated as to genuineness
and validity by the First National Bank, of Boston, under advice of Storey,
Thorndike. Palmer & Dodge, of Boston.
PENN TOWNSHIP SCHOOL DISTRICT (P. 0. Wilkinsburg), Allegheny County, Pa.
-BOND SALE.
-The $65,000 coupon school bonds
offered on April 29-V. 134. p. 2954
-were awarded as 5s to the First National Bank, of Verona, at par plus a premium of $787.92, equal to a price
of 101.21, a basis of about 4.839". Dated April 15 1932. Due April 15
as follows: $3,000 from 1933 to 1951 incl., and $4,000 in 1952 and 1953.
Bids received at the sale were as follows:
Premium.
Bidder
$787.92
First National Bank, Verona
84.50
Leach Bros., Inc
216.45
Central Republic Co
325.00
E. H. Rollins & Sons
PHILADELPHIA, Pa.
-815,000.000 BOND SALE CONTEMPLATED.
-The city has announced that sealed bids will be received until about
May 27 for the purchase of $15,000.000 5% bonds. Of the proceeds.
$10,000,000 will be used for the payment of land condemnation claims, now
bearing 6% interest, and the remainder will be applied to the funding of
other temporary debt.
PHOENIX, Oswego County, N. Y.
-BOND SALE.
-The $50,000
coupon or registered water supply bonds offered on April 26-V. 134, p.
-were awarded as 6s, at a price of par, to thd M. & T. Trust Co., of
2954
Buffalo, the only bidder. Dated May 1 1932. Due $2,000 on May 1
from 1934 to 1958, inclusive.
PITTSBURGH, Allegheny County, Pa.
-IMMEDIATE OFFER-The city does not intend to
ING OF BONDS NOT CONTEMPLATED.
make any immediate offering of all or any part of the $5,000,000 unemployment relief bonds authorized at an election on April 27-V. 134 P. 3321,
it was reported on April 29. In answer to the inquiry, an official of the
city is quoted as having said that the issues were placed on the ballot with
the strict understanding that the bonds were not to be issued unless all other
sources of revenue failed and the city were confronted with a grave emergency. With returns virtually completed, the vote on the issues of 83.000,000 and $2,000 was 66,564 to 56,542, and 65.242 to 54,679. respectively.
PLEASANTVILLE, Westchester County, N. Y.
-BOND SALE.
The following issues of coupon or registered bonds aggregating $121.000
offered on May 2-V. 134, p. 3137
-were awarded as 5.40s to Stranahan,
Harris & Co.. Inc., and B. J. Van Ingen & Co., Inc., both of New York,
jointly, at par plus a premium of $485, equal to 100.40. a basis of about
$90,000 water bonds. Due July 1 as follows: $2,000 from 1934 to 1936
incl., and $3,000 from 1937 to 1964 incl.
31,000 public impt. bonds. Due July 1 as follows:$4,000from 1933 to 1935
Encl.: $2,000 from 1936 to 1944 incl., and $LOW in 1945.
Each issue is dated Jan. 1 1932. Bids received at the sale were as follows:
BidderInt. Rate.
Premium.
Stranahan, Harris & Co., Inc., and B. J. Van Ingen
& Co., Inc. (Successful bidders)
5.409'
$485.00
George B. Gibbons & Co., Inc
5.40%
382.00
Batchelder Ss Co
181.50
5.409'
M.& T. Trust Co. and Lehman Bros., jointly
5.70%
349.69
POLK COUNTY (P. 0. Des Moines), Iowa.
-PRICE PAID.
-The
$144,000 issue of coupon refunding bonds that was purchased by the
Iowa-Des Moines National Bank & Trust Co. of Des Moines
-V. 134,
p.3137
-was awarded as 4 ms,for a premium of $1,812, equal to 101.25, a
basis of about 4.37%. Duefrom May 1 1944 to 1946.
POLK COUNTY (P. 0. Livingston), Tex.
-BONDS REGISTERED.The State Comptroller registered on April 30 a $13.000 issue of 6% general
funding bonds. Denom. $1,000. Due serially.
PORTSMOUTH,Scioto County,Ohio.
-BOND OFFERING.
-William
N. Gableman, City Auditor, will receive sealed bids until 2 13. m.(Eastern
standard time) on May 17 for the purchase of 854,0006% refunding bonds.
Dated May 1 1932. Denom. $500. Due $3,000 on May and Nov. 1
from 1933 to 1941, inclusive. Principal and interest (May and Nov.)
are payable at the office of the City Treasurer. Bids for the bonds to bear
interest at a rate other than 6% expressed in a multiple of W. of 1%,
will also be considered. A certified check for 1% of the bonds bid for,
payable to the order of the above-mentioned official, must accompany each
proposal. Legal opinion other than that of the City Solicitor to be paid for
by the successful bidder.
Financial Statement.
Total outstanding bonds May 1 1932
85,100,483.91
Assessment bonds included in total
1,547,388.91
Water Works bonds included in total
1,014,500.00
Voted bonds included in total
1,580,700.00
Emergency Health Bonds included in total
6,500.00
General Sinking Fund balance May 1 1932
219,787.73
Special assessment sinking fund overdraft May 1 1932
433,747.00
Water works sinking fund balance May 1 1932
172,031.12
Estimated sinking fund income from December taxes
100,000.00
60.000,000.00
Tax valuation city of Portsmouth, Ohio
658,107.27
Net amount bonded indebtedness subject to 1% limitation-BOND SALE.
POWESHICK COUNTY (P. 0. Montezuma), Iowa.
The $75,000 issue of county road bonds offered for sale on May 4-V. 134,
-was awarded at public auction to the Continental Illinois Co. of
p. 3:122
Chicago, as 4%s, paying a premium of $3,945. equal to 102.254, a basis of
about 4.275%. Dated May 11932. Due from 1914 to 1947.
-BOND
RED HILL SCHOOL DISTRICT, Montgomery County, Pa.
-The $29,000 coupon school bonds offered on May 2-V. 134.
SALE.
p. 2771-were awarded as 4%s to the Valley National Bank, of Green Lane,
at par plus a premium of $72.50, equal to a price of 100.25, a basis of about
3507
4.739'. Dated May 1 1932. Due on May 1 as follows: $2,000, 1937:
$3,000, 1942; $4,000. 1947: $5,000. 1952: $7,000 in 1957, and $8,000 in
1962. Bids received at the sale were as follows:
BidderInt. Rate. Premium.
Valley National Bank, Green Lane (Purchaser)_ ___ 4X%
$72.50
Commonwealth Trust Co., Harrisburg382.32
Leach Bros.. Inc., Philadelphia
29.00
RI%
ROCKINGHAM COUNTY (P. 0. Wentworth), N. C.
-NOTE SALE.
-A $12,000 issue of revenue anticipation notes is reported to have been sold
recently by the Local Government Commission at 6% as follows: $10,000
to the Bank of Reidsville, and $2,000 to R. P. Price & Son of Price.
ROCKPORT, Essex County, Mass.
-TEMPORARY LOAN.
-The
First National Old Colony Corp., of Boston, purchased on April 29 a $50,000
temporary loan, due Oct. 26 1932. at 3.85% discount basis. Bids received
at the sale were as follows:
BidderDiscount Basis.
First National Old Colony Corp. (successful bidder)
3.85%
Shawmut Corp
4.00%
Faxon, Gade & Co
4.68%
RYE (Town of), Westchester County, N. Y.
-BONDS PUBLICLY
OFFERED.
-The $286,000 coupon or registered bonds awarded as 5s
on April 28 to Phelps, Fenn & Co. and.R. W. Pressprich & Co., both of
New York, jointly
-V. 134, p. 3322
-are being re-offered for general investment at prices to yield 4.70% on all maturities.
SALEM, Essex County, Mass.--CORRECTION.-We now learn that
the $300,000 temporary loan offered on April 29 was awarded to the Naumkeag Trust Co., of Boston, at 2.815% discount basis, and not to F. S. Moseley & Co., of Boston, as reported in -V. 134. p. 3322. The latter firm
bid a 2.82% rate. Loan matures on Nov. 9 1932 and was bid for by the
following:
BidderDiscount Basis.
Naumkeag Trust Co. (purchaser)
2.815%
F. S. Moseley & Co
2.82%
Merchants National Bank of Salem
3.17
Second National Bank of Boston
3.19%
Rutter & Co
3.23%
First National Old Colony Corp
3.25%
-BOND SALE.
SANDUSKY, Erie County, Ohio.
-The $27,300 property portion improvement bonds offered on May 2-V. 134, p. 2955
-were
awarded as 5%s to Prudden & Co., of Toledo. at par plus a premium of
$148, equal to a price of 100.54. a basis of about 5.37%. Dated Dec. 1
1931. Due Dec. 1 as follows: $3,300 in 1933, and $3,000 from 1934 to 1941
incl. Bids received at the sale were as follows:
BidderInt. Rate. Premium.
Prudden & Co. (Successful bidders)
$148.00
53
Otis & Co
5
87.36
Ryan, Sutherland & Co
47.60
Widmann, Holzman & Katz, Inc
21.84
Breed & Harrison, Inc
11.00
5
Davies
-Bertram Co
5
76.44
BancOhio Securities Co
49.00
Provident Savings Bank & Trust Co
35.49
McDonald-Callahan-Richards Co
28.00
54
Seasongood & Mayer
167.00
6
Stranahan. Harris & Co
56.00
6%
SAN FRANCISCO (City and County), Calif.
-BOND OFFERING.
Sealed bids will be received until 3 p. m. on May 9, by J. S. Dunnigan,
Clerk of the Board of Supervisors, for the purchase of three issues of 431%
bonds aggregating $664,000, divided as follows:
$256.000 boulevard bonds. Dated Nov. 1 1927. Due $16,000 from 1936
to 1951 incl. These bonds are part of an authorized issue that
was voted at an election held on Nov. 8 1927. Int. payable
M.& N.
289,000 sewer bonds. Dated Jan. 1 1929. Due $17,000 from 1939 to
1955 incl. These bonds are part of an authorized issue that
was voted at an election held on Nov. 6 1928. Int. payable
J. & J.
119.000 county jail bonds. Dated Jan. 1 1931. Due $7,000 from 1936
to 1952 incl. These bonds are part of an issue that was authorized at an election held on Nov. 4 1930. Int. payable J. & J.
Denom. $1,000. Bidders may bid for the whole or any part of the bonds
offered, and when a less amount of the whole amount offered is bid on, the
bidder shall state the year or years of maturity. Delivery of bonds to the
purchaser will be made within 10 days from the date of award or within
such time thereafter as may be agreed upon by the purchaser and the
Finance Committee of the Board of Supervisors. Prin. and int. payable
in gold at the office of the Treasurer of the City and County,or at the fiscal
agency of the City in New York. The approval of Thomson, Wood &
Hoffman of New York, as to the legality of these bonds, is on file in the
Clerk's office. The bonds may be registered as to prin. and int. A certified check for 5% of the amount bid for, payable to the Clerk, is required.
Controller's Financial Statement.
The outstanding bonded debt of the city and county as of April 23 1932
was.
Spring Valley. 1928 (exempt from Charter limit)
$39,000,000
Water, 1910(exempt from Charter limit)
33,000.000
•
Hetch Botchy,1925(exemptfrom Charter limit)
9,250,000
Hetch }Tetchy, 1928 (exempt from Charter limit)
21,176,000
Exposition, 1912 (exempt from Charter limit)
1,600.000
$104,026,000
Other bonds(not exempt)
49.447,000
Total
$153.473.000
The city has no floating indebtedness nor debt created in anticipation of
taxes.
The assessment roll for the current fiscal year is:
City and county non-operative property
81,203,343,830
State operative property
396.158.683
Total assessment
$1,599,702,463
Property assessed at approximately 50% of its value.
SAULT STE. MARIE,Chippewa County, Mich.
-BONDS VOTED.
At an election on April 26 the voters authorized the issuance of 820,000
school building construction bonds by a vote of 349 to 143.
SCHENECTADY COUNTY (P. 0. Schenectady), N. Y.
-LIST OF
BIDS.
-The following is an official list of the bids received on April 28
for the $460,000 county road bonds awarded as 4.408 to the First National
Old Colony Corp. and the First Detroit Co., Inc., both of New York,
jointly, at par plus a premium of $469.20.-V. 134, p. 3322. Public reoffering of the bonds is being made at prices to yeidl 4.30% on all maturities.
BidderInt Rate
Premium.
First Nat'l Old Colony Corp. & the First Detroit Co. 4.40%
8469.20
Salomon Bros. & Hutzler and the Mohawk National
Bank, Schenectady, jointly
4.409'
125.58
Chase Harris Forbes Corp
4.409
51.00
Guaranty Co. of New York and Citizens Trust Co.
Schenectady, jointly
'
4.509'
91.08
M. & T. Trust Co. and Lehman Bros., jointly
4.66%
863.54
Phelps, Fenn & Co. & Graham, Parsons & Co..jtly__4.60%
276.00
National City Co
4.60%
275.54
George B. Gibbons & Co. and the Bancamerica-Blair
Corp., and Dewey, Bacon & Co., jointly
4.75%
2,392.00
SEATTLE, King County, Wash.
-BOND OFFERING.
-Sealed bids
will be received until noon on May 27, by II. W.Carroll, City Comptroller,
for the purchase of two issues of bonds aggregating 8685,000, divided as
follows:
$600,000 Railroad Ave. impt. bonds. These bonds were authorized under
Ordinance No. 62,112, assented to by the legally required vote
of the electors voted at the election held on March 8 1932. The
bonds shall mature annually commencing with the second year
and ending with the thirtieth year after said date in such amounts,
as nearly as practicable, to be specified by the City Council by
resolution, as will, together with interest on all outstanding bonds
of the same series, be met by an equal annual tax levy for the
payment of said bonds and interest.
85,000 bridge bonds. These bonds were authorized under Ordinance
No. 61,968, approved Dec. 2 1931. The bonds shall mature
annually commencing with the second year and ending with the
twentieth year after said date in such amounts, as nearly as
practicable, to be specified by the City Council by resolution, as
will, together with interest on all outstanding bonds of the same
series, be met by an equal annual tax levy for the payment of
said bonds and interest.
g
4
3508
Financial Chronicle
is not to exceed 6%.
Denom. $1,000. Dated July 1 1932. Int. rate
the fiscal agency of the
payable
payable semi-annually. Prin. and int.the City at
Treasurer. The approving
in New York, or at the office of
State
of New York. will be furnished.
opinion of Thomson. Wood & Hoffman,
by the City Comptroller.
Bids are desired on blank forms to be furnished
or
will be delivered in Seattle, New York, Chicago, Boston
Said bonds
of the bid is required. (This report
Cincinnati. A certified check for 5%
supplements that given ha V. 134, p. 3322.)
-Sealed bids
-BOND OFFERING.
SEATTLE, King County, Wash.
W. Carroll, City Comptroller,
will be received until noon on May 18, by H.
light and power, 1927.
the purchase of a $3.500,000 issue of municipal payable semi-annually.
for
exceed 6%.
series L • 3 bonds. Int. rate is not toDue in 25 equal annual installments,
Denom. $1,000. Dated July 1 1932. years after the date of issue. These
ng 6 years and ending 30
commenci
Prin. and int. payable
oonds are part of an authorized issue of $13,500,000.
office, or at the fiscal agency of the State
in gold coin at the City Treasurer'slien only upon the gross revenues of the
These bonds are a
in New York.
of the city, and will be delivered
municipal light and power plant and system Cincinnati, at the option of the
or
in Seattle, New York, Chicago, Bostonafter the same shall have been filed
shall be withdrawn
purchaser. No bid
do be first obtained from
with the City Comptroller unless permission so to
Wood & Hoffman
opinion of
the City Council. The approving A certified Thomson, 5% of the amount
check for
of New 'York, will be furnished.
in V. 134, p.
the bid is required. (This report supplements that given
of
3322.)
General Bond Debt Statement May 1 1932.
874.00
Assessed valuation in 1931 for 1932 (50% of actual) val.)_$312,861, 7.40
31,286,18
limit of indebtedness (10% of assessed
Constitutional
15,398,150.00
of the city
Total general lien bonded indebtednessgeneral lien bonds
1,766,080.66
Sinking fund assets, for redemption of
listed above, $390,000
Of the $15,398.150 general lien bond indebtedness
light and power system.
has been issued for water system and $447,000 for are all being made from
The principal and interest payments on these bonds
revenues of the respective utilities.
legally authorize
The City Council may, without vote of the people, valuation of the
general lien bond debt up to 134% of the total assessed with the present
city. The maximum debt allowed under this limitation ng indebtedness,
valuation is $4,692,928.11. Of the present .outstandi
$4.341,650 is authorized under this limitation$378,205.26 provided by the
Included in the above sinking fund assets are
general lien bonds,
water department for the redemption of water system redemption of light
nt for
and $213,249.85 provided by the light departme
general lien bonds.
and power
Angeles), Clallam
SEQUIM SCHOOL DISTRICT NO.54(P.O.Port
-At an election held on April 14
-BONDS DEFEATED.
County, Wash.
These
rejected a proposal to issue $54,000 in high school bonds.
the voters
the previous elections were
bonds have now failed of passage three times,
on Oct. 31 and Dec. 5 1931.
held
-BONDS NOT SOLD.
SHAWNEE, Pottawatomie County, Okla. May 3-V. 134, p. 3322
offered on
The $200,000 issue of water works bonds
Due $10,000 from 1935 to
-was not sold as there were no bids received.
1954 incl.
-Richard
-BONDS DEFEATED.
SOMERSET, Somerset County, Pa.
$100.000 sewage disposal
Pile, Borough Secretary, reports that the proposedelection on April 26 was
construction oond issue submitted at the
plant
defeated by a vote of 787 to 207.
STATEN. J.
SOUTH RIVER, Middlesex County, award-FINANCIAL
on May 9 of $50,000 6%
-In connection with the proposed
MENT.
bonds, notice and description of which appeared in
coupon or registered
-we have received the following:
-V.134, p. 3322
Financial Statement.
$5,078,985.00
Assessed valuation of taxable property. 1932
909,978.14
debt of Borough
Bonded
576,000.00
Co-terminous School District
George L.
SWANSON, Franklin County, Vt.-BOND OFFERING.-m. (standbids until 7:30 p.
Loiselle, Town Treasurer, will receive sealed
refunding bonds.
of $40,000 5%
ard time) on May 12 for the purchase
$5,000 on Nov. 1 from 1933 to
Dated May 1 1932. Denom $1,000. Due and Nov.) are payable at the
(May
1940. incl. Principal and interestThe bonds will be eagraved under the
National Bank, of Boston.
First
ss by the aforesupervision of and authenticated as to their genuinene
certify that the legality of the
mentioned bank, and said bank will furtherBoyden & Perkins, of Boston.
been approved by Ropes, Gray,
issue has
be furnished the successful bidder.
A copy of the legal opinion will
Financial Statement April 15 1932.
$1,975,065.00
Assessed valuation for 1931
Town Debt:
40,000.00
Floating (town orders)
5,000.00
Scnool bonds
67,000.00
Refunding
$112,000.00
Total debt
-Proceeds of this issus to be applied to retire outstanding orders.
Note.
-BOND DETAILS.
County, Minn.
ST. LOUIS PARK, Hennepin bonds to be purchased by the State of
funding
The $50.000 issue of 434% -will be awarded at par,according to theVillage
-V.134. p. 3322
Minnesota
Recorder.
-It was
-COUPON PAYMENTS.
Austin).
• TEXAS, State of (P. 0. Manufacturers Trust Co. of New York has
announced on May 2 that the agent for the following Texas bond issues:
paying
been appointed coupon
County Cons. Sch. Dist, No. 2, and $127,000
$25.000 5% East Chambers
bonds.
% Nueces County road refunding
-BONDS PUBLICLY
Warren) Ohio.
TRUMBULL COUNTY (P. 0. of Cincinnati., are making public offerOFFERED.-Seasongood & Mayer. and water bonds at prices to yield
% sanitary sewer
ing of $22.000
Denom. $1,000. Principal and interest (April
5.30% for all maturities.at the County Treasury. Due $1,000 Oct. 1 1933;
and October) are payable Oct. 1 1935 and $1,000 April 1 and $2.000 on
31.000 April 1 and $2,000
years from 1935 to 1940 incl. Legality
Oct. 1 In each of the succeeding
Dempsey, of Cleveland.
.
taken by the
approved by Squire, Sanders &
makes reference to the recent action
(The offering notice
In the case Involving special assessment
Supreme Court of the United States
to disturb the ruling of
Ohio, in refusing
sewer and water bond issues in
sustaining the validity of bonds of this
the Supreme Court of Ohio
-V. 134, p. 3132.)
nature.
Reported).
Financial Statement (as Officially
$197,869,460
3.900,462
Assessed valuation
228.280
Total indebtedness
3.672,182
Sinking fund
Net debt
population 1930, census 123,063.
Population 1920 census. 83.920;
R. 9,
DISTRICT NO. 33 (P. 0. Tulsa, bonds
TULSA COUNTY SCHOOL SOLD.
-The 316.700 issue of school bids
-BONDS NOT
Box 228), Okla.
there were no
-was not sold as
offered on April 22-V. 134, p. 2580
1951, and $700 in 1952.
received. Due $1,000 from 1936 to
CENTRAL RURAL SCHOOL
ULYSEES, COVERT AND HECTOR Tompkins County, N. Y.
DISTRICT NO. 1 (P. 0. Trumansburg),
at the public offering on
-Although no bids were received bonds
BOND SALE.
p. 3140
-V. 134,
registered school
May 4 of 360.0005% coupon or
issue as 534s, at a price of par,
local investors have agreed to purchase the Due $10,000 on July 1 from
to report. Dated Jan. 1 1932.
according
1949 to 1954 incl.
DISTRICT (P. 0. Whitney), WestUNITY TOWNSHIP SCHOOL OFFERING.
-Wilber G. Shlrey. Sec-BOND
moreland County, Pa.
will receive sealed bids until 11
retary of the Board of School Directors, R. Shirey. Room 24, Bank &
a. m. on May 17, at the office of Edgar
of $30,000 4%. 4% or 5%
Trust Co. Bldg.. Greensburg. for the purchase
$1.000. Due $5.000 on June
school bonds. Dated June 1 1932.toDenom. n on or after June 1 1934.
redemptio
incl.; subject
1 from 1934 to 1941
December. A certified check for $500.
Interest will be payable in June and of the District, must accompany, each
payable to I. O. Shirey, Treasurer
proposal.
-The
TEMPORARY LOAN.
WARE, Hampshire County Mass.350.000 temporary loan at 4.25%
Ware Trust Co. purchased on April 29 aFaxon, Gade & Co., bid a rate
discount basis. Due Dec. 21 1932. Bank bid 5.50% •
of 4.68%. and the Springfield National
May 7 1932
WASHINGTON COUNTY (P. 0. Akron), Colo.- WARRANTS
-The County Treasurer is reported to have called for payment
CALLED.
on April 15, various county and school warrants.
-The
-LOAN NOT SOLD.
WATERTOWN, Middlesex County, Mass.
city failed to receive a bid at the offering on May 3 for a 3100,000 tax
anticipation loan bearing a Jan. 27 1933 maturity date.
-The
-LOAN NOT SOLD.
WEBSTER, Worcester County, Mass.
Town Treasurer reports that no bids were received at the offering on May 3
of a $100,000 temporary loan, due in about one year.
WELLS SCHOOL DISTRICT (P. 0. Wells), Faribault County,
-The $60_,000 issue of 434% ann. school building
-BOND SALE.
Minn.
-will be purchased by the
bonds that was recently voted-V. 134, p. 3323
. Due as follows: $500, 1933; $2,000, 1934 to 1937:$3,State of Minnesota
000, 1938 to 1941: 33,500, 1942 to 1945; $4,000, 1946 to 1948, and $4,500,
1949 to 1951. all inclusive.
-BONDS AUTHORIZED.
WESTBROOK, Middlesex County, Conn.
-II; M. Baldwin. Town Treasurer, reports that at an election on April 27
the voters approved of the issuance of $57,000 6% town bonds, to be dated
May 16 1932 and mature as follows: $5,000 from 1933 to 1941, incl., and
$6,000 in 1942 and 1943. Sale of the bonds will not take place until after
August of this year.
-The
-TEMPORARY LOAN.
WEYMOUTH, Norfolk County, Mass.
Second National Bank, of Boston, purchased on April 29 a 8100,000 temloan at 3.05% discount basis. Due on Jan. 20 1933. Bids subporary
mitted were as follows:
Discount Basis.
Bidder-3.05%
Second National Bank, of Boston (successful bidder)
3.46
State Street Trust Co. (plus $5 premium)
347
Gade & Co
Faxon,
4.00
Hingham Trust Co
-An issue
-BOND SALE.
WILSON COUNTY (P. 0. Wilson), N. C.
of $140,783.35 65' refunding bonds is reported to have been purchased at
Banking & Trust Co. of Wilson. Due in 1937.
Par oil May 3 by the Branch
WHITESTOWN,ROME,MARCY AND FLOYD CENTRAL SCHOOL
-BOND
DISTRICT NO. 1 (P. 0. Oriskany) Oneida County, N. Y.
-William J. Graham, District Clerk, will receive sealed bids
OFFERING.
purchase of $225.000
until 8 p. m. (daylight saving time) on May 9 for the bonds. Dated May 1
not to exceed 65" interest coupon or registered school
1932. Denom. $1,000. Due May 1 as follows: $4,000 from 1933 to 1938
incl.; 35,000, 1939 to 1942; $6,000. 1943 to 1945: $7,000, 1946 to 1948;
$8.11100, 1949 to 1951; $9,000 in 1952 and 1953: 310,000, 1954 and 1955:
in 1960
$11,000, 1956 and 1957; $12,000. 1958: $13,000, 1959: $14,000 multiple
and 1961, and 35.000 in 1962. Rate of interest to be expressed in aPrincipal
be the same for all of the bonds.
of g of 1-10th of 1% and must
at the Whitestown National
and interest (May and Nov.) will be payableNational Bank & Trust Co.,
Citizens
Bank, Whitesboro, or at the First payable to Thomas F. Carroll, District
Utica. A certified check for $4,500, proposal. The approving opinion of
Treasurer, must accompany each York, will be furnished the successful
Clay, Dillon & Vandewater. of New
bidder.
-TEMPORARY LOAN.WOBURN, Middlesex County, Mass.
temporary
William H. Weafer, City Treasurer, reports that the $250,000group combasis to a
loan offered on May 5 was awarded at 6% discount
Bank,
First National Old Colony Corp., Woburn National
posed of the
Bank and the Woburn
Tanners National Bank, Woburn Co-Operative Due $100,000 on Dec.
Five Cent Savings Bank. Dated May 5 1932.
approved by Storey,
22 1932 and $150,000 on March 15 1933. Legality
Thorndike, Palmer & Dodge of Boston.
-BOND OFFERING.
YOUNGSTOWN, Mahoning County, Ohio.
bids until 12 m.
Hugh D. Hindman, Director of Finance, will receive sealed $94,840.15 6%
of
(Eastern standard time) on May 20 for the purchase bond for 3840.13,
street improvement bonds. Dated May 1 1932. One 1933: $9,000 from
others for $1,000. Due Oct. 1 as follows: $9,840.15 in
incl. Principal and
1934 to 1938, incl., and $10,000 from 1939 to 1942 of the Sinking Fund
interest (April and Oct.) will be payable at the officerate other than 6%.
Trustees. Bids for the bonds to bear interest at a
A certified
expressed in a multiple of % of 1%. will also be considered.
Director
check for 2% of the amount of the bid, payable to the order of the
of Finance, must accompany each proposal.
also scheduled for sale on May 14, were
(Two other issues of bonds,
referred to in V. 134. p. 3324.)
-The
-BOND SALE.
YOUNGSTOWN, Mahoning County, Ohio.
offered on
bonds
issue of $175.000 6% emergency poor relief a priceunsuccessfully 3 by the
of par on May
Feb. 11 (V. 134, p. 887) was purchased at
of YoungsMahoning National Bank and the Union National Bank, both
1933 to
town, jointly. The bonds will mature as follows: $44,000 from
1935, incl., and $43,000 in 1936.
CANADA, its
Provinces and Municipalities
-BOND SALE.-Gairdner & Co., of
CHARLOTTETOWN, P. E. I.
coupon unemToronto, purchased during March an issue of $100.000 6% 1932 Denom=
ployment relief bonds at a price of 98.25. Dated April 2
6.41%. interest is
$1,000. Due in 1937. Net interest cost basis about
payable in April and October.
-11. R. Bain & Co. and the Nova
-BOND SALE.
HALIFAX, N. S.
of $300.000 65'
Scotia Bond Co., jointly, recently purchased aan issue 98.82, a basis of
ble as to principal) bonds at price of
coupon (registera
about 6.27%. Due on Jan. 1 1937. Denoms. $1,000 and $500. Principal
and interest (Jan. and July) payable in lawful money of Canada in Toronto,
Montreal and Halifax. Public re-offering of the bonds is being made at
par and accrued interest. The city has an assessed valuation of $58,628,120
the
and a net funded debt of $11,259,045. In addition toJ. successful tender,
L. Graham & Co.,
-year bonds was submitted by
a price of 98.50 for 7
while Gairdner & Co., bidding
C. II. Burgess & Co.. and Gairdner & Co., 15
-year bonds.
a price of 99 for
as an individual offered
-REFUNDING BONDS ISSUED.
NEW BRUNSWICK (Province of).
-Premier C. D. Richards has announced that an issue of $1.400,000 5%
purchased by A. E. Ames & Co., investment bankers of
bonds has been
Toronto and Montreal. Proceeds will be used to meet a similar amount
Treasury bills maturing in London, England, on May 23, it was said.
The bonds will be payable as to principal and interest in pound sterling
only in London and will mature in 30 years.
-Carrie M. Johnston, Town
ORILLIA, Ont.-BIDS REJECTED.
Treasurer, reports that the bids submitted at the offering on April 25 of
-were rejected. The offering consisted
-V. 134, p. 2956
$5,925 557 bonds
of $4,100 sewer extension bonds due in from 1 to 30 years, and $1,825 curb
and gutter bonds, due from 1 to 15 years.
-BONDS PUBLICLY
PRINCE EDWARD ISLAND (Province of).
-Public offering was made on May 2, at 100 and accrued inOFFERED.
terest, of an issue of 31.000.0006% sinking fund gold bonds by a syndicate
Dyment,
of Canadian investment houses composed of Gairdner & Co., Cochran,
&
Anderson & Co., C. H. Burgess & Co., Flemming, Denton h Co.,
Murray & Co., J. L. Graham & Co., and Griffis, Faircloug & Norsworthy.
Bonds are dated May 1 1932 and mature on May 1 1947. Coupon form,
in denoms. of$LOW and $500, with provision for registration as to principal.
Payable as to both principal and semi-annual interest(May and November)
in lawful money of Canada at the Bank of Montreal in Toronto, Montreal
the holder. Legal opinion of Long &
and Charlottetown. at the option ofwill be
established sufficient to retire
Daly, of Toronto. A sinking fund
the entire issue at maturity.
(as officially reported April 28 1932).
Financial Statement
335,000,000.00
Assessed value of taxable property issue)
3.504,000.00
Gross funded debt (including present
498,351.32
Less: sinking fund
$3.005,648.68
Net funded debt
Population, 88,038. Area, 2,184 square miles. per capita which is the
than
The gross debt of the Province is lessin the $40
Dominion. The total gross
second lowest provincial per capita debt $65 per capital which is the !Owes
municipal debt is less than
provincial and
of any Province.
-A syndicate headed by the Bank
-BOND SALE.
ST. JOHN, N. B.
funding and refundof Nova Scotia has purchased an issue of $573,400 6% Due in 15 years.
basis of about 6.26%.
ing bonds at a price of 97.50 a
1
@FedFRASER